GTBank increases staff salaries by 40% but still has the lowest personnel cost among Tier-1 banks
GTBank, Nigeria’s most cost-efficient commercial bank, quietly raised staff salaries by 40% in September 2024, responding to the ongoing cost of living crisis, four GTBank employees told TechCabal. “There was no prior communication before the increase. Even though there were speculations, I was not expecting the increase,” an assistant banking officer (ABO) who now earns ₦720,000 ($442) told TechCabal. An ABO is just one level above entry-level staff in GTBank’s employee structure, which has fewer staff levels than other Tier-1 banks. The bank, which prides itself on its low cost-to-income ratio, spent only ₦0.25 to make ₦1 in 2023 as it maintained its stance as Nigeria’s most profitable Tier-1 bank. The salary raise will do little to affect GTBank’s standing among Tier-1 banks, as it now spends ₦0.26 to make ₦1. In 2023, the bank spent ₦45.1 billion ($27.7 million)* on salaries, at least three times less than other Tier-1 banks. Despite raising salaries by almost half, which brings GTBank’s total personnel cost to ₦63.1 billion ($38.7 million), the bank still has the cheapest salary bill among other Tier-1 banks, according to the 2023 financial reports of all Tier-1 banks. GTBank did not immediately respond to a request for comments. President Tinubu’s economic reforms, including two currency devaluations and the removal of fuel subsidies, have caused the naira to lose nearly 70% of its value against the dollar and driven inflation up to 30%, putting significant pressure on Nigerian pockets. While the bank is responding to these economic changes, GTBank’s salary raise could have been made to prevent other banks from poaching employees. The bank doubled the salaries of its technology team in 2022 when multiple employees left GTBank for other banks and countries. The technology team still earns more than other employees in other divisions; a technology employee on the same level as an ABO earns roughly ₦1 million ($613), claimed one person with direct knowledge of the bank’s pay scale. The salary raise affected all 3,300 GTBank employees, a shift from the common banking sector practice where only head office staff enjoyed such benefits. This is the first salary increase in 2024 but the second in two years for GTBank staff. *Exchange rate used: $1 = ₦1630 The Globacom breach: How hackers held Nigeria’s telco giant hostage
Read More
New 2024 recruitment at the Nigeria FIRS and application details
The Federal Inland Revenue Service (FIRS) is opening its doors once again, providing an opportunity for young professionals across Nigeria. This news was made available via the official X handle of the tax body on the 21st of October, 2024. Are you passionate about contributing to Nigeria’s tax system and working within a reputable institution? The FIRS recruitment in Nigeria 2024 presents a chance to take your career to the next level. FIRS is actively seeking qualified individuals for the role of Tax Officers (Officer I and Officer II) in multiple locations around the country. If you have strong problem-solving abilities, analytical skills, and can communicate effectively, this could be the perfect role for you. Key qualities the 2024 FIRS recruitment in Nigeria requires The 2024 FIRS recruitment in Nigeria aims to attract candidates who exhibit the following qualities: Integrity and professionalism. Strong analytical thinking. Effective communication and problem-solving skills. Courage, ambition, and a desire to serve Nigeria. Working with FIRS means you will be joining a team that is integral to maximising the country’s revenue and simplifying tax processes. This is a role that calls for dynamic individuals who are ready to face challenges head-on and make meaningful contributions to Nigeria’s financial infrastructure. How to apply for FIRS recruitment in Nigeria 2024 The application process for FIRS recruitment in Nigeria 2024 will soon be made available on the official FIRS website. Here is a step-by-step guide on what to expect: Visit the FIRS official website: Candidates should regularly check the FIRS website for the release of the official application details, including deadlines and specific instructions. Review requirements: Once the application details are posted, ensure you review all requirements for eligibility. You will need to prepare relevant documents such as your CV, academic qualifications, and any other required paperwork. Submit your application: When the portal opens, candidates will be expected to submit their applications online by filling out the form, attaching necessary documents, and providing personal details. Monitor application status: After submission, keep checking the FIRS recruitment portal or email for updates regarding the next stages of the recruitment process. Why work at FIRS? Working at the Federal Inland Revenue Service provides a host of career benefits: Professional development: Being part of a team that plays a pivotal role in Nigeria’s economy means constant growth and learning. Competitive benefits: FIRS offers its employees excellent compensation packages. Job security: The role of a Tax Officer at FIRS provides long-term job security within one of Nigeria’s most important federal institutions. Final thoughts FIRS recruitment in Nigeria 2024 promises to be highly competitive, so it’s essential to stay informed. Regularly check the official website, reputable platforms like TechCabal, and FIRS social media channels to ensure you don’t miss key updates about the application timeline and requirements.
