Sterling Financial Holdings will seek shareholders’ nod to raise ₦200bn
At a general meeting scheduled for June 24, Sterling Financial Holdings Company will seek shareholder approval to raise ₦200 billion through a rights issue. The company will sell 40 billion ordinary shares to existing investors at discounted prices if that approval is granted. Sterling Financial Holdings has two banking subsidiaries, Sterling Bank and the Alternative Bank. Adjusted recapitalisation rules mean both banks need to increase their minimum paid-up capital. Per Sterling Bank’s full-year 2023 report, its total qualified capital (share premium and share capital) was ₦57.2 billion, implying a need for ₦142.8bn in additional capital since it is a national bank. Alternative Bank needs ₦10 billion to meet its capital requirements. The holding company believes most of the capital can be raised from the Nigerian Exchange. “We are open to foreign sources of capital as an alternative but with our shareholders fully committed, hence our preferred approach is rights issue, followed by private placement,” said a Sterling Holding executive who asked not to be named. Tapping the NGX for capital will also ease communication with investors. If the company raises N200 billion, it will be more than it needs to meet capitalisation targets. It could deploy the remaining capital to enhance its SME, retail, and digital banking. “We anticipate that they would keep their innovation curve steep and improve investment in establishing an even stronger identity among the young banking population,” Ikeoluwa Alabi, investment research analyst at Afrinvest Consulting Ltd told TechCabal.
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👨🏿🚀TechCabal Daily – Big Tech Energy
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF The payments sector in Nigeria has grown in leaps and bounds with the evolution from a manual process with a few players to a digital system handling trillions of naira in the last two decades. However, various challenges still plague the system. Join our conversation on Friday, May 31 at 11 am (WAT) with experts in the payments industry to discuss the development of payments in Nigeria and the future outlooks. Register here. In today’s edition GITEX is coming to Nigeria Kenya wants to clamp on Big Tech competition Zambia finalises AI strategy MTN launches open API Funding Tracker The World Wide Web3 Opportunities Events GITEX is coming to Nigeria As far as spectacles go, GITEX is up there with the best of them. It explains why a number of governments and their delegates attend these events and become convinced their cities or countries must host the showcase. Here’s what I wrote when I visited Uganda in late 2023 for an investor conference that brought some of Africa’s most prominent VCs together: “David Gonahasa shared that the idea for an investor summit was born when a Ugandan delegation attended the Marrakech edition of the GITEX conference in May 2023. “Do we have something like GITEX in Uganda? Make it happen,” Gonahasa remembers the minister saying at the time.” Uganda wasn’t alone in its wishful thinking. Two people who attended the conference last year also said the Lagos State government also wanted to bring GITEX to Africa’s most populous country. That same year, the organisers of GITEX entered an agreement to host the event in Morocco for 10 years. Dream dashed it seemed. Yet, since Wednesday, there was chatter about a big announcement. The conference app told me twice about an important announcement from the director general of Nigeria’s National Information Technology Development Agency (NITDA). By 3:30 pm, the cat was out of the bag, GITEX had entered into an agreement to bring the show to Nigeria. Read all about it here. I spent the rest of the day managing my energy better than Wednesday. I wasn’t planning on clocking 10k steps again. There’s a side note to how it’s possible to feel a little overwhelmed—there’s a lot to see. Yet, a few things stood out: Visa’s impressive booth had an interactive Virtual Mall that was pretty neat. 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. Regulations Kenya wants to clamp on Big Tech competition Last year, African countries were working together to investigate and potentially regulate big tech companies like Google and Meta over concerns that these companies were engaging in practices that may harm African consumers, businesses, and economies. Now, the Kenyan government is already making amendments to its laws in a bid to crack down on “Big Tech” with stricter competition laws. The Competition Authority of Kenya (CAK) is proposing changes to the Competition Act to target anti-competitive practices by large tech companies. The proposed amendment to the Competition Act includes a new definition of “digital activities.” According to the amendment, “digital activities” refers to providing services or digital content over the internet for the benefit of both business and individual consumers, regardless of whether these services or content are paid for or free, and whether they involve multiple parties or not. This aims to safeguard Kenyan businesses from unfair tactics including mergers and acquisitions aimed at eliminating competition, restricting access to other companies’ services on their platforms and forcing you to buy a specific product if you want to use another product they offer. These proposed amendments will protect consumers’ rights in the digital and tech space. Similar to regulations in the US and Europe, it will empower CAK to police, investigate, and initiate antitrust probes against potential anti-competitive behaviour by tech giants like Google, Amazon, and Apple. The proposed law targets eight sectors: online intermediation