👨🏿🚀TechCabal Daily – A bigger Canal+
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Come and get an exclusive scoop into the State of Tech in Africa in Q1 2024. This Friday, April 12, by 11 AM (WAT), TechCabal will launch its SOTIA report which spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. Register here now to make sure! In today’s edition Binance executive remanded to prison Online payments in Zimbabwe to resume on April 12 Canal+ acquires more MultiChoice shares FBN to raise $231 million to meet capital requirements The World Wide Web3 Opportunities Crypto Binance executive remanded to prison If you wager on the Nigeria-Binance saga becoming a Netflix series, this writer thinks you have a fair shot at winning. The plot thickens as Binance’s detained executive has been sent to the Kuje prison, one of Nigeria’s infamous prisons. ICYMI: Last week, Binance wrote to Nigeria to release its detained executive, Tigran Gambaryan, who had been in detention since February. Gambrayan was charged by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission on four counts of money laundering charges and was also served tax evasion charges alongside Binance by Nigeria’s tax collector, Federal Inland Revenue Service. The news: Gambaryan who first appeared in court last week, yesterday, pleaded not guilty to the money laundering allegations. Gambaryan also asked not to be linked with charges of his colleague Anjarwalla who escaped the country. The judge, Justice Emeka Nwite, was not convinced, however, rejecting his request not to be tried with Anjarwalla. What’s next? Gambaryan will stay in Kuje jail until the judge decides on April 18 if he can get bail. The trial against him won’t start until May 2. Binance, since last week, has been clamouring for the release of its executive. “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a Bloomberg article. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Economy Zimbabwe prepares for smooth online transactions as ZiG currency launches The Reserve Bank of Zimbabwe, the country’s financial regulator, has explained that it expects online platforms to start processing transactions smoothly on Friday, April 12, 2024, as the country adjusts to the new currency, Zimbabwe Gold (ZiG). What happened? On April 5, 2024, the apex bank released a monetary policy statement to announce its gold-backed currency, the country’s latest attempt to staunch the inflation of its currency. Following this change, online payment platforms in the country were unable to process transactions with the Zimbabwean dollars, which was replaced by the ZiG. The effect of this switch: This switch caused some citizens to be temporarily unable to pay for things online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency Some citizens expressed facing difficulties in making online payments for goods and services. Banks and payment providers explained that they couldn’t facilitate payments because they needed to adjust their systems to accommodate the new currency. The adoption of online transactions has been sluggish among Zimbabweans due to the county’s preference for cash-based transactions in more stable currencies such as the South African rand, Botswana pula, and US dollar. This preference stems from a distrust of having funds in bank accounts, fearing sudden government-mandated conversions to unstable currencies, as witnessed in the past. 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. Streaming Canal+ acquires more MultiChoice shares, new board to determine buyout Since 2020, French media giant Canal+ has been on a mission to acquire African pay-TV leader, MultiChoice. Its initial stake of 20.1% steadily grew to 35% in February 2024, which triggered a mandatory offer under South African law, forcing Canal+ to formally offer to buy MultiChoice’s remaining shares for R125 per share ($6.71). This valued MultiChoice at R55 billion ($2.9 billion). Although an agreement hasn’t been reached, Patrice Motsepe, South Africa’s wealthiest Black man, got involved in the deal in March. This move is seen as a potential way to overcome South African regulations that limit foreign ownership of broadcasters to 20%, to ensure MultiChoice remains a South African entity. Now, the long-running saga of MultiChoice’s ownership has finally leaped forward. What’s new? MultiChoice has established an independent board— Standard Bank— to evaluate Canal+’s offer. This board will ultimately recommend whether shareholders should accept or reject the bid. While the offer is being considered, Canal+ hasn’t stopped acquiring shares. As of April 5, 2024, Canal+ held over 36.6% of MultiChoice, up from the 35% held in February 2024. If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, they can delist MultiChoice from the Johannesburg Stock Exchange (JSE). MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → Banking First Bank of Nigeria to raise $231 million to meet new capital requirements In Uganda, stricter capital requirements implemented in July 2023, forced some banks to downgrade operations. Guaranty Trust Bank Uganda, a subsidiary of a prominent Nigerian bank, was one such institution after it applied to become a credit institution due to challenges meeting the new capital buffer of $38.6 million in
