- June 16 2023
Payment dates for SASSA SRD Grant R350 2023
The SRD (Social Relief of Distress) Grant R350 is a social assistance program designed to provide temporary relief to eligible South Africans facing financial hardship. This article aims to clarify the payment dates associated with the SRD Grant R350, ensuring that recipients have a clear understanding of the dates and time ranges they can expect payment. Overview of the SRD Grant R350 The SRD Grant R350 is an initiative introduced by the South African government to assist individuals who are unemployed and do not receive any other form of income or social grant. The grant provides a monthly payment of R350, which helps to alleviate the immediate financial burdens faced by vulnerable citizens. However, it is essential to comprehend the payment dates to plan accordingly and make optimal use of these funds. Now, let’s move on to knowing the payment dates for SASSA SRD 2023. Payment dates for SASSA SRD The payment dates for the SRD Grant R350 are typically determined by the South African Social Security Agency (SASSA), the organisation responsible for the administration of social grants. It is important to note that the payment dates may vary from month to month, and recipients are encouraged to stay updated through official channels. Historically, the SRD Grant R350 payments have been disbursed in batches, with specific groups receiving payments on different dates. SASSA generally announces the payment schedule for each month, outlining the dates on which the funds will be deposited into beneficiaries’ bank accounts or made available for collection at designated pay points. The latest information shows that payments have commenced for June 2023. And they go as follows: a) Older Person’s Grants Commenced Friday 2nd June 2023 b) Disability Grants Commenced Monday 5th June 2023 c) All Other SASSA Grants (inc Children’s Grant) Commenced Tuesday 6th June 2023 Methods of R350 payment upon dates SRD The SRD Grant R350 payments are usually made through electronic fund transfers into recipients’ bank accounts. Beneficiaries are required to have a South African bank account in their name to receive the funds directly. However, in special cases, where individuals do not have access to banking services, SASSA may arrange for alternative payment methods such as cash disbursements at designated pay points. That’s it about Payment dates for SASSA SRD. Final thoughts on the Payment dates for SASSA SRD Being aware of the payment dates for the SRD Grant R350 is crucial for recipients who rely on this temporary assistance. By knowing when to expect their funds, individuals can effectively plan their finances and meet their immediate needs. It is recommended that beneficiaries regularly check official announcements from SASSA or visit their website for updates on the payment schedule. Ensuring accurate information is obtained from official sources will help recipients stay informed and minimize any potential confusion or delays in receiving the SRD Grant R350.
Read More- June 16 2023
Konza city gets nearly half of ICT industry’s $110 million allocation in Kenya’s 2023 budget
The Kenyan government has allocated $110 million for the ICT industry. However, nearly half of that amount will be used to develop Konza, a green city outside Nairobi. The government is also focused on boosting connectivity across the country. Yesterday, Kenya’s cabinet secretary for treasury, Njuguna Ndung’u, presented the state’s budget for the 2023/2024 financial year. The total budget is a whopping KES 3.68 trillion ($26.7 billion), a significant increase from the previous year’s budget of KES 3.3 trillion ($24 billion). Allocations for ICT-related projects According to the cabinet secretary, digitisation and automation can increase productivity and competitiveness by making it easier to access markets, improve information flow, and manage risk. ICT services can also free workers to focus on more creative and strategic tasks. Furthermore, they can positively impact youth employment by promoting new industries such as music, theatre, graphic design, digital animation, fashion, and craft. A total of KES 15.1 billion ($109.6 million) has been allocated to fund initiatives in the ICT sector. “To promote productivity and competitiveness, a total of KES 15.1 billion has been allocated to fund initiatives in the ICT sector,” said Ndung’u. Key allocations include KES 4.8 billion ($35 million) for the Horizontal Infrastructure Phase I at Konza City, KES 1.2 billion ($8.7 million) for the Konza data centre and smart city facilities, KES 5.7 billion ($41.38 million) for the construction of Kenya Advanced Institute of Science and Technology (KAIST) at Konza Technopolis, KES 1.3 billion ($9.4 million) for the maintenance and rehabilitation of the National Optic Fibre Backbone Phase II Expansion Cable, KES 475 million ($3.4 million) for the construction of Konza Complex Phase 1 B, and KES 583 million ($4.2 million) for Last Mile County Connectivity Network. These allocations are aimed at supporting the growth and development of the ICT sector. Based on these numbers, the