Wigwe University admission scholarships 2024
Wigwe University is offering merit-based scholarships for students enrolling in 2024. This prestigious opportunity is designed for individuals who have consistently demonstrated outstanding academic performance, leadership qualities, entrepreneurial spirit, and an eagerness for continuous personal and professional development. See eligibility criteria and application details: Eligibility criteria for Wigwe University admission scholarships 2024 To be considered for the Wigwe University admission scholarship 2024, candidates must: Have selected Wigwe University, Isiokpo, as their first choice of institution Secure a minimum score of 170 in the Unified Tertiary Matriculation Examination (UTME) Upload their qualifying results to the Joint Admissions and Matriculation Board (JAMB) CAPS portal Additional notes: Candidates awaiting their O’Level results must upload these to JAMB as soon as they are available. Failure to upload results to JAMB will result in disqualification from the scholarship consideration. Candidates who did not initially choose Wigwe University as their first choice but meet the cut-off score may still apply. They must first effect a change of institution on the JAMB website, making Wigwe University their first choice before the Change of Institution process closes on the JAMB portal. Application process To apply for admission to Wigwe University: 1. Visit the official Wigwe University Portal at wigweuniversity.edu.ng and complete the admission application process. 2. After submitting your admission application, proceed to the Scholarship section of the website and click on “Apply Now” for the Wigwe University admission scholarship 2024. Important dates: Successful applicants will be notified by the first week of September. The application window closes on the 26th of August 2024. Note: This scholarship opportunity does not extend to Direct Entry candidates. Final thoughts on Wigwe University admission scholarships 2024 The Wigwe University admission scholarship 2024 is a remarkable opportunity for students with strong academic records and leadership potential. By supporting these students, Wigwe University continues its mission to nurture the next generation of innovators and leaders.
Read More
How and where to buy cheap MTN data in 2024
In 2024, staying connected to the internet is very important to people. Importantly, you also want to stay connected without breaking the bank to purchase data. In this article, we will be highlighting two ways MTN users can explore to buy cheaper MTN data in 2024 compared to the regular tariffs the telecoms company offers. Here we go: 1. Buying Cheap MTN Data with MobileNig There are several third party vendors retailing data to consumers these days. One of them is MobileNig that has become a go-to platform for Nigerians looking to purchase discounted and affordable data plans across various networks, including MTN. Here’s how to use MobileNig to buy cheap MTN data in 2024: Step-by-Step Guide Visit MobileNig: Open your browser and go to the MobileNig,com. Create an account: If you’re a first-time user, sign up by clicking get started and providing the necessary details. 3. Fund wallet: Fund your MobileNig wallet with about ₦1000. MobileNig will charge you a onetime fee of only ₦100 and you can use the rest of your money to buy data as you want. 4. Select data plans: Navigate trough the menu to the data section and choose MTN as your network provider. You’ll see a variety of data bundles available at discounted prices. 4. Choose a Plan: MobileNig offers two MTN data categories – MTN SME and MTN Corporate. Do not be confused by the names. Simply browse through the options and select the data plan that suits your needs. Apart from the fact that MobileNig offers special discounts that make it easier to buy cheap MTN data in 2024, you also get to know the data server status which is usually either Excellent/Good/Fluctuating/Unavailable. This helps you know when to hold on before purchase or after buying. 5. Make payment: Proceed to checkout and pay using your preferred method, such as the money in your wallet, a debit card, bank transfer, and the likes. 6, Receive your data: Once payment is confirmed, your MTN line will be credited with the data bundle instantly. Using MobileNig not only provides you with cheaper data options but also offers convenience, as you can compare prices and choose the best deal available at any time. 2. Buy cheap MTN data with TopDealForMe/Data4Me (*121#) Many people do not know that apart from the default MTN data plans available via *312#, MTN’s TopDealForMe/Data4Me service is another excellent way to buy cheaper data directly from MTN in 2024. This service provides personalised data offers based on your data usage patterns, allowing you to access exclusive deals. How to use TopDealForMe/Data4Me Dial *121#: On your MTN line, simply dial *121#. This code opens up the menu. Select the data offers: From the menu, select the option for TopDealForMe or Data4Me. The first usually has the biggest plan available to you. The second one will present you with a list of personalised data plans tailored specifically for you. 3. Choose your plan: Review the options in relation to the airtime you have or can afford and select the data plan that offers the best value to you. The deals on Data4Me/TopDealForMe are often cheaper than standard data bundles, making it an effective way to buy cheap MTN data in 2024. 