January SASSA payment 2025: Dates and key details
The South African Social Security Agency (SASSA) has officially announced the dates for the January SASSA payment 2025. Beneficiaries of various grants are advised to take note of the payment schedule and plan accordingly. Below is a breakdown of the key dates and important information regarding the disbursement process. Payment dates for January 2025 Older Person’s Grants – Friday, 3 January 2025 The first disbursement for the January SASSA payment 2025 begins with the Older Person’s grants. This category includes all senior citizens receiving pensions as well as any supplementary grants linked to these accounts. The allocation is specifically scheduled to prioritise the elderly, ensuring they receive financial support early in the month. Recipients are encouraged to avoid overcrowding at pay points as funds will remain in their accounts until withdrawn. Disability Grants – Monday, 6 January 2025 Disability grants are scheduled for payment starting Monday, 6 January 2025. These grants are critical for individuals living with disabilities who rely on this financial assistance for healthcare, living expenses, and other needs. Beneficiaries linked to disability grants, such as caregivers, will also receive their payments from this date. SASSA urges recipients to use ATMs or retail stores to access their funds conveniently. Children’s Grants – Tuesday, 7 January 2025 The final category in the January SASSA payment 2025 schedule covers children’s grants. Payments will begin on Tuesday, 7 January 2025, ensuring that parents and guardians receive financial support for the care and well-being of children. This grant plays a vital role in assisting families with education, nutrition, and other essentials. As always, beneficiaries are reminded to plan withdrawals wisely and avoid unnecessary rushes. General Reminder SASSA reiterates that there is no urgency to withdraw funds on the first day of payment. Once deposited, the money remains safe and accessible in the account until it is needed. This policy reduces overcrowding at pay points and ensures a smoother process for all recipients. By adhering to this structured schedule, the January SASSA payment 2025 aims to deliver timely and efficient support to all beneficiaries, reinforcing its commitment to social welfare in South Africa. Accessibility and Support For further assistance or queries regarding the January SASSA payment 2025, beneficiaries can contact SASSA’s toll-free line at 0800 60 10 11. Additionally, up-to-date information can be accessed through the SASSA website (www.sassa.gov.za) or their official social media channels or verified media outlets like TechCabal.
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Entering Tech Wrapped
Here are the ET editions you couldn’t get enough of. 19 || December || 2024 View in Browser Brought to you by Issue #81 Entering TechWrapped! Share this newsletter Happy Holidays ET people Welcome to the last edition of #EnteringTech for 2024! It’s been a year of telling important stories about tech talents and sharing tips to help you grow in your careers. Thank you for sticking with us all through the year. This year, we went all in, providing you with the best stories of tech talents doing important work and pulling their weight across the continents. We committed to improving our newsletter product and telling stories that matter. We have told success stories of people who have had not-so-normal transitions into tech careers like Eunice who went from Nursing into software development, or Olakune transitioned from DJ-ing into tech. All these brilliant people have inspired others to see a path in tech. This year we published 28 new episodes of Entering Tech and you rewarded us with reads on each of those stories. 21 out of our 28 stories had over ten thousand views. As we round up for the year and look forward to telling even better stories in 2025, here are some of the stories you couldn’t get enough of. Faith Omoniyi, Emmanuel Nwosu & Timi Odueso Entering Tech Wrapped 1. Rerun: From interns to influencers (37,135 views) Who doesn’t love a success story? From sorting out the boss’s personal errands to commanding followers. This edition chronicles the unlikely rise of interns who somehow turned their 9-to-5 grind into success stories. Whether you’re a student aiming to gain practical skills or a career changer exploring new avenues, this edition offers insights, guidance, and a deeper understanding of the transformative power of internships. Read it here. 2. How to become a data engineer (19,333 views) We know data engineers are neck-deep in technical skills and don’t get a lot of spotlight, but what we didn’t know was that many of you were very much interested in data engineering. This edition was the third and last edition of our series on entering tech as a data professional, and we spoke to data engineers about the skills needed—it’s not just the technical skills we promise. Check it out here. 3. Data science isn’t for everyone (18,830 views) We warned you! But you, our curious readers, couldn’t resist finding out for yourselves. Maybe you discovered a hidden passion for data