- August 15 2023
Exclusive: Eric Asuma steps down as CEO of investment startup Hisa
Eric Asuma has been CEO of Hisa since its creation in 2020. He has now stepped down from the company’s daily operations to focus on a new venture. Eric Asuma, one of the co-founders of investment startup Hisa Inc. has stepped down as CEO. Asuma will focus on a new venture in partnership with the online financial news publisher, the Kenyan Wall Street, which he co-founded. Having played a key role in Hisa’s establishment and growth, Asuma believes that a shift in leadership is vital to the ongoing prosperity of the company and upholding a positive and collaborative work atmosphere. “After much contemplation and reflection, I recently decided to step down from my role as CEO of Hisa Inc, effective immediately. While I have been actively involved in building and leading the company since its inception, I strongly believe that a change in leadership is necessary to ensure its continued success,” Asuma told TechCabal in a statement. Hisa aims to make the African retail investment sector accessible to everyone. The company went live towards the end of 2022 after ten months in beta before obtaining regulatory clearance from the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). A spot check by TechCabal shows that Asuma remains the primary shareholder of Hisa Technologies, which was given regulatory approvals in partnership with Faida Investment Bank. While stepping back from daily operations, Asuma says he will remain available to assist the company and focus on strategic guidance and support. “I will continue to support the company whenever required, but I have taken a back seat from the day-to-day operations,” said Asuma. For now, he will remain involved with the Kenyan Wall Street until the new venture with the publication is revealed. “Drawing insights from my experiences at Kenyan Wall Street, I have been assembling a formidable team in the last few months to establish a new venture with the ambition to become the foremost distributor of financial data and a premier news source for Africa’s financial services community.” New CEO Asuma has appointed Eric Jackson as his successor in Hisa. “To ensure a smooth transition and effective management, we have appointed Eric Jackson as the new CEO of Hisa Inc. Eric possesses the necessary capabilities and experience to lead the company towards even greater achievements,” Asuma said in a statement. Since its launch, Hisa has raised around $200,000 in funding. It raised an undisclosed amount in seed funding from Startup Wise Guys and Startup Wise Guys SaaS Milan. At its peak, its valuation stood at around $5 million.
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- August 15 2023
TechCabal Daily – MoMoney
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning It’s been less than a year since the iPhone 14 series was released. But users are reporting a huge problem: their batteries are degrading almost as quickly as some networks disappear when you need them. Several have shown how their battery capacities have moved below 90%, quicker than any of the past iPhone series. Is this another move by Apple to force people to buy newer iPhones? Is another $500 million settlement on its way? If you use an iPhone 14, share your battery percentage with us on X. In today’s edition Founders Factory raises $114 million Mastercard to acquire minority stake in MoMo CBK increases M-Pesa limit Vodacom to appeal rejection of Maziv acquisition The World Wide Web3 Event: The Moonshot Conference Opportunities Funding Founders Factory Africa secures $114 million GIF source: Tenor Founders Factory Africa grew five times bigger overnight! The accelerator and venture studio secured $114 million to invest in more startups across Africa. The funding came from investors like Mastercard Foundation and Johnson & Johnson Impact Ventures. This is about five times the size of its previous investment fund of $25 million. How will FFA use all that money? Founders Factory Africa issues equity checks of up to $250,000 for startups at the idea, pre-seed and seed stages. Its portfolio cuts across 55 ventures in 11 African countries, with most of them foodtech and healthtech startups. With this fresh fund, FFA is shaking things up. Now, it will focus less on sectors, and invest with the goal of addressing gender imbalances in the ecosystem. Plus, FFA is beefing up its own muscles so that it can offer better support to the startups in its venture studio. Sidebar: A venture studio combines a traditional venture capital approach with non-financial support tailored to the needs of its startups. “Our new fund will allow us to continue supporting the continent’s most promising early-stage ventures – and their exceptional founders – with the capital and resources they need to fuel their growth,” said Sam Sturm, the chief portfolio officer of Founders Factory Africa. 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. Acquisitions Mastercard to acquire minority stake in MTN’s MoMo Image source: MTN Mastercard is investing in another mobile money product in Africa. The payments processor has agreed to buy a minority stake in the fintech business of MTN Group Ltd—MoMo. MTN’s CEO, Ralph Mupita, says that the telecom is finalising the investment arrangements. The second choice: This is Mastercard’s second investment in mobile money products in Africa. In April 2021, it invested $100 million in Airtel Africa’s mobile money operations—acquiring a minority stake in the fintech arm of the telecom. MoMo was launched in Africa to facilitate low-value transactions in remittance services, micro-savings, and withdrawal services for users. Currently, it is available in 17 countries. At the close of 2022, 69.1 million customers were using MoMo to make and receive mobile money payments. There were also 1.3 million agents and 1.5 million merchants registered on the platform. MoMo had processed $13.4 billion in transaction volume in the same period. The big picture: MTN invested ₦16 billion ($20 million) in MoMo after its launch in Nigeria. While the mobile money service is thriving in other countries, it is yet to be adopted by most Nigerians. Per MTN’s2023 first quarter result, MoMo has 3.2 million monthly active mobile money