👨🏿🚀TechCabal Daily – US signs bill that could see to a TikTok ban
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Hello TC Daily readers, senior editor Timi here. This will be Mariam Muhammad’s last day writing TC Daily and working for TechCabal . Over the past year, Mariam has co-written 200 editions of TC Daily with me and Faith Omoniyi. She’s also been the brains behind some of the very fun puns we’ve had on the newsletter. We’ve enjoyed having Mariam on the team, and we look forward to what she’ll do in the future. TC Daily will continue to be written by me, Faith Omoniyi who is now joined by Towobola Bamgbose, our new intern reporter! In today’s edition The DRC is going after Apple for its cobalt use US signs bill that could see to a TikTok ban Nigeria investigates data breach that leaked info of 100 million Nigerians Uber reaches truce with Lagos Funding tracker The World Wide Web3 Job openings Big Tech Apple under scrutiny over mineral sourcing for its tech In December 2019, a human rights firm, International Rights Advocates, filed a lawsuit against tech giants like Apple, Google, Dell, Microsoft, and Tesla, on behalf of 14 parents and children from the Democratic Republic of Congo (DRC). These families allege the companies profited from child labour in their supply chains. But not much has been said or done since the lawsuit was filed. Now, the DRC itself has thrown down the gauntlet, and tech giant, Apple is the first to face scrutiny. What’s the news? Apple is facing heat from the DRC over concerns that it uses conflict minerals in its products. Lawyers for the DRC claim minerals like cobalt and tantalum, vital for smartphone components are smuggled from war-torn regions in the country— where violence and human rights abuses are rampant—to neighbouring Rwanda and then “laundered” into the global supply chain, potentially ending up in our beloved iPhones and Macs. While the DRC boasts over 60% of the world’s cobalt production, the human cost is high. Among the 255,000 Congolese mining cobalt, 40,000 are reportedly children, doing manual labour for less than $2 a day. What does Apple have to say? Apple maintains its commitment to ethical sourcing, pointing to its annual conflict minerals report and supplier audits. The company insists they have “no reasonable basis” to believe their minerals fund armed groups. However, the DRC disputes this, arguing Apple lacks concrete evidence to back its claims. Apple is known for its sleek designs and cutting-edge technology. But the company now faces a challenge of demonstrating responsible sourcing practices. How the company handles this legal battle will likely impact consumer trust and their reputation within the tech world. This accusation begs two critical questions: Say our iPhones are built on the backs of exploited children, would users be willing to boycott Apple products or switch to brands with ethical supply chains? Also, should tech companies be held directly responsible for child labor used in their supply chains, even if they don’t directly control the mines? 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. Global News Is TikTok banned in the US? On Wednesday, US President Joe Biden signed legislation that could force TikTok to sell its company if it wishes to still operate in the US or face an outright ban in the country. TikTok’s parent company, China-headquartered ByteDance, now has 270 days to find a buyer if it still wants to operate in the US What led to this bill? The US fears its national security could be vulnerable to potential threats posed by TikTok, amid worries that China, through its influence over ByteDance, might exploit the platform to undermine America’s interests. You see, China’s data laws allow the Chinese government to review all user data of Chinese-owned companies. While TikTok has data centres in the US, it still primarily stores data in China and the US government is worried that this could mean TikTok—or ByteDance—is sharing the US citizens’ data with the Chinese government. Now, all social media platforms collect data. But TikTok is viewed as the most advanced, and most effective at learning about your interests—based on how long you stay with a video and whether you like, forward or comment on it. That enables its algorithm to deliver more items of interest to what it calls the “For You” feed. TikTok has 170 million U.S. users, two-thirds of American teens use TikTok every day, according to a 2022 Pew Research Center survey, with 16% saying they’re on the platform almost constantly. Data breaches already happened: In December 2022, the chief executives of ByteDance and TikTok acknowledged that ByteDance employees had inappropriately accessed the IP addresses of American users, including journalists critical of the company. This prompted a Justice Department investigation into potential improper surveillance of Americans. Furthermore, the Office of the Director of National Intelligence’s annual report on global threats in early 2024 revealed that China had used TikTok to target candidates from both political parties during the US midterm election cycle of 2022. Lawmakers, citing national security concerns due to TikTok’s Chinese ties, swiftly passed a bill through both chambers of Congress in recent days. What will TikTok do next: Per Bloomberg report TikTok has said it plans to sue over the measure. Chief Executive Officer Shou Chew posted a video response to the new law on Wednesday, painting US lawmakers as a threat to TikTok users’ free speech. “Make no mistake: This is a ban—a ban on TikTok and a ban on you and your voice,” he said in the video, which was posted to TikTok. “Rest assured we are not going anywhere. We are confident and we will keep fighting for your rights in the courts.” The issue could take months or even years to settle, during which the app
