JAMB 2024 result slip printing updates
The latest announcement from the Joint Admissions and Matriculation Board (JAMB) sheds light on the process of accessing JAMB 2024 results. This update is important for candidates who participated in this year’s Unified Tertiary Matriculation Examination (UTME). Unlike previous years, JAMB has implemented a significant change regarding result distribution for the 2024 session. According to the official communication, there will be no provision for printing JAMB result slip(s) this year. It’s crucial to note that the 2024 UTME results will not be distributed in hard copy format. Therefore, candidates are cautioned against trusting printed result slips shared on social media platforms, as they lack authenticity. Alternative methods for result access JAMB strongly advises candidates against using third-party services to check their 2024 UTME results. The sole authorised method for result retrieval is through SMS. By sending the message “UTMERESULT” to either 55019 or 66019 using the registered phone number, candidates can access their scores. It’s imperative to ensure that the SIM card has sufficient airtime, as the service incurs a fee of ₦50 only. Crucial information for result access Please take note of the following vital points in the absence of JAMB result slip printing for 2024: Lost phone number: In case of a lost or damaged JAMB registered phone number, candidates must contact their mobile network provider for retrieval. That is the only way to access your 2024 JAMB results because there’s no opportunity for result slips printing. Non-receipt of results: If candidates are not receiving their 2024 JAMB results on their registered phone numbers, deactivating the Do Not Disturb (DND) feature on the SIM card is recommended, as DND activation may hinder receipt of messages from shortcodes. Fees paid on JAMB portal: Candidates who made payments on the JAMB portal for result checking or result slip printing in 2024 may have forfeited their money due to the revised process. “Under Investigation” Status: Results marked as “under investigation” may be released after JAMB completes its inquiry. “Results Withheld” Status: Results labeled as “results withheld” may not be released due to suspected exam malpractice. Final thoughts on JAMB 2024 result slip printing While this change may deviate from previous practices, JAMB encourages all candidates to embrace the designated SMS method for result checking. Perhaps, later in the year, JAMB result slip printing for 2024 may commence for admission purposes in respective institutions. However, as of now, this option remains unavailable.
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Check JAMB admission status 2024
The Joint Admissions and Matriculation Board (JAMB) introduced new measures to accept or reject admissions in 2024 to combat fraudulent practices. It’s therefore imperative for candidates to be well-informed on how to access their 2024 JAMB admission status, and respond accordingly. JAMB board’s observations JAMB has expressed concern over institutions and cybercafes manipulating admission offers, either to favour certain candidates or extort money from others. To counter this, JAMB has revamped the admission process, emphasising transparency and fairness. Accessing your JAMB admission status 2024 Candidates can now access the JAMB admission list, and specifically,their admission status via two ways: 1. Via SMS Simply send “ACCEPT” or “REJECT” from your JAMB registered phone lines to either 55019 or 66019. This streamlined process ensures direct communication between candidates and JAMB, minimising the risk of interference from unauthorised parties. 2. Fingerprint method Alternatively, candidates can visit any accredited Computer-Based Test (CBT) centre or Joint Admissions and Matriculation Board (JAMB) office nationwide to use their fingerprints to access their admission status in 2024. This method provides an additional layer of security, safeguarding candidates’ personal information. Upon receiving your admission status, candidates are advised to carefully consider their options. If satisfied with the offer, you should promptly respond with “ACCEPT” to secure your spot. Conversely, if you wish to decline the offer, you should send “REJECT” to indicate your decision. Final thoughts on check JAMB admission status 2024 By adhering to these procedures, candidates contribute to upholding the integrity of the admission process. Rejecting fraudulent practices and embracing transparency ensure a fair and equitable system for all aspiring students. The process of checking the JAMB admission list and responding to JAMB admission offers in 2024 prioritises the interests of candidates while combatting unethical behaviour. By following the prescribed steps, candidates can navigate the admission process seamlessly.
