Check your JAMB Mock Result for 2024
The anticipated 2024 Joint Admissions and Matriculation Board (JAMB) exams are approaching. Before then, many candidates who sit for the JAMB mock exams on March 7 would like to check their results to gauge their preparedness for the main JAMB exams. If you are one of them, here’s how to check your JAMB mock exam result for 2024 upon release: 1. Visit the JAMB Mock result portal Start by visiting the official JAMB Mock result portal at https://slipsprinting.jamb.gov.ng/CheckUTMEMockResults 2. Input your registration number Once on the portal, you’ll be prompted to input your JAMB registration number. Ensure that you have this number handy as it’s required for verification. 3. Check your JAMB Mock result After entering your registration number, click on the designated button to check your mock result. 4. Review Your UTME Mock result after check Your UTME Mock Result should now appear on the screen. Take note of your scores in each subject area to assess your performance. Final thoughts Remember, the UTME mock result serves as a valuable benchmark to guide your preparation for the main UTME scheduled to commence on April 19th, 2024. So it does not count if you pass or fail the mock exams. The examination that matters is the one starting on the 19th of April. Also, if you encounter a message stating, “You did not sit for Mock Examination” don’t fret. Simply wait for a while and recheck the portal later if you are sure you took the JAMB 2024 mock exams. That is it about how to check your 2024 JAMB mock exam results. On your main exam day in April, do not forget important materials including your JAMB registration/examination slip, a valid government-issued identification and writing materials. These variables will ensure you have no issues accessing the exam hall. Also it is strongly advised not to go to the exam hall with any electronic devices such as phones.
Read More
Latest steps to apply for emergency KCB MPesa loans 2024
If you need quick financial assistance, accessing a loan through M-PESA, particularly the KCB M-PESA service, can be a convenient solution. Here’s a step-by-step guide on how to apply for emergency KCB MPESA loans: 1. Access M-PESA Menu Begin by accessing the M-PESA menu on your mobile phone. This is typically done through the M-PESA app or by dialling *234#. 2. Select Loans & Savings Once in the M-PESA menu, navigate to the “Loans & Savings” option. This will lead you to a list of available loan services. 3. Choose KCB M-PESA From the list of loan services, select “KCB M-PESA.” This will direct you to the KCB M-PESA platform where you can access loans and other financial services. 4. Select Loans on the MPESA Menu Within the KCB M-PESA platform, choose the “Loans” option. This will initiate the loan application process. 5. Request Loan Once you’ve selected the “Loans” option, proceed to request a loan. You may be prompted to input additional information such as loan terms and repayment options. 6. Enter Amount Specify the amount of money you wish to borrow. Ensure that it is within the allowable limit based on your eligibility and the terms of the loan service. 7. Enter M-PESA PIN & Submit After entering the loan amount, you will be required to enter your M-PESA PIN to authenticate the transaction. Once entered, submit the request. 8. Loans Deposit to MPESA account Upon successful submission, the loan amount will be deposited into your KCB M-PESA account. However, to access the funds, you’ll need to transfer the money from your KCB M-PESA account to your M-PESA wallet. 9. Transfer to M-PESA To access the loan funds, initiate a transfer from your KCB M-PESA account to your M-PESA wallet. This transfer is typically free of charge. Final thoughts on how to apply for emergency KCB MPesa loans 2024 These simple steps will help you easily apply for and access a loan through KCB M-PESA via the M-PESA platform, providing a convenient financial solution whenever you need it.
