👨🏿🚀TechCabal Daily – MarketForce shuts down RejaReja
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية We’re thrilled to announce that TechCabal Battlefield is back, and this time, it’s bigger and better than ever before! TechCabal Battlefield is Moonshot’s startup competition dedicated to spotlighting and showcasing African startups to a global audience, providing winners with exciting prizes. This year, we’re bringing more value to our participants including a pre-accelerator program, deal room sessions and so much more. We invite you to be part of this incredible journey by applying to TC Battlefield 2024. If you’re a startup founder building innovative tech solutions to solve Africa’s unique challenges, TC Battlefield is the platform for you. Apply now at bit.ly/tcbattlefield. In today’s edition Kenya’s Equity Bank hit with $2.1 million debit card fraud MarketForce shutdown RejaReja SafeBoda launches electric motorcycles in Uganda Cellulant appoints new leaders Kenya cracks down on tax evasion The World Wide Web3 Events Cybersecurity A $2.1 million debit card fraud hits Equity Bank in Kenya Equity Bank, the largest bank in Kenya, has fallen victim to a debit card fraud scheme resulting in the theft of $2.1 million. As a response, the bank has frozen all 500+ accounts involved in the receipt of these funds. Per a detective from the Directorate of Criminal Investigation, 19 individuals have been apprehended in connection with the crime. How did the fraud happen? Sources with knowledge of the investigation claim the scam involved a “card-not-present” scheme, in which fraudsters don’t need physical possession of the card. This type of fraud typically entails the use of stolen card information for online shopping or the creation of fraudulent websites to process payments and access funds. Kenyan banking regulations mandate the disclosure of information for transactions exceeding $10,000, and mobile wallet transactions are capped at $1,900 per transaction with a maximum of $3,800 daily. The stolen funds were distributed across over 500 bank and mobile money accounts to avoid detection. According to a letter signed by Gerald Munyiri, Equity’s general manager security, between April 9 to 15, 2024, $1.3 million was paid out from the general ledger fraudulently to 551 Equity Bank accounts, $478,360 was sent to Safaricom, and $296,015 to eleven commercial banks. Fraud on the rise in Kenya: Kenyan banks reportedly lose about $130 million to cybercrime annually, and card fraud is just one facet of this problem. Regulatory agencies are tracking suspicious financial flows to combat money laundering and terrorist financing alongside fraud. In February 2024, the East African country found itself on the Financial Action Task Force’s (FATF) grey list again after 10 years. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. E-commerce MarketForce shuts down RejaReja, switches to social commerce Kenyan B2B e-commerce startup MarketForce has been in the news recently. In October 2023, the company scaled back operations in three African markets— Nigeria, Rwanda, and Tanzania. In December, Marketforce also faced challenges with its credit partner Pezesha. The companies had partnered up in 2021 to allow Pezesha to offer cost-effective financing for inventory and wholesale distribution to merchants partnered with Marketforce. By September 2023, however, Pezesha submitted a petition to liquidate Marketforce’s assets due to an outstanding debt. MarketForce is now adapting to the market realities and has decided to shut down RejaReja, its B2B e-commerce platform that is a huge part of its business, and focus on a new venture: Chpter, a social commerce startup. MarketForce co-founder Tesh Mbaabu cited razor-thin margins and intense price competition as key factors. He also mentioned difficulties with the capital-intensive nature of the business model. A new Chpter: MarketForce’s new venture, Chpter, will provide AI-powered chat automation tools for businesses on platforms like WhatsApp and Instagram, which will allow streamlined communication between businesses and customers and potentially convert social media interactions into sales. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Mobility SafeBoda launches electric motorcycles for a greener Uganda Uganda’s Ride-hailing platform SafeBoda has launched a new electric motorcycle option, called Electric Boda. This new service was announced via apost on X on Tuesday, April 16, 2024. Why electric? Boda bodas, the motorbike taxis used in Uganda’s urban areas, are a convenient and affordable way to get around. However, they also contribute to air and noise pollution. Electric Boda will be offering the same convenience without the environmental drawbacks. Are there benefits to using electric bikes? SafeBoda’s electric bike initiative promises a win-win-win situation. The world has been pushing for environmental safety precautions. The use of electric bikes will translate to cleaner air in cities, a quieter ride for everyone, and potentially lower costs for both riders and the company. Challenges of using electric bikes in Uganda: Uganda lacks a widespread network of charging stations