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 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.
Read MoreHow Nigerian online skitmakers avoided stand-up comedy’s high barrier to entry
In October 1995, Opa Williams organised the first edition of Nite of a Thousand Laughs, Nigeria’s first mainstream comedy show. The show enjoyed critical success and ran for 17 years, producing some of the biggest comedy talents in the country like Basketmouth, Okey Bakassi, Julius Agwu, and Klint Da Drunk, amongst others. In that span of time, these artists went from being struggling comedians to multimillionaires. As the new acts became successful, they also created their independent show and events, cementing the idea that for comedians, the only route to success was through the stage. As most of these events were in Lagos, hopeful comedians would travel from out of state to navigate the politics in the industry and secure slots at a comedy show. There were running “Warri” jokes among comedians, as a large number moved from Warri to Lagos for their careers. These talents spent months tirelessly working to craft material or scripts that were good enough to make the audience cackle and earn them an invitation to the next show. According to Francis Ogudu, a popular Nigerian comedian fondly known as I Go Dye, getting a slot at a show wasn’t easy business as a newbie. “Regardless of how talented you were, you needed the right people to invite you to the right shows in Lagos, because that was what guaranteed you success. You needed to know an organizer, a sponsor, or even have a friend who could get you on stage at these shows. You could have the funniest material but if there was no one to tell it to, what is the point?,” he shared. But that era of big comedy shows as the only surefire way for comedians to find critical success has changed over the years. Thanks to the internet and social media platforms, comedy’s notoriously high barrier to entry has been reduced, and as Nigeria’s internet connectivity improved, comedy expanded beyond the stage. Recordings of physical comedy shows on YouTube amass millions of views, signalling to comedians that there was an audience beyond those who attended in person. Soon enough, they started creating comedy videos for online audiences. One such show was AY’s Crib, created by the comedian, Ayo Makun. Comedy on social media But that was only one small step in comedy’s evolution. Today, Nigerian comedians can launch their careers anywhere in the world with a smartphone, internet access and basic editing skills. Some of the popular pioneers of social media skits include Crazeclown—a Nigerian doctor then based in Ukraine, whose skits typically demonstrated the hilarious relationship between a father and his mischievous son, Ade—and Woli Agba, whose skits follow the adventures of an overbearing prophet and his cheeky protege, Dele. Today the online comedy scene has many recognisable names like Taooma, Maraji, Justin UG, Josh2funny, Mr Macaroni, Mark Angel, and Lasisi. Without needing to move to Lagos or even appear or stage, they have become household names. Making people laugh is a lot of work Justin Ugonna, known as Justin UG, is a US-based actor and content creator who became popular for his High School Chronicles, a series that depicts the relatable realities of high school in Nigeria. From making dance content for his three followers on Vine in 2009, he moved to Youtube and Instagram in 2016 after seeing how fast the content scene on these apps were growing. Justin didn’t start out wanting to be funny, his videos just happened to make people laugh, and in 2018 —after his video went viral for the first time— he decided to take comedy seriously. Now, he has over 400K followers on Instagram and Twitter, although he says that he doesn’t create content for fame or to amass large followership. At the moment, Justin’s videos are short and sharp, and he doesn’t write any scripts. “My videos are mainly about relatable, everyday stuff. They’re like real-life situations that nearly everybody has experienced at one time or another. So, I just think of scenarios that people would be able to relate to or would bring up nostalgia and just act it, improvising lines as I go.” he said. “However, I’ve started working with a team of three storytellers and one scriptwriter and we brainstorm content ideas together. I always end up not using the scripts from the scriptwriters. We just decide what idea to work with and I shoot,” he shared with TechCabal over a phone call during his lunch break. To shoot his videos, Justin uses his phone, an iPhone 14 Pro Max, and does nearly everything by himself as it helps him maintain autonomy and work on his time. On rare occasions, he employs the help of his roommate to record certain angles he is unable to capture with his tripod. “Once I return from work, have dinner and wake up from my nap, I start thinking of what to shoot because I post at nine o’clock Nigerian time every day, which is 1 am for me. After shooting, I edit —which takes one or two hours—, and post, then use another hour to reply to a couple of comments and see how people are feeling about the video. I try not to shoot videos during the weekends, but it’s almost as if my body is used to it and I can’t sleep otherwise.” Virality is the new marker of success Sharing skits on social media increases the possibility of reaching millions of people in minutes. The virality that social media platforms can give is today’s new marker of success. One skit maker who understands the concept of unplanned virality is Peter Tauna, also known as Mma Kasham, a comedian known for his hilarious depictions of middle-aged mothers in Northern Nigeria. Tauna wasn’t prepared for popularity when it came, and unlike other acts that had to wait months or years to go viral, he achieved it on his first attempt. On Valentine’s Day of 2019, he was about to take a shower when he saw his mother’s wrapper on