wrangling, or maybe you just enjoy a good challenge. In this edition, we explored why Harvard Business Review calls Data science ”the sexiest job of the 21st Century”. Read it here if you haven’t. 4. How to become a data professional (16,719 views) We know you guys love the data profession, but this much? This episode was the first of our series on how to break into tech (and AI) as a data talent. Mariam Adeoti and Adekoya Teleola shared tips on becoming a data analyst. Don’t miss out, read it here. 5. Who’s to blame for “oga-driven” development? (16,688 views) Ah, the age-old debate! This controversial piece clearly sparked discussions on Twitter (and maybe a few office arguments). You, our readers, love a good controversy, and this one certainly delivered. We’re just glad we weren’t the ones caught in the crossfire. Whether you agree or not that “Oga-driven development” is a product manager’s fault, we are not here to judge you. In this edition, we spoke to four product managers—Temi Giwa, a product lead at Paystack, Karen Ginigeme, an experienced product manager in the UK, Elizabeth Ajao, an award-winning product manager and Chioma Nwandiko, a PM at Big Cabal Media—to share their thoughts. Check it out! 6. How Maryann Onuoha is driving growth with tech events (14,989 views) We are glad Maryann’s story of driving growth through tech events resonated with you. Now we know that you’re not just in tech for the money, but also for community and impact. Read Maryann’s story 7. From nursing to software development (14,989 views) This is one of our favorite stories for entering tech this year and we are glad it resonated with you. Eunice’s story is one of career reinvention and a reminder that it’s never too late to pursue a career in tech, no matter your background. Learn from Eunice. 8. How Donald Yotay went from music to design (14,230 views) Turns out all those years Donald spent meticulously arranging his record collection weren’t just about aesthetics. He secretly channelled his inner artist into a thriving design career. Who knew a passion for music could lead to a career in design? Here’s Donald’s story. 9. Career lessons from Tyrion Lannister (11,124 views) Who would have thought it possible to learn career lessons from Tyrion Lannister, the master of political intrigue and questionable life choices? We did and you loved it. In it, we shared how Tyrion’s soft skills made him stand out in the GOT series and how you can apply it to your Career. If you missed out on this episode, you should go back to read it—you‘ll complete it faster than a GOT episode, we promise. Check it out. 10. Seven techies talk about leaving home (10,877 views) Leaving your comfort zone and venturing into the world to find your feet is no easy feat. (pun intended). It’s hard, we know, the seven techies we spoke to for this edition have first-hand knowledge as well. In this edition, they shared tips on how they navigated leaving their comfort zone—plus overbearing parents—and how they are currently finding life. Follow their journey here. We hope you enjoyed our recap. As always, we are looking forward to telling important stories to help you level up your tech career. Leave us a Christmas gift by telling us how we can improve the newsletter or what stories you are looking forward to reading. And if you think your story can inspire our audience, kindly share it with us by responding to this
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👨🏿🚀TechCabal Daily – M-PESA is not backing down
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday! There’s one goal you can still [help us] hit before the year runs out. Move TC Daily to your Primary mailbox so you don’t miss any important updates! Let’s dive right in. Cash is King but M-PESA is not backing down MTN Group announces major leadership changes Nigerian POS operators raise withdrawal fees Dutch data watchdog fines Netflix $4.98 million World Wide Web 3 Jobs Mobile Money Cash is King but M-PESA is not backing down Image Source: M-Pesa With the advent of cards, mobile bank services and contactless payments, many economies all over the world have moved to a cashless policy. However, in Kenya like many other countries, cash is king. This is because excise duty on money transfers was increased to boost Kenyan’s revenue. Additionally, mobile transactions are seeing increased scrutiny from authorities like the Kenyan Revenue Authority (KRA). Traders have now resumed operating with cash fearing compulsion to pay higher charges. Given that money transfers are the preferred payment method in Kenya, the high charges are causing a behavioural shift back to a cash-flow economy. This shift could be bad for businesses like Safaricom’s M-PESA and Airtel money. Notably, the combined transaction value of Safaricom and Airtel Money from January to October 2024 closely matched the total value of POS and ATM withdrawal transactions, which amounted to $355.8 million during the same period. M-PESA has been quite successful as it led its parent company to its first growth in three years. While it faces fierce competition from Airtel Money, M-PESA now has to also deal with behavioural shifts from users. Read TechCabal’s article to see how M-PESA is faring during these times. 