See new state institutions now eligible for NELFUND loan 2024
The Nigerian Education Loan Fund (NELFUND) has significantly expanded its reach beyond federal institutions. It has now been onboarding numerous state-owned institutions, providing more students with access to financial aid. This initiative, known as the NELFUND loan for universities, polytechnics, and other tertiary institutions, aims to alleviate financial barriers and support educational aspirations across federal and state levels in Nigeria. You can start your NELFUND loan registration for 2024 here. You can also read the NELFUND loan terms and conditions here. Here is the comprehensive list of state-owned institutions now eligible for the NELFUND loan: 1. GTC, GBOGAN Osun State 2. GTC, ILESA Osun State 3. GTC, ILE-IFE Osun State 4. GTC, INISA Osun State 5. GTC, IWO Osun State 6. GTC, OTAN AYEGBAJU Osun State 7. GTC, OSU Osun State 8. Ibrahim Badamasi Babangida University Lapai 9. Ignatius Ajuru University Of Education Port Harcourt 10. Imo State University of Agriculture and Environmental Sciences Umuagwo 11. Isa Mustapha Agwai Polytechnic, Lafia 12. Kaduna State College of Education Gidan Waya 13. Katsina State Institute of Technology and Management 14. Kebbi State University of Science and Technology, Aliero 15. Kingsley Ozumba Mbadiwe University 16. KWARA POLYTECHNIC 17. Lagos State University of Education 18. Lagos State University of Science and Technology 19. Lagos State University 20. Mohammed Lawan College Of Agriculture 21. NASARAWA STATE UNIVERSITY KEFFI 22. Niger Delta University 23. Niger State Polytechnic Zungeru 24. Nuhu Bamalli Polytechnic, Zaria 25. Olabisi Onabanjo University 26. Osun State College Of Education, Ila-orangun 27. Osun State College Of Technology 28. Osun State Polytechnic, Iree 29. Osun State University 30. Oyo State College of Agriculture and Technology, Igboora 31. Plateau State University Bokkos 32. Port Harcourt Polytechnic 33. Ramat Polytechnic, Maiduguri 34. Sule Lamido University Kafin Hausa, Jigawa State 35. Tai Solarin University of Education 36. Taraba State Polytechnic 37. Taraba State University, Jalingo 38. UMAR MUSA YARADUA UNIVERSITY KATSINA 39. Umar Suleiman College of Education, Gashua, Yobe State 40. UNIVERSITY OF ILESA, OSUN STATE 41. University of Medical Sciences, Ondo 42. Yobe State University 43. Yusuf Maitama Sule University 44. Zamfara State University, Talata Mafara 45. Enugu State University of Medical and Applied Sciences 46. Cross River State University 47. University of Delta, Agbor 48. Ebonyi State University, Abakaliki 49. Bamidele Olumilua University of Education Science and Technology 50. Imo State Polytechnic, Omuma 51. Kaduna State University 52. Prince Audu Abubakar University, Anyigba 53. Kwara State College of Education, Oro 54. Gateway ICT Polytechnic, Saapade 55. Oyo State College of Health Science and Technology, Eleyele, Ibadan 56. Adeseun Ogundoyin Polytechnic, Eruwa, Oyo State 57. Ladoke Akintola University of Technology Oyo 58. Oyo State College of Nursing Sciences, Eleyele 59. First Technical University, Ibadan 60. Taraba State College of Nursing Sciences Jalingo 61. Mai Idris Alooma Polytechnic, Gaidam, Yobe State 62. Ogun State Institute Of Technology, Igbesa 63. Abia State Polytechnic 64. Abraham Adesanya Polytechnic 65. Adamawa State Polytechnic Yola 66. Adamawa State University Mubi 67. Adekunle Ajasin University Akungba-Akoko, Ondo State 68. Akwa Ibom State Polytechnic 69. Akwa Ibom State University 70. Aliko Dangote University of Science and Technology Wudil 71. Aminu Saleh College of Education, Azare 72. Benjamin Uwajumogu State College of Education Ihitte Uboma 73. Benue State University, Makurdi 74. Borno State University 75. College of Education Afaha Nsit 76. College of Education, Waka-Biu 77. Confluence University of Science and Technology 78. D.S Adegbenro ICT Polytechnic Itori-Ewekoro 79. Delta State Polytechnic, Ogwashi-Uku 80. Delta State University of Science and Technology 81. Dennis Osadebay University, Asaba 82. Edo State University Uzairue 83. Ekiti State University, Ado Ekiti 84. Gombe State University 85. Government Technical College Ile-ife 86. GTC, ARA Osun State Final thoughts on the new state universities & other institutions now eligible for NELFUND loans The inclusion of these institutions in the NELFUND loan for state universities and institutions ensures that students have access to essential financial support for their school fees and also to a monthly stipend. If you are yet to register and you’re looking to, you can read the full NELFUND 2024 registration guide here. By providing the NELFUND loan for state universities and institutions, the government is making significant strides in promoting higher education. The availability of the NELFUND loan for state universities and institutions marks a pivotal development in Nigeria’s educational landscape, fostering growth and development across the country.
