Nigerian AI startup Intron Health raises $1.6 million to improve cloud infrastructure
Intron Health, a Nigeria AI company that provides speech-to-text transcription tools for healthcare workers, has raised $1.6 million in a pre-seed funding round. The startup will use the capital injection to hire more employees, deepen its research efforts, and strengthen its cloud-native and on-prem capabilities. Launched in 2020 by Dr Tobi Olatunji, Intron Health helps healthcare professionals enter medical records by converting speech into text. This solution is important because doctors in many African countries attend to hundreds of patients daily and have a lot of paperwork to deal with. Intron Health cuts the time doctors cut time spend on writing a patient’s prescription through its product. Doctors can enter patients’ medical records, give prescriptions, and generate patient reports by voice commands. Intron Health claims it has helped reduce the turnaround time for radiology reporting at the University of College Hospital, Ibadan, from 48 hours to 20 minutes. “We are improving efficiency and health outcomes and positively impacting hospital finances,” Olatunji told TechCabal. While AI’s application on the continent has been affected by inadequate data, Intron Health’s speech-to-text AI transcription tool accounts for many African accents. Olatunji, who has over a decade of deep learning experience, says the datasets are trained on over 3.5 million audio clips across African languages (288 accents). “We made algorithms that train how the model responds to dominant and minority accents.” Through Inton Health web app, doctors can enter patients’ medical records, give prescriptions, and generate patient reports by voice commands Intron Health is working on a multilingual speech-to-text product to help doctors communicate with patients who don’t understand English. “We’ll be deploying the English to Hausa model first in the coming months,” Olatunji said. Intron Health competes with Helium Health (Nigeria) and Terragon Health (Kenya), which provide Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solutions. “We are not trying to differentiate ourselves, we are only trying to partner with our competition,” Olatunji said. Intron Health offers its speech-to-text recognition software to other electronic medical record businesses. The company cares for more than 56,000 patients currently across its partners with over 30 public and private hospitals across Nigeria and Kenya—including the University of College Hospital, Ibadan, Aminu Kano Teaching Hospital (AKTH) Kano, Babcock Teaching Hospital Ogun, and Meridian Health Group Nairobi. Its seed round was led by Microtraction, with participation from Plug and Play Ventures, Jaza Rift Ventures, Octopus Ventures, Africa Health Ventures, OpenseedVC, Pi Campus, Alumni Angel, and Baker Bridge Capital. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read MoreAirtel Africa reports $31 million in Q1 2024 profit, but macroeconomic headwinds persist in key market
After a difficult 2023 in which losses mounted after currency devaluation in some of its key markets, Airtel Africa returned to the blue in the first quarter of 2024. The telecoms firm, which operates in 14 African countries, reported $31 million in profit after tax, compared to a loss of $151 million in Q1 2023. Still, macroeconomic headwinds persist. The company’s revenue declined 16.1% to $1.15 billion due to currency devaluation and rising fuel costs in Nigeria. The telco will work on cost reduction and energy-saving initiatives to reduce network costs. Key takeaways: Airtel Africa reported revenue of $1.15 billion for the quarter ended 30 June 2024 It gained $31 million in profits, up 120% Mobile money customers grew 14.9% to 39.5 million Its strong bottom line was driven by data and mobile money services revenue, which increased Average Revenue per User (ARPU). Data customers grew 13.4% to 64.4 million, while mobile money users in the telco’s East, Central, and West Africa segments increased to 39 million. Data revenue grew to $409 million, and voice revenue to $476 million. Mobile money revenue grew to $22 million, with a continued strong performance in East Africa of 31.7% and Francophone Africa of 18.4%. Airtel’s customer base grew to 155.4 million as the company continued its investment in data by laying over 5,600 km of fibre cables. The company’s share price is down 10% in pre-market trading, hours ahead of its Q1 earnings call on Thursday. “A key priority for us is to look for new opportunities to further grow our business, especially in the enterprise, fibre and data centre businesses across our footprint in Africa,” said new CEO Sunil Taldar, who succeeded Olusegun Ogunsanya in June 2024.” In March 2024, the telco began began work on a data center that will be live by Q1 2026.
