Kenya targets Big Tech with new antitrust law
The Competition Authority of Kenya (CAK) has proposed amendments to the Competition Act, signalling a tougher stance against Big Tech as the government moves to protect local companies from anti-competitive behaviours. Anti-competitive behaviours include companies executing mergers and acquisitions to kill their competition, restricting third-party services on their platforms, and limiting customers’ options by linking only the main and complementary products. Suppose the proposed amendments to the Competition Act become law. In that case, CAK will have the power to police fair market practices and protect consumers’ rights in the digital and tech space currently dominated by a few foreign giants. The law will give the competition watchdog powers to open antitrust probes of tech firms like Google, Amazon, X, and Apple, mirroring similar cases gripping the industry in the United States and Europe. “The Competition Act (hereinafter referred to as the “principal Act”) is amended in section 2 by—inserting “digital activities” means the provision of a service by means of the internet, or provision of digital content, for the benefit of business consumers or other consumers (whether paid for or otherwise and whether or not such activity is multisided),” the amendment read. The agency has given stakeholders up to June 11, 2024, to submit their views on the draft legislation. The proposed law has singled out eight sectors including online intermediation services, online marketplaces and app stores, online search engines, online social networking services, and video-sharing platform services. Others are independent interpersonal communication services operating systems, cloud computing services, and online advertising services. CAK will conduct compliance checks on foreign tech firms to establish whether their activities have exposed rivals to unfair competition. The new law will permit the agency to use issues raised in other markets to make decisions. “This change has been necessitated by the fact that there are companies in the digital market whose market shares are below the threshold of dominance but whose conduct has the same negative effect on competition as dominant players. The envisioned enforcement procedure is the same as that enumerated in the current law. The proposed changes also introduce the criteria for establishing a strategic market position,” CAK said. While the European Union (EU), UK, and US have taken enforcement actions against tech firms, African countries have taken a backseat without strong antitrust laws and competition institutions. Facebook-owned Meta, Apple, and Google have faced anti-competition scrutiny in Europe, ending in multi-million fines paid to the competition watchdogs.
Read MoreMoMo bets on open API to grow usage of digital wallets in Nigeria
MoMo, the payment service bank owned by MTN has released an open Application Programming Interface (API) aimed at increasing digital wallets on the platform. The PSB expects companies using the open API to integrate it as a payment or collections option. As other mobile money operators like Moniepoint, Opay, and Palmpay expand their agency network, MoMo is convinced that the industry’s future is in wallets despite digital wallet users accounting for only 8% of the total mobile money population. MoMo has over 40 million wallet users in Nigeria, less than 25% of the total wallets (200 million) the company has in Africa. MoMo believes that plugging into the merchant space using an open API and a super app will grow that number in Africa’s most populous country. The merchants that use the MoMo open API will need to create a MoMo wallet to be able to receive from their customers. MoMo’s open API became available in 2023 and has been able to onboard over 20 businesses. However, the company said it needed to add more services like cash disbursement, payments, etc. to attract more companies to the platform. Some of the companies already using the open API include Vasnets, Wakanow, Travelstart, and Huawei. With an open API, MoMo not only expands its business offerings, it becomes a platform that removes the cost of building separate APIs for companies and allows them to interact with other vendors and clients in one large community. MoMo’s open API will be free but merchants and their customers will need to create a wallet known as MoMo Accounts to complete transactions. “Digital wallets have already taken over in most countries and also there’s a lot that can be done with wallets in place of cards and cash,” Elsa Muzzolini, chief commercial officer of MoMo, told TechCabal. The mini-app feature is a marketplace solution that enables companies already using the open API to build sub-apps on the MoMo super-app, ensuring an end-to-end transaction experience. With the sub-apps, companies can have access to a network of over 30 million users including businesses in 13 countries.
