🚀Entering Tech #28: How young people think about balance and ethic
How young people think about balance and ethic. 27 || April || 2023 View in Browser Brought to you by #Issue 28 How we think about balance and ethic Share this newsletter Greetings, ET readers Since we launched #EnteringTech in September 2022, we’ve grown this newsletter to 40,000 subscribers across 10+ countries who are interested in becoming techies. The newsletter has received a lot of love since launch, like this reader who calls it the “gift that keeps giving.” Well, we’re giving more! We are super excited to announce a new video series to help young people not just navigate the tech world but pursue a career that can be fruitful and satisfying. If you’ve loved reading #EnteringTech, you’ll definitely enjoy watching it more. Every Wednesday, we’ll share 60-second clips of professionals who will help you understand tech careers. Ready? Watch the first episode here. by Pamela Tetteh and Timi Odueso. Tech trivia Here is this week’s trivia. Answer is at the bottom of this newsletter. How many hours, on average, does a person spend at work during their lifetime? (It’s not as much as you think it is!) Work ethic v Work-life balance Earlier this week, DAI Country Director Joe Abah made a questionable tweet that reignited a recurring conversation. In a tweet that now has 1.2 million views, Abah wrote, “Gen Z people were asking a Chief Executive of a large multinational his views on work/life balance. He said: “I didn’t become Chief Executive by work/life balance. I became Chief Executive by work ethic.” The room fell silent. What do Gen Z people think?” Work ethic is a set of principles that guide how people do their work, and how organisations run in general. Examples can include a culture of being at meetings 5 minutes early or even always missing deadlines. Just as there’s no one winner in the Senegal v Nigeria v Ghana jollof war, there’s no single definition for work-life balance. However, it’s generally understood as the ways individuals balance their work lives and their personal lives. We spend ⅓ of our lives at work, that’s a lot of hours and years. Like clockwork, responses quickly started to pour in under Abah’s tweet, and the conversation quickly turned into a GenZ/Millenials v GenX/BabyBoomers war. “I don’t think ‘thinking’ is on their features,” an older follower tweeted. “They don’t believe in ethics,” another said. “They just want to do nothing and get paid, and the world owes them anything [sic].” Some notable veterans brought insightful points: co-founder of Volition Capital, Subomi Plumptre (@subomiplumptre) tweeted, “…the generation prioritises quality of life and purpose over money and position.” GenZs and Millenials, many with budding professional lives, also took the mic and gave a couple thoughts. I, for one, shared a piece or two. “He didn’t answer the question, tbh,” my tweet began. “Work-life balance is subsumed under work ethics, it’s not exclusive of it. People with great work ethics know that it’s critical to get work done within the timeframe the work is scheduled, and that hard work should be rewarded.” Since I made that tweet, I’ve thought extensively about how young people entering tech should go about approaching work ethic and work-life balance, and here’s the first thing I’ve seen my community agree on: they’re not mutually exclusive of one another. In this edition of #EnteringTech, I’ll share a couple of thoughts on how Gen Zs and Millenials think about work ethic. Unlike previous editions, this isn’t a guide though; it’s more of my comprehension on how young people are approaching work. Before we move on, I’d like to talk a bit more about the work ethic some young people in tech—or even tech-adjacent—have. They fight for causes, not die—or live—for them Lately, I’ve found myself enamoured with the first verse of Ayra Starr’s Rush where she sings, “Sabi girl no dey too like talk…Padi man, nobody likes work, but you must hustle if you wan chop.” I, like many other hard-working people, often talk about work-life balance but I’ll be damned if I’m going to write to young professionals starting out their career without, like Ayra, saying the truth about how we work: it’s hard, and we speak less about the difficulty, and more about the successes or how we “chill” after. Take me for example. I’ve tweeted about balance a bit, but here’s the part I don’t say often: I’m a high-performing senior associate at one of Africa’s largest media publications, and a final year law student with a 4.2CGPA—not a first class, I know. I’ve also got a few part-time gigs, and all of this means I’m almost always working on something. In all this though, I’m at the very