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Ndubuisi Ekekwe To Deliver Keynote at GEN4IR Global Summit in South Africa

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Over a million years ago, the making of stone chopping tools and stone hand axes,  at Olduvai Gorge of the East African Rift Valley, represented the first step in the great human journey of shaping our world. And for many millions of years, the stone hand axes from Africa remained the cutting-edge technology. That creativity was spread across all parts of the world.

Indeed as our tools evolve so do our ideas, and then as our tools and ideas evolve, so also do we. Our current 21st century world and humankind, through a new set of modern tools characterized as emerging/exponential technologies, stands again at the verge of another radical evolution – a Fourth Industrial Revolution (4IR).

And just as with the story of the original beginning, the future of this technological revolution has a lot of promise from Africa. Africa gave the world modern civilization through mechanics of tools and innovations.

People, the cambrian moment is here  – and Africa has a big role.  At GEN4AIR Global Summit at Sun City Resort South Africa, Nigeria-born Prof Ndubuisi Ekekwe will examine these constructs in a keynote titled “The Cambrian Moment is Here”. He will look at technologies and the evolution of new entrepreneurial capitalism. 

Registration link – https://taffd2022.carlamani.com/register/

African Healthtech Startup, Susu, Raises €2m in Pre-seed Funding

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The burgeoning African tech ecosystem, which is being spearheaded by fintech, is increasingly seeing health-tech rising. Although less when compared with fintech, health technology startups have been receiving millions of dollars in investments recently. This is largely due to the huge frictions in the healthcare industry in Africa.

Many of the health tech startups are carving out an area out of the many problems enveloping the African health industry. As such, Global health-tech company, Susu, focused on making healthcare accessible and affordable for every African, has completed a €2 million pre-seed funding round with angel investors.

Susu offers bundled health services that provide patients with planned, long-term health support, to ensure optimal monitoring of their health conditions, including pregnancy, child care, and chronic disease management. The startup is currently operational in Côte d’Ivoire, Cameroon and Senegal.

The company said part of the funding was also raised as debt, and grant financing from BPI France, the French government’s public investment bank.

Susu was founded in 2019 by Bola Bardet after she lost her father to complications of a chronic health condition due to poor management. Her experience with her father’s condition inspired Bola to help others avoid the same fate. Alongside her co-founders, Laurent Leconte (Chief Technology Officer) and Sandrine Egron (Chief Operations Officer), Bola has built the startup to serve thousands of Africans.

The startup is designed to tackle many of the challenges facing the African healthcare industry. Besides poor healthcare systems, growing population and urbanization have all contributed to a sharp rise in the mortality of chronic diseases like diabetes and hypertension. In addition, most people do not have access to quality healthcare and are in urgent need of solutions to manage their healthcare needs.

Studies show that the medical insurance penetration rate is less than 3% in Africa, leaving 97% of the population having to pay medical expenses out of pocket. Susu intends to mitigate this problem by supporting beneficiaries’ healthcare journeys through care bundles while using an integrated approach to better connect the patients, their families, and healthcare professionals.

Bola Bardet, CEO of Susu said the idea is to use tech to improve the healthcare sector just like the financial industry.

“I suffered the terrible loss of my dad due to the mismanagement of his medical condition. I knew that the situation could have been prevented if he had access to comprehensive healthcare and that’s why I started Susu, to provide access to quality and affordable healthcare to others. We should not be fatalist about access to quality healthcare in Africa.  Like financial inclusion is being improved with mobile payment solutions, technology is going to play a tremendous role over the next decade in providing solutions to tackle the challenges faced by the healthcare systems over the continent.

“There is a high demand for our service, so we are eager to expand quickly to other countries.  In 2021, we had a 400% growth rate in terms of revenue and multiplied our customer base by 5. On top of that, we see more family members and friends, especially those from the diaspora, wanting to contribute financially to the care of a beneficiary, so we have gone ahead to build technology that allows for several family members and friends to co-finance the service”, Bola said.

With this funding, Susu intends to grow the company’s team, enrich the technology platform with new features. The startup also intends to launch the service in 6 new countries in Sub-Saharan Africa, including Nigeria and Ghana. It is also developing new care bundles including a maternity care bundle to reduce mortality risk for pregnant women and their babies.

Christopher Neves, one of Susu’s angel investors and a senior executive with experience in multinational insurance groups said about the investment: “I have been following Susu since the beginning of the project. And I see its huge potential, focused on building a solution to provide access to affordable healthcare in Africa through technology. Since the start, Bola Bardet and her team have demonstrated their capabilities and ambition in executing such a project”.

On Computer-Based Testing And Its Prospects in Nigeria

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Computer-Based Testing (CBT), otherwise known as e-assessment, can be defined as a pattern of administering tests in which the responses are electronically recorded and/or assessed.

It is conducted by the examiners by the use of various Information Technology (IT) equipment or mechanisms to include computers, the internet, networking, with the aid of special softwares.