Read More
New ways to link NIN with your major bank account 2024
In compliance with CBN regulatory directives, Nigerian banks have initiated comprehensive measures to facilitate the seamless linkage of customers’ National Identification Number (NIN) and Bank Verification Number (BVN) to their respective bank accounts. This process, essential for regulatory compliance and enhanced security, ensures a smoother banking experience. Here’s a concise guide on how to link your NIN to your bank account, simplifying the process across major Nigerian banks. 1. Link NIN to your GTB account Link your NIN swiftly by dialling *737*20*BVN# from your registered mobile number. Alternatively, access GTBank’s self-service portal on their official website, [www.gtbank.com), to link both your BVN and NIN seamlessly. If you prefer a hands-on approach, visit the nearest GTBank branch for assistance. 2. Link NIN to your United Bank for Africa (UBA) account Engage with Leo, UBA’s virtual assistant, by initiating a conversation with a simple “Hi” message. Follow the prompts to select NIN updates across various messaging platforms like Facebook, WhatsApp, Instagram, and Apple Messages. Alternatively, visit UBA’s official website, www.ubagroup.com and locate the self-service section for a guided process. 3. Link NIN to your Access Bank account Initiate the linkage process by dialling *901*11# from your registered phone number. Follow the on-screen instructions to input your NIN and BVN. Double-check your details and confirm to submit. Alternatively, navigate to Access Bank’s website, particularly the NIN/BVN Linkage section, to complete the process online. 4. Ecobank linkage to NIN Begin by visiting the designated Ecobank customer update portal at https://customerupdate.ecobank.com/ciu/login Provide your account details as prompted. Acknowledge the terms and conditions. Await an OTP, which will be sent to your registered email. Input the OTP and proceed. Select the option for statutory ID or identification update. Upload a scanned copy of your NIN document. Confirm your acceptance and submit the form. 5. Link your Zenith Bank account to NIN Swiftly link your NIN to your Zenith bank account by dialling *966*NIN# and following the prompts. Alternatively, access Zenith Bank’s internet banking platform and navigate to the “Account” section. Choose either “Update Account (NIN)” or “BVN Update” and fill out the required e-form for submission. Final thoughts on linking NIN with bank Diligently following these tailored instructions will help you link your NIN to your accounts across Ecobank, GTbank, Access Bank, Zenith Bank, and United Bank for Africa (UBA).
Read More
👨🏿🚀TechCabal Daily – OpenAI fires back at Elon Musk
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday The argument that Internships are just about fetching coffee or running errands are no longer valid. Today’s internships, especially in tech, have become valuable learning experiences that offer real work value and contribute to career development. Entering Tech,—TechCabal’s newsletter for aspiring tech professionals—dives into using tech internships as a launchpad to success. In today’s edition Inside Verod-Kepple’s vision for African startups CBK licences 19 more digital lenders OpenAI fires back at Musk Ring Capital launches Africa-focused fund The World Wide Web3 Events Funding Inside Verod-Kepple’s vision for African startups As funding levels across the continent return to pre-pandemic levels, growth-stage startups are finding it increasingly difficult to raise funding. Verod-Kepple hopes to change that. The venture capital firm that has backed 11 growth-stage startups in two years with ticket sizes ranging between $1 million and $3 million, The $45 million fund is a successor to Kepple Africa Ventures, the early-stage investment firm that backed over 100 pre-seed and seed startups in three years with cheques worth between $50,000 and $150,000. Now, it has shed the seed-stage investing and speed that Kepple Africa was known for as it looks to increase its portfolio. The fund’s leadership team—Ory Okolloh, Ryosuke Yamawaki, and Satoshi Shinada—are looking to back “market-creating startups”. They also invest in startups that solve friction for businesses and the general public. In an interview with TechCabal, they shared their investment thesis and what they have learned from investing in more than 100 African startups across multiple sectors and countries. Here’s how Verod-Kepple is thinking about investments on the continent. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Regulation CBK grants licences to 19 digital lenders Before 2021, operating a digital lending business in Kenya was easy. Registration was all it took, leaving customer data protection and lending practices largely unchecked. This lack of oversight led to a chaotic market with predatory lenders. After defining new regulations in October 2021, the Central Bank of Kenya (CBK) decided to tighten its grip on the digital lending industry in September 2022, and issued a strict 3-day ultimatum to digital lenders to either comply with the new standards or face closure. Digital lenders were required to re-register with the CBK and submit to their oversight. By March 2023, a total of 32 licences had been granted from a pool of over 400 applications. One year later: The CBK has granted licence to 19 more digital lenders, bringing the total