“Our vision is now global,” says Nigeria’s Access Holdings as it begins $233 million capital raise
Access Holdings Plc, the parent company of Nigeria’s biggest bank by assets, will raise ₦351 billion ($233 million) from existing shareholders to finance its goal of becoming “the world’s most respected African bank.” Access Holdings will offer 17.7 billion new ordinary shares at ₦19.75 each. On Tuesday, the 35-year-old lender valued at ₦696.69 billion shared its expansion plans in a presentation to shareholders and other stakeholders at the Nigeria Exchange Limited (NGX). “When you are the largest bank in Nigeria and one of the largest banks in Africa, where do you go from here?’ Our vision is now global, very, very global,” Aigboje Aig-Imoukhuede, Access Holdings Plc Chairman said in his presentation on Tuesday. With over 60 million customers and a presence in three continents, Access will expand into new markets including the United States, and set up a trade booking office in Malta. “We are very selective in the markets we invest in. We are chasing the money. It isn’t a return on ego. We are focused on where the money is,” Roosevelt Ogbonna, Access Bank MD/CEO said. What will Access use the money for? Access will invest ₦223.00 billion (65% of the proceeds from the rights issue) to grow its loan book to offer more lending services across corporate and commercial business, retail business, and SME segments. It will also spend ₦68.62 billion (20%) to upgrade and develop its infrastructure upgrades. 15% of the proceeds (₦51.46 billion) will be invested in distribution and product channels, including new branches in Lagos, Port Harcourt, and Abuja over the next 24 months. With the fresh capital, Access hopes to “become the world’s first truly African global brand in the financial sector.” Since its acquisition by Aigboje Aig-Imoukhuede and his late partner Herbert Wigwe in 2002, Access has grown aggressively through a strategy focused on local and foreign acquisitions to build a presence in 18 countries. In 2021, it merged with Intercontinental Bank, and seven years later completed a merger with Diamond Bank. In 2023, it acquired majority shares in Standard Chartered Bank’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone. In June 2024, Access acquired African Banking Corporation of Tanzania (ABCT) Limited. “There is no Nigerian bank that was our size in 2002 that is still alive today. Some of the banks that analysts now compare us with, you couldn’t mention Access beside those banks in 2002. It’d have been an insult to those institutions,” Ogbonna said.
Read More
👨🏿🚀TechCabal Daily – Okra blends into the cloud
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Here’s another reminder to move TC Daily to your Primary/Main folder so you don’t miss any of our coverage. In today’s edition Kenya is now a credit-risky nation for investors Nigerian lawmakers want to fight inflation with gold UNDP to raise $1 billion dollars to build tech hubs in Africa Okra moves into the cloud The World Wide Web3 Job openings Economy Kenya is now a credit-risky nation for investors Moody’s, a leading credit rating agency, has downgraded Kenya’s sovereign rating to be substantially “credit risky”, citing the government’s decision to withdraw a controversial tax bill that would have raised much-needed revenue. The downgrade from B1 to Caa1 reflects Kenya’s diminished capacity to manage its increasing debt and fund critical development programs. What happened? The scrapped 2024 Finance Bill contained measures to raise an additional $2.5 billion in consumer taxes, but widespread protests forced President William Ruto to backtrack on the proposed tax hikes. Moody’s warned that the government’s shift away from revenue-based fiscal consolidation and reliance on expenditure cuts will slow the pace of deficit reduction, leading to weaker debt affordability for the East African nation. This credit rating downgrade comes as Kenya struggles to meet its tax collection targets, missing the mark by $2 billion in the last fiscal year. Kenn Abuya reported for TechCabal that, “High operational costs including energy prices and the weakening of the Kenyan shilling against the dollar were some of the factors behind the economic slowdown.” The country’s fiscal woes are exacerbated by the government’s inability to implement unpopular but necessary revenue-raising measures.The Kenyan government’s decision to prioritise political stability over fiscal prudence in the face of public backlash shows the delicate balance that leaders must strike between appeasing citizens and ensuring the long-term financial health of their countries. The way ahead for Kenya: Speaking after his 3-hour X (Twitter) space last Friday, Kenya’s President, William Ruto says its administration will aim to listen to Kenyans more and lead with more empathy. As the East African economic powerhouse navigates this turbulent period, it will need to find innovative ways to boost revenue and restore investor confidence without further burdening its citizens. 