🚀Entering Tech #46: How Kwarabuild helps newbies
Its the tech community for everyone in North Central Nigeria. 1 || November || 2023 View in Browser Brought to you by Issue #46 How Kwarabuild helps newbies Share this newsletter Greetings ET people If you’d like to get short bites of #EnteringTech, here’s a reminder that we now have 1-minute shorts available. So if you’ve missed past career editions, check out our YouTube channel or Instagram page where we’re posting the Entering Tech shorts. Timi Odueso Tech trivia Some tech trivia to get the brain juices flowing. Which company developed the first commercial personal computer? What is the name of the first smartphone operating system? What is Kwarabuild? In 2018, a group of friends gathered to discuss the tech ecosystem in Kwara, a state in North-Central Nigeria. They realised that there was a lack of tech-related activities and a sense of community for tech enthusiasts. During our conversation, someone mentioned the word “build” which initially seemed like a random suggestion. The team didn’t immediately connect it to the state until it struck them “Kwarabuild” It was at the same time the team came up with a simple tagline, “Building the Tech Ecosystem”. The team says its passion for this name was undeniable, and it embarked on a mission to curate programmes that would benefit both techies and non-techies in its local community. Their primary goal was to provide resources and guidance to underserved individuals and communities in Kwara State. They organised numerous technical and non-technical meetups to educate community members. Within its first three months, the community grew from zero to over 1,000 members, with the support of more than 20 dedicated volunteers. As positive feedback poured in from various members, so did requests for support that the teams struggled to meet due to limited resources. This inspired Kwarabuild to host a large gathering to showcase its community and attract more investors to Kwara State. Kwara Build Founders (L-R): Mohammed Yayah, Ibrahim Zulkifli, Adeola Olaleye, Jamiu Abdullateef, Omiyale Akolade Dare, and Kamaldeen Kehinde On October 1, 2018, the community hosted its inaugural Tech Conference, which welcomed over 1,300+ attendees. Participants ranged from students and tech entrepreneurs to educators and technologists. This event marked a significant milestone for us. Today, the KwaraBuild Tech Community stands as a leading global association for tech enthusiasts and developers in Kwara State and beyond. The team is deeply passionate about building and nurturing the tech ecosystem in its state and the nation as a whole. It firmly believes in the transformative power of events and human connections to educate youth about the potential of technology in ecosystem development and future foresight. Simplify with Zido Simplify your supply chain with Zido. Start here. How Kwarabuild works Tech enthusiasts, designers, developers, data analysts and anyone interested in starting a career in tech 10,000+ Newsletter Subscribers Nil. Absolutely free Telegram Kwarabuild’s top three programmes serve as the community’s driving force, motivating members to push the boundaries of what they can achieve. These programmes include: A. Career In Tech: Kwarabuild’s “Career In Tech” programme is dedicated to bringing STEM education into the classroom. It’s a platform designed to offer access to tech education for individuals from all backgrounds. So far, it has trained over 4,500 students. B. Startup Build: ”Startup Build” brings together visionaries and doers who are passionate about development and growth. This programme encompasses startup education, business connections, fundraising opportunities, and knowledge sharing. So far, KwaraBuild has successfully connected three startups to essential funding. c. Women In Tech: KBWomenintech is one of the community’s initiatives aimed at empowering women and girls with tech skills. It’s about building a strong global community where women can collaborate, support one another, and change the world. It’s network now includes over 2,000 female tech enthusiasts. Kwara Build Women in Tech These programmes are at the core of Kwarabuild’s mission to continue making a positive impact on its community and beyond. If you’re wondering what the benefits of joining the Kwarabuild Tech Community are, here are a few: 1. Skill Development: Members have access to various skill-building opportunities, workshops, and educational resources. Whether you’re a beginner or an experienced professional, Kwarabuild offers a platform for continuous learning and growth. The programme has featured the likes of Adewale Adisa and Maya Famodu. 2. Networking: Kwarabuild provides a vibrant community where you can connect with like-minded individuals, tech experts, entrepreneurs, and potential collaborators. Networking within the community can lead to exciting career opportunities, partnerships, and friendships. KBTC 2022 3. Career Opportunities: Kwarabuild actively promotes career advancement and provides resources to help members land job opportunities, internships, and freelance projects in the tech industry. The community’s wide reach and connections can open doors to fulfilling tech careers. 4. Impact and Contribution: By joining Kwarabuild, you become part of a community committed to making a positive impact on Kwara State’s tech ecosystem. You have the opportunity to contribute to community projects, educational initiatives, and events that benefit both local and global tech enthusiasts. 5. Annual Kwarabuild Tech Conference: As a member, you gain exclusive access to the annual Kwarabuild Tech Conference, a premier event that features renowned speakers, workshops, and the latest industry insights. It’s an excellent opportunity to expand your knowledge, connect with tech leaders, and stay updated on the latest trends in the tech world. What people say about Kwarabuild Speaking of community, here’s what a few people have to say about Kwarabuild: Looking ahead, Kwarabuild says it is now focused on a critical mission—empowering its members and a substantial number of young people in Kwara, including both students and non-students, to acquire the essential skills that will enhance their employability. The community has already collaborated with VMware through the VirtualizeAfrica programme to train and select young talents in cloud computing and virtualization. It has also established partnerships with Propel for talent placement and Ingressive For Good for talent upskilling. Join Kwarabuild’s Telegram community to access valuable, free resources that will guide you on your tech career journey. You can also find them on X,
