CBN to penalise Nigerian banks for cash shortage from December 1
Nigeria’s Central Bank will penalise commercial banks that fail to provide cash to customers at their automated teller machines (ATMs) and branches, as the country faces a prolonged cash crunch. “We are conducting spot checks across deposit money banks, DMBs, and will impose penalties on institutions effective December 1, 2024,” CBN governor Olayemi Cardoso said at the annual bankers’ dinner in Lagos on Friday. Cardoso urged customers to report difficulties withdrawing cash from bank branches, and ATMs directly to the CBN through designated channels, adding the guidelines would be distributed widely to raise public awareness. “We also urge full regulatory compliance by all stakeholders, including mobile money operators and agents to promote digital transaction channels and improve service delivery,” Cardoso said. “Financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.” Nigerians have faced a cash squeeze since 2023 after a controversial currency change. While the failed naira redesign project led to a boon in digital payments with winners like Opay and Palmpay, it created a cash shortage at ATMs and banking halls. A central bank policy capping weekly over-the-counter withdrawals at ₦500,000 also contributed to the cash shortage. However, the cash scarcity at commercial banks drove businesses to POS agents, who source cash from supermarkets, market people, and fuel stations. The growing reliance on POS agents has increased calls to regulate the agency banking business. In May 2024, the government ordered the country’s 1.9 million POS operators to register with the Corporate Affairs Commission (CAC). While the CBN has tried to wean Nigerians off their cash dependence to achieve a “cashless economy,” the governor said the regulator will provide adequate cash supply. “The CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end,” Cardoso said. “Our focus is ensuring a seamless cash flow for Nigerians while fostering trust and stability in the financial system.”
Read MoreUNDP partners with Ethiopia’s industry ministry to launch pan-African tech hub
The United Nations Development Programme (UNDP) and Ethiopia’s Ministry of Industry have jointly launched the timbuktoo ManuTech Hub in Addis Ababa to support African startups with funding, mentorship, and technical resources. Ethiopia’s Ministry of Industry will provide the space for the hub, which will be completed in early 2025, and welcome its first cohort of startups from around Africa. Call for applications was announced at a public consultation of Ethiopia’s startup proclamation and participants will be selected bi-annually from across Africa. The hub aims to serve as a central point for driving change in the manufacturing sector through the integration of technology and partnerships. Selected startups will participate in a three-month hybrid accelerator program that includes training, mentorship, access to technology, and guidance to refine their solutions to meet the region’s manufacturing demands. The hub will also provide seed grants to the selected startups. The hub resonates with Ethiopia’s “Vision 2025” of becoming a manufacturing centre in Africa. In 2019, Prime Minister Abiy Ahmed unveiled plans to transform Ethiopia’s manufacturing sector, projecting an unprecedented GDP growth rate of 11% per year over the next decade. Ethiopia has established 18 industrial parks, investing $1 billion and offering incentives such as low wages and standardized energy costs to attract industries. Despite these efforts, the industrial parks have underperformed, preventing the country from achieving its manufacturing goals per a 2023 report by UNDP. Among other challenges to improve its manufacturing sector, achieving its ambitious goal hinges on training a sufficient number of skilled engineers and addressing technical and managerial expertise gaps to enable the country to compete with global manufacturing giants such as India and Bangladesh.