number of licenced Digital Credit Providers (DCPs) to 51. The new regulations aim to bring order, in response to issues such as high costs, unethical debt collection practices, and misuse of personal information by unregulated providers. Since March 2022, CBK has received 480 applications from entities seeking licensing as digital credit providers. However, many applicants are still in the process, awaiting the submission of required documentation. Zoom out: Another country taking its digital lending seriously is Nigeria. In August 2022, the Federal Competition and Consumer Protection Commission (FCCPC) implemented a new regulatory framework that requires all digital lenders to obtain a licence and register with the FCCPC before operating within the country. As of April 2023, Nigeria had approved 173 loan companies. AI OpenAI fires back at Elon Musk Last week, we brought you news of Elon Musk suing OpenAI, makers of ChatGPT for towing a for-profit route for the company. Now the fight seems to be heating up. Round two, fight: Musk who invested more than $44 million in OpenAI between 2016 and 2020, claimed the ChatGPT maker had derailed from its founding objectives of making AI free for the use of all. However, new email evidence from OpenAI shows that Musk was in on the for-profit mission. A hypocrite? Yesterday, OpenAI released a blog post detailing an email correspondence in which Musk had agreed with other chief executives at the company to go a for-profit route in 2017. That’s not all. The blog post also claimed that Musk proposed a merger with his startup, Tesla. Before the release of the blog post, Jason Kwon, an executive at OpenAI, sent out a memo that contained a rebuttal to one of Musk’s claims that the company was acting as a subsidiary of Microsoft. “We decide what to research and build, how to run the company, who our products serve, and how to live out our mission,” Jason Kwon, wrote in the Memo. Open AI’s revealing blog post puts Musk as a subject of scrutiny in the legal battle. It remains to be seen whose version of events holds water. 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. Investment Ring Capital launches Africa-focused fund In June 2023, French VC firm, Ring Capital successfully closed its Ring Mission impact fund—a fund that focuses on early-stage tech ventures in Europe—at €66 million ($71.9 million), exceeding their initial target of €50 million ($54.4 million). Following this achievement, Ring Capital has unveiled its latest venture—Ring Africa, another impact investment fund targeted at French-speaking West Africa. In addition to launching Ring Africa, Ring Capital has bolstered its leadership team with the appointment of Elisabeth Moreno as President of the Board. Moreno previously served as the French Delegate Minister for Gender Equality, Diversity, and Equal Opportunities. Investing in Sustainable Solutions: Ring Africa seeks to address pressing issues like climate change, transition to a formal economy, and improving agricultural productivity. They’ll partner with Mstudio, a startup studio based in Abidjan, to identify and support impactful ventures, with plans to establish a local investment team in the city. Mstudio, a firm with the ambition to build multiple sustainable companies across the francophone region launched
Read MoreNavigating the African tech media landscape for startups
The fact that you exist is not news… Occasionally, a crisis or controversy in the African tech ecosystem ignites debates among founders and influencers about the merits of local versus international media coverage. While it’s undeniable that sensational headlines can spread like wildfire, accusing the local tech media of a sole focus on the negative is neither fair nor accurate. At Wimbart, after eight years in the industry, I’ve come to understand a fundamental truth that also happens to be Wimbart CEO’s Twitter cover story: The fact that you exist is not news. Whilst raising over a million seed in funds could guarantee you coverage, whether you’ve launched a new product or expanded, journalists will always ask, “So what?” What’s the impact, the innovation, the human story? The African tech market is brimming with startups eager to share their narrative. At Wimbart alone, where we represent a modest fraction of African-focused companies, we often find ourselves amongst at least three different teams pitching to the same journalist in any given week. It’s important to recognise that journalists’ inboxes are inundated with up to 50, sometimes hundreds of pitches, on any given day. Recognising their hard work is crucial—they are the storytellers who have elevated our narratives, making international media platforms not only notice but also hire local teams to push the narrative further. When I began working in PR for African tech, capturing the attention of international media was a formidable challenge—it was H-A-R-D. We owe much to local publications that have tirelessly championed our stories; they deserve our gratitude, or “flowers,” if you will. Pitching a story that will resonate and secure media coverage is an intricate art. For those with in-house communications teams or a PR agency like Wimbart, there’s support to sculpt the narrative. Yet, we are aware that not all, especially early-stage startups, have these resources. If your pitches happen to be met with a rate card, it‘s an indicator that what is being pitched