👨🏿🚀TechCabal Daily – Deflating inflation in East Africa
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month In 2023, the internet nearly broke when it was revealed that popular Nigerian skit-maker Mark Angel earned over $300,000 monthly from his YouTube videos. While Angel, who started making videos in 2016, stands at the furthest end of the earning spectrum, other newer skitmakers have been rumoured to make as much as $17,000 per month. So how do these creators make their money? In our weekend feature, we explore how skitmakers turn viral videos into big bucks. In today’s edition Inflation deflates in Kenya and Uganda AFC secures $1.6 billion NITDA warns Nigerians about QR scams Microsoft to build $100 billion AI data centre The World Wide Web3 Opportunities Economy Inflation drops in Uganda and Kenya In the ever-changing economy of East Africa, Uganda and Kenya are confronting inflationary challenges with resolve. A central solution: Uganda’s March 2024 annual inflation rate dipped marginally to 3.3%, a notch below the Bank of Uganda’s 5% target. This slight decrease in inflation was made possible because the Central Bank of Uganda kept its Central Bank Rate (CBR) steady at 9.5%. This helped to keep the core inflation rate stable at 3.4% for several months in a row. Despite the decline in inflation for some goods, the overall inflation rate rose to 5.5% compared to last year. Kenya also witnessed a downtick in its year-on-year inflation to 5.7% in March 2024, attributed to the Kenyan shilling’s resilience against the US dollar, trading at KES132 ($1). However, this doesn’t translate to relief for everyday Kenyans. The cost of essential goods and services like transportation, housing, and food remains high, constituting over 57% of expenditure weights, as per the Kenya National Bureau of Statistics. In fighting inflation, Kenyan’s Central Bank and other East African central banks are raising interest rates. In February 2024, the CBK increased the interest rate from 12.5% to 13%, their biggest jump in over a decade. This means Kenyans might pay more for loans like mortgages or car loans. The bank hopes this will slow down inflation and bring price increases closer to their target of 5%. Experience fast and reliable personal banking with Moniepoint Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint. Funding AFC secures $1.16 billion syndicated loan When it comes to powers raising money, businesses have a variety of options. They often turn to debt instruments like bonds, selling shares of ownership (equity), or even short-term loans from a bank. However, when businesses need bigger sums of money, they adopt a more powerful tool: syndicated loans. Side bar: Think of a syndicated loan as a group project for lenders. A bunch of banks or other financial institutions team up to provide a single, large loan. This lets the borrower access a hefty sum of money while spreading the risk among the lenders. That’s exactly what the African Finance Corporation (AFC) just did! Launched in 2007, the AFC is a pan-African development financial Institution that provides funds for Africa’s infrastructure deficit across six industries: Power, Transport and Logistics, Natural Resources, Telecommunications and Heavy industries. A $1.16 billion loan: Lenders from across the Middle East, Europe, and Asia have all joined forces to provide the AFC with a $1.16 billion, its largest debt facility yet. First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank, Standard Chartered, Industrial and Commercial Bank of China, Société Générale, Bank Muscat, and Intesa Sanpolo Bank Luxembourg S.A all took part in the deal. So, what will the AFC do with all this cash? The AFC is on a mission to bridge Africa’s infrastructure gap. This loan will fuel crucial projects across the continent, from building vital transportation links to developing clean energy solutions. By investing in these areas, the AFC aims to unlock Africa’s economic potential and create a brighter future for all. Cybersecurity NITDA warns about QR Code Scams Nigeria’s IT bulldog, the National Information Technology Development Agency (NITDA), has issued yet another warning. Early in March, the agency raised an alarm about a sneaky malware program called “Ov3r Stealer” that targets Facebook accounts and extracts sensitive information. This time, the agency is warning Nigerians about a rise in QR code scams. What’s happening? NITDA warns that fraudsters are now using these codes for phishing attacks, payment redirection, and even data theft. The agency is now urging Nigerians to exercise caution when scanning QR codes. QR code is a technology which gained popularity due to the COVID-19 pandemic. Although it was celebrated for its rapidness and convenience in accessing information and services, QR Codes have regrettably morphed into a technology exploited by fraudsters for fraudulent acts. Keepnet Labs reported that QR code phishing emails saw a significant surge between June and August of 2023. Security systems identified 8,878 of these incidents, with June being the peak month at 5,063 reported cases. Only 36% of these incidents were accurately identified and reported by the recipients. The Hoxhunt Challenge, a flagship project designed to quantify human cybersecurity risk across the world’s biggest industries conducted a test in 125 countries and reported that 22% of phishing attacks used QR codes in October 2023. Zoom out: NITDA also stressed the importance of verifying the authenticity of QR codes and their associated links before scanning. Additionally, NITDA recommends using trustworthy QR code scanning applications equipped with robust security measures and maintaining up-to-date antivirus. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. AI Microsoft to build $100 billion AI data centre Microsoft is taking its AI race seriously. Although the company cannot keep up with the pace of building AI models as quickly as OpenAI, it recently buddied up with the ChatGPT maker and poured about $13 billion worth of investments into
Read MoreUganda’s core inflation falls to 3.3%, below the central bank’s target of 5%
Uganda’s annual inflation rate for March 2024 fell slightly to 3.3%, down from 3.4% in February 2024. This remains below the Bank of Uganda’s (BoU) target of less than 5%. The development comes after the BoU maintained the central bank rate (CBR) at 9.5% in February 2024, in a bid to manage inflation. Data seen by TechCabal suggests this decline is primarily due to a steady core inflation rate of 3.4% in both periods. The main driver of this core inflation was the rise in service prices, which jumped to 5.5% for the year ending March 2024, up from 5.4% in February 2024. Read more: Kenya’s March inflation drops to 5.7% as KES gains against the US dollar The increase in service prices was linked to higher passenger transport costs, rising to 2.6% in March 2024 from 1.2% in February 2024. Financial services also saw a significant jump, reaching 13.4% in March 2024, compared to 0% in February 2024. This notable growth in financial service inflation warrants further investigation, and it is unclear if the government has taken specific measures in this sector. Inflation for other goods was lower, reaching 1.6% for the year ending March 2024, down from 1.8% in February 2024. Relatively stable prices for most goods drove this slowdown, save for dried kapenta (silver cyprinid), popular local gin (waragi), and goat meat, which saw price increases in March 2024 compared to February 2024. “Meat prices increased by 14.0 percent in March 2024 compared to 9.3 percent recorded in February 2024,” a report from the Uganda Bureau of Statistics states. Energy inflation Uganda’s annual energy and fuel inflation slowed to 7.6% in March 2024 compared to 8.0% in February 2024. This moderation was thanks to decreased price increases for charcoal, firewood, and petrol. At the same time, the slowdown in energy and fuel prices suggests potential government interventions to stabilise fuel prices or promote alternative energy sources.
Read MoreKenya’s March inflation drops to 5.7% as KES gains against the US dollar
Kenya’s overall year-on-year inflation rate dropped to 5.7% in March 2024, a slight fall from February’s rate of 6.3%, per data seen by TechCabal. Between March 2023 and March 2024, Kenya recorded increased costs in transportation (up 9.7%), housing and utilities (up 8.0%), and food and beverages (up 5.5%). However, the cost of these commodities fell in March after the Kenyan shilling posted gains against the dollar, currently trading at KES 132 to the dollar. Amidst these gains, the cost of moving goods, maintaining homes, and purchasing essential items remains high, indicating a high cost of living during this period. “These three divisions [cost of moving goods, home maintenance and purchasing essential items] account for over 57% of the weights of the 13 broad categories,” said the Kenya National Bureau of Statistics (KNBS) in a statement. The consumer price indices and inflation rates come from surveys done each month. These surveys examine how much goods and services cost in shops and stores. The KNBS then picks a range of things that Kenyans typically buy. The surveys take place in the second and third weeks of the month and cover different areas across Kenya, with shops chosen to represent what people buy. Kenya’s central bank (CBK) and others in East Africa are adjusting interest rates to support their struggling economies as they face inflation, currency depreciation, and global supply issues. This implies that there seems to be a change away from using coordinated monetary policies worldwide to control increasing prices. In February 2024, the CBK raised its policy rate to 13% from 12.5%, the largest jump in 12 years. This move is expected to lead to higher loan costs, impacting borrowers. “The proposed action will ensure that inflationary expectations remain anchored while setting inflation on a firm downward path towards the five per cent midpoint of the target range, as well as addressing residual pressures on the exchange rate,” said Kamau Thugge, CBK governor, in a statement to the East African.
