FBN Holdings flags off ₦150 billion rights issue, with plans to raise a further ₦300 billion
FBN Holdings, the parent company of Nigeria’s oldest bank, flagged off its ₦150 billion rights issue on Wednesday. While the Central Bank increased capital requirements for the country’s biggest banks tenfold in March 2024, Nnamdi Okonkwo, FBN Holdings’ GMD, said the bank’s capital raise plan commenced in 2023. “We knew the kind of firepower we needed, and we decided to do ₦150 billion issue. Subsequently, at our next AGM, we would apply to raise another ₦350 billion,” Okonkwo said in a presentation on the Nigeria Exchange Limited (NGX) floor. The bank will sell 5,982,548,799 shares of 50 kobo each to its shareholders at ₦25.00 per share. The rights issue will close on December 12, 2024. “We have ₦270 billion and the CBN says, go up to ₦500 billion. We are currently doing ₦150 billion and at our next AGM, we’ll be asking for shareholders’ approval to do another ₦300 billion when we are done, we will then have ₦730 billion in capital. That means we’ll be ₦230 billion higher than the regulator’s stipulated capital,” Okonkwo said. FBN Holdings is the fourth tier-1 banking group to launch a capital raise to meet capital requirements, joining Guaranty Trust Holding Company GTCO, Access Holdings, and Zenith Bank Plc. Five of Nigeria’s largest banks raised a total of ₦1.26 trillion, Bloomberg reported. While its capital raise comes amid rising inflation, FBN Holdings argues that its diversified portfolio with several subsidiaries makes a strong case for shareholders. The bank operates the largest agent banking network in Nigeria and accounts for 20% market share. “It isn’t an accident that we are as diversified as we are, and that’s why, from time to time, we query our portfolio and make a decision about what to strengthen, what to divest from, and what to do less of. So leveraging our diversified businesses and shared resources to do more with less,” Okonkwo said. FBN Holdings reported a profit before tax of ₦1610.9 billion in the nine months to September 2024, representing a 128% jump compared to the previous year. In Septmeber 2024, the company sold its merchant banking business FBNQuest Merchant Bank Limited to EverQuest acquisition LLP. What will FBN Holdings use the money for? “We’ll be recapitalizing our flagship, First Bank, with a certain portion of the money, and deploy the rest for innovation and digitization across our franchise.” FBN Holdings will invest ₦103.12 billion (68.95%) to improve the capital adequacy ratio (CAR) of its banking subsidiary, First Bank. While it plans to invest ₦29.46 billion (19.7% of the proceeds) on international expansion, it will take a “step-by-step approach.” Like its tier-1 counterparts, FBN Holdings is rethinking its technology. Since the second half of 2024, Nigeria’s biggest banks have upgraded their core banking applications. FBN Holdings will invest 9.85% of the capital raised—-₦14.73 billion—-to upgrade First Bank’s digital banking infrastructure and automation systems. “We are tech-led because customers want to do transactions from the comfort of their car, house, and wherever, without issues.”
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Apply for NLNG scholarship for Nigerian undergraduates in 2024
The Nigeria LNG Limited (NLNG) is calling on first-year students enrolled in the 2024/2025 academic session to apply for its NLNG scholarship for Nigerian Undergraduates in 2024. This scholarship provides critical support to academically outstanding students in Nigeria, helping them achieve excellence and drive national progress. Below are the requirements, step-by-step application process, and essential tips to secure your application. Eligibility requirements to apply for the 2024 NLNG scholarship for Nigerian undergraduates To qualify for the NLNG scholarship for Nigerian Undergraduates in 2024, applicants must: Be a Nigerian citizen residing in Nigeria. Be enrolled as a full-time first-year undergraduate student in an accredited Nigerian federal or state-owned university. Have five O-Level credits, including Mathematics and English, obtained in one sitting through WASC, SSCE, or NECO. Be between 18 and 25 years old at the time of application. Not be a beneficiary of any other scholarship or financial aid from other organizations. Not be a direct relative of NLNG staff. Essential documents to apply for the 2024 NLNG scholarship for Nigerian undergraduates Applicants must have scanned copies of the following documents ready for upload: Recent passport photograph with a white background (450px by 450px, not exceeding 200kb) O-Level and UTME results University and JAMB admission letters University ID card Birth certificate from the National Population Commission Local Government Area (LGA) identification letter National Identification Number (NIN) slip Application Steps Create an account Register on Scholastica using your personal email and mobile number. Activate your accountCheck your email to confirm and activate the account. Complete the application formLog in, fill in personal, educational, and other details, and upload required documents. Ensure each document is labelled appropriately to prevent mix-ups. Submit your application Review all uploaded information, verify document quality, and click “Apply Now” to complete your application. ConfirmationYou will receive an email confirming your application submission. Important notes Use your personal email: Create a Scholastica account with your personal email; do not use someone else’s. Avoid errors: Recheck all information and documents before submission to prevent mistakes. For further assistance, contact NLNG’s support at 0700 123 7880 (weekdays from 9 am to 5 pm) or email scholastica@dragnet-solutions.com. Follow @scholastica_Ng on Twitter for updates. This opportunity with the NLNG scholarship for Nigerian Undergraduates in 2024 could shape your academic journey—apply today.