top of my game at work, just ask my past and present managers! It’s the same with most young professionals I know. My friend, writer Ama Udofa who leads content marketing at Vendease once worked two jobs asynchronously. Another friend Oiza Yusuf is juggling an active writing career with an undergraduate degree. My manager Ope Adedeji shuffled between a master’s degree and a budding writing career, all while being Managing Editor at Paystack in 2021/22. In many ways, we’re not so different from the thousands of CEOs who lead several companies. For Ama, Oiza, me and many others; we find solace in our work, we’ll fight for it, work hard at it, excel at it, but we won’t live or die for it. We have dreams that we know our work will help us achieve, so we will keep at it, even when it costs much. And in between paying the high costs for great work ethic and successful careers, we’ll take bountiful breaks; and this is where work-life balance comes in. As Ama says in his newsletter which I found insightful, “Big dreams provide us with inspiration, with direction, with structure, with identity. They prescribe possible destinations and set us on our way. But I’m choosing to balance out my big dreams with
Read More🚀Entering Tech #28: How young people think about balance and ethic
How young people think about balance and ethic. 27 || April || 2023 View in Browser Brought to you by #Issue 28 How we think about balance and ethic Share this newsletter Greetings, ET readers Since we launched #EnteringTech in September 2022, we’ve grown this newsletter to 40,000 subscribers across 10+ countries who are interested in becoming techies. The newsletter has received a lot of love since launch, like this reader who calls it the “gift that keeps giving.” Well, we’re giving more! We are super excited to announce a new video series to help young people not just navigate the tech world but pursue a career that can be fruitful and satisfying. If you’ve loved reading #EnteringTech, you’ll definitely enjoy watching it more. Every Wednesday, we’ll share 60-second clips of professionals who will help you understand tech careers. Ready? Watch the first episode here. by Pamela Tetteh and Timi Odueso. Tech trivia Here is this week’s trivia. Answer is at the bottom of this newsletter. How many hours, on average, does a person spend at work during their lifetime? (It’s not as much as you think it is!) Work ethic v Work-life balance Earlier this week, DAI Country Director Joe Abah made a questionable tweet that reignited a recurring conversation. In a tweet that now has 1.2 million views, Abah wrote, “Gen Z people were asking a Chief Executive of a large multinational his views on work/life balance. He said: “I didn’t become Chief Executive by work/life balance. I became Chief Executive by work ethic.” The room fell silent. What do Gen Z people think?” Work ethic is a set of principles that guide how people do their work, and how organisations run in general. Examples can include a culture of being at meetings 5 minutes early or even always missing deadlines. Just as there’s no one winner in the Senegal v Nigeria v Ghana jollof war, there’s no single definition for work-life balance. However, it’s generally understood as the ways individuals balance their work lives and their personal lives. We spend ⅓ of our lives at work, that’s a lot of hours and years. Like clockwork, responses quickly started to pour in under Abah’s tweet, and the conversation quickly turned into a GenZ/Millenials v GenX/BabyBoomers war. “I don’t think ‘thinking’ is on their features,” an older follower tweeted. “They don’t believe in ethics,” another said. “They just want to do nothing and get paid, and the world owes them anything [sic].” Some notable veterans brought insightful points: co-founder of Volition Capital, Subomi Plumptre (@subomiplumptre) tweeted, “…the generation prioritises quality of life and purpose over money and position.” GenZs and Millenials, many with budding professional lives, also took the mic and gave a couple thoughts. I, for one, shared a piece or two. “He didn’t answer the question, tbh,” my tweet began. “Work-life balance is subsumed under work ethics, it’s not exclusive of it. People with great work ethics know that it’s critical to get work done within the timeframe the work is scheduled, and that hard work should be rewarded.” Since I made that tweet, I’ve thought extensively about how young people entering tech should go about approaching work ethic and work-life balance, and here’s the first thing I’ve seen my community agree on: they’re not mutually exclusive of one another. In this edition of #EnteringTech, I’ll share a couple of thoughts on how Gen Zs and Millenials