Read MoreSA tech sees boost in investment from private equity firms
Private equity firms in South Africa are showing love to the country’s tech sector, with investments into tech companies on the surge. According to data from the 2023 Southern Africa Venture Capital Association report, in 2022, 11% of South Africa’s private equity (PE) firms investments went to technology companies, compared to only 3% in 2021. This represents the highest investment of any sector by the country’s PE firms. “Information technology increased from the ninth most attractive sector in 2021 to the tied top sector in 2022,” the report states. And this is all for good reason. Between 2020-2022, technology companies recorded the most revenue growth, with 52% of portfolio companies registering a “rapid growth” in revenues. However, 29% of tech companies also recorded a decline in revenues. Over the years, compared to its VC counterpart, South Africa’s PE sector has raised substantial amounts from pension funds, government, aid agencies and DFIs, with 2022 total assets under management totaling R213 billion (~$11 billion). For comparison, VC funds only raised $555 million in the same period. Will private equity cushion the VC downturn? With venture capital inflow into South Africa having declined over the last few years, the fact that PE firms are paying attention to the sector is promising. Additionally, most PE investments go to expansion and development stage companies, a demographic that has traditionally struggled to attract VC investment. Over the years, although VC firms like Knife Capital have made efforts to avail late-stage capital into the ecosystem, there is still large room for more investments, making this focus by PE firms perhaps a welcome development. “Despite the increasing availability of deal-flow, there remains a significant follow-on financing gap for high-growth local startups with proven traction,” Keet van Zyl, partner at Knife Capital, told TechCabal. Sometimes, this lack of late-stage capital has led startups to exit too early as they face the doom prospect of running out of runway. “Late-stage venture capital has always been hard to come by in South Africa. For most founders, if you cannot raise, it might be better to sell before you run out of runway,” says Clive Butkow, former CEO of VC firm Kalon Ventures. With the country’s private equity market projected to assume a positive growth trajectory over the next few years, tech companies will be hoping that fund managers continue to pay attention to and write cheques for the sector, especially at a time when the VC market is going through a decline.
Read MoreKenyans pushback against KRA’s plan to tax personal items brought in by travelers
Kenyans have been protesting about harassment by KRA tax officials at airports. Now, they have to declare their items every time they travel, else pay tax for them whenever they return. The Kenya Revenue Authority (KRA) is facing criticism for a controversial directive that imposes taxes on personal items, whether new or used, valued at over $500 that travelers bring in. In a now-deleted post, KRA said, “All goods, whether new or used, are subject to taxation. Remember when travelling, you will be allowed to carry personal or household items worth $500 (KES 75,350) and below. Anything above the amount shall be subject to tax.” Kenyans on X (formerly Twitter) and other social media platforms and lawmakers have joined the protest and have accused some KRA of using the directive to harass tourists. According to some lawmakers, KRA needs a more tourist-friendly approach to simplify luggage declaration and duty payment for passengers arriving in Kenya. KRA has since issued a note clarifying its customs and border control measures outlined in the East Africa Community Customs Management Act (EACCMA), 2004. According to the tax authority, all goods are subject to customs duty. “However, passengers have a concession of $500 applicable only to goods for personal and/or household use. Passengers are also exempt on their used personal effects,” KRA clarified in the note. This applies to goods that are either imported or newly acquired. However, it is unclear whether KRA Customs officials will distinguish between items that have been newly purchased abroad and those that are older. KRA added that customs duty is imposed at the point of entry on taxable goods. If the allowable limits are exceeded, then the imported items are subject to import duty, value added tax, excise duty, and other relevant charges. These duties are calculated according to the customs value of the item, following the guidelines established by existing laws such as the EACCMA, 2004. Travelers will be compelled to declare their items before travel and will be forced to pay taxes for undeclared items. “It is important that passengers declare the actual price of the item… All passengers are subject to make declarations to the customs officer,” KRA says. Since the election of Ruto last year, the government has talked about a need to seal tax leaks and instituted changes to how electronic items such as smartphones are taxed. The tax institution seeks to collect KES 2.768 trillion ($18.3 billion) by the end of FY 2023/2024. Owing to the ongoing bitter debate about further harassment at airports, lawmakers and citizens are urging KRA to provide additional clarity on the issue to protect Kenyans from potentially losing their belongings when they travel abroad and return.
