How African fintech startups can provide excellent customer service
Noel K. Tshiani is the founder of Congo Business Network. Since April 2019, the network has worked with fintech startups, banks, the Ministry of Entrepreneurship, the National Agency for the Development of Entrepreneurship in Congo, the Ministry of Telecommunications, and consulting firms to develop the fintech sector in Kinshasa with the goal to boost financial inclusion and develop the culture of digital payments. Fintech startups in Africa continue to attract the majority of money raised from international investors as entrepreneurs work to launch a series of innovations that are transforming Africa’s financial services industry by making transactions for payments cheaper and faster for consumers. But startups often struggle to provide excellent customer care due to some factors, including: Lack of resources: Fintech startups often have limited resources, making it difficult to invest in customer service. Lack of experience: The majority of fintech startups in Africa are new to the market and may not have the experience or expertise to provide excellent customer care. Lack of focus: Fintech startups are often focused on testing the market by developing new products and services, and they may not have the time or resources to dedicate to client service. Despite these challenges, there are some things that fintech startups can do to improve customer care, such as: Invest in infrastructure: Fintech startups need to invest in the infrastructure that will support excellent customer care. The minimum includes a call centre, a website chat feature, and social media support. Invest in software and tools: Several software and tools can help fintech startups to provide excellent customer care. Priority should be given to customer relationship management (CRM) software, knowledge bases, fraud detection, risk management, and ticketing systems. Train customer service employees: Fintech startups need to train their customer service workers to provide excellent customer care. Training should cover customer service best practices, product knowledge, conflict resolution, reputation management, and problem-solving skills. Focus on customer satisfaction: Fintech startups need to prioritise customer satisfaction. It means listening to customer feedback, resolving customer issues quickly, and going the extra mile to make sure customers are happy. Excellent customer care can contribute to business growth and success for fintech startups in different ways. First, it can help to attract new customers. When customers have a positive experience with customer care, they are more likely to do business with a company again. Second, excellent customer care can help to retain existing customers. When customers are happy with the level of service they receive, they are less likely to switch to a competitor or speak negatively about a startup. Third, excellent customer care can help to build brand loyalty. When customers have a positive experience with customer care, they are more likely to recommend a company to their friends, family, or co-workers. Fintech startups can take the following actions daily to ensure outstanding customer care: Be responsive: Customers expect quick and accurate responses to their inquiries. Make sure you have a system in place for handling customer inquiries in a timely manner. Be knowledgeable: Your customer service agents should be knowledgeable about your products and services. Well-trained employees will be able to answer customer questions quickly and accurately. Be empathetic: Customers want to feel like they are being heard and understood. Your customer service personnel should be able to empathise with customers and offer solutions that meet their needs. Be proactive: Don’t wait for customers to come to you with problems. Reach out to customers to see how you can help them and follow up to make sure a customer does not have unresolved needs. Be positive: A positive attitude can go a long way in providing customer service. Your customer service team should be friendly, helpful, and positive. In conclusion, by investing in world-class customer experience, fintech startups in Africa can improve their chances of success because excellent customer care can help to attract new customers, retain existing buyers, and build brand loyalty. In the highly competitive world of financial services, paying close attention to customer service will contribute to increased sales, improved customer satisfaction, and higher profitability that many entrepreneurs are now seeking to achieve across Africa.
