How to buy Airtel airtime via MPesa and other avenues in 2024
Purchasing Airtel airtime on MPESA 2024 has become an incredibly simple and efficient process. But you do not have to use only M-Pesa, there’s Airtel Money, and debit card options too. The following steps will guide you through the options available. Buying Airtel airtime using M-Pesa In 2024, buying Airtel airtime on MPESA is a quick and convenient option for many users. Follow these easy steps to top up: Open your M-Pesa Menu on your mobile phone. Select the Pay Bill option. Enter the Business Number: 220220. For the Account Number, enter AIRTXXXXXX, where XXXXXX is your Airtel mobile number. Enter the amount you wish to top up as airtime. Input your M-Pesa PIN and send. Within seconds, you’ll receive a confirmation message showing your successful purchase of Airtel airtime on MPESA 2024. Benefits of buying Airtel airtime on M-Pesa Buying Airtel airtime on M-PESA in 2024 has several clear benefits: Convenience: You can buy airtime anytime, anywhere. Speed: Transactions are processed instantly. Security: Your M-Pesa PIN protects your transaction details. Purchasing Airtel Airtime with Airtel Money You can also use Airtel Money to buy airtime easily in 2024. Here’s how: Go to the Airtel Money Menu. Select Make Payments and then Pay Bill. Enter pesapal as the business name. Enter the amount of airtime you wish to purchase. Input your Airtel Money PIN for confirmation. For reference, use AIRTXXXXXX, where XXXXXX is your Airtel mobile number. Using Debit or Credit Cards for Airtel Airtime For those who prefer using Visa or MasterCard, you can buy Airtel airtime online: Visit airtelairtime.com. Select the option to pay using a debit or credit card. Enter the necessary details and choose your airtime amount. Complete the transaction and enjoy your top-up. Final thoughts on how to buy Airtel airtime via MPesa and other avenues in 2024 In 2024, there are multiple easy methods to buy Airtel airtime on MPESA 2024. Whether you choose M-Pesa, Airtel Money, or a credit card, the process is quick, secure, and available at any time. Also, should you need your M-Pesa transaction history, you can easily get your M-Pesa stamped statements online too.
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All on how to easily get your original MPESA statements in 2024
M-PESA, one of Kenya’s leading mobile money services, offers a seamless way to access your transaction history. Whether for personal tracking or official purposes, retrieving your M-PESA statement is easy. Here’s everything you need to know about accessing MPESA statements online in 2024. What is the M-PESA statement service? The M-PESA statement service enables registered users to access detailed, stamped transaction reports. These statements can be: Downloaded directly onto your phone. Sent to your email. With Mpesa statements online in 2024, users can easily track their financial history without visiting a Safaricom shop. Key benefits of M-PESA statements available online in 2024 Accessing your M-PESA statement offers several advantages: Self-registration: You can register for the service without visiting a Safaricom shop. On-demand access: Statements are available anytime you need them. Financial reconciliation: You can conduct reconciliations or meet requirements for financial facilities. No extra visits: No need to visit a physical location for statements. Mpesa statements online in 2024 make this process even more convenient. How to download or access the M-PESA statements available online in 2024 service M-PESA statements are available through two main channels: M-PESA App USSD Dialling (*334#) Both options provide access to Mpesa statements online in 2024, and the service is free for all M-PESA users. Accessing Your M-PESA Statements Here’s how you can retrieve your M-PESA statements through different methods: Using the M-PESA App Download and install the M-PESA App from the Play Store (Android) or App Store (iPhone). Log in using your M-PESA PIN or biometrics. On the Home page, go to M-PESA Statements and tap See All. Select the month or set custom dates. Tap Generate Statement to download. Using USSD (*334#) Dial *334#. Select My Account. Choose M-PESA Statement. Select the type of statement (monthly, custom). Enter and confirm your email address. Input your M-PESA PIN to finalise. This quick process ensures you can access Mpesa statements online in 2024 with ease. Querying past statements You can request statements for the following periods: Last 1, 3, 6, or 12 months. Last 2 years. Specific custom dates. For records older than two years, visit the nearest Safaricom shop. Court-Use M-PESA statements If you require an M-PESA statement for court purposes, the regular statement may bear a disclaimer. To get a version without this disclaimer: Visit a Safaricom shop. Fill in a Civil Disputes Statement Request Form. Provide identification and clarify the purpose of the statement. Note: These statements are limited to civil cases only, not criminal matters. Accessing deceased relative’s M-PESA statements If you need access to the M-PESA statement of a deceased relative, you’ll need: Your original ID. A death certificate of the deceased. An affidavit showing your relationship. A letter from the county chief or administration. Submit these documents at a Safaricom shop for processing. Retrieving funds from a deceased Relative’s M-PESA account The process depends on the amount in the account: For amounts above KSh 30,000: Provide an original death certificate. Submit a Grant of Probate or Letters of Administration. For amounts below KSh 30,000: Present your ID. Submit a death certificate and a letter from the local chief. Funds will be transferred to your M-PESA number within 72 hours upon approval. Final thoughts on how to easily get your original M-PESA statements in 2024 M-PESA has simplified financial management for millions. With easy access to transaction records, users can better monitor their finances without leaving their homes. Whether you’re seeking to reconcile your transactions or gather documents for official purposes, Mpesa statements online in 2024 are reliable, swift, and essential. For any queries, contact: Call: 100 or 200. Twitter: @Safaricom_Care, @SafaricomPLC. Facebook: @SafaricomPLC. Email: customercare@safaricom.co.ke.
