Moove blames geofencing for scarcity of Suzuki S-Presso vehicles on Lagos routes
Moove, the Nigerian-based mobility company recently valued at $750 million after raising $100 million, has said that an ongoing implementation of a geofencing plan limiting its drivers from plying specific routes is responsible for the perceived scarcity of its Suzuki S-Presso vehicle in its Lagos market. The plan restricts the drivers to main city centres such as Ikeja Central Area, Surulere, Lekki, Victoria Island, and Ikoyi in Nigeria’s commercial capital, the only place Moove operates under the Uber brand in the country. The company was responding to speculations that drivers are leaving the platform in droves due to an expensive daily remittance. Moove is also facing aggressive Lagos state task force officers who either impound the company’s vehicles or deflate their tyres. The government wants Moove to open its API for access to a real-time database including information about drivers and riders. Moove told TechCabal that it is still discussing with the government to find a middle ground. Apart from getting beaten by touts, Moove drivers are also concerned about the conditions and the cost of operating on the platform. According to a driver who recently left the platform, drivers are limited to at most 12 trips within 12 hours for 6 days and are mandated to pay N9,400 per day for 48 months, in addition to the daily 25% commission to Uber. Moove’s remittance rates are almost the same as Lagride, another drive-to-own e-hailing platform backed by the Lagos state government and managed by a private company, Ibile Holdings. Drivers on Lagride are expected to remit N9,000 per day to own the vehicle, in addition to a 25% commission (used to be 20% as of January) to the managing company. GAC was supposed to be maintaining the vehicles for the drivers, but a driver told TechCabal that the company has deviated from the plan and drivers are now required to maintain the car themselves with no compensation. The agreement between Moove and Uber is such that drivers are allowed to lease the vehicles on a drive-to-own basis and drive under Uber. This means they remit a N9400 daily amount to Moove and also pay a 25% commission to Uber on every ride. Taiwo Ajibola, regional managing director, Moove Nigeria, told TechCabal that enforcing the geofencing plan was aligned with the company’s original mission of targeting customers in specific urban areas, mainly commercial and industrial districts. Drivers in the past had been driving the Suzuki S Presso outside the specified geofencing which was responsible for the vehicle being seen in different parts of the state. Ajibola said the rate at which drivers exited the platform has fluctuated over the years. He does not believe the cost of daily remittance is what’s driving many of the drivers away. He insists that the company is making efforts to make its services affordable. For example, Ajibola said, while the going rate for a brand new Suzuki S Presso is around N9.9 million, the last unit of the vehicles Moove acquired in 2022 cost far less because the company bought it in large volume. He declined to say the actual cost of the vehicle. “We’ve had some churns as a result of maybe the driver had a change in the job that he had or some other reasons. But the rates have remained the same. The numbers keep fluctuating but really what we are seeing is negligible statistically speaking it is less than what would be any significant impact on the business,” Ajibola said. Suzuki S Presso is supplied in Nigeria by CFAO under a drive-to-own arrangement by Moove Africa. Before the S-Presso units were launched into the Nigerian market, Moove drivers were using Suzuki Alto which has a lower purchase price than the S Presso. Mike Ojeh, a former Uber driver, told TechCabal that he doesn’t have a problem with the N9400 repayment to Moove. In 2022, he leased a Suzuki Alto, which is cheaper than an S Presso, and was paying N7000 daily to Moove as repayment for the vehicle, as well as Uber’s commission and a maintenance fee. The conditions for 12 rides in 10 hours per day were a major highlight for him, as he always met his target and was able to make more rides to take money home. Over 218 drivers have graduated from the Moove drive-to-own initiative, according to Ajibola.