4. Confirm Purchase: Follow the prompts to confirm your purchase. The data will be credited to your line immediately. Advantages of TopDealForMe/Data4Me Share data: When you subscribe for the substantial data plans under the TopDealForMe/Data4Me options, you can also Gift family and friends MTN data using the *312# route. Personalised offers: TopDealForMe/Data4Me uses your past usage to offer plans that are more suited to your needs, often at a lower cost. Convenience: The service is available directly from your phone without the need for internet access, making it accessible anytime and anywhere. Exclusive deals: MTN frequently updates its TopDealForMe/Data4Me offers, ensuring that you always have access to the best deals available. Tips to maximise savings when you buy cheap MTN data While both Mobile.ng and the TopDealForMe/Data4Me option are great for buying cheap MTN data in 2024, there are additional tips to ensure you’re getting the most value: Compare regularly: Prices and offers can change frequently. Make it a habit to check Mobile.ng and especially TopDealForMe/Data4Me regularly to ensure you’re always getting the best deal. Buy in bulk: Sometimes, buying larger data bundles offers better value per MB. If you’re a heavy user, consider opting for bigger plans. Use Wi-Fi when possible: Save your mobile data for when you’re on the go by using Wi-Fi at home or work. This can help your purchased data last longer. Monitor your usage: Keep track of your data usage to avoid unnecessary top-ups and ensure your current plan meets your needs. Final thoughts on how and where to buy cheap MTN data in 2024 In 2024, staying connected on a budget is easier than ever with options like MobileNig and MTN’s Data4Me service. Whether you’re looking for the best deals online or personalised offers directly from MTN, these methods ensure you can buy cheap MTN data in 2024 without compromising on quality. By following the steps outlined in this article, you’ll be able to enjoy more data for less, keeping you connected wherever you go.
Read More
👨🏿🚀TechCabal Daily – Hohm Alone in the Dark
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF This is your final reminder! Early Bird tickets to Moonshot 2024 close TODAY. Don’t miss out on this incredible opportunity to be part of Moonshot 2024. Get your ticket now! In today’s edition Hohm Energy in financial distress Kenyan banks to track high-value transactions Credit agencies say Liquid Intelligent Technologies is now credit-risky Glovo extends ads service to Nigeria Funding tracker The World Wide Web3 Opportunities Startups Hohm Energy in financial distress months after it raised $8 million When Hohm Energy, a startup that provides access to loans for solar installations, announced an $8 million raise in February 2024, it was the largest seed round ever raised by a South African company. Founded in 2021, Hohm Energy launched at a time loadshedding had worsened electricity supply in South Africa. People turned to renewable energy solutions to meet their power needs. The company claimed it had helped customers access up to $90 million in financing. Hohm Energy looked like a runaway success. Yet things aren’t always what they seem. Last week, CEO Tim Ohlsen left the company amid unconfirmed reports of cashflow problems. The company also laid off an undisclosed number of employees. Ephraim Modise set out to find out what had happened at Hohm, and how a business flush with money just a few months ago has now entered business rescue. Read all about it here. 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. Banking Banks in Kenya to track high-value transactions Since 1970, Kenya has lost $10.6 billion to illegal financial activities like money laundering and terrorism financing. While the country has worked to tighten its anti-money laundering laws, the Financial Action Task Force (FATF) included Kenya in its greylist in February—a list of countries with deficiencies in safeguarding their financial systems against money laundering and counter-terrorist financing. The FATF grey list meant more scrutiny for banks and other financial institutions in the country. And so, the Central Bank of Kenya (CBK) asked commercial banks in the country to comply with global ISO 20022 messaging standards, which demand banks clear details about every money transfer. On Wednesday, NCBA, Kenya’s fourth-largest commercial bank, told users that it would start tracking cash deposits and transfers above 1 million Kenyan shillings ($7,700). The bank is among the first banks in the country to implement the rule. Banks across the country will be keen on following the rule, as non-compliance attracts a $155,000 (KES 20 million) fine. A previous attempt to grant tax authorities access to bank and mobile money transactions was unsuccessful. In its bid to uncover tax cheats, Kenya’s tax regulator sought to look through bank and mobile money transactions. However, the Law Society of Kenya said the move was against users’ right to privacy. 