Kenya’s NCBA Group acquires insurer AIG Kenya for an undisclosed amount
Kenya’s NCBA Group, the fourth-biggest bank by market capitalisation, has acquired insurer AIG Kenya from American International Group Inc for an undisclosed amount. For the past 18 years, NCBA Group, Kenya’s fourth-biggest bank by market capitalisation, has held a minority share in the Kenyan subsidiary of insurer American International Group (AIG) Inc. Now, the lender has a bigger share of the pie. NCBA has acquired the insurer for an undisclosed amount. The lender finalised a 66.67% buyout deal that will give it full control of AIG Kenya, which controls 2.14% of Kenya’s insurance market, it said in a statement. The acquisition puts the lender on track to its ambitious expansion drive to become a “universal bank” that provides customers with all their financial needs, managing director John Gachoras said. With the buyout, NCBA is eyeing a larger share of Kenya’s $2.3 billion (KES300 billion) insurance industry. The acquisition comes at a time when Kenyan lenders have been moving into insurance to take up opportunities presented by low insurance penetration. Equity Group, the biggest bank in Kenya, announced in March that it will enter the general and health insurance market this month, following a successful launch of life insurance in 2022. “With insurance increasingly becoming a basic financial need for the type of customers we serve, an ecosystem of NCBA’s physical and digital distribution platforms and AIG Kenya’s insurance capabilities will unlock opportunities to catalyze deeper insurance market penetration in Kenya and the East Africa region,” said Gachora. Kenya’s insurance penetration is 3%, the fourth highest in Africa after South Africa (17%), Namibia (7.8%), and Morocco (3.9%). Insurance penetration in Africa’s economic powerhouses like Nigeria and Egypt trails their peers at 0.4% and 0.6%, respectively.
Read MoreGrocery delivery startup Mano expands to food delivery but it doesn’t want to serve everybody
Mano, a grocery delivery startup that serves high-brow areas in Lagos and Abuja, is expanding to Nigeria’s ultra-competitive food delivery segment. Founded in 2020 by Moe Nesr, Mano expanded to Nigeria in 2022 and delivers groceries and household appliances from its dark stores—physical stores that do not allow walk-ins—within a 10km radius. The Angolan startup has dark stores in Lekki, Victoria Island, Ikeja, and Wuse 2, offering deliveries in 40 minutes. With its expansion to food delivery, the self-described underdog wants to win a sizeable market share in the $936.5 million segment dominated by Chowdeck, Food Court, Glovo, and HeyFood. Bolt and Jumia exited the segment in late 2023. Mano is taking a different approach in a market where existing players are spending big on marketing, and facing pressure to reduce their commissions. Mano charges a flat delivery fee of ₦1,200 on all orders. While that’s more expensive than all other players, its focus on high-brow areas and the fact that it already charges similar fees for grocery deliveries means this is not a big risk. “We want to cater to the various palates of customers—the food enthusiasts who want to try a variety of food [no matter the price], and the aspirational customer who wants quality food at a moderate price,” said Fadekemi Adefemi, Mano’s marketing manager. The company also believes there are still many unsolved pain points in the food delivery business. “Delayed delivery, damaged food, cumbersome refund processes, are growing pain points of food delivery customers.” To solve these problems, it will take a different approach from its current operational model. While it owns the inventory for its grocery delivery business, its food delivery business will use an aggregation model similar to Chowdeck and Glovo. It will give Mano less control over food quality and preparation time. In their dark stores, Mano’s staff (pickers) can ensure quality by directly inspecting fresh produce and other items. This isn’t possible with an aggregation model that relies on partner restaurants. Mano’s solution is to allow customers to track their orders in real time—a feature many competitors offer. It will also only deliver within a 10km radius of its restaurant partners (at least one other food delivery service offers this option) and at the moment, it isn’t looking to add restaurants at breakneck speed. This is not a startup trying to blitzscale. “Mano seems to be slowly building a model that is not after scale but efficiency,” said a former food delivery executive. How YC-backed Chowdeck hit ₦1 billion in monthly order value “[Mano] is not looking to serve everybody,” Adefemi added. “If we have 1000 customers, we want to nurture them and ensure they have all they need. Adefemi clarifies that this “tactical approach” is not an absence of ambition. “We are revenue-focused, but we are a very data-driven team.” The company’s projections reportedly show revenue will grow steadily if it remains obsessed with consistently delivering quality at a steady pace. The company declined to share specific numbers about its number of users or active users, and the gross merchandise value that its grocery delivery arm has made so far. “The business is doing well, and even our investors [whom the company has raised over $4 million from] agree that the food delivery vertical is right and timely.” “We say among ourselves, ‘Mano is the underdog. You won’t see us everywhere, but we are moving and even so steadily.’”
