Next Wave: What’s the future of Kenyan fintechs?
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 15 September, 2024 What’s the future of Kenyan fintechs? M-Pesa, Kenya’s dominant mobile payment platform owned by Safaricom, processed a staggering 20 billion transactions in 2023, accounting for about 60% of the country’s GDP. While M-Pesa has revolutionised digital banking and payment services, its dominance in the market has reduced the appetite for fintech startups. Compared to its peers, Kenyan fintechs have not set new digital payment standards, as in Nigeria, Egypt, and South Africa. Some might argue that the country’s regulatory environment has slowed innovations in the financial services sector, but it’s too hard to ignore M-Pesa’s winning streak. What is the future of fintech startups in Kenya? A report by Stears, a Nigerian market intelligence firm showed that Kenyan fintechs secured 8% of the total investments in the sector between 2019 and 2023, trailing Nigeria (39%), South Africa (20%) and Egypt (16%). Fintech deals in Kenya The growth of digital payments in Kenya As VCs shift focus to climate tech, which attracted 45% of total deals in H1 2024, building the next big digital bank to unseat traditional service providers might not sound like a good pitch. M-Pesa has helped unbanked access to financial services, while traditional banks have raised their game by introducing digital banking platforms– the two developments have solved the accessibility and convenience questions. Founders must present a compelling business model, with proof they can be profitable and acquire customers to receive investors’ backing. Smartphone-friendly technology alone is not enough to unseat Kenyan traditional banks and telcos, which have proven they can introduce some of the features that neobanks use to capture the market. Traditional financial institutions have also proved they can pour millions and poach staff from fintechs’ ranks, moving with their ideas. Next Wave continues after this ad. Join us at the Bluechip AI & Data Summit 2024 on 2nd Dec in Lagos! Explore AI & data-driven solutions for Africa’s future. Network with industry leaders, attend expert panels, and discover innovations transforming finance, healthcare, and more. Don’t miss out. JOIN US Despite this onslaught from M-Pesa and traditional banks, all is not lost for Kenyan fintechs. While telcos and banks have built digital financial services platforms, VC analysts believe there’s a clear opportunity to build with a real digital-first approach. For instance, most Kenyan banks require customers to visit physical branches to open accounts and resolve disputed transactions. It is the same case with opening M-Pesa accounts and addressing fraud-related issues. On the other hand, fintechs can build solutions designed from the ground up to be digital, offering a more user-friendly and convenient experience. Next Wave continues after this ad. Get a Discount to Attend Moonshot 2024 with Your Friends! We’re a few weeks away from Moonshot 2024! Seize the opportunity to enjoy a group ticket discount with your friends or colleagues. Experience two days of invaluable insights from industry leaders, networking with potential partners and investors, and witnessing groundbreaking innovations shaping the future of the African digital economy. Get ₦8,000 off on 2 tickets and ₦20,000 off on 4 tickets. Get tickets here. Mobile money and digital banking in Kenya have not brought down the banking fees as experts thought. In 2020, Kenyan regulators pushed for full interoperability with the hope that it would encourage competition in the ecosystem and potentially lower costs. While M-Pesa’s competitors, Airtel Money and Telkom Cash, offer lower rates, it still controls nearly 97% of the mobile payments market. Floating fintechs as a potential answer might appear to be a longshot, but there is sufficient evidence that they lower costs. Neobanks’ reliance on technology and reduced physical infrastructure means they can easily cut operating costs, which they can pass to customers with lower fees. Kenyan fintechs can also focus on specific market segments that traditional financial institutions may not prioritise. Most fintech solutions in Kenya have been around payments: P2P, P2B, B2B and cross-border or remittances. Yet, many opportunities in other financial services subsector are underserved. At 3%, Kenya has one of the lowest insurance penetration rates in Sub-Saharan Africa. Founders can explore products that serve this market, which banks like Equity Group and KCB Group have now shown interest in. Access to affordable credit is another area that is often ignored. In 2020, several micro-credit apps emerged, but most have been accused of saddling customers with debts. Kenyan fintech will need more than apps designed for mobile interfaces to attract and retain