wallets (MoMo PSB), accounting for 43.2% of the telecom’s users. While MTN’s impressive distribution lets it reach 19 million people, MoMo still has a long way to go in becoming a service of choice. Discover Trends with Smile Identity Download the Smile ID State of KYC in Africa Report on the latest trends in identity verification across Africa, highlighting the power of biometric verification and document verification in combating fraud. It is a must-read for any business looking to acquire users across Africa and keep up with fraud trends. Fintech CBK increases M-PESA’s transaction limit GIF Source: 4GIFs M-PESA customers can now send up to KES 500,000 ($3,480) per day. They couldn’t do this before, as the Central Bank of Kenya had capped transactions at 150,000 ($1,043) for a long time. Now, the CBK has increased the cap limit. Why? It appears that the CBK limited M-ESA until the fintech was able to adhere to KYC, anti-money laundering, and other financial regulations and safeguards for such a transaction capacity. The change will take effect from August 15. Sidebar: The current limit of KES 150,000 ($1,043) per transaction remains unchanged. But now customers can conduct multiple transactions up to the new daily limit of KES 500,000 ($3,480). So now what? This means thatSMEs that use M-PESA can make even more transactions every day with the wallet. In March 2023, more than 606,000 businesses received payments through Lipa Na M-PESA, with a total of KES 1.625 trillion ($11.3 billion) transacted in the 12 months. This is good news for Safaricom too as Lipa na M-PESA contributes about 40% of the carrier’s service revenue. Everyone wins. Telecom Vodacom to appeal rejection of Maziv acquisition GIF source: Zikoko Memes South African mobile network operator,Vodacom, has responded to a decision by the country’s competition commission. ICYMI: Last week, the competition commission halted Vodacom’s acquisition of Maziv, a holding company whose assets include fibre network operators, Dark Fibre Africa (DFA) and Vumatel. The commission says the proposed transaction could lessen competition across multiple fibre markets. Vodacom says it is disappointed with the regulator’s decision to block the acquisition, and it plans to appeal. The telecom believes that the acquisition would have contributed to reducing the digital gap and improving competition in the fibre market. The company is confident that the involved parties would have ensured accessibility to Maziv’s fibre assets. Vodacom and Maziv’s initiative: Vodacom has committed to
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- August 14 2023
How a popular AI undressing app is showing the urgent need for regulation
As generative AI tools like Undress continue encroaching on internet users’ right to privacy, regulations struggle to keep up with innovation. In one month, the Undress app hit over 7.6 million visits, with users spending 21 minutes per session. Users of TikTok, one of the world’s most engaging social media platforms, spend an average of over 10 minutes per session on the app. Undress is a generative AI tool that allows users to input a picture of anyone and get, in return, an image with that person’s clothes removed. Additionally, the site will enable users to input their specifications of preferred height, skin tone, body type and so on. It can upload the photo of their choice and create a deep nude of the person in the uploaded picture. Over the last three months, Undress’s global ranking has increased from 22,464 to 5,469. On search engines, the keywords “undress app” and “undress ai” have a combined search volume of over 200,000 searches per month, showing the level of demand for the tool. On its website, whose tagline is “Undress any girl for free,” the app’s creators disclaim that they “do not take any responsibility for any of the images created using the website.” This means that victims whose pictures have been undressed without consent cannot contact the site for complaints or requests for removal. On platforms like Discord and 4Chan, users can submit pictures of people they want “undressed” by the app (Image source: Twitter.com/thebrianpenny) Some reports also state that fraudulent loan apps gain access to a person’s gallery and then use tools like Undress to morph nude images of users and then use them to extort money from them. According to the Economic Times, Undress is but one generative AI application in a cesspool of similar tools. Google Trends has classified such sites as ‘breakout’ searches which means that they have seen a ‘tremendous increase, probably because these queries are new and had few searches prior to the boom of generative AI tools. The bad news for victims is that these tools will only keep getting better, on top of not having an avenue to prevent the nonconsensual use of their images. According to one expert, it will eventually reach a point where the resulting photos are so convincing that there is no way to differentiate them from real photos. “Children between the ages of 11-16 are particularly vulnerable. Advanced tools can easily morph or create deepfakes with these images, leading to unintended and often harmful consequences. Once these manipulated images find their way to various sites, removing them can be an arduous and sometimes impossible,” said public policy expert Kanishk Gaur. According to Jaspreet Bindra, founder of Tech Whisperer, a technology advisory firm, regulation should start with having ‘classifier’ technology distinguishing between genuine and fake. “The solution has to be two-pronged—technology and regulation,” he said. “We need to have classifiers to identify what is real and what is not. Similarly, the government must mandate that something AI-generated should be clearly labeled as such.” With debates about how a regulatory framework for AI would look still raging on, generative AI tools like Undress show the need to expedite this process. Deepfakes have already exhibited the harm they can do in spreading misinformation and fake news in the political sphere, and tools like Undress show that this threat is now moving from just affecting politicians, celebrities, and influencers to everyday people, especially women who innocently upload their images to their social media profiles.
