Modi calls for BRICS cooperation in space exploration as India lands on the moon
India has urged other BRICS member states to cooperate in space exploration programs. Indian prime minister Narendra Modi has urged BRICS member countries to form a “space research consortium” to deepen cooperation in space. He spoke at the plenary session of the BRICS Summit in Johannesburg, South Africa. BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC. The theme for this year’s summit, to be held from 23-25 August, is “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism.” “We are already working on the BRICS satellite constellation, but to move a step further, we should think about establishing a BRICS space exploration consortium,” Modi said. Additionally, the Indian head of state also pitched cooperation in the education, skill development, and technology sectors “in order to make BRICS a future-ready organisation”. Interestingly, on the same day that Modi made the pledge, 385,000 kilometres away, Indian spacecraft, Chandrayaan-3 landed on the southern polar region of the moon. The craft is set to begin exploring an area of the moon that has yet to be visited. The landing makes India the first country to ever reach this part of the lunar surface in one piece—and only the fourth country ever to land on the moon. Despite currently not having an active space programme, South Africa has in the past launched missions to the stars. In the 1980s, work on the development of a launcher and a satellite had been in progress but was discontinued after 1994. In 1999, South Africa launched its first satellite, SUNSAT from Vandenberg Air Force Base in the US. A second satellite, SumbandilaSat, was launched from the Baikonur Cosmodrome in Kazakhstan in 2009.
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IHS Towers records 9% decline in revenue, blames naira devaluation
IHS Towers, the world’s fifth-largest independent TowerCo, said the naira’s devaluation in June this year cost it $31 million. The company has revised the expected revenue for the year downwards but will not change how much it plans to spend. After four consecutive quarters of revenue growth, IHS Towers recorded a 9.4% decline compared to Q1 2023. IHS says the decline in revenue, which put it $46 million below the last quarter’s revenue was due to the naira’s devaluation. “Our expectation for revenue would have otherwise increased by $31 million had the average FX rates previously assumed in our guidance remained unchanged,” Sam Darwish, IHS Chairman and CEO, said in a statement. “We are encouraged by the recent policy changes implemented in Nigeria that are intended to put the country on a better economic path. In the near-term, however, these changes will cause some anticipated friction, including the significant devaluation of the Nigerian Naira that occurred in mid-June,” the statement read in part. 67% of IHS Towers’ revenue in the second quarter of 2023 came from Nigeria, the largest market of the telco infrastructure company, which also operates in 10 other countries, including Brazil, South Africa, Zambia, Egypt and Kuwait, its Middle Eastern foothold. In June, Nigeria’s new president, Bola Tinubu, instituted reforms that sent bank stocks and local prices soaring. The decision to loosen controls on exchange rates hit several firms operating in Nigeria, which reported lower revenues on the back of having to restate numbers in line with the newly managed floating naira-dollar rates. IHS Towers’ biggest customer in its biggest market, MTN Nigeria, also reported a foreign exchange loss in its 2023 second-quarter report which dragged profits for the period down by 64%. IHS Towers and MTN Group are locked in a boardroom fight over MTN’s request for more control of the tower company. MTN Group holds 26% of IHS Towers but only controls 20% of the voting share. Why IHS Towers is facing a shareholder revolt However, the naira’s devaluation was not all bad news for IHS Towers as it reduced its debt by $155 million. On the other hand, the company’s cash balance was reduced by $19 million due to the devaluation. IHS reviews and resets exchange rates quarterly. The company expects to have a clearer picture of the naira’s devaluation by the end of the year.
