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January 8 2024

TechCabal Daily – South Africa’s $315 billion power plan

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning If you’ve enjoyed our exclusive stories over the past year, you can now sign up to receive them as soon as they’re published. Receive breaking news alerts directly to your inbox. Stay informed with crucial updates by clicking this link. In today’s edition Swvl swerves towards profitability South Africa’s $315 billion power plan Nigeria’s stablecoin launches in February Cellulant’s quiet layoffs Microsoft and OpenAI face fresh lawsuit The World Wide Web3 Job openings Companies Swvl swerves towards profitability GIF source: Tenor Mobility startup Swvl just flipped the script with the announcement of its first-ever net profit of $2.1 million. The company also posted an operating profit of $13.4 million. Compared to H2 2022 when the company posted $56 million in operating losses, this is a huge swerve! Swvl’s reversal of fortune from struggling to profitable business is notable, as the company has faced recent struggles such as currency devaluation in Egypt, its biggest market, and reduced appetite from investors to back startups, resulting in its woes on the public market. So how did Swvl turn the tides? Muktar Oladunmade has the deets in From Bleed to Bloom: Swvl Posts First Ever Profits. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Energy South Africa’s $315 billion power plan Image Source: ESI Africa So here’s the good news: South Africa has plans to end load-shedding for good. The bad news though, is that it will take a couple of years. Last week, energy minister Gwede Mantashe published the country’s Integrated Resource Plan (IRP) which is basically South Africa’s plan for stable electricity supply from now till 2024. Ending power cuts and meeting demands: The IRP sets out two timeframes: 2023–2030 to stabilise South Africa’s power and end load-shedding, and 2031–2050 to generate enough power for the future. The plan involves various energy sources like gas, solar, wind, and batteries to eliminate load-shedding. An ironic emoji, but load shedding in South Africa has worsened since 2007. The country suffered at least 4,000 hours of blackouts last year—that’s about half a year without electricity! To solve this present problem, the IRP may see South Africa add new power sources—6,000MW of gas, 1,500MW solar, 3,000MW wind, and 2,000MW battery storage—by 2027. All of this is pretty expensive too, with costs ranging from R5.9 trillion ($315 billion) to R8.4 trillion ($449 trillion). Will Eskom survive till then? The plan notes that Eskom will continue to provide energy to the country, but that may not come to fruition as the struggling electricity-generating company is at risk of shutting down for harmful emissions. Its 2023 results showed that the company is emitting more harmful particles in the air with every watt it produces. The company’s former CEO also said several private companies are gearing up to provide whatever electricity Eskom cannot supply. We can see this happening with energy startups on the continent, last year, raising over $500 million. This includes a $48 million raise by South African solar energy startup Wetility. Meanwhile, if you’ve got comments on the IRC, you’ve got till February 23, 2024, to accept the minister’s invite for comments or you’ll have to forever hold your peace. Economy Nigeria’s stablecoin launches in February Image Source: Google In more ironic news, Nigeria’s apex bank has confirmed that the country’s stablecoin, the cNGN, will launch on February 27, 2024. Why is this ironic? Well, in October 2023, the World Bank listed the naira as one of the worst-performing currencies in Africa, stating that the currency fell by 40% in 2023. Another report states that the naira unexpectedly dropped by 67% in 2023. While you’d think that the Zimbabwean dollar would be top of the list for worst-performing currencies—and it is on the list—it’s not atop it because the Zim dollar has been steadily devaluing since 2009. The naira has been devaluing too, but the 40%—67% devaluation happened within such a short period, it brought the naira to everyone’s attention. So will a stablecoin help? Theoretically, stablecoins help with currency stability because they’re backed by stable assets, but as we’ve noted, the naira has been anything but stable this past year. The other promises of stablecoins—lower remittance fees + financial inclusion—might not be enough to help Nigeria’s ailing currency. And we know this because Nigeria has already implemented what many consider to be an even better digital currency, a CBDC. In October 2021, after banning banks from providing services to crypto companies, the Central Bank of Nigeria (CBN) launched Africa’s first central bank digital currency (CBDC), the eNaira, for similar uses—increasing remittance inflow and border trade and financial inclusion. eNaira, e No Gree: Two years after its launch though, the eNaira barely accounts for 0.50% of the currency-in-circulation in Nigeria. In May 2022, the IMF reported 802,000 transactions, fewer than the 919,000 downloaded wallets. By 2023, Bloomberg’s report revealed a rise in wallets to 13 million and a 63% increase in transaction value to ₦22 billion. Can the cNGN succeed where the eNaira failed? The CBN’s argument for the cNGN is that since it’s co-created by commercial banks and not controlled by the CBN like the eNaira is, interoperability will be better. But the slow uptake of the eNaira was due to several factors from a few use cases, to an uninformed public and bad tech. We predict that the cNGN will fall into the same echo chamber. What do you think? Secure payment gateway for your business Fincra payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through cards, bank transfers and PayAttitude. Create a free account and start collecting NGN payments with Fincra. Layoffs Cellulant confirms December layoffs Remember last week when we said Cellulant might have laid staff off in December 2023? TechCabal can now confirm that the layoffs

