Uber conducting internal review as drivers expect ride-hailing companies to raise prices
Ride-hailing platforms are considering raising ride fares as fuel prices soar to ₦897 per litre, following two months of fuel shortages in Nigeria. If they adjust fares, the platforms would need to find a middle ground that will balance the needs of drivers and passengers—a tough ask. “We are currently conducting a comprehensive review of the recent increase in fuel prices and considering various initiatives to minimize its impact on driver earnings. Our aim is that Uber remains the app of choice for drivers while ensuring an affordable service for riders.” Tope Akinwumi, the Nigerian country manager for Uber, told TechCabal. Drivers are already expecting ride-hailing platforms like Uber and Bolt that use algorithms to set prices to increase fares following the latest increase in fuel prices. While ride-hailing companies decide on raising fares, drivers are turning to Indrive, a ride-hailing platform that uses a bidding system that allows drivers and riders to set fares. Bolt did not respond to a request for comments. In the meantime, in Lagos, Nigeria’s economic capital, ride-hailing customers are facing a near-permanent surge in fares as fewer drivers operate on the road. Ride-hailing platforms typically use surge pricing to align ride fares with the often delicate balance of driver availability and rider demand. Drivers told TechCabal they are waiting for ride-hailing companies to react to the new pump price before they hit the streets. “If I buy fuel for ₦1,200 or ₦1,500, I will probably park my car at home for like three days and wait to see what Bolt and Uber will do about the new fuel price,” a gig driver told TechCabal. When demand exceeds supply—such as during high-demand periods or when there are insufficient drivers on the road—ride-hailing platforms apply surge pricing to incentivise drivers to get on the road. In May, Bolt introduced a flexible pricing system, similar to Indrive’s system, allowing passengers to offer higher fares to drivers to increase their chances of getting rides during periods of high driver demand. “I have been in the queue all day and I still don’t have fuel by 2 p.m., that automatically means that I can not work today,” a gig driver told TechCabal on Tuesday. Long queues at filling stations have led to traffic in major areas of Lagos, which drivers say may have led to the surge. Drivers also told TechCabal that they have been in fuel queues since 4 a.m. but have yet to buy fuel because filling stations have not started selling today, leading to a scarcity of drivers working. “There is no filling station selling fuel on the island,” a driver who asked not to be named told TechCabal. He added that he had been searching for fuel for hours but is reluctant to buy at the black market rate, which hovers above ₦1,000 per litre. Ride-hailing platforms are in an unenviable position following Tuesday’s fuel price hike as they need to appease customers—who are spoilt with options and dealing with record inflation—and drivers—who constantly demand lower commissions and increased fares.
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How to access new US visa customer care for Nigeria 2024
The migration to the new US visa payment and appointment scheduling platform has brought about significant changes. The changes include improvements to customer service. The new system is fully operational, and applicants can now access enhanced support features directly on the platform. Notably, applicants no longer need to use their airtime to call the Embassy’s customer care line, as the platform integrates live chat and call features. This article will guide you on how to use these US visa customer care new features and provide some tips for a smooth experience. Accessing the new US Visa customer care in Nigeria 2024 To use the new customer support features on the US visa platform for your visa appointment or other related issues, follow these steps: 1. Visit the new visa platform: Open your latest version of Mozilla Firefox or Google Chrome browser. Go to the official website: https://www.usvisaappt.com/visa/country?country=NG. 2. Select your preferred support option: At the bottom right corner of the website, you will find options to either start a live chat or make a call. Choose the option that best suits your needs. 3. Using the live chat feature: If you choose to chat, you will first encounter automated responses. Continue interacting with the auto-messages until you get the option to chat with a live US consulate agent. 4. Using the call feature: Click on the phone call icon, which will direct you to a new page. A pop-up will appear, asking you to allow your browser access to your device’s audio. Allow this permission to proceed. Follow the voice prompts carefully until the system connects you to a customer representative. Be mindful of the on-screen buttons to avoid accidentally ending the call. Tips for a smooth experience Use a Laptop or iPad: Although the new platform can be accessed via mobile phones, it is easier to navigate on a larger screen like a laptop or iPad. The layout is more user-friendly on these devices, reducing the likelihood of making errors or not being able to toggle the features. Browser compatibility: Ensure you are using the latest versions of Mozilla Firefox or Google Chrome for optimal performance. Other browsers may not support all features of the platform. Be patient: If you experience delays in connecting with a live agent, remain patient and follow the prompts. The new US Visa customer care in Nigeria 2024 is designed to be more efficient, but as with any new system, there may be occasional hiccups. Final thoughts on US Visa customers care in Nigeria 2024 The introduction of live chat and call features on the new US visa platform marks a significant improvement in customer support for applicants in Nigeria. No longer needing to use personal airtime to contact customer care is a welcome change. Remember to access the platform using a suitable device, follow the steps outlined above, and remain patient during your interaction. The new US Visa customer service in Nigeria 2024 is intended to streamline and enhance your visa application process, making it more accessible and user-friendly.
