2024 NYSC updates and answers to major questions
The National Youth Services Corps (NYSC) scheme is one of the most prominent programs for Nigerian graduates of tertiary institutions. For every NYSC stream mobilisation, there are usually similar questions bugging the minds of potential corps members. As such, we have taken time to curate such major questions and answers that address concerns that may arise for NYSC batches in 2024 and the future: 1. What are the age requirements for 2024 NYSC registration Answer: You must be between 18 and 35 years old at the time of registration. 2. What if I missed the registration deadline for NYSC? Answer: You’ll likely have to wait for the next registration period announced by NYSC. 3. Can I choose the specific location of my 2024 NYSC service? Answer: You can indicate your preference, but the final deployment decision rests with NYSC based on national needs. 4. What happens if I have a health condition that might affect my NYSC service? Answer: Disclose any health conditions during registration and provide necessary medical documentation. NYSC might assign you to a service role that accommodates your condition. 5. What are the consequences of not registering for NYSC when eligible? Answer: You might face restrictions from applying for certain jobs or further education in Nigeria. 6. Is there financial assistance available for 2024 NYSC members? Answer: Yes, NYSC provides corps members with a monthly allowance. 7. What are my clothing options during the 2024 NYSC camp period? Answer: The dress code typically involves comfortable white tops and knickers and the NYSC uniform. 8. Can I use my phone and access the internet during NYSC camp? Answer: Yes, you’ll likely have access to your phone and internet, but there might be regulations regarding usage during specific times. 9. What happens after the NYSC camp orientation? You’ll be posted to your designated place of primary assignment (PPA) to commence your national service. 10. What are the different types of NYSC Place of Primary Assignment (PPA)? Answer: PPAs can be schools, hospitals, government institutions, or private organisations approved by NYSC. 11. Can I request a change in my PPA if I’m facing challenges? Answer: You can submit a request to NYSC officials, but approval is not guaranteed. 12. What are some safety tips to follow during the NYSC service year? Answer: Be aware of your surroundings, maintain good personal security practices, and inform trusted individuals of your movements. 13. What are some ways to make the most of my NYSC service year? Be proactive, participate actively in your assigned duties, and network with fellow corps members and professionals. 14. What are the benefits of completing the NYSC program? Answer: NYSC provides valuable work experience, leadership skills development, and the opportunity to contribute to national development. 15. Is there a certificate awarded upon completion of NYSC service? Answer: Yes, you’ll receive a Discharge Certificate upon successful completion of the program. 16. What are some career options to consider after NYSC? Answer: The skills and experience gained during NYSC can be applied to various fields, depending on your initial qualifications and the service you performed. 17. Can I travel within or outside Nigeria during my 2024 NYSC service year? Answer: Permission from NYSC officials is required for any interstate or international travel during your service year. 18. What happens if I get sick or require medical attention during 2024 NYSC service? Answer: You’ll have access to healthcare facilities approved by NYSC. 19. What are some resources available to support NYSC members? Answer: The NYSC website, social media channels, and designated officials can provide guidance and support. 20. How can I stay connected with fellow NYSC members after the service year? Answer: Utilise online alumni groups and social media, or maintain personal connections established during your service. 21. Will there be a mobilisation for NYSC Stream B 2024? Answer: Yes, NYSC will likely hold a mobilisation for Stream B later in the year. Keep an eye on the NYSC website and social media for announcements. 22. When can I expect the registration for NYSC Stream B 2024 to open? Answer: There’s no official date yet, but based on past trends, registration for Stream B might occur sometime in July or August 2024. 23. What documents do I need to upload during online registration for NYSC? Answer: You’ll typically need scanned copies of your final year ID card, statement of results, passport photograph, medical certificate, and any additional documents specific to your field (e.g., for medical students). 24. How much does it cost to register for NYSC 2024? Answer: The registration fee is usually around ₦2,786.24, payable through the Remita platform integrated within the NYSC portal. 25. Can I use a proxy to register for NYSC online? Answer: No, registering by proxy is strictly prohibited by NYSC. You must register yourself using your details. 26. What happens if I make a mistake during NYSC 2024 online registration? Answer: There might be limited options to edit information after submission. Contact NYSC officials if you discover a critical error. 27. What are some medical conditions that might affect NYSC service placement? Severe chronic illnesses, disabilities requiring special accommodations, or mental health conditions that could impede service might be considered during deployment. 28. Is it mandatory to participate in all NYSC camp activities? Answer: Yes, active participation in camp activities like lectures, drills, and community service projects is generally expected from corps members. 29. What are some acceptable reasons for missing NYSC camp registration? Answer: Valid reasons might include severe illness with documented proof of national emergencies preventing travel. Approval from NYSC is necessary. 30. What are the consequences of absconding from NYSC camp? Answer: Absconding from camp can lead to serious repercussions, including extension of service and potential legal actions. 31. Can I use social media freely during NYSC camp? Answer: While social media usage might be allowed, there might be restrictions on specific platforms, content posted, or excessive usage during designated times. 32. What are some things to pack for NYSC 2024 camp