Read MoreJumia narrows losses to $19 million as currency problems pressure revenues
One of Africa’s most prominent e-commerce companies, Jumia, made progress in the second quarter of 2024, cutting its losses significantly as it works on its goal of becoming profitable. It reduced its cash burn, and cut sales and marketing costs but saw revenue decline to $36.5 million. Jumia, which has enjoyed a market rally that has seen its valuation hit over $1.3 billion over the last three weeks, narrowed total losses for the quarter to $19 million (compared to $38million in Q2 2023). “Our performance this quarter reinforces our belief that our strategy is working,” said CEO Francis Dufay. “Our deep understanding of the African e-commerce market as well as our unique asset base and strategy position Jumia for growth as we progress on the path towards profitability.” Currency depreciation in key markets continued to be a persistent problem, with the value of total orders declining to $170 million despite the number of orders increasing to 4.8 million. The company hopes to diversify its product assortment to appeal to more customers while leveraging its JForce network. Third-party commissions in corporate sales to local and regional retailers, distributors, and other corporate buyers, grew revenue. Operating across 11 African countries, Jumia has been navigating a challenging economic landscape. While the company’s cost-reduction measures have yielded positive results, achieving sustained profitability will hinge on its ability to overcome macroeconomic hurdles. Key takeaways: Jumia’s reported revenue of $36.5 million for the quarter It reduced operational losses to $20.2 million Quarterly active users stay stable at 2 million “Based on the positive impact of its growth strategy, Jumia projects an increase in both orders and GMV in 2024, excluding the potential impact of foreign exchange,” the company said. The company claimed that its efforts to attract a stickier customer base via search engine optimization (SEO) and customer relationship management (CRM) has paid off. “These efforts delivered a 6% sequential increase in our active customer count and continued improvements in our 90-day repurchase rate.” Regarding cash efficiency, Jumia has a cash balance of $45.1 million and a liquidity position of $92.8 million. The company said 67% of its Liquidity Position was held in USD, helping to limit Jumia’s exposure to shifts in local currency valuations and refine its cash repatriation strategy. Another positive aspect of its report is the growth in JumiaPay transactions which reached $1.9 million in the second quarter of 2024, up 30% year-over-year. The growth was driven by increased penetration of JumiaPay on delivery and the implementation of cashback campaigns and incentives conducted in the second quarter of 2024. The company implemented JumiaPay as the primary receiver of transactions on the company’s e-commerce platform. In addition, Jumia terminated its commercial agreement with Mastercard Asia/Pacific in June 2024. While JumiaPay will continue to accept Mastercard as a method of payment, the termination will allow Jumia to broaden and deepen its relationship with other payment services providers. Over the past months, Jumia’s share price has grown 252%, in a rally that impressed Wall Street analysts and earned the company renewed shareholder confidence. The stock currently trades at $10.59 at the time of this report, down nearly 100% caused by the effect of global carry trades jolting markets around the world.
