Bidvest Bank to prioritise saving jobs as it looks for buyer
Bidvest Bank will prioritise a buyer who will make minimal retrenchments as the bank goes up for sale. The bank currently employs over 1,500 employees. Bidvest Group, the parent company of the bank, today announced that the bank and its financial migration services arm FinGlobal, will be sold as part of a restructuring process. “Beyond looking for fair value of the asset, we will also prioritise potential buyers who will save as many jobs as possible to limit the impact of the change on bank personnel who have done a great job thus far,” Bidvest Group CEO Mpumi Madisa said in a media engagement. Bidvest Group will divest from financial services to focus on other services including hygiene, facilities management, and distribution of plumbing products. Bidvest Bank, which holds R8 billion ($437 million) in customer deposits, recorded trading profit and operating income of R234 million ($13 million) and R219 million ($12 million) respectively per latest financial results. Despite the strong performance, the change in strategic focus would mean limited investment would go into the bank, limiting its growth opportunities in a South African banking market which is becoming increasingly competitive. Bidvest Group intends to find a suitable acquirer for both entities by the end of 2024, with a transaction expected to be completed in nine months pending numerous regulatory approvals. The disposal of Bidvest Bank and FinGlobal coincides with the Bidvest Group’s announcement of the acquisition of Citron, a UK-based hygiene solutions company, as part of the strategic shift.
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All the latest KRA procedures in Kenya 2024
In Kenya, the Revenue Authority (KRA) plays a vital role in collecting taxes. It is important for taxpayers to understand how to navigate its processes, such as filing returns, accessing the KRA app, and contacting KRA support in 2024. Filing KRA returns in 2024 Filing tax returns with the Kenya Revenue Authority (KRA) is essential for compliance and managing your tax obligations effectively. Here are the steps to file your returns: 1. Register on the iTax platform: Visit the KRA website to register if you still need to do so. Click on the “New PIN Registration” link to register for the first time. Follow the prompts to fill in your details, such as your KRA PIN, email address, and phone number. 2. Log into iTax: Once registered, log into the iTax platform using your PIN and password. If you forget your password, you can reset it using the “Forgot Password/Unlock Account” option on the login page. 3. Select ‘Returns’ tab: After logging in, select the ‘Returns’ tab on the dashboard. 4. Choose tax obligations: Select the tax obligation you wish to file returns (e.g., income tax, VAT, PAYE). 5. Fill in return form: Fill in the required details accurately. Ensure to include all income sources and applicable deductions. Double-check the information entered to avoid errors. 6. Submit returns electronically: After completing the form, submit it electronically through the iTax platform. You will receive an acknowledgement receipt confirming the submission. 7. Save acknowledgement receipt: Download and save the acknowledgement receipt for your records. This receipt serves as proof of filing. For more other news specific to guidance on filing returns, visit the KRA website’s dedicated iTax portal. Downloading the KRA app Taxpayers can conveniently manage their tax affairs using the KRA mobile app. To download it, visit the Google Play Store for Android users or the Apple App Store for iOS users. Install the app and log in using your iTax credentials. The app allows for filing returns, checking tax compliance status, and receiving timely updates from KRA. Contacting KRA in 2024 For inquiries or assistance, taxpayers can reach KRA through various channels: Phone: Contact the KRA Customer Service Centre at +254 (020) 4999999 during office hours. Social media: Follow KRA on Twitter (@KRACare) or Facebook (Kenya Revenue Authority) for updates and direct messaging. Website: Visit the official KRA website (www.kra.go.ke) for comprehensive information, downloadable forms, and FAQs. Fresh KRA registration initiative 2024 KRA periodically requires taxpayers to register their details afresh to enhance data accuracy and compliance. This initiative ensures that taxpayer records are up-to-date, reducing errors and improving service delivery. By updating details such as personal information, income sources, and contact details, taxpayers help KRA maintain an efficient tax administration system. Final thoughts on all the latest KRA procedures in Kenya 2024 Navigating KRA processes involves using the iTax platform for filing returns, downloading the KRA app for mobile convenience, and contacting KRA via phone, social media, or their website for assistance. Understanding why KRA mandates fresh registration underscores its commitment to improving tax compliance and service efficiency.
