The Federal Competition and Consumer Protection Commission (FCCPC) has imposed a massive $220 million (over ₦300 billion) fine on Meta, the parent company of Facebook, WhatsApp, and Instagram, for allegedly misusing Nigerian users’ data.
This fine follows a three-year investigation (May 2021 to December 2023) by the FCCPC and the Nigeria Data Protection Commission (NDPC). They claim Meta violated several laws, including the FCCPC Act 2018 and the Nigeria Data Protection Regulation 2019 (NDPR). Meta disagrees with the allegations and the hefty fine, and plans to appeal. Throughout the investigation, Meta cooperated, with the FCCPC acknowledging that Meta met with investigators as recently as April 2024. The FCCPC accused Meta of using its market power to enforce exploitative privacy policies, collecting users’ data without proper consent. Besides the fine, the Final Order requires Meta to comply with Nigerian laws and stop these practices in the future, adhering to national standards.
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Ever jumped into tech thinking it’s a fast track to big bucks? Collins thought mastering a tech skill and landing a startup gig would be his ticket to success. But his first startup experience was a real eye-opener. Collins started in video editing, totally green about tech. He didn’t care much for graphic design until a job lit a spark. When his dad passed away, he decided he needed a solid skill, and that’s when he discovered product design. A sibling showed him Figma for sketching user interfaces, and he dove into learning it through YouTube on his old laptop. With help from his brother, who paid for his first UI/UX course on Udemy, Collins quickly got the hang of Figma and started picking up other design tools. Before officially joining a startup, he did side projects with his brother, focusing on UI design. After a few months of intense self-learning, he landed a job where he started by creating slides and helping with graphics. Fast forward a couple of years, and Collins has mastered animation tools like Rive and grown from a newbie to a skilled designer. However, starting out in tech, he was shocked to see how different his actual earnings were from the high salaries he’d seen online. He expected more, but his first stipend was just ₦60k. That didn’t quite match the level of work he was putting in. Want to know more about his journey and the lessons he learned? Check out Oluwanifemi’s story here for all the details.
Seventeen months after MNT-Halan secured a massive $400 million investment to become Egypt’s first unicorn, the startup has raised another $157.5 million in its latest funding round to push its expansion beyond Egypt. Leading this round is the International Finance Corporation (IFC) with a $40 million investment. They’re joined by familiar investors like Development Partners International (DPI), Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp. With this new round, MNT-Halan has now amassed a total of $677.5 million in funding over the last two years to fuel its growth. Here’s how that unfolded: In January 2023, MNT-Halan made headlines by becoming Egypt’s first unicorn and also snagged $120 million from global investors in September 2021 to enhance its tech, reach more customers, and expand internationally. Founded by Mounir Nakhla in 2018, MNT-Halan has been on a mission to digitize financial services, offering everything from lending and payments to eCommerce. They’ve helped over 5 million clients and disbursed over $2.5 billion in loans. Plus, their eCommerce platform is generating over $50 million in sales every month. The startup is focused on using tech to transform financial services, and they’re not stopping at Egypt. Nakhla is excited about its M&A strategy and the continued support from its investors. Moreover, in March 2024, MNT-Halan made a significant move by acquiring Advans Pakistan microfinance bank, which provided them a solid foothold with 62,000 clients and 19 branches.