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. Economy Nigerian lawmakers want to fight inflation with gold Zimbabwe achieved an important feat this year. After 15 years of purse-biting inflation and 5 different currencies, it now has a currency, the gold-backed ZiG, that has held its value since it was released in April. Some critics say the new currency is stable because it’s backed by a fiat resource, but others, say the ZiG is only stable because it, like Davido, is unavailable. Regardless, the currency is stable and shiny. Nigerian lawmakers are now looking to do something with gold too. The lawmakers are pushing a bill that would give the central bank more muscle to buy up gold and stash it as reserves. Gold presently accounts for 4% of Nigeria’s reserves, and the bill, if passed, would push this number up to 30% by making the central bank the exclusive buyer of all domestically produced gold. Right now, Nigeria’s gold mining scene is a bit wild, dominated by informal operations. The bill aims to bring this industry into the fold, potentially boosting its contribution to the national coffers. A crude telling: Nigeria has been battling crippling inflation since fuel subsidies were removed last year. Food inflation surged to 40.66% in May, while headline inflation is at 33.95%. Nigeria’s dependence on oil and gas for foreign exchange is a double-edged sword. Vandalism and dwindling investment have choked production, pushing the government towards economic diversification. With mining, a sector boasting a 6.3% growth rate, analysts predict gold is a potential game-changer. This proposal faces an uncertain future as President Tinubu, who’s keen on revamping Nigeria’s mining sector, has plans to revamp the country’s mining sector, but with a focus on lithium as opposed to gold. 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. Funding UNDP to raise $1 billion dollars to build African tech hubs Tech hubs in Lagos, Nairobi, and Cape Town have flourished through collaborative efforts. These hubs have significantly contributed to Africa’s “Silicon Valley” dream. Kenya’s iHub, for example, has contributed to over 450+ startups that raised $40 million in funding. It’s a modern hunter-gatherer system: With tech hubs that were absent over two decades ago now proliferating in Africa, it’s just a different kind of hunter-gatherer system. Mentors coach, and builders collaborate to build solutions addressing Africa’s pressing issues—all to survive. Now, they’re getting more support. The United Nations Development Programme (UNDP), in collaboration with African governments and the private sector, plans to raise $1 billion to open a string of tech hubs (called Project “Timbuktoo”) across major nascent cities in Africa, starting with an innovation centre in Lagos, Nigeria this year. The initiative will also build a healthtech hub in Kigali, Rwanda, an agritech hub in Accra, Ghana, and a minetech hub in Lusaka, Zambia that will support more than 10,000 youth-led founders. Catching them young: University Innovation Pods (UniPods), another UNDP project, commenced in universities like Malawi and Kenya to provide young tech entrepreneurs with infrastructure to build businesses that not only survive the future of tech but also thrive. Perhaps, Africa’s “Silicon Valley” dream isn’t dead yet. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Startups
Read MoreEdTech funding decline takes centerstage at Mastercard Foundation conference
A paltry 1.4% – that’s the amount EdTech startups managed to secure of the continent’s 2023 Venture Capital (VC) funding. This sharp drop from a funding peak in 2021 has left founders with a harsh reality: smaller deal sizes and a dearth of exits. This issue became a central focus at a panel discussion during the Mastercard Foundation’s EdTech Conference in Abuja. The funding gap follows a broader trend in the venture capital world. Investors burned by inflated valuations in the past are writing fewer checks, and mega-deals in the EdTech space are no longer getting done. Data from Disrupt Africa confirms this shift—not a single EdTech company has secured a $100 million or more venture round in 2023, a contrast to such deals witnessed on the continent in 2021 . “Securing exits for EdTech startups is practically non-existent,” said Isaac Nyolongo, Co-Founder and CEO of Zeraki, a Kenyan EdTech startup. “If you raise money from angels networks, it will be at a lower valuation, and lower than what people get in more mature sectors.” Despite boasting of over 200 startups, Africa’s EdTech sector is still nascent. Funding, a key driver of growth, remains a significant