Read More- August 14 2023
In a move to support SMEs, Safaricom’s M-PESA increases daily limit to $3,400
M-PESA customers have been limited to a little over $1000 in daily transaction caps for a long time. This changes today as the telco also increases its wallet limit. Safaricom’s M-PESA customers can now hold up to KES 500,000 ($3,480 in the current exchange rate) in their wallet accounts following approval from the Central Bank of Kenya. The changes will take effect from August 15. Safaricom has also increased the daily transaction limit to KES 500,000 ($3,480) per day. The current per transaction limit of KES 150,000 ($1,043) remains unchanged, allowing customers to conduct multiple transactions up to the daily limit of KSh 500,000 ($3,480). Safaricom CEO Peter Ndegwa believes the rise in cashless transaction limits would help small businesses conduct business better. “We appreciate the role that the Central Bank of Kenya has played by constantly providing guidance on innovations and protections that we have put in place to strengthen M-PESA’s adherence to KYC, anti-money laundering, and other financial regulations and safeguards. The increased account limits will provide customers, especially small businesses, with increased convenience as the share of cashless transactions continues to rise,” he commented. According to the telco, this adjustment is set to cater to businesses with higher transaction values, particularly small and medium enterprises, as the proportion of cashless transactions grows. Safaricom backs this claim with some key numbers. For instance, from the last financial year to March 2023, more than 606,000 businesses received payments through Lipa Na M-PESA, with a total of KES 1.625 trillion ($11.3 billion) transacted in the 12 months. Lipa na M-PESA contributes about 40% of the carrier’s service revenue. The mobile money product is the telco’s biggest earner among other M-PESA-related products. In the same period, M-PESA’s revenue grew 8.8% to KES 117.19 billion ($816 million), backed by increased usage and chargeable transactions. These numbers, however, were lower than those recorded in the previous financial year. Safaricom said this was due to macroeconomic effects. Other key M-PESA stats (as of March 2023) Safaricom said in a report that its one-month active M-PESA ARPU rose 1.9% to KES 311.28 ($2). Transaction value and volumes rose 21.4% to KES 35.86 trillion ($250 billion) and 33.5% to KES 21.03 billion ($146 million), respectively. Charges for M-PESA to bank transactions resumed on Jan 1, 2023, with reduced tariffs. M-PESA agents, where users go to withdraw or deposit cash, grew 0.1% to over 262,000.
