👨🏿🚀TechCabal Daily – FBI director visits Nigeria to discuss cybersecurity
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Eid Mubarak If you’re a young person and you’ve asked yourself when the perfect time is to leave the shadow of your parents’ house and venture off on your own, we’ve got the answer for you in this article. We spoke to seven young people who left home at different times, and asked them what their big regrets are and how they’re coping with the prices of toothpaste, milk and toilet paper. The big answer: you never know when the right time is, it’s all a leap of faith! Find more answers in Entering Tech, and Leaving Home. In today’s edition SEC warns against $DAVIDO as Sabinus launches new meme coin Nigeria drops tax evasion charges against Binance executives FBI director visits Nigeria to discuss cybersecurity The World Wide Web3 Job openings Crypto SEC warns against $DAVIDO as Sabinus launches new meme coin Depending on who you ask, meme coins can make you a load of money quickly, or help you lose money just as quickly. Meme coins have become popular in the Nigerian crypto space since Wakanda Inu, the first African-themed meme coin, broke the glass ceiling in 2021. Since then, many more—way too many to list in this blurb—have launched. On May 29, Afrobeats singer Davido backed and promoted the Solana-hosted meme coin, $DAVIDO, which shot up to a $10 million market cap within four hours… and dropped by 90% afterwards. It now sits at $268,000, according to DEX screener. Nigeria’s Security and Exchange Commission (SEC), last week, warned investors and the general public that the meme coin, $DAVIDO, is “highly risky” and “lacks fundamental value.” It further stated that people who invested in unregulated assets like $DAVIDO, do so at their own peril. Nigerians have shown mixed reactions to the news as some still criticise the singer, Davido, who they say keeps getting away with his questionable crypto projects. This is not Davido’s first rodeo: The singer previously backed and promoted a shilled ERC-20 token, $Rapdoge which he claimed was the “Doge coin killer.” That project died a while ago, but according to Etherscan, it still has 1,553 holders. Crypto tokens like $DAVIDO lack any evidence of whitepaper, solidifying that these assets are not intended to be long-term projects as they lack utility. Creating meme coins or crypto tokens that sell like $DAVIDO isn’t just a simple flick of the coin, but it sure does help if you’re a celebrity like Davido and have millions of people who will lap up your music and invest in your merch. Solana’s creator platform, pump.fun requires just the name of your coin, ticker symbol, short description, image of the coin and $0.02SOL (less than $0.02) to deploy any meme coin. The other herculean task is getting investors—regular folks and fans—to believe in your crypto token project to pool funds that drive up its value. Another Nigerian celebrity launches a meme coin: Following Davido’s token outing, another “celebrity” status, Emmanuel Ejekwu, Nigerian comedian and skit-maker popularly known as Investor Sabinus, launched his own token, $SABICOIN, over the weekend. A quick, inquisitive look showed that the coin already had a buy value of $1,200 in less than 24 hours. Fooled by randomness? We’re starting to wonder if these people are naturally addicted to high-octane adventures. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. Crypto FIRS drops tax evasion charges against Binance executives The Binance saga in Nigeria takes another turn as the country’s Federal Inland Revenue Service (FIRS), responsible for facilitating tax-related activities in Nigeria, has dropped all tax evasion charges against Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, leaving “Binance Holdings Ltd” as the sole defendant. A Binance spokesperson welcomed Gambaryan’s tax charges being dropped, stressing he’s “not a decision-maker” and need not be “held hostage” to resolve government issues. How did it happen? On June 4, US lawmakers filed a petition for US President Joe Biden, to secure the release of Tigran Gambaryan, a US citizen, and one of the Binance executives detained in Nigeria since February 26, calling his detention “baseless” and a “coercion tactic” used by Nigerian government to extort Binance. While Gambaryan and Anjarwalla have both been released from the tax charges after 110 days in detention, he still faces money laundering allegations from EFCC and remains in custody. On the one hand, Nigeria seems within its rights to prosecute companies it believes failed to pay appropriate taxes. One publication reported that the Nigerian FG were prosecuting Binance on multiple counts of tax non-compliance according to Section 40 of the FIRS Establishment Act 2007. “Any company that transacts business in excess of N25 million annually is deemed by the Finance Act to be present in Nigeria. According to this rule, Binance falls into that category. So, it has to pay taxes like Company Income Tax (CIT) and also collect and pay Value Added Tax (VAT).” Binance