January 5 2024

January 2024 SASSA SRD payment and appeals

The South African Social Security Agency (SASSA) has released the payment dates for various SRD grants in January 2024. These dates are crucial for applicants and those awaiting appeals for their grants. Important notice about SASSA payment Between January and March 2024, the South African Social Security Agency (SASSA) announced the closure of all remaining SASSA and Postbank Cash points. Beneficiaries and stakeholders must note this schedule change. For further details or inquiries, individuals are encouraged to visit the official SASSA website at sassa.gov.za or contact the agency directly via phone at 0800 60 10 11. Older person’s SASSA SRD 2024 grants Commencing from Wednesday, 03 January 2024, Older Person’s SRD Grants will be disbursed. This includes grants associated with these accounts. For recipients, it’s a reassurance that their financial support is arriving promptly. Disability SRD 2024 grants Following closely, Disability Grants will be paid from Thursday, 04 January 2024, encompassing all grants connected to these accounts. SASSA aims to ensure timely and efficient support for individuals in need. Children’s SRD 2024 grants On Friday, January 5, 2024, Children’s Grants will be disbursed, providing essential aid for families and guardians caring for children in challenging circumstances. SASSA emphasizes that there’s no rush to withdraw cash immediately upon payment. Once the money reflects in the account, it remains secure until it’s required, offering peace of mind to recipients. For SASSA status check, inquiries or assistance, contact SASSA via their toll-free number: **0800 60 10 11** or visit their website at [www.sassa.gov.za]. For more updates on SASSA news, stay tuned to reliable sources for the latest information. Safeguarding against SASSA scheme frauds Protecting yourself from potential fraud within the SASSA scheme is paramount. Here are six crucial measures to avoid falling victim to scams: 1. Official communication verification Ensure all correspondence, including emails, texts, or calls claiming to be from SASSA, are legitimate. SASSA primarily communicates through official channels and doesn’t request sensitive information via unsecured means. 2. Personal information confidentiality Never share personal details like ID numbers, banking information, or PINs with unknown individuals or websites claiming to represent SASSA. Genuine SASSA representatives will never ask for such information. 3. Beware of phishing attempts Stay vigilant against phishing emails or messages asking for personal details. Verify the sender’s authenticity before responding or providing any information. 4. Verify payment dates Cross-check grant payment dates directly from SASSA’s official sources, such as their website or authorized communication channels. Do not rely solely on information received from unverified sources. 5. Report suspicious activity If you suspect fraudulent activity or receive suspicious communications, promptly report it to SASSA or local authorities. Reporting helps protect not only yourself but also others from falling victim to scams.