think about work ethic. Unlike previous editions, this isn’t a guide though; it’s more of my comprehension on how young people are approaching work. Before we move on, I’d like to talk a bit more about the work ethic some young people in tech—or even tech-adjacent—have. They fight for causes, not die—or live—for them Lately, I’ve found myself enamoured with the first verse of Ayra Starr’s Rush where she sings, “Sabi girl no dey too like talk…Padi man, nobody likes work, but you must hustle if you wan chop.” I, like many other hard-working people, often talk about work-life balance but I’ll be damned if I’m going to write to young professionals starting out their career without, like Ayra, saying the truth about how we work: it’s hard, and we speak less about the difficulty, and more about the successes or how we “chill” after. Take me for example. I’ve tweeted about balance a bit, but here’s the part I don’t say often: I’m a high-performing senior associate at one of Africa’s largest media publications, and a final year law student with a 4.2CGPA—not a first class, I know. I’ve also got a few part-time gigs, and all of this means I’m almost always working on something. In all this though, I’m at the very top of my game at work, just ask my past and present managers! It’s the same with most young professionals I know. My friend, writer Ama Udofa who leads content marketing at Vendease once worked two jobs asynchronously. Another friend Oiza Yusuf is juggling an active writing career with an undergraduate degree. My manager Ope Adedeji shuffled between a master’s degree and a budding writing career, all while being Managing Editor at Paystack in 2021/22. In many ways, we’re not so different from the thousands of CEOs who lead several companies. For Ama, Oiza, me and many others; we find solace in our work, we’ll fight for it, work hard at it, excel at it, but we won’t live or die for it. We have dreams that we know our work will help us achieve, so we will keep at it, even when it costs much. And in between paying the high costs for great work ethic and successful careers, we’ll take bountiful breaks; and this is where work-life balance comes in. As Ama says in his newsletter which I found insightful, “Big dreams provide us with inspiration, with direction, with structure, with identity. They prescribe possible destinations and set us on our way. But I’m choosing to balance out my big dreams with
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Introducing: The Entering Tech Shorts
Since 2021, TechCabal has shown the world that there’s tech in everything by reporting on the business and human impact of tech on the continent through our stories, reports, events, and newsletters. For six months, our Entering Tech vertical has ignited exciting conversations around this, and now, we’re taking this to a new level. It’s 2023, and the world sometimes seems unrecognisable – with technology continuing to change the trajectory of our lives with every advancement. It can be a daunting place for a young person trying to enter the tech world. There is much to know and more to learn as technology moves at breakneck speed. Where to begin? What must you understand about this tech word you are stepping into? And what are the skills that will set you apart from the rest? With our Entering Tech newsletter, we have attempted to answer some of those questions. Every Wednesday at noon, over 40,000 readers find answers to complex problems about navigating the tech industry. We are therefore proud to announce a new video series to help young people not just navigate the tech world but pursue a career that can prove fruitful and satisfying. In our new Entering Tech video series, we speak to the experts about starting a career in tech, answering important questions and giving you insight into this complex world. We speak to product managers, designers, developers, engineers and founders — giving you the finer details about what skills and knowledge are essential for success. We’re bringing insights from a data analyst at Microsoft, a product marketer at PiggyVest, and a leading HR professional in Nigeria. Each video is one minute long, and you can watch them as many times as you like on TechCabal’s YouTube channel from Wednesday, April 26, at noon. Watch the trailer here. In the first episode, Funmi Bucknor, Founder of HR Madam, takes us through the importance of soft skills and shows aspiring techpreneurs where to learn these skills. Entering Tech: Soft skills v Hard Skills Get the best African tech newsletters in your inbox TC Daily Next Wave Events Entering Tech Subscribe
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👨🏿🚀 TechCabal Daily – Tech Nation lives!
