Quick Fire 🔥 with Koromone Asabe-Yobaere
Koromone “KAY” Asabe-Yobaere is a superstar. She recently joined the chief brand officer at Jamit, an audio entertainment company empowering diverse creators, podcasters, and audio storytellers. Before Jamit, Koromone was managing editor at TechCabal for two years where she managed the publication’s daily operations. What exactly does a chief brand officer do? A chief brand officer (CBO) creates and oversees the vision of a company’s brand. I say vision because brands aren’t static entities—they adapt to trends. Chief brand officer is used interchangeably with chief marketing officer (CMO) but both come with slightly different responsibilities. CBOs craft a brand’s principles, values, voice and tone, and brand guidelines; CMOs execute high-level marketing strategies and campaigns for a business. You took a 3-month sabbatical this year. What did you learn from that experience? I learned how to create, edit, and market my debut poetry album using Garageband, Canva, and Distrokid. It took about a month for me to figure out the technical bits and bobs, but I caught on eventually. Rest is vital for high achievers like water is vital for the body. Rest isn’t about sleeping long hours or slipping into couch potato mode every weekend, it’s more about making a conscious decision to slow down and take note of how you feel in your mind, body, and soul. Do you wake up stressed and anxious? Have you worked weekends every month since the year started? High achievers must prioritize rest or risk burning out before they reach their career peak. You went from writing about startups to joining a founding team. Is there any mindset change that’s happening for you? I now have to take on the mindset of a senior leader, not a middle manager. Middle managers are the engine of a business—they act as intermediaries between top management and junior staffers and also translate a business’s vision into measurable assignments and activities. As a senior leader, I have to think about strategy, direction, people operations, profitability, etc. It’s big girl pants on season. Are there any learnings you’re taking from your old role into your new one? Definitely. Managing and growing hybrid and remote teams. Understanding business operations and getting my hands dirty when the going gets tough. Embracing creativity and moving at a quick but calculated pace. What’s your vision for the future of your Jamit? A fun and expressive audio entertainment brand that is home to Black and African voice creators. I want Jamit to work with the most diverse and gifted podcasters, talk show hosts, voice actors, and influencers. What advice do you have for those that want to be birkin baddies? Say your prayers Drink more water Be kind to yourself Own a couple of Bottegas What are you jamming to at the moment? S2 Ep 3 of Long Story Short podcast hosted by Noah Banjo.
Read MoreFlutterwave partners with IATA to expedite airline payments
Flutterwave has partnered with the International Air Transport Association (IATA) to enable airlines to process payments from local markets in Africa through various channels. This can address the issue of slow fund repatriation from flight tickets sold in local African currencies. Fintech company Flutterwave has integrated its payment technology into the International Air Transport Association’s (IATA) Financial Gateway (IFG). The IFG is a payment platform specifically created for international airlines and travel agencies to process payments from local markets through various distribution channels. Flutterwave has become one such channel and will enable Africans can pay their airline fees in their local currencies through cards, bank transfer, mobile money, alternative payment methods and other payment modes available on Flutterwave. Nearly a year ago, airlines in Nigeria were blocking travel agencies and selling tickets directly to customers in dollars instead of the local currency. This was because the airlines were cash-strapped as the CBN was taking too long to release the dollar equivalent to tickets sold in naira.  This partnership with Flutterwave allows airlines to have full control over the entire payment and settlement process, from initiation to completion. This Flutterwave integration can alleviate the burden of slow repatriation of accumulated funds from flight tickets sold in local African currencies. This partnership with Flutterwave will greatly benefit foreign airlines and travel agencies looking to collect local currencies through cards and indigenous methods of payment. In a press release shared with TechCabal, Olugbenga “GB” Agboola, Flutterwave CEO & Founder, said, “According to the International Air Transport Association (IATA), Africa is set to become one of the fastest growing aviation regions in the next 20 years with an annual expansion of nearly 5%. How can we further accelerate this growth? One way is to ensure airlines can easily set up operations across the continent and seamlessly receive payments from their customers. This partnership with IATA solves the problem of payments for global airlines venturing into Africa. We hope that this encourages more global airlines to expand into Africa.”
