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Techstars Accepts Tunji Andrews’ Awabah

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Awabah

By Adedapo Adesanya 

Awabah, a digital platform providing pension access to Africa’s self-employed, has announced that it has been accepted into the Techstars London accelerator programme.

The startup is dedicated to making micro-pension services available to those in the informal sector and those whose employers are not legally required to deduct and remit pension. It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on African expansion.

The Lagos-based company, founded by Mr Tunji Andrews, Ms Tina Ajishebiyawo and Mr Gboyega Olatunde, is building wealth for Africa’s informal, particularly self-employed population by ensuring that they are able to plan for a dignified life after retirement.

Awabah was launched in November of 2020 and signed up over 700 clients in its first two months. It has since dedicated its strategy to advance the cause for future financial inclusion and security in Africa ever since. It already sees itself as the solution to Africa’s wealth redistribution challenge.

The company has now partnered with three Pension Fund Administrators (PFAs) in Nigeria and hopes to increase this to five before the end of 2021. The partnerships will coincide with multi-city rollouts to avail millions more access to the Awabah advantage.

In July 2021, the company raised $200,000 in angel backing from early-stage investors like ODBA and Co Ventures and Correlation Capital. The new funding helped Awabah to roll out its services in Lagos and Ibadan.

The startup has plans to start providing services in 5 more Nigerian cities over the next 6 months.

Speaking on this, the company CEO, Mr Andrews said he believes the company is gathering a lot of acceptance because of its approach to customer acquisition, operating out of Lagos and Ibadan with plans to set up a presence in Ghana.

“Awabah in simple terms is an aggregator of wealth creation tools that are sorely lacking on the continent. We onboard the financial service providers, break their products into bite-size chunks, sprinkle a bit of the Awabah magic on it, and give this leverage to our customers.

“What’s even greater is that our services come completely at no charge to the customer. Financial services should liberate, not enslave,” Mr Andrews said.

Ms Ajishebiyawo, on her part, said she strongly believes that reducing poverty depends on helping those in the informal sector manage and grow their wealth.

She insisted that the reduction was greatly reliant on access to diverse tools to help leverage income that is either infrequent or so frequent it’s spent on daily consumables.

“It’s not that people in informal employment are too uneducated to control their finances. Quite the opposite. They manage highly complicated budgets on very tight margins.

“Effective retirement planning and savings help our customers more effectively confront the problems that keep them stuck in an inefficient cycle. Nigerians and indeed Africans have money – but their incomes are unpredictable and insecure; Awabah is fixing this,” the finance expert said.

The Awabah Model

Off the back of it, the Awabah model has a lot of merits. Nigeria has 70 million people in its labour force (people ready to work and able to work) and of this 70 million, 23 million are unemployed and another 11 million employed in formal jobs, leaving 36 million Nigerians in one form of self-employment or entrepreneurship without any retirement savings.

With a serious decline in economic growth and increased scarcity of resources, the company says it believes Africa’s current labour market will face severe hardship in old age if they don’t take retirement savings seriously.

Nigerians in the informal sector can see the real value by setting aside N100 weekly into a pension fund that is invested at a real return of 4.5 per cent per year for the rest of their working years.

According to PricewaterhouseCoopers’ (PWC) Africa Asset Management 2020 report, the total assets under management in 12 selected Africa countries (South Africa, Morocco, Mauritius, Namibia; Egypt, Kenya, Botswana, Ghana, Nigeria; Angola, Algeria, Tunisia) were $293 billion in 2008 and rose to $634 billion by 2014 and are expected to reach $1.1 trillion in 2020.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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MTN Partners Huawei to Deploy Premium Wi-Fi Service in Nigeria

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MTN Group Premium Wifi service

By Modupe Gbadeyanka

To improve the experience of end-users on its network, MTN Nigeria has partnered with Huawei to launch a premium Wi-Fi service in the country.

According to MTN Nigeria’s Chief Technical Officer, Mr Mohammed Rufai, the deployment of the premium Wi-Fi is geared around delivering a superior user experience with high technology.

He stated that this also became necessary due to an increase of smart home device quantiles and new types of services such as video clips and online games which demand a better home network quality.

MTN is working with Huawei on an Autonomous Driving Network project, including various innovative practices such as target architecture design, autonomous level evaluation and high-value use-cases of autonomous networks.

“Home network experience has become a vital area in improving network quality for us. In addition, we want to solve problems such as Wi-Fi interference, coordination between home network terminals and Wi-Fi coverage which occurs frequently and leads to a large proportion of user complaints,” Mr Rufai said.

 “With this, we can proactively identify and accurately locate fault points on home networks. It will help us to improve O&M efficiency and reduce customer complaints,” says Daniel Smith, a senior engineer with the MTN Group.

