Bolt Food pulls the plug on Nigeria operations
The food delivery service which launched in 2021, has cited strategic reasons for shutting down in the country. Nigerians will no longer be able to place food orders on the Bolt Food app as Bolt is shutting down its food delivery service in the country from December 7, 2023. The company announced its decision as a move to streamline its resources and maximise its overall efficiency. Bolt, which currently offers food delivery services in 16 countries and 33 cities across the world, launched Bolt Food in Nigeria in October 2021 after increased demand for food delivery services during the pandemic. Since its launch in the country, Bolt Food claims it has partnered with over 10,000 restaurants, delivered over 1 million meals, and onboarded 23,000 agents and 12,000 merchants. When Bolt Food launched, its significant competitors were Jumia Food and Gokada before new competitors like Glovo, Chowdeck, and Buyfood appeared in the $834.7 million Nigerian food delivery market. While Bolt Food’s decision to exit was blamed on a need to streamline resources, its competitor, ChowDeck, a Y Combinator-backed Nigerian food delivery startup, recently crossed ₦1 billion ($1.2 million) in monthly order value. ChowDeck’s CEO, Femi Aluko claims that Chowdeck’s growth in October was organic. Food delivery businesses in the country are facing stringent macroeconomic challenges which has affected their operations. Rising fuel prices have led Logistics startups like Bolt to up delivery fees by 20-50%. A rising inflation rate also means that these logistics companies will have increased operation costs. Aside from these macroeconomic conditions, poor road networks make it difficult and time-consuming for delivery riders to get around which ultimately leads to delayed deliveries and customer dissatisfaction. Also, the food delivery market in Nigeria is becoming increasingly competitive, with new players entering the market all the time. Sometimes inaccurate map locations affect food deliveries and notorious traffic congestion in places like Lagos adds to the list of hurdles faced by this food delivery service.
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Flutterwave obtains international transfers license in Malawi
Flutterwave has been granted a license to facilitate remittances into Malawi. The country’s remittances market makes up 2% of its GDP according to the World Bank. Flutterwave, the African payments company, has secured a licence to process payments into Malawi, including remittances. Malawi’s remittance market has grown exponentially since 2016, presenting a growth opportunity for the $3 billion-valued African fintech startup. The International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi allows the company to process international payments from the Malawian diaspora into the country. Over 200,000 Malawians work and reside outside the country, presenting an opportunity for Flutterwave to enter the international remittances market which has grown by 300% since 2016 and now represents 2% of the country’s $13.2 billion GDP, according to the World Bank. According to data by the World Bank, remittances into Malawi have grown by 300% compared to 2016. (Image source: World Bank) “We are grateful to the Reserve Bank of Malawi for placing their trust in us and we look forward to this amazing journey, delivering the best possible financial services to the people of Malawi,” Flutterwave CEO Olugbenga “GB” Agboola said Thursday. The remittance service will be offered through the company’s Send App, the international payments app that was relaunched in August. Send App allows users to transfer funds from over 34 countries worldwide, including the US and Canada. Egypt and Sénégal were also recently added to the network. With the country’s national currency in freefall, these figures are expected to increase as a wave of migration sweeps through Malawi and other African countries. Around 28% of the country’s adult population is thinking “a lot” about relocating abroad, according to Afrobarometer. This week alone, the country’s central bank devalued the currency by 30%, stating that “supply-demand imbalances in the currency market and arbitrage opportunities had resurfaced.” Malawi’s payments market is expected to widen in the coming months as the country issues new licenses to fintechs and other companies looking to roll out services in the country. On November 2, the central bank issued a list of over 20 companies that had been granted numerous licenses under the act. Although the communication did not specify which of those had been granted specifically the international money transfer license, it seems Flutterwave can expect some competition as it enters the Malawi market.
