👨🏿🚀TechCabal Daily – Nigeria bags an LLM
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning From politics to technology, Big Cabal Media’s got you covered. Sign up to The Big Daily newsletter for the most important news out of Nigeria, delivered to your inbox every weekday morning. Subscribe now at thebigdaily.substack.com. In today’s edition Nigeria announces first multilingual Large Language Model Stricter penalties for fibre damage in Nigeria Shareholders give nod for Access’ $1.8 billion capital raise Beltone Ventures and CI Capital launch $30 million African fund The World Wide Web3 Jobs AI Nigeria announces first multilingual Large Language Model Nigeria has taken a significant leap forward in the field of Artificial Intelligence (AI). After a four-day National Artificial Intelligence Strategy Co-Creation Workshop in Abuja, Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy has revealed the country’s first multilingual Large Language Model (LLM) and three other initiatives. Sidebar: An LLM is an AI tool trained to process and respond to queries in multiple languages. Tijani revealed the AI tool is being developed through a partnership between a Nigerian AI company, Awarritech, a global tech company, DataDotOrg, the National Information Technology Development Agency (NITDA), and the National Centre for AI and Robotics (NCAIR), which he also announced its relaunch. The LLM will be trained in five low-resource languages, alongside English, to ensure inclusive language representation within AI datasets. Additionally, over 7,000 fellows from Nigeria’s Three Million Technical Talent (3MTT) programme will support the LLM project. The workshop also convened over 120 AI experts to develop a comprehensive policy to advance AI adoption across the country, Tojani also noted that the National Artificial Intelligence Strategy received $3.5 million in seed funding from interested parties. The three other initiativesinclude launching The Nigeria Computing Infrastructure Pilot, to address resource limitations for AI projects, the Nigeria Artificial Intelligence Collective to drive collaboration among AI stakeholders, and Rapporteur AI, a world-first tool to automate report generation for increased efficiency. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Telecoms Stricter penalties for fibre damage in Nigeria Last month, millions of Africans across Nigeria and South Africa suffered internet blackouts after a major subsea cable was cut. While the cause of the cable cut is still unknown, damage to internet and telecom cables isn’t new to telecoms. In 2023, MTN Nigeria experienced over 6,000 disruptions to its fibre network, resulting in numerous hours of service interruptions. The company invested ₦11 billion ($9.5 million) to relocate 2,500 kilometres of susceptible fibre cables between 2022 and 2023. Consequently, MTN expressed concerns to the government about spending billions of naira to fix damaged broadband cables. Now, Nigeria’s ministry of works is set to criminalise the destruction of broadband fibre cables. It will be signed into law as an executive order by President Bola Tinubu. This move comes in response to ongoing damages and grievances expressed by MTN Nigeria Communications Plc and other telecommunications firms that are losing billions of naira due to this damage. Fixing cable cuts caused MTN and Airtel ₦27 billion ($23.5 million) in losses in 2023 JSYK: Broadband fibre cables transmit high-speed internet. They offer faster and more reliable internet connections compared to traditional copper cables, making them increasingly popular for providing internet services to homes and businesses. Damage to these cables can cause service outages, financial loss for telecommunications companies and communication disruptions. A new line: While there are existing laws against vandalism in Nigeria like Section 451 of the Criminal Code which punishes vandalism with 2 years imprisonment. , this new regulation aims to enforce stiffer penalties on offenders and focus on underground network cables. It will also focus on construction companies, as they’re often the culprits. Tony Izuagbe Emoekpere, who leads the Association of Telecommunications Companies of Nigeria, expressed his optimism about the upcoming presidential order. Speaking on behalf of telecoms, Emoekpere believes the new law could help the industry grow and attract more investment. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Banking Access Holdings secures shareholder backing for $1.8 billion capital raise In March 2024, Access Holdings, the parent company of Nigeria’s largest bank by asset base— Access Bank— announced plans to raise $1.8 billion through a bond or share sales and a rights issue targeting existing shareholders. On April 19, shareholders of Access Holdings approved its plan to raise $1.8 billion in capital. This will address the Central Bank of Nigeria’s (CBN) new capital requirements of $364 million, support the company’s ongoing working capital needs and fund organic growth for its banking and non-banking subsidiaries. Shareholders also approved the payment of a final dividend of ₦1.80 kobo per every ₦0.50 Kobo ordinary share, a 28% improvement from the corresponding period in 2022. A stellar financial performance: The news comes on the heels of Access Holdings reporting a 335% increase in pre-tax profit, an 87% surge in gross earnings, and a 306% growth in profit after tax for the 2023 financial year. This capital raise positions Access Holdings for continued expansion with plans to expand its operations over the next four years as it targets becoming one of the continent’s largest lenders. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → Funding Beltone Ventures and CI Capital launch $30 million African fund In a move to support the Middle East and North Africa (MENA) region’s early-stage tech ecosystem, Beltone Holding’s venture capital arm, Beltone Venture Capital (BVC), has partnered with CI Venture Capital, a subsidiary of Abu Dhabi’s Citadel International Holdings, to launch a $30
Read MoreTLcom Capital closes $154 million fund for early-stage African startups
TLcom Capital, a Nairobi-based VC firm that has backed startups like Vendease, Seamless HR, and uLesson, has reached a final close for TIDE Africa II, a $154 million fund focused on early-stage startups. The fund reached the first close of $70 million in January 2022 and was expected to hit a second close by the end of that year. It took over two years to reach and surpass the funding target. Maurizio Caio, founder and managing partner at TLcom Capital, said the delay was because they received large investments requiring some documentation adjustments. TIDE Africa II is roughly two times the size of TLcom’s first fund ($71 million), which closed in February 2021. Startup funding in Africa has slowed since 2022 as global venture capital appetite declined. In 2023, African startups raised $3.2 billion, the lowest figure since the $2.1 billion in 2020. As foreign capital gradually disappeared from the ecosystem, led by the exodus of 400 unique investors, local venture capital firms like TLcom have stepped up. The VC firm starts investing at the seed stage or Series A and follow-up capital for portfolio companies that have reached their growth stages. “The $1 to $3 million range is the range of our first check,” Caio said. TLcom Capital also plans to fund female-founded tech startups. With a commitment of $2 million, TLcom was an early investor in FirstCheck Africa, a female-focused pre-seed fund launched in January 2021. The company’s ambition is to show the global VC market in the next three to five years that the African tech ecosystem can bring in great returns. It is targeting investments in 20-25 startups. “We are maintaining the same investment strategy for TIDE Africa Fund II as we had for our first fund, which made over 80% of its investments at Seed or Series A,” Caio said. Investors in the TIDE Africa Fund II include the European Investment Bank (EIB), Allianz, DEG Impact’s joint venture, AfricaGrow, Visa Foundation, and Bertelsmann. Apart from expanding to Egypt and South Africa, the new fund enables TLcom to partner with African founders to tackle the continent’s biggest and most complex challenges with innovative solutions. TIDE Africa Fund II has already been deployed in South Africa and Egypt with Cape Town-based LittleFish, a software company enabling payment and banking products for retail-focused SMBs, and Cairo-based ILLA, a middle-mile logistics company.