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. Telecoms Credit agencies downgrade Liquid Intelligent Technologies, now credit-risky Debt is cheaper than equity. But during low interest rate periods, it becomes tempting for companies to raise more money than they need. And that oversubscription can be problematic because debt must be paid back. One such company, Liquid Intelligent Technologies (formerly Liquid Telecoms), a pan-African telecommunications company, is now struggling with debt repayments. Within the last 7 years, Liquid raised $1.4 billion through debt instruments. The raise had a debt agreement that required them to maintain a debt-to-earnings (DTE) ratio of 3.5x. This means their debt could not exceed 3.5 times their net earnings. The agreement also stated that the DTE ratio threshold is supposed to decrease to 3.0x by August 2024. However, as of the end of June, Liquid’s DTE ratio was still 3.46x. Its next repayment schedule is due in March 2026 for a $220 million loan. Another $620 million from issued bonds is due in September 2026. Lenders are growing impatient: Liquid has to either increase its earnings or lower its debt. Only the former is conceivable as there’s low confidence that Liquid will meet this deadline given its slow performance. Although its revenue grew to $183.7 million in the last quarter, its profit margin took a beating to 65.5% as the company struggled with forex losses from its Zimbabwean business. Liquid still suffers from a net debt of $930.6 million. To worsen things, credit rating agencies Fitch and Moody’s downgraded the company’s rating from B to CCC+ and B3 to Caa1 respectively, making Liquid a company with “substantial risks”. This outlook is bad for a company that has historically been dependent on debt to finance its infrastructure-heavy telecoms business. Refinancing the business again through debt will mean getting loans at high interest rates—if at all it gets another loan. Amid all this, former CEO and deputy executive chairman, Nic Rudnick left the company. Liquid is staying low and seeking to raise $90 million equity funding from the US International Development Finance Corporation. Question marks still hover around how the company will use the cash; a few critics question Liquid’s run-up debts that led it here. Startups Glovo extends ads service to Nigeria Food delivery businesses are small-margin businesses. The businesses often offer services in adjacent verticals to earn more revenue. For example, Chowdeck, popular offers Relay, a parcel delivery service. In July, Chowdeck also said it was building an ad-product. A customer base of 600,000 also meant that the startup could offer ad placement in its app. And so it did, offering slide-show banners on its app at ₦250,000 ($152) per week. The startup also advertises other businesses via push notifications, charging ₦250,000 per notification. Chowdeck’s
Read MoreExclusive: Hohm Energy in financial distress months after $8m raise
Hohm Energy, the South African solar company that announced a $8 million seed round in February, is currently not operational due to cash flow problems and an inability to service existing debts. The company has entered business rescue, a process that helps financially distressed companies get help, and has laid off an undisclosed number of employees. Under South African law, business rescue lasts three months. Within that time, a business rescue practitioner must investigate the company’s affairs, convene a meeting of creditors, and advise on the company’s prospects. “We are working with legal counsel to get a better understanding of a way forward, but Hohm is currently not trading,” Franc Gray, CEO of Hohm’s parent company, Spark Energy Services, told TechCabal. CEO Tim Ohlsen left the company last week, people familiar with the matter said. After Ohlsen’s resignation, managing director Ryan Steytler took over the company leadership and decided to put the business into business rescue. Gray alleges Steytler made the decision unilaterally and against shareholder advice. Steytler and Ohlsen could not be reached for comments. Founded in 2021, Hohm Energy’s flagship product is a solar marketplace that lets customers digitally determine their solar energy requirements and access loans for rooftop solar installation. The platform also enabled solar installers to design, manage, and finance projects. As South Africa’s load shedding worsened, renewable energy alternatives like Hohm enjoyed more demand. By February 2024, the company claimed to have generated over 17,000 custom solar rooftop designs worth $190M and $90M in financing applications to implement them. Ohlsen told TechCabal in February the company was on track to be profitable by the end of 2024. Hohm rapidly increased its headcount in anticipation of growing demand for solar, said Bas Hochstenbach, managing partner of E4E Africa, one of Hohm’s investors. However, as grid electricity improved in South Africa, Hohm’s business started to show the first signs of cracks. “Hohm had a lot of sticky costs and could not act quickly enough to restructure that cost base as revenue tapered off because of slowing demand for solar,” said Hochstenbach. EXCLUSIVE: Hohm Energy raises $8 million seed to tackle loadshedding in SA Hohm also had lax governance structures in its early days which impacted the efficiency of its operating model. It only formed a board in early 2024 ahead of its seed round, said one investor who asked not to be named so they could speak freely. Gray also claimed there could have been more transparent reporting of the company’s health by Hohm’s management, which would have enabled Spark to offer sufficient help. “At the moment, the goal is to create the best outcome for all parties concerned in a situation that is not ideal,” one investor said. Parent company Spark plans to invest more money in the business after the rescue process, but under a new business model and management team.