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Remove private number on Samsung & other Android devices 2024
Making calls with your number hidden can be useful in certain situations. However, there might come a time when you want your number to be shown again. This guide will show you how to remove the private number function on both Samsung devices and other Android phones. Remove Private Number function on Samsung phones The process to remove the private number function on Samsung devices is quite easy. Here’s a step-by-step guide: Step 1: Open the phone application On your Samsung device, find and open the Phone app, which can be located on the main screen or in the app menu. This is the first step in how to disable private number from your calls. Step 2: Go to the phone app menu Once the Phone app is open, tap the three vertical dots located in the top right corner to access the menu. Knowing how to remove private number involves navigating through these options. Step 3: Enter the settings From the menu, choose “Settings” or “Call Settings,” depending on what is shown on your device. This step is crucial in the process of how to remove private number. Step 4: Navigate to Advanced Options Scroll through the settings to find “Supplementary Services” or “Additional Settings,” which may be listed under “Advanced” or “More.” Step 5: Access Caller ID Options In the supplementary or additional settings, look for “Caller ID” or “Outgoing Caller ID” and select it. This will guide you further on how to deactivate private number from your phone. Step 6: Change Caller ID Settings Choose “Show My Phone Number” or “Display My Phone Number” from the Caller ID menu to ensure your number is visible when you call. This is the key step in how to deactivate private number from your outgoing calls. Step 7: Save the Changes Confirm and save your new setting by tapping “OK” or “Apply.” That’s about how to remove or deactivate the private number function from your Samsung device. Remove private number on other Android devices Here we outline how to remove private number on Infinix, Itel, Tecno, Xiaomi, Oppo, and other Android devices. While the specific steps might differ slightly depending on your device manufacturer and Android version, the general process remains similar. Here are two common methods: Method 1: Stopping private number function on your android through Phone App Launch the Phone app from your home screen or app drawer. Tap the three-dot menu icon in the upper right corner. Select “Settings” or “Call settings” from the menu. Scroll to and tap “Additional settings” or “Advanced settings”. Find and tap “Caller ID” or “Outgoing caller ID”. These options are typically found in similar locations if you’re learning how to deactivate private number on Infinix, Itel, Tecno, Xiaomi, Oppo, and other Android devices. Choose “Show my phone number” or “Display my phone number” to make your number visible. Method 2: Using the device settings to remove private number on your Android Open the “Settings” application on your phone. This method is also effective if you’re trying to figure out how to disfigure private number on Infinix, Itel, Tecno, Xiaomi, Oppo, and other Android devices. Navigate to “Apps” or “Application Manager”. Locate and select the “Phone” or “Call” application. Tap “Storage”, then choose “Clear data” and “Clear cache”. Return to the Phone app and verify if the private number option has been disabled. This step can be particularly helpful for those seeking to remove private number on Infinix, Itel, Tecno, Xiaomi, Oppo, and other Android devices. Final notes Remember that these are general instructions, and the exact wording might differ on your phone. Nevertheless, with this guide you should be able to remove or deactivate the private number function and have your number displayed when making calls on your Android device.