for electric vehicles. SafeBoda will need a solution to keep their electric motorbikes powered up. Additionally, finding trained mechanics and spare parts for these new bikes might be a challenge initially. Despite the challenges, SafeBoda’s electric push is a positive sign for Uganda’s transportation future. This move comes alongside the company’s recent announcement to return to Kenya’s capital, Nairobi. SafeBoda seems to be back on the growth track, and this time, it’s with a focus on sustainability. Fintech Cellulant appoints new leaders After securing $54.5 million through three funding rounds between 2014 and 2018, Cellulant, a pan-African payments company, faced challenges securing further investment. An attempt to raise $100 million in a Series D round in 2022 fell short. This funding shortfall coincided with a period of internal restructuring. In 2023, Cellulant undertook three rounds of layoffs. The latest quietly happened in December 2023, just one month before then-CEO Akshay Grover, stepped down, citing personal reasons. At
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GSEB 10th result 2024 release
Students who appeared for the Gujarat Secondary and Higher Secondary Education Board (GSEB) Class 10th exams in March 2024 can get ready to check their GSEB 2024 results. The official announcement regarding the release date for the GSEB Class 10th result 2024 is yet to be made by the board. However, based on past trends, the GSEB result 2024 is expected to be declared sometime in the first week of May 2024. The GSEB Class 10th exams were conducted from March 11th to March 22nd, 2024. Thousands of students sat for the exams across the state. The GSEB result 2024 will be crucial for students as it will determine their higher education options. Where to check the GSEB results 2024 The GSEB result 2024 will be declared online on the official websites of the Gujarat Secondary and Higher Secondary Education Board – https://www.gseb.org/ and https://www.gsebeservice.com/. Students can access their GSEB result 2024 by entering their seat number on the result login window. Previous years’ GSEB result dates The release date for the GSEB result 2024 can only be predicted based on past trends. Here’s a look at the GSEB Class 10th result declaration months for the previous five years: 2023 – May 2022 – June 2021 – June 2020 – June 2019 – May These dates indicate that the GSEB result 2024 can be expected anywhere between late April and early June. However, an official confirmation from the board is decisive. Final thoughts on GSEB Result 2024 You are advised to keep checking the official websites of the GSEB for the latest updates regarding the GSEB result 2024 declaration date. You can also follow news websites like TechCabal that are very likely to publish updates about the GSEB result 2024 as well. Once the GSEB result 2024 is declared, students can use the resources available online and offline to understand their options for higher education.
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How to apply for the UP Scholarship 2024
The UP Scholarship 2024 offers a valuable opportunity for students in Uttar Pradesh to pursue their academic dreams. This scholarship program by the Government of Uttar Pradesh provides financial assistance to deserving students belonging to various categories. If you would like to benefit from UP scholarship for the 2024 academic year, here’s a comprehensive guide to on how to apply. Understanding eligibility to apply for the UP Scholarship 2024 The UP Scholarship 2024 caters to students from different backgrounds. It’s crucial to check the official website for detailed eligibility criteria based on your category (SC/ST/OBC/General) and current level of education (class 9th-12th or Post-matriculation). Generally, factors like academic performance, family income, and specific courses might influence eligibility. Documents required for UP Scholarship application You will need the following for you to successfully apply for the UP 2024 scholarship: 1. Proof of UP residential status Upload documents like voter ID, PAN card, Aadhaar card, ration card, or driving license. A domicile certificate is required if you don’t reside in Uttar Pradesh. 2. Caste Certificate (if applicable) This document verifies your caste category (SC/ST/OBC) for scholarships applicable to specific groups. 3. Certificate of family income An official document demonstrating your family’s annual income as per government guidelines. 4. Marksheets/Certificates of qualifying examinations Upload scanned copies of your mark sheets or certificates from previous academic years. 5..Current year fee receipt/admission letter This document verifies your enrollment in a recognised educational institution. 6. Passport-Size photograph A recent passport-sized photograph of yourself. 7. Bank Passbook Scanned copy of the first page of your bank passbook with account details. 