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How to easily do your 2024 NYSC Biometrics online yourself
As a prospective NYSC corps member (PCM) in 2024 and beyond, completing your biometrics is a vital step in the NYSC registration process. Here, we’ll show you through the process clearly and concisely. Important Note: The option to capture fingerprints directly through your web browser is no longer supported. Here’s what you’ll need to carry out the NYSC Biometrics: A computer with internet access. A Digital Persona 4500 fingerprint scanner as you can see below: Step 1: Download and install the Biometric Client Visit the NYSC Biometric Client download page (https://nysc.org.ng/biometricclient/launch.htm). Carefully follow the on-page instructions to install the Biometric Client software. Remember: No license or additional software is required for registration and fingerprint capture. Step 2: Capture your fingerprints Once the Biometric Client is installed, launch the program. The software will guide you through the fingerprint-capturing process. Make sure to follow the on-screen instructions carefully. Step 3: Complete your NYSC online registration and biometrics Pro Tip: Ensure you have a valid passport photograph that meets the NYSC specifications before proceeding. Proceed with the online registration process on the NYSC portal. During registration, you’ll be prompted to complete the NYSC biometrics section. The Biometric Client software will seamlessly integrate with the registration portal to capture your fingerprints electronically. Troubleshooting: If you encounter an “Update Required” message, simply uninstall the current Biometric Client software and reinstall the latest version from the NYSC website. Final thoughts on how to easily do your 2024 NYSC Biometrics online yourself By following these steps, you’ll successfully complete your NYSC biometrics and be one step closer to embarking on your service year. Remember, completing your biometrics is mandatory for all PCMs. If you have any further questions, you can read our online directory of well-curated NYSC-related questions and answers and refer to the NYSC portal for additional information.
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2024 NYSC registration procedures for all batches and streams
The National Youth Service Corps (NYSC) program is a mandatory one-year service for all Nigerian graduates of tertiary institutions within the eligible age bracket and in the right physiological and psychological conditions. This guide helps all prospective corps members with the online NYSC registration 2024 processes, ensuring a smooth transition into this vital chapter. Before NYSC Registration 2024 Before diving into the NYSC registration 2024 process, ensure you have the following in order: Functional Email and Phone Number: NYSC will use these for communication, so ensure they are active and accessible. Valid means of Identification: This is mandatory for all applicants. Your NIN, International passport or voter’s card should suffice. Academic Credentials: Originals and photocopies of your final year ID card, statement of results (B.Sc. or HND) endorsed by an authorized officer, and any additional certificates required for your field of study (applicable to medical students, etc.). First things to note before you start the registration process for NYSC 2024 Here are some things to note before you get into the processes for the 2024 NYSC mobilisation: 1. Check the NYSC mobilization timetable The NYSC publishes their official timetable on their website. This timetable outlines the entire mobilization process for each service year batch. Here’s the link to access the latest timetable: http://www.nysc.gov.ng/mobtable.html 2. Review NYSC registration requirements Familiarize yourself with the specific requirements for NYSC registration 2024. The NYSC website has a dedicated section outlining all the necessary documents and procedures: http://www.nysc.gov.ng/mobreq.html Pre-registration checks for NYSC Let’s walk through the NYSC pre-registration checks for 2024. 1. Senate list verification (locally trained graduates) This step is crucial. Ensure your details are uploaded correctly on the NYSC portal. Only graduates whose names appear on the Senate/Academic Board Approved Result lists submitted by their institutions will be able to register. Verify your information on the NYSC verification portal using your matriculation number. 2. Get a functional email address If you don’t already have one, create a functional email address for registration purposes. During NYSC Registration 2024 Here are the steps for registering for the NYSC 2024: 1. Create an Account Head to the NYSC registration portal https://portal.nysc.org.ng/ and create an account using your functional email address. 2. Activate Your Account Check your email for the activation link and click on it to activate your newly created account. 3. Fill Out Your Details & Capture Biometrics Proceed to fill out your details on the portal. This includes capturing your biometrics. Important Note: Biometric capturing cannot be done by proxy. You may need to visit a public registration centre if you do not have the apparatus to carry out the biometrics. Also the following will be required of you: You’ll need to provide basic details like your name, date of birth, email address, phone number, state of origin, local government area (LGA), and institution attended. You’ll then enter your Matriculation Number to allow the portal to verify your degree with your institution during NYSC registration 2024. Ensure your name appears on the Senate/Academic Board Approved Result list submitted by your school. Upload a clear, passport-sized photograph with a clean, off-white background. 