is perceived more as promotional than editorial content. There lies the distinction between what is known as “earned media” and “paid media”. In layman’s terms, earned media is akin to a badge of honour, granted for its intrinsic worthiness, whereas paid media is a lot more straightforward; it’s coverage that you pay to secure—zero thought required. Each serves a purpose but they are not interchangeable. So, you’re set on securing earned media coverage without resorting to financial outlay? Excellent decision. Below are some actionable steps that can elevate your story from just another pitch that ends up unread to headline-worthy news: Research publications and journalists Finding the right journalist for a media outlet to share your startup’s story should mirror the process of choosing the perfect business partner or founding team. It involves aligning your startup’s mission with the outlet’s editorial focus where possible, ensuring there is mutual interest and goals. This due diligence involves thorough research into their past work and identifying the journalists within a specific publication who champion themes that resonate with your venture. Whether it’s your company’s innovative approach to sustainability, significant funding achievements, or the founder’s unique profile, finding that match means you’re ready to pitch. Pitching to the right person transcends mere coverage; it becomes an opportunity to weave your story into their ongoing narrative. It’s about creating a partnership where your startup’s achievement and aspirations complement their storytelling, ensuring that your narrative gets shared and truly resonates with their audience, creating a meaningful impact. Attention-Grabbing Subject Email Your email’s subject line is the gateway to capturing a journalist’s attention, so make every word count. Imagine you’re crafting the editorial for tomorrow’s newspaper, it should be compelling enough to make anyone pause and take notice. Take inspiration from the impactful stories you see on major platforms titles like “How [innovation/company] is changing [industry]” are not just headlines, they are calls to curiosity. Use this approach to mirror each publication’s storytelling style in your email subjects. This not only piques interest but also shows you’ve done your homework and understand what resonates with their readership. Keep it punchy and to the point Keep your pitch concise and riveting. As highlighted above, journalists sift through a mountain of pitches daily, so you need to make yours stand out by hitting the key point right from the start, much like you’d share a piece of irresistible gossip with a friend. Highlight the most compelling aspect of your story immediately to grab their attention otherwise you risk losing it before the second paragraph—this could include striking data, a customer story, etc. If there’s depth to add, consider bullet points or a summary after your email signature. Alternatively, you could keep it in reserve for a follow-up, which is often required. Reading lengthy pitches can be daunting, but this strategy respects journalists’ time and piques their curiosity, significantly enhancing the chances of your story being featured. It’s about striking the perfect balance: being informative yet engaging, ensuring your message is not just another in the huge pile but a must-read. Build a relationship before pitching Fun fact: My path to landing my first big feature was paved not just by an intriguing story, but more so by the relationship I had nurtured with the journalist well ahead of the time I needed to pitch my client’s news. It’s crucial to start building these connections early, long before the urgency to disseminate your news arises. This can be done by demonstrating a sincere interest in their work, engaging in meaningful conversations, and extending your assistance, such as connecting them with a speaker, without immediately anticipating a return; it can remarkably shift your stance from that of an outsider to a respected collaborator. I’ve found that the most fruitful relationships are those where communication can be as simple as sending bullet points over WhatsApp. Yet, reaching this level of informality and trust with journalists requires an investment of time and genuine interaction, moving you from just another contact in their inbox
Read More
Patient capital, diverse exits: Verod-Kepple’s vision for the future of African startups
Armed with a $45 million war chest, the Verod-Kepple Africa Ventures (VKAV) leadership team—Ory Okolloh, Ryosuke Yamawaki, and Satoshi Shinada—have decades of experience operating and investing in Africa between them. Yamawaki founded Japan’s embassy in Botswana in 2008 but left after two years because “there’s no equity upside to being the founder of an embassy.” He then moved to Mitsui, one of the largest investment houses in Japan, just as the company was expanding into Africa. After an MBA from Berkeley, he launched Kepple Africa Ventures with Shinada, who joined after investing in energy and infrastructure projects in West Africa for seven years. Over the next three years, they invested in over 100 African startups. “We are not afraid of making mistakes, but we fear not learning anything due to lack of execution and speed,” was Kepple’s mantra as it invested between $50,000 and $150,000 in each pre-seed and seed-stage startup it backed. Following the full