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April 8 2024

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

April 8 2024

👨🏿‍🚀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

April 6 2024

🚀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

April 6 2024

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,

April 6 2024

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.

April 5 2024

Get your Nigeria birth attestation easily on the NPC portal 2024

Registering a birth and obtaining an official attestation is crucial for Nigerian citizens, especially for people looking to correct NIN details like date of birth and the like. Thankfully, the National Population Commission (NPC) offers a convenient online portal to complete the process. This guide walks you through the requirements and steps on how to use the NPC website to get your birth attestation/registration done. Before you begin the process of getting your NPC birth attestation You need to consider some birth attestation requirements, and they are as follows: 1. Self-service convenience fee You’ll be charged a processing fee of ₦3,000 only. This fee covers the online application process. 2. Age Requirement Birth attestation on the NPC website is only available for adults aged 17 and above. 3. National Identification Number (NIN) Having a valid NIN will significantly expedite the processing of your birth certificate. While not mandatory, it’s highly recommended. 4. Temporary Birth ID Applicants without a NIN will receive a temporary Birth ID upon successful application. The official birth certificate will require further processing. 5. Court Affidavit You’ll need a Court Affidavit sworn before a Commissioner of Oaths. It is mandatory for your application. 6. Valid Phone Number Ensure you provide a valid and active phone number during registration. The NPC will use this number for communication throughout the process. 7. NPC birth attestation online To initiate the process, visit the National Population Commission website and navigate to the birth attestation section. Follow the on-screen instructions to complete the registration process. 8. Registration Location While registering online, indicate your current state of residence and Local Government Area (LGA). This helps identify the closest NPC registration centre for potential future needs. 9. Application Status and Download You can check the status of your application using the provided payment reference number. Once your birth certificate is ready for download, log in to your NPC account and navigate to the “Download Certificate” section. 10. Payment Non-refundable Please note that all application fees are non-refundable. 11. Certificate Download Limit You can only download your official birth certificate once after a successful application. 12. Certificate Reprint If you require a reprint of your birth certificate in the future, you can revisit the NPC website and access the dedicated reprint service. Steps to getting your birth attestation from NPC Here are the steps to take for your attestation certificate on the NPC portal online: 1. Payment for the NPC birth attestation service Visit the NPC website and navigate to the “Services” section and choose “Birth Attestation.” Click agree below the page and proceed to enter your email address in the provided space and make the online payment of NGN3,000 using the provided secure payment gateway. You’ll receive a confirmation and reference number via email. 2. Registration Once payment is confirmed, proceed to fill out the online registration form. This includes applicant details, parent/guardian information, hospital/clinic details, and document uploads as mentioned previously. 3. Review and submit Carefully review all information and uploads for accuracy. Submit the application after confirmation. 4. Tracking and download your NPC birth attestation certificate Use the reference number to track your application status. Upon completion, you’ll be notified and can download your official birth attestation from your NPC account. Final thoughts on how to get your Nigeria birth attestation easily on the NPC portal 2024 Please ensure a stable internet connection throughout the process. Also, use high-quality scans of documents for clear upload. Alongside, please keep a copy of the reference number for future reference. If you encounter any difficulties, consider reaching out to the NPC through their contact information available on the website.

April 5 2024

New information for approved but unpaid SRD SASSA R350 2024

SASSA SRD R350 2024 Are you among the South African citizens who applied for the COVID-19 Social Relief of Distress (SRD) grant of R350 for 2024 and received approval, but haven’t gotten a pay date yet? The South African Social Security Agency (SASSA) has a message for you. Cash Send/Mobile Money Issues and Alternative Solutions If you opted for a cash send or mobile money payment method for your approved SRD SASSA R350 (2024) but haven’t received any funds, it might be due to a verification issue. SASSA might not be able to conclusively match your cellphone number with your ID number. This unfortunately prevents them from processing cash send payments. To ensure you receive your SASSA SRD R350 (2024) grant, SASSA recommends providing alternative banking details. This will allow them to disburse the funds electronically. Contact SASSA for Further Assistance If you haven’t chosen cash send/mobile money or haven’t had any issues with verification but are still waiting for your approved SRD SASSA R350 payment, reach out to the SASSA Customer Care call centre at 0800 60 10 11. Their representatives can investigate the matter further and assist you. You can find more information on their website, https://www.sassa.gov.za/SitePages/HomePage.aspx, for any further inquiries you may have about the SRD SASSA R350 (2024) program. Precautions for future or new SRD SASSA r350 grant applicants to avoid delayed payments Mistakes in your details can lead to delays in SRD SASSA payment processing. Therefore: Always double-check information accuracy Ensure that the cellphone number and ID number provided during the application process are accurate and match official records. If opting for electronic disbursement, verify that the provided banking details are correct because incorrect banking information can cause payment delays or rejections. Regularly check your application status through the SASSA online portal or contact the Customer Care call centre for updates on verification progress.