8..Student ID Proof (if available) This can be your school/college ID card. How to apply for the UP Scholarship 2024 The application window for the UP Scholarship 2024 for Pre-matriculation (class 9th & 10th) has already closed (October 1, 2023 – January 2, 2024). However, for Post-matriculation students (class 11th and above), applications will typically open in October 2024. It is advisable to start looking out for news from September 2024 to be fully ahead and abreast of any switches. Once the application window opens, follow these steps to apply for the UP scholarship: 1. Registration for the UP Scholarship 2024 Visit the official website and register using your Aadhar card details. 2. Filling out the application form to apply for the UP Scholarship 2024 Carefully fill out the online application form, ensuring all information is accurate and up-to-date. You’ll need details like your academic records, caste certificate (if applicable), and bank account information. 3. Uploading documents to apply for the UP Scholarship 2024 Upload scanned copies of all required documents as specified by the authorities. 4. Review and Submit to apply for the UP Scholarship 2024 Thoroughly review your application for any errors before final submission. Final thoughts on how to apply for the UP Scholarship 2024 Please bear the following in mind: Meet application deadlines strictly. Late submissions are not entertained. Double-check all information entered in the application form to avoid rejection. Keep scanned copies of required documents readily available for upload. The official UP Scholarship website (https://scholarship.up.gov.in/) remains the most reliable source for all information and updates regarding the program. By following these steps and staying updated through the official website, you can effectively apply for the UP Scholarship 2024.
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How to apply for ISBN in Nigeria 2024
Before a book can be certified published, it needs an International Standard Book Number (ISBN). This unique 13-digit code is your book’s official identification, allowing it to be tracked and distributed globally. So, how do you apply for ISBN in 2024 from Nigeria? Here’s a comprehensive guide to navigating the process. The Nigerian ISBN Agency The National Library of Nigeria (NLN) is the designated ISBN agency for the country. They are responsible for assigning ISBNs to publications originating in Nigeria. This means you don’t have to deal with international organisations – applying for ISBN 2024 can be done entirely in Nigeria. Eligibility for Applying for ISBN 2024 The good news is that most types of publications are eligible for an ISBN, including self-published works. However, some exceptions exist, like brochures or pamphlets with limited content. The NLN website provides a detailed list of eligible publications. Pricing for Applying for ISBN 2024 (as of April 2024): 1 ISBN: ₦5,000 2 ISBNs: ₦7,000 3 ISBNs: ₦10,000 4 ISBNs: ₦10,000 5 ISBNs: ₦10,000 10 ISBNs: ₦10,000 Please note that you will not be able to apply for 6,7,8 or 9 ISBNs. It is a system put in place by the NLN. So you either apply for 1, 2, 3, 4, 5, or 10 at once. The numbers simply mean the amount of ISBNs, Also, you can’t get more than 10 in one application. Bear in mind that you have to wait for an application for ISBN to be approved before you apply for another. These prices may change at the discretion of the National Library of Nigeria. Steps to apply for ISBN in Nigeria 2024 There are two main ways to apply for ISBN 2024 in Nigeria: 1. Online Application Like services such as the NIN and Passport application in Nigeria, the National Library has also made significant efforts in digitising its ISBN generation system. The NLN website offers a convenient online application system. Here, you’ll create an account and fill out a form with details like your book’s title, author information, and publication format (e.g., paperback, ebook). You’ll also need to upload a few documents, typically including a completed application form and your book’s cover page, and make payment. This method may sometimes be inaccessible due to network issues or website upgrades. Also, there’s a limit to the number of ISBNs you can get issued virtually. As such, you may want to consider the next option. 2. Offline application This is the physical approach that requires you to visit an NLN agency closest to you. Required documents for applying for ISBN 2024 Please take note of the following documents especially if you’ll need to get multiple ISBNs physically: 1. Book Copies If you are an independent author needing an ISBN, you will need to go with at least preliminary pages of your proposed book as evidence. For established publishing outfits, you may not come with the exact book(s) you need ISBN(s) for, but you will need to present at least three copies each of two titles your publishing outfit has published. If you are a new publishing outfit, then you need to bring preliminary pages of the proposed book, and if you have the book cover mock-up representation, you may also bring it along. 2. CAC documents For an established publishing outfit, you’ll need to present your publishing company’s Corporate Affairs Commission (CAC) certificate. It doesn’t have to be the original copy. Three photocopies of this document will be required of you. 3. Proof of Payment A Remita receipt showing payment of the ISBN application fee. (Find the Remita payment steps in another section below. Please ensure you follow it carefully so you don’t make a wrong payment.) You will need three photocopies of this ISBN payment receipt. 