Read More‘Golf Mafia’ cleared of any wrongdoing as Zimbabwe struggles to find gold for its tokens
Alleged Zimbabwean gold smugglers, accused of looting the country’s gold reserves, cleared of any wrongdoing as Zimbabwe proceeds launch of gold tokens backed by the country’s reserves. In February, Al Jazeera put out a four-part documentary, titled ‘Gold Mafia‘, purporting to show the looting of gold reserves via smuggling and money laundering by high-ranking officials in the Zimbabwe government, all the way to the president. In the documentary, Al Jazeera revealed how a group of money launderers and gold smugglers had effectively taken over several South African banks by bribing key members, allowing the criminals to send large amounts of gold smuggling funds overseas without raising the suspicions of the authorities. Now, following an investigation by Zimbabwe’s Financial Intelligence Unit (FIU), the assets of the accused individuals have been unfrozen as the investigating entity stated that it did not identify any assets or transactions linked to gold smuggling and money laundering. Bad timing The decision to clear the accused comes at a time when Zimbabwe is in need of sufficient gold reserves to support its digital tokens initiative which it launched last month. Through the initiative, the Reserve Bank of Zimbabwe (RBZ) introduced a gold-backed digital currency to be used as legal tender in the country. The introduction of the digital gold tokens was stated to be part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens would be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from the exchange rate volatility. The tokens, backed by 139.57 kilograms of gold, were on sale from May 8 to May 12. IMF sees lack of gold as concerning The International Monetary Fund cautioned Zimbabwe against adopting a gold-backed digital currency to deal with macroeconomic challenges like volatility in the local unit, saying it should rather liberalise its foreign exchange market. Already, Zimbabwe will be putting a lot of gold on the line for the project. In April, a member of its monetary policy committee revealed that the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Zimbabwe is targeting a 14% increase in gold production, which will bring production to 40 tonnes this year. It earned $377 million from gold production in Q1 2023, down from the $463 million it earned in Q1 2022. With the alleged architects of one of the country’s largest gold heists pretty much escaping consequence-free, the concern that the country’s gold reserves, the cornerstone of its gold-backed tokens initiative, may also get looted is a valid one.
Read MoreWith crypto payments helping African creators, new opportunities abound
Cryptocurrencies have provided creators with an avenue to receive payments directly from their audience without the need for intermediaries. A recently published report by Selar on The African Creator Economy and The Future of Work revealed that the use of cryptocurrency helped to enhance the ways creators do business. It also added that non-fungible tokens (NFTs) have similarly helped in making it easier to monetise digital content like artwork, music, and videos. The report found that one in four digital creators currently have staff working with them. It adds that YouTubers have the highest percentage of hired staff at 36%, followed by bloggers at 35%, social media influencers at 31%, and makers of digital products at 27%. With the global creator economy estimated to be worth over $20 billion, Selar notes that growing demand for skilled workers in areas such as graphic design, video editing, and social media management has begun. In fact, it revealed that a quarter of creators hire a team of experts and begin to embrace outsourcing which has spread the fortune around. “According to the data we collected, approximately 24.7% currently hire a team of experts to support their work. Of those who do, 19.7% hire professionals in graphics design, 16.2% in social media management, 14.3% in digital marketing, 12.8% in sales, 10.2% in customer support, 10.3% in video editing, 8.1% in video production, and 4.9% in accounting,” the report read in part. So far, the most outsourced skill is graphic design at 19.7%, while another potential skill for growth is video editing and production, which 10.3% and 8.1% of creators respectively are outsourcing. This is due to the fact that video content has become vital for the creators’ economy and the demand is high. Per SignalFire, the creator economy has gradually emerged as one of the largest employers of labour, with two million professional individual creators producing content full-time and approximately 46.7 million individuals creating content part-time. The report however tasked policymakers to create an enabling environment for innovation and entrepreneurship as the possibilities for creators to change the world of work expands.
Read MoreEgypt sells 9.5% stake in Telecom Egypt for $121.6 million
Egypt’s government wants to raise $2 billion by selling its stake in 32 companies by June. But it has only raised $25 million after selling its stake in one company since announcing the privatization program in February—until now. Egypt’s finance ministry announced the sale in a press statement on Sunday, almost two months after it first said it planned to reduce the government’s ownership in the company. Egypt is desperate for revenue from privatising state-owned firms in order to meet a series of foreign debt obligations that come due in a few months. Reducing the government’s involvement in the economy is part of a $3 billion, 46-month financial support package signed in December, under which Egypt promised the International Monetary Fund it would roll back its involvement in the economy and allow private companies to play a much greater role. Selling 9.5% of Telecom Egypt is the second sale since prime minister Mostafa Madbouly promised on April 29 to press ahead with a planned sale of government stakes in 32 companies in the hope of raising $2 billion by the end of June. Until this recent sale, the government held 80% of the Egyptian Stock Exchange-listed company, with the rest in free float. According to filings at the Egyptian Stock Exchange reported by Bloomberg, the government sold 162 million shares in the telecommunications company priced at 23.11 Egyptian pounds each. It is offering 0.5% of Telecom Egypt to employees to buy by May 25 which will bring the total asset sale to 10% which is the equivalent of 12.5% of the stake held by the Ministry of Finance. Overall it will reduce the government’s stake to 70%. Earlier in March, Bloomberg reported that Egypt was weighing two offers from the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund for part of Telecom Egypt’s stake in Vodafone Egypt. Telecom Egypt owns 45% of Vodafone Egypt which is the largest mobile network operator in Egypt by active subscribers with a 42% market share in the mobile carrier space. Vodacom Group, the South African subsidiary of London-listed Vodafone owns 55% of the company.
