Who calls the shots at the Tiger Global-backed Bamboo?
Bamboo is a Tiger Global-backed Nigerian investment startup that enables users to buy and trade US stocks in real-time from their mobile phones or computers. The startup also facilitates investments in ETFs, mutual funds, or fixed-income products. Since its launch in 2020, Bamboo has announced $19.4 million in VC investment from investors like Greycroft, Tiger Global, Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel. Who calls the shots at TechStars-backed GetEquity? The co-founders are Richmond Bassey and Yanmo Omorogbe. Bassey steers the ship as CEO, focusing on the long-term vision and strategic direction of the company. Richmond Bassey CEO. His direct reports aside from Omorogbe, chief operating officer (COO), include George Imoedemhe, head of product & engineering, and Dubai-based Oleg Medvedev who is head of design. Meanwhile, Omorogbe, chief operating officer (COO), is in charge of the company’s day-to-day operations. All team leads: Damilola Akinyemi (head of finance), Ebi Wanapere (head of platform), Jennnifer Abah (head of customer experience), Misan Omagbitse (head of people), and Oluwakemi Idowu (head of legal) report directly to her. This TechCabal Org Chart details Bamboo’s leadership. If you would like to showcase the leadership structure of your startup in this way, contact the author of this article: ngozi@bigcabal.com.
Read MoreBreaking: YC selects Kenyan fintech startup, Triply as its latest African pick
Triply, a Kenyan fintech that helps travel businesses collect payments has been selected for Y Combinator’s winter 2024 batch. Triply is the latest African startup in the cohort after Cleva, the cross-border payment service, and Miden, the API startup. Small businesses account for 90% of Africa’s travel industry. However, due to inadequate payment infrastructures, these businesses are unable to receive payments; as a result, they frequently have to use manual payment methods, which reduces the efficiency of their booking systems. Launched in 2021 by Peter Wachira and Collins Muthinja, Triply helps these travel businesses collect payments and automate their operations. The startup also advertises these businesses on its marketplace to help match the needs of Kenya’s local travel market which is projected to grow by $749,000 in 2027. Kenya’s tourism industry is one of its biggest cash cows for foreign income, earning about $2.13 billion from it in 2022. The East African country also expects an uptick in the number of tourists by 2026—with 2.4 million visitors up from 2.1 million in 2021. With a growing middle class and increasing disposable income, Kenyans are also increasingly exploring their own country. This represents a huge opportunity for Triply. *This is a developing story
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👨🏿🚀TechCabal Daily – Thepeer shuts down
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning You can now use ChatGPT without signing up or signing in. Yesterday, OpenAI opened up its generative chatbot service to users across the world who can now access the service without having an account. There’s a catch though: OpenAI says users who dont sign in will experience “slightly more restrictive content policies” which could mean anything from being stopped from asking ChatGPT how to make $100 million in 24 hours, to getting a version of the service that’s as reliable as telecoms on a rainy day. Cheers! In today’s edition Thepeer shuts down Access Bank lost $4.6 million to fraud in 2023 Deloitte secures Ethiopia’s first securities investment advisor licence Google is shuttering its Podcast app The World Wide Web3 Opportunities Shutdowns Thepeer closes shop Thepeer, a Nigerian API startup that aimed to connect wallets across African fintechs, has shut down after failing to gain traction. In a blog post published yesterday, the company announced its shutdown citing compliance issues and an overall unacceptance of wallets as a viable payment option as key hurdles they faced. The company, which raised $2.1 million in its first formal venture capital financing, shared it needed to make a key decision either to do a hard pivot, an M&A or return capital to investors. “After carefully weighing our options, we decided that returning the remaining capital to investors was the best decision,” co-founders Chika Ononye and Trojan Okoh wrote. What does this mean for customers? In the statement, the company hopes to explore future possibilities for Thepeer and the platform will be in maintenance mode in the interim. The company stated it will prioritise keeping it functional for as long as possible while they identify a new and exciting home for Thepeer. Experience fast and reliable personal banking with Moniepoint Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint. Cybercrime