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. Telco MTN Group announces major leadership changes L -R: Frederic Schepens, Mazen Mroue It’s planning season and as you plan for the new year, MTN is too! The telco took a beating in the first half of the year, reporting a loss after tax of ₦519 billion ($333 million) for the first half of 2024 due to FX volatility. The telco hopes to come back in the new year with new leadership changes. Yesterday, it announced the departure of Frédéric Schepens, CEO of Bayobab, its infrastructure business, along with other departures. Following over seven years of service at MTN, Schepens will be succeeded by Mazen Mroue, the company’s Chief Technology and Information Officer (CTIO). In this expanded role, Mroue will concurrently lead MTN Group’s infrastructure business alongside his CTIO responsibilities. Mroue will lead Bayobab’s fibre and mobility divisions while spearheading the company’s data centre strategy. MTN also announced major leadership changes across its subsidiaries in Cameroon and Côte d’Ivoire. Wanda Matandela, who currently serves as Chief Commercial Operations Officer at MTN South Africa, will become the new CEO of MTN Cameroon on March 1, 2025. Mitwa Ng’ambi, the CEO of MTN Cameroon, will move to MTN Côte d’Ivoire on March 1, 2025. Ng’ambi, formerly the CEO of MTN Rwanda, will drive the next phase of growth in the country. 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 POS agents will raise withdrawal fees in response to CBN’s new rules Image source: TechCabalWhat happens when a business’ profits are under pressure by a government policy? The customers ultimately pay the price. This best describes the reaction of POS operators to a new policy by the Central Bank of Nigeria (CBN). In recent months, these operators have become a crucial source of cash as Nigeria grapples with a prolonged cash scarcity that has left people struggling to get cash at banks and ATMs. While POS agents are experiencing increased patronage, they are also facing scrutiny from regulators over concerns that their operations may be contributing to Nigeria’s continued reliance on cash. On Tuesday, the CBN set a daily limit of ₦1.2 million ($771) per POS agent and capped withdrawals at ₦100,000 ($64) per customer. While the directive is aimed at regulating the agent banking business and curbing fraud, it comes with a darker side for POS operators who fear the new limits will significantly impact their earnings. Limited cash disbursement means lower patronage for these businesses. To stay afloat, POS operators will pass on the cost to the customers by increasing their withdrawal fees. One POS agent in Lagos told TechCabal that he would charge ₦6,000 ($4) or more for a withdrawal of ₦100,000, up from the previous ₦4,000 ($3) fee. Beyond raising fees, other operators believe they can adapt and innovate around the new rules. One such way is by securing more terminals to spread the demand. Ultimately this points to one thing: while POS operators remain a critical part of Nigeria’s financial inclusion drive, they won’t be spared from the regulator’s increased scrutiny. 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 → Big Tech Dutch data watchdog fines Netflix $4.98 million Image source: Towards Data ScienceWhile rumours of Netflix leaving Nigeria just subsided, the video streaming platform is now faced with a fine from the Dutch Government. The Dutch Data Protection Authority (DPA) fined Netflix €4.75 million ($4.98 million) on December 18 for not adequately informing customers about its use of their data between 2018 and 2020. “Customers did not receive sufficient information when they asked Netflix which data
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The most popular payment methods in Kenya 2024: Cash is king but M-Pesa remains huge
In 2024, rising transaction charges and increased scrutiny by government authorities, including the Kenya Revenue Authority (KRA), prompted more merchants to shift to cash. According to Financial Sector Deepening Kenya, cash accounts for 80% of daily transactions in Kenya. Small shop operators told TechCabal that they were now accepting cash over fears that KRA could use mobile money transactions to compel them to pay more taxes. Is M-Pesa’s grip on mobile payments loosening? Could M-Pesa dominance in Kenya’s payments ecosystem face disruption? The answer depends on whom you ask. However, data from the Communications Authority of Kenya (CA) and the Central Bank of Kenya (CBK) show that the telco’s iron grip on payments remains unshaken for now. While rivals such as Airtel Money, commercial banks, and payments startups, are intensifying their efforts to disrupt M-Pesa’s reign, Safaricom’s position remains formidable. Those competitors are heavily investing in infrastructure, marketing, and innovative products to capture a larger share of the mobile payments market. One of the most significant challengers to M-Pesa’s market dominance is Pesalink, a platform that allows real-time transfers to 39 commercial banks. Pesalink offers an attractive alternative for consumers seeking to conduct