Profitable Fincra believes Africa needs more cross-border startups
If you shake any tree, an Africa-focused remittance startup will fall out; so goes the joke. There’s a roll call of recognisable names in the sector: Lemfi, NALA, Raenest, and Leatherback. Yet these well-known companies rely on lesser-known payment businesses to succeed. Take Fincra, a B2B startup providing payment infrastructure that enables remittance companies to process cross-border transactions. In 2023, the company processed $10 billion in transactions—serving clients like Lemfi, OneLiquidity, and Cleva—and is profitable, though it declined to share specific figures. Fincra has remained largely bootstrapped, having raised only a $250,000 investment from Techstars in 2022. Ayodele’s belief in organic growth over-reliance on external funding has shaped this approach. “I don’t believe in funding as a growth strategy; I believe in adding value to people. If you add value, people will give you money,” Ayodele said. As African businesses expand globally and more Africans work remotely for international firms, Fincra is at the forefront of a wave of startups facilitating seamless cross-border payments. The company competes with players like Kora and Verto but differentiates itself with its unique payment infrastructure that simplifies the complexities of cross-border transactions. Fincra doesn’t view its competitors in the traditional sense. ‘In fact, the companies you might assume are our competitors are more likely to be our customers,’ says Ayodele. This mindset stems from Fincra’s strategy of empowering other businesses with its infrastructure rather than battling for direct market share Building a cross-border payment rail from the ground up has been a monumental challenge. Beyond sourcing the right talent to develop such a complex system, navigating the diverse and often stringent regulations across multiple countries has proven to be a significant hurdle. “In some countries, it can take about 48 hours to move local currency from one bank to another. You can’t innovate out of that.” Ayodele believes more cross-border solutions are needed to enable the easy flow of money within Africa. “We always look like a complimentary solution. One company cannot necessarily solve cross-border problems across the continent. This means we need many more people building the solutions we are building. We believe that the prosperity of Africa lies in the easy flow of money,” Ayodele told TechCabal. The company currently operates in Ghana, Kenya, Uganda, the United Kingdom, Europe, and North America and has plans to expand into the Francophone region. “These markets are extremely sought after by our customers, so it’s a no-brainer that we go to those regions. Ultimately, we plan to be in all 54 African countries. Next year, we are looking at places like Egypt and Ethiopia,” Ayodele said. Fincra has also faced its share of security challenges, particularly in the wake of fraud incidents that have plagued Nigeria’s financial sector. “The only way to solve fraud as a financial technology provider is by building better technology,” Ayodele said. “We are all learning painful lessons, if you don’t put in the right measures, you get found out, you get hacked.” Ayodele believes ecosystem collaboration and improved communication and awareness among users as other suggestions to curtail fraud. Fincra has deprioritized issuing virtual cards, following a wider industry trend, because Ayodele believes the current workaround used by Nigerian fintechs is unsustainable. Fintech partners with U.S. or UK banks to issue dollar cards to Africans. However, Ayodele argues this approach is flawed, as it introduces fraud risks when non-US residents are issued cards in increasing numbers. “The problem of issuing virtual cards is that when one fintech has a solution everybody tries to layer on top of it. It’s only a matter of time before fintech reaches a fraud threshold as the number of non-US residents issued cards increases.” Ayodele believes the ultimate solution to issuing dollar cards is to identify the countries you want to issue to and get a paying sponsor from that country. But then again, people don’t like to do hard things. It’s the hard things that will last.” The business also claims it deprioritized issuing dollar cards after the Central Bank of Nigeria (CBN) introduced the Investors’ & Exporters’ FX Window (I&E FX Window). “There is no joy in solving for what has already been solved. Ideally, every Nigerian bank should be capable of enabling naira cards for international payments. It is laziness that is not making every naira card work online.” Fincra has no plans to launch a consumer-facing product but will launch multi-currency accounts for small businesses. “We believe that it is faster to achieve our vision by building infrastructure for others rather than trying to face all the customers in Africa.” In October 2024, the business secured a Third Party Payment Provider (TPPP) licence in South Africa, enabling it to offer Pay-In and Pay-Out services, including card payments, to registered and pre-approved businesses in the country. Fincra will begin its South African operation within the next month.
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🚀Entering Tech #78: Trading Titles & Hats – What drives career switches?