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TSC registration status check 2023Â
The Teachers Service Commission (TSC) is responsible for the registration and management of teachers in Kenya. It is important for teachers to check their TSC registration status to ensure they are recognised and authorised to teach. This article will guide you through the process of checking your TSC registration status in Kenya. 1. Visit the TSC online portal To begin, you need to access the TSC online portal, which provides a convenient platform to check your registration status. Open your web browser and type “www.tsc.go.ke” in the address bar. Once the TSC homepage loads, navigate to the “Online Services” section. 2. Click on “Teachers Online” Within the Online Services section, click on the “Teachers Online Services” link. This will direct you to a new page where you can access various services related to your TSC registration. 3. Select “Registration Status” On the Teachers Online Services page, you will find several options. Look for the “Registration Status” link and click on it. This option allows you to check the current status of your Teachers Service Commission registration. 4. Enter your TSC number After clicking on the “Registration Status” link, you will be prompted to enter your Teachers Service Commission number. Input your unique TSC number in the provided field accurately. Double-check the number to ensure there are no typos or errors. 5. Submit and check your TSC registration status Once you have entered your TSC number correctly, click on the “Submit” button. The system will process your request and display your registration status. If you are a registered teacher, it will show that your registration is active. Alternatively, if your registration has lapsed or is not valid, it will indicate accordingly. Final thoughts on Checking your TSC registration status Checking your Teachers Service Commission registration status in Kenya is a straightforward process. By following the steps outlined in this article, you can easily determine the status of your TSC registration. It is crucial for teachers to maintain valid registration to ensure they are legally recognized and authorized to teach in Kenya.
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👨🏿‍🚀TechCabal Daily – Nigeria blocks social media KYC rule
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF WhatsApp is working on giving users more privacy. The messaging platform is exploring a feature that will allow you choose who can see your phone number. If you’re in any groups, you’ll notice that usernames are highlighted over phone numbers now, and this new update means that your phone number will be even more private. In today’s edition Quick Fire with Koromone Asabe-Yobaere Nigeria pauses social media KYC requirement Bard now speaks Swahili Funding tracker The World Wide Web3 Event: The Moonshot Conference Job openings Quick Fire What Koromone Asabe-Yobaere is jamming to Koromone “KAY” Asabe-Yobaere is a superstar. She is the chief brand officer at Jamit, an audio entertainment company empowering diverse creators, podcasters, and audio storytellers. Before Jamit, Koromone was managing editor at TechCabal for two years where she managed the publication’s daily operations. Koromone Asabe-Yobaere What exactly does a chief brand officer do? A chief brand officer (CBO) creates and oversees the vision of a company’s brand. I say vision because brands aren’t static entities—they adapt to trends. Chief brand officer is used interchangeably with chief marketing officer (CMO) but both come with slightly different responsibilities. CBOs craft a brand’s principles, values, voice and tone, and brand guidelines; CMOs execute high-level marketing strategies and campaigns for a business. You took a three-month sabbatical this year. What did you learn from that experience? I learned how to create, edit, and market my debut poetry album using Garageband, Canva, and Distrokid. It took about a month for me to figure out the technical bits and bobs, but I caught on eventually. Rest is vital for high achievers like water is vital for the body. Rest isn’t about sleeping long hours or slipping into couch potato mode every weekend, it’s more about making a conscious decision to slow down and take note of how you feel in your mind, body, and soul. Do you wake up stressed and anxious? Have you worked weekends every month since the year started? High achievers must prioritize rest or risk burning out before they reach their career peak. You went from writing about startups to joining a founding team. Is there any mindset change that’s happening for you? I now have to take on the mindset of a senior leader, not a middle manager. Middle managers are the engine of a business—they act as intermediaries between top management and junior staffers and also translate a business’s vision into measurable assignments and activities. As a senior leader, I have to think about strategy, direction, people