roadblock. Deal sizes are typically small, and only one exit has been recorded—the acquisition of Egyptian edtech Orcas by Baim, a middle-eastern EdTech startup for an undisclosed amount. With VC funding drying up, EdTech startups now rely on grants. Challenges limiting EdTech funding in Africa can be linked to the lack of infrastructure. Others include low internet speeds, high cost of data and low smartphone penetration, according to this 2023 UNESCO report. “Broadband, mobile penetration and power are the major challenges to increasing Edtech funding,” said Tochukwu Ezeukwu, Regional Director, African Venture Philanthropy Alliance (AVPA) . “In Nigeria, the universal access to power is 53%, compared to Ghana’s 72%, illustrating the stark competitive disadvantage some countries face.” Another challenge is low deal sizes compared to their FinTech peers, who often attract more investments, Ezeukwu said. All panellists agreed that EdTech requires “patient capital” and investors must be willing to prioritise long-term impact over immediate returns. The Mastercard Foundation is tackling the funding problem by providing access to equity free funding for growth stage startups, primarily in Africa. Through equity free funding, 144 EdTech startups have been supported to date as part of the solution to raising venture capital. “Sustainable business models are crucial,” said Ruth Wairimu, an Investment Manager at Acumen Fund, an impact investor. “B2B models offer superior scalability compared to B2C, especially considering limited disposable income across much of Africa.” The consensus is that it’s still early days for Africa’s EdTech sector. “Foundations, family offices, and grants will likely play a vital role in bridging the funding gap,” concluded Wairimu. While EdTech holds immense potential to transform education in Africa, a significant uptick in funding is necessary to unlock its full potential.
Read More
Correction of JAMB CAPS O’Level errors in upload 2024
Uploading your O’Level results to JAMB CAPS is an important step in the Nigerian tertiary institution admission process. However, mistakes can happen, leading to errors like incorrect grades or exam types being uploaded. This guide outlines the necessary actions to rectify such errors during JAMB CAPS O’Level correction in 2024. Identifying errors in your JAMB CAPS O’Level uploads Before initiating the correction process, you need to confirm the existence of errors. Here’s how: Access JAMB eFacility portal: Visit the JAMB eFacility portal at https://efacility.jamb.gov.ng/login and log in using your JAMB Registration Number and password. Navigate to “Check Admission Status” section: Locate the “Check Admission Status” section on the dashboard. Access JAMB CAPS: Click on “Access my CAPS” to be redirected to the JAMB CAPS portal. Review O’Level details: Carefully examine the uploaded O’Level subjects and grades displayed in your admission profile. Look for discrepancies between your actual results and what’s reflected in JAMB CAPS. Common errors include: Incorrect grades: The uploaded grades might not match your original O’Level results. Wrong exam type: The exam body might be incorrectly listed (e.g., “NECK” instead of “WAEC”). Missing subjects: Some subjects you passed might be missing from the uploaded results. Steps for JAMB CAPS OLevel correction Once you’ve identified errors, it’s time to initiate the correction process: Visit a JAMB CBT Centre: As of 2024, correcting O’Level upload errors in JAMB CAPS cannot be done through the eFacility Portal. You must visit an accredited JAMB CBT centre. Needed documents: Carry the following documents to the JAMB CBT centre: Your original O’Level result slip. A printed copy of your JAMB registration slip. Any proof (e.g., email confirmation) you may have received regarding the initial upload error (if available). Inform staff and submit documents: Clearly explain the JAMB CAPS O’Level correction you require to the JAMB CBT centre staff. Submit your original documents for verification. Pay correction fee: There might be a processing fee associated with correcting your O’Level upload. Inquire about the fee at the JAMB CBT centre and make the necessary payment. Staff assistance: The JAMB CBT centre staff will assist you in initiating the correction process electronically.They may require you to provide a written request for the correction. Final thoughts on correcting CAPS O’Level errors in upload 2024 JAMB might have a specific timeframe for requesting JAMB CAPS O’Level correction. Ensure you address the errors within the designated period. Also, while JAMB CBT centres typically handle corrections efficiently, processing times can vary. Be patient and follow up with the centre if there are delays. Ultimately, keep copies of all documents submitted for the correction process for your records.
