Nigeria’s stock market hits 15-year high, but market experts are skeptical about investor movements
As Nigerian stocks hits 15-year high, experts urge investors not to buy the top On Tuesday, the All Share Index (ASI) of the Nigerian Stock Exchange hit a 15-year high. The ASI rose by 0.51% to close yesterday’s trading at 66,490.34 basis points, rising above the high of 66,371.20 bps recorded on March 5, 2008. While other investors may be looking to get in on this run, experts have warned against getting their fingers burnt. Samuel Oyekanmi, a research analyst, told investors to be a bit skeptical of the market movements. “When there is a bubble and the market is so bullish, you need to be skeptical before you go in. It is best you have been in before it goes up. Right now, it is already at a record high, you don’t want to go in and it bursts,” he told TechCabal. Is the rally disconnected from Nigeria’s economy? Most of the experts believe the market would remain bullish as the ASI on Tuesday was driven by banking and consumer goods. Notwithstanding, two other experts believe that the market is disconnected from the wider economy. CEO of Asher Investment, Muktar Mohammed said that while the stock exchange is doing well, it would at some point bow to the real state of the nation’s economy. Mohammed said that markets depend on the success of the economy to thrive. “As a market, you need the economy to be very stable, especially the macro economic space,” he said. Mayowa Badejo, a partner at 213 Capital Ltd, agreed with Mohammed as he warned investors not to be quick to begin to invest in the stock market. At core of his submission is the fact that the stock market rally doesn’t not reflect some of the economic realities Nigeria is facing. As it stands today, Nigeria’s inflation is at 24%, with the gap between the naira and dollar rate widening in the black market. Also, the Gross Domestic Product slowed to 2.51% in Q2 2023 from 3.54% in the same quarter last year over challenging economic conditions. “There are a lot of foreign investors trapped in the Nigeria market due to forex scarcity. They may want to get out. One has to be careful and investors should not rush into it. In my own view, this rally is not sustainable. The fundamentals like our GDP growth is very low, which is not enough. If you consider our inflation, exchange rate devaluation, fx reserve and other fundamentals, it does not support the rally we are seeing,” Badejo said. A new shift to the money market While market experts admit that the swear-in ceremony of ministers and performance of domestic investors contributed to the market rally; Badejo senses a shift in investment. The analyst said that there is a possibility of investors gravitating to the money market. Since there are lower risks in the money market than in the equity market. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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Black Ostrich Ventures announces $20m pre-seed and seed stage fund for African startups
Black Ostrich Ventures, a Los Angeles-based VC firm, has launched a $20 million pre-seed and seed-stage fund to support African startups in the cleantech, supply chain, ag-tech, and edtech sectors. Black Ostrich Ventures, a Los Angeles-based venture capital firm, has launched a $20 million pre-seed and seed stage fund to support African founders to grow their businesses in the cleantech, supply chain, ag-tech, and edtech sectors. According to a statement shared with TechCabal, the newly created firm will support startups with check sizes ranging from $50,000 to $200,000. The fund—backed by LPs in New York and undisclosed high-net-worth individuals in Los Angeles—will be focusing on startups in Tanzania, Zambia, Morocco, and Uganda. The General Partner of Black Ostrich Ventures, Ajani Windsor-Areago explained that the decision stems from a belief that potential exits and deal activities in these countries are being overlooked. “If you look at the capital inflows into VC in Africa, the Big Four countries—Nigeria, South Africa, Egypt, and Kenya—attract all the capital. But most exits do not happen in these markets,” he told TechCabal over a call. According to Briter Bridges, fintech—which has been Africa’s top sector in terms of the number of deals and volume of funding since 2015—accounts for less than a third of exits on the continent. Data shows that markets like Tanzania and Zambia which are receiving way less funding compared to the “Big 4” still have viable exit pathways. Black Ostrich Ventures said in the statement that it intends to concentrate its investments in venture-investable businesses and countries with promising exit opportunities. The firm hopes to leverage Windsor-Areago’s experience in the VC industry. Windsor-Areago worked as the Head of North America for Lagos-based Platform Capital and was recently a Venture Partner with Expert Dojo, a US-based early-stage fund. He currently serves on the advisory boards of eight startups worldwide, including Cpayant (UK), ESGentle (San Francisco), Hytribe (Uganda), and Wayli (Morocco). In addition to the first checks, the firm will offer a follow-on investment of up to $1 million if the company reaches Series A. Windsor-Areago told TechCabal that the support for African startups will go beyond funding. “We will be working with founders in a very unusual way. We’re going to surround founders with growth experts and marketing experts to help them grow their businesses. It’s one thing to be great at starting a company, understanding the marketing aspect of the business is another,” he said. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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Latest active DSTV customer care number SA
There are times when your DSTV may develop issues that appear beyond your capacity to resolve. Such issues include your DSTV not displaying despite having an active subscription, some of your channels not displaying while some are, an error message that keeps popping, and so on. In such instances, you may need to contact DSTV directly. Here, we’ll show you the DSTV customer care number(s) and other of their contact information. DStv customer care number for call and WhatsApp You can typically find DSTV customer care contact information, including phone numbers, email addresses, and social media profiles, on the official DSTV website or through a web search or credible platforms such as TechCabal. For contacting DSTV customer care in South Africa, see the following numbers: DStv customer care WhatsApp number DStv customer care is on WhatsApp. Just save their number which is 060 060 3788. All you have to do to get started is to type “Hello”. It’s recommended to verify the contact details from their official sources to ensure accuracy. DStv customer care call number DStv customer care telephone number for calls is (011) 289 2222. You can save it for easy access anytime. Also, the DSTV call centre is available seven days a week, including public holidays, from 07:00 – 23:00. Please note that the calls to the DSTV customer care number are not free. Other contact information apart from the DSTV customer care number You can also reach out to DSTV via other channels apart from the call or WhatsApp number. These include using Live Chat option The live chat option is available on the DSTV website. To use the DSTV live chat for assistance, simply click on the live chat icon in the bottom right-hand corner of the website. This service is available Monday to Sunday, from 07:00 to 23:00 during the national lockdown. Use the DStv USSD This channel may not get you speaking with a customer care representative of DSTV like the phone number would. But you can check what you owe, clear errors, view transactions and reconnect packages using it. Use your number registered on the DSTV system to dial *120*68584# and follow the prompts. Contact DSTV customer care via Facebook and Twitter You can easily use your preferred social media account between Twitter and Facebook to send them a query or concern and they’ll get back to you. Please note that these channels on Facebook and Twitter are available Monday to Sunday, from 07:00 to 23:00 What to know before reaching out to DSTV customer care call number especially When reaching out to the DStv customer care number in South Africa or any country, it’s essential to be well-prepared to ensure a smooth and efficient interaction. Taking a few proactive steps can save you time and frustration. Here’s a comprehensive guide on the things to get ready before making that call. 1. Account Information: Have your DStv account number and customer details readily available. This will help the customer care representative quickly access your account and understand your specific situation. 2. Issue Details: Clearly define the reason for your call. Whether it’s a technical issue, billing problem, or general inquiry, knowing the specifics will enable the customer care agent to assist you accurately. 3. Documentation: Gather any relevant documents related to your concern. For technical issues, note down error messages or codes displayed on your screen. For billing matters, have your recent statements handy. 4. Contact Information: Ensure your contact details are up to date. This includes your phone number, email address, and physical address. Correct information is crucial for follow-up or resolution. 5. Troubleshooting: If your issue pertains to technical problems, perform basic troubleshooting steps before calling. Reboot your decoder, check cables, and ensure proper connections. Also ensure there’s power supply. This can help resolve minor issues quickly. 