Read More
The Globacom breach: How hackers held Nigeria’s telco giant hostage
On the night of July 13, 2023, staff of Globacom—the Nigerian telecoms company that disrupted the industry in 2003 with ”per second” billing—could not access their emails or use work applications. Employees on the night shift didn’t panic because these glitches had become a pattern for at least two weeks. They spent the time talking, unaware this wasn’t another routine glitch. The July 13 disruption was the beginning of a major cyber attack that left Globacom’s staff unable to do any work. The scale of the disruption was impossible to ignore. Emails could not be sent or received, and vital work applications were inaccessible, leaving employees across multiple departments unable to get work done, said nine Globacom employees who asked not to be named. Image credit: Adaeze Chukwu for TechCabal The customer service team was the first to feel the heat. “Calls from customers were either not coming through or were being dropped,” said one person with direct knowledge of the matter. “We could not interact with customers.” Six Globacom employees confirmed customers could not call or email customer support for at least three weeks. One user posted on X on July 16, “I’m unable to reach Glo through emails, calls, or customer service numbers. The answer is always, ‘invalid number, or your call cannot be completed.” Image credit: Adaeze Chukwu for TechCabal Internally, messaging tools like Microsoft Teams went down, severing communications between Globacom’s teams. The Human Resource Management Information System (HRMIS) was unreachable, halting basic administrative functions like leave requests, overtime logs, and payroll processing. “We were coming to the office every day to sit around,” said an employee, describing work weeks with no updates from leadership or timeline for when systems would be restored. The worst news came later: according to three people familiar with the incident, hackers also accessed customer data. Conversations with over 30 people who asked not to be named discussing a sensitive company matter, revealed a picture of hackers likely gaining access to Globacom’s Domain Name System (DNS) in mid-2023. The Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) both confirmed the attack on Globacom but did not share specifics. Nigerian cloud provider hit with ransomware attack as government agency works to “swiftly resolve incident” According to a cybersecurity expert who requested anonymity, the attack on Globacom had been weeks in the making. The intermittent outages Globacom experienced leading up to the July 13 attack weren’t technical glitches–they were tests. The method of attack suggested a Domain Name System (DNS) hijack–a type of attack that redirects traffic from legitimate websites to malicious ones. In Globacom’s case, according to the expert, the hackers likely infiltrated their DNS, effectively gaining control over email servers and the work applications connected to them. “For four months, they didn’t know what happened and still don’t know,” said one former Globacom executive who asked not to be named. “Any customer data that was exposed has not been recovered, so there are many customers whose data might be sitting in the hacker’s hands.” According to the Nigeria Data Protection Act 2023, Globacom is required to notify the telecoms regulator, the Nigerian Communications Commission (NCC), “within 72 hours of becoming aware of a breach which is likely to result in a risk to the rights and freedoms of individuals.” Globacom didn’t report it; the commission approached them instead. “The attack was not reported by Globacom initially, but the Commission, through its Cybersecurity Emergency Response Teams (CERT), had monitored the impending attack and brought it up [with the company],” the NCC told TechCabal in a statement. The Data Protection Act allows the Nigeria Data Protection Commission (NDPC) to impose penalties on companies that fail to comply, including a fine of up to ₦10,000,000 or 2% of the company’s gross revenue if it’s a data controller of major importance. The NDPC did not respond to multiple requests for comments. Hackers like those responsible for the attack on Globacom are motivated by financial gain and the opportunity to expose vulnerabilities in large organisations. Four Globacom employees claimed the hackers demanded a ransom to restore access to the company’s systems. While