Read MoreAs Cholera cases mount in Nigeria, this website wants to keep you safe
53. That’s the number of people who have lost their lives to Cholera in Nigeria in the most recent outbreak which began in June. It’s the second cholera outbreak in three years, with 1,598 suspected cases. Cholerafacts, an online resource, hopes to fight the spread of the disease by providing information about prevention and symptom detection. Launched by Yahaya Hassan and Dipo Ayoola in June 2024 shortly after Cholera cases in Nigeria began to pick up, Cholerafacts aggregates useful information about the prevention and early detection of the bacterial disease on its website. “We wondered what if there was a single free forever one-stop-resource that you can always access when there’s a cholera outbreak in Nigeria and that was the primary inspiration for the idea,” Yahaya told TechCabal. The nine-page user-friendly website aggregates information about cholera, with dedicated sections describing the disease, its symptoms, how it spreads, prevention tips, and resources for treatment. The microsite also provides contact information for relevant health agencies, enabling users to promptly report concerns and escalate issues in cases of emergencies or suspected exposure. While prevention is often better than cure, Cholerafacts provides information on how to get a care kit to treat early symptoms. It also provides access to a list of pharmacies across the country where users can get a cholera vaccine in the case of a suspected exposure. Cholerafact comes at a time when government and private institutions are ramping up awareness campaigns about the spread of cholera. The website which mirrors resources like the COVID-19 tracker and Ebola Facts, which were used during the COVID-19 pandemic and the Ebola Virus outbreak, can be easily referenced as a crucial resource to help curb the spread of the bacterial disease. So far, Nigeria has recorded 1,598 suspected cases and 53 deaths as a result of the disease which is prominent in areas with poor sanitation and limited access to clean water. Cholerafacts also tracks this data and updates it regularly. The website also offers information about previous outbreaks of cholera in Nigeria, including the deadly 2021 outbreak which claimed over 2000 lives. “We hope that in the future, Cholerafacts can serve as a single source of truth for anything cholera,” Hassan concluded.
Read More
How to upload your O’Level results to JAMB CAPS in 2024
Previously, uploading O’Level results to the JAMB Central Admissions Processing System (CAPS) could be done through the JAMB eFacility Portal, this option is no longer available in 2024. This guide focuses on the current method to successfully upload your O’Level results to JAMB CAPS for consideration during the admission process. Uploading through an accredited JAMB CBT centre As of 2024, the sole method for uploading your O’Level results to JAMB CAPS is by visiting an accredited JAMB CBT center. Here’s what you need to do: Locate a JAMB accredited centre: Visit the JAMB website or inquire about any JAMB CBT center near you. Get required documents: Have your original O’Level result slip and a printed copy of your JAMB registration slip readily available. Visit the JAMB CBT centre: Proceed to the accredited JAMB CBT center and inform the staff that you want to upload your O’Level results to JAMB CAPS. Submit documents and pay fee: Present your original O’Level result slip and JAMB registration slip to the staff. Pay the processing fee, which may range between ₦1000-₦3000. Staff assistance: The JAMB CBT center staff will upload your O’Level results electronically on your behalf. Verifying your O’Level upload status Once you’ve uploaded your O’Level results at a JAMB CBT center, you can verify their successful upload through the JAMB eFacility Portal: Access the JAMB eFacility Portal: Visit the JAMB eFacility portal at https://efacility.jamb.gov.ng/login. Login with credentials: Enter your JAMB Registration Number and password to log in. Navigate to “Check Admission Status” Section: Locate the “Check Admission Status” section on the dashboard. Click on “Access my CAPS”: Click on “Access my CAPS” to be redirected to the JAMB CAPS portal. View O’Level details: Under your admission profile, you should see a section displaying your uploaded O’Level subjects and grades. If the upload was successful, you’ll see your grades listed. If it’s still pending, you might see “A/R” (Awaiting Result) next to your subjects. Important reminders: Double-check the scanned copy of your O’Level results for clarity before uploading (applicable if the center requires a scanned copy). If you notice any errors in your results uploaded, take immediate steps to correct your uploaded O’level results on JAMB CAPS. Keep a copy of your upload confirmation slip (if provided by the center) for future reference. Final thoughts on how to upload your O’Level results to JAMB CAPS in 2024 Please note that timely submission and accurate upload of your O’Level results are crucial for securing your spot at your desired tertiary institution.