Read MoreBank of Uganda increases interest rates to curb inflation as shilling falls
The Bank of Uganda (BoU) has increased its interest rates for the second straight month from 10% to 10.25%—the highest point in nearly seven years—as the East African country seeks to curb inflation and arrest the depreciation of the shilling. The country’s inflation dropped to 3.3% in March from 3.4% in February, driven by a reduction in food inflation which dropped to -0.4% from 0.5%. Still, the policymakers maintained that elevated inflation risks persist due to global factors and exchange rate woes. Michael Atingi-Ego, BoU deputy governor, said in a virtual briefing on Monday that the country’s core inflation is projected to rise between 5.5% to 6% in the next 12 months, and will return to the 5% target in the second half of 2025. “The evolution of inflation remains challenging, influenced by factors such as the shilling exchange rate, supply-side shocks, global inflation, and domestic food supply. Forecasts have been adjusted downwards to the previous round, largely due to [the] relative stability of the shilling exchange rate,” Atingi-Ego said. The BoU’s raise is expected to continue shoring up the Ugandan shilling, which has been in a free fall since February. Atingi-Ego said that the shilling’s drop was caused by foreign investors withdrawing funds from Uganda to look for higher yields in other markets. The local currency, one of the best performing in Africa at the start of the year, has dropped by 4% despite the central bank’s interventions. “The recent CBR increase has had a spillover effect of stabilising the shilling exchange rate. However, the shilling remains vulnerable due to outflows of short-term foreign investor funds from the domestic market in search of attractive yield in other markets and strong domestic demand by corporates,” Atingi-Ego said. The BoU’s growth forecast for the country’s economy for the current fiscal year that ends in June remained at 6% despite the challenging macroeconomic environment.
Read MoreBinance executive pleads not guilty to money laundering charges, to be remanded in prison
Tigran Gambaryan, the Binance executive detained since February, pleaded not guilty to money laundering allegations brought against him by Nigerian authorities, as the crypto exchange battles a regulatory clampdown in the West African nation. Nigeria’s anti-corruption watchdog, the Economic and Financial Crimes Commission (EFCC) accused Binance and Gambrayan of money laundering and foreign exchange manipulation. The crypto exchange also faces four-count tax evasion charges filed by the Federal Internal Revenue Service (FIRS). Last week, the court adjourned both cases, citing the failure of the two agencies to inform the company before arraignment. Gambaryan, who appeared before Justice Emeka Nwite of the Abuja Division of the Federal High Court on Monday, pleaded not guilty to all four counts of money laundering, the News Agency of Nigeria reported. Nwite dismissed Gambaryan’s appeal to be served without the charges of his escaped colleague, Nadeem Anjarwalla, Binance’s regional manager for Africa, who fled the country on March 22. Gambaryan will be remanded in Kuje Correctional Centre, pending the determination of his bail application on April 18. The judge adjourned the case to May 2 for commencement of trial. Gambaryan and Anjarwalla were arrested and detained in February after flying into the country to resolve the company’s restricted website access—which the government blocked on suspicion of manipulating FX prices in unofficial markets. Binance’s regulatory woes in Nigeria are in connection with a push by the government to halt speculation on forex trading, following volatility in the price of the naira. In a statement last week, Binance asked Nigerian authorities to release its detained official, saying he “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government.” Both executives filed a human rights violation case in the Federal High Court, demanding their release, the return of their passports, and a public apology.