small cash transactions without relying on M-Pesa. Additionally, with lower transaction fees and enhanced mobile money interoperability in 2024, Airtel Money has also been gaining ground. Airtel Money’s market share grew from 2.8% to 6.6% in the 12 months to June 2024. It’s a notable shift in the mobile payments landscape, signaling a softening of M-Pesa’s once-absolute dominance, which still commands 93.4% of the market. Mobile money In total, Safaricom and Airtel processed over 25 billion transactions with an estimated value surpassing $309.4 billion (KES40 trillion) between January and October 2024. M-Pesa and Airtel Money remain the payment platforms of choice, especially for Kenya’s unbanked population. These platforms have become indispensable, especially for cash transfers in rural areas. Neighbourhood shops and small businesses are increasingly using both platforms for accepting payments, handling supplier transactions and paying utility bills for services like water and electricity. Daily transaction limits of up to $3868 (KES500,000), make M-Pesa and Airtel Money ideal for small-to-medium sized transactions. Cheques and RTGS While mobile money is dominant, traditional methods like cheques and the Real-Time Gross Payment System (RTGS) still play a crucial role in large transactions. From January to October 2024, cheques valued at $15.4 billion (KES2 trillion) were cleared, while RTGS transactions accounted for $21.6 billion (KES2.8 trillion). However, the use of cheques is on the decline. In June 2024, the value of cheques dropped 15.1%, almost matching the Covid-19 period when businesses remained closed following anti-government protests. Card transactions: Slowing growth in a mobile-centric economy The growth of card payments in Kenya has been sluggish. In the 10 months leading to October 2024, total card transactions—including POS payments and ATM withdrawals—amounted to $355.8 million (KES 46 billion). While this figure is substantial, it lags behind mobile money, reflecting Kenya’s strong preference for mobile wallets. Debit cards remain the most popular cards in the country while credit card penetration stands at 5.6%.
Read MorePOS agents will raise fees in response to CBN’s rules on withdrawal limits
Following Tuesday’s Central Bank directive limiting cash disbursement, Point of Sale (POS) banking agents across Lagos are exploring ways to cope with the changes—mainly, by raising withdrawal fees. On Tuesday, the CBN set a daily limit of ₦1.2 million per POS agent and capped withdrawals at ₦100,000 per customer. This is the latest attempt to rein in POS agents, who have become a crucial source of cash since a CBN-engineered cash scarcity in 2023. The new rules threaten to upend the agent banking business model. “The decision took us by surprise,” says Semiu Ajayi, a POS agent in Gbagada, Lagos. “I’ll just increase my withdrawal charges. It used to be ₦4,000 for a ₦100,000 withdrawal but now I’ll charge ₦6,000 or more.” Ajayi’s response suggests POS operators will pass on the cost of reduced business to customers. POS agents across Nigeria face similar challenges. Crucial players in Nigeria’s financial inclusion drive, POS agents have seen increased patronage as Nigerians struggled to access cash from traditional banking channels such as ATMs and over-the-counter services. The surge in demand for cash via these agents is linked to a failed currency redesign in 2023 which triggered a prolonged shortage of physical cash. POS agents, who often source cash from informal channels like supermarkets and fuel stations, have become essential intermediaries in the cash distribution process. However, critics accuse the agents of charging high fees while others claim agents foster a reliance on cash, undermining the CBN’s goal of a cashless economy. The CBN’s new directives—which will put 2 million agents under pressure—appear geared at limiting the influence of these agents. While the CBN’s supporters will argue that the new policy will curb fraud and promote a cashless economy, many agents believe it will slow down customer patronage. .“How will we survive with this new CBN policy?,” asks Shade Raheem, a POS agent in Ikeja. “They just want to push customers to the banks.” Many POS operators believe they can adapt and innovate around the new rules. “We plan to acquire more terminals to manage the increased demand, says Tade Oluwanisola, a POS agent in Ikorodu. “Not every customer will withdraw up to their limits daily, so we will spread the demand across multiple terminals.” The CBN claims the new withdrawal limits will address challenges, including fraud prevention, uniform operational standards, and regulation of the agency banking sector.” The growing reliance on POS agents has sparked calls for stricter oversight, prompting a mandate for POS operators to register with the Corporate Affairs Commission (CAC) by September 2024. “The CBN will conduct oversight of the aforementioned actions, including impromptu backend checks, to ensure compliance,” the regulator stated in its December 17 circular. “Any breach of these directives will attract appropriate penalties, including monetary fines and administrative sanctions.”