Read More
👨🏿🚀TechCabal Daily – Netflix’s Nigerian Money Hoist
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday Looks like the binge-watching days of “Netflix and chill” in Nigeria are getting more expensive. The streaming giant has increased subscription fees for the second time this year. Nigerian subscribers are facing another price jump, with tariffs rising by 20% to 40%. From the pocket-friendly mobile plan now at ₦2,200 ($1.38) to the premium package at a hefty ₦7,000 ($4.40), it’s clear that Netflix is taking Nigerians on a Money Heist. With rising inflation and food costs, this price hike is the last thing many Nigerians need. In today’s edition Facebook deletes 63,000 accounts belonging to alleged fraudulent Nigerians Risevest in talks to acquire Kenya’s Hisa ChopNowNow eyes grocery delivery comeback Neta Auto zooms into Kenya The World Wide Web3 Events Social media Facebook deletes 63,000 accounts belonging to alleged fraudulent Nigerians Facebook has removed 63,000 Instagram accounts allegedly connected to sextortion activities. The company said these accounts belonged to internet fraudsters who blackmailed victims to get money. Meta goes hard: In April, the social media company said it would not tolerate sextortion and introduced new measures to its app, like asking users for double confirmation to send or open messages that contain obscene photos, and banning accounts that shared these images. Stricter approval measures were even given to those under the age of 18 as teens in the United States have previously been targeted in these scams. While conducting an audit, Facebook discovered a smaller coordinated network of 7,200 accounts linked to suspicious activities, including using fake photos, providing tips for “conducting scams”, or seeming like bots or fake accounts. Facebook’s move is not without reason as the US Federal Bureau of Investigation (FBI) warned that sextortion is one of the growing cybercrime threats. In these cases, offenders would pressure minors to send explicit images or videos. They then threaten to release the compromising material unless the victim produces more. Two blackmailers from Nigeria pleaded guilty in April to sextortion allegations that led to the death of 17-year-old Jordan DeMay. Following another ugly situation that painted a bleak image for the country, director of Nigeria’s National Cybercrime Centre (NCCC), Uche Ifeanyi Henry, said his officers are hounding these criminals. According to him, many of them are “moving to neighbouring countries because of their activity” against cybercrime. Read Moniepoint’s 2024 Informal Economy Report Did you know that only 2.8% of informal businesses are started out of passion? Click here to find out the motivation of businesses in Nigeria’s informal economy. M&As Risevest in talks to acquire Kenya’s Hisa Acquisitions are often used as an expansion strategy. As businesses like Canal+ and Access Holding have mastered the ropes, RiseVest, a Nigerian fintech startup that lets users access global investments and Nigerian stocks, is following in the footsteps of the great. In 2023, Risevest acquired digital trading startup, Chaka. The fintech is now in talks to acquire Hisa, a Kenyan startup that allows users access to US stocks. Why does the acquisition make sense? Hisa is one of the most popular digital trading startups in Kenya’s nascent digital trading space. The startup is licensed by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). If successful RiseVest will gain Hisa’s market share in Kenya without the need to register a new entity and obtain new licenses. The acquisition talks are still in the early stages, according to people close to the matter. Erik Suma, founder and CEO of Hisa will step down from his position. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Startups Shuttered food delivery company, ChopNowNow eyes grocery delivery comeback Olamide Olaleye, founder of now-shuttered food delivery service, ChopNowNow, recently opened up about the challenges that led to his company’s closure in February 2024. How it started: ChopNowNow started in 2018 as a retail restaurant outlet that catered to Nigerians living in the affluent parts of Lagos. Then one day, Olaleye had an idea to expand into the food delivery market, offering last-mile delivery to customers at no charge. This was a great idea at first, as the company quickly grew in the three years that followed. Its