Breaking: SRD SASSA increases grant amounts for 2024
In a move aimed at bolstering support for vulnerable persons, the South African Social Security Agency (SASSA) has announced, alongside March payment dates, increases in various SASSA SRD grants effective from April 2024. The increments are set to alleviate financial burdens and enhance the quality of life for recipients across the country. Old Age, War Veterans, Disability, and Care Dependency SASSA SRD Grants 2024 Starting from April 2024, recipients of these essential grants will experience a significant increase of R90, aimed at alleviating financial burdens and enhancing their quality of life. An additional increment of R10 is scheduled for October 2024, further demonstrating the government’s commitment to supporting its elderly, disabled, and dependent citizens. Foster Care and Child Support SASSA SRD Grants 2024 Families caring for vulnerable children will also benefit from the adjustments. The Foster Care grant will see a boost of R50, while the Child Support grant will increase by R20, effective April 2024. These increments recognise the crucial role of caregivers in nurturing and protecting children, ensuring access to essential resources for their well-being and development. Government’s Commitment to Social Welfare The decision to increase these grants reflects the government’s recognition of the challenges faced by vulnerable communities, exacerbated by economic uncertainties and the ongoing impact of the global pandemic. By providing incremental adjustments, SASSA aims to mitigate the effects of inflation and rising living costs, empowering recipients to meet their basic needs and maintain a decent standard of living. Final thoughts on SRD SASSA grants increase in 2024 In addition to the increases in 2024 grants, it’s important to note that the payment methods for SRD SASSA grants remain unchanged. Beneficiaries will continue to use their existing methods of payment without interruption. However, should any beneficiaries encounter difficulties or have inquiries regarding their payments, they are encouraged to reach out to SASSA customer service lines or visit their nearest offices for assistance.
Read MoreCardoso talks tough: Central Bank will “do what it takes”
Nigeria’s Central Bank has entered an “aggressive regulatory environment,” threatening to deal with players who don’t follow the rules, per answers from Olayemi Cardoso, the bank’s governor, in today’s monetary committee meeting. Facing FX volatility, the bank has adopted a raft of measures to bring stability and in today’s meeting, Cardoso spoke about collaborating with law enforcement agencies to enforce guidelines. He didn’t specify the guidelines law enforcement would enforce. “People will have to abide by those regulations and those that do not would face consequences for not doing so,” Cardoso said in Abuja on Tuesday afternoon. “We will do what we have to do.” Already, the bank raised the benchmark lending rate by 400 basis points to 22.75%, from 18.75%, in one swell move today, vowing to make more shocking policy moves in an attempt to resolve the country’s economic woes. The CBN also promised to generate more liquidity for the forex market. “Just today, we paid out another $400 million dollars that were so identified. In terms of the reserves, it has gone up to $34 billion,” the CBN governor said in today’s meeting, hinting that some of its recent moves—has paid off. Regulations on Binance Part of those aggressive moves involves CBN’s recent decision to prevent Nigerian users from selling USDT, on Binance, the world’s largest cryptocurrency exchange. Cardoso defended this move by calling the funds transfer through Binance “illicit flows.” According to him, “$26 billion has passed through Binance Nigeria from sources and users who we cannot identify.”