Read MoreBuilding a security-first culture critical to protecting Africa’s digital financial ecosystem
This article was contributed to TechCabal by Omotayo Ogunlade. As the digital payments landscape in Africa expands, the need for robust cybersecurity measures becomes increasingly urgent. Trust and security are foundational to financial services, and as cybercriminals continue to become more aggressive and sophisticated, addressing any vulnerabilities is critical to safeguarding the integrity of Africa’s digital financial ecosystem. In fact, Africa experienced the highest average number of cyberattacks per week per organisation in 2023, with a 23% increase compared to the previous year. Africa’s digital financial ecosystem is still maturing. As digital payments become more integrated across countries and regions, and more interoperable across payment platforms, this increasingly complex environment can introduce new cybersecurity vulnerabilities. And, as in an interconnected landscape, a single weak link can jeopardise the entire network, the continent’s financial institutions, governments and decision-makers must come together to collectively work towards establishing and maintaining baseline security standards across the industry. This requires building meaningful partnerships with relevant stakeholders, substantial investment and greater harmonisation of regulations and policies across the continent. The imperative for investment and standardised regulations Several challenges hinder the attainment of robust cybersecurity in Africa. One of the primary issues is the lag in regulatory frameworks, while a lack of significant investment in security would lead to vulnerabilities within the continent’s financial sector being exploited. Fortunately, investment in cybersecurity has seen a notable increase over the past five years, reflecting a growing recognition of its importance. The rise of artificial intelligence (AI) and sophisticated cyber threats has driven firms to allocate more resources to cybersecurity. Digital payment networks like Onafriq have strengthened their security posture by investing in intelligent tools that predict and proactively address potential threats. Despite these advancements, there remains a disparity in investment levels across the continent. Ensuring that all financial institutions meet necessary security standards requires coordinated efforts and substantial capital. This includes investing in state-of-the-art technology and continuous monitoring systems to detect and prevent malicious activities. Additionally, regulators play a crucial role in setting and enforcing security standards. And yet the pace of regulatory development often falls behind the speed of innovation in the fintech space. Harmonising regulations across different African countries is essential to create a consistent and secure environment for digital payments by adopting best practices and global standards. This is necessary to avoid fragmentation of the digital payments landscape, and effectively enforcing these standards is vital to maintaining a secure financial ecosystem. A need for cybersecurity skills and a security-first culture A secure payments environment requires buy-in from every part of the ecosystem’s value chain, including the end user. Not only must financial institutions adopt a security-first approach, embedding robust security measures into every aspect of their operations, but educating users about security practices is just as crucial. As digital payments become more prevalent, financial institutions must design products with built-in security features and continuously educate users on safe practices. This includes secure PIN usage, recognising phishing attempts, and safeguarding personal information. For example, Onafriq exemplifies this approach by ensuring that security is a priority from the design stage. By securing networks, protecting sensitive data, and conducting regular third-party audits, we have maintained a strong security record. This proactive stance is essential for preventing breaches and ensuring customer trust. More than this, there is a growing need to build the cybersecurity capacity to sustain the digital payments landscape. Africa needs more skilled cybersecurity professionals, which hampers the ability to address emerging threats effectively. A cybersecurity assessment conducted by the African Union Commission and the United Nations Development Programme found that African countries had a cybersecurity competence of 0.21 out of 1, with more than 70% of African nations requiring additional cybersecurity infrastructure. Financial institutions and governments must invest in training programs, internships, and continuous education to develop a skilled workforce capable of managing cybersecurity challenges. But, retaining talent within Africa also remains a significant issue. Many trained professionals seek opportunities abroad, exacerbating the skills gap. Addressing this requires creating conducive environments that offer competitive opportunities and career growth within the continent. Cybersecurity is a cornerstone of Africa’s digital payments landscape. To achieve a secure and resilient financial sector, Africa must invest in robust cybersecurity infrastructure, foster regulatory harmonisation, and prioritise collaborative efforts among financial institutions. By addressing these challenges, Africa can build a secure digital payments ecosystem that supports economic growth and instils trust among users. — Omotayo is the Group Chief Technology Officer at Onafriq. He has a distinguished career in fintech and a proven track record in driving technological transformation, leading Onafriq’s global expansion.