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MTN Group service revenue rises by 15.2%
MTN Group, Africa’s largest telco, said that its fintech unit grew by 22%, even as MoMo user growth remained flat. On Monday, MTN Group, shared that its service revenue grew for the first half of the year to $5.6 billion from $4.8 billion in the same period in 2022 in constant currency. This represents a 15.2% increase. The telco is present in 16 African countries. Multi-national companies like MTN use constant currency exchange rates to eliminate the effect of fluctuations when calculating financial performance numbers for publication in financial statements. According to MTN, this growth came from a 24% increase in revenue from data services, 22% from fintech services, and a 6% increase from voice services. The group’s pretax profit shrank from $979 million to $964 million. The group’s EBITDA margin also reduced from 44% to 43.6%. The group said this was because of inflation and foreign exchange depreciation, which placed upward pressure on costs. The number of subscribers increased by 3.6% year-on-year to 291 million. The group said its growth was impacted by the conflict in Sudan. Active data subscribers grew by 7.4% to 139 million, with MoMo customers remaining stable at 60 million. The group said Nigeria’s cash scarcity and a focus on active wallets and base clean-up in Cote d’Ivoire were to blame, even as active agents grew by 18% to 1.3 million. Mastercard to buy a minority stake in MTN’s fintech unit, after investing $100m in Airtel’s fintech In line with policy, no interim dividend was declared for H1, but the minimum final dividend for the end of the year will be $0.17. The group also said it had signed a memorandum of understanding with Mastercard for the payment company to buy a minority stake in its fintech business, which it values at $5.2 billion.
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- August 14 2023
South Africans’ interest in AI on the rise, according to Google Trends
South Africans’ interest in artificial intelligence is on the rise, according to Google Trends search data. According to data from Google Trends, South Africans’ interest in artificial intelligence is on the rise. The data measured the number of searches about the technology in the country. The initial interest peaked in December 2022, a month after OpenAI released their widely popular AI chatbot ChatGPT. The next peak was in February 2023, the same week that Google released their ChatGPT competitor, Bard. The first week of April also saw a new peak in searches on AI, followed by the week of July 16th which recorded the highest volume of searches ever in the country. Searches about AI are on the rise in SA, according to data by Google Trends. (Image source: Google Trends) Some of the most popular search topics on AI were information about conversational AI chatbots. ChatGPT led the way in terms of the number of search queries, followed by BardAI and other generative AI tools including Character.ai and Dawn.ai. The Western Cape attracted generated the most number of search queries, followed by Gauteng, Eastern Cape and KwaZulu-Natal. In July 2023, following increasing interest in AI in the country, the South African Artificial Intelligence Association (SAAIA) was launched in partnership with the Tshwane University of Technology (TUT). The body aims to promote responsible AI adoption for commercial and societal benefit in South Africa as well as attract foreign direct investment, facilitate international market access for African tech companies, and showcase South African AI innovation. Some of the founding members of the association include Google, the University of Johannesburg, the Western Cape Government, and Gauteng Tourism Authority.
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- August 14 2023
Why the University of Cape Town leads Africa in producing tech startup CEOs
The University of Cape Town has produced the most CEOs of tech startups in Africa. TechCabal asked alumni and industry experts about the institution’s secret sauce According to Africa: The Big Deal data, the University of Cape Town (UCT) leads the continent’s tertiary institutions regarding alumni who became CEOs of African tech startups. The Cape Town-based institution has produced 74 CEOs, followed by The American University in Cairo and the University of Oxford. Of the top 12 universities to produce the most CEOs, only 42% were African institutions, with the majority comprising US schools, followed by the UK and France. Some of these US institutions include Stanford, Harvard and MIT. The University of Cape Town leads the way in producing tech startups CEOs in Africa Understanding the trend According to Thando Hlongwane, co-founder and CEO of fintech startup Lipa Payments and an alumnus, UCT provides access to startup ideation initiatives, incubation facilities, and connecting students with the broader Cape Town startup ecosystem. Hlongwane added that ideation initiatives such as UCT Flux allowed students to build new startups using a design thinking methodology. “UCT had an enabling environment [for building tech products]. The information systems department had an innovation lab I was a part of. We had access to 3D printers, virtual reality machines, and a whole lot of other tech, which allowed us not only to ideate but also create,” Hlongwane told TechCabal. “The alumni ecosystem of the school was also quite supportive, and through it, I met Jason Basel, founder of Akro, who today remains a mentor of mine and helped one of my other startups, Zaio, raise its first round of funding.” Anda Ngcaba is the innovation director at UCT’s Financial Innovation Hub, and a crucial part of his job is leading the hub’s innovation activities and pre-incubation programs. Students are given bursaries to cover living expenses and incentivise them to focus on building their startups. The hub also puts the startups in touch with their network of investors. “We have about five research work streams ranging from blockchain applications to financial inclusion. I work hand in hand with the students to help them find ideas within their research and commercialise it. We either try and prepare the students that come out of the course for entrepreneurship or if we see that this person isn’t very entrepreneurial driven, we then try to find them a spot in one of our startups or in the broader ecosystem,” Ngcaba told TechCabal. Seven startups from the hub