How to perform JAMB UTME to DE conversion for 2024
For candidates looking to take advantage of the opportunity to convert UTME registration to Direct Entry (DE), this article is for you. This guide will walk you through the necessary steps to complete the JAMB DE conversion 2024 process efficiently. Why consider the JAMB DE conversion 2024? Upgrading your UTME registration to Direct Entry is essential for those aspiring to join advanced programmes in tertiary institutions. The JAMB DE conversion 2024 is particularly beneficial for candidates with certain qualifications. Such qualifications include A-levels or National Diplomas, as it facilitates direct admission into higher-level courses. Where to complete the JAMB DE conversion 2024 The conversion process is conducted exclusively at JAMB Professional Registration Centres (PRCs) scattered across the country. It is vital to visit an authorised PRC to ensure your conversion is processed correctly. Step-by-Step guide to JAMB DE conversion 2024 Locate and visit a JAMB PRC: Begin by finding a JAMB Professional Registration Centre close to your location. The PRC is the official venue for all JAMB-related services, including the JAMB DE conversion 2024. Present your documents: Bring along your UTME registration slip and any academic qualifications that qualify you for Direct Entry. These documents are mandatory for the conversion process. Complete the conversion: Once at the PRC, follow the instructions provided by the officials. They will guide you through the necessary steps, including the verification of your details and submission of required forms. Recent JAMB 2024 updates: Key announcements for candidates The Joint Admissions and Matriculation Board (JAMB) recently gave significant updates that all 2024 candidates should be aware of. This section highlights the most recent developments, including new policies on minimum age requirements, the cessation of illegal admissions, and more. Minimum age requirement: For the 2024/2025 academic session, there are age highlights. JAMB mandates that only candidates who are at least 16 years old will be eligible for admission. Post UTME eligibility: Candidates aged 15 can take the Post UTME exams, but they can only accept admission if they turn 16 by the time the institution offers admission. End of Illegal admissions: JAMB mandates that institutions must disclose all candidates with illegal admissions before 2017 within the next month. Unreported admissions will not get recognition. Daily Part-Time programmes: JAMB has condemned the unauthorised Daily Part-Time (DPT) and Top Up (TU) programmes advertised by some polytechnics and universities, warning candidates to avoid such unapproved programmes. CAPS Compliance: Institutions are to disclose all candidates with admission outside the Central Admissions Processing System (CAPS) from 2017 to data. There will be no tolerance for admissions with no report through CAPS.
Read MoreQuick Fire 🔥 with Ayoola Salako
Ayoola Salako is a multimedia storyteller and marketing professional whose creative storytelling and technology have led him to work for top brands. He leads marketing operations and storytelling efforts for LemFi. Explain your job to a five-year-old I take pictures and videos of the cool things my friends and I do and then show them to a lot more people using the internet or mass media. These pictures and videos help people understand our business and keep us at the top of people’s minds. How do you adapt your storytelling approach for different clients? I think about the most effective way to tell the business’s story. I find references that match the client’s needs and use those references to guide the storytelling. What’s your process for collaborating with clients who may not have a clear vision for their project? I ask questions to understand the client’s needs, present a few references that match what they might be looking for, and then work with them to choose the best direction. What are some of the biggest challenges you’ve faced in remote collaboration on multimedia projects? Translating the details and subtle nuances to media producers is sometimes difficult. Often, production companies and agencies don’t understand why I need content in specific formats or durations, which complicates the process. Beyond production, how do you measure the success of a storytelling project? I measure success based on the impact and how well people can relate to the story. For example, I once worked on a documentary about a traditional bone healer that led someone from the US to come to Nigeria to visit the healer. I also look at how organically a story spreads and resonates with audiences, as with a campaign I did that went viral because people thought it was part of a TV show, not an ad. What exciting things are you working on now? I’ve moved from being purely a brand storyteller to taking on a more strategic role that involves crafting narratives and integrating project management, legal compliance, and data analysis into my work. This evolution happened as I started working on a market expansion campaign in Ghana, where I realized that my role was expanding. I found myself asking the “so what?” question—essentially ensuring that every piece of content or strategy directly ties into specific metrics or goals. My current focus is on blending my storytelling background with growth strategies, working closely with various teams like product, engineering, data, legal, and finance. This multidimensional role allows me to contribute to more intentional and metric-driven campaigns, making my work both challenging and fulfilling. Given your love of documentaries, what story would you jump at the chance to tell, given the opportunity? I would love to tell the story of a wildlife ranger in a park. I want to follow them and document their lives, understanding what inspires them to protect wildlife and what their day-to-day life is like. We don’t see much of that in West Africa. We’ll often hear these stories told in Kenya, East Africa, or even Southern Africa, but those stories are needed here. You describe yourself as a “Student of the internet”—can you share a recent online discovery that blew your mind, related to storytelling or technology? Recently, I learned about home automation protocols like Zigby and Z-Wave, which allow devices to communicate without Wi-Fi. This was a significant discovery for me because I always thought everything relied on Wi-Fi. In storytelling, I discovered James Tulland on YouTube, who tells life stories from a unique point of view, such as what life is like for a great white shark, highlighting how much we still don’t know about the ocean.