customers in the face of M-Pesa and traditional banks’ competition. In Nigeria, Egypt and South Africa, neobanks are challenging legacy institutions with mobile payment solutions, lending and PoS services. Kenyan players have been unable to replicate that level of success. Despite the hurdles, founders should seize the opportunities in other subsectors of financial services like insurance. Next Wave ends after this ad. Planning to attend Moonshot 2024 from outside Nigeria? Are you looking to explore the next frontier of tech innovation and gain insights from global leaders on Africa’s rapidly growing tech ecosystem? Moonshot 2024 offers the opportunity to network with visionary entrepreneurs, investors, and innovators shaping the future of Africa, and to uncover new business opportunities in one of the world’s most dynamic markets. You also get to enjoy the vibrant mix of Lagos’ innovation and culture, all while staying connected with prepaid eSIMs from Sochitel for seamless data and calls. Secure your spot now for two days of inspiration, networking, and innovation! Adonijah Ndege Senior Reporter, TechCabal Thank you for reading this far. Feel free to email adonijah[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to
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👨🏿🚀TechCabal Daily – Xero’s big splash in South Africa
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning We’re three weeks away from Moonshot 2024. Here’s your reminder to join Africa’s most audacious thinkers at a global conference for change. The good news is that if you’re seeing this, you get 20% off tickets to Moonshot 2024. All you have to do is enter the coupon code “MSTCD” for local tickets, and “MSTCD1” for international tickets. Regfyl raises $1.1 million Xero’s big splash in South Africa CBN maintains government borrowing threshold at 5% Nigeria pushes for eNaira adoption with MDAs The World Wide Web3 Opportunities Funding Regfyl raises $1.1 million to strengthen its compliance-as-a-service product Image Source: Regfyl In finance, fraud is inevitable. It’s the most common crime in the UK, making up nearly half of all criminal activities in the region. Despite its prevalence, there appears to be no definitive solution to fraud, as bad actors continuously evolve their tactics and find new ways to exploit the system. In Nigeria, banks lost $25.7 million to fraud in Q2 2024, marking a staggering 1,784.94% increase from the previous quarter. Several startups are tackling fraud in Nigeria’s financial sector by developing digital identity verification and detection tools to curb fraudulent activities. The thinking is that by properly identifying customers, the incidence of fraud can be reduced through documentation of perpetrators and information sharing. Regfyl, one of the newer entrants, has raised $1.1 million in pre-seed funding from Rally Cap, Techstars, DCG, Musha Ventures, Africa Fintech Collective, and others. Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, the startup helps businesses streamline customer onboarding, monitor transactions, and prevent fraud and already serves 20 businesses, including Cowrywise, VFD Bank, and Piggyvest. In an ecosystem where fraud is a growing concern and fraud prevention is a saturated market, Regfyl offers a unified platform that integrates Know Your Customer (KYC) compliance, transaction monitoring, and regulatory reporting—features that competitors like SmileID, Dojah, and Youverify offer separately. The startup uses a subscription model, charging ₦2 million ($1,220) annually for full access and also charging per-use fees for individual screenings. Despite the rise of Regfyl and similar platforms, fraud continues to thrive. One reason may be that technology, while essential, isn’t a silver bullet. Gaps in enforcement, the sophistication of fraudsters, and inconsistent adoption of tools by businesses leave room for bad actors. Regfyl’s goal is to close these gaps by being a one-stop shop for compliance, but the challenge remains whether this tech-led approach can truly curb the rising tide of fraud in Nigeria. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. M&As Xero’s big splash in South Africa Image source: Xero $70 million. That’s the amount Xero, a global accounting software giant, will spend to snap up Syft, a South African cloud-based reporting and analytics platform. For those who have closely tracked deals and are following the capital markets this year, it’s hard to ignore that the transaction could be riding on Syft’s AI capabilities. AI is proving to be a magnet for investors in 2024, you’d agree. With this acquisition, Xero could grow its reporting and analytics, boosting its services in key markets like the UK, Australia and the US. At $70 million, the acquisition is one of the largest M&A deals in Africa this year. Xero will pay $40 million upfront for the acquisition, including $10 million in shares. The rest—earn-outs and employee-restricted shares—will be paid over three years. Syft will continue to operate as a standalone, but its features will be integrated into Xero’s platform. Founded in 2016 by Matt Stephanou and Vangelis Kyriazis, Syft’s AI financial reporting platform provides small and medium businesses with access to reporting tools. In 2023, the company reported $4.4 million in revenue from 75,000 customers across 80 countries. Read more about the acquisition here. Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Economy CBN maintains government borrowing threshold at 5% Image source: TechCabal All governments borrow money from their central banks to fund budget deficits. But government borrowing, if left unchecked, can cause problems. When the Central Bank lends the Nigerian government money through the way and means advances, it “prints more money”. But an increase in money supply without a corresponding increase in outputs can trigger inflation. These loans are capped at 5% of the government’s revenue from the previous year, according to Section 38 of the CBN Act. Yet that hasn’t been the case. Government borrowing exceeded the threshold under the Godwin Emefiele-led CBN. President Buhari’s administration borrowed a record ₦22.7 trillion ($13.8 million) in ways and means advance. Those loans were also left unsettled at the end of the financial year as prescribed by law. Since taking office in September 2023, CBN governor Olayemi Cardoso has taken a different approach. He has talked up a return to orthodox policies and said the CBN will not lend the government until the previous loans are repaid. In new policy guidelines released on Tuesday, the CBN maintained that the ways and means will remain capped at 5%, countering an earlier increase of the threshold to 10% by the National Assembly. It will also determine government borrowing from the sub-accounts of ministries, departments, and agencies (MDAs) to assess the government’s cash position. The critical question is how the CBN will manage the pressure from lawmakers and say no to a federal government that has historically relied on it to print more money to fund budget deficits. Psst Here’s Paystack Developer Contributor of the month Microsoft Engineer Ekene Ashinze built the Angular Paystack Library, a module that helps developers accept payments in their Angular apps with Paystack. Discover his journey in
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Regfyl, a Nigerian fraud detection company raises $1.1million to expand team and build new compliance product
Regfyl, a Nigerian company that provides digital identity verification and fraud detection tools to businesses, has raised $1.1 million in pre-seed funding. The startup will use the funding to strengthen its sales, engineering and customer support team and build a supply chain compliance product. Rally Cap led the funding round. Techstars, DCG, Musha Ventures, Africa Fintech Collective and other strategic angels also invested. Launched in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl helps businesses with customer and business onboarding, transaction monitoring, and fraud prevention. Regfyl also helps financial institutions with regulatory reporting/filing with financial regulators like Nigeria’s Securities and Exchange Commission (SEC) and Central Bank. The company currently serves about 20 businesses and counts Cowrywise. VFD Bank, Coronation, Piggyvest, and Budpay are among its clients. “Trust is the currency of the digital economy, and at Regfyl, we are committed to being the operating system that underpins this trust across the continent,” said Tunde Ibidapo-Obe, CEO of Regfyl. The startup charges a yearly subscription fee of ₦2 million ($1,220)for full access to its platform. It also charges a per-use fee for each individual or business customer screened and monitored. Regfyl is part of a growing list of Nigerian companies helping financial institutions to detect and fight fraud. In its recently released Fraud and Forgeries Report, the Financial Institutions Training Centre (FITC) reported that Nigerian banks lost $25.7 million to fraud in Q2 2024. It competes with similar businesses like SmileID, Dojah, Youverify that offer KYC compliance services to businesses. While these competitors offer just one compliance service to financial institutions, Regfyl claims to offer a unified compliance solution that helps businesses handle every section of their compliance, from KYC onboarding to transaction monitoring and regulatory filing. “What we have done is to look at what the job of the compliance manager is and we have essentially brought all of it in one operating system,” said Erinosho. Moonshot by TechCabal is gathering Africa’s most audacious builders and thinkers in Lagos, Nigeria. You can get tickets here.