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Kuda, the Target Global-backed challenger bank, tripled revenue to $22 million in 2022
Kuda, the Nigeria-focused neobank backed by Target Global, tripled its revenue, according to its latest audited financial statements filed with U.K. regulators where the startup is incorporated. The company’s revenue grew by 190% in 2022, the end date of the recent filing. Kuda posted revenue of $22 million (~£17.2 million) in 2022, up from $7.7 (~£6 million) in the previous year, as customer adoption soared. The company doubled its users from 2.4 million to 4.9 million. Headquartered in the U.K., Kuda operates a digital banking platform that allows customers to make payments, access loans, and manage their wealth. The startup operates in Nigeria, its primary market, through a subsidiary, Kuda MFB, which holds a microfinance banking license from the Central Bank of Nigeria (CBN). Over the last two years, the company has focused on launching new products, such as international remittances, and is expanding to new markets, including the U.K., Canada, Ghana, Tanzania, and Uganda. According to a report by TechCrunch earlier this year, Kuda told investors it expected revenue and user numbers to double by the end of 2023. In January, the company announced that it had reached 7 million users. Kuda’s total deposits more than doubled from $41 million in 2021 to $100 million in 2022. The report also highlighted Kuda’s growing business banking services as deposits from business customers jumped 154x from less than $102,000 to nearly $15 million at the end of the year. The business banking segment has grown significantly since then, according to one person familiar with the numbers who asked to remain anonymous so they could speak freely. “We hit 100,000 businesses this year, launched POS terminals, and [now offer businesses payroll management services through Bento],” the person said. Kuda’s total assets rose 30% to $154 million in the year under review. Almost 80% of its assets are tied to its Nigerian subsidiary, according to a report by the company’s auditor. The inflow of deposits is helping Kuda diversify its revenue streams beyond transaction fees and interest on loans. In 2022, the startup earned $3.5 million from treasury investments in Nigeria, representing a third of its interest income, and the company is doubling down on this revenue stream as the CBN continues to raise interest rates to control runaway inflation. “[Kuda] has lots of sticky deposits so [it] started taking treasury seriously that year,” a source close to the business told TechCabal. At the end of 2022, Kuda spent $42 million on new treasury investments. “[Kuda] consistently monitors the government’s fiscal policy and [will] adapt accordingly,” said Frederic Bidet, Kuda Group’s chief financial officer. Although Kuda is seeing significant user adoption and revenue growth, its losses continue to grow. The business posted net losses of $32 million, more than double the previous amount a year before, thanks to higher staffing costs and other operating expenses. The report shows that Kuda has now accumulated $55 million in losses since its launch in 2019. One person familiar with the business said the Neobank spent heavily on marketing campaigns as it aggressively expanded, including a World Cup advertisement. However, the business has slashed its advertising spend over the last year to reduce its burn. Yet the pressure on Kuda’s financial resources remains. Last valued at $500 million, fintech has raised around $74 million, but it had $33 million in cash at the start of last year, a nearly 50% decline from 2022. Kuda attempted to raise bridge funding of $20 million at a flat valuation in mid-2023 but later abandoned those efforts, according to a report earlier this year. “We have reduced the gap [between our revenue and losses] and are making good progress towards breakeven,” CFO Bidet said, insisting that Kuda has “enough funds to reach breakeven comfortably.” “We do not need to fundraise to meet our operating expenses at the moment.”
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Next Wave: What does the rest of 2024 look like for transport and logistics?
