Kenya’s agritech startup iProcure placed under administration over undisclosed debt
iProcure, the Kenyan agritech startup backed by Safaricom’s Spark Fund, is now under administration after failing to settle undisclosed debts. KPMG’s advisory arm was appointed the administrator and will be tasked with reviving the company. If it fails to revive the company, it will consider liquidation as a final resort to ensure creditors recover their money. iProcure was founded in 2013 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi and Bernard Maingi to help distributors of agricultural inputs like fertilisers source products from manufacturers. The Nairobi-based firm raised $17.2 million from investors to expand and develop its technology stack. Makenzi Muthusi, the KPMG-appointed administrator, will take control of the company’s offices, assets, and operations. Muthusi will also manage all the claims coming from other undisclosed creditors. “Following the appointment, all the affairs and business and properties of the company are being managed by the Administrator. The directors of the company no longer have any power or authority to deal with these matters,” KPMG said in a notice. “Any party having a claim against the company should submit their claim in writing, with relevant supporting documentation to the Administrator on or before 14 May 2024 for consideration.” iProcure did not immediately respond to a request for comments. Muthusi, the court-appointed administrator, was unavailable to provide comments. At least 10 Kenya-based startups, including Notify Logistics, WeFarm and Kune, have shut down since 2021 because of worsening macroeconomic conditions and a funding winter that has hit tech firms across Africa. According to the Mozilla Foundation, startups in the agriculture and logistics sectors struggle the most to get the right product-market fit amid over-regulation of products, inputs, and equipment in most African countries. “The common challenges faced by agritech startups include adoption and awareness, connectivity and infrastructure, data quality and integration, and regulatory and policy environment where compliance with agricultural regulations, policies, and environmental standards,” Mozilla Foundation said in a report released in February 2024.
Read MoreWave is Africa’s only startup on Y-Combinator’s list of top earners
For the second year running, Francophone fintech Wave is the only African company listed on Y-Combinator’s top 50 earning startups in 2024. The global accelerator has 92 African startups in its portfolio. YC, which previously ranked its startups by valuation, stopped sharing company valuations in 2023 after many tech giants saw significant haircuts in their valuations. Startups and VCs have begun emphasising revenue, unit economics and profitability over hefty private market valuations. “Revenue is the clearest indicator of a startup’s success,” reads an excerpt from Garry Tan’s blog post, Y-Combinator’s CEO. In 2022, Wave was the second most valuable African company in YC’s portfolio after Flutterwave. This year’s list is sorted alphabetically because startup revenue is often confidential and includes AirBnB, Deel, Doordash and Stripe. Wave launched its mobile money product in Senegal in 2018 as a challenger to telcos like Orange and Free Senegal, which control 77% of the telco market combined. At the time, the telcos charged between 5%-10% per transaction. Wave’s market entry saw it reduce these prices by as much as 70% and offer free deposits and withdrawals via its mobile application. It also introduced a fixed transaction fee of just 1% for money transfers between individuals. Its competitors followed suit and dropped prices by as much as 80%, even limiting their customers from purchasing airtime via Wave’s mobile app as they sought to challenge Wave’s dominance. In 2023, it claimed to have 6 million users—roughly 75% of the adult population—in Senegal and 10 million users across Senegal, Côte d’Ivoire, Burkina Faso, Mali, Uganda and Gambia. It recorded 12 billion transactions in Senegal alone in 2022. Wave’s consistently high revenue makes it stand out in Africa’s fintech ecosystem after three fintechs shut down in 2023 due to dried-up funds. While Wave is still at least two funding rounds from an IPO (startups typically IPO after a Series C, and Wave has only raised a Series A round), there are hopes that it can list on a global exchange in the coming years as private investors can already buy shares in the company. In 2022, to increase profitability amidst the global economic downturn, Wave laid off 300 employees—a 15% reduction of its 2,000 employees. It now has 850 employees. The startup, backed by IFC, Stripe and Sequoia, also had to reverse its expansion plans that same year. “The company is still growing rapidly but we have to slow down the pace of entry into new markets to ensure we’re focused on serving the 10 millions+ active users in existing markets,” Sid Sridhar, the company’s global head of business, told TechCabal. Wave has raised over $300 million and is one of Africa’s unicorns—private companies worth over $1 billion. The startup was founded by Drew Durbin and Lincoln Quirk after they exited for $500 million for Sendwave, their first startup.