And America’s failed shadowcat experiment. 13 || November || 2024 View in Browser Brought to you by Issue #78 Trading TitlesAnd Hats Share this newsletter Greetings ET people In the middle of the cold war—think 1961—America wanted to get ahead of its longtime competitor Russia. The CIA planned to turn cats into spy animals. The spy agency believed humans were too large, heavy-footed, and barely stealthy. It wanted a new approach to espionage. The project, titled “Acoustic Kitty” died after the first cat subject was hit by a car—$20 million flushed down the drain. The Bay of Pigs fiasco became a colossal failure. This remains a controversy to this day, largely because the US—masters of storytelling—never fully admitted that the Bay of Pigs failure was what spurred the experiment. Change can be daunting, uncertain, and, as in the case of Acoustic Kitty, sometimes leads to dramatic failures. But for three techies in today’s edition, facing that fear of failure was the only way forward. For Titilola Shittu, Olatomide Awoyomi, and Peculiar Richard, stepping into the unknown helped them find the career paths they now love. Emmanuel Nwosu & Timi Odueso For Titilola, survival was key While the US does not take ownership of its failed experiment, our first guest, Titilola, says her winding career paths have all been experimental. Only product marketing has stuck. Titilola Shittu Started Content Writing, 2019 Started Coding and Technical Writing, 2021 Graduated University, 2022 Started learning Product Design, 2022 HNG Internship, 2022 Started learning Product Marketing, 2023 Marketing Associate, Simpu April 2024 – Oct 2024 She started out writing flash fiction, then moved into brand copywriting and content writing, motivated by her desire to make money. Soon after, she had a brief stint in product design and another year learning software development. Titilola had graduated from Olabisi Onabanjo University in 2022 with a degree in Biochemistry, and even before she wore the university’s navy blue convocation robes, Titilola knew she would never wear a medical lab coat. “I think I needed an escape. During the COVID lockdown, I would catch up with my friends and they’d tell me what they were up to; I was so scared and thought the world was ending, so when my hostel-mate introduced me to sites that paid me to write, it felt natural because it was something I enjoyed.” Titilola started her career writing for Opera News—her first real paying gig. Later, she worked at a digital marketing agency, learning SEO, writing blog posts and sales copy for client brands. She called this her “first taste” of product marketing, though she didn’t know what it was at the time. She worked at the agency until she graduated, and then product design caught her attention. However, her lack of interest led her to admit, “I was bored of writing, so I decided to try it. After two months, I didn’t know what I was doing in design, so I left it.” Despite her inclination to experiments, Titilola says she knows “when to tell herself the truth,” and she feels this is important for anybody transitioning careers. In 2022, she joined HNG Internship as a sales and marketing intern, where she got her first proper marketing experience. In 2023, she fully transitioned into product marketing, after taking courses and completing internships. It took her six months to land her first role. *Newsletter continues after break Shoot better shots with HMD With a 108MP hybrid OIS triple rear camera with capture fusion and a 50MP selfie camera with eye-tracking autofocus, your shots are about to take off. Find out more. Design opened doors for Olatomide Olatomide’s career path, on the other hand, is anything but ordinary. It all started with a spark of interest he got as a kid when he first saw an MTN flyer. That curiosity grew into an obsession with computers. Olatomide Awoyomi Started Design, 2013 First professional design gig, 2016 Tried Fashion Designing, and Printing, 2018 Graduated University + First Corporate Design Job, 2019 HNG Internship, 2022 Founded a Design Agency, 2021 Transitioned to Brand and Comms Analysis, 2023 Shuttered his Design Agency, 2024 Transitioned to Marketing, 2024 He entered tech as a self-taught web designer because he wanted to build his friend a website that sold pirated music like naijaloaded.com at the peak of its popularity in 2012. He soon scratched that idea. Design and sales, brand and communications, and fashion design were a few other adventures that Olatomide went on to try. After a brief stint learning how to design websites, he decided to focus on design. It took him a while to establish himself, but as soon as he did, he went from graphic design to marketing and communications in the space of seven years. He started designing in 2013, though things didn’t take off until three years later when he volunteered to be on the design team that hosted the GDG Lagos event in 2016. This, as he describes it, was the first time he designed professionally or worked on anything big. Yet, it was the lift-off he needed. Between 2016 and 2019 during his undergraduate days, while his job description stayed as ‘designer,’ Olatomide ran ventures of his own, notably he won a Campus Hult Prize competition, started a failed t-shirt printing business for crypto bros, and even learnt fashion designing. Olatomide won a Hult Prize at EKSUOlatomide landed his first major role after graduating in 2019, courtesy of an employer he met at GDG. While building an agency on the side that provided design services to small businesses on the side, he noticed that businesses faced a unique problem: they didn’t know how to sell. “I was charging them ₦50,000 for design, they’d pay once, and never come back. I thought it was my price, but I soon discovered that these businesses were not making sales, so they were not coming back. This was when I switched to sales and eventually, the thought of marketing kicked in too.” This was 2021. He