Read MoreSolana welcomes $DAVIDO, but party ends quickly as valuation dips in 24 hours
In his third go-around in crypto, Afrobeats superstar Davido backed and promoted “Timeless Davido,” $DAVIDO a crypto token—or memecoin, depending on who you ask—on Wednesday night. While the token’s utility was unclear—the use cases appeared to be linked to an unknown website and telegram group—it was launched on the Solana blockchain and immediately broke through the noise of other obscure crypto tokens. “Solana just ships. Welcome Davido,” Solana’s Twitter handle wrote to the superstar on Wednesday night as $Davido raced to a $10 million market capitalisation four hours after its launch. It seemed like the only way from there was up, with the Grammy Award nominee endorsing the coin in several tweets. The excitement was short-lived. By Thursday morning, $Davido’s valuation had dipped 90 and per DEX screener, the coin’s liquidity was $291,000 at the time of this report. It is not the singer’s first crypto rodeo. In November 2021, he launched $echoke on the Binance Smart Chain to “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.” The short-lived project was soon forgotten. He also promoted Racksterli, a Ponzi scheme that allegedly defrauded users of ₦1 billion, on YouTube, prompting backlash and arguments for a more responsible use of his star power. With $Davido, coin holders are coming to terms with the possibility that they may have been victims of a rug pull, a phenomenon where the project developers abandon it and take all the invested funds with them. “Davido does not need this type of negative publicity. Whatever money he made from it is not worth it,” a crypto expert told TechCabal. Davido’s management did not immediately respond to a request for comments. Many people who bought the coin were under no illusions that this was a long-term project, but they expected it to ride a wave and at least increase its valuation, allowing holders to profit from it. That would have required the developers to resist the temptation of pulling a pump-and-dump on users. In the world of crypto tokens and meme coins, pump-and-dump schemes are par for the course and involve someone or a group of people artificially inflating the price of a token before selling their tokens at those high prices. It leaves anyone who bought into the hype holding the bag. Memecoins often have periods of huge valuation jumps before cooling, but three crypto experts told TechCabal that in many situations, the promoters of those coins structure them so that many ordinary users can also make a profit. For the $DAVIDO coin, the creators appeared to be willing to take profits at the expense of coin holders from the jump. Several prominent crypto handles began sounding the warning signs on Wednesday night, claiming that the wallet that created the token had sold off a significant amount and had cashed out $200,000 in a few hours. “It’s obviously a pump and dump scheme. The wallet that launched the token is trackable, and was dumping the token live as Davido was tweeting about it,” a crypto trader who asked not to be named told TechCabal. Another coin analysis handle alleged the creators of the coin had raked in around $500,000 in just under 24 hours, cratering the price of the coin and leaving users holding the bag. Nigerian musician, BNXN, launches his latest EP in the metaverse to bring his fans closer
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👨🏿🚀TechCabal Daily – One year on…
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Results from yesterday’s elections in South Africa have started piling in with one municipality in the Eastern Cape announcing its results early this morning. If you want to catch up with the election results, please visit the IEC’s official website here. Meanwhile, today’s edition features exclusive coverage from GITEX Africa by our Editor-in-Chief, Muyiwa Olowogboyega. In today’s edition Here’s what we’re looking at in GITEX, Morocco Nigeria’s tech ecosystem marks first year under Tinubu Flutterwave receives partial approval in Mozambique South Africa’s Ponzi kingpin sentenced to 25 years in jail Nigeria approves 18 new loan companies The World Wide Web3 Opportunities Events Africa’s biggest tech extravaganza is bigger this year TechCabal at GITEX Despite the 27-degree Marrakesh heat, thousands of people in impressive suits descended on the Boulevard Al Yarmouk, causing pedestrian traffic. GITEX, the biggest African technology and startup showcase, began today. In the world of technology, tags like “biggest” can seem like meaningless superlatives, but the size of the venue and the crowd on day one suggests GITEX is spot-on with its claim. “This is twice the size of last year’s venue,” one person who attended 2023’s event said, referring to the huge tents holding hundreds of exhibitors. 