👨🏿🚀TechCabal Daily – Airtel Africa loses $151 million
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Starlink is now available in Malawi. The service launched in the country on Wednesday, about a week after it launched in Kenya. Malawi becomes the sixth African country to receive the satellite internet service after Nigeria, Mauritius, Rwanda, Mozambique and Kenya. The service is set to launch in 17 more African countries in 2023, including Zambia and Angola. In today’s edition Quick Fire Airtel Africa loses $151 million in Q1 2023 Hackers attack Kenyan businesses Funding tracker The World Wide Web3 Event: TC Live Opportunities Quick Fire How Israel Oloruntoba thinking about products Israel Ayo Oloruntoba is a product design manager at TradeAlly. With about four years of design experience, he has helped businesses and organisations solve problems, leading to customer retention, growth, and revenue increase. Israel possesses extensive experience in working on multiple products ranging from custom startup solutions to simple and complex enterprise software. Image source: Israel Oloruntoba Explain your job to a five-year-old. The toys you play with, I design them. It’s my job as a product designer to ensure that you, first, have the right kind of toy. Creating toys that just make you happy when you use them is what I do. And is product design something you stumbled on? Or is it something you’ve always wanted to do? For my adult years, it’s definitely something that I wanted to do. I started first as a graphic designer and I also was interested in product management and engineering; I even learnt to code at some point. So I looked for something that was in between Product design was what made most sense. I’m also very interested in building products that people will actually use and enjoy. So it’s a little bit of both. I wouldn’t say my life’s dream was to be a product designer. But, it’s something that I stumbled upon and something I was also very interested in basically. What’s one thing you think any aspiring product designer should know? That product design is not just about pixels, it’s not just about shiny things. It’s about the thinking. It’s about really understanding how products works. It’s not just going on Figma and putting squares, circles and text together. Understanding how people use things, understanding people’s mental modes for the basic things that they use, that’s product design. It’s seeing beyond the shiny interfaces and shiny looks of products generally. You’ve had freelance and salaried employment. Which do you prefer? And why? For me, I prefer salaried. I’m not the biggest planner, but when it comes to things within my sphere of control, I don’t mind having them within my sphere of control. And I think the non-predictability that comes with freelance requires meticulous planning. I personally paid employment, especially in a startup, not in a company. Because in a startup, you get to do a lot of exciting stuff all the time. In bigger companies, it’s very easy to be very obscure, and just faff around and not do anything. Can one become a product designer with Canva alone? Or are tools like Illustrator and Figma critical? That’s actually a very interesting question. I think you can, especially with the new AI tool that Canva has. If we go back to what I said about what product designers need to understand, which is the product thinking itself, and how people use products, I think it’s less of the tool that you use, and more of the thinking behind what you’re creating that determines how good you are as a product designer. It’s less of the tool and more of the thinking. Speaking of AI, what do you think about the rush for AI? Is it legit? Or will it die down as Web3 did? I think there are two sides to it. There’s the business side and there’s the product side, which is the everyday use. I think that AI is not just unlike Web3 because everyday people use it. Web3 is very specific to people that just have an interest in it. AI is something that goes into everyday life. And a lot of people in the world have access to it so I think it’s something that is here to stay for a very long time. Final question. What’s something you’re insanely proud of? I designed Termii to be what it is right now. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Telecoms Airtel Africa loses $151 million in Q1 2023 Image source: Airtel Airtel Africa has reported a loss after tax in its Q1—April 1 to June 30, 2023 results. The telecom reported a loss after tax of $151 million, compared to a profit after tax of $178 million during the same period in 2022 due to the currency devaluation in Nigeria. Growth in revenue but a currency exchange loss: The telco’s financial statement reported that its mobile services revenue grew by 19.1% in constant currency, driven by voice revenue growth of 11.9% and data revenue growth of 29.8%. Mobile money revenue grew by 31.2% in constant currency. Similarly, its total customer base grew by 8.8% to 143.1 million, as the penetration of mobile data and mobile money services continued to rise, driving a 22.0% increase in data customers to 56.8 million and a 24.3% increase in mobile money customers to 34.3 million. The telco’s revenue also grew by 9.6% to $1.37 billion in Q1 2023, compared to $1.25 billion in the same period in 2022. Comments on financial performance: Airtel Africa’s CEO, Olusegun Ogunsanya, stated that the group delivered a strong operating performance with improvement in both constant currency revenue growth and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin despite the challenging macro environment. The telco saw an improvement in voice, data, and mobile money but