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What does Nigeria need from its digital economy minister?
The Tinubu administration has lofty dreams for the Nigerian digital economy, but it remains unclear how it will achieve them. We analyse the most pressing issues for the incoming minister of digital economy. On May 29, 2023, barring any unforeseen circumstances, Bola Ahmed Tinubu of the All Progressives Congress (APC), will be sworn in as president of the country. As it stands, his incoming government has shown signs of working to spur the growth of the Nigerian tech ecosystem. His 80-page election campaign manifesto, which was presented at a business summit in Lagos by Iyinoluwa Aboyeji, a two-time unicorn founder and venture capitalist, devotes an entire section to the digital economy. The section starts by establishing how important a Tinubu-led government considers technology and continues with a promise to create one million new jobs in the “ICT sector”. There is also mention of talent outsourcing to the global economy, infrastructure-led support of Nigeria’s ecommerce industry, tech manufacturing, a plan to deliver broadband services to 90% of the population by 2025, and a review of the government’s stance on blockchain technology and crypto. While these promises sound exciting for any stakeholder in Nigeria’s tech ecosystem, in Nigeria’s democracy, the government’s promises rarely translate into action. Should the minister employ a hands-on approach? Actualising these promises will fall to the next minister of communications and digital economy, and they have their work cut out for them. In a conversation with Abdul-Hakeem Ajijola, a former special adviser to the Obasanjo, Yar’Adua, and Jonathan administrations on technology, I asked what he thought the incoming government could do for Nigeria’s ecosystem, especially after noticing how hands-on francophone African governments were in supporting their ecosystems (the Ivorian minister and representatives of the ministers in Togo, Benin, Congo, and the DRC were active participants at a cybersecurity conference; the Ivorian government also signed a $23 million deal in April with an Ivorian company to digitise the tourism sector). Ajijola replied that what Nigeria needs is less involvement from its government in the technology sector. “Sometimes, but not always, the best thing that the government can do is get out of the way. Sometimes you find that the actual problem is a single point of failure, and that single point of failure is the government, a single point of institutional failure,” he said. “Right now, too often, the government is actually the stifling agent,” he added. It is not hard to agree with him. The Nigerian government is notorious for frequently acting as a barrier rather than a bridge for the technology sector. The Lagos state government’s ban on two-wheelers, which changed the trajectory of several ride-hailing companies; the Twitter ban; and the Central Bank’s ban on cryptocurrencies which made crypto trading illegal overnight, are recent examples that come to mind. Here’s what the Nigerian tech ecosystem expects from a Tinubu presidency Despite these conflicts between government and innovators, the Nigerian tech ecosystem has continued to grow in leaps and bounds. Last year, Nigerian startups raised over $1.1 billion, according to Partech, a venture capital firm. Leveraging Nigeria’s position as the largest economy in Africa, over 3,300 startups currently operate in the country, more than thrice the number in the next country. Oswald Osaretin Guobadia, senior special assistant on digital transformation for the Buhari administration, disagrees with Ajijola. He told TechCabal that the incoming minister’s first 50 days should be focused on attaining the required approvals for a rigorous transformation agenda. “What is currently crucial is a strategic, non-siloed collaborative execution plan. No more talks, no more announcements. It’s time to execute, so [the office] needs to be treated as a digital (dot) Nigeria programme office, with the express directive and executive empowerment to digitise Nigeria from governance to education to health to commerce. [The] digital transformation of Nigeria will require effective infrastructure buildout, combined with cross-sector policymaking,” he said. While limited government involvement in the tech ecosystem might be the best route given the history of Nigeria’s governments, a supportive government would go a long way in further solidifying Nigeria’s stance as the leader in startups in Africa. The incoming Tinubu-led administration has lofty goals for Nigeria’s digital economy What needs to be done? To achieve digital transformation and support startups, the Tinubu-led government and its digital economy minister need to work with state governments to ensure that the Nigeria Startup Act is not just federal law but is implemented in every state. A shining example of when the Nigerian government got it right with its tech ecosystem, the Nigeria Startup Act was