“Adani must go” protesters force court to adjourn hearing on JKIA concession
A Kenyan High Court adjourned the hearing on a suit filed by the Kenyan Human Rights Commission (KHRC) and the Law Society of Kenya (LSK) challenging the concession of Jomo Kenyatta International to Adani Group. LSK and KHRC argue that the concession deal is “irrational” and does not follow Kenyan laws, including the Public-Private Partnerships Act of 2021. They want the agreement canceled. The 30-year concession agreement, leaked to the public by a whistleblower in July, will include building a new terminal and taxiways at JKIA. Many Kenyans have opposed the deal because of its secrecy—the government has declined to share the specifics of the agreement. As public anger swelled, it was channeled to the virtual hearing, which protesters joined while chanting ‘Adani must go.’ “The hearing of the case cannot proceed due to the level of noise in the background on the virtual platform,” said Justice Bahati Mwamuye. “Accordingly, the matter is stood over to Tuesday, October 22 at 11 am in open court.” On September 10, the court suspended the project pending the determination of the case. Government officials have been on the spot over the opaqueness of Adani Group’s investment proposals, which also included the construction of transmission lines under a build-and-operate programme. Adani is owned by Gautam Ambani, India’s second-richest man. It already signed a $736 million contract to build and operate and transfer four transmission lines and two substations for a 30-year-period. President Ruto’s administration has defended the projects, claiming that public-private partnerships (PPPs) are the only way the country can meet its infrastructural needs as mounting debt cuts government spending. KHRC and LSK said in court that Kenya can afford to raise the $1.85 billion required to expand JKIA locally. They also insist that Kenyan taxpayers will not get value for their money. “The Adani proposal is unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk and offers no value for money to the taxpayer,” LSK and KHRC told the court.
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👨🏿🚀TechCabal Daily – Exits
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Thursday! It looks like digital cameras from the early 2000s are making a surprising comeback globally, especially among Gen Z. Nostalgia and the appeal of simpler, lower-resolution photography have sparked renewed interest in devices like the Nikon Coolpix and Canon PowerShot. Young people are embracing retro tech as a fun contrast to the flawless images of smartphones, creating a fresh wave of digital camera fans. What cool art will you create with a 2011 camera? Speaking of cool, companies are using new ways to capture carbon in the air and storing it underground, reducing the expensive process by nearly one-third. This is definitely useful technology for fossil-burning companies like South Africa’s Eskom that burns coal to generate electricity. Cool. Jumia to exit South Africa and Tunisia Yellow Card raises $33 million in series C funding Octavia raises $5 million to reduce carbon emissions The World Wide Web3 Opportunities Companies Jumia to exit South Africa and Tunisia Image Source: Google Jumia will exit South Africa and Tunisia by the end of 2024 to focus on its West and East African markets. Both countries have contributed little to the company’s overall performance, with South Africa accounting for just 3.5% of total orders in H1 2024 and Tunisia bringing in only 2.7%. South Africa’s e-commerce market is mature and competitive. With about 1,995 startups and bigger players like Takealot and Amazon, customers are flush with options With high competition and little differentiation, customers likely saw Jumia as just another platform. Amazon, which entered South Africa in May, gained popularity among users because it sold rare books. In Tunisia, the e-commerce market has lesser competition, yet, a lack of trust still poses a problem with many consumers preferring to pay cash on delivery for products. Exiting those regions is on-brand for Jumia which has been streamlining its business over the past year, shutting down Jumia Food, cutting headcount, and refocusing its business from a previous focus on small ticket items. By focusing on more promising markets like Nigeria and Egypt, Jumia wants to rebuild investor confidence after seeing a drop in its total order value to $170 million in Q2 2024. 110 jobs could either be cut from Jumia’s South Africa and Tunisia exits, or the affected workers moved to other countries where the company still operates. In its search for profitability, it is clear that Jumia only wants winners. 