Timini, Swanky Jerry and DJ SL share outlook for Nigeria’s creator economy at GITEX Dubai
A colourful display of African cultural attire is the last thing one expects to see at an international tech conference set in the heart of Dubai. Donned in regal traditional outfits, Nigerian creatives—actor Timini Egbuson, DJ SL, and celebrity stylist Swanky Jerry—took the stage at GITEX Dubai on October 14 to speak on the future of Africa’s creative economy. Africa’s creator economy is experiencing unprecedented growth, fueled by the popularity of Afrobeat, and multi-million dollar venture capital investments in globally acclaimed film projects like The Black Book. Africa’s global export of creative goods is projected to hit $200 billion in 2030. Yet, the three Nigerian creatives say the global attention the country’s creative economy is getting is only the tip of the iceberg. “There are countless undiscovered and undeveloped talent across Africa. I believe this untapped potential represents a significant opportunity for growth in the African music industry,” DJ SL said. There is increased optimism for the potential of the creative industry particularly for the next generation of creatives. The success of current players has made more parents who would otherwise not consider creative jobs low-status compared to sectors like tech, and banking are now taking creative aspirations more. The speakers shared that they are heavily invested in capacity building in their country and combating stereotypes hindering foreign participation in the sector. Egbuson and Jerry noted that they take to online platforms to train up-and-coming creatives in movies and fashion, respectively. Another key takeaway from the panel is that the Nigerian government needs to invest more in the creative economy. The government has launched several initiatives to fund and encourage revenue generation from the creative economy. In October, it approved a creator economy monetisation fund to provide financing for young creatives. However, Egbuson thinks more can be done. “While the government is making efforts, its focus on other priorities limits its bandwidth, Egbuson said. “However, Nigerians are taking matters into their own hands and becoming less reliant on government support. The world is a global village so anyone can take advantage of the opportunity to invest in Africa.”
Read MoreFormer CNN anchor Zain Verjee has a blueprint for fighting AI misinformation in newsrooms
AI is a double-edged sword. It can be a powerful tool that makes our jobs easier but it can also spread misinformation, manipulate public opinion, and erode trust in journalism. Former CNN anchor Zain Verjee and intelligence expert Candyce Kelshall, have shared a blueprint to help global newsrooms fight misinformation. This handbook—Election Interference and Information Integrity: A Newsroom Blueprint—provides media professionals with practical guidelines and AI-driven tools to strengthen the integrity of their reporting, particularly covering elections. TechCabal spoke to Zain Verjee about the motivation behind the handbook, the threat of misinformation and disinformation exacerbated by AI, and the ethical considerations for AI use in African newsrooms. (This interview has been slightly edited for length and clarity) TC: What would you say is the story behind this handbook? I think one of the biggest threats in the world today is misinformation and disinformation, and because the world is so polarised, and we’re seeing it with the US elections, and we’re seeing it coincide at a time where artificial intelligence and new technologies have made it so easy to create fakes. And it comes at a really important time for journalists, where, at the same time, trust is at an all-time low with many journalistic establishments and audiences. And so the idea of this came about in the sense that I’m a former journalist, and I’m looking at this going wow, as if I was in a newsroom, what would I do? How would I be thinking about a lot of these really important topics? How would I maintain trust with my audiences, and how should I understand the evolution of technology and artificial intelligence around me? And I felt that there was no place where journalists could comfortably go to one resource that really analysed artificial intelligence and that looked at newsrooms as information hubs, as intelligence hubs, with the principles of determining what’s real and what’s not real that are applied in intelligence agencies that I’ve worked with in the past and used as sources should be applied to journalists and newsrooms. So really, it was a combination of all of those things, a combination of my personal experience, my interest in artificial intelligence and technology, and a really difficult time in the world, and in particular for journalists covering elections. TC: What context was this handbook built in mind? Was this specific to a particular region? Did you consider it peculiar to maybe the global context? I think that the core learnings and the core ideas in the handbook are universal, right? Fact-checking is something universal. Sourcing multiple sources, understanding what is, determining a piece of video or audio or a photo and whether it’s real or not, isn’t just for one part of the world. It’s what all of us are facing right now; deep fakes and manipulated media. And so the context of this is if you treat news and content as an intelligent product that requires assessment, that requires certification, that requires verification before being released to the public. Newsrooms will increase their integrity all around the world, and we