2023 wrapped: lessons, fears and hopes from 23 tech leaders
2023 was a year etched with many challenges in the tech ecosystem but also some triumphs. TechCabal spoke to 23 leaders in the ecosystem about the year – wisdom they gained from hardship, and visions that are still as clear as day, even through uncertainty. Now, as we round up, these are their lessons from 2023 and their predictions of what the ecosystem will be in 2024. 仙人掌年 or Year Of The Cactus Lanre Ogungbe, CEO at Prembly If it doesn’t work, don’t force it. It’s important to know when to quit or shut down a business instead of trying fruitlessly to make it work. Continue reading… More than ever, this year emphasised how critical it is to be ahead of policies. KYC is very policy-driven, and trailing behind policies can be gravely consequential. One needs to derisk against policy changes. One also needs to derisk against economic shocks; while we predicted the economic downturn, we underestimated its magnitude. 2024 Outlook: Things won’t get better until Q3 2024 regarding fundraising. We may not see as much funding as we used to for a long time. However, I think that the economy will pick up quickly next year. We will also see a lot more silent mergers. There will also be a new generation of founders who are more experienced in managing their businesses, who focus on unit economics, and who will provide technology that solves real-life problems. Ifeoma Nwobu, COO at Sendstack 2023 taught me to thrive in chaos. There are a lot of variables that can throw your plan off at any time, so we had to learn how to adapt while maintaining excellence and peace of mind. Continue reading… 2024 Outlook: Whatever we faced as a collective ecosystem in 2023 will only worsen in the next year. I am not trying to be a prophet of doom, but I think that sometimes we need to acknowledge how the patterns in economic situations work. I still think there will be a lot of growth just the way some plants grow in hard environments. My advice to everyone is to be a cactus this coming year. Samuel Okwuada, CEO at Remedial Health Running a sustainable and profitable venture will never be unfashionable. The past few years have made me question whether the tech ecosystem understands business. We were building businesses with no business model and plans to raise [funds] continuously. Continue reading… This year showed that the fundamentals of business can never change. 2024 Outlook: A tougher year ahead for the economy and African startups. But there are a lot of problems to solve, so we will see a new crop of startups. However, resilience will be key. Sethebe Manake, Founder and Managing Director at GoSmartValue The adage, “Expect nothing and prepare for everything,” is very real for startups in the region. We have seen some awesome African startups fold this year for various reasons, making survival a critical priority for us. These times call for us to put our heads down, build and deliver. The beauty contests are over! Continue reading… 2024 Outlook: The appetite for local solutions and collaborations with corporations and multinationals is increasing, a great indicator that the industry is poised for evolution. We are excited about the future. Jessica Hope, CEO at Wimbart 2023 was not an easy year for the company, but we remained intact and delivered some great campaigns, brought on new clients and welcomed back old clients. This is because we stayed true to our mission and quality levels. That’s a big learning for the year: continue to focus on the work, and the company will survive in the most testing times. Continue reading… 2024 Outlook: 2023 was turbulent; I think the first part of 2024 will be too. In some ways, this is a course correction, and in other ways, we’ll all be adjusting to a new normal of slimmed-down budgets, but not a reduction in quality of work. Jude Dike, CEO at Get Equity Never leave anything to chance, and things can always get worse. A good example is the current exchange rate. Many people speculated N1000 as the point of doom, and not enough people considered it could get worse. Continue reading… 2024 Outlook: I think the venture downturn is slowly reversing, I think there will be a lot of local involvement more than before. This is because valuations are no longer “unreasonable,” and more VCs are getting more money. However, I think most of these investments will be in naira. Uzoma Dozie, CEO at Sparkle The real eye-opener in 2023 was how crucial it is for everyone in our financial services space to pull together against cybercrime. We’ve got to team up, share what we know, and keep these fraudsters at bay. That’s how we secure our systems and give… Continue reading… our customers a safe space to do their business. We also need to tighten up our security and stick to the rules we set. Different players in the industry, chasing different goals – be it boosting valuations, increasing transactions, or growing customer bases – have kind of let critical standards slip. So, as we step into 2024, it’s high time we all get on the same page with standards to foster trust and a healthier business environment. 2024 Outlook: 2024’s looking like it’s going to be quite the bumpy ride. We’ll likely see more businesses struggling due to the economic challenges we’re facing. But, those with solid structures and foundations should be able to weather the storm. Investors are going to get pickier. They’ll look beyond just the size of a business. They’ll be checking out the quality, the systems in place, governance, and resilience against tough times. I’m also betting big on AI, particularly generative AI, as a game-changer. Any business that’s not investing in AI is going to miss out. It’s all about being truly digital, not just in the front-end stuff but deep in the backend too. This helps not just in sniffing