Read MoreMara, a crypto startup backed by Coinbase, lost $16 million in 2022 as the leadership team fell apart
At the peak of 2021 crypto optimism, experts argued that Africans had to participate in the crypto economy, create products, and educate a continent of young people on a future that Web3 was sure to dominate. Those arguments led to the launch of startups like Mara (CoinMara Inc), a pan-African exchange that set out to “build Africa’s crypto economy.” Founded by Chinyere ‘Chi’ Nnadi, Lucas Llinás Múnera, Kate Kallot, and Dearg OBartuin in 2021, Mara was a hit with investors. In May 2022, it raised $23 million from Alameda Research, the trading arm of FTX, Coinbase Ventures, and 100 other investors at a pre-money valuation of $70 million. In a stunning reversal of fortunes that took only two years, Mara ran out of cash, with CEO Chineyere Nnadi registering a new entity named Jara in early 2024. Two cofounders who left the company in early 2023 claim that Nnadi only established the new company, Jara to avoid responsibility for Mara’s liabilities. “Mara could have been something extraordinary, but its CEO took it down a dark and rotten path,” those co-founders said in a note to investors. Chinyere Nnadi did not respond to multiple requests for comments for this article. A promising start for Mara Flush with funding in 2022, Mara began building a crypto wallet and a layer-1 blockchain backed by Mara tokens. According to Mara’s leadership team, everything was on track when Mara Wallet launched in February 2023 with “4 million verified users.” The company also touted its community of users earning Mara tokens for educating others about crypto. Like many startups that raised money at the height of the Zero Interest Rate Phenomenon (ZIRP) in 2021, Mara incinerated cash at an extraordinary pace, according to internal documents seen by TechCabal. It lost $15.9 million in 2022, according to a copy of an audited financial statement sent to investors. It didn’t report revenue because it hadn’t launched a product in 2022 yet expenses were already astronomical. Mara spent $9.1 million on salaries, bonuses, and allowances. It had 130 employees, said one person with knowledge of Mara’s operations. “We [paid high salaries] to attract talent [from well-paying companies like Apple and competitors like Yellow Card] but they didn’t always deliver,” Nnadi wrote in an investor report, acknowledging the company’s cash burn during its growth phase. With $5 million left in cash by the end of 2022, Mara began fundraising talks in 2023. Failure to raise follow-on funding worsened problems Mara’s timing could not have been worse. The end of ZIRP and the 2023 crypto winter made it difficult to raise cash. The departure of three of Mara’s cofounders effectively left only Nnadi running the company, and those exits spooked investors, one person claimed. Despite speaking to several investors for a possible $2-5 million raise, nothing materialised. Without fresh cash injection, Mara’s financial problems worsened. By June 2023, Mara had cut team size twice to save costs and seemed at risk of shutting down. One publication cited generous staff salaries and expensive marketing campaigns as big drains on the company’s resources. It owed vendors who provided technical services like compliance and communications tools over $3 million, three people with direct knowledge of the situation said. Those creditors are considering a Chapter 8/11 involuntary bankruptcy claim against Mara, according to communication seen by TechCabal. Mara also faced problems with its Mara Wallet, despite its 4 million-users claim. “At least 75% of the 4 million verified users Mara reported it had were fraudulent accounts,” one former executive said. “The financial incentive of the company’s referral program encouraged users to create fake Mara wallet accounts.“ Bogged down by financial problems and a poorly received Mara Wallet, Nnadi registered a new crypto company called Jara. By April 2024, Mara was no more, and in its place, there was Jara. “Mara no longer exists,” said a Telegram message from an anonymous community manager, who urged the nearly 10,000 users in the Mara Telegram group to download the new Jara app—a non-custodial crypto wallet. Users were told, “The company’s investors are aligned with the new vision.” Coinbase Ventures, one of its most prominent investors, did not immediately respond to comments. Nnadi offered to transfer the equity of Mara’s institutional investors and the tokenised shares of nearly 100 individual investors to Jara, said two people familiar with the matter. He also claimed he invested $700,000 of his funds into Jara, the same people said. The rebrand to Jara was to move past the “shoddy engineering work of the past and be more authentic to how Africans transact,” CEO Chinyere Nnadi told investors. In a separate memo, he also claimed an employee hired to work on the over-the-counter trading product stole $600,000 from the company’s first OTC transaction. However, former Mara executives have questions that may blight Jara’s new start. They claim Nnadi spent company funds with little oversight and question how money was spent. While the company’s 2022 financial statement showed directors earned a combined $2.6 million, it is unclear how much Nnadi drew as salary. Of five C-suite executives excluding Nnadi, three earned $170,000 each, a fourth earned $120,000 while another earned $600,000 annually. The combined earnings of those five executives were $1.23 million, suggesting Nnadi, the only executive whose salary was not disclosed may have earned as much as $1.3 million. There are also questions about $500,000 donated to Mara Foundation, the startup’s non-profit arm. “The Swiss government has formally launched action against the Mara Foundation,” one former executive wrote to investors. TechCabal could not independently verify that claim. At least two former executives also claim creating Jara is a way to avoid Mara’s liabilities. “Mara could have been something extraordinary, but its CEO took it down a dark and rotten path,” those executives said in a note to investors.