deployment of its $20 million fund in 2021, Kepple Africa, which deliberately structured itself as a “hands-off” fund from a portfolio support perspective, was effectively shut down to align with a new focus on growth-stage startups. (Yamawaki and Shinada still monitor, track and report on Kepple Africa portfolio companies.) The pair then partnered with Ory Okolloh, a tech and investment professional in Africa with experience at Google and Safaricom, to start Verod-Kepple Africa (VKAV), a venture capital fund that is partnered with Verod Capital, a Lagos-based private equity firm. The firm’s average ticket size is between $1 million and $3 million and it has invested in 11 growth-stage startups, like Moove (a Kepple Africa portfolio company), Shuttlers, Chari, and Julaya. While Verod-Kepple has shed the seed-stage investing and speed that Kepple Africa was known for, it still retains the Japanese connection of its predecessor as it invests in growth-stage startups at the Series A and B stages. The venture capital firm typically brings on its limited partners, mostly Japanese companies, as co-investors in deals and, in some cases, eventually sets up an acquisition event for its portfolio startups for its investors. TechCabal spoke to all three partners for this interview as they shared their investment thesis and why they are backing African startups. Venture capital firms and private equity firms differ in their approaches to investment. Why did you partner with Verod Capital? Shinada: As the ecosystem matures, more startups are in the growth phase. They’re facing many issues, like governance, operation, hiring, finance, financial reporting, etc. These things are managed much better by Private Equity funds. They have significant stakes in their portfolio companies and try to make a turnaround quickly. They are very hands-on and focused on improving the performance of their portfolio companies. We thought we [could] institutionalise that kind of experience and knowledge in the VC context if we kept investing in the growth phase of the startups. [Our partnership] also coincided with when we decided to move up from seed investments to Series A and Series B investments. From Verod’s perspective, I think they wanted to diversify their asset class. Also, as part of their value add to their portfolio companies, they were looking for more tech solutions to improve the efficiency and productivity of their portfolio companies. Read also: Verod Capital buys out Cardinal Stone’s stake in iFitness Kepple invested in many early-stage startups in just three years. Now Verod-Kepple has backed 11 growth-stage startups in two years. What are some of the challenges faced by early-stage startups and late-stage companies? Shinada: For early-stage startups, the biggest hardship is adapting the reality of the African market to investors’ expectations as a tech company. Startups need to focus on African problems if they want to monetise. But on the other hand, many investor perspectives are shaped by global trends. I think that’s why, between 2020 and 2021, lots of money flew into African copies of global business models that were assumed to be asset-light and tech-driven. It didn’t work because, in Africa, it’s more important to create transactions than to get revenue share by tapping into existing transaction flows with tech solutions. For later-stage companies, exits are a big headache. To exit, they need to understand what attracts global investors and also, from the perspective of public stock market investors, make an IPO happen. There has been a lot of misalignment between what investors are looking for and what African businesses are doing. No global investor is looking for a single business model with a single market exposure because Africa is risky. Investors are looking for a pan-African, broader, and more convenient index to diversify their exposure to emerging markets. You have a diverse range of companies in your current portfolio. How do you assess which companies get to be in the Verod-Kepple portfolio? What’s your investment strategy? Yamawaki: We always look for scalable and untapped opportunities that address some of the biggest frictions in Africa. We have three pillars on our website that represent the lens through which we see those opportunities, to make sure these opportunities are large enough and scalable. Firstly, infrastructure. We want to back businesses that try to solve friction for the general public that should have been provided by the government. Shuttlers is one: public transportation is perhaps a human right, but there is no reliable and affordable solution for it [in Nigeria]. Secondly, inefficiency solvers. This is solving friction for businesses. For this, we have Julaya. The last pillar is homegrown solutions. But we have revised that to market creators. Market creators refer to those creating economic opportunities for people based on the changing dynamics of the overall African economy, for instance, increasing GDP. When it comes to assessment, we look at the deal to see whether the opportunity falls under these pillars very well. We don’t want to invest in models replicated from other parts of the world or businesses that just have a tech layer. We want to back businesses and founders that tackle deep issues and problems in
Read MoreSouth Africa is reinventing cricket using AI
