Microlending platform FairMoney offers small loans of between N1,500 – N150,000 to Nigerian with maturities of 1-3 months. To determine who is fit to receive a loan or not, an algorithm allows the company evaluate an individual’s creditworthiness using two parameters: financial data and alternative data. With financial data, the algorithm evaluates the ability of […]
The news cycle in Nigeria has been dominated lately by several regulations introduced by varying financial institutions. First, the Federal Inland Revenue Service (FIRS) announced a new 5% Value Added Tax (VAT) on all online transactions from January 2020. Then the federal government unveiled plans to increase the VAT paid on all goods services to […]
Andela, the Africa-focused tech accelerator, is laying off more than 400 employees across three countries as the company changes its business model away from developer training. The company told TechCabal it is laying off 250 junior developers from Nigeria and Uganda and about 170 others in Kenya. CEO Jeremy Johnson said the company will now […]
Nigeria’s advertising regulatory body’s plan to vet adverts on social media is in peril after two historical court cases ruled the agency had no jurisdiction over non-members.