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JAMB to now issue customised SIM cards to UTME candidates
The Joint Admissions and Matriculation Board (JAMB) has just released its bulletin and a major news in it is the announcement of the introduction of JAMB customised SIM cards. This initiative, developed with the Nigerian Communications Commission (NCC), aims to streamline the Unified Tertiary Matriculation Examination (UTME) registration process. This move by JAMB may also curb the issue of lost lines faced by a lot of candidates in accessing their results for the 2024 UTME exercise. Things to note regarding the JAMB customised SIM cards: These SIM cards will only be accessible by parents/guardians of candidates. It’s valid for 5 years. The customised SIM cards will be available starting from the next UTME registration cycle, which is 2025. Benefits of the JAMB customised SIM cards Some benefits of the forthcoming JAMB customised SIM cards include: Enhanced security: Each SIM card will be uniquely tied to the candidate, reducing the risk of registration fraud. Simplified registration: Candidates will find the registration process more straightforward and user-friendly. Longevity: The five-year validity period means candidates can use the same SIM card for multiple registration cycles if necessary. Extension of student loan applications Through the JAMB bulletin, the Nigerian Education Loan Fund (NELFUND) has announced the extension of the student loan application process: 1. The extension is for state-owned institutions. 2. It adds 14 extra days to the deadline. 3. This is due to incomplete data submissions. 4. Approximately 1.2 million students will benefit. 5. N3 billion is allocated for disbursement. Promotion of STEAM education JAMB is partnering with key educational bodies to promote STEAM (Science, Technology, Engineering, Arts, and Mathematics) education: Partners include the Nigerian Academy of Science and Nigerian Academy of Letters. The initiative includes workshops and mentorship programmes. Targeted at students and teachers in Adamawa State. Forthcoming policy meeting and cut-off mark JAMB has announced a national policy meeting scheduled for July 18, 2024. This meeting will: 1. Set admission cut-off marks for the 2024/2025 academic year. 2. Include stakeholders such as the National University Commission (NUC) and heads of tertiary institutions. 3. Address policy issues affecting admissions and other related matters. Final thoughts on JAMB custom SIMs and more The JAMB 2024 latest bulletin highlights several significant updates. The introduction of customised SIM cards is a major step towards improving UTME registration. Other key updates include the extension of student loan applications, commendation from the National Assembly, efforts to address illegal admissions, and initiatives to promote STEAM education.
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The importance of enabling Nigerian family-owned businesses to grow
This article was contributed to TechCabal by Tosin Eniolorunda. An indisputable fact – which probably deserves more frequent reiteration – is that family-owned businesses are the heartbeat of the Nigerian economy. From the local shop selling bread to large factories spanning the country, family-owned businesses of all shapes and sizes significantly impact Nigeria’s economy and society. It is gratifying to note that there are many thriving examples across Nigeria: FCMB Group – steered by Ladi Balogun and building on his father’s legacy; GiG Group – now under the leadership of Chidi Ajaere, who also took over from his father. And let’s not forget Brila FM, run by Deborah Izamoje, while her father, Larry Izamoje, chairs the parent company. Beyond major enterprises and conglomerates, outside of the bustling big cities, even more stories thrive in the informal sector. Ibadan-based Alhaja Betterlife is one such success, taking over the food service business from her mother and training two of her children for the future. Alhaja BetterLife and daughter | Image source: Moneipoint This phenomenon is not restricted to Nigeria. Family-owned businesses are estimated to contribute 70% of global GDP. In Nigeria specifically, family-owned enterprises are resilient because they have to be. They have often weathered several economic and political storms without relying on investors and sometimes even take pay cuts to keep the ship sailing. While granular figures are hard to come by, 2018 data shows that education and healthcare were Nigeria’s leading family-owned business sectors, generating over $1 billion in revenues. Globally, family enterprises lean towards consumer goods such as food and fashion, with a notable presence in mobility, suggesting that there’s more room for Nigerian family businesses to diversify. But what does a family business look like? And how does it operate and survive? Wherever you travel in Nigeria, youngsters are easily found learning how to run businesses from a parent, an uncle or aunt, or another family figure of authority. For new entrepreneurs, establishing a business in a parent’s trade is an attractive proposition. Having learned from their parents, offspring often build adjacent businesses, either supporting or diversifying the main family business. Such diversification leverages the primary business’s brand reputation and social goodwill to help it thrive. This set-up ensures that when times are tough, the family-based group can support any needy part of the portfolio with proceeds from thriving ones. Regardless of the sector or company structure, trust is a critical currency for businesses. Family-owned businesses typically benefit from abundant trust both internally and with customers. Studies show that customers are 12% more likely to trust family-owned businesses. Data also