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US visa 2024 appointment dates updates on the Nigeria new portal
The migration to the new US visa payment and appointment dates scheduling system for Nigeria, which began on 26th August 2024, is now fully operational. Many applicants have reported receiving activation emails, allowing them to successfully migrate their old accounts and activities to the new US visa platform. This article will guide you on what to do if you haven’t received the activation email and provide important details for those with scheduled interview dates. Receiving activation emails If you haven’t yet received the activation email, don’t worry. Applicants are to check their spam, promotions, or social categories in their email folders, as the activation email might have landed there. If you still cannot locate it, be patient; the US consulate has assured that the rollout is ongoing and everyone will receive their activation emails soon. Managing your us visa dates 2024 Applicants who had scheduled their US visa appointments before the migration might notice changes in their interview dates on the new portal. If your original appointment date has been altered, there is no cause for alarm. According to information gathered from the support line of the US consulate in Nigeria, you should still attend your interview on the originally assigned date. It is important to bring your DS-160 confirmation page and other relevant documents with you. The discrepancy in dates is due to a mass rescheduling glitch caused by the migration of data from the old system to the new platform. In other words, for those who are okay with their original dates, there is no need to worry about the date changes on the visa confirmation page. Key Points to Remember Check your email: Ensure you regularly check all your email folders, including spam and promotions, for the activation email. You can stick to your original date: If you notice a date change on the new portal, attend your interview on the originally scheduled date with your DS-160 confirmation and other documents. Migration glitch: The change in dates is a result of data migration; it does not affect your original appointment unless you decide to reschedule. Final thoughts on US visa 2024 appointment dates scheduling updates The transition to the new US visa service system is designed to enhance efficiency and streamline the visa application process. With the US visa dates 2024 now managed on this new platform, applicants can expect improved services, including more convenient document submission locations and enhanced customer support. Remember to stay informed by checking the new website regularly for any updates or changes to the process. By following these guidelines, you can ensure a smooth experience during your visa application process, even amidst these recent changes.