Access Bank lost $4.6 million to fraud in 2023 Nigeria’s financial system has experienced an uptick in fraud since 2020. Financial institutions in Nigeria have revealed that since 2020, fraud has cost them ₦159 billion ($201.5 million). BusinessDay revealed in September of last year that Fidelity Bank suffered three attacks that cost them ₦2 billion ($2.5 million). Access Bank, Nigeria’s biggest bank based on customer deposits, filed a lawsuit in June to collect ₦3 billion ($3.8 million) that had been fraudulently withdrawn, according to court documents that were posted on social media and independently verified by TechCabal. The bank filed a second lawsuit in July to recoup an additional ₦5 billion ($6.3 million) that scammers had taken illicitly from its coffers. Now, Nigeria’s largest commercial bank is counting its losses in full. A ₦6.15 billion fraud: Per TechpointAfrica, Access Bank, Nigeria’s largest commercial bank by assets lost about ₦6.15 billion ($4.6 million) to fraud and forgery in 2023. This accounts for a 327% uptick of monies lost—₦1.44 billion—in the previous year. Per the bank’s financial report, fraudulent transfers and withdrawals were the biggest driver of losses, accounting for 70%. Embezzlement—cash theft, suppression, pilferage, dry posting, electronic fraud, and USSD—contributed to the remaining portion of losses. Access Bank’s findings reveal that 6,771 electronic fraud attempts were made worth ₦2.69 billion. The bank only lost about ₦92.2 million in those attempts. Last year, TechCabal reported on how several Nigerian banks were having internal conversations to rein in fraud. These banks often struggle with information sharing and lack of coordination on financial fraud investigations by local law enforcement agencies. Economy Deloitte secures Ethiopia’s first securities investment advisor licence Global audit and consultancy firm Deloitte has become the first company to secure a securities investment advisor licence in Ethiopia. This new development is a result of Ethiopia launching its own Securities Exchange slated for the third quarter of this year Side-bar: A well-regulated stock exchange acts like a growth engine. It fuels savings by offering a secure and potentially profitable avenue for investment. This pool of savings then flows towards the most productive companies, propelling their growth and job creation. Why Ethiopia? The Securities Exchange boosts transparency by requiring companies like Deloitte to provide audit and consulting services. These companies will regularly publish audited financial information that will be made accessible to all. This empowers even smaller investors with the same level of insight previously enjoyed only by large players. Additionally, a thriving stock market attracts professional analysts who dissect and interpret this information, providing even more informed decision-making for investors. Brook Taye, the director-general of the Ethiopian Capital Markets Authority, believes that having Deloitte licensed as an investment adviser will help speed up the process of growing Ethiopia’s stock exchange market and that with the company’s expertise, they can make things happen faster and better. Deloitte will be able to help businesses get ready to sell shares on the exchange. The first company to sell shares will likely be Ethio Telecom, a state-owned phone company. Ethiopia expects more Kenyan companies to get involved in their stock exchange as well. 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. Big Tech Google Podcast to shut down soon Last September, Google sent out an email to users announcing plans to shutter its podcasting service, Google Podcast. The news particularly came as a shock to many users and to this writer who found the app very easy to use. Google accompanied the email with tools on how users can migrate their current subscriptions on the app to YouTube Music or export a file that can be uploaded to other apps. Google announced yesterday that users in the US would not be able to use the Google Podcast app after today, April 2nd, 2024, per TechCrunch. Additionally, Google announced that after June, users of the
Read MoreNigerian fintech, Thepeer shuts down