reportedly had a turnover of $20 billion from Nigeria in 2023 alone, making the claim feasible. However, the prolonged detention of an individual, a non-decision maker, primarily employed to oversee compliance at the company, complaints of mistreatment, and an alleged bribe request painted a muddled picture of overcriminalisation for Nigeria. Thus, it is speculative that Gambaryan’s role in the tax evasion lawsuit brought forward by FIRS was overstated. Since Nigeria’s crackdown on cryptocurrency started, it has scapegoated Binance as one of the platforms facilitating forex exchanges that upend the value of naira. Gambaryan’s dropped charges may also have been facilitated by a visit from FBI Director Christopher Wray who was in the nation’s capital last week to “discuss cybersecurity”. We’ve got more on that in the next segment. 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Code to share data on MTN in 2024
Sharing data on the MTN network allows users to distribute their data bundles among friends and family. A USSD code to share MTN data makes this process easy and accessible. Here’s a detailed guide on how to use this service effectively. To begin with, ensure that you have an active data bundle on your MTN line. Without an active bundle, one cannot complete the data sharing process. Once confirmed, follow these simple steps: 1. Dial the code to share data on MTN The primary code used to share data on MTN is *312#, which is now the universal code for data-related services on mobile networks in Nigeria. Dial this code on your mobile phone to access the data sharing menu. 2. Select the “Next” option after dialing code to share data After dialling *312#, you will see a list of options. Select the option 0 for “Next”. This typically involves sending a corresponding number from the menu options provided. 3. Choose data gifting You will be prompted to choose between more data options. Select ‘Gift Data’ to share a specific amount of data. 4. Choose data source Choose if you want to transfer the data from your existing balance or if you want to buy directly from MTN for your potential receiver. 5. Enter the recipient’s number Input the MTN number of the recipient you wish to share data with. Ensure the number is correct to avoid sending data to the wrong person. 6. Specify the data amount Indicate the amount of data you want to share from the list provided. This can be in MB or GB, depending on your available balance. 7. Confirm the transaction Review the details you’ve entered and confirm the transaction. Final thoughts on code to share data on MTN in 2024 Using the USSD code to share data on MTN is not the only channel through which to send data to your loved ones. There’s the MTN app option too. However, the USSD code option is the quickest and most user-friendly option. By following the steps earlier provided, you can easily manage and share your data bundles on the MTN network.
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Check your NIN without phone number 2024
The National Identification Number (NIN) is an important identifier for all Nigerian citizens and permanent residents. Typically, checking your NIN involves using your registered phone number, but there are ways to check or retrieve your NIN in cases when your phone number is unavailable: 1. Use the NIMC mobile app If you have access to the internet on a device like your Android phone, you can use the NIMC (National Identity Management Commission) mobile app to retrieve or check your NIN in 2024: Download the app: The NIMC mobile app is available on both the Google Play Store and Apple App Store. Log in: If you’ve previously registered, log in with your credentials. If not, you can register using your details. Retrieve your NIN: Once logged in, you should be able to see your NIN displayed on your profile page within the app. 2. Visit an NIMC office The most direct way to check your NIN without using your phone number is by visiting an NIMC office. Here’s how: Locate the nearest NIMC office: Find the nearest NIMC enrollment centre. You can search online on the NIMC official website. Bring your identification documents: Carry valid identification such as your voter’s card, driver’s license, or passport. Request NIN retrieval: Inform the staff that you need to retrieve your NIN. They will verify your identity using your provided documents and retrieve your NIN from their database. Final thoughts on how to check your NIN without phone number 2024 Retrieving your NIN without your phone number is possible through reliable channels, including visiting an NIMC office, using the NIMC mobile app, or checking the NIMC website. If you eventually have to go to the NIMC office to retrieve your NIN due to the inability to access your registered phone number, it’s advisable to apply for a modification of data. Although the NIN data modification for phone number change can be done online, since you are at the NIMC because you need your NIN number, you can just apply for the modification in person. Do note that it comes at a fee.