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👨🏿🚀TechCabal Daily – Glo’s slippery slope
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy mid-week! You might soon see Sam Bankman-Fried, the former CEO of FTX, on screen. Lena Dunham, Apple, and studio A24 are adapting Michael Lewis’ book “Going Infinite: The Rise and Fall of a New Tycoon,” which explores Bankman-Fried’s life and FTX’s collapse under money laundering allegations. We hope you are looking forward to the movie as blockbusters don’t come in better wrapping than that. How Globacom declined in Nigeria’s telecoms market Mixed results for MultiChoice in H1 2024 Safaricom pauses advertising on Nation Media Group World Wide Web 3 Opportunities Telco Inside Globacom’s struggle to regain telecom relevance Image Source: Adaeze Chukwu/TechCabal One day, cock of the walk; next day, a feather duster. When Globacom launched in August 2003, it was entering a contested market. MTN, Econet, and MTEL were already market leaders in a nascent market, and the entry of Globacom, the upstart Nigerian-owned telecom operator, shouldn’t have fazed them. Yet, Globacom pushed its last-mover advantage, learning from the fact that customers hated the existing pay-per-minute method, which forced them to pay ₦50 ($0.03) whether they spent 1 second or 59 seconds on the phone. The upstart’s per-second billing was truly disruptive, forcing MTN and Econet to implement the same billing system two months later. Glo wasn’t done. It threw down the gauntlet and crashed SIM card prices from ₦20,000 ($12) to ₦3,000 ($2) before offering everyone free SIM cards. This was a late entrant forcing the market to adapt to its moves. Not done, Glo was one of the first networks to offer 2.5G internet and by 2009, it had landed a 9,800 km submarine cable in Lagos, showing its ambitions to connect all of Nigeria to the internet. Today, no one remembers Globacom as an innovator. Its service quality is spotty, and its market share has slipped to 13%. Competitors don’t remember the last time the Nigerian telco did anything worth copying. Here’s the story of how Globacom fell off and what its path to redemption looks like. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Companies MultiChoice revenue declines by 10% in H1 2024 Image Source: MultiChoice On Tuesday, MultiChoice, South Africa’s pay-TV giant, reported mixed half-year results for the period ending September 30, 2024, citing an “extremely hostile” operating environment. Revenue reached R25.4 billion ($1.4 billion), declining by 10% year-on-year (YoY), but up by 4% on a constant currency basis, if currency fluctuations are not accounted for. Trading profit before tax, which previously grew to R6.6 billion ($364 million), fell by nearly half, weighed down by a R2.3 billion ($127 million) forex loss, particularly in markets like Nigeria and Zambia where currencies depreciated sharply against the US dollar. In May, the company previously responded by increasing subscription fees by 25% in Nigeria. With this loss, we could see MultiChoice inflate prices again. MultiChoice’s streaming service, Showmax, saw strong growth, with a 50% subscriber increase and watch hours reaching 86,215, boosted by a R1.6 billion ($88 million) investment in local content production, marketing, and advertising. Despite this, the group reported a 1.8 million drop in active subscribers—defined as people who have active primary subscriptions during the reporting period—since H1 2023, mostly from the Rest of Africa, reducing its total base to 14.9 million. This represents an 11% decline. The decline was attributed to power cuts and load-shedding in key markets like Nigeria and Zambia, which led to lower engagement, customer frustration, and ultimately, higher churn rates as viewers struggled to access services. Due to the receding active subscriber base, the average revenue per user (ARPU) in its Rest of Africa markets declined to $8 per user (-14%) across its streaming platforms, while it increased to $289 (+3%) in South Africa. Globally, the pay-TV market plateaued, with other streaming services either expanding their value-added services or ramping up their spends. Nonetheless, MultiChoice saw improvements: its liquidity position rose to R10.1 billion ($558 million), and it led to higher cost-savings among its South African peers. Additional wins included a revenue boost from KingMaker, its gaming and sports betting product which gained momentum in Nigeria, bringing ₦68 billion ($41 million) in revenue. Its fintech arm, Moment, also gained traction in South Africa and other Sub-Saharan regions. MultiChoice will continue to splurge on Showmax—which it describes as being in its “peak investment cycle”—focusing on original content and marketing to rival Netflix and Apple TV. It is optimistic about Showmax’s profitability, after ending a streaming partnership with Comcast. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Companies Safaricom suspends advertising on Nation Media group Peter Ndegwa, Safaricom chief executive/Image Source: Safaricom Journalism can be a double-edged sword. Most newsrooms keep the lights on by a limited number of revenue streams, including running advertisements for companies they report on regularly. While the purpose of journalism is to give the facts, expose what is untrue, and give information that is of public interest, many big corporations may be interested in the last segment as it sometimes involves critical coverage by newsrooms. These big corporations often try to intimidate media houses or threaten to withdraw advertising deals such as the case of Kenya’s largest telecom operator, Safaricom suspending its ad spending with Nation Media Group (NMG) platforms after it criticised the telco. Safaricom’s withdrawal of advertising spend comes after several NMG subsidiaries published critical reports about the company, including one that claimed Safaricom shared user data—including calls, texts, and location—without proper consent. Safaricom has denied
Read MoreThe Stunning Decline of Globacom, Nigeria’s Third Biggest Telco
When Globacom launched in August 2003, it entered a crowded telecom market, two years behind giants MTN, Econet, and MTEL. Despite this, it quickly made an impact with bold moves, positioning itself as a serious competitor. By pioneering per-second billing—unlike the ₦50-per-minute norm—it immediately disrupted the market, forcing rivals to follow suit. If per-second billing was a game-changer for the industry, Globacom pulled off another stunt in October 2004 by offering free SIM cards—undercutting competitors selling theirs for ₦2,000. This aggressive price war was only possible for a late market entrant, and Globacom backed it with hefty marketing campaigns, signing Nigeria’s biggest celebrities as ambassadors. By 2004, long before other Nigerian telcos recognized that data, not voice, was the industry’s future, Glo had begun offering 2.5G internet service to 70,000 subscribers. By 2009, it had landed a 9,800km submarine cable in Lagos, showing the depth of its ambition to connect Nigerians to the internet. “We got the people talking,” said one of its ads. Globacom raced to early success, and many Nigerians identified with the first local telecoms company with catchy ads. However, as the business grew, it lost its innovative DNA and struggled to maintain the momentum of its first eight years. The path to decline Despite its early success, Globacom now feels like a company in decline. With its market share down to 13% and just 19.1 million subscribers, the once-innovative leader now grapples with stagnation. Speculation has mounted for years that Nigeria’s telecom subscriber numbers—217 million in early 2024—were inflated. Industry insiders believed the lack of clear rules on counting subscribers who had been inactive for up to six months allowed telecom operators to pad their numbers. A recent audit and the rule that establishing 90 days of inactivity as the clear baseline by the Nigerian Communications Commission (NCC) has helped clarify issues. Due to those new rules, Globacom was required to recount its active subscriber base, shedding 40 million subscribers who were inactive in the last 90 days. While competitors MTN and Airtel also shed a few million active subscribers, they’re now the clear market leaders with 78 million and 53.7 million active subscribers, respectively. Globacom’s reputation for unreliable service has hurt growth. A major cyberattack in August 2023 exposed customer data to unknown hackers and went unreported for a year, exacerbating the reputational damage. The Globacom breach: How hackers held Nigeria’s telco giant hostage Corporate culture and governance issues One month after the hack was reported, the privately held company named a new CEO and board of directors in October 2024 after some pressure from the NCC. According to two company insiders, it is the first time since 2003 that someone outside Mike Adenuga’s family will control the company. As Adenuga’s leadership entered the 2020s, Globacom’s reputation for innovation had been undone, leaving an image of a company hampered by a one-man bureaucracy. “It is run like a one-man business, and everything runs up to Mike Adenuga. They can’t take any decision without his approval,” said one business close to the business. That person claimed several of Adenuga’s companies share the same employees, blurring the lines between the businesses. Telecom executives and analysts highlight a decade of underinvestment and weak corporate governance as critical factors behind Globacom’s decline. Once a leader in innovation, the company’s culture shifted, stalling progress and leading to mounting operational challenges. Telecom regulators have mostly looked the other way with issues connected to Globacom. Its curious culture may have cost the company more, with one industry source claiming Globacom was poised to enter a potential partnership with telecoms company Orange after the French company expressed interest in a Nigeria expansion. Ultimately, the move did not materialize. Regulatory and financial challenges As the only local telecom company in a market dominated by foreign players, Globacom has enjoyed a leniency that industry players have