logistics infrastructure went from three bikes to thirty, and customer orders kept pouring in. A free fall: But in a low-trust market like Nigeria, even perks like free delivery don’t ensure customer loyalty. In e-commerce, companies have tried to crack it with payment-on-delivery, but like free delivery, it is unsustainable. As competitors entered the space with similar offerings, customers swiftly switched allegiances, leaving ChopNowNow struggling to maintain market share. Its average order value reduced to ₦1,000 ($0.63) and the razor-thin margin dealt heavy blows to ChopNowNow’s bottom-line numbers. Add the rising inflation, this also meant that consumers had to tone down their spending, making ordering food online a luxury. In an honest admission, Olaleye said, “thin margins worsened by intense competition” were reasons for the decline. Running a food delivery service targeting the mass market is a difficult beast to tame globally, and Nigeria is no exception. Even well-funded companies like Bolt Food and Jumia Food have exited the sector. Olaleye has learnt his lesson as he is now raising funds to rebrand his business as ShopNowNow, a grocery delivery business targeting only high-value orders above ₦25,000 ($15.78). Shop, Party, and Play with Bumpa and Paystack Join us at the Bumpa Pop-up this Saturday, July 27th for a day of fun, food, and amazing deals Get a free ticket here → Mobility Neta Auto zooms into Kenya Chinese electric vehicle (EV) maker NETA Auto is revving up its African ambitions with plans to open an assembly plant in Kenya. The company has already planted its flag in
Read More
“Free delivery brings disloyal customers,” ChopNowNow founder muses as he pivots to grocery delivery
About seven out of ten new businesses fail in the first five years, but ChowNowNow, a food delivery service in Lagos, made it to year six before it threw in the towel. When Olamide Olaleye, the founder and CEO, posted on Instagram announcing the closure in February 2024, he received many messages. “Share your ewa agoyin recipe,” one customer asked. While Olaleye had offers from friends to put in money to keep the business going, he turned them down; he was spent. “I have lost faith in the food delivery business,” he shared. Yet he has not lost his entrepreneurial drive and is raising money to fund ShopNowNow, a new grocery delivery business. The new direction will put him in competition with well-funded competitors like GoLemon, PricePally, and Chowdeck. “The grocery delivery will focus on large orders, with a minimum threshold of ₦25,000,” he said. It’s a different sort of beast from ChopNowNow, where the average order value was ₦1,000. The new grocery business will schedule deliveries in batches and will not be pressed for time like a food delivery service. Olamide Olaleye, ChopNowNow founder. Hard lessons from food delivery ChopNowNow began as a traditional dark kitchen with one primary location to deliver affordable food quickly in the business districts of Lekki and Victoria Island. A dark kitchen meant it made food and could control inputs and quality. But it later included a dine-in option as it had space to spare. With free delivery as one of its value propositions, this was the standard low-margin play that needed volume to break even. “The typical margin for restaurants like ours that sell meals at a low price was 30%.” The promise of free delivery was the charm. “It worked like magic,” Olaleye recalls. ChopNowNow also used influencer marketing to reach its target audience, and at one point, the comedian, Mr Macaroni, was one of its influencers. The company grew from three delivery motorbikes to thirty within three years and expanded its distribution channels to other food delivery platforms that used an aggregation model. Glovo presenting “Customer favourite food brand” award to a ChopNowNow executive in 2022 The restaurant was listed on Jumia Foods, a food delivery platform that shuttered in December 2023, citing thin margins worsened by intense competition. ChopNowNow was also listed on OFood—an Opay-operated food delivery service that was once part of a super-app play by the fintech giant—and Glovo where it was a customer favourite. Business was good, and Olaleye who had recouped his initial investment in the bootstrapped business with some profit was optimistic about the future. Inflation pulls a fast one on ChopNowNow The economy was about to pull a fast one on