operations, profitability, etc. It’s big girl pants on season. Are there any learnings you’re taking from your old role into your new one? Definitely. Managing and growing hybrid and remote teams. Understanding business operations and getting my hands dirty when the going gets tough. Embracing creativity and moving at a quick but calculated pace. What’s your vision for the future of your Jamit? A fun and expressive audio entertainment brand that is home to Black and African voice creators. I want Jamit to work with the most diverse and gifted podcasters, talk show hosts, voice actors, and influencers. What advice do you have for those that want to be birkin baddies? Say your prayers Drink more water Be kind to yourself Own a couple of Bottegas What are you jamming to at the moment? S2 Ep 3 of Long Story Short podcast hosted by Noah Banjo. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Economy Nigeria pauses social media KYC requirement The CBN’s social media KYC requirement is not getting any likes. On Tuesday, the House of Representatives asked the Central Bank of Nigeria (CBN) to temporarily halt the implementation of an earlier directive to use social media handles for know-your-customer (KYC) operations. The decision was made after a motion was approved by nine lawmakers during the plenary session. ICYMI: In June 2023, the CBN made it mandatory for all financial institutions to collect and verify all social media handles for KYC operations, as part of its Customer Due Diligence Regulations 2023. According to the CBN, the policy will allow financial institutions to conduct an effective assessment of potential risks associated with money laundering, terrorism financing, and proliferation financing. A violation of privacy rights: During the debate on the motion, Kelechi Nwogu, a representative from Rivers, highlighted that the directive violates Section 37 of the Constitution, which protects the right to privacy. Image source: Tenor He further argued that there are more efficient ways to monitor money laundering and the financing of terrorism, such as using the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), and intelligence agencies. Additionally, the directive will disproportionately impact Nigerians who do not use social media but generate significant income from their businesses and trades. These Nigerians will either be forced to use formal banking systems, or they will be excluded from them on a systematic level, with consequences for their businesses and livelihoods. At this time, barely 16% of Nigeria’s 190 million population have access to social media. Zoom out: With Nigeria’s troubling history with social media, many Nigerians tagged the move as yet another move by the government to curtail social media. AI Google’s AI Chatbot, Bard, can now speak Swahili Image source: Global News The battle for the top artificial intelligence (AI) chatbot is heating up. Yesterday, Google announced that its AI chatbot, Bard, is now available in South Africa, Brazil, and many parts of the world including the European Union (EU), after an initial delay due to data privacy concerns. Bard, unveiled in February, is also available in 40 languages including Swahili, the first African language supported by the generative AI platform. Other languages supported by Bard include Arabic, Chinese, German, Hindi, Spanish, and more. Bard’s expansion
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Why IHS Towers is facing a shareholder revolt
The rapid rise to power of Africa’s tower industry is only a few years old, but cracks are already appearing. Leading shareholders in Africa’s largest telecom tower company revolting. They are accusing the company of hiding information from the management, ignoring calls for a restructuring of the board, and not investing enough in infrastructure that will support the ambitious 5G rollout plan of MTN Group, the largest shareholder. Here’s everything you need to know about what is happening, why it is important and what it means for the future of Africa’s digital economy. Let’s start with why it is important Telecom towers are important infrastructure for Africa. It is a big multi-billion dollar industry raking in billions in revenue annually. The continent currently has between 160,000 to 170,000 per 2021 data from TowerXchange. But it is not nearly enough. India alone has nearly 750,000 towers. Under pressure to roll out 5G infrastructure and manage the quality of its existing 4G network, IHS Tower’s biggest shareholder, MTN Group needs more infrastructure to support its ambition. Investors say IHS Towers is not doing enough to support this, is borrowing at high-interest rates and spending too much without explaining what it is spending the money on. A well-known US-activist investor says IHS Towers, which is incorporated in the Caymans Islands, one of the world’s largest financial centres and well-known tax haven, is hiding under the British territory’s rules to avoid disclosing details