4. NYSC State Selection You’ll be required to choose your preferred state of service for the NYSC program. You may want to consider factors like proximity to family, job opportunities, and climate when making your selection. Be aware that your request might be subject to approval based on national needs. 5. Payment Make the registration fee payment using the Remita platform integrated into the portal. The cost of NYSC registration is typically around ₦2,786.24. Other transactional charges may apply during payment. Follow the instructions carefully to ensure successful payment during NYSC registration 2024. Final steps Preview your registration form to ensure all details are accurate and: Agree to the registration terms and conditions. Upload your scanned signature or use a digital signature scanner to sign electronically. Click submit and keep your login details safe for future use. Next steps after registration 1. Online Verification: After completing all steps and submitting your application for online verification during NYSC registration 2024, NYSC will review your details and documents 2. Call-up Letter: Once your NYSC registration 2024 is verified, you’ll be able to download your NYSC Call-up Letter from the portal at the appropriate time when you are mobilized. This letter will contain your state of deployment, camp location reporting date, and other important details. More important details on NYSC registration 2024 Additional information you may want to know includes the following: Concessional Posting: During NYSC registration 2024, you can apply for concessional posting based on marital or health grounds. The NYSC website provides detailed information on the required documents for each type of concessional posting. Part-Time Graduates: Register on the NYSC portal during the designated registration period. This will allow you to access and print your Exclusion Letter through your dashboard. After NYSC Registration The NYSC portal offers various self-service options for registered prospective corps members. These include: Printing call-up, exclusion, and relocation letters (after approval). Applying for leave approvals. Procedures for Corrections (if required) The NYSC portal allows corrections for various details after registration. Here’s a summary of the procedures for some common corrections: Name Spelling Mistakes/Rearrangement: Login to your dashboard and follow the on-screen instructions for applying for a name correction. Important Note: NYSC does not approve name additions or removals. If this is necessary, contact your institution to officially request the change from NYSC. Other Correction Options The NYSC portal also allows you to request corrections for: Date of Birth Course of Study Class of Degree Qualification (approval strictly by your Institution’s Student Affairs Officer) Procedures for these corrections typically involve logging into your dashboard and following the specific instructions for each request. Registration of foreign graduates NYSC 2024 The registration process for foreign-trained Nigerian graduates differs slightly. You’ll need to upload additional documents like travel documents and confirmation of results from the examination body or institution. Refer to the NYSC website for specific requirements for foreign graduates. Final thoughts Ensure
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👨🏿🚀TechCabal Daily – To Affinity and beyond
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We’re here once again to remind you to move TC Daily into your Main or Primary folders. If this email came in the Promotions folder or—heavens forbid—Spam, please drag and drop the email into your Main/Primary folder if you’re on desktop, or click the menu button at the top corner of your screen if you’re on mobile. In today’s edition Nigerian Islamic policing authority bans TikToker from social media BasiGo gets $3 million in funding SA fines TransUnion Canva acquires Affinity to compete with Adobe The World Wide Web3 Opportunities Social Media Nigerian Islamic policing authority bans TikToker from social media From perfectly-timed lip-syncs to outrageous dance challenges, content creators push the boundaries of creativity (and cringe) on TikTok, a social media app known for short-form videos, especially popular with youths and their relentless pursuit of viral fame. But for Murja Ibrahim Kunya, a popular TikToker known for her controversial content on social media, the quest for online glory took an unexpected turn. Kunya was arrested on February 12, 2024, by the Kano State Hisbah Board, an Islamic policing authority, and was accused of sharing inappropriate and un-Islamic content on the platform. She was arraigned in a Sharia court, a court that follows Islamic law to settle civil—and sometimes criminal—matters, and was held in custody. The court also mandated that she undergo a mental evaluation at a government hospital due to suspected drug influence. Jail break: Yesterday, a Kano State High Court presided over by Justice Nasiru Saminu, granted Kunya bail at ₦500,000 ($358) with two sureties. However, the court banned her from using social media until the next hearing scheduled for May 16, 2024. Violating this ban will lead to her re-arrest. Kano is one of many Muslim-majority states in northern Nigeria where Islamic law is practised alongside secular laws. Similar incidents globally: In July 2020, Egyptian authorities reportedly apprehended Manar Samy, a popular content creator on TikTok and Instagram with over 250,000 followers. This action followed a hisbah complaint alleging that she had been sharing sexually suggestive videos on TikTok. She was subsequently sentenced to three years in prison and fined 300,000 EGP ($6,273). In March of last year, Iranian teenage girls were arrested after posting a TikTok video that showed them singing and dancing to a popular song. According to authorities, the video broke Iranian laws that forbid women from dancing in public and require them to wear a hijab. The big picture: In Nigeria, Hisbah operates in some northern states, aiming to uphold Islamic morality and resolve disputes based on Sharia law. However, its authority, particularly regarding arrests, remains unclear legally. This lack of definition exists despite the agency reportedly having official backing, as shown by their uniforms, vehicles, and government-funded offices. Some states directly support Hisbah, while others claim they are volunteers. It is unknown, at this time, what offence Kunya will be charged with. 