the exact amount demanded remains unclear, Globacom did not pay. Globacom has not responded to three requests for comments since TechCabal first reached out in September 2023. With no internal communications tools, teams began communicating on Whatsapp, which continued until early 2024, six people with knowledge of the situation said. TechCabal saw several of those internal company messages. When TechCabal contacted three senior managers in September 2023 and requested their email addresses, two asked to speak on WhatsApp. The third person said they had “technical issues” with their email. “Usually, my account manager verifies my transactions via email for record purposes.” said one enterprise partner who has worked with Globacom for three years said. “In July 2023, my account manager said Globacom was having issues, and my transactions were verified on Whatsapp; I couldn’t reach my account manager through email for a month.” As the company continued to be locked out of its email, it moved to webmail, two people with direct knowledge of the situation said. The cyber attack on Globacom wasn’t an isolated incident–it’s part of a growing trend across Africa, where companies and institutions face unprecedented attacks. According to recent data from Check Point, African companies now face an average of 3,370 cyber attacks per week, the highest in the world. The report also showed a 74% increase in cyber attacks worldwide, showing that these attacks have become more sophisticated. In August 2023, another Telco giant, MTN Nigeria, experienced a DDoS attack. The NCC told TechCabal in a statement that “MTN systems proved to be robust as customer-facing services and customer data was not compromised as a result of the incident; hence, there was no need for the Commission to intervene.” According to Wikipedia, a Denial of Service (DoS) or DDoS attack is like a group of people crowding the entry door of a shop, making it hard for
Read MorePaidHR in talks for $1.5million seed round; introduces new cross-border payroll
PaidHR, a Nigerian startup that helps businesses manage their HR functions, is in talks with investors to raise a $1.5 million seed round. The company, which claimed it processed ₦11 billion in salaries in 2023, raised $500,000 in February 2023 from investors like Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, and Resilience 17. Founded in 2020, the startup is raising new funding to expand into new markets and scale its new product: a cross-border payroll that allows employees to be paid in multiple currencies. The cross-border payroll, which supports 49 currencies, will allow companies with employees in different countries to pay in their local currency. It is an important part of PaidHR’s expansion strategy. PaidHR’s cross-border payroll solution features a wallet that allows employees to convert their pay into any preferred currency and spend directly. To ensure regulatory compliance, PaidHR doesn’t hold customer deposits but partners with licensed financial institutions for transactions. PaidHR will earn transaction fees. “We are building HR management with an African context and some of our users have requested this feature,” said PaidHR CEO Seye Bandele. “We are building a cross-border solution but for the employed.” Pade processed ₦11bn in salaries in 2023 after landing Flutterwave as client PaidHR’s cross-border payroll adds to its suite of product which helps organizations with onboarding, HRIS, payroll, compliance, performance management, asset management, disciplinary actions, and exit processes for their employees. Last year, the startup introduced Earned Wage Access (EWA) which allows employees to access a portion of their earned wages before payday. “Before creating the wallet feature, we thought of a way to help users spend from where they earn,” Bandele said. The introduction of cross-border payroll will also serve as a buffer for Nigerians—who account for 80% of PaidHR’s clients—seeking to hedge against the naira by converting their salaries to FX of choice. The nation’s currency has been devalued by 70% since May 2023 forcing citizens to find alternatives. The new feature is expected to contribute significantly to PaidHR’s revenue. The startup, which currently serves 20 businesses with 60,000 employees, claims it has processed over ₦20 billion in salaries since the start of the year. The company is looking to expand into three new markets by Q2 next year.