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. Funding Yellow Card raises $33 million in series C funding Lasbery Oludinmu, Yellow Card VP Operations/Image Source: Yellow Card Yellow Card, an Africa-focused crypto startup that operates in 20 countries, has raised $33 million in series C funding. This is the company’s third funding in four years, after its $40 million series B cash pull, and $1.5 million seed raise in 2022 and 2020 respectively. Yellow Card is now Africa’s most-funded crypto startup. The company spent its last funding on building its API product, making new hires—especially on its compliance teams—and expanding into other countries. It also claimed that it grew its revenue during this period, but declined to share the figures. With the new funding, the startup will strengthen partnerships with its tech infrastructure service providers in the US, like Fireblocks, as well as scale its B2B API product, which allows businesses to offer crypto on-ramp and off-ramp services to customers. With this product, Yellow Card wants to lead stablecoin adoption in Africa. The startup will also expand into four African countries in the next few months, including Ethiopia, Egypt and Morocco. Before deciding on which countries to expand into, the company carries out a market entry plan, according to Vice President of Operations Lasbery Oludinmu. “We look at the risks and challenges. We take our time because we want to be sure there’s a need in that market and the product we have, can actually meet the need in that market.” In Nigeria where a crypto regulation framework is currently being tested, it is part of the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Program (ARIP). The startup is working closely with the regulator to get a crypto provisional licence in the country. 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 Octavia Carbon raises $5 million seed round Image Source: Octavia One lesson ingrained in my brain from my science class in primary school is that carbon dioxide (CO2), the greenhouse gas we breathe out. Too much of it can harm the earth’s ozone layer—the layer of protection that shields us from the wrath of the sun’s ultraviolet rays. A fun fact you should know is that human activity in the last 200 years have caused 50% increase of CO2 content in the Earth’s atmosphere. For years, the United Nations (UN) has been on a mission to keep the amount of CO2 in the atmosphere at bay through its various climate change programs. Part of that process is using direct air capture (DAC) technology which uses giant machines to suck out Air from the atmosphere, filter out the CO2, and store them safely underground. Across the globe, different companies have been building out this technology to help achieve the UN’s global climate change goals. One such company is Kenyan-based Octavia Carbon which announced its $5 million seed round on October 15. Octavia co-founders Martin Freimüller and Duncan Kariuk, who first built their prototype on their kitchen floor in 2022, will use the fresh
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Gucci to now make gadgets?
Gucci is easily synonymous with luxury, flair, and pushing the boundaries of what can be stylish and fashionable. But what if Gucci expanded its horizons and entered the tech industry? Imagine a world where Gucci gadgets were as sought after as their iconic wears, handbags, and belts. Here’s a tongue-in-cheek look at how the world of technology might change forever, if Gucci had their say. If Gucci made smartphones Forget the currently over-flogged aluminum, steel or metallic finishes – a Gucci smartphone would be the accessory to flaunt. Imagine a phone sheathed in premium Italian leather, adorned with gold-plated buttons, and of course, emblazoned with the iconic double G logo on the back. The phone case would come with interchangeable fabrics, from floral prints to faux reptile skin, depending on the season. With all that glam, who cares about the specs? Sure, it might freeze on a Zoom call, but you’ll look fabulous while it happens. The best feature may be its camera. A picture taken with a Gucci smartphone camera could pass for a Beyoncé billboard photoshoot quality. If Gucci made laptops A Gucci laptop wouldn’t simply just sit on your desk, it would demand attention. Say goodbye to minimalist MacBook designs or the wannabe windows fashion, and hello to a laptop with 360-flippable screen with a back encrusted with gemstones, complete with a quilted silk trackpad (because why use plastic when silk is an option?). Need a Gucci-approved laptop bag? Naturally, it would be an over-the-top piece with tassels, fur trims, and enough embellishments to turn heads at any café. The price tag? Well, let’s just say you might have to sell your current, perhaps pricey, laptop and a kidney. But who cares – you’d have a Gucci gadget that screams “I have arrived.” If Gucci made smart glasses Smart glasses have always been a bit… well, geeky. But if Gucci got involved, all that would change. Think oversized aviator frames with the classic Gucci stripes on the arms, combined with the tech capability to display Instagram notifications directly on the lenses (because how else will you know who liked your latest outfit post?). The glasses would probably be too heavy to wear for more than an hour, but fashion is pain! With this Gucci smart glasses, you wouldn’t need vision correction, just a strong neck and a desire to be noticed. If Gucci made smart watches A Gucci smartwatch would be less about telling the time and more about telling people who you are. Imagine a watch that tracks your steps, calories, and likes on Instagram, all while dripping in crystals. Every time you hit a fitness goal, a small screen would flash ‘Gucci, baby!’ It’ll be able to minimise into a regular watch interface that looks ultra-realistic and you can pinch-enlarge it into a smartwatch interface again. The ultimate Gucci smartwatch to keep you fabulously on time… or at least fashionably late. If Gucci made wireless earbuds gadgets Wireless earbuds have become a staple for music lovers and commuters alike, but if Gucci had their way, these would be more than just convenient audio devices. Picture tiny earbuds encased in refined snail shells pointing out of your ears like ice cream cones, or drooping in spirals down your ears like curled horned earrings with the Gucci logo etched in gold. Forget those plain old silicone tips – Gucci earbuds would come with velvet earpieces (whether or not that’s practical is irrelevant). Each earbud would play a soft “Gucci” chime when paired with your phone, and the charging case? A miniature leather-bound box with a monogram clasp. One thing’s for sure: with these Gucci earbuds, you wouldn’t be able to hear your ‘haters’ – or much else, for that matter. If Gucci made gaming consoles Move over, PlayStation – a Gucci gaming console would be a true work of art. Encased in hand-stitched leather and with controller buttons made of polished marble, this console would make you question whether you should actually play it or just display it. Gucci would release limited-edition consoles with unique skins like snakeskin or zebra print, of course, for an eye-watering price. As for the games? Forget Call of Duty, you’d be levelling up in Runway Rush, an immersive fashion game where you strut down digital catwalks, earning points for outfit coordination and shade-throwing. A Gucci Gadget fit for the gamer with truly extravagant taste. If Gucci made Bluetooth speakers You would be unbelievable to think it would come as portable black speakers that blend into the background. A Gucci Bluetooth speaker would be the centrepiece of any room. Designed to look like a mini trunk, complete with brass corners and a leather strap, it would belt out your favourite tunes with clarity and class. The Gucci Gadget wouldn’t just sound good, it would look good doing it. You should probably place a tax on your visitors or neighbours who get the opportunity to hear the speaker sound, because they shouldn’t be experiencing such expensive sound for free. Who would be the first buyers of these luxury Gucci gadgets? For Nigerians, we could bet the first buyer of any of these Gucci gadgets would have been… Huhh… Maybe we should be Hush about it and allow you to make the predictions. But on a global level, we are sure celebrities like Beyonce, Rihanna, Sarah Michelle, Kanye etc. would be on the front row of owners of the Gucci gadgets. Final thoughts on if Gucci made gadgets The day Gucci decides to enter the tech world, remember, you saw the predictions, first, on TechCabal!
Read MoreCleantech startup Octavia raises $5 million to take more CO2 out of the atmosphere and build a storage plant
Octavia Carbon, a Kenyan-based cleantech startup, has raised a $5 million seed round. The company will use the funds to build its Direct Air Capture (DAC) storage plant. Direct air capture technology removes carbon dioxide directly from the atmosphere by drawing air into a machine, filtering out the carbon dioxide, and storing it safely underground. Excess CO2 in the atmosphere depletes the earth’s ozone layer, increasing ultraviolet (UV) radiation that can cause skin cancer, cataracts, and plant damage. Launched in 2022 by Martin Freimüller and Duncan Kariuki, Octovia Carbon designs, builds, and uses machines to capture CO2 from the atmosphere. Those machines take carbon dioxide and store it underground, keeping it out of the atmosphere. In Kenya, this CO2 is liquefied and injected into the porous basalt of the Rift Valley, where it gradually mineralizes into solid rock. Freimüller and Kariuki built their first carbon capture machine on a kitchen table and plan to open the first phase of Octavia’s plant this year with the new funding. The seed round was led by Lateral Frontier and E4E Africa, with participation from Catalyst Fund, Launch Africa, Fondation Botnar, and Renew Capital. “This funding enables us to soon become the world’s second DAC company to complete the full cycle of deploying CO2 capture and geological storage in the field.” said the Co-founder and CEO at Octavia, Martin Freimüller. Octavia is among 18 direct air capture plants globally—including Climeworks and Carbon Engineering—building machines specifically designed to capture CO2 directly from the atmosphere using DAC technology. These companies are pivotal to achieving the United Nations’ global climate goals of carbon