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First Published 4 August, 2024 In the first half of 2024, the transport and logistics sector attracted the most funding—$218 million—knocking fintech off its long-held top spot as an investment darling. This interest in the sector is underpinned by the continent’s burgeoning e-commerce market and rising smartphone penetration and a growing digital middle class. Two of the three largest deals announced in H1 came from Moove and Spiro. Both mobility firms have markets in the four countries—Kenya, Nigeria, South Africa and Egypt—that dominate African tech. The significant driver for logistics and mobility’s ascent can be linked to the rise of digital commerce during the COVID-19 pandemic, which positively impacted the growth of e-commerce and mobility in Africa. A survey by GeoPoll identified electronics and clothing as the most purchased items on the continent. For the Nigerian audience, their needs were more diverse. They ranged from home decor to hygiene products, alcoholic to non-alcoholic beverages, groceries, and automotive products. The share of logistics funding in the last five years. Chart by Seun Joseph, TC Insights Africa’s transport and logistics sector is far from fully developed; there is still poor road connectivity, insecurity, and problematic riders and drivers. Despite these inefficiencies, the sector is projected to surpass $200 billion in market size by 2029. Some investors have been enticed by the opportunity that logistics could create by connecting multiple high-growth industries such as e-commerce, last mile delivery, agriculture, electric vehicles (EV) and fintech. A good example of this convergence is the growing electric vehicle (EV) industry in East Africa. The region’s access to critical minerals like lithium and cobalt is attracting significant investor interest. To capitalise on this opportunity, infrastructure development is paramount. The revitalisation of rail corridors such as the Lobito and TAZARA lines is crucial for transporting these raw materials efficiently to global markets. These transportation networks will not only support the EV revolution but also create new economic opportunities along their routes, potentially stimulating growth in agriculture, manufacturing, and trade. Next Wave continues after this ad. Are you an African founder ready to showcase your innovations to a global audience? Or you’re an investor interested in backing audacious startups in the dynamic African market. Then TechCabal Battlefield is for you! This year, TC Battlefield will feature deal room sessions, a pre-accelerator program, the Fastest Growing African Startup Award, and a bigger prize money for startups. Investors will also gain exclusive access to a comprehensive database of investable African startups. Register now! The integration of logistics with fintech can streamline payment processes, improve supply chain visibility, and facilitate cross-border trade. As Africa’s digital economy expands, logistics providers that can leverage technology to optimise operations will gain a competitive advantage. In its outlook for the future, audit firm PricewaterhouseCoopers (PwC) predicts a wave of mergers and acquisitions in the transport and logistics sector, driven by digitisation and AI adoption in H2 2024. The groundwork is already being laid. Companies like Ampersand in Rwanda and Spiro in Nigeria are demonstrating how the integration of energy infrastructure (charging stations) with mobility services (electric motorbikes) can disrupt traditional transportation models. Ampersand’s evolution from an EV infrastructure provider to a dominant motorbike manufacturer in East Africa highlights the potential synergies between these sectors. By controlling both the charging infrastructure and the vehicles, Ampersand has achieved significant market penetration in Rwanda. Spiro’s rapid expansion of battery-swap stations in Nigeria indicates a similar strategy to capture a substantial share of the growing electric motorbike market. By 2040, two wheelers will lead EV adoption in Sub-Saharan Africa. Chart by Seun Joseph, TC Insights These developments suggest that the convergence of logistics, energy, and technology is not merely a future aspiration but a present-day reality in the African context. As the EV market continues to expand and the demand for sustainable transportation grows, we can expect to see more such collaborations and integrations across the continent. While the full-scale mergers and acquisitions predicted by PwC may still be far ahead, the foundational partnerships and integrations necessary for these deals are already happening. 5 days left to take advantage of the Early Bird discount! Join us at Moonshot and take part in Africa’s tech revolution. Get tickets here Joseph Olaoluwa Senior Reporter, TechCabal. Feel free to email joseph.olaoluwa[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to you here for free to get fresh perspectives on the progress of digital innovation in Africa every Sunday. As always feel free to email a reply or response to this essay. I enjoy reading those emails a lot. TC Daily newsletter is out daily (Mon – Fri) brief of all the technology and business stories you need to know. Get it in your inbox each weekday at 7 AM (WAT). Follow TechCabal on Twitter, Instagram, Facebook, and LinkedIn to stay engaged in our real-time conversations on tech and innovation in Africa. If you liked this edition of Next Wave, please share with your friends. And feel free to reply with thoughts and feedback. We welcome those. 18, Nnobi Street, Surulere, Lagos, Nigeria View in Map You received this email because you signed up on our website or made purchase from us.If you know longer wish to recieve these emails, please unsubscribe
Read MoreMobius, maker of low-priced SUVs for startups, to shutdown
Mobius Motors, a Kenya-based automaker backed by Playfair Capital, has entered a voluntary liquidation after efforts to rescue the company for nearly one year failed. Mobius has been struggling to settle suppliers and pay salaries as debts from its operations rise. “At a meeting of the shareholders held on 5 August 2024, it was resolved to place the company under liquidation as per Section 393(1) (b) of the Insolvency Act and appoint KVSK Sastry as the liquidator to wind up the company,” Nicolas Guibert, Mobius director, said in a notice. Kenya’s Insolvency Act 2015, allows companies to wind up if the board resolves “by special resolution that it be liquidated voluntarily.” Mobius, which raised $56 million across five rounds, manufactured low-priced SUVs targeting SMEs in infrastructure, agribusiness and supplies operating in remote areas, and needed vehicles that could withstand rough terrains. Founded in 2009 by Joel Jackson, a British national, while working in Kenya, Mobius pioneered a stripped-down SUV model “built for African roads” in 2014. The first model cost $10,000 (KES1.3 million), below the market prices of standard SUVs in Kenya. The startup built 50 units of its first model. It released Mobius II and Mobius III in 2018 and 2021 respectively, as successors of the first model, but failed to capture the Kenyan car market flooded with second-hand imports from the UK, Japan and other Asian countries. The company’s production was tied to pre-orders with a refundable deposit of $384 (KES50,000), which could mean the uptake of its models was low in the market. Mobius began mass production in 2015 after getting the backing of Playfair Capital, a UK-based VC. It also received funding from Chandaria Industries, a Kenyan-based manufacturer, DFC, a US government development corporation and PanAfrican Investment, a private investment firm.