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From viral videos to big bucks: How Nigerian skit-makers make money
In 2023, Ali Baba, one of Nigeria’s veteran comedians, nearly broke the internet when he shared that popular Nigerian skit-maker, Mark Angel earned over $300,000 monthly from his YouTube videos. The 32-year-old creator, became an internet sensation in 2016 when skits of antics with his little cousin Emmanuella started going viral. Skit-making is almost synonymous with comedy in Nigeria today. What started as a niche industry is now the third-largest entertainment industry in the country, worth about ₦50 billion ($34 million). At first, the process of creating this content was basic, requiring only a cell phone, editing skills and an internet connection. Now, as the industry grows and becomes more global, the skit-making process has become more complex; requiring larger teams, more money to execute, and a more strategic plan. For over six years, Olufemi Oguntamu, CEO of Penzaarville Africa, has worked in the Nigerian creator space. His company, a talent management and media agency, is responsible for some of the biggest content creators and skit-makers in the country, including Broda Shaggi, Kie Kie, and Mr Macaroni, among others. According to a report published by Selar, in which they surveyed 2,000 digital creators, 29.3% of creators start hiring immediately after entering the business, while the majority of the sample study size, 37.6%, hired staff after six months. Due to the nature of their job, which requires a constant churn out of high-quality content, many creators often need to hire people to work with them to meet this demand. While production needs and costs differ from creator to creator, it’s almost impossible to do the work alone, no matter how small the project is. “We have videographers, supporting actors, scriptwriters, production managers and assistants, make-up artists and costumiers, gaffers, and sometimes even a director,” he shared. “Sometimes, for the more popular creators, like Brodda Shaggi or Layi, we also hire security guards as shooting outdoors in Lagos can draw a lot of unwanted attention.” Talent is often hired on a project basis, but some are more permanent than others, like production managers, who handle everything from liaising with other talent to planning and managing the creator’s time. The permanent employees are paid salaries, while other talents like videographers and makeup artists are paid on a project basis. Even after shooting, the post-production crew takes over; from the editors to special effects guys, to those who specialise in colour-grading. These people are hired to handle the post-production of these videos and digital products before they are ready for distribution. Many creators have different reasons for hiring, though the most obvious seems to be not having enough time to handle all the responsibilities that come with the job. The report from Selar confirms this: On average, it takes about a week to produce and release a skit, and the costs can vary from between ₦800,000 to ₦1 million per skit on average, according to Oguntamu. The effort put into these skits comes with a lot of material rewards. These skits attract millions of viewers and engagement to their social media pages. In 2023, Mark Angel gained over 197 million views on his Instagram account, which currently has about 3.15 million followers. Newcomer, Layi Wasabi, had the second-highest engagement, with 133.2 million views and 1.6 million followers, while Sabinus had 130 million views in total. These numbers translate beyond stats to real money as these creators or skit-makers charge big bucks for promotion. Skitmakers can charge as high as ₦3 – 5 million for sponsored posts on Instagram, according to Oguntamu. Platforms like Facebook and YouTube offer direct monetisation options where they pay creators directly for their content. “YouTube is a big market. Apart from monetising, it opens you up to a larger audience, even outside Africa. It’s interesting to note that creators who have a large audience outside Africa in places like Asia, Europe, and America, are paid more than those who have the majority of their audience residing here in Africa.” Oguntamu adds that in order for creators to maximise their monetisation opportunities, it’s important for skit-makers to find their niche, and build a brand in order to be able to secure brand ambassadorships and partnerships when the proverbial stream of advertorial income dries up. Beyond platform monetisation, there are ample opportunities available for creators. Endorsement deals, brand collaborations, and even physical appearances.