Lire en français Read this email in French. 27 APRIL, 2023 IN PARTNERSHIP WITH Happy pre-Friday Remember that trend where everyone had 10 different futuristic pictures generated via AI? Well, TikTok is reportedly working that into its platform. It is planning to launch a new feature that will allow people to use AI to generate avatars they can use as their profile pictures or share on their stories. All users have to do is submit 10 or more pictures. In today’s edition Tech Nation finds a buyer MultiChoice hikes price of DStv and GOtv Africell launches mobile money in Angola Intellectual pirates arrested in Kenya The World Wide Web3 Event: Code Cash Crop Ag-Hackathon Opportunities TECH NATION LIVES ON Remember when we told you that Tech Nation was going to shut down in March because it had lost its government funding to Barclays Eagle Labs? The organisation has announced that it would not shut down if it found a buyer. And find a buyer it did—the Founders Group (FF Group). A little about FF Group: Brent Hoberman founded the FF Group in 2005, and it comprises the Founders Forum, Founders Factory (an accelerator), and Firstminute Capital (an investment arm). He stated it was built as a “response to the lack of credible, peer-to-peer European entrepreneur networks to rival those that existed in Silicon Valley”. Goodbye, Global Talent Visa:FF Group will be taking on all of Tech Nation’s programmes and may even be reviving some discontinued ones but Tech Nation will not remain the endorsing body of the UK Talent Visa for long. Now, under the umbrella of FF Group, Tech Nation is working with the UK Home Office to find another organisation to take on its role as an endorsing body for the Global Talent visa. But in the meantime, it will continue to oversee Global Talent visa applications through its website to minimise disruption to the service. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. MULTICHOICE INCREASES DSTV PRICES AGAIN MultiChoice users in Nigeria have only one choice, to pay more. That is if they can afford it. The satellite TV provider announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers on Tuesday. How much is it now? The new prices for MultiChoice Nigeria’s DStv and GOtv packages will be effective from May 1, 2023. The DStv Premium package will be going from ₦21,000 ($45) to ₦24,500 ($53). The DStv Compact+ package will jump from ₦14,250 ($30) to ₦16,600 ($36). Similarly, the DStv Compact package will go from ₦9,000 ($19) to ₦10,500 ($22). The DStv Confam package, currently priced at ₦5,300 ($11), will see a 17% increment to ₦6,200 ($12). The DStv Yanga package will move from ₦2,950 ($6) to ₦3,500 ($7), and lastly, The DStv Padi package will increase from ₦2,150 ($4) by 16.3% to ₦2,500 ($5). Not the first time: MultiChoice has increased the price of its bouquets three times since 2019. In September 2020, at the peak of the COVID-19 pandemic, MultiChoice Nigeria raised the monthly price of its Premium package and some other higher packages, such as Compact Plus and Compact. However, to provide relief to its customers from the recession in Q4 of 2020 and the impact of the pandemic, MultiChoice Nigeria later slashed its prices on February 1, 2021. But a year later, in March 2022, DStv hiked its prices again due to economic challenges impacting its business operations. ANGOLA’S AFRICELL LAUNCHES MOBILE MONEY OFFERING Pan-African mobile network operator Africell has launched its mobile money service “Afrimoney” in Angola, in partnership with the National Bank of Angola (BNA). The platform will offer mobile recharge, deposits, person-to-person transfers, bill payments, and merchant payments, and it plans to include financial services such as credit, savings, and insurance. Towards digitalisation: Africel believes that the new platform will digitise the country’s informal economy and “unlock” the unbanked population, thus contributing to the country’s economic growth. Additionally, the platform aims to provide essential financial tools to many of approximately 50% of Angolans who don’t have bank accounts, enabling people to transact digitally with others on the network. Zoom out: According to recent data by GSMA, 144 mobile money providers operate in sub-Saharan Africa, accounting for 70% of the $1 trillion global mobile money market. THE WORLD WIDE WEB3 Bitcoin $28,389 + 0.80% Ether $1,871 + 0.35% BNB $329 – 2.90% Cardano $0.40 + 2.77% Name of the coin Price of the coin 24-hour percentage change Source: CoinMarketCap * Data as of 00:20 AM WAT, April 27, 2023. EVENT: CODE CASH CROP AG-HACKATHON Do you have an innovative idea that can scale market-led solutions to ensure food security, eradicate poverty, and prevent famine? Then register for