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👨🏿🚀TechCabal Daily – Congo sues Apple
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! As we wind down the year, let’s take a moment to celebrate a decade of our parent company Big Cabal Media! For 10 years, we’ve been telling stories that matter, pushing boundaries with innovative content, and making a real impact on the tech, culture, and business landscapes. This journey has been shaped by incredible people, unforgettable moments, and a unique magic that truly makes BCM the culture. Catch a glimpse of these moments here. DRC files criminal complaints against Apple Host Africa to acquire GO54 Zoho to invest $30 million in Zambia Tyme Bank becomes Africa’s latest unicorn World Wide Web 3 Jobs Big Tech DRC files criminal complaints against Apple Source: DNL Legal and Style While many marvel at the latest iPhone, the reality for some children in the Democratic Republic of Congo (DRC) is starkly different. They toil in dangerous mines, extracting the minerals—tin, tantalum, and tungsten—that power those devices. The DRC’s rich deposits of these crucial metals, used in computers and mobile phones, have unfortunately made the region vulnerable to unregulated small-scale mining, often with devastating consequences for local communities. Over the past two years, individuals have lobbied for peace by calling for the “cancellation” of companies involved in unethical mining in the DRC. Earlier this year, human rights firm International Advocates sued tech giants Apple, Google, and Dell for allegedly profiting from child labour in their supply chains. Now, the Congolese government is demanding justice, filing criminal complaints against Apple for its alleged role in this exploitation. The government has filed criminal complaints against Apple and its subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain. In the legal action filed on Monday, the DRC accused Apple’s French and Belgian subsidiaries of covering up war crimes, money laundering, handling stolen goods, and misleading consumers about the ethical sourcing of its products These mines are operated by armed groups who keep the mines running through child labour. Buying from them means fueling the cycle of 40,000 children working in mines and pushing more children into similar conditions. It will also mean funding conflicts against the Congo government and revenue loss for the country. In March 2024, the UN reported that the number of internally displaced people in DRC had reached 7.2 million with more than 80% of displacements caused by armed attacks and clashes, all related to illegal mining. While Apple maintains it is committed to ethical sourcing, pointing to its annual conflict minerals report and supplier audits, the filed complaints negate the iPhone maker’s stance. Congo’s legal team alleges that Apple benefits from minerals extracted through illegal mining operations in the country and then launder them through complex global supply chains, making the tech giant complicit in human rights abuses. How does this implicate Apple? Companies like Apple are required under international laws to conduct due diligence. To be clear of these charges, Apple will need to prove the origins of its minerals. Additionally, it must prove it doesn’t purchase minerals that have been illegally extracted in Congo and subsequently laundered through legal supply chains. 