formulated by the Buhari administration to provide a clear regulatory framework for startups and create an enabling environment for them to thrive. However, eight months later, no state has domesticated the act, and only a few have made concrete efforts in that direction. Guobadia told TechCabal that the incoming minister can change this by “ensuring complete implementation of the act… and continuing to ensure that the entire ecosystem remains engaged in the process”. Another pressing concern for the new minister will be addressing the controversies around the amendment of the National Information Technology Development Act. The amendment aims to create separate regulators for the telecommunications sector and the IT sector. Instead, the amendment allows the National Information Technology Development Agency (NITDA) to take over most of the powers of the Nigerian Communications Commission (NCC). The amendment also reduces regulatory independence by creating ministerial influence over the regulatory process. The minister will also need to implement the National Digital Economic Policy and Strategy. The policy, introduced by President Muhammadu Buhari in 2019, aims to reposition the Nigerian economy to take advantage of the many opportunities that digital technology offers and diversify the economy’s reliance on oil. However, there is still a lot to be done before the expiration of the policy in 2030. Bola Tinubu and his plans for Nigeria’s tech ecosystem Perhaps the most important roadblock the Tinubu-led administration might face in achieving its lofty goals is the lack of nationwide broadband penetration. Nigeria’s
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👨🏿🚀TechCabal Daily – Zimbabwe’s gold haul
Lire en français Read this email in French. 17 MAY, 2023 IN PARTNERSHIP WITH Good morning Here’s a reminder that, unlike Elon Musk and many African governments, we’re open to judgement. And we’ll even reward you for it! Take a couple of minutes, fill our survey, tell us what you like, love and dislike about TC Daily, and you could win a $50 gift card. In today’s edition Zimbabwe sells $39 million of gold-backed token MTN rebrands infrastructure biz to Bayobab MTN to connect Africa in $230 million deal Nestcoin’s MVM takes shape Miva receives Nigerian licence The World Wide Web3 Opportunities ZIMBABWE’S FIRST DIGITAL CURRENCY SALE IS A SUCCESS Zimbabwe took a leap of faith and landed right on its feet! The Reserve Bank of Zimbabwe’s first gold-backed digital currency sale has been a success. Zimbabwe has sold 14 billion Zimbabwean dollars’ worth of gold-backed digital tokens—worth around $39 million, per Coin Telegraph. Sidebar: Zimbabwe did this to save its currency (the Zimbabwean dollar) from going down the drain against the US dollar. The country has employed several economic tactics, including the introduction of a digital currency backed by real gold. The IMF gave a warning shot, saying it could backfire and deplete their gold reserves alongside their currency, but the country went ahead to introduce the first crypto tokens in April. The tokens, backed by 139.57 kilograms of gold, were on sale from May 8 to May 12, and guess what? Zimbabwe received 135 applications, adding up to Z$14.07 billion, to grab a piece of the glittering action. And now, the first sale is making headlines as a success story. Interesting right? The tokens were available for purchase at a starting price of $10 for individuals and $5,000 for corporations and other entities. These tokens come with a minimum vesting period of 180 days and can be stored in e-gold wallets or on e-gold cards. According to reports, the official exchange rate of the Zimbabwean dollar to the American dollar stands at Z$362 per American dollar. However, on the street, the Zimbabwean dollar is trading significantly higher, resulting in the stash being approximately valued at $38.9 million. Another round. The country is organising another series of digital token sales and has asked for applications to be submitted this week. The settlement of these applications is expected to take place by May 18. MONIEPOINT RANKED 2ND FASTEST-GROWING AFRICAN COMPANY Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here. This is partner content. MTN REBRANDS INFRASTRUCTURE BUSINESS Pan-African mobile network operator MTN Group has rebranded its digital wholesale and infrastructure services firm MTN GlobalConnect (MTN GC) to Bayobab (yes, with the y). Baobab will comprise two wings: Bayobab Fibre and Bayobab Communication Platforms. But y, though? According to the company, the rebrand is the first step in its business transformation journey since announcing MTN Group’s Ambition 2025 strategy to structurally separate its fibre business, targeted for completion by 2024. This, according to the Joburg-headquartered telco, will enable Bayobab to unlock value within the business, attract strategic partners, and comply with local regulations across its key markets. Zoom out: It looks like MTN is going all in on its fibre bet. Apart from the rebrand, the