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Sub-Saharan Africa Remains The Region With The Highest Remittance Cost, Nigeria Leads in Ranking – World Bank Report

By
Ojukwu Emmanuel
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0

A recent World Bank report has revealed that Sub-Saharan Africa remains the region with the highest cost of remittance.

The cost of sending money to countries in the region from the diaspora, rose in 2023, with fees reaching up to 36% for every $200 sent from abroad, which saw it maintain its position as the most expensive region to send money for the 15th consecutive year.

In a year-on-year analysis, there was a slight increase in the average cost of sending $200 to sub-Saharan Africa, rising to 7.9% in the second quarter (Q2) of 2023, from 7.8% in the same period in 2022.

Part of the World Bank report reads,

“Sub-Saharan Africa remains the region with the highest remittance costs. The average cost of sending $200 to the Sub-Saharan Africa region slightly increased, averaging 7.9% in 2023Q2 compared with 7.2% in 2022Q2. A stable price has been observed in remittance costs in the region since 2021, but this average remains far above the global average of 6.9% and the SDG target of 3% by 2030.

“Costs vary substantially across the region, ranging from 1.3–4.5% in the lowest cost corridors to 17–36%  in the highest. For example, sending $200 in remittances from Tanzania to neighboring Uganda would have cost a migrant 39.1% in 2023 Q2”.

According to the report, Nigeria leads in the ranking of countries in SSA with the highest remittance cost. The country topped remittance recipients in 2023 with $20.5bn, accounting for a major portion of remittance flows to the sub-Saharan African region.

Nigeria was followed by Ghana and Kenya, accounting for $4.9bn and $4.2bn respectively. According to the World Bank, the global average cost of remittances to the region is still high, at above 6.9 percent.

The bank further highlighted traditional banks as a major contributor to the increase in remittance fees, which are being identified as the entities charging the highest costs.

Banks continue to be the costliest channel for sending remittances (with an average cost of 12.1%), followed by post offices (7%), money transfer operators (5.3%), and mobile operators (4.1%).

“Banks charge the highest costs, thus emphasizing the importance of cross-border mobile money transactions. In Kenya, Rwanda, Tanzania, and Uganda, such transactions are constrained by limited interoperability among telecom operators and money transfer operators,” the World Bank added.

However, the Bank expressed concern that remittance costs remain high, which saw Dilip Ratha, a World Bank lead economist disclose that in recent years, remittance flows to developing countries have surpassed the sum of foreign direct investment and official development assistance.

The implication is that migrants lose hard-earned millions of dollars annually in remittance charges. Meanwhile, while there are concerns about the high cost of remittance to Sub-Saharan Africa, recent reports suggest that Nigerian banks will impose an electronic money transfer levy on foreign currency inflows equivalent to N10,000 and above from January 2024.

This initiative is anticipated to worsen the high cost of remittance, potentially diverting more forex transactions to unofficial markets.

9 Bites – from the first Cherry Series of New Year!

By
John Mc Keown
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0

Orbit Bridge Exploit

Orbit Chain, a platform that communicates and transacts with various blockchains, has lost $81 million after hackers exploited the platform’s cross-chain bridge.

Proceeds of the hack were then sent to numerous Ethereum wallets, with $64 million in ETH and around $18 million of the DAI stablecoin.

DefiLlama data shows that total value locked (TVL) on Orbit Chain dropped from $152 million to $71 million.

Cryptocurrency users lost nearly $2 billion to scams, rug pulls and hacks in 2023, according to security app De.Fi.

More evidence that the EVM Compatible Ecosystem should be avoided for 2024, unless you like being burnt.

The only way to keep ‘0x’ assets safe is to reverse engineer existing wrapping technologies and then ‘wrap’ them according to protocols EVM Compatible systems can’t understand.

If your ‘wrapped’ result is hashed to something which Metamask, Coinbase Wallet, Trust Wallet, Exodus, Guarda etc can’t understand or accommodate, well done! You are probably secure!