government will continue to pump millions into the development of Konza (nearly half the ICT allocation), a sustainable and futuristic city under construction on Nairobi’s outskirts. The city has also been receiving support from South Korea, which is also developing KAIST in collaboration with the Kenyan government. The new administration with president Ruto at the helm promised it would be committed to expanding digital connectivity. Kenya has made significant progress in this area, but some challenges remain, such as a lack of experts and an ICT infrastructure development plan. The government has built over 9,000 kilometres of terrestrial fibre optic cable and 534 kilometres of last-mile connectivity infrastructure, linking 1,650 public institutions and offices. By 2030, connectivity will grow significantly, and bandwidth requirements will increase due to big data consolidation and analytics. Other ICT highlights from the 2023 budget The Central Bank of Kenya (CBK) is collaborating with other agencies and regulators, such as the data protection commissioner’s office, to ensure that all digital credit providers are included within the regulatory framework. This collective effort aims to safeguard consumers and their interests. So far, only 32 digital credit providers have been licensed by the CBK. Two measures in the digital segment have been introduced. Firstly, a 5% withholding tax has been imposed on gross payments about digital content monetisation. Secondly, a digital asset tax has been introduced, set at 3% of the value of digital assets transferred or exchanged. READ MORE: Taxing creativity: Kenyan content creators pushback against proposed taxes Lastly, Kenya plans to facilitate instant retail payments and will launch a compatible payment platform. This platform will enable seamless transactions across banks, payment service providers, card schemes, and other regulated financial institutions. The primary goal is to reduce the cost of services, enhance options, competition, and stability, and encourage the widespread usage of digital payments among the Kenyan population. What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
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- June 16 2023
SRD appeal filing guide for grant reconsideration 2023
The South African Social Relief of Distress (SRD) grant is designed to provide temporary financial assistance to individuals and families facing extreme hardship. However, if your SRD application has been rejected or you believe you are eligible but have been excluded, you have the right to file an appeal. In this article, we will provide a step-by-step guide on how to navigate the process of filing an SRD appeal in South Africa. 1. Understand the SRD appeal process Before initiating the appeal, it is crucial to familiarise yourself with the process. The appeal procedure allows applicants to challenge the decision made by the South African Social Security Agency (SASSA) regarding their eligibility for the SRD grant. Understanding the specific grounds for appeal, the necessary documentation, and the timeline for submitting an appeal will significantly enhance your chances of success. So the first step is to know that you are to appeal a rejection within 30 days and not exceed 90 days after when you receive SASSA’s decision. And the appeal is to the Independent Tribunal for Social Assistance Appeals (ITSAA). 2. Gather relevant documentation To strengthen your SRD appeal, it is essential to gather all relevant documentation. This includes your initial SRD application reference number, identification documents, proof of income, proof of residence, and any additional supporting evidence that demonstrates your eligibility for the grant. Gathering comprehensive and accurate documentation will strengthen your case during the appeal process. Then visit the SASSA website to see that your information correlates and update where necessary. 3. Submit your SRD appeal After updating your information, it is time to submit your appeal to SASSA. So you click save after verifying your info and you’ll be directed to the appeal page. You may be asked to provide documents and a concise reason why you feel your grant request is genuine and deserves approval. Regardless, ensure that you retain a copy of your appeal application and all supporting documentation for your records. Navigate the easy prompts of the platform then submit the appeal. 4. Monitor the progress of your SRD After submitting your SRD appeal, it is important to monitor its progress. So constantly check your status here. Please note that the response time of The Independent Tribunal ranges between 60 – 90 days from the lodging of the appeal. Stay organized by keeping records of all communications and correspondence related to your appeal. Final thoughts on SRD grant appeal filing Filing an SRD appeal in South Africa requires a clear understanding of the appeal procedure, gathering the necessary documentation, and effective communication with SASSA and The Independent Tribunal. Remember to be thorough and proactive throughout the process and seek professional advice if needed.