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👨🏿🚀TechCabal Daily – Hackers steal $17 million from Uganda’s central bank
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Today’s edition is a bit longer than usual. We won’t elongate it further with a long lede. The only thing we’ll ask for here is that you share TC Daily online, and respond to this and future editions with your thoughts. Let’s dive in. Namibia orders Starlink to cease operations Ugandan Central Bank suffers $17 million hack Stanbic Bank Kenya loses $678,500 tax appeal Paystack introduces pay-by-account feature Funding Tracker World Wide Web 3 Job openings Internet Namibia orders Starlink to cease operations GIF Source: SNL When Elon Musk-owned Starlink announced its intention to expand into Namibia in 2023, it was great news for citizens. Economists and experts wrote lengthy papers addressing how the satellite ISP brought much-needed fresh air into the telco market with the promise of high-speed internet. In June 2024, the company applied for an operating licence in the Southern African country. Unfortunately, a significant setback occurred yesterday, as Starlink received an order to suspend its operations in the country. “The public is hereby advised not to purchase Starlink terminal equipment or subscribe to its services, as such activities are illegal,” Namibia’s communications regulator said in a statement. Starlink has been operating “illegally” in the country in the last 13 months. Users bought Starlink kits from resellers like Paratus Group and subscribed to roaming services from neighbouring countries like Zimbabwe. With the new restriction, Starlink, whose licence application has been under review, will stop selling or distributing its hardware kits in Namibia. Namibia, a nation of 2.6 million people, still struggles with broadband penetration. About 1.33 million Namibians have internet access, but only 30% of the population can access the 3G network. Namibia’s average download speeds stand at 58.31 megabytes per second (Mbps) while upload speeds are 10.07 Mbps. Starlink offers up to 150 Mbps. While Namibia’s mobile internet market has many players, it is a duopoly controlled by MTC and the state-owned Telecom Namibia, which have not met the internet demands of the country’s youthful population. Starlink sees an opportunity to upend the duopoly. But first, it has to tackle this setback and move quickly in its negotiation with the regulator. Elon Musk met with Namibia’s president Nangolo Mbumba in September. The country is also undergoing its most contested presidential election yet which could see its first female president assume leadership by March 2025. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Cybersecurity Ugandan Central Bank suffers $17 million hack Image Source: Bank of Uganda Africa’s tech ecosystem has been rocked by a series of cyberattacks this year, from the Ethiopian bank hack to Nigerian fintech and bank frauds. Even central banks have not been immune. In the latest attack, hackers, yesterday, stole UGX62 billion ($16.8 million) from the Bank of Uganda (BoU). A group of Asia-based hackers code-named “Waste” accessed the central bank’s IT systems and illicitly transferred the funds in early November, according to local media reports. The hacker group sent parts of the money back to Japan and the UK. Several employees of the bank claim that the hack was an inside job. The situation bears a striking resemblance to a recent ₦40 billion ($23.7 million) fraud committed by an employee at a major Nigerian bank. That employee diverted funds for two years unnoticed. This resulted in the firing of more than 120 employees, with the bank accusing them of laxity in carrying out their duties. Uganda’s central bank may likely follow the same route, firing those responsible within the company and sacking them. The bank is questioning several of its employees and the Ministry of Finance. While the Central Bank claims it is recovering the lost funds, the episode continues an uptick in cyber attacks in Uganda since COVID-19. In 2022, Uganda lost approximately UGX 15 billion ($4 million) due to cyber-related incidents, with financial institutions being primary targets. A hack on Uganda’s central bank reflects poorly on the state of cybersecurity in the East African country. The incident also continues a broader cycle of cybersecurity threats across the continent. As one founder noted, “Bad actors are often highly intelligent individuals. Banks must stay ahead by continually updating their technology and security measures.” Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Regulation Stanbic Bank Kenya loses $678,500 withholding tax appeal Image: Banking Insights Stanbic Bank Kenya, the country’s seventh-largest commercial bank by asset base, has been locked in tax fights with the Kenya Revenue Authority (KRA). On November 3, the bank won a KES 450.27 million ($3.5 million) tax claim against the taxman over excise duty charges, but it could not replicate that victory in another withholding tax claim. Stanbic Kenya lost a tax appeal for KES88.4 million ($678,500) levied against it by the KRA. After the taxman conducted a tax audit on Stanbic Kenya from November 2021 to December 2022, it found that the bank owed arrears taxes for payments made to international card companies—Visa, MasterCard, and UnionPay—and failed to collect and remit withholding taxes to the government. Stanbic used these card payment providers to facilitate cashless transactions for merchants, offering services such as payment clearing, settlement, and access to the card networks’ systems. The KRA argued these payments were subject to withholding tax because they qualified as royalties for using the card networks’ trademarks and logos, as well as their management services to access their payment systems. Since the income was obtained from transactions initiated from Kenya,
Read MorePaystack deepens its pay by account feature with OPay integration
Paystack, the Stripe-owned Nigerian fintech, has integrated a payment option enabling merchants to accept payments directly from millions of OPay accounts. The integration continues Paystack’s strategy of building payment methods on bank transfers, which accounted for over half of all transactions it processed in 2023. This approach cuts out debit cards, which have long been a payment intermediary between merchants and consumers, as card payments carry additional costs that often inflate the final transaction amount. The “Pay by OPay” feature is one of the ways merchants can accept payments directly from bank accounts, as the fintech is integrated with 24 Nigerian commercial banks and fintechs like PalmPay and Kuda, enabling merchants to receive payments via bank transfers. However, the integration with OPay enables customers to make payments online directly through the OPay app or web interface. “It’s important for businesses to offer payment methods that their customers know and trust,” said Shola Akinlade, Paystack CEO. Exclusive: Paystack deepens its payment play with direct debit OPay gained prominence as a trusted payment option during a cash crunch in 2023 as Nigerians turned to fintechs after traditional banks struggled with the surge in online transactions. Paystack claimed the integration with OPay will allow customers to experience a 99.9999% transaction success rate. The fintech also partnered with the Nigeria Inter-Bank Settlement Scheme (NIBSS) to launch direct debits, allowing customers of most Nigerian banks to pay merchants through their accounts. In 2017, Paystack introduced “pay with bank transfer,” which allowed customers to complete transactions without using a debit card. This payment method has since ballooned, rising from under 13% of the company’s total transaction activity in 2021 to over 50% by the end of 2023. “OPay will continue to build on its strength, which is modern technology, to provide our customers with cutting-edge financial service offerings,” said Dauda Gotring, OPay’s MD. Exclusive: Paystack expands further into offline payments as Nigeria’s POS volume surges
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👨🏿🚀 TechCabal Daily – The Fast and the 5G-ious
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Since we started writing the Entering Tech newsletter in 2022, one question has been recurrent in our Ask a Techie inbox: “How can I make money fast in tech?” And in every edition, we euphemise the answer with statements like “greatness takes time” or “build skills first”, but the question still pops up. Well, if you won’t believe us storytellers, hear it from the horse’s mouth. In yesterday’s edition of Entering Tech, 6 professionals earning well over $1,000/month—with one who’s earned $100,000/year—talked about how long it took them to earn “big” in tech. Here are their answers to “Can I get rich quick in tech?” Safaricom secures regulatory nod for Ziidi GT Bank apologises for weeks of service disruptions MTN Nigeria: The Fast and the 5G-ious Analysts hopeful of an end to interest rate hike World Wide Web 3 Opportunities Companies Safaricom secures regulatory nod for second money market fund Safaricom House. Image, CIO When a product does well, you do it twice. That’s the case of Safaricom, Kenya’s biggest telco, which is launching a second money market fund product. The company has received approval from the Capital Markets Authority (CMA) for the product called Ziidi. Five years ago, Safaricom launched its first money market fund, Mali. Mali currently manages an asset base of $23 million. The new product is a collaboration between Safaricom, Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited. It is expected to go live next week, according to people familiar with the matter. Safaricom’s strategy to expand into the money market fund sector is straightforward, since M-PESA already generates a significant portion of its service revenue—KES 77.22 billion ($596 million) in the first half of 2024, according to its latest financial report. Expanding M-PESA’s service offerings is a logical move to boost earnings, with declining profitsfrom voice and SMS services. Ziidi will likely integrate with M-PESA and allow customers to invest and withdraw earnings directly through their M-PESA wallets. We will get more details when Safaricom officially launches the product. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Banking GT Bank apologises for weeks of service disruptions Image Source: Yoruba TV If you are a GT Bank customer, you’ve likely dreaded opening your bank app in the past seven weeks. The Nigerian tier-1 bank, with over 32.8 million retail customers, has faced significant backlash as its migration to a new core banking software, Finacle, triggered service disruptions that are yet to be fully resolved. Across social media, complaints have poured in: incorrect account balances, unauthorized debit and credit alerts, and outright inaccessibility of services. For many, even routine transactions became a gamble, forcing customers to think twice before sharing their GT Bank account numbers. On October 14, the bank closed its 235 branches nationwide, citing delays in the migration process that took “longer than planned.” While technology overhauls are inherently complex, GT Bank’s execution has raised questions about its preparedness for such a significant shift. The migration to Finacle was necessary for GT Bank which needed a technology that allowed it to stay nimble and provide customisable core banking technology services that catered to all its banking needs. The migration was finalised in October 2024. Yet, the hiccups continued into November. After weeks of silence, GT Bank has now apologised to its customers for the network problems over recent weeks. It’s the bank’s first public statement since the service disruption started weeks ago. Unfortunately, the apology contained no information about improvements. For GT Bank, the road to recovery will require more than restoring technical stability. Transparent communication, improved customer service, and visible efforts to prevent future occurrences will be key. For now, customers can only hope the bank’s next announcement is not another apology, but a definitive end to the disruptions. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Telco MTN Nigeria: The Fast and the 5G-ious Image Source: GIPHY MTN Nigeria isn’t just leading the 5G race in West and Central Africa, it’s zooming past competitors like a Formula 1 car while others are still figuring out how to start their engines. According to Ookla’s Q2 2024 Speedtest Intelligence, MTN Nigeria hit download speeds of 95.62 Mbps and upload speeds of 17.01 Mbps. That’s not just fast; that’s hold-onto-your-hats fast. How did they do it? Well, MTN Nigeria splurged a cool $120 million on 5G infrastructure. The telco launched its 5G network in 2022, starting with seven cities, and now has over 2,100 sites covering 11% of Nigeria’s population. With 2.6 million subscribers hogging all the bandwidth, MTN owns 79% of the country’s 5G users. Airtel is trying its best with a respectable 4G median speed of 30.35 Mbps, but let’s face it: they’re bringing a knife to a 5G gunfight. MTN isn’t only ahead of its rivals, but also putting Nigeria ahead of South Africa in 5G penetration—because why stop at regional dominance when you can go continental? While 5G adoption in the region is still in its infancy, MTN Nigeria is the tech-savvy overachiever of the class, paving the way for a future where the only thing slower than their internet will be your grandma’s text replies. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more → Economy Analysts hopeful of an end
Read MoreGTBank apologises to customers for weeks-long disruption after core banking change
Guaranty Trust Bank, Nigeria’s cost-efficiency leader in commercial banking, has apologised to customers for a seven-week service disruption due to its core banking application switch in October. Customers have been unable to access their funds and complained about erroneous debit and credit alerts. “Your patience and support during this recent transition to a new core banking system, has been nothing short of extraordinary,” the bank said in a statement on Wednesday. The bank also confirmed TechCabal’s earlier reporting that it migrated to Finacle, a core banking application built by Infosys. It is the first time the bank has publicly apologised for the extended disruption that have caused considerable frustration to its 32.8 million retail customers. The scale of GTBank’s retail customer base and deposits—₦7 trillion—meant the disruption left many Nigerians unable to access their funds or complete transactions. “I could not access my funds for seven weeks. The banking app did not work at all and I had to use the web app which was inconvenient,” Oyegbile, a GTBank customer, told TechCabal. GTBank did not immediately respond to a request for comments. GTBank picked Finacle as its new core banking application in the fourth quarter of 2023 after some of the bank’s top management and tech team visited India to broker a direct partnership with Infosys, TechCabal previously reported. While the core banking change is critical to improving the bank’s service delivery, the service disruption has broken the fundamental promise of banking—ensuring customers can access their money whenever they need it.