business. Food inflation, which began to rise during the COVID-19 pandemic, had worsened to 19.5% by mid-2022. As consumer purchasing power came under pressure, more people began classifying food delivery as a luxury. “Whenever we called customers, many said they had begun cooking at home.” The first thing to go was free delivery. ChopNowNow limited free delivery with its in-house fleet to areas within Victoria Island, where it had the most customers. As it withdrew the free delivery it had always promised, customers moved to newer discounted competitors. “There’s no loyalty in this market. You expect that after spending years acquiring users, the customers would stick around.” “They always run to the food delivery platform that can outspend others [in discounts and food delivery.]” Like many restaurants that compete on price, ChopNowNow struggled to adapt to rising input costs. No matter how sharply the cost of ingredients rose, the restaurant was reluctant to pass on those costs to price-sensitive customers. Cost-cutting was the company’s only option. Olaleye believes the circumstances would have been different if he had started targeting high-end customers or had a warehouse to store produce and absorb the shock of price fluctuations. The arrival of food delivery apps intensified competition, with more restaurants coming online. The company remained at its current location and began selling off assets. Today, Olaleye rejects the unique proposition that once helped him attract thousands of customers. He tells anyone willing to listen that free delivery is not the way to find loyal customers. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read More
JAMB new information on part time ND/HND for NYSC 2024
The Joint Admissions and Matriculation Board (JAMB) held a space via the JAMB official handle on X (Twitter) on the 23rd of July 2024. During the space, JAMB released important information regarding the mobilisation of part time ND/HND students for the National Youth Service Corps (NYSC). This announcement has significant implications for part time ND/HND candidates hoping for NYSC mobilisation 2024 and beyond. Key announcements on part time ND/HND for NYSC 2024 1. Clarification on NYSC eligibility JAMB now makes it clear that the NYSC programme is not a design for part time students. Dr Fabian, JAMB’s Public Communications Advisor made submissions pertaining to this issue. He stated that part time programmes are for individuals who possibly miss chances for full-time education and are now active in their careers or businesses. 2. Purpose of part time programmes According to Dr Fabian, part time programmes cater to those seeking formal education later in life. However, many candidates have begun opting for these programmes with the intention of receiving full-time benefits, which contradicts their original purpose. Regularisation and mobilisation of part time ND/HND for NYSC 2024 JAMB regulirisation: JAMB regularises the admissions of part time students to have their educational pursuits verified in their database. This regularisation does not imply eligibility for NYSC mobilisation. No NYSC mobilisation for part time students: Despite regularising admissions, JAMB made it clear that part time ND/HND NYSC mobilisation 2024 is not a JAMB function. The regularisation serves solely for record-keeping and verification purposes. Addressing past mobilisations Past mobilisation instances: There have been instances where part time students somehow got mobilised for NYSC. Dr Fabian emphasised that these cases were illegal and outside JAMB’s mandate. Future considerations: JAMB acknowledged the ongoing discussions and protests from part time students regarding their NYSC eligibility. Dr Fabian indicated that the issue will be reviewed, and a possible law could be enacted to officially include part time ND/HND students in NYSC mobilisation going forward. Summary notes on JAMB new information on part time ND/HND for NYSC 2024 Verification purpose: JAMB’s regularisation of part time students is for verification only and does not guarantee NYSC mobilisation. Potential legal changes: Discussions are underway to potentially allow part time NDHND students to be eligible for NYSC. JAMB’s recent announcements provide clarity on the issue of part time NYSC mobilisation 2024. Students must understand the current limitations and await any legal changes that may affect their eligibility for NYSC.