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 BasiGo secures $3 million in funding from CFAO Group Launched in 2021, BasiGo, a Kenyan electric bus startup, began with a pilot programme in Nairobi and has since been making waves in East Africa. In November 2022, BasiGo secured $6.6 million in equity funding, led by Africa-focused VC firm, Novastar. Its momentum continued in late 2023 with a $1.5 million grant from USAID in November 2023, which bolstered its expansion into Rwanda, and a $5 million debt financing deal in December 2023, with British International Investment to manufacture 100 electric buses specifically designed for the Kenyan market. And now: BasiGo has secured another $3 million from CFAO Group, owners of Africa’s largest automotive distribution network. The investment is split between CFAO Kenya and Mobility54, the corporate venture capital arm of CFAO. This funding will scale up BasiGo’s assembly and delivery of electric buses in Kenya and Rwanda. A greener future: BasiGo currently operates 19 electric buses in Nairobi with plans to reach 1,000 electric buses across Kenya within the next three years. Their innovative “Pay-As-You-Drive” financing model reduces upfront costs for operators, making electric buses more accessible. The company has already received over 500 reservations from bus operators in Nairobi and an additional 100 reservations from bus operators in Kigali, Rwanda. Another competitor, Roam, a Swedish-Kenyan electric vehicle firm which designs, develops, and deploys electric motorcycles and buses also secured a $24 million debt and equity financing in February 2024, to scale production. Regulation South Africa’s regulator fines TransUnion Data breaches in Africa in recent times have been on a surge. Angola’s apex bank narrowly escaped an attempted hack on January 6, 2024. Lockbit, a cyberterrorist group, in November last year attacked Fawry, a leading provider of e-payments and digital finance solutions in Egypt. The ransomware group encrypted files and also allegedly exfiltrated data from the e-payment provider. When these breaches happen, regulators often express concerns for users’ data and take various actions, which include financial penalties, on breached companies. A case in point is South Africa‘s Information regulator enforcement notice on TransUnion, a South African division of a US-based consumer credit bureau, which suffered a ransomware hack in 2022. An enforcement notice: Shortly after TransUnion suffered a breach that affected about 5 million of its users, the Information Regulator said TransUnion had not met the Protection of Personal Information Act requirements. The regulator has now slapped the credit bureau with an enforcement notice stating six areas where the company had defaulted, while also giving recommendations it must implement. The Information Regulator has set a deadline of May 26, 2024, for TransUnion to submit proof that all corrective actions have been implemented. 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
Read MoreTanzania will sell US dollars to commercial banks to address foreign currency shortages
The Bank of Tanzania will begin selling US dollars to commercial banks to tackle shortages that have plagued the country since 2022, according to a statement by the bank. “The initiative aims to ensure adequate foreign currency liquidity in the market. In addition, it intends to ensure customers’ demands for foreign currency are met through licensed financial institutions at the prevailing market prices,” the statement read. Traditionally, the central bank buys dollars, but with this announcement, it has changed tactics to sell dollars and looks forward to boosting market liquidity. The bank hopes to push individuals and businesses hoarding dollars to release and eliminate a parallel market (black market), which has worsened the dollar crisis in the East African country. In 2023, the Bank of Tanzania reported a drop in foreign exchange reserves, decreasing from $5.5 billion in May 2022 to $4.9 billion in May 2023. However, the bank maintained that the situation was not dire. The bank noted that this decline was attributed to various global factors such as the COVID-19 pandemic, the Russia-Ukraine conflict, increased US interest rates, and climate change. These global challenges have disrupted supply chains, leading to higher commodity prices worldwide. As a result, more US dollars are needed to import the same volume of goods as previously. In February 2024, the Bank of Tanzania launched a new series of treasury bond auctions to manage domestic debt and enhance money supply amidst foreign currency shortages. The bank reintroduced treasury bonds with maturities of 10, 15, 20, and 25 years by the close of the 2023/2024 fiscal year. The auction started with a 20-year bond on February 21, offering a 15.49% interest rate. Later, a 25-year bond at 15.95% interest was reissued on March 6. Tanzania is among several African nations struggling with foreign currency shortages alongside Kenya, Egypt, Zimbabwe, Nigeria, Ghana, and Zambia. Given the dollar’s predominant role in global transactions, these countries heavily depend on it to settle foreign debts and pay for essential goods and services.