Read MoreZimbabweans reject Zimbabwe Gold (ZiG) after devaluation
Merchants, public transport operators, and other institutions are rejecting the Zimbabwe Gold (ZiG) after the reserve bank devalued the currency by 40% on Friday. Anxiety over further devaluation of the ZiG, Zimbabwe’s sixth attempt at a currency since 2009, is driving the rejection. “Our suppliers have been refusing to accept ZiG for a long time, and this devaluation is only going to worsen the situation, so why should we accept it?” asked a farmer in Bulawayo, Zimbabwe’s second-largest city. On Monday, the ZiG traded at 24.88 against the greenback compared to 24.39 on Friday. Zimbabwe’s headline inflation quickened to 1.4% in August and the currency devaluation is expected to worsen inflation. The government takes the opposite view and believes the devaluation will ease inflation. According to the Consumer Council of Zimbabwe (CCZ), some traders are rejecting ZiG from customers. “Most traders are not accepting ZiG swipe and if accepted, the rate will be too high, often above ZiG25 per US$1, which is an indirect way of not accepting the ZiG swipe,” Rosemary Mpofu, CEO of CCZ, told one publication. Four cab drivers also told TechCabal that they are rejecting ZiG because they cannot buy fuel with the currency. “If I cannot fuel with the currency, pay levies, and it’s also devaluing, why should I accept it then?” one cab driver said. The story is the same with civil servants. “I did not even have the chance to cash [the salary] and as a result, its half its worth but shelf prices haven’t budged,” said a secondary school teacher in Arcadia who received his salary on Thursday. The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) wants salaries adjusted to reflect the devaluation. “[Minister of Finance] Mthuli Ncube and the government should not wait to be told that since ZIG has officially been devalued by 44% to the USD, the ZIG component of salaries should be automatically adjusted,” ARTUZ said in a statement. Having experienced multiple currency devaluations in the past 15 years, Zimbabweans know first-hand the pain of savings turning worthless overnight. The government and central bank must convince Zimbabweans that the ZiG still has a fight in it.
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Kenyan ISP Mawingu turns to fibre, fixed wireless in strategic shift
Mawingu, Kenya’s fifth largest internet service provider (ISP), will exclusively offer fibre and fixed wireless services in a highly competitive market dominated by Safaricom and Jamii Telecoms, both of which also provide fibre connectivity to homes and businesses. The strategic shift was informed by Mawingu’s business objectives, as the Microsoft-backed ISP, with over 30,000 subscribers as of June 2024, aims to expand its reach into more peri-urban areas. Mawingu, which has now moved beyond central Kenya to traditionally overlooked regions in northern and western parts of the country, claims that around 10% of its customers will be connected to fibre before the end of the year. Mawingu CEO Farouk Ramji told TechCabal on Friday that the company has laid 20 kilometres of fibre in Isiolo, a town in Eastern Kenya, and plans to do the same in Garissa and other areas. Its packages start at KES 2,500 for a 10 Mbps connection. Mawingu, a project born from the Kenyan government’s unused TV frequency initiative (also known as TV white space) and Microsoft, began experimenting with these frequencies in 2016. The goal was to expand internet access in underserved areas using solar-powered stations and TV white space technology. This trial was a response to Kenya’s digital migration from analog to digital TV broadcasting, which freed up valuable spectrum. While the ISP was licenced to test the frequencies for internet connectivity by the Communications Authority (CA), TV white space was not a core focus for the company, Mawingu told TechCabal. “We don’t use TV white spaces any more. It was a trial. We are just using fixed wireless on the 5GHz channel,” Farouk Ramji, Mawingu CEO, told TechCabal. Setting up TV white space infrastructure requires substantial capital investment, making it a business challenge for smaller ISPs. “The biggest hindrance to TV white space is the unit economics. A single customer premises equipment (CPE) costs about $2,000. You can get the distance (for internet availability) for 20 kilometres, but the economics don’t make sense for rural/peri-urban areas,” Ramji said. It has managed to survive by serving customers in areas outside the coverage of larger ISPs. Telcos like Telkom Kenya attempted to cater to these customers with services such as the now-defunct Loon service in partnership with Google, which allowed customers to go online using internet-beaming balloons. Even with its initial high costs, Elon Musk’s Starlink aims to capture this market. Fifteen months after launching in Kenya, Starlink has attracted over 4,000 subscribers and introduced packages that have disrupted the fixed internet market. Market leader Safaricom responded by upgrading speeds for its fibre services up to five times. Starlink countered this by introducing a residential lite package for price-sensitive customers.