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Get/retrieve your BVN without your phone number 2024
The Bank Verification Number (BVN) is essential for anyone using banking services in Nigeria. It helps secure financial transactions and ensures your identity is protected. If you need to get your BVN number, here are five practical methods, especially if you can’t access the popular USSD option due to a SIM card loss or damage. 1. Get BVN through your bank’s mobile app If you use a mobile banking app provided by your bank, you can easily access your BVN number there. Log into your mobile banking app and find that part tagged in your profile or account information section. Most banks have a dedicated tab that displays your 11-digit BVN. This method is secure and provides easy access if you frequently use mobile banking services. 2. Online banking platforms For those who prefer using a desktop or laptop, online banking platforms offer another way to get your BVN. Log into your bank’s online portal and go to your account settings or personal information section. Here, you should find your BVN listed. 3. Visit your local bank branch to get your BVN number Lastly, you can always visit your local bank branch to get your BVN. Head to the customer service desk and request your BVN. You may need to provide identification and account details for verification. While this method may take more time compared to digital options, it is a reliable way to ensure you get your BVN number accurately. 4. NIBSS portal The Nigeria Inter-Bank Settlement System (NIBSS) provides an online platform to verify and retrieve your BVN. Visit the NIBSS BVN portal, input your bank details, and follow the prompts to get your BVN number. This is a centralised and authoritative source for BVN information. 5. NIMC centres You can also get your BVN number from the National Identity Management Commission (NIMC) centres. Visit any NIMC centre with your identification documents, and they can assist in retrieving your BVN. This is especially helpful if you are handling other identity-related tasks at NIMC. Final thoughts on how to get/retrieve your BVN without your phone number 2024 Knowing how to get your BVN number is essential for smooth banking operations and financial security in Nigeria in 2024. Whether you choose to use the USSD code, a mobile banking app, an online banking platform, visit your local bank branch, the NIBSS portal, or a NIMC centre, each method offers a solution. Ensure you keep your BVN accessible, as it is vital for various banking and governmental processes.
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🚀Entering Tech #67: Seven techies talk about leaving home
Seven techies share why you should (not) leave home as a young adult. 15 || June || 2024 View in Browser In partnership with Issue #67 Entering Tech,Leaving Home Share this newsletter Greetings ET people As a young techie, the allure of becoming independent can be strong. Young people figuring out their lives need space, freedom from errands, and if you’re like this writer, you probably need breathing space to explain what you do for work to your parents every 3 market days. Twitter debates about when to leave home have been raging since 2019 and it trended again last week when people with hot takes said 25+ is the new age of independence. Some tell you to go lower. And others like this one warn you not to leave home until you have “bastard money”. It got us thinking at ET, so we decided to play devil’s advocate and ask 7 techies who left home—Chidum, Timothy, Lydia, Pelumi, Ayomide, Oscar, and David—why they did, when they did, and how it’s going for them today. Some stories are bougie, others are inspiring. But all of them, entertaining. Let’s dig in. Faith Omoniyi & Emmanuel Nwosu On leaving home The last stanza of my favourite poem “If: A Father’s Advice to His Son” by Rudyard Kipling goes like this: “If you can fill the unforgiving minute with sixty seconds’ worth of distance run, yours is the Earth and everything in it, and which is more, you’ll be a man, my son.” The stanza emphasises the role that important decisions (like leaving home) play in your character growth. The “unforgiving minute” typifies time. To “fill” that minute with “sixty seconds’ worth of distance run” means pushing your limits. Deciding whether to leave home or not can be tricky. On one end of the divide, parents want you to stay back and find your footing no matter how long it takes. On the other end, you want to move out and see the world for yourself. However, if you’ve caught yourself nodding to Twitter hot takes and need a strong pitch to convince your parents that you want to leave home right now, then take a hint from David, Technical Product and Project Manager, who left home to focus on his startup, Bondly, after trying and failing seven times. David left for boarding school at the age of eight, and hardly ever visited home again. When he completed his university education, he left his ₦100,000 ($63) job to take a ₦25,000 ($16) pay cut in Lagos while squatting with his friend. If this isn’t the real “hustle like your life depends on it” story, then I don’t know what is. David Chima On the other hand, there are parents who encourage their kids to leave as early as possible and find their own footing. Picture it as that classic mother eagle myth pushing its young off its nest to teach it how to fly. This was the story Lydia, a Growth Marketer at Circo Africa shared, “My parents pushed me out of the house to go do my own thing and meet someone