April 5 2024

Foreign investors stage comeback to Nigeria, seeking high yields over interest rates

Foreign investors are staging a comeback for more demand for government securities, following a hike in benchmark interest rates and reforms led by Nigeria’s Central Bank. Many of these investors have picked interest in Open Market Operations (OMO) and treasury bills auctions. Sources said there was an uptick of foreign portfolio investors in the market which was dominated by domestic investors for the past seven years. Foreign Portfolio Investments on the Nigerian Exchange Limited (NGX) in February 2024 rose by 23% from ₦53.11billion ($39.13million) to ₦65.81billion ($42.61 million) compared to January 2024. This uptick reflects investor confidence in the market, according to analysts. “High-interest rates attract foreign investor participation, which could stabilise the currency woes,” Ayodeji Ebo, Chief Business Officer, Optimus by Afrinvest told TechCabal over the telephone. The Central Bank has consecutively raised interest rates sharply to a 10-year high of 24.75%, in an aggressive move to contain stubborn inflation. At the last rate hike meeting, Cardoso hinted that the MPC would keep raising the rates in hopes that inflation moderates below 30%. The continuous rate hike has attracted more investors while hurting lending to smaller businesses. Analysts told TechCabal that they want the trend to continue. Last week, the CBN directed all banks on a recapitalisation drive, to increase their minimum capital requirements within 24 months, to ensure stability of the financial system. Ebo believes that the entrant of foreign investors will provide the needed capital for the banks’ recapitalisation. He explained that even if the entry of foreign investors is for a short while, their inflow is important for stabilising the economy. Foreign investors provide the liquidity needed in the market, said Ayooluwade Ogunwale, a portfolio manager. “As such, carry trade opportunities in Nigeria have become attractive again.”