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IWD2024: Driving digital gender inclusion in Africa
…As African female-led startups raised >>> $200m between 2019 and 2023In the dynamic and rapidly evolving African tech ecosystem, a wave of trailblazing female founders is making remarkable strides, breaking barriers, and leaving an indelible mark. Despite numerous challenges, African female founders are defying the odds and securing substantial funding to fuel their innovative ventures. According to a recent report by TechCabal Insights, female-led startups in Africa raised over $200 million in funding between 2019 and 2023, a significant achievement that underscores the growing recognition and support for women-led businesses. According to Disrupt Africa, 40% of venture capitalists (VC) investing in African startups between January 2022 and April 2023 had at least one female founder, partner, general partner, or managing partner. Among the Africa-based VCs active, this number goes up slightly to 47.8%. While the funding figure represents only 1.54% of the total funding raised by startups during the same period, it highlights the immense potential and untapped opportunities for female entrepreneurs on the continent. The fintech sector emerged as the most funded area for female-led startups, accounting for 27% of the total funding received. This trend reflects the growing demand for digital financial services and the innovative solutions these startups provide to address the continent’s unique challenges. Geographically, East Africa has emerged as a hub for female-led startups, with Kenya leading the pack, attracting over $92 million in funding between 2019 and 2023. Nigeria, Tanzania, and Egypt also stand out as countries where female founders have secured significant investments, collectively accounting for nearly 80% of the total funding raised by women-led startups during the same period. Notable startups led by female founders have made remarkable strides, raising substantial funds to scale their operations. Anu Adasolum’s B2B e-commerce platform, Sabi, secured $59 million, while Lesley Marincola’s software startup in Kenya, Angaza, raised $29.5 million. Other notable female-led ventures include Aisha Pandor’s home services platform SweepSouth ($20 million), Miishe Addy’s logistics startup Jetstream ($16 million), and Hilda Moraa’s fintech company Pezesha ($12.6 million). Despite these remarkable achievements, the report highlights the persisting funding gap faced by female founders, particularly in certain regions like Central Africa, which received only 0.7% of the total funding during the period under review. As Maya Horgan Famodu, Founder and Managing Director of Ingressive Capital, aptly stated, “The most important work that investors and stakeholders can do is to stop focusing on women as a group that needs to be helped, aided, or in some way considered incompetent… If we just focused on performance metrics and removed all other distractions, it would be a lot more of an egalitarian and equitable investing, entrepreneurial, and hiring ecosystem.”The African tech ecosystem stands at a pivotal juncture where embracing diversity and fostering an inclusive environment for female founders is not only a moral imperative but also a strategic business decision. By championing and investing in these trailblazers, the continent can unlock its full potential, drive innovation, and create a more equitable and prosperous future for all. As we continue celebrating African women, TechCabal Insights invites you to a live event on Wednesday, March 27, where we discuss ways to drive digital gender inclusion in Africa. You can preregister for the event by visiting this link. See you soon!