Read MoreNigeria U-turns on BDC operators, sells Dollars again to tame FX volatility
Nigeria’s Central Bank will begin selling dollars to eligible Bureau De Change operators (BDCs) at N1,301 per dollar in its latest effort to improve liquidity in the FX market, three years after Godwin Emefiele first banned the sale of the greenback to those operators. The apex bank will begin those sales after proposing more stringent rules for BDC operators last week, according to a circular published on Tuesday. The CBN hopes that this move will take the pressure off the banks and help meet the demand in the retail market. “What we’re hoping to accomplish by this, frankly, is to bring some sanity to an industry that arguably no longer serves the interests of those whom it was meant to protect,” CBN governor Olayemi Cardoso said at the end of the rate-setting meeting on Tuesday. The apex bank raised the benchmark lending rate to 22.75% in the most aggressive push to contain inflation. BDCs will only be permitted to sell to end-users at a margin not exceeding 1% above the purchase rate from CBN, according to the new directive. Analysts have said the CBN aims to eliminate street trading and standardize the operations of BDC operators with technology so their volumes and activities can be monitored in real time. Under ousted CBN Governor Godwin Emefiele, the CBN banned sales of FX to BDC operators in 2021. The apex bank reversed the two-year ban in August 2023. CBN raises interest rates by 400 basis points as it moves to “aggressive regulatory environment” Last week, the bank increased the minimum capital requirements for BDC operators to N2 billion for Tier 1 license holders and N500 million for Tier 2 licence. “We hope we’ll be able to increase competition from those who are genuine,” Cardoso said. CBN’s efforts to unify the naira have failed to hit home due to the bank’s inability to meet demand. As a result, the parallel market continued to be the viable source of supply, opening up a significant arbitrage opportunity. The prevailing thinking on the government’s side is that speculators are taking advantage of the situation to inflate prices artificially. Still, many experts disagree, pointing out an absence of liquidity as the real cause of the problems. TechCabal reported on Monday that the fear of being arrested by officials of Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has driven currency traders away from street trading. Last week, Nigerian authorities blocked access to crypto companies’ websites and pegged rates on Binance, a global crypto exchange.
Read MoreCBN raises interest rates by 400 basis points as it moves to “aggressive regulatory environment”
Nigeria’s Central Bank has raised the benchmark lending rate by 400 basis points to 22.75%, from 18.75% in the most aggressive push to contain inflation. Olayemi Cardoso, the CBN governor, announced this today after the bank’s Monetary Policy Committee (MPC) meeting that began Monday. The rate meeting, the first under Olayemi Cardoso, had been viewed by analysts as a test of the bank’s seriousness in curbing worsening inflation. At least five policy experts surveyed by TechCabal expected a 200 basis point hike today. Cardoso would be secretly hoping that rate decisions translate to the economy. A gap already exists between the central bank’s policy rate, yields on the short-dated paper it sells at auction and what is offered on government debt. Explaining the motive for the hawkish stance, Cardoso said MPC members were concerned about the persistent rise in the level of inflation and emphasized the commitment to reverse the trend. “Previous policy rate hikes have slowed the rise in inflationary pressure but not to a desirable extent,” he said. “Members concluded that inflation could pose more regulatory challenges in the near and medium term if not effectively anchored.” According to him, non-monetary factors were driving inflation. Experts told TechCabal that Nigeria’s rising inflation can’t only be solved by raising MPR. “Our current cost of living issues are being propelled by structural drivers and not by transient supply and demand issues,” Ikemesit Effiong, a partner at SBM Intelligence said. Understanding the motive for rate cuts or increases by the MPC committee would offer more insights into Cardoso plans for the economy, another analyst Kalu Aja said. It would be important to know if it’s a “unanimous decision or not,” Aja added. President Bola Tinubu’s reforms have been met with small pockets of protests across the country, with consumers lamenting that their spending power has been eroded. Inflation is at a nearly three decade high at 29.90, six months after Cardoso’s rise to head the CBN. Tinubu had appointed Cardoso—his long-term associate to man the Central Bank last September after his predecessor, Godwin Emefiele had done a poor job of controlling inflation which had attained an 18-year high mark in a space of six years. Emefiele’s time as governor was notable for expanding loans to the federal government, CBN-funded agricultural schemes, and artificially pegged exchange rates. Cardoso, who previously dismissed the impact of monetary policy meetings, is under pressure to deliver stability. Analysts would observe how impactful his reforms in stabilizing the naira will be after the Central Bank’s recent reforms on the Bureau De Change operators.