shows that family-owned businesses tend to have more substantial cash flow, which they invest back into the business. This is a crucial factor in their success, as family businesses typically must ensure that the business makes money across generations and has solid cash flow. Business processes must also be watertight to prevent theft or missing funds. A relentless focus on cash flow and processes is a fantastic base for family-owned businesses seeking expansion. However, what often enables fast-growing enterprises to take the next step is access to capital. Fortunately, family-owned businesses can — by using technology to meet this need — grow and prosper. Thanks to the growing availability of digital business banking systems providing effective cash flow management and smooth payments, credit histories can be established, making working capital loans possible. The next step for expansion — previously very difficult — now becomes realistic. The story of Nigerian family-owned businesses is one of resilience, adaptation, and enduring legacy. I’m proud Moniepoint has brought financial security to millions of family-owned businesses nationwide by providing reliable business banking, smooth payments, and cash flow management products – enabling access to working capital loans. With the proper support, these enterprises can navigate the challenges of the modern world, ensuring their place in Nigeria’s economic history and future prosperity. — Tosin Eniolorunda is the Group CEO of Moniepoint Inc. He’s building software tools and payment infrastructure that simplifies how banks, businesses, and people pay, collect, grow, and manage money to facilitate happiness for humanity. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read MoreCentre Stage: Ruby Igwe wants to train the next generation of Africa’s tech changemakers
Ruby Igwe realised corporate legal work wasn’t as hands-on as she wanted, so she transitioned into film production. For many people, that made a lot of sense, as she grew up on movie sets assisting her mother, Amaka Igwe, a renowned Nigerian filmmaker. After six months, Ruby transitioned into project management and eventually became head of operations for a media company. But that wasn’t her final act. In 2020, as the COVID-19 pandemic reshaped work life across the globe, Ruby Igwe embarked on yet another work journey into the tech space. She was hired as the Country Activation Manager at Sand Technologies, overseeing talent acquisition and management. She eventually became the first female and youngest Country General Manager in the region where she’s worked for the last two years, empowering millions of youth and women with in-demand tech skills and training. How will people around you describe you? Ruby Igwe: I believe they would describe me as hardworking, empathetic and resilient, as well as someone who brings their whole self to work. Executive leaders like me are caught daily between driving team members for optimum performance and managing emotions. I am a self-aware leader, and I respect people first as human beings with stories and context, not tools. I am also a creative person, and this is reflected in my work. What’s the best thing about your work? RI: I love my team. I believe that I have a very strong, innovative and supportive team and I enjoy working with them. I also love the work we do to enhance tech and entrepreneurship skills among youths and women and contribute directly to Nigeria’s unemployment, entrepreneurship, and workforce development. I feel fulfilled working with my team to impact over 145,000 youths in Nigeria with better livelihoods. You’re also the co-founder of archiv.ng. Tell us about that. RI: Archivi.ng is a non-profit actively contributing to the critical mission of preserving Nigeria’s history through the digital documentation of newspapers and other materials; and then making them accessible to everyone online. As someone passionate about culture, our creative industries and infrastructure development, I believe that our history must be accessible to anyone. Fu’ad Lawal leads the charge here and has been working tirelessly with a formidable team of staff, supporters and volunteers. So far, we have 4,029 newspapers scanned, over 60,000 pages scanned and $23,073 raised thus far. We are also currently fundraising for our next phase of operations. I’m excited about this project and the doggedness of our team, and I am looking forward to being even more hands-on than I have been able to be lately. Tell us about ALX. How does it tie into your values or personality? RI: ALX is a tech accelerator that seeks to provide tech jobs and build entrepreneurial capacity for Africans. We want to build Africa’s doers and changemakers by focusing on young people and offering accessible programs that empower the next generation of technology innovators, entrepreneurs, and business leaders through challenging real-world coursework. We have special courses in artificial intelligence, data analytics, software engineering, and cloud computing, among others and through ALX Ventures, we are shaping and supporting ethical entrepreneurial leaders. Personally, two things have guided my personal and professional life – quality service and infrastructural development. My work at ALX aligns with my core values as it involves invested work in transforming lives, ecosystems, and infrastructure in Nigeria and Africa. I am thankful daily that I am serving my nation and people with my talents and directly contributing to her growth. You’re operating in the same space as other edtechs like Alt School, Miva etc. What makes ALX different? RI: ALX doesn’t just tech train. We have a thriving learning community, the largest across the region, which fosters peer collaboration, prototyping, wholesome soft skills development and lifelong