April 5 2024

👨🏿‍🚀TechCabal Daily – Kenya has a new EV policy

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF What’s better than a daily dose of the latest industry insights in your email? Viewing it as a status on Whatsapp! TechCabal’s Whatsapp channel is coming soon. We’ll bring you more updates as soon as we have them! In today’s edition Nigeria’s Binance case postponed to April 19 Kenya launches new EV policy Nigeria to develop national AI strategy framework Funding tracker The World Wide Web3 Events Crypto Court adjourns Binance tax evasion case till April 19 The scuffle between the Nigerian government and Binance is becoming hard to keep up with. Two days ago, Binance asked the Nigerian government to let its people go. Tigran Gambaryan, who has been detained for about five weeks since flying into the country to resolve Binance’s restricted website access made his first appearance in court yesterday after being charged with a tax evasion charge. ICYMI: Gambaryan was charged alongside Binance’s Kenya-based regional manager for Africa, Nadeem Anjarwalla, who fled Nigeria on March 22, by Nigeria’s tax agency, the Federal Inland Revenue Service. Gambaryan, the former US agent will reappear in court on April 19 after a Nigerian High Court adjourned the case till then. The FIRS also charged Binance for failing to register with it, alongside four other charges: nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. A Nigerian high court, yesterday adjourned the company’s tax evasion court case till April 8. An impending suit: Gambaryan, who is yet to get the final ruling on his tax evasion case, is the subject of a potential money laundering charge by Nigeira’s anti-graft agency, the Economic and Financial Crime Commission (EFCC). It appears there is no love lost between Gambaryan, leader of Binance’s Financial Crime Compliance unit and the EFCC who claimed to have buddied up to fight fraud and money laundering activities in the country. Premium Times, yesterday reported that the EFCC planned a money laundering charge against Gambrayan, but the anti-graft agency faced a stern battle with Gambrayan’s lawyer who argued that Binance, the company, should be the target of the money laundering lawsuit, not Gambaryan himself. Gambrayan’s lawyer based his argument on the fact that only the representative of a company in Nigeria could be charged individually for a suit. He argued first that Binance had no physical presence in Nigeria and that Gambaryan did not qualify as an agent of Binance in Nigeria. 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. Mobility Kenya launches new EV policy Startups across the continent are justling for a top spot in Africa’s nascent electric vehicle (EV) industry. Last year, Possible EVs set up shop in Nigeria to produce up to 10,000 EVs annually. Spiro, an e-mobility company, also signed a $63 million debt financing to fund two electric motorcycle assembly and battery manufacturing plants in Benin and Togo in 2024. Roam, an EV company recently introduced Kenya’s first locally manufactured electric bus. And now, Kenya is setting the stage to attract more EV manufacturers into the country. The news: Yesterday, Kenya launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles (EVs). The policy, done in collaboration with the state’s trade and investment ministry, will help facilitate the production of EV components and support local battery manufacturing, recycling, and repurposing efforts. The big picture: While the new policy will help reduce Kenya’s reliance on petroleum for its mobility needs and save on petroleum import bills, the e-mobility draft policy is also coming at a time when electric buses are becoming a part of the daily lives of Kenyans. Roam’s electric buses now serve as commute vehicles for Kenyans. The company is also planning to introduce electric buses for Nairobi’s bus rapid transit (BRT) system. Ride-hailing companies are also in the mix. Uber partnered with Greenwheels Africa to make electric motorbike rentals available in the country. Similarly, Bolt recently invested KES100 million ($770,000) to integrate e-mobility solutions into its services in Kenya. 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. AI Nigeria to develop National AI Strategy Framework Yesterday, Nigeria’s minister of communications, innovation and digital economy, Bosun Tijani, faced a bit of fire on social media. Why? The minister had announced, on Wednesday, that the country will collaborate with 120 researchers, startups and stakeholders to create a plan for implementing AI across the country. These experts would come up with this framework at the National Artificial Intelligence Strategy Workshop scheduled to be held from April 15 to 18, 2024 in Abuja. So why is Tijani facing fire? According to social media, AI is the least of Nigeria’s problems. One poster said, “We don’t even have the basic infrastructure to build AI frameworks on.” Another tweeted, “How do you start researching AI when you don’t have electricity? How will you power the AI?” Nigeria’s tech minister, however, had some answers: Per Tijani, the aim is to co-create a multi-year strategy and action plan for research and AI adoption in the country and a framework for AI adoption in the country. “The need to coordinate and harness the power of AI for national development is a critical element in our journey towards the use of technology to accelerate productivity in our country,” he stated. Tijani emphasised that this was an opportunity to leverage AI, noting its transformative impact on agriculture, education, healthcare, and productivity. The minister highlights that one of the earliest initiatives from the start of his term in office was to properly define

April 4 2024

Nigeria’s stock exchange buys stake in Ethiopia’s first-ever bourse

The Nigerian Exchange Group (NGX) has acquired a stake in Ethiopia’s first-ever securities exchange for an undisclosed amount in a fundraising that has seen the Horn of Africa nation raise $26.6 million, surpassing the target it touted to investors in 2023. The Ethiopian Securities Exchange (ESX) last year set to raise $11.07 million to start operations as part of a larger push by Prime Minister Abiy Ahmed to liberalise and modernise the economy. “We are thrilled to have exceeded all our expectations in terms of the capital raise and are excited by the overwhelming confidence shown by investors in the long-term prospects of both ESX,” said Tilahun Kassahun, ESX chief executive. The Ethiopian government will hold a 25% stake in the ESX through the Ethiopian Investment Holdings (EIH) and its subsidiaries including Ethiotelecom and Commercial Bank of Ethiopia, while private and institutional investors will be allocated a 75% stake. NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block. “Strategic foreign investments by TDB, FSD Africa, and [the] NGX Group are particularly important in allowing the transfer of technical know-how and best practices as well as other areas of long-term strategic value that we will explore,” Kassahun added. The NGX is one of the largest securities exchanges in Africa with a market capitalisation of ₦58.66 trillion ($41.8 billion) and will support ESX with technical experience in developing the bourse structure, trading rules and marketing segments. The collaboration with the NGX has already helped the ESX develop a rule book to guide its operations. The ESX also closed the fundraising with commitments from domestic investors including 16 local banks, 12 insurance firms, and 17 private entities. The exchange is expected to launch sometime this year, further attracting foreign investors into the populous Horn of Africa nation. While PM Ahmed has moved to liberalise Ethiopia’s economy since coming to power, it is still largely controlled by the state with little private sector involvement. For instance, Ethiopia has no investment banks–suggesting that businesses can only raise capital from commercial banks.