removal. “What sets us apart is our ability to harness Kenya’s abundant geothermal energy, especially waste heat, to significantly lower the costs of DAC,” said Freimüller. Octavia Carbon claims it uses geothermal energy wastes to service 80% of its electricity needs. Octavia Carbon generates revenue primarily by selling carbon credits to corporations or individuals looking to offset their carbon emissions. Companies buy carbon credits to neutralize their carbon footprint. The company claims it has pre-sold 2,000 tons of carbon dioxide. Back-of-napkin math suggests the company could have earned over $1 million in revenue from that sale. Currently, it costs $680 to $820 to extract a ton of CO2 and Octavia wants to reduce this to around $100. With increased efficiency, it can improve its margins and output—it aims to capture of 1,000 tons of CO2 per year. “Scaling for us involves increasing our carbon removal efforts far beyond Project Hummingbird’s initial capacity of 1,000 tons of CO2 per year,” Freimüller notes. Octavia Carbon also aims to become an Original Equipment Manufacturer (OEM) for DAC technology, allowing it to sell DAC machines to project developers globally.”
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New Philips Essence 20 specs, pictures, and prices
The Philips Essence 20 is a better design for users who need upgraded performance, larger storage, and a sharper camera system compared to the Philips Essence 10. With 8GB of RAM and a massive 256GB of internal storage, this smartphone is perfect for handling multiple tasks and storing large amounts of apps, media, and files. But before you buy the Philips Essence 20 in 2024 see its detailed specs: Key features of the Philips E-20 Here’s a detailed breakdown of what makes the Philips Essence 20 a great choice: 8GB RAM – The large RAM size ensures efficient multitasking, allowing you to switch between apps without lag. 256GB internal storage – This extensive storage is ideal for anyone who loves downloading apps, saving photos, or storing large video files. It’s also expandable up to 512GB using a microSD card. High-Resolution display – Enjoy crisp, clear visuals on its large 6’6 HD display, perfect for watching videos, browsing the web, or playing games. Advanced camera system – The multi-camera setup allows you to capture high-quality images and record sharp videos. Whether you’re snapping photos of landscapes or taking selfies, the Philips Essence 20 delivers excellent results. Long-Lasting battery – Equipped with a robust 5000mAh battery, this phone will keep you powered throughout the day, whether you’re working or on the go. Dual SIM capability – Manage two networks seamlessly with its dual SIM support, making it easy for both personal and business use. Latest Android OS – Running on Android 12, the phone offers the latest features and an intuitive user interface. Octa-Core processor – The fast processor guarantees responsive performance, even during heavy usage or gaming. Why buy Philips E-20 in 2024? There are several reasons why the Philips Essence 20 in 2024 is an excellent investment for anyone seeking an affordable smartphone in Nigeria: Affordable price: Despite its high-end features, the Philips Essence 20 comes at a competitive price, providing great value for money. Reliable brand: Philips has been trusted for years in the electronics space, and they’ve brought the same reliability and innovation to their smartphones. Premium features at a budget: You get premium-level specifications without paying a premium price. Expandable storage: In addition to its 256GB storage, users can expand it further with a microSD card, allowing up to 512GB of storage for all your files. Specifications at a glance Display: High-resolution screen for clear visuals RAM: 8GB for smooth multitasking Storage: 256GB internal, expandable via microSD up to 512GB Battery: 5000mAh for long-lasting usage Rear Camera: Advanced multi-camera system Front Camera: High-quality camera for selfies and video calls Processor: Octa-core for fast and efficient performance Operating System: Android 12 Connectivity: 4G LTE, Wi-Fi, Bluetooth 5.0 SIM: Dual SIM, dual standby Price range of the Philips Essence 20 in 2024 For those planning to buy Philips Essence 20 in 2024, the phone comes in different variants to suit various needs. Here’s the price range for the different versions available in Nigeria: Essence 20 (4GB RAM, 128GB Storage): ₦142,000 Essence 20 (8GB RAM, 256GB Storage): ₦187,000 Please note that, depending on the retailing store, these prices may differ slightly. Final thoughts If you’re looking for an affordable smartphone that offers impressive performance and modern features, then buy Philips Essence 20 in 2024. With its large RAM, high storage capacity, long battery life, and advanced camera system, this phone is designed to meet the demands of today’s mobile users without breaking the bank. Visit your nearest phone store in Nigeria to get your hands on the Philips Essence 20 and enjoy a premium smartphone experience at an affordable price.