Read MoreGoLemon to pilot next day delivery, slashing delivery time by over 40%
GoLemon, the grocery delivery startup founded by four ex-Paystack staff members, will begin testing a next-day delivery next week, sources familiar with the matter told TechCabal. Currently, GoLemon’s earliest delivery time is two days after an order is made. Reducing delivery time by over 40% could help the company make more inroads in a market accustomed to same-day delivery from competitors like Mano, Price Pally, My FoodAngels, and Chowdeck. GoLemon confirmed it will now run round-the-clock operations to achieve faster delivery times. “Our operations now include overnight shopping (what we call picking and packing), processing, early morning quality checks, and real-time inventory management,” GoLemon co-founder Abdulrahman Jogbojogbo told TechCabal. According to a person familiar with the company’s operations, the tech team is developing a dashboard that will improve order tracking and communication within the team. This is an improvement over the Slack bots it previously used. The team will now work in shifts, improving overall efficiency. Industry reports show that faster delivery also implies increased fulfillment costs. However, GoLemon says its delivery prices will remain unchanged. Introducing next-day delivery will be a critical shift for a company that has previously shared that it prioritises quality and affordability over speed. During a panel session at Moonshot by TechCabal, GoLemon CEO Yinka Adewuyi said the company’s typical customer, who makes bulk purchases and has an average basket size of ₦50,000, is not in a rush to get their delivery. This allows the startup to sort deliveries based on proximity and provides a cost advantage with delivery fees as low as ₦300. While slow shipping allows a company to control fulfillment costs, it also makes the grocery delivery service less attractive to impulse buyers—a demographic fueling the growth of startups like Chowdeck, which sources groceries from malls and local markets in 40 minutes, and Mano, which sources from its dark stores located in various locations in Lagos and Abuja. PricePally and MyFoodAngels source produce directly from farmers and open markets. “We’ve always had next-day delivery in our sights,” said Jogbojogbo, a GoLemon co-founder. When the eight-month-old startup was in the pilot phase, it only delivered on weekends, he shared. The company has been pacing itself so it can “focus on building direct relationships with more farmers, manufacturers, and distributors who are aligned with our quality standards.” “The [current] 36-hour window probably buys [GoLemon] enough time to find the requested item and keep to the expected delivery time,” said Olapeju Umah, CEO of MyFoodAngels. Sourcing is not the only element in quick grocery delivery—it also helps if the business sets up its inventory to access more items on demand. If a startup cannot afford its warehouse, it could partner with a storage space provider. However, forecasting demand can help businesses optimise inventory. GoLemons says that it has built a smart prediction model that is already helping them stock the right items and quantities. The shorter delivery time can level the playing ground for GoLemon’s competition with older players. “[But] our goal isn’t fast commerce; it’s about providing a balanced grocery commerce experience that’s accessible to all, with groceries sold at the lowest prices and highest quality,” Jogbojogbo insists.