4. Letter of Application This letter typically contains your address, your company letterhead (for publishing outfits), the address of the NLN office you are applying for ISBN at, the heading of your letter, and a concise request for the ISBN for your book(s). Please ensure you clearly state your book(s) titles and author(s) name(s) in the letter. Also, as a company, ensure that your company name as written on the CAC certificate is the way it’s written on your application letter. For example, if the name of your company is written as TechCabal on the CAC document, you should also ensure it reads “TechCabal” on the letter of application. If you possibly created a subsidiary for your publishing outfit named “Tech Publishing”. You can’t use that on the application. You need to add the “Cabal” so it has to be TechCabal Publishing”. 5. Completed application form Ensure all information is accurate and complete. (This form will usually be provided for you at the NLN office you visit) Remita payment steps to apply for ISBN 2024 To make the ISBN application fee payment through Remita, follow these steps: Visit the Remita website. In the “Who do you want to pay?” section, enter “NATIONAL LIBRARY NIGERIA – 051700800100.” For “Name of Service/Purpose,” select “ISBN & ISSN Administrative Fees.” Enter “Payment of ISBN (as applicable)” in the “Description” field. Each NLN office in every state has its specific GIFMIS code. For example, the GIFMIS code for Ibadan is 1000097245. However, if you are unsure of the GIFMIS code of the NLN office you are applying for ISBN at, please use the general code “100097203” in the GIFMIS Code space. However, you can ask officers at the NLN office for the GIFMIS, provided you won’t be making the payment before visiting their office for submission of documents. Enter the price of the ISBNs you’re applying for (1, 2, 3, 4, 5, or 10) in the “Amount to Pay” section. Refer to the price table above for the corresponding fees. Choose “Naira” as the currency. Follow the on-screen instructions to complete the payment process. You’ll receive a Remita Retrieval Reference (RRR) number upon successful payment. Final thoughts After you apply for the ISBN, in about 5-7 working days,
Read MoreMarketForce shuts down RejaReja, its B2B ecommerce business, switches focus to social commerce
MarketForce, the Y Combinator-backed Kenyan startup founded in 2018, will shut down RejaReja, a B2B e-commerce platform that was a huge part of its business. The company’s co-founder, Tesh Mbaabu, shared the development in a blogpost on Wednesday afternoon. The startup founder also shared the company’s new move: Chpter, a social commerce startup that provides an AI-powered conversational platform that automates conversations on WhatsApp and Instagram for business owners. Mbaabu cited the razor-thin margins of B2B e-commerce businesses and profitability struggles on a unit level as contributing factors in the decision to close the business vertical. On a phone call with TechCabal, Mbaabu said RejaReja’s “business model was challenging and capital-intensive.” “Unfortunately, that is our closing chapter. After immense efforts to make our business model sustainable, including downsizing the business to extend the runway for as long as possible, we have concluded that it is no longer feasible to keep RejaReja operational. “The segment is also highly price elastic, which means the price wars are consistent. That’s always a race to the bottom.” While MarketForce began as a sales automation software, it pivoted to B2B e-commerce with RejaReja, a service that allowed neighbourhood merchants and small-time retailers to stock up their shops with goods from FMCGs like Unilever and Nestle. The service also allowed customers to access digital financing; MarketForce partnered with Pezesha, a business credit provider, for this service. Many players in the B2B e-commerce space typically offer loans and apps that help customers manage their inventory. There was considerable excitement from investors around B2B e-commerce at first. That sentiment and considerable traction in its early days helped MarketForce. “Based on early traction for RejaReja, the company raised $2 million and was accepted into Y Combinator in the summer of 2020.” More milestones were to follow, including supporting over 1 million merchants and raising $40 million in 2022 at a valuation of $100 million. Today, the segment’s initial excitement has waned, and the investors who happily signed millions of dollars in cheques have slowed down. In December 2023, Wasoko and MaxAB, two heavily funded B2B e-commerce players, merged in the hopes of creating a category king. The Nigerian startup Alerzo has cut employees thrice in as many years as it hopes for profitability. MarketForce also faced difficulty meeting its financial obligations to its credit partner, Pezesha. However, the two companies have since resolved the matter internally, avoiding a liquidation suit filed by Pezesha.