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Full specifications of the new 2024 Philips Android Essence 10
Philips, previously known for its extensive range of home appliances, has stepped into the smartphone market with its Essence series, offering budget-friendly phones that don’t compromise on quality. The Philips Essence 10 is one such device that provides excellent performance, stylish design, and practical features at an affordable price. The Essence series is also available in the Essence 20 version and you should see its full specs, pictures, and prices for comparison. But if you’re in Nigeria and looking to immediately buy the 2024 Philips Essence 10, here’s what to know: Philips E-10 overview The Philips Essence 10 offers a sleek design and efficient performance, making it ideal for everyday use. It comes with 3GB of RAM and 64GB of internal storage, providing plenty of space for apps and media, while ensuring smooth multitasking. The device is powered by an octa-core processor, which enhances its ability to handle daily tasks without lag. If you want a phone that provides reliable performance without breaking the bank, buy Philips Essence 10 in 2024. Key features of the Philips E-10 Here’s what makes the Philips Essence 10 a great budget-friendly choice: 3GB RAM – Ensures smooth performance, allowing you to multitask efficiently without slowdowns. 64GB Internal storage – Offers ample space for storing apps, photos, and videos. You can also expand the storage further using a microSD card. 6.5-Inch HD display – Enjoy a vibrant viewing experience with a large, high-definition screen that’s perfect for watching videos, browsing, and gaming. Dual-Camera system – The 13MP + 2MP rear cameras allow for versatile photography, while the 8MP front camera captures crisp selfies and video calls. Long-Lasting battery – Equipped with a 4000mAh battery, the phone is built to last throughout your day, ensuring you stay connected. Dual SIM capability – Manage two networks simultaneously, making it a perfect choice for users who need both personal and business numbers. Fast charging – Quick charging support ensures you spend less time plugged in and more time enjoying your device. Specifications of the Philips E-10 Display: 6.5-inch HD screen RAM: 3GB for efficient multitasking Storage: 64GB internal, expandable via microSD Battery: 4000mAh, non-removable for long-lasting use Rear Camera: 13MP + 2MP dual camera system Front Camera: 8MP for clear selfies and video calls Processor: Octa-core for smooth and fast performance Operating System: Android 11 for a modern, user-friendly interface Connectivity: 4G LTE, Wi-Fi, Bluetooth 5.0 SIM: Dual SIM, dual standby capability Dimensions: 165 x 76 x 8.5 mm Weight: 190 grams Why buy E-10 in 2024? There are several reasons to buy Philips Essence 10 in 2024, especially if you’re in search of a reliable, affordable smartphone: Affordable pricing: The Philips Essence 10 delivers solid performance and features at a budget-friendly price. Trusted brand: Philips has a long-standing reputation for quality, and they bring the same reliability into their smartphones. Efficient performance: With its 3GB RAM and octa-core processor, the phone handles everyday tasks and multitasking smoothly. Expandable storage: With 64GB of internal storage, the option to expand via microSD ensures you never run out of space for your media and apps. Price range of the Philips E-10 in 2024 For those looking to buy Philips Essence 10 in 2024, here is a breakdown of the price range for different storage variants: Essence 10 (3GB RAM, 64GB Storage): ₦113,500 Essence 10 (3GB RAM, 128GB Storage): ₦123,000 These prices may differ depending on point of purchase. As of today, 16th of October 2024, the phone is unavailable on popular stores like Konga and Jumia in Nigeria, you can check verified sellers on Jiji or go to physical stores for purchase. Final thoughts The Philips Essence 10 in 2024 is an excellent option for those seeking a functional, stylish, and affordable smartphone. Its robust features, combined with Philips’ reputation for quality, make it a smart choice for anyone looking to upgrade their device without overspending. Visit your nearest phone store in Nigeria to purchase your Philips Essence 10 and enjoy a seamless smartphone experience today.