Thepeer, a Nigeria-based API startup that raised a $2.1 million seed round in June 2022, has shuttered its business and will return its remaining capital to investors after failing to scale, the company said in a statement on Monday. The three-year-old startup said it closed shop after realising its exceptional technology alone wasn’t sufficient. “Our unique service had its challenges, the first being compliance issues. Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped,” it said. Thepeer used its APIs to provide an alternative network where fintechs and businesses can embed different sets of products into their applications and websites for easy money movement by their customers. It hoped to connect wallets across over 400 fintechs across the continent to enable payments. Thepeer is the second startup to return remaining capital to investors in 2024 after Cova, a wealthtech startup, closed down in like manner, demonstrating the challenges in building fintech businesses on the continent. Launched in April 2021 by co-founders Kosisochukwu Chike Ononye and Michael “Trojan” Okoh, the business hoped to power infrastructure for mainly fintech businesses, from small to medium-sized. According to Crunchbase, it raised a pre-seed round of $220,000 from investors including Ezra Olubi, Paystack Co-founder, and Prosper Otemuyiwa, Edenlife CTO. A year later, it raised a $2.1 million seed round led by the Raba Partnership. Other investors included RaliCap, Timon Capital, BYLD Ventures, Musha Ventures, Sunu, and Uncovered Fund. In 2022, the startup claimed its monthly transaction volume had reached millions in dollars, with an average Month on Month (MoM) transaction growth of 161%. The company also had plans to expand to other African countries, including Kenya, South Africa, and Egypt. Thepeer has now admitted that despite all that growth; it failed to align its product with the market’s needs. To realign and focus on what matters, both founders have decided to place the product in maintenance mode for the interim. “We’ll work to maintain the platform for as long as possible until we discover a new home for it,” the statement added.
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Next Wave: Data overtaking calls isn’t a bad thing
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 31 March, 2024 For nearly a decade, mobile data has been in a race to dominate traditional voice calls. It began demonstrating this potential in 2013 when Nigerian telcos saw a 30% decline in revenue from international calls between October 2013 and December 2013, thanks to Skype. In the coming years, MTN Nigeria, with nearly 80 million subscribers, would admit that it was witnessing a drop in voice-call traffic in the mass market. By the end of 2023, data would become a significant revenue earner for MTN Nigeria and other telco providers on the continent, like Airtel Africa and Kenya-based Safaricom. MTN Nigeria admitted in its full year 2023 report that data services grew its revenue by 39.8% and voice calls by only 9.7%. Airtel Africa was no different: 11.2% of its revenue came from voice calls and 28.5% from data. In Safaricom’s half-year results ending September 2023, it was observed that more customers were opting for data over voice; voice revenue declined by 3% while mobile data revenue grew by 12.5%. 43% of MTN Nigeria’s revenues were driven by data in 2023. Chart by Stephen Agwaibor, TC Insights All that said, the success of data over voice doesn’t mean telecom firms will lose. Rather, it means that they would have to shift revenue sources from voice to data and invest more infrastructure in enhancing data and internet access. Next Wave continues after this ad. The Algorithm is a TechCabal vertical that focuses on the backend of the creator economy. We’ll bring you stories that delve into the creation process, the business of being a content creator, interviews with creators, and everything else about online creators! Read our latest story here. To gain the upper hand in this new drive to provide more data services, some telcos are selling off or outsourcing their tower infrastructure to independent management firms so operators can focus on improving their services rather than managing the infrastructure. African operators are dealing with an increased need for data, inspired by low-cost smartphones. Therefore, in order to serve customers and roll out new technologies, outsourcing towers are becoming very attractive. Next Wave continues after this ad. Talent PEO Africa launches in Kenya, offering comprehensive HR solutions for businesses. From EOR services to recruitment and HR consulting, we simplify operations for seamless growth. Partner with us to tap into Kenya’s talent, navigate regulations, and achieve success. Contact us at www.talentpeo.com or kenya@talentpeo.com. Data has its huge benefits, especially as it pertains to cost. Knowing that one can call anyone via instant messaging apps across the world is a very valuable feature. In the past, people needed to roam with their network providers, or change devices when they travelled abroad, to keep in touch with family, friends and business colleagues across continents. In a world of data, everyone can win, as it enables people to perform more functions on the networks, beyond just phone calls. It is a major use case for streaming services. Partner Content: Read: Benjamin Oyemonlan is creating a protean payment platform at Platnova here. Still, while data has