company also announced that it is planning to construct an inland fibre cable to connect 10 countries at a cost of $320 million. MTN TO CONNECT AFRICA WITH FIBRE IN $320 MILLION DEAL MTN wants to be everywhere we go in Africa. Its brand, Bayobab, partnered with Africa50, an infrastructure development fund, to create Project East2West. This project aims to build a fibre-optic cable network that will connect the eastern and western shores of Africa. The partnership plans to invest R6 billion ($320 million) to connect 10 African countries between 2023 and 2025. In a statement, MTN said it will start building the East2West link by Q4 2023, and the project will add about 20,000km of new cable and interconnect over 100,000km of fibre. ICYMI: On Monday, MTN announced that its wholesale services unit, MTN GlobalConnect, has been renamed to Bayobab. In a statement, the Johannesburg-headquartered telecommunications firm notes that this investment is within MTN’s previously announced Ambition 2025 plans and will contribute to Bayobab reaching the group’s target of having 135,000km of proprietary fibre over the coming three years. MTN’s recent venture involved building a sub-sea cable that connected South Africa’s Cape Town to Europe and the Middle East. This deal is in line with the telecoms’ efforts to enhance connectivity among African countries. The new MTN pipes will be constructed in three phases and run through countries including Kenya, Nigeria and Congo. Once the final stage is completed in 2025, the fibre will greatly enhance services like video streaming and cloud computing by significantly increasing their speed and efficiency. ATTEND FINTECH WEEK LONDON Fintech Week London 2023 is a five-day event that runs from June 19 to June 23, 2023, with a two-day flagship conference on June 19 and 20. Tickets are now on sale and you can get 15% off when you register your spot here with the code: TechCabal2315. This is partner content. NESTCOIN’S GAMING PLATFORM MVM FINDS ITS FEET Image source: Ifeoluwa Awowoye (Nestcoin) Nestcoin is stepping up its game, and also stepping out of it. The crypto venture studio announced that it is separating from its gaming project, Metaverse Magna (MVM), to make it a standalone entity. MVM, now on its own two feet, is introducing a brand-new platform called Hyper—a social gaming and e-sports tournament platform that lets users compete against each other. You can tell, by the name, that Nestcoin is still hyper about the future of Web3 despite the significant blow that the FTX crash dealt the business. A little more about Hyper. Hyper is a P2E platform, just like MVM was when it started out, and like MVM, it will enable gamers to earn
Read MoreKenya’s Data Protection Commissioner takes aim at loan apps
The Kenya Office of the Data Protection Commissioner (ODPC) has reportedly been working diligently over the past two years. One of its mandates was to regulate the online lending platform, which was characterized by flagrant personal abuses. However, what is stopping it from reaching its full potential? The Kenya Office of The Data Protection Commissioner (ODPC) was instituted over two years ago. It was established under the Data Protection Act (DPA) 2019, which was signed by former Kenyan president, Uhuru Kenyatta. The law was designed to protect the personal data of Kenyan citizens and residents. It sets out several requirements for organisations that collect, process, or store personal data, including obtaining consent from individuals before collecting their data, keeping the data secure, and only using the data for the purposes for which it was collected. The ODPC began executing its functions in 2020, but did not collaborate with the media to clarify its mandate. Local media typically holds substantial power in creating awareness as it reaches a vast population directly. The ODPC rectified its oversight today, when it met with the media and other stakeholders such as the Media Council of Kenya. Speaking at the engagement, Immaculate Kassait, the Kenya Data Commissioner stated, “It is also good for us as it allows us continued engagement on the Act while breaking any communications barriers on future engagements. It also presents an opportunity for feedback which will go a long way in improving how we operate as envisioned in the Data Protection Act.” Media participation is indispensable when it comes to sensitising the public about data protection. As such, the ODPC now aims to further educate and actively involve the media in understanding the Data Protection Act, the office’s mandate, regulations, and significant accomplishments. Data processors and controllers Several issues came up during the session between the ODPC and the Kenyan media. One issue raised spoke to the fact that many organisations are not registered as data controllers or data processors. Data controllers typically determine the purposes and means of processing personal data, while data processors process personal data on behalf of the data controller. Registering as data processors