6. Preferred Time: If possible, choose a time to call when you can give your full attention. Complex issues may require a longer conversation, so avoid calling in a rush. 7. Patience: Calling customer care often involves wait times. Be patient and prepared to wait, especially during peak hours. You can use this time to organize your thoughts and information. 8. Questions: Jot down any questions you have before making the call. This will ensure you don’t forget any important points during the conversation. 9. Account Security: Be prepared to verify your identity. Customer care representatives may ask security questions to confirm that you’re the account holder. 10. Pen and Paper: Keep a pen and paper handy to take notes during the call. Write down the name of the representative you’re speaking with, case numbers, and any instructions provided. 11. Reference Numbers: If you have previously contacted customer care about the same issue, gather any reference or case numbers associated with those interactions. 12. Expectations: Have realistic expectations for the call. Some issues may require follow-up or escalation. Understand the steps that might be taken after your initial conversation. 13. Feedback: If your concern has been previously addressed but not resolved, provide clear feedback on what has been tried and what hasn’t worked. This will help the representative pinpoint the issue more effectively. Final thoughts Keep in mind that customer care contact information may change, so always refer to the most current and official sources. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read MoreThe 7 Nigerian startups selected for TechCrunch’s Startup Battlefield
Seven Nigerian startups will challenge 193 other startups for the 100K equity-free prize at Startup Battlefield competition. Seven Nigerian startups have been selected for this year’s TechCrunch Startup Battlefield pitch competition. The competition showcases the top 200 early-stage startups chosen from around the globe, across multiple industries who compete for the 100K equity-free prize. Sixteen African startups were selected for this year’s edition of the competition, with Nigeria having the most representation with seven entries. South Africa had three startups, Kenya and Uganda with two startups each, Tanzania and Ghana with one startup, respectively. The selected startups will receive pitch training from TechCrunch journalists and VCs and then pitch to investors attending the conference over three days. Here is a list of selected Nigerian startups for this year’s TechCrunch Startup Battlefield competition: 1. Famasi Africa Famasi Africa is a Pharmacy platform that connects individuals & businesses to pharmacies. Via a dashboard, users can order, track and refill their medications with a dedicated support channel to provide information on the proper use & benefits of the medications. Adeola Ayoola, co-founder of Famasi Africa told TechCabal in an interview, “At Famasi, we don’t prescribe medications, and we only work with prescriptions or directly with providers. However, we prioritise convenience, access and personalised support for our customers,” she said. 2. Akowe Akowe is a comprehensive solution for the digital issuance and verification of academic records using blockchain technology. Founded by Ayodeji Agboola in 2020, Akowe helps educators or platforms that engage in online training issue bulk certificates. It also allows students to verify their credentials after uploading them to the platform while helping employers verify the credentials of a potential hire. The startup has a web application where users can access these services. It also has a mobile app for students to upload and verify their certificates. 3. Bus54 Bus54 is a mobility technology company providing a platform to aggregate intercity bus transportation in Africa, allowing passengers to search, compare, book, and manage their journeys online. The platform enables transport operators to manage their end-to-end operations from a secure portal with no need for additional investment in IT software or hardware, and an additional channel to sell their tickets. “The visibility from the event can attract potential investors who are looking for promising startups in the mobility and transportation sector. Even if Bus54 doesn’t win the top prize, the exposure can lead to investment opportunities,” said Joseph Lumbahe, CEO of Bus54. 4. Flowmono Flowmono is a SaaS platform for APIs and tools helping organisations and people e-sign, store, and share documents as well as digitize their processes. Flowmono use cases include purchase requests, loan approvals, expense reports, contracts, and much more. Flowmono helps businesses become more efficient, save data, save cost, save time, and save the environment from paper waste. 5. ForisLabs Foris Labs is an edtech startup that allows students transform any space into a science laboratory via its gamified 3D virtual science laboratory. Founded by John Onuigbo in 2020, Foris Labs 3D virtual science laboratory provides a realistic simulation of hands-on science experiments for its users. 