questioned. Despite owing MTN Nigeria ₦3 billion in interest on interconnection fees for 15 years, Globacom settled the debt for ₦2 billion without facing significant consequences. This penchant for indebtedness also extends to vendors and partners “They don’t pay Value Added Services on time, they don’t pay interconnect fees on time. It is the same thing they do to partners; they will not pay until 180 days,” said one person familiar with the company’s operations. At least two other vendors that have worked with Globacom in the past ten years claimed the company has a reputation for late payments. This reliance on Adenuga, who is widely believed to be the company’s sole financier, is believed to be linked to a perennial underinvestment in the company. “To be significant and deliver the right service, you probably need $1 billion in capital expenditure annually,” said Bolaji Balogun, CEO of Chapel Denham, who helped execute the $1.67 billion sale of Econet Wireless to Celtel in 2005, said at a telecom event in August 2024. Unlike other major operators, Globacom doesn’t outsource its over 8,700 towers to companies like IHS; instead, it builds and maintains them with foreign technical experts. “The cost of operating those towers alone is enormous, covering energy, security, community engagements, and personnel costs,” said an industry expert. Infrastructure-heavy sectors like telecoms require ongoing investment to maintain service quality. For example, you can have a submarine cable, but without deploying terrestrial cables to reach individual users, connecting towers with fiber cables, and building more towers where needed, the network will struggle. The need to continually improve quality is also why MTN and Airtel are investing in data centre infrastructure. While both companies started out with using existing data centres, they are now building their own data centres. Beyond infrastructure, Globacom has made little investment in its Payment Service Bank (PSB) licence, acquired in 2020, resulting in stagnant growth for the service. Meanwhile, MTN and 9Mobile, with similar licences, have added millions of users to their mobile money platforms.. The future outlook There are worries that Globacom could go the way of 9Mobile, another telco that had a flying start
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Safaricom suspends advertising on Nation Media Group publications over critical coverage
Kenya’s largest telecom operator, Safaricom, has suspended its advertising spending on Nation Media Group (NMG) platforms following critical coverage of the company, according to two NMG executives familiar with the decision. NMG-owned publications like the Daily Nation, Business Daily, and The East African have run stories critical of Safaricom in the past month. One story by The Daily Nation was about a $800 million public healthcare system contract awarded to a consortium that included telco and companies linked to Indian billionaire Gautam Adani. Another report highlighted the close ties between Safaricom’s chairman, Adil Khawaja, President William Ruto, and Adani. However, the key trigger for the advertising suspension appears to be a Daily Nation investigative report published on October 29, 2024. The report claimed Safaricom shared user data—including calls, texts, and location—without proper consent, a claim the company has firmly denied. One week after the privacy story was published, Safaricom ran ads in The Standard and The Star, reaffirming its commitment to customer privacy. Those ads coincided with the company’s 24th anniversary. Safaricom also chose not to publish its H1 2024 financial reports in any NMG-owned publications, a first since its 2008 IPO. It opted to publish in The Standard and The Star to meet legal requirements. The suspension highlights the growing pressure on independent media outlets to soften their coverage or risk losing ad revenues. Kenyan news outlets have seen a decline in ad revenues as banks, telcos, and the government cut advertising spending. Safaricom is one of Kenya’s biggest advertisers, with a monthly ad budget of $4.8 million (KES619.2 million). This is not the first time Safaricom has withheld advertising following critical coverage. In previous instances, the company would still publish its financial statements in NMG publications, but this is the first time it has refrained from doing so. In October 2024, Safaricom officials visited major Kenyan newsrooms to persuade them to tone down coverage, said one senior PR executive who asked not to be named so they could speak freely. The officials met senior editors and reporters during the visits. The company has significant influence in the market and, from time to time, withholds ads in response to critical coverage, the public relations executive said. It has never publicly admitted to suspending ads. Safaricom did not immediately respond to a request for comments. The media group’s troubles extend beyond Kenya. In October, the Tanzania Communications Regulatory Authority (TCRA) suspended Mwananchi Communication’s websites–a subsidiary of NMG–after one of its publications ran an animated advert depicting President Samia Suluhu and referencing recent abductions and killings of opposition groups. These pressures could compound NMG’s financial challenges, as it faces its first loss in decades and a shifting media landscape that is increasingly digital.