build trust. So it’s really been written with a universal context in mind. But as you know, I’m also a Kenyan and a journalist, and I do think that on our continent there are other challenges that we face, and there are probably aspects that could be built out to focus a little bit more on the context in multiple African countries. But this handbook universally addresses problems that we all face: critical thinking, digital literacy, misinformation, disinformation and information integrity, and best practices that can be applied across the board. TC: What are the most important aspects of this handbook that speak to the context of African newsrooms? I’m going to reinforce the misinformation and disinformation piece, right? Because understanding and having the ability to determine what is misinformation and what is disinformation simply requires making ourselves literate about these areas. Those are two completely different things, right? Missing. For example, misinformation is something that I agree with. It’s my worldview. I have an emotional connection. I share it with you. You agree with me. You share it. I’m not doing anything malicious, and I’m not trying to disrupt Nigeria’s elections, right? So I’m participating in amplifying misinformation. I share things around on WhatsApp with my friends, right? Because we all believe it. As a journalist, this handbook is teaching all of us how to recognise misinformation and the intention behind it. Disinformation is what bad actors are deliberately and maliciously creating information that is completely and utterly fake with the intention to destabilise like Russia’s current interference in the United States. CBS News recognised this as disinformation, so did the FBI, and the same with CNN. This handbook allows journalists to basically have a checklist of what is misinformation and what is disinformation. So I think that’s really one of the most important things. In terms of the African context, there are a lot of considerations here. I think the first is our continent is mobile-first. And so a lot of verification tools are not on mobile. I think that that is a big challenge. If things are being shared on WhatsApp and TikTok, you have to have tools on mobile devices that can recognize what is real and what is not. I think African newsrooms should be focusing on mobile-first verification and tools and processes that need to work on mobile devices. Some of the solutions would lie in creating, you know, for example, shareable fact checks that can work on low bandwidth connections, whether it’s using local communities, different language groups, SMS alerts, or different ways to create verification processes that make sense for us in our environment. I would say also that we know that a lot of newsrooms on our continent have a lot of resource challenges and infrastructure challenges. So I would argue that collaboration is really critical, particularly around elections. For example, creating joint fact-checking databases, or working together
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👨🏿🚀TechCabal Daily – Gains and losses for Jumia
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Have you got that big brain energy? Put it to the test by signing up for The Big Daily, our newsletter that recaps the most important business, culture, and entertainment news from Nigeria. Every edition lands in your inbox by 7 AM WAT, and each takes just two minutes to read. Convinced? Check it out here. Jumia commits to a “disciplined approach” Safaricom denies sharing customer data Visa invests in four African startups Funding Tracker World Wide Web 3 Jobs E-commerce Jumia commits to a “disciplined approach” Image Source: TechCabal Jumia CEO Francis Dufay says the e-commerce company will take a disciplined approach to continue its search for profitability. Yet, the company isn’t new to talks of discipline. Can it outcut tough regional macros? Revenue slowed to $36.4 million even as total order value (GMV) also softened to $162.9 million for Q3 2024. When revenues decline, numbers of orders stay flat and the value of orders don’t rise, it’s tricky to make a profit. For Q3, Jumia’s operating losses rose to $20.1 million. Yet, many of Jumia’s problems are not of its own making. Devaluation in at least three of its key markets reduced the dollar value of its products (GMV). And when spending is so depressed, it’s difficult to grow. As reasonable as these problems sound, investors are all about the money. So the market reacted instinctively to Jumia, pushing the stock price to an all-month low of $4. Tough going. Read more here. 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. Telco Safaricom denies sharing customer data Peter Ndegwa, Safaricom chief executive. IMAGE | SAFARICOM Safaricom says the viral investigation alleging that it was giving the Kenyan government unfettered real-time access to customer data, including sensitive call data records (CDRs) and location data, is untrue. During Thursday’s announcement of its 2025 half-year financial results, Safaricom’s CEO, Peter Ndegwa said, “We do not share any customer data unless explicitly required of us via a court order.” In case you missed it, the October investigation also claimed that Safaricom’s data was misused to facilitate extrajudicial killings and forced disappearances, especially during times of civil unrest. It also alleged that Safaricom partnered with a British company, Neural Technologies, to develop software granting Kenyan security services real-time access to CDRs. However, Ndegwa says the claims are inaccurate. He confirmed Safaricom has a contractual relationship with Neural Technologies but says it was to develop an anti-fraud tool. “We do not share any customer data unless explicitly required of us via a court order.” Under Kenyan data protection laws, data controllers and processors must obtain consent from data subjects before sharing personal data with third parties. Companies must also comply with these laws by registering with the Office of the Data Protection Commissioner (ODPC) and adhering to guidelines for legally processing and sharing personal data. 