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2023 Capitec branch code according to bank locations
Capitec Bank is a leading financial institution in South Africa, known for its customer-centric approach and innovative banking services. With a wide network of branches strategically located across the country, Capitec ensures that its customers can easily access their banking needs. In this article, we will explore Capitec Bank’s branch locations and each’s code, making it more convenient for customers to find their nearest branch. Capitec SA locations and B-codes Capitec Bank has an extensive branch network in South Africa, serving customers in various cities and towns. Here are some of the major locations where you can find Capitec Bank branches along with their branch codes: 1. Johannesburg CBD – Branch Code: 470010 2. Cape Town – Branch Code: 470010 3. Durban – Branch Code: 470010 4. Pretoria – Branch Code: 470010 5. Bloemfontein – Branch Code: 470010 6. Port Elizabeth – Branch Code: 470010 7. Nelspruit – Branch Code: 470010 8. Polokwane – Branch Code: 470010 9. East London – Branch Code: 470010 Please note that the branch code “470010” remains the same for all Capitec Bank branches. The branch code is a unique identifier assigned to each branch, enabling smooth interbank transactions and transfers. Also, keep in mind that there are definitely other locations where you may find Capitec branches but are not on this list. The crux of this article is to let you know that regardless of the Capitec bank location, 470010 remains the branch code. Final thoughts on Capitec branch code according to bank locations Capitec Bank’s extensive branch network ensures that customers have convenient access to their accounts and various banking services. Whether you need to deposit cash, inquire about your account balance, open a new account, or seek financial advice, you can visit your nearest Capitec branch and receive prompt assistance from the bank’s friendly staff. Moreover, the strategically located branches in major cities and towns contribute to the bank’s mission of being accessible to all South Africans, irrespective of their geographic location. Capitec Bank’s commitment to providing personalised service at the branch level has made it a preferred choice among customers across the nation.
Read MoreM-PESA experiences downtime in Kenya as bank-to-mobile money transfers stall
Safaricom’s M-PESA service disruption has affected bank-to-mobile money transfers. Amid the chaos, the operator is yet to acknowledge downtime. Over the last couple of hours, Safaricom’s mobile money product, M-PESA, has experienced an outage. The downtime was not isolated to just a few users, as most Kenyans reported having issues transacting on the platform. Based on consensus from these customers and tests, it has been established that M-PESA services could not be accessed from its smartphone app, MySafaricom, and the M-PESA super app. Customers also reported issues when transferring funds from banks to their M-PESA wallets. Some banks, such as Standard Chartered Bank, have since communicated the issue to customers. “Our online banking/SC mobile app bank to M-PESA and mobile banking *722# services are unavailable. We are working together to restore the services and apologise for any inconvenience caused,” reads a statement from the Stanchart. While other banks have not notified their customers about service disruption, users reported the issues on social media channels. For instance, I&M customers reported experiencing problems when transferring funds from their banks to M-PESA. However, M-PESA did not reflect the transfers. Nonetheless, the same customers have also reported that the transactions were eventually completed after hours of waiting. The bank also emailed users, acknowledging there was a downtime in an email to a client: “The reason for this (disruption) is because Safaricom had a system downtime, which caused all bank to M-PESA transfers to be incomplete. We seek your indulgence as Safaricom makes efforts to restore normalcy on their end. The funds will either be credited back to the sending accounts or transactions completed to the recipient.” Safaricom has not released any statement acknowledging the issue. There is an unsubstantiated rumour that some M-PESA gateways were compromised. The operator is known for its tight-knit communications system that does not reveal valuable information about downtimes. TechCabal’s attempts at digging deeper into the matter have not been successful. Nevertheless, Safaricom has texted customers: “M-PESA services on the M-PESA and Safaricom apps are currently unavailable. We are working to restore our apps, in the meanwhile, you can make M-PESA transactions through *334#. We do apologise for any inconvenience caused.” The Kenyan economy heavily relies on mobile services, with M-PESA leading the market at over 96% market share. Locals extensively use this service for person-to-person transfers, payments, accessing loans, and overdrafts, among many other functions. The payments aspect is particularly crucial as it incorporates other services, such as purchasing tokens for electricity or paying for government services. Notably, a few months ago, power distributor Kenya Power closed