6. Genesis360 Genesis360 leverages financial technology to democratize access to consumer credit for food. Our solution enables food retail stores to provide affordable payment options to their customers and accept repayment in instalments. Mayowa Akinmade, CEO of Genesis360 while speaking on the selection said “being selected for TechCrunch Battlefield 200 attests to the significance of our solution. It’s a validation of our targeted efforts towards combatting food insecurity and driving financial inclusion across cities in Africa, one step at a time. The TechCrunch platform presents the opportunity to showcase our technology, connect with industry experts to learn global best practices. Provides further opportunity for collaboration, and gaining valuable feedback.” 7. Alusoft Technologies Ltd Alusoft is an edtech platform that utilises its suite of products to provide endless possibilities to educators, parents, and students. EduPorch it’s product provides a complete educational information processing and management tool that aids day-to-day activities of a school and allows seamless interactions among major stakeholders of the school. “Being chosen for is more than an accolade – it’s a gateway to wider recognition, growth, and success in the tech field. We’re thrilled to embrace this chance and create a lasting impact,” Onaopemipo Adewumi, CEO of Alusoft told TechCabal. “This recognition offers us the opportunity to showcase our innovation on a global stage, network with Industry Leaders, pioneers, investors, and collaborators, enabling connections for potential partnerships and growth as well as tapping into Validation and Credibility to enhance our vision.” The selected African startups for this year’s edition have the chance to join a prestigious list of companies like Dropbox, Trello, Yammer, Tripit, and Redbeacon, who have emerged from the competition. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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Airtel Uganda eyes $215 million in unicorn IPO
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We’ve got news. After two iterations, we’re unfortunately discontinuing our referral programme. We launched the referral programme in October 2022—and relaunched in June 2023—to reward TC Daily readers, but we’ve hit too many snags to continue the service. All valid rewards accomplished by August 31 will be fulfilled by September 30. So if you’ve been referring readers to TC Daily, and have qualified for a reward, we’ll be in touch. In today’s edition Kenya calls for comments on new Act Airtel Uganda moves to raise $215 million from IPO Nigeria to develop AI strategy Elon Musk’s alma mater gets funding The World Wide Web3 Event: The Moonshot Conference Opportunities Legislation Kenya calls for comments on new Act Kenya’s flag The Kenyan government is seeking public input in its cybersecurity regulations. The cabinet secretary for interior and national security, Prof Kithure Kindiki, is inviting comments from the public on the Computer Misuse and Cybercrimes Act 2023 draft, which was formulated by a task force appointed by the ministry. The draft regulations primarily focus on providing a framework to monitor, detect, and respond to cybersecurity threats, protecting critical information infrastructure, and providing recovery plans in the event of a cyber attack. How to submit comments: The public is invited to submit their comments and submissions via email or to hand deliver them to the task force secretariat at Harambee House. The call for submissions runs from August 29 to September 19, 2023. The task force is also proposing to establish a National Public Key Infrastructure (NPKI), which would be used to verify the online identities of individuals or institutions.Furthermore, the task force intends to organise inclusive public participation forums in different regions nationwide. The public participation phase is an important step in ensuring that the final regulations are comprehensive and effective. Zoom out: The draft regulations are a welcome development in light of the increasing number of cyber attacks in Kenya. In July this year, Anonymous Sudan, a pro-Russian hacktivist group, took responsibility for a Distributed Denial-of-Service (DDoS) attack that intermittently took websites belonging to Kenyan media, hospitals, universities, and businesses, including Safaricom, offline. The hackers claimed to be exacting revenge on behalf of the Sudanese regime Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Telecoms Airtel Uganda moves to raise $215 million from IPO Image source: Zikoko Memes Airtel Uganda is going public. This week, the telecoms announced plans to raise UGX800 billion—-about $215 million in an initial public offering, which would value the telecom