Kenya's first online university could be funded by KSh 1.8 billion of taxpayers' money

July 11, 2023
4 min read
Gallery view of Kenya's National Assembly

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  • Nigerians loss 85.1% less money to banking fraud in Q1 2023
  • Kenya's first online university

Nigerians loss 85.1% less money to banking fraud in Q1 2023

A picture of someone counting stacks of money. Used in this instance to depict huge sums of money for stuff like payments. student loans, trade among others

A new report on banking fraud and forgeries released by the Financial Institutions Training Centre (FITC) has revealed that Nigerians lost 85.1% less money to banking fraud in the first quarter of 2023, compared to Q4 2022.

In Q1 2023, Nigerians lost ₦472 million from a total of 12,533 reported cases. In comparison, they lost ₦3.1 billion in 14,609 cases in Q4 2022.

Going by the report, banks recovered 85.13 per cent more money than the preceding quarter and fewer cases were reported — 14.07% less. The amount involved also decreased to ₦2.5 billion from ₦12.5 billion — a 79.44% drop.

In comparison to the first quarter of 2022, this year's Q1 saw less cases reported (69.02%), less money involved (82.34%), and more money recovered (69.35%).

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These fraudulent activities were performed using various channels including ATMs, web, mobile banking platforms (including USSD & eNaira), bank branches, and Point of Sale (PoS) terminals.

Interestingly, PoS fruad increased by 19.51% to 1,985 cases, up from 1,661 in the preceding quarter.

Other channels showed a decrease in fraudulent activities: ATM - 38.61% less, mobile - 9.78% decrease, and web - 17.81% drop. Also, more bank employees (15) had their jobs terminated for participating in banking fraud, up from 12 in Q4 2022.

Kenya's first online university

Kenya National Assembly

Kenya's parliament has approved the establishment of the country's first online university — Open University of Kenya (OUK).

Last week, the National Assembly approved the draft charter for the Open University of Kenya, which upon ratification could see as many as 7,100 students admitted in its first cohort.

The school would be based at the Konza Technopolis in Machakos and KSh1.86 billion of taxpayers' money would be used to run OUK in its first year.

This is to "meet most of the initial costs of setting up physical facilities, information communication technology and support, design, production, acquisition of learning/teaching materials and learner support services."

Students could get a bachelor's degree in Agricultural Sciences and Technology, Data Science, Economics and Statistics, Technology Education, paying between KSh10,400 and KSh10,900 per module, depending on the course.

Other degrees include Bachelor of Cyber Security and Digital Forensics, Bachelor of Science in Business and Entrepreneurship.

For diploma courses, students could pay KSh130,000 per year.

This isn't the first time a Kenyan government has begun the process of establishing a virtual university. In 2014, an Uhuru Kenyatta-led government announced plans to set up an open learning university. However, it was never launched.

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Have a productive week!

Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.
Writer, Humanoid, Forever she/her, Lover of words. Find me on Twitter @OnomeOneyibo.

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