Read MoreMoonshot Conversations in Nairobi unravels AI’s potential and gaps in Africa
TechCabal, a pan-African tech publication, took Moonshot Conversations to Kenya, where panellists discussed various aspects of AI innovation and policy in Africa and the importance of representation and infrastructure. After winding up from an intense Africa Tech Summit in Nairobi, Big Cabal Media (BCM), the parent company of TechCabal, hosted Moonshot Conversations, a mini-series of its flagship Moonshot by TechCabal conference in Nairobi, Kenya. The first-ever Moonshot Conversations explored the state of artificial intelligence (AI) in Africa and the continent’s potential for AI solutions but acknowledged challenges, such as limited expertise and data scarcity in training AI. The event brought together media personalities, founders, policymakers, and technology lovers in Kenya and East Africa. The panel explored innovative ideas in AI and tech policy in Africa and was moderated by Tomiwa Aladekomo, CEO of BCM. Panellists included Nanjira Sambuli, a policy analyst and strategist, alongside Irene Mwendwa, executive director at Pollicy, and John Kamara, founder and CEO of Adanian Labs. Kicking off the discussion, Aladekomo asked, “What is the current state of AI in Africa?” To answer this, Sambuli said that innovation in Africa’s tech industry had evolved from mobile to AI and data contribution from smartphone users, “We have to figure out whether we’re talking about this as if it’s a brand new thing, or if it’s coming in as a continuum because then that helps us contextualise in one regard. In a sense, anybody who has a smartphone is innovating for AI because we are feeding data to what is coming to the end of things. We are seeing that evolve into innovation.” Mwendwa and Kamara highlighted the complex innovation landscape and challenges surrounding AI in Africa. The panellists rallied for progress beyond the current focus on financial solutions in the tech industry. They also pushed for diverse offerings from all players for a more inclusive and representative ecosystem. Still, AI innovation in Africa faces several hurdles. The extra focus on generative AI without proper assessment of resources and data creates limitations. Besides the political complexities surrounding digital health and AI, the lack of inclusivity in conversations and decision-making poses significant challenges. Kamara noted by saying, “We talk about AI and innovation. And it sounds like technology is where it’s at. But ultimately, everything ends up being one political, and then human. And so you got to pull things back there. But, again, because I’d love for this to be more solution-oriented.” To this point, it was clear that while Africa embraces AI, challenges remain. Limited local expertise, scarce data, and ethical concerns create roadblocks. More reliable infrastructure and clear regulations further hinder progress. However, Africa’s unique challenges present an opportunity to leapfrog other regions by developing customised AI solutions for pressing issues like agriculture, healthcare, and education. The session also acknowledged the inadequate infrastructure and public investment in science and technology which hinders progress. Robust regulation and policy frameworks tailored to the African context are essential for responsible and ethical AI adoption. Per Mwendwa, “There should be some national infrastructure. And the history of tech shows us that public investment has been a big determinant of any takeoff.” Despite the challenges, opportunities abound. Africa has the potential to become a leader in public interest technologies, particularly AI, by establishing strong public procurement mechanisms. Empowering women in the field and bridging the gender gap in tech is crucial for inclusive development. Moonshot Conversations aims to be more pan-African as it seeks to drive key dialogue around innovation and provide solutions to existing technology-based challenges. You can watch a round-up of the event here.
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👨🏿🚀TechCabal Daily – God wins with Mavin Records