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Partech; its €280 million fund, backing bold founders, and being intentional about exits
In February, Partech, the global VC firm that has backed companies like TradeDepot and Wave, fully closed ‘Partech II,’ a €280 million Africa-focused fund—the largest on the continent. It was a delightful turn of events for the VC firm that initially targeted raising €230 million, and for a continent that saw VC funding decline by 46% in 2023. Partech Africa II attracted significant interest from individual and international institutional partners, such as family offices and development finance institutions (DFIs). This is partly attributed to Partech’s regional experience, as evidenced by the $500 million acquisition of a portfolio company Sendwave, and the attainment of unicorn status by Wave, another portfolio company. The VC fund is led by general partners Tidjane Dème and Cyril Collon, who, before joining Partech, operated several businesses in Africa. They joined the VC firm in 2016—three years before its first Africa-focused VC fund, Partech Africa I, closed at $143 million. Partech Africa II invests across various sectors, with current holdings in e-commerce, healthcare, and real estate. The previous fund invested in 17 companies across seed to Series C stages. Partech II will priortise Series A and B rounds, with investment sizes ranging from $1 million to $15 million per startup. The new fund has already made three investments in Revio, a South African payment startup, an undisclosed e-commerce platform in Senegal, and an undisclosed real estate startup in Egypt. TechCabal sat down with Tidjane Dème, one of the general partners. He described the firm’s investment approach in Africa, what Partech seeks in founders and the businesses they back, and how the fund is intentionally working towards exits. TC: Before the Africa-focused fund, Partech Africa Fund I, was closed, the global VC fund made two investments in Africa: Yoco (a South African fintech) and TradeDepot (a Nigerian retail technology startup). Why was it necessary to create a separate fund for African Investment? TD: Africa needed local investment; that is what we wanted the fund to be. Before joining Partech, Cyril and I worked extensively in Africa in positions that gave us a unique perspective on the emergence of a younger generation who, instead of seeking jobs, were starting companies to tackle fundamental problems in climate, energy, health, and more. However, they consistently complained about the lack of access to capital needed to validate and scale their innovations. Founders need a specific kind of capital: ‘smart capital’. Local banks are incapable of providing it, but venture capitalists can. At the time, however, the local VC landscape was quite nascent, and foreign VCs were not equipped to address this market because their funds were not dedicated to Africa. The other important point for us was that this investment needed to be based on commercial returns, and not [charitable] impact. That was the challenge that inspired our first Africa-focused VC fund. It is also why we started sharing those numbers in the form of annual reports. Our hypothesis has been thoroughly validated over the years. The numbers showed that this ecosystem was growing faster than any ecosystem in the world. It grew 10x in the last eight years, and some returns have started materialising for some investors. Today, it is a no-brainer for any global investor; you can invest profitably in African startups. You mentioned smart capital. Can you elaborate on what makes venture capital smart? TD: There are two fundamental qualities of VC capital, that are a necessity to drive startups everywhere, including in Africa. The first is the willingness to take early-stage risks. When investing in seed companies anywhere in the world, venture capital is smart enough to understand that roughly 80% will fail. This isn’t because they’re bad ideas; it’s because they’re so early-stage that inherent uncertainty exists. Venture capital is smart capital because it recognises that by picking the right 20% that succeed, they can make up for all the losses. The second smart aspect of VC is the way it invests in early-stage startups. The typical founder is in their mid-twenties, and the startup might be their first job. If successful, the startup will grow from this small team to hundreds in the next five years. The founders will transition from “this is my first job,” to leading a team of hundreds or running a complex, multi-million dollar company. This is a journey of immense learning and growth for the entire team. They need experienced advisors, expertise, models, and frameworks to guide their thinking and building – all of which VC brings to the table. This is what smart capital means. There has been a lot of talk about how venture capital, considering its growth-at-all-cost approach, is not suitable for building in Africa, where the business environment is riddled with regulatory uncertainty and economic hardship. What do you think of this? TD: Venture capital funding can only work if the fund can expect a 10x return on the few (20%) that succeed. This needs to happen within a short timeframe (5-7 years). For this to work, the companies need to grow very fast. However, some companies do not grow as fast, despite being great businesses. Such businesses will not do well with just