January 5 2024

Nigerian equities ride New Year wave as early bets on 2024 drive record highs

Nigerian equities have opened the new year a third consecutive time driving high returns. For the third consecutive year, the Nigerian stock market started the year strong, as investors who may have missed out on last year’s massive gains continue to take new positions. The All Share Index, a metric that tracks the movement of share prices on an exchange, hit an all-time high of 78,020.54 this week. The NGX performed beyond expectations in 2023, driven by the oil and gas and banking sectors. It reached new highs, and with 45.90% growth in 2023, the returns on the NGX beat inflation. In 2024, the NGX has picked up where it stopped last year, driven mostly by banking stocks. “The markets are usually stronger in January based on the market data in the last four years,” said Christian Orajekwe, the managing director of Cordros Capital, a Lagos-based financial services firm. “This year will be a strong year for equities. Some people missed last year’s rally and are taking early positions.” Publicly available data by the NGX showed that for three years, the stock market has opened each new year on a high. The trend began in 2020 with Bloomberg naming the Nigerian Stock Exchange (as it was called at the time) the best-performing stock market from 93 global indexes. The NGX has continued on an upward trend since then. The market is also anticipating several positive full-year reports, share buybacks and new listings to drive better performance of the sector, three analysts told TechCabal. Yet, one analyst sounded a cautionary note, predicting investors would likely sell-off to take profits in Q2.

January 5 2024

NASDAQ-listed Swvl engineers a reversal of fortune as it finally achieves profitability

Swvl, the mobility startup that once operated on four continents, has posted a net profit for the first time, according to its financial report for the first half of 2023. The company achieved profitability by selling off its subsidiaries in over a dozen countries and narrowing its focus to three markets: Egypt, Saudi Arabia, and the UAE. Swvl also laid off staff and effectively transitioned into a B2B company in the first half of 2023. While Swvl lost $161.6 in the first half of 2022, it posted a net profit of $2.1 for the same period in 2023 despite a 49% decline in revenue year-on-year. Swvl also posted an operating profit of $13.4 million, compared to an operating loss of $56.0 million in H1 2022. Most of the company’s revenue (73.7%) comes from selling technology clients use to plan their routes, operate fleet services or even manage riders. The rest of its revenue is from operating buses. Egypt is Swvl’s largest market, bringing in 93% of its revenue, while Saudi Arabia brought in 7%. The UAE did not contribute to its revenue. The cost of sales also dropped by 61% to $9.3 million compared to the first half of 2022. “I believe that Swvl is now creating significant value for its shareholders and is positioned for profitable growth and enhanced expansions in high revenue markets,” said Mostafa Kandil, the company’s CEO. Swvl is also generating cash, as inflow into the business was $2.2 million in the first half of 2023, compared to operating outflows of $76.8 million in the first half of 2022. The company’s total assets stand at $34.65 million, a 63.67% reduction year-on-year, while its total liabilities stand at $29.62 million, a 75.3% reduction from year-on-year. Investors reacted positively to Swvl’s improved performance, with its share price rising by more than 100% since the release of the financial report. The company’s share price is $2.29 at the time of this report. Swvl’s reversal of fortune from struggling to profitable business is notable, as the company has faced recent struggles such as currency devaluation in Egypt, its biggest market, and reduced appetite from investors to back startups, resulting in its woes on the public market. US-listed Swvl quietly releases long-delayed 2022 financial statement as it engineers its way to financial safety The company’s debut on the NASDAQ in March 2022 at a share price of $10 represents a distant past, as the company’s shares have since February 2023 hovered around $1, earning multiple threats of delisting from the NASDAQ. Swvl tried several options to reverse the slump, such as a reverse stock split in January 2022 that granted each shareholder 25 shares for each share held. That move offered brief relief as its share price jumped to $4 per share, but initial optimism faded as its share price quickly fell again. Under pressure to arrest the slump, the company also laid off more than 400 staff and dissolved subsidiaries in many countries, such as Argentina, Chile, Mexico, Germany and Pakistan, by either shutting down or selling its stake in those subsidiaries. Swvl also reduced the compensation it paid its senior management and company directors from $13.4 million in the first half of 2022 to $344,355 in 2023. These decisions have allowed Swvl to reduce its expenses from $53 million in 2022 to $5 million in 2023. However, the company is reversing these decisions as it has rehired some former employees amid plans to expand into more markets. Swvl share price jumps as board approves reverse stock split