Read MoreFirst Bank Holdings to raise ₦300bn capital amid CBN’s banking reforms
First Bank Holdings will raise additional capital of ₦300 billion ($231 million) at a shareholders meeting this month, as banks scramble to meet the Central Bank of Nigeria’s plans for a recapitalisation drive. According to a statement by First Bank Holdings on Monday, the capital raise can be issued via a public offering, private placement or rights issue in the Nigerian or international capital markets or a combination of the listed methods. The move to shore up additional capital can be attributed to a directive by the banking regulator to all banks— commercial, merchant and non-interest banks—to increase their minimum capital requirements within 24 months, to enhance the stability of the financial system. Access Holdings to raise $1.8bn ahead of Nigerian banks’ recapitalisation Commercial banks with international spread will increase their capital by as much ₦500 billion to be licensed to operate in the country. While national and regional banks will pay ₦200 billion and ₦50 billion respectively. Many banks have recently had to consider raising additional capital to meet the CBN requirements, especially with a deadline at the end of April 2024 looming on their backs. Access Holdings, the parent company of Nigeria’s biggest bank by assets, previously planned to raise as much as ₦365 billion ($257 million) by selling shares to existing investors. Investors believe their capital raise is in response to this directed by the apex bank.
Read MoreOnline payments will resume in Zimbabwe after April 12 as banks adjust to new currency
The Reserve Bank of Zimbabwe will resume online payments after April 12 as banks and other payment system providers make “satisfactory progress” in converting customer balances to the country’s new currency, the Zimbabwe Gold (ZiG). “[After April 12], the Reserve Bank expects that all the online payment platforms will be operating smoothly for all transactions,” the bank said in a statement. Following the introduction of the ZiG on April 5, online payment platforms in the country could not transact with the Zimbabwean dollar, the predecessor to the ZiG. This led to consumers being unable to pay for goods and services online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency. How Zimbabwean startups are forging ahead despite hyperinflation and sanctions Some Zimbabweans expressed concern about the lack of organisation regarding the new currency. “Bank balances have been converted to ZiG but its circulation starts on 30 April and I can’t use it for online payments, so how will I make any payments between now and April 12?” said a consumer who preferred anonymity. Online transactions have been slow to garner widespread usage as Zimbabweans have developed a culture of cash-based transactions in more stable currencies including the South African rand, Botswana pula, and US dollar. This stems from a fear of having money kept in bank accounts abruptly converted by the government to unstable currencies, as has happened in the past. However, a sprouting of online payment solutions over the last few years has seen adoption gradually increase in Zimbabwe. Technologies which has gained prominence include Innbucks, which allows customers to receive loose change at restaurants; Ecocash, a digital wallet; and O’Mari, a superapp which includes mobile money, insurtech, and investech products.
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Next Wave: African data protection laws need more oomph to match GDPR
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 07 April, 2024 African nations’ data protection laws are, to some extent, weaker compared to Europe’s. This is because the European Union’s (EU’s) General Data Protection Regulation (GDPR) sets a high standard for digital data protection. We can think of the GDPR as a benchmark for strong data protection laws. Moreover, African countries have varying levels of success in putting their data protection policies into practice. Digital governance policies in Africa can shape the continent’s progress as digital advancements grow alongside economic development. This is why current data governance across African states must be assessed, particularly paying attention to their trends and differences. While South Africa, Kenya, and Botswana have seen rapid growth in data protection policies, they still need to catch up to the GDPR standards of the EU. But why is this important? Between 2020 and 2023, over 30 African countries implemented data protection laws. As expected, each new regulation brings fresh compliance obligations and penalties for non-compliance. Next Wave continues after this ad. The first quarter of 2024 is just over and there was a lot of activity within Africa’s Tech Ecosystem in that period. Due to varying reasons, some startups had to trim their workforce while there were others who even expanded into new territories. A couple of interesting M&A deals have also occurred. Come and get an exclusive scoop into