venture capital. They need other types of investors, such as traditional private equity, angel investors, family offices, and more. Even for fast-growing startups, venture capital can’t cover all their needs throughout their journey. Why should a company give away part of their equity to raise funding for a short-term need? In such cases, what startups need is venture debt. Unlike traditional bank loans, venture debt doesn’t require significant existing assets. Instead, it’s secured by the purchased equipment and the projected cash flow return. Unfortunately, access to venture debt and affordable working capital providers remains limited in Africa. However, the African market is still young. As it matures, we can expect a wider range of funding options to emerge, alleviating the current over-reliance on venture capital for needs that could be better served by other instruments. Beyond limited access to working capital, what
Read MoreNigeria’s government will criminalise fibre damage after causing ₦27 billion in losses to MTN and Airtel in 2023
Nigeria’s works ministry is finalising a regulation that will criminalise fibre damage after fixing cable cuts caused ₦27 billion in losses to MTN and Airtel. The regulation will enforce stiffer penalties on offenders and focus on underground network cables, as several laws already criminalise vandalism, according to Bloomberg. Nigeria has a long-standing vandalism problem that causes billions of dollars of damage but for the telco sector, one of Nigeria’s most productive sectors, vandalism can cause several hours of outages and severe losses. Last year, MTN, the country’s largest telco, suffered more than 6,000 cuts on its fibre network and several hours of outages. The telco spent ₦11 billion to move 2,500 kilometres of vulnerable fibre cables between 2022 and 2023, which led the telco to complain to the government that it was spending billions of naira to fix damaged broadband cables. The regulation will also focus on construction companies, as they often damage these underground cables. In February, MTN’s customers suffered more than five hours of outages after fibre damage in three different locations was caused by a road construction firm, an oil serving company and a fire. Nigeria’s telco industry has struggled with rising operating costs after the government devalued the Naira twice and a sharp increase in electricity and fuel prices. Last year, Airtel recorded a 99% decrease in profits following currency devaluation in its biggest markets, while MTN reported a loss for 2023, its first in three years after a Naira devaluation and rising costs of doing business ate into its margins. The telco reported a loss after tax of ₦137.0 billion in 2023 compared to profits of ₦348.7 billion in 2022.
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Check your 2024 JAMB results
The JAMB 2024 registration processes have been concluded and the exams have already commenced and your results will typically be available to check 24-72 hours after you finish your exam. Here’s a detailed article on accessing your 2024 results through two major options which include the official JAMB website and an SMS option. Check JAMB results 2024 online The official JAMB website is the primary platform for accessing your UTME results. Here, you can print your results slip. Here’s a step-by-step breakdown: Go to the JAMB eFacility Portal: Open a web browser and visit the Joint Admissions and Matriculation Board’s eFacility portal at https://efacility.jamb.gov.ng/login. Enter your login details: Here, you’ll need to provide your Email Address and password used during registration. Access your results: Once you’ve entered the required details, click on the “Check UTME Results” button. Your UTME scores for each subject tested should be displayed on the screen if it’s been released. Important Notes Ensure you have a stable internet connection before attempting to Check JAMB results 2024 online. A poor network connection can hamper the process for you. If you get error messages, please note that it’s either your result isn’t yet up, or there’s a service downtime due to massive traffic on the website. As such, just give it time or try an alternative option. Checking JAMB results 2024 via SMS JAMB also offers a convenient SMS option for accessing your UTME results. This method is helpful for candidates, parents or guardians who may not have immediate access to a computer or the Internet. Here’s how to do it: Open your messaging app: On your mobile phone, launch your text message application. Compose a new message: In a new message, type “RESULT” (all caps) followed by your JAMB Registration Number. Send the SMS: Send the message to either 55019 or 66019, the official JAMB result SMS numbers. Receive Your Results: JAMB will then send you a reply SMS containing your UTME scores for each subject tested, if your scores are ready. Important Note: This method incurs a ₦50 service charge deducted from your mobile phone airtime. Therefore, make sure you have sufficient balance before attempting to check JAMB results 2024 via SMS. Final thoughts Once you receive your results, take some time to review your scores for each subject. If after all exams are concluded from April 19-29l and you can confirm that the majority has seen their JAMB 2024 results, and you still can’t access yourself, please contact the JAMB support line or raise a ticket immediately.