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. Funding Visa invests in four African startups Image Source: Google Visa, the world’s second-largest card payment processor, has invested in four startups from the 23 in the first cohort of the Visa Fintech Accelerator. These startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI. If you are wondering why food-tech and HR companies are in a fintech accelerator, these platforms have embedded payment technology. Restaurants process payment for food on Orda, and companies process salary payments on OkHi. The most curious part of Visa’s announcement is how much investment these companies are getting. Visa, which says that this is a part of its plans to invest $1 billion in Africa, has termed it a “strategic investment.” When big companies use this language, the said investment could involve cash or credits to access Visa’s infrastructure—such as payment gateways, cards, and APIs—at no cost, thereby significantly reducing the startups’ dollar-based expenses. This latter approach would provide a direct return on investment for the card processor. Ismail Belkhayat, founder and CEO of Chari, who was part of the first cohort of Visa’s Africa accelerator program, previously stated that the accelerator is one of several ways Visa is “helping more startups become issuers delivering cards to end users.” If this funding is cash-based, it would not be Visa’s first direct investment in African startups. In 2019, Visa acquired a 20% stake in Interswitch, Nigeria’s largest card processor, for $200 million. The company has also previously invested in Paystack, Branch, South African Jumo, and Sudanese startup Bloom. Visa’s global rival Mastercard is also engaging in similar activities and has made both direct and indirect investments in startups and well-funded financial services providers across the continent. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more → Insights Funding Tracker Image Source: Stephen Agwaibor/TechCabal Insights This week, WellPal, an Egyptian Health and Wellness startup, raised an undisclosed amount of Angel funding from a strategic investor (November 4) Here are the other deals for the week: Beacon Power Services, a Nigerian Energy startup, has raised an undisclosed amount in a Series A funding round led by Partech. (November 6) Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Before you go, our Future of Commerce: Outlook for 2025 Report is out.
Read MoreJumia commits to a “disciplined approach” as operating losses hit $20.1 million in Q3 2024
E-commerce giant Jumia reported $20.1 million in operating losses in the third quarter of 2024 as weak macroeconomic conditions in key markets continued to pressure revenues. Its operating losses rose by 10% compared to the previous year. Jumia’s stock ($JMIA) is trading at $4.16 at the time of this report. Its market cap has taken a hit to $501.49 million, down from the $1.32 billion it reached in July 2024 off the back of renewed investor confidence. The company’s Q3 2024 revenue fell to $36.4 million, compared to $45 million in the previous year. Its gross merchandise value (GMV), which accounts for total sales, was slightly down to $162.9 million. Jumia said it made “major operational steps” including improving its logistics network and opening a new warehouse in Lagos, Nigeria in June 2024. “While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well to scale and drive profitable growth,” CEO Francis Dufay said. The bright spot for Jumia is its liquidity position which improved to $164.6 million after it sold 20 million ordinary shares in August. Its embedded finance app JumiaPay also recorded 3 million in transaction volume as the company continues to bet on cashless payments. “As we move forward, we are committed to taking a disciplined approach to managing our operations,” Dufay said. “The proceeds of our recent capital raise will help to accelerate our growth trajectory. However, we are committed to accelerating our strategy in a disciplined manner that avoids excess spending and will position the business for profitable growth over the long term.” The turnaround is a significant change for the company which seeks to become cost-efficient under its new leadership. Since 2022, CEO Francis Dufay has made drastic cuts to the business including layoffs, scaling back presence in underperforming markets, and shuttering its food delivery business. Those moves produced quick wins for the company, reducing its operating losses by 71% in Q1 2024. By Q2 2024, its losses fell by 8% year-on-year. In October 2024, Jumia announced that it would exit its South Africa and Tunisia markets by the end of 2024 due to the poor performance of its businesses there. Those two markets accounted for a combined 2% of all customer orders placed on the platform, and 3% of GMV in the nine-month period that ended in September. The company is refocusing its operations in its other nine markets. It could soon begin to sell off its assets in South Africa and Tunisia as it aims for cost-efficiency in its continuous bid to become profitable.
