E-commerce platform Sky.Garden removes 1,500 vendors over counterfeiting claims
Sky.Garden, a Kenyan e-commerce platform for electronics and home products such as furniture, removed 1,500 of its 30,000 vendors in a “clean up” of counterfeit goods. The company dismissed claims that some vendors were boycotting the platform. “We have not observed any boycotts from vendors. However, we recently conducted a thorough cleanup of the marketplace. This process involved removing brokers and sellers of counterfeit or substandard goods,” Sky.Garden told TechCabal in a statement. The e-commerce platform has also removed brokers who falsely claimed to be sellers. Brokers help vendors sell their products on marketplaces, but they do not own any merchandise. Sky.Garden’s crackdown on counterfeit goods conflicts with claims by at least three vendors that they were unfairly removed from the platform. Several other vendors stopped posting their products on Sky.Garden’s e-commerce site, those people claimed. At least five customers also told TechCabal that their electronic orders from Sky.Garden were never delivered and the company promised refunds. “We were told to wait for up to 24 hours to receive a refund,” said one customer who waited three weeks for the refund. Sky.Garden said some refunds were delayed because of complications with select merchants. “However, we have since resolved these issues, and all outstanding refunds have been processed,” the company said. Sky.Garden claims it has a 75% fulfillment rate and an average commission of 8%. Fulfillment rate is the percentage of customer orders that are successfully processed and delivered on time. In 2022, Sky.Garden was acquired by buy-now-pay-later (BNPL) firm Lipa Later for KES 250 million ($1.93 million). The acquisition was a lifeline for the struggling company which announced layoffs of over 50 employees. Some of those employees were retained after the acquisition. “The transition over the past year has been a continuous learning experience, and we’re proud of the progress we’ve made. Our primary focus remains to position Sky.Garden as Kenya’s leading marketplace,” Juliet Wanjiru, Sky.Garden’s managing director told TechCabal. As sister companies, Sky Garden customers use Lipa Later’s BNPL services to spread out payments for online purchases.
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👨🏿🚀TechCabal Daily – HeyFood, Hello Vindication
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Today, Founder Institute is celebrating the graduation of its 10th cohort with a fireside chat themed “Scaling with Resilience.” Our folks on the inside have told us that this event will feature insights from organizational leadership experts, founders of venture-backed startups, and experienced investors. It’s also a fantastic opportunity to connect with the Founder Institute Lagos ecosystem, including FI’s network of startups, alumni, partners, investors, and mentors. RSVP here. Citidata’s big bet on edge data centres in Nigeria HeyFood, hello vindication South Africa cuts back on interest rate as inflation cools Funding Tracker The World Wide Web3 Events IoT Citidata’s big bet on edge data centres in Nigeria Image Source: Wunmi Eunice/TechCabal Nigeria’s data centre market is a study in contrasts. On one hand, the demand for data centre solutions is growing across different big data businesses, such as government entities and banks, which are required to store data locally. On the other hand, the country still only has 14 data centres compared to South Africa’s 39, the most on the continent. Generally, Africa still has much catching up to do with other continents. South Africa can count itself lucky as bigger players like Amazon Web Services are committing to developing data centres. For Nigeria, Citidata Centre is one of the companies trying to fill this demand gap. Its plan? Build six new Tier III edge data centres in Ogun State and Lagos State by 2027. The company’s flagship centre in Ogun state, which launched in July 2024 with a 30-rack capacity, is set to expand to 80 racks. Five more centres will be located across key business hubs like Ajao Estate, Surulere, Lagos Island, Lekki, and Victoria Island. Edge data centres offer a practical solution for Nigeria’s market where large-scale infrastructure is still too costly as businesses—even banks are trying to cut costs on infrastructure. By focusing on local assembly and partnerships, Citidata aims to keep costs down. As Citidata CEO Andie Moyan noted, “agility” and “cost-effectiveness” are key in this environment. When the options are cheaper and offer better incentives for big businesses to jump ships, they’ll make the switch. As Nigeria’s demand for internet connectivity and data storage grows, companies like Citidata are positioning themselves to play a role in closing the infrastructure gap. Whether this strategy can improve Nigeria’s data centre game remains to be seen, but one thing is clear: the race to meet demand is only getting started. Read Frank Eleanya’s article. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Startups HeyFood, hello vindication GIF Source: Zikoko Memes HeyFood, a food delivery startup that operates in Ibadan, Nigeria’s third largest city, says it is profitable. The Y-Combinator-backed company didn’t say by how much, probably reserving that detail for its current and potential investors it is speaking to in its ongoing fundraising to expand to other states. HeyFood’s report about being in the green is noteworthy for several reasons. Firstly, it adds to a string of pleasant vindications for the food delivery sector. In 2023, we saw deep-pocketed food delivery companies like Jumia Food, and Bolt Food throw in their towels due to the inability to keep up with the aggressive marketing. Soon after, we began seeing food delivery startups report profitability one after the other. In November 2023, YC-backed Chowdeck said it is profitable after fulfilment. Last week, YC-backed FoodCourt said it makes as much profit as a healthy restaurant—enough to sustain its operations. HeyFood, says it loses no money from its operations. We might have to check in on what is in the YC water, but until then, this poses two questions did predecessors quit the game too early after overestimating the challenges in the sectors? Or is the new player curving the ball differently? In answering positively to the first question, one may argue that leapfrogging into food delivery requires a long growth curve and the big players got jaded prematurely—right before investment into changing customer behaviours paid off. Now, tens of thousands of Nigerians make orders online monthly even with the last of their meagre pay. The average orders on HeyFood, Chowdeck and FoodCourt are ₦4,000 ($2.44) ₦7,000 ($4.27) and ₦15,000 ($9.14) respectively. The answer to the second question may show that this is less about long-suffering and more about strategising. HeyFood says that to 15x its revenue, it needs to expand to Abuja and Benin, instead of Lagos. HeyFood says that this is the strategy of Doordash, a U.S. company that grew market share by capturing suburban cities before moving into metropolitan ones. This is a more cost-efficient strategy that will allow the startup to piggyback on the popularity of local lucrative restaurants that sell food at true value, instead of restaurant chains that have trained their customers on discounts (fancifully named value-pack meals.) This is the opposite of what predecessors like Jumia did. Whatever the true answers to these questions are, only time will tell. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Economy South Africa cuts back on interest rate as inflation cools Image source: SARB After ten consecutive hikes followed by a year of keeping the rate unchanged, the South African Reserve Bank has cut interest rates by 25 basis points. On Tuesday, the bank lowered interest rates from 8.25% to 8%. For observers of Africa’s most industrialised economy, the decision was expected. Per SARB’s inflation update on Wednesday, South Africa’s inflation eased to 4.4% after
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Citidata expands Nigeria’s data centre market with six new data centres
With only 14 data centres nationwide and growing demand for storage, Citidata Centre plans to build six Tier III edge data centres in Ogun and Lagos state in the next two years. Edge data centres—small data centres close to users and their devices—have low capacity and are easy to manage. They offer affordability in a price-sensitive market. Before joining forces to establish Citidata, Petrodata Management Services and TopTech Engineering Limited managed edge data centres in Lagos and Abuja for oil and gas clients. TopTech Engineering worked with Huawei to provide final fittings for the Chinese company’s data centres. Most data centers are concentrated in Lagos, but demand for colocation or data centre services is rising as the federal government has mandated all ministries and departments to store data locally. State governments are also pushing for colocation, further driving demand. For Citidata, citing its flagship facility in Ogun state—the first Tier III data centre in that state—makes sense from a disaster recovery or business continuity perspective. A disaster could be any event that disrupts the normal operations of the data centre such as natural disasters, cyberattack, or power outage. If a cyber attack or earthquake for instance affected data centres in Lagos, a company or government entity that backed-up its information