of company spending. The Cayman Islands is repeatedly criticised for its minimal disclosure rules, which allow companies to share limited information with their shareholders. Blackwells wants IHS to move its place of incorporation to Delaware or Maryland, in the US to align “with shareholder interests and from increased transparency.” But reporting from BusinessDay Nigeria indicates that the management of IHS fear that a hostile takeover is in the works for the company which was founded in Nigeria during the dawn of the country’s telecoms industry. Nigeria is also its biggest market by sales and revenue. In a June 2023 letter, Blackwells Capital, the activist fund manager credited for catalysing the resignation of Peloton’s CEO last year, accused IHS Towers of having “no serious focus on enhancing value for the Company’s shareholders.” “The Company used more than $1.5 billion in cash last year for investing activities, but the line items on the Company’s published Statement of Cash Flows for such investing activities are not explained in any meaningful way to permit shareholders to understand these cash uses,” Jason Aintabi, Chief Investment Officer complained. Since listing on the New York Stock Exchange in 2021, IHS Towers has lost half of its value. Following this, three large shareholders have since called out the company’s management and board over the company’s performance. Blackwells says it wrote privately to the IHS board last August and its chief investment officer spoke privately with IHS CEO, Sam Darwish, but its letter was met with inaction. Screenshot from: GOOGLE Finance While revenue has gone up, profits have tanked and earnings per share have dwindled by an astonishing, -288.26%. Screenshot from: GOOGLE Finance One year after it announced the acquisition of 5701 telecom towers from MTN Group and several days after an IHS annual general meeting, MTN Group released a statement complaining that it was unable to sell its non-voting shares and wanted to its stake in the company to be reflected in its voting power. MTN Group holds 26% of IHS Towers but only controls 20% of the voting share. In response, IHS said, “The proposals requested to be put forward were not in the best interests of the company as a whole or to the collective shareholder base,” Bloomberg reported. In return, MTN asked the board to call for an extraordinary meeting. Wendels, the second-largest shareholder in IHS Towers after MTN, backed MTN’s bid. It is worth noting that Wendels, has a representative on board. IHS Towers finally published a terse response almost 3 weeks after the initial news. “The IHS Towers management team and Board of Directors have a continued track record of engaging with shareholders, listening carefully to their views and are focused on acting in the best interests of all shareholders. We note the recent comments made by certain of our shareholders and we continue engaging in shareholder dialogue,” the unsigned press release stated. On Tuesday, July 11 2023, Wendels sued IHS for failing to notify all of its shareholders about proposals to reconstitute the board of IHS. It hopes to force a vote on the matter. MTN Group, Wendels and Blackwells together, account for more than 45% of IHS Tower’s equity. How IHS got here Telecoms towers and the accompanying infrastructure, are expensive to build and maintain. In the early days of GSM mobile networks, telecom companies had to finance and build these towers quickly in order to cover more areas and offer better services. But it saddled them with debt and made them unattractive. Separating their assets from their operation business was a relatively easy way to solve this problem. This PropCo (short for property co)-OpCo (short for Operating Company) model is not new. Real estate assets are better rated for lending purposes than operating businesses. And so tend to better attract the loans they need to put up their buildings. It is thus easier for a separate tower unit to raise debt to expand coverage. Some telcos run these tower units under a holding company. Some like MTN in 2021, sold the towers to dedicated tower management companies like IHS Towers. Since the mid-2010s, IHS Towers, Eaton Towers, Helios Towers Africa and American Tower Corporation were fighters in a fierce competition for telecom masts that were being sold by leading telcos like Vodacom, Vodafone, Etisalat, Orange, MTN and Airtel. As the telcos divested from infrastructure to focus on service delivery. The brand-name hospitality industry works in much the same way. Under this model, the property company owns the real estate and a hotel brand like Marriot runs the hotel day-to-day. In
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GTBank’s new app debuts to dissatisfaction as customers report technical glitches