enough advantages to make it scale, phones and internet access are not cheap. Even with a 51% smartphone penetration, most people in Africa still use 2G and 3G networks. In Nigeria, smartphones have become a luxury lately, with prices surging by as much as 86% between 2022 and 2023. It is imperative, then, that smartphone companies think about cheaper phones that can carry 4G capacities. This is key to sustaining the growth of data. Also, telcos need to iterate on data tariffs that average Africans can afford. Data is here to stay. Joseph Olaoluwa Senior Reporter, TechCabal Thank you for reading this far. Feel free to email joseph.olaoluwa[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to you here for free to get fresh perspectives on the progress of digital innovation in Africa every Sunday. As always feel free to email a reply or response to this essay. I enjoy reading those emails a lot. TC Daily newsletter is out daily (Mon – Fri) brief of all the technology and business stories you need to know. Get it in your inbox each weekday at 7 AM (WAT). Follow TechCabal on Twitter, Instagram, Facebook, and LinkedIn to stay engaged in our real-time conversations on tech and innovation in Africa. If you liked this edition of Next Wave, please share with your friends. And feel free to reply with thoughts and feedback. We welcome those. 18, Nnobi Street, Surulere, Lagos, Nigeria View in Map You received this email because you signed up on our website or made purchase from us. If you know longer wish to recieve these emails, please unsubscribe
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👨🏿🚀TechCabal Daily – Deflating inflation in East Africa
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month In 2023, the internet nearly broke when it was revealed that popular Nigerian skit-maker Mark Angel earned over $300,000 monthly from his YouTube videos. While Angel, who started making videos in 2016, stands at the furthest end of the earning spectrum, other newer skitmakers have been rumoured to make as much as $17,000 per month. So how do these creators make their money? In our weekend feature, we explore how skitmakers turn viral videos into big bucks. In today’s edition Inflation deflates in Kenya and Uganda AFC secures $1.6 billion NITDA warns Nigerians about QR scams Microsoft to build $100 billion AI data centre The World Wide Web3 Opportunities Economy Inflation drops in Uganda and Kenya In the ever-changing economy of East Africa, Uganda and Kenya are confronting inflationary challenges with resolve. A central solution: Uganda’s March 2024 annual inflation rate dipped marginally to 3.3%, a notch below the Bank of Uganda’s 5% target. This slight decrease in inflation was made possible because the Central Bank of Uganda kept its Central Bank Rate (CBR) steady at 9.5%. This helped to keep the core inflation rate stable at 3.4% for several months in a row. Despite the decline in inflation for some goods, the overall inflation rate rose to 5.5% compared to last year. Kenya also witnessed a downtick in its year-on-year inflation to 5.7% in March 2024, attributed to the Kenyan shilling’s resilience against the US dollar, trading at KES132 ($1). However, this doesn’t translate to relief for everyday Kenyans. The cost of essential goods and services like transportation, housing, and food remains high, constituting over 57% of expenditure weights, as per the Kenya National Bureau of Statistics. In fighting inflation, Kenyan’s Central Bank and other East African central banks are raising interest rates. In February 2024, the CBK increased the interest rate from 12.5% to 13%, their biggest jump in over a decade. This means Kenyans might pay more for loans like mortgages or car loans. The bank hopes this will slow down inflation and bring price increases closer to their target of 5%. Experience fast and reliable personal banking with Moniepoint Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint. Funding AFC secures $1.16 billion syndicated loan When it comes to powers raising money, businesses have a variety of options. They often turn to debt instruments like bonds, selling shares of ownership (equity), or even short-term loans from a bank. However, when businesses need bigger sums of money, they adopt a more powerful tool: syndicated loans. Side bar: Think of a syndicated loan as a group project for lenders. A bunch of banks or other financial institutions team up to provide a single, large loan. This lets the borrower access a hefty sum of money while spreading the risk among the lenders. That’s exactly what the African Finance Corporation (AFC) just did! Launched in 2007, the AFC is a pan-African development financial Institution that provides funds for Africa’s infrastructure deficit across six industries: Power, Transport and Logistics, Natural Resources, Telecommunications