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👨🏿🚀TechCabal Daily – Drivers protest Ghana’s new tax
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF It’s kind of rare to hear African founders talk about their failure at all or with sobriety. Delivery platform DropX recently shut down and the founder, Praise Alli-Johnson, wrote about what went wrong in the business, and why. Also, if you were laid off from a tech startup this year, please take this survey. In today’s edition Drivers protest Ghana’s new tax iSchool raises $4.5 million Cowrywise denies layoffs South Africa’s Competition Commission expands tech probe Funding tracker The World Wide Web3 Job Openings Mobility Ride-hailing drivers protest Ghana’s new tax Ghana’s ride-hailing scene faces a bumpy road as drivers push back against a new tax on commercial vehicles. The country’s revenue authority is set to implement a Vehicle Income Tax (VIT), slated to launch in January 2024, requiring drivers to pay quarterly taxes based on their earnings. Tax details: Per Ghana’s Revenue Authority, ride-hailing vehicles fall under “Class A” and will pay 12 Ghana cedis quarterly, totalling 48 GHC annually. Also, ride-hailing companies like Uber, Bolt, and Yango will need to verify drivers’ VIT compliance before allowing them on the platform. Drivers cry foul: Drivers say the proposed VIT will put a strain on their already-burdened incomes, asserting that the tax should be paid by ride-hailing companies rather than individual drivers. This isn’t Ghana’s first attempt at taxing ride-hailing companies. In April, a levy was introduced by Ghana’s Driver and Vehicle Licencing Authority (DVLA) on every trip. However, the move faced public backlash. In September 2019, online drivers halted their services collectively, expressing their objection to what they deemed as “modern-day slavery” imposed by operators of ride-hailing applications. The drivers accused ride-hailing companies of lowering trip fares despite consistent increases in fuel prices, negatively impacting their earnings. Zoom out: Notably, Ghana has a low tax-to-GDP ratio compared to other African countries. Per a report by the Organisation for Economic Co-operation and Development (OECD), Ghana’s tax-to-GDP ratio in 2021 (14.1%)—its highest ever—was lower than the average of the 33 African countries in 2023 (15.6%). Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Funding iSchool raises $4.5 million From L to R VentureWave’s Alan Foy, iSchool’s Mostafa Abdelmoneim, Ibrahim Abdullah and Muhammad Gawish and VentureWave’s Brian Martin. iSchool has raised $4.5 million in a funding round. The funding round was led by VentureWave Capital, an Irish VC with contributions from OneStop Capital UK, Website Investment Network, and Oraseya Capital, the Venture Capital arm of the Dubai Integrated Economic Zones Authority. iSchool will use the funding to expand into six new countries in the MENA region and scale its online learning platform across sub-Saharan Africa. iSchool: Launched in 2018, the edtech platform teaches AI, VR, app development, game development, and web development to students aged between 6 and 18 via gamified classes. Muhammad Gawish, Ebrahim Youssef, Mustafa Abdelmon’em and Osama Ghareb—co-founders of iSchool—set out to build a solution for the 100 million students that lack access to technology education curricula or programmes in the MENA region. Zoom out: iSchool claims it has over 26,000 live learners and has delivered over 1,000,000 hours of training to its students across 35 schools. In addition to expanding into six other countries in the MENA region, iSchool expanded its global access by planting itself in Ireland. The team in Ireland will support its online coding education offering. Introducing: BookingPress integration BookingPress helps you manage your appointment bookings end-to-end on WordPress. Get paid online via Paystack when you use BookingPress. Learn more → Layoffs Cowrywise denies layoffs as five employees depart the company Co-founders of Cowrywise, Edward Popoola and Razaq Ahmed Cowrywise, a Nigerian fintech app known as a diverse investment platform, is shaking things up, with five departures across its marketing, engineering, and customer success teams. While the Y Combinator-backed company insists that these role terminations were not layoffs but part of an annual “performance review”, insiders close to the company say the layoffs were due to “internal restructuring and evolving business needs”. Also, another source with knowledge of the matter says Cowrywise will evolve in the coming years and will become more of a finance company than a fintech company. Generous