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Check your name on JAMB matriculation list 2024
The JAMB matriculation list for 2024 serves as a record of students who have received admission offers from Nigerian tertiary institutions. It’s vital for students to ensure their names are on this list. Let’s delve into why checking your name on the JAMB Matriculation List 2024 is important. Importance of verifying your name on JAMB Matriculation List 2024 You should check if your name is on the JAMB admission list because: NYSC mobilisation: To qualify for the National Youth Service Corps (NYSC), your name must be on the JAMB matriculation list. Validity of admission: Confirming your name on the list validates your admission from an accredited institution recognized by JAMB. Protection Against Fraud: Checking your name safeguards you from falling victim to fake admissions offered by illegitimate institutions. How to check your name on the JAMB matriculation list in 2024 To verify your name on the JAMB Matric List 2024: Visit the JAMB matriculation list portal on the e-Facility website. Provide your JAMB registration number and examination year. Your name will be displayed if it’s on the list. Getting your name on the list To ensure your name appears on the matriculation list: Access and print your Admission Letter (if/when it’s available) from the e-Facility Portal. Obtain and print your JAMB result slip (if/when it’s available) via the e-Facility platform. Seek confirmation from your institution’s admissions officer regarding both documents. It’s vital to note that only candidates with admission offers from recognized institutions will be listed. Those admitted by unrecognised institutions won’t find their names on the list. Final thoughts Verifying your name on the JAMB Matriculation List is an important step in the admission process for Nigerian tertiary institutions. It confirms the legitimacy of your admission, shields you from fraudulent schemes, and is essential for NYSC mobilisation. Candidates are urged to check their names promptly to avoid last-minute complications.
Read MoreNigeria’s headline inflation accelerates to 33.69%, placing an imminent rate hike on the table
Consumer prices jumped consecutively in April, increasing the likelihood that the central bank will raise interest rates at a monetary policy meeting next week. Headline inflation in Nigeria quickened to 33.69% in April, closely matching Meristem analysts’ forecasts of 34.43%. Those estimates were based on increased demand for food products and biting fuel scarcity which is expected to raise transportation costs, significantly impacting this month’s results. Food inflation also rose sharply to 40.53%, as shoppers continued to seek cheaper alternatives to expensive staples like rice, bread and yam. Increased electricity tariffs and ongoing naira depreciation further fueled inflationary pressures. “The Central Bank needs to maintain a hawkish monetary policy stance, and on the fiscal policy side, the government needs to focus on supply chain, particularly the agricultural supply chain,” said Benjamin Boachie, Chief Economist at SecondSTAX, a Ghanaian fintech that provides access to stock markets for institutional investors, via an emailed response. He proposed deploying tools like “tax relief to targeted subsidies, to alleviate the worst effects of the current inflation for the most vulnerable.” Olayemi Cardoso, the Central Bank governor has pledged a return to orthodox monetary policies. The CBN introduced a raft of policies to ensure naira stability and guarantee investors confidence. The bank also aggressively raised interest rates in February and March 2024. However, those efforts have shown limited success, with some gains made in February 2024 with the currency being gradually eroded. Blaming the inflationary surge on President Bola Tinubu’s economic reforms, labor unions are demanding a 20-fold increase in the minimum wage, from ₦30,000 to ₦615,000 per month, to address the rising cost of living.