and Heavy industries. A $1.16 billion loan: Lenders from across the Middle East, Europe, and Asia have all joined forces to provide the AFC with a $1.16 billion, its largest debt facility yet. First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank, Standard Chartered, Industrial and Commercial Bank of China, Société Générale, Bank Muscat, and Intesa Sanpolo Bank Luxembourg S.A all took part in the deal. So, what will the AFC do with all this cash? The AFC is on a mission to bridge Africa’s infrastructure gap. This loan will fuel crucial projects across the continent, from building vital transportation links to developing clean energy solutions. By investing in these areas, the AFC aims to unlock Africa’s economic potential and create a brighter future for all. Cybersecurity NITDA warns about QR Code Scams Nigeria’s IT bulldog, the National Information Technology Development Agency (NITDA), has issued yet another warning. Early in March, the agency raised an alarm about a sneaky malware program called “Ov3r Stealer” that targets Facebook accounts and extracts sensitive information. This time, the agency is warning Nigerians about a rise in QR code scams. What’s happening? NITDA warns that fraudsters are now using these codes for phishing attacks, payment redirection, and even data theft. The agency is now urging Nigerians to exercise caution when scanning QR codes. QR code is a technology which gained popularity due to the COVID-19 pandemic. Although it was celebrated for its rapidness and convenience in accessing information and services, QR Codes have regrettably morphed into a technology exploited by fraudsters for fraudulent acts. Keepnet Labs reported that QR code phishing emails saw a significant surge between June and August of 2023. Security systems identified 8,878 of these incidents, with June being the peak month at 5,063 reported cases. Only 36% of these incidents were accurately identified and reported by the recipients. The Hoxhunt Challenge, a flagship project designed to quantify human cybersecurity risk across the world’s biggest industries conducted a test in 125 countries and reported that 22% of phishing attacks used QR codes in October 2023. Zoom out: NITDA also stressed the importance of verifying the authenticity of QR codes and their associated links before scanning. Additionally, NITDA recommends using trustworthy QR code scanning applications equipped with robust security measures and maintaining up-to-date antivirus. 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 Microsoft to build $100 billion AI data centre Microsoft is taking its AI race seriously. Although the company cannot keep up with the pace of building AI models as quickly as OpenAI, it recently buddied up with the ChatGPT maker and poured about $13 billion worth of investments into
Read MoreUganda’s core inflation falls to 3.3%, below the central bank’s target of 5%
Uganda’s annual inflation rate for March 2024 fell slightly to 3.3%, down from 3.4% in February 2024. This remains below the Bank of Uganda’s (BoU) target of less than 5%. The development comes after the BoU maintained the central bank rate (CBR) at 9.5% in February 2024, in a bid to manage inflation. Data seen by TechCabal suggests this decline is primarily due to a steady core inflation rate of 3.4% in both periods. The main driver of this core inflation was the rise in service prices, which jumped to 5.5% for the year ending March 2024, up from 5.4% in February 2024. Read more: Kenya’s March inflation drops to 5.7% as KES gains against the US dollar The increase in service prices was linked to higher passenger transport costs, rising to 2.6% in March 2024 from 1.2% in February 2024. Financial services also saw a significant jump, reaching 13.4% in March 2024, compared to 0% in February 2024. This notable growth in financial service inflation warrants further investigation, and it is unclear if the government has taken specific measures in this sector. Inflation for other goods was lower, reaching 1.6% for the year ending March 2024, down from 1.8% in February 2024. Relatively stable prices for most goods drove this slowdown, save for dried kapenta (silver cyprinid), popular local gin (waragi), and goat meat, which saw price increases in March 2024 compared to February 2024. “Meat prices increased by 14.0 percent in March 2024 compared to 9.3 percent recorded in February 2024,” a report from the Uganda Bureau of Statistics states. Energy inflation Uganda’s annual energy and fuel inflation slowed to 7.6% in March 2024 compared to 8.0% in February 2024. This moderation was thanks to decreased price increases for charcoal, firewood, and petrol. At the same time, the slowdown in energy and fuel prices suggests potential government interventions to stabilise fuel prices or promote alternative energy sources.