January 5 2024

Exclusive: Cellulant quietly laid off staff in December, one month before CEO’s departure

Cellulant, one of Africa’s oldest fintech startups, quietly completed a third round of layoffs in December 2023, one month before the abrupt departure of CEO Akshay Grover, two employees with knowledge of the matter told TechCabal. The exact number of employees affected by the layoffs remains unknown. At least four high-profile executives also left the company in the fourth quarter of 2023. Cellulant confirmed the “departure of staff, including some at the senior level” because of the “execution of strategic initiatives.” The company said it would name new leadership in a separate statement on Thursday. These departures and layoffs culminated in the exit of CEO Akshay Grover, which was announced on Thursday. Akshay joined as CFO in January 2021 and was named CEO three months later. He was handpicked to lead Cellulant through a fourth financing round, said two people with direct knowledge of the situation. In September 2022, the company said it would raise $100 million in a Series D round before the end of the year to “deepen operations, acquire more merchants, more customers, and ensure seamless and effective payment services.” Ultimately, Cellulant was unable to raise the $100m it targeted. “The funding was a struggle, even though the company kept pushing towards it in 2022,” said one source who asked not to be named because they are not authorised to speak on behalf of Cellulant. “The company maintains an active dialogue with potential investors. In 2024, we currently don’t plan to raise funds,” Cellulant said in an email to TechCabal. Twiga Foods CEO resigns from company’s board one month after announcing a half-year sabbatical The struggle to raise funding was unusual for a company that raised $54.5 million in three funding rounds between 2014 and 2018 from investors like The Rise Fund—a private equity firm owned by TPG Growth—and Velocity Capital. Unable to raise funding, Cellulant began restructuring its business in 2023. At the start of 2023, it laid off 27 employees, and in a second round of layoffs in August, it reduced its headcount by 20% and said it was “moving towards a leaner product-focused strategy.” Most of the changes the business made in 2023 were geared towards cutting costs, and one ex-employee claimed Cellulant had been spending significant amounts of money without specific growth goals. Cellulant did not respond specifically to those claims. Got a Tip?We’d like to hear from you. With a nonwork phone or computer, contact the author of this article at kenn@bigcabal.com. TechCabal protects the confidentiality of its sources.

January 5 2024

ZeroComplex AI secures major funding boost for its AI workflow solutions

Emerging AI player, ZeroComplex AI has secured substantial pre-seed funding from a group of notable investors. This funding will go towards furthering its goal of helping organisations integrate AI seamlessly into their digital infrastructure across the African continent. Globally, the world has witnessed an unprecedented surge in AI development and adoption in recent years. AI is changing the way we work and solve problems. Whether in the finance sector, health, education, software development, or e-commerce, AI is improving efficiency and decision-making. AI can simplify and streamline complex processes, process large amounts of data, and provide accurate analysis faster and more efficiently than humans. In recent years, forward-thinking companies are curious about how to integrate AI into their existing systems and harness its power to transform their businesses. ZeroComplex AI is making this process seamless and easier for organisations regardless of their size and industry. The company leverages AI to solve workflow issues and supercharge businesses and organisations globally. (ZeroComplex AI co-founder, Kehinde Olateru) Founded by Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo, ZeroComplex AI was created by the co-founders of Crenet, a B2B technology consulting and implementation company that builds digital products for enterprise organisations. Working on technology implementation projects across various sectors allowed them see first-hand the opportunity in AI simplifying business processes. Years spent building AI implementation projects and workflows for a lot of organisations prepared the team with the necessary skill-sets and competencies to create ZeroComplex AI. Speaking of this pivot from Crenet to ZeroComplex AI, Co-founder of Crenet and once Head of Flutterwave Labs, Kehinde Olateru says “Based on the conversations we were having with customers who wanted to know how AI would impact their businesses, we realised that AI integration will be one of the toughest things for a lot of businesses, especially businesses that have existing digital infrastructure. So we decided to put together AI workflows that are specific to different use cases for a lot of these businesses, regardless of their size.” This led to the birth of ZeroComplex AI, with the aim of simplifying the process of integrating AI for businesses via its AI workflows. Pitch2Win and funding In 2023, the startup entered the Pitch2Win competition and emerged second place winners catching the eye of Voltron Capital’s founder Olumide Soyombo, who was one of the judges at the Pitch2Win event. This happy coincidence led to investments from Voltron Capital, Henry Kaestner’s Kaleo Ventures, Alpha Gaps, Velocity Digital, and a host of other prestigious angel investors shortly after the competition. This oversubscribed seed funding round represents overwhelming faith in the potential of ZeroComplex AI. So far the company has piloted three AI workflow solutions with use cases spanning finance, education, health, and a wide range of industries. In future, the company hopes to pioneer more AI workflow solutions across various global industries. Contact ZeroComplex AI here for further details.