have raised R16 million in grant and equity funding in the last three years. More entrepreneur development initiatives UCT Flux is another entrepreneur-development initiative by the university. Flux is an entrepreneurial business game hosted by UCT Careers Service (CS) with the help of its employer partners. It allows students from all degrees and years of study to compete in teams to solve real-world challenges and practise their strategic-thinking skills. It uses the growing trend of gamification to help teach studentpreneurs the skills involved in business planning and how to pitch an idea. During the full-day challenge, teams receive advice from experts in Strategy, Marketing, HR and Finance. They then compile a business strategy and solution, which they pitch to a panel of judges. Three teams are chosen as finalists and square off in a final 90-second elevator pitch, after which the winner is chosen. “[FLUX] encourages [students] to think about questions such as, ‘Where is the funding going to come from?’ or ‘What are the business’s fixed costs?’. Although they have great business ideas, these are some practical questions that many students have never even contemplated. This makes the event an amazing learning opportunity,” said David Buckham, co-founder of Monocle, one of the event’s sponsors. There’s still room for improvement Despite producing the most CEOs, South African institutions like UCT still have some way to go. According to data by Statista, Nigeria has the most number of startups on the continent, with 3,360 entities, followed by Kenya with 1,000 and South Africa with 660. South Africa also lags in attracting venture capital [pdf], drawing $550 million in funding in 2022 through 78 startups. This figure is dwarfed by Nigeria’s $976 million from 180 funded startups, Egypt’s $812 million from 131 startups and Kenya’s $574 million from 90 startups. According to Clive Butkow, CEO and partner at Kalon Ventures, a Johannesburg-based venture capital firm, the South African startup ecosystem would benefit significantly from founders who are apt at the technical and business aspects of running a startup. Butkow believes South African universities produce the continent’s brightest technical and engineering talent. However, to supplement this, he believes there needs to be more emphasis on teaching students entrepreneurship so that their solutions become scalable and fundable startups. “I receive numerous pitch decks from student-founded startups, and what is constant in these is the lack of clarity on how exactly the product would make sense business-wise,” Butkow told TechCabal on a call. “To build a venture capital attractive startup takes more than just writing code. Universities must also enforce unit economics, accounting and other aspects in their course outlines. Combining top-tier engineering and top-tier business talent would elevate the South African startup ecosystem to another level.” This view is shared by Ndabenhle Ntshangase, an alumnus of UCT and co-founder and CEO of AirStudent Travel. Students can make travel bookings together and access group rates on this group booking platform. “My course gave me foundational skills of building a technology product, but what also matters, and perhaps was not fostered enough, are in-depth skills on the technical and business side of building a startup,” said Hlongwane to TechCabal. Hlongwane cites aspects like business development, marketing, and sales as areas that the school’s curriculum could better address. With entrepreneur support structures like the Financial Innovation Hub and Flux, it should not be surprising why UCT leads the way in churning out tech CEOs. However, challenges like a lack of support for non-technical aspects of tech entrepreneurship still need to
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- August 14 2023
Latest way to check GOG payslip, ePayslip 2023
GoGPayslip is a platform introduced by the Ghanaian government for its employees to facilitate the process of viewing and managing electronic payslips. This article serves as a comprehensive guide on how to efficiently check your GoG payslip or ePayslip in Ghana. 1. Accessing the GoGPayslip website Open a web browser on your computer or mobile device and navigate to the official GoGPayslip website (www.gogpayslip.com). 2. Login or Register If you’re a registered user, enter your email address and password to log in. If you’re a new user, click on the “Register” button and follow the prompts to create an account. You’ll need your employee number and other relevant information. 3. Accessing your profile to check your payslip (ePayslip) Once logged in, you’ll be directed to your profile page. Here, you can view your personal details, including your employee information and payslip history. 4. Check your payslip ( ePayslip) Locate the “Payslip” section on your profile page. You’ll typically find it as a tab or a button. Click on it to access your most recent ePayslip. Afterwards, do the following to check your GOG payslip ( Select the Month you want to download Click on Generate 5. Understanding the ePayslip Your ePayslip will display various details, including your basic salary, allowances, deductions, and net pay. Take your time to review each section to ensure accuracy. 6. Download and Print If needed, you can download and print a copy of your ePayslip for your records. Look for a “Download” or “Print” button on the ePayslip page. 7. Checking past payslips To access previous ePayslips, navigate to the “Payslip History” section. Here, you can select the desired month and year to view and download older ePayslips. 8. Updating information If you notice any discrepancies in your personal details or ePayslip information, the platform may allow you to update certain fields. Look for an “Edit Profile” or “Update Information” option. 9. Logging out Always remember to log out of your GoGPayslip account when you’re done viewing your ePayslip. This helps ensure the security of your personal and financial information. Final thought on how to check GOG payslip Checking your GoG payslip ePayslip is pretty easy and it provides employees with quick and convenient access to their income details. By following this step-by-step guide, you can easily view, download, and manage your ePayslips, promoting transparency and efficiency in the payment process. Embracing digital solutions like GoGPayslip reflects the evolving landscape of payroll management in Ghana’s workforce.