Read MoreSpleet partners Repit to offer rental support for Africans in the UK
Spleet, a Nigerian proptech startup, has announced a partnership with United Kingdom-based rental assistance specialists, Repit. Repit provides relocation support, property search, viewings, referencing guidance, paperwork negotiations, and settling-in advice. This partnership aims to provide relocation and rental support for Africans moving to the UK. Africans moving to the UK will benefit from this partnership by receiving a 5% discount from Spleet to use Repit’s services, which include advice on what to anticipate from the UK rental market and how to proceed in various circumstances. It also includes access to a dashboard that easily tracks their property options. The alliance is expected to present an advantage to Africans moving to the UK for family, work, or educational reasons. Speaking on the partnership, CEO and Co-founder of Spleet, Akintola Adesanmi said, “We are excited to partner with Repit to provide Africans rental support during their relocation to the UK, moving to a new country can be challenging, especially when it comes to finding a new home. “Immigrants often face difficulty during this process due to unfamiliarity with the UK rental market and legal requirements, no payslip as proof of financial backing, no guarantors etc. Our partnership with Repit will make the process easier and stress-free for everyone.” Unhassling Africans relocation to the UK Relocating to a foreign country can be an incredibly challenging experience, especially when it comes to securing a comfortable and safe living space. For african immigrants in the UK, navigating the rental market can prove particularly daunting due to their lack of familiarity with local norms and procedures. The process of finding a suitable home can therefore become an additional source of stress and anxiety for this immigrant. Legal requirements, proof of financial backing, and lack of guarantors are common pain points experienced by African immigrants in the UK. Spleet partnership with Repit will provide practical solutions that can help make african immigrants relocation process more inclusive, seamless and equitable for all africans.
Read MoreMultiChoice increases prices in response to Nigeria’s economic conditions
MultiChoice Nigeria, a satellite TV provider, announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. The increase is in response to Nigeria’s rising inflation. The company said in an internal memo, “Due to the various economic challenges impacting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” The new prices for MultiChoice Nigeria’s DStv and GOtv packages will be effective from May 1, 2023. The DStv Premium package will see a price increase of ₦3,500 or 16.7%, going from ₦21,000 to ₦24,500. The DStv Compact+ package will have an addition of ₦2,350 or 16.5%, jumping from ₦14,250 to ₦16,600. Similarly, the DStv Compact package will go from N9,000 to ₦10,500, a ₦1,500 or 16.7% increase. The DStv Confam package, currently priced at ₦5,300, will see a 17% increment to ₦6,200. The DStv Yanga package will get a ₦550 boost from ₦2,950 to ₦3,500, equivalent to 18.6%. Lastly, the DStv Padi package will increase from ₦2,150 to ₦2,500, a difference of ₦350 or 16.3%. This price review has been received with apathy by subscribers who have experienced similar increases in the past. In September 2020, at the peak of the COVID-19 pandemic, MultiChoice Nigeria raised the monthly price of its Premium package from ₦16,200 to ₦18,400. Other higher packages, such as Compact Plus and Compact, were also affected, with subscribers asked to pay ₦12,400 and ₦7,900 respectively. 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. The DStv HD decoder, dish kit with the Compact package subscription dropped from ₦18,600 to ₦9,900 on the Confam package, while the GOtv decoder, GOtennae with the GOtv Jolli package subscription went from ₦8,400 to ₦6,900. But, in March last 2022, DSTV hiked its prices again due to economic challenges impacting its business operations. The price increase has stirred mixed reactions among subscribers. While some subscribers understand the challenges faced by MultiChoice Nigeria and the need to adjust prices, others have expressed disappointment and dissatisfaction. Many subscribers rely on satellite TV for their daily entertainment, it remains to be seen how these increases in prices may impact their budget and viewing habits.