Read More
Next Wave: Kenya’s silent e-commerce takeover
Cet article est aussi disponible en français <!– In partnership with –> First published 20 October, 2024 In the past decade, malls have become dominant retail hubs in Nairobi, Kenya’s capital, promising all-under-one-roof shopping, dining, and entertainment experiences. For real estate developers, the burgeoning urban middle class and foreign ex-pats have encouraged them to build more extensive and upscale malls, each promising a better experience. The belief that malls are the future of shopping has attracted investors and banks.p> The COVID-19 pandemic and the collapse of major supermarkets like Nakumatt and Tuskys–which were anchor tenants for most shopping malls—slowed the sector momentarily. A struggling middle class, the rise of e-commerce, and the fact that there were too many malls contributed to a footfall decline in shopping centres, with some, like Rosslyn Riviera in Nairobi’s diplomatic district of Gigiri, offering rent waivers of up to one year. Between 2020 and 2022, VC-backed e-commerce startups like Copia, Marketforce, iProcure and Sky.Garden promised to kill in-person shopping. In response, retail stores like Naivas, Quickmart, and Carrefour–the three biggest supermarket chains–developed online shopping apps. Most of the champions of online marketplaces, like Copia and Marketforce, have since been buried in dust and shadows, giving a false impression that e-commerce has failed to take off in Kenya. Next Wave continues after this ad. PalmPay is a leading fintech platform focused on driving economic empowerment across Africa. Trusted by over 35 million Nigerians and 1.1 million businesses. Start enjoying a 99.9% transaction success rate with Palmpay. Sign up here. According to the Central Bank of Kenya’s Financial Stability Report, Kenya’s brick-and-mortar retail could be in a slow decline. For two consecutive years to 2024, the country’s real estate has remained subdued because of low demand for commercial and residential units as merchants shift to online selling and organisations consider remote work. The sale and rental of retail and office spaces slowed in 2023 and the first half of 2024 compared to 2022, CBK said. Investors are now shunning big real estate developments like malls, even as landlords try to ensure they have a future. The mall model has been signing up one or two anchor tenants to bring foot traffic and rent remaining spaces to smaller retailers keen to capture hundreds of shoppers who visit daily. This model has declined as small retailers shift to selling directly from home. Malls come with high overhead costs–rent, utilities, and maintenance–which weigh heavily on small business owners. One small retailer told TechCabal that selling on social media platforms like WhatsApp and Facebook cuts all these costs and helps sustain profits. Social media platforms have become popular marketplaces where retailers can list products and interact with buyers at a much lower price than maintaining a physical mall outlet. Many small retailers are finding success in building direct relationships with their customers. Selling from home allows them to offer personalised, one-on-one service, which is highly valued. Customers appreciate the flexibility of home deliveries, a level of attention they often don’t receive in mall settings. With increased smartphone penetration and the convenience of mobile money platforms like M-Pesa and Airtel Money, Kenyans are becoming more comfortable with online shopping. Kenya’s logistical network, particularly outside major cities like Nairobi, is underdeveloped, making it costly to deliver products to customers. Unreliable postal services make deliveries slow and expensive, which established e-commerce platforms like Jumia and Kilimall struggle with. However, social sellers reach customers in regions where last-mile delivery remains challenging. Next Wave continues after this ad. Join us at the Bluechip AI & Data Summit 2024 on December 2nd in Lagos! Explore the future of Africa through AI and data-driven solutions. Connect with industry leaders, attend expert panels, and discover innovations reshaping finance, healthcare, and beyond. Don’t miss this opportunity. JOIN US While challenges such as trust issues and unreliable delivery systems remain, the growing influence of social media selling is slowly eroding in-person shopping. Kenyan consumers are price-sensitive, and many prefer to buy from local markets where they can bargain and inspect products in person. Social sellers have perfected this, giving customers room to negotiate in chats, an experience that mainstream e-commerce platforms do not offer. The return and warranty policies of big e-commerce platforms have been criticised for being cumbersome. Social sellers give customers the option of returning immediately to maintain the relationship with the buyers. As malls struggle to remain relevant, the future of retail in Kenya lies in smaller, more flexible operations. To stay competitive, small retailers have turned to technology, social media, and home-based businesses. While the death of shopping malls is not absolute, it reflects a broader global trend where shoppers seek convenience and business owners push to reduce operational costs. Some outdated shopping centres in downtown Nairobi have been converted to pick-up points, renting shelves to sellers. Adonijah Ndege, Senior Reporter, TechCabal. 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
