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Diamond Bank to Train 500,000 Kids on Coding

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Diamond Bank

Diamond Bank, in collaboration with Code Camp Africa will train 500,000 Nigerian children on computer programming and coding within a short period of time. In preparation for objective, the organisations have already trained some of the children. The teens between the ages of seven years to 15 years, were trained over a period of five weeks on computer coding and technology development.

Showcasing the children, who benefitted from the training in Lagos recently to the delight of their parents, the Managing Director of Diamond Bank, Uzoma Dozie, expressed satisfaction over the children’s performance in coding and website design in just few weeks of intense training that was packed full with extra curriculum activities. He explained that the bank’s vision of empowering young Nigerians with the language of technology, was to equip Nigerian children with technology skills, especially those that have developed interest in computing.

“The future of almost everything nowadays is technology and will depend on the ability to use technology. The Western world is outsourcing jobs to India because of this ability to write code. It is paramount that we develop in this area of development,” Dozie said.

“In 10 years’ time, the kids can work in Nigeria and across the world. It is critical that we equip them with the ability to code and understand the language of technology,” he added.

Code Camp Africa promoter, Mr. Edwin Momife said the vision of the organisation is to train at least 500, 000 youngsters in coding within a short period of time.

“If you learn how to code you become a global citizen. We need Nigerians to get to code and use technology to solve problems,” Momife said.

Head, Retail Banking Businesses, Diamond Bank, Mr. Robert Giles said the bank was motivated to partner Code Camp Africa in training the children because it became interested in developing Nigerian children digitally, being one of the foremost banks in Nigeria that is promoting technology development in the financial sector.

“It is important to develop Nigerian children technologically when they are still young and when they grow with technology skills, they will become stars in computer coding and other areas of computing. With technology skills, they could develop technology solutions that will address the needs of Nigerians,” Giles said.

The technology skills they acquire over the years will help generate employment in the future and also develop the society. The children will grow to become future employers of labour and create initiative that will enhance development,” Giles added.

“We will be working with the youth team of our bank to continue supporting the children in technology development. It is pleasing to see children develop codes and create websites and we wish they grow up with the skills,” Giles added.

Diamond Bank collaborated with Code Camp Africa and programming firm Andela Limited to deliver the five-week programme that equipped about 25 youngsters with knowledge and skills in various computer languages.

Some of the children spoke of their thrilling experiences in learning various computer programming languages, from JavaScript through Python and Scratch, among others. Daniel Abass, a participant, attested that he could now make his websites while Judex Umorgu and others displayed various websites and applications.

One of the apps uses geo-location to enable parents to track the movement of their children and teachers, while others showed apps for games, cars and other hobbies.

Awards of recognition were given to four participants for innovative idea, good behaviour, best design and best programmer, during the camping period.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Telecommunications

Telecom Tariffs Set to Rise as FG Proposes 12.5% Tax Hike

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Telecommunications - Investors King

Telecommunication service providers in Nigeria have announced an impending increase in customer tariffs for calls and data.

The anticipated rise is attributed to the Federal Government’s proposed 12.5% value-added tax on telecommunications, which would represent a 66.67% increase from the current 7.5%.

According to telecom operators, the increase in tax would force them to also increase the tariff charged for consumers’ calls and data.

The Global System for Mobile Communications (GSMA), a non-profit organisation representing the interests of mobile network operators worldwide stated that Nigeria’s telecom industry is already overtaxed. Therefore, any increase in the tax rate would impact customer tariffs.

GSMA declared that the telecommunication industry pays over 50 different taxes to various government arms.

This tax increase is in line with the new Bill reform, which imposes excise duties on technology and consumer services industries, including telecommunications, gaming, gambling, lotteries, and betting services.

As part of a broader tax reform initiative, the proposed Bill aims to unify the fiscal legislation governing taxation in the country.

“A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” the Bill read.

“Services, including telecommunications, gaming, gambling, betting, and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service,” the Bill outlined.

“Amount of an excisable transaction is the amount chargeable for the service by the service provider, both in money or money’s worth,” the Bill indicated

In response to the proposed tax reform, the President of the National Association of Telecoms Subscribers, Adeolu Ogunbanjo, expressed concern that the government’s proposal could cripple the telecommunications industry.