and controllers ensures that organisations comply with data protection regulations and maintain the privacy and security of personal data they handle. So far, the ODPC has only registered a little over 2200 data processors and controllers. At the meeting, the ODPC revealed that media companies will need to register as data processors and controllers in the coming days. This is necessary because media companies process and control data to understand their audience, deliver personalised content, and optimise advertising. These organisations also collect and analyse various data types such as demographics and browsing behaviour to make informed decisions and meet industry standards. Kenya media companies may be asked to register as data processors and controllers in the coming days. Loan apps continue to pose a menace At the meeting, the Office remarked that it is undecided on how much to fine companies that abuse personal data. By law, guilty organisations can be fined up to KES 5 million ($364,000), which is not punishing enough for organisations that return massive profits according to the media. However, the Data Commissioner mentioned that this could change in the future. An unregulated online lending landscape gave loan apps free rein to harass Kenyans for years. In fact, it can be argued that lack of legislation was what motivated the signing of the Data Protection Bill, 2019. Prior to the signing of the Bill, online lenders could offer loans to locals and charge arbitrary interest rates. These loan apps capitalised on Kenyans’ appetite for loans, lowering the entry barrier and providing collateral-free loans so that anyone with a mobile money account and a smartphone could apply. However, these online lenders began toblatantly abuse the personal data they collected, using shaming and predatory tactics to compel defaulting borrowers to pay. . Following the institution of the DPA, strides have been made towards regulating the industry., 32 loan apps out of hundreds have been licensed to run their operations in the country. Licensed apps must comply with set criteria such as implementing security measures to protect user data, having a physical office, and not usingunderhanded tactics when recovering their loans. Data abuse cases are reported poorly According to the Data Commissioner, the Office has received a total of 2,675 complaints, 857 of which have been acknowledged. These complaints are essential because they show that Kenyans are still wary of their online safety and have a platform where they can report abuse. The ODPC attributed the low number of acknowledged cases to several reasons, including the submission of anonymous or duplicate complaints or complaints outside the Office’s jurisdiction, the filing of unauthorised complaints on the behalf of others, and complaints from individuals evading contractual obligations. According to the ODPC, such actions undermine the credibility and effectiveness of the complaint system. “The ODPC only admits complaints where the potential data breach is against oneself or where instructions are provided for one to be represented by a third party,” added the Data Commissioner. Kenya to host the 2024 NADPA General Assembly Lastly, Kenya has won the bid to host the 2024 NADPA General Assembly, as announced during the 6th Annual General Meeting held in Burkina Faso on May 11, 2023. NADPA is a network of African privacy and data protection authorities aimed at facilitating exchanges and cooperation among its members. Kenya has been elected as the 1st Vice Chair to the NADPA board, while Madam Samody Tchimouden Hadatam from Niger Data Protection Authority has been elected as the Chair.
Read MorePlug and Play announces its second investment in Moroccan startup Chari
Chari, a Moroccan e-commerce startup, receives second backing from Plug and Play to digitise FMCG fulfillment for retail stores in francophone Africa. Plug and Play, a leading innovation network headquartered in Silicon Valley, has announced its latest investment into Chari, a Moroccan B2B e-commerce startup that connects small-scale retailers to FMCG manufacturers. While the funding amount remains undisclosed, TechCabal confirmed that it is part of a closed Series A round which will be announced in the future. Chari onboards traditional mom-and-pop stores onto its platform and helps them fulfill orders while providing embedded financing services. The startup claims to have onboarded over 20,000 food businesses in Morocco before its expansion to Tunisia and Ivory Coast last year. In a statement shared with TechCabal, Aziz El Hachem, North-Africa Director at Plug and Play, expressed confidence in Chari’s founders and their ability to take the business to new heights. “Morocco’s startup scene is growing, with more and more companies securing funding at more advanced stages of growth. We’re thrilled to be part of this dynamic ecosystem, and we’re particularly excited about Chari who first caught our attention as part of our inaugural cohort in Morocco in partnership with the