Read MoreKenyan parliament passes historic EU free trade deal
Kenyan lawmakers have passed a preferential trade deal with the European Union (EU), ending a political flashpoint with neighbouring East African Community (EAC) partners who refused to adopt a joint deal in 2016. The Economic Partnership Agreement (EPA) will give Kenyan traders duty-free and quota-free access to the $13.9 trillion European market. According to the EU, total trade with Kenya reached $3.5 billion in 2022, representing a 27% jump from 2018. Under the terms of that deal, Kenya will gradually lower duty on imports from the EU within the next 25 years and incentivise European companies to set up in the country. The trade agreement obligates the Kenyan government to maintain international labour standards. It also includes provisions on climate change. “The agreement includes binding and enforceable provisions on international standards and agreements on labour, gender equality, climate, and the environment, and prevents both parties from lowering labour and environmental standards,” European Parliament said in a statement on March 1. Kenyan parliament’s ratification of EPA follows a similar move by EU lawmakers who adopted the partnership in March 2023. It will now head to the trade minister who must subject it to public consultation before roll out. “It is the first agreement with a developing country in which the EU’s new approach to trade and sustainable development is reflected,” the EU Parliament said. The EU imports $1.28 billion of goods from Kenya including cut flowers, vegetables, and fruits. The East African nation is one of the biggest producers of flowers sold in Europe. On the other hand, Kenya imports mostly heavy machinery and minerals estimated to be worth $2.1 billion. The deal’s ratification comes seven years after the implementation of the EU-East African Community pact stalled. While Kenya ratified and lobbied for the acceptance of the deal, other EAC countries rejected it for fear of cheap European goods flooding their markets.
Read MoreNIMC risks penalties as NDPC investigates breach that exposed NIN of 100 million people
One month after a little-known company got unrestricted access to the private data of 100 million Nigerians, Nigeria’s Identity Management Commission (NIMC) is under investigation for a data breach. One publication detailed how XpressVerify, the company involved in the breach, obtained and monetised its access to the identification numbers. “If they [NIMC] are found negligent, there would be penalties. Last year in South Africa, the data protection agency fined the Ministry of Justice over a data breach. Nobody is above the law,” said Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Commission (NDPC). In 2021, NIMC was also accused of negligence after a self-service app for identity verification was breached, and the resulting data was sold on the dark web. While NIMC often denies these incidents, several reports have alleged worrying vulnerabilities at the agency. “Whoever is responsible for the breach will be prosecuted. By the time we investigate and know what happened, that will guide us on what to decide,” Dr Olatunji said. The NDPC has carried out its preliminary findings and will soon release a report. While it is unclear when that report will be released, the commissioner said they discovered “[it was] one of their [NIMC] agents that [was] trying to cause some issues by working with the company where the issue occurred.” According to the Nigeria Data Protection Act, companies found guilty of violations—including data breaches—may be fined a maximum of ₦10 million or 2% of their annual gross revenue in the preceding year. The NDPC clarified that while government agencies like NIMC may not face direct penalties, individual officials and licensed partners involved in the alleged NIN data breach could be prosecuted. The data protection regulator typically looks at the compliance level of the organisation involved, its data processing activities, employees managing the data, and technical measures to prevent future breaches. It found NIMC’s infrastructure to be “very okay.” Last year, NDPC investigated OPay, Meta, and DHL, for alleged data privacy violations. While Olatunji declined to provide specifics on the outcome of the investigation, he disclosed that at least four or five of the companies investigated paid a remediation fee instead of 2% of their annual gross revenue. “What is important to us isn’t the money but to ensure they do the right thing. When we have done our investigation and found that the impact isn’t too severe, we ask them to pay a remediation fee and subject them to monitoring for six months to make appropriate amendments in the areas where they have been found culpable.”