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🚀Entering Tech #76: YPIT is a Party with a Purpose
Here’s another community doing exciting things 16 || October || 2024 View in Browser Brought to you by Issue #76 Young PeopleIn Tech Share this newsletter Greetings ET people Everyone is a member of some sort of community these days. There’s one for music, sports, tech, and one for every single job function, hobby, or extra-curricular you can think of. As annoying as keeping up with communities can be, we’ve come to learn that being part of a community is in deference to some of our basest desires as social animals. Our ancestors of old relied on each other, sharing knowledge essential for survival and jointly raising their children, all for the tribe’s sustenance. A good community is an ecosystem where all elements are in a constant state of giving and taking. Well executed, it’s a place where all members can find and provide mentorship to each other. We’ve written about the importance of communities in Entering Tech before. We’ve also written about several critical communities before—ConTech Africa, Web3Bridge, and even Smarketers Hub. In today’s edition, we’ll highlight another: Young People in Tech (YPIT). Timi Odueso What is YPIT? “We just wanted to hang out with people that were doing things similar to us, and talk about tech things. We already did it with each other, so why not with a few more friends? We wanted an excuse to party.” It’s not very often that an excuse to throw a party turns into an opportunity to serve a community, but in Tobiloba Aromire’s case, it did. Those words were the preamble to the founding of Young People In Tech, a community started in 2021 by and for young professionals in Nigeria’s tech ecosystem. A Young People in Tech event Tobi, a 27-year-old Sales and Business Development professional based in the UK, is one of YPIT’s cofounders. Although Tobi and the other YPIT co-founders—Daniel Adewunmi, Deborah Adewunmi, Dorcas Adewunmi and Abiola Oladiji—didn’t start out wanting to build a community, they shared a considerably interesting stance. “More experienced professionals have the advantage of a network that they’ve spent years building and so they always have people to call when they need help. When you’re young and inexperienced, no one invites you to these networking things because you don’t have much to offer them. Interestingly though, that’s when you actually need these things most. So when we decided to keep YPIT going through a second, third, fourth, and fifth event. That became our focus – to do it for the younger, less experienced crowd,” said Tobi Aromire. *Newsletter continues after break Share your Moonshot 2024 Feedback! Help us understand what worked well at Moonshot 2024, and how we can make Moonshot even better next time. Moonshot is all about connecting visionary thinkers, innovative startups, and game-changing leaders to solve Africa’s most pressing challenges. Your insights will help us continue curating meaningful sessions, engaging workshops, and networking opportunities that make a real impact. Share your feedback now. How YPIT works Any one in tech! 400 Nil. Absolutely free WhatsApp Young People in Tech’s Innovation Hub became the answer for its community. It became their avenue to help people contribute constructively to all of the work that’s needed to keep the community alive. The YPIT Innovation Hub is a collective of focused groups that do a specific thing for YPIT. Its sales & partnerships team makes sure it finds sponsors and partners for YPIT events, its digital marketing team makes sure they have a continued web presence, its design team designed their website and the infographics in this article, its technology team built their website, and their writing and communications team wrote this newsletter. “I spend so much time doing sales with YPIT’s innovation hub because sales & partnership is what I really have passion for and hope to do longer term in my career. I might as well start getting the experience now,” says Funmbi Adegbola, a 24-year-old project manager who is an example of said younger, greener crowd. Funmbi Adegbola Funmbi attended the first YPIT event while in Uni and has managed to attend every one since then. She started off as just an attendee and became YPIT’s first social media manager. She leveraged her experience at YPIT to get her current job right out of school and she’s doing the same again as an important contributor in YPIT’s sales & partnership hub. Funmbi’s case is a highlight but is not unique in itself. Most of their innovation hub consists of both experienced and aspiring professionals, who use the experience of undertaking these projects for their community as a filler for practical experience that they haven’t been able to get otherwise. A YPIT Testimonial A community that started out as a party is not unique enough, neither is the fact that it has an innovation hub or social events or that it’s targeted at tech professionals or young people. But YPIT says what makes it unique is its commitment to what defines the essence of communities – mutual support that leads to growth and preservation