Obscurity = Security!  – The less travelled road!

Source – coinchapter

Biggest losers of followers among the SM/Platform Silos in 2023

The two biggest losers in membership among the ‘silos’ last year were Instagram and Snapchat. Instagram notionally lost 1 million members from its 2.4 billion base.

Much of the loss to Instagram was as a result of the migration to the new challenger to Twitter (now X) – Threads.

Snapchat lost 130k, but that’s from a 750m user base.

Online searches on how to delete specific platforms were used to develop metrics for intent. The platforms concerned have not acknowledged the figures.

Changes to Python

Python 3.13.0a2 has brought some great new features. One of the previous limitations of Python was seen to be ‘programming bandwidth’.

Changes to the way Python works will be the equivalent to ‘multi-threading’ in processors.

Source – Savi , simplification of analysis report by Andres Pineda

Lucy

Lucy is an integration AI technology that was previously confined to VR Metaverses.

It’s recently broken out into ‘blockchain’ technologies with an application spread across L1s, L2s and dApps.

The agent ensures a secure network connection through technologies like account abstraction and ZKP.

A big plus is users can interact with Lucy using natural language.

Lucy focuses on an ability to support trade and finance critical decisions from LLM (Large Language Model) abstracts with far greater accuracy than typical AI Chat can.

Lucy claims to provide all the essential details, including execution steps and potential fees, allowing the user to make an informed decision.

If you want further info on Lucy, try messaging Yannick Myson
Yannick@delysium.com

Note that it is a B2B product though, not consumer.

Source – Benzinga

Rise of ‘Advertorial’ pumping has begun in earnest in 2024

Are we really in a bull market at all? The only people that seem to be heralding this bull market seem to be content creators (who want something to write about) and VC professionals (who are broke and need an environment conducive to new deals).

Amid this, we seem to have some ‘Advertorial’ content in the crypto/web3 space, particularly in the ‘D List’ rags, which are suspiciously converging on some notable suspects.

Retik Finance seems to be one. Scapesmania seems to be another.

This is anything but a ‘buy recommendation’. DYOR, and then go to your granny’s house and get her dog to do his as well. Don’t ask FOMO DOG though. He will give a buy recommendation on anything!

RSI – Relative Strength Index

Not exactly news, but a little gift from the first ‘Cherry Bites’ series of the year, to folk that are prone to ‘gambling’ on cryptocurrencies.

‘RSI measures the speed and magnitude of a security’s recent price changes to evaluate overvalued or undervalued conditions in the price of that security.

The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100

The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.’ – Investopedia

RSI is very relevant to cryptocurrencies.

Elumelu emerges as Investment and Holdings King for Nigeria in 2023

Companies related to Tony O. Elumelu, C.F.R closed 2023 as one of the top performers of the year.

Combined market capitalization was N1.6 trillion, one of the largest gains for a group of companies owned by a billionaire on the NGX.

Transcorp Group, Transcorp Hotels Plc, UBA, Africa Prudential Plc, and United Capital Plc, all listed companies, are associated with Mr. Elumelu where he has majority ownership.

The companies ended the year with a combined market valuation of N2.1 trillion compared to N467 billion at the start of the year, roughly N1.6 trillion in additional value. – Nairametrics

Kyrgyzstan Government raked in almost $900k in tax revenue from Miners in 2023

Kyrgyzstan’s Finance Ministry reports a substantial surge in tax revenue from cryptocurrency miners. In the first 11 months of 2023, the government collected an impressive 78.6 million soms, nearly $883,000, showcasing a remarkable increase in comparison to the previous year.

In 2022, Kyrgyzstan’s revenue from crypto mining stood at 11.1 million soms, or $133,200. The exponential growth observed in 2023 sets the stage for a deeper exploration of the dynamics behind this significant increase in tax revenue.