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Xero will acquire South African analytics platform Syft for $70 million
Xero, the global accounting software giant, will acquire South African cloud-based reporting and analytics platform Syft for $70 million. The deal is projected to close between October and December 2024 pending regulatory approval. Founded in 2016 by Matt Stephanou and Vangelis Kyriazis, Johannesburg-based Syft’s AI financial reporting platform provides small and medium businesses with access to reporting tools. In 2023, the company reported $4.4 million in revenue from 75,000 customers across 80 countries. Xero will pay $40 million upfront for the acquisition, including $10 million in shares. The rest—-earn-outs and employee-restricted shares—will be paid over three years. Syft’s 70 employees will also be integrated into Xero. “We’ve worked closely with Xero’s teams and customers over the past seven years,” said Syft CEO Kyriazis. ”Having met Xero’s senior leadership team over the past few months, we knew that joining Xero was a natural fit and would advance our shared goal of helping small businesses succeed.” The deal continues the trend of global giants acquiring South African software as a service (SaaS) startups. In March 2024, US-based payroll provider Deel acquired South African payroll startup PaySpace for an undisclosed amount. Syft will continue to operate as a standalone offering to small businesses. Xero will incorporate Syft’s functionality, which includes visualisations, analytics and reporting capabilities for new and existing customers. Syft will improve Xero’s insights, advanced reporting, and analytics capabilities in Australia, the UK, the US, and other global markets. African tech leaders and global players will be at Moonshot by TechCabal. You can get tickets here.
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👨🏿🚀TechCabal Daily – How CashAfrica is tapping into Nigeria’s payments game
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Our friends at the Founder Institute are celebrating the graduation of their 10th cohort at the upcoming fireside chat, “Scaling with Resilience.” This event will feature insights from experts, founders of venture-backed startups, and experienced investors. It’s also a fantastic opportunity to connect with the Founder Institute Lagos ecosystem, including FI’s network of startups, alumni, partners, investors, and mentors. RSVP here. M-Kopa set to pay tax backlog in Kenya CashAfrica is betting on tap-to-pay in Nigeria Kopo Kopo names new leadership Nigeria’s inflation rate quells to 32.15% The World Wide Web3 Events Regulation M-Kopa to pay backlog of tax Jesse Moore, M-Kopa chief executive. Image | M-Kopa Between 2017 and 2019, M-Kopa, the asset financing company whose biggest market is Kenya, remitted zero taxes to the Kenyan Revenue Authority (KRA). Drawing on the UK-Kenya Double Taxation Agreement, a treaty designed to prevent companies from being taxed twice, M-KOPA believed that it shouldn’t pay taxes in Kenya because its directors did not live there. The company also argued that its management decisions are made outside Kenya. Kenya’s tax authority disagreed and off they went to court. On Monday, a tax appeal tribunal found that the company had not provided evidence that its important operational decisions were taken outside of Kenya, confirming its tax residence in the country. The ruling meant the company is back on the hook for around KES885.87 million ($6.8 million) in back taxes. While my colleague agrees that the tax is a small change for a company that has raised $250 million, the ruling may likely set a precedent for other Kenyan startups operating under foreign tax residency. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Startups CashAfrica is betting on tap-to-pay in Nigeria Image source: Faith Omoniyi/TechCabal CashAfrica’s pitch is pretty simple: why bother with cards when you can use your smartphone to pull cash from a Point-of-Sale terminal? In a country where almost everyone has a phone but far fewer have bank cards, the fintech is hoping this will be the future of payments in Nigeria. By eliminating card partnerships, CashAfrica significantly cuts costs and improves profit margins, a challenge often faced by Nigerian fintechs dealing with foreign card schemes. There are clear hurdles: for CashAfrica to thrive, a lot more Nigerians will need to have NFC-enabled phones—and, just as importantly, they’ll need to know how to use them. The tech is promising, but it’s not much good if your customers don’t have the hardware or aren’t sure how to make it work. Both challenges create a real problem for CashAfrica. User education is timely and costly, and only high-end Samsung and Apple models—which together make up 46% of Nigeria’s smartphone market—come with NFC capabilities. That leaves a significant chunk of the population out of the equation, shrinking CashAfrica’s potential customer base before they’ve even started. Yet, CashAfrica CEO Malik Asamu chooses to see the positives. His strategy, instead of rational optimism, in a market that is not ready yet is obvious through his comment: “We believe more NFC-enabled phones will be imported. You don’t want to ride on a wave of innovation when it is sinking. We believe tap to pay is new in Nigeria and we want to be among the first to the market.” It will also count banks and fintechs as customers as it tries to convince them to adopt its tap-to-pay service. Read more about CashAfrica. Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Startups Kopo Kopo names new leadership amid Moniepoint acquisition talks Far Right, CEO Dennis Ondeng. Image Source: Kopo Kopo Kenyan fintech Kopo Kopo has announced a leadership shake-up with Dennis Ondeng stepping in as the new CEO, while former CEO Chad Larson transitions to Chief Financial Officer (CFO). Joining the revamped team are Kibet Yegon as Chief Technology Officer (CTO), and Rosemary Muyeshi as Chief Risk Officer (CRO), rounding out the company’s refreshed executive structure. These leadership changes come 13 months after Kenya’s competition authority approved the acquisition of Kopo Kopo by Nigerian neobank Moniepoint. However, the deal remains in progress, with both companies yet to finalise the transaction. Kopo Kopo, a provider of payment services and loans to small businesses in Kenya since 2011, could offer Moniepoint a strategic entry point into the Kenyan market. With its extensive customer base of small and medium-sized businesses, Kopo Kopo’s operations align well with Moniepoint’s suite of business-facing products. As Moniepoint continues its aggressive growth trajectory, an acquisition of Kopo Kopo would solidify its expansion plans in Kenya. “We have been vocal about our interest in Kenya as part of our mission to provide financial happiness for people across Africa,” the company told TechCabal in August 2023. If successful, the acquisition could strengthen the connection between Nigeria’s and Kenya’s tech ecosystems, fostering a more integrated African fintech landscape—especially in light of recent partnerships like that between Nigeria’s Rise and Kenya’s Hisa. Psst Here’s Paystack Developer Contributor of the month Microsoft Engineer Ekene Ashinze built the Angular Paystack Library, a module that helps developers accept payments in their Angular apps with Paystack. Discover his journey in creating the library and how it’s opened doors for him both locally and globally. Learn more → Inflation Nigeria’s headline inflation to 32.15% in August Image source: Cemile Bingol On Monday, Nigeria’s headline inflation fell to a six-month low of 32.15% interest rate in August. It was a second consecutive ease in inflation thanks to a drop in food prices driven by the harvest season. Food inflation also slowed to 37.52% from 39.53% in July 2024. Nigeria’s headline inflation reached a
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iPhone iOS 18 now available: How to update & supported devices
Subsequent the iPhone 16 series launch, Apple has now released iOS 18, its latest software update for iPhones. This update offers new features designed to enhance the iPhone experience. From personalisation options to better communication tools, iOS 18 brings a host of improvements. Here’s a breakdown of what’s new, how to install it, and which iPhone devices are compatible with the new iOS 18. What’s new in iPhone iOS 18? Customisation: iOS 18 allows users to arrange their iPhone Home Screen, Lock Screen, and Control Center in new ways. Photos App: Experience the biggest redesign of Photos, making it easier to relive special memories. Messages: New features in Messages enhance how you stay connected with friends and family. Maps: A new hiking experience in Maps enables you to explore the world in a more immersive way. Wallet: Updates to Wallet introduce new ways to manage your cards and tickets. Other Features: Improvements across Safari, Journal, Notes, and more bring added functionality to everyday tasks. Devices supported by iOS 18 Here is the complete list of iPhones that can install iOS 18 apart from the recent iPhone 16: iPhone 15, iPhone 15 Plus, iPhone 15 Pro, iPhone 15 Pro Max iPhone 14, iPhone 14 Plus, iPhone 14 Pro, iPhone 14 Pro Max iPhone 13, iPhone 13 mini, iPhone 13 Pro, iPhone 13 Pro Max iPhone 12, iPhone 12 mini, iPhone 12 Pro, iPhone 12 Pro Max iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max iPhone XS, iPhone XS Max, iPhone XR iPhone SE 2, iPhone SE 3 If your iPhone is on this list, you can access all the new features in iOS 18. How to Update to iOS 18 Updating to iOS 18 is straightforward. Just follow these steps: Back up your data: Before updating, ensure that your data is backed up via iCloud or iTunes. Connect to Wi-Fi: Make sure your device is connected to a stable Wi-Fi network. Check for the update: Go to Settings. Select General. Tap on Software Update. Install iOS 18: If the update is available, you will see the option to install. Tap Install Now to begin the process. Automatic updates: You can also enable Automatic Updates to download and install future updates overnight. Ensure your iPhone has enough charge or is connected to a charger during the update process. Why you should upgrade Upgrading to iOS 18 will not only bring new features but also improve security and overall performance. Regular updates are essential for the safety and longevity of your device.