exit packages: The affected employees were provided with exit packages that included an unconventional move of paying three months’ salaries instead of the standard one month, challenging the typical practice associated with performance-related dismissals. While the company insists the terminations weren’t layoffs, numerous tech companies have recently taken similar measures, shedding light on the challenges faced by startups amid the country’s current macroeconomic conditions. Last week, Chipper Cash cut 15 jobs in its fourth round of layoffs, six months after the company axed nearly a dozen roles. Regulation South Africa’s Competition Commission seeks feedback Image source: Techpoint The Competition Commission is seeking feedback on its inquiry—Further Statement of Issues (FSOI)—into differences between South African media publishers and major tech companies (Apple, Facebook, Google) through the Media and Digital Platforms Markets Inquiry (MDPI). After reviewing the initial submissions, the commission added six more themes in which the FSOI will investigate. ICYMI: Six months ago, the commission—which is responsible for regulating competition practices in South Africa—examined the competition between popular online platforms, like Google and Facebook. Now the commission is back with its findings and what it thinks needs to be changed. What did it find? It acknowledged that the rise of digital platforms has significantly impacted traditional news media organisations and their revenue streams in recent years. But it also maintained that there are reasons to believe that the existence of market features within digital platforms that distribute news media content restricts and impedes competition. Also, the commission found that Google’s strong dominance and business approach makes it difficult for smaller platforms to get noticed and gain users. The commission recommended that Google implement new “site units” to display
Read MoreThe use of AI in the news business: Why newsrooms need stringent AI policies
AI tools in news development are here to stay. They are powerful tools that also need robust policies to guide their ethical use. If there is one technology that became very popular in 2023, it is generative artificial intelligence (AI) and chatbots. Breakthroughs in AI have led to the tool’s use in many fields, including education and journalism. In newsrooms, these tools have been pivotal in translating articles into different languages, proofreading, and crafting headlines, to mention a few. However, the use of AI in reporting, whether in print or online, has not been smooth because things have gone wrong before. There have been instances where writers have published articles with factual inaccuracies. Another case is when reporters, not understanding that their craft is built on intellectual honesty, try to pass off AI-generated content as their own. To the keen eye, it is quite easy to spot such articles. Other issues have also come up, and they are based on professional anxiety. Is AI cheaper than hiring human reporters? Does it make sense for newsrooms to save costs by using the technology in place of seasoned reporters? These are serious questions, but they do not have easy answers. Media companies acknowledge using AI tools widely According to this report that interviewed 105 media companies across 45 countries, over 75% of participants use AI in news gathering, production, or distribution. About a third have or are developing an institutional AI strategy. That’s not all; newsrooms vary in their AI approaches based on size, mission, and resources. Some focus on interoperability, others take a case-by-case approach, and certain organisations aim to build AI capacity in regions with low AI literacy. Approximately a third feel their companies are prepared for the challenges of AI adoption. The report adds, “There are concerns that AI will exacerbate sustainability challenges facing less-resourced newsrooms which are still finding their feet, in a highly digitised world and an increasingly AI-powered industry.” It is an approach that will be adopted widely in the coming days considering the media business is attempting to save costs while keeping productivity high. Eric Asuma, CEO of Kenya’s business publication Kenyan Wallstreet, told TechCabal, “Looking ahead to 2024, my prediction centres on the role of artificial intelligence in the evolution of new media. I foresee a shift in which innovative use of AI will become instrumental in enhancing newsrooms, particularly in discerning and interpreting trends, especially within the financial media space. We will be unveiling an exciting initiative in Q1 2024 along these lines.” All serious media companies need to develop an AI policy Reporters will continue using AI in newsrooms, but its use must be managed well. Following the launch of ChatGPT and other chatbots, more newsrooms, such as the Financial Times (FT), The Atlantic, and USA Today, have developed guidelines on how AI can be used in the news business. These policies have been put in place because media companies understand the importance of AI tools and would want to preserve journalistic ethics and values. In its AI policies, broadcaster Bayerischer Rundfunk (BR) says it uses it to improve user experience by responsibly managing resources, improving efficiency, and generating new content. The company also contributes to discussions about the societal impact of algorithms while fostering open discourse on the role of public service media in a data society. The BBC says it is dedicated to responsible advancements in AI and machine learning (ML) technology. “We believe that these technologies are going to transform the way we work and interact with the BBC’s audiences—whether it is revolutionising production tools, revitalising our archive, or helping audiences find relevant and fresh content via ML recommendation engines,” BBC clarified in its AI policy. Others such as FT are pushing for honesty. “We will be transparent, within the FT and with our readers. All newsroom experimentation will be recorded in an internal register, including, to the extent possible, the use of third-party providers who may be using the tool,” FT says. And why is this important? Well, setting up AI usage policies in media companies for news and story creation is key to maintaining transparency, upholding journalistic standards, and addressing potential biases. It ensures responsible and ethical deployment of AI technologies in the media industry.
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Naira Nightmare: What’s driving Nigeria’s latest cash crunch?
At an Automated Teller Machine (ATM) in an Alimosho branch of First Bank, Nigeria’s oldest bank, angry customers bicker in a queue as they attempt to withdraw cash ahead of the holidays. Most have been here for hours, temporarily closing their shops and businesses to get cash. As the heat gets worse, fighting breaks out every few minutes. Their anger is understandable because, for four months, Nigerians suffered a cash crunch after the country’s Central Bank began a puzzling currency redesign. From January to April 2023, the ill-advised and abrupt decision to phase out Nigeria’s old ₦200, ₦500 and ₦1000 notes depressed commerce and saw productivity drop to pandemic levels. Months after Nigerians thought they were finally past the cash crunch, they have returned to a familiar uncomfortable situation. At least three tier 1 Nigerian banks have limited daily cash withdrawals to between ₦10,000 and ₦20,000 per customer, driving an even madder rush for cash. On the other hand, ATMs are either not dispensing cash or are limited to a single ₦10,000 withdrawal per customer. What’s causing the latest cash crunch? “It is the CBN that is responsible for this cash scarcity. We are not getting enough from them,” Punch Newspaper quotes an anonymous banker as saying. “They are just causing unnecessary suffering for the masses.” The Central Bank, on the other hand, has blamed the current cash scarcity on commercial banks and individual customers. “There is cash out there,” said Hakama Sidi Ali, CBN’s Acting Director in Corporate Communications. “The CBN is giving to banks, except that most of this cash is in the hands of individuals. All these panic withdrawals, hoarding is ongoing.” A queue at Stanbic Bank, earlier in the year. Image Source: Google Another CBN official blamed the current scarcity on panic withdrawals. One source with extensive knowledge of the CBN’s operations told TechCabal that there was either an element of hoarding involved or people were cautiously holding on to money over fears that the old notes may still be phased out by January 2024. “It’s a chain, the money goes out and comes back into CBN, and that’s the process. The cycle is being disrupted, and somewhere the chain is broken. People are either not depositing money, or there’s some hoarding happening,” the person said. While some fintech startups saw a boost in transactions and customer acquisition during January’s cash crunch, Nigeria remains a cash-heavy economy, and the scarcity of Naira notes puts a strain on people and businesses. “The POS people don’t have money, that’s why I am queuing here,” said an exhausted Kemi Adelayo. She points out that people spend otherwise productive hours in these queues daily. As the holidays draw closer and bank holidays are imminent, these queues will likely worsen. POS operators refuse to be cast as villains Unlike the cash crunch earlier in the year, many Nigerians are now sidestepping POS/mobile money agents because of their high commissions. “To withdraw ₦10,000 at a POS agent, you’ll pay a commission of ₦400. Some POS operators even charge ₦800,” said John Sunday, a customer who had been waiting at the ATM for over an hour. “If you have time to spare, come and battle it out at the ATM rather than giving POS operators.” At least two other bank customers shared the same sentiment as John. Three POS operators told TechCabal that the availability of cash determined their pricing. The average withdrawal charge for ₦5,000 has increased to ₦200 from ₦100. “It is so difficult to get cash, and I cannot let people finish the little I have. That is why I increased the price,” Abdulganiyu Saheed said. Deborah, another POS operator, said she did not increase her charges because she still receives cash from the banks and does not have to buy cash from market women as it occurred in the first quarter of the year.