services, online marketplaces and app stores, online search engines, online social networking services, video-sharing platforms, independent interpersonal communication services, operating systems, cloud computing services, and online advertising services. The proposed amendment would also prohibit the “abuse of superior bargaining” which means a company has so much power that it can force or dictate unfair business deals on other companies without needing to be the biggest company in the market. To enforce the amendment, the CAK will carry out compliance checks on foreign tech firms to determine if their activities have resulted in unfair competition for rivals. The amendment will also allow the agency to take into account problems and concerns that have been identified in other countries or markets when making its own regulatory decisions. The agency has set a deadline of June 11, 2024, for stakeholders to submit their feedback on the draft legislation. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. AI Zambia finalises AI strategy The Zambian government has finalised the drafting of its Artificial Intelligence (AI) policy which will serve as a guide for leveraging the benefits of AI. Zambia’s Science and Technology Minister, Felix Mutati, revealed the AI strategy will launch within the next two months. Like many believe using AI comes with benefits, the minister also believes AI will help the production of copper by making exploration methods more effective. According to GlobalData, Zambia was the world’s eighth-largest producer of copper in 2022 and the country presently accounts for 4% of global production of copper. Using AI will involve using AI to analyse geological data and identify promising areas for mining, helping Zambia reach its goal of 3 million tonnes annually. “AI will bring a lot
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2024/2025 UNILAG CBT Post-UTME registration process
Candidates who chose the University of Lagos (UNILAG) as their preferred tertiary institution during the JAMB 2024 exercise can start gearing up for the 2024/2025 Post-UTME screening exercise. Although the university has yet to officially announce the registration dates, prospective candidates may rest assured that the process will begin in the coming months judging from the timeframe the screening exercise has been held in previous years. It’s important you understand the general admission requirements and the anticipated 2024/2025 UNILAG Post-UTME registration process. General admission requirements to expect for the 2024/2025 UNILAG Post UTME registration process Admission into UNILAG’s full-time undergraduate programs is primarily through the Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE). To be eligible, candidates must meet the following criteria: 1. Academic qualifications Candidates must possess at least five (5) credits in O’Level examinations (or equivalent), including English Language and Mathematics, in subjects relevant to their chosen department. 2. UTME 2024 score Candidates must achieve a minimum score of 200 Marks in the UTME. The Joint Admissions and Matriculation Board (JAMB) must forward candidates’ details to UNILAG. 3. Age requirement Candidates must be at least sixteen (16) years old by October 31 of the admission year. 4. Post-UTME examination Candidates must sit for and attain the required minimum score in the University’s Post-UTME 2024/2025 CBT examination. Registration process Once the registration dates are announced, candidates should follow these steps to register for the Post-UTME screening: 1. Visit the UNILAG website Go to the official university website at (https://www.unilag.edu.ng). 2. Access the admissions portal Click on ‘Admissions’ and then ‘Start Fresh Application’. 3. Login and payment Use your UTME number as your username and your surname in lowercase as your password to log in. Generate and print the payment advice. The registration fee as at last year was ₦2,000. It may change this year or remain the same. Nevertheless, it is usually payable at any commercial bank or online. 4. Complete the application Return to the application portal, continue the application process, complete the admission screening form, and verify all information before submission. Eligibility criteria for the 2024 UNILAG Post UTME test To participate in the Post-UTME screening exercise, candidates must have selected UNILAG as their first choice in the UTME and scored at least 200 marks. Additionally, they must have uploaded their O’Level results on the JAMB Central Admissions Processing System (CAPS) before the specified deadline. Important notes about the 2024/2025 UNILAG Post UTME registration process Here are some vital things to note about the UNILAG 2024/2025 Post-UTME: Former students: Those whose admissions were previously withdrawn due to poor ACADEMIC performance or absence can re-apply, provided the new admission is for a different course. Expelled students are ineligible for re-admission. Drug policy: The university maintains a zero-tolerance policy towards drug use. Final thoughts on preparing for the 2024 UNILAG Post UTME test The Post-UTME aptitude test is a critical component of the admission process. Candidates are advised to prepare thoroughly, as their performance will significantly influence their admission prospects. For further details and updates, candidates should regularly check the UNILAG website, reputable platforms like TechCabal or contact the admissions office via email at admissions@unilag.edu.ng. In summary, while awaiting the official announcement, prospective candidates should ensure they meet all eligibility requirements, prepare adequately for the Post-UTME test, and stay updated on registration details.