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👨🏿🚀TechCabal Daily – Flip the crypto coin
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Calling all AI enthusiasts! Join the TechCabal X Zindi audio classification challenge. Join us in building an audio classification model for the Ewe language and stand a chance to win $500. You’ll be competing for a top prize, and contributing to the preservation of an important African language. Sign-up now. Nigerian banks are still wary of crypto Binance calls for Gambaryan’s release Fuel price hike in Nigeria affects gig drivers The World Wide Web3 Opportunities Crypto Is Crypto welcome in Nigeria? Image source: Pymnts Persona non grata is a Latin phrase that translates to “unwelcome person” and is used to describe someone who is officially declared undesirable or unwelcome by a government. This dictum may explain the Nigerian government’s stance on crypto. Crypto regulation in Nigeria has been a rollercoaster. After lifting a two-year crypto ban in December, the government had a change of heart. In the following months, it showed signs that it still frowned against digital assets. The government blocked the websites of crypto exchanges and warned against P2P trades. Executives of Binance who had come into the country to resolve the blocked access were arrested, with one executive still in detention. Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) also froze 1,000 bank accounts linked to crypto trade. If you’ve followed till now, you’ll get a sense that crypto may not be fully welcomed in the country. And while the SEC may have issued its first crypto licences to Quidax and Busha, banks and fintechs across the country are playing it safe. While the Nigerian SEC has released new guardrails for crypto transactions in the country, banks claim that they are unclear and difficult to follow. While the newly licensed entities are optimistic about a good rapport with banks and fintech, the banks have made their point clear that they’ll only engage when they receive instructions from the CBN. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Crypto Binance calls for Gambaryan’s release Tigran Gambaryan Since Nigeria started scapegoating crypto company Binance in February over claims that it allowed currency traders to manipulate FX rates, not much has changed. On September 3, the naira continued a week-long slide, settling at ₦1,590/$1. While the Central Bank’s search for stable pricing remains elusive, the case against Tigran Gambaryan, the Binance compliance executive arrested in February 2024 has continued. On Monday, a video of Gambaryan being denied the use of a wheelchair by prison officials went viral. His family has repeatedly asked for his release on health grounds. On Tuesday, Binance also asked the Nigerian government to release Gambaryan. Its CEO Richard Teng posted on X that Gambaryan’s treatment is “inhumane”, and that he must be allowed to go home to his family. US lawmakers have since petitioned President Joe Biden to secure his release. However, Nigeria is not budging in its stance that Gambaryan and his employer are allegedly complicit in laundering money. To this day, Nigeria has yet to show how it will hold any water to this claim, as it never tracked or regulated crypto transactions. Moreover, in 2021 when Nigerian banks were freezing crypto-related accounts, Binance’s peer-to-peer (P2P) platform allowed crypto trading to continue under the radar, drawing Nigeria’s ire. Again, this is not Binance’s first money laundering case; the US Department of Justice sued the company for $4.3 billion on similar charges in 2023. Nigeria is likely sensing an opportunity here. If this messy affair plays out longer, all indications point toward Binance eventually settling. 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. Economy Fuel price hike in Nigeria affects gig drivers Image source: Nairametrics Shortly after the Nigeria National Petroleum Company Limited (NNPC) opened up about its “financial strain” and debts owed to petrol suppliers, Nigerians braced themselves for the inevitable. Since the subsidy removal in 2023 by President Bola Tinubu, citizens still managed to buy fuel cheaply at NNPC stations. Compared to private filling stations that sold higher to gain profits, the government-owned NNPC sold fuel at ₦610 ($0.38) per litre—shielding Nigerians from the landing cost of ₦1,200 ($0.75) per litre in imports. However, on September 3, after succumbing to its financial reality, NNPC increased the price of fuel by more than 40%. Some of its stations sold fuel yesterday at ₦897 ($0.56) per litre. Worse, other parts of the country sold higher at ₦910 ($0.57). While the long queues Nigerians have been witnessing these past three weeks will likely continue, fuel-dependent businesses like gig drivers will be feeling the heat. When we spoke to a Bolt driver in Owerri, he expressed frustration yesterday. “When I got to NNPC to buy fuel this morning, they were adjusting the pump price to ₦885 ($0.56) per litre. It was shocking. There was a queue so I was unable to buy fuel after waiting for 5 hours. I left and went to another [private] filling station, and bought fuel at ₦995 ($0.63) per litre.” With increased fuel prices, gig drivers will spend more money fuelling their cars. Yet, low fares and high commissions could eat into their daily earnings. They’ve been lobbying ride-hailing apps like Uber and Bolt via protests to increase base fares and reduce commission from the average 25% to 5%. But these apps have been understandably hesitant. Commissions make up about 50% of Uber’s earnings. An 80% reduction could see these companies lose one-tenth of their revenue. While Uber says it has been “constantly monitoring” the local dynamics to understand the impact on the marketplace,