January 5 2024

Twiga Foods CEO resigns from company’s board one month after announcing a half-year sabbatical

Peter Njonjo, the CEO and co-founder of Twiga, has resigned from the company board, arguing that he can only add “very little value” to the company in the future, seemingly confirming earlier reports that he was forced out as CEO last year. Njonjo founded Twiga in 2013 and led the company until December 2023, when he abruptly announced that he would take a six-month sabbatical. At the time, TechCabal reported that the timing suggested Njonjo was likely being pushed out by Creadev and Juven. Both investors participated in a $35 million funding round that helped cash-strapped Twiga pay its obligations to vendors it owed. “Currently, the strategic direction and daily operations are now firmly in the hands of Juven and Creadev, and there is very little value I can add from this point on,” Njonjo’s letter to his firm’s board, dated January 4, 2024, said. Njonjo said he had agreed to work through a six-month transition at the board’s request after his initial “resignation” to allow the board to recruit a new CEO. By describing his sabbatical as a resignation, Njonjo’s latest letter seems to confirm TechCabal’s earlier reporting that investors and long-time players in Kenya’s technology ecosystem privately speculated that his sabbatical was a cover for his eventual exit. Peter Njonjo has not replied to TechCabal’s request for comments enquiries at the time of this report. Njonjo closed a $35 million convertible bond to help Twiga repay vendors it owed two weeks before announcing his 6-month sabbatical in December 2023. Njonjo told Business Daily, the Kenyan publication that published excerpts of Njonjo’s resignation letter, that he had contributed $1 million in that round led by Juven and Creadev. The additional funds were supposed to be used to pay vendors and suppliers Twiga owes. At least one supplier Twiga is locked in litigation with says they have not been paid or notified of a payment plan (despite Twiga saying it notified around 100 vendors). The company is now in informal talks with Twiga representatives, TechCabal learned. Njonjo says he will be a supportive shareholder after his exit from the board and is already considering other opportunities that will take up his time. Njonjo is not the only Twiga leader who has departed the struggling company. According to his LinkedIn profile, Yebeltal Getachew, a former managing director for the Nigerian office of Coca-Cola who was hired in 2021 as the head of Twiga’s East Africa business, also left the company in December. Getachew was hired when the company prepared to pursue an aggressive expansion strategy. Juven did not reply to enquiries sent to them by the time of this report. Messages sent to Creadev’s Africa managing director have not been replied to at the time of this filing.