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👨🏿🚀TechCabal Daily – Eskom reports $1.2 billion loss
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month We’re starting the month off on a good note. TechCabal hit 1 million monthly web users in October! We’ve 3x-ed the number of readers we had in January, and subtle brag, we’ve done it with a team of eight reporters and six editors who cover several sectors and regions. Here’s everything you need to know about our work this year. In today’s edition Eskom records R24 billion ($1.2billion) loss LastPass data breach costs $4.4 million in crypto theft Maisha Meds secures $5.25 million from USAID French footballers back Star News in $3 million pre-Series A The World Wide Web3 Opportunities Companies Eskom records R24 billion ($1.2billion) loss Image source: Eskom Eskom’s financial losses are mounting. The South African power generation company recorded losses worth R24 billion ($1.2 billion) for the 2022/2023 financial year, according to its financial statements. The new figures represent double of what the power company lost in 2021/2022—the company lost R11 billion ($588 million) in the 2021/2022 financial year. Reason for the loss? Eskom’s decreasing generation capacity is the chief reason for its financial loss. This year alone, South Africans have experienced some of the worst load shedding on record—100 days—with power outages lasting for up to 12 hours per day at some stages. Asides the low electricity capacity, Eskom’s acting CEO, Calib Cassim, blames the financial loss on Increased municipal debt and losses due to criminal activity. No more excuses: Despite Eskom’s record loss, Cassim asserts that this is the last of such losses for the group. The acting CEO is rolling his sleeves up and says that “the time for excuses is over”. The CEO is banking on the government’s proposed R66 billion (US$1.6 billion) bail-out fund to stabilise the group in the 2025 financial year. Zoom out: It remains to be seen how Cassim and his team turn the tide around for Eskom. However, it remains critical for the power generating company to get a grip on its financials, and getting a new fancy logo—which could cost the company a lot—may not be the way to go. 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. Cybersecurity LastPass data breach results in additional $4.4 million crypto theft Image source: Google LastPass has been living through a never-ending crypto-heist. The American cloud-based password management platform has suffered an additional loss of $4.4 million in cryptocurrency due to a data breach that occurred in August 2022. ICYMI: LastPass suffered a data breach in August 2022 when an employee’s credentials were stolen. The breach was initially downplayed by the company but in December 2022, LastPass revealed that the hacker had stolen encrypted copies of customer passwords and other sensitive data, as well as a backup of encrypted customer vault data. The ongoing crisis led to a class-action lawsuit filed against LastPass in January 2023, with victims claiming that the August 2022 breach had cost them around $53,000 worth of bitcoin. According to a report in September 2023, some LastPass customer vaults had been cracked, resulting in over $35 million in losses for approximately 150 victims. More wallets compromised: ZachXBT, a crypto fraud researcher who has been closely monitoring the situation, shared on X that hackers, on October 25, 2023, had stolen another $4.4 million in crypto from 25+ LastPass data breach victims. Despite this dire situation, LastPass asserts that only customers possess the master password necessary to decrypt their password vaults. However, it has issued a warning for users with weak master passwords to consider resetting them promptly to thwart potential brute force attacks by hackers. Zoom out: ZachXBT’s findings suggest that the hackers are cracking the stolen password vaults to access stored cryptocurrency credentials, keys, and passphrases. Once these barriers are breached, the hackers can transfer funds from the victims’ wallets to their own devices. The evolution of agency banking in Africa In this longform Decode Fintech piece, Paystack explores agent networks in Africa, how they converge with SMEs, and what the future of agency banking means for how money moves across the continent. Read the blogpost. Funding Maisha Meds secures $5.25 million from USAID Image source: Maisha Meds Maisha Meds wants to expand access to high-quality Malaria care in Africa. The Kenyan-based digital pharmacy network has received $5.25 million in funding from the United States Agency for International Development (USAID) Development Innovation Ventures (DIV). The funding, which will be spread over three years, is a critical step towards supporting Maisha Meds’ mission to expand access to affordable, high-quality malaria care across Africa. Empowering rural healthcare providers: The Maisha Meds software platform ensures that rural pharmacists and clinicians effectively purchase quality affordable medicines and extends subsidies to patients. With additional support from the Bill & Melinda Gates Foundation, Maisha Meds aims to expand its mobile software to 7,500 pharmacies and clinics by the end of the grant period, delivering subsidised care to nearly a million patients. Established in 2017, Maisha Meds operates across Kenya, Uganda, Tanzania, Nigeria, and Zambia. Over the years, it has expanded its suite of software products and now supports more than 4 million patient encounters annually across its market. In June 2022, the Maisha Meds digital platform reached 1,000 pharmacies across six countries across sub-Saharan Africa. Funding French footballers back Star News in $3 million pre-Series A Jules Koundé, Aurélien Tchouameni, and Mike Maignan. Image source: Getty Images These French football players are teaming up to help African creators earn more money. Jules Koundé, Aurélien Tchouameni, and Mike Maignan have all contributed to a $3 million pre-Series A round for Star News Mobile, a creator monetisation platform for Africans. The fund round was led by Janngo Capital. Launched in 2017 by Guy Kamgaing, Star News offers monetisation options for African content creators through distribution partnerships with major telecommunications operators like MTN and Orange. The five-year-old
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