Read MoreMoniepoint taps Stanbic IBTC CFO for its microfinance bank after $110 million raise
Moniepoint, the Nigerian fintech that recently raised $110 million at a billion-dollar valuation, has appointed Bayo Olujobi as the Chief Financial Officer (CFO) of Moniepoint MFB, one of its subsidiaries. Olujobi, who has about 20 years of experience in finance, joins Moniepoint from Stanbic IBTC Bank, where he was CFO and non-executive director. Olujobi’s appointment as CFO comes eight months after the MFB partnered with the country’s Corporate Affairs Commission (CAC) to digitise operations for 2 million small and medium businesses. He will also play a significant role in the company’s goal to onboard 30 million businesses over the next five years. Moniepoint also plans to expand its digital payments, banking, foreign exchange (FX), credit, and business management tools across Africa. “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves—a secure, convenient and easy platform to manage their financial lives. Moniepoint is right at the forefront of this movement,” Olujobi said in a press release seen by TechCabal. His appointment continues a trend of top fintech startups tapping up talents from banks and other fintechs. Since April, Moniepoint and other fintechs have ramped up compliance hiring, poaching top talent from banks and other fintechs.
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👨🏿🚀TechCabal Daily – KCB loses $7.7 million
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! As far as contactless payments go, rings may be about the coolest thing to put an NFC chip in. NFC-enabled rings are as useful as they are flashy. With them, you don’t have to bend your wrist awkwardly to tap and pay, unlike with wearables like a smartwatch. Yet, reviews say NFC rings “don’t quite work as they should,” but you should be good on your third try—just carry your card as a backup. What other cool accessories that double as devices come to mind? KCB customers overdrew accounts by $7.7 million during glitch MTN’s MoMo PSB has applied for PSSP and PTSP licences Funke Opeke steps down as MainOne MD, takes advisory role Kenya’s tax collector begins monitoring mobile transactions World Wide Web 3 Opportunities Banking KCB customers overdrew accounts by $7.7 million during glitch Image Source: KCB Group Technical glitches at KCB Group, Kenya’s largest bank, allowed customers to withdraw more than their actual balances, leading to a loss of about $7.7 million (KES 1 billion) between October 11 and 31. The issue arose during critical data migration from on-premise to a colocation centre hosted by iColo, a tier 3 data centre. A subsequent attempt to integrate cloud databases resulted in a synchronisation error. This led to real-time balance updates failing, which then allowed customers, mainly those with KCB-M-PESA target savings accounts, to withdraw up to triple their saved amount. The bank has since restricted the accounts of overdrawn customers and told them to regularise their accounts so they can recoup the funds. An investigation by TechCabal has revealed multiple service disruptions and system outages over the last few weeks, a pointer that the lender is struggling to patch its systems as it modernises its IT infrastructure. Lapses in technical operations have become a concerning issue in the Kenyan banking sector over the last few years. Ecobank Kenya lost “millions of dollars” between 2020 and 2022 due to vulnerabilities in its card operations team, which left the bank exposed to potential fraud by merchants and staff. Similarly, Equity Bank was targeted in a debit card fraud case where $2.1 million was stolen. 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. Fintech MTN’s MoMo PSB has applied for PSSP and PTSP licences Image Source: Zikoko Memes MTN Nigeria is going all in on fintech, swapping signal towers for something a bit more… moneyed. The telecom giant applied for two payments licences: the Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licences. With the PSSP licence, MTN will be able to process payments for merchants and users alike. Imagine them as the new digital wallet you didn’t know you’d need, smoothly zipping your money from A to B. And if they secure the PTSP licence, they’ll have the green light to roll out POS terminals across the country—basically bringing cashless, card-swiping to every nook and cranny of Nigeria. Yet, MTN will have Moniepoint, OPay, and Palmpay to contend with in this segment. This isn’t MTN’s first fintech rodeo either; MoMo is one of the leading mobile money operations in Nigeria with 5.5 million wallets to show for it. And if all goes to plan—i.e., the CBN approves—these licences will make MTN a heavyweight in the financial services ring. 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. Companies MainOne founder and managing director Funke Opeke retires Image Source: TechCabal In November 2024, tech trailblazer Funke Opeke is retiring as Managing Director for West Africa at MainOne, the connectivity giant she founded nearly two decades ago. Opeke will still be around in an advisory role, offering her expertise as MainOne completes its transformation under new owner Equinix. Who’s filling her shoes? Wole Abu, the current CEO of Liquid Intelligent Technologies Nigeria, who’s already plotting the company’s next big moves in internet services and data centres. He resumed on November 1. The company hosted an exclusive dinner party to welcome him to the MainOne family this Tuesday. Equinix snagged MainOne for a cool $320 million in 2022, with plans to keep the MainOne brand alive under “Solutions by Equinix.” And they aren’t playing small—three shiny new data centres and a massive fibre expansion are in the works, set to make waves in Africa’s connectivity landscape. Equinix’s big leap into West Africa via MainOne has cemented its role as a heavyweight in the region’s tech ecosystem. Opeke’s journey with MainOne has been game-changing. Back in the day, she led the charge to bring West Africa’s first private submarine cable ashore, setting the stage for a connectivity revolution. Today, MainOne stands tall as Nigeria’s go-to internet provider, trusted by top banks and telcos alike. 