in a data centre outside Lagos, has less continuity issues. “Having a data centre in Ogun State is good business for disaster recovery for companies based in Lagos, especially government guys. They like to use different states not unlike private companies that do the same state,” one data centre expert who pleaded anonymity to speak freely, told TechCabal. Citidata Centre’s flagship data centre went live on July 15, 2024 with a 30-rack capacity, with plans to scale it to 80 racks. Five other facilities will be located at Ajao Estate, Surulere, Lagos Island, Victoria Island, and Lekki and will be going live by 2027. The company considers these areas commercial areas where reducing data transfer time is critical for businesses. Andie Moyan, CEO of CitiData Centre said each of the data centres in Lagos will also come with a capacity of below 100 racks. This is intended to keep the facilities agile and cost-effective. “The immediate need isn’t just for large-scale capacity, but for processing power that is closer to end-users,” Moyan told TechCabal. Unlike standard-sized and large-scale data centres that require megawatts of power, the Magboro facility kicked off with 100KW capacity. Over the last decade, data centre capacity has surged globally due to rising demand for internet connectivity, driven by over 5.45 billion internet users. This demand has spurred a competitive race for data storage facilities, particularly data centres. Leading the pack is the United States with 5,388 data centres and more than 1,000 MW of capacity, followed by Germany (522), the UK (517), China (449), and Canada (336). Africa lags behind with 119 data centres. The disparity between leading countries is stark: South Africa has 39 data centres, while Nigeria has only 14. South Africa also dominates in capacity, accounting for 400 MW of Africa’s total 480 MW, with Nigeria contributing just 64 MW. One of the challenges identified by the industry is the cost of constructing the facilities and how affordable they are to consumers. Edge data centres are low-hanging fruits for many operators and companies. Citidata Centre plans to build the facilities locally which will further reduce the costs and support clients seeking affordable alternatives. TopTech Engineering will be responsible for building the data centres in any chosen location, while Petrodata will manage the facilities. “We believe that fostering local assembly and partnerships is essential for building a sustainable ecosystem that can support Nigeria’s digital transformation,” the company said. Moonshot by TechCabal is gathering Africa’s most audacious builders and thinkers in Lagos, Nigeria. You can get tickets here.
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South African Reserve Bank cuts interest rate for the first time in four years
The South African Reserve Bank has cut the interest rate by 25 basis points to 8% after the country’s headline inflation fell to its lowest levels in three years. It is the first rate cut since 2020. The bank has kept the rate unchanged at 8.25% since May 2023. “This decision is consistent with projections of lower inflationary pressures in the medium term,” said Lesetja Kganyago, governor of South African Reserve Bank. South Africa’s inflation slowed to 4.4% in August, down from July’s figure of 4.6%, after a decrease in transport prices and utility rates. It is the lowest figure since April 2021. With the rate cut, the Reserve Bank looks to inject more money into Africa’s most industrialised economy and drive growth momentum which has been stoked by positive sentiments towards the country’s government of national unity (GNU) and improved electricity supply. Despite the improvement, South Africa’s economy only grew by 0.4% in H2 2024, making the case for a need to boost growth by cutting the lending rate. The rate cut has largely been predicted by most economists in anticipation of the apex bank’s announcement. Economists also expect the central bank to cut the lending rate in the next three quarters and project it to reach 7.25% by May 2025. The inflation slowdown has been cited as the motivating factor for the bank’s decision to continue cuts into the future. Inflation is expected to average 4.7% in 2024 and decline to 4.3% in 2025. In July 2024, the central bank said South Africa’s economy is about 100 basis points away from what it considers ‘neutral’ and as a result, it will reduce rates gradually instead of making large rate cuts. Some economists argue that instead of gradual rate cuts, the bank should make significant cuts in the region of 50 basis points. SARB’s MPC is expected to announce its next rate decision on 21 November 2024. African tech leaders and global players will be at Moonshot by TechCabal. You can get tickets here.