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Peace Itimi’s new documentary spotlights the evolution of Nigeria’s tech ecosystem
On Wednesday, Peace Itimi, host of Founders Connect, a YouTube show that details the journeys of founders and operators in Nigeria’s tech ecosystem, unveiled a documentary centred around the evolution of the ecosystem over the last 15 years. Titled Innovating Africa: The Rise of Tech in Nigeria, the documentary covers the state of the tech industry 15 years ago, why the biggest tech companies in the country were founded, and the most pivotal moments and policies that have defined tech in Nigeria. The 90-minute-long film features key players such as OO Nwoye, Kola Aina, Odun Eweniyi, Adia Sowho, Tomi Davies, Jason Njoku, and Iyin Aboyeji. TechCabal had a chat with Peace Itimi to understand the thinking behind the documentary. Peace Itimi, host Founders Connect. TechCabal: How did you go from Founders Connect to a documentary? Peace Itimi: It was just a no-brainer. The idea came from doing Founders Connect. I think I just began to feel like I needed to do a deeper dive into what the tech ecosystem in Nigeria is. At the time, I was also thinking of how much growth it has witnessed in the last five years. So, for context, I think I had the idea in 2021, but started working on it in early 2022. I wanted to do a deep dive and get insight into what the ecosystem was 15 years ago. I don’t think there would have been this project if I hadn’t started Founders Connect. It was in the midst of speaking to many founders and hearing them share similar stories that I saw there is a bigger story that could potentially connect all of the single stories I’ve done. What impact do you want this documentary to have? Secondly, when people hear Peace Itimi, what do you want to come to people’s minds? PI: First of all, when people finish watching the documentary, I want them to leave them feeling nostalgic and inspired. I also want them to leave very curious. This is just one of the many angles. I don’t think that I have exhaustively covered all of the stories. I think this is the first coverage of the kind around what the evolution of the Nigerian tech ecosystem looks like. A lot of people know that Mark Zuckerberg and Jack Dorsey visited Nigeria, but not a lot of people—including myself—understand the impact of those events. But in the documentary, we hear key players talk about how these visits shone a bright light on the country. I want people to know that I’m very committed to telling our stories. There’s no ulterior motive aside from the fact that who I am now is also a reflection of the people I have met in communities that I have been to. Was there a selection criteria for those who featured in the documentary? PI: I reached out to a lot more people than those who featured in the documentary. When I had the idea, I was speaking to a bunch of different people. Some ended up becoming an integral part of the project; some of them didn’t have the time to be featured. Two people were very critical in helping me do research: Daniel Iyanda and Adedeji Olowe. So when we had an exhaustive list of key moments, events, and people, I probably had 60 different names and we started reaching out. We were particular about OGs, mid-OGs, and very early people. So how long did it take to shoot the documentary? PI: I started thinking about it in late 2021, but it wasn’t until early 2022 that we started working on it. And then we shot in July in Lagos, and London in August. So it took us about two months to do the actual production. I couldn’t shoot more because we had about 24 hours’ worth of footage and it was overwhelming to figure out how to even edit it. Editing took almost the entire 2023. I’ve been working on this project for at least the last 18 months to two years. Was this project self-funded? PI: Yes, it was, 100%. Eghosa Omoigui, founder EchoVC. How important do you think storytelling is to the growth of this ecosystem? PI: It is everything. The things that we know about Silicon Valley and every other ecosystem are because of the stories that are being told, the films that are being shot about it, or the websites that actively write about what’s happening in the ecosystem. The media builds the