at NYSC.” She was 22. Curious, we asked her how that’s going for her and she said that the confidence her parents instilled in her from a young age made the difference for her as she went Han solo into the world. She now beats her hand on her chest, proud that she can now fix a light bulb. Lydia Effiong The pattern for young people wanting to leave home is to find the freedom to do whatever they want, pursue opportunities that help them grow, meet new people—and possibly meet the love of their lives (like Lydia’s parents planned for her.) “Going out on your own gives you a sense of urgency to make money,” says Timothy, who left his parent’s house at 23. Timothy, who is now Product & Partnership Manager at Flutterwave, thinks that the amount of money you can make at your parent’s house is limited and leaving home guides your path to make the sacrifices needed for growth—and to up your bags. Oscar Soribe For Oscar, leaving Abuja for Lagos at 22 to become a badass graphic designer was his valid excuse for not wanting to sit in his father’s house after graduation. Upon entry in Lagos, Oscar enrolled in a design school that would go on to fast-track his career. Pelumi, at 24, mischievously worked out his NYSC deployment to Ibadan so he could fast-track his personal development and access career opportunities in software development. Ayomide Agbaje Ayomide, at 22, left his home city of Ekiti to pursue his career interests in Data analysis. That led him to discover opportunities in innovative tech companies in different parts of the world, including Rwanda where he now resides. Chidum, now an Onboarding Specialist at Flutterwave, left home at 22 so he could regain control and be free from his errands (that were haunting him) and, most importantly, to focus on his work and career development. So, he decided to move out and find his personal space. Timothy Timothy What it means to leave home Like every other tough endeavour, leaving the comfort of your parents’ house is not a bed of roses, Timothy used to wonder where his next meal would come from when he first moved out; Lydia almost cried the first time her apartment got flooded; Ayomide, felt like a stranger when he first landed in Kigali; Oscar’s loan from his mum didn’t suffice for his bills when he first moved out; Chidum’s exodus from home was met by skyrocketing inflation which made it difficult to purchase everyday items; Pelumi had a bone to pick with a lawyer and house agents after he paid for his first apartment. Chidum Obinwa While these techies found it hard at first, they adjusted just fine. Ayomide got used to the life and culture in Kigali; Lydia now knows to phone a plumber in case of emergencies;
Read MoreIn SA, digital advertising is eating TV and this is why
In the late 90s and early 2000s, TV was the peak form of leisurely entertainment in South Africa and ads had a high return on investment for advertisers. But from the late 2000s, as viewers went from watching big boxes in their living rooms to watching little boxes on their palms, TV’s attractiveness as an advertising medium has continued to wane. Broadcasters like state-owned SABC are feeling the bite, reporting R600 million ($33 million) in reduced advertising revenues in 2023. Multichoice, owners of pay-TV service DStv, also recorded a 7% decline in advertising revenue in its latest annual results, stating that “SA TV advertising came under pressure from the ongoing competitive pressures from digital online channels.” The broadcaster also blamed the impact of weak macro trends such as inflation and currency devaluation on marketing budgets and TV ratings. Back in the day, advertisers would pay whatever broadcasters charged to place their ads on prime-time TV slots. But a changing viewership landscape, driven by cord-cutting and the rise of digital advertising mediums, has seen the once almighty TV broadcasters scrambling to survive the migration of advertisers’ rands to digital platforms. TV ads like Oros’ “Flavour Drums” were popular in the early 2000s. (Source: YouTube/Oros) According to the 2023 Kantar Media Report, globally, TV fell from being advertisers’ third most preferred advertising medium to 12th. The Media Box, a 24-year-old television advertising agency based in Johannesburg, South Africa, initially focused on offering just TV advertising. The model worked well at the peak of TV in the late 90s and early 2000s but by the late 2000s, the agency saw the changing viewership landscape. According to managing director Marius Wannenburg, The Media Box started offering digital advertising for clients in 2010 as social media proved to be a mainstay with consumers. “Companies who want high-value leads have shifted their spend from TV to digital media,” Wannenburg told TechCabal. Digital advertising offers more for less A 30-second TV ad can cost more than R2.5 million($136,000) to produce and place on TV channels. Advertisers only have to spend a fraction of that in digital advertising because consumers of digital advertising “don’t have any production value expectation–they simply want to be entertained,” said Mannenburg. Digital advertising is also more measurable, helping advertisers know exactly how ads are performing.