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning There’s been a lot about AI in the news with Google’s Gemini spurring out innacurate Nazi content all through last week. In Africa, though, the conversation has always been centred around how the legislations are always ten steps behind the tech. But last year, Nigeria’s tech minister announced plans for an AI strategy that made many, as they say, change mouth. Critics argued that there are more pressing problems in the country from an ailing currency to ever-rising inflation and the growing scarcity of Five Alive Berry Blast. We, however, argue differently. In this article, my colleagues Faith and Ganiu talk about why Bosun Tijani’s AI plan is more than just a lofty ambition. In today’s edition UMG acquires majority stake in Mavin Records Paramount+ partners with Showmax Pontashego’s $25,000 debt OJireh Prime becomes Pryme The World Wide Web3 Opportunities Acquisitions Universal Music Group acquires majority stake in Mavin Records In 2012, long after the dispute between Nigeria’s record producer/musician Don Jazzy and D’banj led to the closure of their record label, Mo’ Hits Records, Don Jazzy branched out and his own record label, Mavin Records. The record label has grown to become one of the most renowned music labels in Africa housing some of Nigeria’s finest A-list artists including Tiwa Savage, Rema, and Grammy-nominated Arya Starr. Wande Coal, Reekado Banks and Iyanya were all formerly signed to the label. The music group has also recorded tremendous success with its entire roaster of artists since it began. For example, Rema’s big hit “Calm Down”—which peaked at No. 3 on the Hot 100 and remains in the top 10 on the chart after 56 weeks, recorded a staggering one billion streams on Spotify. Similarly, Mavin said its artists had achieved 6 billion in streams from their group releases. With an average payout of $0.003 to $0.005 per stream, Mavin earned an estimated $18 million to $30 million from streaming alone. With a lot of success behind its back and rising to become one of the most renowned record labels in Africa. Mavin has no intention to calm down. To fund its artist dreams, the entertainment group has had to rely on investors’ funds, raising $11 million since its launch. In October last year, the group said it was looking to be acquired. Universal Music Group and HYBE were touted as potential buyers at the time. The news: Yesterday, Universal Music Group (UMG), the largest record label in the world with $10 billion in revenue per year, acquired a majority stake in Mavin. While the terms of the deal are undisclosed, Billboard previously estimated the sales price to be around $125 million—$200 million. The acquisition by Universal means an exit for Mavin’s former investors Kupanda Capital and TPG Growth, which invested about $5 million in 2019. Don Jazzy and Tega Oghenejobo will remain at the helm with Kupanda Capital serving as strategic advisors. Mavin, which was estimated to be worth $25 million in 2019, reportedly generates more than $500,000 annually while its frontline catalogue generates over a million dollars in revenue. Mavin also makes an estimated $2 million from live events annually. The road ahead: The move could also lead to a complete acquisition by UMG which, in 2012, completed its acquisition of British multinational label EMI Records for $1.2 billion. Presently, UMG is estimated to control about 31% of the world’s music records and has acquired over fifteen companies globally across the past ten years. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Streaming Paramount+ lands in Africa via MultiChoice deal Despite a financial dip of $50 million for April to September 2023—the first half of its fiscal year—and a battled takeover bid from French giant Canal+, MultiChoice has shown no signs of slowing down. In November 2023, its streaming platform, Showmax, claimed the top spot in subscriber numbers, reaching 1.8 million subscribers, surpassing competitors like Netflix and Amazon Prime Video. This momentum continues with a game-changing deal: the African entertainment company has signed a licensing deal with US entertainment company, Paramount, which will see Paramount’s streaming platform—Paramount+—enter the African market. What’s in it for both companies? The deal will see a dedicated “Paramount+ branded destination” feature within the MultiChoice platform, with access to an audience of 22 million MultiChoice subscribers across 16 African countries. It also means Paramount+ won’t have to go through the lengthy licensing process foreign companies are subject to. MultiChoice viewers, on the other hand, will gain access to a wealth of content through this collaboration. They can expect programming from CBS, Paramount+ Originals, SHOWTIME, and Paramount Pictures, all housed within the dedicated “Paramount+ branded destination.” DStv subscribers will find a dedicated Paramount+ section within the DStv app, as well as a tile available within the Showmax app. This aligns with Paramount’s global strategy, which includes making Paramount+ available through “bundled partnerships” in key markets and “branded destinations” in local markets like Africa.MultiChoice, also continues its efforts to consolidate its position as the leading gateway to streaming services in Africa, following a successful relaunch of Showmax 2.0 in February 2024. E-commerce Ponatshego’s shutdown leaves a $25,000 debt trail Botswana’s e-commerce startup, Ponatshego, has left a revelation of unfulfilled promises since its shutdown a year ago. The startup, which offered a platform for consumers to order products online, ceased operations a year ago due to financial challenges. However, it left a debt of 350,000 pulas ($25,000) in unpaid refunds to customers whose goods were never delivered. Empty carts, empty promises: At one point, Motshidisi Ngaiti, one of the co-founders of Ponatshego, promised one customer that he would sell his car to settle the debts. One customer paid the startup 13,000 pulas (~$940) for a laptop but has only received a partial refund of 4,000 pulas (~$290). Another paid 7,000