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🚀Entering Tech #79: How to up your income in tech
From $150/month to $2,500/month in four years. 27 || November || 2024 View in Browser Brought to you by Issue #79 How to upyour income Share this newsletter Greetings ET people It’s probably advisable not to talk to Nigerians about scams and get-rich-quick schemes given how much they’ve been through with MMM, NNU, Racsterli, and [fill in the blanks]. But we have to admit: the “PH—GH scams” were among the most ridiculous in the pyramid scheme boom. To the uninitiated, the way it works is that you send money to a money-doubler (what they do with it is likely not your business), sit pretty for a few hours, and wait, and you receive double your investment amount. Nigerians have lost ₦500 billion ($299 million) to scams in the last decade, and today, the country still ranks as one of the most affected when it comes to investment scams. With tech testimonies flying around social media about people ‘hitting it big’ in tech, we wonder if the large tech migration is due to an inherent get-rich-quick syndrome. But is tech just an “investment vehicle” where you put in the time (PH) with the hope of cashing out (GH) and living the high life? We brought six high-earners to answer what it takes to make it big in tech. Spoiler: it’s not a skill issue. Faith Omoniyi, Emmanuel Nwosu & Timi Odueso Can you get rich quick in tech? Show of hands if tech is genuinely only a way out of the trenches for you. Don’t be shy. Image source: YungNollywoodWorking in tech has given us the opportunity to throw around cool words and phrases like “impact” and “making a change”, but there are people who are truly standing on business. One of them is our first guest, Kemi*, 29, who works as a tech marketing lead. She entered tech for the money. “I came in because I wanted the money. But two truths can co-exist but you have to get that money by exchanging value.” It took Kemi six years to get to where she’s at now. Our second guest, James*, 22, is a content marketer earning $2,500 per month. He believes tech is a get-rich-quick scheme—but it’s relative. “‘Quick’ is a relative term in the get-rich-quick context because if you consider the time you’d take to go from point A to point B in tech, versus other parallel professions like education or medicine, tech is the quickest.” “If you compare how long it would take a lecturer to go from ₦100,000 ($60) to ₦1 million ($591) versus someone in tech, tech is shorter; with 2–3 years of active hard work, you could manage to get yourself in opportunities where you have a clear pathway to [quicker] upward mobility.” But when the conversation changes to how quickly you can “make it” in tech, get-rich-quick no longer becomes a fair assessment of the tech economy. It takes time—but less time than in most traditional professions. It took James five years to earn $2,500 in tech, but he admits that some people may take shorter to reach that number or higher. But here’s a chart on how he’s done over the past four years. Pre-2022: $150–$200/month ($400 on really good months) Early 2022: $500/month job Late 2022: $1,500/month (working 2 jobs) 2023: $2,000/month 2024: $2,500/month *Newsletter continues after break Are you stuck in your career? Are you planning to transition into tech, high-paying business analysis roles and land remote opportunities? The Business Analysis Summit 2024 is your chance to achieve that. Join Eno Eka, renowned business analysis coach, as she reveals how to make that transition and position yourself for global opportunities. This summit is for you if you’re just starting or looking to level up your career. Find out more here. The long haul Tony* (not Stark), who earns between ₦1 million and ₦3 million monthly, says it takes a mix of unique skills. He says his rare ability to write, design, and animate created a very niche design industry for him to own. “I started designing five years ago; professionally, I have 4 years of experience. Design was something I was just curious about, until eventually, poverty struck, and design was the only thing I had,” said Tony. How you make it in the tech industry will depend on both the factors you can control and the ones you cannot control. GIF Source: FootcolicOtis*, a product designer with four years of experience, earns between $6,000 and $9,000 per month. “The game changer for my tech career was being recognised by the owner of Figma, Dylan Field, in 2022. He spotlighted myself and 29 other designers from all over the world. Otis contributed, along with his friends, to a Figma design resource that has received recognition in the design community. While that changed his career for good, it was competence that kept him in it, he says. 2021: $10,000/year 2022: $35,000-$50,000/year 2023: $40,000-$60,000/year 2024: $25,000/year Otis’ Annual Earning Progression“I don’t earn as much as I used to, because the industries I built my skills around—fintech, web3 and real estate—have taken a hit over the years and my income with it. My income doesn’t entirely go into my pockets because I work with other designers on projects,” said Otis. Patience + Luck + Skill = Profit Johnny*, a customer success engineer, earns between $1,000 and $3,000 every month. He says he showed his work a lot online, and one day, he got a referral. And Kingsley*, a content marketing manager with six years of working experience, says you need luck and patience more than skill to make big tech money. Today, he earns $2,500 per month. “Before joining tech, I believed that success would come easily if you simply put in the work. However, experience has taught me that it’s not that simple. To succeed in this industry, you need a great deal of patience, perseverance, and even some luck,” said Kingsley. 2018: ₦20,000/month 2019: ₦160,000/month 2021: $1,500 + ₦360,000/month (managing a