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As data costs bite, Botswana’s free WiFi program is blowing up in popularity
In Botswana, internet subscriptions are expensive. 10GB of data can cost up to P1400 ($103) in a country where the minimum wage is P1500 ($111), cutting off a youthful population despite increased demand for internet connectivity. In 2019, Botswana introduced SmartBots, free WiFi routers in public spaces. Five years on, the project has scored significant wins, with over 1.6 million users. Internet penetration has also increased from 42% in 2019 to 77% in 2024, with the accessibility provided by SmartBots for low-income groups being a significant contributor. SmartBots routers—placed in public facilities including clinics, schools, and dikgotla (traditional courtyards)—have speeds of up to 10Mbps. Over 1,100 public facilities have been fitted with SmartBots routers. On average, more than 130,000 users access the internet via SmartBots daily, and the government plans to connect more than 500 villages soon. Botswana’s small and widely dispersed 2.4 million population makes providing telecommunications infrastructure expensive for telcos, which pass on the cost to consumers. Botswana’s internet penetration rate has shot up at the same time that SmartBots’ popularity and coverage has also increased (Image source: Faith Omoniyi/TechCabal) *Kago and *Tumelo, two 15-year-old Form 2 students, use SmartBots to access learning resources—that’s what they tell their parents. They spend most of their time watching football highlights on YouTube and scrolling TikTok. Nevertheless, before SmartBots, the youngsters would not have access to the World Wide Web as they do now. “We are here every evening because the internet is free, there is no password, and it’s close to where we stay, so we can leave late in the evening,” Tumelo tells TechCabal. “Our biggest mission is to connect all the settlements in the country and then move to the concentrated but isolated farming areas,” said Pontsho Pusoitsile, permanent secretary at the ministry of communications, knowledge and technology. The user base for SmartBots has grown over the years and is widely diverse, ranging from students to senior citizens. For the youth, the use cases for SmartBots include accessing social media, applying for job opportunities, downloading music series and even trading forex, which has again popularity among Botswana’s young population amidst rising unemployment levels. Batswana, young and old, frequent SmartBots free WiFi hotspots to access the internet. (Image source: Ephraim Modise/ TechCabal) 21-year-old *Daniel arrives at the Tshwaragano Clinic SmartBots hotspot at around 5:30 pm after he leaves work. He is there at least four days a week and can stay until night surfing the internet. He uses the internet for social media, updating his phone software and pursuing his side hustle, forex trading. ”The free internet is helpful because I’m learning forex and my friends say with enough wits, I can make easy money,” Daniel told TechCabal. However, SmartBots is not without its problems. The service uses a household-grade router, so its speed depends on the number of people on the network. Most users target off-peak times, typically mornings and evenings when the most ardent users, students are either in school or at home. Early mornings and late evenings are the best times to get the most speed from SmartBots as the foot traffic is low. (Image source: Ephraim Modise/ TechCabal) 55-year-old *Mooketsi usually arrives at the Monarch kgotla SmartBots hotspot at around 7 pm when the student traffic starts to disperse. He uses the WiFi at least 3 days a week to download revision material for his 11-year-old daughter who is preparing for her Primary School Leaving Examinations (PSLE). “I want her to pass and eventually go to the University, so this revision material I downloaded will help her a lot,” he told TechCabal. While SmartBots’ password-free Wi-Fi is a convenience, cybersecurity experts warn of the potential risks of using the open network. The lack of password protection raises concerns about user vulnerability to cyberattacks. “If a malicious party accesses the router, they can easily hack users as the service does not use a password or any form of verification,” said Larona Olebile, a cybersecurity professional. Officials at the Ministry of Communications, knowledge, and Technology did not immediately respond to questions about SmartBots’ cybersecurity concerns on SmartBots. However, users do not seem concerned about the security risks. Everything else is secondary as long as they can freely access the internet. “Le rona re bata tshwana le bana ba malwapa a mangwe,” said one user. Loosely translated, it means “We too want to be connected like the rest of the world.”