Read MoreEarly-stage startups, constant support: Oui Capital’s thinking behind investing in Africa
Launched in 2019, Oui Capital, an early-stage venture capital fund’s motto, is to be the first yes that founders hear. The fund has backed 21 African startups at the pre-seed and seed stages, some of its portfolio companies being Duplo, Moniepoint, Akiba Digital, Herconomy and PharmacyMart. These startups have gone on to amass over $1 billion in market value. The sector-agnostic fund has a focus on fintech, software-as-a-service, digital commerce, and healthtech startups. Following the deployment of its $10 million fund within three years, Oui Capital raised its second $30 million fund. With a focus on early-stage startups, the fund says it helps its portfolio companies with fundraising, go-to-market support and acquiring talent. In a YouTube video, Tosin Eniolorunda, the CEO of Moniepoint, shared that the fund helped with seeking product-market fit, traction and introductions to potential investors. “They have also been helpful in hiring, especially with some of our key hires,” he added. Oui Capital, which funds approximately 2% of the companies that apply to it, invests between $250,000 and $500,000 and looks to own between 5% and 10% of its portfolio companies. TechCabal spoke with Olu Oyinsan, the fund’s managing partner, and Oke Ekpagha, a senior analyst, as they shared the fund’s investment thesis and some of its biggest learnings. Oui Capital has been investing in early-stage startups since 2019. Based on your experience, what would you say are the biggest challenges that these startups face? Oyinsan: There are two most important challenges: the first is finding product market fit (PMF). There are a lot of theoretical definitions of PMF, but it’s like trying to run a race and getting on the track that’s going to take you to what the product should do for customers, the type of customers that actually should be using the product, and if they’re paying for it. PMF is everything you need to put in place to start growing. The other one, which is very common, is getting the money you need to build the company. Money is scarce everywhere in the world, and for early-stage companies that don’t have traction, it’s very difficult to raise money. Founders have to lean on their other skills to serve as a proxy for the attractiveness of that company. Does Oui Capital accept startups that do not have product market fit? Oyinsan: The short answer is yes. A majority of the companies we have backed did not have product market fit, and that’s why we are early-stage investors. We have invested in a company with zero revenue and very little customer traction. If you look at our portfolio, what the [companies in it] do today is not what we invested in them for. What made Moniepoint, Maad, Duplo and Akiba Digital successful wasn’t what they were doing when we invested. As early-stage investors, it’s our job and responsibility to invest in places where we can be helpful. It’s like having a co-founder who does not stay in your office because if we own the company together, we have to do everything we can to make sure that this company is successful. It’s what also generates financial returns. You’re more likely to make better financial returns if you invest in a company that doesn’t look successful yet than in one that has it all figured out. Eighty percent of the companies we invest in don’t have PMF. What’s the evaluation procedure like for your portfolio companies? How do you assess which companies you back? Ekpagha: You don’t get what you’d expect to see, you get what the market has in store. Off the bat, there are certain things I’m looking out for. Firstly, how strong is the founder or founding team? Do they have domain expertise that can directly translate into the new venture that they’re trying to build? I also look at the business model: is it a scalable business model? Is it fast-growing in terms of businesses that have been in that space? How big is the market and how fast is it growing? Of course, the companies that we tend to invest in are doing something new and are going to be market leaders, but they could be growing quickly in terms of traction and not be able to grow beyond what the market is going to allow. I also look for any traction that I can use to benchmark the rest of their success against. Typically, the startups we back don’t have major traction for their users or revenue, but we need to approximate and have an idea of how fast they’re growing already and what that could look like in the future. What type of founder does Oui Capital back?Oyinsan: We don’t care where you went to school, what you look like, or what nationality you are. That doesn’t build great companies. Entrepreneurial ingenuity is what builds great companies. I don’t care if you went to Stanford or the Federal University of Technology, Akure. As you can tell, some of the bigger companies, especially in Nigeria, don’t match the pattern [of studying in Ivy League schools], but the ones who match the pattern are often the ones you are writing about that defraud investors! We care about the problem you’re solving, and if you look like you have the grit, guts and expertise to go after it, we will back you. Also, some things, like the market and product, don’t depend on the founders. I was talking to a brilliant founder this morning and I told him that he’s probably pursuing the wrong thing. He’s trying to build another payment company and I told him to take a step back and figure out something else because he probably will not be able to get money from us. Does Oui Capital participate in follow-on investments? Oyinsan: Yes, we do. In our old fund, we had a ratio of about 20% of the fund for follow-on investments. The new fund has a smaller allocation because we noticed that our first cheques have
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Who calls the shots at TechStars-backed GetEquity?