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Link NIN or BVN to First Bank, Fidelity, Opay & other banks 2024
Linking your National Identification Number (NIN) to your Bank Verification Number (BVN) has become crucial for continued access to your bank account. Here’s a guide on how to link NIN or BVN to First Bank, Fidelity Bank, Opay & other banks and fintech companies in Nigeria. How to link NIN/BVN to First Bank account Here’s how to link your NIN to your First Bank account: Log in to FirstBank’s internet banking platform https://www.firstbanknigeria.com/personal/ways-to-bank/online-banking/ Navigate to the “Update NIN/BVN” section below the page and click. Proceed by entering your First Bank account. Enter your required details. You may also need to verify your information using a One-Time Password (OTP) sent to your registered phone number. Follow any additional instructions provided by FirstBank and in no time, your BVN or NIN will be linked. How to link NIN/BVN to Fidelity Bank account Here’s how to link your NIN to your Fidelity Bank account: Visit Fidelity Bank’s website (https://online.fidelitybank.ng/) and log in to your internet banking account. Click on “Manage My Account” and select “BVN/NIN Linkage.” or Input your BVN and NIN information. An OTP should be sent to your phone for verification. Enter the code and submit. Fidelity Bank may require you to answer some security questions for verification purposes. Meanwhile, you can also read how to link NIN to other major banks like Access Bank, Zenith Bank, GTBank etc here. Most major banks in Nigeria follow similar procedures. Log in to your bank’s internet banking platform and search for a “BVN/NIN Linkage” or “KYC Update” section. Fintech Banks Linking NIN or BVN for fintech banks might differ slightly from when you try to link with major banks like First Bank. It’s advisable to check their specific instructions on their website or mobile app. Here are some general guidelines: Opay Open the Opay app and navigate to “Account Limits.” Click on “Upgrade to Tier 2 Account” and follow the prompts to link your NIN. Others: For other fintech banks like Alat by Wema, Kuda Bank etc., visit their website or app and search for dedicated sections for NIN/BVN linkage. Follow the provided instructions. General Tips: Ensure you have a stable internet connection before starting the linking process. Have your BVN and NIN details readily available. Keep your registered phone number active to receive verification OTPs. If you encounter any difficulties, contact your bank’s customer support for assistance. If you receive a NIN linking error due to unverifiable details, you may need to visit a NIN physical centre to lodge a complaint. Final thoughts This guide provides a general overview of linking your NIN to your banks. Specific steps might vary or change depending on your bank or fintech platform. It’s always best to refer to their official website or app for the most up-to-date instructions. Cheers.
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New SASSA SRD April payment dates and procedures 2024
Like the SRD, the South African Social Security Agency (SASSA) has unveiled the payment schedule for various grants in April 2024. Beneficiaries can expect their funds to be deposited according to the following breakdown: Senior Beneficiaries Older Persons SASSA SRD Grants payment will be starting Wednesday, April 3, 2024. This includes any linked grants associated with these accounts. Disability Grant Recipients dates for April Look forward to receiving the SASSA Disability Grants payment on Thursday, April 4, 2024. This disbursement also covers any linked grants in your account. SASSA Children’s Grant Payment Schedule for April Children’s Grants will be accessible on Friday, April 5, 2024. Remember, there’s no need to rush to the bank on the first day of payment. Once the funds are deposited, they’ll remain readily available in your account for your withdrawal convenience. Plan Wisely, Manage Responsibly The South African Social Security Agency SASSA encourages beneficiaries to exercise responsible financial management. Remember, these grants are intended to support essential needs. Why Your SASSA SRD Payment Might Be Delayed Verification Delays: Even if approved, Sassa may still be verifying your application. This can take time. Bank Issues: Incorrect bank details or an exceeding bank balance can hold up your payment. Technical Problems: High application volumes or technical glitches can cause processing delays. Missing Information: Incomplete applications with missing details may need correction before payment. Stay Updated on SASSA SRD Payment April The South African Social Security Agency (SASSA) recommends that beneficiaries seeking updates on the SASSA SRD payment should regularly check the official SASSA website (www.sassa.gov.za) or follow their social media channels (@OfficialSASSA) for the latest announcements. For any inquiries or assistance related to your grants, including the SASSA SRD payment in April, you can contact SASSA’s toll-free number: 0800 60 10 11. By staying informed and managing your grants responsibly, you can maximize the benefits these programs offer.