January 5 2024

TechCabal Daily – Multichoice loses right to broadcast AFCON

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF In case you missed it, African startups raised $3.19 billion last year. Is that less than 2022’s ~ $5 billion raise? Yes. Should everyone be worried? Nope. Okay, maybe a little bit. There’s a funding winter across the globe with VC firms and investors holding their purses almost as tightly as African presidents hold onto power. What this frugality spells for the ecosystem—home and oversees—is sustainable practices and startups. If it’s not going to be viable, don’t build it…at least not yet. In today’s edition AFCON moves from SuperSport to New TV Cellulant’s CEO resigns Zuck sold over $400 million in Meta shares inDrive expands to fintech Funding tracker The World Wide Web3 Job openings Streaming Multichoice will not broadcast AFCON Africans will have to look elsewhere to watch the most prized football tournament on the continent. Multichoice-owned SuperSports channel will not show this year’s edition of the Africa Cup of Nations after it lost its broadcasting rights to a Togo-based platform, New World TV (NWT). “An unmatchable deal”: The deal is said to be the biggest in the tournament’s history. The Confederation of African Football (CAF) president Patrice Motsepe described it as “a mega deal that no other broadcaster could match.” New World TV secured the exclusive rights to cover both AFCON 2023 in Ivory Coast and 2025 in Morocco. Why does this matter? While SuperSport’s extensive coverage and promotional efforts have traditionally contributed significantly to the overall hype and excitement surrounding the AFCON, New World TV’s newly acquired hosting right poses new competition in the market for MultiChoice which formerly aired previous editions of the competition. Football fans across the continent also fear that their viewing experience might be hampered as SuperSport is known for its strong network of local commentators and analysts who provide context and insights specific to different African regions. It remains to be seen whether New World TV will live up to the hype. Several fans debate that NewsWorldTV might not have the robust infrastructure—like SuperSport—to fully cover the competition. There are worries that English-speaking countries might be left in the dark because NewsWorld TV primarily serves a Francophone audience New World TV? The pay-TV channel set up shop in Togo in 2015 and made a remarkable entry into broadcasting sports after it acquired broadcasting rights in French-speaking Africa for the 2022 World Cup in Qatar. The streamer also won the rights to broadcast the 2022–2028 editions of the UEFA Nations League as well as the broadcasting rights in Francophone Africa for Euro 2024 and 2028. Present in Lome, Togo, the NWT aims to set up shops in other parts of sub-Saharan Africa in the coming years. Another side of the coin: The competition which will kick off on January 14 had been aired over the years on SuperSport. However, the South African broadcaster has shown a reduced appetite for showing African competitions. SuperSport did not broadcast the newly launched African Football League, where South African-based side Mamelodi Sundowns clinched the first-ever title. Where to watch AFCON: If you’re looking to watch AFCON, New World TV subscriptions cost about CFA 3,000 to 7,000 ($5–$18) which is cheaper compared to DStv’s $10–$40. Alternatively, AFCON will also be available on Startimes and Viaplay. More DStv news: Meanwhile, multiple customers have accused DStv of adding Disney+ services to their accounts and wrongly charging them for its use. DStv partners with the Walt Disney Company to allow subscribers to add a Disney+ subscription to their monthly bills. The company claims the charges were made in error to subscribers who signed up for a 3-month trial. While it claims it has started making refunds, customers the refunds are only partial. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Fintech Cellulant CEO resigns Akshay Grover. Image Source: TechCabal Surprise, Surprise! Akshay Grover, Group CEO of Cellulant has left his position to focus on personal matters. Grover was appointed as Group CEO of Cellulant in July 2021, taking over from longtime CEO and co-founder, Ken Njoroge. The big picture: Grover, who joined Cellulant in January 2021 has blamed his departure to focus on personal matters. It appears that the move might be a part of a restructuring play at Cellulant. The company fired 27 staff members in early 2023. It then trimmed 20% of its workforce in August 2023, consolidated some roles, and created new ones. TechCabal has also learned that it executed another layoff in December 2023, although details of the layoff were not disclosed. Zoom out: While details of the exit remain unclear, Peter O’Toole, the company’s CFO, will replace Grover as the acting CEO. The company also said it will make new additions to its leadership team in the coming months. Market Meta CEO sells over $400 million worth of shares Mark Zuckerberg. Image Source: Bloomberg Mark Zuckerberg has broken his two-year stock-selling hiatus with a sale of 1.28 million shares! Per Bloomberg, Zuckerberg has been selling the shares every trading day since November 1, 2023, till the end of 2023. The average earnings from each day amounted to $10.4 million, with the largest transaction occurring on December 28, 2023, at $17.1 million. Before this period, Zuckerberg had held back on selling Meta shares since November 2021. The timing of his recent sales coincided with Meta’s share price bouncing back from its seven-year low in 2023. Meta shares, which grew by 193%, outperformed those of every other major tech giant except Nvidia Corp. last year and is now near its September 2021 record high. Zoom out: Zuckerberg isn’t the only tech titan shedding shares. Salesforce CEO Marc Benioff also cashed out over $475 million in the second half of 2023. Despite the sale, Zuckerberg still owns a sizable 13% of Meta which is worth about $125 billion Secure payment gateway for your