Read MoreJumia’s plan to raise $100 million in doubt as share price plummets on weak Q2 earnings
Jumia’s ($JMIA) share price plunged sharply on Thursday, continuing a beating that began on Tuesday after the company posted revenues of $36.5 million in Q2 2024, missing analyst estimates of $41.7 million. A market rally in the last three weeks saw Jumia’s share price hit $13 and a valuation of over $1.3 billion, but those gains have quickly been wiped out. Before the market opened on Thursday, Jumia was trading at $4.91, implying a valuation of $496 million. It will put question marks around the company’s plans to raise $100 million through the sale of new shares, as reported by TechCrunch on Tuesday. The company had planned to take advantage of July’s rally to sell new shares. Selling secondary shares would have boosted its cash position, as it has $92.8 million in cash and cash equivalents. Jumia raised $386 million in 2021 after its share price unexpectedly jumped to $49. “The new funding will be used to expand our supply chain network, particularly by enhancing logistics to reach smaller cities and broadening our overall network,” CEO Dufay told TechCrunch. If it eventually raises funding, it will invest in technology and scale “the company faster and break even faster.” While the company narrowed its losses to $19 million in Q2 cutting advertising spend and using its cash more efficiently, active customers remained flat and currency devaluation in key markets like Nigeria made it difficult to grow revenue. Jumia did not immediately respond to a request for comments.
Read MoreKenyan commercial banks to start tracking high-value transactions
Kenyan commercial banks will track large cash deposits and transfers – typically over KES 1 million – following an October 2023 central bank directive on money laundering and terrorism financing, which introduced “purpose of payment” (PoP) transaction codes. The directive could fast-track local compliance with ISO 20022, which dictates transparent financial transaction processing. The CBK didn’t state a deadline for compliance, but the global deadline is at the end of 2025. On Wednesday, NCBA, Kenya’s fourth-largest commercial bank, informed customers of the new measures. Other banks are expected to implement PoP codes for Real-Time Gross Settlement (RTGS) transactions, which allow customers to move large amounts of cash between banks instantly. “As part of adopting ISO 20022 messaging standards, the central bank of Kenya mandated the use of PoP codes for RTGS payments,” NCBA told its customers. “We will provide necessary support for a smooth transition to the new payment standards.” The Kenya Electronic Payments and Settlement System (KEPSS) processed 1.98 million RTGS transactions worth KES 10.7 trillion ($82.3 billion) in Q1 2024, representing a 1.69% drop in volume but a 6% increase in value compared to the previous quarter’s 2.01 million transactions worth KES 10.1 trillion ($77.7 billion). PoP codes categorise transactions for transparency and regulatory compliance, in line with the Central Bank of Kenya (CBK) and ISO 20022 requirements. PoP will allow banks to track and report the nature of transactions through additional fields for PoP code recording. PoP complements ISO 20022 by standardising data formats globally for consistent transaction communication and financial data processing. According to a banking executive who spoke to Techcabal, this streamlines cross-border payments. A previous attempt to grant tax authorities access to bank and mobile money transactions through a Data Protection amendment in the now-withdrawn Finance Bill 2024 was unsuccessful. Non-compliance with anti-money laundering laws attracts a $155,000 (KES 20 million) fine for Kenyan commercial banks.