ecosystem. There have been different attempts to tell the story of the evolution of the Nigerian tech ecosystem, what makes this documentary different from the rest? PI: One, it isn’t written. It is a video. Two, it is not a one-person account; we featured 25 people in the documentary cast. It is the first one that has this amount of people who are sharing their thoughts. It covers every bit of the story—past, present, and future. What next should we expect from you? PI: I am going to be telling more stories, and bringing the community closer together. That’s my goal. And that’s the mission of Founders Connect—to tell as many stories as we can. We are now doing events to bring people together. I’m realising the audience is not numbers on Twitter or on my YouTube channel. I want to do more deep dives into specific companies. I think there’s another version of this documentary that could potentially be commissioned.
Read MoreAmid rapid growth, the Nigerian TikTok community sees content removals for nudity and hateful behaviour
In December, TikTok released its Community Guidelines Enforcement Report which contained information on content and accounts removed in the third quarter of 2023. Over a million videos posted by users in the Nigerian TikTok community were removed for violating TikTok’s policies by engaging in activities like adult nudity, promotion of violent or illegal activities, and hateful behaviour, among others. Beyond violating policies, these numbers are indicative of the growth of content in these regions. 2023 has seen a sharp influx in the number of TikTok videos and creators from Africa with Kenya leading this growth. However, the majority of Kenyans used TikTok primarily to stay updated with the news, unlike users in countries like South Africa and Nigeria who used the platform to stay entertained and build community. This year saw a lot of interesting creators from Nigeria, with the most common measure of virality being how much the video is shared across other social media platforms like Twitter and Instagram. One of the most popular genres this year was comedy, with creators like Isaac Olayiwola, known as Layi Wasabi going viral several times for his lawyer skits, and Josh2funny amassing millions of views and over 26 million likes for his The Audition series. The series was immensely popular on TikTok and trended globally. Other smaller creators found their audience and became TikTok sweethearts in no time. Kehinde Ajose, who creates under the moniker, Omooba stole the hearts of Nigerians with her Mummy GO skits, which depict the adventures of a conservative Christian mother receiving potential wives for her only son, Wale. Rita Ginika, known as Neekah, also rose to fame quickly with skits of her reenacting popular hilarious sounds on the platform. Outside comedy, food was another genre of content with some of the most viral videos. Hilda Baci was the most popular food creator in Nigeria, with over 14 million likes and 1.3 million followers. While the chef already had a healthy following on the app, she shot to virality during her Guinness World Record cookathon in May. TSpices, another food creator, went viral for her budget-friendly recipes and lively voiceovers, raking in 3.5 million likes. 2023 was also the year for lifestyle creators sharing with us their everyday lives for entertainment. We got a lot of GRWM content and vlogs from younger creators which did incredibly well with TikTok users. Fisayo became one of the most popular Gen Z lifestyle creators for her funny yet relatable lifestyle content. We also saw creators like Ima, who calls herself an “unemployed baddie”, win the attention of users with her funny, chaotic personality. She has a total of 5.1 million likes on the app. TikTok usage is fast growing in Nigeria, with the younger population favouring the platform over competitor, Instagram. For one, it’s an easier place to go viral and find a larger collection of short video content. Beyond watching, more people are plugging into content creation as the app never runs out of interesting trends, filters and content prompts. With the popularity of these creators, it is expected that 2024 will see a rise in a lot more creators especially in categories like comedy, food and lifestyle.