Read More- June 16 2023
Opportunities for e-commerce growth in Africa
This guest article was contributed to TechCabal by Osinachi Ukomadu. Introduction Chika, an African lady in her twenties, had always dreamed of owning a fashion store. Her passion drove her to learn how to set up an online clothing platform that would act as an interface between her and her target audience. Being a meticulous person, Chika spent several months researching the best local designers she could work with. Unfortunately, this wasn’t the only challenge she had to grapple with. Chika’s business was growing fast, and soon her small apartment couldn’t handle the storage demands of her business. What could she do? She opted for independent warehousing. Luckily, she found a company online that offered to store her inventory and fulfill her orders for a small fee. Problem solved. Soon, she faced another challenge—this time, handling her returns. Because her business was still growing, Chika didn’t have a refined process to handle returns. As a result, she was spending a lot of productive time dealing with processing returns. Seeking a solution to this problem, she reached out to a more established online vendor who told her about a return management company that would help her reduce her workload by picking up items from customers and delivering them to her directly. Now, Chika doesn’t have to worry about her customers who need to return items to her. The return management company does it all and she can focus on handling orders. Delivery has always been one of the biggest challenges faced by SMEs within the online space in different parts of Africa—and Chika was not exempt. Many of her orders were either getting delayed or missing in traffic. This wasn’t good for her reputation. She had to find a local logistics company with a specialty in last-mile delivery. Now, delivery was faster, more affordable, and she could serve her growing list of customers better. In the end, the key to unlocking Chika’s business potential and solving her problems was staying abreast of the latest innovations and opportunities available within the African e-commerce industry. Key opportunities within the African e-commerce space When entrepreneurs, like Chika, are open to new ideas and solutions, they are better equipped to provide more value to their end users and other businesses. In a previous article, I discussed the current drivers of growth and highlighted the potential for collaboration among players in the industry. In this article, we discuss such opportunities in detail. A major peculiarity of these opportunities is that they are evolving. These opportunities are like an API service, where you stitch different services together to build a full service. Here, you don’t have to do everything but depend on various parties to solve different parts of the problem. Some of the opportunities include but are not limited to: Independent warehousing Refined return process Last-mile delivery Independent warehousing Independent warehousing is an arrangement where independent proprietors own warehouses instead of e-commerce companies. For example, did you know that some of Amazon’s warehouses in the US are not completely owned by Amazon? Some of the buildings were leased to Amazon. Most of them are owned by a company called Prologis. The company builds these warehouses and leases them to Amazon. Amazon brings in the operations that run the warehouse. It means that Amazon doesn’t need to spend money building warehouses everywhere. This also plays out in the hospitality industry, where companies develop the physical buildings, and management companies handle the daily operations of such facilities. In the fictional story you read earlier, Chika needed help storing her orders before dispatch. An independent warehouse sorted the issue out easily as she only needed to lease the space when she had lots of orders with no storage space in her home. This cost her far less than building a warehouse from scratch or leasing one that would remain fallow when she didn’t have a need for it. E-commerce players are beginning to move away from the one-size-fits-all approach or the one-company-solves-every-problem approach. Early e-commerce players had to build out everything because the proper infrastructure was not in place. But as time progresses, we are beginning to see other players break down the various parts, handling different challenges with the supply chain of specific industries, and focusing only on those niches. Take, for instance, the AWS model, which lowers the barrier of entry for startups. Before now, if you needed to build a software company, you had to obtain a well-ventilated building with a lot of cool air, get an electrician who will wire your space to allow you to bring the kind of heavy equipment that you need, buy a bunch of service racks, and hire networking personnel. Today, nobody has to do that; you just need to sign up on AWS and get your startup running. It will be the same for e-commerce businesses as we move along. Refined return process Recently, DoorDash, an online food delivery company in the US, began partnering with e-commerce companies to handle returns. Returns are a huge component of e-commerce in the US, and the challenge for most customers is that they have to go back to the store where they bought an item to return it or go to the post office to drop it off. Truth be told, most customers would hardly ever go through with the process. They prefer conveniently returning such items. This means they just want to drop the package in front of their houses and have someone pick it up. DoorDash is doing exactly that as a service. They will pick up returns from people’s homes and get them back to the merchants where the purchase was made. We can have last-mile businesses that decide to focus on returns. They can help businesses go anywhere their returns are and pick them up. This has the potential to transform e-commerce. While this solution is not so rampant in many parts of Africa yet, companies are already seeing the opportunity that lies in seizing the opportunity. Like