Read More
👨🏿🚀TechCabal Daily – Evading crypto taxes? Bad idea
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! A new stream of searches for the Meta ray-ban glasses has been driving up the popularity of the hardware. While people are rediscovering the Meta Ray-Ban glasses—that first released in October 2023—for its 12 MP ultra-wide camera and integrated AI support for people with low vision, another Meta technology, the Quest 3S, gave the tech community more to ponder. Designed to blend the real world with the digital world, the new Quest 3S VR headset offers a better in-game experience as it uses the same chipset as the earlier-released Quest 3. On the Snapdragon XR2 Gen 2, load times and processing speeds are faster, yet, one noticeable flaw, according to tech reviews, has shown that Meta used the inferior lenses on the Quest 2 to cut corners on display quality. However, the Quest 3S is cheaper. Perhaps this is the price you pay for affordability? For $200 less, it looks like it. Meta is just another leap closer to sitting atop the throne in its hot pursuit of capturing major market share in the $4.4 billion mixed reality market. Crypto tax evaders in South Africa could face jail time Inside Kenya’s push for interoperability Cardoso says Nigeria is in a monolithic economy The World Wide Web3 Jobs Regulation Crypto tax evaders could face jail time, says SARS Image Source: Google South African Revenue Service (SARS) has warned crypto holders and traders that they could be penalised, or worse, face jail time for failing to declare crypto assets on tax returns. The tax collector confirmed it has teamed up with the Financial Sector Conduct Authority (FSCA), the financial markets regulator, to get information on asset holdings from local exchanges. While exchange platforms like Luno have stated that “it shares specific client data only with third-party service providers,” it could still be compelled to share information with persistent regulators in South Africa where it received a Virtual Asset Service Provider (VASP) licence in April. This could spell big trouble for anybody caught underreporting their crypto assets under the country’s Voluntary Disclosure Programme (VDP) where citizens report their taxable incomes. While crypto has previously been the dark horse of financial assets, regulators across Africa are starting to realise that there is a high rate of tax non-compliance due to the anonymity of crypto. Since it was not regulated, the government couldn’t tax it; people moved their holdings to crypto and those who had the means, mined more crypto without tax consequences. South Africa joined the top thirty countries globally with the highest crypto uptakes. In South Africa, the move to tax crypto started in 2018 after the regulator released a statement to tax crypto under income taxes. The country uses a progressive income tax rate, which has been adjusted throughout the years. Depending on the annual income, taxpayers pay a minimum of 18% on declared assets, and up to 45% in taxes. They earn back R17,235 ($980) through primary rebates. So, if a citizen declares R1,000,000 ($56,850) on their crypto assets, they’d pay R292,884 ($16,650) in income taxes. Other African countries like Nigeria, and recently Kenya, have announced plans to tax crypto users as they continue to find ways around formally regulating crypto. While it is still unclear whether these African countries are ready to regulate crypto as a legal financial asset, Kenya will choose an automatic approach, compared to South Africa, to tax crypto traders in real-time across every transaction. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Fintechs Inside Kenya’s push for interoperability Image Source: CBK In 2014, East African countries started talking about interoperability, which would allow customers to seamlessly transfer money and make payments between different banks and financial institutions within the region. Kenya took a stab at it with the launch of Pesalink in 2015 which connected various banks and financial institutions, allowing for instant transfers and payments between them. However, PesaLink was only limited to local bank payments, excluding fintechs, mobile money, Saccos, and MFBs. In 2018, the Central bank of Kenya (CBK) implemented the interoperable person-to-person payment systems, allowing customers to seamlessly transfer funds between different banks. The CBK further enhanced interoperability in 2022 by enabling seamless merchant payments. While the bank might have made solid progress by linking multiple local banks and merchants, there was no single payment system that connected multiple payment channels. In February 2024, the regulator began talks with industry players on a new payment system and to develop a Fast Payment System (FPS) that will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs). While the CBK is yet to announce the date for the launch, many are questioning why the CBK is opting to build a new system instead of enhancing the existing Pesalink platform. Implementing a new real-time system could take a few years. Critics also argue that investing in and improving Pesalink would be a more efficient and cost-effective approach to achieving nationwide interoperability. Another blocker facing the establishment of the FPS is that there has been a lack of cooperation and goodwill among key players. Safaricom, the dominant mobile money provider, has been particularly vocal in criticising regulators for allegedly favouring rival companies through their push for interoperability. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Regulation Cardoso says Nigeria is in a monolithic economy, the reforms are working Image Source: Andertoons Olayemi Cardoso, Nigeria’s central bank governor, in a fireside