Read MoreCash-strapped Copia begins liquidation after failing to raise money
Copia Global, the Kenya B2C e-commerce startup that entered administration on May 24, has abandoned efforts to revive its business, opting instead to liquidate assets and pay creditors, according to an internal memo seen by TechCabal. The liquidation marks the end of the e-commerce platform that allowed customers in rural and peri-urban areas to order household goods like sugar, cooking oil, and toiletries. The company will lay off all employees, and sell assets, including delivery tracks, warehouses, and office equipment to raise money to pay creditors. “It was anticipated that Copia’s business will be maintained as a going concern albeit with significantly reduced operations to attract the much-needed through a new company to enable business continuity,” Copia’s administrator said in an email to staff. “However, this has regrettably not been successful, and it is apparent that the company’s options are limited to the 3rd objective of administration as provided for in the Insolvency Act of 2015: realisation of assets to settle creditors’ claims.” Employees will receive severance packages on July 4, a memo from the company administrators said. The company has also called its creditors to a meeting on July 14 for guidance on “their respective claims.” Copia’s administrator Makenzi Muthusi, did not immediately respond to a request for comments. Founded by Tracey Turner and Jonathan Lewis in 2013, cash-strapped Copia began talks with potential investors in June 2024, said one person with direct knowledge of the matter. Ultimately, those talks were unsuccessful. The company appointed Makenzi Muthusi and Julius Ngonga of KPMG as administrators in May 2024 when it became clear it was struggling to make payroll. It laid off 1,060 employees a month later in hopes that smaller overhead costs would ensure survival until it raised funds. Copia’s liquidation continues a difficult year for B2B e-commerce companies as they have struggled to raise fresh funding as macroeconomic conditions on the continent have worsened.
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Zedcrest acquires RMB Nigeria Stockbrokers in deal thought to be worth ₦400 million
Zedcrest, a Nigerian debt and equity capital markets investments firm, has acquired the Nigerian arm of RMB Stockbrokers for a figure between ₦400 million and ₦420 million, according to a person familiar with the proceedings. The acquisition comes as Zedcrest looks to expand its services and give its clients access to Nigeria’s equity market, which gained 45% last year (a 26% increase from 2022) despite inflation, exchange rate challenges, and the delisting of major companies. This growth was spurred by government policies and strong quarterly performances by companies. “RMB Nigeria Stockbrokers’ expertise in stockbroking, when combined with our comprehensive financial solutions, will enable us to deliver even greater value to our clients,” Adedayo Amzat, the CEO of Zedcrest Group, said. The acquisition will see RMB Nigeria rebrand as Zedcrest Securities. In 2024, the market has remained resilient even as foreign exchange volatility and a weakened business environment have impacted consumer goods. In the first quarter, foreign investors withdrew more money than they invested in the market as Nigeria’s macroeconomic conditions worsened from the previous year and reached a three-decade low. “We are excited about the opportunities this acquisition presents and look forward to a promising future. We assure our clients that this transition will be seamless and that their interests remain our top priority,” Layi Olaleru, CEO of RMB Nigeria Stockbrokers, said. Nigerian cloud providers lobby government and PFAs for local data storage Nigeria’s stock market hits 15-year high, but market experts are skeptical about investor movements
Read MorePeleza merges with YC-backed Prembly to form Prembly Group
Kenyan identity management startup, Peleza has merged with YC-backed Prembly to form the Prembly Group. Both companies declined to provide the specific financial details of the transaction. While Prembly provides identity verification, security, and compliance, Peleza conducts background checks for businesses. Peleza has key partnerships in East Africa with mobility apps Uber and Bolt and logistics corporation FedEx. With this merger, the Prembly group will build a bigger East African business using Peleza’s industry knowledge and improve customer service offerings. Over the last 18 months, Peleza has been using Prembly’s infrastructure. “This merger serves as an extension of that collaboration and our longstanding partnership, providing an opportunity to expand service offerings to customers across various markets and globally,” Peleza’s cofounder Marita Mutemi told TechCabal. “Merging both companies significantly increases our options and value, positioning us as the most used provider across Pan-Africa and achieving leader status in this space,” said Lanre Ogungbe, the co-founder and CEO of Prembly. Ogungbe has been appointed the CEO of Prembly Group. Marita Mutemi, the founder and CEO of Peleza, will join the Prembly Group as CFO and double as the CEO of Prembly East Africa. “Other executives from Peleza have been reassigned and retained their leadership roles, ensuring continuity and stability,” Mutemi told TechCabal. The merger creates a combined team of about 100 employees. Ogungbe and Marita disclosed that at least ten employees will be let go because their roles have been duplicated because of the merger. Those staff members will receive a severance package. “The decision to name the entity Prembly Group is borne out of a mutual agreement to leverage the brand equity and established market presence of Prembly, especially given its global recognition in compliance and digital security solutions,” said Ogungbe. There are plans to integrate the KYC/B technology platforms for both companies. Peleza is the older of the two companies; it was founded in 2015 and has not disclosed funding from venture capital firms. Prembly was founded in 2021 and raised a $2.8 million seed round in 2022, backed by MaC Venture Capital and Soma Capital.