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Will you pay ₦50 to skip long shopping queues? Techstars-backed Jump n Pass hopes so
Jump n Pass, a TechStars-backed startup is attempting to solve an age-old problem with physical shopping: time spent in queues. The startup’s product is a mobile self-checkout platform that allows shoppers to scan a QR code to access the store’s inventory, scan product barcodes, and pay with their phones. “Using Jump n Pass will make checkout 90% faster,” said Tunde Ademuyiwa, co-founder and CEO of Jump n Pass. The startup charges customers a convenience fee ranging from ₦50 to ₦100 based on the total value of items bought. Waiting is an almost inescapable part of consumer service and studies have shown that customers may leave their cart when the wait time is longer than expected. The frustration of waiting affects both customers and store owners. “When you increase the fluidity of movement in a store, it amounts to more sales for the retailers,” Ademuyiwa explains. Launched in November 2023, Jump n Pass has already begun rolling out its services. It has partnered with Justrite Limited, a supermarket with 26 stores across Nigeria, and it’s also looking to integrate its platform into other major supermarkets. “Integration is necessary but complex. We are processing some supermarkets already, operations have begun in some stores like Madina Supermarket, Supersaver Supermarket and some Justrite branches already,” Ademuyiwa said. During a visit to a Justrite branch in Bariga, a Lagos suburb, TechCabal used and saw customers using Jump n Pass at the supermarket. A poster outside the supermarket encouraged customers to scan a QR code to jump the queue. Inside, Justrite’s public address system (PA system) reiterated this message, while small postcards with QR codes were placed around the supermarket for easy access. Justrite’s PA system walked customers through the process of using Jump n Pass to skip queues: scan the code, access the store’s inventory, scan the barcodes (Sometimes network connectivity problems occasionally disrupted the barcode scanning process), add items to the cart, process payment, make payments by transfer and receive a receipt. Customers were advised to hold onto their receipts until leaving the store. Oyiza Edwin, the branch manager, told TechCabal that Jump n Pass had been popular among customers in two weeks while reducing cashier workload and errors. “It is faster than our regular check out and minimises errors that our cashiers might make,” she said. Yet, she shared that the startup could improve on its current version. “Customers often complain about its lack of a card option, so we hope they can add that feature,” she said. TechCabal observed that many customers showed curiosity about the idea of jumping the queue with Jump n Pass. Three customers expressed confusion about its purpose, while another mentioned having used it previously in the store but opted not to this time, citing the convenience fee. Another customer was seen actively using Jump n Pass, but most people continued to opt for the traditional checkout line. At Justrite, there was no queue at the designated lane for customers who used Jump n Pass because customers only needed to confirm the items purchased instead of checking prices and processing payments, which is why queues are formed, a checkout officer explained. The checkout officer also mentioned a lower adoption rate among older customers, possibly due to unfamiliarity with the technology. Folarin Oluwatoyin, the regional manager of Supersaver Supermarket, told TechCabal that customers have been responsive in using Jump n Pass, which has been helpful to the supermarket. “It has only been integrated into our head office at Shangisha Magodo because we are still testing it out to be sure to integrate it in our other branches,” she added. She stated that the major problem encountered since its use in their store was network issues, but the startup’s support team was always available if there was a problem. Ucha, a customer, shared her shopping experience at Justrite Bariga on X and with TechCabal. Upon arrival, she noticed a queue had already formed, but announcements were made to encourage customers to use Jump n Pass as an alternative. She was charged a convenience fee of ₦100 and found the process efficient and user-friendly. The startup is yet to launch its mobile app on iOS and Android platforms and only uses a web app. “Within the next 30 days, the mobile app will be available on Android Play Store and iOS App Store,” Ademuyiwa stated. Despite offering in-app payments, Ademuyiwa clarified that the startup does not provide payment services directly but relies on partnerships with payment solution providers and banks.