Read MoreFintech startup Fincra opens new office in Lagos
Fincra, a Nigerian payment infrastructure provider, has transformed the former Lagos residence of one of Nigeria’s colonial administrators Lord Lugard into its new headquarters. The office, located in Ikoyi, will help the company get closer to its clients. “Our new office is more central for the clients and partners to access. It will enable us to better serve our customers with more efficient operations, faster response times, and personalized support.,” the company’s CEO of Fincra, Wole Ayodele, said at the launch on July 31. Founded in 2021, Fincra provides online and offline payment solutions that help businesses make and receive local and international payments. Its APIs also allow fintechs to build and scale cross-border payment solutions. Its clients are from multiple industries, including financial institutions, FMCGs, e-commerce, logistics, manufacturing, and large corporations. They include Lemfi, Raenest, Verto, and 1XBet. In 2023, Fincra secured a payment service solution provider (PSSP) licence from Nigeria’s Central Bank. The company operates in Ghana, Kenya, South Africa, Uganda, the United Kingdom, Europe, and North America. Fincra supports transactions in over 30 different currencies across 150 countries. With the new headquarters, the company will pursue its ambition “to build the API infrastructure to digitally connect all of Nigeria and Africa to the rest of the world.” It will explore new market opportunities and launch new products. “Our customers’ satisfaction is our top priority. They should watch out for Fincra,” Ayodele said.
Read More
👨🏿🚀TechCabal Daily – Nigeria’s next IPO
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday It’s the last day before tickets to Moonshot 2024 get pricier. Get your early-bird tickets here to join 85 speakers and 4,000 guests at Africa’s most ambitious tech festival in Lagos, Nigeria, from October 9–10, 2024. In today’s edition Founders Factory Africa rebrands to 54Collective FCMB Group plans to go public with Credit Direct Adani inks $900 million power transmission deal in Kenya MTN’s MoMo PSB CEO and CCO leave the company The World Wide Web3 Events Funding Founders Factory Africa rebrands to 54Collective In 2023, the early-stage accelerator, Founders Factory Africa (FFA), raised $114 million from Mastercard Foundation and Johnson & Johnson Impact Ventures. Before the raise, the accelerator which combines venture studios and VC models raised $32 million to invest in early-stage startups across the continent. FFA invested $20 million of that money in 57 companies. The accelerator has now rebranded as 54 Collective, a VC firm with a $40 million fund for early-stage startup investment. The VC firm has made over 20 investments as part of the fund. The startup writes checks of up to $250,000 and offers $150,000 loans at 5% to startups. 54 Collective claims the VC firm manages about $150 million in startup investment. Unlike traditional accelerators, which typically provide short-term support and seed funding, 54 Collective now offers larger investments and a longer-term commitment to its portfolio companies. The VC firm says it will be a sector-agnostic VC firm, by investing across all sectors. CEO Bongani Sithole is confident that his team’s deep understanding of the local scene and ability to identify high-potential startups across various industries will yield returns. 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. Banking FCMB Group plans to go public with Credit Direct FCMB Group is planning an initial public offering (IPO) for its lending subsidiary, Credit Direct. The company’s strong business health will be an enticing entry point for investors who want to own a piece of the pie. Credit Direct has been on a steady growth climb since last year. It returned a profit after tax of ₦4 billion ($2.5 million) in 2023, and in Q1 this year, it recorded ₦2.9 billion ($1.8 million) pre-tax profit. Despite these strong showings, Credit Direct doesn’t get the same level of recognition as private lenders like Fairmoney do. The company has been doing great business under the radar servicing customers in the public sector. Credit Direct offers payday loans to paramilitary officers and civil servants. It serves more than 1.5 million users across 25 states in Nigeria, and now the company wants to expand its offering to private borrowers. When we caught up with CEO Chukwuma Nwanze in May, he told TechCabal that the next growth phase the company needed to unlock is visibility—and an IPO makes a great use case. Credit Direct will likely be listed on the Nigerian Exchange (NGX). In the last ten years, 21 companies have been listed on the exchange, with 13 of them listed in the last three years. Credit Direct’s holding company, FCMB Group is currently offering 15.197 trillion shares to the public for ₦110.9 billion ($70.125 million), as part of Central Bank of Nigeria’s recapitalisation requirements. Going public with a subsidiary company will help it raise extra funding to run its businesses. That’s what holding companies are trying to achieve with their non-core banking businesses. Credit Direct will also launch a customer-facing app as it plans to reach more users. 