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👨🏿🚀TechCabal Daily – Mano eyes food delivery pie
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning It’s been a week since Kenyan president William Ruto rejected the much-contested Finance Bill, and now, Kenyan youths are rejecting him as their leader. Thousands of protesters, scattered across Kenyan suburbs wielding #RutoMustGo placards, want the president and his cohorts to take responsibility for their role in the deaths of over 20 protesters and abductions of 50 more in last week’s protests. President Ruto, meanwhile, is fuming over the lost KES350 billion from the Finance Bill’s taxes. Huge consequences are coming, he said earlier this week. What’s on the line includes a $7.8 billion loan, and the contracts for 46,000 secondary school workers. In today’s edition LATAM fintech Minka launches in Africa Local cloud providers in Nigeria lobby for government patronage Mano eyes food delivery pie Tunisia welcomes 5G telcos bid The World Wide Web3 Opportunities Fintech LATAM fintech Minka launches in Africa Fintech startups from Latin America (LATAM) don’t always make their way to Africa. However, when they do, their arrival is usually well thought out, with minimal initial launches in a traditionally receptive market. Uruguay’s dLocal’s launched in West Africa and Kenya in 2020, before EBAN, headquartered in Brazil, arrived in 11 African countries two years later. Another fintech toeing that line is Colombia’s Minka. It recently launched operations in East Africa, specifically in Kenya, Uganda, and Ethiopia. The startup builds payment networks that allow money to be sent between participating banks or other financial institutions But here’s the catch: Tens of fintech startups already offer market-fit products and services specifically designed for the African continent. How Minka will compete is something the industry will keep tabs on, considering the startup will be speaking with a broad range of organisations like fintech and payment associations, non-profits, banks, central banks, and other financial institutions such as SACCOs and credit unions for potential collaborations. Some of these startups already have partnerships with high-value clients; Nigeria’s Flutterwave, for instance, processes Uber’s fund transfers from a customer’s mobile money wallet (M-PESA) to Uber wallet. And there are dozens of similar working relationships between companies and fintech startups. What sets Minka apart: Alexander Perko, Minka’s Growth Lead, told me that the company builds real-time payment networks that enable money transfers between participating banks or other financial institutions. “The network aims to connect the world’s financial resources through the web using shared, connected ledgers, simplifying the complex process of moving balances,” Perko said. This isn’t necessarily a new business model, as many other fintech startups offer similar services. Here’s more on how Minka wants to build its East African arm. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. Cloud Computing Local cloud providers in Nigeria lobby for government patronage “Sometimes I wonder how Nigerian startups pay for cloud services, from email to server to Slack to Github etc. Imagine having expenses in USD and revenue in Naira,” someone tweeted last year, and for good reason too. Over the past year, Nigeria’s currency has lost 70% of its value, currently trading at ₦1,500 against the dollar. This steep decline has increased the cost of operations for businesses and government agencies. One HR startup, for example, is spending up to $80,000 monthly on cloud storage. And government agencies aren’t left out too with their cloud costs reaching $500,000. But things could be changing. A lobby of local cloud providers in Nigeria wants to help businesses meet their cost-cutting targets through less expensive cloud solutions. How? Five Nigerian cloud companies are talking with the government to make them their preferred host for sensitive government data. While the move is part of a 2019 National Cloud Computing Policy that prioritises local cloud providers for government consideration, the local cloud providers are making such bids with the government with hopes to attract private businesses. Considering that 70% of government agencies already use Amazon AWS and Microsoft Azure, bidding on this contract could be a strategic move. Local cloud providers which accept payments in Naira are also pitching their ease of payment as a moat. Per TechCabal, these local cloud providers are also in talks with Mobile Virtual Network Operators (MVNOs) and pension fund administrators (PFAs) to host data locally. Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. Get started today. Startups Mano eyes food delivery pie “If you don’t cannibalise yourself, someone else will,” – Steve Jobs. Moe Nesr, Mano’s co-founder, may have had this thought when his grocery delivery startup decided to expand into Nigeria’s food delivery market—the same market that drove Bolt Food and Jumia Food out of the country last year due to “harsh economic climate”. Usually, when a business is expanding to an adjacent market, it means that it is either trying to gain new customers, reposition its business, or benefit from economies of scale. We’re hedging our bets on the latter as Mano previously operated its own inventory dark stores for its grocery delivery business. With an aggregator food listing model, the company may be trying to lower costs on its food delivery service. It has the markings of a balancing act. The move pits Mano against established players like Glovo and Chowdeck in a $2 billion revenue market, dwarfing the $0.83 billion grocery delivery sector. It is quite tempting to switch from small boats to pirate ships. But consumer behaviour remains the biggest elephant in the room for food delivery service. Mano’s move is coming at a time when consumers want to pay less for food delivery services, with 30.9% of Nigerians (62,418,000) living in extreme poverty, and not being able to afford spending up to ₦3,000 ($2.15) per
Read MoreProtests in Kenya enter second week despite withdrawal of Finance bill
Multiple gunshots, teargas, and a heavy police presence have been reported across the country as thousands of Kenyans protest the rising living costs despite the recently withdrawn 2024 Finance Bill. This marks the second week of protests in Kenya, with young Kenyans vowing to continue demonstrating every Tuesday and Thursday. They are also calling for President William Ruto’s resignation or an overhaul of his entire government. Anti-riot police efforts have cleared Nairobi’s central business district, leaving it with few demonstrators; however, hundreds of protesters remain scattered in the suburbs. Movement into Nairobi is difficult as some access roads, including Waiyaki Way connecting Nairobi to western Kenya, have been closed. Public transport vehicles, which most Nairobians use to and from work, have also been removed from the streets. Those using personal vehicles have also reported thorough inspections from the police manning volatile areas within the city. There have also been reports of isolated looting incidents. With matching t-shirts and wielding placards with #RutoMustGo slogans, protesters say high levels of corruption, poor governance, and police brutality are forcing them to take action. Thousands have protested in Mombasa, Nakuru, Kisumu, and smaller towns that haven’t traditionally seen protests, including Lamu and Karatina. Last week’s demonstrations turned deadly, with over 20 people shot dead across the country, the majority in Nairobi and its surroundings. While some injured protesters recover in hospitals, concerns are mounting over reports of abductions by plainclothes police. The government appears intent on identifying leaders behind the Gen Z protests, yet these demonstrations lack any apparent political backing, with opposition leaders remaining largely silent. “We further condemn the ongoing arbitrary abductions of innocent Kenyans who were carted away in the most violent and inhuman manner, and held in communicado for days,” Edwin Sifuna, Nairobi’s senator said in a statement on Tuesday. Per Sifuna, over 50 illegal abductions by secret police have been conducted, and the whereabouts of these people remain unknown. “No one in government is ready to take responsibility, to render an apology or to make amends. The head of state himself has tried to distance his regime from these killings, injuries and abductions, in stead conjuring up theories when everyone can see blood on his hand.” In a televised interview on Sunday, President William Ruto said that the police were doing their work and argued that the police were only dealing with criminal elements in protests masquerading as Gen Z protesters. “I care when there are issues in town and where criminals take advantage forcing the police to use live bullets is a matter of concern. In Ngong, the police were overpowered by criminals who used firearms against the people with the police forced to shoot the criminals who hijacked a police gun,” the president said.