Read MoreY-Combinator-backed Heyfood will expand to Abuja and Benin, avoiding the contested Lagos market
Heyfood, the Ibadan-based food delivery startup backed by Y Combinator, is expanding to Abuja and Benin in the coming months. The startup, which will sidestep Lagos, a hotbed of competition for food delivery startups, believes the planned expansion will grow revenue exponentially. CEO Taiwo Akinropo and cofounder Demilade Odetara are raising money to finance its expansion. They expect to close those talks soon. Since its launch three years ago, the startup raised an undisclosed amount of funding from Y Combinator, Olumide Soyombo’s Voltron Capital, GoodWater Capital, and Ventures Platform. Investors will be happy to hear that the startup is cashflow positive despite challenging unit economics in the sector. The startup’s margins range between 10% and 15%, and its monthly gross merchandise value (GMV) sits between ₦150 million and ₦400 million, with an average order value of ₦7,000. “In the last 12 months, we have grown our GMV by 5X, and our target is to multiply that by 15,” Akinropo said. Yet efficiency remains top of mind for the company. “We have good capital efficiency and have achieved [multiples] with what we raised. We run on the local naira that we generate. We do not lose any money on operations.” Chowdeck and FoodCourt—also YC-backed companies—have reported being profitable after fulfilment. These claims of operational efficiency continue to drive interest in the food and grocery delivery sector despite Jumia Food and Bolt Food’s exit in late 2023. How Heyfood strategically picks cities HeyFood, which claims to have over 1,000 listed vendors (including restaurants and grocery stores) and about 50,000 active customers monthly, charges a commission on goods sold and delivery fees. The numbers are impressive because, unlike its peers, HeyFood sidestepped Lagos, the country’s commercial capital, in favour of Ibadan, Nigeria’s third-largest city. Its expansion will also strategically sidestep Lagos. Gaining market share in cities like Abuja and Benin is a more cost-effective approach for Heyfood. With over four food delivery startups fighting for market share in Lagos, discounts and exclusive partnerships are common ways of winning turf. However, as Jumia’s Francis Dufay highlighted in 2023, this strategy is expensive. “In Ibadan, if you give customers a promo, they will take it. If you don’t give them promo but offer them a good experience, they will still take it because they can afford it.“ It’s consistent with a view Akinropo shared in a 2023 interview with TechCabal, in which he claimed the startup tries to keep its customer acquisition cost at ₦1,000 and avoids marketing through promotions as often as possible. However, it offers 5% to 10% discounts on its app, lower than the 30% to 35% discounts its competitors offer in Lagos. Yet, Akinropo insists that the company’s decisions are more about its strategy and less about avoiding a price war. Why Ibadan makes sense for Heyfood “Ibadan has a large middle class, including well-to-do remote workers who earn as much as $5,000. Some of them moved to Ibadan to escape the hustle and bustle of Lagos.” This relatively high purchasing power is why Chowdeck’s recent exclusive deal with Chicken Republic, which mandated HeyFood to delist the restaurant from its platform, had “less impact than expected.” HeyFood, self-described as the “Doordash of Africa,” says it is following the American giant’s strategy of acquiring market share in suburbs before working its way into bigger cities. Taiwo admits that this approach appears to be a slow burn, but argues that it aligns with their ethos of playing the long game. “Doordash was founded in 2012, and even up until 2020, they were not the largest food delivery service,” he said. “But right now they are by far the largest.” How Heyfood won the Ibadan market “We introduced the concept of store agents in the space,” Akinropo claims of a strategy that’s now widely used by multiple competitors. Due to low digital literacy and the absence of order management devices in restaurants, HeyFood placed agents in each restaurant to facilitate order placements and fulfilment. It was a tough adjustment for the store owners, who wondered why strangers sat in their restaurants all day. “That was until they realised how much money we were making them.” The eventual success of these local restaurants is part of why HeyFood is optimistic about cities without a large presence of big food chains like The Place or Chicken Republic. “Chicken Republic and Dominoes are in the mix, but a lot more local guys like Iya Meta, Jollof Square, Chef Kabz, and the likes are our star restaurants.” HeyFood believes it can repeat its success with these vendors in new cities. Retaining drivers