Read MoreGhana’s ride-hailing drivers reject new vehicle income tax
Ride-hailing drivers in Ghana are pushing back against a plan by the country’s revenue authority to impose a vehicle income tax, arguing that it would put a strain on their incomes. Part of the new tax notice, which is expected to go into effect on January 1, 2024, states that “any commercial vehicle owner that earns income from the operation of a commercial vehicle shall pay income tax on a quarterly basis.” Ride-hailing companies—Uber, Bolt, and Yango—are expected to verify that their driver partners have paid VIT before allowing them to operate on their platforms. Per the notice by the Ghana Revenue Authority (GRA), ride-hailing companies are required to demand a soft copy of the VIT sticker from their drivers, validate the authenticity of the stickers with the GRA, and submit the list of all vehicles on their platforms quarterly to the GRA. Several drivers who spoke to TechCabal said the new tax was a surprise as they already pay a commission to the ride-hailing companies. The drivers argue that the tax burden should fall on ride-hailing companies instead of individual drivers. Bolt and Uber charge a 20% commission on every trip, while Yango reportedly takes 18%. “Many of us already struggle due to the current commission structures,” Kwame, an Uber driver, told TechCabal. “Adding another layer of tax on top of fuel costs and car maintenance is like adding more to our problems.” “They are cheating us,” said John, another ride-hailing driver. “I know many drivers sitting at home because they aren’t satisfied with the commission taken by the ride-hailing companies. So if Ghana Revenue Authority imposes a new tax on us, how will it affect the fares?” According to a breakdown on GRA’s website, ride-hailing vehicles fall under “Class A” and will pay 12 Ghana Cedis quarterly, totaling 48 GHC annually. The agency mandates all commercial vehicle operators to buy VIT stickers from any Domestic Tax Revenue Office. The sticker is expected to be pasted on the vehicle’s front windscreen. The new regulation is Ghana’s latest attempt to impose taxes on ride-hailing companies. In April, Ghana’s Driver and Vehicle Licencing Authority (DVLA) introduced the “Digital Transport Guidelines,” which imposed a levy on every ride-hailing trip. The levy meant that all five ride-hailing firms operating in Ghana would foist an additional charge of one Ghana cedis passenger using their platforms. However, the move was criticized by citizens who already felt the pinch of a flagging economy. Ghana has one of the lowest tax-to-GDP ratios in Africa. According to a report by the Organisation for Economic Co-operation and Development (OECD), Ghana’s tax-to-GDP ratio in 2021 (14.1%)—its highest ever—was lower than the average of the 33 African countries in 2023 (15.6%).
Read MoreNairaland restores website temporarily after brief Cloudfare blackout
Nairaland, a popular Nigerian online forum and the country’s seventh-most-visited website, is back up two days after it was blacklisted by Cloudflare, an American content delivery company and Nairaland’s host. The platform is now back online temporarily to serve its vibrant community of three million users, Seun Osewa, the founder of Nairaland, shared in a statement this morning. “So we had to transfer Nairaland to a temporary host in order to bring it back to you. A very time-consuming process. We are not fully back, even though most features of the site are working. We still have a long way to go. Additional downtime is likely; don’t let it alarm you,” the statement read. Osewa said he was working to restore the site permanently. Osewa first tweeted on Monday evening that Nairaland’s website was down due to “an unscheduled maintenance operation” by Cloudflare. By Tuesday afternoon, Osewa tweeted that the Nairaland forum was taken down for a different reason. He shared that Cloudflare implemented a takedown after an overlooked abuse report was filed two weeks ago. With the return of Nairaland which allows users to create content around a wide range of topics and has helped build communities around news, politics, entertainment, and technology, many are now speculating on the potential content moderation changes that might await the platform as it navigates the aftermath of this incident. There have also been calls for a revamped design of the site, which has maintained the same design since its launch. However, media experts and users of the website say these possible improvements are likely to be weighed against the platform’s core identity and the sense of community. Osewa’s previous tweets hinted at potential updates, acknowledging the need for Nairaland to evolve and make some changes to its existing content moderation practices and perhaps its interface, which has remained unchanged since its launch in 2005. Beyond Nairaland’s internal considerations, the episode raises broader questions about the power held by internet gatekeepers like Cloudflare and the potential for unintended consequences in their content moderation efforts. Will this incident spark a wider discussion about platform accountability and transparency in the face of such takedowns?