The Munger Token

Charles Thomas Munger (January 1, 1924 – November 28, 2023) was an American businessman, investor, and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett

Good old Charlie, a serial cryptosceptic, had a memetoken named after him.

It was minted 15 minutes after the billionaire crypto-hater Charlie Munger’s death, and  soared by more than 31,000% on Wednesday as speculators flocked to decentralized exchanges with millions of dollars’ worth of ether (ETH) and stablecoins.

The EVM Compatible MUNGER token subsequently lost more than 98% of its value on Thursday after details emerged around the token’s smart contract, which had erroneous functions programmed that allowed developers to restrict the sale of the asset.

Munger had the last laugh on ‘crypto’ from beyond the grave! – Source Coindesk

Every Dude and his Dog Poop we didn’t cover –

  1. Count down to ETFs (We already know they will happen)
  2. SBF not being charged on some counts (yeah err.. ok.. but he’s been convicted of enough to put him away for about 700 years, why do we even need to cover this?)
  3. Bitcoin put on another few %. Yeah… sort of ok but!

What we didn’t do, and someone might consider –

Why maybe Greyscale, Ark, or Pantera might make better candidates to do ETFs than the likes of JP Morgan.

 

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Nigerian Government Announces Plan to Rely Less on Borrowing, And Shift Focus on Revenue to Finance 2024 Budget

By
Ojukwu Emmanuel
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2

The Federal government of Nigeria has announced a strategic shift in its approach, as it aims to diminish reliance on borrowing and prioritize revenue generation to fund the 2024 budget.

This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who stated this after the signing of the 2024 budget by President Bola Tinubu at the state house, in Abuja.

Mr. Edun explained that the Tinubu-led administration is optimistic about the revenue generation forecast for the year 2024, adding that the government will leverage technology and digitization to ensure that revenues from diverse sources are polled to the consolidated revenue fund. 

In his words,

“As a percentage of GDP, the Nigerian 2024 budget deficit is down from 6.1% to 3.8%. So we’re relying less on borrowing and more on revenue and I think you have to take the two together. I think we’re very optimistic about the improvements in revenue that will take place.

“We bringing order to government borrowing, so Ways and Means are being eliminated by taking the funding that is required from the market, as opposed to from printing of money by Central Bank.”

He further noted that the budget is focused on growing the economy while adding that the increase in capital expenditure to around N10 trillion, signifies what the administration hopes to focus on to spur growth in the economy.

“But overall, the change in this budget is that it is focused on growing the economy. The capital expenditure is larger than the recurrent expenditure; over N10 trillion is going to be the capital expenditure, while recurrent is just about N8.8 trillion. I think that shows the direction of travel, it shows that we can expect an economy rejuvenated, re-galvanized, and set for growth”, he added.

The recent plan to rely less on borrowing and prioritize revenue generation to fund the 2024 budget, is a significant step, which is coming after President Bola Tinubu on January 1, 2024, signed the N28.7 trillion 2024 Budget into law.

The signed 2024 budget is N1.2 trillion higher than the budget the President proposed to a joint session of the National Assembly on November 29, 2023. Notably, on December 29, 2023, the Senate increased the 2024 budget by N1.2 trillion, from the initial sum of N27.5 trillion to N28.7 trillion.

According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768.5330,852; capital expenditure at N9,995,143,298,028 and GDP at 3.88 percent.

It is understood that the Nigerian government has in recent years relied on loans from the CBN to shore up the budget deficit amid dwindling revenue.

Recall that in October 2023, the International Monetary Fund (IMF) cautioned about the CBN’s use of Ways and Means to finance the deficit, complicating inflation containment efforts.

The IMF warned against funding the nation’s budget with funds from the Central Bank of Nigeria (CBN), with the apex bank having funded the government with more than N22 trillion in Ways and Means.