Read MoreSafaricom CEO denies data sharing with government
Safaricom, Kenya’s largest mobile operator, has denied allegations of sharing information with government agencies after a publication alleged the telco granted Kenyan security agencies real-time access to customer data. “There have been some reports on this matter that, in my view, are not accurate, and we have made our position clear to those who have misreported it,” Safaricom CEO Peter Ndegwa said during Thursday’s H1 results presentation. “We serve 36 million customers on the consumer side and 33 million on M-PESA. If we were sharing customer data, it would lead to a crisis and chaos in our business. The 6000 people who work in our business have a code of conduct in the way they operate and the way they are supposed to handle information. There is some information that cannot be shared across functions.” That publication claimed authorities could access key customer personal data, including sensitive call data records (CDRs) and location data. On October 31, Safaricom denied the claims, saying CDRs do not include location data. “CDR does not show any live location and movements of customers but are generated after a call is terminated and for text messages once they are sent or received and this is for purposes of billing only,” the company said. The publication also alleged that Safaricom partnered with Neural Technologies, a British company, to develop software granting Kenyan security services real-time access to CDRs. The system, which includes predictive profiling tools, allegedly allows security agencies to trace individuals and their associates by tracking movement patterns. The publication’s multiple mentions of the tool sparked concerns among Kenyans over privacy violations. Safaricom claimed it hired the company to implement a fraud detection tool for its business. “In July 2012, Safaricom onboarded Neural Technologies to implement a Fraud Management System (FMS) on all our business lines, including our mobile money system,” it said on October 31. According to Kenyan data protection laws, data controllers and processors must obtain consent from data subjects before sharing personal data with third parties. Companies must comply with the same laws, including registering with the Office of the Data Protection Commissioner (ODPC) and following guidelines for the lawful processing and sharing of personal data. “We do not share any customer data unless explicitly required of us via a court order.”
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Should you buy the Infinix Hot 50 Pro+ ?
The Infinix Hot 50 Pro+ is the latest 2024 introduction into the Infinix Hot series. This phone comes in, ready to retire your current beloved smartphone at a pretty decent price for its premium features. Here’s a breakdown, because every spec here is shouting, “I’m different!” Build as slim as the chance of seeing a real dragon The Infinix Hot 50 Pro+ , in comparison to previous Hot versions, looks hotter like it’s been at the gym trimming any extra fat. At a mere 6.8mm, it’s slim enough to slip unnoticed into your pocket and definitely into your heart. This slim phone is also stylish, coming in Sleek Black, Titanium Grey, and Dreamy Purple—colours that say, “This year I’m done with drama.” Plus, it’s coated with Corning Gorilla Glass and an IP54 rating, which is just a fancy way of saying it’ll survive your daily hustle of Lagos danfo madness. A display as clear as “See Finish” With a 6.78-inch 3D-curved AMOLED display and a 93.8% screen-to-body ratio, this screen wants you to see every detail. And at 120Hz, the refresh rate will have you scrolling through your favourite gossip pages as smoothly as a Nigerian veteran driver dodges potholes. Add in 2160Hz PWM, dimming so your eyes don’t get affected at night, and brightness that peaks at 1300 nits (that’s, like, stadium floodlight level), only second to the likes of the Real Me and the Huwawei. Greater performer than anyone you’ve seen from E’Guinea The Infinix Hot 50 Pro+ is powered by MediaTek Helio G100, an octa-core processor that seems to have overdosed on agbo jedi because it’s ready to handle your stress. With 8GB of RAM and an additional 8GB of virtual RAM, you’ve got 16GB to juggle apps without it hanging like a drop of water slowly dripping from the mouth of a locked tap. And let’s not forget the 128GB/256GB storage options, expandable to 1TB, so you