Read MoreE-commerce logistics partner Renda raises $1.9 million to expand across Nigeria, Kenya
Renda, a Nigerian logistics startup that counts Jumia and MarketForce as top clients, has raised $1.9 million in pre-seed funding as interest in Africa’s logistics sector continues to grow. The funding was a mix of debt ($600,000) and equity ($1.3 million). The logistics startup, which operates in 15 Nigerian cities, will use the funding to expand into Kenya and other Nigerian cities. Renda’s $1.9 million pre-seed raise continues a strong year for logistics and transport startups on the continent. According to Techcabal Insights, startups in the sector raised about $151 million in Q1 2024. The funding round was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi and Vastly Valuable Ventures. E-commerce companies need efficient last-mile delivery and warehousing solutions, and it may not make business sense for them to handle those parts of the business. So startups like Renda, which provide warehousing, delivery and cash collection, are valuable. Like many other startups in the logistics space, Renda claims to be asset-light and does not own any warehouses or trucks. Instead, it fulfills orders with the help of over 5,000 warehousing, delivery and cash collection partners. The startup, which generates revenue through year-long contracts with businesses, is profitable, said CEO Ope Onaboye. “The growth also speaks to the kind of customers who use our solution.” Renda serves businesses like Jumia, Omnibiz, LaCasera, MarketForce, and CDcare and claims to have processed 250,000 orders since it launched. Founded in 2021 by siblings Ope and Bimbo Onaboye, Renda began providing warehousing and logistics needs for small and medium-scale enterprises (SMEs) before moving to serve FMCG and e-commerce businesses due to higher margins. Through its app, Renda360, companies can access flexible storage, monitor and manage their inventory, process and fulfil orders, manage deliveries and returns, and receive and reconcile cash on delivery in real time. “Joining forces with Renda as an investor is a strategic move for us. Renda’s technology solution addresses a critical need in the African manufacturing and e-commerce ecosystems, offering seamless access to fulfilment infrastructure,” Maya Horgan Famodu, Founder and Partner at Ingressive Capital, said. Renda plans to expand into Kenya and will explore the possibility of an asset-heavy model. “Our vision at Renda is to become the largest and most trusted fulfilment partner for e-commerce and major businesses across Africa,” Onaboye told TechCabal.
Read MoreThe Economist unveils The World Ahead 2024 with a spotlight on West Africa
At a well-attended event on April 25, The Economist unveiled the 2024 edition of its annual future-focused publication, The World Ahead, with a spotlight on Nigeria and West Africa. “As one of the world’s fastest-growing regions, West Africa is primed for expansion, with forecasts, edging up from 3.2% in 2023 to 4% GDP this year. Capitalising on rapid population growth, a youthful demographic, and an expanding middle class, most West African economies are poised to exceed the 4% growth mark,” the British magazine wrote. The forecast comes after the IMF projected Nigeria will lose its place as Africa’s third-largest economy in 2024 to Algeria after a decade of slow growth, inflationary pressures, and naira depreciation. Lagos State governor Babajide Sanwo-Olu, who was represented at the launch event by his special adviser on sustainable development goals Oreoluwa Finnih, described The World Ahead 2024 publication as “a call to action” for policymakers and the government. “While we are encouraged by the positive growth progressions for Africa, West Africa, and Nigeria in the forecast for 2024, we understand all of these would not just happen but are predicated on our continuous commitment to sustaining ongoing reforms,” he said. In a fireside chat, John G. Counmantaros, Chairman of Flour Mills of Nigeria, the country’s biggest miller, spoke about the company’s strategy in navigating Nigeria’s market at a time when consumer groups and multinationals are exiting the country due to naira devaluation and foreign exchange shortage. “If you are importing everything you do, then you are at risk of disruptions. The Nigerian market is growing, so it’s important to have a diversified local content and supply chain,” he said. The World Ahead 2024 publication also features opinion pieces from notable persons including Nigeria’s minister of communications, innovation, and digital economy, Bosun Tijani who wrote about the transformative power of digital innovation in Nigeria’s economic growth, highlighting the efforts of his ministry to build a “strong digital economy.”