learning among learners. We have a high rate of applicants seeing their programmes through because of our community-first approach. Also, we have a robust “ALX fellows,” a nest for graduates to exchange ideas and identify opportunities for job placements. Our learners also find jobs soon after graduation or go on to create jobs as entrepreneurs. Our mission differentiates us: we impart technical and, most importantly, soft skills that turn learners into competent and ethical leaders in society. Sand Technologies is bullish on AI. Do you think the Nigerian market is ripe for AI? RI: There is a current AI boom that is fueling global market gains and the world isn’t going to wait for us. The market size is projected to reach US$305.90 billion by this year, showing an annual growth rate of 15.83% between 2024 and 2030. Countries like Singapore, Canada and New Zealand are leading in AI, and Nigeria must jump in quickly. We are often reactive in the technology industry when we have the potential to be market leaders if we have faith in home-grown innovations and our talents. We have shown promising signs of technology adoption, so we must create the market and allow the free interplay of all forces. Are there any AI-related projects that you are (the company) currently working on? RI: Yes, we recently launched one of Africa’s flagship programs on AI called the AI Career Essentials (AiCE). It is an online six-week programme that empowers learners to use AI tools to accomplish professional tasks, ace interviews, and solve complex problems. We expose our learners to technical and knowledge skills that will position them as industry competitors within a short period. I encourage Nigerians to enrol and learn basic AI skills to boost their careers. Also, after going through the Software Engineering program, there is an Applied AI course where learners can try to build their tools. What’s the plan for Sand Technologies in the next five years? Ruby Igwe: We remain committed to our vision of shaping and empowering three million ethical and entrepreneurial leaders across Africa by closing the skill gap and technical challenges through the delivery of in-demand tech skills training and soft skills development. We
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Rethinking fintech distribution in Africa: The role of ‘undiscovered founders’
This article was contributed to TechCabal by Ajibola Awojobi. Flashy new tech companies and cutting-edge tech get a lot of buzz. But for investors, the real excitement lies in booming tech hubs, areas where new companies are constantly popping up, fueled by money from around the world. These up-and-coming hubs offer a chance for quick profits compared to the crowded tech industries in more advanced markets. That has been the tale of fintech in Africa over the past few years. Many in the global investment community have looked at the continent as the “future” or “next frontier” of financial technology, with investments flooding into the sector at an unprecedented rate. From 2016 to 2022, funding for African startups grew 18.5x, 45% of which was attributable to fintech, per a McKinsey report. In the eight years to 2023, nearly $4 billion in equity funding was poured into fintech startups, while the sector accounted for around half of the total financing raised last year. The surge in funding is partly behind the boom in Africa’s fintech, propelling it to rank as one of the fastest-growing in the world. But the concentration of investor capital on a select few players (in 2023, 75% of all equity funding secured by African fintech startups went to just ten companies) has inadvertently made the sector a “land of giants” of some sort—a top-heavy ecosystem that may overlook a vast untapped potential. A handful of well-known names dominate fintech headlines and funding. Companies like Flutterwave, Chipper Cash, MNT Halan, TymeBank, Wave, Jumo, and OPay have become household names, nearly all valued at over $1 billion. While their success is commendable, this concentration of resources raises a crucial question about the broader impact on financial inclusion across the continent. It limits innovation and creates a narrow funnel for financial services distribution, potentially leaving millions underserved. Despite the growth of fintech, financial exclusion remains a significant challenge in Africa. Sub-Saharan Africa’s banked population jumped from only 23% in 2011, but most Africans still do not have bank accounts. Around 360 million adults in the region do not have access to any form of account—roughly 17% of the global unbanked population, per World Bank estimates. This vast number represents not just a challenge but an enormous opportunity for a different kind of financial innovation and venture building. “Undiscovered Founders” Traditional financial institutions and even fintech startups have struggled to reach these populations due to various factors, including low urbanisation rates, infrastructure limitations, high operational costs, and a lack of tailored products. This is where the power of undiscovered founders lies. These religious leaders, community leaders, and small business owners have established trust, credibility, and deep connections within their local communities. Still, they may lack the technical expertise or capital to launch fintech ventures. They understand their neighbours’ financial needs and challenges, acting as bridges between the formal and informal financial sectors. The power of these untapped networks cannot be overstated. In many African communities, trust is currency, and these leaders have spent years building social capital. For instance, a pastor in a rural Nigerian village might have more influence over financial decisions in their community than any glossy marketing campaign from a Lagos-based