the details of these and more, like funding deals, at a specially curated edition of TechCabal Live on April 12 by 11am (WAT). You will also witness the State of Tech in Africa Q1 2024 report launching. The report spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. You don’t want to miss this. Register here now to make sure! This, therefore, means that organisations with operations or customers in Africa must understand the applicable laws fully. Many internet-based businesses operate or use cloud services in multiple African nations; this sometimes calls for transferring personal data across borders. This movement often occurs between African countries and regions such as the EU, UK, US, and Australia, which can pose various data protection challenges. Understanding the importance of data privacy rules in each African country, especially limitations on data transfer, cannot be stressed enough. Organisations must also check if local laws limit using service providers within African nations and their related requirements. A grasp of the legal framework for transferring personal data from African countries is essential for compliance. Partner Content: Read: How to solve the problem of financial inclusion in Nigeria here. Circling back to GDPR and the EU… Considering Europe’s stringent directive that international players adhere to its data protection standards, we must ask whether European companies maintain the same standards when handling personal data from Africans as they do with Europeans. Next Wave continues after this ad. On April 26th, H.M Hannatu Musa Musawa, the Minister for Art, Culture & the Creative Economy, alongside distinguished experts, will speak at the DICE Ecosystem Mixer 2.0, with a focus on Africa’s creative economy. Register here for a chance to attend. This research revealed disparities in digital rights granted by subsidiaries of European telecom giants Orange and Vodafone in Senegal and Kenya compared to their European counterparts. The discrepancies included lack of transparency in publishing terms of use for prepaid services, minimal disclosure regarding data collection practices, third-party access, and security measures. This highlights how, despite the principles underpinning the European data protection regime, companies may exploit regulatory gaps in countries to their advantage, compromising data privacy standards. Many Western tech companies are notorious for disregarding user data privacy, offering convenience at the expense of the vast amounts of personal data they harvest. This trend is due to the absence of markets where individuals can understand the value of their data, leading them to exchange it for minimal gains. This issue is common in Africa and less so in Europe, where the GDPR exists. Consider the case of Worldcoin, supported by OpenAI’s CEO, Sam Altman, which uses blockchain technology to store biometrically derived tokens. It retains personal data indefinitely without allowing users to delete their information. When Worldcoin launched its services in Kenya, it incentivised people with around $50 to get them to scan their irises. Despite concerns about data protection, Kenya initially licensed Worldcoin’s operations. Before its suspension in August 2023, Worldcoin had become very popular, scanning the irises of up to 350,000 Kenyans, most attracted by the monetary incentive. While these funds may temporarily alleviate financial constraints for locals participating in the exercise, there is a compelling argument that Worldcoin’s model is exploitative. The other day, Worldcoin was temporarily banned in Portugal, following similar restrictions in Spain, leaving Germany as its sole European market for biometric data collection. Portugal’s data protection office imposed the ban after complaints about scanning children’s irises. This case underscores Europe’s stringent stance on digital data protection. EU data protection laws afford individuals rights over their data, including the ability to edit or delete it. This was an obvious legal conflict with Worldcoin’s approach, highlighting the split in digital privacy standards between Africa and Europe. Partner Content: Read: Huawei Cloud to empower 100 Nigerian startups to boost cloud market. here. Bottom line African nations must tailor data protection laws to their needs and enforce them consistently. While directly copying the GDPR may not work, Africa can learn from the EU’s approach to demand global compliance. Despite initial uncertainties, harsh fines on non-compliant
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👨🏿🚀TechCabal Daily – A ZiG Zag currency