GetEquity describes itself as a marketplace for investment products provided by investment managers globally. The TechStars-backed startup lets users pool their funds to reach the minimum amounts typically required for investments. It previously focused on facilitating VC investments in startups, however, after facilitating $3 million in VC investment, GetEquity has expanded its asset portfolio to include investment options like bonds, commodities, and other fixed-income options that are less risky than investing in startups. [ad] TechStars-backed GetEquity is raising $1 million to add bonds and fixed-income assets Jude Dike and Temitope Ekundayo founded the investment platform in 2021. Chigozirim Ugochukwu, a risk and compliance expert, joined the co-founding team in January 2023. Before joining the team, she informally advised the company at a time when a viral article questioned the legal compliance of the crowdfunding the startup facilitates. She is currently the chief operating officer (COO) of the startup, and she reports directly to Dike, the chief executive officer (CEO). Ekundayo is head of growth and also reports to the CEO. CBN consecutively raises rates as it hopes to crush inflation The startup claims to have about 15 staff including the cofounders. There are no team leads by title. However, some team members are often counted on to make strategic decisions for the company. This TechCabal org chart details the leadership structure of GetEquity. [ad] The leadership team at GetEquity If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: ngozi@bigcabal.com.
Read MoreCBN consecutively raises rates as it hopes to crush inflation
The Central Bank of Nigeria (CBN) has consecutively raised the benchmark lending rate by 200 basis points to 24.75%, from 22.75%, in another aggressive push to contain inflation. Olayemi Cardoso, the CBN governor, announced this today after the bank’s Monetary Policy Committee (MPC) meeting that began on Monday, March 25, making it the tenth consecutive hike since May 2022. The rate hike was expected as the body language in the last meeting signalled a reluctance to reduce borrowing costs until inflation moderates below 30%, a rate which will indicate a healthy economy. Authorities have devalued the naira twice since June and closed the gap with the unofficial market rate, as part of reforms to attract investors. Last week, the bank claimed to have cleared a backlog of unmet foreign exchange obligations. At least four policy experts who spoke to TechCabal expected a 100 basis point hike today. Cardoso hopes that consecutive rate hikes will address Nigeria’s inflation issues at nearly a three-decade high. However, analysts are unsure whether more hikes are needed. Explaining the motive for the hawkish stance, Cardoso said MPC members needed to control inflation to ensure that ordinary Nigerians’ purchasing power is restored in the short to medium term. “Members noted the continued rise in headline inflation was driven largely by food prices because of supply shortages and high cost of logistics distribution,” Cardoso said. According to him, addressing food insecurity is key to containing current inflationary pressures. Experts told TechCabal that the CBN should hold the rates in the coming months, instead of further tightening interest rates. “The full effect of the last MPC meeting is yet to be felt on the economy. The practice is not to meet monthly, but once every two months. They need to weigh and measure,” said Johnson Chukwu, the CEO of Cowry Asset Management. The CBN must find a balance amid the massive expectations ahead of the meeting. The bank has to be wary of the impact of too-high interest rates on the economy and the sustainability of the banking sector, Samuel Oyekanmi, another financial analyst warned. Cardoso said it was a tough decision to make but there was a consensus by the committee to progress with the tightening circle. “Key drivers of inflation remain the strong exchange rate pass through to domestic prices, rising costs of transportation, high costs of energy and other production inputs, lingering insecurity and legacy infrastructure deficit,” he added. President Bola Tinubu’s reforms, while painful for consumers, have led the currency to gain in recent days and improved investment flows. Foreign inflows rose to $2.3 billion in February, driven by renewed interest from foreign investors and a rise in overseas remittances. This figure in the first quarter of 2024 outperformed the $3.9 billion received for 2023. While foreign-investor portfolio trade on the Nigerian bourse increased by 18% in February 2024 from roughly half of that figure at the beginning of the year.