Read More👨🏿🚀TechCabal Daily – Profits, Profits, Profits
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning TechCabal Insights has partnered with the Japan International Cooperation Agency (JICA) to release a report on the Nigerian startup scene. The report covers the state of the Nigerian startup ecosystem by taking a bird’s eye view of the macroeconomic and regulatory events that continue to shape it. It provides a robust SWOT analysis of the tech landscape, the factors that can catalyse the growth of Nigerian startups, and sectors where innovation can drive this growth, among other vital information. Get the actionable insights you need to navigate the Nigerian startup scene. Download your FREE report here. In today’s edition Swvl’s drives further into profitability FCMB seeks approval for ₦150 billion raise Telecom Namibia employs debt-collection agencies to pursue loan defaulters Access Bank records ₦159.3 billion profit in Q1 2024 VALR pursues licences in Mauritius and Dubai The World Wide Web3 Opportunities Companies Swvl’s drives further into profitability When it comes to profitability, it takes anywhere from 3–5 years for companies to attain it—or at least that’s what some experts say. In reality, very few companies actually attain profitability with just 18% of companies attaining profitability in three years, and 40% by Year 5. In fact, some of the world’s biggest companies including Boeing and Credit Suisse still struggle with profitability. This is why Swvl’s sharp turn towards profitability is rather interesting. Just 18 months ago, the Dubai-born mobility startup was facing the threat of being delisted from NASDAQ for failing to comply with listing rules. In H1 2022, it made $40.7 million in revenue but lost over $161.6 million. After its initial public offering (IPO) in April 2022, its shares dropped by 99%, and its valuation from $1.5 billion to just over $6 million. It also reversed a $40 million acquisition of Turkish startup Volt Lines as it struggled to find cash. It ended 2022 with a net loss of $123.6 million. A year later though, the company’s fortune has changed as its financial report boasts a $3.1 net million profit. Swvl increased its gross profit more than eightfold to $4.1 million from $0.5 million in 2022. It also posted an operating profit of $12.1 million, compared to an operating loss of $80.2 million in 2022. How did Swvl swivel around? Dig deeper here. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Banking FCMB seeks approval for ₦150 billion raise Nigeria’s apex bank, the Central Bank of Nigeria (CBN), recently changed capital requirements for different bank tiers. Capital requirements are the minimum amount of money banks must have on hand. Per the CBN, the new capital requirement—₦10 billion ($7.6 million) for smaller banks, to ₦500 billion ($380 million) for banks with international operations—aims to protect Nigeria’s economy from global shocks and help achieve President Tinubu’s goal of a trillion-dollar economy by 2030. FMCB, a Nigerian tier-2 bank, is the latest bank in the country racing to meet the new requirements. The bank has sought shareholder approval to raise ₦150 billion ($107.4 million). FCMB will raise new capital by issuing new ordinary shares, preference shares, convertible notes, bonds, and other instruments. FCMB, being a tier-2 bank, has a target of ₦200 billion ($143.2 million). The bank also notes that it will explore other options to meet the capital requirements, including issuing shares to investors in the Nigerian and international capital market and increasing the company’s share capital “to an amount sufficient to enable it to meet the statutory minimum capital requirement as may be necessary.” The big picture: FCMB is not alone in the search for new funds. Since the CBN announced the new capital requirement, four other banks—Access Bank, GT Bank, and First Bank—have been in the market for fresh funds. This is not the first time that Nigeria’s apex bank has set new capital requirements. In 2005, the CBN upped the minimum capital requirement for banks from ₦2 billion to ₦25 billion, triggering mergers and acquisitions and reducing the number of banks to 25, down from 89. While the CBN has set a hard stop of April 30 for banks to announce fundraising plans, this report suggests that 17 of Nigeria’s 24 banks might not meet the new capital requirements. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Telecoms Telecom Namibia employs debt-collection agencies to pursue loan defaulters In 2023, Kenya’s Hustler Fund reported that it had KES3 billion ($22.7 million) in defaulted loans. The government-owned project says it lent 20 million Kenyans about KES33 billion ($295 million), and while several Kenyans repaid their loans, almost a million of the borrowers—about 800,000 defaulted. The Kenyan government’s solution to this debt problem is to block the defaulters from accessing any more loans, but over in Southern Africa, Namibia’s national telecoms service has found another way for its similar issue with debt collection agencies. The news: Telecom Namibia, a government-owned telecommunications service provider is taking action to collect overdue payments from its customers with debt collection agencies. The telecoms company has customers with unpaid bills and is now partnering with three debt collection agencies—RedForce, Muadifam, and Revenue Solutions—to get its monies back. It’s unclear, at this stage, how much borrowers owe the telecoms but it’s enough to warrant third-party agents. These agencies will be responsible for recovering outstanding money owed to Telecom Namibia, in respect of accounts that are overdue for recurring telecom charges and TN mobile data bundles. Does the end justify the means? One of the agencies, RedForce, is a popular debt-collection agency for the Namibian government having reportedly recovered $1 billion for 10 local authorities since its establishment in 2014. It