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Next Wave: Is satellite internet the future of connectivity in Africa?
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 29 September, 2024 Africa has made impressive progress in internet connectivity over the past decade, but gaps persist. Only 39% of the population has access to the internet, compared to the global average of 60%. Big Tech firms like Meta and Google have joined local ISPs and governments to lay undersea cables to increase access and lower costs. However, the cost of broadband on the continent is still higher by up to 356% for slower speeds than in other regions. As of 2023, only 40% of SSA’s population had access to the internet. Image | Joseph Seun, TC Insights Is satellite internet the future of connectivity in Africa? There is a frantic effort to bridge the digital gap in Africa, which has seen increased investments in fibre optics infrastructure and data centres. Satellite internet could be a game-changer in remote regions where traditional terrestrial infrastructure like cell towers and fibre optic cables struggle to reach, satellite internet could be a game-changer. Local news outlets have captured the momentous events of the past two years in the industry, starting with Starlink’s entry into Africa and ending with significant price cuts, which have forced local ISPs to rethink their product offerings. Next Wave continues after this ad. Join us at the Bluechip AI & Data Summit 2024 on 2nd Dec in Lagos! Explore AI & data-driven solutions for Africa’s future. Network with industry leaders, attend expert panels, and discover innovations transforming finance, healthcare, and more. Don’t miss out. JOIN US Low Earth Orbit (LEO) satellite operators like Starlink, OneWeb and Amazon’s Kuiper have experimented with technology that promises to cut the cost of user terminals and installation which for a long time made satellite communication expensive. The companies have also positioned their satellites closer to the earth’s surface–as low as 1,000km–increasing information speeds, with rates of up to 300Gbps. With cheap terminals and wider coverage, satellite ISPs can beam internet to remote parts of Africa, bypassing the need for physical infrastructure. Next Wave continues after this ad. 𝐒𝐞𝐜𝐮𝐫𝐞 𝐲𝐨𝐮𝐫 𝐏𝐚𝐬𝐬 for GITEX GLOBAL and Expand North Star! Be part of the ultimate ecosystem aggregator and relationship builder at the heart of the largest tech community in the world. With 2 mega venues, 40 halls, 6,500+ companies, and 1,800 startups from over 180 countries, GITEX GLOBAL 2024 is your gateway to ‘𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐅𝐨𝐫𝐠𝐞 𝐚 𝐅𝐮𝐭𝐮𝐫𝐞 𝐀𝐈 𝐄𝐜𝐨𝐧𝐨𝐦𝐲.’ Get ready to explore the latest innovations and insights shaping the tech world and beyond. gitex.com Dubai World Trade Centre 14-18 October 2024 expandnorthstar.com Dubai Harbour 13-16 October 2024 Get your pass now. The deployment of Optical Intersatellite Links (OISLs) has further reduced the cost of satellite services such as TV and Internet. OISLs allow satellites to communicate with each other through light signals without multiple ground stations, reducing the need for more terrestrial infrastructure. For example, Starlink has only one gateway station in Africa despite its services reaching almost every corner of the continent. Operating a few ground stations implies lower operational costs and reduced consumer prices. Next Wave continues after this ad. Planning to attend Moonshot 2024 from outside Nigeria? Are you looking to explore the next frontier of tech innovation and gain insights from global leaders on Africa’s rapidly growing tech ecosystem? Moonshot 2024 offers the opportunity to network with visionary entrepreneurs, investors, and innovators shaping the future of Africa, and to uncover new business opportunities in one of the world’s most dynamic markets. You also get to enjoy the vibrant mix of Lagos’ innovation and culture, all while staying connected with prepaid eSIMs from Sochitel for seamless data and calls. Secure your spot now for two days of inspiration, networking, and innovation! Laying cables and building cell towers is time-consuming and capital-intensive. Achieving a 100% penetration rate has proved difficult despite billions of dollars in investments in the sector in the past decade. However, satellite technology has wider coverage, including areas where traditional infrastructure cannot go. For instance, OneWeb’s satellite can cover 75,000 square kilometres, an area more than double the size of Rwanda. Providing internet through satellites is easier and more scalable than laying thousands of kilometres of optical fibre. The development of reprogrammable satellites is expected to revolutionise the industry even further. In 2021, the European Space Agency and Eutelsat a French satellite operator, launched Eutelsat Quantum, the first fully reprogrammable commercial satellite. Quantum can change its beam’s coverage and power of the signal transmitted in seconds, meaning it can provide services to new areas on demand, especially in times of natural disaster or emergency. For a continent still struggling with armed conflicts and managing natural disasters, satellite technology can guarantee uninterrupted connectivity. Next Wave continues after this ad. Catalysing Conversations by Endeavor Nigeria, which brings together Nigeria’s most exciting high-impact entrepreneurs, influential business leaders, and forward-thinking policymakers for inspiration, learning, and networking, is one of the highlights of the Endeavor events calendar. With a projected attendance of 500 curated in-person guests and over 500 virtual audience members, this event promises to be a remarkable gathering of innovation and collaboration. Register here. African countries have the most expensive internet relative to download speeds. With speeds of up to 200Mbps at about $45, Starlink has promised African customers better value. While users have lauded the entry of satellite ISPs, local players consider them a threat, which could scuttle the progress made. Kenya’s Safaricom has urged the regulator to block satellite ISPs without local partners from the market. African telcos should see this as an opportunity to innovate and reach the remaining 60% of people who are not connected. Satellite internet will likely help close the digital