“TV is falling victim to these data-focused channels and the deeper engagement of in-person touch points,” said Matthew Arnold, chief connections officer at VMLY&R, a South African advertising agency. Advertisers like Nandos now advertise directly to consumers through platforms like YouTube and social media. (Source: Youtube/Nandos) Another selling point for platforms like YouTube, TikTok, Facebook and Google is that they can give advertisers access to billions of eyeballs globally. With this huge audience and good old economies of scale, the platforms can offer pricing which is a fraction of the cost of advertising on TV. According to Rob Smuts, CEO of RMS Media, insights like conversion volumes, conversion rates, click-through rates, and cost per acquisition which are offered by digital platforms are also important sell points. These metrics allow advertisers to personalise and target ads more precisely, something TV advertising cannot offer as it “broadcasts the same message to a broad audience, regardless of individual preferences or behaviours.” All is not yet lost for SA TV In its latest annual results, South African TV broadcaster eMedia recorded a profit of $17 million, showing that there is still bank to be made in TV advertising. Free-to-air broadcasters such as eTV continue to offer value to advertisers because access to the internet for social media and streaming remains a challenge, especially for low-income groups. Multichoice on the other hand, stated that to resurrect the declining DStv revenues, it would leverage popular sports events, bringing in new clients to TV via its small and medium enterprise initiatives, and driving uptake of the group’s digital advertising channels. To hedge against digital advertising’s surge at the expense of TV’s decline, some South African broadcasters are also moving ad sales in-house to block ad agencies like The Media Box from offering alternative digital advertising options to advertisers. “But companies will continue to allocate more of their ad spend towards digital because that market sector continues to grow,” said Mannenburg.
Read MoreNigeria’s securities exchange issues disclaimer on $DAVIDO
Nigeria’s Securities and Exchange Commission (SEC) has issued a disclaimer alert to investors regarding $DAVIDO, a meme coin backed and promoted by Afrobeats superstar Davido which dipped by 90 within 24 hours of its launch. It raced to a $10 million market capitalisation just four hours after it launched on Wednesday, May 29. “The Commission does not recognise $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronise it do so at their peril,” the SEC said in a statement on its website. On his third venture into the crypto space, the disclaimer from the SEC could dent his reputation as a viable investment partner after the failure of $echoke on the Binance Smart Chain and Racksterli, which turned out to be a Ponzi scheme. The Grammy Award nominee was accused of rug pulling, after he posted his gains from the project. Solana welcomes $DAVIDO, but party ends quickly as valuation dips in 24 hours A rug pull is a scam in the cryptocurrency space where coin project developers create a false sense of security and hype. Investors are lured in by promises and a seemingly legitimate project, only to have the developers vanish abruptly, leaving the invested funds inaccessible and the project worthless. The SEC advised the public against investing in the coin, noting that meme coins are not “intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as a digital representation of capital market products…or other kinds of financial instruments or investments.” “The general public is hereby advised that meme coins lack fundamental value and are purely speculative. The general public is further warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk,” the Commission said.
Read MoreExclusive: Brass opts for a smaller team under new management
While the takeover of business banking startup Brass by a group of investors was widely hailed as a win by the tech ecosystem, it also entailed a restructuring that saw several employees leave the business. An initial TechCabal report claimed only Sola Akindolu, the CEO, Emmanuel Okeke, the CTO, and head of design, Tolulope Saba, left the company, but 16 employees who were furloughed in March 2024 were also laid off. “While Brass has been recapitalized, the new operating model [which prioritises prudent runway management] requires a smaller team during this period of transition, and as a result, the furloughed team members have been let go,” Brass said in a statement confirming the layoffs. It was a disappointing turn of events for the employees, who were told by the previous management that they would return to the company after the furlough. Two former employees claimed the layoffs happened immediately after the acquisition was communicated. “While the product and customer-facing experience remain the same, for all intents and purposes, back-of-house operations are now run by a new company,” Brass said in a statement. YC-backed Prospa is unable to process withdrawals for the second time in 5 months The restructuring did not only impact furloughed employees. “They gave the remaining employees [including team executives/ team leads] a choice to resign from the company or have their roles re-evaluated through an interview,” a former staff told TechCabal. “Nearly seventy percent of non-furloughed Brass team members who were interested in joining the new entity were retained and re-hired.” Brass confirmed that people who didn’t pass the evaluation or opted to leave the company parted ways with a severance of one month’s pay. Brass’s goal is to keep the headcount at manageable levels. The company has still not named a permanent CEO and CTO, and in the interim, a team of former Brass and current Paystack employees are leading the team.