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Fintech Kopo Kopo names new leadership amid Moniepoint acquisition talks
Kopo Kopo, a Kenyan fintech startup that offers short-term business loans, has appointed Dennis Ondeng as its new CEO. Monday’s leadership change comes 13 months after Kenya’s competition authority approved its proposed acquisition by Nigerian neobank Moniepoint Inc. The company also named Chad Larson as chief financial officer (CFO), while Kibet Yegon will resume as chief technology officer (CTO). Rosemary Muyeshi was appointed chief risk officer (CRO). “We are confident that this dynamic leadership team will further Kopo Kopo’s mission and continue to deliver solutions for businesses in Kenya,” Kopo Kopo said in a statement. Despite the leadership changes, Moniepoint told TechCabal that the acquisition is still in progress. “The transaction is still ongoing but hasn’t been completed yet,” the company said. Kopo Kopo claims it has been profitable since its $2.1 million Series B raise in 2015. The company says its valuation is in the “low tens of millions,” declining to share specific numbers. If completed, the acquisition would see Moniepoint expand to Kenya. Kenya’s regulators scrutinise competition for transactions exceeding KES 1 billion ($7.7 million), suggesting that Moniepoint proposed acquisition of Kopo Kopo falls under its purview. The regulator approved the acquisition in August 2023. Kopo Kopo, with its network of thousands of small and medium-sized business customers, could make Moniepoint market presence in Kenya sound. African tech leaders and global players will be at Moonshot by TechCabal. You can get tickets here.
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How to check NECO 2024 results
The National Examinations Council (NECO) is responsible for conducting the Senior Secondary Certificate Examination (SSCE) in Nigeria. Candidates who took the exam can easily access their results online once they are out. In this guide, we will walk you through the steps to check your NECO results 2024. Steps to check NECO results 2024 Follow these simple steps to access your NECO results 2024 online: Visit the official NECO websiteGo to the official NECO website: www.neco.gov.ng. This is the primary platform for checking NECO results, making it convenient for candidates across the country. Purchase a tokenTo check your NECO results 2024, you will need to buy a NECO result-checking token. You can purchase this token online via the NECO portal. Ensure you have your debit card or internet banking details handy. Log in to the NECO result portalAfter purchasing your token, visit the result-checking section on the NECO website. You will be prompted to log in using your exam year, exam type, and the purchased token. Enter your examination detailsFill in your examination year (2024) and examination type (June/July SSCE). You will also be required to input your 10-digit NECO exam number. Check your resultClick on the “Check Result” button to access your NECO results 2024. Your result will be displayed immediately, showing your scores in all subjects. Notes Ensure stable internet access: To avoid disruptions during the process, ensure you have a stable internet connection. Keep your token safe: The token can be used multiple times, so store it safely in case you need to check your result again. Print a copy: Once you have viewed your NECO results, it’s advisable to print or save a copy for future reference. Final thoughts on how to check NECO 2024 results If you encounter issues while checking your NECO results, such as difficulty purchasing a token or accessing the website, here are a few tips: Try a different browser: If the website doesn’t load properly, switch to another browser or clear your cache. Contact NECO support: If the problem persists, reach out to NECO’s customer service for assistance via the support page on their website. By following these steps, you can easily check your NECO results without any hassle.