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- June 16 2023
TechCabal Daily – More funds for Hustlers
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Shameless promo: Over 10 people have reached the leaderboard for our referral programme, and half of them have qualified for Showmax subscriptions and mobile money. You can too, just scroll down and share your unique link. If you’ve referred people this week, please check your inbox for details on your prize. Also, remember to ask your network to confirm their subscriptions. If you have any more questions about the referral programme, check our FAQ page or email us at newsletter@techcabal.com. In today’s edition Ruto’s Hustler Fund gets more funding Google warns employees against using chatbots SA postpones analogue switch-off date, again Funding tracker The World Wide Web3 Event: Africa Tech Summit London Job openings Economy Ruto’s Hustlers Fund gets $72 million more President Ruto’s Hustlers Fund has hustled its way into Kenya’s 2023/2024 budget. The Kenyan government announced its allocation of Ksh.10 billion ($72 million) to the Hustler Fund to support entrepreneurial efforts. President William Ruto of Kenya What is the Hustlers Fund about? President William Ruto launched the Hustlers Fund in November 2022 with the aim of providing loans to small businesses in the country that have faced challenges in accessing funding from local banks. The second phase of the Hustlers Fund was launched in June 2023, targeting registered investment groups and savings and credit cooperative societies. How much has been disbursed so far? While presenting his inaugural budget in the Kenya Kwanza government, treasury cabinet secretary, Njuguna Ndung’u, revealed that Ksh30.8 billion ($220.1 million) has been borrowed from the Hustlers Fund. Also, a total of 16 million Kenyans, of which 7.1 million are repeat customers, have accessed the fund. Zoom Out: The government has experienced remarkable growth in transactions, with a total of 43.5 million transactions recorded. The fund has also been a success. “The largest number a single customer borrower has borrowed from the Hustler’s Fund is about 50 times,” said Ndung’u. Moniepoint ranked 2nd fastest-growing African company Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here. AI Google cautions employees about using chatbots Google has warned its employees to not share confidential information with talking bots! According to four sources familiar with the matter, Google is simultaneously warning its employees about using chatbots, including its own Bard, while promoting the programme globally. This includes discouraging engineers from directly employing computer-generated code that chatbots can generate. Image source: Zikoko Memes What are AI chatbots? Chatbots like Bard and ChatGPT use AI to engage in human-like conversations and respond to various prompts. They can answer questions and generate text. However, researchers found that these chatbots can also reproduce data they were trained on, which could lead to data leaks. Why the sudden concern? Google’s concern highlights its intention to mitigate potential business risks arising from its software—Bard—which directly competes with ChatGPT. The competition between Google and the backers of ChatGPT, OpenAI and Microsoft Corp, is not only about billions of dollars in investment but also about the substantial revenue generated from advertising and cloud services tied to new AI programmes. The exact magnitude of this revenue is yet to be determined. Zoom out: Google also informed Reuters that it has engaged in thorough discussions with Ireland’s Data Protection Commission and is actively responding to inquiries from regulators. This comes after a report by Politico on Tuesday stated that the company had postponed the launch of Bard in the European Union for this week, over privacy concerns. Streaming SA pushes back television analogue switch-off date Image source: Google South Africa’s minister of communications, Mondli Gungubele, has announced that the analogue switch-off date, which would mean that all analogue television sets would no longer be supported, has been pushed back once again. The minister published a notice in the government gazette on Thursday saying all analogue broadcasters using bands above 694MHz must vacate those frequencies by no later than July 31. Final switch off: Gungubele also stated that all analogue signals would be switched off no later than December 31, 2024, meaning that not only would broadcasters not be able to broadcast the signals, but end users would also not be able to receive them. In 2022, experts estimated that over 8 million South Africans would lose access to television if the switch-off was effected. Zoom out: According to the International Telecommunication Union, which South Africa is a part of, the switch off, which is meant to improve the quality of broadcast, should have happened by July 2015, meaning the country is almost a decade late to the party. Learn Product Design with Wild Fusion Join the next Product Design Cohort with Wild Fusion starting from June 20, 2023 by calling 08130807750 or sign up here TC Insights Funding Tracker Image source: Ayomide Agbaje/TechCabal This week, Nigerian communications-as-a-service startup, Termii, raised $3.65 million in pre-seed funding. The round was led by Fintech Collective and Ventures Platform; other participating investors include Launch Africa Ventures, Nama Ventures, Aidi Ventures, Ralicap Ventures, Now Venture Partners, Vastly Valuable Ventures, NOA Capital, and others. Here are the other deals closed: Egyptian logistics company, Trella, received $3.5 million in an undisclosed funding round from private equity fund, Avanz Capital Egypt. South African agri-tech company, Maltento, raised $3.3 million in an undisclosed funding round from Sand River Venture Capital. Nigerian logistics company, Messenger, raised an undisclosed amount in pre-seed funding. The round was led by Nama Ventures, with participation from Aidi Ventures and other angels. That’s all for this week! Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $25,474 + 1.90% – 6.14% Ether $1,688 + 1.31% – 8.41% BNB $237 + 0.54% – 23.84% Solana $14.82 + 0.22% – 29.10% * Data as of 06:20 AM WAT, June 16,
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- June 15 2023
Get synthetics monitoring to work in New Relic 2023
In the fast-paced world of technology, website performance and availability play a vital role in maintaining a positive user experience. To ensure your online presence is running smoothly, synthetic monitoring is an indispensable tool. New Relic, a leading application performance monitoring (APM) platform, offers powerful features for monitoring and analyzing web applications. So get set as we guide you through the process of getting synthetics monitoring to work in New Relic, enabling you to proactively monitor your application’s availability and performance. 1. Setting up a New Relic account On how to get synthetics monitoring to work in New Relic, you need to start by creating an account on the New Relic platform if you haven’t already. Visit the New Relic website and sign up for an account. Once you have registered, you can access the New Relic dashboard and proceed with configuring synthetics monitoring. 2. Navigating to synthetics In the New Relic dashboard, locate the “Synthetics” tab and click on it. This section is specifically designed for monitoring the availability and performance of your applications through synthetic monitoring. 3. How to get synthetics monitoring to work in New Relic To create a new synthetic and get its monitoring to work in New Relic, click on the “Monitors” tab within the Synthetics section. Then, select the “New Monitor” button to begin the setup process. Here, you can define the type of monitor you wish to create, such as a simple ping monitor or a more advanced scripted browser monitor. 4. Configuring monitor settings After selecting the monitor type, you will be prompted to configure various settings. This includes defining the monitor’s name, frequency, locations from which the monitor will run, and the expected response code or content. While you’re trying to get synthetics monitoring to work in New Relic, take care to tailor these settings to match your application’s specific requirements. 5. Scripted browser monitoring For more complex scenarios when trying to get synthetics monitoring to work in New Relic, scripted browser monitoring allows you to simulate user interactions and test specific workflows. In this mode, you can record a script using New Relic’s browser automation capabilities. This enables you to replicate user actions such as form submissions, clicks, and scrolling, providing valuable insights into your application’s performance from an end-user perspective. 6. Alerting and notifications Speaking more on how to get synthetics monitoring to work in New Relic, one of the primary purposes of synthetics monitoring is to promptly notify you of any application issues. New Relic allows you to configure alerts based on specific conditions, such as a failed monitor or a performance threshold breach. By setting up notifications, you can ensure that the right stakeholders are informed via email, SMS, or other communication channels when critical events occur. 7. Analysing synthetic data In the Synthetics section of the New Relic dashboard, you will find an array of reports and visualizations to help you analyse the data collected by your synthetic monitors. These insights can help identify patterns, performance bottlenecks, and areas for improvement within your application. 8. Integrations and collaboration New Relic offers integrations with various collaboration tools, such as Slack and Jira, allowing you to streamline incident management and communicate effectively with your team. Explore these integrations to facilitate seamless collaboration when addressing application issues. 9. Continuous monitoring and iteration After you learn how to get synthetics monitoring to work in New Relic, it doesn’t end there. Synthetics monitoring is an ongoing process that requires continuous monitoring and iteration. As your application evolves, it is essential to review and update your synthetic monitors accordingly. So, regularly assess the performance thresholds, expected responses, and user workflows to ensure your monitoring remains effective. Final thoughts on how to get synthetics monitoring to work in New Relic In the modern digital landscape, synthetics monitoring has become indispensable for proactive application performance management. By following the steps outlined in this guide, you can successfully set up synthetics monitoring in New Relic, enabling you to monitor your application’s availability and performance. Leverage the power of synthetic monitoring to gain valuable insights, proactively identify issues, and deliver a seamless user experience on your website or web application. That’s it about how to get synthetics monitoring to work in New Relic.