Read MoreKenya’s Ministry of Communications recommends regulating TikTok, rejects outright ban
Kenya’s information ministry has opposed any suggestions of a TikTok ban and argued that the popular Chinese short-video social platform owned by ByteDance should be more regulated. In a parliamentary hearing on Friday, John Tanui, the ICT principal secretary, argued that banning the app carries several risks, including the emergence of splinternets, inhibiting competition, and limiting freedom of expression. Tanui also said banning TikTok would hurt telcos’ data revenues. The ministry recommended a partial regulation in consultation with ByteDance to address concerns raised within the limits of Kenyan laws. It proposed expanding the mandate of the Communication Authority of Kenya (CAK) to oversee new media platforms, including monitoring content published online. It also wants TikTok to publish quarterly compliance reports detailing actions taken regarding published negative content. The social media app has come under increased government scrutiny. Interior Minister Kithure Kindiki told a parliamentary hearing in March 2024 that criminals used TikTok “to spread malicious propaganda, steal popular accounts through identity theft and impersonation” and “conduct fraud by duping Kenyans into fake forex trades and fake job recruitments.” The interior minister’s comments came eight months after Bob Ndolo, the CEO of Bridget Consultancy, filed a petition asking for a TikTok ban because the social media app promotes hate speech, sexual violence, and vulgarity. According to the ministry, the app has an estimated 10.6 million users in the country with some earning a living by posting content. In a Reuters Institute report released in 2023, Kenya ranked top in TikTok usage, with about 54% of the population using the social media site. “The regulation of TikTok and similar platforms instead of a ban is a win-win solution. Regulation will maintain access to global social media platforms, which will enhance the free flow of information and ideas across borders, enabling Kenyan internet users to be competitive in the global digital landscape,” Tanu said. “TikTok serves as a diverse platform for expression, encompassing creativity, political commentary, and cultural representation. Banning TikTok limits the channels through which individuals express themselves, potentially stifling a range of perspectives and creative voices.”
Read MoreAlgeria will edge out Nigeria as Africa’s third-largest economy, IMF report shows
Nigeria will lose its place as Africa’s third-largest economy in 2024 to Algeria after a decade of slow growth, inflationary pressures and naira depreciation, an IMF projection shared. Faster GDP growth in South Africa, Egypt, and Algeria will see Nigeria stay fourth for the next five years. According to the IMF, persistent macroeconomic challenges on the continent have slowed growth, yet the outlook is stable. The Washington-based institution projects South Africa ($373 billion), Egypt ($348 billion), Algeria ($267 billion), and Nigeria ($253 billion) as Africa’s top four economies until 2030. According to IMF World Economic Outlook, South Africa, Africa’s most industrialised country, will become Africa’s biggest economy with a GDP of $373 billion–a position the IMF expects it to retain until 2027. This is despite South Africa’s struggles with blackouts, crime, corruption, and depreciating currency. Its 0.6% GDP growth was mainly driven by growth in the manufacturing, finance, real estate & business services sectors. Since 2023, inflation has accelerated in Nigeria and Egypt and both nations have endured currency devaluations. Yet, there is some hope on the horizon. In May 2023, Nigeria began economic reforms, including floating the naira and removing $10 billion-a-year fuel subsidies. The raft of changes was also aimed to address dollar shortages in Africa’s most populous nation. While the naira has rebounded in the past month, fundamental macroeconomic issues persist. For instance, the country’s headline inflation defied analysts’ estimates after accelerating to 33.2% in March. Unlike Nigeria, Egypt has sought IMF support to speed up its economic reforms as the Bretton-wood institution’s influence on Africa’s economic policies grows–Kenya, Ghana and Zambia are currently receiving support to help unlock funding amid debt distress. As part of the economic reforms, it has also allowed its currency to float amid a renewed push to attract new investments. The Egyptian pound plunged about 40% against the dollar last month. The IMF expects the north African country to overtake South Africa as the biggest economy on the continent in 2027.