Read MoreWeWork SA eyes expansion amid bankruptcy filing by franchiser
WeWork South Africa is accelerating its expansion plans as the rise in popularity of hybrid work sees a boost in demand for flexible office spaces. WeWork Inc. filed for bankruptcy this week, however, WeWork South Africa has told TechCabal that it is planning an expansion both within the country and across the continent. The company, which is 100% owned by real estate investment company Sisebenza, holds the exclusive WeWork franchise license for South Africa, Nigeria, Kenya, Ghana, and Mauritius. WeWork Inc. launched operations in South Africa in 2019, opening three locations across the country. According to Andrew Robinson, co-founder of Sisebenza, the company offloaded the South Africa operations to Sisebenza on March 1, 2023. The terms of the franchise agreement included Sisebenza opening more locations within South Africa and the aforementioned countries. “Our operations have been going well over the last eight months. We are reaching record occupancies in our three locations in South Africa,” Robinson told TechCabal. “This month, we are opening a 250-desk operation in Cape Town.“ WeWork SA’s expansion drive Robinson further added that WeWork South Africa’s expansion drive was motivated by the wave of returning to the office following the remote work epoch driven by COVID-19 lockdowns. Another factor was the emergence of hybrid work which has boosted the demand for flexible office spaces. “To service this demand, we are currently doing due diligence on several pieces of real estate throughout South Africa. We have also started to develop our roadmap into Africa and we are very excited about that,” added Robinson. Additionally, the pan-African expansion will be spearheaded by South African companies looking to enter the markets in which WeWork South Africa has franchise rights in. “Our growth in South Africa and into the continent is going to be fueled by our current members in South Africa who are looking to open up their operations in places like Lagos and Nairobi. And for us, that’s incredibly exciting,” concluded Robinson. Data real estate analytics firm KnightFrank in their 2022/23 Africa Report [pdf] shows that vacancy rates for office spaces in South Africa reached a 17.9% all-time high in Q1 2022. Flexible work hours as well as the delayed impact of new post-COVID occupational strategies were cited as the main reasons for the plunging vacancy rates. Despite this, KnightFrank expects this trend to stabilise and gradually slow down “in the short to medium term as business confidence returns and more companies return to offices on a full-time basis.” For WeWork South Africa, the focus is on the flexible office space sector which Robinson estimates makes up only 1% of current commercial real estate in the country and predicts to grow to 2% and 6% in the short and medium terms respectively. The shift towards a hybrid work model is driving the demand for ‘space-as-as-service’, according to some experts, which in turn drives demand for flexible offices. Ironically, according to the Financial Times, a shift from in-office work to hybrid work, which impacted occupancy rates on the company’s leased properties, was one of the main reasons for WeWork’s fall from grace and eventual bankruptcy. Whether WeWork South Africa, which views a shift to hybrid work as more of an advantage, will escape the same fate remains to be seen.
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Exclusive: Paystack deepens its payment play with direct debit
Paystack, the Nigerian fintech giant, is launching a direct debit product in partnership with NIBSS, which operates Nigeria’s instant payments infrastructure. Paystack, the Stripe-owned fintech, is launching a direct debit product that will allow Nigerian businesses to charge customers’ bank accounts directly. Direct debits are useful for recurring payment activities, like a DStv, Tizeti, Netflix, or Spotify subscription, allowing these services, with the user’s consent, to debit the consumer’s bank account without requiring debit card information. This approach helps merchants and other services reduce costs related to card transactions and reduce other frictions related to card payments. Direct debits are also useful for lending services, enabling them to automate loan repayments on their due dates with the approval of customers instead of waiting for a manual bank transfer process. Direct debits have existed in the Nigerian financial services industry for years, but they require an in-person visit to the bank to manage the process. Several companies have long talked about how a digital alternative could help boost recurrent revenue while ensuring that customers don’t suffer service disruption if they miss their subscription payment due to forgetfulness or card network challenges. Paystack says it worked with the Nigeria Inter-Bank Settlement Scheme (NIBSS)—which operates the country’s instant payments infrastructure—to connect nearly two dozen banks for direct debits. The partnership allowed Paystack to leapfrog the hurdles and time it takes to manually integrate with each bank and will help reduce the processing time to set up each consumer to mere seconds. “Everything from the acquisition of a switching license to infrastructure improvements to deep product investments in bank transfers all laid the groundwork for us to finally be able to offer a robust direct debit experience,” Paystack told TechCabal. Paystack’s direct debit feature ties closely to the company’s recent push to develop fintech products on top of consumers’ bank accounts. This approach cuts out debit cards, which have long played the role of middleman between merchants and consumer payments. Outside of cash, debit cards, provided by card networks in partnership with banks, allow merchants to universally collect payments from customers and complete the final settlement on the backend. However, card transactions, with its pool of fintech participants, carry additional costs to merchants and users, causing the final transaction amount to rise slightly above the original price of the service. In recent months, Paystack has been looking to go direct to help businesses and consumers complete payments solely from a bank account or an equivalent mobile money wallet. And this move beyond web-only collection is paying off, the fintech explained. In 2017, Paystack introduced “pay with bank transfer,” which allows customers to complete transactions without using a debit card. This method of payment has ballooned, rising from under 13% of the company’s total transaction activity in 2021 to 34% since the start of 2023. This growth in the bank transfer payment channel is driving Paystack’s broader focus on non-card alternatives. The company rolled out a new virtual account partnership with Titan Trust Bank to reduce the latency of bank transfers. In October, it followed this up with the launch of virtual POS terminals, a new web product that allows merchants to accept payments with bank transfers for multi-person businesses. The direct debit feature, with a focus on bank accounts, ties closely with Paystack’s recent strategy. Meanwhile, direct debit services have been gaining adoption in Nigeria in the last few years. The total value of direct debits has grown to N26.4 trillion, an exponential growth compared to N1.8 trillion in 2020, one year after the Central Bank of Nigeria (CBN) started tracking data on these transactions. Paystack, which was acquired by Stripe in 2020 for $200 million, says Nigerian users can link their bank accounts to a merchant’s business upon request. The fintech will complete a one-time transaction to authenticate the bank account and secure consent from customers. After the bank transfer is confirmed, a merchant can begin to process payments, either recurring or one-time. Users will also have access to an online portal through which they can manage all their direct debit mandates with Paystack merchants. This is only the second time that Paystack has built an end user-facing product after a portal where customers could complain about failed transactions was released. The BackEnd: Direct debits that “bounce” are a problem, but what’s a fair penalty?