This article was contributed to TechCabal by Bonface Orucho via bird story agency. A digital makeover for South Africa’s cricket ecosystem could be in the works, leveraging artificial intelligence and blockchain technology to increase the popularity of the sport among fans while creating new revenue streams for fans, players and brands. Results of a pilot collaboration between LootMogul, an Indian sports technology company, Cricket South Africa and the Durban Super Giants have revealed an increase in fan engagement with cricket gaming platforms, pointing to the potential impact digitisation could yield for the sport. According to Vibhu Srivastava, the digital marketing head at LootMogul, “it indicates the significant potential for future business opportunities.” Results from the month-long pilot were unveiled on February 23 by LootMogul. After deploying an AI, blockchain and metaverse-led strategy, an average of 4.05 million platform visits were recorded in one month. These translate to 48,177 average new monthly games played and a 242.5% rise in the number of games played per month. The collaboration sought to bridge the boundaries between the physical and digital worlds of cricket, offering a holistic and immersive experience to fans. Notably, the partnership with the duo involves creating digital twins of South African stadiums, players, and all features of the sport. The digital maps are packaged as games on websites and applications, allowing fans to experience a virtual yet realistic experience of being in the heart of cricket action. According to LootMogul, the interactive gaming platform feature facilitates fans’ engagement with the sport beyond live matches, creating a year-round connection with the sport. Cricket South Africa and LootMogul announced the partnership on December 5, while the deal with the Durban Super Giants was announced in January when LootMogul was unveiled as the official Cricket Metaverse Gaming Partner. South Africa has been a major force in the world of cricket ever since the first visit by a touring British test side, in 1888. Targeted with sanctions during the country’s Apartheid era, cricket took off after 1994 as a sport for all South Africans and the country currently stands at number five in the world test rankings and number three in the one-day international (ODI) rankings. However, domestically, the sport languishes behind others like football and rugby as a spectator sport and Cricket South Africa is looking to improve the sport’s fanbase. The digitisation drive, anchored on technology and the use of AI, promises to strike a connection between fans and the sport, leading to an increased appeal for the sport among the fans. The opportunity for fan growth in South Africa is clear from the global rise in the sport’s popularity, with cricket’s inclusion in the 2028 Olympics in Los Angeles underscoring an expanding global influence. “This is a leap into the future of cricket. It is not just about enhancing the game; it is about revolutionising the fan experience,” SA Cricket’s Chief Executive Officer, Pholetsi Moseki, remarked in December during the rollout of the programme. The use of AI in cricket is the latest addition in Africa to what has been a growing application of AI in sports, from player analytics to statistics assessment to game management. The successful initial application of AI in cricket in South Africa also points to the potential in other countries on the continent where cricket is a major sport, such as Zimbabwe, Namibia and Kenya.
Read More
👨🏿🚀TechCabal Daily – A huge Deel
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning If you found yourself logged out of Facebook yesterday, don’t be alarmed; your account hasn’t been hacked. Three Meta-owned platforms, Facebook, Instagram and Threads, were offline for two hours yesterday, affecting millions of users across the world. While Meta is yet to reveal what caused the outage, users across the world are slowly regaining access to their accounts. In today’s edition Inside the company beating Lagos’ traffic jams Binance exits Nigeria Canal+ offers MultiChoice $2.9 billion Deel acquires South Africa’s PaySpace The World Wide Web3 Opportunities Fintech Inside the company easing Lagos traffic jams In Lagos, losing your cowry card is synonymous with almost the start of a bad day. For a city rocked by traffic, commuting in Lagos is extreme sports. Not only are Danfos—the iconic yellow buses—expensive and slow. The buses are less comfortable for passengers and are often traffic-bound. Bus Rapid Transit (BRT) buses, however, are an alternative to this dread. Relaunched in 2018, the buses provide commuters with a more comfortable way to travel with dedicated BRT routes—helping them dodge the city’s dreaded traffic jams—and fewer stops, helping them to cover more ground quickly. In 2020, through a partnership with Touch and Pay Technologies, commuters of the BRT buses began using Cowry cards, for payments. Now the the fintech says it processes 500,000 daily payments worth almost one billion niara monthly. How have cowry cards become a permanent item in the wallets and purses of Lagosians and its many exploits in the state? Dig deeper here. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Crypto Binance discontinues naira services Binance, the world’s largest cryptocurrency exchange, is exiting the Nigerian market. Yesterday, the company announced that it would halt Naira deposits after March 5, and withdrawals by March 8. Any remaining Nigerian Naira (NGN) balances in users’ Binance accounts will be converted to USDT. Additionally, by March 7, all current NGN spot trading pairs will be removed, and the Naira will cease to be an accepted payment method on Binance Pay—Binance’s payment solution. Why? Binance shut down its Nigerian Naira (NGN) services due to ongoing regulatory scrutiny in the country—a decision that affects roughly 10 million Nigerian users. The company had previously disabled the ‘sell’ feature and limited Nigerian users’ buy option to a price of ₦1,802 ($1.15) involving the USDT/NGN pair as the naira fell to record lows in February. A regulatory scrutiny: The exchange’s troubles escalated following a ban on Binance’s website last week after Nigeria’s Office of the National Security Adviser (NSA) arrested two Binance executives upon their entry into the country. Nigerian authorities accused Binance of participating in “illegal transactions” and imposed a substantial fine of $10 billion, but the company denied any knowledge of such penalties. The challenges coincide with Yemi Cardoso, Nigeria’s CBN governor, revealing that “illicit flows” totalling $26 billion had passed through Binance Nigeria from undisclosed sources and users. The governor also hinted at the likelihood of stricter regulations and forthcoming actions from security agencies. In other countries like Kenya, the East African country is responding to its greylisting by the Financial Action Task Force (FATF) by pushing for new regulatory reforms, with the Blockchain Association of Kenya (BAK), a crypto advocacy group, leading the charge. The reform will introduce a regulatory sandbox to vet and license crypto entities within the country. Streaming Canal+ ups Multichoice acquisition bid by 20% Canal+ is in an unrelenting race to acquire South Africa’s MultiChoice, the leading pay-TV company in Africa. After MultiChoice rejected an initial offer of R105 ($5.52) per share, Canal+ has enhanced the deal to R125 ($6.59), representing a 20% increase per share. This values MultiChoice at $2.9 billion and comes one day after the company was granted an extension until April 8, 2024, to make its offer. Maxime Saada, Chairman and CEO of Canal+, expressed confidence in their understanding of the value of MultiChoice and announced a collaboration agreement between the two entities, with MultiChoice granting exclusivity to Canal+. What’s next? MultiChoice will form an independent board to evaluate the offer. The Public Investment Corporation (PIC), the second major shareholder in MultiChoice, will also play a part in the decision. By April 8th, Canal+ must submit a formal offer, and both companies are working with financial advisors to finalise the deal. Why a deal still seems likely: The extension of the buyout, along with the exclusivity agreement and Canal+’s raised offer, signifies a serious attempt at acquisition. The integration of both companies’ operations forms a pay-TV powerhouse with an expanded reach of almost 50 million subscribers and potentially increased resources for content creation. This has the potential to benefit both companies and subscribers. However, the final offer price and terms may vary from the current proposal as negotiations progress and financial advisors become more involved. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Acquisitions US HR firm Deel acquires PaySpace Since Stripe acquired the Nigerian fintech company Paystack for over $200 million in October 2020, African companies have seen continued interest from global firms. This is evidenced by private equity firm Medius Capital’s $100 million acquisition of expense management firm Expensya in 2023, and BioNTech’s $713 million purchase of InstaDeep, an AI firm founded in Tunisia. And now Deel, the American HR company is acquiring PaySpace, a 20-year-old Africa-based provider of payroll and HR software, for an undisclosed amount. This marks the third high-profile acquisition of an African company by a global player within the last 18 months. Launched in 2007 by the Clark brothers (Bruce, Clyde, and Warren) alongside George Karageorgiades, PaySpace,
Read MoreCanal+ makes improved $2.9 Billion bid to buy MultiChoice
Canal+, the French pay-TV giant owned by Vivendi SE, has increased its offer to buy MultiChoice to $2.9 billion, a week after a regulatory panel mandated the French broadcaster to make an offer to MultiChoice’s ordinary shareholders. The new bid translates to an offer of 125 rand per share, a 20% increase from the initial offer of 105 rand, per reporting from Bloomberg. MultiChoice has a fiduciary responsibility to inform its shareholders about the new offer. South Africa’s Takeover Regulation Panel (TRP) has issued Canal+ a 25-business day extension which lapses on the 8th of April, to submit a mandatory bid to purchase shares of the pay-TV company, Multichoice. Canal+ has stated that it will comply and respect the panel’s decision. Since 2020, the French company has increased its stake in MultiChoice from 20.1% to 35.01% in February 2023. Per South African law, a more than 35% stake would require Canal+ to make a mandatory offer to MultiChoice shareholders. In February, MultiChoice, which has a market capitalisation of $2.15 billion, turned down a non-binding acquisition offer by Canal+. MultiChoice told shareholders at the time it considered the offer undervalued.