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👨🏿🚀TechCabal Daily – Wema Bank unlists seven fintechs
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Funding for African startups continues to slump in this quarter as a drop of about 45.6% was noticed in comparison to Q1 2023. Another highlight is how debt financing continues to grow as an asset class for these startups. This quarter, the ecosystem also experienced a number of expansion and acquisitions. Explore more of what went down in African tech in our newly released quarterly report! download it now In today’s edition Wema Bank unlists seven fintechs Kenya demands compliance reports from TikTok Canal+ steps up bid for MultiChoice Nigeria’s MNOs witness surge in transactions Funding tracker The World Wide Web3 Job Openings Cybersecurity Wema Bank removes 7 fintech partners Wema Bank has taken a strong stance against financial crime after it suffered a ₦685 million ($594,943) loss to fraudulent activities in 2023. On Wednesday, the Nigerian bank suspended seven unnamed fintech partners from its payment gateway platform. Four partners were suspended, while three were permanently removed from the platform. Why? Wema’s decision comes after investigations revealed that there had been an increase in fraudulent inflows into some wallet accounts operated by some of its fintech partners using its third-party wallet accounts. The bank is also conducting audits and reviews of remaining fintech partners to ensure adherence to regulations and compliance with Know-Your-Customer (KYC) guidelines set by the Central Bank of Nigeria. Wema also cited inadequate KYC procedures and compliance issues as contributing factors to the fraud. A way forward: The Nigerian bank also unveiled an anti-fraud campaign to create awareness, educate and equip customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their accounts. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Social Media Kenya demands compliance reports from TikTok Kenya has been taking steps to regulate TikTok instead of an outright ban. The government has now mandated quarterly compliance reports from TikTok detailing the content removed and the reasons behind it. This aims to address concerns like mental health, data privacy, and online safety. This comes after a petition was written to Kenya’s Assembly for the ban of TikTok and the platform reaffirmed its dedication to maintaining a safe environment for its users in Kenya. During an appearance before the Kenyan Parliament on April 16, 2024, the platformannounced it will continue to provide capacity-building workshops on online safety, data privacy, and content moderation to Kenyan policymakers and regulatory agencies The Interior Ministry of Kenya had also considered limiting the use of TikTok by government officials to protect sensitive data and Kenyans’ security. Kithure Kindiki, secretary of the interior cabinet, disclosed then that the National Security Council (NSC) had been battling threats linked to social media platforms, notably TikTok, in its efforts to safeguard national security. In light of these recent developments, ICT Principal Secretary, John Tanui, informed legislators that TikTok will be mandated to provide quarterly compliance reports to the ministry instead of an outright ban. He emphasises how banning the platform will cause more harm than good for the country as a significant number of their youths rely on it for income. According to Reuters Institute’s 2023 report, Kenya has the world’s highest TikTok usage rate, with 54% using the app for general purposes and approximately 29% for news. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Streaming Canal+ steps up bid for MultiChoice French media giant Canal+ has increased its ownership of South African media company, MultiChoice. The company acquired over 3 million additional shares between April 12 and 17, 2024. This surge pushes Canal+’s stake to 40.8%, edging closer to a potential takeover. The shares were acquired at an average price of R116 ($6.05) per share, lower than the previously announced mandatory share offer of R125 ($6.52). A shopping spree: Canal+ has been aggressively acquiring shares in MultiChoice. In February 2024, the company crossed a key threshold of 35% ownership, triggering a mandatory offer requirement for MultiChoice shareholders. Since then, Canal+ has continued to buy shares, increasing its stake from 36.6% on April 5, 2024, to its current holding of 40.8%. Last week, MultiChoice established an independent board— Standard Bank— to evaluate Canal+’s offer and ultimately recommend whether shareholders should accept or reject the bid. Additional share purchases come after both companies informed investors that they had agreed to work together