Read MoreThree lessons Nigeria can learn from India’s bold EV policy
This article was contributed to TechCabal by Uche Aniche. Nigeria plans to replace 40% of all cars on its roads with Electric Vehicles (EV) by 2033, 10% less than the initial 50% target for 2031. The government also expects all these cars to be manufactured or assembled locally. On the other hand, the Indian government plans to seek firm commitments from companies interested in accessing the Indian market to first establish a supplier ecosystem and source approximately 20% of parts locally within the first two years, which will eventually increase to 40% by the fourth year. They will in turn waive import duty down to about 15% provided the manufacturer will build from India. To hedge against possible defaults, the companies must provide bank guarantees covering the amount of import duty waiver they would enjoy. Stakeholders believe India’s planned policy demonstrates what smart and responsible policy development should look like and reflects the quality of mindset of the leadership but more importantly, captures political accountability to a very woke electorate. The Economics Survey 2023 predicts that India’s EV market will grow with a CAGR of 49% between 2022 and 2030, with 10 million annual sales by 2030. India has already made firm commitments to reduce the carbon intensity of its economy by at least 45% by 2030 compared to 2005 levels and achieve the target of net zero by 2070. This policy ensured they maximise the value of this commitment while not exposing their local economy to global forces. Some of the expected impact of this Policy on the Indian economy includes: The further strengthening of India’s economy and the continuing growth of what is already a very strong middle class that can afford Tesla and other EVs. The policy will support the Indian government’s goal by contributing 10 million of the 17 million direct jobs from the Make In India Program while adding 50 million indirect jobs and propelling India’s goal to become a $10 trillion economy by 2035. More wealth will be created through this program as India achieves its goal of becoming a hub for EV manufacturing in competition with China. The Nigerian EV policy rock chair Nigeria currently has a combined and installed manufacturing capacity of 313,150 vehicles but only a dismal 90,550 actual production per annum. With Nigeria’s EV market projected to grow at a compound annual growth rate (CAGR) of 57.9% in six years (2024 to 2030), the country could learn some lessons from India’s policy. Nigeria has some active EV-related manufacturing and assembly companies. They include Hyundai Konak EV, Jet Motors, ReviveEarth (Enugu-based EV retrofitting startup), Osquareteck (providing energy storage as a service and gridless power system for EVs), Volta EV (Lagos-based), Quadcycle Automobile (Abuja-based), and a recent entrant, Egoras. Based in Port Harcourt, Egoras brings a new dimension to the EV conversation by leveraging blockchain technology both for the vehicles and the charging stations – according to Harry Ugorji, the Company’s CEO. Egoras plans to open the pre-order at an event scheduled for Port Harcourt in early April while deliveries will begin in October. Nigeria’s changing EV goals Nigeria has developed and adopted twice, the National Automotive Design Plan with the goals changing on each occasion. The first approved plan in December 2021, according to Jelani Aliyu, the Director General of the National Automotive Design and Development Council (NADDC), targeted 50% locally produced EVs by 2031. However, the latest approved plan as per a statement by Otunba Adeniyi Adebayo, Nigeria’s trade minister, targets 30% locally produced EVs and one million jobs by 2033. Here are a few things we could learn: FDI is a two-way street: Companies will invest where they find value and not because they like your face. Energise local businesses and cut smart deals that protect and help them thrive. Amplify and play to your strengths: If you amplify and play to your strengths, you will dictate the terms. Unlike India, Nigeria’s recent economic challenges mean a shrinking middle class. However, Nigeria boasts of a large deposit of Lithium—a very important component of EV batteries. Lithium is currently mined in Nassarawa, Kogi, Kwara, Ekiti, and Cross River States. Nigeria needs to signal its intentions with bold visions: Economics will respond to bold visions, competent people, and passionate executors, not whimpers. The president should appoint competent and passionate people to drive the automotive policies. Targeting one million jobs from EV seems very understated and doesn’t seem to have captured the entire value chain. For instance, modern cars are software driven and EVs are no exceptions. Producing EVs locally will create many jobs for Nigeria’s software engineering ecosystem as well. Nigeria can become a powerful hub and net exporter of EVs in Sub-Saharan Africa if the right vision, policies, and drivers are in place. Uche Aniche is a Startup Coach and Policy Advocate. He is a General Partner at Rebel Seed Capital, a Secondary Cities-focused early VC Firm, the Convener of #StartupSouth, and the Communications Director at Imo Economic Summit Group (IESG).