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👨🏿🚀TechCabal Daily – Mobius steers towards a different path
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Starting next week, TC Daily will be slightly different. The content will be the same, but we’ve optimised this design for something that’s easier to use, and prettier to look at. In today’s edition Quick Fire Nigeria’s inflation eases for the first time in 19 months Mobius Motors accepts an acquisition offer South Africa publishes AI policy framework Funding tracker The World Wide Web3 Events Features Quick Fire with Ayoola Salako Ayoola Salako is a multimedia storyteller and marketing professional with a track record of successful executions across editorial, brand storytelling, and user acquisition campaigns. His strong interest in creative storytelling and technology has led him to work for top brands and publishers in multiple countries. Currently, he leads marketing operations and storytelling efforts in LemFi’s mission of making International Payments accessible to everyone. Explain your job to a five-year-old My job is to make pictures and videos of the cool things my friends and I do, and then show them to people, like our friends and family, using the internet or any other means. This helps them know about our business so they can come and buy from us. How do you adapt your storytelling approach for different clients? I adapt my storytelling by looking for the most effective way to tell the business’s story. I find references on the internet that are closest to the client’s needs, whether they are crazy or sane, and then I use those references to guide the storytelling. What’s your process for collaborating with clients who may not have a clear vision for their project? I ask a lot of questions to understand what the client truly needs, even if they don’t have a clear vision. I find something that is the safest option to tell their story, present a few references that match what they might be looking for, and then work with them to choose the direction that fits best. What are some of the biggest challenges you’ve faced in remote collaboration on multimedia projects? The biggest challenges in remote collaboration are dealing with bandwidth issues and the lack of very detail-oriented talents among media producers. Often, production companies and agencies don’t understand why I need content in specific formats or durations, which complicates the process. Beyond production, how do you measure the success of a storytelling project? I measure success based on the impact and how well people can relate to the story. For example, I once worked on a documentary about a traditional bone healer that led someone from the US to come to Nigeria to visit the healer. I also look at how organically a story spreads and resonates with audiences, as with a campaign I did that went viral because people thought it was part of a TV show, not an ad. What exciting things are you working on now? Right now, I’m excited about the transition I’ve made in my career, which is quite unique. I’ve moved from being purely a brand storyteller to taking on a more strategic role that involves not only crafting narratives but also integrating project management, legal compliance, and data analysis into my work. This evolution happened as I started working on a market expansion campaign in Ghana, where I realized that my role was expanding beyond just creating content. I found myself asking the “so what?” question—essentially ensuring that every piece of content or strategy directly ties into specific metrics or goals. My current focus is on blending my storytelling background with growth strategies, working closely with various teams like product, engineering, data, legal, and finance. This multidimensional role allows me to contribute to more intentional and metric-driven campaigns, making my work both challenging and fulfilling. What does the future look like? The future for me would be to find a unique blend for what I do. In sub-Saharan Africa, there are no