Read MoreFCMB seeks shareholder approval to raise ₦150 billion
FCMB will seek shareholder approval at a general meeting to raise ₦150 billion in new capital by selling stocks or bonds. The new capital will help the bank meet new recapitalisation requirements set by the Central Bank. The requirements, which increase capitalisation limits tenfold, have led to a flurry of announcements by Access Holdings, GTCO, Stanbic IBTC, First Bank Plc, and UBA about their intentions to raise additional capital. FCMB, like its peers in the tier 2 banking category, has a target of ₦200 billion. The bank said in a filing on the Nigerian Exchange on Wednesday that it will exploit different options for the raise. Among those options include issuing shares to investors in the Nigerian and international capital markets. The price of the shares will be determined through book-building or any other acceptable valuation method or combination of methods. The financial institution will also explore the option of further increasing the share capital of the company “to an amount sufficient to enable it to meet the statutory minimum capital requirement as may be necessary.” FCMB’s shares closed at N7 on the Nigerian Exchange, and its market capitalisation was N140 billion as of Wednesday, May 1, 2024.
Read MoreVALR pursuing crypto licenses in Dubai & Mauritius
VALR, the South Africa’s largest crypto exchange by transaction volume, has applied for crypto operating licenses in Dubai and Mauritius. The exchange also acquired an authorisation to trade virtual assets in Poland since September 2022. VALR was founded in 2018 claims to service over 600,000 retail customers and over 1,000 institutional customers across South Africa and globally. Last week, the exchange was one of the 75 recipients of South Africa’s first-ever crypto licenses. Breaking: South Africa grants crypto licences to Luno, VALR and 73 other companies The exchange’s licensing forms part of its global expansion strategy which has encountered significant obstacles in the past. VALR had to shut down operations in Zambia due to banking challenges. The exchange also had to put brakes on its India, Kenya and Nigeria expansion plans, citing regulatory challenges. According to Blake Player, head of growth at VALR, the licenses in Dubai and Mauritius will allow the company to continue pursuing its expansion strategy. “We are open to pursuing global opportunities and will be exploring several markets outside SA in the near future,” Player told TechCabal. VALR announced a $50 million Series B in March 2022 at a valuation of $240 million. The round was led by Pantera Capital and sought to enable the exchange’s expansion across Africa and into other emerging markets including India.
Read MoreNASDAQ-listed Swvl continues profitability streak with $3.1m net profit in 2023
Swvl, the NASDAQ-listed mobility startup that transitioned into a B2B company last year, posted its first full-year net profit in 2023, continuing its reversal of fortune from struggling to a profitable business. The Dubai-born company posted a net profit of $3.1 million last year, a turnaround from a net loss of $123.6 million in 2022, according to its latest financial report. Swvl increased its gross profit more than eightfold to $4.1 million from $0.5 million in 2022. It also posted an operating profit of $12.1 million, compared to an operating loss of $80.2 million in 2022. “Our focus today remains towards improving profitability while resuming our high-paced growth,” said Mostafa Kandil, the company’s CEO. For Swvl, which has endured a turbulent life as a publicly traded company, profitability is critical to support its planned expansion into “high-revenue markets.” The company will expand its strategic partnerships into more Gulf Cooperation Council (GCC) countries, Kandil said. It currently operates in three countries: Egypt (its biggest market), Saudi Arabia, and the UAE. Since 2022, Swvl has made financial changes by reversing its previous acquisitions to reverse its fortunes after its share price of $10 dropped 90%, earning multiple threats of delisting from the NASDAQ. A reverse stock split in January 2022 saw the company’s share price jump to $4 per share, but it quickly fell again. Its share price has gained over 90% in the past year up from $1.21 as of May 1, 2023. It stands at $13.70 at the time of this report. While Swvl achieved profitability off the back of the sale of its subsidiaries and focus on three markets, the mobility company’s revenue took a hit in 2023. Its revenue dropped 48% to $22.8 million, compared to $44.1 million in the previous year. The company’s cost of sales also dropped 57% to $18.7 million compared to the previous year. Swvl generates most of its revenue from selling technology clients use to plan their routes, operate fleet services, or even manage riders. The rest of its revenue is from operating buses. One big positive in Swvl’s report was that it reduced its losses for the first time in recent years. This is significant if the company wants to remain profitable. Its negative cash flow dropped 83.3% to $9.1 million in 2023, compared to the previous year. The company has laid off staff and dissolved subsidiaries in many countries including Argentina, Chile, Mexico, Germany, and Pakistan, by either shutting down or selling its stake in those subsidiaries. These decisions have helped the company alleviate its business pressures. The company’s total assets stand at $21.9 million, a 61.8% reduction year-on-year, while its total liabilities dropped 71% to $15.9 million.