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Check 2024 TASUED PostUTME results and admission aggregate
Tai Solarin University of Education (TASUED) has just released the results for the 2024 PostUTME screening exercise. If you have participated in this year’s screening, it is essential to promptly check your scores to gauge your admission prospects. Steps to check your TASUED 2024 Post-UTME result To check your TASUED 2024 PostUTME results, follow the steps below: Visit the official website: Go to the TASUED official website at www.tasued.edu.ng. Login to your profile: Click on the ‘Post-UTME Result’ link. Enter your 2024 JAMB registration number and password in the provided fields. Click on ‘Login’ to access your profile. Access your results: Once logged in, navigate to the ‘Results’ tab. Your Post-UTME score should be displayed on this page. Review your scores carefully and print a copy for your records. Important points to note on 2024 TASUED PostUTME results Score interpretation: A higher Post-UTME score increases your chances of being admitted into your preferred course. Ensure you understand the cut-off marks for your chosen programme. Result inquiries: If you have issues accessing your results or notice discrepancies, contact the TASUED admission office immediately for assistance. Next steps: Depending on your score, start preparing for the next phase of the admission process or consider other options if necessary. Final thoughts on TASUED 2024 admission process Checking your Tai Solarin Post-UTME scores is a crucial step in your academic journey. Follow the above steps carefully to ensure you have all the necessary information to move forward. Be mindful of the critical deadlines related to the TASUED 2024 admission process. Following the release of the Post-UTME results, ensure that you adhere to the submission dates for any required documents and the confirmation of your intent to enrol. Keep track of the deadline for submitting any additional paperwork or completing further steps in the admission process. Staying organised and meeting these deadlines will be crucial in securing your place at Tai Solarin University of Education. C
Read MoreBinance urges Nigeria to end “unjust detention” of company executive after viral video
Binance has again asked Nigerian authorities to release Tigran Gambaryan, a company executive detained since February 2024. On Monday, a video of the US citizen being denied use of a wheelchair by prison officials went viral. The visibly distressed executive was shown expressing frustration over his treatment. “We are extremely distressed by the video of Tigran in court yesterday. This video is just a snapshot of Tigran’s current reality. His health is rapidly declining and we are deeply concerned about the long-term consequences of this unjust detention,” a Binance spokesperson said in a statement on Tuesday. “Nigeria does not need to keep Tigran in order for us to settle any alleged past issues. We continue to implore the Government of Nigeria to let Tigran return home and let us continue in our engagements.” Gambrayan, a US citizen who is remanded in Kuje prison, faces money laundering charges filed by the Economic and Financial Crimes Commission (EFCC) alongside Binance, which the company denies. His lawyers filed a new bail application citing his deteriorating health condition. But the EFCC counsel opposed the application based his medical records. The court will rule on the bail application on September 4. The detention of Gambaryan and his escaped colleague Najeem Arjawalla was part of the Nigerian government’s crackdown on cryptocurrency despite the Central Bank lifting a three-year ban on crypto-related banking transactions. Gambaryan’s continued detention has raised serious questions about Nigeria’s hard stance on crypto. Months after authorities Binance was blamed for currency volatility, the naira has fallen sharply but the Binance executive remains in detention. In June, two US lawmakers called for his immediate release after visiting him in Kuje prison, heightening political pressure surrounding his trial in Nigeria. Sixteen American lawmakers also accused Nigerian authorities of holding the American citizen hostage. On June 6, Axios reported that a group of former prosecutors and federal agents wrote to US Secretary of State Anthony Blinken, urging him to “step up” efforts to secure Gambaryan’s release.