other channels for power purchases, leaving only M-PESA and Airtel Money payments available. Furthermore, government services like passport, eVisa, and driving license applications, now accessible via the recently hacked eCitizen platform, are also paid for using mobile money. Kenyans also frequently transfer funds to and from their bank accounts to M-PESA for various reasons. This is a tiny glimpse of how deeply M-PESA has integrated into the Kenyan economy and how downtime can significantly disrupt daily economic activities. These concerns have also raised a much-debated question of whether M-PES should be separated from Safaricom. Safaricom CEO Peter Ndegwa had previously revealed that separating the two businesses would create a holding company responsible for managing the telco’s mobile money services, towers, data services, and the Ethiopian arm. The Ethiopian business has already been launched. The development was slated for January 2023 but did not occur. The CEO had also stated that they expected to have a holding company, likely listed, with several businesses operating under Safaricom. They also foresaw the possibility of monetising some of their assets, such as leasing towers and creating a separate tower company.
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2023 world’s most expensive laptops
In the realm of luxury gadgets, tech enthusiasts have witnessed extraordinary innovations over the years. From opulent smartphones to lavish laptops, designers continually push the boundaries of extravagance. Two standout creations that have captivated the world with their sheer grandeur are MJ’s Swarovski & Diamond-Studded Notebook and the Luvaglio. They are the world’s most expensive laptops. 1. The Luvaglio laptop The Luvaglio laptop isn’t just one of the most expensive laptops. It’s a legend in the realm of luxury tech, setting an unrivalled standard for opulence and sophistication. Designed by a British luxury goods company, the Luvaglio laptop is an exquisite work of art that boasts a myriad of rare materials and customizable features. At first glance, the Luvaglio mesmerises with its elegant design, characterised by sleek lines and precision engineering. The exterior can be personalised, with clients having the option to select from an array of luxurious materials, including handcrafted wood, genuine leather, and precious metals like gold or platinum. The most iconic feature of the Luvaglio laptop is its customisable diamond power button. The company offers a selection of rare and flawless diamonds, allowing users to choose the one that best suits their taste. Each diamond is intricately placed, and the button itself is designed to be removable, turning it into a wearable piece of jewellery. Beyond its sumptuous exterior, the Luvaglio laptop boasts formidable computing power. Equipped with the latest processors, vast amounts of storage, and ultra-high-resolution displays, it delivers a seamless and immersive user experience. Moreover, the company offers exclusive concierge services, including a dedicated Luvaglio team that is available around the clock to address any customer’s needs. This level of personalised attention ensures that every Luvaglio laptop owner feels like royalty. And the confluence of all these explains why it’s one of the world’s most expensive laptops. 2. MJ’s Swarovski & Diamond-Studded Notebook MJ, a renowned luxury designer, set out to create a truly one-of-a-kind notebook that would redefine luxury computing. The result is a masterpiece that seamlessly blends advanced technology with the brilliance of Swarovski crystals and diamonds. The notebook’s exterior is a sight to behold, adorned with thousands of genuine Swarovski crystals that shimmer under any light. The meticulous craftsmanship and attention to detail are evident, as each crystal is precisely placed to create a mesmerising pattern that runs along the notebook’s sleek aluminium body. This limited-edition gem sparkles like a star on a moonless night, instantly drawing admiration from anyone who beholds it. However, it is not just about the dazzling exterior; MJ’s Swarovski notebook boasts formidable specs to ensure unrivalled performance. Powered by the latest cutting-edge processors, ample RAM, and storage capabilities, this luxurious device offers seamless multitasking and impressive speed. Its vibrant display presents images with unparalleled clarity and colours that pop with lifelike precision. The keyboard is thoughtfully designed, with every key featuring a tiny, carefully cut diamond at its centre. Typing on this elegant masterpiece is a tactile delight. Moreover, the touchpad is lined with Swarovski crystals, adding a touch of magic to every movement. MJ’s Swarovski notebook is the pinnacle of luxury and a symbol of status among the elite. Only a select few can own this exclusive marvel, making it one of the most coveted gadgets in the world and also the most expensive laptop at 3.5 million dollars. Final thoughts on world’s most expensive laptops MJ’s Swarovski & Diamond-Studded Notebook and the Luvaglio laptop represent the epitome of luxury and craftsmanship in the world of gadgets. These masterpieces not only offer cutting-edge technology but also redefine the concept of exclusivity and prestige. For those fortunate enough to own these opulent devices, they serve as symbols of status and sophistication, proving that luxury and innovation can harmoniously coexist in the realm of modern technology.