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- June 15 2023
SRD application 2023: 5 things to know
The South African Social Relief of Distress (SRD) program is a vital initiative aimed at providing temporary relief to individuals and families in need. The SRD application process plays a crucial role in determining eligibility and ensuring that assistance reaches those who require it the most. In this article, we will explore five essential aspects of the SRD application in South Africa, shedding light on its purpose, eligibility criteria, application process, benefits, and potential challenges. Understanding these key points will empower individuals seeking support through the SRD program. 1. Purpose of the SRD program The Social Relief of Distress (SRD) program in South Africa is designed to provide temporary financial relief to individuals and families who are unable to meet their basic needs due to a crisis or emergency. It serves as a safety net for those who do not have access to any other forms of social assistance. The program aims to alleviate immediate poverty-related challenges by offering cash transfers to vulnerable individuals, helping them meet their essential needs such as food, shelter, and clothing during times of crisis. 2. Eligibility criteria To qualify for the SRD program, applicants must meet certain eligibility criteria. These criteria are subject to change based on government policies and program updates. Generally, individuals must be South African citizens or permanent residents, be 18 years or older, and not receive any other form of income or social grant. They should also demonstrate that they are experiencing a state of distress due to a specific crisis, such as the loss of income or livelihood, natural disasters, or other emergencies. Meeting the eligibility requirements is crucial for the successful consideration of the SRD application. See more information on eligibility here. 3. SRD application process The SRD application process is relatively straightforward and can be completed online or through designated application channels. Applicants are required to provide accurate personal details, including their identification documents, contact information, and proof of residence. Additionally, they must explain their current situation and provide supporting documents, such as bank statements or proof of job loss. The Department of Social Development reviews the applications and assesses eligibility based on the provided information. It is essential to complete the application accurately and honestly to avoid delays or potential disqualification. See more details here. 4. Benefits of the SRD program The SRD program offers significant benefits to eligible individuals and families in South Africa. Approved applicants receive a monthly cash transfer for a specified period, which can help cover essential expenses and alleviate financial strain during times of distress. The program’s support aims to ensure that beneficiaries can meet their basic needs, including food, clothing, and shelter. By providing temporary relief, the SRD program acts as a vital lifeline, allowing individuals to stabilize their circumstances and work towards long-term solutions. Additionally, the program may offer access to resources and referrals for further assistance, empowering individuals to navigate through their challenges effectively. 5. Potential challenges While the SRD program serves as a crucial support system, it also faces certain challenges. Due to limited resources and high demand, there may be delays in processing applications and disbursing funds. Additionally, eligibility criteria and program guidelines may change over time, requiring applicants to stay updated and informed. Individuals need to understand the documentation requirements and submit accurate information to avoid disqualification. Moreover, as the program is temporary, it is vital for beneficiaries to explore long-term solutions to improve their overall financial stability. Collaborating with relevant community organisations and seeking additional support services can help individuals navigate these challenges more effectively. Final thoughts on the SRD application The SRD application process in South Africa plays a pivotal role in providing temporary relief to vulnerable individuals and families during times of crisis. By understanding the purpose, eligibility criteria, application process, benefits, and potential challenges, individuals can access the assistance they need effectively.
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- June 15 2023
Here’s why Flutterwave accounts were frozen in Kenya
From a fraudulent betting company in Nigeria to aggrieved customers, and a Nairobi High Court order, here’s how Flutterwave accounts were frozen in Kenya. Last week, Justice A. Mabeya, a Nairobi High Court judge, placed a 14-day lien on 45 Flutterwave bank accounts at Access Bank, Equity Bank, Guaranty Trust Bank, United Bank of Africa, Ecobank, and 10 mobile money accounts at Safaricom PLC. The lien comes as a result of a petition by Morris Ebitimi Joseph, on behalf of 2,468 investors who were swindled by 86 Football Technology Ltd (86FB, 86W, and 86Z), a Ponzi scheme posing as a sports betting company. Joseph and the other investors claim that Flutterwave and 86FB colluded to defraud them of $12.04 million. In a response to TechCabal, Flutterwave said, “Some accounts have been frozen, yes, but it is a matter of procedure in such civil cases. It is an unsubstantiated claim by the report because last year, during routine checks, we noted a few companies were using our platform to process payments for the company named 85FB/86Z. We proactively notified the merchants to cease processing and suspended their use of Flutterwave. We also reported the matter to the law enforcement bodies in Nigeria. We are following all due legal process in Kenya, including providing all necessary documentation as we work towards settling these matters”. Justice Mabeya’s judgement placed a 14-day lien on Flutterwave’s accounts. Accusations and clarifications In 2022, 86FB accused Flutterwave of “maliciously freezing” its accounts. “This payment company [Flutterwave] maliciously froze our funds and intends to take the funds as their own and extort us by cooperating with the local police. 