at $1 billion (UGX4 trillion). The company is offering eight billion shares, equivalent to 20%of its total stock, on theUganda Securities Exchange, and expects an IPO price of $0.00027 (UGX100) per share, according to an IPO filing Tuesday. The issue opens on August 30, and is scheduled to close on October 13. Trading in the company’s stock is set to begin by October 31. Airtel launched its Ugandan operation in 2010 after taking over Zain Uganda. The company’s beneficial owners are India’s Bharti family through Bharti Enterprises (Holding) Private Limited. The Bharti family is a majority shareholder in several holding companies overseeing Airtel subsidiaries in South Asia and Africa. These include Airtel Africa plc, listed in London, the majority shareholder in Airtel Uganda; it will retain at least 80% of its stake after the IPO. Zoom out: Airtel’s IPO is the first on the local bourse since December 2021, when MTN Uganda, its only major local competitor, listed. MTN had also sought to sell 20%of the Ugandan operation on the USE – 4.5 billion shares at UGX200 ($0.00054) each – but the issue was undersubscribed by 40%. Grow with Vesicash Unlock new opportunities for your business with Vesicash! Seamlessly expand into emerging markets using our secure, all-in-one and cost-effective payment infrastructure. Contact Vesicash via our website www.vesicash.com or reach out to our dedicated team at info@vesicash.com Artificial Intelligence Nigeria to develop AI strategy Nigeria is developing a national artificial intelligence (AI) strategy. On Monday, Dr Bosun Tijani, the minister of communications, innovation, and digital economy, shared a whitepaper on Twitter. The whitepaper outlined the ministry’s plan to harness the potential of AI while addressing the complex challenges it poses. Image source: Twitter/ Bosun Tijani What’s the plan? The strategy, divided into two stages, will be co-created with top AI researchers of Nigerian descent from around the world and will focus on ensuring that AI is used in an ethical and inclusive way and that it benefits all Nigerians. The first stage will involve machine-supported decision-making, using predictive models to narrow down potential researchers of Nigerian descent. The second stage will involve crowd-sourcing, recognising the possibility of false positives and the importance of wider engagement in refining the list of researchers. The primary objective of this strategy is to build on the foundation that the National Information Technology Development Agency (NITDA) has laid in developing a national AI strategy. Zoom out: This is a welcome development and according to Tijani, “Nigeria aims to be at the forefront of ethical and inclusive AI innovation, enhancing citizens’ welfare and expanding opportunities for all.” Funding Pretoria Boys High gets bitcoin-funded solar power Image source: South Africa Online Pretoria Boys High are getting all expense paid power supply. Elon Musk’s old high school in South Africa, Pretoria Boys High, will be getting solar power infrastructure courtesy of an unidentified crypto investor through the Sun Exchange solar leasing platform. The company announced on Tuesday that a Bitcoin investor had used some of his cryptocurrency to fund most of a large solar energy project at the school. “By using the Sun Exchange platform to buy 98% of all solar cells in the project, the individual will earn income for 20 years on the clean energy they
Read MorePlural launches in SA to facilitate public policy tracking via AI
Plural has launched its AI-powered policy tracking platform in South Africa to enable users to understand how policies are evolving. Artificial intelligence (AI)-powered policy tracking platform Plural has announced its expansion into Africa to enable access to public policy data across various African jurisdictions, starting with South Africa and Nigeria. Plural claims to enable its users to understand and participate in how policies are evolving with its public policy data. The company further claims that this contributes to promoting policy transparency, harmonisation and improvements to aid free trade and economic development. According to the company’s vice president for Africa, Obinna Osisiogu, the platform will contribute towards bringing visibility into the policy process and improving the means to participate in democracy on the continent. “In many African nations, access to policy data isn’t as seamless as in the US or EU. Therefore, as these dynamic economies navigate key legislative transitions, the demand for current and trustworthy information becomes paramount for policy advocates, businesses, nonprofits and partners of government,” added Osisiogu. For its pilot, Plural partnered with Nigerian social networking service for African technology startup companies and business incubators, AfriLabs. It plans to expand to other African countries beginning in September 2023. In South Africa, Plural enters a fairly competitive market where the likes of LexisNexis, GoLegal and Sabinte have been present for a few years. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read MoreLetshego Microfinance Bank blames profit decline on naira and cedi devaluation