Read More
Olabisi Onabanjo University (OOU) 2024 PostUTME registration
Olabisi Onabanjo University (OOU) 2024 PostUTME registration is now open for candidates who scored a minimum of 160 in this year’s UTME/DE. The registration process includes several steps which must be followed meticulously to ensure successful application. This guide outlines the necessary steps and fees involved in the registration process. Steps for registration 1. Access the PUTME Portal Go to the Olabisi Onabanjo University (OOU) 2024 PostUTME portal at https://putme.oouagoiwoye.edu.ng/apply.php. Please be mindful of this URL to ensure you do not visit a cloned website that could possibly scam you. 2. Create a profile Use your JAMB Registration Number to create a profile. This is the first step in starting your application. 3. Fill out the application form Complete the application form with the following details: JAMB Number Surname First Name Middle Name Date of Birth Gender Mode of Entry (UTME, Direct Entry, OOU PDS 2023/2024, OOU JUPEB 2023/2024) PDS/JUPEB Number (if applicable) Telephone Number Email Address Marital Status State of Origin 4. Review your information Double-check all information provided to avoid errors, particularly your JAMB Registration Number. 5. Make payment Pay the registration fee of 2000 Naira and an additional fee of 1000 Naira. These fees are mandatory for the completion of the registration process. Important details on Olabisi Onabanjo University (OOU) 2024 PostUTME registration Application deadline: Tuesday, 27th August 2024 Fees breakdown Registration fee: 2000 Additional Fee: 1000 Contact information: For further enquiries or assistance regarding the Olabisi Onabanjo University (OOU) 2024 PostUTME registration, candidates can contact the university’s admissions office through the details provided on the portal. Final thoughts on Olabisi Onabanjo University (OOU) 2024 PostUTME registration The Olabisi Onabanjo University (OOU) 2024 Post UTME registration is a crucial step for prospective students. By following the outlined procedure, ensuring all details are correct, and making the necessary payments, candidates can successfully complete their registration. Remember, adhering to the deadline and double-checking all information is vital to avoid any issues that might arise during the application process.
Read More
Exclusive: Risevest in talks to acquire Kenya’s Hisa
Risevest, the Nigerian fintech startup that gives users access to global investments and Nigerian stocks, is in talks to acquire Hisa, a Kenyan startup that allows users access to US stocks. If the deal goes through, the acquisition will enable Risevest, founded in 2020, to expand to Kenya. It will be the Nigerian startup’s second acquisition after it acquired digital trading startup Chaka in September 2023. “It’s still an ongoing conversation,” one person with direct knowledge of the deal said, with two other sources sharing that talks began in late 2023. While the terms of the potential acquisition are unknown, Hisa, which raised $250,000 in pre-seed funding in 2022 from angel investors like Ham Serunjogi and Majid Moujaled, was valued at $5 million post-money. “We’re always discussing with other companies to see where potential alignments can be created, but for now, nothing is concrete with Hisa yet,” Eke Urum, Risevest’s founder and CEO, told TechCabal in a statement. Hisa did not immediately respond to a request for comments. Acquiring Hisa will allow RiseVest to gain market share in Kenya without registering a new entity and obtaining new licences. Founded in 2020 by Eric Asuma, Hisa is licenced by the Capital Markets Authority of Kenya (CMA) and the Nairobi Securities Exchange (NSE). Fintechs that offer global investing opportunities to Kenyans are relatively new, with Hisa and Ndovu being the most visible, with the market long dominated by commercial banks that often have investing arms. “The market is there based on the numbers and I believe working with a local team might be the best chance of cracking it,” a RiseVest executive who asked not to be named so he could speak freely told TechCabal. Risevest is backed by Ventures Platform and Techstars and is thought to have around 600,000 users. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read More
How to accept or reject 2024 admission without JAMB SIM card
JAMB has earlier made it clear that you can only accept or reject admission in 2024 using the USSD codes 55019 or 66019 from your JAMB registered phone number. But misplacing your SIM card or having it damaged can hinder you from remotely managing your admissions in the 2024 exercise. In light of this, recent provisions by JAMB offer solutions for individuals facing this issue just as you can now check your UTME result by printing your original 2024 JAMB results slip. Here’s how to proceed to accept or reject your 2024 admission without your SIM: Visit JAMB approved centers https://www.jamb.gov.ng/1. Locate a JAMB recognised center: Identify a JAMB-approved centre or an accredited CBT centre. These centres can assist you in the process. 2. Carry necessary Identification: Ensure you bring valid identification documents, such as your JAMB registration slip and a valid ID card. 3. Request assistance: Inform the centre’s personnel that you need to accept or reject your admission. Accept JAMB admission 2024: Steps to follow To accept JAMB admission 2024 without a SIM card, follow these steps: Visit the centres: Centres can be busy, so early visits help avoid long queues. Provide your JAMB details: Give your JAMB registration number and other required information to the personnel. Confirm your admission status: The personnel will check your admission status and proceed to accept JAMB admission 2024 on your behalf. Receive confirmation: Ensure you get a printed confirmation of the action taken. Reject JAMB admission 2024 If you wish to reject JAMB admission 2024 without your SIM card, these steps are essential: Inform the personnel: Clearly state that you intend to reject the offer. Verify your details: Provide necessary details, including your registration number and ID. Confirm rejection: The centre’s personnel will handle the rejection process for you. Get documentation: Obtain a printed document confirming the rejection. Important conisiderations Check center availability: Not all centres may offer this service daily. Confirm availability before visiting. Prepare for fees: Some centres might charge a fee for the service. Have some cash ready. Keep records: Maintain all documents provided by the centre for future reference. To manage your admission status without a SIM card, visiting an accredited JAMB centre is the only way out. Ensure you follow these steps diligently to accept JAMB admission 2024 or reject it as needed.