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The best smartphone so far in 2023
In the ever-dynamic landscape of the smartphone world, where each new release is akin to a gladiatorial battle for supremacy, 2023 has witnessed an epic clash of titans. Brands like Apple (iPhone), Oppo, Vivo, Tecno, Xiaomi, and the illustrious Google Pixel stepped into the arena, bearing their sharpest innovations and mightiest features. But after scrutinising every contender, enduring endless debates, and banters, there can be only one victor. And the top accolade in the realm of 2023 smartphones belongs to none other than the Samsung Galaxy S23 Ultra! This smartphone redefines the way we experience smartphone photography and comes packed with a host of upgrades that position it at the forefront of the premium flagship league. Let’s take a closer look at what makes the Galaxy S23 Ultra truly shine this year. A camera to marvel at The android device has several perks making it worthy as the best smartphone so far in 2023. But the standout feature of the Samsung Galaxy S23 Ultra has to be its impeccable 200MP camera system. But it’s not just about the megapixels; this camera can merge 16 pixels into one, resulting in brighter, more detailed, and simply stunning shots. What’s more, you have the flexibility to capture in full 200MP mode, allowing for extensive cropping and reframing options. When compared to other flagship devices such as the Pixel 7 Pro and iPhone 15 Pro Max, the Galaxy S23 Ultra emerges as a pace setter in the camera department. This smartphone delivers exceptional performance, whether you’re shooting in bright daylight or challenging low-light conditions. Form meets function: Design and Display Another reason this device deserves to be crowned as the best smartphone so far in 2023 is its build. The Galaxy S23 Ultra’s design is not just stylish; it’s incredibly practical too. The rear cameras are more prominent, and the display is notably flatter, which enhances the usability of the S Pen. While the curved display adds to the premium feel, it’s important to note that it can pose challenges when trying to access items at the display’s extreme edges. Samsung has also made the device more durable, incorporating Corning Gorilla Glass Victus 2 for added protection against scratches and accidental drops. This phone is available in four elegant colors: Phantom Black, Green, Cream, and Lavender. Among these, the green option stands out as a vibrant and unique choice. Moreover, Samsung’s commitment to sustainability shines through with the incorporation of recycled materials into the phone’s design. Display excellence The Galaxy S23 Ultra boasts one of the finest smartphone displays in the market. With its 6.8-inch QHD OLED screen, it delivers vibrant colours and a high resolution, making it the ideal canvas for consuming content. The display’s 120Hz refresh rate ensures smooth visuals and adapts to the content you’re viewing. Remarkably, the Galaxy S23 Ultra’s display performs impressively both indoors and outdoors, offering excellent brightness and wide viewing angles. It provides the perfect stage for showcasing your photos and videos, especially with the support of its stunning 200MP camera. Best smartphone cinematic experience: Video Performance When it comes to video, the Galaxy S23 Ultra doesn’t disappoint. It offers enhanced video stabilisation and supports 8K video recording at 30 fps. The phone’s video quality is top-notch, producing smooth footage with vibrant colours. What’s more, the 10x optical zoom feature further elevates your video capabilities, allowing for closer and more detailed shots. When stacked up against rivals like the iPhone 14 Pro Max and Pixel 7 Pro, the Galaxy S23 Ultra emerges as a strong contender, providing competitive video quality and additional zoom options. It’s a top choice for content creators and videography enthusiasts. Unmatched performance Beneath the hood, the Galaxy S23 Ultra is powered by the exclusive Snapdragon 8 Gen 2 for Galaxy chipset. This processor boasts higher clock speeds and delivers the world’s fastest mobile graphics in a smartphone. Benchmarks clearly demonstrate that the device outperforms competitors like the iPhone 15 Pro and Pro Max when it comes to graphics. However, this phone isn’t just about benchmarks; it excels in real-world usage as well. It breezes through tasks, whether you’re multitasking or running demanding applications. Gaming on the Galaxy S23 Ultra is an absolute delight, offering stunning graphics and responsive controls. Battery that stays The Galaxy S23 Ultra packs a 5,000mAh battery, and when combined with the efficiency of the Snapdragon 8 Gen 2 chip, it delivers remarkable battery life. In our rigorous battery test, the phone lasted for over 12 hours, solidifying