Read MoreTiger Global-backed Minka is the latest LATAM fintech to set up shop in Africa
In recent years, a handful of Latin American fintechs have made inroads into Africa to tap into its growing digital payments market. The latest entrant is Minka, a Colombian fintech backed by Tiger Global. Minka builds payment networks that allow people to send money between participating banks and other financial institutions. On Tuesday, Minka launched in East Africa, setting shop in Kenya, Tanzania, Uganda, and Ethiopia. The company plans to expand to Mozambique, Zambia, and Malawi in Southern Africa. Minka’s arrival in East Africa follows a trend of Latin American fintech companies expanding into Africa. In 2022, EBANX launched in 11 African countries. Two years earlier, Uruguay’s dLocal launched in West Africa and Kenya. The expansion makes sense because both regions have similar challenges—over 350 million African adults lack access to financial institutions and rely solely on cash transactions. “We are solving these problems across the LatAm region and now want to bring these advantages to the people of East Africa,” the company said in a statement to TechCabal. Minka sees “some real synergies between the work we are doing in Latin America and the issues that are being faced in East Africa,” the company’s growth lead Alexander Perko, told TechCabal. These similarities include high levels of financial exclusion, with eight out of the bottom ten ranked markets for overall financial inclusion located in Latin America and sub-Saharan Africa, and heavy reliance on cash transactions with large informal sectors. Minka’s business model is quite straightforward; it uses in-house financial protocols to speed up money transfers between banks and other financial institutions; by creating a common language for different payment systems to communicate, eliminating the need for complex reconciliations. “There are around 2,000 separate payment networks globally, with only 3% being interoperable,” Perko clarified. From Latin America to Africa Fintechs like Minka, EBANX, and dLocal offer a platform for Africans who want to buy global products but can’t, considering some global merchants do not accept their preferred payment methods, such as mobile money or cash. The fintechs offer a solution by letting global merchants accept local African payments. Like Africa, LatAm also has some financial inclusion gaps: 58% of people in the region have access to credit cards, but fewer (3 in 10) have access to other financial products like loans or investments. Per a report by the World Economic Forum, this gap widens for low-income (59% with bank accounts) and rural areas (40% with bank accounts). With over 1,500 registered fintech startups and friendly regulations and collaboration, Latin America has already made more progress with digital payments, so these companies claim they can use that experience to help Africa do the same. They also have relationships with global merchants that they can leverage to enter new African markets.
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Nigerian cloud providers lobby government and PFAs for local data storage
Five Nigerian cloud companies are in talks with the government to become their preferred choice for hosting sensitive government data, two people with direct knowledge of the matter told TechCabal. The lobbying efforts are based on a 2019 National Cloud Computing Policy that makes a case for local cloud service providers as “a first choice consideration.” If successful, the talks would be a good starting point for increased adoption of local cloud options amid rising costs due to the naira devaluation—some government agencies spend up to $500,000 monthly on cloud services, one person with direct knowledge of the matter said. A few local cloud companies are also considering creating a consortium having begun talks in April 2024, one person with direct knowledge of the matter said, declining to share names. For these companies, getting the government’s buy-in will help encourage private companies to host their data locally. Over 70% of government ministries, departments, and agencies (MDAs) host their data on cloud providers like AWS and Microsoft Azure, according to one 2021 report. Another group of local cloud providers has also held talks to lobby Mobile Virtual Network Operators (MVNOs) and pension fund administrators (PFAs) to host data locally, two people familiar with the matter said. The push for patronage for homegrown cloud providers comes as cloud costs have more than doubled in the past year thanks to the naira devaluation. Most Nigerian companies host their data on AWS, Microsoft Azure, and Google Cloud, and the costs are charged in dollars. Local providers aren’t just positioning themselves as cheaper alternatives, but also argue that patronising them will reduce the country’s forex burdens. “If data is hosted locally, you generate more revenue locally and the money stays within the economy,” one industry insider said. These local cloud providers are considering offering discounts to incentivise companies to host their data locally. Local providers are positioning themselves for a boom in Nigeria’s data center market projected to reach $578.1 million by 2029. The lobbying efforts coincide with rising investments in data centers in Nigeria driven by the demand for data storage solutions following the arrival of eight subsea cables. Airtel is building five hyper-scale data centers across Africa—the first in Lagos. Kasi Cloud Limited, a local cloud provider, began construction of a $250 million Tier IV data center in 2022. Last week, MTN Nigeria said it will complete work on a second data center in Lagos by December 2024. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
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