Read MoreHow VCs can beat currency depreciation
This article was contributed to TechCabal by Robin Butler, a partner at Sturgeon Capital, through The Realistic Optimist. The emerging markets conundrum Emerging markets (EMs) have struggled to gain investors’ sustained trust. Even for the shrewd operators navigating political risk, inadequate infrastructure and low buying power, one stubborn issue remains: currency depreciation. Many EMs, including the most promising ones, suffer from a common ailment: their currencies tend to lose value over time. And generally faster than in developed markets. In 2014, one USD was worth 8.5 Argentinian pesos. In 2023, it was worth over 800 pesos. In 2014, one USD was worth 101 Pakistani rupees. In 2023, it was worth over 200 rupees. In 2014, one USD was worth 168 Nigerian naira. In 2023, it was worth over 800 naira. This poses a serious issue for investors in these markets. Their return on investment has to beat the depreciation rate. If it doesn’t, they will have lost money. If it does, but only by a bit, they might wonder if the trouble was worth it. Yet, these markets keep galvanising investors. The macro tailwinds are promising: vigorous economic growth, young populations and a hunger for technology. So far, however, the investment vehicle that can ride those tailwinds while delivering compelling returns has remained elusive. Most investment options in these markets remain institutional. Over the past 10 years, the MSCI Emerging Markets Index (which captures large and mid-cap representation across 24 emerging markets) achieved net annualised returns of 3.01%. The S&P 500, which measures the performance of 500 large US companies, returned 12.39% annually over roughly the same period. The savvy investor might ask: why take a risk on emerging markets in the first place? The EM conundrum is the following: macro tailwinds are exciting, yet available investment options seem to deliver mediocre returns once adjusted for currency depreciation. Enter venture capital (VC). VC as a way to beat depreciation VC takes its roots in the whaling industry, a risky but potentially lucrative business. Investing in whaling meant betting on 10 whaling expeditions with the understanding that 9 would come back empty-handed (or not come back), while one would bring back enough riches to net a return. That same mentality applied to tech companies gave birth to VC. This entails betting only on companies with the potential and ambition to become industry leaders while accepting that most will fail. Venture capital doesn’t invest in stable, steadily growing businesses. It’s “go big or go home” by design. From 2010 to 2016, top quartile VCs delivered an internal rate of return (IRR) of 25.6%, compared to the S&P 500’s 12.2%. Those returns suggest investing in top-quartile VCs is a great hedge against most macroeconomic headwinds. The key skill is picking the right VC managers. This begs the question: can VC make the case for EM investing? Investing in winning tech companies seems to be a tangible way to ride macro-tailwinds, while potential returns beat depreciation by a mile. Primed markets The case for venture capital in EMs presupposes certain conditions. The goal is to generate outsized returns that, even when accounting for currency depreciation, beat both S&P 500 and VC returns in developed markets. One way to do so is to fund companies that will ride EM tailwinds: a growing economy, a young population, and increased tech penetration. The companies best placed to service these trends are tech startups. More specifically, tech startups looking to become leaders in digitally virgin local verticals. You want to fund the startup that will digitise all of Central Asia’s logistics companies, the startup that will digitally bank every Southeast Asian SME, or the startup that will pioneer telehealth for Africa. And you want to fund them extraordinarily early, to capture the extraordinary returns you’re aiming for. Identifying the markets in which these startups exist but aren’t sufficiently funded is a subtle science. Some indicators help. Smartphone and internet penetration above 30% is primordial. If it’s under 30%, the potential customer pool is simply too small. Once it crosses 60-70%, there is a critical mass to build digital businesses at scale. The early presence of ride-hailing, food-delivery and digital payments apps are another great indicator. These apps don’t have to be mature, the earlier the better. What their presence conveys is that people use their phones for more than just messaging and social media. Tech startups capitalise on that new behaviour. Lastly, you need at least a semblance of government enthusiasm for the topic. This enthusiasm can vary in fervour, but a verbal commitment to digitising the economy is a minimum. These are the markets in which venture capital makes a lot of sense. We call them “primed markets”. Operationally speaking, for startups Operating a startup in these markets requires a certain nous. The challenges faced there haven’t been faced in Silicon Valley, so the playbooks haven’t been written. Founders are writing it in real-time. One of those big, novel challenges