Mohammed VI Polytechnic University and Startgate. Ismael and Sophia are stellar entrepreneurs, and we’re confident that they will achieve great things,” he said. This latest funding adds to Chari’s streak, following its 2021 raise of $5 million. In 2022, the startup raised an undisclosed bridge round which saw it acquire Axa Credit and Diago. Then in February 2023, Chari raised $1 million from Orange Ventures as part of its ongoing Series A round (which is welcoming Plug and Play as a returning investor). Chari’s business model aggregates the scattered network of traditional retail stores that characterise FMCG markets in developing countries. These stores account for 80% of the consumption market, representing a huge market opportunity for Chari. With its solution, the Moroccan startup hopes to revolutionise the way these stores operate and replenish their stock. Chari claims to offer lower prices and same-day deliveries to the retail stores on its platform while enabling FMCG brands to track their sales at the grassroots. “Chari has demonstrated strong traction in the market, having already established itself as the leading B2B e-commerce platform for FMCG products in Morocco, with a clear vision to become a regional player and build additional services, which will provide the company with opportunities to capture further market share and create additional revenue streams such as embedded fintech. Chari has recently become the first VC-backed startup to receive a payment license from the Central Bank of Morocco,” the press release reads in part. Chari’s cap table comprises global institutional investors such as Y Combinator, Rocket Internet, Endeavor Catalyst, Harvard University Management Company, Orange Ventures, and Verod-Kepple, among others. Last year, TechCabal argued that Chari was on its way to becoming Morocco’s first unicorn. If the startup’s streaks of acquisition and funding announcements are anything to go by, then that possibility now seems closer than ever.
Read MoreMiva secures online university licence
Sim Shagaya, the founder of uLesson, an edtech startup, has announced that they’ve been granted an online university license by the National Universities Commission (NUC). This is in line with uLesson’s plan to expand beyond K-12 into providing open-distance tertiary education. The online university, now called Miva Open University, will commence offering degrees in computing and management courses —Computer Science, Software Engineering, Accounting, Economics, Business Management, Public Policy & Administration, Data Science and Cybersecurity — before expanding to other fields. According to Shagaya’s tweet, their launch into the tertiary education sector is timely as the need for effective affordable tertiary education is as acute as ever. He further reiterates their commitment to pushing the boundaries of accessibility, affordability, efficacy, convenience and innovation. Shagaya has always been vocal about his commitment to providing holistic education, but unlike the K-12 model which only provides locally relevant content to supplement regular school lessons, uLesson is now offering fully-licensed degrees with Miva. According to Shagaya who has been leading uLesson since 2019, his vision for uLesson is to make it the largest platform collating the best media, education, and technology tools to transform education outcomes in Africa. “Years from now, I want to hear uLesson users talk about how we fundamentally shifted their attitudes to learning and inspired them to follow pursuits that they would have otherwise not done because we opened their eyes to new possibilities,” he shared. Only about one in four people who apply to university in Nigeria every year will get a spot. For those who do, the university experience is characterised by outdated curriculums, low teacher-to-student ratio, and poor infrastructural facilities, among other things. This has made it imperative for young people looking to go into fields like tech to find education from other sources, most commonly online platforms. uLesson—the biggest and most capitalised edtech startup in the country—has managed to win the trust and support of parents and teachers with over two million app downloads. Shagaya is looking to bring all that they’ve learned serving K-12 learners to the tertiary level. There is a growing demand for talent with tech skills like data science, software engineering, and cybersecurity, and Miva Open University will fill in this gap by providing young Africans with the training and certification required. “Our mission is to provide accessible, high-quality education that helps our students succeed in the digital marketplace,” Shagaya said. One of their competitors on this journey will be AltSchool Africa, another Nigerian edtech offering diplomas in computing courses like software engineering and data science after a year-long study. It raised $1 million in 2022 to scale its efforts.
Read MoreChef Hilda Baci nearly broke the internet – but has she broken a Guinness World Record?