Read MoreAfrican founders say their jobs have impacted their mental wellbeing
A new report from Flourish Ventures shows that while African founders love their jobs, many say that it has negatively impacted their mental health. While African founders are passionate about their entrepreneurial journeys, factors outside their control, such as fundraising challenges and Africa’s volatile macroeconomic conditions, are taking a significant toll on their mental health, a new report from Flourish Ventures shows. The report, based on responses from over 160 founders across 13 African countries, shows that more than 80% of respondents struggle with mental health issues. Among them, 60% report experiencing anxiety, 58% high stress, 52% exhaustion, and 20% depression. Even founders of startups identified as “thriving” are not immune—over 70% of them also reported mental health challenges. “Prioritising founder wellbeing not only has a positive impact on founders’ lives but also on the long-term success of their businesses,” said Ameya Upadhyay, a venture partner at Flourish Ventures. “Our hope is that by sharing these early learnings, we can foster a broader conversation about how to support founders, both in Africa and globally.” Despite these challenges, 81% of African founders remain passionate about their entrepreneurial paths. However, they cited several key stressors affecting their mental health, with fundraising (59%), inflation (44%), and navigating economic instability (40%) at the forefront. Almost half of the founders surveyed asked investors to curb unrealistic demands and want investors to recognize them as individuals rather than merely contributors to financial returns. “The external stressors—factors largely outside our control—are big contributors tostress and burnout for most entrepreneurs. As an investor, I try to help my founders focus on what they can control and let go of what they cannot,” Iyin Aboyeji, founding partner at Future Africa, said. To cope with these pressures, many founders turn to exercise (59%), relationships (49%), sleep (45%), and healthy eating (42%). The report found that founders with strong personal support networks experienced 13% higher well-being compared to those with weaker networks. However, despite the benefits of open communication, only 14% of founders feel comfortable discussing their mental health struggles. This reluctance is driven primarily by fears of judgment and a lack of empathy from investors. “Founder stress and burnout are pervasive, yet founders are remarkably resilient,” said Efayomi Carr. He emphasized the importance of reshaping investor-founder relationships, advocating for greater transparency, realistic expectations, and a human-centered approach on a call with TechCabal. He added that a focus on founder wellbeing is not just ethical but also essential to business success, as a founder’s mental resilience directly impacts their company’s growth and sustainability. “Data is powerful, but it’s just the beginning of a conversation,” said Carr. “We hope this research sparks a dialogue between founders and funders on building a stronger ecosystem that ensures success for everyone involved.” African startups and investors need better communication to stop funding drought
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JAMB 2025 novel and where to download it
The JAMB likely official reading text/novel for the JAMB 2025 Use of English examination is already in public domain. This designated novel is titled The Life Changer by Khadija Abubakar Jalli. It will be essential reading for all candidates preparing for the exam. With themes that delve into the complexities of Nigerian university life, the novel provides a rich context for English comprehension and analysis skills. Key details on The Life Changer Novel Author and themesThe Life Changer brings to life the varied experiences on a Nigerian university campus. It captures cultural shifts, freedoms, and the challenges young adults face as they transition into independence. The author, Khadija Abubakar Jalli, uses relatable characters and real-world dilemmas to encourage readers to reflect on morality, friendship, and resilience. Role in JAMB 2025JAMB has mandated The Life Changer as the novel for the JAMB 2025 Use of English exam, making it essential for candidates to read and understand the text. In-depth knowledge of the novel will aid candidates in tackling comprehension questions and essay prompts related to it. Where to download the JAMB 2025 novel JAMB portal: Candidates can find authorised e-book versions of The Life Changer directly on the official JAMB website. The portal offers it in PDF downloads which compatible with various devices. Tips for candidates on studying the JAMB 2025 novel Begin early: With only months before the exam, candidates should start reading The Life Changer as soon as possible. Analyse key themes: Reflect on character development, moral questions, and cultural insights that Jalli explores. Mock exercises: Take practice exams to familiarise yourself with potential question formats regarding the JAMB 2025 novel. By immersing the in The Life Changer, candidates will gain not only valuable preparation for JAMB 2025 but also insights into the dynamics of Nigerian university life.