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 → Economy Kenya’s tax collector begins monitoring mobile transactions Image Source: Sauce.co.ke Kenya’s new tax compliance methods may bring back the antiquated methods of saving money under mattresses. The country recently got fresh funding from the International Monetary Fund—a $606 million loan. One of the loan conditions was that Kenya must increase its tax revenue—Kenya is gunning for KES 20 trillion ($158.8 billion) in the next five years. The Kenya Revenue Authority (KRA) is using technology to up the country’s tax compliance strategy and make sure it hits this audacious goal. In its brief to the
Read MoreKCB customers overdrew accounts by $7.7 million following system glitches during migration
Technical glitches during a critical data migration allowed customers at Kenya’s largest bank, the KCB Group, to withdraw sums above their bank balances. Customers withdrew around $7.7 million (KES 1 billion) from October 11 to 31, ten people familiar with the matter told TechCabal. The bank has restricted the accounts of customers who overdrew their accounts and has notified them, people familiar with the matter said. The bank is also prepared to use loan recovery companies. After migrating its databases from on-premise to a colocation centre, the bank attempted to integrate its cloud databases, leading to a syncronisation error. “After moving servers, the balances were not updating in real-time at the backend. That’s why customers could overdraw the accounts,” one person familiar with the matter said. KCB-M-Pesa target savings accounts, which allow people to access short-term loans and save, were the worst hit. “People could withdraw up to three times the saved amount,” said one person with direct knowledge of the account. The technical glitches, which lasted over three weeks, paint a picture of the bank’s struggles to modernise its IT infrastructure. A high-priority notice sent to KCB staff during the crisis showed that employees were sometimes“unable to access affected systems,” resulting in hours of service interruption or total outage. KCB Group declined to comment. At a crisis meeting on October 12, top executives discussed how to address the issue and explored recovering the lost funds. The bank has since held other similar meetings. Fraud is a growing concern in Kenya’s financial services sector, with banks losing about $130 million yearly, according to credit reporting agency TransUnion Africa. Most banking fraud cases go unreported, as lenders resolve them quietly, albeit with the knowledge of the Central Bank of Kenya (CBK) and other financial sector regulators.In 2023, Kenya’s Financial Reporting Centre (FRC), an agency that tracks money flow in financial institutions, flagged more than $600 million linked to card fraud, corruption, and terrorism.
Read MoreMTN Nigeria to obtain two additional payment licences for MoMo PSB
MTN Nigeria, the country’s biggest telco, has applied for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licences for its fintech subsidiary MoMo PSB, reflecting its growing focus on digital payments in Nigeria. The PSSP license allows MoMo PSB to offer payment processing gateways, develop financial solutions, and provide merchant aggregation and collection services. With a PSSP license, MTN can process its payments, reducing what it currently pays to other PSSPs. Beyond fixing the internal payment needs of the telco business, MoMo PSB can also address the payment processing needs of merchants and partners. The PTSP license will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and offer training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB platform. These new licenses put MTN’s fintech arm in direct competition with established platforms like Interswitch and Flutterwave. In the PoS market, MoMo PSB will be competing with leaders such as Moniepoint, Opay, and Palmpay. MTN’s other fintech subsidiary, Yello Digital Financial Services (YDFS), applied for the licenses and paid ₦200 million for them, according to the company’s Q3 2024 report. MTN Nigeria declined to comment on the applications. MTN launched YDFS in 2018, with a super-agent licence to facilitate bill payments and person-to-person transfers. However, this license restricted YDFS from holding customer deposits in digital wallets. In 2022, MTN launched MoMo PSB with a Payment Service Bank (PSB) license, offering services such as airtime and data sales, bill payments, and money transfers. The PSB license still limits MoMo PSB’s offerings, excluding services like lending, foreign currency transactions, and insurance underwriting. In Nigeria, acquiring a payment service provider license generally includes a ₦100,000 application fee, plus an additional ₦100 million license fee once the final approval is issued. By the end of Q2 2024, MoMo PSB reported 5.5 million active digital wallets and 302,800 agents and merchants.