Nigerian Chef Hilda Bassey’s cooking has got tongues wagging. Not only has she cooked up a possible new Guinness World Record, but her impact on the internet has seen her reach over 200 000 searches on Google. So far, over 200 000 Google searches have carried queries regarding Bassey, popularly known as Hilda Baci. Bassey had, on Monday morning, surpassed the 87 hours 45 minutes record set by Guinness World Record holder Lata Tandon. She began the competition last Thursday at exactly 4pm when she put on her cooker. Bassey initially set out to cook for 96 hours, setting a new world record at Lekki in Amore Gardens, but continued cooking for 100 hours. Her popularity after the first day gathered momentum as several tweets associated with her Cook-A-Thon spread throughout the social media platform, Twitter. Bassey is currently the second most searched person in Nigeria since Sunday, May 14, 2023, with over 200 000 searches, just behind Yoruba actor Murphy Afolabi who is also on 200 000 searches, according to data available from Google Trends. Some of the searches linked to Bassey include: hilda, guinness book of record, guinness world records hilda bassey, hilda baci live, hilda cook, hilda cookathon, longest cooking time, amongst others. Guinness World Records has reacted in a tweet that they are aware of Bassey’s feat but need to review the evidence before confirming the record. A lawyer and one of the independent judges who assessed the event, Uqbah Lukman-Balogun told TechCabal that the assessment was very important before the certificate could be given. we’re aware of this amazing record attempt, we need to review all the evidence first before officially confirming a record https://t.co/loGnAY8yKE — Guinness World Records (@GWR) May 15, 2023 “Whenever she finishes her attempt, she sends all the necessary evidence. Prior to attempting the record, certain conditions must be fulfilled. She must set up the camera, judges, timekeepers and the medical team – all of it is in the guide. After everything, the team must send a report of everything to the Guinness World Records to make sure everything is correct.” Lukman-Balogun said a 12-week review would then determine if the record is broken. He said the process could be hastened to five days with the payment of $800 – $1000. The Guinness World Records, in its guidelines, states that the 12 weeks waiting time can be extended, especially due to high demand from several applicants. Support for the Chef Several goodwill messages have continued to pour in for the chef from political leaders, celebrities, clerics, and other well-meaning Nigerians. So far, Nigeria’s President, Muhammadu Buhari, President-Elect Bola Tinubu, Peoples’ Democratic Party (PDP) presidential candidate Atiku Abubakar, Labour Party (LP)’s presidential candidate Peter Obi, and other personalities have also lauded Bassey for attempting to beat the record. Similarly, a former Akwa Ibom State governor, Godswill Akpabio; Peter Obi’s wife, Margaret Obi, Lagos State Governor, Babajide Sanwo-Olu of Lagos State; family, well-wishers, influencers and a host of celebrities, also stormed the venue to show their backing. Lukman-Balogun stresses that Hilda’s support is organic, adding that she initially didn’t have many people cheering her. “The support on social media was very organic. On the first day, there was no awareness, no noise per se. In fact, as a judge, I didn’t know about it until two weeks before the contest started. I think it is a matter of Nigeria being supported as much as possible. It wasn’t even pre-planned. We were surprised to see it everywhere. People were fascinated by what she was doing, and that’s how she got social media presence,” Lukman-Balogun said. The lawyer said the support drove her from 96 hours to 100 hours. Hilda, 27, said she had wanted to do this when she was 21. She began to prepare herself in 2018, five years prior. She said she wanted to be taken seriously in the hospitality industry and went on to cook over 100 meals in four days. A case of poor branding On the other side of Twitter, some individuals advocated for DJ Venum (Venmark Agboola), who attempted to break a Guinness World Record as the longest-performing DJ in 2018. Agboola told TechCabal that he did it for 18 days, between 1 and 19 August 2018. His manager, Babatunde Ahmed, who spoke to TechCabal on a separate occasion, noted that the 18-day performance record was still under review. However, Agboola clarified that the record wasn’t possible due to some technicalities. According to him, he wasn’t recording in real-time, and the fact that he had to give adequate documentation of the process made the whole attempt inconclusive. “I recorded everything, but when they (Guinness World Record) asked for extra stuff; I could not provide it because the time has passed. I couldn’t send live evidence, I sent it after the event,” Agboola explained. Agboola said he didn’t get as much support from brands and media to make the buzz at the time. This was in addition to the fact that his event was done in Akure. He said Lagos could have been the difference. “It is a different era now and then,” he explained. He said he would attempt a new record if there were better circumstances and more motivation, publicity and a juicy offer to make him commit again. “It is because of the fact that there is much more noise now that you can look at the past and say people did not notice. I had over 300 000 people come out in Akure. I had bikemen talk about it. If you take a bike from anywhere in Akure, they would know that you are going to that place where they were partying for a couple of days. So, it was a big feat then, and it’s a big feat now. It doesn’t take away the relevance. “
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