Guaranty Trust Bank (GTBank), one of Nigeria’s biggest banks, launched a new app for its customers after several complaints regarding the old one, but customers are unimpressed with the app. On Wednesday, Guaranty Trust Bank (GTBank), Nigeria’s 5th biggest bank by assets, launched a new banking phone app for its customers. The app’s new promise was a better user interface for customers. With the launch of the new app, the bank told customers that it would discontinue support for the old version of GTWorld by August 12. Several GTBank customers told TechCabal that the new banking app does not work and has left them unable to use banking services. From conversations with six GTBank customers, TechCabal learned that many customers cannot log in to the new app. With no explanation from the bank, GTBank customers have been targeted by fake helpcare accounts on Twitter.  Fraudsters are exploiting GTBank’s new app problem to scam unsuspecting customers. I was nearly duped a while ago. Their Twitter handle (@__kgtbankhelp) has just been suspended. This is their phone number: +2349133458735. They may also ask you to fill out this form:… — Muhsin Ibrahim (@muhsin234) July 13, 2023 Jesse, an executive assistant who downloaded the new GTBank app, told TechCabal, “When I tried to log in, I thought it was my internet service provider that had issues, so I switched to my mobile network. It was still the same. I gave it a few hours and still had the same issue. It’s just horrible.” A screenshot of the new app. Chioma, a writer, told TechCabal that she felt “strong-armed” into using the new app because her phone automatically updates apps in the middle of the night. She told TechCabal how she was almost embarrassed after having to make an important transfer today that didn’t go through. Olatunji, a journalist, had similar remarks. “The app updated automatically, and I’ve not been able to log into the new app since yesterday,” he told TechCabal. In 2021, TechCabal reported how mass exits and a shortage of talent at GT Bank led to overworked staff, which at the time led to a faulty and buggy app. “The pressure is crazy. One person is doing three people’s jobs, all in the name of efficiency, Michael*, an ex-employee told TechCabal. Nigeria has suffered a brain drain in recent years, as several programmes like the Tech Nation Visa have allowed its best and brightest to leave the shores in search of a better life. “I always have issues with transfers almost every week; I got a text about the upgrade and thought it’d be better. I installed it, but I’ve not been able to sign in since then,” Khalid, a student, told TechCabal. Kezia, a designer, told TechCabal that she downloaded the new app herself because she thought a refresh would be great. However, she was left disappointed when she could not log in, something she considers “very annoying.” “I can’t do transfers or buy credit because USSD codes don’t work for me either, so I’m basically stuck unless I go to a GT Bank branch.”
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Nigeria’s stock market nears all-time high but market experts say Q3 results will be a litmus test
As Nigerian stocks close in on historic year high, many experts predict that Q3 returns may send the NGX back to earth. The All Share Index (ASI) of the Nigerian Exchange Group closed on a high of 65,669.29, on July 11, 2023, the highest recorded this year. It is 701.91 basis points shy of the single day all-time high for Nigerian stocks obtained on March 15, 2008. While profit-taking moves by investors will impact those numbers this week, many experts say that H1 reports–which are due this month–may present some shocks. Onome Ohwovoriole, an analyst with Money Africa, told TechCabal that he doesn’t see the likelihood of the index hitting the 67,000 mark in July. Ugochukwu Obi-Chukwu, the Founder of the publication, Nairametrics, also said, “There is fear that they may be a bubble somewhere. I thought that yesterday, we were going to cross the all time high. All time is around 66,000 basis points but we were very close to it. ASI dropped yesterday, it most likely will recede today. It looks like profit taking.” Market experts say Profits may decline soon While 160 companies are listed on the NGX, market experts say that the gains have been mainly driven by seven companies. Those seven companies also represent 66% of the market capitalization of the NGX. It leaves the exchange in a vulnerable place; all the recent gains of the past few weeks could easily be reversed. “I have been telling people to be careful. The economy is not so good. Inflation rate will go up, subsidy removal has been completed, prices are up, purchasing power is down, most companies would struggle. The feelers we get from them is that it is not easy, the Nairametrics founder said. “Profits will likely decline in the 3rd or 4th quarter. If that happens, how will that justify the valuations at the moment?” he asked. With H1 financial results on the way, there’s a sense that NGX’s good run may come to an end. “Strip out the financial services and oil and gas space, we could see ugly numbers from companies in the consumer goods space,” Ohwovoriole added.