the 4th edition of AFEX’s Code Cash Crop ag hackathon and win $10,000. The hackathon will prioritise ideas that can grow into viable solutions for optimising agriculture trade harnessing the potential of technology, finance, and agriculture. This year, the Ag-hackathon participants will innovate around three core challenges including a price data mining database, creating a USSD application, and developing a warehousing solution. Read about it and submit a proposal for free here. IN OTHER NEWS FROM TECHCABAL How Nigerian online skitmakers avoided stand-up comedy’s high barrier to entry. GTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo. OPPORTUNITIES The SaaS Accelerator Program: Africa 2023 has opened applications for its accelerator programme to enable early startups in Africa to receive funding. Selected startups will receive up to $70,000 in funding. Apply by September 7. Growth4Her, a 6-month investment program, is calling for applications from founders in West and Central Africa. Apply by May 8. Young Impact Associate (YIA) fellowship which is funded and implemented in partnership with
Read More👨🏿🚀 TechCabal Daily – Tech Nation lives!
Lire en français Read this email in French. 27 APRIL, 2023 IN PARTNERSHIP WITH Happy pre-Friday Remember that trend where everyone had 10 different futuristic pictures generated via AI? Well, TikTok is reportedly working that into its platform. It is planning to launch a new feature that will allow people to use AI to generate avatars they can use as their profile pictures or share on their stories. All users have to do is submit 10 or more pictures. In today’s edition Tech Nation finds a buyer MultiChoice hikes price of DStv and GOtv Africell launches mobile money in Angola Intellectual pirates arrested in Kenya The World Wide Web3 Event: Code Cash Crop Ag-Hackathon Opportunities TECH NATION LIVES ON Remember when we told you that Tech Nation was going to shut down in March because it had lost its government funding to Barclays Eagle Labs? The organisation has announced that it would not shut down if it found a buyer. And find a buyer it did—the Founders Group (FF Group). A little about FF Group: Brent Hoberman founded the FF Group in 2005, and it comprises the Founders Forum, Founders Factory (an accelerator), and Firstminute Capital (an investment arm). He stated it was built as a “response to the lack of credible, peer-to-peer European entrepreneur networks to rival those that existed in Silicon Valley”. Goodbye, Global Talent Visa:FF Group will be taking on all of Tech Nation’s programmes and may even be reviving some discontinued ones but Tech Nation will not remain the endorsing body of the UK Talent Visa for long. Now, under the umbrella of FF Group, Tech Nation is working with the UK Home Office to find another organisation to take on its role as an endorsing body for the Global Talent visa. But in the meantime, it will continue to oversee Global Talent visa applications through its website to minimise disruption to the service. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. MULTICHOICE INCREASES DSTV PRICES AGAIN MultiChoice users in Nigeria have only one choice, to pay more. That is if they can afford it. The satellite TV provider announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers on Tuesday. How much is it now? The new prices for MultiChoice Nigeria’s DStv and GOtv packages will be effective from May 1, 2023. The DStv Premium package will be going from ₦21,000 ($45) to ₦24,500 ($53). The DStv Compact+ package will jump from ₦14,250 ($30) to ₦16,600 ($36). Similarly, the DStv Compact package will go from ₦9,000 ($19) to ₦10,500 ($22). The DStv Confam package, currently priced at ₦5,300 ($11), will see a 17% increment to ₦6,200 ($12). The DStv Yanga package will move from ₦2,950 ($6) to ₦3,500 ($7), and lastly, The DStv Padi package will increase from ₦2,150 ($4) by 16.3% to ₦2,500 ($5). Not the first time: MultiChoice has increased the price of its bouquets three times since 2019. In September 2020, at the peak of the COVID-19 pandemic, MultiChoice Nigeria raised the monthly price of its Premium package and some other higher packages, such as Compact Plus and Compact. However, to provide relief to its customers from the recession in Q4 of 2020 and the impact of the pandemic, MultiChoice Nigeria later slashed its prices on February 1, 2021. But a year later, in March 2022, DStv hiked its prices again due to economic challenges impacting its business operations. ANGOLA’S AFRICELL LAUNCHES MOBILE MONEY OFFERING Pan-African mobile network operator Africell has launched its mobile money service “Afrimoney” in Angola, in partnership with the National Bank of Angola (BNA). The platform will