Read MoreForeign exchange devaluation impacts Airtel Africa’s $151m loss in Q1 2023
Airtel Africa has reported a loss in their first quarter result for 2023. Airtel’s CEO cites the currency devaluation from Nigeria as a core reason. According to a financial statement published on the Nigerian Exchange Group (NGX), Airtel Africa has reported a loss for its Q1 result in 2023—April 1 to June 30, 2023. Airtel reported a loss after tax for the period under review of $151 million, compared to a profit after tax of $178 million during the same period in 2022. Conversely, the telco’s revenue grew by 9.6% to $1.37 billion in Q1 2023, compared to $1.25 billion in the same period in 2022. Commenting on the financial performance, Airtel Africa’s CEO, Olusegun Ogunsanya, stated that the group delivered a strong operating performance with improvement in both constant currency revenue growth and EBITDA margin despite the challenging macro environment. The telco saw an improvement in voice, data, and mobile money but its results were impacted by foreign exchange headwinds. “This quarter saw the announcement of the change to the FX market in Nigeria which resulted in a significant naira devaluation. We have welcomed this reform as very positive for the medium and long-term development of our business in Nigeria, our largest market. The country offers significant untapped growth potential, underpinned by highly attractive fundamentals. This has supported and sustained a strong operating performance which has seen a five-year revenue and EBITDA CAGR of 23.5% and 27.3% in constant currency, respectively,” Ogunsanya said. Ogunsanya explained that even though the company expected the FX reforms to improve liquidity over time, the devaluation has had a material impact on Airtel’s results. He said the telco has, over the last few years, actively reduced their FX exposure across the group, and this will continue to be a focus area in the future to limit the impact of any future devaluation. Despite these headwinds, Airtel Africa revealed it will continue to invest in Nigeria to enable it to capture the growth opportunity. “This continued investment will facilitate growth, drive continued digitalisation across the country, facilitate economic progress and transform lives across Nigeria,” the report read. The telco’s financial statement also reported that its mobile services revenue grew by 19.1% in constant currency, driven by voice revenue growth of 11.9% and data revenue growth of 29.8%. Mobile money revenue grew by 31.2% in constant currency. Similarly, its total customer base grew by 8.8% to 143.1 million, as the penetration of mobile data and mobile money services continued to rise, driving a 22.0% increase in data customers to 56.8 million and a 24.3% increase in mobile money customers to 34.3 million.