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. M&As South African Host Africa to acquire GO54 GIF Source: Tenor In March 2024, WhoGoHost, a Nigerian web hosting company that provides domain solutions, rebranded as GO54 in an attempt to expand across the continent. Before the rebrand, GO54, in September 2024, acquired SendChamp to deepen its business offering to customers. Yesterday, in a surprising turn of events, Nairametrics reported that South Africa-based digital infrastructure company, Host Africa, is set to acquire GO54, placing a dent on the company’s plan for continental expansion. Acquiring GO54 which has built relevance in Nigeria as the go-to domain registrar will enable Host Africa to gain entry into the Nigerian market. This isn’t Host Africa’s first rodeo into the Nigerian market. The South African country acquired two Nigerian hosting companies Naijawebhost and DomainKing, one of the largest Nigerian shared web hosting companies in 2021 and 2024 respectively. Host Africa has also been on a journey towards continental denomination. The company has snapped up acquisitions across East Africa including Kenyan hosting company Sasahost. While GO54’s acquisition is still subject to regulatory approval, the company’s consistent revenue growth, diversified customer base, and expanding product portfolio make it a good buy for Host Africa, which is seeking more expansion across the continent. When the acquisition is completed, GO54 offers the South African company predictable cash flows and sustainable growth potential. 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! Investments Zoho to invest $30 million in Zambia Image source: IT News AfricaA TechCabal article in 2023 predicted that Zambia might be the next tech hub given its high internet penetration and the entry of various tech startups into the country. Zambia has been making strides to live up to these expectations with growing investments in technology infrastructure. One such development is Indian tech giant Zoho Corp. which has partnered with Zambian firm, Loita Business, to invest $30 million in Zambia. Zoho, a cloud software provider with 29 years of experience, has been operating in Zambia for over four years. Now, with this significant investment, the company aims to solidify its presence in the Zambian market and ultimately establish itself as a dominant player across the African continent. The investment programme is set to be launched during the inaugural Zambia
Read MoreTyme raises $250 million Series D to become Africa’s ninth unicorn
South Africa’s digital lender Tyme Group has raised $250 million in a Series D round at a $1.5 billion valuation. With the valuation, Tyme becomes Africa’s ninth unicorn, two months after Nigeria’s Moniepoint hit the billion-dollar threshold. Tyme plans for an initial public offering by the end of 2028. The funding round was led by Nu Holdings, the parent company of Nu Bank, Latin America’s most valuable fintech, which invested $150 million for a 10% stake. M&G Catalyst Fund and existing investors also participated in the round. The latest funding signals an investor return to investing in the continent after a slowdown in funding. As with other unicorns, the major participants of this funding round were global investors, further highlighting the scarcity of growth capital on the continent. Tyme’s valuation continues the dominance of fintechs amongst Africa’s unicorns. Seven out of nine African unicorns are fintechs. Nubank’s participation in the deal is part of the bank’s plan to expand outside its Latin American markets. The bank wants to replicate its successes in Latin America by tapping into the growth potential of emerging markets like Africa and South Asia. Launched in 2019, Tyme Group operates through a hybrid model of online and physical banking, offering checking and savings accounts, debit cards, buy-now-pay-later credit. With 15 million customers, the company claimed to have extended over $600 million in financing to small businesses in South Africa and the Philippines. In August 2024, its South African subsidiary TymeBank announced plans to launch in Indonesia by the end of 2024. The $250 million funding brings Tyme’s total funding to about $600 million. African Rainbow Capital Investments Ltd. will remain Tyme’s lead shareholder with a 40% stake in the business.