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MTN Nigeria’s $120m 5G investment delivers fastest internet speeds in West and Central Africa
After investing over $120 million in the 5G network, MTN Nigeria now has the fastest download and upload speeds in the West and Central African (WCA) region, according to the latest Ookla Speedtest Intelligence data. In Q2 2024, the telco’s download speed rose to 95.62 megabits per second (Mbps) – a standard unit of measurement for internet speed. It also recorded an upload speed of 17.01 Mbps, its highest so far. This is great news for MTN Nigeria’s 2.6 million 5G subscribers who need high-speed internet. It will also position the telco as a more attractive option for potential subscribers. MTN Nigeria holds a 50% share of the country’s telecom market. MTN Nigeria leads other subsidiaries within the MTN Group, including MTN Ghana, MTN Benin, MTN Côte d’Ivoire, and MTN Cameroon in download and upload speeds. The telco also leads competitors such as Airtel with a median download speed of 30.35 Mbps and upload speed of 10.28 Mbps, the highest for 4G networks as of 2022. The telco launched its 5G network in September 2022. Initially covering seven major cities—Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri—the network expanded significantly within a year. By 2023, MTN Nigeria extended 5G coverage to 11% of the population, backed by an infrastructure investment of over $120 million. MTN Nigeria has deployed over 2,100 5G sites nationwide since its launch. “The impact of 5G has so far been limited to Nigeria as it is still in its early stages in most of the region. MTN is keen to expand 5G coverage to the rest of its footprint, following the examples of Nigeria and Côte d’Ivoire, while continuing to invest in its 4G network infrastructure,” Karim Yaici, lead industry Analyst at Ookla, said. MTN Nigeria did not immediately respond to requests for comments. According to Ookla Speedtest Intelligence, 5G penetration in Nigeria grew from 17.2% in Q1 2023 to 35.70% in Q2 2024, surpassing South Africa’s 31.6%. While MTN Nigeria and Airtel have commercially launched 5G services, MTN leads with the most extensive network coverage. ISP Mafab Communication, which secured a 5G license in December 2021, is yet to roll out its service. As of September 2024, Nigeria had 3.3 million 5G subscribers, representing 2.19% of the country’s 154.9 million active mobile subscribers, according to the Nigerian Communications Commission (NCC). MTN dominates the 5G market with 2.6 million subscribers, accounting for approximately 79% of 5G users in the country.
Read MoreSafaricom receives regulatory approval to launch second money market fund, Ziidi
Kenya’s Capital Markets Authority (CMA) has approved Safaricom’s second money market product, Ziidi. The product, which will be offered in partnership with Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited, directly answers Kenya’s demand for accessible digital investments. In 2019, Safaricom launched its first money market fund (MMF), Mali with Genghis Capital, a Kenyan investment bank. Mali’s asset base grew to KES 3 billion ($23 million) in November 2024. “Zidi Money Market Fund is expected to empower unit holders by offering accessible and diversified investment options as part of the broader National Government’s financial inclusion strategy,” CMA said in a statement on Wednesday. When unveiled next week, Safaricom’s Ziidi will target Kenya’s expanding retail investment market driven by smartphone adoption and digital literacy. Kenya has over 35 million active smartphones compared to 30 million feature phones. Ziidi will compete with banks, insurers, and fintechs by channeling money market deposits into low-risk investments like government bonds and T-bills. Money market funds offer a low-risk option for savers dissatisfied with low bank rates. Ziidi will use Safaricom’s network to target unbanked and underbanked users, expanding its financial services and diversifying revenue beyond telecoms. Safaricom’s mobile money product, M-PESA, is its biggest service revenue driver, earning KES 77.22 billion ($596 million) in the first six months of 2024. M-PESA has been key to driving financial inclusion in Kenya. Ziidi MMF is the latest Safaricom product embedded into M-PESA’s offerings to support the mobile money product’s growing service revenue to offset challenges in its voice, data, and SMS business. Ziidi’s interest charges and other tax obligations have not been disclosed. However, Safaricom’s Mali product allows investments from KES 100 ($0.77), with a daily cap of KES 300,000 ($2320) and top-ups ranging from KES 100 ($0.77) to KES 70,000 ($540). Withdrawals are instant to M-PESA wallets. Fees include a 2% annual fund manager fee, 0.2% trustee fee, 0.15% custodian fee, and a 15% withholding tax on interest earned.