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TechCabal Daily – Access Bank’s play in Botswana
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning There are 3 days to go before the Early Bird tickets to Moonshot 2024 are all gobbled up! At Moonshot 2024, you can join Africa’s biggest thinkers and players like Iyin Aboyeji, Wiza Jalakasi, June Angelides, Kola Aina on a global launchpad for change. Hurry up and grab your tickets here! In today’s edition MTN Nigeria eyes fintech opportunity First Bank sacks over 100 employees after $25 million fraud Why Access Bank sold 8% of its Botswana arm Which country accounts for half of all acquisitions in H1 2024? The World Wide Web3 Events Fintech MTN Nigeria acquires 100% shares in MoMo PSB On Monday, MTN Nigeria bought out Acxani Capital, a minority stakeholder in its mobile money business, MoMo PSB. According to a regulatory filing, it paid $4.3 million for Acxani’s 7.17% stake. This full ownership marks a significant milestone for the telecommunications giant as it seeks to accelerate growth within its fintech arm as CEO Karl Toriola stated in July. But while MoMo PSB has demonstrated potential, with over 5.5 million active wallets, and a 33.4% year-on-year increase in transaction volume, the fintech unit faces challenges. Agent numbers have dropped by 24,000 to 302,800, and cash held on behalf of customers has plummeted by 72%. MTN’s fintech arm also recorded an 11.7% increase in revenue, but most of that growth was due to another fintech product, Xtratime. From this practical standpoint, the acquisition then makes sense. By acquiring minority shareholder interests, MTN Nigeria gains complete autonomy over MoMo PSB’s strategic direction, investment priorities, and operational decisions. A consolidation like this can make it easier for MTN Nigeria to make the quick decisions it needs to grow this fintech vertical. Read Moniepoint’s 2024 Informal Economy Report 89% of businesses in the informal economy pay levies and market fees. The informal economy is typically described as untaxed, but is that true? Click here to find out more. Cybersecurity First Bank sacks over 100 employees after $29 million fraud First Bank is reeling from a ₦40 billion ($29 million) heist that has led to mass firings and questions about its leadership. The lender fired over 100 employees in July after discovering a two-year fraud scheme allegedly orchestrated by a single manager. The accused, Tijani Muiz Adeyinka, remains at large. The bank is facing intense scrutiny over how the fraud went undetected for almost two years. Dozens of employees, including the head of transactions, were fired for alleged laxity. Internal investigations and police inquiries have been launched. The scandal also saw to the exit of First Bank’s CEO, Dr. Adesola Adeduntan, who resigned abruptly in April, months after the fraud was discovered. His departure comes amid questions about his role in the oversight failures that allowed the heist to occur. 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. Banking Why Access Bank sold 8% of its Botswana arm In its journey towards continental domination, or a “global vision” as Chairman Aigboje Aig-Imoukhuede said in July, Access Holdings Plc has completed 11 acquisitions. This year, it acquired its second Kenyan bank, National Bank, its fifth since July 2023. In a new twist, the bank has trimmed a holding in its subsidiary. In June, it reduced its stake in its Botswana subsidiary, a high-performing branch. The bank recorded a robust 86% year-on-year increase in pre-tax profit of P52 million (3.8 million), coupled with a rise in customer deposits to P7.7 billion ($567 million). At the time, reports weren’t really clear on why especially considering the bank’s success, but TechCabal reporter Ephraim Modise did some digging and now we have answers: Access Bank Plc reduced its stake to fulfill regulatory obligations. Botswana requires listed companies to have a minimum of 30% of their shares available to the public for trading. Since 2018, the bank has held a 78.15% stake in the subsidiary which it acquired from BancABC which So between June 27 and 28, Access Bank Plc sold 59 million shares in Access Bank Botswana for P116 million ($8.6 million), reducing its stake from 78.15% to 70%. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Stat of the week 50% of all the acquisitions made in H1 2024 involved South African startups or companies. Source: The State of Tech in Africa H1 2024 Report Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $54,514 – 7.15% – 4.75% Ether $2,422 – 9.93% – 18.78% TARS AI $0.11 – 15.77% – 13.52% Solana $130.10 – 5.53% – 8.98% * Data as of 01:05 AM WAT, August 6, 2024. You should definitely read these Google loses massive antitrust lawsuit over its search dominance Everybody is mad at Bloomberg for its embargo-breaking Gershkovich scoop Elon Musk sues OpenAI, renewing claims ChatGPT-maker put profits before ‘the benefit of humanity’ Written by: Emmanuel Nwosu & Faith Omoniyi Edited by: Muyiwa Olowogboyega & Timi Odueso Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. The Next Wave: futuristic analysis of the business of tech in Africa. Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. TC Scoops: breaking news from TechCabal P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. ADVERTISE To advertise with us send an
Read MoreBreaking: Access Bank reduces its stake in Botswana subsidiary to comply with regulations
Access Bank Plc, the pan-African bank present in 16 markets, reduced its stake in its Botswana subsidiary to comply with the listing requirements of the Botswana Stock Exchange (BSE). From 2019, the BSE has required listed companies to have a minimum of 30% of their shares available to the public for trading. Between June 27 and 28, Access Bank Plc sold 59 million shares for P116 million ($8.6 million), reducing its stake from 78.15% to 70%. “Through this sell down, we have now achieved a critical element of compliance expected by the BSE, which not only adheres to regulatory standards but also presents an opportunity for enhancing market dynamics and our shared value story by welcoming new shareholders,” said Access Bank Botswana managing director Sheperd Aisam in a statement to TechCabal. The BSE free float was increased from 20% to 30% in January 2019 to increase trading and boost liquidity in the Botswana bourse. The move was controversial and led to the delisting of several companies including retail chain Funmart. Access Bank was listed on the BSE in December 2018 after Access Bank Plc acquired a 78.15% stake in the Botswana subsidiary of ABC Holdings, which traded as BancABC, for P1.07 billion ($79 million).
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Should you really buy the 2024 Tecno Spark 20?
The Tecno Spark 20 2024 is a robust option for smartphone enthusiasts seeking value for money. It is one of the Tecno phones that aim to provide optimal user experience with advanced specifications and modern features. But it does not come without its drawbacks. Design and build Colour options: Gravity Black, Cyber White, Neon Gold, Magic Skin 2.0 (Blue) Dimensions: 163.69 x 75.6 x 8.45mm The Tecno Spark 20 2024 boasts a sleek design available in multiple colour options, catering to diverse tastes. Display Size: 6.56″ HD Refresh rate: 90Hz Resolution: 720 x 1612 Its 6.56-inch HD display and a 90Hz refresh rate promise smooth visuals and an immersive viewing experience. Performance Operating system: Android 13 Processor: MTK G85 Memory: 256GB ROM + 16GB RAM (8GB + 8GB Extended) Running on Android 13 and powered by the MTK G85 processor, the Tecno Spark 20 2024 delivers a commendable performance. The substantial 16GB RAM, including 8GB extended memory, ensures smooth multitasking and efficient operation. Camera capabilities Front camera: 32MP with Dual Flash Main camera: 50MP with Dual Flash The Tecno Spark 20 2024 features a 32MP front camera and a 50MP