“They are essentially trying to kill the industry by imposing more burdens on it,” he stated

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Fintech

US Continues to dominate Global FinTech Landscape in Q3 2024, Witnesses Funding of $2.7B

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fintech - Investors King

The US boasts of a bustling FinTech landscape with more than 7K funded companies and 137 active FinTech Unicorns. Though the US ranks first globally in terms of funding in the FinTech sector in Q3 2024, this is the least funded quarter in the past five years.

Q4 2021 was the highest funded quarter in this space, after which the funding started to experience a steady decline.

Tracxn, a leading global SaaS-based market intelligence platform, stated in its Geo Quarterly Report: US FinTech Q3 2024.

The US FinTech startup ecosystem raised $2.7 billion in Q3 2024, a 30% decline compared with $3.9 billion raised in Q3 2023 and a 40% decline from $4.5 billion in Q2 2024.

Late-stage funding in Q3 2024 fell 32% to $1.3 billion, from $1.9 billion raised in Q3 2023. Early-stage investments stood at $1.2 billion in Q3 2024, a drop of 29% from $1.7 billion in Q3 2023. Seed-stage funding, too, fell 49% to $186 million from $364 million in Q3 2023.

Three companies attracted funding of $200 million and above. Human Interest raised $267 million in a Series D round at a post-money valuation of $1.33 billion, while FLYR raised $225 million in a Series D round. Earned Wealth secured $200 million in a Series B round.

Three other companies reported $100M+ rounds, with Aven becoming the only new unicorn in the third quarter of this year, after raising $142 million at a valuation of $1 billion.

Finance and Accounting Tech, Payments and Investment Tech were the top-performing sectors based on funding in Q3 2024 in this space.

The Finance & Accounting Tech segment witnessed total funding of $643 million in Q3 2024, a drop of 34% compared to $967 million raised in Q3 2023.

Funding raised by the Payments sector fell 22% to $573 million in Q3 2024 from $737 million in Q3 2023. Investment Tech companies raised a total funding of $547 million in Q3 2024, 18% lower than the $669 million raised in Q3 2023.

The third quarter of 2024 was weak in terms of exits. None of the companies from the US FinTech sector went public in Q3 2024, as against one IPO each in Q3 2023 and Q2 2024.

The number of acquisitions too, fell to 48 in Q3 2024 from 54 in Q3 2023 and 62 in Q2 2024. ShareFile was acquired by Progress at a price of $875 million, and Stronghold Digital Mining was acquired by Bitfarms for $175 million.

Among US cities, San Francisco and New York City together accounted for 50% of the total funding raised by the sector in the third quarter of this year.

FinTech startups based in San Francisco raised $750.2 million, while those headquartered in New York City and Santa Monica raised $610.1 million and $225 million.

Y Combinator, Techstars and a16z are the overall top investors in this space. Y Combinator, Castle Island Ventures & Plug and Play Tech Center were the top seed-stage investors in Q3 2024, while Curql, Redpoint Ventures and Brewer Lane Ventures took the lead in early-stage investments.

The US government is taking several initiatives to stimulate investment and innovation in the FinTech sector, which could give a boost to these startups in the coming years.

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E-commerce

South Africa, Tunisia Record Job Losses as Jumia Shuts Down Outlets Over Diminishing Returns, Hopes on Nigeria, Others

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Jumia - Investors King

Africa-focused e-commerce retailer Jumia Technologies has announced its decision to shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

The development, Investors King gathered, followed diminishing returns in the countries which has been having significant impacts on the firm.

Francis Dufay, the Chief Executive Officer of the retailer giant, expressed strong confidence in Nigeria’s market, saying the firm will refocus on more profitable markets such as Nigeria.

Dufay said Jumia is aiming at more profits, hence, its decision to implement aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

He said the trajectory of the South Africa and Tunisia did not align with the strategy of the group, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions.

Stressing that the group’s exit plan is the right decision, Dufay emphasised that the move will allow the company to concentrate its resources on the other nine markets including Nigeria, where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria.

Dufay maintained that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia.

Giving more facts on the level of shortage Jumia incurred in South Africa and Tunisia, he noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown.

Findings by Investors King revealed that no fewer than 110 persons will lose their jobs in the affected countries once the closures take effect.

Although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

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