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👨🏿🚀TechCabal Daily – Safaricom’s turnaround
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy pre-Independence Day! With just 9 days to go and a few tickets left, Moonshot is now offering 30% off all tickets! Now is the perfect time to be a part of the conversation about Africa’s digital landscape and treat yourself to two amazing days of gaining valuable insights from industry experts, networking with potential partners and investors, and being a part of the groundbreaking innovations shaping the African digital economy. Don’t miss out on this incredible opportunity. This offer ends in 4 days! Get tickets here. Safaricom opens up to a Starlink partnership Nigerian drivers are experimenting with CNG Can Bosun Tijani’s fibre optic plan bring more Nigerians online? How to train 3 million technical talents, the Bosun Tijani way The World Wide Web3 Opportunities Internet Safaricom opens up to a Starlink partnership Safaricom CEO Peter Ndegwa Kenya’s telecoms market leader Safaricom, claims it is now open to partnering with Starlink, an about face from the company’s previous position. “We have had some discussions, and we will continue to have those discussions to the extent that they complement what we are offering,” CEO Peter Ndegwa told Bloomberg. A partnership between Safaricom and Starlink could benefit Kenyan consumers. The corporation’s extensive network could provide a robust distribution channel that could be key to reducing the cost of Starlink kits, which currently cost KES 45,000 ($350). However, the specific details of such a collaboration – should it proceed – remain undisclosed. In August, Safaricom wrote to Kenya’s Communications Authority (CA) to impose stricter regulations on independent satellite internet providers like Starlink. While the CA argued that Safaricom had a right to suggest market entry prerequisites, this move was criticised, as some industry experts accused Safaricom of attempting to curtail Starlink’s market entry. Regardless of whether the partnership proceeds, the existing rivalry between the two ISPs shows that new market entrants benefit consumers with price-sensitive offerings. Starlink has also changed how Safaricom prices its fibre packages, obviously to maintain its top position as a fixed internet services provider. Last Monday, Safaricom responded by upgrading its fibre speeds up to five times and introducing a 1 Gbps package—a previously unfeasible offering in the local fixed internet market. Starlink countered with a more affordable residential package offering speeds of up to 100 Mbps for KES 4,000 ($31) a month and a cheaper Starlink Mini kit priced at KES 27,000 ($210). These developments are a positive step towards making fixed data services more accessible to Kenyans. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Transportation Nigerian drivers are experimenting with CNG Image Source: Ngozi Chukwu/TechCabal Nigeria is marking its independence with a giveaway., The Federal government will give commercial drivers 2,000 compressed natural gas (CNG)-powered tricycles. With fuel prices at record highs, CNG vehicles may finally be having a moment. Drivers on the ride-hailing platform Bolt have been retrofitting their vehicles with CNG kits discounted by the government. CNG, which costs about ₦235 ($0.14) per cubic metre, is about five times cheaper than petrol. With just ₦5,000 ($3) worth of the gas, a car can make a round trip from Lagos to Ibadan (about 262 km), according to our report. The same trip will require about ₦30,000 ($18) worth of petrol. But will CNG really go mainstream? This high interest in the compressed gas might just be a temporary flight response to the increased cost of fuel. Despite previous spikes in fuel prices, CNG usage has not seen widespread adoption since 2019. A major hindrance to mass adoption is the cost of the conversion. The kits cost ₦200,000–₦300,000 ($121–$181) in 2019 and have since seen prices increase to ₦750,000–₦2.5 million ($423–$1,512). The government is currently fully and partially funding conversion for public transportation but there is a limit to its coffers. Limited resources and fuel subsidies were removed in the first place. What will happen when the government reaches its limits? Will commercial drivers scrape from their meagre earnings to buy it? Or will they simply keep increasing the price of transport? Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Features Can Bosun Tijani’s fibre optic plan bring more Nigerians online? Image Source: Adaeze Chukwu/TechCabal This year, the United Arab Emirates (UAE) recorded the fastest average fixed broadband internet speed worldwide, at 291.85 megabytes per second (Mbps), and Singapore was a close second at 290.86 Mbps. In Nigeria, approximately 28 million Nigerians will wake up today having never used the internet or a mobile device to make calls. Those with the luxury of internet access will enjoy average download speeds of 27.68 Mbps, 132nd on a ranking for Worldwide Broadband Speed. Bosun Tijani, the minister of communications, innovation, and digital economy, stays up at night thinking about how to bring high-speed internet to Nigeria’s 774 local government areas. He’s working on delivering 90,000km fibre optic cables nationwide, starting from the first quarter of 2025. The plan requires $2 billion, which the minister says he will raise from seven development finance institutions and local investors. He has also secured the president’s approval for a special-purpose vehicle that will be responsible for the actual building and management of the fibre. But it’s far from a done deal. The immediate challenge will be rumblings about an imminent cabinet reshuffle that may see him out of office before he executes on his big goals. If he survives a reshuffle and his ministry remains intact, Tijani will need his DFI friends
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Next Wave: Accelerators and information disclosure