86FB has never yielded as we have been trying our best to protect the rights and interests of every user, but the other party has a strong background in Nigeria. We cannot fight against it, now 86FB cannot withdraw money normally,” the company said after it was exposed as a Ponzi scheme. At the time, Flutterwave responded in a tweet, saying that 86FB was not “registered or approved by Flutterwave”. Flutterwave also revealed that during its investigation, it “identified direct merchants of Flutterwave who were processing transactions for 86FB without our approval or permission to do so on the Flutterwave platform”. It added that it had suspended the merchants’ use of the Flutterwave platform. Payment processors and Ponzi schemes This was not the first time that Flutterwave had intervened by suspending a Ponzi scheme from using its platform. In 2020, as Racksterly (another Ponzi scheme) was unravelling, Paystack and Flutterwave restricted Racksterly from using their platforms to process payments. Olugbenga Agboola, Flutterwave’s CEO, told TechCabal the restriction was done to protect customers from being defrauded. “The business model of the merchant does not support this sort of transaction that they were doing,” Agboola explained. “And so we saw that customers were going to be defrauded on our platform.” Flutterwave also refunded all transactions by Racksterli’s subscribers done in January 2020. Flutterwave also claimed that in May 2022, it suspended a merchant who had been using its platform to handle 86FB transactions without having the necessary authorisation. It also added that this was done after a routine audit of merchants, through which it was discovered that 86FB’s operations were a Ponzi scheme. An initial trial and a success This is also not the first time that the aggrieved investors in 86FB have tried to sue Flutterwave in Kenya for the loss of their invested funds. Although the fraud happened in Nigeria, the investors tried to join the Kenyan Asset Recovery Agency’s (ARA) application to prevent Flutterwave from transferring or withdrawing the funds in three bank accounts, including two in UBA and one in Access Bank, and 19 Safaricom M-Pesa pay bill numbers. Flutterwave was eventually cleared of any wrongdoing, and the investors lost their bid to get a share of the funds frozen by ARA. However, with this new court case, the 86FB investors have finally been able to obtain a lien on Flutterwave’s accounts and might be able to recoup their losses. After the expiration of the 14-day lien on June 21, the parties will reconvene with Justice A. Mabeya for further directions on how to proceed with the case. The judge will also decide whether to extend the freezing orders. This new court case comes as Flutterwave continues its bid for a payment license in Kenya. Flutterwave has responded by suing 86FB on criminal defamation charges.
Read More- June 15 2023
Nigeria’s headline inflation for May hits record 22.41% as food inflation soars
Nigeria’s headline inflation hit a staggering high 22.41% in May 2023, up by 4.7% recorded in May in the previous year. Food inflation also rose to 24.82%. According to the National Bureau of Statistics Consumer Price Index (CPI) and Inflation Report for May 2023, Nigeria’s headline inflation rate has increased to 22.41% on a year-on-year basis in May 2023. Nigeria’s inflation rate continues its uptrend despite several monetary measures by the central bank to tame the rising rates. The report highlighted that the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%). Likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate recorded in April 2023 (1.91%). This means that in the month of May 2023, on average, the general price level was 0.03% higher relative to April 2023. As Nigeria’s inflation pushes DStv, GOtv prices up, customers struggle On a sub-atomic level, inflation bit the hardest on Food. The Food inflation rate in May 2023 was 24.82% on a year-on-year basis, 5.33% higher than May 2022(19.50%). Per the NBS, the rise in food inflation on a year-on-year basis was caused by increases in the prices of staple food like Bread and cereals, Fish, Potatoes, Fruits, Meat, Vegetable, and Yam, amongst others. “On a month-on-month basis, the Food inflation rate in May 2023 was 2.19%, this was 0.06% higher compared to the rate recorded in April 2023 (2.13%).“ the NBS report read in part. The average annual rate of Food inflation for the twelve months ending May 2023 over the previous twelve-month average was 23.65%, which was 4.97 % points increase from the average annual rate of change recorded in May 2022 (18.68%). Today’s inflation rates are well above the CBN’s target of 6% and with the removal of fuel subsidies likely to be captured in June’s inflation report, it is likely the rates will increase again.