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. Energy Adani inks $900 million power transmission deal in Kenya Gautam Adani’s has just inked a $907 million deal to electrify Kenya to build out transmission lines and substations in a classic public-private partnership. Adani Energy Solutions, which operates more than 21,000km of power distribution lines, will build 371km of lines and five substations in the west and eastern of Kenya. But while the project promises to brighten the country’s power grid, it’s also throwing a spotlight on the growing concerns about Adani’s business practices. The latest venture comes hot on the heels of the equally controversial Jomo Kenyatta International Airport concession, which has sparked outrage and questions about transparency. These deals are part of Kenya’s push to offload infrastructure projects to private investors, a move driven by a mountain of debt. Adani, which has been weathering a storm of accusations over market manipulation and fraud, seems undeterred. A recent $1 billion equity raise suggests investors are still betting on the tycoon. However, with each new deal, the pressure mounts for the company to prove its critics wrong. Mobile Money MTN’s MoMo PSB CEO and CCO leave the company MoMo Payment Service Bank (PSB), MTN Nigeria’s wholly-owned fintech arm, saw a major leadership reshuffle. CEO Eli Hini and chief commercial officer Elsa Muzzolini both left the company in June and July 2024 respectively, with Muzzolini joining M-PESA Ethiopia as CEO three days after resigning. Phrase Lubega, previously the company’s group executive for fintech commercial operations, has been named the acting CEO, pending approval from Nigeria’s central bank. Hini and Muzzolini joined the company when MoMo launched in 2022 and are two executives credited for the growth initiatives at MoMo leading to its uprising in the mobile money sector. MoMo had over 77 million customers in 2023 and is one of the biggest MNO-led mobile money providers—second only to the 220 million customers Airtel’s SmartCash boasts. Following MoMo PSB’s strong performance in 2023 and H1 2024, it increased mobile money wallet signups to 5.5 million and
Read MoreMTN Nigeria renegotiates tower lease with IHS and ATC, quashes conflict rumors
MTN Nigeria, the country’s biggest telco, has renewed its lease agreement with tower infrastructure provider IHS Towers, ending a two-year boardroom tussle between the two companies. The new deal will see IHS manage MTN networks sites beyond the initial September 2023 deadline. The renegotiation comes eleven months after MTN selected American Towers Corporation (ATC) to take over its tower operations from IHS by 2025. Under the new agreement, ATC will provide tower services for 2,100 sites, while IHS will manage 1,400 sites. The 1400 sites include new 1000 MTN sites to be rolled out over the next few years, allocated between the two tower operators. These new agreements are effective April 1, 2024, until December 31, 2032. Before the renegotiation, the site leases expired between December 2024 and December 2029. The deal would benefit IHS Towers, which earns 63% of its tower revenue from Nigeria. By servicing Airtel and MTN Nigeria, the largest telcos in the West African nation, the tower could witness an improvement in revenues. In a separate filing on Wednesday, IHS Towers said the tower lease renegotiation is a testament to the deepened relationship between the two companies. The renegotiation, which includes new financial terms focusing on currency stability and diesel costs, aims to mitigate the impact of Nigeria’s economic challenges on both companies. The new contracts include a dollar-denominated component linked to US inflation, a naira-denominated component tied to Nigerian inflation, and a diesel-linked component to hedge against rising fuel prices and currency fluctuations. The agreement is expected to bolster IHS’s position in the Nigerian market, where it competes with ATC for tower management contracts. It also provides MTN with a more diversified tower infrastructure and potentially improved cost management.
Read More