Read MoreAs Nigeria raises fuel prices by 40%, spare a thought for struggling gig drivers
After two months of persistent fuel scarcity and a recent acknowledgement by the national petroleum corporation that its finances are under strain, Nigeria has adjusted fuel prices by 40%. Across several fuel stations in Lagos, the pump price was around ₦897 per litre, up from ₦610 on Monday. It is the second major fuel increase for a country that tried to end costly fuel subsidies in May 2023 when prices tripled from around ₦200 per litre. A second fuel hike in over a year will raise operating costs for last-mile delivery companies and food delivery businesses. Gig drivers, who have endured a tough year, will be among the worst hit. Unlike last-mile and food delivery companies that pass on costs to customers, gig drivers do not set their prices. And cabs, still largely considered a luxury for most Nigerians, may experience softer demand if price increases are passed on to customers. Ride-hailing companies like Bolt, Uber, and InDrive, which use algorithms to set prices, are wary of steep price increases in a country where incomes are already under pressure. Uber did not immediately respond to a request for comments. “I now use public transportation and Uber when I am going on long distances and public transportation when I am going on short distances,” a product designer in Lagos told TechCabal. As customers adjust, gig drivers who face increasing maintenance costs because of record inflation—headline inflation quickened to 34.19% in June 2024—are also becoming pragmatic. “It got to a stage when any ride that comes in for ₦1,500 or ₦2,000, I don’t attend to them because I know what I go through to get fuel,” a gig driver who asked not to be named told TechCabal. Beyond pragmatism, gig drivers, who often have to meet daily targets to earn bonuses from ride-hailing companies, have asked for fare increases. Warning strikes, dialogues with ride-hailing companies and conversations with the government have been part of their strategies to force fare increases. They also want these companies to reduce their commission on driver earnings from around 25% to 10%. It is unclear if that margin works for the companies. A similar situation happened in Kenya, where drivers began to impose their ride prices. “They have to adjust their prices because they cannot expect drivers to make money for them and expect them to make low prices. If they don’t increase fares, the drivers will frustrate the platform”, a gig driver told TechCabal. The drivers and their partner companies are locked in this delicate balance, with each weakened by Nigeria’s poor macroeconomic condition. While a price increase looks inevitable, it is unlikely to improve the drivers’ fortunes. If anything, the most likely outcome is more friction between gig drivers and ride-hailing companies for the next few months. *Additional reporting by Muktar Oladunmade Uber Kenya increases fares by 10% but drivers are unimpressed
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Banks and fintechs remain wary of Crypto despite new licences
On Friday, Nigeria’s Securities and Exchange Commission (SEC) issued the country’s first crypto licences to Busha and Quidax, two home-grown crypto exchanges. It is the latest turn in Nigeria’s love-hate relationship with cryptocurrency after the SEC and the CBN considered regulating peer-to-peer transactions in early 2024. While the Central Bank lifted a directive restricting banks from “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges” in December 2023, it began asking banks to block the accounts of p2p traders by May 2024. On August 23, 2024, a high court in Uyo, Nigeria, denied an application to unfreeze Patrick Okon’s Kuda bank account. The restrictions on his account were directly linked to crypto payments. In April, the Economic and Financial Crimes Commission (EFCC) asked a court to block over 1,000 bank accounts over crypto links. In March 2024, Nigeria’s financial regulators blocked prominent fintechs from onboarding new customers for five weeks as a currency crisis worsened. It moved against Binance on claims that the platform allowed for manipulation of the naira and detained two of the company’s executives. While the case against the detained Binance executive Tigran Gambaryan drags on, the CBN compelled fintechs to block any account believed to be trading crypto. The SEC, which issued last week’s crypto licences, also held several meetings in May suggesting that exchanges should block p2p transactions out of patriotism. These policy flip-flops make it likely that banks and fintechs will continue to distance themselves from crypto-related activities. “Crypto is still persona non grata. The CBN has not openly accepted it yet,” one bank executive who asked not to be named told TechCabal. Banks are ignoring the provisional licences the Securities Exchange Commission (SEC) issued to Quidax and Busha, said highly placed executives at prominent fintech startups. Omotimi Agama, the SEC’s director-general, insisted to TechCabal that “the CBN has lifted any ban.” While Agama’s position is accurate, banks and financial institutions prefer to play it safe with the Central Bank, always choosing caution. “The devil is in the details,” a top executive at one of the fintechs told TechCabal. “The [guideline] is confusing, and the processes are challenging.” Chike Okonkwo, the founder of Gamic, a blockchain startup, that claims to have been speaking to the SEC since 2019, understands the banks’ position. “If that circular [greenlighting] the banking of crypto firms is binding, why can’t retail traders freely add crypto to the description of their banking transactions?” Busha, one of the new licensees, is more optimistic and anticipates a better relationship between banks and crypto companies. “The issuance of the crypto licences is a critical step in maturing the industry. It means that users can engage with operators with increased confidence, which should generally deepen the market,” a spokesperson for Busha said. The company also claims that it is ready for whatever “tight but effective regulations” are deemed necessary by the CBN. Until then, banks and fintechs will continue sitting on their hands in understandable fear of the CBN’s hammer. “Nigerian banking laws are not customer-friendly,” a highly placed fintech executive told TechCabal, adding that “Financial institutions [retain] the right to freeze any account they have reasonable suspicions about any infraction or illicit activity.” Are crypto trades illegal? Two new licences and the CBN’s December 2023 directive say they’re not. However, one operations manager at a commercial bank states, ” We can only acknowledge the license after receiving instructions from the CBN, our regulator.”