Read More- June 15 2023
Seni Sulyman and Kayode Oyewole partner to create a learning platform for upskilling talent
Seni Sulyman and Kayode Oyewole, two experienced operators in the African tech ecosystem, have partnered to launch Talstack, a B2B SaaS learning platform. Seni Sulyman’s experience in the global tech ecosystem has seen him work for different organisations like Hewlett-Packard Enterprise, Bellhop, and Konga. But it was his time as the VP of global operations at Andela, a talent company and one of Africa’s unicorns, that led him to partner with Kayode Oyewole, a former partner at Ventures Platform, to launch Talstack, a B2B SaaS company that delivers content, tools, and other infrastructure to support and upskill talents. “Kola Aina [founder of Ventures Platform] introduced us. I have been bouncing this idea off him for two years, and he told me that Kayode also had a very similar idea. So Kayode and I spoke for 3/4 months, and we agreed that this problem was the largest problem on the continent today and also the biggest opportunity for us, and that it was super urgent,” Sulyman said. Talstack has currently raised an $850,000 pre-seed round, which was led by Ventures Platform. “We initially went out to raise $650,000 to prove our initial hypothesis that bite-size learning with more contextual contents by experts who have actually done stuff in Africa is going to be more valuable for an African audience and, secondly, that companies are going to pay for it. We saw a lot of demand from investors who understood the problem, which led us to close the round a little higher at $850k,” Sulyman shared. Discovering the problem “I discovered this problem through firsthand pain and suffering,” Sulyman told me. He explained that at the peak of his team at Andela, he was responsible for 1,500 employees ranging from operational roles to marketing, and one of his biggest problems was upskilling his team. He initially started out solving this problem by directly mentoring the team when it was smaller, but as the team grew, he outsourced mentoring to his contacts at other companies. However, he quickly found out that this method did not work at scale. “As we got bigger, it became incredibly hard to do that, and I started seeing different talent gaps on the team, not just in Nigeria but across our portfolio in Kenya, Uganda, and Rwanda. I tasked the HR team with helping me, but the HR team didn’t really know what to do either,” Sulyman said. According to a report by the IFC, there is a strong demand for digital skills in sub-Saharan Africa, and almost half of the jobs in the region require some digital skills. The World Economic Forum also estimates that only 33% of technology jobs worldwide are filled by the necessary skilled labour. This problem has led CEOs to view investment in technology as a priority area and plan to upskill their workforce to optimise and minimise risk, according to this PWC report. Sulyman added that this problem affected Andela’s productivity, output, and growth. “Even though Andela was a success story, I know there was more room for our people to grow. As a manager, it is extremely painful to watch your team have growth opportunities, or gaps, that are affecting performance and outputs, and you don’t have good solutions to solve them.” For Oyewole, as a founding member of Ventures Platform who invested in over 100 companies, he realised that “the second biggest problem for every company we met and interacted with was just the quality of their team.” He added that, “It was a constant problem that I saw every single time we invested in companies; they were deeply concerned about the quality of their talent and how to get their employees to the point where they’re great enough to deliver the kind of return-on-investment that a company needs to capture value in the market.” Oyewole first encountered this problem as a manager at MAX.ng and then at Ventures Platform. He explained that he tried to solve this problem by sharing courses on e-learning platforms like Coursera and Udacity with his team, but he realised that his employees never took the courses he shared or did not finish them. “The constant feedback I got was that the courses were complex. They started the courses and couldn’t understand what was being taught because it was either not relatable, too hard, the examples were foreign, or the course was just boring,” he shared. Solving the problem With both of them encountering the same problem and realising that their initial approaches to solving it were ineffective, Oyewole told me that they both realised that a different approach was required. “It became obvious to me that we need to build something that helps people get upskilled in certain areas, but we have to do it in a way that is fundamentally different from whatever exists today.” Like most of Oyewole’s former employees, I have also been guilty of starting courses and not following through with them. Platforms like Coursera, LinkedIn Learning, and Udemy use the traditional schooling approach, where a lecture is taught for hours and students take notes. With the average attention span for a human being 47 seconds, this approach might not be effective for today. “We’ve redesigned the learning process; as opposed to sitting through a 2 hour long class, our courses are broken down; they’re bite sized. They are broken down into small chunks of five minutes or less, and what that means is that within traffic, within grabbing that coffee at work, you can essentially watch two or three videos on how to do something,” Oyewole said. “The second thing is that we’ve also made our courses very relatable. Our courses are taught by Africans for Africans, so the content is easy to understand, the examples are very relatable, and the nuance is very relatable. You can also situate yourself within the context of the speaker, because when we give you those examples, you can relate to them. Our courses are also very actionable; you can watch a five-minute video and be
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