Good morning!
Since we started writing the Entering Tech newsletter in 2022, one question has been recurrent in our Ask a Techie inbox: “How can I make money fast in tech?”
And in every edition, we euphemise the answer with statements like “greatness takes time” or “build skills first”, but the question still pops up.
Well, if you won’t believe us storytellers, hear it from the horse’s mouth. In yesterday’s edition of Entering Tech, 6 professionals earning well over $1,000/month—with one who’s earned $100,000/year—talked about how long it took them to earn “big” in tech.
Companies
Safaricom secures regulatory nod for second money market fund
When a product does well, you do it twice.
That’s the case of Safaricom, Kenya’s biggest telco, which is launching a second money market fund product. The company has received approval from the Capital Markets Authority (CMA) for the product called Ziidi.
Five years ago, Safaricom launched its first money market fund, Mali. Mali currently manages an asset base of $23 million.
The new product is a collaboration between Safaricom, Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited. It is expected to go live next week, according to people familiar with the matter.
Safaricom’s strategy to expand into the money market fund sector is straightforward, since M-PESA already generates a significant portion of its service revenue—KES 77.22 billion ($596 million) in the first half of 2024, according to its latest financial report.
Expanding M-PESA’s service offerings is a logical move to boost earnings, with declining profitsfrom voice and SMS services.
Ziidi will likely integrate with M-PESA and allow customers to invest and withdraw earnings directly through their M-PESA wallets.
We will get more details when Safaricom officially launches the product.
Read About Moniepoint’s Impact on Pharmacies
Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies.
Banking
GT Bank apologises for weeks of service disruptions
If you are a GT Bank customer, you’ve likely dreaded opening your bank app in the past seven weeks. The Nigerian tier-1 bank, with over 32.8 million retail customers, has faced significant backlash as its migration to a new core banking software, Finacle, triggered service disruptions that are yet to be fully resolved.
Across social media, complaints have poured in: incorrect account balances, unauthorized debit and credit alerts, and outright inaccessibility of services. For many, even routine transactions became a gamble, forcing customers to think twice before sharing their GT Bank account numbers.
On October 14, the bank closed its 235 branches nationwide, citing delays in the migration process that took “longer than planned.” While technology overhauls are inherently complex, GT Bank’s execution has raised questions about its preparedness for such a significant shift.
The migration to Finacle was necessary for GT Bank which needed a technology that allowed it to stay nimble and provide customisable core banking technology services that catered to all its banking needs.
The migration was finalised in October 2024. Yet, the hiccups continued into November.
After weeks of silence, GT Bank has now apologised to its customers for the network problems over recent weeks. It’s the bank’s first public statement since the service disruption started weeks ago. Unfortunately, the apology contained no information about improvements.
For GT Bank, the road to recovery will require more than restoring technical stability. Transparent communication, improved customer service, and visible efforts to prevent future occurrences will be key. For now, customers can only hope the bank’s next announcement is not another apology, but a definitive end to the disruptions.
Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE
Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts.
Telco
MTN Nigeria: The Fast and the 5G-ious
MTN Nigeria isn’t just leading the 5G race in West and Central Africa, it’s zooming past competitors like a Formula 1 car while others are still figuring out how to start their engines.
According to Ookla’s Q2 2024 Speedtest Intelligence, MTN Nigeria hit download speeds of 95.62 Mbps and upload speeds of 17.01 Mbps. That’s not just fast; that’s hold-onto-your-hats fast.
How did they do it? Well, MTN Nigeria splurged a cool $120 million on 5G infrastructure. The telco launched its 5G network in 2022, starting with seven cities, and now has over 2,100 sites covering 11% of Nigeria’s population.
With 2.6 million subscribers hogging all the bandwidth, MTN owns 79% of the country’s 5G users.
Airtel is trying its best with a respectable 4G median speed of 30.35 Mbps, but let’s face it: they’re bringing a knife to a 5G gunfight.
MTN isn’t only ahead of its rivals, but also putting Nigeria ahead of South Africa in 5G penetration—because why stop at regional dominance when you can go continental?
While 5G adoption in the region is still in its infancy, MTN Nigeria is the tech-savvy overachiever of the class, paving the way for a future where the only thing slower than their internet will be your grandma’s text replies.
Introducing Paystack transfers in Kenya 
Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more →
Economy
Analysts hopeful of an end to interest rate hike
When Nigeria’s Central bank raised interest rates on Tuesday, it didn’t come as a surprise to many analysts. What was surprising was the 25-basis-point increment. Many analysts who spoke to TechCabal predicted a 50–100 bps increase.
The CBN governor’s 25 basis points (bps) increment meant that the bank might be slowing down its aggressive Monetary tightening cycle.
Since the year began the CBN has raised rates six consecutive times to fight against inflation, raising interest rates by close to 9%. Yesterday’s increase was the smallest this year and only the second time it’s raised rates by that small a margin.
Cardoso yesterday said the CBN was still committed to curbing inflation and achieving a positive inflation-adjusted interest rate to attract investment and support the naira.
The governor also expressed optimism that the inflationary pressures stemming from recent fuel price hikes and currency devaluations will begin to wane, withresults rolling in as soon as the first quarter of 2025. If that happens, analysts expect interest rate cuts to begin in the second quarter of 2025.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$95,946 |
+ 3.81% |
+ 35.17% |
| Ether |
$3,618 |
+ 6.63% |
+ 38.16% |
| THENA |
$3.43 |
+ 157.79% |
+ 1290.82% |
| Solana |
$240.34 |
+ 4.52% |
+ 32.30% |
* Data as of 06:10 AM WAT, November 28, 2024.
Opportunities
- Applications are open for the 2025 Acumen West Africa Fellows Programme, a fully funded opportunity for emerging leaders in West Africa. This six-month hybrid program supports individuals who are committed to solving poverty through entrepreneurship in sectors like education, agriculture, energy, and healthcare. Participants remain in their jobs while engaging in virtual and in-person learning experiences designed to build their leadership skills. Apply by November 25.
- Applications are open for the 2025 Google for Startups Growth Academy: AI for Cybersecurity, a three-month hybrid program for Seed to Series A startups using AI to tackle cybersecurity challenges. Selected startups will receive equity-free support, mentoring from Google experts, and tools to scale internationally. The program includes in-person kickoff and graduation sessions, along with continuous mentorship and technical consulting. Apply by December 3.
- Applications are open for the CcHub-Mastercard Foundation Edtech Fellowship 2025 (Cohort III). This program offers African edtech startups $100,000 in equity-free funding, expert mentorship, and access to an investor network. Eligible startups must focus on education solutions in areas like K-12, tertiary education, or vocational training, with verifiable users. Female founders are encouraged to apply. Don’t miss this chance to scale your edtech solution and transform education in Africa. Apply by January 31, 2025.
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Written by: Kenn Abuya, Emmanuel Nwosu, and Faith Omoniyi
Edited by: Timi Odueso & Ganiu Oloruntade
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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