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👨🏿🚀TechCabal Daily – MNT-Halan’s fourth expansion
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! How much do Nigerian bankers really earn? Ever wondered how much you could make working at First Bank or Zenith? It’s one of the banking industry’s best-kept secrets. But we’ve uncovered the truth. From entry-level roles to management positions, we’ve got the numbers. Here’s a sneak peak: Union Bank pays its trainees—yes, trainees—about ₦547,000 ($354) per month, the highest we’ve found. The lowest is Zenith Bank’s at ₦245,000 ($159). Here are all the other interesting things we found. Egyptian Unicorn MNT-Halan Expands to UAE Nigeria records highest inflation figures in 2024 develoPPP Ventures funds nine startups with €100,000 World Wide Web 3 Jobs Expansions Egyptian Unicorn MNT-Halan Expands to UAE Image source: MNT Halan Egyptian unicorn, MNT-Halan, is expanding its services to the United Arab Emirates (UAE) market. Its first offering, “Halan Advance,” allows employees to access a portion of their salary in advance. Building on its success in Egypt, Turkey, and Pakistan, MNT-Halan plans to introduce credit, payments, and investment products to the Gulf region subsequently. MNT-Halan has been prepping fopr this expansion since April 2024, partnering with employers and acquiring over 40,000 customers. The company, which provides financial services, including loans, and e-commerce services, aims to serve the UAE’s 3.7 million underbanked individuals by leveraging the country’s strong economy and high smartphone adoption. Since it was founded in 2018, it has issued over $4.4 billion in loans and has 2.2 million quarterly active users. In 2022, MNT-Halan surpassed $300 million in gross revenue. After attaining unicorn status, the company has focused on expansion. In March 2024, it acquired Advans Group in Pakistan, a microfinance bank with over 62,000 clients and 19 branches. Later, in July, MNT-Halan acquired Tam Finans, a Turkish company, to enhance its micro-lending and factoring services. The expansion follows MNT-Halan’s $157.5 million funding round and its entry into the Turkish market in July. The funds aim to fuel the company’s growth beyond Egypt. 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. Economy Nigeria records highest inflation figures in 2024 GIF Source: Tenor Yesterday, Nigeria recorded its highest inflation figures in 2024. The National Bureau of Statistics announced a 34.60% inflation rate for November, up from 33.8% recorded in October 2024. November’s inflation figure was largely due to increases in transport and food prices. Although Nigeria’s harvest season helped ease food prices, flooding in key agricultural states like Borno and increased transportation costs due to a fuel hike have reversed those gains. The country’s failure to implement a 150-day waiver on food imports also quickened food inflation. Analysts predict that Nigeria’s inflation may peak in the coming months, closely followed by a start of disinflation due to the waning influence of fuel subsidy removal and naira devaluation. Despite multiple rate hikes to curb inflation, the Central Bank of Nigeria (CBN) also anticipates a decline in inflation by the second half of 2024 and a potential interest rate reduction in the second half of 2025. CBN Governor Olayemi Cardoso has previously expressed the bank’s goal of achieving a positive real interest rate to stimulate investment and strengthen the naira. Economists also expects the CBN to proceed with gradual interest rate cuts from Q2 next year, predicting a 400 basis point cut to 23.5% by the end of 2025. 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! Funding develoPPP Ventures funds nine startups with €100,000 Image source: develoPPPdeveloPPP Ventures has selected nine startups from Nigeria and South Africa to receive €100,000 each in non-dilutive funding. The funding is backed by the German Federal Ministry for Economic Cooperation and Development (BMZ). It will be implemented by one of its three public partners, GIZ. The fund targets early-stage companies with business models that improve living conditions in developing economies. In addition to funding, the startups will receive technical assistance to support their growth. The beneficiaries include five South African startups and four Nigerian startups, namely, Nigeria’s Earthbond Limited, South Africa’s Franc, and Nigeria’s Cybervergent among others. In total, the fund supports 34 companies across various sectors in Côte d’Ivoire, Ghana, Kenya, Nigeria, Rwanda, South Africa, and Tanzania. While this is the fund’s first expansion to South Africa, it is in its third phase in Nigeria. To qualify for the funding, the startup must have generated initial revenue, it must be privately owned and profit-oriented. Furthermore, the company is required to procure complementary financing, cap prior funding at €2 million, exhibit strong growth prospects, and target profitability within a three-year timeframe. develoPPP.de is one of three funding programs developed by BMZ to promote private sector engagement in developing countries and emerging economies. The next call for applications is expected in 2025. CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $106,444 + 1.61% + 17.45% Ether $4,002 + 0.96% + 28.69% XRP $2.49 + 3.75% + 138.77% Solana $214.11 – 3.14% – 10.05% * Data as of 06:20 AM WAT, December 17, 2024. Jobs PressOne Africa – Growth and Sales Operations Manager – Lagos, Nigeria Condia – Sales and Partnership Associate – Remote (Nigeria) Moniepoint – Growth Product Partner – Lagos, Nigeria 54 Collective (Radease) – Growth Manager – Hybrid (Lagos, Nigeria) Renmoney – Chief of Staff – Lagos, Nigeria Interswitch Group – Data Engineer, Mobile App Developer – Hybrid (Lagos, Nigeria) Fairmoney – Data Engineer – Remote (Lagos, Nigeria) Duplo – Senior Product Manager, SaaS, Risk & Compliance Manager – Hybrid