The candidates, on their part, can sit for the test with the use of personal computer (PC) or an apt computerized gadget such as cell phone, particularly Smartphone, either at a testing hall or in their respective homes, as the case may be.

CBT is currently used for different purposes by various educational institutions. Many deploy it for entrance aptitude tests, some others for Continuous Assessment (CA), whilst few use it for their semester examinations.

It’s noteworthy that it is mainly in the case of CA or quiz that candidates are allowed to attend to the questions from any locality of their choice, thus the questions would be answered under no supervision.

In recent times, several academic institutions in Nigeria have adopted the CBT as an alternative assessment mode in contrast to the manual method that involves the use of paper and pen/pencil.

The Joint Admissions and Matriculation Board (JAMB) now deploys it for the Unified Tertiary Matriculation Examination (UTME) that tests the ability of candidates seeking admission in various citadels of higher learning in the country. JAMB fully commenced the use of CBT in the 2015/2016 UTME; prior to the said era, it was an elective mode.

Similarly, many professional bodies across the federation are making use of the CBT. It is equally used for promotional tests by some federal cum state’s Ministries, Departments and Agencies (MDAs).

There are two major types of CBT namely: linear and adaptive. A linear test is a full-length exam in which the computer selects different questions for the candidates without consideration of their performance level. This method is scored in the same way as a Paper-Based Test (PBT).

On the other hand, an adaptive test is one in which the computer selects the range of questions based on each of the candidate’s performance levels. This means that different test takers – even in the same exam room/hall – would receive different questions.

The CBT mode of assessment is arguably crucial and helpful, because it can measure different skills or sets of knowledge in order to provide new and better information about the candidate’s abilities. Moreover, the concerned institutions receive CBT results more quickly than those from the PBT, thereby enabling them to make their admission or promotion decisions, as might be the case, as fast as possible.

Furthermore, testing environments are more comfortable and individualized. Hence, candidates can write the test/exam with ease, or without much constraint.

For instance, in some such standardized tests as Test of English as a Foreign Language (TOEFL) and Graduate Record Examination (GRE), a word processor may be employed for writing essays more quickly contrary to the manual pattern.

In most CBT, a candidate might have access to immediate viewing of his or her scores on the computer screen, except in the case of essay-writing whose answers cannot be possibly programmed.

It’s worthy of note that one can sit for a CBT even if he/she has minimal or no previous computer experience. Instructions provided in a basic computer tutorial before the scheduled date of the test would give the candidate the required guidelines. This implies that any prospective candidate may have nothing to worry regarding an awaited CBT.

However, it’s imperative to acknowledge that there are numerous challenges attached to the CBT pattern required to be tackled, that if not duly addressed, both the candidates and the examiners would continue to groan while making use of it.

For the use of the CBT mode to be thoroughly successful in Nigeria, issues pertaining to power supply, software maintenance cum protection, and internet speed must be considered seriously. Also, cases concerning physical security, manpower, and what have you, ought not to be swept under the carpet.

Unsteady power supply can lead to many crises while the test is ongoing. Use of outdated softwares as well as lack of foolproof websites can warrant hacking among other dubious acts, which could make the test questions leaked to the public domain prior to the exam date. In the same vein, use of unreliable internet service providers or web browsers invariably leads to poor internet speed, and can as well make the site hang, freeze, or crash. Even bad hardwares such as mouse, keyboard and connectors, can cause several distortions.

Inadequate security personnel would enable criminals to invade the venue of the examination where valuables are kept with the purpose of causing obstruction or making away with the gadgets. Above all, the use of inexperienced manpower coupled with unavailability of IT experts cannot be undermined if we are truly determined to sustain this feat.

Aside from institutions that subscribe to the use of the CBT or e-assessment mode for entrance and promotional exams, which are usually annual or quarterly exercises, those who make use of it for CA are expected to be more vigilant and proactive.

The sites and gadgets being utilized ought to from time to time be upgraded, and a close monitoring and evaluation approach must be employed by the concerned authorities.

CBT is unarguably good and viable, but the users must endeavour to do the needful.

Fuel Scarcity Continues To Linger in Nigeria As Cargoes Remain Stranded

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As fuel scarcity continues to linger in the country, it is not far-fetched to say that this issue is gradually grinding the economy to a halt. The hope of Nigerians continues to remain in despair as there seems to be no end to this fuel scarcity in view. A lot of businesses are facing it hard this period as they constantly have to spend heavily on petroleum products at an exorbitant price, which has accrued more losses on their business. A lot of motorists now spend hours at the petrol stations in long endless queues, which has led to the loss of working hours, causing them to be less productive, which is already felt in the economy.

It was recently reported that 17 cargoes ordered by the Nigerian National Petroleum Corporation( NNPC) which arrived in the country could not discharge the product. Reports stated that out of the 17 cargoes ordered by the NNPC, four had arrived at the Lagos port but could not discharge earlier this week as they were finding a space to anchor. Sources at the NNPC blamed the current scarcity on supply and logistics issues.