Read MoreEquinix appoints Wole Abu as MD for West Africa
Equinix, one of the world’s largest infrastructure companies and the parent company of MainOne, has appointed Wole Abu as Managing Director of its West Africa business. Wole Abu will replace Funke Opeke, who founded MainOne and continued to lead it after its $320 million acquisition by Equinix in 2022. Wole’s appointment as Managing Director for Equinix’s West African business follows shortly after the opening of Equinix’s newest data center in Johannesburg and in his role, he will oversee the Equinix business in West Africa, work closely with both local businesses and multinational companies to build on the strong foundations for connectivity and growth in the region bringing the opportunity of Equinix to the West African region, the company said. MainOne founder and MD Funke Opeke resigns, transitions to advisory role Before this appointment, Abu was CEO of Liquid Intelligent Technologies Nigeria business and the Africa Data Centre. He previously worked at Airtel and Pan African Towers. “I’m excited to be joining Equinix, as we share a common vision for expanding digital infrastructure across Africa,” Abu said in a statement provided by Equinix. “This mission is crucial for bringing life-enhancing services to the region and bridging the digital divide. By empowering both enterprises and individuals, we’re enabling broader participation in the global digital economy. I’m eager to contribute to this transformative work and help create a more connected, accessible digital landscape throughout Africa.”
Read MoreMainOne founder and MD Funke Opeke resigns, transitions to advisory role
Funke Opeke has resigned as MainOne’s Managing Director for West Africa weeks after the internet connectivity provider finalised its post-acquisition integration with Equinix. According to three people familiar with the matter, Opeke, who founded MainOne in 2008, will transition into a strategic advisory role for the West African region through March 2026. She will be replaced by Wole Abu, the CEO of Liquid Intelligent Technologies Nigeria, three people familiar with the matter said. Abu previously served as Pan African Towers’ CEO and Vice President of Sales at Airtel Nigeria. Abu will lead the company’s focus on growing its internet service provision and data centre business, one person familiar with the matter said. Equinix plans to launch three major data centre projects and extend its fibre capacity, TechCabal previously reported. The post-acquisition integration, which began in 2022, MainOne, Solutions by Equinix will retain its brand. The company operated two data centres in Lagos that are now fully controlled by Equinix. The leadership change marks a new beginning for MainOne, Nigeria’s most prominent internet connectivity provider with a roll call of major banks and telcos as clients. In April 2022, MainOne was acquired by Equinix, the world’s largest global data centre and colocation provider, in one of the largest exits in Africa’s tech ecosystem. MainOne did not immediately respond to a request for comments. Funke Opeke was appointed MainOne’s MD for West Africa after Equinix’s $320 million acquisition of MainOne in April 2022. She had been the company’s CEO for over a decade and had led its growth since 2010 when it landed the first private submarine cable on the West Coast of Africa. In 2023, Main One began laying a 27-kilometer fibre optic cable to cover the Yaba area of Lagos, known as Nigeria’s Silicon Valley. That led to several startups choosing to have offices in Yaba and midwifed the Nigerian tech ecosystem. MainOne’s fibre investment was instrumental to the growth of startups like Andela, CcHUB, Paga, Hotels.ng and Flutterwave.