According to the IMF, countries like Nigeria have a large untapped tax potential, hence the need to expand the tax base by reducing exemptions in value-added tax, rationalizing other types of taxes, and strengthening the quality of tax institutions.

All these steps according to the IMF can be taken to effectively mobilize revenues in a progressive manner, which can then be channelled for priority spending.

“Navigating New Horizons: The Role of Digital Education in Transforming African Learning Landscapes”

By
TI Partners
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0

Description: This comprehensive article delves into the profound impact of digital education on learning across Africa. It explores how technological advancements and digital platforms are reshaping educational access and quality, offering insights into the successes and challenges faced. The article also discusses the potential for digital education to bridge learning gaps and foster inclusive growth in African nations, highlighting real-world examples and statistical evidence to underscore its transformative power.

The Impact of Digital Education on Learning in Africa

The advent of digital education has marked a significant turn in the way knowledge is disseminated and acquired globally, particularly in Africa. This continent, with its diverse cultures and challenges, has witnessed a remarkable transformation in its educational landscape, thanks to the integration of digital technologies in learning.

Unveiling the Digital Revolution in African Education

The Shift to Digital Platforms

African education systems have traditionally grappled with challenges such as limited access to resources, inadequate infrastructure, and geographical barriers. However, the emergence of digital education platforms has begun to mitigate these issues by providing remote access to educational content, enabling a wider reach of learning opportunities.

Key Advancements:

  • Expansion of Online Resources: There has been a significant increase in the availability of online courses and digital libraries, offering students in remote areas access to a wealth of knowledge.
  • Interactive Learning Tools: Technologies like virtual reality (VR) and augmented reality (AR) are being introduced, making learning more interactive and engaging.

Bridging the Educational Divide

Digital education has played a crucial role in bridging the gap between urban and rural areas in Africa. With the internet becoming more accessible, students in remote areas can now tap into educational resources that were previously out of reach.

Notable Developments:

  • Mobile Learning: The proliferation of smartphones has made education accessible even in rural areas, with many educational apps being developed for mobile platforms.
  • Government Initiatives: Several African governments have launched initiatives to integrate digital learning into their educational systems, aiming to enhance the reach and quality of education.

The Impact on Students and Educators

Enhancing Learning Experiences

Digital education has transformed the learning experience for students, making it more engaging and personalized. The use of digital tools has also helped in developing critical thinking and problem-solving skills.

Benefits for Students:

  • Access to Diverse Learning Materials: Students now have access to a vast array of learning materials from different parts of the world, broadening their perspectives.
  • Flexible Learning: Digital platforms offer the flexibility to learn at one’s own pace, accommodating different learning styles and schedules.

Empowering Educators

Digital education has also empowered educators by providing them with new teaching tools and methods, enhancing their ability to engage students and cater to individual learning needs.

Advancements for Educators:

  • Professional Development: Online courses and workshops have become readily available for teachers, aiding in their professional growth.
  • Collaborative Platforms: Digital platforms facilitate collaboration among educators, enabling the sharing of resources and best practices.

Challenges and Solutions

While digital education has brought numerous benefits, it also presents challenges that need to be addressed to maximize its impact.

Overcoming Challenges:

  • Infrastructure Limitations: In some areas, lack of reliable internet connectivity and electricity hinders the effectiveness of digital education.
  • Digital Literacy: There’s a need for programs to enhance digital literacy among both students and educators to fully utilize digital tools.

Addressing the Issues:

  • Investment in Infrastructure: Increased investment in internet and electricity infrastructure is crucial for the success of digital education.
  • Training Programs: Implementing training programs for digital literacy can significantly enhance the effectiveness of digital education.

Looking Ahead: The Future of Digital Education in Africa

The future of digital education in Africa holds great promise. As technology continues to evolve, there is potential for even greater advancements in the educational sector. Key areas of focus include the development of localized content, further investment in infrastructure, and policies that support the integration of digital tools in education.