2023 drew a 25,000-strong crowd and the organisers plan to double that number this week. On the strength of the number of GITEX buses waiting to ferry attendees to the venue from all the major hotels in the city: mission accomplished. The name tags that show where participants are from are also a roll call of every African country. The size of the exhibition hall is dizzying—GITEX is historically a tech exhibition—and it is easy to clock your 10,000 daily steps by walking around. Some of the world’s most recognisable companies are here: Huawei, PwC, Visa, and McKinsey. There is also a horde of startups in foodtech, healthtech, mobility, fintech and cleantech. Across from TechCabal’s booth, there’s Social Convert, an early-stage startup that can transform your social media engagement into tangible earnings. There’s Focus Messenger, which files organisational messages by topic and puts them into folders. When you have over 30,000 people in one venue, the advertising opportunity is massive. In the bathroom, a sticker on the tap tells me Africa does not have a native social media platform and asks me to sign up. There are several interesting startups here that want to show and tell you their unique thinking about several problems across the continent. And as proof that you’re at an event that knows what’s what, you can’t escape artificial intelligence (AI), the global hot topic of 2024. You can’t avoid AI at GITEX Africa 2024, nor should you want to. Among the eight stages for a diverse range of panel discussions, Artificial Intelligence is one of them. “Are you familiar with the figure $15.7 trillion?” a speaker on the stage asks the audience. It represents the value AI is expected to have on global GDP. The crowd looks engaged; this is supposed to be where technology is going. At the Elevate stage, ten startups are trying to convince a panel to award them the $100,000 prize sponsored by Tawilcom. Many of the ideas sound like good old financial technology, but most of the speakers manage to squeeze in a mention or two of artificial intelligence. “They’re trying to avoid the fintech label,” one person listening in on the pitch competition tells me. At the Future of Fintech stage, there’s a panel going on in French with speakers from Niger and the DRC. Until I learn French, not a lot to report there! As I worked my way to the main stage, I rubbed shoulders with Aziz Akhannouch, the prime minister of Morocco–I couldn’t stop to chat—and some other government figures. In the unlikely event you miss the sign that tells you this event is under the “high patronage of His Majesty King Mohammed VI”, prepare to see his pictures on all the stages. It’s a credit to the government that they can host an event of this size and scale. As I resist the temptation to buy a brand-new SUV on exhibition smack in the middle of the hall, I make a note to check out the Future of Health stage. If I can sneak into the investor lounge unnoticed, you’ll be the first to know. Moniepoint is Africa’s fastest-growing fintech The Financial Times has ranked Moniepoint as Africa’s fastest-growing fintech based on its absolute and compound growth rate. Read more about it here. Economy Nigeria’s tech ecosystem marks first year under Tinubu It’s been one year since President Bola Tinubu took office with the promise of “Renewed Hope.” The President believes the digital economy is the country’s future and he proved this by appointing Bosun Tijani, an ecosystem insider as minister of communications, innovation, and digital economy. But recent moves have raised serious questions about the administration’s technology ambitions. The government has clamped down on cryptocurrency and fintechs have faced increased scrutiny over KYC processes. How has it been? TechCabal spoke to prominent stakeholders about how Nigeria’s tech ecosystem has fared one year into Tinubu’s administration and what they would love to see happen over the next three years. The consensus is that there’s still a lot to do. “I will not rate it [Tinubu’s government] yet because a lot of the things that it has promised to do are still works in progress,” said Iyin Aboyeji, general partner at venture firm Future Africa. Oswald Osaretin Guobadia, managing partner at DigitA and a senior special assistant on digital transformation in the previous administration, believes the ecosystem needs to engage the minister more. Government processes—such as getting licenses and payment of taxes—should be automated to remove friction, said Adedeji Olowe, founder of Lendsqr, a lending-as-a-service startup. What next: It’s still early days but tech stakeholders will continue to hope that having one of their own in the federal cabinet will
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GITEX Africa 2024: Africa’s biggest tech extravaganza kicks off in Marrakech. Spoiler: it’s bigger this time
Despite the 27-degree Marrakesh heat, thousands of people in impressive suits descended on the Boulevard Al Yarmouk, causing pedestrian traffic. GITEX, the biggest African technology and startup showcase, began today. In the world of technology, tags like “biggest” can seem like meaningless superlatives, but the size of the venue and the crowd on day one suggest GITEX is spot-on with its claim. “This is twice the size of last year’s venue,” one person who attended 2023’s event said, referring to the huge tents holding hundreds of exhibitors. 