offer mobile recharge, deposits, person-to-person transfers, bill payments, and merchant payments, and it plans to include financial services such as credit, savings, and insurance. Towards digitalisation: Africel believes that the new platform will digitise the country’s informal economy and “unlock” the unbanked population, thus contributing to the country’s economic growth. Additionally, the platform aims to provide essential financial tools to many of approximately 50% of Angolans who don’t have bank accounts, enabling people to transact digitally with others on the network. Zoom out: According to recent data by GSMA, 144 mobile money providers operate in sub-Saharan Africa, accounting for 70% of the $1 trillion global mobile money market. THE WORLD WIDE WEB3 Bitcoin $28,389 + 0.80% Ether $1,871 + 0.35% BNB $329 – 2.90% Cardano $0.40 + 2.77% Name of the coin Price of the coin 24-hour percentage change Source: CoinMarketCap * Data as of 00:20 AM WAT, April 27, 2023. EVENT: CODE CASH CROP AG-HACKATHON Do you have an innovative idea that can scale market-led solutions to ensure food security, eradicate poverty, and prevent famine? Then register for the 4th edition of AFEX’s Code Cash Crop ag hackathon and win $10,000. The hackathon will prioritise ideas that can grow into viable solutions for optimising agriculture trade harnessing the potential of technology, finance, and agriculture. This year, the Ag-hackathon participants will innovate around three core challenges including a price data mining database, creating a USSD application, and developing a warehousing solution. Read about it and submit a proposal for free here. IN OTHER NEWS FROM TECHCABAL How Nigerian online skitmakers avoided stand-up comedy’s high barrier to entry. GTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo. OPPORTUNITIES The SaaS Accelerator Program: Africa 2023 has opened applications for its accelerator programme to enable early startups in Africa to receive funding. Selected startups will receive up to $70,000 in funding. Apply by September 7. Growth4Her, a 6-month investment program, is calling for applications from founders in West and Central Africa. Apply by May 8. Young Impact Associate (YIA) fellowship which is funded and implemented in partnership with
Read More
GTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has released its full-year financial statements for 2022, marking its first anniversary as a holding company. The report demonstrates the company’s continued focus on expanding its non-banking offerings, including wealth management and payment service solutions. GTCO disclosed that it has acquired Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a financial services and capital management firm that was originally incorporated by GTBank. In 2011, GTBank divested from the company, in order to comply with the CBN’s regulation for banks to stay out of non-banking businesses. But a holding company structure means that Investment One is now a subsidiary within GTCO. Investment One will now be known as Guaranty Trust Fund Managers Limited (GTFM) while Guaranty Trust Pension Managers Limited (GTPM) will offer pension services to Nigerians. Digital wealth management platforms According to the financial statement, GTFM—GTCO’s return into the wealth management space—will now be digital first. Image source: TechCabal GTCO’s intention to offer digital-first wealth management solutions strengthens the debate about holding companies competing with fintechs for market share. Fintech startups like Trove, Chaka, Bamboo, and Risevest have built specialised products to help customers manage their wealth and invest in local and foreign securities. Some, like Cowrywise, allow users to save and invest—while educating them and providing custom pseudo-advisory services—albeit in partnership with regulated wealth management institutions. GTCO’s digital-first plan for retail will mean that it will compete with companies like Bamboo and Trove. On the basis of their entry into the payments space with the launch of Squad last year, then GTCO may find some success here. Overall, GTCO continues to demonstrate its market relevance and determination to provide tech-powered solutions beyond legacy banking. Habaripay, the company’s suite of digital solutions for businesses, has now received full approval from Nigeria’s central bank. According to the bank, Habaripay is poised to “provide tools to thrive in the digital economy”—ranging from payment solutions like Squad to Habrishop, an ecommerce platform. Alongside HabariPay, the company says operating the new subsidiaries is in line with the evolution of its vision to become a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services.