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How to print JAMB 2024 mock exam slip
If you registered for the 2024 UTME and you also opted in for the optional mock examination, starting tomorrow, February 27th, 2024, you can print your mock notification slip to ensure a smooth experience on exam day. To print your JAMB mock slip, follow these simple steps: 1. Visit the official JAMB website Head over to jamb.gov.ng to access the necessary tools for printing your mock exam slip. 2. Navigate to the mock exam slip printing page Once on the website, locate the section for printing mock examination slips. You’ll find it via the menu icon on the top of the homepage. When you click the menu, scroll down, then you’ll find your next prompt right there. Better still, you can directly access the JAMB mock slip printing page through this link: https://slipsprinting.jamb.gov.ng/printmockexaminationslip 3. Enter required details Input the required information such as your JAMB registration number or email address used during registration. Ensure the details are accurate to avoid any issues with accessing your slip. 4. Verify and print JAMB mock exam slip After entering the necessary information, you should get your slip displayed to you. Afterwards, double-check to ensure accuracy. Once verified, proceed to virtually print your JAMB mock exam slip. You can then connect your PC or phone to a printer to get a hard copy of the document. If you encounter any error messages while trying to download, don’t panic. It could be due to the large number of candidates accessing the portal simultaneously. In such cases, try again later or during off-peak hours, like midnight, when the traffic is lower. 5. Visit a JAMB-approved CBT Centre If you encounter any difficulties printing your slip online, you can visit any JAMB-approved Computer-Based Test (CBT) centre. They will assist you in printing your mock exam slip hassle-free. Final thoughts on how to print your JAMB mock exam slip 2024 Remember, it’s essential to print your JAMB mock slip to know your exam venue, date, and time. This ensures you arrive well-prepared and on time for your mock examination. Don’t forget, the examination date remains March 7, 2024. So endeavour to print your mock exam slip at your earliest convenience.
Read MoreOjirehPrime becomes Pryme, seeks European banking licence
Nigerian fintech company OjirehPrime has changed its name to Pryme to expand to Europe, Central Asia, and the United Kingdom. The company said it has started applications to secure a European banking licence allowing it to reach the 12 million Africans (5.8 million are Nigerians) who live in Europe. Founded in 2018, Pryme provides digital banking services with access to loans and savings. Edoka Idoko, founder and CEO of the company, claimed Pryme now has 1 million downloads, with 250,000 month active users growing at 20% month-on-month. He also claimed the company processes N30 billion transactions monthly and $1.5 million annual recurring revenue. In 2023, Idoko said Pryme processed N330 billion transactions across 980,987 transaction counts. The CEO notes that from the beginning it was obvious that OjirehPrime was a mouth full, but it decided to retain the name until it was time to move to the next phase of the playbook. “Pryme has always been part of our plans and originally it’s supposed to be Prime but we needed that touch of creativity hence the introduction of ‘y’,” Idoko said. Pryme will also expand its product offering to include lending, insurance, and upgrading its bill payment offering. In July 2023, the company said it was in the market to raise $21 million in Series B funding, a big jump from the $1.2 million the company has raised since it was founded. Beyond the European market, Pryme said it has a long-term plan for the Asian market, precisely Uzbekistan. “Uzbekistan has a fast-growing tech environment, government support for the sector, and its market handshake with other economies,” Idoko said.
Read MoreIs Nigeria putting the cart before the horse with its AI ambitions?