is a moving target But Taiwo concedes that the company’s biggest challenge is from riders. “They are the most fickle side of the business and make them more susceptible to churn.” He recalls how the company a rival poached some of its riders by offering them more money than they earned at HeyFood. On HeyFood drivers typically ₦50,000-₦200, 000 monthly depending on how many trips they make. “But when this competitor came, it offered them sign-up bonuses as much as ₦50,000. They also got bonuses every week in addition to their pay.” Not looking to spend more money than it can afford, HeyFood’s strategy for retaining drivers by offering employee benefits.”We have a healthcare fund for the riders. We celebrate birthdays with them. We sometimes offer them lunch and generally make them feel heard,” Taiwo said. However, with another fuel price hike, HeyFood is faced with another driver problem. According to Akinropo, the company is considering financing electric vehicles for riders to keep their margins attractive. Ultimately, HeyFood has come a long way. Taiwo recalls a day when cofounder Odetara called his girlfriend to place an order so they could round up the daily order to 50. “We have had bigger milestones since then, Taiwo said. “And we are looking forward to more.”
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Common NECO results 2024 issues you may face & fixes
As candidates attempt to access their newly released 2024 NECO results, several challenges can arise. These problems can lead to delays and frustration. Understanding the common NECO 2024 results issues can help candidates navigate the process smoothly. Below are some of the key issues candidates may face and how to potentially resolve them. Incorrect examination number One of the most common NECO 2024 results issues can be entering an incorrect examination number. Each candidate has a unique number assigned, and it must be entered correctly to access the results. How to fix: Double-check the examination number before submitting it. Ensure no digits are missing or extra spaces are added. Invalid or expired NECO token issues for 2024 results access To access the NECO 2024 results, candidates need to use a NECO token. However, issues can arise when the token is invalid or expired. A token can be used up to five times before it becomes unusable. After it How to fix: Purchase an e-verify PIN if your current token has expired. Note that you can only use one token to access your NECO result up to five times. Ensure you have entered the token or e-PIN code correctly. Network connectivity issues during NECO 2024 results access A weak or unstable internet connection can be another common cause of NECO 2024 results issues. Slow loading times or failure to access the NECO portal are often linked to poor connectivity. How to fix: Use a reliable and stable internet connection. Try switching to another internet provider if the problem persists. High traffic on NECO portal During the initial release of NECO results, the portal often experiences high traffic, which can cause slow response times or temporary inaccessibility. How to fix: Be patient and try again during off-peak hours. Avoid checking results during the busiest times of the day. Malpractice investigations One significant NECO 2024 results issue candidates may face is the withholding of results due to malpractice investigations. If a candidate or school is suspected of involvement in exam malpractice, NECO may withhold their result pending further investigation. How to fix: If your result is withheld, contact NECO or your examination centre for further information. You may need to wait until investigations are concluded before accessing your result. Forgotten NECO examination number Candidates who misplace their examination numbers will not be able to check their results. This can cause delays and confusion. How to fix: Retrieve the examination number from your exam slip or registration details. Contact your school or examination centre if necessary. Incomplete registration Incomplete registration is another common issue that can prevent candidates from accessing their results. If any part of the registration process was left unfinished, NECO may withhold the result. How to fix: Contact NECO support or your school to resolve any registration issues. Make sure all required steps were completed during the registration process. Final thoughts on common NECO results 2024 issues you may face & fixes Although accessing your NECO results should be smooth, several NECO 2024 results issues can emerge, such as incorrect information entry, invalid tokens, network problems, and even withheld results due to malpractice investigations. By preparing in advance and addressing these challenges, candidates can access their NECO results with minimal hassle.