fintech company. While these potential founders hold immense potential through their network and trust, they face significant challenges in leveraging these to provide tech-driven financial services. Access to capital is a major obstacle. Banks view them as high-risk borrowers, while traditional venture capital rarely reaches these individuals, making it difficult to secure funding for starting or expanding financial service offerings. In addition, many lack the technical skills to build and maintain fintech platforms, while navigating the complex world of financial regulations can be daunting. Here’s where the concept of white labelling emerges as a game-changer. Put simply, white labelling is the practice of one company making a product or service that other companies rebrand and sell as their own. This model could be adapted to empower undiscovered founders by providing them with ready-made, compliant fintech solutions (technological infrastructure and core services) that they can brand and distribute within their networks. Imagine a community leader partnering with a fintech company to offer their congregation or local businesses branded mobile wallets or microloans. The established company handles the complex back-end technology and regulatory compliance, while the community leader leverages their trusted network for customer acquisition. This approach solves several problems simultaneously: undiscovered founders get affordable access to advanced technology, existing trust networks are leveraged for customer acquisition, and regulatory compliance is ensured through the central platform. It also offers a distinct advantage over traditional funding models. Empowering multiple “mini-startups” across the continent through this model could prove more cost-effective than pouring resources into a single large-scale venture. The analogy of Coca-Cola’s distribution system comes to mind. Its success in reaching even the most remote parts of Africa is attributed to its micro-distribution centres (MDCs) in Africa — small hubs that distribute beverages to small retailers. Over 3,000 of those are usually run by individuals who live in the community; they employ local people and handle the last-mile distribution. They create around 20,000 jobs and generate millions of dollars in annual revenue. Similarly, empowering undiscovered founders creates a capillary network of financial service providers, reaching the farthest corners of the continent. Consider the cost-effectiveness: Imagine funding 100 local leaders, each reaching 1,000 individuals, compared to funding one large fintech startup aiming to reach 100,000. The white-labelling model fosters a more cost-efficient and geographically expansive approach to financial inclusion. Instead of one company trying to penetrate diverse markets, hundreds or thousands of local leaders could adapt services to their specific communities. Beyond financial inclusion Increasing account ownership and usage could increase GDP by up to 14% in economies like Nigeria. By leveraging undiscovered founders, we could accelerate this growth while ensuring it’s more evenly distributed. However, the implications of this model extend far beyond just increasing access to bank accounts or broad financial services. Empowering local leaders as fintech distributors
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👨🏿🚀TechCabal Daily – Is Kano building a tech pyramid?
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month We’ve got something coming at the end of this month in the newsletter, and we’re pretty excited about it. We don’t want to phrase it as the answer to all your problems, but it’s definitely the solution to most of ours. . In the meantime, you can satiate your thirst for knowledge with this report on the evolution of payments in Nigeria which our Insights team created with Zone. If you’re more of a visual learner, watch our team show you how we created one of Africa’s most ambitious tech conferences, Moonshot by TechCabal. In today’s edition Nigerian POS operators have 6 more days to register their businesses Nigerians can now earn money on Facebook and Instagram Kano is building new pyramids out of tech How much is climate change worth to African tech? The World Wide Web3 Opportunities Fintech Nigeria needs to register 30,000 POS operators per day to meet July 7 deadline What’s one thing you can find on every street in Nigeria? Here are a few hints: it requires a firm grip, and careful finger-play will give you what you want. If your answer is a PoS machine, you’re right. If it’s anything else, you may want to check out our sister publication Zikoko Daily instead. Anyway, POS operators and their machines have become as much a Nigerian staple as garri or those stained tupperware people never throw away. As of March 2024, there were over 2.7 million PoS terminals and 1.9 million PoS agents in the country; so it makes sense when Nigeria’s business regulator said, over the weekend, that it’s battling 15,000 applications per day for its fintech regularisation exercise. A hard lesson on deadlines: If you’re wondering what this exercise is, we could say it’s Nigeria’s attempt to curb PoS fraud. From 2022 to 2023, over ₦1.95 billion ($1.2 million) was lost to PoS-related fraud. These types of fraud also accounted for ¼ of all Nigerian fraud incidents in 2023. So back in January 2024, the country’s apex bank started working with several agencies to create a new feature to flag fraudulent transactions on PoS terminals. This feature cascaded into a rule that requires fintechs to register all their PoS operators with the Corporate Affairs Commission (CAC) by July 7, 2024. With 6 days left on the clock, the CAC has noted that it’s handling over 15,000 applications every day—weekends included—to meet up. But the truth is, with the 62-day notice it gave POS operators, it should be handling at least twice that amount if it doesn’t plan to extend the deadline. A new portal: This “unprecedented” number has pushed the agency to launch the Special Registration Portal (SRP). More importantly, it says it has granted fintechs APIs to the SRP so they can register their agents and merchants on their own platforms. A penny for your troubles: It’s not all gloom for the CAC. With registration at ₦10,000 ($6.48) a pop, it should pocket a neat ₦19 billion ($12.3 million) from the exercise if it manages to register all 1.9 million operators. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. Startups Kano is building new pyramids out of tech If you asked anyone on the street about the most prominent Nigerian startup cities, chances are that they’ll mention Lagos, or Abuja. And it’s for good reason too. Startups based in Lagos, Nigeria’s tech capital, accounted for 88% of the nation’s $2 billion tech funding from 2015-2022. The state is home to at least two of the continent’s existing unicorns—Opay and Interswitch—and is the birthplace of over 508 other startups including PiggyVest, Paystack, and Jumia. If you go out of the streets and into tech events or conferences, you may find more ingrained and experienced stakeholders mentioning Ibadan, Enugu or Kaduna as other startup cities. Earlier this year, we wrote about Kaduna’s budding tech ecosystem where the state government donated seven hectares of land for a tech university. Nigeria’s second-largest industrial zone: One state you may not find many people speaking much about in the tech context, despite its rich economic history, is Kano. One Google search will show you images of the state’s groundnut pyramids which symbolised Nigeria’s agricultural wealth in the 1960s. Another search will show you that the city whose Hausa nickname, “Tumbin Giwa”, translates to “Centre of Commerce”, is the second-largest industrial zone in Nigeria with a $12.39 billion market. This commercial busyness might now be bleeding into the state’s ecosystem as the state made the list for the 2024 Startup Index. With over 60 startups—a 1,100% increase from 2021’s five startups—Kano’s techpreneurs believe that the spotlight will come only after startups in the state have figured out other critical challenges. “There’s a huge gap between the training and impact we see in the ecosystem at the moment. A lot of us are still using the templates from other places to train Kano youth, and it’s not the right fit. Funding is important, but the things we do before getting to where we need funding should also be focused on, said Aisha Tofa, the co-founder of Startup Kano. Here’s more on how Kano is becoming one of Nigeria’s biggest startup cities. Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. Get started today. Creator Economy Nigerians can now earn money on Facebook and Instagram For content creators on the continent, chances are the only way to make money on social media is via brand deals. Platforms like TikTok and Meta have refused to open monetisation opportunities to creators domiciled on the continent. In 2023, X (Twitter)
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🚀Entering Tech #68: Who’s to blame for “oga-driven” development?
Here’s how to step up your game as a product manager. 29 || June || 2024 View in Browser In partnership with Issue #68 Can PMs fightoga-driven development? Share this newsletter Greetings ET people If you work in a startup, then you should be familiar with today’s topic: “Oga-Driven Development.” Have you ever battled principalities and powers (sorry your CEO) at work on whether or not to build a product? For those unfamiliar with the term, “oga” is a Nigerian pidgin word for “boss” or “superior”—like your CEO. So, what happens when product decisions are primarily driven by your boss’s gut feeling rather than data, user needs, or team insights? (Do they get these ideas from their dreams?) And how does that affect your work as a product manager? Sometimes founders think these product features will get them closer to their goals—or maybe they think it is the next best thing since sliced bread. Temi Giwa’s article on why this phenomenon might indeed be the PM’s fault had people arguing on Twitter. In the article, Temi says that every bad feature is (not) the fault of the PM who built it and that “training schools are churning out product management certificates but their graduates can’t get a job as a PM.” Whether you agree or not, we are not here to judge you. We spoke to Temi herself, a product lead at Paystack, Karen Ginigeme, an experienced product manager in the UK, Elizabeth Ajao, an award-winning product manager, and our very own product manager at Big Cabal Media, Chioma Nwandiko, to share their thoughts. Faith Omoniyi & Emmanuel Nwosu What is “oga-driven” development? (ego-driven development) Your job as a product manager is to build a great product. And your CEO’s job is to show you the vision for the product that you want to build. Sometimes, your ideas on what you think your company needs at a particular time might differ from your CEO’s vision, even though you both want the same thing. Often, your boss has a strong opinion about what features should be built or how the product should work, and these opinions drive the development process, even when the opinions are wrong. GIF Source: @omotayo.ade (TikTok) Now, you might be thinking, “Isn’t that how it should be? The boss knows best, right?” Well, not always. CEOs in startups are typically the first product owners, meaning they play a key role in decision-making. Sometimes, shedding that responsibility fully might be hard for them, even after they’ve hired a product manager. However, as specialists, product managers play a key role in developing and