Read More
See all the new WhatsApp updates in October 2024
WhatsApp recently dished out a delightful mix of fresh features designed to make communication experience even more interactive and user-friendly. See the row of latest WhatsApp features now available from October 2024 and how to get them working for you now: Status tagging/mentions The most prominent addition that a lot of users have been commending is the amazing feature that allows you to tag your contacts in your status. This is a feature that has been long overdue. No longer do you have to just vaguely hope someone sees your status. You can now directly tag them and ensure they’re in the loop. Whether you want to share an exciting update, make a shout out to them for a celebration, or you just want to make sure your friend sees your hilarious meme, this feature has got you covered. Share statuses One of the coolest new features in the WhatsApp new updates for October 2024 is the ability to share someone’s status directly to your own status or with a contact. So did you see something so great on someone else’s status that you just want to share it? Now, with just a couple of taps, you can pass it along to your friends or the wider world. This means you can easily get and share a friend ‘s status updates without having to ask them to send it to you or you needing to download third party apps to download WhatsApp status updates. Reacting to status Another standout feature of the WhatsApp new updates in October 2024, is the ability to react to statuses with a tap of the green heart. Feeling the love for someone’s holiday photos? Now, instead of leaving a comment or typing an emoji, you can simply tap that heart and move on with your day. It’s quick, easy, and perfect for those who want to acknowledge without the need for words (or for when words just fail!). Events in communities If you’re a member of a WhatsApp community, there’s more good news for you. You can now send events in community announcement groups! Planning a birthday party, meeting, or any kind of event? Get the message out in a flash. No need for endless back-and-forths — now your event details are neatly organised and shared with everyone. WhatsApp new updates October 2024 really wants to keep you on track with your social (or work) life! Video calls with a ‘Snapchat-like’ upgrade In yet another step to jazz up your video calls, WhatsApp has introduced the ability to add filters and backgrounds. You read that right. Just tap your video during the call, hit the ‘wand’ icon, and choose your filter. Whether you want to pretend you’re on a tropical island or add a little sparkle to your look, you can now do it without stepping out of your living room. Picture-in-Picture video and speed adjustment Another nifty addition in the latest WhatsApp in new updates October 2024 is the ability to adjust playback speed for videos and use picture-in-picture mode. Multi-taskers, this one’s for you. Now, you can watch videos while keeping up with your chats, and if a video is moving a bit too slow for your liking, you can speed it up and get through it faster. Communities’ group visibility and ownership transfer To wrap up, for all the community admins out there, WhatsApp now lets you adjust group visibility settings, archive chats faster, and even transfer community ownership smoothly. Whether you’re handing over the reins or just tidying up your group chats, these new features are designed to make your life easier. How to get the new October 2024 WhatsApp updates and get future updates ahead of others with WhatsApp Beta To enjoy all the fantastic new features WhatsApp has rolled out in October 2024, you’ll first need to ensure your app is up to date. Here’s a quick guide on how to update WhatsApp and even how to get ahead of the game by using WhatsApp Beta. Update WhatsApp: Go to the App Store (for iOS) or Google Play Store (for Android). Search for WhatsApp and click on Update if you see an available update. Once updated, open the app. What if the new features aren’t showing? Don’t worry if you don’t see the new features immediately after updating. For WhatsApp new updates, features often roll out gradually. The new tools will be activated for you soon — it’s just a matter of time. The good news is that once you have the update, the features will automatically kick in without any further effort from your side! Get future updates before anyone else: For those who like to stay ahead of the curve, you can join the WhatsApp Beta Programme to try out new features before they’re officially released. You can read how to join WhatsApp Beta here. Keep in mind that beta versions might have some bugs, but they are nothing to worry about, and you’ll always be the first to test out WhatsApp’s newest tricks! Final thoughts WhatsApp in new updates October 2024 is rolling out features that enhance both the fun and functionality of the app. So, update your WhatsApp, tag your friends, share statuses, and enjoy these exciting new tools! following these steps, you’ll always be at the forefront of WhatsApp’s latest developments, getting access to cutting-edge features like those in WhatsApp in new updates October 2024 well before others!