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Nigeria is not putting its money where its mouth voice is. Music lovers—like this writer—across the country are spending an average of 31 hours per week listening to music, much higher than the global average of 20.7 hours. While this is a lot of time to be listening to Asake croon about the loneliness of the bourgeois, the country’s music streams aren’t translating to streams of income for artists. In fact, South Africa contributes the bulk of music revenue in sub-Saharan Africa at 77%. What does that mean for artistes? Dig deeper in our weekend feature. In today’s edition MultiChoice in court for $16.2 million loss Zimbabwe launches new gold-backed currency Nigeria announces new ID cards Benin and Ghana to implement free roaming The World Wide Web3 Events Streaming MultiChoice Nigeria loses $16.2 million to botched currency exchange deal The Nigerian arm of pan-African TV broadcaster, MultiChoice, reportedly lost $16.2 million in a fraudulent currency exchange deal. Per the proceedings at a UK court, the deal involved Akintunde Giwa, a currency exchange broker; JNFX Limited, a currency exchange firm; Ashay Mervyn, a representative of JNFX, and Frontier Financial Technologies Limited. How did it happen? According to Premium Times, court documents reveal that MultiChoice had long-standing dealings with Giwa and his companies to handle naira-to-dollar currency exchanges for its business. Giwa reportedly acted on Multichoice Nigeria’s behalf in arranging with JNFX, under 10 Multichoice contracts, to exchange naira into dollars. In 2021, MultiChoice Nigeria paid ₦7.9 billion to Giwa, who claimed to have forwarded the Naira payments to JNFX through Mervyn, a JNFX representative, to convert the payment into its dollar equivalent— $16.2 million. The payment was to be sent back to MultiChoice after being converted but MultiChoice Nigeria did not receive any payment from JNFX. Court documents further seen by Premium Times showed that Mervyn allegedly instructed Giwa to send the Naira to a different company account— Frontier Limited— in Nigeria, where Mervyn is a director. A legal battle: Giwa took JNFX to court on the grounds that he was defrauded by JNFX, but JNFX denies responsibility as it claims Mervyn did not have the real authority to make these deals on its behalf. Mervyn and Frontier Limited are yet to respond to the court case, and Mervyn is also reportedly wanted by Nigerian authorities for alleged financial fraudulent activities with his whereabouts unknown. What now? The UK court has ruled that JNFX was liable because Mervyn appeared to have the authority to act for them. Emails and job titles used by Mervyn were from a JNFX email address which convinced the court that Mervyn had the authority to represent JNFX. JNFX has also been ordered to pay Giwa back the ₦7.9 billion plus interest for the deception. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Economy Zimbabwe launches gold-backed currency Zimbabwe is going for gold! The Zimbabwean dollar—the official currency of Zimbabwe—is the worst-performing currency globally. Since the year began, the Zimbabwean dollar has shed 75% of its value. The country’s apex bank has taken multiple measures to douse the downfall of its currency, including multiple devaluations and a brief stint with a multicurrency system amongst others. These methods failed to deliver lasting results. Now, the government is betting on a gold-backed currency to resuscitate its ailing economy. ZiG-Zag to stability? Christened “Zimbabwe Gold” or ZiG, the new currency replaces the Zimbabwean dollar, the RTGS. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. Zimbabwe’s apex bank has begun rolling out the new currency—which comes in denominations of between 1 and 200—and has mandated banks to convert existing Zimbabwe dollar balances to the ZiG. The bank is also making provisions for the introduction of coins. Alongside Gold, ZiG will also be backed by other precious metals and foreign currency reserves—$100 million in cash and 2,522 kilograms of gold worth $185 million—held at the central bank. Zimbabwe’s apex bank has also mandated companies to pay at least half their taxes in the new ZiG currency. This is not the first time Zimbabwe has changed its currency. After printing notes up to the tune of Z$10tn notes in 2008, which eroded the trust of its people and fueled inflation, the country introduced a new currency called the bond note— backed by the US dollar—in a desperate attempt to stabilise the economy. However, the bond note crashed. While it remains to be seen how the ZiG will turn the tide for Zimbabwe, the success of gold-backed currencies globally is a mixed bag. Singapore’s gold-linked dollar has enjoyed a degree of stability. However, others, like Australia’s gold-standard experiment in the early 20th century, was abandoned due to limitations in managing economic growth. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Economy Nigeria announces new ID with payment feature How many IDs does it take to identify as a Nigerian citizen? The answer to that question may be varied depending on who you ask. Over the past seven years, Nigerians have had to fill their wallets with different cards just to prove their identity: A voter’s card, a driver’s license, a National Identification Number (NIN), a National passport, and the list goes on. Maybe the government thinks its citizens might be suffering from a collective case of identity crisis, with different government regimes brandishing new methods to identify them. Now the Nigerian government is planning to add another card to the overflowing stack in your wallet. The news: Last