main camera, both equipped with dual flash. These specifications make it ideal for capturing high-quality photos and videos. Connectivity Network support: 2G, 3G, 4G Wi-Fi: 2.4GHz and 5GHz Bluetooth: 5.2 Other: GNSS, FM, Type-C With support for multiple network bands and advanced connectivity options such as Bluetooth 5.2 and Wi-Fi across both 2.4GHz and 5GHz, the Tecno Spark 20 2024 ensures uninterrupted connectivity. Sensors G-Sensor E-compass Virtual Gyroscope Ambient Light Sensor Proximity Sensor Fingerprint Sensor The Tecno Spark 20 has a range of sensors, enhancing its functionality and user experience. Battery life Capacity: 5000mAh Charging: 18W Fast Charge A 5000mAh battery, complemented by 18W fast charging, ensures the Tecno Spark 20 offers extended usage time and quick recharge capabilities. Price range of the Tecno Spark 20 ₦148,000 – ₦160,000 The price of the Spark 20 may vary depending on the retailing platform, so you may want to compare prices before purchasing. Some stores that sell this device include Jumia and Konga. Key considerations with the Tecno Spark 20 Pros: High-performance processor and ample memory Impressive camera features Long battery life with fast charging Cons: Display resolution could be higher Limited to 4G network support Final thoughts on buying 2024 Tecno Spark 20 The Tecno Spark 20 offers considerable advantages in its price range. Its features and performance make it a compelling choice for users seeking a versatile and reliable smartphone.
Read MoreExclusive: First Bank sacks over 100 employees after ₦40bn fraud, freezes their personal accounts
First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team, allegedly diverted ₦40 billion over two years. In details first reported by TechCabal, Adeyinka, who is still on the run, used his authorisation to approve chargebacks to accounts he controlled. Two people with direct knowledge of the matter claimed that at least 120 employees, including full-time and contract staff of First Bank’s large operations department, were given termination letters in July. The head of transactions at the time was also fired. Those employees were accused of laxity in carrying out their duties and were told they should have spotted the fraud earlier. First Bank’s management team believed it was impossible for a fraud of that scale and timeline to have been executed without the knowledge of Adeyinka’s superiors. “The CEO said there will be zero tolerance for supervisory negligence,” said one First Bank employee who asked not to be named so they could speak freely. TechCabal first reported the alleged fraud in May, showing how Adeyinka, who was the final line of authorisation on his team, carried on his scheme unnoticed for two years. When the incident was discovered in March, the bank tried to keep the matter under wraps, suspending several operations team members indefinitely. However, First Bank became more aggressive after the fraud became public. Several employees were questioned by the Nigerian Police Force (NPF) and detained at the Lion’s Building for at least six hours, one person with direct knowledge of the incident said. Those employees needed to post bail before they were released. Restrictions have been placed on all their personal accounts except their First Bank accounts. First Bank did not immediately respond to a request for comments. The blast radius may have extended farther. First Bank’s CEO at the time, Dr Adesola Adeduntan, abruptly resigned in April, eight months before the end of his tenure and less than a month after the fraud was uncovered. Adeduntan, who led First Bank for nine years and “left to pursue other interests,” was initially replaced as CEO by First Bank’s board in April 2021. The Central Bank blocked that move, claiming First Bank’s board acted without regulatory approval. It paved the way for Dr Adeduntan to serve an unprecedented third term. One publication claimed concerns over his tenure led to his resignation in April.