can capture, download, and store everything from party videos to those pirated movies you get from telegramhttps://telegram.org/ and tfpdl, and the likes without it slowing down. Battery with horsepower features We’ve all been hurt by phones that die just as you’re about to do something like taking a picture with your favourite celebrity you ran into or when you’re about to get the phone number of your crush. But this phone has a high-power 5000mAh battery with 33W fast charging, meaning your phone can keep up with your daily waka-waka. And if your friend’s phone is dying, its reverse charging feature has your back. Yes, this phone shares power. A camera to impress this December The Hot 50 Pro+ sports a 50MP main camera ready to capture your life events with precision. The 13MP front camera is there for your “soft life” selfies, and with modes like Super Night, Slow Motion, and Dual Video, you can capture all your moments, day or night. It also records in 2K, 1080P, and 720P. Sensational audio With dual JBL speakers, you’re getting sound that bangs harder than December parties in Lagos. Hi-Res audio support means it’s “premium vibes only,” so you’ll be hearing every beat and every bass drop loud enough. The extras As if the core features weren’t enough, the Hot 50 Pro+ includes an in-display fingerprint sensor, multi-functional NFC, Type-C USB with OTG support, and XOS 14.5 based on Android 14. Yes, it’s more loaded than a Nigerian wedding guest, ready to impress with the best kind of software. Specifications highlights of the Infinix Hot 50 Pro+ Here are the key specs and features of the Infinix Hot 50 Pro+ at a quick scroll: Design and build: Slimmest 3D-curved design at 6.8mm, with a sleek edge and weighing only 162g. Colours: Sleek Black, Titanium Grey, Dreamy Purple. Robust build with Corning Gorilla Glass and IP54 rating for splash and dust resistance. Display: 6.78-inch 3D-curved AMOLED screen with a 93.8% screen-to-body ratio. 120Hz refresh rate for fluid scrolling and 2160Hz PWM dimming to reduce eye strain. Brightness peaks at 1300 nits, and it covers 100% DCI-P3 colour gamut. Performance: Powered by MediaTek Helio G100, an octa-core processor, with a 6nm process for efficiency. 8GB RAM with 8GB additional RAM extension, reaching up to 16GB for multitasking. Storage options: 128GB and 256GB, expandable up to 1TB. Battery: 5000mAh battery supporting 33W advanced fast charging. Reverse charging capability for sharing power. Camera System: Rear: 50MP main camera with a 6P lens, 2MP depth sensor. Front: 13MP selfie camera with portrait modes and an array of scene modes including AI CAM, Super Night, Portrait, Slow Motion, and Dual Video. Video recording capabilities at 2K 30FPS, 1080P 60FPS, and 720P 30FPS. Audio: Dual JBL speakers for enhanced sound quality, with support for multiple audio and video formats, including Hi-Res audio. Additional Features: In-display fingerprint sensor, multi-functional NFC, and Type-C USB with OTG support. XOS 14.5 based on Android 14 for an updated OS experience. Final thoughts on Infinix Hot 50 Pro+ The Infinix Hot 50 Pro+ doesn’t just bring specs; it brings class. At its price point of about ₦240,000, you’re getting flagship-level features without needing to sell an arm.
Read MoreVisa invests in Orda, Oze, WorkPay, and OkHi to boost African financial inclusion
Visa, the world’s second-largest card payment processor, has made strategic investments in four African startups as part of its plan to invest $1 billion to drive financial inclusion in Africa, the company shared on Thursday. These startups are part of Visa’s biannual Africa Fintech Accelerator program, which launched in June 2023. The program admitted 23 startups and provided mentorship, technology credits, and opportunities to connect with potential investors during Demo Day. Only four of the 23 startups in the first cohort were selected for strategic investment. The selected startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI. “Our goal has been to uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent,” the company said in a LinkedIn post about the programme. Startups in the second cohort, like Raenest, Beem, E-Doc, and others will pitch to Visa and other investors during a Demo Day scheduled for December 2024. Visa has also kicked off the third cohort of the accelerator programme with startups like Bumpa, Kredete, WeWire, Umba and 18 others participating.