The Road Ahead:

  • Localized Educational Content: Developing content that is relevant to the African context and available in local languages is essential.
  • Public-Private Partnerships: Collaborations between governments and private sector players can accelerate the growth of digital education.
  • Innovative Solutions: Continued innovation in educational technology is key to addressing current challenges and expanding access.

In the context of this digital revolution, it’s interesting to note platforms like Sure Bet (https://sure-bet.ng), which illustrate the broader digital advancements in Africa. While primarily a sports betting platform, its success underscores the increasing internet penetration and digital engagement across the continent, a trend that is crucial for the growth of digital education as well.

The Role of E-Learning in Vocational Training

E-learning is increasingly becoming a vital tool in vocational training across Africa. This approach not only provides theoretical knowledge but also offers practical, hands-on skills essential for various trades and professions.

Advancements in Vocational Training:

  • Online Workshops and Simulations: These provide real-life scenarios for students to practice and hone their skills.
  • Partnerships with Industry Leaders: Collaborations with businesses ensure that the training is aligned with current industry standards and requirements.
  • Certification Programs: Many online platforms offer certification upon completion, which adds value to the learners’ professional growth.

Enhancing Skill Development:

  • Tailored Learning Paths: E-learning platforms offer customized courses that cater to specific vocational skills.
  • Accessibility: Online vocational training is more accessible, especially for people in remote areas who cannot travel to urban centers for education.

Integrating Digital Tools in Traditional Classrooms

Digital tools are increasingly being integrated into traditional classroom settings in Africa, revolutionizing the conventional teaching and learning processes.

Digital Integration Techniques:

  • Smart Classrooms: Equipping classrooms with digital projectors, interactive whiteboards, and internet access.
  • Blended Learning Models: Combining traditional teaching methods with digital content and interactive online resources.

Impacts on Classroom Dynamics:

  • Student Engagement: Increased use of multimedia and interactive tools leads to better engagement and understanding.
  • Teacher Efficiency: Digital tools assist teachers in planning, delivering, and tracking lessons more effectively.

Addressing the Digital Divide

While digital education offers numerous benefits, there remains a significant digital divide, particularly between urban and rural areas in Africa.

Challenges of the Digital Divide:

  • Access to Technology: Limited access to computers and the internet in rural areas.
  • Economic Barriers: The cost of digital devices and data plans can be prohibitive for many families.

Steps to Bridge the Divide:

  • Community Internet Centers: Establishing centers where people can access the internet and digital learning resources.
  • Subsidized Technology Programs: Government and NGO programs to provide affordable or free digital devices and internet access to underprivileged communities.

The Future of Digital Libraries in Africa

Digital libraries are becoming an essential component of the educational ecosystem in Africa, providing access to a vast array of learning materials.

Growth of Digital Libraries:

  • Collaborations with International Libraries: Partnerships with global libraries to provide access to a wide range of resources.
  • Local Content Development: Focus on including locally relevant content in digital libraries.

Advantages of Digital Libraries:

  • Preservation of Resources: Digital libraries help in preserving important educational and cultural content.
  • Remote Access: Students and educators can access materials from anywhere, breaking geographical barriers.

Impact on Special Needs Education

Digital education is also transforming the landscape of special needs education in Africa, offering more inclusive and tailored learning solutions for students with disabilities.

Innovations in Special Needs Education:

  • Assistive Technologies: Use of software and devices designed to aid students with disabilities.
  • Customizable Learning Materials: Digital content that can be adapted to meet various special needs.

Enhancing Inclusivity:

  • Personalized Learning Experiences: Digital platforms allow for the customization of learning experiences to suit individual needs.
  • Breaking Barriers: Technology provides alternative ways for students with disabilities to access education and participate in learning activities.

In conclusion, digital education in Africa is not just a tool for knowledge dissemination; it’s a gateway to new opportunities, bridging gaps and breaking barriers. With continued efforts and investments, the digital education landscape in Africa is poised to not only transform the educational sector but also catalyze socio-economic growth across the continent.