for everyone involved. *Newsletter continues after break What you can get from YPIT YPIT is already tackling two challenges head-on. One, serving young professionals beyond Nigeria’s tech ecosystem, ensures their impact expands. The other – what to call themselves when their members inevitably mature – is a fun thought experiment, but not as pressing. (We’ll let you guess which is which!) A YPIT Event Here’s how YPIT says it can empower your professional journey: A: Network: Ditch the awkwardness! YPIT’s Series Events connect you with like-minded individuals, building your network organically. B: Connect and Learn: Whether you join in-person events, online talks, or webinars, YPIT fosters meaningful connections and learning – from industry insights to simply sharing space with similar minds. C: Grow: Expand your skillset and industry knowledge with YPIT’s mentorship programs, monthly newsletters, and The Innovation Hub. You’ll become a well-rounded professional, ready to tackle any challenge. D: Do Work that has Impact: Join the YPIT Innovation
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👨🏿🚀TechCabal Daily – Moove to Mexico
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! There is good news for Nigerians as electricity is slowly being restored to many parts of the country. Just as power is making a comeback to several cities, there might soon be a return of lush VC funding on the continent. The funding raised by startups this year has already surpassed the total funds raised in each of 2019 and 2020. Also, startup funding figures for the third quarter of 2024 are on par with the third quarter of 2023 and above the totals for the past three quarters. While it’s too early to say for certain, investors are hopeful for a return to increased dealmaking on the continent. Moove enters Mexico GITEX day two: There is a lot of education to go round Mr Tijani goes to Abuja The World Wide Web3 Opportunities Startups Moove’s sUber move to Mexico Moove co-founders/Image Source: TechCabal One month after entering the U.S. market, Moove, an Uber-backed mobility startup that provides vehicle financing for gig drivers, has expanded into Mexico. While the startup announced on LinkedIn yesterday that it delivered the first set of vehicles to drivers in Mexico, the move has been in the works for a while. Four months ago, the company listed a job on LinkedIn for an Onboarding Manager in Mexico who would be responsible for selling its car financing options to drivers. Moove uses a drive-to-own model where it collects a fraction of drivers’ earnings until they pay off their car debt, which makes credit scoring systems important. Mexico has two credit scoring systems—the Buró and the FICO model—that track consumer and business credit information respectively. Due to urbanisation, there’s been growing demand for ride-hailing services in Mexico despite the market’s slow growth. Drivers are also going electric as electric vehicles (EVs) sales upticked to 35,420 units this year—with US-based giant car-maker Tesla responsible for more than one-third of those sales. Yet, gig drivers struggle to pay the initial cost of owning EVs. With its drive-to-own business model and Mexico’s strong credit scoring system, Moove will likely provide 100% EVs to drivers, as it did in the UK where it allows drivers to own Tesla and Kia Niro sedans. Adding to the ten countries it now serves—Nigeria, South Africa, Uganda, Kenya, Egypt, Ghana, India, UK, US, and UAE—Moove will count Mexico as part of its bigger move to build a globally-scalable business and become a profitable company by 2025. 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. Events GITEX day two: There is a lot of education to go round Companies at GITEX GLOBAL demonstrating the transformative potential of AI in shaping the future of tech/Image Source: TechCabal Hey there, Habibi! I spent the entire day at the Dubai Harbour, one of the two venues for the well-attended GITEX conference. Over four hours, I listened to venture capitalists, founders, and policymakers from across the globe. Savannah Maziya, Eswatini’s Minister of Information, Communication & Technology outlined her country’s ambitious plan to ensure that its 1.2 million citizens get a slice of the $2.9 trillion economy artificial intelligence (AI) technology promises Africa. The government is actively seeking international partnerships, such as the MoU with the United Arab Emirates to accelerate digital transformation in the country. In addition to its human capital, Eswatini offers resources to businesses—incubators for startups leveraging AI technology, biotechnology, space technology, agritech, and more, It is also offering energy resources, and data sovereignty, to bigger enterprises that plant their roots in the country. “policies that offer predictability to investors.” The panel that followed was less aspirational and more introspective. The speakers discussed why, despite the continent’s larger population, the venture capital scene was performing less than other ecosystems. They considered the “Japa syndrome,” which refers to highly-skilled employees and founders leaving for