Read MoreAccess Holdings to raise $1.8bn ahead of Nigerian banks’ recapitalisation
Access Holdings the parent company of Nigeria’s largest bank by asset base, Access Bank, plans to raise $1.5 billion (₦2.09 trillion) through a bond or share sale and a further $287 million (₦399.9 billion) from its shareholders via a rights issue to fund its ambitious growth plans as well as meet up with a new capital requirement by the Central Bank of Nigeria. In a circular sent to banks seen by TechCabal, the apex bank increased the minimum capital requirement to $364.56 million or naira equivalent of ₦500 billion by March 31, 2026, to address rising macroeconomic challenges in Africa’s largest economy. “The prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks have underscored the need for banks to raise and maintain adequate capital to enhance their resilience, solvency, and capacity to continue to support the growth of the Nigerian economy,” CBN said in a circular on Thursday. Access Bank, Nigeria’s third most capitalised bank with $190.6 million (₦251.8 billion), would need to raise an additional $187.8 million (₦248.1 billion) to meet the new recapitalisation requirements of the central bank. On Thursday, the Holdco, Africa’s largest consumer bank, said that it will ask its shareholders to authorise the plans at an annual general meeting set for April 19. Access’ wants to raise part of the funds by increasing its issued shares from ₦17.7 billion to ₦26.6 billion. The company has asked for regulatory authorisation to raise capital of up to ₦365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the directors. Access’ decision to recapitalise comes amid a rapid expansion in Africa, including a recent acquisition of Kenya’s National Bank of Kenya (NBK) from KCB Group in a deal estimated at $100 million. Paul Russo, KCB Group CEO, revealed that keeping NBK would have required the bank to inject up to $60.7 million, despite sinking $106.3 million since buying it in 2019. The war chest will allow Access to expand its footprint in East Africa’s largest economy with the NBK acquisition. Already, the bank has operations in 15 African countries with a keen interest in revving up its presence and becoming the largest bank on the continent by 2027.
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Who calls the shots at women-focused startup Herconomy?
Since its founding in 2021, Herconomy claims to have amassed over 10,000 active users. The startup is not just a female-led fintech but also a community initiative. Ife Durosinmi-Etti, an author and a 2016 recipient of the Tony Elumelu Foundation Entrepreneur Award leads as the founder and CEO. In 2010, a report by the National Financial Inclusion Strategy (NFIS) revealed that out of 39.2 million financially excluded individuals in Nigeria, 54.4% were women. This alarming statistic prompted the rise of fintechs aiming to bridge this gap, among which Herconomy emerged as a “female-focused” fintech startup. Herconomy’s roots trace back to the “AGS Tribe”, a community launched following the acceptance of Accessing Grants for Startups, a book authored by Durosinmi-Etti. The book contained information on how to access grants, fellowships and scholarships. According to Durosinmi-Etti, more people asked about new opportunities which led to the need to form a community for easier means of communication and sharing opportunities. The community’s growth led to the development of an app for hosting savings challenges, marking the company’s pivot to financial services when integrating a savings API proved challenging. “I am a solo founder but I’ll say our community started Herconomy,” Durosinmi-Etti said. With an overall size of 23 staff members, the company operates a hierarchical structure, with Genevive Obi as the Chief Operating Officer (COO) and Dolapo Sanusi Ola as the Chief Financial Officer (CFO). Both report directly to Durosinmi-Etti, founder and CEO. Obi, who has experience in marketing communications and relationship management, shapes the company’s strategy. She manages performance and oversees annual operations planning. Dolapo Sanusi Ola, also a co-founder of Nest Agribusiness and Technologies, oversees Herconomy’s financial operations. The structure includes middle management, with Gbemisola Araba serving as the People Operations Manager. Araba served as a Human Resources officer at Herconomy between 2020 and 2021. Anu Oyeleye, who has previous experience as a product management consultant at Begine Fusion and as a product marketing analyst at Access Bank, is the Product Manager at Herconomy. Both report to Obi (COO) and Ola (CTO). “We also have supervisors reporting to their managers, and at the operational level, staff who report directly to the supervisors,” Ife explained. Driven by the belief that the community’s input is instrumental in shaping its path, Herconomy lives by the mantra “the community calls the shots,” as affirmed by Ife. This TechCabal org chart details the leadership structure of Herconomy. If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: towobola@bigcabal.com.