implementing (new) products and features. As a product manager, you’ve got a unique perspective that even the CEO might not have. You’re talking to users, getting feedback, looking at data, and working closely with the development team. All of these inform you with perspectives that might be different from your boss. But here’s the tricky part: Your boss isn’t always wrong. Sometimes, they have insights or visions that could take the product to the next level. The challenge is figuring out when to push back and when to get on board. It’s like a dance. You need to learn how to move with your oga’s rhythm while also guiding them toward what you believe is best for the product and the users. In data, we trust There is an office lingo that goes, “In God we trust, everybody else must bring data.” In one of her “oga-driven development” experiences, Temi shared an instance when her boss wanted to build an exciting product. She didn’t have faith in what they were building and raised it with her boss after running the numbers. Temi Giwa “We were going to burn money for the next five years,” she shared. She asked questions about her CEO’s decision, and allowed them to convince her. It reminds us of this funny video that shows a product manager’s reality in tech companies that want to prioritise generative AI for their product roadmap because it’s trending right now. When things aren’t all it seems with a product your boss wants to prioritise, ask questions about what they think the product or feature addition will do for the company, what other success metrics you can use to rate that decision and run tests on a smaller scale. There are two sides to this outcome: It is either you key into their vision for the product, or convince them why that addition is a bad idea. But, do you stand any chance to control product development decisions as an entry-level product manager? Expert PMs who spoke to us all agree that when you get hired in a tech company as a product manager, you must spend time building stakeholder trust. You do this by communicating effectively. When we pressed further, Elizabeth shared that she had worked with bosses who gave her product ownership, and she had also worked with others who didn’t shed the same level of authority as her, no matter what lengths she went to. She advised new PMs to focus on building friendly work relationships with their bosses. One thing product boot camps don’t teach you is how to build this trust. Product managers are domain experts in any product they build. *Newsletter continues after ad Attend the Mastercard Foundation EdTech Conference The Mastercard Foundation is hosting its inaugural EdTech Conference from July 8 – 10, 2024 at the Transcorp Hilton in Abuja, Nigeria. The Mastercard Foundation EdTech Conference, in partnership with the Federal Government of Nigeria, is themed ‘Education Technology for Resilient and Inclusive Learning in Africa.’Expect conversations on the current state of the EdTech ecosystem, emerging trends, the role of EdTech in solving Africa’s educational challenges and much more. Click here to find out more. How to balance influence Three main levers contribute to excellence as a product manager: bravery, domain expertise, and top-notch collaboration skills. These factors affect the work you do, and how other stakeholders and higher-ups are able to trust your
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Two ways to check 2024 supplementary JAMB results
The Joint Admissions and Matriculation Board (JAMB) has officially unveiled the results for candidates who participated in the supplementary Unified Tertiary Matriculation Examination (UTME) held from June 21st to June 22nd, 2024. This supplementary exam catered to 28,835 candidates who encountered biometric verification issues during the main 2024 UTME. Additionally, it offered a second chance to candidates suspected of involvement in examination malpractice during the primary UTME. Here, we show you ways to check 2024 supplementary JAMB exam results. Admonition to candidates Candidates are strongly advised to avoid any form of misconduct after these examinations. These include: Refraining from seeking score upgrades from unauthorized persons Attempting to alter their result sheets to display falsified scores. Procedure to check supplementary JAMB results 2024 Here are the two SMS options to check your 2024 UTME supplementary results: Using 55019: 1. Ensure you use the phone number associated with your registration profile. 2. Text `UTMERESULT` to `55019`. 3. Wait for a response with your supplementary UTME results. Using 66019: 1. Ensure you use the phone number associated with your registration profile. 2. Text `UTMERESULT` to `66019`. 3. Wait for a response with your supplementary UTME results. This process allows candidates to promptly verify their outcomes and plan their next steps accordingly. What to do if you can’t access your results via SMS If you are unable to access your 2024 supplementary UTME results via SMS, consider the following steps: 1. Check your network connection: Ensure your phone has a strong network signal. 2. Verify your phone number: Make sure you are using the phone number associated with your UTME registration profile. 3. Retry after some time: There might be temporary network issues. Wait a while and try sending the SMS again. 4. Contact support: Reach out to the UTME support team or customer service for assistance. They may provide alternative solutions or help troubleshoot the issue. Final thoughts on how to check 2024 supplementary results Please note that there will be official announcements if there are any alternative methods for accessing UTME 2024 results. But for now you cannot check on the official JAMB portal, only SMS option is available.
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