Read MoreExclusive: Kenya’s Equity Bank hit by $2.1 million debit card fraud, 19 suspects arrested
Equity Bank, Kenya’s biggest bank, was the target of a debit card fraud in which the perpetrators stole $2.1 million. According to a letter sent to the Directorate of Criminal Investigation, the stolen funds were moved to over 500 bank and mobile money accounts. The bank has restricted all accounts that received those funds. A fraud detective at the DCI confirmed the incident to TechCabal and claimed 19 persons were arrested in connection with the fraud. Equity Bank declined to comment. Three sources with knowledge of the investigation said the perpetrators executed a “card-not-present” scam to steal money from victims. While this type of fraud typically involves using stolen card details to shop online, fraudsters often create websites and route payments to those websites to access funds in those cards. Those funds are then moved to other bank accounts. “Preliminary investigations revealed that between 09/04/2024 and 15/04/2024, KES 179.6 million ($1.3 million) was paid out from the GL fraudulently to the 551 Equity Bank accounts,” a letter signed by Gerald Munyiri, Equity’s general manager security said. “KES 63 million ($478,360) was sent to Safaricom and KES 39 million ($296,015) to eleven commercial banks. We are in touch with Safaricom and the respective banks to assist in tracing the movement and safeguarding the funds,” part of the same letter said. One theory is that the transactions were done in batches because Kenyan banks require customers to disclose information for all transactions over $10,000. Mobile wallets also have a limit of $1,900 per transaction, with a maximum of $3,800 daily. Fraud is a growing concern in Kenya’s financial services sector. According to TransUnion Africa, a credit reporting agency, Kenyan banks lose about $130 million to cybercriminals yearly, mostly through loan stacking and identity theft. Kenya’s Financial Reporting Centre (FRC), an agency that tracks the flow of money in financial institutions– flagged more than $600 million linked to card fraud, corruption and terrorism financing in the three years to July 2023. Most banking fraud cases in Kenya go unreported, as most financial institutions choose to resolve them quietly, albeit with the knowledge of the Central Bank of Kenya (CBK), the sector regulator. In March 2024, Habil Olaka, the outgoing chief executive of the Kenya Bankers Association (KBA)told Business Daily that local banks are increasing spending on technology to help fight growing fraud.