Read More👨🏿🚀TechCabal Daily – A Quick Pass
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy workers’ day Application for TechCabal Battlefield is still ongoing, don’t miss the opportunity to showcase your startup to a global audience and win an exciting prize. For 2024’s edition of the pitch competition, we’re introducing exciting changes to elevate the experience including pre-accelerator programs, deal sessions, and much more. If you’re a founder building innovation solutions for Africa, we invite you to be a part of TechCabal Battlefield. Apply now. In today’s edition Nigeria stops MultiChoice from increasing subscription fees KYC regulations drags MTN’s MoMo subscriptions down Twiga appoints new CEO BuuPass acquires QuickBus The World Wide Web3 Opportunities Streaming Nigeria stops MultiChoice from increasing subscription fees Across Africa, DStv subscription fees are increasing faster than several exchange rates. In April 2023, MultiChoice increased fees for its DStv and GOtv bouquets by 4.8% across several countries. By November 2023, it announced another 18% price hike in Nigeria, and its southern Africa countries. According to the company, the hikes were inescapable as the cost of its business operations kept rising with inflation. Three price hikes in one year: In the early hours of April 24, Multichoice announced a 25% increment to its customers, which was scheduled to take effect from today, May 1. But Nigeria has had enough of the hikes: The Federal Competition and Consumer Protection Commission (FCCPC), the agency saddled with the function of promoting fair, efficient and competitive markets in Nigeria, and the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) has started investigating the reason for the hike in price. This investigation comes after a petitioner sued MultiChoice for the price hikes and sought an injunction barring the company from increasing its prices. A three-member Competition and Consumer Protection Tribunal (CCPT), which heard the petition, delivered a ruling on Monday restraining MultiChoice from increasing its tariffs and cost of products and services scheduled to begin on May 1. The tribunal also ordered that the injunction remain in effect until a final decision is made on the case. All parties in the lawsuit are required to appear in court on May 7th, 2024 at 10:00 am to discuss the case further. Nigerians react: The increment riled Nigerians up across social media with some netizens advising others to abandon the pay TV. An X user, TheMahleek, tweeted, “DSTV premium subscription don pass a minimum wage. Na to dey watch EPL from WhatsApp status.” Another X user, OlamideOfficial said, “Someone needs to explain to me like a 2-year-old why DSTV keeps increasing their subscription packages”. MultiChoice has its reasons: In a four-page letter submitted to the FCCPC, MultiChoice may have answered OlamideOfficial’s question, detailing the reasons for the price hikes in their cable services. Adamu Abdullahi, acting executive vice chairman of FCCPC revealed in an interview with Channels Television that the company cited the cost of electricity, generator operations and the cost of dollars for some spare parts are some of the reasons for the price increase. He continued in the interview saying the FCCPC suspects the company may be abusing their market position by engaging in unfair practices. Abdullahi explained that limited consumer choice in the market allows this company to potentially act with impunity. “If the FCCPC confirms these suspicions, they will take legal action as mandated by their authority,” he said. The whole country will now wait for the tribunal’s final judgement to see if the hike will be effected. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Telecoms KYC regulation affects MTN MoMo revenues KYC—short for know your customer—regulation has been a major taking point amongst Nigerian fintech. Neobanks across the country have been heavily criticised for having lax KYC measures. Former regulation by the CBN allowed people to register with neobanks without providing any form of identification—NIN and BVN. Bad actors soon began exploring this loophole to transfer fraud proceeds into such accounts. The CBN soon caught up with this trick and revised its regulation to only allow for the opening of accounts linked with proper identifications. Users have had to adjust to this transition as the once easy-to-open neobanks now require stringent account opening processes. This, in turn, has affected the growth and user count of fintechs and MTN’s fintech arm—MTN MoMo—was not left out. The news: In its latest financial report, the telecom stated that “KYC requirements and the delays in CBN approvals for some of our commercial initiatives impacted the growth of active wallets.” MTN’s fintech arm closed the first quarter with 4.8 million active wallet users, reflecting a decrease of 566,000 compared to the previous quarter. Similarly, the number of MoMo agents declined by 94,000. It was not all gloom as the fintech added over 75,000 new merchants in Q1, pushing the total number of merchants within its ecosystem to more than 400,000. Zoom out: MTN’s financials also revealed that the company made more money via data revenue than it did with voice. Data revenue grew by more than 50%, while voice revenues grew by 14.9%. The telecom made ₦318.9 billion ($228 million) and ₦349.5 billion ($251 million) on voice and data respectively. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Companies Twiga Foods gets new CEO Twiga gets a breath of fresh air! Last year, the e-commerce startup suffered bouts of trouble: it delayed payments to suppliers and staff, had multiple rounds of layoffs and was also involved in a legal tussle with Incentro Africa over a $450,000 cloud bill. While the cloud bill payment was settled out of court, Twiga’s tumultuous year culminated with the resignation of its CEO, Peter Njonjo,
Read MoreJAMB results 2024 errors and solutions
The SMS option is currently the only working UTME result channel for checking the JAMB 2024 scores. But the JAMB portal will also be updated soon for candidates to access their results and also print them. Technical difficulties or other issues may happen when you’re trying to check your JAMB 2024 results. Here’s a breakdown of common errors JAMB candidates might face and how to overcome them: 1. “Unable to Find Your Results” Error on JAMB Portal This error typically indicates an incorrect registration number or a mismatch between the details entered and those on JAMB’s database. Solution Double-check your registration number: Ensure you’re entering the exact 10-digit number provided during registration. Verify details: Make sure you’re on the correct website and entering your details accurately. 2. “The Results checking website is down” Error on JAMB Portal High traffic during peak result release times can overwhelm the JAMB website, causing temporary outages. Solution Be patient: Try again later after the initial rush subsides. Check alternative platforms: JAMB also releases result through SMS. Explore this option too. 3. “Under Investigation” Message from JAMB While uncommon, JAMB might take slightly longer to process results for some candidates due to verification processes. Solution Wait for some time: JAMB will typically notify candidates through their registered email or SMS once the processing is complete. Contact JAMB support (optional): If the delay seems unreasonable, you may contact JAMB support through their official channels for further information. 4. “Invalid Login Credentials” Error An “Invalid Login Credentials” error might occur due to incorrect phone numbers or passwords. Solution Verify your phone number: Ensure you’re using the same phone number registered with JAMB. Check your password: Make sure you’re entering the correct password associated with your phone number for accessing the SMS service. 5. “Insufficient Balance” Error (SMS Platform) Depending on your mobile network provider, checking your JAMB results 2024 via SMS might require a specific balance. Solution to this JAMB results issue Top up your phone: Ensure you have enough credit on your phone to receive the SMS containing your results. Contact your mobile network provider for details on SMS charges. 6. No Response from SMS This is a situation that occurs after using the SMS option to check your UTME results, and you receive no response and yet get debited for using the service. Solution to this issue Verify the phone number you are using to send the SMS: Only the number you used in registering for JAMB can be used to access the SMS result checking. So if you are using another number, you may not receive and response. Exercise patience: If you are sure you are using the number you registered JAMB with, then just excercise a little patience. Network issues and channel traffic overload may contribute to a delayed response. Rest assured if you are using your JAMB registrted number to check your v2024 JAMB score, it will eventually come through. Final thoughts on JAMB results 2024 errors and solutions If the errors persist or you have further questions, don’t hesitate to contact JAMB’s support team through their official channels or by physically visiting a JAMB CBT office.
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