Read MoreGlobal crypto exchange Kucoin suspends p2p naira trading
Three weeks after Nigeria’s Securities and Exchange Commission (SEC) met blockchain industry players and asked that they stop peer-to-peer trading, the global crypto exchange Kucoin has suspended all naira-based peer-to-peer trading. “As part of ongoing efforts to enhance our services, Kucoin will temporarily suspend all p2p Naira services and Fast Buy service via Naira card,” the company said in a notification to users. While the global crypto exchange Binance faces federal government charges, Kucoin has largely remained under the radar and it will hope to maintain the status quo with its decision to halt p2p trading. For weeks, the office of Nigeria’s Security Adviser has increased scrutiny of p2p crypto trading, mandating fintechs and banks to close bank accounts linked to trading and report said accounts to the authorities. The Economic and Financial Crimes Commission (EFCC) has also blocked thousands of accounts for trading crypto. On May 7, Emomotimi Agama, the SEC DG blamed the slide of the naira on cryptocurrency traders. “What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the exchange rate,” he said at that event. While the naira became the best-performing currency in April, it has since reversed all those gains. On May 14, the USD exchanged for ₦1520, a stunning drop and a reminder of the volatility that led to a ban on Binance in February 2024. This week, several currency traders in major cities told TechCabal that the EFCC had resumed arrests of street traders, in enforcement of the February ban. Despite these extreme measures, there’s no respite in sight for the naira and it remains to be seen if authorities will follow through with a plan to ban p2p trading and what form that ban may take.
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👨🏿🚀TechCabal Daily – Zimbabwe might bring back mobile money agents
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We’re going to be all up in your ears about our upcoming podcast. So take a few minutes to fill out our survey and tell us what you’d like to hear from us. What kind of podcasts do you like? Let us know here. In today’s edition Zimbabwe proposes mobile money agents’ return Nigerian ride-hailing drivers score a win Bamboo debuts Nigerian stocks Inside Credit Direct’s lending ambitions The World Wide Web3 Opportunities Economy Zimbabwe proposes mobile money agents’ return to push ZiG Zimbabwe wants mobile money agents to operate again in order to boost the use of ZiG, its country’s new gold-backed currency. Why is this news? In July 2020, Zimbabwe suspended operations for mobile money agents. The government believed the agents fueled black market currency trading practices that destabilised the previous Zimbabwean dollar. Launched in April with hopes of reviving the economy, the ZiG is the country’s sixth attempt to fight hyperinflation. Initially valued at a promising 13.53 ZiG per US dollar, it slumped to a record low of 13.67 ZiG just a month later and efforts are being made to revive the currency. A new proposed solution: Zimbabwe’s Treasury proposes to re-allow mobile money agents from Econet Wireless, NetOne, and Telecel to operate in the coming weeks. By allowing mobile money agents to operate again, the government hopes to boost the ZiG, ultimately reducing reliance on the unofficial currency market. “The agents will act as a bureaux de change and help the public access small amounts of foreign currency for everyday use. This means if you have an Econet line and if you register for Ecocash, you can convert from ZiG to US dollars or from US dollars to ZiG at the official exchange rate. That is the first part to allow inter-changeability without having to go to the streets,” Kuda Mnangagwa, the deputy finance minister, told lawmakers in parliament last week. Measures that have been taken since the launch of ZiG: The National Prosecuting Authority reports over 100 street money traders arrested nationwide, primarily in Harare, for alleged involvement in selling against the official rate, acts that have contributed to the currency crisis. Last week, the Zimbabwean government announced a 200,000 ZiG ($14,782) fine for individuals and businesses caught not using the official exchange rate for the new ZiG currency in their transactions. In April, the Reserve Bank of Zimbabwe released a statement expecting that all the online payment platforms convert customer balances to the country’s new currency, the Zimbabwe Gold (ZiG) before April 12. All in all, the country is doing all it can to make sure that ZiG moves the right way. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Mobility Nigerian ride-hailing drivers score a win In January 2024, ride-hailing drivers across the country started the year on a sour note marked by the death of one of their own. Adebayo Padmore, a driver with LagRide, collapsed on the morning of January 8, 2024, as he prepared for what many drivers have described as a maddening routine. Padmore was one of the many LagRide drivers who have complained about the platform’s unrealistic financing models. In fact, Nigeria’s union for ride-hailing drivers AUATON tagged the repayment method a “killer model”. Padmore’s death sparked conversations about the need for health insurance for ride-hailing drivers across the country. Now, months later, 12 ride-hailing apps have agreed to the drivers’ terms. Per TechCabal, the companies, including Rida, Bosscab, and Nairaxi, are rolling out health insurance—a first for the industry and a major victory after years of driver advocacy. The exact plans are being finalised, but initial coverage includes drivers only (family might come later). The health insurance plan will cover routine medical checks, surgery, cancer treatments, ante-natal, and drugs. “The HMO will be operational in the next 90 days after we create awareness in our state councils. We will start collecting check-off dues on the platforms that sign onto the agreement,” said Damola Adeniran, president of the App-Based Transporters of Nigeria (AUATON). The big boys are missing: Unsurprisingly, Bolt, inDrive, Uber and LagRide are not part of the agreement. While LagRide initially had health insurance coverage for its divers, these benefits were paused indefinitely shortly before Padmore’s death. Bolt, on the other hand, only offers drivers health insurance as an incentive to drivers contingent on them meeting certain targets. Moving forward, the union has plans to solidify its membership identification process. It also says it will continue lobbying for lower commissions, pension plans, and a voice in company decisions. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Companies Bamboo debuts Nigerian stocks on its platform Bamboo, a Nigerian investment brokerage firm that allows users to invest in U.S. stocks, has launched Nigerian stocks on its platform. What does this mean? This means users will have access to local assets and can now invest in local businesses on Bamboo. Bamboo used to just offer stocks from the U.S. Now, you can buy and sell stocks on the Nigerian Stock Exchange (NGX) right from the Bamboo App. This includes companies like Guaranty Trust Holding Company (GTCO), MTN, and Dangote Cement. Furthermore, Bamboo plans to add new listings to the app whenever a company goes public ensuring users have access to a constantly evolving capital market. “We are thrilled to finally launch Nigerian stocks on the Bamboo platform. Among our investors, local stocks are by far the most in-demand asset class. We are incredibly proud to play
Read MoreCredit Direct, the digital lender with ₦4bn in 2023 profits wants a bigger piece of the pie
Digital lending is notorious for teaching expensive lessons. While every lender will talk up their proprietary algorithms and foolproof loan decision systems, many loan books will show that few have hacked profitable lending. Yet, Credit Direct, a digital lender whose name may not draw a flicker of recognition from most people, reported ₦4bn ($2.6 million) in profits for 2023. It will likely exceed that number in 2024 after recording ₦2.9 billion pre-tax profit for Q1. The company’s return on equity–a metric that shows how well a company squeezes profits from the assets on its balance sheet–is 45.5%. GTCO, one of Nigeria’s most efficient financial institutions, has a return on equity of 44.82%. It did not arrive here without some lessons; in 2016, the company had a loan loss provision of ₦4.6 billion after attempting to expand its customer base. Inefficient loan decision systems and the steep cost of refining those decisions may have driven those losses. But those dark days are firmly in its rearview. With experience as one of the oldest non-bank lenders, it is making another push to grab a larger size of the lending pie. “I think Credit Direct is Nigeria’s most successful fintech. We’re easily the most profitable,” says Chukwuma Nwanze, the company’s CEO. For all its success and longevity—the business is 17 years old—it’s not as popular as say, Fair Money or Palm Credit despite being a subsidiary of the FCMB Group. Other traditional banks talk up their subsidiaries—GTCO has touted Squad’s profitability, and Access Group will talk about Hydrogen to anyone who cares to listen–but FCMB Group has been happy to let its uber-profitable subsidiary move in silence. Yet, there’s a group of customers to whom Credit Direct is a household name: civil servants. Credit Direct is one of the most popular digital lenders among paramilitary officers: members of The Nigerian Police Force, The Nigeria Customs Service, Civil Defence, the Nigerian Correctional Service and the Lagos State Traffic Management Authority (LASTMA). It has given loans to 1.5 million civil servants across 25 cities and states. “For federal government employees, the average loan size is around ₦450,000 monthly. For state government employees, it differs. In Kogi state, it’s around ₦120,000 while it’s ₦300,000 in Lagos.” “Across our entire portfolio, the average loan size is around ₦250,000. For businesses, it’s ₦4.5 million. These