Read MoreFIRS drops tax evasion charges against Binance executives
Nigeria’s Federal Inland Revenue Service (FIRS) has dropped the tax evasion charges brought against Binance executives, Tigran Gambaryan and Nadeem Anjarwalla making Binance the sole defendant, one week after sixteen US lawmakers accused Nigeria of holding Gambrayan, hostage. Gambrayan has been detained for 110 days, while Anjarwalla escaped detention on March 22. “The charges against Mr. Gambaryan are baseless and constitute a coercion tactic by the Nigerian government to extort his employer, Binance,” the lawmakers wrote in a June 4 letter to Biden pointing out that Mr. Gambaryan qualifies, a U.S. Citizen, was “wrongfully detained by a foreign government.” “We are relieved that the Federal Inland Revenue Service (FIRS) have served and filed amended charges today, resulting in tax charges against Tigran Gambaryan being dropped, further illustrating that Tigran is not a decision-maker at Binance and does not need to be held in order for Binance to resolve issues with the Nigerian government,” a Binance spokesperson said in a statement shared with TechCabal. Although the tax evasion charges have been dropped, Gambaryan, who has been diagnosed with malaria and pneumonia according to his lawyers, will remain in custody as the money laundering charges by the Economic and Financial Crimes Commission (EFCC) are still pending, with a court ruling on the matter yet to be delivered. Gambaryan and Nadeem Anjarwalla were formally charged with tax invasion charges in March 2024 after the Federal Inland Revenue Service (FIRS) alleged they failed to pay taxes on cryptocurrency transactions worth billions of naira. The crypto exchange was accused of non-payment of value-added tax and company tax, and failure to file tax returns. Before the tax invasion charge, Gambaryan was taken into custody by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), and held for several days before being released on bail. Gambaryan first appeared in court on February 22, 2024, to face money laundering charges.
Read MoreKenya hikes minimum bank capital 10-fold to match regional peers
The Central Bank of Kenya (CBK) will increase the minimum capital requirement for commercial banks ten-fold to $77.8 million (KES10 billion), Kenya finance minister Njuguna Ndung’u announced on Thursday. The new capital requirements will boost resilience to potential financial risks like increased cyber fraud threats and economic shocks but it could prove challenging for over half of the 39 licensed commercial banks. For these small and mid-size banks, mergers or raising capital from the stock markets are options they will consider. “The CBK intends to progressively increase the minimum core capital for banks from the current KES1.0 billion ($7.7 million) to KES10.0 billion ($77.8 million). The CBK will engage the market for an appropriate timetable to achieve this goal. This is intended to strengthen the resilience and increase the bank’s capacity to finance large-scale projects while creating a sufficient capital buffer,” Ndung’u said during the annual budget speech in parliament. This is the second time in a decade that Kenya is pushing to review the minimum capital threshold for lenders. In 2015, a similar proposal to raise the key capital requirement to $38.9 million (KES5 billion) was rejected by parliament. CBK requires lenders to maintain a 10.5% floor for the core capital to risk-weighted assets ratio, 14.5% total capital to risk-weighted assets, and 8% for the core capital to deposits ratio. State-owned Consolidated Bank is the only lender that does not meet the current threshold. The KES 1 billion current requirement has been in force since 2012. This trails the capital adequacy requirement in South Africa ($90 million), Nigeria ($337.1 million), and Egypt ($104.7 million)–the three biggest banking industries in Africa. Neighbouring Uganda increased its threshold to $40 million (UGX150 billion), which has since seen some banks downgraded including Nigeria’s GTBank, Kenya’s ABC Capital Bank, and Opportunity Bank. Tanzania last reviewed core capital requirements in 2013 and has been mulling plans to raise.
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