Read More
Reasons the Nigeria National Grid keeps collapsing a lot recently
In Nigeria, where power cuts are a normal part of life, one institution remains stubbornly committed to this national pastime: the Nigeria National Grid. It’s as though the grid has decided to audition for a Guinness World Record in “Most Frequent System Failures,” with October 2024 already providing enough material for an entire season of collapses. Why, you ask, does the national grid keep collapsing? Well, the reasons are as varied and complex as Lagos’s traffic jams. Let’s explore this tragicomedy. The Grid needed a nap First things first, let’s be clear—Nigeria’s power generation is like trying to fill an Olympic-size swimming pool with a teaspoon. The country generates a measly 4,000 to 4,500 megawatts of electricity for a population of around 200 million people. That’s the equivalent of trying to charge your smartphone with a potato, and then wondering why the battery percentage refuses to budge. So, of course, the Nigeria National Grid collapses every time someone so much as flips on an extra light switch in Lagos. The grid is like an overworked civil servant who’s had one too many tasks thrown at them, except this civil servant is expected to power homes, businesses, and industries across a vast nation. It simply can’t cope with the overwhelming demand. Imagine telling 200 million people, “Sorry, we’ve only got enough power for about 10 of you at any given time.” Naturally, the grid decides it’s better to collapse altogether than to deal with this monumental disappointment. Like an exhausted employee, it just takes an impromptu nap, plunging the country into yet another blackout. Sabotage or feature? You decide One theory making the rounds is that the frequent collapses are not accidents at all but rather “features” of the grid. If you’ve ever used software that crashes constantly, you’ll know that developers sometimes claim it’s a “feature, not a bug.” Could it be that Nigeria’s National Grid operates on this very principle? Maybe someone, somewhere in the labyrinth of bureaucracy, has decided that Nigerians don’t deserve/need constant power supply. After all, candlelight dinners are romantic, and who wouldn’t want a bit of nostalgia with kerosene lamps lighting up the living room? Equipment? What equipment? The Nigeria National Grid is only as good as its components, which seem to range from ancient relics to, well, slightly newer ancient relics. If one were to peek into the workings of the grid, one might discover equipment that was installed when colour television was still considered cutting-edge technology. Maintaining such a fragile, outdated system is like trying to keep a 50-year-old car running smoothly on daily long-distance drives. A spark here, a wire there, and poof—darkness. Who needs fancy modernisation when you’ve got history running through your electrical lines? The ghost of power past Another culprit in this drama is the mysterious “load imbalance” or, as I prefer to call it, “the ghost of power past.” You see, the Nigeria National Grid is terribly bad at distributing power. Some parts of the country get too much electricity, and others don’t even get enough to boil a kettle. This delicate balance is like playing Jenga with nuclear fuel rods—sooner or later, something’s going to tip over, and down goes the grid. The blame game: Who needs accountability? Finally, we must give a nod to the intricate and entertaining game of “Not My Fault.” Every time the grid collapses, there’s an instant chorus of explanations—none of which involve anyone actually taking responsibility. It’s either the fault of the distribution companies, the generating companies, or, of course, the citizens themselves, for expecting power in the first place. The truth? We’ll never know. But rest assured, the Nigeria National Grid will keep collapsing until someone figures it out and there’s a genuine overhaul of the system with unprecedented improvements. In conclusion, why does the Nigeria National Grid keep collapsing? Because, dear reader, that’s just how it’s designed: with a flair for drama, a touch of incompetence, and a sprinkle of chaos.