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 22 September, 2024 Startup accelerators started in the early 2000s as a way to support early-stage companies. Accelerators offered founders a structured environment with mentorship, resources, and, often, seed funding. While several accelerators were initially established, Y Combinator, launched in 2005, has arguably been the biggest success story. Accelerators invest a small amount of money in a group of startups and expect them to grow quickly. Y Combinator, which runs its program several times a year, invests $500,000 in each startup and takes about 7% of the company. The program lasts 12 weeks and ends with a “Demo Day,” where startups present to investors. Many Y Combinator startups have been very successful in raising more money. Next Wave continues after this ad. Planning to attend Moonshot 2024 from outside Nigeria? Are you looking to explore the next frontier of tech innovation and gain insights from global leaders on Africa’s rapidly growing tech ecosystem? Moonshot 2024 offers the opportunity to network with visionary entrepreneurs, investors, and innovators shaping the future of Africa, and to uncover new business opportunities in one of the world’s most dynamic markets. You also get to enjoy the vibrant mix of Lagos’ innovation and culture, all while staying connected with prepaid eSIMs from Sochitel for seamless data and calls. Secure your spot now for two days of inspiration, networking, and innovation! Despite extensive and positive media coverage, accelerators show dynamics that can create inefficiencies that leave portfolio firms vulnerable to “valuation bubbles.” Remember that accelerators typically provide detailed information about the startups they are nurturing. This information includes startup profiles, performance metrics, investment highlights, progress updates, and financial projections. However, there is a risk that accelerators may selectively disclose information or withhold negative details to present a more positive picture of their portfolio companies. The practice, also called “cherry-picking,” can mislead investors with less accurate screening technology, leading to overvaluations, which lead to negative consequences in the long run. Next Wave continues after this ad. Join us at the Bluechip AI & Data Summit 2024 on 2nd Dec in Lagos! Explore AI & data-driven solutions for Africa’s future. Network with industry leaders, attend expert panels, and discover innovations transforming finance, healthcare, and more. Don’t miss out. JOIN US Accelerators often have proprietary information about their portfolio firms that investors may not have access to. This informational asymmetry can influence their decision to disclose only positive signals, even when startups hit a few roadblocks. For instance, accelerators may be aware of internal issues, such as product delays or team conflicts, that could negatively impact a startup’s prospects. However, they may choose to downplay these issues to maintain a positive narrative and attract investors. Another factor driving selective disclosure is the accelerator’s desire to preserve its reputation. Accelerators can create a perception of their ability to identify and nurture high-potential ventures by consistently highlighting successes and minimising failures. This positive image can attract more entrepreneurs and investors to boost the accelerator’s brand and reputation. Next Wave continues after this ad. Fintech Professionals in East Africa! Join this FREE webinar organised by Digital Jewel Africa on Sept 24th and learn how to navigate regulations easily using international standards. Fostering a culture of transparency and accountability. Register now This is not an attack on accelerators since they help certify the value of portfolio ventures to outside investors. Some accelerators have also admitted that they can lose money from failed investments because their business is structured to cushion such losses. A key issue, however, is the time inconsistency problem, where accelerators grow their portfolios beyond the profit-maximising size, which leads to less precise signals. However, portfolios still fall short of efficient size, and subsidies could help. Another inefficiency arises when accelerators only reveal positive sides to boost profits, exit early, and back less promising ventures, which inflate valuations in top accelerator portfolios. Next Wave ends after this ad. Get a Discount to Attend Moonshot 2024 with Your Friends! We’re a few weeks away from Moonshot 2024! Seize the opportunity to enjoy a group ticket discount with your friends or colleagues. Experience two days of invaluable insights from industry leaders, networking with potential partners and investors, and witnessing groundbreaking innovations shaping the future of the African digital economy. Get ₦8,000 off on 2 tickets and ₦20,000 off on 4 tickets. Get tickets here. Kenn Abuya Senior Reporter, TechCabal Thank you for reading this far. Feel free to email kenn[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to you here for free to get fresh perspectives on the progress of digital innovation in Africa every Sunday. As always feel free to email a reply or response to this essay. I enjoy reading those emails a lot. TC Daily newsletter is out daily (Mon – Fri) brief of all the technology and business stories you need to know. Get it in your inbox each weekday at 7 AM (WAT). Follow TechCabal on Twitter, Instagram, Facebook, and LinkedIn to stay engaged in our real-time conversations on tech and innovation in Africa. If you liked this edition of Next Wave, please share with your friends. And feel free to reply with thoughts and feedback. We welcome those. 18, Nnobi Street, Surulere, Lagos, Nigeria View in Map You received this email because you signed up on our website or made purchase from us.If you know longer wish to recieve these emails, please unsubscribe
Read MoreNavigating business payments in Africa’s evolving trade landscape