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Check SASSA SRD payments for June 2024
According to the South African Social Security Agency (SASSA) 2024 payment schedule, for the Social Relief of Distress (SRD) beneficiaries can expect their SASSA SRD payments for June 2024 to be disbursed according to a structured timeline to ensure a smooth and orderly process. Payments schedule for the SASSA SRD grants for June 2024 See the payment dates as follows: 1. Older Person’s grants For this class of individuals, the grant will be disbursed starting from June 4, 2024. This includes any supplementary grants linked to these accounts. Beneficiaries are advised not to rush to withdraw their funds immediately as the money will remain in their accounts until they are ready to use it. 2. Disability grants This grant class will follow the Older will follow, with payments commencing on June 5, 2024. Similar to the older person’s grants, any linked grants will also be paid out on this date. The system ensures that funds are secure in the beneficiaries’ accounts until needed. 3. Children’s grants This class of grants will be the last category, with payments starting from June 6, 2024. All grants linked to children’s accounts will be accessible from this date onwards. Beneficiaries are encouraged to withdraw their funds at their convenience. Contact SASSA for any issues regarding JUNE payments 2024 For any queries or further information about the SASSA SRD payments for June, beneficiaries can contact the toll-free number 0800 60 10 11 or visit the official SASSA website at http://www.sassa.gov.za. Additionally, updates and important announcements can be followed on SASSA’s official X (Twitter) handle @OfficialSASSA. Final thoughts on SASSA SRD payments for June 2024 The structured payment schedule for the SASSA SRD pay in June 2024 is designed to facilitate a smooth and fair distribution process, ensuring that all beneficiaries receive their funds securely and conveniently.
Read MoreKenyan AI startup Chpter joins Safaricom’s Spark Accelerator
Chpter, a Kenyan AI-powered social commerce startup, has joined Safaricom’s Spark Accelerator, alongside eight others. Chpter is the first key startup to join the Spark Accelerator, launched to complement the Spark Venture Fund, another Safaricom investment vehicle solely focused on backing promising Kenyan startups. The cohort includes early-stage startups focusing on financial inclusion (Chumz, Nobuk), SME tools (Faidi HR, Churpy, Twiva), healthcare access (HealthX Africa), content creation (BlackRhino VR), and agricultural finance (VunaPay). Co-founded by Tesh Mbaabu in 2021, Chpter’s conversational platform automates sales on WhatsApp and Instagram for businesses. Chpter’s visibility was amplified after Marketforce—founded by Mbaabu and Mesongo Sibuti—announced its B2B platform RejaReja’s closure in April 2024. On his blog, Mbaabu colloquially said that his focus would be on Chpter. Mbaabu told TechCabal that while Marketforce is a shareholder in Chpter, Chpter’s operations are independent of MarketForce. Safaricom did not reveal the accelerator’s fund deal size; however, the telco confirmed to TechCabal that the startups would go through three months of capacity building. Part of this programme will be to determine the funding size of the accelerator programme. A spokesperson from the accelerator told TechCabal in an email, “For now, there is no cap. We want to ensure that the companies are well-equipped to succeed and are well-capitalised at the end of the programme.” The accelerator did not reveal details about individual investment in the selected cohort, but a tech executive with knowledge of the deal told TechCabal that startups will receive between $150K and $500K. The Spark Accelerator will invest in the startups, primarily in debt and equity. “We will also take any other instrument deemed appropriate,” Safaricom told TechCabal. The Spark Aaccelerator, launched in partnership with M-PESA Africa and Sumitomo Corporation, does not replace Safaricom’s $1 million Spark Venture Fund, which the telco founded in 2014. Although the Fund was restructured in July 2023, it is still active and follows up on companies it invested in. Its earliest beneficiaries include Sendy, a logistics startup now under administration; agritech startup iProcure, also under administration; customer experience platform Ajua; and mobile surveys startup mSurvey.