government workers, with their famed job security, are dream customers. Thanks to a partnership with the state and federal government, their loan repayments are deducted as soon as they receive their salaries, significantly lowering the chance of defaults. The customer segment is not without risk. State governments often fall behind on salary payments, making it difficult for employees to repay loans. In August 2022, the Nigerian BudgIT, an organisation that promotes transparency in government, showed that 12 state governments were owing salaries. Lenders in the sector need to have their wits about them. Once you figure out how to balance out the risks, lending to civil servants may help build a stable business. But it will leave you with a perception problem and a lack of visibility among another significant market segment: private sector workers. “We have almost 30% of market share when it comes to lending to guys in the public sector so we are characterised as a civil service business. That is the narrative we need to switch.” Part of that switch drove a digital transformation initiative that has reduced its reliance on loan agents that trawl government offices offering loans and ensuring prompt repayment. It has cut down its number of agents from 1,500 to 400 at a time LAPO Microfinance Bank, one of its fiercest competitors, continues to leverage agent distribution. But Nwanze, who became CEO in 2023, believes digital channels are the key to expansion and scale. “25% of our sales last year were through USSD. It accounted for over 20 billion in terms of loans originated in 2023.” Despite a prompt on its website to download a mobile app from the Apple Store and Google Play store, nothing happens when they click the prompt. The company shared that it does not have a customer-facing app. It’s doing brisk business regardless and claims to disburse around ₦500 million daily and says all its loan decisions–made by assessing several data points to determine willingness and ability to repay—are digital. “We are not in the business of giving all those very quick five thousand, twenty thousand loans at 28% per month.” Instead, it has defined pricing for customer segments depending on the risk. It claims its loans are priced at around 3.5% to 4.5% per month. “We are very efficient around pricing. we look for those key points that will make that customer always come. If you work in the private sector and based on your credit history and whatever variables we do, we can then adjust our pricing but we never take it up to an unreasonable level.” We attempted to take a Credit Direct Nano loan—a personal loan capped at ₦50,000–at the time of this article but didn’t receive a decision in the ten hours it took to publish this article. That timeline may not win it a lot of fans in the private sector it is expanding into. It may offer better rates than competitors, but will also need to account for speed. Nwanze acknowledges as much. “Many people consider speed and convenience over price. Will they get the money now?” Ultimately, Credit Direct is unfazed by competitors in the new space it is looking to grab market share in. With a belief that customers don’t have any real loyalty to a single financial institution, it will be banking on 17 years of data, its expensive lessons and impressive growth over the past year to change its perception. Will the second push for a larger make be the charm? Only time will tell.
Read MoreNigerian B2B e-commerce startup OmniRetail Tops FT Africa’s Fastest Growing Companies list
Nigeria’s OmniRetail, a B2B e-commerce startup, is the fastest-growing company in Africa, according to the Financial Times ranking of the fastest-growing companies in Africa. This year’s list is the third edition, and ranks companies according to cumulative annual growth revenues, is dominated by South African and Nigerian firms. OmniRetail, a startup founded in 2019, grew its revenues by 772.39% in 2022, to $139.8 million. Mauritian Kyosk Digital, a B2B platform that connects retailers to FMCG manufacturers, was ranked second at 647.37% CAGR followed by South African employment services firm Resourgenix Pty Ltd at 542.65%. The two companies had revenues of $155 million and $33 million respectively. Moniepoint, one of Nigeria’s biggest payment startups, and commodities brokerage Afex Commodities Exchange closed out the top five with revenues of $149 million and $415 million respectively. Of the 125 companies that made it to this year’s list, 42 were South African, 25 were Nigeria, while Kenya and Morocco had 12 companies each. This year’s list continues the dominance of B2B startups on the continent. While 2023’s list was topped by Afex and Moniepoint, both fintechs, e-commerce firms had the most slots– highlighting the growing popularity of models disrupting retail distribution on the continent. In this year’s edition, the FT said that the ranking recorded a wider spread of companies. The previous lists were dominated by countries that attract the highest startup funding–South Africa, Nigeria, and Kenya.