This article was contributed to TechCabal by Yele Oyekola, CEO and co-founder of Duplo. Africa’s trade and commerce landscape is undergoing a significant transformation, driven by economic integration, technological advancement, and the rise of digital finance. These shifts are creating new opportunities and challenges for businesses across the continent, particularly in how they make and receive payments. From the establishment of the African Continental Free Trade Area (AfCFTA) to the emergence of a new multipolar world order influenced by the United States and China, global trade patterns are shifting in ways that African businesses can leverage. As Africa positions itself as a major player in global trade, effectively navigating the complexities of business payments has become critical for success. Africa’s evolving trade landscape Business-to-business (B2B) trade in Africa is characterised by a blend of intra-continental commerce and exchanges with the rest of the world, each with distinct patterns and key players. Key players in international B2B trade In B2B trade between Africa and the global market, the continent’s “Big Six” exporting nations play a significant role, with South Africa, Egypt, and Morocco leading the pack – accounting for approximately 60 percent of extra-African exports. These countries boast well-established trade relationships and relatively advanced financial infrastructures, facilitating international transactions. Their robust economies serve as gateways for global businesses looking to engage with African markets. Drivers of intra-African trade Within the continent, a different set of countries drive B2B trade. South Africa remains a dominant force, along with its Southern African Development Community (SADC) neighbors like Namibia, Botswana, and Zambia. West African powerhouses such as Nigeria, Ghana, and Côte d’Ivoire are also prominent, alongside the Democratic Republic of Congo (DRC), Tanzania, and Mali. This diverse group reflects the growing importance of regional trade blocs and cross-border commerce within Africa. Interestingly, intra-African trade is twice as likely to involve value-added products and manufactured goods compared to extra-African trade. This highlights the potential for intra-continental trade to drive industrialisation and economic diversification. Challenges in business payments Despite the promising trade environment, businesses face several challenges in navigating payments across Africa, which can impede the flow of goods and services. 1. Fragmented financial systems: Africa consists of 54 countries, each with its own currency, regulatory framework, and banking infrastructure. This diversity leads to complexities in currency conversions and compliance with varying legal requirements. Many African payment systems are also not interoperable, meaning they cannot seamlessly process transactions across borders. This fragmentation results in reliance on multiple intermediaries, increasing the risk of errors and delays. 2. Currency volatility: Many African currencies are susceptible to significant fluctuations due to economic instability, inflation, and political factors. This volatility makes it challenging to predict costs and manage cash flows.This then leads to limited availability of foreign currency, which can delay transactions and make it difficult to pay international suppliers. 3. High transaction costs: Due to the fragmentation of financial infrastructures across borders, many banks and financial institutions are involved in a transaction and this can lead to exorbitant costs for cross border transfers. 4. Political and economic instability: Political unrest can lead to international sanctions that restrict financial transactions. Nigeria for example is now on the grey list. Strategies for navigating business payments As the payment landscape in Africa evolves, businesses must adopt effective strategies to navigate this complex environment. 1. Develop Pan-African growth strategies While pan-African growth strategies may not be immediately necessary for all businesses, the evolving cross-border B2B payments landscape makes it imperative to plan for the future. By investing in advanced payment platforms and developing strategies that anticipate expansion across the continent, African businesses can position themselves for long-term success. These strategies will enhance competitiveness and resilience, contributing to the broader goal of economic integration and ensuring readiness to thrive in a unified and dynamic African market. 2. Leverage digital payment solutions Businesses should embrace digital payment platforms that offer faster, more cost-effective, and transparent transactions. These platforms can help reduce transaction costs, improve cash flow management, and enhance customer satisfaction. For example, Duplo provides payment, spend, and vendor management solutions that enable businesses in Africa to make and receive instant local and international payments, saving costs and time while streamlining transactions. 3. Understand regulatory environments It is crucial for businesses to have a thorough understanding of the regulatory environments in the markets they operate in. Engaging with local experts, legal advisors, and compliance specialists can help navigate regulatory hurdles and avoid potential pitfalls. Staying informed about changes in laws and regulations ensures that businesses remain compliant and can adapt quickly to new requirements. 4. Promote financial education Investing in financial education for teams is essential, particularly in understanding the dynamics of cross-border payments. Training on currency management, regulatory compliance, and the use of digital payment platforms can empower employees to manage payments more effectively. This knowledge can lead to better decision-making and increased efficiency in handling international transactions. Conclusion As Africa’s trade landscape continues to evolve, the ability to navigate business payments effectively will be a critical factor for success. While challenges remain, the rise of digital payment platforms, regional payment systems, and innovative technologies offer promising solutions. By adopting the right strategies and leveraging emerging tools, businesses can position themselves to thrive in Africa’s dynamic trade environment. The future of business payments in Africa points toward increased efficiency, lower costs, and greater inclusivity, paving the way for more robust economic growth across the continent. For more information and context on the state of cross-border B2B Payments in Africa and Its Impact on Trade, please check out Duplo’s latest report. ________ Yele Oyekola is the co-founder and Chief Executive Officer of Duplo, a leading provider of payment, spend, and vendor management solutions for African businesses. He has vast experience of building and scaling financial services across Africa, having founded and worked for multiple financial services companies, including banks and asset management companies.