Read MoreProfitable FoodCourt laid off nearly 100 staff after process restructuring in May
FoodCourt, the Y Combinator-backed food delivery service, said a redesign of its cooking processes led to nearly 100 employees being made redundant in May 2024. The three-year-old startup, which prepares its meals in dark kitchens and offers a delivery-only model, said customer feedback led to operational changes. “We got bigger kitchen equipment and started preparing a lot of the base ingredients instead of waiting for a customer to order before getting started with it,” said Chef Tilewa Odedina, who manages FoodCourt’s kitchens. Henry Nneji, FoodCourt CEO, told TechCabal that a key goal was to reduce meal preparation time to 30 minutes for its 8,000 active monthly customers. Yet, the optimisation is still a work in progress, with customers complaining about late orders on social media. The startup raised $1.7 million earlier this year, a detail that has not been previously reported says it has an average order value of ₦15,000 and is already profitable. CEO Nneji declined to share actual numbers. The company claims cost efficiency is the key driver of profitability. “You can make a lot of sales and be bleeding just as much cash,” said Odedina. “The company was making a little profit when I joined in 2023, but one would be hard-pressed to figure out where the money was going. We were winging it.” She overhauled the kitchen management process which had allowed theft, wastage, and underpricing. FoodCourt earns money from food sales like a regular restaurant and a 20% commission on delivery fees. In an increasingly cutthroat sector, it competes with restaurant chains and other food delivery companies like Glovo and Chowdeck. In an interesting twist, FoodCourt is also available on Chowdeck following an exclusive agreement in July 2024. Similar to the deal Chowdeck recently signed with Chicken Republic, FoodCourt’s meals will be discounted for customers. One person familiar with the matter said Chowdeck pays for those discounts. “[FoodCourt] had initially considered Glovo but chose Chowdeck because it had a better reputation in terms of delivery time and service delivery,” that person said. Eden Life and YC-backed ChowCentral, quick-service restaurants with a delivery-only model, are also listed on Chowdeck. While competition continues to ratchet up in food delivery, it is doubtful that the winner will simply outspend everyone else. Success may very well lie in a mix of ruthless operational efficiency and finding a key and loyal customer base. There is a lot to appreciate in the startup’s shrewdness, especially in a funding environment where over-spending to blitzscale has not yielded positive returns for deep-pocketed but now-defunct food delivery companies like Jumia Food and Bolt Food. But while it is easy to see how far this can take a bootstrapping restaurant, FoodCourt is a VC-backed cloud kitchen. Like any startup, it needs to attain exponential growth, to live up to whatever valuations investors bought in at, and that may require taking risks a typical restaurant wouldn’t take.
Read MoreBreaking: Nigeria’s headline inflation slows to 32.15% in August
Nigeria’s headline inflation has slowed for the second consecutive month thanks to a drop in food prices driven by the harvest season. Data from the Nigerian Bureau of Statistics (NBS) puts August’s headline inflation at 32.15%, down from 33.40% recorded in August. Food inflation also slowed to 37.52% from 39.53% in July 2024. Although the August inflation rate is far from the CBN’s 21% target, the reading could see the Central Bank hold interest rates at their monetary policy committee meeting on September 23. The MPC in June increased borrowing rates to about 26.25%. Analysts expect that recent increases in fuel prices will affect inflation for the coming months. Nigeria raised fuel prices by 40% after two months of fuel scarcity. The Nigerian National Petroleum Company (NNPC) admitted that it owed petrol suppliers. “Recent policy changes impacting petrol prices and the value of the naira could trigger an uptrend in the inflation rate in the coming months,” said Samuel Onyenkanmi, an analyst at Norreberger. The slowdown in Nigeria’s headline inflation will provide some ease to Nigerians who have endured high living costs. In August, hundreds of citizens protested demanding lower electricity tariffs and the reinstatement of fuel subsidies. “To alleviate currency and inflation pressures in Nigeria, closer policy coordination between fiscal and monetary authorities is essential,” Dumebi Oyewole, Senior Economist at Stears, told TechCabal.
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