In October 2023, two months after taking office, Bosun Tijani, Nigeria’s minister of communications, innovation, and digital economy, spoke about his strategic roadmap in an interview. One key takeaway from the eight-minute-long conversation was Nigeria’s bold dream for artificial intelligence (AI): “We want Nigeria to be one of the leading countries in AI in the world.” Tijani’s argument was simple: Nigeria must participate in developing the emerging technology to solve the nation’s problems. The minister discussed plans to create a comprehensive national AI strategy for Nigeria, following the footsteps of other African countries such as Tunisia, Mauritius, and Egypt. But Nigeria’s AI ambitions rubbed some Nigerians the wrong way and the pushback has been more than what Tijani envisaged. The criticism revolved around one point: Nigeria must address fundamental issues such as reliable electricity, food security, and poverty. To critics, pushing an AI agenda without fixing the basics puts the cart before the horse. In a nation that’s already struggling to tackle inflation and poverty, many consider the conversations around AI to be misplaced and premature. Yet it could be argued that Nigeria has made impressive technological progress despite these problems. Nigeria’s telecommunications revolution happened in 2001 when internet penetration was less than one percent. A similar argument can be made for the growth of Nigeria’s tech ecosystem, which led to the rise of homegrown multimillion-dollar startups. Nigeria is still far behind in the AI race compared to the rest of the world and Africa. Tunisia released its national AI strategy in 2019, while Nigeria has yet to develop one fully. “AI development is happening around the world in real-time. If Nigeria does not take its place, it will be left with the crumbs,” said Kehinde Olateru, CEO and Co-Founder of Zero Complex AI, a B2B technology startup, arguing that the development of AI will force rapid development in other areas. According to experts, if properly utilised, AI could optimise agriculture, improve healthcare delivery, and tackle security challenges – issues deeply intertwined with the very basics critics emphasise. AI’s uses in agriculture include pest and disease detection, harvesting and sorting, livestock management, and supply chain optimization, according to this TechCabal article, uses of AI in agriculture. In Senegal, there has been research into how combining algorithms with Internet of Things (IoT) detectors can develop sustainable automated irrigation systems. Africa’s AI market is projected to reach $6.9 billion in 2024, with widespread application across various sectors. There are concerns that focusing on AI would divert resources from crucial areas, but data suggests otherwise. Nigeria doesn’t have a mature AI ecosystem yet. In October 2023, Nigeria’s tech regulator, the National Information Technology Development Agency (NITDA) unveiled an AI research scheme to provide grants to startups and researchers. According to a new study on the state of AI in Africa, much work still has to be done in expanding computing facilities and data infrastructure. “Of the top 500 most powerful commercially available computer systems known to us, only one is located in Africa – in Morocco,” the report notes. If anything, balancing such lofty AI ambitions with immediate needs will require careful consideration. “Both can coexist. While we solve infrastructure challenges, we can build our capacity in AI,” Victor Famubode, an AI policy researcher told TechCabal. “It is not one or the other.”
Read MoreNigerian forex traders in hiding one week after nationwide EFCC raid
Following policy changes targeting Bureau de Change operators last week, operators and currency traders are staying away from street trading, three operators told TechCabal on Monday morning. At least two operators cited a fear of being arrested by officials of the Economic and Financial Crimes Commission (EFCC). The EFCC arrested over 100 currency traders in Lagos last week, according to a Nigerian publication, as FX volatility worsened. “A lot of BDC agents have been hiding since last week in fear of being arrested,” a trader at Masha, a spot where clusters of BDC operators could usually be found, told TechCabal. Abbas, another BDC operator who operates at Tejuosho, a shopping complex in Lagos, and a popular spot for currency traders, said he now operates from his office, instead of the open market where he used to make direct contact with new customers. In May 2023, Nigeria’s Central bank relaxed FX controls, hoping for stability and a harmonisation of rates. What happened instead was a steep fall in the value of the Naira, which the government is desperate to fix. The arrest of BDC operators is only the latest in a series of unorthodox policies. “[The CBN] believes that they are manipulating the market,” a person familiar with the CBN’s operations told TechCabal over a call. In the short term, the government and its supporters are hailing the short-term stability, with rates cooling to around ₦1500/$1 on Monday morning, down from ₦1800/$1 quoted on Friday, according to quotes from two currency traders. Nigerian authorities blocked access to the websites of crypto companies last week and also pegged rates on Binance, a global crypto exchange. The prevailing thinking on the government’s side is that speculators are taking advantage of the situation to artificially inflate prices, but many experts disagree, pointing out an absence of liquidity as the real cause of the problems. A source close to the CBN asserted to TechCabal that the change in the market, albeit positive, will only be temporary unless the apex bank makes systemic changes that will solve the liquidity problem. He shared optimism about some of the plans the apex bank has proposed to sustainably fix the problem. “The CBN may start funding Bureau de Change operators that have up-to-date records of their transactions. They may also increase interest rates and consequently encourage foreign investment into the country and reduce the demand for the dollar.” It has led to some short-term stability. This follows reports that the Central Bank of Nigeria, in collaboration with the National Security Adviser, raised task forces in the police force and the EFCC to raid and arrest speculators who the CBN says are engaging in illicit activities that are depreciating the naira.
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