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Can Bosun Tijani’s fibre optic plan bridge Nigeria’s digital divide?
Nigeria’s Communications, Innovation, and Digital Economy Minister, Bosun Tijani, has spent his first year becoming a key figure in the telecom industry. He envisions a world where every Nigerian can access high-speed internet via fibre-optic cables. We examine the progress and challenges towards achieving that vision. Niger, Nigeria’s largest state by landmass, borders six other states and the Republic of Benin. It also hosts a crucial 3,500-kilometre fibre optic cable network, owned by multiple operators and is the 6th largest fibre network that supports high-speed internet across Nigeria. Despite this, Niger State’s 6.7 million residents, most of whom live on less than $6 a day, get no high-speed internet from the fibre infrastructure under their feet. According to Suleiman Isah, Niger State’s Commissioner for Science and Technology, internet access in the state is provided by less than 400 telecom masts that serve the vast region. That there is so much high-capacity fibre underfoot and yet no high-speed for Niger state residents highlights the complexity of Bosun Tijani’s challenge to provide internet connectivity by fibre to millions of Nigerians outside major cities like Lagos and Abuja. Nigeria has 79,212.4 kilometres of fibre optic cables installed, predominantly serving urban centres like Lagos, Abuja, and the Federal Capital Territory. Most of that is intrastate fibre—last-mile delivery to end users. Only 35,000km of it is backbone fibre, a network of fibre cables that draw high-speed internet from the various international submarine cables that serve Nigeria. Nigeria has eight cables, seven of which terminate in Lagos State. These cables include Nigeria Cameroon Submarine Cable (NCSCS), the SAT-3/WACS, MainOne, Glo 1, West Africa Cable System (WACS), African Coast to Europe (ACE), the Equiano cable owned by Google and the most recent of them, 2Africa owned by META. Besides 2Africa, which landed in both Lagos and Akwa Ibom; every one of these cables terminates only in Lagos. The backbone network then distributes these cables across Nigeria. While states like Lagos and Abuja are well served by strong backbone and last-mile delivery, states with the majority of citizens in the lower income range, such as Niger, Sokoto, Ebonyi, Kebbi, and Jigawa, remain underserved, primarily due to lower average revenue per user (ARPU) figures compared to urban areas, which discourage investment by private sector players uncertain about the returns on those investments. While the business case for bringing fibre connectivity to major cities is clear, depending on private companies to connect states where the business case is weak has created a divide that the government believes is stifling the growth and development of its rural areas and Nigeria’s economic potential. The proposed solution is a national fibre backbone that connects every state with the expectation that fast internet access will lead to increased productivity and economic outcomes. This has been a thesis of Nigeria’s digital leaders since Omobola Johnson assumed the Minister of Communication Technology role in 2011, and making it a reality is a critical part of Bosun Tijani’s agenda. He envisions adding 90,000km of fibre backbone to bring Nigeria’s total backbone network to 125,000km, making it the third longest in Africa, after South Africa and Egypt. “Everyone knows that if you raise the quality of connectivity in any country, you raise the GDP. The projection in Africa is that you get almost a 2.5% contribution to the GDP for a 10% increase in connectivity,” he told TechCabal in Abuja. His ministry’s strategic blueprint, released in October 2023, focuses on enhancing connectivity for public institutions across all 774 local governments. “Improved quantity and quality of connectivity will create short and long-term opportunities by stimulating a more vibrant digital ecosystem,” Tijani said in a post on X, marking his first year as a minister. The fibre rollout aims to boost internet penetration by 70% by 2025 and achieve 80% coverage for underserved populations by 2027. The Strategic Blueprint also targets a 300-500% investment increase by the end of 2027. Tijani describes these goals as “building the backbone of the digital economy.” Bridging the connectivity gap demands politicking and actively courting friendships with state officials, a slow process in a government where every leader has separate objectives and agendas. In the past year, Tijani has found few friends willing to make the changes in approach that his plan will demand. Some governors, such as Hope Uzodinma in Imo, have been receptive. But there is still much work to do to get more buy-in. Suleiman Isah became Niger’s Commissioner for Science and Technology in August 2023 after a career in IT security at the Federal Inland Revenue Service. According to him, the state has actively tried to attract operators by lowering right-of-way fees, which gives companies the right to lay fibre cables, to ₦145 per metre for the past six years. They haven’t achieved as much success as he would want. Other