Read MoreGTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has released its full-year financial statements for 2022, marking its first anniversary as a holding company. The report demonstrates the company’s continued focus on expanding its non-banking offerings, including wealth management and payment service solutions. GTCO disclosed that it has acquired Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a financial services and capital management firm that was originally incorporated by GTBank. In 2011, GTBank divested from the company, in order to comply with the CBN’s regulation for banks to stay out of non-banking businesses. But a holding company structure means that Investment One is now a subsidiary within GTCO. Investment One will now be known as Guaranty Trust Fund Managers Limited (GTFM) while Guaranty Trust Pension Managers Limited (GTPM) will offer pension services to Nigerians. Digital wealth management platforms According to the financial statement, GTFM—GTCO’s return into the wealth management space—will now be digital first. Image source: TechCabal GTCO’s intention to offer digital-first wealth management solutions strengthens the debate about holding companies competing with fintechs for market share. Fintech startups like Trove, Chaka, Bamboo, and Risevest have built specialised products to help customers manage their wealth and invest in local and foreign securities. Some, like Cowrywise, allow users to save and invest—while educating them and providing custom pseudo-advisory services—albeit in partnership with regulated wealth management institutions. GTCO’s digital-first plan for retail will mean that it will compete with companies like Bamboo and Trove. On the basis of their entry into the payments space with the launch of Squad last year, then GTCO may find some success here. Overall, GTCO continues to demonstrate its market relevance and determination to provide tech-powered solutions beyond legacy banking. Habaripay, the company’s suite of digital solutions for businesses, has now received full approval from Nigeria’s central bank. According to the bank, Habaripay is poised to “provide tools to thrive in the digital economy”—ranging from payment solutions like Squad to Habrishop, an ecommerce platform. Alongside HabariPay, the company says operating the new subsidiaries is in line with the evolution of its vision to become a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services.
Read MoreGTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has released its full-year financial statements for 2022, marking its first anniversary as a holding company. The report demonstrates the company’s continued focus on expanding its non-banking offerings, including wealth management and payment service solutions. GTCO disclosed that it has acquired Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a financial services and capital management firm that was originally incorporated by GTBank. In 2011, GTBank divested from the company, in order to comply with the CBN’s regulation for banks to stay out of non-banking businesses. But a holding company structure means that Investment One is now a subsidiary within GTCO. Investment One will now be known as Guaranty Trust Fund Managers Limited (GTFM) while Guaranty Trust Pension Managers Limited (GTPM) will offer pension services to Nigerians. Digital wealth management platforms According to the financial statement, GTFM—GTCO’s return into the wealth management space—will now be digital first. Image source: TechCabal GTCO’s intention to offer digital-first wealth management solutions strengthens the debate about holding companies competing with fintechs for market share. Fintech startups like Trove, Chaka, Bamboo, and Risevest have built specialised products to help customers manage their wealth and invest in local and foreign securities. Some, like Cowrywise, allow users to save and invest—while educating them and providing custom pseudo-advisory services—albeit in partnership with regulated wealth management institutions. GTCO’s digital-first plan for retail will mean that it will compete with companies like Bamboo and Trove. On the basis of their entry into the payments space with the launch of Squad last year, then GTCO may find some success here. Overall, GTCO continues to demonstrate its market relevance and determination to provide tech-powered solutions beyond legacy banking. Habaripay, the company’s suite of digital solutions for businesses, has now received full approval from Nigeria’s central bank. According to the bank, Habaripay is poised to “provide tools to thrive in the digital economy”—ranging from payment solutions like Squad to Habrishop, an ecommerce platform. Alongside HabariPay, the company says operating the new subsidiaries is in line with the evolution of its vision to become a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services.