Letshego has reported a P14 million (~$1.04 million) loss caused by currency depreciation, mainly in Nigeria and Ghana. This translated to a 7% slump in its profit before tax for H1 2023. Pan-African microfinance bank Letshego has said that the devaluation of the Nigerian naira and the Ghanaian cedi caused a 7% decline in the company’s profit before tax in H1 2023. Letshego said this equated to P14 million (~$1.04 million) in foreign exchange losses compared to a P23 million (~$1.7 million) gain in the same period last year. The company’s profit after tax was also down 12%. Letshego, founded in and headquartered in Botswana, operates in eleven markets on the continent and reports its earnings using the Botswana pula. Over the first six months of the year, the naira depreciated 69% against the pula due to Nigeria’s liberalisation of its foreign exchange rate. The cedi, on the other hand, depreciated 30% against the pula, spurred by Ghana’s runaway inflation. Despite stating that the macroeconomic conditions causing the FX losses were beyond the company’s control, chief financial officer Gwen Muteiwa said Letshego would proactively address the losses. Responding to a question from TechCabal about how the company plans to hedge against the losses, Mutaiwa shared that the holding company would extend borrowing to its Nigerian and Ghanaian subsidiaries, who might not be able to borrow from the local market. “One of the things that we do is that instead of giving that money to them in pula, we give it to them in naira, for example, so that if there are any exchange movements between the pula and the naira, it doesn’t hit the numbers directly,” Mutaiwa said. “Because at a country level, [the subsidiaries] can’t necessarily hedge some of these positions. But we can. So what we do is having given them local currency funding in Naira, we then go to the bank and then ask them for a hedge of the dollar against the naira.” Letshego, which is listed on the Botswana Stock Exchange, commenced operations in Nigeria in August 2016 and Ghana in January 2017. Over the years, it has doubled down on its East and West Africa operations, even appointing a regional CFO for the West Africa markets. According to CEO Oupa Monyatsi, when taking away the FX losses, the company’s profit growth was 4% year-on-year, driven by the well-performing East and West Africa markets. “Our East and West markets, which are the markets with scale, are doing well. The double-digit growth in most of these markets demonstrates that actually, the underlying businesses are performing optimally. It is when you translate them to pula, that you then lose the benefit of these double-digit and profitable growth because of the depreciating local currencies,” Monyatsi said.
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TechCabal Daily – Visa taps away in Kenya
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning In its fight against shady money dealing, Kenya is treading into gray area. The East African country’s parliamentary committee on Finance is suggesting some major tweaks to the Anti-Money Laundering and Combating Terrorism Financing Laws (Amendment) Bill, 2023. These changes could make it completely legal to eavesdrop on the private phone calls and emails of anyone suspected of being involved in money laundering and funding terrorists. In today’s edition Patricia has a new solution Visa launches tap-to-pay in Kenya 16 African startups to compete for Startup Battlefield Competition Glamera expands to Saudi Arabia The World Wide Web3 Event: The Moonshot Conference Opportunities Crypto Patricia to use debt token to repay customers after $2 million hack Hanu Fejiro, Patricia CEO Patricia claims to have figured out a way to repay its customers. The Nigerian crypto platform released a whitepaper stating that it will use its newly created debt management token—the Patricia token (PTK)—to repay customers the $2 million in customer funds lost in a hack. How is this possible? The token is a stablecoin pegged to the US dollar, meaning that 1 PTK = $1. Customers who had BTC or naira balances on the platform at the time of the hack will have their funds converted to PTK. They can then redeem their PTK tokens for USDT, which can be converted to other cryptocurrencies or fiat currencies. However, all conversion rates will rely on the asset’s US dollar value as at April 29, 2023. According to Hanu Fejiro, the company’s CEO, “Our OTC Desk has been fully operational, and it is growing and bringing in revenue. We are totally confident in the redemption of Patricia tokens and that we will be able to pay our customers with the proceeds from our operations and our fundraising efforts.” He also added that Patricia is “working with legal partners and the product team on measures to launch a feature that guarantees transparency.” Zoom out: Valid concerns exist due to the lack of a smart contract for Patricia’s debt token. Fejiro addressed this by noting that the vesting schedule is still in its initial phases as users have not yet transitioned to Patricia Tokens. This will kick off on a scheduled basis once the app is relaunched. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Fintech Visa partners with banks in Kenya to launch contactless payments Image source: TechCabal Visa is rolling out tap-to-pay in Kenya. The payment technology company has announced its partnership with Kenyan banks and fintech’s to launch a new Tap To Pay service. What’s a tap-to-pay service? It’s a payment system that allows individuals to conduct payments through their banking app by tapping their Near-Field Communication (NFC) enabled smartphones or wearables at any contactless-enabled payment terminal. The service is also more secure, as it uses Visa’s tokenisation ability to protect customer data. Thales, a digital security leader, fuels the service, and this eliminates the need for cards or physical wallets during transactions. ICYMI: Safaricom once trialled the service back in 2021 with M-PESA 1Tap which was the quickest way to pay using MPESA. However, the One-Tap product did not pick up and was later discontinued. Zoom out: Visa has said it is continuously working with its partners in the banking sector to enable new and enhanced experiences for consumers. In June this year, the company partnered with Kenya Commercial Bank (KCB) to offer contactless payments powered by NFC. Grow with Vesicash Unlock new opportunities for your business with Vesicash! Seamlessly expand into emerging markets using our secure, all-in-one and cost-effective payment infrastructure. Contact Vesicash via our website www.vesicash.com or reach out to our dedicated team at info@vesicash.com Startups 16 African startups selected for Startup Battlefield competition African startups are battling it up. Sixteen African startups have been selected for this year’s edition of the TechCrunch Disrupt Startup Battlefield pitch competition. The competition showcases the top 200 early-stage startups chosen from around the globe, across multiple industries who compete for the 100,000 equity-free prize. Image source: Zikoko Memes The selected startups will receive pitch training from TechCrunch journalists and VCs and then pitch to investors attending the conference over three days. Nigeria had the most representation at this year’s competition with 7 startups, Uganda with 2, South Africa with 3, Kenya and Uganda with 2 startups each, Tanzania and Ghana with 1 startup respectively. Zoom out: Zoom Out: The selected African startups for this year’s edition have the chance to join a prestigious list of companies like Dropbox, Trello Yammer, Tripit, and Redbeacon, who have emerged from the competition. Fintech Glamera is expanding to Saudi Arabia Image source: Zikoko Memes The Arabians are getting glammed up! Egyptian beauty services booking platform Glamera has successfully obtained the fintech licence “SoftPOS” from Saudi Payments. The company says the licence will “unlock new horizons of growth and deliver an unparalleled customer experience” in the Saudi market. The newly acquired fintech licence paves the way for the launch of Glamera Pay, a service that offers secure payment options. Glamera? Glamera was launched in September 2019, to allow users book appointments with contracted beauty providers, including salons, clinics, spa, gym, and dental. Glamera serves audiences across Egypt and Saudi Arabia. Zoom Out: In October 2022, Glamera raised $1.3 million seed funding to help it expand operations across the MENA region. By setting up shop in Saudi Arabia through the acquisition of the fintech license, Glamera’s goal of expanding into the MENA region continues to thrive. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $26,061 + 0.14% – 11.29% Ether $1,650 + 0.02% – 12.12% BNB $217 + 0.06% – 10.06% Cardano $0.26 + 1.67% – 14.53% * Data as of 04:20 AM WAT, August 29,
Read MoreTwo SA startups selected for TechCrunch Disrupt Startup Battlefield competition