Read More
Netflix and bill? Streaming giant increases price of premium plan to ₦7,000
Netflix, the world’s largest paid video streaming service, has raised the price of its monthly subscription packages for Nigerian users, the second time the company is updating its pricing in 2024. The premium plan, which offers an ultra-high-definition picture and four screens, will now cost ₦7,000 ($4.40), up from ₦5,000 ($3.14), according to a notification sent to customers seen by TechCabal. The standard plan has also increased from ₦4,000 ($2.51) to ₦5,500 ($3.46). The mobile plan now costs ₦2,200 ($1.38), while the basic plan will now cost ₦3,500 ($2.20). The review is in response to the naira devaluation. US users pay $15.49 for the standard plan and $22.99 for the premium plan, respectively. UK users pay £10.99 for the standard plan and £17.99 for the premium plan. Netflix didn’t immediately respond to a request for comments. The streaming giant last reviewed prices for Nigerian users in April 2024. The standard plan rose from ₦3,600 ($2.26) to ₦4,000 ($2.51). While the basic plan remained at ₦2,900 ($1.82), the premium plan was hiked to ₦5,000 ($3.14) from ₦4,400 ($2.76), and the mobile plan was increased from ₦1,600 ($1.01) from ₦1,200 ($0.75). At the time, Netflix cited a broader strategy to revise its subscription fees across various regions. In the past year, Netflix has adjusted prices in its key markets, including the United States, the United Kingdom, and France. The new increase comes as Nigeria grapples with rising inflation and a cost of living crisis. With declining spending power and a shrinking middle class, payments for streaming services will become less of a priority for most Nigerians. Despite being Africa’s most populous nation, Nigeria is a small market for Netflix—accounting for 10.5% of total subscribers in Africa, according to Omdia Research, a tech research-based firm. In November 2023, Netflix lost its market leader status in Africa to MultiChoice’s Showmax. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read More
👨🏿🚀TechCabal Daily – Zimbabwe digs into lithium
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Before you dive into today’s edition, please take a minute or two to move TC Daily from your Promotions folder into your Main/Primary folder so you don’t miss any of our important coverage. On mobile, click the button on the top-right corner and select “Move”, and on desktop, just drag and drop this email. Thank you! In today’s edition Mercury will close accounts of Nigerian startups on August 22 Zimbabwe to cash in on lithium rush Capital invests $850,000 in two African agritech startups Nigeria directs telecoms to conduct billing audits The World Wide Web3 Events Banking Mercury will close accounts of Nigerian startups on August 22 Mercury Bank caused an uproar yesterday after announcing that it will no longer provide banking services to its customers in 37 countries, including Nigeria. The San Francisco-based digital bank that became a lifeline for African startups after Silicon Valley Bank’s collapse, cited “recent changes in how it determines account eligibility” as the sole reason it is parting with customers in these countries. According to Mercury, these users have only 30 days to find another bank to move their funds—which looks like an unrealistic timeline to move large sums of money from one bank to another, bearing in mind the multi-layered process to go through verification, compliance, and proof-of-fund processes. Founders with Mercury accounts have reacted to the impromptu change on X, slamming Mercury for poor customer service. But for Nigerian founders, the wound cuts deeper. Ngozi Chukwu reported for TechCabal that, “Banks like Mercury have become very important to Nigerian tech startups that raise dollar funding from foreign and local investors.” It is tougher for these founders as receiving foreign payments, or making payments abroad has historically been a hassle. Tried methods in the past with neobanks like PayPal have only led to restrictions due to “local financial regulations”. Despite the mounting frustrations, affected