Read MoreLocal manufacturing of drones is on the rise in Africa
This article was contributed to TechCabal by Bonface Orucho via bird story agency. Rising demand for unmanned aerial vehicles used in various commercial applications is fueling the growth of the local drone manufacturing industry as startups and governments ramp up production within the continent. Following South Africa’s successful test flight of the Milkor 380, an unmanned aerial vehicle (UAV) capable of carrying up to 1300 kilograms among other unique capabilities, the landscape is witnessing a proliferation of local manufacturing hubs, with recent developments emerging in Nigeria and Morocco. In February, a drone manufacturing facility was unveiled by TerraHaptix, a Nigerian technology and robotics startup. The 1,400 square meter facility in Abuja was built to produce “autonomous drones for the world’s core industries such as defense, energy, logistics, agriculture, and mining,” according to founders Maxwell Maduka and Nathan Nwachuku. The launch of TerraHaptix’s flagship product, the Archer in March 2024 underscored Africa’s capabilities in developing cutting-edge UAV technology for diverse applications. The company produces all the drone parts themselves, according to tech news platform TechCabal, “including the airframe, flight computers, firmware, powertrain, and the flight OS.” Projections are for up to 10,000 units a year. Last week, Bluebird, a subsidiary of Israel Aerospace Industries (IAI), conducted the first field test of its new SpyX suicide drone in Morocco. The test flight for this rare military drone is part of a deal to manufacture advanced suicide drones in the North African country. Besides military applications, however, the growth in drone manufacturing activities in Africa is fuelled by rising local demand for aerial vehicles across several sectors. The global drone market has grown from $14 billion to over $43 billion in 2024, meaning the industry has been growing by more than 20% annually, according to Drone Industry Insights. In South Africa, Africa’s largest drone market, the value of the small drones sector alone is estimated to reach $134.5 million by 2025, according to IndustryARC, a research platform. Demand for drones is coming from the conservation, agriculture, and healthcare sectors, among others. In Malawi, for instance, the government adopted drones to protect wildlife across six nature reserves – Nyika, Kasungu, Nkhotakota, Majete Vwaza, Liwonde and the Elephant Wildlife Reserve. The decision to use UAVs in conservation was made in September 2023. “It is envisaged that the use of drones in wildlife conservation will bring new dimensions in both protection and research,” Joseph Nkosi, Malawi’s Ministry of Tourism spokesperson, told bird story agency in a 2023 interview. China and Israel have been competing to supply drones to different countries on the continent. According to a January report by Le Monde, Turkey is supplying African countries with its Aksungur and Bayraktar TB2 combat unmanned aircraft. The report explains that Turkish UAV manufacturers have sold over 40 UAVs to 10 countries. “Niger, Burkina Faso, and Mali acquired several Bayraktar TB2 models in the space of 10 months. In 2022, Senegal announced that it was also in the fray for one. The Chadian army has acquired four Ankara attack drones from another Turkish manufacturer,” Le Monde details. Some of the largest global manufacturers of UAVs are now showing increased interest in establishing local manufacturing facilities within the continent. In November 2023, Ondas Holdings, the parent company of drone service providers Airobotics and American Robotics, signed a memorandum of understanding (MOU) with Moroccan technology company Maghrebnet. The partnership will see Maghrebnet take charge of manufacturing and sales of Ondas’ automated Optimus Drone-in-a-Box systems in Morocco and Senegal. More recently, in February 2024, Rwandan drone company Charis UAS secured a significant investment from global drone solutions provider XM2 Earth. The investment aims to fuel XM2 Earth’s expansion of drone manufacturing across the continent. Charis UAS, known for launching Rwanda’s first domestically-made drone in 2020, stands poised to play a pivotal role in this expansion. More countries are showing interest in improving local manufacturing capacity, including Botswana, where the Botswana International University of Science and Technology (BIUST) and the Mileage Group, a technology and investment firm, unveiled a drone assembly and testing centre in Palapye, some 272 kilometres northeast of Gaborone. The centre was launched in March.
Read MorePost-CEO exit, Cellulant appoints new leaders, shifts focus to profitability
Cellulant, the pan-African payments startup valued at $133 million in 2022, has named new executives three months after the CEO and four other senior managers left the company. While Peter O’Toole, the company’s former CFO, remains acting CEO, Andy O’Sullivan, who co-founded Innovate Payments, is Cellulant’s new CTO. He replaces George Murage, who has now moved to Pesalink. Gbenga Haastrup is the new executive consultant for governance, risk, and compliance. Haastrup held executive leadership positions at UMBA, Interswitch, UBA and Standard Chartered Bank. Other appointments include Irene Koki as head of internal audit, Ochebhoya Ekpete (formerly of Interswitch and Stripe) as vice president of group finance, and Susan Fouche as the Group chief people officer. After consolidating some roles and creating new ones, the company disclosed that the new hires would be crucial for its business, which serves 13 African markets. O’Toole says Cellulant’s “main goal is to become a highly sustainable and profitable payments company, known for its operational excellence across our three core areas: checkout, payout, and banking solutions.” In 2024, Cellulant plans to prioritise these three business areas to align with its “ongoing investment in product development, service delivery, streamlining operations, and managing risk,” according to a statement seen by TechCabal. These leadership changes follow a difficult year for Cellulant in 2023, which saw the company go through three rounds of redundancies. “We made strategic operational adjustments to improve efficiency and support our ambitious growth plans,” Cellulant told TechCabal in January 2024. Cellulant had appointed Grover to lead a $100 million Series D funding round, which ultimately didn’t materialise. Despite raising $54.4 million over three rounds, Cellulant says it is still talking to investors but does not plan to raise additional funds in 2024.