Read More
Check your 2024 UNEB PLE results
The Uganda National Examinations Board (UNEB) Primary Leaving Examinations (PLE) is one of the important exams in Uganda. So, if you’re a student, parent, or guardian eagerly waiting to check the UNEB PLE results, this guide is for you. There are two main ways to check PLE results and they are similar to checking the UACE and UCE results: using SMS (text message) or through the UNEB eResults online portal. How to check PLE results via SMS This is the most popular and convenient method, especially for those with mobile phones. Here’s what you need to do: 1. Get your information You’ll need the candidate’s full index number. This unique identifier is typically found on the candidate’s examination registration slip. 2. Compose your message Open your phone’s messaging app and create a new message. In the message body, type “PLE” followed by a space and then the candidate’s full index number (e.g., PLE 004401/380). Ensure there are no other spaces. 3. Send the message Send the message to the shortcode 6600 on any mobile network in Uganda. There may be a charge associated with sending the SMS, so ensure you have enough airtime on your phone. 4. Receive your results Within a short period, you’ll receive a reply message containing the candidate’s PLE results, including their performance in each subject. Important Note: Double-check the index number you enter to avoid receiving incorrect results. Checking PLE Results Online UNEB currently has an online examination portal for accessing examination results as they’re subsequently officially released. But this option is available for only school administrators for now. This method might become available to students, parents, and guardians in the future. For school administrators, here’s an overview of what to do to check your school’s PLE candidates’ examination results: 1. Login School administrators likely have login details for their school’s profile on the UNEB portal. So as a school administrator, simply log in using your credentials and access the results section. 2. Enter details Once logged in, you’ll find each candidate’s index number or other relevant information alongside their results. You can then go ahead to download them. Final thoughts on how to check your 2024 UNEB PLE results Keep an eye on the UNEB website (https://uneb.ac.ug/) and official announcements for updates on PLE results. Remember: Regardless of the method you choose, ensure you have the correct candidate information readily available. There might be a fee associated with checking PLE results via SMS. The online eResults portal is not yet operational for students, parents, and guardians but might be available in the future.
Read More
How to check UACE results 2024
If you sat for the last Uganda Advanced Certificate of Education (UACE) exams, you may want to check your UACE results. Here’s a quick guide outlining the two convenient methods available in 2024 for checking your UACE results: Method 1: Checking UACE results via SMS (Paid Service) For those without easy access to the internet, there’s an alternative method to check UACE results. Here’s how: 1. Open your messaging app Grab your mobile phone and open your messaging application. 2. Craft your sms Compose a new text message and type “UACE <space> Your Index Number”. For example, if your index number is U234567/001, you would type “UACE U234567/001.” 3. Send the message Once you’ve confirmed the accuracy of your index number, send the message to the shortcode 6600. 4. Receive results (sms charges apply) If the results are available, you’ll receive a reply message detailing your UACE results for each subject you took. Be aware that standard SMS charges apply to this service. Method 2: Checking UACE results online This method is perfect if you have a reliable internet connection. Here’s what you need to do: 1. Head to the UNEB website Open your web browser and navigate to the Uganda National Examinations Board (UNEB) website at https://uneb.ac.ug/category/international/. 2. Locate the results section Look for a designated section labelled “Results” or “Verification of Results.” This section will provide clear instructions on how to proceed. 3. Input your index number Once you locate the results section, you’ll be prompted to enter your UACE index number. This unique identification number was assigned to you during registration. 4. Submit and view UACE results After entering your index number, click the “Search” or “Submit” button. If the results have been released, your detailed UACE results will appear on the screen, displaying your performance in each subject. Final thoughts on how to check UACE results 2024 UNEB typically releases UACE results a few weeks after the exams have concluded. Stay updated by checking the UNEB website or social media channels for official announcements regarding the release date of results. Ensure you have your UACE index number readily available before attempting to check UACE results through either method. By following these simple steps, you can easily check UACE results.