revolves around our issue of the day: currency depreciation. Startups have two broad ways to handle depreciation, which can be combined as the company grows. The first is to sell their product in Western markets, bringing in “stable” currency revenue. Nigerian video-on-demand startup iROKOtv has pivoted from selling to Nigerians in Nigeria to Nigerians in the West. This makes sense from an economic perspective. However, it means abandoning the EM-specific tailwinds that got founders and investors excited in the first place. It’s one way to do it, but the startup’s EM DNA erodes as a result. The second is straightforward: grow faster than depreciation. In primed markets, startups aim to dominate digitally virgin industries. If they get it right, their growth should comfortably surpass depreciation. Sturgeon Capital’s fund I portfolio startups have grown revenues at a weighted compound annual growth rate (CAGR) of 92% in dollar terms, despite simultaneous depreciation in our markets. This math, our aim CAGR vs local depreciation rates, is built into our investment philosophy. Operationally speaking, for VCs VCs have to adapt
Read MoreExclusive: Uber and Lagos state end month-long row on real-time data sharing
Mobility giant Uber and Lagos state have reached an agreement, ending a month-long row after the government’s request to enforce a 2020 deal to share real-time data. In March, two people on Uber’s side of the argument raised surveillance and privacy concerns following the request. Uber held out on giving the government access even as competitors like Bolt acquiesced. The government responded by impounding cars belonging to Uber drivers and the state of talks between both parties remained uncertain. “We have reached a truce, we shifted ground, and Uber too has shifted ground,” Olasunkanmi Ojowuro, the Lagos state director of transport operations, told TechCabal on a call. “The impounded cars have since been released after 72 hours, based on compassionate grounds.” Uber did not respond to a request for comments. While the data-sharing resolution prevented service disruption, driver discontent persists. Many drivers want Uber to lower its 25% commission while others point out the increased difficulty levels associated with driving. Long queues for petrol at fuel stations and accelerating inflation continue to depress earnings. Drivers have also accused Uber of lowering fares. “The price mechanism contributes to the delay in getting rides,” said Ibrahim Ayoade, the general secretary of the App-Based Transporters of Nigeria (AUATON). Another driver, Somoye Olalekan explained that low fares have taken him off the platform. A publication reported that Uber drivers received a 10% commission increase. Ayoade has since countered that report as a short-lived promotional campaign which was never sustained.
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👨🏿🚀TechCabal Daily – Stanbic IBTC to raise $401 million
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday In Q1 2024, investment in African startups took a nosedive, plunging by approximately 45.6% compared to Q1 2023. On the flip side, our growing ecosystem witnessed a flurry of expansion and acquisition activities. Dive deeper into the latest happenings with our freshly unveiled quarterly report. Download it now. In today’s edition Kenya washes its hands clean of Anjwarwalla’s arrest Stanbic IBTC to raise $401 million Equity Bank’s $2.1 million heist was an inside job Nigeria and US discuss AI development Madica injects $600,000 into three African startups The World Wide Web3 Opportunities Crypto Kenya denies reports of Binance executive, Nadeem Anjarwalla’s arrest It seems both Nigerian and Kenyan authorities are providing us with a daily dose of uncertainty regarding the situation of Nadeem Anjarwalla, the Binance executive who escaped custody in Nigeria and fled to Kenya using a smuggled passport. On Monday, it was reported that the Kenyan police, in collaboration with Nigerian authorities and Interpol, reportedly arrested Anjarwalla with plans to expedite his extradition back to Nigeria within the week. Kenya seems to disagree with the news, as someofficials have called the reports “rumours”, maintaining that no such arrest has taken place despite several reports from Nigerian publications suggesting Anjarwalla’s imminent extradition. Per Coindesk, Anjarwalla’s wife has also denied news of the extradition. One week ago, Nigerian authorities requested the Kenyan government arrest and extradite Anjarwalla. However, as of now, Kenya has only acknowledged his presence in the country, which has stalled Nigeria’s pursuit of the crypto giant, Binance. What’s the issue with Binance? Binance and its two executives face charges in Nigeria for tax evasion, currency speculation, and money laundering of an alleged $35.4 million. Yesterday, one of the executives, Tigran Gambaryan, who pleaded not guilty had his bail hearing rescheduled to May 17, 2023, after the Judge, Justice Emeka Nwite heard arguments—on whether Gambaryan should remain in custody at the correctional centre—from Gambaryan’s legal team and the Nigerian government’s lawyers. As the case continues to