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👨🏿🚀TechCabal Daily – Kobo’s new fleet
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! During his campaign, crypto-loving Donald Trump vowed to put the United States at the centre of the digital-asset industry. Many now speculate his re-election may have had an effect on crypto prices. On Monday, Bitcoin price crossed $86,000 for the first time while prices of other crypto assets also rose. The price increase is thanks to a robust demand for dedicated U.S. exchange-traded funds (ETFs) and interest rate cut by the Federal Reserve. Is Bitcoin back on course to hit the $100,000 mark by year-end? Bullish crypto users say yes. Kobo360 eyes fleet management Healthtech startup MDaaS expands into Cameroon Nigerian businesses to pay single-digit taxes after reforms World Wide Web 3 Opportunities Logistics Kobo360 eyes fleet management Image source: G2 In October, Sendstack, a two-year-old Nigerian logistics startup, pivoted from connecting business owners to last-mile delivery providers to offering fleet management software for companies with in-house fleets. Kobo360, the Goldman Sachs-backed truck-hailing startup, is developing fleet management software for manufacturers, fast-moving consumer goods (FMCG) suppliers, and micro-fleet truck owners. This software will help users manage trucks from their fleet or contracted logistics partners, plan routes, and access invoice discounting. Pure software fleet management is gaining traction among logistics startups for good reason. Software products typically boast margins of around 70%, significantly higher than the 20% commission charged by truck-hailing services. Additionally, software solutions are easier to scale than aggregator models, which require substantial investment in building driver and cargo networks. At a time when investors are focusing on high revenue growth, pure-software models make a really good pitch. Moreover, these applications give businesses complete control of their cargo movement, reducing risks related to lost shipments—a popular mishap in the sector. It may also be the timing: rising fuel costs make Uber-styled logistics platforms that charge commissions more expensive for cargo owners and transporters. While the revenue potential is considerable, selling fleet management software presents challenges. Finding customers can be tough due to a limited pool of companies that can afford the service. Closing deals with valuable clients can be complicated by bureaucracies, and many attractive companies already have providers. Even larger firms willing to pay $7–$50 per truck monthly often face high switching costs. Kobo360, which has been operating for about seven years, may leverage its existing relationships with these businesses to get its new product through their doors. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Startups MDaaS picks Cameroon as first stop on Francophone Africa expansion drive MDaaS team/Image Source: MDaaS MDaaS, a Nigerian healthcare startup known for its network of diagnostic clinics, has launched its first clinic in Douala, Cameroon as it begins its journey into Francophone Africa. The expansion comes as the startup seeks to diversify its revenue streams amid the Naira’s volatility and inflation in Nigeria. Its CEO, Oluwasoga Oni, said the startup treated 16,000 patients across 16 diagnostic clinics and 20 affiliate clinics in Nigeria in October. Despite this traction, it “needed to diversify from a single country considering everything going on in Nigeria.” Oni also claimed that his startup is profitable in Nigeria, which remains its core market, providing X-rays, ultrasounds, and lab work across 26 states. Douala is a strategic choice as it offers a bilingual environment and high demand for healthcare. The startup hopes that bringing a faster, tech-enabled customer experience, one that the local market currently lacks, will attract customers. “We noticed that processes in other clinics were slower, and test results required physical collection—issues we’ve already solved in Nigeria,” Oni said. MDaaS joins a wave of Nigerian startups expanding abroad, following a 70% depreciation of the Naira against the US dollar due to recent economic reforms. Armed with a $3 million fundraise this year, the startup aims to build on its expansion and “build healthcare for Africa’s next billion.” Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Economy Nigerian businesses to pay single-digit taxes after reforms Image Source: TechCabal Nigeria’s contentious tax reform bill may be moving forward with President Bola Tinubu’s administration pushing for changes across the country’s existing tax collection system. Taiwo Oyedele, head of the Presidential Tax Reform Committee, said the new plan would lower business taxes to “single digits” to help small businesses, simplify the tax system, and reduce tax multiplicity. The bill, which was first submitted on September 3, will centralise tax collection and make key changes to tax laws, like increasing value added tax (VAT) to 15% and adjusting the corporate tax rate to 25% for large companies. The tax reforms also proposed changing how VAT is shared among government entities; tax revenue should go to the states where goods and services are used, instead of where companies are based. However, some lawmakers and Northern governors rejected the plan, arguing that the new system doesn’t suit their interests. Despite the opposition of the bill, Oyedele said that the reforms are necessary to curb debt in the country and the government would focus on tweaking parts of the reform instead. With the changes to the reform, the government hopes to double its tax revenue and increase its tax-to-GDP ratio to match with other countries that have wider tax nets and sound tax policy, while not putting pressure on small businesses in the form of levies. There will be another Assembly hearing for the bill on November 19. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk