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Endowed with $21 million, Kasha wants to transform healthcare in Africa
Interview with Joanna Bichsel, founder and CEO of Kasha on the startup’s recent Series B raise, fture expansion plans and the state of healthtech startups on the continent. Last week, Rwandan healthtech startup Kasha announced a $21 million Series B raise led by Knife Capital. Founded in 2016 by Joanna Bichsel, the startup provides a digital retail and last-mile distribution platform for pharmaceuticals and fast-moving consumer goods (FMCGs). TechCabal caught up with Bichsel to learn more about the company’s product offerings, its recent fundraising as well as its quest to positively impact healthcare in Africa and beyond. TechCabal: Please tell us more about Kasha’s product offering Joanna Bichsel: Kasha is East Africa’s leading platform for last-mile access to health. We sell pharmaceuticals and fast-moving consumer goods to consumers, resellers, pharmacies, hospitals, and clinics. We focus on the mass market customer and also do digital, retail and wholesale sales. We also work with pharmaceutical manufacturers and global health organisations. The focus we have is around access to health products and really, we’re aiming to disrupt the global health industry. So right now, the way it operates is that there’s no visibility on what people actually want in terms of health products. The processes for reaching the last-mile customers are also very ineffective in both urban and rural markets. With Kasha, we built a very wide distribution network that goes to the last mile with agents in communities around the country. It’s basically digital ordering. So people can confidentially order their health products and then we deliver. TC: How prominent is the problem that Kasha is trying to solve? JB: Kasha started in Rwanda and it was built to be a global company. We are still on our way to becoming a global company because the problem we are addressing is pretty much a global problem. We started in Rwanda and then we expanded to Kenya which is now our headquarters. Additionally, we are also starting operations in South Africa soon. We are also launching operations in West Africa either by the end of Q3 or early Q4. In general, the problem that we’re aiming to serve impacts billions of people around the world across emerging markets including Southeast Asia and Latin America. So we’re Africa first, but there’s potential really to expand globally. TC: How much traction has Kasha gained so far? JB: We have grown quite well, especially over the last three years. We have achieved 10x growth every 12 months. From our Series A to our Series B, our annual revenue has grown 50x and that’s really helped us get to where we are. We are serving a very large market segment. and there’s a lot of demand for quality, affordable health products as well as household goods. With the Series A funds, we really focused on expanding our distribution network across Rwanda and Kenya, and then just driving sales on top of that platform that we built out. So the growth has been strong. And we’re not stopping. The goal is to continue to have very exponential growth as we move forward. TC: Kasha announced its $21 million Series B raise last week. What was that fundraising process like considering the fact that we are in a VC downturn at the moment? JB: It was definitely a journey. We started fundraising before the economic downturn. After the downturn happened, it slowed a lot of things down. For example, we were having a lot of conversations with US-based VCs, and others around the world as well, but after the economic downturn happened, a lot of international investors just basically stopped investing in the region. They really became more conservative, deciding to focus just on startups within their countries. A Series B raise requires more capital, and the investor ecosystem across the continent is still very much developing. So when you’re looking to do larger ticket sizes, you have to tap into a global investor market. For us, we were actually quite lucky in the sense that around the time when the economic downturn happened, we were able to bring on a pretty large investment that basically acted as a bridge round. So we were able to bridge our way through the economic downturn, just because of that capital which came in at the right time. And so our fundraising absolutely took longer than we expected because of the economic downturn, but because we raised a bridge in between, we were able to still finish successfully. Image source: Provided TC: What will the raised capital be used for? JB: Expansion is a key part of it. We are growing into being a leading pan-African platform offering last-mile access to health and this funding will go a long way in helping us achieve that. We also have an enterprise customer segment which has so much opportunity to make us a very high-margin business. We will also be investing a lot in our product and technology. TC: What would you say is the state of healthtech on the continent at the moment? JB: It’s a super exciting time on the continent right now for healthtech. When Kasha started, healthtech companies were seen more like social enterprises and not as high-growth commercial companies. I think it’s absolutely critical we change that by building strong commercial, financially sound healthtech companies that are scaling. And that’s exactly what we are doing at Kasha. It’s been quite the journey from the beginning because there weren’t as many commercial investors involved within the healthtech space. It was mostly impact investors. But what you’re seeing now is healthtech companies like Kasha that are scaling and attaining high revenue growth and that’s attracting the attention of commercial investors. There are also a lot of pharmaceutical manufacturers and others that want to do business on the continent and need better channels and visibility and so the opportunity is definitely there for healthtech innovators. What we need to do as healthcare companies is to grow strong businesses and build out
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Pro-Sudan hackers attack digital services in Kenya