Read More
Côte d’Ivoire doesn’t need to reinvent the wheel
This article was contributed to TechCabal by Leslie Ossete, through The Realistic Optimist. A tale of two cities Africa has seen a schism between its francophone and anglophone startup ecosystems. The latter have vastly outperformed the former, carried by Nigeria and Kenya. Francophone Africa has had a late start to the race, despite ecosystems like Tunisia becoming legislative pioneers in the field. Multiple factors explain the dichotomy, each of them linked. First, anglophone Africa implemented foundational infrastructure such as mobile money earlier than its francophone counterparts. M-Pesa, widely recognized as mobile money’s paragon, hails from Kenya. Mobile money has been the cornerstone of many African startups’ strategies, representing a convenient halfway between burdensome but prevalent cash and efficient but rare online payments. This infrastructure fomented startup creation, putting pressure on the local job market to form startup-ready talent, such as developers. This gave rise to companies like Nigeria’s Andela, tasked with pumping out that tech-literate workforce. A similar trend is picking up pace in francophone Africa through companies like GoMyCode, but the initial infrastructure delay has retarded subsequent steps. This initial lag domino-affected VC funding. In Africa, a group of countries known as the “Big Four” (Egypt, Kenya, Nigeria, and South Africa) received over 75% of the continent’s 2022 VC funding. As the astute observer will note, anglophone Africa boasts three members in that group, compared to francophone Africa’s zero. These three linked reasons explain the logical, visible reasons for the lag. More subtle differences may have contributed as well. Anglophone African countries tend to enjoy a more entrepreneurial culture compared to Francophone ones, owing to divergences between English and French economic dogma (laissez-faire vs dirigisme). With an important fraction of African VC funding coming from the United States, francophone founders also face a substantial linguistic challenge when pitching in their second or third language. This overarching anglophone business culture led to the launch, as early as 2010, of formative tech hubs such as iHub and Co-Creation Hub in Nairobi and Lagos respectively. These encouraged knowledge sharing and skill building, crucial to exposing local talent to startups’ intricacies. Trade is also easier in anglophone regions. Anglophone East Africa is a more auspicious cross-border expansion environment than francophone West Africa, for example. Cultural uniformity plays a role, with West Africa’s religious mix making it hard for an Ivorian fintech founder to onboard Muslim (and thus usury-free) users in neighbouring Mali. Trade agreements in East Africa also hold more weight than the ones in West Africa. As for Nigeria, its crown as Africa’s most populous nation gives founders ample space to scale before even thinking of foreign forays. According to QZ, 39% of African countries are francophone.Graph source: Partech Ivory Coast: A smaller, francophone Nigeria? Despite the challenges, the past couple of years have seen francophone ecosystems pick up speed and the jury is out for its most promising contenders. Ivory Coast ranks high on the list. Compared to state-led peers such as Senegal, Côte d’Ivoire’s startup ecosystem was trail-blazed by the private sector. The CI20, a collective made up of early Ivorian founders, was instrumental in materializing an otherwise free-flowing ecosystem, including the implementation of the country’s Startup Act. Côte d’Ivoire’s founders operate in an unequal albeit booming economy, clocking in Africa’s highest 2024 GDP growth forecast. Compared to some of its anglophone neighbours, Côte d’Ivoire enjoys a sturdier currency by virtue of its peg to the euro. The digitalization of this growing economy is where the Ivorian startup opportunity lies. While the country’s ecosystem has witnessed an “Anglo-style” private-sector-led development, the country’s founders still face perennial “francophone” Africa problems. This includes a lack of familiarity with the lingo, codes, and other quirks of the VC-backed startup world. As a result, many promising Ivorian companies end up as stable digital SMEs rather than the fast-growing startups they could aspire to be. This is less of a problem in anglophone Lagos, where startup culture is more widespread. While orders of magnitude smaller than Nigeria (28 vs. 219 million people), parallels can be drawn between both ecosystems. Bottom-up development, a booming economy, and many industries to be tech-disrupted breed great potential. To attain the next level, the Ivorian ecosystem could benefit from what made Nigeria tick: an inflow of returning diaspora talent, bringing with them capital and startup