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All important dates for JAMB 2025 registration, exams and more
The Joint Admissions and Matriculation Board (JAMB) dates are already in projection pending official confirmation from JAMB. Here’s a breakdown of the dates to look forward to regarding JAMB 2025 registration and the likes, along with the necessary steps to ensure a smooth JAMB 2025 registration process. Key dates for JAMB 2025 registration Registration periodThe JAMB 2025 registration is expected to open on 15 January 2024 and close on 26 February 2024. Candidates are advised to complete their registrations well in advance of the deadline, as late entries may be subject to additional fees or penalties. Mock UTME dateFor candidates interested in a preliminary experience, JAMB will offer a Mock Unified Tertiary Matriculation Examination (UTME), currently set for 7 March 2024. This mock test provides a practical preview of the actual JAMB examination environment. Please note that JAMB mock exams however good or bad the results have zero effect on the actual JAMB exams. UTME main examinationThe official UTME exams will likely occur between 18 April and 28 April 2025. The specific date for each candidate will be available on their exam slip, which will be accessible for printing from 10 April 2024. Registration fees and options With mock UTME: Candidates opting for the Mock UTME should expect to pay N7,700. Without Mock UTME: The standard UTME registration fee stands at N6,200. For Foreign Candidates: The registration cost is $30. Direct Entry (DE) application deadline Direct Entry candidates seeking admission into advanced programmes should also complete their registrations by 28 March 2024. Important points to note Creating a JAMB profile: Candidates must create their profiles before registration. This process should start on 15 January 2025. Mock UTME registration deadline: The last date to register for the Mock UTME coincides with the mock test itself on 7 March 2024. Final thoughts on JAMB 2025 registration The official JAMB website will contain additional details and resources to aid candidates. Keeping track of these dates is essential for a smooth JAMB 2025 registration experience. Please note that these dates are subject to change at the discretion of JAMB. As such, it is important to follow JAMB official channels and trustworthy platforms like TechCabal, to ensure that you are abreast of any changes.
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Nigerian healthtech startup MDaaS begins Francophone expansion with Cameroon
MDaaS, a healthcare startup with 16 diagnostic clinics in Nigeria, has opened its first clinic in Cameroon, marking its entry into Francophone Africa. The move is part of the startup’s strategy to mitigate exposure to Naira volatility and boost revenue. “We’re scaling rapidly in Nigeria—we did over 16,000 patient visits last month—but we realised that we needed to diversify from a single country considering everything going on in Nigeria,” said Oluwasoga Oni, MDaaS CEO. Founded in 2017, MDaaS provides X-rays, ultrasounds, and fully automated lab tests at its network of clinics across Nigeria. It also partners with 20 affiliate clinics using its proprietary tech platform, extending its reach to 26 states. The startup claims profitability in Nigeria, where customers pay upfront for services. “What’s different about us is that we not only provide these services ourselves but we also install and handle everything, including the tech. Our tech is so good—it’s our secret sauce—which means we can coordinate at scale,” Oni said. MDaaS chose Douala, Cameroon’s economic capital, as its entry point into Francophone Africa due to its bilingual environment (English and French) and strong demand for healthcare services. According to the World Health Organisation, public services in Douala are limited, concentrated in the city centre, and largely provided by the private sector. “We went to Cameroon and visited other diagnostic centres and we noticed that the customer service culture could be improved. We observed that processes happened much slower—for example, if you did a test, you had to physically return to collect your results. These are issues we’ve already solved in Nigeria,” Oni said. MDaaS is among several Nigerian startups expanding abroad following a 70% depreciation of the Naira against the dollar due to recent economic reforms. Investors are increasingly urging cross-border expansion, particularly into Francophone West Africa, where the Euro-pegged currency provides greater stability. “This is a tough time for venture-funded companies like ours [because] most people are not getting funded anymore. Right now, we’re dominating Nigeria, but even so, I think the current landscape accelerated our Pan-African expansion.” In addition to its diagnostic services, MDaaS operates Sentinel, a B2B digital health platform focused on preventive care. However, the majority of its revenue—65%—comes from B2C services, with 35% from B2B. It took the startup six years to develop tech that automates processes, reducing costs and allowing patients to complete an average of three to four tests per visit. MDaaS claims it has diagnosed over 360,000 patients, with over a third diagnosed just this year. “It’s been our best year ever,” Oni said, attributing much of this growth to Nigerian second-tier cities like Ibadan, Ilorin, and Akure. The startup, which raised $3 million in March 2024 from Nigerian VCs like Aruwa Capital and Ventures Platform, only pursued expansion this year due to the capital and operations-intensive nature of building and managing its 16 diagnostic centres across Nigeria. MDaaS hopes to build and learn from its expansion into Douala as it begins to strengthen its foothold in the West African market. “Our big motto is “building healthcare for Africa’s next billion,” so everything we’re doing furthers that goal.” From MIT to MDaaS: Meet the couple solving Nigeria’s medical diagnostics problem
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