2023 drew a 25,000-strong crowd and the organisers plan to double that number this week. On the strength of the number of GITEX buses waiting to ferry attendees to the venue from all the major hotels in the city: mission accomplished. The name tags that show where participants are from is also a roll call of every African country. The size of the exhibition hall is dizzying—GITEX is historically a tech exhibition—and it is easy to clock your 10,000 daily steps by walking around. Some of the world’s most recognisable companies are here: Huawei, PwC, Visa, and McKinsey. There is also a horde of startups in foodtech, healthtech, mobility, fintech and cleantech. Across from TechCabal’s booth, there’s Social Convert, an early-stage startup that can transform your social media engagement into tangible earnings. There’s Focus Messenger, which files organisational messages by topic and puts them into folders. When you have over 30,000 people in one venue, the advertising opportunity is massive. Inaugural GITEX Africa leaves a firm imprint of Morocco’s surging tech ambition In the bathroom, a sticker on the tap tells me Africa does not have a native social media platform and asks me to sign up. There are several interesting startups here that want to show and tell you their unique thinking about several problems across the continent. And as proof that you’re at an event that knows what’s what, you can’t escape artificial intelligence (AI), the global hot topic of 2024. You can’t avoid AI at GITEX Africa 2024, nor should you want to. Among the eight stages for a diverse range of panel discussions, artificial intelligence is one of them. “Are you familiar with the figure $15.7 trillion?” A speaker on the stage asks the audience. It represents the value AI is expected to have on global GDP. The crowd looks engaged; this is supposed to be where technology is going. At the Elevate stage, ten startups are trying to convince a panel to award them the $100,000 prize sponsored by Tawilcom. Many of the ideas sound like good old financial technology, but most of the speakers manage to squeeze in a mention or two of artificial intelligence. “They’re trying to avoid the fintech label,” one person listening in on the pitch competition tells me. At the Future of Fintech stage, there’s a panel going on in French with speakers from Niger and the DRC. Until I learn French, not a lot to report there! As I worked my way to the main stage, I rubbed shoulders with Aziz Akhannouch, the prime minister of Morocco—I couldn’t stop to chat—and some other government figures. In the unlikely event, you miss the sign that says this event is under the “high patronage of His Majesty King Mohammed VI,” prepare to see his pictures on all the stages. It’s a credit to the government that they can host an event of this size and scale. As I resist the temptation to buy a brand-new SUV at the exhibition smack in the middle of the hall, I make a note to check out the Future of Health stage. If I can sneak into the investor lounge unnoticed, you’ll be the first to know. GITEX Africa wants 100 Nigerian startups to exhibit in Morocco
Read MoreFlutterwave wins Fintech of the Year at African Banker Awards
Flutterwave, Africa’s most valuable startup, has been named ‘Fintech of the Year’ at the African Banker Awards in recognition of its contributions to the financial technology sector in Africa. The award celebrates Flutterwave and other companies and individuals setting new standards of innovation and contributing to the growth and development of Africa’s banking sector over the past year. The award is Flutterwave’s third international recognition in 2024 after the fintech giant was included in CNBC’s Disruptor 50 list and Fast Company’s Most Innovative Companies. Although it remains unclear when Flutterwave will IPO, the awards might lend credence to Flutterwave’s ambitions to go public. The fintech company has been linked to an initial public offering since August 2023, when Olugbenga Agboola, its CEO, disclosed that the fintech would forge ahead with its 2022 IPO plans. The fintech has also recently changed up its executive team after several high-profile exits in recent months. “We are incredibly honoured to receive this prestigious award,” said Agboola, in a statement seen by TechCabal. The award ceremony took place last night at the JW Marriott Hotel in Nairobi, Kenya, where over 300 of Africa’s leading figures in banking and finance were attending the African Banker Awards gala. Flutterwave appoints former CBN director as board chair “This recognition is a testament to the hard work, dedication, and creativity of the entire team at Flutterwave. It also reaffirms our mission to simplify payments for endless possibilities, and we remain committed to building solutions that enable multinationals to expand in and within Africa, and also supporting African companies to compete globally,” an excerpt from the statement read. Flutterwave also received approval in principle for a payment aggregator licence from the Central Bank of Mozambique today as it looks to expand into the southeastern African region. The licence, if approved, will allow Flutterwave to support businesses expanding into Mozambique and global enterprises expanding into Africa. Flutterwave’s key business is processing online payments, enabling international businesses like Uber to accept payments from African businesses and customers. The fintech allows these businesses and multinationals to accept various forms of payments, like mobile money, card payments, and bank transfers. Flutterwave’s COO leaves fintech giant after several other high-profile exits
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One year in office, Nigeria’s tech ecosystem expects more from Tinubu