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👨🏿🚀TechCabal Daily – Zimbabwe backs its currency with $190 million
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Difficulties within Africa’s economic landscape have raised questions about the feasibility of building successful startups on the continent. Iyin Aboyeji, a Nigerian entrepreneur who co-founded two companies valued at over $1 billion before the age of 30, is now a prominent startup investor. Iyin is one of the featured speakers at Moonshot 2024, joining other innovators and industry leaders working on groundbreaking solutions to Africa’s most pressing challenges. You can listen and learn from Iyin’s journey at Moonshot 2024. Get your tickets here. Inside Mira’s new all-in-one hardware Zimbabwe backs its currency with $190 million Nigeria to fine telcos for poor services Indonesia seeks $3.5 billion trade agreement with Africa The World Wide Web3 Opportunities Startups Inside Mira’s new all-in-one hardware The Mira Register In Zero to One, Peter Thiel argues that founders should test their hypotheses in the real world. Mira, a Nigerian fintech which launched in 2024, aims to change how restaurants handle food orders. With Mira, users would scan a QR code, check out a list of meals, and pay through any medium of choice. Restaurants can also receive these orders on any device. When the product went out into the world, Mira learned that restaurants wanted a familiar system. This informed the launch of Mira Register, an all-in-one device that allows restaurants to track customer orders and manage other internal business processes. Mira claims its unique approach to building products sets it apart from competitors. The startup uses a hybrid approach that allows restaurants to operate the product with minimal internet connection. The startup is benefiting from founder Ted Oladele’s experience building great startups at Flutterwave. As founder, Ted Oladele sees Mira Register as the startup’s opportunity to enter the hospitality industry. The CEO is also optimistic about capturing a 10% market share in Nigeria’s saturated POS sector using Mira Register. Already, it has processed over $500,000 in transactions since launch and serves several well-known SMEs like Asheluxe, Grey Matter, and The Vault. Read all about Mira’s pivot here. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Economy Zimbabwe backs its currency with $190 million The Zimbabwe Gold (ZiG) Like most African countries struggling with rising import costs, declining export prices, and high inflation, Zimbabwe has taken steps to shore up foreign currency to help increase demand for its domestic currency, the ZiG. So far, the country has spent $190 million doing this. The Reserve Bank of Zimbabwe said it was using 50% of the foreign exchange proceeds which it collects from exporters to back its new gold-backed currency. In July, Zimbabwe pumped $50 million into the market to support the ZiG. “If we have forex demand that can’t be met by voluntary liquidations, the central bank must step in. It has the reserves,” Persistence Gwanyanya, a member of the Reserve Bank’s monetary policy committee said in an interview. In July, Bloomberg reported that Zimbabwe has about $370 million in reserves. The apex bank has said interventions in the interbank market will be “a permanent feature”. Zimbabwe is not the only African country that is aggressively buying foreign currency to support its domestic currencies. South Sudan, Mauritius, Nigeria and Zambia have together spent at least $1 billion since July to defend their currencies. Rising import costs, declining export prices, and high inflation have triggered this more-than-usual intervention by these central banks. 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. Telcos Nigeria to fine telcos for poor services Image source: YungNollywood The Nigerian Communications Commission (NCC), the country’s telecoms watchdog has made it compulsory for telcos to pay a default fine of ₦5 million ($3,100) if they fail to meet the benchmarked Quality of Service (QoS) scores. An additional ₦500,000 ($315) will also be charged for periods of continuous downtime. To calculate QoS, telcos are judged on three metrics. The first two are closely related: they need to ensure that at least 98% of all calls connect successfully, which means keeping failed connections to under 2%. The