Read More
👨🏿🚀TechCabal Daily – Ghana is having a Starlink rethink
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Technology in Africa has grown in leaps and bounds. While the continent has made strides in increasing overall connectivity, women are being left behind. Women account for roughly half of the population and despite the progress made in recent years, they account for a disproportionate—and increasing—share of the global offline population, with South Asia and Sub-Saharan Africa having the world’s widest gender gap But why is this the case? What barriers are preventing women from fully participating in the tech industry? Join us on Wednesday, March 26th at 11AM (WAT) along with key players in digital inclusion and technology to explore theses questions and potential solutions. In today’s edition Uber slows on complying with Lagos state Ghana rethinks Starlink LemFi partners with Visa Funding tracker The World Wide Web3 Job openings Mobility Uber hesitant to comply with Lagos state data sharing terms While Uber, a ride-hailing giant leads a$100 millioninvestment in Nigerian fintech Moove, the company is also locked in a data privacy dispute with the Lagos state government in Nigeria. How it started: This disagreement follows a 2020 agreement between ride-hailing companies, and the Lagos state government, at the time, demanded backend access to user trip and location data for planning, revenue, and security purposes. Two weeks ago, the government further demanded real-time access, threatening sanctions for non-compliance. Uber, however, maintained that they’ve been fulfilling their obligations under the agreement. Now, the ride-hailing company faces potential sanctions from the government as it insists that access to real-time trip details is crucial for security and user well-being in the state. Unlike its ride-hailing competitor Bolt, which has embraced the new data-sharing requirements, sources close to Uber reveal the company is hesitant to comply, citing user privacy concerns. Zoom out: Finding a solution that balances safety with privacy is crucial. It remains to be seen whether Uber and the Lagos state government will reach an agreement that will keep Lagosians safe without compromising user 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. Internet Ghana is having a Starlink rethink Starlink’s launch in Africa has been a mixed bag. While it has received wide embrace in Nigeria and Rwanda, holders of the satellite based internet provider have been considered criminals in countries like Zimbabwe, Senegal, Botswana, South Africa and Ghana. Yes, Ghana! The bone of contention for most of these countries has been Starlink failing to obtain regulatory licence and approval to operate in the country. However, one particular country might be having a rethink. The news: Ghana’s National Communication Authority is in talks to grant Starlink a licence of approval to operate within the country. The decision comes after severe subsea cable cuts have affected the country’s internet reception, hurting businesses and the country’s stock exchange in return. Ghana shifted the closing hours on its stock exchange by one hour on Thursday and Friday last week due to the outages. While Ghana’s regulator had estimated a five weeks repair time for the subsea cable cuts, Starlink’s approval will provide a lifeline for businesses within the country. According to Starlink’s website, the internet service provider will be available in Ghana by Q3 2024. Starlink, however, reportedly told government officials that its services will first cater to high-end customers upon entry into the country. Zoom out: As Ghana looks to Elon Musk owned Starlink to salvage its messy internet, the country is also on the lookout for other saviours. The country’s minister for communication urged new internet providers to enter into Ghana, while encouraging existing ones to explore partnerships with RASCOM (Regional African Satellite Communications Organisation) for broader telecommunication services across Africa. 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. Fintech Lemfi partners with Visa to facilitate cross-border payment globally Lemfi has basked in some recent milestones. In August 2023, the Nigerian fintech platform launched in the US. In the same month, it secured $33 million in funding led by LeftLane Capital to ease remittance for immigrants. Six months later, LemFi hired ex-Opay COO Allen Qu, to lead its expansion to China. The international payments company has partnered with Visa’s Cross-Border Solutions division to expand its reach and simplify cross-border money transfers for its users. Under the agreement, LemFi will gain access to new markets like China, India, and Pakistan, and Visa’s Cross-Border Solutions will become LemFi’s primary partner for processing these international transactions. Additionally, over 250,000 LemFi users in the UK and broader Europe, Middle East, and Africa (EMEA) region will now have access to Visa debit and prepaid debit cards. For existing customers, the partnership ensures continuity. LemFi will continue to provide e-payments and foreign exchange services for its users. This means UK residents from various African nations can continue relying on LemFi for the remittance of funds. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → TC Insights Funding tracker Moove, the Nigerian vehicle financing platform, secured $100 million in Series B funding this week in a round led by Uber, with participation from investors, including sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Here are other deals for the week: Nigerian blockchain-powered fintech Zone raised $8.5 million in a seed round led by TLcom Capital and Flourish Ventures. South African BNPL startup, Float, raised $11 million from Standard Bank. Kenyan insurtech startup mTek secured $1.25 million from Verod-Kepple Africa Ventures and Founders Factory Africa. Tunisian AI startup Clusterlab raised $600k pre-seed from Karim Beguir and regional angel investors. Egyptian healthtech Pharmacy
Read More
A week after subsea cable damage, startups and remote workers seek normalcy
“Ugh, this internet is killing my deadlines!” muttered Aisha, a Lagos-based web developer, as she stared at her screen. It was supposed to be a productive morning finalising a crucial project for a client, but the recent internet disruptions in Nigeria had thrown her entire schedule into disarray. Frustrated, Aisha glanced at her phone, the meagre 1Mbps speed a stark reminder of the nationwide struggle. Aisha is not alone. Across the country, Nigerians are experiencing severe internet disruption after major cuts to the subsea cable of Nigeria’s major internet service provider, MainOne. Businesses are struggling to complete essential banking transactions, remote workers like Aisha are scrambling for alternative internet solutions, and startups are facing lost revenue and project delays. “We saw almost a 50% drop in the number of customer sign-ups and customer activities during the period,” Adedeji Olowe, CEO of LendSqr, told TechCabal. For Babatunde Akin-Moses, CEO of Sycamore, a peer-to-peer lending platform, the latest internet outage has made it difficult to disburse loans. Banks reliant on Microsoft Azure for critical services faced delays in disbursing loans, as the cloud platform was also affected. Similarly, borrowers were unable to make repayments due to failed debit transactions initiated by the banks. Other founders who spoke to TechCabal claim that the internet outages have led to project delays and have affected both internal and external communications. “We identified tasks that can be completed offline and focused on them, allowing for some level of continued productivity,” Dennis Mary, CEO and founder of Yuki, a web3 startup, told TechCabal. “I was unable to access the LMS platform for my company’s training,” said Ire, a growth marketer who had tried completing an online course. A return to normalcy? Per Bloomberg, the broken subsea cable is expected to take weeks or months to fix. Ghana’s communication regulator also estimates that repairs would take at least five weeks to complete. However, MTN, which holds the largest market share of Nigeria’s telecom market and is the most affected by the outages, has been proactive in taming the outage. The mobile network provider said it is teaming up with ACE and the West Africa undersea cable systems (WACS) to send a dedicated vessel to repair the affected cables. Since then, TechCabal can confirm that its network service has slightly improved. In a message to its customers on Monday, MTN said that it was working towards full restoration of its services. “Please accept our heartfelt apologies for glitches you may still be experiencing with a few services and be assured that work is ongoing towards full restoration,” MTN’s text to its customers read. While the MTN network has been severely affected, people who spoke to TechCabal said that network reception on Glo—which runs a different submarine cable along the west coast of Africa between Nigeria and the UK—and Airtel have been okay. Several others have explored alternative internet service providers like Tizeti, FiberOne, and Elon Musk’s satellite-based Starlink to hedge against the bad network. “I have tried using VPN, but the result was the same, I just had to go to a coworking space,” Shadrach, a web developer told TechCabal.