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🚀Entering Tech #61: How to become a data professional
Here’s how Mariam Adeoti landed her first data role within a year. 06 || April || 2024 View in Browser Brought to you by #Issue 61 How to become a data professional Share this newsletter Hello ET people This isn’t the first time we’ve written about data analysis. In 2022, we had Joseph Asa’ah, a data analyst at Big Cabal Media, join the newsletter to share some quick tips. Since then, the demand for data talents has increased globally, and it’s now become important to rehash the role. In a three-part series, we’ll guide you on becoming a data talent through insightful advice from seasoned professionals and experts over the next three weeks. While the 2022 edition focused on breaking down the data analysis role, today’s edition focuses on how you can clinch the data analysis role. by Timi Odueso & Faith Omoniyi The economics of data AI systems are powered by data and data analysts play a vital role in collecting, cleaning, and preparing this data. However, data analysts are not restricted to just AI alone. Businesses use data analysis to understand customer behaviour, identify sales trends, and optimise marketing campaigns, helping them make smarter decisions and gain a competitive edge. Today we’re learning from the story of Mariam Adeoti and how she went from being a booksmart economics undergraduate to kickstarting her career as a data analyst. Mariam Adeoti Mariam’s journey into data analysis started in 2019, while perfecting her search query for some data she had been looking for. Before she transitioned into data analysis, Mariam had worked as a community manager and programme manager at an NGO. During COVID, Mariam took courses on data analysis and eventually landed a role at Briter Bridges, an international data analytics firm, after a year of self-study. Marketing Officeer, SheLeadsAfrica Feb 2019 – Feb 2020 Policy Research Intern, FATE Foundation Jun 2018 – Dec 2018 Content Creator and Comms Manager, FATE Foundation Jan 2019 – Sep 2019 Programme Manager, FATE Foundation Oct 2019 – Feb 2020 Digital Project Manager, FATE Foundation Mar 2020 – Oct 2021 Data Analyst, FATE Foundation Oct 2021 – Apr 2022 Research and Data Analyst, Briter Bridges Apr 2022 – Nov 2023 Research and Data Associate Nov 2023 – Present *Newsletter continues after break. How do you become a data analyst? To become a data analyst, you’re required to learn multiple technical skills: SQL, Excel, Python, and PowerBi. However, Mariam says you do not have to learn them all at once. Mariam recommends starting with Excel especially if you don’t have any previous programming experience before moving on to SQL and Python. Meme Source: YungNollywood To become a data analyst, you’re required to learn multiple technical skills: SQL, Excel, Python, and PowerBi. However, Mariam says you do not have to learn them all at once. Mariam recommends starting with Excel especially if you don’t have any previous programming experience before moving on to SQL and Python. While all of the tools are important, Mariam says preference for each skill varies with different companies. Remember to learn one at a time and build proficiency with it as you go. Mariam recommends building real-life projects even as you learn these skills to demonstrate your proficiency. To do this, Adekoya Teleola, a data analyst trainee at EduBridge Academy, recommends using the real-life data set Kaggle. Problem-solving, communication, and collaboration are the top of the soft skills needed to thrive as a data analyst. While your role as a data analyst is to help a company uncover insights in places often overlooked (which demonstrates your problem-solving skills), this brings to the fore communicating and working with stakeholders(collaboration) to transform the insights found into results. While newbies might be fixated on learning technical skills, Mariam says developing your soft skills is equally important. She recommends taking the McKinsey Forward program to bolster your soft skills. *Newsletter continues after break. You can learn data analysis too Check out some of these resources that can help you learn how to tell stories using data. Introduction to Data Analysis on Udacity Price: Free Duration: 6 weeks Tools Needed: Laptop + internet access Level: Beginner Get course Learn to Code for Data Analysis on OpenLearn Price: Free Duration: 8 weeks Tools Needed: Laptop + internet access Level: Beginner Get Course Data Science for Everyone by DataCamp Price: Free Duration: 2 hours Tools Needed: Laptop+ internet access Level: Beginner Get Course Google Data Analytics Course on Coursera Price: $39 per month Duration: 6 months Tools Needed: Laptop+ internet access Level: Beginner Get Course IBM Data