third metric focuses on their ability to handle customer needs, requiring telcos to meet both voice and data demands by customers. However, this default fine is coming when telcos are having a hard time in Nigeria. Telcos are having to deal with high operating costs due to the ailing naira, high price of diesel, government-imposed taxes, and vandalised infrastructure which cost them ₦14.6 billion ($9.2 million) to fix in 2023. Coincidentally, these vandalisms are the major causes of the downtimes telcos face. These new fines may seem like even more trouble for telcos but there’s good news on the horizon. The Nigerian government is planning to issue a 10-year jail term for vandals who are nabbed in fibre optic vandalism cases. 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 → Economy Indonesia seeks $3.5 billion trade agreement with Africa Image source: IAF During the Indonesia-Africa Forum currently taking place in Bali, senior diplomats from the Asian country proposed that Indonesia seek a $3.5 billion trade agreement with African countries. Indonesia is a well-known nickel exporter. With at least 50% of its nickel being exported, it is one of the world’s largest nickel exporters. However, that also constitutes a pain it has been trying to deal with. Nickel is key for making batteries for electric vehicles (EVs). And Indonesia, knowing fully well that
Read MoreLagos embraces blockchain to tackle land fraud
This article was contributed to TechCabal by Seth Onyango via Bird Story agency Lagos is gearing up to revamp its land registry using blockchain, a technology renowned for its ironclad security and transparency, a trend seen across Africa. The digital ledger, which underpins cryptocurrencies like Bitcoin, could soon become the backbone of land ownership in Africa’s largest city, ensuring every transaction is tamper-proof and fully traceable. A consortium of local technology firms, partnering with the Lagos State government, is driving the ambitious upgrade, which will roll out in phases over the next 18 months. Central to the upgrade is the tokenisation of real estate properties, which will convert physical assets into digital representations on the blockchain. Innovation Village reported that these “digital twins” will store key information such as ownership details, title deeds, and complete transaction history. The adoption of blockchain technology is expected to address deep-rooted issues in Lagos’s current land registry system, which has long been plagued by corruption, inefficiency, and opacity. With blockchain, the government seeks to provide a secure, transparent platform where land transactions are permanently recorded and cannot be altered. Lagos’s adoption of blockchain could significantly streamline land transactions, reducing the time and costs associated with verifying titles and completing deals. This efficiency is expected to boost the property market, attracting both local and international investors who have been wary of fraud. A secure, transparent system of land ownership could unlock substantial economic potential, particularly in unregistered or disputed properties. This move by Lagos is part of a broader trend across Africa, where countries grappling with similar challenges in land administration are moving to electronic title deed systems. For instance, in Kenya, the Lands Ministry began digitising records in 2018, initially sparking enthusiasm. However, progress has been slower than expected, with only about a third of Nairobi’s property records digitized so far. Despite this, momentum is building, with more counties, including Isiolo, adopting the system. Ghana has also been working on digitising land records to improve transparency. The West African country’s pilot blockchain land registry, initiated in 2017, remains in the experimental phase but reflects a broader trend across the continent toward leveraging technology for better land management. Rwanda stands out, having titled all land parcels between 2011 and 2013, with 86% of titles including women. By 2023, the small East African state completed the digitization of its national cadastre and registry, making it the only African country to achieve this milestone. South Africa has explored blockchain for land registration but faces complex challenges due to historical land ownership issues.
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