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Six latest 2024 Tecno phones you should consider buying
The 2024 lineup of Tecno phones introduces six advanced models that cater to diverse user needs, from high-performance gaming to professional-grade photography. These new Tecno 2024 phones are up there in terms of Android mobile technology, featuring high-end processors, vibrant AMOLED displays, and substantial battery capacities. Let’s glance through each phone’s performance design and innovative features. 1. Tecno Spark 20 Pro 5G Key features: Colours: Startrail Black, Glossy White, Neon Green Operating system: Android 14 Processor: MediaTek Dimensity 6080 5G SoC Display: 6.78″ FHD+ with 120Hz refresh rate Resolution: 10802460 Camera: 8MP front, 108MP main, 2MP macro Memory: 256GB ROM + 16GB RAM Battery capacity: 5000mAh with 33W supercharge Loudspeaker: Stereo dual speakers with Dolby Atmos The new Tecno phones in the 2024 lineup include the Tecno Spark 20 Pro 5G. The device is designed for users seeking high performance and vibrant display quality. The 120Hz screen refresh rate and powerful MediaTek Dimensity 6080 5G processor ensure smooth operation, making it a top choice for multimedia consumption and gaming. 2. Tecno Camon 30 Premier 5G Key features: Colours: Hawaii Lava Black, Alps Snowy Silver Operating system: Android 14 Processor: MediaTek Dimensity 8200 Ultimate 5G Display: 6.77″ 1.5K+ AMOLED with 120Hz LTPO Resolution: 12642780 Camera: 50MP front, 50MP OIS rear with quad flash Memory: 512GB ROM + 24GB RAM Battery capacity: 5000mAh with 70W ultra charge With Loudspeaker: Dual speakers with Dolby Atmos The Tecno Camon 30 Premier 5G stands out in the new Tecno phones 2024 collection with its premium AMOLED display and superior camera system. This model is tailored for photography enthusiasts, providing detailed and popping images with its advanced optics and image stabilisation features. 3. Tecno Pova 6 Pro 5G Key Features: Colours: Comet Green, Meteorite Grey Operating system: Android 14 Processor: MediaTek Dimensity 6080 5G Gaming Processor Display: 6.78″ FHD+ AMOLED with 120Hz refresh rate Resolution: 10802436 Camera: 108MP rear, 32MP front with dual flash Memory: 256GB ROM + 24GB RAM Battery capacity: 6000mAh with 70W ultra charge Loudspeaker: Dual speakers with Dolby Atmos In the class of new Tecno phones in 2024, the Tecno Pova 6 Pro 5G panders to gamers and power users with its robust gaming processor and extensive battery life. The high refresh rate display and large battery capacity ensure a seamless gaming experience without frequent recharges. 4. Tecno Camon 30 Key features: Colours: Iceland Basaltic Dark, Uyuni Salt White, Sahara Sand Brown Operating system: Android 14 Processor: Helio G99 Ultimate Octa-Core Display: 6.78″ FHD+ AMOLED with 120Hz refresh rate Resolution: 10802436 Camera: 50MP front, 50MP OIS rear with dual flash Memory: 256GB ROM + 24GB RAM Battery capacity: 5000mAh with 70W ultra charge Loudspeaker: Dual speakers with Dolby Atmos The Tecno Camon 30 is part of the new Tecno phones 2024 series, offering a balanced mix of performance and aesthetics. It features a high-resolution camera setup, making it ideal for users who prioritise photography and video recording. 5. Tecno Camon 30 5G Key features: Colours: Iceland Basaltic Dark, Uyuni Salt White, Emerald Lake Green Operating System: Android 14 Processor: MediaTek Dimensity 7020 5G Display: 6.78″ FHD+ AMOLED with 120Hz refresh rate Resolution: 10802436 Camera: 50MP front, 50MP OIS rear with dual flash Memory: Up to 512GB ROM + 24GB RAM Battery capacity: 5000mAh with 70W ultra charge Loudspeaker: Dual speakers with Dolby Atmos The Tecno Camon 30 5G combines the reliability of 5G connectivity with impressive hardware specifications. It is designed for users who require fast internet speeds and a high-quality display for streaming and multitasking. 6. Tecno Camon 30 Pro 5G Key Features: Colours: Iceland Basaltic Dark, Alps Snowy Silver Operating system: Android 14 Processor: MediaTek Dimensity 8200 Ultimate 5G Display: 6.78″ FHD+ AMOLED with 144Hz refresh rate Resolution: 10802436 Camera: 50MP front, 50MP OIS rear with dual flash Memory: 512GB ROM + 24GB RAM Battery capacity: 5000mAh with 70W ultra charge Loudspeaker: Dual speakers with Dolby Atmos The Tecno Camon 30 Pro 5G, among the new Tecno phones 2024, offers cutting-edge performance and a high refresh rate display. This model is perfect for users looking for the best-in-class display technology and rapid charging capabilities. These six new Tecno phones showcase Tecno’s commitment to innovation and user-centric design, catering to a broad spectrum of needs from gaming to photography.
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