“In the future, MTN and Huawei will implement more innovations regarding network automation and intelligence, quickly deploy them on the live network to promptly deliver superior user experience of high tech,” he concluded.

The premium Wi-Fi can play back the historical home Wi-Fi performance in the last seven days. It demarcates faults based on speed tests by segment and diagnoses major issues in just one click to rectify problems in the cloud.

Besides, with the self-trouble shooting function on the mobile app, home broadband users are able to solve certain network problems by themselves, allowing them to manage the broadband performance much easier.

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Cyber Attacks: Africa Must Encourage Digital Skills Development—Experts

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Adopt Digital Skills

By Aduragbemi Omiyale

Urgent steps must be taken by African leaders to encourage general digital skills to tackle cyber-attacks and crimes on the continent, some experts in the industry have advised.

Speaking at the April edition of the Information Security Society of Africa – Nigeria (ISSAN) event, the stakeholders warned that if efforts are not taken, the governments, citizens and businesses may suffer “catastrophic consequences.”

It was stressed that at the moment, Africa is struggling to match its counterparts in the other parts of the globe due to a shortage of general digital skills caused by brain drain.

At the workshop themed Addressing the Cybersecurity Skills Quagmire, the founder/CEO of Digital Jewels, Mrs Doyin Odunfa, in her presentation, lamented that the shortage of general digital skills at all levels is expected to become more critical as economies grow, noting that the supply of digitally skilled labour must also increase to meet anticipated labour market needs.

She observed that highly skilled African professionals have been emigrating from African countries to pursue lucrative cultural and socio-economic opportunities on other continents leading to a brain drain and skills gap on the continent.

Whilst proffering solutions, she recommended intentional development of digital skills at all levels, smart technology support, collaboration with the Diaspora and strategic supply to Africa and Western economies.

“These young Africans are looking for higher-paying jobs outside Africa to escape socio-economic limitations such as poverty, limited infrastructure, and rudimentary jobs.

“They look for enabling environments in developed countries that provide rewarding businesses and obtain lucrative jobs, matching skilled individuals’ aspirations and expected socio-economic recompense.

“Many highly talented African students that obtain opportunities and scholarships of training abroad do not return home after completing studies,” Mrs Odunfa stated.

In his welcome address, the president of ISSAN, Mr David Isiavwe, said the brain drain in Africa as well as the digital skills shortage currently being experienced around the world calls for concern.

According to him, “The cyber threat landscape is still evolving. The cybersecurity space keeps getting very busy by the day. We have seen how daring cybercriminals can be, targeting both national assets and highly reputable firms. Even individuals are not left out.

“Consequently, it becomes imperative that organizations never relent in upholding and reinforcing information security best practices.”

The Chief Information Security Officer (CISO) of Stanbic IBTC, Abumere Igboa; CISO of Heritage Bank, Eduje Ighoakpo; CISO of First Bank, Harrison Nnaji; CISO of Standard Chartered Bank, Oghenefovie Oyawari and the Chief Technical Officer (CTO) of Digital Jewels, Tokunbo Taiwo, were the other speakers at the gathering.

ISSAN is a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace. It is significantly involved in ensuring the security of banking systems and applications, ATMs, e-government systems, and the entire cyberspace in Nigeria.

The group also seeks to achieve its objectives through awareness heightening measures including the promotion of appropriate legislation and best practices.

Membership cuts across both public and private sectors of the economy including Banks, Telecommunications Operators, Government parastatals, switching companies, IT and IT security consultancies, Legal Practitioners with a keen interest in cyber-related matters, and regulators.

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Interswitch Receives Fresh Funds from LeapFrog, Tana

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Interswitch

By Adedapo Adesanya

LeapFrog Investments (LeapFrog) and Tana Africa Capital (Tana) have invested in Interswitch, one of Africa’s technology-driven companies focused on the digitisation of payments.

In a joint statement from both companies, the exact amount was not disclosed, but it was stated that the investment will assist in supporting the company’s drive to advance the payment ecosystem across the continent.

A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction.

Interswitch Group CEO, Mr Mitchell Elegbe, in a statement, said the company was “excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape.”

This will further advance its offerings after it launched some new products in March.

The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals & Automated Teller Machines (ATMs); Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.

Interswitch, in collaboration with SterlingPRO, designed the Biometrics on Point of Sale (PoS) and Automated Teller Machines (ATMs) to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments. The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.

Tokenization on the other hand replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token. Tokenization will enable merchants to fast-track and collect payment seamlessly, enabling customers to check out faster in-store, in-app and online.

In addition, Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly.

Interswitch is one of Africa’s largest electronic payments and infrastructure companies and services providing online banking system offerings in areas like point-of-sale terminals, online consumer payment platforms, Quickteller, and Verve, the biggest domestic debit card scheme in Africa, issuing over 35 million active cards since launch.

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