Since Sunday, websites belonging to government agencies, media, hospitals and banks have been targeted by hackers claiming to be exacting revenge on behalf of the Sudanese regime. Anonymous Sudan, a pro-Russian hacktivist group says it is responsible for a Distributed Denial-of-Service (DDoS) attack which intermittently took websites belonging to Kenyan media, hospitals, universities, and businesses, including Safaricom, offline. The group had previously been involved in a series of “unprecedented escalation in DDoS attack sophistication” with pro-Russian hackers that targeted Western websites including Microsoft, according to a report published by Cloudflare earlier this year. Denial of service attacks are cyberattacks where the attacker prevents users from accessing a website, online service, or connected device, by flooding the servers with internet traffic. The group appears to have turned their attention to their southern neighbour this week after a video of a Sudanese general allegedly taunting Kenya’s president went viral on social media. On Sunday, it claimed it had attacked Kenya’s eCitizen website which hosts government services like visa application, business registration and more. It also claimed to have attacked Kenya Commercial Bank, Kenya’s second-largest bank measured by assets, and the country’s largest telecom, Safaricom. It also attacked media websites including the one of The Standard Group, Kenya’s oldest newspaper, as well as the website of the government-owned Kenya News Agency. On Monday, 10 university websites were hit, including the University of Nairobi. And on Tuesday it targeted seven hospitals and the website of Kenya’s transport agency. The National Transport and Safety Agency allows Kenyan residents to apply and pay for driving licenses among others. The group said it attacked Kenya because it “released statements doubting the sovereignty of [the Sudanese] government.” Sudan has been locked in internecine conflict between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF), rival factions of the military government of Sudan since the 15th of April, 2023. Last month, the Sudanese government rejected the appointment of Kenya’s president, William Ruto as leader of a mediation group after accusing the East African nation of lacking neutrality. African states are vulnerable to cyber attacks from foreign hackers, but typically don’t attack each other—at least not publicly. According to Nathaniel Allen and Noëlle van der Waag-Cowling, both cybersecurity researchers, “African countries tend to have low levels of cyber maturity and possess limited offensive and defensive cyber capabilities. Virtually all rely on foreign actors to supply critical information.” Anonymous Sudan might be pro-Sudan, but it also has significant links to pro-Russian hacktivist groups. The targeted websites appear to be functioning normally at press time. Digitising government services is a key part of President Ruto’s agenda. Earlier this year, his administration said Kenyans could access 5,000 government services online. The services include business permits and visa applications. All were affected by the denial of service attacks. Africa’s growing digital economy is attracting the attention of hackers and digital crime groups. Much of the infrastructure undergirding the continent’s digital boom is often lacking adequate cyber protections in policy and practice. Digitising government services is often hailed as a model for creating efficiency and improving access, but it also opens new vulnerabilities. In a world of increased digitalisation, when digital public services are unexpectedly and suddenly unavailable it can cause indirect and direct economic and financial losses and even physical harm, in some cases. Across the continent, cybersecurity incidents result in losses estimated at between $3.5 billion and $4 billion every year.
Read MoreSA houses 78% of all healthtech innovators in southern Africa, according to report
South Africa dominates healthtech innovation in southern Africa, according to a report by healthcare consulting firm Salient Advisory. With the country also attracting the most VC capital in the region, it is perhaps not surprising that innovators are following where the money is in an industry where capital is still hard to come by. According to healthcare consulting firm Salient Advisory’s “Innovations in Digitizing Health Supply Chains” in Africa report, 78% of all healthtech startups and innovators in the southern Africa region are based in South Africa. The report, whose supporting study was funded by the Bill and Melinda Gates Foundation, features almost 350 innovators in the health supply chain in Africa. It highlights the significant increase in partnerships between governments and health tech supply chain innovators across the continent. Some more stats on the state of healthtech innovation in the region are as follows: 33% of the companies in the region were founded in the last two years. 12% of the companies were solely founded by women. 10% of the companies have a mixed-gender founding team. $7.3M in external funding has been raised by innovators in the region. 12% of companies operate in more than one country, some operating beyond Southern Africa. 7% of innovators have established government partnerships in South Africa, Zimbabwe, and Malawi. Across the continent, Plug N Play Ventures and Launch Africa cut the most equity and debt cheques for healthtech innovators. The Bill & Melinda Gates Foundation and Google’s Black Founders Fund, on the other hand, have provided the highest number of grants. Additionally, innovators headquartered outside the continent have also raised 83% of total funding ever reported, with large e-commerce giants and medical drone delivery operators capturing the bulk of external investment. Similarly, gender financing gaps are also evident as companies founded solely by women make up 8% of all startups but have received only 2% of all reported funds overall time. Lack of access to equity financing has resulted in women-led companies relying more heavily on debt and grants. “African health innovators have demonstrated an impressive ability to utilise technology for the optimisation of supply chain solutions and the improvement of access to medicines. We are delighted to witness this progress, particularly as it coincides with an increase in government partnerships, which will advance positive health outcomes,” said Hany Abdallah, senior program officer, supply chain systems at the Bill and Melinda Gates Foundation.