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New M-Pesa transaction charges 2023Â
M-Pesa, a pioneering mobile money transfer service, keeps revolutionising the way people in Kenya conduct financial transactions. In this article, we will delve into the details of MPesa transaction charges, enabling you to make informed decisions when utilising their service. First, let’s see the transaction types that can warrant Mpesa charges. M-Pesa charges for sending money When sending money through M-Pesa, transaction charges may vary based on the amount being transferred. For example, in Kenya, for amounts between Ksh1 and Ksh49, the charge could be as low as FREE. In this article, we’ll outline the Mpesa charges according to every type of transaction. M-Pesa charges for withdrawing money Withdrawing money from your M-Pesa account can also incur charges. The withdrawal fee varies depending on the amount being withdrawn and the method chosen. Similar to sending money, withdrawal charges may differ, and it’s essential to confirm the rates applicable to your transaction. So keep reading. Other Mpesa charges In addition to sending and withdrawing money, M-Pesa provides various services with associated charges. These services include paying utility bills, purchasing airtime, and conducting merchant transactions. The charges for these transactions differ depending on the specific service and the country of operation. Below are comprehensive lists of transactions and M-Pesa-associated charges: 5 things to note using M-Pesa The highest account balance you can keep is Kshs.300,000 You cannot transact above Kshs.300,000 per day At a go, you cannot perform a transaction higher than Kshs.150,000 You must be ready to withdraw up to Kshs.50 if you must use an M-Pesa Agent. To initiate an M-PESA self-reversal, send your transaction confirmation to 456. Final thoughts on Mpesa charges M-Pesa has transformed the way people handle financial transactions in multiple countries. While the specific transaction charges may vary depending on the country and service, understanding the general principles of M-Pesa transaction fees empowers users to plan their financial transactions more effectively. Stay informed and take advantage of the convenience and affordability offered by M-Pesa.
Read MoreNigeria’s eNaira: High on blockchain, low on adoption
Nigeria’s master plan to make its eNaira mainstream has not recorded much success. From the unbanked to the banked, Nigerians are not adopting the country’s blockchain money. “I’ll pay you with eNaira” was my colleague’s way of teasing me about repaying a loan. If he were to pay into my eNaira wallet, I’d have virtually no way of spending the money. Most merchants in Nigeria don’t accept the country’s digital currency, and not many tech-savvy folks are convinced that this blockchain-based money has what it takes for mainstream adoption. Despite the investments of the central bank of Nigeria, Nigerians do not care much about the eNaira, Africa’s first central bank digital currency (CBDC). Mr Tobi Aremotobi, a Lagos-based digital finance expert, refers to the venture as “an exercise in futility”. Launched in October 2021, the eNaira became the world’s second public CBDC, after the Bahamas’ Sand Dollar project. Two months away from a second anniversary, the digital currency is still struggling with adoption. A recent IMF report showed that the average number of eNaira transactions is about 14,000 per week—only 1.5% of the number of wallets. This suggests that 98.5% of wallets, for any given week, have not been used even once. These numbers reflect a “disappointingly low adoption”. A use case, please? Many Nigerians have stressed that the eNaira lacks a use case compelling enough for them. According to the CBN’s master plan, the low transfer fees should drive eNaira adoption among Nigerians, especially among the youth demography who have demonstrated market potential for startups offering digital-first financial services. However, as it turns out, low-cost transfers take less priority than the form in which the money gets moved. Money can be either cash or digital. And when it’s digital, it can be either centralised fiat or decentralised cryptocurrency. The eNaira—like all CBDCs—doesn’t fit into either category. It introduces a new class of digital money that most Nigerians are only just discovering, right as they are being urged to adopt. The corollary effect, therefore, is hesitation. “I still can’t wrap my head around why we need another digital means of keeping money that takes away some banking perks,“ Aremotobi said. “If the eNaira remains a means to transfer value or pay my bills online, it is welcome to queue behind the one thousand options I already have.” Aremotobi’s point highlights a conversation crypto evangelists are familiar with: a monetary asset must have compelling use cases beyond being a value store. Perhaps, the CBN’s response to this line of thought would be in its three-point motivation for the eNaira. Through the digital currency, the apex bank wants to increase financial inclusion, reduce informality, and tap into Nigeria’s expanding remittance markets. The remittance play remains in the works, but the CBN has doubled down on its eNaira-powered financial inclusion agenda. That, however, is yet to demonstrate reasonable traction. ENaira versus mobile money According to the IMF report on the eNaira, “Nigeria has a large informal economy….Once