Read MoreGhanaian AI startup Aya Data raises $900,000 seed round
Aya Data, a Ghana-based AI startup that offers data collection and annotation services, has raised $900,000 seed round. The funding is a mix of debt and equity and will be used to scale two of its products, AyaGrow and AyaSpeech, and employ new talents. The new fund brings the startup’s total funding to $1.15 million. Aya Data previously raised $255,000 from Microtraction, Savannah Fund, and Scott Bell. The latest funding round was led by 54Collective, with participation from other angel investors. Launched in 2021 by Freddie Monk and Ama Larbi-Siaw, Aya Data employs individuals to collect and label data—images, videos, and texts—needed for the development of Large Language Models like ChatGPT and Gemini. The startup also claims it trains workers employed for data annotation tasks for highly-skilled technical roles like data engineering and data science. Beyond data annotation and collection, Ayadata builds custom AI solutions for businesses. The startup has two AI products: AyaGrow, a crop and field monitoring solution that empowers commercial and smallholder farmers through AI-driven precision agriculture; and AyaSpeech, an end-to-end speech-to-speech solution that allows businesses, consumers, and governments to interact in spoken, local African languages. Aya Data is part of a growing list of startups—Shaip, Sama, iMerit, Cloudfactory, Dataloop—that are enabling the development of AI systems globally. Large language models are trained on large swaths of data that must be collected and labelled correctly by humans. Global tech companies like Meta and OpenAI often outsource the data labelling and annotation tasks to companies like Aya Data in developing economies—India, the Philippines, Kenya’s Dadaab and Lebanon’s Shatila—who then hire individuals to accurately label and annotate these data. “We are dedicated to building local expertise that can leverage AI to tackle the continent’s most pressing challenges,” said Ama Larbi-Siaw, Aya Data co-founder and COO. In its consultancy business, the firm competes Brainpool.ai, Deeper Insights, SandTech, Pro AI, Faculty AI. However, these companies still outsource a lot of their data collection and data annotation tasks to business process outsourcing in developing economies. “Because we control everything in Ghana we can deliver faster and more efficiently without the risk of involving third parties,” notes Gillian Hammah, Marketing and Strategy officer at Aya Data. The business charges a fee for data annotation services. It made $500, 000 in revenue in 2023 and currently serves about 20 active clients including MIT, Seedtag, Unilever, Labelbox, and Nvidia among others. “The majority of our work has been with global clients, but we are increasingly focused on helping African businesses leverage AI to increase their competitiveness.” The business aims to to train 1000 data annotators, engineers, and scientists in the coming months and improve its inhouse products. “Ultimately we are working to enable as many businesses and people to benefit from AI as quickly as possible, and to ensure that the ability to build this technology to a world class standard exists in Ghana and other similar markets.”
Read MoreKenya’s central bank plans instant payment system across all banks and fintechs
The Central Bank of Kenya (CBK) wants to develop a new instant payment system, the biggest advance in the country’s money transfer network. The Fast Payment System (FPS), will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs). The Central Bank did not disclose the launch date for FPS. FPS will allow Kenyans to pay bills, send money, and other transactions regardless of their bank. It is a project that seeks to fix the interoperability issue that has made it a pain for payment systems to speak to each other. Pesalink, a payment switch by Kenyan banks and other financial institutions that facilitates electronic transactions between banks, mobile money providers, and other financial institutions in Kenya, was launched in 2015 to fix the interoperability issues. However, it does not have a utility payments segment, and it is not immediately clear where Pesalink will stand once FPS is activated. In February 2024, the regulator began talks with industry players on a new payment system and formed a working group—CBK-Industry Technical Working Group—to develop it. “(FPS) will integrate certain aspects of payment services that are offered by financial institutions. FPS will enable customers to send and receive money instantly from anyone, anytime, anywhere, regardless of the type of institution a customer belongs to,” the CBK said in a statement seen by TechCabal. In 2014, East African countries started talking about interoperability. The CBK made progress in 2018 and 2022 with person-to-person and merchant payments interoperability, respectively. Tens of local banks allow customers to pay for utilities and other services without being locked into one banking payment channel. “However, existing forms of interoperability have major challenges. They lack a centralised switching mechanism, use costly bilateral arrangements, and are closed in nature,” the CBK said, clarifying the need for FPS. “CBK and industry leaders are aligned on the need to address these challenges to mitigate the risk of duplication, reliance on fragmented domestic and international payment systems and lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).” Once implemented, FPS will make it easier for Kenyans to access financial services and stimulate economic activity through faster payments.
Read More