savviness. Investors should view Côte d’Ivoire as a gateway to the 140 million people-strong francophone West Africa region, a vast and untapped greenfield for tech innovators. No need to reinvent the wheel One might wonder which business ideas Ivorian startups should pursue. The answer is not as complicated as many make it out to be. So far, many African startup successes have been built on the back of an existing business model, something that had worked elsewhere but not on the continent. Think online payment gateways, peer-to-peer fintech, e-commerce marketplaces and ride-hailing. Where Africans can claim a pioneer position are mobile-money-related innovations. The point is the following: if a business model is working in a socio-economically similar market to X African country, there’s an honest business case to launch it locally. This is especially true for startups digitizing the informal sector, a field where African founders can look to LATAM or South East Asia for inspiration. While geographically distant, these continents share the similarity of having a large informal sector and all the challenges (and opportunities) that it brings. LATAM and Southeast Asia are a few steps ahead of Africa economically, so observing what worked there could be insightful. For example, the thesis behind Frubana, a B2B marketplace connecting small restaurant owners to local producers, might’ve originated in Colombia but is pertinent to many African markets. With the right localization tweaks, such as enabling mobile money payments, the idea has the merit of at least being tested. Sourcing startup business models from slightly more advanced markets is akin to a crystal ball, conferring the ability to predict what startups might or might not work locally. As African founders search for the next big idea,
Read More
Mastercard Foundation conference spotlights Africa’s edtech startups
Investor interest in African education technology (edtech) has cooled since the end of the COVID-19 pandemic lockdowns highlighted how technology aids learning. Yet there’s an argument that a continent chock full of young people must continue its focus on education and technology. It’s the premise for the Mastercard Foundation Edtech conference which began in Abuja on Monday. Hundreds of conference participants from 13 African countries caused traffic delays on Aguiyi Ironsi Road, Maitama, and the adjoining roads leading to Transcorp Hilton Abuja on Monday morning. The participants, are a healthy mix of edtech founders, CEOs, investors, development institutions, university lecturers, students, and government officials. Many African tech conferences take broad outlooks and focus on big problems and regulators. It has created a gap for over 300 edtech companies that have taken time out this week to discuss the peculiar challenges of their industry. “This is the Web Summit of edtech startups,” said an excited founder who joined the queue of participants trying to access the main hall – a large tenth with a 600 seater capacity and an exhibition area with 24 companies. While 600 people are far from the hundreds of thousands of attendees the Web Summit records yearly, for the edtech industry the attendance at the Mastercard Foundation Edtech Conference was a feat. PICTURE: Attendees get their tags at one of the registration points. Attendance of 600 edtech who-is-who in Africa was impressive for an inaugural conference. It brought edtech startups into the same room with two parties critical to the industry’s growth – government and investors. 8 education ministers are at the conference with panel discussions scheduled for Monday and Tuesday. Mastercard Foundation believes that edtech can bridge the education gap and enable over 600 million young people in Africa to access quality education. Joseph Nsengimana, director, Centre for Innovative Teaching and Learning, Mastercard Foundation, said the edtech conference was important as it gets every stakeholder in the industry talking to each other towards finding solutions to the many problems that the education sector faces in Africa. These solutions would include ways to make edtech services profit-oriented while still affordable to the underserved, to attract investors. Edtech startups have been trying to convince investors for many years that they can help people in underserved communities get needed quality education and make money for them by doing so. Only a few investors have been convinced. In 2023, over 300 edtech startups accounted for a paltry 0.7% of total funding to tech companies in Africa. Even in 2021 when funding to the industry rose to its highest at $81 million, it was still less than 2% of total funding. “The challenge is that many do not see where to come in. Companies need to pick areas of specialisation in edtech which gives a clearer picture for investment,” Chimdi