companies that are focused on data-conscious storytelling. As a creative person, while it’s very easy to focus on the promotion part of marketing, it’s also easy to forget about on of the other Ps of marketing, pricing. I think I’d like to see myself as a business-conscious creative director. Given your love of documentaries, what story would you jump at the chance to tell, given the opportunity? I would love to tell the story of a wildlife ranger in a park. I want to follow them and document their lives, understanding what inspires them to protect wildlife and what their day-to-day life is like. We don’t get to see a lot of that in West Africa. We’ll often see these stories told in Kenya or East Africa, even Southern Africa, but those stories are needed here. You describe yourself as a “Student of the internet”—can you share a recent online discovery that blew your mind, related to storytelling or technology? Recently, I learned about different home automation protocols like Zigby and Z-Wave, which allow devices to communicate without Wi-Fi. This was a big discovery for me because I always thought everything relied on Wi-Fi. In storytelling, I discovered James Tulland on YouTube, who tells life stories from a unique point of view, such as what life is like for a great white shark, highlighting how much we still don’t know about the ocean. 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. Economy Nigeria’s inflation eases for the first time in 19 months Yesterday, Nigeria’s inflation slowed for the first time in almost two years. Data from Nigeria’s Bureau of Statistics puts July’s headline inflation at 33.40%, down from 34.19% recorded in June. According to Stears Analyts, this decrease is a result of a drop in food prices, which has been a major driver of inflation. As Nigeria’s harvest season draws near—with one basket
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2024 JAMB DE Conversion to UTME now available
All 2024 UTME candidates are implored to note that the Joint Admissions and Matriculation Board (JAMB) has officially commenced the DE UTME conversion 2024 process. This essential service is now available at JAMB Professional Registration Centres (PRCs) across the nation. Key Information on DE UTME conversion 2024 Service availability: The Direct Entry JAMB/UTME conversion 2024 process is exclusively accessible at JAMB Professional Registration Centres (PRCs) nationwide. Purpose: The conversion allows candidates to upgrade their UTME registration to Direct Entry (DE), facilitating entry into higher-level programmes. Eligibility: Candidates with A-levels, National Diplomas, or other qualifying qualifications can utilise this service. Required Documents: Bring your UTME registration slip and relevant academic certificates to the PRC for a smooth conversion. Steps to complete the DE UTME conversion Visit a JAMB PRC: Locate and visit a JAMB Professional Registration Centre near you. Submit documentation: Present your UTME registration slip and any necessary academic certificates. Complete the Process: Follow the guidance provided at the centre to complete your Direct Entry UTME conversion 2024. Important considerations for DE UTME conversion 2024 Timeliness: Candidates should complete the DE UTME conversion as early as possible to avoid last-minute complications and ensure smooth processing. Verification of details: Double-check all personal and academic details during the conversion process to avoid errors that could affect your application. Additional tips Stay informed: Regularly check for updates from JAMB regarding any changes or additional requirements related to the DE UTME conversion. Seek assistance: If you encounter any difficulties or have questions during the conversion process, don’t hesitate to ask for help from the PRC staff or contact JAMB support. These steps and considerations will ensure you are in good position for DE UTME conversion 2024. Ensure you complete the conversion process to enhance your chances of securing a place in your desired course or programme.