Read MoreGTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has released its full-year financial statements for 2022, marking its first anniversary as a holding company. The report demonstrates the company’s continued focus on expanding its non-banking offerings, including wealth management and payment service solutions. GTCO disclosed that it has acquired Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a financial services and capital management firm that was originally incorporated by GTBank. In 2011, GTBank divested from the company, in order to comply with the CBN’s regulation for banks to stay out of non-banking businesses. But a holding company structure means that Investment One is now a subsidiary within GTCO. Investment One will now be known as Guaranty Trust Fund Managers Limited (GTFM) while Guaranty Trust Pension Managers Limited (GTPM) will offer pension services to Nigerians. Digital wealth management platforms According to the financial statement, GTFM—GTCO’s return into the wealth management space—will now be digital first. Image source: TechCabal GTCO’s intention to offer digital-first wealth management solutions strengthens the debate about holding companies competing with fintechs for market share. Fintech startups like Trove, Chaka, Bamboo, and Risevest have built specialised products to help customers manage their wealth and invest in local and foreign securities. Some, like Cowrywise, allow users to save and invest—while educating them and providing custom pseudo-advisory services—albeit in partnership with regulated wealth management institutions. GTCO’s digital-first plan for retail will mean that it will compete with companies like Bamboo and Trove. On the basis of their entry into the payments space with the launch of Squad last year, then GTCO may find some success here. Overall, GTCO continues to demonstrate its market relevance and determination to provide tech-powered solutions beyond legacy banking. Habaripay, the company’s suite of digital solutions for businesses, has now received full approval from Nigeria’s central bank. According to the bank, Habaripay is poised to “provide tools to thrive in the digital economy”—ranging from payment solutions like Squad to Habrishop, an ecommerce platform. Alongside HabariPay, the company says operating the new subsidiaries is in line with the evolution of its vision to become a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services.
Read MoreA new chapter for Tech Nation does not include the Global Talent Visa
Tech Nation has been acquired by the Founders Group (FF Group), but it will not remain the endorsing body of the UK Talent Visa for long. After losing a bid for government funding to Barclays Eagle Labs, Tech Nation officially shut down its operations, which have been beneficial to the UK’s tech ecosystem and tech talents worldwide. However, it continued to oversee Global Talent visa applications through its website to minimise disruption to the service. Following its acquisition by FF Group, it is working with the U.K Home Office to find another organisation to take on its role as an endorsing body for the Global Talent visa but will continue offering the service in the meantime. The Founders Group will build on the organisation’s achievements, by relaunching a number of Tech Nation programmes and reports on the UK tech sector as part of its existing portfolio of events and services tailored to entrepreneurs. Brent Hoberman founded the FF Group in 2005, and it comprises the Founders Forum, Founders Factory (an accelerator), and Firstminute Capital (an investment arm). He stated it was built as a “response to the lack of credible, peer-to-peer European entrepreneur networks to rival those that existed in Silicon Valley.” The Tech Nation acquisition is anticipated to further strengthen FF Group’s commitment to supporting tech entrepreneurs and startups in the UK, considering that a third of the U.K.’s tech unicorns passed through at least one of Tech Nation’s growth programs. Tech Nation, now under the ownership of FF Group, is well-positioned to continue its mission of nurturing tech entrepreneurs, fueling the growth of startups, and fostering innovation within the UK tech ecosystem. Leveraging the expertise and resources of FF Group, Tech Nation is poised to make an even greater impact with its programs and initiatives, benefiting the entire UK tech community.
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