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How to reverse Mpesa transactions 2024 easily
Mpesa transactions are a convenient way to send and receive money in Kenya. But you may sometimes accidentally send money to the wrong number. Thankfully, Mpesa offers a reversal option to help you recover your funds. Here’s a guide on how to reverse Mpesa transactions, including the added Zuri option: Are Mpesa reversals always possible? It’s important to note that Mpesa reversals aren’t always guaranteed. The success rate depends on several factors, including: Transaction Type: Reversal is generally easier for person-to-person transactions. Reversing payments to pay bills or till numbers might require contacting Safaricom’s customer care. Time Since Transaction: The sooner you initiate the reversal process, the higher the chances of success. How to reverse mistaken Mpesa transactions There are now five main ways to initiate a reversal on Mpesa: 1. Using SMS This is the most common method for reversing transactions sent to the wrong number. Here’s what to do: Forward the Mpesa confirmation message: The easiest way is to simply forward the confirmation SMS you received after sending the money to the number 456. This message contains all the transaction details needed for reversal. Response from Mpesa: You’ll receive a reply from “Reversal” confirming that the request has been initiated and you’ll be updated within 2 hours. 2. Using the Mpesa App If you prefer using the app, follow these steps: Open the Mpesa App: Log in to your Mpesa app and navigate to the “Transactions” section. Locate the Transaction: Find the transaction you want to reverse. Look for Reversal Option: There should be a “Reverse Transaction” icon or option available. Tap on it. Provide Reason for Reversal: Briefly explain why you want to reverse the transaction (e.g., wrong number, wrong amount). Submit Request: Confirm the reversal request. You’ll receive a notification similar to the SMS method. 3. Using the mySafaricom App Similar to the Mpesa App, you can initiate a reversal through the mySafaricom App if the transaction was done using that platform. 4. Chatting with Zuri This is a new and convenient option! You can now request a reversal by chatting with Zuri, Safaricom’s chatbot, on WhatsAapp. Here’s how: Save Zuri’s number: 0722000100 Start a conversation: Open WhatsApp and initiate a chat with Zuri by typing “Hello”. Follow the prompts: Zuri will guide you through the process. You’ll need to confirm your phone number, Mpesa PIN, and the transaction details. 5. Contacting Safaricom Customer Care In case the above methods don’t work or for transactions involving pay bills or till numbers, you can always contact Safaricom’s customer care for assistance. Major tips to successfully reverse Mpesa transactions The faster you initiate the reversal process, the better the chances of recovering your funds. If contacting customer care becomes necessary, have the recipient’s number, transaction code, and amount sent readily available. Also, processing a reversal can take up to 72 hours. Final thoughts on how to reverse Mpesa and the Hakikisha preventative measure Before sending any Mpesa transaction, consider using the Hakikisha service. This free feature allows you to confirm the recipient’s name and/or number before completing the transaction, significantly reducing the chances of sending money to the wrong person.