Read MoreSafaricom secures insurance licence after a four-year wait
Kenya’s biggest telco Safaricom has secured an insurance licence from the Insurance Regulatory Authority (IRA), ending a four-year wait. The company will now offer insurance services to its M-Pesa users with a new product, Bima, its CEO Peter Ndegwa said during Thursday’s H1 2024 earnings call. The new product aligns with the telco’s strategy to broaden M-Pesa into a financial service provider that responds to its customers’ “digital needs.” The company has been testing insurance products since 2020, awaiting regulatory approval. “Innovation remains critical. We have revamped our wealth proposition and have now received an insurance intermediary license from the Insurance Regulatory Authority,” Ndegwa said. “This will help us accelerate our rollout of insurance solutions, we expect to rollout propositions in both wealth and savings but also insurance in the second half of this financial year.” Safaricom is keen to tap into the over 30 million active users who transact over $11.6 billion (KES1.5 trillion) monthly to grow its unit trust, savings, and insurance products and offset a decline in calls and text revenue. With just 3% insurance penetration in Kenya, Safaricom hopes to ride on M-Pesa’s popularity to get a piece of the insurance market. The telco’s plans to increase financial services like wealth management and insurance on its M-Pesa platform have run into multiple problems, including a push from the Central Bank of Kenya (CBK) for the company to split its mobile money into a separate unit. M-Pesa already has a unit trust product, Mali, and savings accounts through partnerships with KCB Group and NCBA. It also has an overdraft product. In H1 2024, M-Pesa accounted for 43% of the service revenue after posting a 16.6% growth to $560 million (KES77.2 billion), compared to a similar period last year. Safaricom controls a 93.4% share of Kenya’s mobile money market, leaving Airtel Money with 6.6%, according to the Communications Authority of Kenya.
Read MoreAfrichange acquires IMTO license, sidestepping costly partnerships
Africhange, a bootstrapped remittance company, has acquired an IMTO license for its Nigerian subsidiary. This license allows the subsidiary to process foreign currency transfers as it begins fundraising efforts. However, the license only allows inbound transactions, restricting holders from processing outbound transfers. The startup will compete with at least 70 companies, including deep-pocketed competitors like Lemfi and Flutterwave, processing inbound forex transfers into the country. Africhange plans to stand out in the increasingly crowded remittance market with cheaper rates and faster services. Since May, the central bank has issued over a dozen IMTO licenses as part of a push to increase the flow of foreign currencies into Nigeria. This surge in licensing led to a $585 million remittance flow in August, marking a 130% year-on-year increase. “We recognized in the central bank that certain things were not happening and that there was a need for the central bank itself to see what it could do with respect to encouraging inflows into the system. And I’m happy to say that it has paid off,” Yemi Cardoso, the CBN governor, said about the rise in IMTO licenses in September. Nigeria is one of Sub-Saharan Africa’s largest remittance recipients, with remittances accounting for 38% of the region’s $54 billion total in 2023, according to the World Bank’s Migration and Development Brief. Africhange had previously relied on third parties to process remittances into Nigeria, but the new license will allow it to sidestep those costly partnerships and process transfers independently. The startup will still need direct partnerships with Nigerian banks for transfers over $200, as amounts above that limit must be deposited directly into bank accounts. “Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home,” said David Ajala, the CEO of Africhange. Founded in 2020, Africhange has over 200,000 users globally and has processed more than 2 million transactions since inception. The startup operates across 100 countries, including Canada, Nigeria, the UK, and Australia, processing several currencies and services for international transfers. Editor’s Note: The headline of this article has been updated to show that Africhange provided remittance services in Nigeria before acquiring the IMTO license.