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👨🏿🚀TechCabal Daily – Coup!
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday There’s been a coup in Niger. The country’s military has ousted President Mohamed Bazoum and overthrown the parliament. The soldiers took to national TV, late last night, to announce the coup. All national borders are now closed and a curfew has been enforced. This is the seventh coup in Africa since 2020, following behind coups across Burkina Faso, Chad, Tunisia, Guinea, and Mali. In today’s edition Namibia regulates crypto with new laws CBN unfreezes bank accounts of BetNaija, Risevest and others Copia’s third round of layoffs Google allows Nigerian use Verve cards The World Wide Web3 Event: TC Live Opportunities Cypto Namibia signs law to regulate crypto exchange Image source: TechCabal Good news for crypto lovers in Namibia: the country has officially approved the licensing of crypto exchanges. The Namibia Virtual Assets Act 2023 was successfully passed earlier this month. The Act is a bill to regulate digital assets, cryptocurrencies, and Virtual Asset Service Providers (VASPs) in the country. This new legislation marks a reversal of Namibia’s previous stance on the ban on cryptocurrency in 2017. Although the specific enforcement date for the new set of laws remains unclear, the country’s ministry of finance is responsible for determining a date to make them effective. The new law: The main objective of the new law is to regulate the virtual asset market, safeguard consumers, prevent market abuse, and combat money laundering activities. Additionally, the law requires individuals or entities involved in providing virtual asset services to register with the regulatory authority. Those who do not register appropriately and continue their operations could be subject to severe penalties. These penalties include fines of up to N$10 million ($570,000) and imprisonment for a maximum of 10 years or both. Zoom out: Despite the bill, the country’s central bank, the Bank of Namibia (BoN) warns the public that because virtual assets like cryptocurrencies are not legal tender, people who transact with them do so at their own risk. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Policy CBN unfreezes bank accounts of BetNaija, Risevest and others Image source: Zikoko Memes Nigeria’s central bank unfroze 440 bank accounts of some individuals and companies that it previously accused of “illegally trading” in foreign exchange in Nigeria. The apex bank froze the accounts two years ago to investigate the firms. The affected firms included tech startups like BetNaija, RiseVest, Bamboo, Chaka, Trove, Fliqpay and Yellow Card. Why are they being unfrozen? The account freezing directive was originally issued by the former CBN governor, Godwin Emefiele. However, he has since been replaced by the acting CBN governor, Folashodun Shonubi. Interestingly, Shonubi swiftly ordered the banks to lift the restrictions on the frozen accounts within 24 hours of raising the interest rates to 18.75%. Some of these firms bring foreign exchange to the country so experts think that the apex bank is unfreezing their accounts to keep more doors open for forex to come in. Layoffs Copia lays off staff for the third time Image source: Copia Copia, a Kenyan e-commerce platform, has laid off 25%—350 members of its workforce. This is the third time this year that Copia has trimmed its headcount. Earlier in the year, the company laid off 50 Kenyan workers, and in April, they closed down their Ugandan operations, resulting in 300 employees losing their jobs. With this most recent layoff, the total number of people let go now stands at about 700. Why all the layoffs? The job cuts are coming over a year after Copia raised $50 million in a Series C round. The company says it is laying off staff due to money problems but that it is taking these measures to reduce the costs of operation, especially because of the state of the economy. This move aligns with the broader trend among many companies that have been prioritising cost-cutting strategies for over a year now. Reducing labour costs has become a common approach adopted by numerous companies facing economic uncertainties and challenges. Fintech Google Play Store introduces Verve payment option in Nigeria Image source: BusinessDay Google has announced its partnership with Verve to make digital transactions on Google Play Store easier and more accessible for Nigerians. What is Verve? Verve is a pan-African payment card scheme owned by Interswitch that can be used to make payments at merchants, withdraw cash from ATMs and transfer money between accounts. Nigerians can now