Science Professional Course on EdX Price: $783 Duration: 10 months Tools Needed: Laptop+ internet access Level: Beginner Get Course Data Science by Moringa School Price: $1,740 *payable in instalments Duration: 20 weeks Tools Needed: Laptop+ internet access Level: Beginner Get Course How to get your first data analyst role Data analysts often work across different verticals including including business, tech, finance, oil and gas, criminal justice, science, medicine, and government. While there are no hard and fast rules, Mariam recommends creating a shortlist of target industries. This will help you identify the skills and qualifications needed to land a job in your chosen field. Meme Source: YungNollywood As we established earlier, different industries have different technical knowledge requirements—while some require applicants to have Excel knowledge, others require knowledge of both Excel and SQL. Being familiar with your choice industry’s preferred technical skill can help you tailor your portfolio to getting a role. Data analysts who spoke to us claim e-commerce data analytics and cybersecurity data analytics are hotspots for aspiring data analysts. Mariam says there is a demand for analysts to help e-commerce startups understand their data. If you’re transitioning into data analysis from a non-technical background, Mariam recommends leveraging your current experience; Look for data analyst jobs in industries similar to your current one. Your existing skills are likely transferable, giving you a strong foundation to build upon and stand out amongst competitors. Mariam also suggests networking as an
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Nigeria leads in musical hits; South Africa rakes in streaming cash
Before she bought her first iPhone, Deborah Obishai, who works as a secretary, used to download music from bootleg sites like Trendy Beatz and Flexy Music. One of her biggest disappointments when she made the phone switch was realising she could only stream music, so she tried the YouTube Music app. Despite its frustrating ads and the absence of certain features like downloads or the ability to play music in the background, Obishai insists on not subscribing to the premium on the streaming platform, which costs ₦1,100 monthly — the equivalent of a dollar. Across the country, there are millions of music lovers like Obishai, who download songs from stream ripping sites or use the free tiers of music streaming services due to inability to afford such subscriptions or plain disregard for the value of the art. According to a report, Nigerians spend an average of 31 hours weekly — much more than the global average of 20.7 hours — listening to music, especially Afrobeats. and while there are now more people who are paying for music streaming platforms than five years ago, it’s not nearly enough revenue for the kind of growth the industry is witnessing. The global music industry is dancing to the rhythm of streaming, with 67.3% of all music revenue worldwide generated from digital subscriptions to streaming platforms. In March 2024, The International Federation of the Phonographic Industry (IFPI) released the Global Music Report for 2023, which disclosed that streaming brought in 67% of the $28.6 billion realised in 2023, leaving the sales of physical copies and performance rights trailing behind with 17.8% and 9.5% respectively. Sub-Saharan Africa had the fastest growth out of all global regions. It was the only one to surpass 20% growth as revenues climbed by 24.7%, fuelled by the growing popularity of Afrobeats and Amapiano tunes worldwide. Interestingly, while the Nigerian music industry is the largest on the continent, consistently churning out global hits and achieving billboard ranks; South Africa, the second largest music industry, has remained the most profitable music market in the region, bringing in the bigger bucks. According to the report, the rainbow nation contributes 77% to music revenue in sub-Saharan Africa — an impressive 19.9% growth from the previous year. Joey Akan, a music journalist, isn’t surprised by this twist, as he shared that the Nigerian music industry has a long way to go before reaching profitability like its well-oiled South African counterpart. “South Africans have a more structured industry. They have all their collection society rights which is basically a fanbase that values music and a government that punishes piracy. If you put all of these together, you have a better environment for music to generate more money,” he shared with TechCabal. “It’s taken us about 30 years to build what this industry currently is, while South Africans were able to clock the system and build a functional industry which works for them. We have the artists to brag about, as well as the fanbases and cultural commitment to Afrobeats, but are missing one of the most important elements, which is the [revenue] numbers. This is why we cannot have access to certain deals and attract certain investments.” While creatives across the world tussle with