Read More
Top 8 tech events to attend in Lagos between April & October 2024
Many tech events are happening in 2024. As such we have curated the top eight tech events happening in Lagos from April to October 2024, including the highly anticipated Moonshot by TechCabal conference! Let’s go! 1. Tech Summit (April 6) The Tech Summit 2024 in Lagos aims to tackle the pressing issue of unemployment by leveraging the power of technology. With the theme “Breaking Barriers of Unemployment through Tech,” the event promises to be a pivotal moment for the tech community in Lagos and beyond. The Tech Summit will take place at 12a Oba Akinjobi Way, Ikeja Gra, Lagos. 2. GetBundi Demo Day (March 22) Be at this tech witness innovative new companies emerging from the Nigerian tech scene as startups that have been through GetBundi’s accelerator program showcase their ideas. The GetBundi event will take place at 21a Hunponu-Wusu Road Lagos, LA 106104. It’s free! 3. Build on FVM – 3 Hours of Innovation (March 23) This Build on FVM event is a call to grounded and budding developers. The hackathon focuses on building solutions on the FVM platform. Participate, learn about FVM, and compete for exciting prizes. The event is slated to take place at 1/3 Adebola Gbadebo Drv. (Adebola House) Off Abadek Avenue, off Akin Ogunlewe Rd, Igbogbo, Ikorodu, LA 106104. 4. Code Cash Crop 5.0 – financing the hidden middle (July 20) This is an event calling on entrepreneurs and investors. The event promises to be a deep dive into the challenges and opportunities of financing small and medium-sized businesses in Africa. It’s taking place at Lagos Oriental Hotel, 3 Lekki Epe Express Way, Lagos, Nigeria. General admission to the Code Cash Crop event is free too. 5. Blockchain Interoperability Hackathon (May 2-4) Calling blockchain enthusiasts! This hackathon challenges participants to create solutions that address interoperability issues in the blockchain space. It’s an avenue for you to learn, develop, and win! The Blockchain Interoperability Hackathon will take place at Radisson Blu Hotel, Lagos Ikeja, Isaac John Street, Lagos, Nigeria. Admission is free too. 6. IOT West Africa (June 25-27) Businesses looking to leverage the power of the Internet of Things (IoT) shouldn’t miss this conference. Learn how IoT is transforming various industries and discover its potential applications for your business and the trajectory of the future of commerce and tech in general. The IOT West Africa event will take place at Federal Palace, Lagos, Nigeria. 7. Web3 Lagos tech conference and events (September 5-7) This conference is targeted at Web3 enthusiasts and the tech ecosystem at large! This summit delves into the next generation of the internet – Web3. There, you can network with like-minded individuals, attend workshops, and learn how to build innovative Web3 applications. The Web3 Lagos conference is slated to happen at The Zone, Gbagada, Lagos State. 8. Moonshot by TechCabal (October 9-11) Moonshot is the premier conference uniting Africa’s thriving tech ecosystem. It is arguably the biggest tech and commerce event in Africa, hosted by one of Africa’s leading tech publications, TechCabal. You cannot afford to miss the Africa-centric yet global standard Moonshot event if you’re invested in the African tech scene. What to expect at Moonshot: Two days of networking and collaboration: Not many tech events in Lagos will give you such a robust platform to connect with innovators, entrepreneurs, thought leaders, and industry giants from across Africa. Unparalleled insights and inspiration: Gain valuable knowledge from a lineup of 50+ distinguished speakers, including government officials, CEOs, and tech VCs. Past speakers at the previous Moonshot edition include the Minister of Communication and Digital Technology, Bosun Tijani, and Olugbenga Agboola of Flutterwave. Focus on key areas: Deep dive into various tracks like The Future of Commerce, Big Tech & Enterprise, Emerging Tech (AI, VR/AR, Web3), Startup Festival, and the Creative Economy. Join the moonshot wait list now! Final thoughts on top 8 tech events to attend in Lagos between April and October 2024 This list provides a great starting point for your Lagos tech events calendar in 2024. Remember to check for more updates for each event via the links provided, so you can be in the know should there be an update to plans.