Read MoreNigerian drivers secure health benefits from 12 ride-hailing companies
Twelve ride-hailing companies will begin offering health insurance to drivers in the first major win for driver welfare years after drivers started pushing for better working conditions and benefits. Rida, Indrive, Bosscab, SimpliRide, and indigenous Nigerian mobility providers like Nairaxi have agreed to offer drivers health insurance, according to one person familiar with the discussions. “We are still finalising the technical details,” the same person said, asking not to be named as he was not authorised to speak on the matter. “The initial offering covers drivers only, but family coverage is a future consideration.” Benefits like health insurance are a touchy subject in the ride-hailing industry because they’re tied to whether drivers should be classified as employees or independent contractors. Major ride-hailing companies argue that since drivers are independent contractors, they should cater to their health insurance. Uber, Bolt, and LagRide, three leading ride-hailing companies are not part of the agreement. Bolt offers drivers health insurance as an incentive to drivers contingent on them meeting certain targets. LagRide pulled its health insurance benefits shortly before the death of a driver Adedayo Padmore in January 2024. The death of Padmore increased the calls for health insurance for drivers. The health insurance plan will cover routine medical checks, surgery, cancer treatments, ante-natal, and drugs. “The HMO will be operational in the next 90 days after we create awareness in our state councils. We will start collecting check-off dues on the platforms that sign onto the agreement,” said Damola Adeniran, president of the App-Based Transporters of Nigeria (AUATON). The union is also working on membership which will help identify members. The union will continue to press for major ride-hailing companies to lower their commission, and pension benefits and for a seat at the decision-making table.
Read MorePaystack’s payments push pays off as bank transfer volume doubles in 2023
Cash may still be king on Nigerian streets, but bank transfers have become the favorite for online transactions. Bank transfers accounted for over half of all transactions processed by Paystack, the Stripe-owned Nigerian fintech, in 2023, doubling the figure from the previous year. Data from Paystack showed that bank transfers represented 58% of transactions in Nigeria in 2023, up from 28% reported in 2022. Card payments accounted for 36% of Paystack transactions in 2023, while internet banking and other payment options represented 4% and 2% respectively. Paystack introduced pay with bank transfer in 2017, supporting seven financial institutions and the payment method has surged in popularity in recent years. The company’s broader strategy to expand beyond web-only payment collection has likely contributed to the surge in the adoption of bank transfers. In October 2023, it launched virtual terminals that allow merchants to accept payments with bank transfers for multi-person businesses. It also introduced Paystack-Titan virtual accounts—off the back of a partnership with Titan Trust Bank—which the fintech claims cut the latency of bank transfers to less than 8 seconds. “Bank transfers are fast becoming the go-to payment method for a growing number of consumers in Nigeria,” Shola Akinlade, Paystack CEO told TechCabal in October 2023. In a low-trust environment where buyers and sellers want payment confirmation before completing a sale, bank transfers have become the preferred method of payment. The growth in the bank transfer payment channel shows that Paystack’s broader focus on non-card alternatives is paying off. In November 2023, the fintech launched a direct debit product that allows Nigerian businesses to charge customers’ bank accounts directly. The largest single transaction on Paystack in 2023 was via direct debit: ₦261 million. In the past year, Paystack has been looking to develop fintech products on top of consumers’ bank accounts. This approach cuts out debit cards, which have long played the role of middleman between merchants and consumer payments. However, card transactions, with its pool of fintech participants, carry additional costs to merchants and users, causing the final transaction amount to rise slightly above the original price of the service.
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