On the campaign trail, President Bola Ahmed Tinubu’s Renewed Hope campaign focused on eight key areas including economic growth, job creation, and access to capital. While his manifesto was light on details, he told a delegation from Google months after he was sworn in that “the digital economy and telecommunications represent the future, and we are determined to promote it.” He assembled his cabinet quicker than his predecessor and won praise for appointing Bosun Tijani, an ecosystem insider as Minister of Communications, Innovation, and Digital Economy. Yet, after a year in power, Nigeria’s technology industry stakeholders believe there’s still a lot to do. “I will not rate it [Tinubu’s government] yet because a lot of the things that it has promised to do are still works in progress,” said Iyin Aboyeji, general partner at venture firm Future Africa. Bosun Tijani is the public face of the administration’s technology ambitions. The former head of CCHub launched a plan to train three million tech talents in four years. He also plans to expand fibre optic infrastructure nationwide, a project that requires a massive $2 billion investment. While these initiatives are forward-looking, there have been quick wins: in June 2023, the Data Protection Bill became law, timely given the surge in data breaches in the country. A 2023 decision to lift a two-year ban on cryptocurrency transactions, first regarded as a win, has suffered setbacks after the government blamed crypto trading for currency volatility. In February 2024, the naira was one of the world’s worst-performing currencies. An April rebound then swung its fortunes, but it was short-lived. In May, the naira was back in the company of some of the world’s poor-performing currencies. Binance, the world’s largest cryptocurrency exchange, has been at the center of an unexpected clampdown, with two executives charged with tax evasion and money laundering. The Office of the National Security Adviser (NSA) has classified crypto trading as a national security issue. Five prominent neobanks have also been barred from onboarding new customers, slowing growth and impacting a crucial financial inclusion drive. For Aboyeji, the government’s actions reflect the ecosystem’s weak lobbying power, which should have been fixed with an insider in the federal cabinet. “I don’t necessarily agree with how the government has handled these issues. However, I think they are greatly handicapped by the absence of leadership in the ecosystem. It needs to come together to align with the minister. If he does not succeed, our industry will be shut out from access to the cabinet forever.” “I didn’t get my hopes high in this government even with the minister’s appointment. There is little that he can do to stop the government from doing whatever it deems right,” added a founder who asked not to be named to speak freely. The consensus is that the tech ecosystem needs more favourable regulation. It will come down to stronger engagement with the minister, said Oswald Osaretin Guobadia, managing partner at DigitA and a senior special assistant on digital transformation in the previous administration. The speedy implementation of the Nigeria Startup Act in 2023 is another issue. “It is left for us to embrace it [the minister’s strategy] and find ways to work with him to achieve those strategic intentions. It’s up to him to continue to bring us together, keep us informed, and foster partnership with us,” he said. Addressing infrastructure is a major point of contention for many observers. The minister’s focus on artificial intelligence (AI) has been met with mixed reactions from observers who argue that building the foundations is more important. Nigeria’s minister of communication, innovation and digital economy, Bosun Tijani. This month, the Nigerian government approved a special-purpose vehicle to support the delivery of an additional 90,000km of fibre optic cable to improve internet connectivity in the country. While this is a welcome move, some stakeholders believe the minister should engage the telecommunications sector to make internet more accessible. “If Nigeria wants to be the digital giant that it deserves to be, data needs to be a very simple and accessible commodity,” said one founder who spoke anonymously. Another issue Nigeria needs to address is digitising all government services. In February, the minister launched DevsInGovernment, a community of technology enthusiasts within the civil service, aimed at promoting the use of technology in government services. Government processes—such as getting licenses and payment of taxes—should be automated to remove friction, said Adedeji Olowe, founder of Lendsqr, a lending-as-a-service startup. “Imagine if the government has one single platform for all government applications. That platform where you can register for everything, upload documents, make payments, and track the progress,” Olowe said. In May 2023, President Tinubu removed $10 billion-a-year fuel subsidies and devalued the naira. Though praised by international investors, both reforms have resulted in three-decade-high inflation and depletion in consumer spending. The tech ecosystem is bearing the brunt too. In February, Spleet, a property tech startup that raised $2.6 million in 2022 from investors like MaC ventures and HoaQ Fund, laid off an undisclosed number of employees due to soaring inflation. This week, Finance Minister Wale Edun said Nigeria’s economy is growing despite an IMF projection that Nigeria will lose its place as Africa’s third-largest economy to Algeria in 2024. Tech ecosystem stakeholders, like the rest of the country, need more than assurances. “Building in a tough market like ours is hard and the macroeconomic conditions matter so the government needs to communicate its fiscal plans,” one industry insider said. While the jury is still out on what the next three years will hold for Nigeria’s tech ecosystem under Tinubu, one thing is clear: its stakeholders hope that a seat at the table will be the game-changer to support the growth of the digital economy.