According to officials at Nigerian ports, they disclosed that Petrol will not be distributed to depots until ships have discharged their contents. What this implies is that as long as cargoes arriving at different ports in the country do not have where to anchor, there will still be scarcity of petrol. It is when petrol gets to various depots that retailers get their allocations and take it to the stations for sale. The disheartening thing about this whole issue is that the issue is proposed to linger for a week or two, meaning there is no immediate remedy.

Carefully scrutinizing the issue of the fuel crisis in Nigeria, one can observe that a major issue in all of this, is the continuous importation of petroleum products. The NNPC had last month, when the scarcity began, cited the issue to the “importation of adulterated petrol from Belgium”. For a country like Nigeria that is richly blessed with crude oil, to still be heavily involved in the importation of petroleum is an aberration. It just reveals the gross incompetence of present and past leaders. Immediate steps must be taken to end the importation of petroleum products.

Government should ensure to build more refineries so that the country can be able to produce its fuel to avoid these incessant reoccurring issues of fuel scarcity. They must ensure that all refineries in the country work in full capacity for a definitive end to the importation of petroleum products. According to a report by OPEC in 2020, Nigeria spent a whopping $43.46 bn on the importation of petroleum products which was higher than the revenue that the country earned from the export of petroleum products in the same year. Such an outrageous amount should rather have been channeled to the development of other sectors in the country, if only the country was refining its own petroleum products. But rather, it was spent on the development of another country’s economy.

Nigerian refineries continue to remain dormant for years, despite repeated turnaround maintenance done by successive governments on the facilities. The country continues to spend billions of dollars to import petroleum products than the amount of Foreign exchange being earned from crude oil sales. 

Despite claims from the government in ensuring that Nigeria refines its crude oil to save foreign exchange, the promise seems like an empty one because there is no evident change. One really sad thing about fuel scarcity in the country is its ripple effect on other sectors. The ripple effect of fuel scarcity impacts almost every aspect of living, and things would get tougher if a solution is not found soon.

Food prices have gone high because they are directly connected to transportation costs, as food products are usually transported from villages to markets. Beyond the cost of transportation, the cost of production of cooked foods is also directly impacted by a scarcity of fuel. Most businesses including restaurants generate their own electricity with fuel-powered generators. A prolonged fuel crisis can take a major toll on employment because due to the high cost spent on fuel to run an organization, they may not be able to employ new staff or may even be forced to lay off some of them.

This menace of fuel scarcity has to end, it is embarrassing that a major producer of crude oil is heavily exporting petroleum products from other countries.

The Neobanks Are Roaring in Nigeria

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The Nigerian neobank sector is showing us the playbook: credit and nothing but credit. Interestingly, that is what banking should be about: collect cheap capital from depositors and deploy that capital to builders and makers, and be compensated via interest revenue for fixing that friction in the market. Nigeria has struggled with that because of lack of data. How do you make loans to people or businesses you do not understand?

Welcome the neobanks which are natively data-driven: “Kuda reportedly gave out US$180million in credit (overdraft) in 2021 alone, while Fairmoney reportedly gave out N117billion (US$234million) in the same year. Now you see the redesign. They can make those loans and overdrafts because they understand the business and the customer with the data coming out of their systems.

Although I clearly stated in a previous article that the growth and proliferation of fintechs may not be a lethal threat to traditional banks, I believe strongly that the growth, spread, and acceptance of digital banks has two core consequences for the banking industry; one is its ability to create a new standard for service delivery in retail banking, and the second is the mild disruption of Tier 1 and 2 banks offering retail digital banking solutions that refuse to move quickly. While it is largely wishful thinking to think that digital banks will disrupt the retail and mobile payments play of traditional banks, I believe strongly that they have the capacity to put the traditional banks on their toes and completely raise the standards of what a retail payments mobile banking app should offer its users, and what should be unacceptable.

Mintyn, TradeLenda, Ajo Money, and other emergent brands are coming with laser-focused niches. If these entities succeed, expect a massive level of disintermediation in the credit system in Nigeria. Data is going to win this market and only those who can not only collect the data but have the capacity to refine it will win.

It is predictive-lending where data systems predict you need money and ask you to click a button and in minutes money is in your bank account. I believe that the financial service sector in Nigeria will experience more transformations in the next five years than we experienced in the last 30 years!

Ready. Set. Go. Win or go home!

LinkedIn Summary

In America today, workers are running the shows as companies continue to struggle because they cannot find workers to hire. If you know how to brew coffee well in Starbucks, you get a FULL university scholarship. Interestingly , the analogical equilibrium shift in what workers are experiencing in America is coming to the credit market in Nigeria where neobanks and fintechs are increasing supply of credits.

In this piece, Maro Elias explains why that is good for the users and the economy. Competition deepens products and accelerates innovation – and may the best product WIN

Why the Growth of Neobanks is Good for the African Retail Banking User