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👨🏿🚀TechCabal Daily – Exits and Evasions
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning What Moonshot goals do you have for 2024? At TechCabal, ours is bringing Africa’s tech ecosystem together for the second edition of the Moonshot Conference! From October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria, we’ll assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you missed last year’s edition where over 2,000 of you were forced privileged to listen to our CEO’s jokes about money, you can get a headstart this year by getting an early-bird ticket at 20% off. In today’s edition Nigeria charges Binance with tax evasion MTN exits two African markets Access Holding, Coronation Group partner with M-Pesa Nigeria plans to exit FATF’s greylist The World Wide Web3 Opportunities Crypto Nigeria charges Binance with tax evasion Weeks after facing regulatory scrutiny in Nigeria marked by website bans, executive detentions, accusations of illegal activity, and an attempt to mend fences with Nigerian authorities, Binance has found itself in more trouble. The crypto exchange and its two detained executives—Tigran Gambaryan and Nadeem Anjarwalla—are facing tax evasion charges in Nigeria. These charges allege failure to register with tax authorities, non-payment of taxes, and potentially aiding users in tax evasion. In a dramatic twist, one of the company’s detained executives, Anjarwalla, managed to abscond from Nigerian custody. The office of Nigeria’s National Security Adviser (NSA) confirmed that Anjarwalla, Binance’s Africa regional manager, reportedly escaped during a religious observance and allegedly boarded a Middle Eastern airliner using a smuggled passport. Following Anjarwalla’s escape from custody, Nigerian authorities have arrested the personnel responsible for his custody. Security agencies are also working with Interpol to place Anjarwalla on a watchlist and apprehend him. To address a potential website block by the Nigerian government, Anjarwalla and Gambaryan travelled to Nigeria in February 2024. Upon arrival, they were detained as part of a crackdown on foreign exchange speculation. A condition for their release was for Binance to provide the info of Nigeria’s top 100 crypto users. Binance, which noted that it would comply with authorities, also claimed that it has responded to over 626 information requests—since 2020—that have assisted the government’s investigations into financial crimes such as scams, fraud, and money laundering. An unending scrutiny: Last week, TechCabal reported that Nigeria’s Central Bank conducted a 3-day analysis on peer-to-peer trading on Binance, between February 19 to February 21, confirming suspicions that some traders manipulated prices to benefit from the resulting arbitrage opportunity. A large number of Nigerian retail traders were placing significant buy orders for USDT, but ultimately not completing the purchases. Authorities believe these fake buy orders artificially inflated the demand for USDT. This, in turn, is suspected to have contributed to the rapid devaluation of the Nigerian Naira against the US Dollar. 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. Fintech MTN to make continued investments in its fintech MTN is seeking a new round of investments in its fintech arm. CEO Ralph Mupita told investors on a call that MTN was seeking a second round of minority investment in the fintech. The telecom is looking to raise about R35 to R39 billion (approximately $1.8 billion) to boost the business whose transaction volumes grew by a ~32% last year MTN’s mobile money arm has 72.5 million active users of its mobile money services, driven mostly by the continent’s young savvy tech population. Two African exits: The company’s 2023 financials also showed a complete exit from Guinea-Bissau and Guinea-Conakry. In Q3 2023, Mupita had told investors that the telecom might exit the two countries, and Liberia, as the markets represent some of its smallest across West and Central Africa with all three contributing just 1.2% to MTN’s revenue in 2022. Across both Guineas, the telecom controls a secondary chunk of the market share, about 30%, beaten out by Orange Mobile which controls over 60% of the market share in both countries. A higher calling: This move will allow MTN to focus on Ghana, Cameroon, and Cote d’Ivoire, stronger markets in the West and Central Africa region which collectively contribute 18.6% to the group’s revenue, over other West and Central African (WECA) countries that contribute 7.3% to the firm. Fintech Access Holding, Coronation Group partner with M-Pesa to dominate African remittances Two weeks after Aigboje Imoukhuede returned as CEO of Access Holding, the company revealed its intentions to procure Kenya’s National Bank. In its relentless pursuit of regional expansion, Access Holdings has announced a new partnership with Safaricom, Coronation Group, and M-Pesa Africa, to dominate the remittance market in East and West Africa. Forging regional dominance: To ease money transfers across Africa, the first phase of the partnership will target remittance powerhouses: Nigeria, Kenya, Ghana, and Tanzania. It combines Access Holdings’ massive reach of over 60 million customers, Coronation Group’s tech muscle, and M-Pesa’s dominance in Kenya’s mobile money—96.5% share—to create a smoother remittance experience. Regulatory approval from Kenyan authorities is pending before the collaboration can take full effect. Zoom out: The remittance market in Africa is experiencing significant growth, with Nigeria and Kenya ranking as the first and third-largest recipients of diaspora remittances in sub-Saharan Africa, according to the World Bank. In 2023 alone, Nigeria received 38% of the total $58 billion remittance inflow to the region. 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. Economy Inside Nigeria’s plans to unplug from FATF’s grey list Nigeria is among the global hotspots for money laundering and terrorism financing. Last year, the Financial Action Task Force (FATF), the global watchdog for money laundering and terrorist financing groups, placed Nigeria on its grey list. A grey list? Countries in the FATF’s grey list are
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