Read MoreFlutterwave receives payment aggregator licence approval-in-principle to expand to Mozambique
Flutterwave, one of Africa’s leading payment companies, has secured a Mozambique payment aggregator licence in principle. This high-profile licence enables e-commerce merchants to accept various payment instruments online without needing to build their own systems. Once approved, global enterprises and merchants will be able to expand their businesses to Mozambique, accept payments and reach their Mozambican customers, expanding their reach. “Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth,” said Flutterwave CEO Olugbenga Agboola in a statement seen by TechCabal. This expansion comes amidst recent security challenges for the company. In April 2024, TechCabal reported that Flutterwave suffered a security breach that allowed unauthorised actors to divert ₦11 billion ($7 million) to several bank accounts. Flutterwave maintains that “no customer funds were lost or compromised”, but this incident follows a string of similar events in the past fourteen months. In October 2023, about ₦19 billion ($24 million) was illegally transferred through unauthorised transactions by POS merchants, impacting over 6,000 accounts. This trend raises concerns about Flutterwave’s internal security protocols, particularly as the company scales its operations across Africa. Given its recent expansion to Malawi, Flutterwave is making a strong statement to facilitate the fast-growing financial landscape in southeastern Africa. Mozambique is billed to process over $9 billion in e-payments by 2028—compounding at 15.28% year-on-year from what it is now. Also speaking on the licence approval-in-principle, Agboola stated that “as individuals’ and businesses’ payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs”. The company is democratising payment access for businesses making inroads to Mozambique by allowing them to leverage its vast network of global partnerships, multiple licences, and infrastructural reach to make doing business in the southeast African region easy.
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Common issues when applying for the NELFUND student loan 2024
The NELFUND student loan 2024 offers a cushion for Nigerian students facing financial hurdles. We went through the NELFUND application process and we discovered it can present a few hurdles for potential applicants. So we have prepared a breakdown of 10 common issues you might encounter and how to navigate them. Meanwhile you can go find the detailed application process for the NELFUND student loan here, with pictures to help. 1. Website glitches during 2024 NELFUND loan application During the NELFUND application, you might see error messages like “weak internet connection” despite having a stable connection. These are likely temporary glitches on the website. Try again later or consider using a PC for a smoother experience. 2. Verification troubles When verifying your educational information, you may encounter a message prompting you to contact your institution for updates. This doesn’t necessarily indicate an error. Just click “Continue” and proceed. 3. Login hassles After creating your account for the NELFUND, you might face login issues like “Invalid login details,” despite your details being correct. This could be due to temporary overload on the system. Wait a while and try again later. If the issue persists after 24-48 hours, consider resetting your password. 4. Missing information After successfully logging into the portal, while filling out your profile for the NELFUND financial aid application, you might encounter error messages after each section. This could happen if some information is missing or the website is glitching. Logout, log back in, and carefully and quickly review each section to ensure all required details are filled. 5. Email verification delays during 2024 NELFUND loan application After creating your NELFUND account, you might not receive the verification email immediately. Be patient, as there could be a slight delay. The link might arrive within a few hours. 6. JAMB verification issue Verifying your JAMB details for the NELFUND application might lead to error messages. Ensure you’re entering the exact details from your official JAMB documents, including your registration number and date of birth. 7. Website overload High application volume can sometimes overload the NELFUND student loan 2024 application portal. This might lead to slow loading times or error messages. Try again during off-peak hours or be patient if the system takes a while to respond. 8. File upload problems Uploading documents for the NELFUND student loan 2024 application can be frustrating if you encounter errors. Ensure your files (JAMB admission letter and optional school ID card) are in the accepted JPEG or PDF format and within moderate size limits. 9. Reset password links When trying to reset your official NELFUND student loan 2024 application portal password, you may not get your link in time. You may need to wait as long as two days to get your link or reach out to NELFUND support to have your issues resolved. 10. Missing eligibility information about the NELFUND loan 2024 While this isn’t a technical hurdle, it’s vital to confirm your eligibility before applying for the NELFUND student loan 2024. Currently, the program is only open to students enrolled in federal government-owned tertiary institutions. As such you would only be frustrated if you are from a state or private owned Nigerian tertiary institution and you’re looking for your school without success. Final thoughts on common issues when applying for the NELFUND student loan 2024 Don’t hesitate to reach out to NELFUND’s help channels for any further assistance on any challenge that seems unsolvable.