Neliaki, Youth Reference Committee, Office of the AU Youth Envoy. The decline in edtech funds is also a result of issues with the scalability of the models, according to Ruth Wairimu, investment manager of Acumen Fund who spoke during an investors’ panel. The edtech models that scale are usually those that are B2B-focused and create solutions for private schools and public schools as well. The B2C edtech companies find it hard to scale because they depend on decisions from parents facing income inequalities. Nonetheless, investing in any edtech company, B2B model or B2C model, requires a different approach. “We need to encourage more investors to be more patient,” Wairimu said. But before getting more investors to fund startups, the infrastructure that powers the industry needs to be built. Tochukwu Ezeukwu, regional director of AVPA divides infrastructure into broadband and internet penetration. CAPTION: L-R: Rory Fynn, country director Nigeria, Mastercard Foundation, Bosun Tijani, Federal Minister of Communication, Innovation, and Digital Economy, Joseph Nsengimana, director, Mastercard Foundation, and Hon. Albert Nsengiyumva, executive secretary, Association for the Development of Education in Africa. “Edtech is not an end in itself. It is supposed to do something. Across many markets in Africa, there is little developed infrastructure that edtech would ride on and scale,” Ezeukwu said. The edtech industry may also be leaving funds on the table by working in silos while disconnected from government programmes on education, according to Bosun Tijani, Minister of Communications, Innovation, and Digital Economy. “The edtech industry is not taking advantage of the Universal Service Provision Fund (USPF),” Tijani said. The fund which is under the Ministry of Communications, Innovation, and Digital Economy, is to facilitate the achievement of national policy goals for universal access and universal service to information and communication technologies (ICTs) in rural, un-served, and under-served areas in Nigeria. It is more important to prioritize the content and how teachers use it to achieve learning outcomes in edtech solutions rather than just buying laptops for schools. This was the consensus of three-panel sessions that included the minister, Joseph Nsengimana, director, Centre for Innovative Teaching and Learning, Mastercard Foundation, Albert Nsegiyumva, executive secretary of Association for the Development of Education in Africa (ADEA), Alex Twinomugisha, Risian Kanya, deputy vice-chancellor, Baze University, and Adefunke Ekine, deputy director, Research and External Relations, Tai Solarin University of Education.
Read MoreKenya misses revenue collection by $2 billion despite raising taxes
Despite tax increases in the 2023/2024 Finance Bill in Kenya, the country’s Revenue Authority (KRA) missed its tax collection target by $2.09 billion (KES 267 billion) for the financial year ending June 2024. The shortfall followed a tough macroeconomic environment that saw a drop in corporate profits and an increase in layoffs. KRA set a revenue target of $21.8 billion (KES 2.79 trillion) in the year under review. Corporation Income Tax (CIT), paid by profits, grew at a slower rate of 4.9% compared to 7.2% to June 2023, indicating reduced profitability in key sectors of the Kenyan economy including finance, insurance, ICT, and manufacturing. KRA also recorded the highest shortfall of $567 million (KES72.3 billion) in employee collections (pay-as-you-earn), despite introducing a new tax band in 2023 targeting top earners. Manufacturing tax collection recorded the biggest drop by 13% followed by ICT at 12.3% while finance and insurance declined by 2.4%. High operational costs including energy prices and the weakening of the Kenyan shilling against the dollar were some of the factors behind the economic slowdown. “Weak demand for manufactured goods affected by high retail prices that was a result of high cost of inputs (mainly import driven), high energy costs, said Humphrey Wattanga, KRA’s commissioner-general. KRA collected $18.8 billion (KES 2.4 trillion) in taxes for the 2023/2024 financial year, an 11.1% increase compared to the previous year. While KRA fell short of its overall target, reaching 95.5%. The agency saw a strong 34.9% growth in revenue collected for other government programs. Kenya’s tax revenue performance in 2023/2024 reflects the country’s challenging economic situation. Although the economy grew at a moderate 5.6% in 2023 compared to 4.9% in 2022, inflation remained a challenge early in the year, averaging 6.86% in the first half due to high fuel and energy costs. However, the Central Bank’s monetary policies helped bring inflation down to an average of 4.87% by the fourth quarter, which led to an annual average of 6.22% – a significant improvement from the previous year’s 8.78%.