unfold, these legal issues are just the latest in a string of challenges Binance is facing globally. What more? In the United States, the Department of Justice is recommending a 3-year prison sentence for Binance founder Changpeng Zhao after he reportedly failed to comply with federal sanctions and anti-money laundering regulations. Adding to the pressure, the Philippines Securities and Exchange Commission has ordered Apple and Google to remove the Binance app from its app stores 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. Banking Stanbic IBTC to raise $401 million to meet CBN’s capital requirements Nigeria’s apex bank has put the squeeze on banks, prompting them to scramble for additional capital. Following similar moves by Access Bank and First Bank, Stanbic IBTC Holdings Plc is the latest entrant in the capital race. The bank is seeking shareholder approval to raise ₦550 billion ($401 million) at a meeting scheduled for May 16. Seeing that it’s a Tier 2 bank, its capital requirement is set at ₦200 billion ($145.9 million). To address the capital increase, Stanbic IBTC will implement a two-part strategy. First, the bank will issue ₦400 billion ($291.8 million) in bonds, effectively borrowing from investors and repaying them with interest over time. Additionally, a rights issue of ₦150 billion ($109.4 million) will grant existing shareholders the chance to purchase new shares at a discount. This approach allows Stanbic IBTC to raise capital while minimising dilution for current investors. Stanbic IBTC will also prioritise existing shareholders when offering new shares. Only if these shares aren’t fully purchased by existing investors will the bank look for entirely new investors. The bank also has flexibility in how it borrows money. These bonds can be traditional bonds, convertible bonds or other variations and can also choose to sell them publicly or privately. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Cybercrime Staff member at the centre of Equity Bank’s $2.1 million cyber heist Last week, Equity Bank, Kenya’s leading lender, suffered a cyber heist of KES 282 million ($2.1 million). Word on the street now is that theft was orchestrated by a bank employee working with other accomplices. A source said that the unidentified bank worker at the heart of the fraud installed malware within the bank’s core system to siphon funds undetected. The fraudulent transaction ran from April 9 to 15. By the time unusual activity was noticed, the money had already been dispersed across over 500 bank accounts and mobile wallets “It’s an Equity Bank staff transferring money from accounts to several bank accounts and M-Pesa lines. Some have refunded the money, and investigations are ongoing,” a detective with knowledge of the matter told TechCabal. How the heist was done: Last week, TechCabal reported that three sources with knowledge of the investigation said the perpetrators pulled off a “card-not-present” scam, where hackers don’t need the physical card to steal money. This type of fraud usually involves using stolen card details to make online purchases. However, in this case, the perpetrators created fake websites to trick victims into making payments. The monies from these payments was then moved into other accounts controlled by the scammers. Authorities have arrested 59 individuals, with some unknown number of persons already released on bail. Kenya’s Directorate of Criminal Investigations is tracking down additional suspects and “recovering the stolen funds” the detective said. While such staff-involved thefts occur occasionally in Kenya, many cases go unreported due to reputational concerns. Equity Bank and the Central Bank of Kenya haven’t yet commented on the matter. This lack of public response adds to the concerns surrounding
Read MoreStanbic IBTC will seek shareholders’ approval to raise ₦550bn
Stanbic IBTC Holdings will seek shareholders’ approval to raise ₦550 billion on May 16. According to a regulatory filing submitted on Wednesday, the company has proposed the sale of bonds and a rights issue to raise the needed capital. Stanbic joins industry peers like Access Holdings, GTCO, and Zenith Bank Plc, which have made similar moves to increase their capital requirements after a review by the Central Bank. Stanbic IBTC, the banking subsidiary of Stanbic IBTC Holdings Plc, is a Tier 2 bank with a capital requirement of ₦200 billion. It plans to issue debt securities worth ₦400 billion and an additional ₦150 billion through a rights issue. Unlike other financial institutions such as Access Bank, subscription for Stanbic IBTC’s shares will first be by a public rights issue. However, in the event of an under-subscription, the company will offer the unsubscribed shares first to interested existing investors and later to interested investors. The debt issuance programme will include securities such as “senior unsecured or secured; subordinated; convertible; preferred; equity-linked or such other forms of debt obligations.” The programme will come in the form of public offering, private placement, additional tier one or tier two capital raising, investments, book building process, or any other method.