Read MoreKenya’s March inflation drops to 5.7% as KES gains against the US dollar
Kenya’s overall year-on-year inflation rate dropped to 5.7% in March 2024, a slight fall from February’s rate of 6.3%, per data seen by TechCabal. Between March 2023 and March 2024, Kenya recorded increased costs in transportation (up 9.7%), housing and utilities (up 8.0%), and food and beverages (up 5.5%). However, the cost of these commodities fell in March after the Kenyan shilling posted gains against the dollar, currently trading at KES 132 to the dollar. Amidst these gains, the cost of moving goods, maintaining homes, and purchasing essential items remains high, indicating a high cost of living during this period. “These three divisions [cost of moving goods, home maintenance and purchasing essential items] account for over 57% of the weights of the 13 broad categories,” said the Kenya National Bureau of Statistics (KNBS) in a statement. The consumer price indices and inflation rates come from surveys done each month. These surveys examine how much goods and services cost in shops and stores. The KNBS then picks a range of things that Kenyans typically buy. The surveys take place in the second and third weeks of the month and cover different areas across Kenya, with shops chosen to represent what people buy. Kenya’s central bank (CBK) and others in East Africa are adjusting interest rates to support their struggling economies as they face inflation, currency depreciation, and global supply issues. This implies that there seems to be a change away from using coordinated monetary policies worldwide to control increasing prices. In February 2024, the CBK raised its policy rate to 13% from 12.5%, the largest jump in 12 years. This move is expected to lead to higher loan costs, impacting borrowers. “The proposed action will ensure that inflationary expectations remain anchored while setting inflation on a firm downward path towards the five per cent midpoint of the target range, as well as addressing residual pressures on the exchange rate,” said Kamau Thugge, CBK governor, in a statement to the East African.
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From viral videos to big bucks: How Nigerian skit-makers make money
In 2023, Ali Baba, one of Nigeria’s veteran comedians, nearly broke the internet when he shared that popular Nigerian skit-maker, Mark Angel earned over $300,000 monthly from his YouTube videos. The 32-year-old creator, became an internet sensation in 2016 when skits of antics with his little cousin Emmanuella started going viral. Skit-making is almost synonymous with comedy in Nigeria today. What started as a niche industry is now the third-largest entertainment industry in the country, worth about ₦50 billion ($34 million). At first, the process of creating this content was basic, requiring only a cell phone, editing skills and an internet connection. Now, as the industry grows and becomes more global, the skit-making process has become more complex; requiring larger teams, more money to execute, and a more strategic plan. For over six years, Olufemi Oguntamu, CEO of Penzaarville Africa, has worked in the Nigerian creator space. His company, a talent management and media agency, is responsible for some of the biggest content creators and skit-makers in the country, including Broda Shaggi, Kie Kie, and Mr Macaroni, among others. According to a report published by Selar, in which they surveyed 2,000 digital creators, 29.3% of creators start hiring immediately after entering the business, while the majority of the sample study size, 37.6%, hired staff after six months. Due to the nature of their job, which requires a constant churn out of high-quality content, many creators often need to hire people to work with them to meet this demand. While production needs and costs differ from creator to creator, it’s almost impossible to do the work alone, no matter how small the project is. “We have videographers, supporting actors, scriptwriters, production managers and assistants, make-up artists and costumiers, gaffers, and sometimes even a director,” he shared. “Sometimes, for the more popular creators, like Brodda Shaggi or Layi, we also hire security guards as shooting outdoors in Lagos can draw a lot of unwanted attention.” Talent is often hired on a project basis, but some are more permanent than others, like production managers, who handle everything from liaising with other talent to planning and managing the creator’s time. The permanent employees are paid salaries, while other talents like videographers and makeup artists are paid on a project basis. Even after shooting, the post-production crew takes over; from the editors to special effects guys, to those who specialise in colour-grading. These people are hired to handle the post-production of these videos and digital products before they are ready for distribution. Many creators have different