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Verified steps with pictures to get the NELFUND student loan 2024
On May 24, 2024, the Federal government of Nigeria flagged off the Nigerian Education Loan Fund (NELFUND) to offer financial assistance to eligible students through a student loan program. This guide will walk you through the entire application process, from creating an account to submitting your loan request with pictures to support your visualisation of each step. Eligibility for NELFUND Student Loan Nigeria 2024 Before going into details of the application process of the Nigeria 2024 NELFUND Student Loan, it’s important to confirm your eligibility. The NELFUND student loan program is currently open to Nigerian-born students enrolled in federal government-owned tertiary institutions in Nigeria. Apply for the NELFUND student loan Nigeria 2024 Here’s a breakdown of the application process: 1. Account creation Visit the NELFUND student loan portal at https://nelf.gov.ng/ Click on “Apply Now” and then “Get Started.” Once you click “Get Started”, you’ll see the option to signify if you are Nigerian or not. Note that the process will automatically end if you signify that you are not Nigerian because the funding is meant for only Nigerian students. So: Select “Nigerian” as your nationality. Enter your educational information, including your current institution and matriculation number. After verification, you might encounter a message suggesting you contact your institution for information updates. Don’t worry, just click “Continue.” Also, persistent error messages about weak internet connection are likely website glitches. Keep trying and consider using a PC for a smoother experience. Next Verify your Joint Admissions and Matriculation Board (JAMB) registration number and date of birth. You need to ensure the JAMB reg number and your date of birth are correct. And when you click verify you may keep receiving an error message that your internet provider is weak, just keep trying. It’ll eventually go through if your details are correct and you’ll see your image and name pop up. Then click on ‘continue to create your account.’ 2. Secure your login credentials Here, you’ll be required to: Enter your National Identification Number (NIN). The system will verify your NIN immediately upon entering it. Your name should appear just beneath the box where you provided your NIN. Use the valid email address associated with your NIN for account creation. Any other email will not work. Create a strong password with at least one capital letter, lowercase letter, number, and special character, all exceeding eight characters. Click “Create Account” and be persistent if you encounter error messages. Valid details will eventually be accepted. You’ll receive a verification link via email. Click the link to access the login page. 3. Login and profile completion Here, enter your email address and password to log in. There’s a possibility you don’t get logged in immediately. You may see prompts like “Invalid login details “ or “wrong email or password” despite you being sure the login details you used are correct. Just wait it out and try logging in later again. If the details you entered are correct, you’ll eventually be able to login. If it doesn’t allow you login, try the reset password option. Please note that you may not get a password reset link, or may not get it immediately. But just try that option if your details don’t log you in after about 24-48 hours. After logging in, you’ll need to: Complete and fill in some more details. First is your personal and contact information including your phone number and address and state of residence. Then proceed to fill in your educational details including our university and matriculation number. Once you fill them in. The system will automatically generate your program type, academic session, course of study, department and level. Then go on to account details. For account details, you will need to enter your BVN, bank name, and bank account number. Then click complete profile creation. Once created, it will take you to a new page that says ‘Congratulations on updating your student loan portal profile.’ 4. Apply for the loan After the congratulatory message, you click on apply for student loan. This will take you to the 3 steps for the loan application. If it doesn’t, you can click on ‘Loan’ on the left side of your screen. Then select ‘Request for student loan’ in the top right corner. Then: Choose whether you want an additional upkeep allowance of ₦20,000 per month besides the tuition fee loan. Upload the required documents which include your JAMB admission letter (mandatory) and your school ID card (optional).Accepted file formats are JPEG or PDF. Review the final submission page. Upon loan approval, you’ll receive a notification. Final thoughts and important notes on applying for the Nigeria NELFUND student loan 2024 The tuition fee will be paid directly to your institution, not to you. Also, only federal government-owned tertiary institutions are currently eligible for this program. You can read about the repayment and more about the NELFUND 2024 student loan scheme here. As you apply for the 2024 NELFUND student loan fo Nigeria students, understand that no one requires any applicant to pay any fees or see anybody for any process. The loan application and disbursement are fully virtual processes.
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