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👨🏿🚀TechCabal Daily – Getting to No
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! If you need something to reignite your relentless optimism, you should read this article by Kola Aina, a prominent African investor. He argues that despite the historic funding downturn, the African tech ecosystem presents the world with an opportunity not to be taken lightly. Raising a $50 million VC fund for the first time Starlink pauses new subscriptions in Kenya Botswana’s inDrive drivers feel earnings pinch Kobo360 CEO resigns a year after her appointment World Wide Web 3 Opportunities Venture Capital A first-time fund manager raising a $50 million growth-stage fund Image Source: Getty Images Getting people to give you money when you have limited experience is hard—just ask any founder raising an early-stage round how many NOs they got because of their lack of experience. If you flip the script, venture capitalists also face this classic chicken-and-egg dilemma: LPs want experience, but you need LPs to trust you before gaining that experience. Speaking to *James, an entrepreneur and consultant raising a $50 million venture capital fund to address the shortage of growth-stage financing for African startups, I got the sense that solving this dilemma is expensive and difficult. This is mostly because there’s a need to educate high-net-worth individuals and institutional investors about the venture capital and tech landscape in Africa. Even before speaking to LPs, he had to identify a gap that his fund would fill. The gap he saw was in the “missing middle” between early-stage funding and growth-stage funding. While early-stage funding is relatively abundant, with numerous pre-seed and seed rounds, many African companies struggle to secure Series B funding and beyond, he said. James aims to fill this gap by leading and co-investing in deals, writing checks ranging from $2 million to $5 million. Read Muktar’s conversation with James 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. Internet Starlink pauses new subscriptions in Nairobi due to network overload Image Source: TechCabal One key goal for every business is to become oversubscribed. That is true for Elon Musk-owned satellite internet service provider Starlink in Kenya. Since its launch in the East African nation in July 2023, it has gained popularity among Kenyans seeking more reliable alternatives to local ISPs like Safaricom. With faster speeds and relatively cheaper subscriptions, Starlink has grown to become Kenya’s tenth-largest ISP with over 8,000 subscribers. This figure is likely to increase. That growing demand has strained its network capacity and it could no longer support additional customers. Starlink was forced to suspend new subscriptions in Kenya’s capital, Nairobi, and five neighbouring regions. Customers in those areas have been experiencing service disruptions. “Starlink is working to increase internet capacity in dense urban areas in Africa as fast as possible,” said Elon Musk on X on Monday. 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. Ride-hailing inDrive drivers in Botswana feeling earnings pinch Image Source: TechCabal Rising fuel costs in Botswana and competition for rides with Bolt are hitting the pockets of drivers of the ride-hailing platform inDrive. Some drivers say their earnings have reduced by as much as half. Drivers also pointed out their frustration with the commission inDrive introduced in February as another contributor to reduced earnings. The ride-hailing app introduced the commission after five years of commission-free operation. On the commission, it says it has yet to receive any formal complaints from drivers although there are channels available to voice such concerns. Additionally, inDrive said like any other business, it had to introduce the commission in order to be sustainable. inDrive also refutes the claim that the app has seen a decline in rides since the launch of Bolt and it says it has actually seen a surge in ride activity. Despite having enjoyed a fair amount of popularity since 2019, over the past year, inDrive has been plagued by complaints from drivers, riders, and public transport operators. The introduction of the commission and its subsequent impact on earnings is just the fuel to the fire. With Bolt now in the foray, it has set the stage for an interesting competition landscape for ride-hailing in Botswana. 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 → Logistics Kobo360 CEO resigns a year after taking the reins Cikü Mugambi, former Kobo360 CEO On October 29, Cikü Mugambi, CEO of Kobo360, a Nigerian logistics startup informed employees that she was resigning from her position. Her resignation comes one year after assuming the position. Mugambi had joined the seven-year old startup in 2021, from International Finance Corporation (IFC), one of Kobo360 ’s investors. She worked as chief of staff and head of investor relations. In 2023, Obi Ozor, Kobo360 co-founder and ex-CEO exited the startup to pursue a political career and appointed Mugambi his replacement. On the call announcing her exit, Mugambi hinted that the difficulty of raising fresh funding for the startup, which had previously raised about $78 million in debt and equity by 2021, partly influenced her decision, according to sources close to the company. Those sources say her exit is bittersweet because Mugambi is leaving the company in a better business position than when she joined. “The revenue from the Nigerian business is now able to pay for operations and break even.” CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin
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