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JAMB 2025/26 recommended texts for Literature in English
The Joint Admissions and Matriculation Board (JAMB) has outlined the official texts for candidates preparing for the Literature in English exam in 2025/26. The selection includes African and non-African works across drama, prose, and poetry, with each text carefully chosen to enrich candidates’ understanding of literary analysis, themes, and cultural contexts. Recommended anthologies for general study regarding the JAMB 2025 literature texts JAMB has highlighted several anthologies and critical texts that cover a broad range of topics in Literature in English. These resources offer essential background reading and practice exercises: Anthologies: Gbemisola, A. (2005) – Naked Soles. Ibadan: Kraft. Hayward, J. (ed.) (1968) – The Penguin Book of English Verse. London: Penguin. Johnson, R. et al. (eds.) (1996) – New Poetry from Africa. Ibadan: UP Plc. Kermode, F. et al. (1964) – Oxford Anthology of English Literature, Vol. II. London: OUP. Nwoga, D. (ed.) (1967) – West African Verse. London: Longman. Senanu, K.E. and Vincent, T. (eds.) (1993) – A Selection of African Poetry. Lagos: Longman. Soyinka, W. (ed.) (1987) – Poems of Black Africa. Ibadan: Heinemann. Critical Texts: Abrams, M.H. (1981) – A Glossary of Literary Terms (4th Edition). New York: Holt Rinehalt and Winston. Emeaba, O.E. (1982) – A Dictionary of Literature. Aba: Inteks Press. Murphy, M.J. (1972) – Understanding Unseen: An Introduction to English Poetry and the English Novel for Overseas Students. George Allen and Unwin Ltd. Drama texts regarding the JAMB 2025 literature exams African Drama: Harvest of Corruption by Frank Ogodo Ogbeche. Non-African Drama: Othello by William Shakespeare. Prose texts for the JAMB 2025 literature exams African Prose: Faceless by Amma Darko. Non-African Prose: Native Son by Richard Wright. Poetry Selections African Poetry: Vanity by Birago Diop. Ambush by Gbemisola Adeoti. Piano and Drums by Gabriel Okara. The Dining Table by Gbanabam Hallowell. The Panic of Growing Older by Lenrie Peter. The Anvil and the Hammer by Kofi Awoonor. Non-African Poetry: Crossing the Bar by Alfred Tennyson. The Pulley by George Herbert. The School Boy by William Blake. The Proud King by William Morris. Where to Download or Obtain the JAMB 2025/26 Literature Texts Candidates can access the JAMB-recommended texts for Literature in English through several reliable sources. Unlike the main JAMB Use of English text, the 2025 Literature in English texts may not be accessible on the JAMB website. Here’s where to find these essential resources: 1. Bookstores and online retailers Physical bookstores: Most major bookstores, especially those specialising in academic texts, stock the JAMB 2025/26 literature selections. Notable bookstores in Nigeria, like Laterna Ventures, Glendora, and University Press bookstores, often carry these texts. Online retailers: Websites such as Amazon, Jumia, and Konga offer both physical and e-book versions of many of the recommended titles, including anthologies and critical texts. 2. Educational libraries and University bookstores Many universities and secondary school libraries in Nigeria keep copies of JAMB-recommended texts. Students may borrow these resources for personal study or access them on campus bookstores, which often carry academic materials in line with JAMB requirements. 3. Digital libraries and educational platforms Google Books: Offers digital copies of many classic texts. While some are available for free, others may require purchase. Project Gutenberg and Open Library: These platforms provide free access to public domain works, especially older literature. Candidates may find some non-African selections here.
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