on the mandatory offer that Canal+ must make to the MultiChoice shareholders. Zoom out: If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, it can delist MultiChoice from the Johannesburg Stock Exchange (JSE). MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024. Mobile money Nigeria’s MNOs witness surge in transactions In Nigeria, mobile money operators are experiencing an uptick. According to a report by the Nigeria Inter-Bank Settlement Systems (NIBSS), MNOs experienced an increase in transactions during the first quarter of 2024. The total value of transactions from January to March 2024 reached N17.2 trillion. This represents an 89% year-on-year growth compared to the same period in 2023 when transactions amounted to ₦9.1 trillion ($7.9 billion). The data analysis reveals consistent growth each month, with transactions increasing from ₦5.2 trillion($4.5 billion) in January to ₦6.5 trillion($5.6 billion) in March, indicating a steady trend in mobile money usage. All electronic channels in the country surged by 89% in Q1 2024, reaching ₦234 trillion ($203 billion). What do we have to thank? Industry analysts attribute this surge to several factors, including recent cash shortages and the implementation of the cashless policy by the Central Bank of Nigeria (CBN). We know you remember the
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Latest news for students sitting for JAMB from April 19 to 29 2024
The Joint Admissions and Matriculation Board (JAMB) has reaffirmed its commitment to a fair and secure testing environment for the 2024 Unified Tertiary Matriculation Examination (UTME). In line with the latest news for JAMB 2024, certain items are strictly prohibited as they can potentially facilitate cheating. Being familiar with this list is crucial for all candidates to avoid disqualification. Protecting JAMB exam integrity JAMB emphasises that these banned items have been used in the past to gain an unfair advantage. The latest JAMB 2024 news highlights JAMB’s zero-tolerance policy towards examination malpractice. By prohibiting these items, JAMB aims to ensure a level playing field for all candidates and uphold the integrity of the UTME. List of JAMB prohibited items 2024 Here’s a comprehensive breakdown of the items strictly forbidden in the JAMB exam hall, as per the “latest JAMB news 2024”: Mobile Phones or Similar Electronic Devices: This includes even switched-off phones, tablets, and any device with communication capabilities. Wristwatches: Smartwatches with any additional functionalities beyond basic timekeeping are not allowed. Pen or Biro (Except Approved): If it will be allowed, it’ll only be blue or black. Double-check for any additional instructions regarding specific pen types. Spy or Reading Glasses (Unless Medically Prescribed): Unaided vision is expected during the exam. Calculators (Except Approved Models): JAMB prohibits students from bringing calculators into the examination hall. USB Drives, Hard Disks, or Similar Storage Devices: No external storage devices are allowed. Books or Any Reading/Writing Material (Except JAMB-Approved): Rely solely on your prepared knowledge; no external reference materials are permitted. Cameras and Recorders: Capturing visuals or audio within the exam hall is a serious offence. Microphones and Earpieces: These can be used for unauthorised communication. Beyond the List: Additional Precautions The latest JAMB news 2024 goes beyond just listing banned items. JAMB also advises candidates to avoid: Decorative designs or tattoos on palms: These might interfere with biometric screening at the exam centre. Instructions to parents and guardians The latest JAMB news bulletin also stresses the importance of parental involvement. While offering support is crucial, parents and guardians must strictly adhere to JAMB regulations. Here’s what you can do to help: Review JAMB website: Familiarise yourself with the banned items list and discuss it with your child. Advise against loitering near exam centres: JAMB strictly prohibits parents from being present during the exam. Respect these guidelines to avoid penalties for your child. JAMB latest news on Punctuality The latest JAMB news 2024 also emphasises the importance of punctuality. JAMB has a strict policy regarding latecomers: Candidates arriving 30 minutes after the exam start time will not be allowed to enter the exam hall. Latecomers will be marked absent and will not be allowed to participate in the exam. Final thoughts on latest news for students sitting for JAMB from April 19 to 29 2024 Please follow these guidelines and stay updated with the latest JAMB news 2024 on only verified news platforms like TechCabal or JAMB website.
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