more developed countries. The speakers tossed around solutions to the problem and unanimously settled on one thing: that people who outgrow their countries will always move to where the grass is greener unless the country matches their pace in development. The speakers also discussed the funding drought, arguing that it was a wake-up call for both entrepreneurs and investors. For startups, some speakers suggested that founders, after some soul-searching, may realise that they are building SMEs, not startups—and do not need VC funding at all. These businesses could explore other forms of financing like revenue-based financing, inventory financing, or manufacturing financing, and grow to become regular profitable businesses. Speaking about educating investors, another panel called for an action that was also threaded through some conversations: High-net-worth individuals (HNIs) need to be educated about how venture capital works. While the idea of getting a 10x return on their investment is appealing, the reality is that it hinges on the success of two out of 10 startups, which is an unnecessary and unreasonable risk. “If we want to see them in VC funds, which are currently populated by DFIs and foreign corporates, there needs to be more education to win over HNIs.” And as one speaker said, “It’s just a matter of time. The VC-funded African tech ecosystem is about eight years old, and that’s not even up to the lifetime of a fund,” urging us to remain optimistic and patient. 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 Mr Tijani goes to Abuja Minister Bosun Tijani/Image Source: TechCabal What happens when you make a tech ecosystem leader a minister of communications, innovation and digital
Read MoreUber-backed Moove expands to Mexico, extending global footprint
One month after Uber-backed Moove launched in the US, the Nigerian startup that finances vehicles for ride-hailing has expanded to Mexico. The company projects it will become profitable in 2025. The expansion to Mexico marks an important milestone for an African startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth. As focus moves to building for a global audience, Moove’s focus on high-growth markets, its replicable model and partnerships with major ride-hailing platforms like Uber has positioned it for growth and made it attractive to investors. Its drive towards sustainability with EVs also aligns with investors’ continued interest in socially responsible startups. “We’re excited to share that Moove has officially hit the streets of Mexico. The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” Moove said in a LinkedIn announcement. Moove said it has built a dedicated team as it taps into the growing demand for ride-hailing services in the region. “With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence,” it said. The company, which operates in seven markets, including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, said in March 2024 that it plans to expand to more markets by 2025. Founded in 2020 by Ladi Delano and Jide Odunsi, the fintech sells vehicles to ride-hailing drivers, which is deducted weekly from gig workers’ earnings. Since 2023, Moove has shifted to EVs with 100% of its fleet in UAE. The company also operates EVs in the UK and plans to introduce over 20,000 of them to its Indian unit. Uber-backed Moove takes its search for profitability to America
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Nigeria’s inflation rebounds as fuel costs outpace harvest gains
Nigeria’s headline inflation ticked up slightly in September, reversing a two-month downward trend as higher fuel prices outweighed the benefits of a bumper harvest. Data from the National Bureau of Statistics on Tuesday put September’s rate at 32.70% up from 32.2% recorded in August. The country’s headline inflation slowed for two consecutive months due to a drop in food prices driven by the harvest season and a six-month free import duty on food. September’s increase comes after a 45% increase in fuel prices, which has cascaded to the price of food transportation. Both food and transport make up almost 20% of the increase in September’s headline inflation. Food inflation for September was at 37.77% up from 37.5% in August. Core inflation, which excludes agricultural produce and energy, quickened slightly to 27.6% from 27.5%. Given Nigeria’s current harvest season, the increased demand for food transportation, primarily by road, will likely elevate fuel consumption. This has contributed to the rise in September’s rate, argues Basil Abia, an analyst at Veriv Africa. The CBN in its last Monetary policy committee meeting said it was leaning towards a continued tightening of the monetary cycle arguing that core inflation continued to rise in July and August. In September, the Bank delivered a shock 50 basis point interest rate hike, increasing borrowing costs. It is due to give its next rate decision in November. The country’s headline inflation slowed for two consecutive months thanks to a drop in food prices, which was driven by the harvest season. Image Source: Bloomberg
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