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👨🏿🚀TechCabal Daily – Meta caught spying on Snapchat, Youtube and Amazon
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Friday Remember Sam Bankman-Fried, the founder of the now-defunct crypto exchange—FTX Trading Ltd—who was convicted in November 2023, of orchestrating a massive fraud that led to the collapse of his FTX exchange, and the loss of about $10 million in customer money? Well, a Manhattan federal court has sentenced Bankman-Fried to 25 years in prison, and he has been ordered to give up $11 billion in assets as part of his punishment. In today’s edition Nigeria plans to limit data collection by digital lenders Detained Binance executives sue Nigerian agencies Meta caught spying on Snapchat, YouTube and Amazon Funding tracker The World Wide Web3 Events Fintech NDPC investigates over 400 data breach cases involving loan apps Nigeria’s Data Protection Commission (NDPC) had a busy 2023. Asides earning over ₦400 million ($287,044) in revenue for the year, it also investigated three big companies—Opay, Meta and DHL—amongst others, for data infractions. Now, the Nigerian digital lending sector is under the NDPC’s scrutiny. The watchdog is investigating 400+ cases where lenders accessed borrowers’ private information without consent—a violation of the Nigeria Data Protection Act (NDPA) of 2023. What has the NDPC found? Its investigation reveals that loan apps are “overly intrusive,” collecting unnecessary data despite Google’s policy changes which restricted loan apps on its Play Store from accessing users’ photos and contacts in April 2023. The NDPC now seeks to restrict or ban phone numbers used by lenders for such breaches. To address this issue, the NDPC has adopted a multi-faceted strategy: teaming up with regulators and platforms to deny access to lenders misusing data. The NDPC is also drafting the Nigeria Data Protection Act-General Application and Implementation Directive (NDPA-GAID) to address data ethics and hold third-party platforms accountable for breaches. Additionally, the NDPC will work with the Federal Competition and Consumer Protection Commission (FCCPC) to ensure lenders obtain data protection clearance before operating. Zoom out: The Nigeria data protection framework empowers NDPC and the National Information Technology Development Agency (NITDA) to fine entities violating the Act, with penalties directly linked to the severity of data protection breaches. Fines range from ₦2million ($1,435) to ₦10 million ($7,176), or 2% of the company’s annual gross revenue of the preceding year. In August 2021, NITDA fined Soko Loan ₦10 million ($7,176) for illegal data tampering with users’ private data. Experience fast and reliable personal banking with Moniepoint Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint. Crypto Detained Binance executive sues NSA, EFCC After Nigeria restricted users’ access to the website of Binance, the global crypto exchange, two of its top executives—Tigran Gambaryan and Nadeem Anjawarlla, regional manager for Binance in Africa—flew into the country to resolve the dispute. On arrival into the country, the office of Nigeria’s National Security Adviser (NSA) seized the travel documents of both officials, detaining both executives without any criminal charge. Both executives remained in detention for more than two weeks before Anjarwalla, fled the country using a smuggled passport. Gambaryan, the remaining Binance employee left in detention is now looking for respite. Tigran Gambaryan has filed a lawsuit against the NSA and the Economic and Financial Crimes Commission (EFCC) for violating his fundamental human right to liberty by detaining him and seizing his travel documents. Per Gambaryan’s lawsuit, the seizure of his travel documents and detention violated Section 35 (1) and (4) of Nigeria’s Constitution, which safeguards the freedom of movement for all persons. The suit aims to halt the detention of Gambaryan for investigations related to Binance. The former crypto-focused US Federal Agent is seeking release from detention and return of his travel documents. Gambaryan also wants a public apology from the NSA.Gambaryan’s case has been adjourned to April 8, 2024. In other news, Nadeem Anjawarlla also filed similar charges against the NSA and the EFCC. However, lawyers representing Anjawarlla have bailed out of the case, leaving him without legal representation. Anjawarlla’s case has been adjourned till he gets legal backing. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Regulation Meta caught spying on Snapchat, YouTube and Amazon Curiosity isn’t just for cats anymore. In a bid to outlive its competitors, Meta has discovered a newfound interest in what other social media platforms are up to. The news: New court documents show that Meta, owners of Facebook, Instagram, and WhatsApp, has been spying on Snapchat’s web traffic. How? The court document revealed that in 2016, Meta—then Facebook—launched a secret project, stylised “Ghostbusters”, to acquire, decrypt, transfer, and use private, encrypted in-app analytics from Snapchat, YouTube, and Amazon. Mark Zuckerberg was at the helm of the plan. Court documents show that Zuckerberg, Meta’s leader, via an email correspondence with three other top executives, launched a query into Snapchat’s numbers and users’ activities due to how fast the company was growing and the difficulty in getting its metrics. At the time, Snapchat had grown from 100,000 daily active users about a year after its launch in 2011 to 158 million by 2016, with Facebook at 1.86 billion users. Javier Olivan, now Facebook’s COO, was sold on the plan as well. Together with Guy Rosen, CEO of Onavo, a web analytics company owned by Meta, they cracked the code and figured out a way to extract users’ data from Snapchat. Meta intercepted users’ data from their phones before it reached Snapchat’s servers, a technique known as SSL bumping. Meta continued spying on Snapchat users’ data from June 2016 until early 2019. Spying on Snapchat wasn’t enough. Meta also engaged the tech in spying on competitors, YouTube and Amazon between 2017 and 2018, extracting useful decision-making information in the process. Meta now faces a lawsuit for “anti-competitive conduct and exploiting user data through deceptive practices.” Accept
Read MoreCentral Bank of Nigeria withdraws Cellulant’s mobile money licence as company focuses on payment solutions
The Central Bank of Nigeria (CBN) has revoked the mobile money licence of Cellulant Nigeria, a subsidiary of one of Africa’s oldest fintech companies Cellulant Corporation, according to a letter addressed to the company and seen by TechCabal. The revocation took effect on December 6, 2023. Cellulant is therefore leaving the consumer-facing mobile money market to focus on providing payment services to businesses. The company told TechCabal via email that it decided to exit the mobile money space and focus on providing solutions “as far back as 2021”. This informed its procurement of a Payment Solution Service Provider (PSSP) licence from the CBN, which has been issued and is now operational. “The regulator did not revoke the licence as a result of infractions or any breach. The CBN succeeded in gazetting this request in December 2023, occasioned by the time it took them to conclude the process of revoking the mobile money license as requested by Cellulant,” Cellulant said in the email. The CBN in the aforementioned letter addressed to Cellulant said it was revoking Cellulant’s mobile money licence, “following [Cellulant’s] decision to discontinue operating the licence”. The company, which raised $54.5 million in three funding rounds between 2014 and 2018 from investors like The Rise Fund, has hit a rough patch lately. After an out-of-court settlement of a long-drawn leadership tussle with its former co-founder, Bolaji Akinboro, Cellulant has struggled to stabilise its operations and raise new funding. In 2023, Cellulant saw the need to restructure its business, including reducing the headcount by 20% in August. In December, the company’s CEO Akshay Grover, stepped down citing personal reasons. That exit also led to another round of layoffs in the company and the announcement of an acting CEO.
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