reasons for hiring, though the most obvious seems to be not having enough time to handle all the responsibilities that come with the job. The report from Selar confirms this: On average, it takes about a week to produce and release a skit, and the costs can vary from between ₦800,000 to ₦1 million per skit on average, according to Oguntamu. The effort put into these skits comes with a lot of material rewards. These skits attract millions of viewers and engagement to their social media pages. In 2023, Mark Angel gained over 197 million views on his Instagram account, which currently has about 3.15 million followers. Newcomer, Layi Wasabi, had the second-highest engagement, with 133.2 million views and 1.6 million followers, while Sabinus had 130 million views in total. These numbers translate beyond stats to real money as these creators or skit-makers charge big bucks for promotion. Skitmakers can charge as high as ₦3 – 5 million for sponsored posts on Instagram, according to Oguntamu. Platforms like Facebook and YouTube offer direct monetisation options where they pay creators directly for their content. “YouTube is a big market. Apart from monetising, it opens you up to a larger audience, even outside Africa. It’s interesting to note that creators who have a large audience outside Africa in places like Asia, Europe, and America, are paid more than those who have the majority of their audience residing here in Africa.” Oguntamu adds that in order for creators to maximise their monetisation opportunities, it’s important for skit-makers to find their niche, and build a brand in order to be able to secure brand ambassadorships and partnerships when the proverbial stream of advertorial income dries up. Beyond platform monetisation, there are ample opportunities available for creators. Endorsement deals, brand collaborations, and even physical appearances.
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Link NIN or BVN to First Bank, Fidelity, Opay & other banks 2024
Linking your National Identification Number (NIN) to your Bank Verification Number (BVN) has become crucial for continued access to your bank account. Here’s a guide on how to link NIN or BVN to First Bank, Fidelity Bank, Opay & other banks and fintech companies in Nigeria. How to link NIN/BVN to First Bank account Here’s how to link your NIN to your First Bank account: Log in to FirstBank’s internet banking platform https://www.firstbanknigeria.com/personal/ways-to-bank/online-banking/ Navigate to the “Update NIN/BVN” section below the page and click. Proceed by entering your First Bank account. Enter your required details. You may also need to verify your information using a One-Time Password (OTP) sent to your registered phone number. Follow any additional instructions provided by FirstBank and in no time, your BVN or NIN will be linked. How to link NIN/BVN to Fidelity Bank account Here’s how to link your NIN to your Fidelity Bank account: Visit Fidelity Bank’s website (https://online.fidelitybank.ng/) and log in to your internet banking account. Click on “Manage My Account” and select “BVN/NIN Linkage.” or Input your BVN and NIN information. An OTP should be sent to your phone for verification. Enter the code and submit. Fidelity Bank may require you to answer some security questions for verification purposes. Meanwhile, you can also read how to link NIN to other major banks like Access Bank, Zenith Bank, GTBank etc here. Most major banks in Nigeria follow similar procedures. Log in to your bank’s internet banking platform and search for a “BVN/NIN Linkage” or “KYC Update” section. Fintech Banks Linking NIN or BVN for fintech banks might differ slightly from when you try to link with major banks like First Bank. It’s advisable to check their specific instructions on their website or mobile app. Here are some general guidelines: Opay Open the Opay app and navigate to “Account Limits.” Click on “Upgrade to Tier 2 Account” and follow the prompts to link your NIN. Others: For other fintech banks like Alat by Wema, Kuda Bank etc., visit their website or app and search for dedicated sections for NIN/BVN linkage. Follow the provided instructions. General Tips: Ensure you have a stable internet connection before starting the linking process. Have your BVN and NIN details readily available. Keep your registered phone number active to receive verification OTPs. If you encounter any difficulties, contact your bank’s customer support for assistance. If you receive a NIN linking error due to unverifiable details, you may need to visit a NIN physical centre to lodge a complaint. Final thoughts This guide provides a general overview of linking your NIN to your banks. Specific steps might vary or change depending on your bank or fintech platform. It’s always best to refer to their official website or app for the most up-to-date instructions. Cheers.
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