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Check new 2024 NECO results now
The National Examinations Council (NECO) has released the much-anticipated 2024 results. As a candidate, knowing how to check new NECO results 2024 is important to accessing your grades swiftly. The process is simple and can be completed online using a few basic steps. This article provides a clear guide on how to check your results and why some results may not be immediately available. Steps to check new NECO results 2024 See these easy steps to check your NECO 2024 results online: 1. Visit NECO portal: Go to the NECO results portal at https://www.neco.gov.ng. This is the only official platform for accessing your results. 2. Select ‘NECO Results’: Once on the homepage, navigate to the ‘NECO Results’ option. Clicking this will take you to the result-checking section. Click “Check “Results”. Or you can just go straight to the result portal at https://results.neco.gov.ng/. 3. Enter your examination details: You will need to provide your exam year (2024), exam type (June/July or Nov/Dec), and your unique examination number. 4. Input your token: Purchase a result-checking token if you do not already have one. You can buy it directly from the NECO website. Input the token in the appropriate field. Please note that the result-checker token will only allow you to check a candidate’s result once, and for five attempts at most. You cannot use another token to check the same result again. Any further checks of the same result will require you to use the NECO E-Verify Result Verification Portal to verify or confirm such results. So do not recklessly exhaust your token’s access. While the NECO token costs about ₦1500, the e-verify PIN costs almost triple that price. See the price and differences between both NECO access tools. 5. Check new NECO results 2024: After entering all the necessary details, click the ‘Check Results’ button. Your results will be displayed on the screen within a few seconds. Common reasons why some results may not be available Upon release, some candidates may face issues when trying to check new NECO results 2024. Below are a few common reasons: Incomplete Examination Processes:If there were disruptions or irregularities during your exam, such as missing scripts or incomplete registration, your results might be withheld for further investigation. Technical Delays:High traffic on the NECO website during the initial release period can sometimes cause delays in processing or displaying results. Outstanding Fees:If you or your school has any unpaid fees to NECO, your results may not be released until the payments are completed. Malpractice Investigations:If any form of examination malpractice is suspected in your centre or on your script, your results might be held back pending further verification. Final thoughts on how to check new 2024 NECO results now Always ensure you have stable internet access before attempting to check new NECO results 2024 to avoid disruptions. Keep your examination number and token in a secure place as you will need them to access your results. If your results are unavailable, regularly check the NECO portal for updates or contact NECO support for further assistance. By following these steps, you can easily check new NECO results 2024 and access your grades without stress.
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Before buying NECO token or NECO e-verify PIN for 2024 results
The National Examination Council (NECO) provides two key tools for accessing and verifying exam results in 2024: the NECO token and the NECO e-verify PIN. While both serve intertwined purposes, understanding their usage, costs, and limitations is essential for candidates and institutions alike. What is NECO token? The NECO token in 2024 is primarily for candidates to access their NECO exam results online. After NECO results release, candidates are required to purchase a token to check their results. Each token costs approximately ₦1,500 and are valid to access results up to five times. However, after these five attempts, candidates will no longer be able to use the token, or even another new token. As such, you will need to switch to the NECO e-verify PIN for further result access or verification. Key features of NECO token in 2024: Used to check NECO results. Costs around ₦1,500. Can be used to view the result up to five times. After five uses, you will need the NECO e-PIN for further access. Each token is tied to a specific candidate’s result. How to use NECO token in 2024 Visit the NECO result portal at https://result.neco.gov.ng. Enter your examination number and token code. Select the year 2024 and click “Check Result”. View your result, which can be accessed up to five times. What is NECO e-verify PIN? The NECO e-PIN, also known as e-Verify, is an advanced result verification service used to authenticate previously accessed NECO results. This service is crucial for candidates, universities, organisations, and other institutions. It is more comprehensive than the token and costs around ₦6,000. After a candidate uses their token five times, the NECO e-PIN becomes necessary for further result verification or access. Key features of NECO e-verify PIN: Used for verifying previously accessed NECO results. Available to individuals, universities, and organisations. Costs approximately ₦6,000. Necessary after the token has been used five times. A unique PIN is required for each verification process. How to use NECO e-PIN results verification Visit everify.neco.gov.ng and verify the PIN by clicking on “Verify Payment”. Enter the candidate’s registration details and submit the application. Click on “Validate” to confirm the results, which will be sent to your email. Key difference between NECO token and NECO e-PIN results verification Purpose: The NECO token in 2024 is used to access results, while the e-PIN is for verifying previously accessed results. Cost: The NECO token costs about ₦1,500, while the e-PIN is priced at around ₦6,000. Usage Limit: The token allows access to results up to five times; after that, candidates must use the NECO e-PIN for additional result verification. Users: The token is mainly for candidates, while the e-PIN is often used by institutions, universities, and organisations for verification purposes. Both the NECO token and the e-verify PIN serve vital roles in ensuring the accessibility and authenticity of NECO results. By understanding the differences, candidates can efficiently manage their result access and verification needs.