Read MoreAccess Bank values NBK at around $100 million as it continues East Africa expansion
On Wednesday afternoon, Access Bank confirmed it had agreed to acquire the National Bank of Kenya (NBK) after unconfirmed reports had teased the transaction for weeks. One of the big questions about the transaction—which is still subject to approval from Nigerian and Kenyan regulators—is how much Access Bank will pay for the acquisition. Access Bank will acquire the National Bank of Kenya (NBK) from KCB Group for 1.25x of the bank’s book, the company shared on Wednesday. Given NBK’s book value of $79.77 million in 2023, the deal values NBK at around $100 million. However, one financial expert shared that the final acquisition figure could still be markedly different from that estimate. The transaction is expected to take six to nine months to complete, per Paul Russo, the Group CEO of KCB Group. In 2020, Access Bank paid $12.8 million to acquire Transnational Bank. In 2022, it agreed to buy 83% of Sidian Bank, a Kenyan commercial bank, for $37 million, implying a price-to-book multiple of 1.1x. “All parties will be working together in the coming months to fulfill the conditions precedent relating to the proposed acquisition, which includes the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya,” the two lenders said in a joint statement. Access Bank, which already has 22 branches in Kenya, will increase its footprint in East Africa’s largest economy, given NBK’s nationwide network. However, the Nigerian lender is expected to inject more capital into NBK. Since KCB Group acquired NBK in 2019, it began to push the ailing bank to profitability and spent $63.5 million to ensure it met minimum capital requirements. “During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” Russo said.
Read More
3 ways to check your 2024 UCE results
The Uganda Certificate of Education (UCE) exams conducted by Uganda National Examinations Board (UNEB) mark a significant chapter in a Ugandan student’s academic journey. You need this results to register for the UACE exams. After release, UCE results are easy to check with about 3 options available. Checking UCE Results via SMS This method is perfect for anyone with mobile phones whether with Internet access or not. Here’s how to check your UCE results via SMS: 1. Open your messaging app Access your phone’s messaging application and start a new message. In the message body, type “UCE <space> Your Index Number.” Ensure you include the space between “UCE” and your index number. For example, if your index number is U008876/003, your message would read “UCE U008876/003.” 2. Send the Message Once you’ve double-checked the accuracy of your index number, send the message to the shortcode 6600. 3. Receive UCE Results (SMS Charges Apply) You’ll receive a reply message containing your performance in each subject after the UCE results have been released upon your check. Keep in mind that standard SMS charges apply to this service. Check your UCE results online To access your UCE results conveniently and at no cost, follow these steps: 1. Ensure you have a stable internet connection. 2. Visit the official Uganda National Examinations Board (UNEB) website. 3. Navigate to the “Results” or “Verification of Results” section. 4. Input your unique UCE index number, provided during registration. 5. Click on the “Search” or “Submit” button to proceed. 6. If the results are available, you’ll be directed to a page showing your comprehensive UCE results, detailing your performance in each subject. 3. Check with your school administrator While UCE results may be available online and via SMS, you may prefer to receive them through your school’s administrators. This method offers a personal touch and allows students to clarify any questions they might have about their scores. Schools typically receive the official results shortly after their online release and it’s more comprehensive compared to the one available to students. Students can visit their school administration office and inquire about result retrieval. The administrator will likely have a printed list or electronic copy available for students to access their results.
Read MoreUber resists real-time data sharing demand from Lagos state government
A 2020 agreement between ride-hailing platforms and the Lagos state government to share access to user data is now at the center of a potential fallout between the government and Uber. While competitor Bolt has agreed to the terms, Uber is hesitant, said one person familiar with the company. As part of ride-hailing regulations introduced in 2020, the Lagos State government asked for backend access to user trips and location data for planning, revenue, and security. But two weeks ago, the government began asking ride-hailing companies to share real-time trip details, threatening to sanction defaulters. “We already share the data of user trips with the commissioner of transportation daily. Why does it have to be real-time?” one person close to the situation asked. The government’s argument has remained the same: it wants to be able to identify both drivers and riders and protect users in cases of emergency. However, a source at Uber argued that giving the government this kind of access to data opens users up to surveillance and can open the company up to being sued. Uber did not respond to a request for comments. “The goal should be achieving a responsible data sharing framework that leverages data for the public good, such as improving transportation services, without compromising individual privacy,” said Kehinde Adegboyega, the founder and team lead at Human Rights Journalists Network. While Uber remains hesitant to share real-time details with the Lagos state government, Bolt and an unidentified ride-hailing company already comply with the new rule.
Read More