the illegal distribution of their work, Nigerian artists deal with a much more sophisticated version where bootlegged versions of their music might be even more popular than the original versions on streaming platforms. Nigeria was named the worst place in Africa to be a creative as it has the largest market in Africa for goods which infringe on intellectual property rights. Original physical copies of albums are almost nonexistent in the Nigerian industry, as pirated copies are already the norm. A pirated copy of Asake’s music Outside of the lack of regard for the value of music, Akan believes that the broader economy also has played a climacteric role in music revenue for the two countries as richer countries are more likely to have higher-yielding industries. The South African rand is stronger than the Nigerian naira, with one rand equaling over 70 naira. “It’s not new information that in Nigeria, everything competes with food,” he said. “The money the average Nigerian will pay for Apple Music can be diverted to pay for lunch.” This means that for music artists in Nigeria, the biggest revenue opportunity lies in their music reaching international audiences across the Atlantic who bring in the juicier revenue; as the majority of their local fans cannot afford to pay for these streaming services. *Kamal Chude, a hip-hop artiste in Lagos is yet to get the “streaming cake” even after four years of making music. *Chude, who is in a two-year contract with music distribution company, Notjustokaydistro, has found himself still doing the bulk of the distribution work for his music despite having a 70:30 revenue split agreement. “I worked with them on one song, which is my biggest so far, and there isn’t much to show for it on the backends. I didn’t even get access to it until I brought my lawyer into the conversation. We checked the logs and found out that the streaming platforms that were on the list were not up to five. Meanwhile, the song was available on all the Digital Service Providers (DSPs) you can think of,” he shared. Will partnerships save the music industry? Distribution and record companies play a vital role in boosting artists and nurturing the industry’s growth, especially in today’s hyper-competitive global market, where social media platforms like TikTok are changing the game with their content-heavy environment. Tunji Balogun, Chairman & CEO, of Def Jam Recordings, shared that one of the strategies that can be deployed for this growth is forging partnerships. “When it comes to music coming out of Sub-Saharan Africa, we’ve partnered with a label from Nigeria called Native. I felt strongly that I wanted to work with people that have a genuine connection to the culture on the continent,” he shared. In September 2023,
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Breakdown of 2024 Ghana passport application price increase
The Ghanaian government recently implemented an update to passport processing fees. If you’re planning to apply for a Ghana passport, it’s crucial to be abreast of the 2024 price or pricing structure before submitting your application. Standard Ghana passport 2024 application price structure Previously, the standard application fee for the 32-page booklet was around GH¢100.00, while the 48-page booklet cost about GH¢150.00. This has changed significantly. The new standard fee for a 32-page booklet is now GH¢500.00, reflecting a substantial 400% increase. The standard 48-page passport booklet has also seen a significant increase, with the new price set at GH¢644.00, representing a 329% increase from the previous GH¢150.00. Expedited Ghanaian passport application price structure For those needing their passports processed faster, expedited options are available. Previously, the expedited fee for a 32-page booklet was GH¢150.00, while the 48-page option cost GH¢200.00. These fees have also been revised. The expedited fee for the 32-page booklet has jumped to GH¢700.00, a significant 466% increase. The 48-page expedited booklet now costs GH¢800.00, reflecting a 300% rise from the earlier price. Reasons cited for the 2024 Ghana passport application price increase Revenue Generation: The Ministry claims the increased fees are essential to generate revenue for improving service delivery at passport offices nationwide. Investment in Equipment: Ampratwum-Sarpong asserts the additional revenue will be used to purchase equipment like printers, laminating machines, and capturing machines for biometric data. Reduced Waiting Times: The Ministry believes investing in equipment will streamline passport processing, leading to shorter appointment wait times (currently 6-8 months). Final thoughts on breakdown of 2024 Ghana passport application price increase Before you apply for a Ghanaian passport, be sure to visit the official passport application website to review the latest application structure from pricing to process. TechCabal also has the latest Ghana passport application structure covered here.
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