Remember this? Uganda to lift Facebook ban if it stops ‘gaming’

Well, Kizza Besigye, leader of the Popular Front for Transition (PFT), a political coalition, has said that President Yoweri Museveni should not be “proud” that Facebook has been inaccessible in Uganda for nearly two years.

Besigye mentioned that the Facebook ban had cost the country money.

“Many companies that used Facebook to advertise and promote their businesses in various other ways have suffered as a result of the Facebook ban,” he said.

Sidebar: In September 2022, Meta announced that all Facebook ads in Uganda would be subject to Value Added Tax (VAT) at the “applicable local tax rate.” In October 2022, the government imposed an 18% VAT on Facebook.

This is what I have for you today:

  • Access Bank, GTB and Fidelity Bank registered 26,877 fraud cases in the first half of 2022
  • Propcrowdy obtains its crowdfunding intermediary license (CFI)
  • Senegal receives an additional 5.3 million dollars for its Park of the Future

Access Bank, GTB and Fidelity Bank registered 26,877 fraud cases in the first half of 2022

According to the Central Bank of Nigeria (CBN) June 2022 Financial Stability Report, released in December 2022, 6047 Bank Verification Numbers (BVNs) were placed on the CBN watch list for fraudulent transactions.

The total number of BVNs under investigation for fraud increased 13.9% from 5,347 in December 2021, with 11,871 identified as deceased in 2022.

The CBN reportedly assessed 28 banks and the Nigerian Interbank Settlement System during the review period to ensure compliance with the regulatory framework for BVN operations and the watch list for the Nigerian banking industry.

2.72 million BVN signed up in the first half of 2022, bringing the total number to 54.65 million. In addition, 130.57 million of the 148.46 million active accounts were accounts linked to the BVN.

Wema Bank and GTB suffered the highest losses due to fraud during the period under review, losing ₦670.73 and ₦511.9 million, respectively.

According to the analyzes of their financial reports for the first half of 2022, Access Bank, GTB and Fidelity Bank registered 26,877 cases of fraud.

Guaranty Trust Holding Company and its subsidiaries reported 15,004 fraud incidents during the review period, recording ₦158.37 million as actual/expected loss.

In addition, Access Bank Plc reported ₦1.2 billion in fraud losses during the quarter. In the first half of 2022, the bank recorded 10,706 fraud attempts. About 7,104 were successful, while 3,602 failed. These efforts cost ₦12.55 billion.

Musa Jimoh, director of CBN’s Payment System Management Department, said that as electronic payments gain ground, fraudulent transactions in 2022 would drop by 35% compared to 2021.

He said: “We have actually controlled the incidence of fraud. We have recovered so many lost funds and we are putting tremendous systems in place around our payment infrastructure and financial system infrastructure so that fraudsters cannot get in.”

Propcrowdy obtains its crowdfunding intermediary license (CFI)

Nigeria’s capital markets regulator, the Securities and Exchange Commission (SEC), has granted Propcrowdy, a Nigerian proptech startup, a Crowdfunding Intermediary (CFI) license.

Why is this important? The regulator announced the launch of Crowdfunding Intermediaries in January 2021 to facilitate crowdfunding transactions, including offers for the sale of securities or instruments through its portal.

The model typically involves pooling funds from institutional and retail investors to finance specific projects over time. After a period, investors earn specified returns on top of their initial capital.

In an ideal world, such payments would occur without incident. However, without regulation, problems could arise.

Consequently, companies must obtain the license to remain in operation.

The CFI license validates crowdfunding as a viable alternative investment vehicle. Thus, it will provide investors with opportunities to invest in real estate with high returns.

Founded in 2019 by Roland Igbinoba, Propcrowdy is a crowdfunding platform that allows people to invest in African real estate.

It targets Nigerians earning between $80 and $1,000 per month and small and medium-sized property developers with an annual turnover of less than $5 million.

In 2021, Propcrowdy received a $500,000 investment to become licensed and build the necessary infrastructure to monitor compliance as required by the SEC.

Senegal gets an additional $5.3 million for its Future Park

Directors of the African Development Bank (AfDB) in Côte d’Ivoire approved an additional 5 million euros ($5.3 million) for the Future Digital Technology Park in Diamniadio, Senegal.

The new loan complements the bank’s 2016 loan of €60.96 million ($64.9 million), and the AfDB now bears 87% of the total project cost of €73.62 million ($78.38 millions of dollars). The Senegalese government contributes the equivalent of 9.64 million euros (10.26 million dollars).

Some twenty companies have already expressed their interest in locating some of their activities in the future park.

The park will reportedly turn Senageal into a regional digital hub, bringing digital solutions to existing industries such as agriculture. It will also increase the share of the ICT sector in GDP from 7% to 10% by 2026.

Marie-Laure Akin-Olugbade, AfDB Director General for West Africa, said: “This project will help Senegal’s economy and private sector to diversify and modernize.”

The loan will help equip the data center with state-of-the-art storage and processing architecture.

There will also be outsourcing facilities, an ICT incubator, a training center, a research center and a center for the production and development of audiovisual content.

Other benefits include institutional support, capacity building and the formation of a management team in charge of project execution.

This would play a role in the country’s Digital Senegal 2025 strategy.

Its goal is to produce 35,000 direct jobs from activities that include call centers, software and hardware engineers, and application development engineers.

It could also create approximately 105,000 indirect jobs in housing, telecommunications, real estate rental, transportation, catering, and other support services.

What I’m reading and watching


  • Misk Entrepreneurship partnered with Plug and Play to launch the fourth cohort of Misk Accelerator 2023, where 20 startups will participate in the 12-week hybrid program. Apply here.
  • The New York Times is looking for a Researcher/Reporter in Dakar, Senegal. Apply here.
  • Are you a member of the corps in Nigeria? Polaris Bank’s DigiCorper 2023 program is open. To learn data science, product management, product design, backend or frontend software development, or basic literacy skills, sign up here.
  • The Eswatini Communications Commission (ESCCOM) has initiated a Girls in ICT Development Programme, aimed at young women interested in pursuing a profession related to Information, Communications and Technology (ICT). To apply, check this out.
  • The United Nations is seeking an Associate Program Management Officer. Apply here.

Have a beautiful Wednesday.

victoria fakiya for Techpoint Africa.