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3 new ways for NSFAS status check using ID number 2024
The National Student Financial Aid Scheme (NSFAS) remains a vital lifeline for South African students seeking financial support to further their education. As the application process unfolds, keeping tabs on your NSFAS application status becomes essential. In this guide, we will walk you through how to perform an NSFAS status check using your ID number in 2024, ensuring you stay informed at every step. Understanding the importance of NSFAS status check NSFAS is a government initiative just like NELFUND in Nigeria, designed to help financially disadvantaged students access higher education by covering tuition fees, accommodation, and other necessary expenses. Once you have submitted your application, it is vital to perform an NSFAS status check using your ID number to monitor the progress of your application. This proactive approach allows you to stay updated and act promptly on any further requirements or steps. Steps to check NSFAS status using ID number You have several options available to check your NSFAS status using your ID number. Here’s how you can do it: 1. Online method The most straightforward and accessible method to check your NSFAS status is online. Follow these steps: Visit the official NSFAS website. Locate the “MyNSFAS” tab and log in with your credentials. Enter your ID number where prompted. After submitting, you will immediately see your application status displayed. This method is convenient and allows you to check your status at any time from anywhere, making it the preferred choice for many students. 2. Phone method If you prefer speaking to a representative, you can check your NSFAS status using your ID number by calling the NSFAS helpline. Here’s what to do: Dial the NSFAS helpline on 08000 67327. Follow the voice prompts to select the option for application status. Provide your ID number when asked. The representative will give you an update on your application status, providing clarity and further guidance if needed. 3. In-Person method For those who favour direct interaction, visiting a local NSFAS office is an option. You can perform an NSFAS status check using your ID number in person by following these steps: Find the nearest NSFAS office using the official website. Visit the office during working hours with your ID document. Request assistance from the staff to check your status. The staff will assist you in accessing your application status and provide any additional information you may require. Common queries about NSFAS status check using ID Number in 2024 How long does it take to get a status update? Typically, it may take several weeks to a few months for your NSFAS application to be processed. Regularly perform an NSFAS status check using your ID number to stay informed. Can I check my NSFAS status on my mobile device? Yes, you can easily perform an NSFAS status check using your ID number on any mobile device. The official NSFAS website is mobile-friendly, allowing you to check your status conveniently on the go. What if my NSFAS status is unsuccessful? If your status indicates an unsuccessful application, contact NSFAS directly. You may need to provide additional documentation or explore other financial aid options. Conclusion Performing an NSFAS status check using your ID number is a crucial step in ensuring your application process is smooth and successful. By staying informed and taking timely action, you can increase your chances of receiving the financial aid you need to achieve your academic goals. Remember to keep your ID number handy and regularly check your status using the methods outlined above.
Read MoreNigeria’s inflation slows for the first time in 19 months
Nigeria’s inflation slowed for the first time in 19 months, offering some hope that successive rate hikes may finally be yielding some results. It will also be good news for Nigerians suffering the worst cost of living crisis in decades. Data from the Nigerian Bureau of Statistics puts July’s headline inflation at 33.40%, down from 34.19% recorded in June. Food inflation also slowed to 39.53% from 40.87% in June 2024. “The moderations we have been expecting for the longest time might start to happen through the end of the year,” said Samuel Onyenkanmi, an Analyst at Norreberger. Food and alcoholic beverages were the biggest contributors to inflation in July, while fuel and energy costs were a distant second. A slowdown in inflation will offer some respite to its citizens who have borne the brunt of Tinubu’s reforms. Those citizens have staged protests demanding lower electricity tariffs and the reinstatement of fuel subsidies. In July, the government suspended taxes and import duties on food items like maize and wheat for 150 days, a move aimed at lowering the cost of food. One analyst who predicted an increase in the inflation rate for July does not believe the inflation will moderate significantly by the end of the year. “There’s nothing to suggest that. Maybe stabilization in food inflation by October due to harvests, but it won’t do much to lead to a decrease in inflation,” said Basil Abia, CEO of data intelligence firm Veriv Africa. *This is a developing story