January 4 2024

How to create JAMB profile for 2024 UTME

There are several updates for the JAMB 2024 you need to be aware of. Creating a JAMB profile is one of them. Creating a Joint Admissions and Matriculation Board (JAMB) profile is the initial step for prospective students in Nigeria to apply for tertiary education. We’ll walk you through the SMS or online registration to create a JAMB profile for 2024 UTME. The process is simple and accessible to all. 1. Create JAMB profile 2024 with SMS For individuals who prefer the convenience of SMS, initiating a JAMB profile can be achieved through a basic text message. Compose a message in the format: Surname First name Middle name from your personal mobile number to 55019. For instance, if your name is Adaeze (first name) Boluwatife (middle name) Chukwuma (surname), the SMS should read: Chukwuma Adaeze Boluwatife. Note: A one-time SMS charge of N50 applies, so ensure you have sufficient credit. 2. Create JAMB profile 2024 via online registration Alternatively, for those inclined towards online procedures, the process remains equally straightforward: Visit the Official Website: Access the official JAMB e-facility website at JAMB e-Facility. Provide information: Fill in all the required details as prompted by the registration form. Verification: Conclude the registration by clicking on the ‘Verify e-Mail’ button. Upon successful registration, checking the email address provided during this process is important. JAMB will dispatch a verification email containing crucial instructions for the subsequent steps. Important notes on creating your profile 2024 Creating a JAMB profile is the foundational step for students aspiring to pursue higher education in Nigeria. Whether opting for SMS or online registration, it’s essential to: Ensure accuracy: Double-check all information entered during registration to avoid errors. Confirm verification: Verify the provided email regularly for updates from JAMB. Keep credentials secured: Safeguard login details and profile information for future reference. By following these simple steps and recommendations, aspiring students can smoothly create their JAMB profiles and embark on their journey towards higher education.

January 4 2024

Surprise exit at Cellulant as CEO Akshay Grover departs after less than three years

Akshay Grover, who was named Group CEO of Cellulant, one of Africa’s most prominent payment companies, in July 2021, is stepping down this month to focus on personal matters. Cellulant confirmed his departure in an email to TechCabal and said, “The company is committed to maintaining its momentum and continuing its growth trajectory.” Peter O’Toole, the company’s CFO, has been named Acting CEO. According to the company’s communications, new names will be added to its leadership team in the coming months. Grover joined Cellulant in January 2021 as the chief financial officer (CFO). He was appointed Acting CEO in May 2021 after Cellulant’s longtime CEO and co-founder, Ken Njoroge, stepped down following a now-settled financial misconduct crisis that also led to the resignation of the company’s co-founder, Bolaji Akinboro. Cellulant has a storied history, and the tale of how its cofounders scribbled the original idea for the company on a napkin in 2003 is now lore. With an initial $3,000 investment from its cofounders, Cellulant began as a ringtone-selling platform. Its business model soon came under pressure after Safaricom, Kenya’s leading telco, began offering the same music service to customers for free. Cellulant then pivoted from its B2C model, connecting banks to the M-PESA payments ecosystem. It would later expand to Zambia, Ghana, and Botswana as it sealed payment partnerships with international partners such as StanChart. Before the 2020 COVID-19 pandemic, it had 13 offices across the continent and raised $1.5 million, $5.5 million, and $47.5 million across three funding rounds. In 2022, Cellulant was pursuing a $100 million series D round, but the raise was put on hold. Like most digital businesses in Africa, Cellulant was also affected by a challenging business environment in 2023. At the start of 2023, it laid off 27 staff members, and in August 2023, it fired 20% of its staff, consolidated some roles, and created new ones. These changes and trimmings were effected for “leaner and efficient operations,” per a statement shared with TechCabal at that time.