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University of Ibadan (UI) CBT Post UTME 2024
Gaining admission into the University of Ibadan (UI) in 2024 requires passing both the UTME and the subsequent University of Ibadan Post UTME. This guide equips you with the knowledge to go about the application process and prepare effectively. Eligibility and requirements for the University of Ibadan CBT Post UTME 2024 To be considered for University of Ibadan Post UTME 2024, you must have scored a minimum of 200 in the 2024 UTME and chosen UI as your first choice institution. Once confirmed, gather the necessary documents, which typically include your UTME result slip, O’Level results (WAEC, NECO, or GCE), and birth certificate. The application process The University of Ibadan (UI) Post UTME 2024 application will likely occur online through the university’s admissions portal (https://www.admissions.ui.edu.ng/). Stay tuned to the UI website or verified news platforms like TechCabal for the official announcement of the registration dates. During this window, you’ll create an account, log in using your JAMB number and details, and pay the designated registration fee. The process will involve filling out a biodata form and uploading scanned copies of your required documents. Ensure you meet all deadlines and submit accurate information to avoid disqualification. Structure of the University of Ibadan Post UTME The University of Ibadan Post UTME 2024 will likely be a Computer-Based Test (CBT) conducted at designated centers within the university. The exact date and time for your test will be communicated on your photocard, which you can download after successful registration. The format and content of the test can vary slightly year-to-year, but generally, it will consist of multiple-choice questions. The questions will assess your knowledge in: English language: Expect questions on grammar, vocabulary, comprehension, and usage. There’ll usually be 25 questions for this section. Subject-specific areas: Here’s where your other 3 UTME subject combinations come in. The test will cover these subjects relevant to your chosen course of study, with 25 questions dedicated to each subject. So in total, you’ll be doing 4 subjects with 25 questions each with everything summing up to 100 marks. General knowledge: You may also prepare for a section that tests your knowledge of current affairs, basic science concepts, and historical events. Please note that the University of Ibadan Post UTME 2024 plays a significant role in determining your admission. So, even with a high UTME score of 300, scoring only 49/100 in the Post UTME will not be enough to secure admission. You must score at least 50 to stand a chance. The eventual cutoff marks for different departments may vary from year to year, so scoring 50 may not guarantee you your chosen course if its cutoff mark for this year is higher, nevertheless you stand the chance of being offered another course. You can see the admission cut off marks for 2023/2024 for departments in the University of Ibadan, to have an idea of how competitive the course you’re vying for may be this year. Final thoughts on University of Ibadan (UI) CBT Post UTME 2024 In preparation for theUniversity of Ibadan Post UTME 2024, you are advised to practice online CBTs to familiarise yourself with the computer-based testing environment. If you sat for the 2024 JAMB UTME exams, CBT should not be strange to you.
Read MoreBreaking: GITEX Africa, the continent’s biggest tech showcase is coming to Nigeria in 2025
On Thursday afternoon, Kachifu Inuwa, the Director General of the National Information Technology Development Agency and Trixie LohMirmand, the Managing Director of the Dubai World Trade Centre, organisers of GITEX, signed a Memorandum of Understanding that will bring GITEX Africa, the continent’s biggest tech showcase to Nigeria in 2025. GITEX Africa 2024: Africa’s biggest tech extravaganza kicks off in Marrakech. Spoiler: it’s bigger this time While the dates have not been confirmed, one person with direct knowledge of the event told TechCabal that the event is expected to be held in September 2025 in Lagos and Abuja. “We’re not planning to bring the same GITEX happening around the world. We want to bring a unique formula that aligns with the national strategy of Nigeria,” said Lohmermand about the plan to bring the showcase to Nigeria. “President Tinubu is big and loud on economic diversification and you cannot trade in isolation. The President has mandated us to facilitate parts of this diversification,” said Kachifu Inuwa. Nigeria is the continent’s most populous nation with a vibrant technology scene. The staging of GITEX in the country presents a huge opportunity for the continent and the world to see the country’s most important countries and startups. *This is a developing story
Read MoreKenya 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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