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👨🏿🚀TechCabal Daily – Is climate tech living up to the hype?
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning If you own a company or manage one, here’s a gift for you: 30% off Moonshot tickets if you buy 5 or more for your teams and groups. Our promise to you is that Moonshot 2024 will have valuable content to foster team growth and innovation. Your team members can engage in workshops focused on accelerating startup growth, participate in panel discussions about the global digital economy and building elite teams, and attend additional sessions offering strategic insights to help achieve international development goals. Save a row for your team at Moonshot. Get the discount here. Card operations flaws caused Ecobank Kenya millions Adani’s Kenyan ambitions face backlash Does the climate tech hype match the current market? South Africa expects rate cuts as inflation drops The World Wide Web3 Events Cybercrime Card operations flaws cost Ecobank Kenya millions of dollars Image Source: Kenyan Insights Though banks typically enjoy huge financial returns, fraud can still hit hard. And it is becoming a growing problem for Kenya’s financial ecosystem. According to TransUnion Africa, a credit reporting agency, Kenyan banks lose about $130 million to cybercriminals yearly. While some cases like Equity Bank, the country’s biggest lender, which recently lost $2.1 million to card fraud in April, are usually public spectacle, some other banks silently suffer these losses. Between 2020 and 2022, Ecobank Kenya lost millions of dollars due to flaws in its card operations. An internal report showed that $43.4 million in transactions were wrongly posted, $232,464 lost in chargebacks, and a troubling $2.1 million balance lacked proper documentation. “There was disregard for procedures in the merchant’s operation of acquiring product GLs (general ledgers). Many manual entries posted therein were unprocedural and some erroneous,” the report stated. The bank’s poorly documented procedures allowed these errors to happen. But this wasn’t a case of isolated mistakes; internal control and employee oversight were also guilty. Banks may need to start paying more attention to critical operations in their units, as well as the staff trained to handle them. Given how a loss this big went under the radar for so long, it’ll be interesting to see how Ecobank Kenya’s financials have recovered and what steps the bank has taken to prevent future issues. More importantly, whether a layoff looms. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Companies Adani’s Kenyan ambitions face backlash Adani Group. IMAGE | BLOOMBERG Adani Group’s Kenyan ambitions started as a rumour in July. The country was just coming from a month of anti-government protests, you could still feel a burning sensation on the face from teargas that had been lobbed to disperse angry crowds. And when a whistleblower leaked the details of the secret plan to lease the Jomo Kenyatta International Airport (JKIA), the government was quick. President Ruto termed the reports as “fake news.” Eventually, the details of the 30-year concession deal were made public. However, a question that has been lingering is how the controversial Indian infrastructure company owned by Gautam Adani, India’s second richest man, knew of Kenya’s airport modernisation plan and sent a private-initiated proposal. On Monday, Adani Group told a Kenyan court it became interested in redeveloping the Jomo Kenyatta International Airport (JKIA) following media reports of its deteriorating condition. Look out for Adonijah’s reporting on this development. The $1.85 billion deal has faced intense local opposition, with lobby groups questioning its transparency. The Kenya Human Rights Commission (KHRC) and the Law Society of Kenya (LSK), which filed a case against Adani Group, want the deal stopped. KHRC and LSK argue that the money required for the project can be raised locally without leasing the airport for 30 years. Read more about Adani’s claim here. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Venture Capital Does the climate tech hype match the current market? Image source: TechCabal There’s no doubt that funding from development finance institutions (DFIs) has significantly shaped Africa’s venture capital (VC) landscape. Stuck with limited sources of capital, unlike their global counterparts, African VC firms have turned to DFIs since 2017, when TLcom Capital became the first institutionally backed commercial VC in Africa. That relationship, described as “great” and “beneficial” by two general partners, has played a part in the boom in funding for Africa’s climate tech market. Naturally, if you give someone money, you can advise on where to invest the money or the best way to invest the money. And if you’re an DFI backed by a government that is climate-focused, which is most of the rich ones, you advise African VC firms to invest in climate tech. As a result, climate tech funding in Africa surged, reaching $1.04 billion in 2023 (from $340 million in 2019), making it the second most funded sector after every investor’s darling—fintech. But that’s the only similarity that both share. Unlike fintech, which has become a vibrant ecosystem in Africa and has clear winners like Paystack, Wave and Flutterwave, climate tech is yet to create a market that matches its clout. Venture capitalists love to show their investors above average returns and climate tech has not yet displayed enough returns to warrant the amount of investment that it constantly attracts. At this point, it is only right to point out that creating a market takes time. The aforementioned fintechs did not reach their scale in a short period of time. Rome was not built in a day, but there were always signs that it might become a major city. Climate tech solutions in Africa must
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How to print JAMB 2024 admission letter
The Joint Admissions and Matriculation Board (JAMB) admission letter is essential for Nigerian students seeking admission into tertiary institutions. It serves as proof of your admission status. You should also note that, until your admission status reflects on JAMB CAPS as successful, any school claiming to have given you admission is perpetrating an illegality according to JAMB. The process to print JAMB 2024 admission letter is easy and can be done online. Below is a simple guide to help you through the steps. Requirements to print JAMB 2024 admission letter Before you proceed, ensure you have the following: Your JAMB registration number Your JAMB registered functioning email address Internet-enabled device (smartphone, tablet, or computer) Payment method for the JAMB service fee Step-by-Step guide to print your JAMB admission letter 1. Log into the JAMB portal: Visit the official JAMB website at https://www.jamb.gov.ng. On the homepage, locate the ‘e-Facility’ tab, then click on ‘Print Admission Letter’. 2. Enter your credentials : Log in using your JAMB registration number and the email address linked to your JAMB profile. Ensure the details entered are correct. 3. Make payment: To proceed, you will be required to pay a small fee. Choose your preferred payment option and complete the transaction. 4. Select admission year: After successful payment, select the year of admission, which for this case is 2024. Make sure you select the correct year to avoid issues with your admission process. 5. Print JAMB 2024 admission letter: Once you have selected the correct year, your admission letter will be displayed on the screen. Double-check the details, then proceed to print the document by clicking on the print icon. Ensure you have a working printer connected to your device. Why is it important to Print JAMB 2024 admission letter? Printing your JAMB admission letter is important because: This is the only way your name will appear on JAMB matriculation list. It serves as proof of admission into the institution. You need it for clearance during registration. It is required for scholarships and financial aid applications. Tips for a smooth process Ensure you have a stable internet connection to avoid disruptions. Always cross-check the details on your admission letter before printing. If you face any issues, contact JAMB support via their official channels. By following these steps, you can easily print JAMB 2024 admission letter without any hassle. Be sure to keep multiple copies of your admission letter in case of loss or damage.
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