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👨🏿🚀TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. 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. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read More👨🏿🚀TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. 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. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read More👨🏿🚀TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. 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. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read MoreFraudsters don’t think AI can do the job yet
The denial by Nigerian presidential candidate Peter Obi of a viral recording in which he appeared to refer to election campaigns as a religious war has drawn attention to the danger of AI technology in the hands of malicious actors. Using voice cloning technology, criminals can conduct more sophisticated phishing scams, fraud, and other schemes by assuming the identity of others, including exploiting emerging digital know-your-customer (KYC) methods designed to include individuals who lack the traditional identification requirements of the banking system. “This technology has unlocked new levels of legitimacy for fraudsters,” says a Nigerian law enforcement agent who spoke to TechCabal. The most popular crimes involve fake business deals or romantic relationships that prey on the loneliness of their victims. “Using poorly mimicked accents, impersonated pictures, and fake video calls, Yahoo Boys have managed to convince Europeans to send them money, ranging from thousands of dollars to millions. The accents are usually bad, and it is astonishing how easily their victims are unable to tell, but this technology can make their lies more believable,” the agent concluded. However, according to an anonymous scammer who spoke to TechCabal, despite being aware of the advancements in AI-based impersonation, they do not extensively use these tools yet. This is because most of these tools require pre-recorded audio, and when tricking clients, unscripted conversations work best. The scammer explained a trick called “Military Man”, where scammers pose as a white military man in love with the victim, typically a white woman. During video calls, the back camera faces another phone showing a video of a white person whose lips move as if speaking, but the video is muted, and the victim can only hear the scammer mimicking an American or European accent in the background. “Most times, the client may ask to speak to the child, usually a daughter of the man. In such instances, a pre-recorded audio file cloned in an American girl’s voice cannot have the effect that we want,” the scammer revealed. Instead, they sometimes speak themselves or hire girls who can believably speak with an American or British accent to pose as the child. Using AI for phishing and kidnapping Other criminals are already having success with voice impersonation technology. With just a short audio clip of a family member’s voice, often obtained from social media, and a voice cloning program, criminals can now pretend to be a loved one or a superior at work to phish for sensitive financial information or ask for money outright. After hearing her daughter crying on an abrupt phone call from a man who says he was a kidnapper, a woman was asked to wire a $1 million ransom. “It was 100% her voice. It was completely her voice; it was her inflexion and how she would have cried,” the mother says in an interview. She only found out later that it was an AI speaking from a computer and not her daughter. Using voice cloning to exploit emerging tech for banking the unbanked In 2022, the Southern African Fraud Prevention Service (SAFPS) reported a 264% increase in impersonation attacks during the first five months of the year, compared to 2021. While there are no current reports about the current state of affairs this quarter, experts agree that the increase in accessibility to AI technology is opening new doors to financial crime on the continent, especially with the nascent trend of financial institutions and fintech apps using voice biometrics for security and in-app activities. For example, Stanbic IBTC’s mobile banking app allows customers to buy airtime and transfer money to saved beneficiaries using voice commands. Per its website, another bank, Standard Bank, in South Africa, enables customers to use their voice to make payments and interbank transactions. This technology, which offers inclusion to customers who have disabilities, can be exploited to steal money from people.“ The technology required to impersonate an individual [using voice cloning] has become cheaper, easier to use and more accessible. This means that it is simpler than ever before for a criminal to assume one aspect of a person’s identity,” Gur Geva, founder of remote biometric digital authentication platform iiDENTIFii, said in an email to TechCabal. This increasing accessibility to AI tools that can be used to scam people threaten emerging biometric authentication used to drive financial inclusion. “In many countries across sub-Saharan Africa, financial institutions and startups are using voice and facial recognition technologies to onboard unbanked and underbanked customers who do not have access to traditional forms of anti-money laundering (AML)-compliant ID,” says Esigie Aguele, co-founder and CEO of digital identity technology company VerifyMe Nigeria, in an interview with TechCabal. Popular institutions that recently adopted this technology include Zimbabwean telecoms company, Econet Wireless, which offers various digital services. IdentityPass, another KYC company, says the technology is not yet prevalent but is experiencing steady growth as it has been helping several companies worldwide integrate facial recognition solutions into their verification processes. Tosin Adisa, head of marketing at Prembly, the parent company of IdentityPass, attests that, with the right [voice cloning] tools, a malicious person can create accounts to take loans they never intend to pay back with the identity of someone else or engage in other fraudulent transactions. “Criminals can use AI deep fake tools to exploit this emerging digital know-your-customer (eKYC) technology to create new accounts under false identities and commit financial crimes,” Aguele says. However, the experts I spoke to are optimistic. Geva asserts that “while identity theft is growing in scale and sophistication, the tools we have at our disposal to prevent fraud are intelligent, scalable and up to the challenge.” Adisa says that companies should integrate AI technology that detects if an identity supplied for KYC is AI-generated. “Certain technologies now detect if a document’s text, or image is AI-generated. When you imbibe such systems into your existing algorithm structure technology, you can combat AI-generated audio and images,” she says in an email to TechCabal. Aguele’s VerifyMe Nigeria also offers customer insights, and
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