use their Verve cards to make purchases on the Google Play Store, Google will conduct the transactions in Naira (₦), and banks will treat these transactions as local transactions. How to use the Verve card on Google Play Store:Open the Google Play Store app, choose the app you want to purchase and click on the price of the app, select “add credit or debit card” and enter your Verve card details. You can also visit pay.google.com and log in with your Gmail account, select “Add a payment method” and enter your Verve card details. Once you have saved your card details, you can return to the Google Play store and make purchases. Nigerians can now access the apps they need without stress which contributes significantly to a more inclusive digital environment for them. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $29,430 + 0.59% – 3.20% Ether $1,876 + 0.93% + 0.18% Worldcoin $2.27 – 7.90% + 36.10% Kaspa $0.03 + 2.46% + 58.41% * Data as of 05:00 AM WAT, July 27, 2023. Events TC Live: The State of Tech in Africa, Q2 2023 Join us on Friday, August 4, 2023, for a special edition of TC Live, as TechCabal Insights will be launching The State of Tech report, the Q2 2023 edition. This is our flagship report offering a bird’s eye
Read MoreCopia fires 350 employees in third round of layoffs
Copia, a Kenyan e-commerce platform serving low-income households, has laid off 25% of its 1,800 workforce. The company blamed labour costs and a need to improve profitability for the layoffs. Copia, a Kenyan e-commerce platform that serves low-income households, has laid off 25% or 350 members of its workforce. The e-commerce company confirmed the layoffs in a statement to TechCabal. Part of the company’s statement said, “The limited restructuring process will likely impact less than 25% (about 350) of the permanent workforce. The majority of Copia’s employees are not affected by this,” says Copia. In compliance with Kenyan labor laws, the employees will be given a one-month notice and leave Copia before September. “Copia management will decide on the affected staff, who will then be informed of their employment status after one month,” the statement from Copia adds. It is the third time this year that Copia has trimmed its headcount after it laid off 50 Kenyan workers at the start of the year. In April 2023, Copia closed its Ugandan operations making 300 employees redundant. In 2023 alone, Copia has sacked 700 people. What’s driving the layoffs? In January 2022, Copia raised $50 million in a Series C round. And while the company says its in a good position financially, it claims that the layoffs are a way of reducing labour costs while it keeps its eye on boosting profitability. Copia currently employs 1,800 workers, but the company’s headcount will be 1,450 after today’s redundancies. Employees impacted will receive a severance package and other benefits. TechCabal confirmed that regular operations continued despite the layoffs, with Copia claiming that it is “optimising a number of key processes in its operations to enable it become more efficient in serving its Customers and partners.” Official Copia statement to TechCabal Given that the economic downturn and the constrained capital markets are likely to continue for some time, Copia is optimising a number of key processes in its operations in Kenya to provide a better service to its customers and to drive sustained operating profitability. These changes require Copia to undergo a limited restructure of its operations. While improving our operating model through digital, tech-led initiatives to drive faster profitability, this restructuring process will likely impact less than 25% of the permanent workforce and will be undertaken in full compliance with Kenyan labour law and with sensitivity to all employees affected by the process. Copia’s Kenyan operation is rapidly growing, providing e-commerce services to middle income consumers through an unrivaled high-quality, low-cost distribution network of over 50,000 agents. In addition, its service also provides local manufacturers with a unique, efficient route to market. This limited restructure process is intended to ensure that during these economically challenging times, we will continue to focus our resources on the critical levers of business success and remain a lean and sustainable business for the long-term. This decision is consistent with many of the best companies in Africa and across the world which are responding to the market environment and prioritizing profit. We are committed to working hard to achieve our goals and deliver sustainable profitability faster.
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