its position as one of the top performers in the market. When you switch to 60Hz mode, the device even manages to surpass 13 hours, further enhancing its endurance. While the phone’s battery life is indeed exceptional, it’s worth noting that its charging speed could see some improvements. It ships with a 45W fast charger, which is effective but falls short of the faster charging options available on some other devices. S Pen and One UI 5.1: Enhancing user experience The Galaxy S23 Ultra continues to support the S Pen, making it a valuable tool for note-taking, drawing, and fine photo editing. The integration of the S Pen with the device’s display significantly enhances its usability. Additionally, the Samsung Notes app now allows for collaboration, enabling multiple users to edit a note simultaneously. Running on top of Android 13, the device features One UI 5.1, bringing several improvements, including enhanced usability and new features. This software perfectly complements the device’s powerful hardware, providing a smooth and user-friendly experience. Final thoughts on the best smartphone so far in 2023 In 2023, the Samsung Galaxy S23 Ultra unquestionably reigns as the ultimate flagship smartphone. With its groundbreaking 200MP camera system, exceptional performance, and stunning display, it represents the zenith of smartphone brilliance this year. The camera innovations, coupled with improvements in battery life, make it a standout choice, especially for those who are passionate about photography. While it does come at a premium price, the Samsung Galaxy S23 Ultra undoubtedly justifies the investment
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How to book train online for Lagos, Ibadan, 2023
In an effort to modernise rail travel in Nigeria, the Nigeria Railway Corporation (NRC) has introduced an e-ticketing platform for the Lagos-Ibadan train route in 2023. This innovative system aims to streamline the booking process, making it convenient for passengers to secure their train tickets. In this article, we’ll guide you through the steps to book your train tickets online for the Lagos to Ibadan route and vice versa in 2023. Things to note if you want to book the Lagos, Ibadan and Abeokuta train online: Please bear the following in mind when trying or looking to book your train ride between Lagos, Ibadan and Abeokuta online: You can only book a day ahead. Business class tickets are ₦6500 for both children and adults. First-class tickets are ₦9000 for both children and adults. Standard tickets are ₦3000 for children and ₦3600 for adults. Keep your transaction emails or messages secure and ready for presentation/verification at the train station. You can book both morning and evening trips. On-the-Ground experience The introduction of the e-ticketing platform has not stopped payment at the train station. However, cash payments are no longer accepted and you can only pay using bank transfer or your ATM card. Accessing the e-ticketing platform to book trains online for Lagos, Abeokuta, Ibadan 1. Visit the website To begin your journey, access the official e-ticketing platform at www.nrc.gsds.ng. Please ensure you are on the correct website to avoid scams. 2. Registration Passengers are required to register on the platform using their National Identification Numbers (NIN). This step is essential for security and identification purposes. Booking your online Lagos, Ibadan or Abeokuta train ticket 3. Sign In After successful registration, sign in to the platform using your email address and password. This will grant you access to the booking system. 4. Select your journey Choose your departure and arrival stations. You can book a one-way or round-trip ticket. 5. Provide passenger details Enter the necessary passenger information, including names, contact details, and any other required information. 6. NIN requirement It’s important to note that your NIN is also required during the booking process. 7. Select train and seats Pick your desired train and seat(s) based on availability and your preferences. 8. Payment Once you’ve selected your train and seats, proceed to the payment step. The website will redirect you to a Flutterwave payment portal, where you can use your debit card to complete the transaction. Final thoughts on how to book train online for Lagos, Ibadan It’s vital to remain cautious while using the e-ticketing platform. Fraudsters are on a rampage trying to use faux or cloned NRC websites to swindle intending users of the new train station platform. The official website for booking train tickets is https://nrc.gsds.ng While there have been some initial challenges reported by passengers, it is hoped that these issues will be resolved to provide a more seamless and efficient online booking experience for all travellers.