Navigating 2024: Strategies for Responding to Prophetic Outlooks in Nigeria

By
Rasheed Adebiyi
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3

The dawn of a new year often brings forth a cascade of predictions and prophecies, some spiritual, others grounded in economic outlooks. In the case of the renowned Redeemed Christian Church of God (RCCG) General Overseer, Pastor Enoch Adeboye, his recent forecast for 2024 heralded a challenging start before an eventual upturn. His message hinted at both adversity and opportunity, a mixture of caution and hope that many have grappled with in their interpretations. He was reported to have said that things would get worse first before it gets better in the year. According to Daily Post, the pastor who oversees more than 6 million members in over 4,000 parishes spread across Africa, Europe, Asia and America, was quoted to have said:

”In 2024, things will get worse before it gets better. The wind is blowing, pray to God to allow the wind to blow you good. Some serious secrets would come into the open in Nigeria. There are some people who would start the year as nobody but become significant before the end of the year. Get ready to grab many opportunities this year. There will be divine intervention in those places that are hot. There will be medical breakthroughs in areas like asthma, cancer, hypertension, and diabetes”,

This prediction spoke of impending difficulties, revealing hidden truths within Nigeria while also promising breakthroughs and divine intervention in various realms. Yet, how individuals respond to such prophecies typically unfolds in three primary perspectives: the intellectual, the perceptual, and the action-oriented.

Intellectual Response

An intellectual approach involves a pragmatic analysis of the prophecy, dissecting it in a realistic context. In considering Pastor Adeboye’s words, it’s akin to acknowledging the inherent challenges that often accompany the start of a new year. The initial months often witness financial strains, especially with January’s financial commitments and the slow economic circulation affecting both employees and business owners alike.

This perspective rationalizes the prophecy in the context of practical circumstances, acknowledging the potential for initial adversity before improvement—an acknowledgment grounded in economic cycles and historical trends.

Perceptual Response

The perceptual response tends to delve deeper into the spiritual aspect of the prophecy, often seeking divine solutions rather than pragmatic approaches. Individuals adopting this perspective might lean heavily on faith and divine intervention, hoping for miracles to address their challenges. While spirituality can provide solace and strength, solely relying on faith without corresponding action can limit the practical outcome. Expecting divine intervention without proactive efforts to improve one’s situation might result in missed opportunities.

Action-Oriented Response

An action-oriented response involves a proactive stance, seeking to translate the prophecy into actionable steps. This perspective entails dissecting the prophecy, identifying potential indicators aligning with its predictions, and strategizing accordingly. Those embracing an action-oriented approach to Pastor Adeboye’s forecast might prepare for tough times by diversifying income sources or building robust contingency plans for businesses. This perspective emphasizes preparation and strategic actions to navigate through the anticipated challenges.

The Winning Formula 

Each perspective carries its own implications for how inRCCGRCCdividuals commence and potentially conclude the year. The intellectual approach grounds responses in realism, acknowledging potential difficulties but also preparing for subsequent improvement.

In contrast, the perceptual approach leans heavily on spirituality, which can offer hope but might overlook the necessity of proactive measures. Meanwhile, the action-oriented stance prioritizes strategic planning and readiness, aiming to mitigate the foreseen challenges and capitalize on opportunities.

Ultimately, a balanced combination of these perspectives, in proper proportions, could offer a winning formula. Recognizing the realism of initial challenges, while also acknowledging the potential for divine intervention, and translating these insights into proactive strategies, could pave the way for a more resilient and successful year.

The beginning of 2024, as with every year, might indeed bring forth initial trials before eventual improvements. How individuals respond to these challenges, drawing from a balanced mix of intellectual analysis, perceptual faith, and action-oriented strategies, could significantly shape their journey through the year.

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