the eNaira becomes more widespread and embedded into the economy, it may bring greater transparency to informal payments.” This position highlights the ambitions of the eNaira to simultaneously penetrate the informal market as it strives to power financial inclusion nationwide. Essentially, the eNaira wants to operate with established mobile money frameworks. To do this, the CBN can take either of two routes: leverage established mobile money networks to onboard CBDC users, or go all out to construct a retail access network. The former model will prevent the apex bank from providing retail banking services, and will require users to route their monies through their mobile money accounts to their eNaira wallets—a model that will come at an extra service cost. The bright side to this model, according to the IMF, is that it de-risks users’ mobile money balances—as the cash typically leaves the accounts of the financial institutions powering the mobile money services. This strategy, despite being the eNaira’s best shot at bagging some financial inclusion laurels, shows a lack of understanding of Nigeria’s mobile money market. Unlike Kenya’s MPESA or Senegal’s Wave, mobile money in Nigeria is not primarily used to hold balances. The country’s leading players—Paga and Opay—are extensively adopted for cash-in cash-out transactions. Payments and transfers come second, and are mostly completed by cash-full customers. Even the option to convert from cash to CBDC wallets is likely to face hesitation as such behaviour is not in line with prevalent consumer trends.   So far, the CBN’s drive to put eNaira on the streets has churned out initiatives like USSD-powered eNaira operations and account tiers for the unbanked. As an added incentive to proselytise the digital currency adoption, thousands of CBN’s staff receive stipends into their eNaira wallets. The apex bank also claims that it has encouraged major supermarkets to adopt payments in eNaira, but big names like Shoprite, Spar, and Addide are yet to demonstrate nationwide adoption. From a financial inclusion lens, these moves by the CBN seem laudable, but the struggling adoption suggests that there’s something still amiss in the strategy mix. Nosa Oyegun, who leads the product team at Kuda, describes the eNaira’s mission to capture informal markets as an uphill struggle. “Given how it [the eNaira] was rolled out, it’s tall order now. it’ll be hard because of how it stumbled out the blocks. [The rollout] should have been USSD-driven if that was the goal. From a product perspective, Oyegun believes the eNaira has all the elements needed to be dominant. ”The government is behind the eNaira, there’s hardly any bigger moat than any competitor could ever have,” he said. Is trust the missing piece? The CBN and its eNaira have a trust deficit they must overcome. Actions such as the ban on crypto, closure of crypto-linked bank accounts, forex manipulations, and more recently, the naira redesign, have left a negative impression of the apex bank and its policies on most Nigerians. Tech and blockchain enthusiasts who were affected by the crypto crackdown scoff at the idea of a CBN-controlled
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Latest ways to check SASSA status 2023
After you apply for the SRD grant, the next thing you want to keep up with is your payment status. You can check your Sassa status in a variety of ways and get your R350 social grant payment. The most prominent ways include using WhatsApp or the SASSA online portal on your phone or PC to check the status of your SASSA SRD grant. If you are looking for how to apply for the SASSA SRD grant, then read this. 1. Starting the status verification You must first go to the SASSA website to complete this step. Visit the official SASSA website at https://www.sassa-status.co.za or https://srd.sassa.gov.za/sc19/status by launching your favourite web browser. Locate the gateway for checking status tagged “Check Status”. Follow the instructions below when you’re on the portal: Provide the necessary details, including your phone number and ID number. Please be certain the data you enter is accurate. Click the “Check Now” or “Submit” button once you have verified the information you have entered and are certain it is accurate. See your SASSA status. The site will show your SRD SASSA status after you have submitted your information. The status of your application, the due date, and any further instructions could all be included in this. 2. Verify your SASSA status via WhatsApp There is an option to check your SRD grant status in case you are unable to use the SASSA website gateway for some reason. And this is through the mobile messaging service – WhatsApp. Simply send the word “Sassa” by SMS to the Sassa WhatsApp service’s 082 046 8553 number. When prompted, simply enter “Status” as your response. If you have a reference number, answer “Yes” to the following question, which should come next. Following that, enter your cell phone number, which you also gave in your grant application, and provide the reference number. Final thoughts on verifying your SASSA status In order to track the status of your application and ensure that you get the necessary financial aid, it is essential to check your SRD SASSA status often. You may quickly check your SRD SASSA status online or via WhatsApp by following the instructions provided in this article.Â
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