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How much do Nigerian bankers earn? Discover the top paying banks in 2024
The 95,000 employees working in Nigeria’s 24 commercial banks share a common experience: a culture of secrecy around how much they earn. In the banking industry, discussing salaries is not just taboo—it’s almost forbidden. “Salaries in banking are sacred,” said one GTCO employee, who asked to remain anonymous due to company policies “At onboarding, HR makes it clear: discussing salary with your colleagues is strictly prohibited,” a banker from Stanbic IBTC shared with TechCabal. This culture of silence extends across all job grades, preventing employees from openly comparing pay with their peers. For the banks, this secrecy benefits their bottom line. It prevents staff from having the necessary information to evaluate their career options, request raises, or consider moving to competitors. This lack of transparency becomes a barrier to employee mobility, even though high turnover rates in the industry have been rising since remote work gained traction in 2020. TechCabal has gathered an in-depth salary scale for Nigerian bankers based on insights from over 26 current employees across 12 commercial banks. The data spans five key grades: Executive Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Manager. These salaries do not include bonuses such as profit sharing or 13th-month salaries. *Click on the dropdown in the image to see pay at different grades. Credit: TechCabal/Margaret Awojide Commercial banks play a critical role in Nigeria’s talent pipeline, hiring and training thousands of employees annually. They also set the standard for entry-level salaries, often adjusting wages to keep pace with inflation. However, with Nigeria’s inflation rate hitting an 18-year high, many banks have been forced to raise their salaries in response. In October 2024, GTCO raised employee salaries by 40%, signaling its commitment to retaining top talent amidst rising living costs. Union Bank followed suit, significantly increasing pay across the board and positioning itself as one of the highest-paying banks in the country. Information about these salaries is often hard to come by. If you have any insights, please use this anonymous form to share what you know and help us fill in the gaps.
Read MoreTech workers paid more for food and transport in November as inflation hits 34.60%
Nigeria’s inflation rate accelerated to a more than 6-month high in November on higher food and transport prices. Data from the National Bureau of Statistics on Monday put November’s inflation rate at 34.60%, up from 33.8% reported in October. The median estimate of five economists in a TechCabal survey was 34.01%. The primary drivers of this surge include rising food prices, exchange rate fluctuations, and increases in transport, housing, and utility costs. November’s food inflation quickened to 39.93% up from 39.16% recorded in October. Although Nigeria’s harvest season helped ease food prices, flooding in key agricultural states like Borno and increased transportation costs due to a fuel hike have reversed those gains. The country’s failure to implement a 150-day waiver on food imports also quickened food inflation. Analysts predict that Nigeria’s inflation may peak in the coming months, closely followed by a start of disinflation due to the waning influence of fuel subsidy removal and naira devaluation. “Ultimately, we think the petrol price hikes are already fading, while the impact of the naira’s sharp devaluation earlier in the year is fading too, such that they will drag on prices over the coming months. Inflation as a result will peak over the next month or two, with disinflation starting thereafter,” said David Omojomolo, Africa Economist at London-based Capital Economics. Omojomolo also expects the CBN to proceed with gradual interest rate cuts from Q2 next year, predicting a 400 basis point cut to 23.5% by the end of 2025. While a recent surge in fuel prices and floods in key agricultural areas have reversed recent gains in food prices, analysts remain optimistic about the long-term outlook for Nigeria’s economy. “Despite these challenges, the current scenario presents opportunities for structural reforms. Policies fostering agricultural productivity could address food price surges, while forex stabilisation efforts could restore market confidence,” said Olajide Oyadeyi, an Economics Researcher at The Commonwealth Secretariat. Strengthening fiscal discipline and diversifying energy sources post-subsidy removal could also enhance economic resilience in the long term, he added.
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