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Check CBSE Class 10th & 12th results 2024
Similar to the UP and MP exams, the Central Board of Secondary Education (CBSE) is expected to announce the results soon, likely in the first week of May. Once declared, students can easily check their 2024 CBSE results online through various official channels. Here’s a concise guide to help you through the process: Websites to check CBSE results 2024 The Central Board of Secondary Education provides multiple official websites for students to check their 2024 results. These include: cbse.nic.in cbse.gov.in cbseresults.nic.in It’s recommended to try all three websites as there may be heavy traffic on the day of the result declaration. Steps to check CBSE Results 2024 online Visit any of the official websites mentioned above. Look for the designated link for “CBSE Class 10 Result 2024” or “CBSE Class 12 Result 2024,” depending on your class. Enter your roll number, school number, and admit card ID carefully. These details are crucial for checking the results successfully. Click on “Submit” and your result will be displayed on the screen. Download the mark sheet and take a printout for future reference. Alternative ways to check CBSE results 2024 While online methods are the most convenient, there are a few alternative ways to access the CBSE results: SMS: You can send an SMS to a designated number provided by CBSE (details will be announced on the official website) with your roll number. The result will be sent back in a text message. IVRS (Interactive Voice Response System): You can call a specific phone number provided by CBSE and follow the instructions to hear your result through an automated system. Digilocker: CBSE may also make the results available on the Digilocker platform (https://www.digilocker.gov.in/). Students who have registered on Digilocker can access their mark sheet there. Final thoughts Keep an eye on the official Central Board of Secondary Educationwebsite or follow reputable websites like TechCabal for the official announcement of the result date and any updates regarding the process to check Central Board of Secondary Education results 2024.
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Check your UP 10th & 12th results 2024 online
As the Uttar Pradesh Madhyamik Shiksha Parishad (UPMSP) announces the Class 10 and Class 12 final exam results for 2024, students can check their scores. If you have not checked out the UP scholarship 2024, you should come back to it. Here’s a simple guide on how to check your UP results for 2024: 1. Vist UP results portal to start check To begin, go to the official websites designated for checking UP board exam results: upresults.nic.in or results.upmsp.edu.in. These platforms are reliable sources provided by the Uttar Pradesh Madhyamik Shiksha Parishad. 2. Find the UP Board result 2024 link Once on the website, look for the specific link labelled “UP Board Result 2024” for either Class 10 or Class 12, depending on your examination. This link will direct you to the result page. 3. Enter your UP exam login details to check UP results 2024 On the result page, you will be prompted to enter your login credentials. Typically, this includes your roll code and roll number. Ensure that you input the correct information to avoid any discrepancies. 4. Submit and view results After entering your login details, click on the submit button to proceed. The system will then display your UP board exam results for 2024. Take your time to review the scores thoroughly. 5. Download and Save Once your results are displayed, it’s advisable to download the result page for future reference. Simply click the download option on the webpage and save the document on your device. 6. Print a hard copy As a precaution, consider printing a hard copy of your UP board exam results. Having a physical copy can be beneficial for documentation purposes and may be required for various official procedures. 7. Verify details After downloading and printing your results, carefully review the information presented. Ensure your name, roll number, subjects, and scores are accurately reflected. If you notice any discrepancies, contact your school authorities or the Uttar Pradesh Madhyamik Shiksha Parishad for assistance. Final thoughts on how to check UP 10th & 12th results 2024 online Checking your UP results for 2024 is an easy process as long as you carefully follow these guidelines. Remember to remain patient and calm while accessing your scores, and don’t hesitate to seek assistance if needed.
Read MoreExclusive: Equity Bank employee involved in $2.1 million fraud
An employee of Equity Bank, Kenya’s biggest lender, colluded with other perpetrators to steal $2.1 million from the bank. TechCabal reported that the money was moved to over 500 bank accounts and mobile money wallets last week. “It’s an Equity staff transferring money from accounts to several bank accounts and M-Pesa lines. Some have refunded the money, and investigations are ongoing,” a detective with knowledge of the matter told TechCabal. The unnamed employee at the centre of the fraud installed malware in the bank’s core system to avoid detection, said a bank insider who asked not to be named because they were not authorised to comment on the matter. When bank officials detected unusual activity in the lender’s system, $2.1 million had been moved out to several accounts, and some account holders had already withdrawn the money. Fifty-nine people have been arrested in connection with the incident, and an unknown number of persons have been granted bail. It was not immediately clear when they would be charged to court. The fraudulent transactions ran from April 9 to April 15, and millions of dollars were moved to the accounts of Equity Bank holders and eleven other lenders in an operation that exposed the vulnerability of Kenya’s banking system. Equity Bank did not immediately respond to a request for comments. Some of the stolen funds have been returned, a detective said. The Directorate of Criminal investigations is also tracking other suspects, some of whom have gone into hiding, using mobile phones. Bank staff colluding with criminals to steal from customers occasionally happens in Kenya. However, most go unreported as banks fear losing clients. Equity Bank and Central Bank of Kenya (CBK), the sector regulator, have not commented on the incident since TechCabal’s report on the fraud.
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