users have swung into action, switching to alternative banking providers like Verto, Cleva or Raenest. One banking-as-a-service founder in Nigeria even rallied founders to build the “Mercury for African businesses” in his post. Other African countries were also affected: The 13 affected African countries include Burundi, Cameroon, DR Congo, and Zimbabwe. Many are on the Financial Action Task Force (FATF) Greylist, adding to compliance concerns. Read Moniepoint’s 2024 Informal Economy Report 7 out of 10 informal business owners borrow money for their business. Click here to find out more about Nigeria’s informal economy and credit. Big Tech Zimbabwe to cash in on lithium rush Lithium, the lightweight metal powering our tech-driven world, is in high demand. From smartphones to electric vehicles, this critical mineral is a key component in rechargeable batteries. The majority of lithium is currently sourced from brine deposits in South America’s “Lithium Triangle”—Chile, Argentina, Bolivia—and from hard rock mines in Australia. As the global push for electrification accelerates, the hunt for new lithium reserves is intensifying. Zimbabwe digs in: Zimbabwe is aiming to cash in on the lithium boom. State-owned Kuvimba Mining House has inked a $310 million deal with unnamed British and Chinese investors to build a lithium concentrator at the Sandawana mine. This facility will be the first step in turning raw ore into lithium compounds, which are further processed into battery-grade materials. The facility is expected to be operational within 18 months, with annual production set at 600,000 tons of lithium concentrate. The agreement is also set to conclude after six years, aiming to solidify Zimbabwe’s position in the global lithium supply chain. Currently, Zimbabwe exports unrefined lithium concentrate, primarily to China for final processing. The new concentrator aims to add value to the country’s mineral resources and create jobs. Kuvimba is also exploring partnerships for its gold mines, seeking $150 million to expand operations. While the project promises economic benefits, it remains to be seen if Zimbabwe can navigate the complexities of mining and processing lithium while ensuring environmental sustainability. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Funding Village Capital invests $850,000 in two African agritech startups Africa has 60% of the world’s uncultivated arable land. For decades this land has not been put to good use. The continent remains a net importer of food due to challenges faced by small-holder farmers who produce most of its food. These farmers need more access to credit for seeds and fertilizers to boost production. They also struggle with an inability to sell their produce due to poor infrastructure and market information; and wastage of food produced due to lack of proper storage and transportation. Agritech isn’t getting enough attention: While tech-driven agricultural startups have put up a fight against these challenges, they have done so with very little funding. Agritech startups on the continent received 4.4% ($95.1 million) and 8.6% ($59.9 million) of the total funding raised in 2021 and 2020 respectively. Village Capital, a global nonprofit organisation focused on early-stage investment is giving two agtech startups new ammunitions to keep in the race. The organisation has backed Aquarech (Kenya) and Coamana (Nigeria), two African tech agritech startups. Both startups will receive $350,000 and $500,000, respectively. What Aquarech does: The startup operates as a B2B and B2C company which offers fish farmers a buy now pay later solution (BNPL) for fish feed. Aquarech also provides training and other precision agriculture tools that help fish farmers learn about best practices and improve incomes. Coamana’s goal: Coamana provides a marketplace, Amana Market, where farmers and traders can sell their products, get loans, and access real-time market prices and purchase requests. Coamana and Aquarech are Village Capital’s latest investments in Africa. The firm which has invested in over 150 startups globally made this investment as part
Read More