states, facing revenue challenges, are reluctant to give up the revenue from right-of-way fees linked to infrastructure projects. Many states do not feel fee waivers translate to increased internet connectivity, and telcos have expressed reluctance to lay fibre cables in new markets without lower fees as an incentive. Besides, even when fees are lowered or waived, improved connectivity doesn’t always follow. In March 2024, Niger State waived right-of-way fees for one operator while offering incentives to other telcos. Yet, Isah told operators at a breakfast meeting organised by the Association of Telecommunication Operators of Nigeria (ATCON) in July 2024, “We don’t have any broadband presence, the highest presence we have is fibre to tower.” These tensions and mismatch of expectations frequently result in states denying telecom operators access to deploy infrastructure. In this fee conflict, it is the people who suffer. Across Nigeria, 97 communities — villages and local governments home to about 28 million people—lack internet access entirely, according to a spokesperson for the Nigerian Communications Commission (NCC). Only 39% of the population currently resides within 5 kilometres of a fibre network, with Lagos state having a high of 85% and Jigawa with a low of 12%,
Read MoreRising fuel costs push Nigerian commercial drivers to early CNG adoption
When we think about early adopters—brave people who often pay a premium in price and risk trying new products—of new technologies, commercial drivers may not readily come to mind. Yet, drivers in major cities like Lagos, Abuja, Ibadan, and Benin are becoming early adopters of vehicles powered by compressed natural gas (CNG). While CNG is better for the climate than petrol, these drivers aren’t switching because of environmental concerns. Instead, cost is the top-of-mind consideration as fuel prices reach record highs in Nigeria. CNG vehicles, which run on gas typically stored in the car’s boot, are cheaper than their petrol-powered relatives. While a litre of fuel costs between ₦877 and ₦1,200, a cubic meter of gas is about ₦235. While many drivers are skeptical about the safety of CNG vehicles, cost considerations are muting those worries. “With ₦5,000 worth of gas, I can take a round trip from Lagos to Ibadan,” said Olasukanmi, a driver on a waitlist to repurpose his car with the CNG kit at Nigerian Independent Petroleum Company (Nipco), an oil and gas company that has been offering CNG conversion services for over five years. “At the current fuel price, such a journey will cost me at least ₦30,000.” Yet the switch to CNG is expensive. Depending on the car and engine, it costs between ₦750,000 and ₦2.5 million to convert petrol-powered cars to CNG-compatible ones. “The prices are high because importing the accessories is expensive,” said Joseph, an engineer at Autogig, another CNG conversion center in Gbagada, Lagos. Stakeholders in the oil and gas sector have asked the government to make the kits duty-free, according to a 2019 report by Nigerian Independent Petroleum Company (Nipco), an oil and gas company that has been offering CNG conversion services for over five years. The import duties are still in place, and kits have become more expensive due to the devaluation of the naira. The cost of CNG kits, which ranged between ₦200,000 and ₦300,000 nearly five years ago, has more than tripled. The federal government is funding conversions for public transport drivers in Lagos, Benin, Ibadan, and Abuja. The government also offers a 50% discount on the conversion kit and installment payment plan to ride-hailing drivers. Ride-hailing company Bolt said the government has offered 100 vehicle slots to interested drivers. “[Nine] vehicles have been successfully converted, and 17 vehicles have been scheduled for conversion,” a Bolt spokesperson told TechCabal. Bolt is encouraging drivers to convert their vehicles to CNG to save costs, an unsurprising move since recent fuel price increases have worsened driver dissatisfaction with the business model. Those drivers have long demanded fare increases, citing increasing maintenance costs and commissions for ride-hailing companies. Drivers can save money in other ways when they switch to CNG. Its lower hydrocarbon levels make it healthier for the car engine and petrol. “You may not need to service your car engine in three months,” Adeshina Owolabi, a mechanic at a Mobil Station at Ilupeju, Lagos, one of the few CNG gas stations in Nigeria. The gospel of CNG’s cost benefits continues to spread among commercial drivers, but it is too early to tell if it will become mainstream. Since 2012, news of drivers turning to CNG has spiked in response to a surge in fuel prices. The upfront installation cost was a barrier to adoption for many commercial drivers at the time, and the economic situation has only worsened, so the financial hurdle remains. The government financing of the upfront cost may make it mainstream among commercial drivers. However, this renewed interest may also be another fad that will fade when drivers who cannot afford the conversion fees adjust their fares to the new fuel prices.
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