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👨🏿🚀TechCabal Daily – Big boy hires
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Zenith Bank customers will finally breathe some fresh air after the Nigerian tier-1 bank wrote to its 30 million customers in an email signed by the Group Managing Director, confirming that it has finalised its core banking migration. The bank claims it now has “the best technology infrastructure in the industry.” It switched from Phoenix to Oracle’s Flexcube, a system used by at least eight other banks. While the migration, expected to be completed in October, did not go as hitch-free as Zenith would have liked, the bank appears eager to return to better days. Moniepoint taps Stanbic IBTC CFO First Bank flags off ₦150 billion ($89.6 million) rights issue GoLemon reduces delivery time Bitcoin surges to record high following Trump’s win World Wide Web 3 Events Fintech Moniepoint taps Stanbic IBTC CFO Bola Olujobi, Moniepoint MFB chief financial officer/Image Source: Moniepoint Moniepoint, Nigeria’s newly-minted unicorn fintech, announced yesterday that it has appointed Bola Olujobi as the Chief Financial Officer (CFO) for its microfinance bank. He was previously the CFO of Stanbic IBTC. The announcement is belated, as he joined the fintech in March 2024, according to sources. The startup says that Olujobi will drive its plan to digitise operations for 2 million SMEs, onboard 30 million businesses over the next five years, and expand its digital payments, banking, foreign exchange (FX), credit, and business management tools across Africa. While some will theorise that this means Moniepoint is eyeing a commercial bank licence, it’s likely that this is just an experienced hire. What company doesn’t need experts? Nonetheless, Olujobi’s appointment continues a trend of top fintech startups ramping up compliance hiring, and poaching top talent from banks and other fintechs. 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. Banking FBN Holdings flags off ₦150 billion rights issue Image Source: First Bank It is still capital-raising season for Nigeria’s biggest banks, as they race to meet the Central Bank’s fresh capital requirements. Since March 2024 when the regulator increased minimum capital tenfold, several banks have sold shares to existing and new shareholders. FBN Holdings, the parent company of Nigeria’s oldest bank First Bank, is the latest to make a case to investors. On Wednesday, the company flagged off its ₦150 billion ($89.6 million) rights issue. It is selling over 5 billion shares to its existing shareholders. If you know any First Bank shareholders, tell them the bank wants more of their money. Just like it’s a tough time for startups looking to raise funding, Nigeria’s biggest banks are seeking capital in a tough macroeconomic condition, rising inflation, and historic scepticism around the Nigerian stock market. It means they must make a strong case to investors and the market. Yet, FBN Holdings believes it has the secret ingredient to convince shareholders to buy more shares: its diversified portfolio which has helped it maximise shareholder value. If you ask anyone in banking, that’s the Holy Grail of the industry. After closing the ₦150 billion ($89.6 million) rights issue, it plans to raise an additional ₦300 billion ($179.2 million) to draw it closer to its ambition of becoming the “leading African financial services provider delivering innovative solutions.” 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. Startups GoLemon halves delivery time Image Source: GoLemon GoLemon, the grocery delivery startup founded by four ex-Paystack staff members, will begin testing next-day delivery next week. Currently, it takes at least two days for an order to arrive at customers’ doorsteps in the shiny green buses. This drastic reduction in delivery time can earn the startup cool points in a market accustomed to same-day delivery from competitors like Mano, PricePally, My FoodAngels, and Chowdeck. Speed is a lot more complicated in grocery delivery than food delivery because of how badly the farm-to-table supply chain in Nigeria is fractured by a bad logistics system, inefficient storage systems, and badly organised open markets. Where riders can simply pick up cooked food from restaurants or the kitchen of a cloud kitchen in food delivery, sourcing food produce can be a lengthy process. Inventory limitations and supplier availability can sometimes lead to items being out of stock or insufficient in quantity. The startup says it can reduce delivery time because of new partnerships with reliable farmers and suppliers who can guarantee access to items. It has also developed a predictive model that can help it ensure that it takes into account what its customers are likely to order and in what quantity. By June 2024, the 8-month-old startup had delivered ₦150 million ($90,000) worth of items to 7,000 homes, so it has a reasonable amount of data to work with. The company also runs round-the-clock operations, including overnight picking and packing, processing, early morning quality checks, and real-time inventory management. While these processes sound like a no-brainer, they are people-heavy operations that need to be revised. They are also pretty expensive. However, GoLemon says that this change will not affect delivery prices as low as ₦300 ($0.18). Some startups deliver groceries in 40 minutes—Chowdeck does this by shipping from local markets or from malls when a person orders. However, this does not allow them to ensure the quality of the item. Moreover, they source from retailers, so they may be more expensive than buying directly from farmers or suppliers. GoLemon prioritises quality and affordability over speed, so it seems to have been going at its own pace to ensure it gets both
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