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👨🏿🚀TechCabal Daily – Ghana to tax content creators
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning If you’re planning to join X (Twitter) anytime soon, you’ll have to pay a “small fee”. In a bid to banish bots, Twitter’s new sheriff, Elon Musk, is proposing a paywall for fresh faces. Seems paying a buck is the new “not a robot” checkbox under Musk’s reign. New Zealand and the Philippines got a sneak peek of this tollbooth, with new users coughing up $1 to join the party. At this time, Musk and his team are yet to announce when the feature will roll out globally to the platform which is estimated to have about 48 million bot accounts. In today’s edition Nigeria asks Kenya to extradite Binance executives Ghana wants to tax its content creators Tingo lays off staff after salary delays Vodacom Tanzania acquires Smile Tanzania for $27.4 million Starlink to disconnect roaming users in Africa The World Wide Web3 Opportunities Crypto Nigeria asks Kenya to extradite escaped Binance executive Extradition cases can be lengthy and complex, as evidenced by the years-long wait for Kenyan authorities to decide on the fate of former minister Chris Okemo and ex-Kenya Power CEO Samuel Gichuru for money laundering and fraud charges filed since 2011. Now, the Binance versus Nigeria case just might be raising similar concerns. What’s new? Per the Daily Post, Nigerian authorities have asked Kenya to arrest and extradite Nadeem Anjarwalla, a Binance executive who managed to evade detention on March 25 after being accused of tax evasion. The tensions escalated when Nigeria restricted access to Binance’s website, prompting two of its top executives, Tigran Gambaryan and Nadeem Anjarwalla, to journey to the country in an attempt to address the dispute. However, upon their arrival, Nigerian authorities seized their travel documents, and detained them on February 26 without formal criminal charges. This move marked the beginning of a tumultuous series of events that would ultimately see Anjarwalla escaping the country to Kenya, leaving Gambaryan behind to face money laundering charges. Now, Anjarwalla’s escape, facilitated by a smuggled passport, has further complicated the situation. A smart move? Kenya’s extradition laws mandate that for Anjarwalla to be arrested, a Nigerian court must issue an arrest warrant, which would then need to be processed through Nairobi’s legal channels. Furthermore, the involvement of Interpol adds another layer of complexity to the situation, with the process potentially dragging on for months, if not years. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Regulations Ghanaian foreign income earners to begin paying taxes Last year, in a move that caused public uproar, the Kenyan government announced plans to tax content creators. The East African country’s new Finance Bill came into force in June 2023 and now levies a 1.5% withholding tax on all income made by content creators and digital workers in the country. Now, Ghana is following in Kenya’s footsteps. This week, the Ghana Revenue Agency (GRA) revealed plans to tax Ghanaians who earn foreign income. Ghana’s new tax will also target content creators and influencers in Ghana who make money on global platforms like YouTube, X and TikTok, as well as remote workers using platforms like Fiverr and Upwork. This includes Ghanaians who earn foreign income and live in Ghana for at least 183 days a year. Why is the Ghana Revenue Agency doing this? In February, the ministry of finance released a press statement to suspend the implementation of the Value Added Tax on electricity. It got suspended because of major outbursts from Ghanaians but this suspension on the electricity tax has left a revenue gap of approximately GHC 1.8 billion ($134 million). The money has to come from somewhere, Ghana says, and to close this revenue gap, the government has decided to tax Ghanaians who earn foreign income. Commissioner General, Julie Essiam stated that this initiative represents both an expansion and enforcement of the current tax system. She affirmed the commencement of the implementation process, mentioning that the GRA is actively preparing and composing letters to be dispatched to individual account holders, which they could potentially receive prior to May 2, 2024. There is a perk to being a good citizen. The Commissioner General also revealed that if people voluntarily report how much money they have in their accounts within three months, they won’t have to pay extra interest on the money, “That is the voluntary disclosure aspect of this measure,” she stated. This new tax will include Ghanaians who earn foreign income and live in Ghana for at least 183 days a year. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Layoffs Tingo furloughs at least 50 staff after salary delays and layoffs In June 2023, Tingo Group, a Nigerian agri-fintech company, found itself in the crosshairs of Hindenburg Research, a US-based investment research firm. Hindenburg accused Tingo of being “an exceptionally obvious scam,” calling into question its entire business model— fintech, agritech, and telecoms. Despite these allegations, Tingo declared sales of $977 million for H1 2023. In December 2023, the US Securities and Exchange Commission (SEC) charged Tingo’s founder, Dozy Mmobuosi, with securities fraud, after the company reported having cash of $461.7 million for the fiscal year 2022, but its bank accounts held less than $50. Despite facing these charges, Mmobuosi reportedly promised employees in January 2024 that outstanding salaries would be paid within a month. These promises came alongside reports that some employees allegedly received unexplained pay raises of up to 400%. However, by March 2024, Tingo furloughed nearly all its full-time staff—at least 50 employees. This followed layoffs of 40 contract workers in February 2024, who
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