Omnisient and FinanceGPT have been selected to partake in the TechCrunch Disrupt Startup Battlefield 200 pitch competition. South African startups Omnisient and FinanceGPT have been selected as part of 16 African startups for this year’s edition of the TechCrunch Disrupt Startup Battlefield pitch competition. The selected startups will receive pitch training from TechCrunch journalists and VCs and then pitch to investors attending the conference over three days. Omnisient is a “privacy-preserving” data collaboration platform that provides cryptography, advanced analytics, and AI to enable financial services institutions (FSIs) to leverage new consumer data sources in a secure and regulatory-compliant manner. Omnisient’s platform claims to have already enabled local banks to use retail shopper data to identify 3.2 million individuals as credit-worthy who would have previously been denied credit due to limited background information. In July, Omnisient was also selected to join the World Economic Forum as a Technology Pioneer. Commenting on the selection, the startup stated that partaking in the competition will help accelerate its fundraising process. “We are in the midst of speaking to investors locally and overseas to raise Series A funding for international expansion and further development of our technology,” said Omnisient CEO, Jon Jacobson. “Being invited to join TechCrunch’s Start-up Battlefield at TechCrunch Disrupt is not only international recognition of the disruptive nature of our platform and the impact we are having in growing financial inclusion, but also a fantastic opportunity for us to fine-tune our pitch and share our story with an audience of US investors.” FinanceGPT, on the other hand, uses machine learning to generate charts and insights based on data, providing a comprehensive view of a company’s financial health and forecasts to empower financial decision-making. The startup claims to have a user base consisting mostly of financial professionals and investors in multiple countries across Europe, Oceania, Asia, North America, South America, the Middle East and Africa. “We are happy to be selected for Startup Battlefield 2023,” said Phiwa Nkambule, CEO and co-founder of IPOXCap AI. “This is a great opportunity for us to showcase FinanceGPT to a global audience of investors and industry leaders. We believe that FinanceGPT has the potential to revolutionise the way financial analysis is done, and we are excited to share it with the world.” TechCrunch Disrupt Startup Battlefield 200 is one of the world’s most prestigious early-stage pitch competitions, with previous participants including Dropbox, Yammer, Tripit, and Redbeacon. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read MorePatricia’s ambitious plan to repay customers has one important caveat
Last week, Patricia announced that it converted customers’ assets into its Patricia Token (PTK), months after the company made a $2 million hack public. Now the company has said its plan to repay customers is tied to its profitability. Nigerian crypto platform Patricia has announced that it will use a newly created debt management token—the Patricia token—to repay customers the $2 million in customer funds lost in a hack. According to Patricia’s white paper, a smart contract will lock the tokens—which are dollar equivalents of respective customers’ assets—and gradually release them on a monthly basis. While the company did not specify the token’s vesting schedule, it was easy to spot one key detail: customers will only get their money back if Patricia is profitable. Per Patricia’s white paper, “This [smart] contract will lock the tokens and gradually release them based on the exchange’s profitability. This approach aligns users’ compensation with the success of the platform, promoting transparency and trust.” As a private company, Patricia does not disclose its financials, and customers will have questions about how they can independently verify the company’s profitability. Hanu Fejiro, the company’s CEO, told TechCabal, “Our OTC Desk has been fully operational, and it is growing and bringing in revenue. We are totally confident in the redemption of Patricia tokens and that we will be able to pay our customers with the proceeds from our operations and our fundraising efforts.” He also added that Patricia is “working with legal partners and the product team on measures to launch a feature that guarantees transparency.” There are also valid concerns about the absence of a smart contract for Patricia’s debt token. On the token’s vesting schedule, Fejiro said, “The vesting schedule remains in its early stages since users are yet to convert to Patricia Tokens. This would commence on a scheduled basis once we relaunch the app.” While public opinion is primarily skeptical of Patricia’s debt token, the company’s founder is hoping this will play out like Bitfinex, a cryptocurrency exchange platform that successfully used debt management tokens to recover 119,756 bitcoins eleven months after they were compromised in a hacking incident. But Patricia will need to do more to win over an understandably jaded public; it will need to show more transparency, share more information about its smart contract, and think announcements through before it shares them with the wider public. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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