Read MoreExclusive: YC-backed Cowrywise insists recent employee terminations were linked to performance reviews
Cowrywise, the YC-backed Nigerian fintech app that aggregates mutual funds for retail customers to invest in, has laid off five people across its marketing, engineering and customer success teams. “The company said the terminated roles no longer aligned with the company’s direction,” one person familiar with Cowrywise’s business told TechCabal. “Internal restructuring and evolving business needs were the reason for the layoffs.” Cowrywise, which employs 50 people, confirmed that five roles were terminated following an annual performance review but insists there were no layoffs. “Lay-offs are usually due to economic/business performance reasons, and this was not the case,” the company said in an email to TechCabal. At least one person with direct knowledge of the business painted a picture of a company that is evolving. “Cowrywise will be a totally different company in the coming years and will be more of a finance company than a fintech company,” said the person, who asked not to be named because they were not authorised to speak on the matter. Affected employees were paid three months’ salaries instead of one month’s salary dictated by their contract as part of their exit packages, an unusual move for people fired for performance reasons. Founded in 2017 by Edward Popoola and Razaq Ahmed, Cowrywise, a member of the YC’s Summer 2018 batch, has grown from launching with a savings feature to providing several investment opportunities to users in Nigeria. Per TechCrunch, the startup has over 220,000 users and raised a $3 million pre-Series A funding round led by Quona Capital in Jan 2021. In 2021, it received a license to operate as a fund manager from Nigeria’s capital markets regulator, the Securities and Exchange Commission (SEC). According to its website, the company has 19 SEC-licensed mutual funds investors can choose from, and at least 20% of the total mutual funds in the country are listed on its platform. Cowrywise’s layoffs occur within the context of economic uncertainty within the Nigerian tech sector. Several other tech companies have undertaken similar measures in recent months, highlighting the challenges of operating a startup in the country’s current macroeconomic conditions.
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New final payment dates for 2023 December SRD
As the holidays draw closer, the South Agabsoutlet diego-dalla-palma fracominaoutlet donkeyluckycat gioie-di-gea diegodellapalma 24h-bottle ovyescarpe lecopavillon blundstoneprezzi ynotsaldi negozitata gabsoutlet kleankanteentrinkflasche vondutchmutzenfrican government has announced the payment schedule for the Social Relief of Distress (SRD) grant for December 2023. This financial assistance is an ongoing effort to support individuals affected by the COVID-19 pandemic. SRD payment processing dates December 2023 Clients approved for the SRD grant for December 2023 can anticipate the processing of their payment between December 18 and 22, 2023. Viewing payment status for SRD December 2023 Throughout the aforementioned week, clients are strongly advised to regularly check their status on their portal via the SRD website. This online platform will provide specific details about the exact date when the payment is expected to be reflected in their respective bank accounts. This proactive step will help beneficiaries stay informed and prepared for the incoming funds. SRD December payment timeline Upon processing, it is essential to understand that the funds may take approximately 2-3 business days to reflect in the client’s bank account. Beneficiaries should anticipate this timeline and make necessary arrangements, considering the processing period and the subsequent time it takes for the funds to become accessible. Final thoughts Beneficiaries are urged to remain vigilant and utilise the resources provided by the SRD website to track their payment status accurately. Also, clients need to be aware of potential scams and prevalent fraudulent activities. Exercise caution when sharing personal information or financial details online or over the phone. The government or legitimate financial institutions will never request sensitive information via unsolicited calls or emails. Stay informed, stay cautious, and report any suspicious activity to the relevant authorities to safeguard yourself and others from falling victim to scams during this critical period. Timely updates and adherence to the outlined schedule will ensure a smooth and efficient process, allowing you to access much-needed assistance promptly.
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