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👨🏿🚀TechCabal Daily – Court dismisses $2 billion suit against Safaricom
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday Here’s a reminder to fill our survey so we know what to improve in 2024. Oh, and if you’re in Lagos, Nigeria, our sister publication Zikoko is hosting Nigeria’s biggest meat festival this Saturday. So if you’re a meat lover, buy tickets to Burning Ram by Zikoko. In today’s edition Court dismisses $2 billion case against Safaricom Nigeria to launch geospatial data repository Uber SA goes electric Gozem acquires Moneex The World Wide Web3 Opportunities Regulations Court dismisses $2 billion case against Safaricom Image source: YungNollywood A Kenyan high court, yesterday, dismissed a class action lawsuit against Safaricom and Vodafone. The case was thrown on the orders of Justice Nixon Sifuna who noted that the petitioners—the plaintiffs—had no case because they had failed to comply with the orders of the court. Backstory: In March 2023, three petitioners sued Safaricom, claiming it operates its loan service Fuliza illegally. Gichuki Waigwa, Lucy Nzola, and Godfrey Okutoyi argued that Safaricom was using M-Pesa as a banking service for which it had no licence. The petitioners also argued that they, and other M-Pesa users, should enjoy accrued interests from the M-Pesa deposits Safaricom loans to Fuliza users. The case sought for KES305 billion ($2 billion) in damages for fraudulent misrepresentation and non-disclosure of information. Uninterested plaintiffs: The case has now been dismissed as the petitioners failed to comply with an October 4 ruling which required them to serve Safaricom and 21 other defendants—including Vodafone—the evidence they were to share in court. “By the plaintiffs’ own indolence and consistent non-compliance of the court orders, they dismissed their own suit,” the judge ruled. Zoom out: It’s not the end though. The three petitioners still have the chance to file a fresh case, but so far, it looks like they either have no evidence to back up their claims in court or are uninterested in chasing what is sure to be a long and arduous process. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Economy Nigeria to launch geospatial data repository GIF source: Tenor This week, the Nigerian government announced the launch of an electronic Civil Registration and Vital Statistics System (eCRVS) and geospatial data repository. eCRVS? eCRVS is a digital system that collects, stores, manages, and analyses vital events such as births, deaths, marriages, and divorces. It replaces traditional paper-based records with an electronic database, making it more efficient and secure to record and track vital information. The country’s minister of population said the move was in agreement with the resolution made at the Sixth Session of the Conference of African Ministers responsible for Civil Registration and Vital Statistics (CVRS) held at the United Nations Conference Centre in Addis Ababa in October 2022. The resolution encouraged all countries in the continent to automate the CRVS process and ensure the implementation of the United Nations Legal Identity Agenda. Lights out: Nigeria’s implementation of eCRVS systems is a positive step towards improving the accuracy and completeness of vital statistics. However, the country’s attempts at implementing tech solutions for national projects have had questionable implementations in the past. Its $663 million Bimodal Voter Accreditation System (BVAS) flopped during the last elections with the government claiming that the device was not “ready for large-scale use”. It remains to be seen whether the implementation of the eCRVS will have plain sailing. Join the Paystack private beta Paystack has launched a private beta to offer payment tools to businesses in Côte d’Ivoire, Egypt, and Rwanda. Learn more about Paystack’s entry into 3 new markets → Mobility Uber goes electric in SA Uber at the launch of Uber Package. Image source: MyBroadBand Uber will launch its first electric vehicle-based service in South Africa in December, according to MyBroadband. The vehicles will be used for Uber Package which allows users to book same-day pickup and delivery of a package within a single geographical area. In August, the ride-hailing company also launched electric scooters in Kenya which the company estimated could reduce operational expenses by