Read MoreGTBank website outage was likely caused by a delay in domain name renewal, not a hack
While early reports from several publications claimed the website of Guaranty Trust Bank (GTBank) was taken offline because of a cybersecurity attack, the truth may be a lot less dramatic. The bank’s website was offline from Tuesday night until the early hours of Thursday as IT teams worked to solve the issue. Four people with knowledge of the matter told TechCabal that the downtime was caused by a problem with the website’s domain name system (DNS) configuration. “They had issues with their domain name registration, and they had to make some changes or move it to a different domain name service,” a Chief Technology Officer (CTO) at one of Nigeria’s biggest fintechs told TechCabal. He asked not to be named so he could speak freely. Those comments suggest that GTBank forgot to renew ownership of its domain name. It may have presented an opportunity for unknown persons to buy the domain name in the hope that the company would be willing to pay a significant amount. “If GTBank has already patented its [website] name, they simply need to report the matter to the domain host, and after a few processes they can retrieve the site,” said a web developer who asked not to be named. “It is not a matter that can be simply resolved in a day. It will take time.” GTBank did not immediately respond to a request for comments. GTCO, banking’s efficiency leader, eyes $1 billion profit as it begins ₦400bn raise Lapses in renewing a company’s domain name are common. In 2015, Google missed the deadline to renew ownership of “google.com,” and a former employee bought it for $12. Google, which also owned the domain service provider, Google Domains, quickly reversed the transaction. Microsoft also forgot to renew ownership of the hotmail.co.uk website in 2003. “The custodian of the email tied to the domain name may have simply stopped working at the bank and didn’t hand it over to someone else,” one developer told TechCabal. He also suggested that the bureaucracy involved in vendor payment may have delayed the renewal. At the time of this publication, some GTBank customers could access the website while others couldn’t. The problems with access could be linked to DNS propagation, which refers to the time it takes for changes to the domain record to take effect across all servers. It could also be caused by a security feature called HTTP Strict Transport Security (HSTS) that forces browsers to connect to the website only over a secure encrypted connection. Banks use this feature to secure customer information.
Read MoreKenya’s Mobius Motors finds buyer after closure announcement
One week after Mobius Motors, a Kenya-based automaker backed by Playfair Capital, announced it was shutting down, the company has accepted an acquisition offer from an undisclosed buyer. “On August 14, Mobius accepted a bid for the acquisition of 100% of its shares by an undisclosed buyer. Both parties are looking to close the transaction within 30 days,” said Nicolas Guibert, a Mobius director, in a notice. Following the offer, Mobius has postponed a meeting with its creditors, which is scheduled for Thursday, to allow acquisition negotiations to proceed. The interested buyer may be looking to use the company’s assembly plant in Nairobi to produce their models or continue with the Mobius cars, which target SMEs in infrastructure, agribusiness, and supplies operating in remote areas. On August 9, Business Daily reported that two dealers were considering acquiring the cash-strapped car maker with the prospect of rescuing the brand. This came after Hassan Abubakar, Permanent Secretary for Trade and Industry, said he and the Kenya Association of Manufacturers (KAM) visited the company’s plant to discuss a possible rescue plan. Mobius boasts an expansive production facility capable of fabricating vehicle frames, anti-corrosion treatment, general assembly, painting, quality testing, and final inspection. The facility also houses a research and development unit. The company has a distributorship agreement with Chinese automaker BAIC, which was instrumental in the launch of Mobius III, an advanced version of its earlier models, Mobius I and Mobius II. Founded in 2009 by British national Joel Jackson while working in Kenya, Mobius pioneered a stripped-down SUV model “built for African roads” in 2014. The first model cost $10,000 (KES 1.3 million), significantly lower than the market prices of standard SUVs in Kenya. The Mobius III was retailing at $43,000, compared to imported and locally assembled Toyota Land Cruiser Prados, Land Rover Defenders, and Jeep Wranglers, which cost more than $65,000.