Read More
Ways to find your Twitter history in 2024
It’s easy to get lost in the moment of things when scrolling through different threads and trends on Twitter. Before you know it, you may mistakenly refresh or exit a thread you were looking to screenshot, a video you hoped to download, or a post you would bookmark. And sometimes, circling back on your past interactions on the platform can be a bit trickier, unlike when you’re browsing with Chrome, where you can quickly get your history through a dedicated tab. Here, we’ll explore the functionalities Twitter offers to find your history in 2024, including past views and interactions. 1. Using the standard Twitter search bar This method is suitable for finding specific tweets you saw or media interactions you had without bookmarking, liking, retweeting, or saving. However, it depends on how retentive your memory is of the textual components of the post you are trying to locate. In other words, you must remember a few words on the post or thread you’re looking for. If you remember any, here’s how to use the components you remember to find your desired post: Access Twitter: Log in to your Twitter account on the web or mobile app. Use the search bar: In the search bar at the top of the screen, type in your closest memory of the texts on the post you’re searching for. For example, let’s assume you’re looking for a random person’s tweet of a video with the caption, ‘Moonshot is one of the biggest tech events in Africa that happens in October, and it’s hosted by TechCabal.’ If the only words you can remember include ‘world tech TechCabal’, you’re good to go. Simply type those three words; the post will be among the search results, and the Twitter search engine will crawl up to you. You just need to scroll through to find it. Sometimes you can remember the handle that made the post, but can’t remember a word from the original post. Simply type in the handle into the search engine. Once you find it, scroll through their feed to locate the particular tweet. You can also use a comment you remember under the post you’re looking for to locate the post itself. Just type content from the comment into the search bar, and you should find the reply to the post. From there, you can easily find the handle that made the original post. 2. Leveraging Twitter’s advanced search Twitter’s Advanced Search feature is the way to go for a more refined search when trying to find your Twitter history, Twitter’s Advanced Search feature is the way to go. Here’s the process: Go to advanced search: Go to https://twitter.com/search-advanced?lang=en in your web browser. Tailor your search: Use the various filters offered. Under the “From accounts” section, enter your username to restrict results to your own activity. Specify dates: Use the calendar tool to define the exact date range for your search, helping you pinpoint specific interactions. Filter by engagement (Optional): You can refine results by filtering tweets with mentions, replies, or likes. 3. Downloading your Twitter archive to find your Twitter history This method provides a comprehensive record of your entire Twitter history. However, it doesn’t offer functionalities to explore the archive within the platform itself. Here’s what to do: Request your archive: Log in to your Twitter account on the web or mobile app. Go to Settings and Privacy > Your Account > Download an archive of your data. Verification and processing: Twitter will prompt you to confirm your password and may send a verification code. Processing the archive may take up to 24 hours. Download and explore: Once notified, download the archive (a .zip file) and explore its contents. The archive will contain your tweets, messages, media, and other account information. Note: It won’t contain information about accounts you’ve visited or media you consumed without commenting, reposting or liking them. Final thoughts on ways to find your Twitter history in 2024 Unfortunately, Twitter doesn’t store your complete search history. You can only find interactions based on keywords or usernames you remember. Also note that if you’ve deleted tweets in the past, they won’t be accessible through these methods.
Read More