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- August 14 2023
Founders Factory raises $113 million to fund African startups
Founders Factory Africa, an African early-stage startup accelerator and venture studio, has raised $113 million to fund African startups. The studio says it will become sector-agnostic and double down on addressing gender imbalances with the new funding. Founders Factory Africa has secured $114 million in funding to scale its model across the African tech ecosystem. The additional funding comes from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, and follows on from previous investments by Standard Bank, the Small Foundation, and Netcare. Founders Factory’s portfolio cuts across 55 ventures in 11 African countries. The portfolio covers fintech and healthtech companies and includes Asaak, an asset financing startup for boda boda drivers in East Africa; Envisionit Deep AI, a South African medical technology company using AI to transform medical imaging diagnosis; Fresh Source, an Egyptian food tech startup. The studio says it will use this funding to become sector-agnostic, address gender imbalances in the ecosystem, broaden its capital investment offering to include non-dilutive capital, and strengthen internal capacity. An analysis of Founders Factory last fund. The venture studio combines a traditional venture capital approach with what it describes as, “bespoke hands-on venture support.” In addition to equity checks of up to $250,000 for ventures at the idea, pre-seed and seed stages, it can invest up to $300,000 in additional equity-free capital to “catalyse investments.” This non-dilutive funding is meant to provide founders with additional runway to pursue growth and catalyse other investors. “We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation, and Netcare Group,” said Alina Truhina, co-founder of Founders Factory Africa. “Our new fund will allow us to continue supporting the continent’s most promising early-stage ventures – and their exceptional founders – with the capital and resources they need to fuel their growth,” said Sam Sturm, the chief portfolio officer of Founders Factory Africa.
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- August 14 2023
2023 to 2024 UI fees for old and new students
The University of Ibadan (UI), one of Nigeria’s most prestigious federal institutions of higher learning, has recently followed in the steps of the University of Lagos (Unilag) in increasing fees that new and returning students are billed to pay. Sequel to the Presidency’s debunk of tuition fee increment notions, the University of Ibadan in a document released regarding the proposed fees revision, implied accordingly that students are getting “Free Education” because the tuition fees box was marked “Nill”. Categorically, new University of Ibadan students making use of digital infrastructure, could alongside other mandatory fees like Technology Levy, be paying as much as ₦295,500. See the breakdown of the revised fees for old and returning students of the University of Ibadan below: New UI fees for new students 2023 New UI fees for returning students 2023 There are currently rumours that the premier University will also be increasing fees for services like online transcript application, certificate processing, and so on. Concerns regarding UI’s new fees on social media The fee review news has stirred and sparked debates and discussions across social media from demographics including students, parents, faculty members, and the general public. The increment has been touted to significantly increase the financial burden on students and by extension their guardians or parents. News coming from sources in the university administration cited various reasons for the fee hike, including the need to improve infrastructure, balance the costs of running with current economic realities, enhance academic quality, and attract top-notch faculty members. Proponents of the increment argue that such steps are necessary to maintain the university’s reputation and ensure its competitiveness on a global scale. However, critics contend that the sudden and substantial increase disproportionately affects students from low-income families and undermines the institution’s long-standing reputation of providing affordable education. One of the primary concerns arising from the fee increment is its potential impact on enrollment rates. As tuition becomes less affordable, many students might be forced to abandon their dreams of attending the University of Ibadan. This could lead to a decline in diversity, academic excellence, and a sense of inclusivity on campus. Moreover, critics worry that the financial burden might discourage prospective students from pursuing higher education altogether, perpetuating a cycle of limited opportunities and socio-economic disparities. Final thoughts As other federal universities like Obafemi Awolowo are expected to unveil their revised fees too, there’s a significant debate about the direction of higher education in Nigeria. The fees increment raise important questions about the affordability of education, equal access to opportunities, and the role of universities in society.
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