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👨🏿🚀TechCabal Daily – Ghana’s is on a roll
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday More exciting news about TC Daily: We’re having a special edition written by an ecosystem stakeholder. We won’t reveal who it is just yet, but this skweird founder is dedicating a couple hundred words, on August 29, to a pretty exciting concept. Don’t miss out on TC Daily till then. In today’s edition Telcos mull over reducing Nigerian investments Ghana records reduced inflation 5 months in a roll Inside Nigeria’s cost of Living crisis TAJBank gets court order for fintechs to reverse $87,817 The World Wide Web3 Opportunities Telcos Telcos say the cost of doing business in Nigeria is high Doing business in Nigeria is becoming more difficult; even the big guys are complaining. During a panel discussion at the Telecom Townhall Forum hosted by Financial Derivatives Company (FDC) on Tuesday, CEOs of MTN Nigeria, Airtel Nigeria and IHS Towers complained that the cost of offering telecom services in Nigeria is becoming too expensive to handle. Multiple taxations, worsening power supply, and currency volatility are eroding business margins and skyrocketing the cost of providing services. Providing telecom services costs a lot of money: the fibre cables that run throughout the roads and cities in Nigeria, the network towers you see in your neighbourhood, and the cost of maintaining these infrastructures are sky-high. Telcos have spent at least $3 billion dollars in yearly investment since 2001, and more than $4 billion to keep Nigerians connected to the internet, according to Bolaji Balogun, Chapel Hill Denham CEO. The CEOs are now pushing for tariff increases on data and voice subscriptions. All this coming at a time when Nigerians are facing high inflation. A potential tariff hike will be a difficult pill for Nigerians to swallow. However, there’s a clear indication of the challenging business environment in Nigeria, where even industry giants are struggling to stay afloat. 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. Economy Ghana records reduced inflation 5 months in a row When inflation is on the rise, central banks typically increase interest rates to make borrowing more expensive, which reduces spending and ultimately slows down price increases. In July 2023, the Bank of Ghana (BoG) Monetary Policy Committee (MPC) raised its interest rates to 30% to help drop its inflation from 43%. The BoG kept the rates constant for about five months, helping to drive down inflation to about 23.2% in Dec 2023. Yesterday, headline inflation for July eased to about 20.90%, the lowest since March 2022 (19.40%). This reduction was attributed to a decline in the prices of food. July’s deflation result is a continuation of a slowdown in the country’s inflation rate. While July’s figure is still very far from the BoG target of 8%, analysts at Stears predict that Ghana’s inflation will reach 15% in the coming months. The current rates might also prompt the MPC—which is keen to keep rates higher for longer to hedge against inflation—to review interest rates in its next meeting. The MPC will meet in September to decide the rates. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Economy Inside Nigeria’s cost of living crisis Nigeria is grappling with a severe cost-of-living crisis that is rapidly eroding the purchasing power of its citizens. In Lagos, the nation’s economic capital, the situation is particularly dire. Many workers earn less than ₦100,000 ($63.52) monthly, according to a report by PaidHR. That figure is barely sufficient to cover basic needs like food, transportation and housing. This crisis extends beyond Lagos. A NielsenIQ survey revealed that 81% of Nigerians feel worse off compared to the previous year. According to the report, more and more Nigerians struggle to afford Fast-Moving Consumer Goods (FMCG). The country’s FMCG market had a 17.4% decline in the volume of transactions, painting a picture of how grim the situation is. Although there has been a reduction in the number of goods bought, customers have had to pay a premium to get them. The NielsenIQ report suggests that the FMCG market value grew by 24.8% as a result of price increments. While rising prices and falling incomes are creating immense hardship for millions of Nigerians, the government has implemented policies to stem the situation, many of which citizens believe are not enough. Cybersecurity TAJBank gets court order for fintechs to reverse $87,817 System glitches have become the proverbial bull in a China shop for banks and fintechs. When they happen, the carnage can be spectacular—and costly. TAJBank, a Nigerian regional bank focused on SME financing, lost more than just money to a system glitch that occurred during an unspecified period this year. The bank has since taken the matter to court, fighting to keep its reputation. In a motion filed on July 23, 2024, the bank said that six of its customers lost ₦139.63 million ($87,817) due to a system glitch. The glitch allowed unauthorised transactions and withdrawals from these customers’ bank accounts. Desperate to recover the funds, TAJBank traced the money spread across Fairmoney, OPay, and PalmPay accounts. As a result, the Federal High Court in Abuja has stepped in, issuing an interim freezing order against accounts in these fintech companies. The presiding judge, Justice Peter Lifu granted TAJBank’s request on July 26, 2024, ordering the fintechs to disclose account balances within seven days, adjourning for another hearing on August 12, 2024. But on Monday’s hearing, FairMoney, OPay, and PalmPay were conspicuously absent. No legal representation, no explanation. The court subsequently adjourned the hearing to September 30, 2024. And in the meantime,
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