between 30% to 35%. Uber stated in March that it plans for 25% of kilometres driven on the platform to be by electric cars by 2030. More on the vehicles: Electric scooters will be used for the Uber Package service, and unlike traditional electric vehicles where charging is done directly through a station or outlet, the scooters will feature hot-swappable battery packs. The service will commence in Cape Town in December 2023 and expand to Joburg in February 2024. Oh, the irony: Of course, the irony here is that Uber is launching the service amid South Africa’s power challenges as the country’s national grid struggles to keep up with demand. Last month, the World Bank approved a $1 billion loan to help the country reform its energy sector. Despite the struggles, South Africa has the most advanced e-mobility market in Africa according to Statista, with about 1,000 electric vehicles in 2022 out of a total fleet of 12 million automobiles. Acquisitions Gozem acquires Mooneex The Gozem and Moneex teams. Image source: Moneex Gozem, a Togolese super app platform has acquired Moneex, a Beninese fintech. How much? The acquisition details were not announced but Moneex’s founders will take an equity stake in Gozem. Moneex? Launched in 2021 as Kryptonite Africa, Moneex started as a crypto remittance startup. It then pivoted in 2022 to provide multi-currency accounts to businesses and individuals. A bigger play: Gozem’s acquisition of Moneex allows the super app to introduce a mobile money service—Gozem Money—which will launch in Togo and Benin in the coming days. The mobile money feature will add to the list of available offerings on Gozem’s super app which features on-demand transportation, food delivery, and courier services. Martial Konvi, global head of product at Gozem says the acquisition of Moneex represents the company’s commitment to providing digital services
Read MoreProlific VC firm MaC Ventures shares its investment thesis for Africa
In a fireside chat at the Moonshot by TechCabal Conference, Marlon Nichols, a managing general partner at MaC Ventures, a firm with over $20 million invested in Africa, shares his investment thesis. Funding for Africa’s tech ecosystem has been on a downward spiral since the start of the year as interest rates rise globally and investors continue to make safer bets. However, some venture capital firms are still increasing their footprint on the continent. One such VC firm is MaC Ventures, a sector-agnostic firm with $500 million in assets under management and an African portfolio with more than 10 startups. MaC Ventures invests up to $3 million in seed-stage companies as its initial entry ticket size, in exchange for 10–15% ownership in the companies on a fully diluted basis. “For us, seed means that you have a viable product that you have recently taken to market, or that you’re about to take to market,” Nichols said in a fireside chat with Tomiwa Aladekomo, CEO of Big Cabal Media, at the recently-held Moonshot by TechCabal conference. “We feel we can add the most value to the go-to-market strategy,” Nichols added. Some of the African startups that are in the firm’s portfolio include Big Cabal Media, the parent company of TechCabal; Spleet, a prop-tech startup; and Prembly, a digital security startup. Nichols shared that the firm’s investment thesis on the continent is centred on finding the challenges “stopping people from living their best lives”. “We want to make money for our investors,” Nichols said, “so we look for really big problems in big markets that are being tackled by very smart people that have a fit with the market, the company, and the challenge.” With 197 startups in their portfolio, Nichols said MaC Ventures decided to invest in Africa after being introduced to Ajua, a Kenyan customer experience startup. “What happens is [that] you start to build this network of people and you learn about more exciting opportunities, so you just start writing more cheques.” Due diligence and corporate governance have been running themes in Africa’s tech ecosystem this year as several startups have closed due to bad corporate governance. On due diligence, Nichols said that the firm relies on angel investors and founders in their portfolio for advice and validation of the pitches they receive in markets where they do not have enough context. Watch the full video of the fireside chat with Marlon Nichols and Tomiwa Aladekomo on YouTube.