Read More
YC-Backed Touch and Pay processes 500,000 daily payments with Cowry cards in Lagos
Nena Okon dreads going to work. Like many Lagosians, the 26-year-old content creator lives on the mainland but works and rents camera equipment on the island—a busy district that hosts many businesses. She gets to work using the ubiquitous Lagos danfos, which are often expensive and slow. In September 2023, Bus Rapid Transit (BRT), a popular public-private metro partnership, became available on Okon’s route, coinciding with a time when the service was enjoying an upgrade. While BRTs have been in Lagos since the late 2000s, they got a refresh in 2018, introducing newer buses. In 2020, Cowry cards, a little-known product by Touch and Pay Technologies, an even lesser-known company, was launched. In four short years, the Cowry card has become an important feature of commuting in Lagos. The fintech is solely responsible for accepting payments on Lagos’ intracity transport system, including the BRTs and Lagos Ferries. TAP is also the payments technology provider for the recently launched Lagos Blue and Red Lines, an intracity metro rail that stretches over 45km. Key Takeaways Touch and Pay technologies has 3.8 million users The Y-Combinator-backed firm wants to raise another $4 million in funding Their revenue in two months was ₦1.9 billion Cowry card, a contactless payment technology, allows commuters to pay for bus and train rides using near-field communication (NFC). The card retails for ₦500 in Lagos and has a wallet feature on Playstore for account top-up and airtime. The app also has a pay-with-phone feature but that remains an unpopular feature. Most commuters top up their cards from their bank accounts or through agents. Cowry Card The Cowry cards have two advantages, said Okon, who is now a regular user. First, it creates an easier checking-in experience, removing the rowdiness and commotion that is a feature of commuting with the danfos while ensuring buses are less crowded. Additionally, the Cowry cards, which users can fund ahead of their commute, are doubly useful as Lagos state introduces more mobility options–last week, the city launched its 37km red line, a train network that stretches from Agbado to Oyingbo. In Nigeria, where railway officials have been accused of ticket scalping on federal government-run trains, digital payments reduce corruption by city transport workers. The YC-backed company behind Cowry cards Cowry card technology is the brainchild of Touch and Pay Technologies, or TAP, a startup founded in 2017 by Olamide Afolabi, Michael Oluwole and Kabir Yabo to support payments for mobility services in Lagos. “People don’t like that they have to worry over bus fare, battle bus conductors and go through rough days. They just tap, the amount is deducted and they move on,” Afolabi, TAP’s CEO, said. Governor Sanwoolu using the Cowry card on the Blue line 3.8 million users in Lagos use Cowry cards to complete 500,000 trip payments daily, the company shared. TAP takes a 5-10% commission on fares and remits the remainder to city authorities. “The commission we receive varies for different states. In some cases, it’s less than 10% and others less than 5% depending on the volume, value and buying power [of state customers],” he added, noting that customers in some states don’t want to spend up to ₦200 for a 30-kilometre ride. The fintech is already expanding to Oyo, Ogun, Edo, and Kano. While TAP talks up its digital infrastructure, it also uses physical agents at bus terminals to sell cards to first-time users. Most card balance top-up transactions are completed in person with these same agents. TAP has raised around $4 million in venture funding from Unicorn Growth Capital, a New York VC firm, and another undisclosed funding amount from True Capital Management, a San Francisco-based multi-family office, according to Crunchbase data. In January 2021, the startup was accepted into Y Combinator, the storied accelerator program that boasts successes like Stripe, Flutterwave, and Paystack. TAP is looking to scale to over 10 million customers and is planning to raise $4 million in a new Series A round of funding which it expects to close by 2024.” But TAP is not the first startup to attempt to solve payments in Nigeria’s transportation sector. Gona, a China-based startup, attempted to digitize fare payments for danfos. And in the past, some startups had huge success providing digital platforms for bike hailing. But these efforts never really scaled, in the case of bike hailing, were killed by city regulators. However, TAP has had a successful run, in no small part due to increased investment in transport infrastructure by the Lagos State government. Cowry Card was launched in 2020 when Governor Babajide Sanwoolu commissioned the Abule Egba-Oshodi BRT route. It has remained in partnership with the state government since then, although it claims it has never received an investment from the state. The BRTs transported 7.4 million passengers between the start of August and the end of September 2023 and transported an additional 17,543 commuters through the ferries, collecting ride fares of nearly N2 billion during this period, according to a statement from the Lagos state government. “One thing is clear: our electronic payment platform [Cowry] is assisting us to gather useful data which will allow us to plan transport services to the teeming people of Lagos State,” said Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), which runs the city’s mobility services. TAP is looking forward TAP is currently on the expansion path and is making inroads into Ghana. “Ghana is an essential market and a public transport market,” Afolabi says, pointing out that Ghana has a lot of structural similarities with Nigeria. He also believes customer behaviour is similar across both markets. “In Africa, we have a lot of mobile money penetration if you go to Kenya and other countries, [and] If we can succeed in Ghana with mobile money penetration, we will be able to repeat the same model in other countries with mobile money penetration.” While TAP’s website shows the company offers NFC services for health services, event management, and identity tools, Afolabi said
Read More