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🚀Entering Tech #47: The 21-year-old product design expert
How Abdulhakeem contracts for international startups and companies. 08 || November || 2023 View in Browser In partnership with #Issue 47 Abdulhakeem Olasupo’s product design journey Share this newsletter Greetings ET readers Before we dig into today’s edition, here’s your reminder to watch some Entering Tech shorts today. Today’s edition explores how you can become a brand strategist. This edition features Ayomide Ajayi, a marketing and communications manager at Dojah who shares some critical lessons in one minute. Watch it here. by Timi Odueso Tech trivia questions Some trivia before we begin. Answers are at the bottom of this newsletter. What was the first commercially available laptop? When was the first smartwatch released? A product design expert at 21 If you’re looking for a story that’ll inspire you to perspire, here’s one for you. Abdulhakeem Olasupo‘s journey in the tech industry is an intriguing case study of a young professional product designer finding his footing amidst the ever-evolving world of technology. At just 21, his accomplishments are indeed noteworthy. Abduljakeem Olasupo He’s been a consultant at several international companies like Swarm, Spottr, and Brain Trust. He’s also co-founding a startup, Studio Duo, where he and a team of designers and builders are empowering startups to design and build faster with Nocode. Simplify with Zido Streamline your global supply chain from procurement to distribution with Zido. Start here. How Abdulhakeem did it Abdulhakeem’s path hasn’t been so straightforward though; his path is fraught with critical decisions that have shaped his career. UI Designer (Intern), Hotels.ng Apr 2017 – Aug 2017 UI and Graphic Designer, Tribesquare Aug 2018 – Apr 2019 Co-founder and Creative Director, Digital Graphic Hub Sep 2019 – May 2020 Figma Specialist (Contract), Spottr Jun 2021 – Sep 2021 Founding Product Designer, Stealth Startup Jan 2022 – Aug 2022 Product Design & No-code Consultant, Swarm Mar 2022 – Present Senior Product Designer, Braintrust Apr 2022 – Present Founder, Studio Duo Apr 2023 – Present Hailing from Ilorin, Nigeria, Abdulhakeem’s initial foray into tech was in graphic design, sparked by an opportunity presented by his brother’s company at the age of 14. What began as a curious experiment soon turned into a full-fledged journey into the world of design. However, his early transition from graphic design to product design is a calculated move to adapt to the trends and opportunities in the tech world. The Kwarabuild community, a tech-focused network based in Nigeria, played a crucial role in this trajectory. In 2018, he attended a coding event organized by the community, seeking to expand his horizons. While he might not have fully grasped the implications at the time, the connections he built within Kwarabuild proved invaluable. It underlines the significance of networking and support systems in the tech industry, where collaborations and partnerships can determine one’s success. What distinguishes Abdulhakeem’s journey is his relentless pursuit of self-improvement. Faced with limited access to formal tech education, he turned to online platforms, such as YouTube and Udemy, for his education. As he ventured further into the realm of product design, Abdulhakeem started accepting freelance projects, gaining recognition beyond Nigeria’s borders. Today, Abdulhakeem Olasupo stands as a 21-year-old techie with a global presence. Yet, his journey is a stark reminder of the daunting challenges that persist in the tech industry, irrespective of one’s age. While youth can be an advantage, it can also be a double-edged sword. The pressure to prove oneself in a field that traditionally values experience can be immense. How you can do it too Abdulhakeem’s young age doesn’t define him; it’s his pragmatism that sets him apart. In our interview, he shared five critical pieces of advice for young techies everywhere: Image source: Zikoko Memes “Know thyself”: The first and foremost advice Abdulhakeem offers is to understand one’s own skills and aptitudes. Before delving into the vast expanse of the tech world, take time for self-reflection. Recognise what you are genuinely passionate about and what skills come naturally to you. Knowing your own strengths and weaknesses is the first step towards a successful tech journey. Leverage online resources: Abdulhakeem’s journey highlights the power of online learning. Access to online platforms such as YouTube and Udemy can provide you with valuable knowledge and skills. These platforms are a treasure trove of information, often more up-to-date than traditional educational institutions. Build your personal brand: “Carving out your unique identity in the tech world is crucial,” Abdulhakeem says. “Share your work online, write articles, create portfolios, and showcase your skills. A strong online presence not only helps you get noticed but also enhances your credibility in the tech community.” Embrace networking: Networking is more than just a buzzword; it’s a lifeline in the tech industry. Join tech-focused communities, attend events, and connect with fellow enthusiasts. Abdulhakeem’s own journey was significantly shaped by the Kwarabuild community, emphasizing the importance of collaboration and partnership. Seek mentorship: Abdulhakeem’s experience with mentorship underscores its value. One of his mentors, Victor Fatanmi of Fourth Canvas, has been indispensable to his growth. Find mentors who have already travelled the path you’re embarking on. They can provide guidance, support, and insider knowledge that formal education may lack. Abdulhakeem Olasupo’s journey is a testament to the complexities of the tech industry. It’s a story of passion, resilience, and a willingness to confront the challenges head-on. As the tech landscape continues to evolve, we hope his experiences provide valuable insights for every young tech enthusiast. Apply for the Payaza Hackathon 2.0 Calling all innovators to the Payaza Hackathon 2.0. Payaza is searching for game-changing solutions, innovative technologies, and inventive concepts that can leave a mark on the world. Brainstorm ideas, and make a submission. Visit our website to learn more. You can be a product designer too Check out some of these resources that can upskill you into a kickass product designer. Product Design (UI/UX) by The Moringa School Price: Ksh 142,500 ($1,180) Duration: 16 weeks Tools Needed: Internet + laptop Level: Beginner Get Course Product Design by Utiva Price:
Read MoreCV VC wants to invest $20 million in African crypto startups. Here is how
Ask An Investor episode featuring Brenton Naicker, principal and head of growth at Crypto Valley VC (CV VC)’s Africa operations. According to data by ChainAnalysis, Sub-Saharan Africa has the smallest crypto economy of all regions, accounting for 2.3% of global transaction values between July 2022 and June 2023. In that period, the region received an estimated $117.1 billion in on-chain value. However, in terms of volume, countries like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grassroots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index. Figures show that transaction volume made up of retail-sized transfers in Africa is at 7%, against the global average of 5.5%. Despite the fact that African blockchain startups raised $474 million in 2022 to build solutions for the increasing adoption of the technology—up 429% in a year—this is still a pittance relative to the rest of the world. This is a challenge that Crypto Valley VC (CV VC) is trying to solve through their $20 million Africa Fund. The fund invests in early-stage founders across the African continent who are solving some of the emerging markets’ largest problems using blockchain technology. To understand the history of CV VC’s Africa involvement and to get a better understanding of its investment philosophy, TechCabal caught up with Brenton Naicker, principal and head of growth of the firm’s Africa operations. As part of the Ask An Investor series, Naicker speaks on the state of crypto innovation and funding in Africa, how to accelerate adoption as well as the unique opportunities that the continent holds for crypto innovators. Please tell us about the work you do at CV VC Brenton Naicker: I’ve been quite privileged to be in the Web3 space for about eight years now. I was part of the industry organisations that founded the South African National Blockchain Association and the Crypto Assets Association of South Africa. I also spent two years leading business development, growth and expansion at Binance where I launched the sub-Saharan African markets including Francophone Africa. During that time, I became passionate about the ability of blockchain technology to solve real-world problems for everyday people. And that’s what sort of led me to join CV VC (Crypto Valley Venture Capital) where I have been for two years now. So we started back in 2015-2016 in Zug, Switzerland, also know as the Crypto Valley. CV VC was an ecosystem business focused on creating an environment for the startups to come together and learn from each other through workshops, webinars, and industry reports. As the ecosystem started growing because the technology became very popular, there was a lot of economic value that was created. Our founders realised very quickly that unless we were investing, we weren’t participating to the highest level. So fast forward a couple of months and we set up our first global fund out of Switzerland which was sector-agnostic and investing in companies that used blockchain technology. As the world and the industry started maturing, a lot of stuff started happening outside of the ecosystem in Switzerland and so to remain at the heart of everything, we had to start expanding our footprint out of Switzerland. So we launched our hubs in Berlin and Lisbon. Our presence in Africa started circa 2020. We were approached by the Swiss Economic Cooperation Organisation to recreate the same Crypto Valley model in Africa and they gave us some seed funding. With a lot of support from the Swiss government and embassies in Africa, we launched in mid-2021 to create a thriving Web3 ecosystem based out of Cape Town, South Africa, with a Pan-African focus. And that’s when I joined the team. It became clear very soon after that that the use cases that we were seeing in Africa, as well as the maturity of the startups, were unlike anything that the global team was used to. And off the back of that, we decided that the opportunity was so great in Africa that this ecosystem warranted having a fund of its own. So we raised a $20 million Africa Fund focusing on early-stage African Web3 startups. It is paired with an accelerator program running out of Switzerland. It’s a 10-week program whose content comprises 50% MBA-type content and 50% industry-specific content. We have used our relationships and our networks in the space to bring in some of the best technical talents to come and teach about aspects of building blockchain products. In terms of our chequewriting, we offer $135,000 investments for 7% on a convertible note. We also do direct investments in seed, pre-Series A, and Series A but it’s very unlikely that our first ticket will be in a Series A round but rather will most likely be a follow-up. And those ticket sizes are generally anywhere between $200,000 and $500,000. Although I stated we are sector-agnostic, we tend to focus on four verticals which are fintech (remittances, micro-payments as well as SME lending and credit), infrastructure, healthcare and the creative economy which includes NFTs, the metaverse, etc. To date, we’ve made 14 African investments. Six of those were before we actually had the Africa Fund and eight of them are from the Africa Fund with six being via our accelerator, and two of them being direct investments. What would you say is the state of Web3 innovation in Africa at the moment? BN: In terms of the maturity and depth of the Web3 space in Africa, I think it’s almost a tale of a two-edged sword in the sense that the grassroots adoption of the technology is very significant. Although the total aggregate volumes are not the same as in US or European markets, if we look at it from a population penetration perspective, crypto as a technology is far more popular in most African countries than it is in most of the big developed markets. The problem we are seeing from the venture side is twofold at the moment. One is the macro
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