Read MoreExclusive: Cellulant to lay off 20% of its employees in organisational restructuring
Cellulant is parting ways with 20% of its headcount as it focuses on becoming a product-driven company. Cellulant is undergoing a restructuring exercise that will impact a fifth of its workforce. In a statement to TechCabal, Cellulant, which operates across 19 markets, disclosed that these changes will be implemented in the coming days as the company focuses on a product-led approach that ideally creates user-centric products for growth. The company has clarified that this strategic shift has been in development for some time and has come to mutual agreements with affected employees. While Cellulant has declined to disclose the exact number of employees leaving the company, Cellulant has 634 employees per LinkedIn. “Cellulant is moving towards a product-focused strategy which will, unfortunately, see approximately 20% of our pan-African team transitioning out of the company. We are committed to supporting our employees as we transition and cannot comment on their separation,” Cellulant said. The affected workers will be served with exit packages, alongside extended medical cover for themselves and their families. “Our goal is to treat our impacted colleagues with dignity and respect. As such, we provide comprehensive separation packages and extended medical coverage for every impacted employee and their families in every country,” Cellulant added. Admittedly, the market has been challenging for African startups and the rest of the world. Other than that, Cellulant says it has been honing its business in the last two years to become “a merchant-focused payments business led by the productisation of its services and a complete revamp of its technology stack.” According to the company, these changes have led to the expansion of its customer network and 100% year-on-year revenue growth in its core offerings. Our next phase of growth required a shift to an agile product-driven organisation,” Cellulant shared. Cellulant is consolidating some roles and creating new ones in the process. However, it has not closed any departments; instead, the payments company has “resized and reorganised for leaner efficient operations.” This marks the Cellulant’s second round of layoffs, following a trimming in early 2023. While rumours circulated about substantial workforce cuts in specific markets, Cellulant has re-confirmed its presence across all markets. For instance, it highlights Nigeria as a key market, where it serves as the payment partner for various businesses such as airlines, QSR, e-commerce, ride-hailing, retail, and remittances. Cellulant has also clarified that it did not lay off 30% of its workforce earlier this year. Instead, 27 employees left the company, with only four coming from Nigeria. Full company statement Leading Pan African payments firm, Cellulant, has announced adopting a product-led structure as its anchor for increased growth across the continent. This is part of its new organizational strategy that will see the company enhance its service offerings to evolving customer needs across the 19 countries it operates in. The fintech, which powers payments for over 1,500 global, regional and local businesses across the continent, said the new strategy is informed by emerging market dynamics, investments in automation, and the recent consolidation of their product offerings in four already successful categories that are anchored by its robust banking, card, and MoMo wallet solutions on its payments platform. “We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological changes, consumer needs and market dynamics,” said Akshay Grover, Chief Executive Officer. “We’re therefore pursuing a leaner product-led strategy to support our scale and increase customer base. We also aim to drive operational efficiency measures to support our growth and operations in multiple geographies.” Cellulant started operations in Kenya in 2003 and has since grown to become one of the largest pan-African payments companies offering both online and offline payments, with businesses across various sectors such as oil and gas, ride-hailing, e-commerce, travel, logistics, retail, airlines, and fast-moving consumer goods, in its client list. Grover said the new implementation of the strategy business shift would entail consolidating essential functions and creating new roles. “Cellulant has come a long way to become a leader in the pan-African payments space. Innovation, efficiency, and agility will underpin our narrative over the next few years, and these are the first of critical steps,” he said.
Read MoreExperts predict CBN will raise interest rates ahead of MPC meeting
The Central Bank of Nigeria (CBN) will likely raise interest rates to tame at this week’s MPC meeting. The CBN’s Monetary Policy Committee (MPC) will hold its next meeting on September 24-25 to deliberate on interest rates. Experts who spoke to TechCabal predict that surging prices may force the apex bank to raise the Monetary Policy Rate (MPR) from 18.75% to 20%. Mayowa Badejo, a partner at 213 Capital Ltd, predicts that the CBN will raise the MPR to 20%. “I said 20% because I see inflation going higher till the end of the year coupled with the forex crisis. Already, I believe the current inflation is hugely discounted anyway. By the time fiscal spending and palliatives start, inflation will skyrocket and investors will demand for higher returns on investments,” he told TechCabal. Central Banks usually raise interest rates as a means to control inflation. Per Bloomberg, the MPC has raised rates by 700 basis points since May 2022. Yet, inflation has not slowed. While a few industry watchers believe a higher interest rate may not solve the problem, the acting CBN governor, Folashodun Shonubi, disagrees. At the last MPC meeting where interest rates were hiked by 25 basis points, Shonubi said the bank is concerned with hiking the interest rates, reducing liquidity, and curtailing inflation. The rising inflation rate is a worrying concern Oise Ajayi, the head of investment research at Achoria asset management, said a hike of the interest rates was imminent since the Central Bank governor had publicly admitted it. He said the rate was hiked by 25 basis at the last meeting due to a slower rate of inflation. “Now that the inflation rate is 24%, at the very minimum, the basis point would be hiked between 25-50 basis points and above ,” he told TechCabal. Samuel Oyekanmi, a research analyst, begged to disagree. He said the CBN would continue to maintain a cautious hawkish approach towards its monetary policy, which means that they would not likely raise above 50 basis points and could consider maintaining rates depending on what Q2’23 Gross Domestic Product (GDP) figures indicate. Nonetheless, he believes the rising inflation rate is a phenomenon that would not abate. “The rising rate of inflation does not look like something that will slow in the short term, considering the continuous impact of fuel subsidy removal, exchange rate unification and other inflationary policies,” he told TechCabal.
Read MoreAfricArena and FMO Ventures to host a series of events to support Africa’s tech ecosystem
AfricArena and FMO, the Dutch Entrepreneurial Development Bank, have announced that they are extending their partnership through the FMO Ventures Programme to support Africa’s fast-growing tech ecosystem. FMO Ventures Programme is extending its partnership with AfricArena to support the following events from August 2023 to December 2024: the AfricArena VC Unconference, the AfricArena Founders’ Bootcamp, the AfricArena Learning Expedition, and the AfricArena Summit. This comes after an initial year of partnering in 2022 on AfricArena’s Tour across the continent. The FMO Ventures Programme is supported by the FMO, the Dutch Entrepreneurial Development Bank, a leading impact investor that supports sustainable private sector growth in frontier and growth markets. The FMO ventures programme is a €200 million ($217 million) investment programme that supports early-stage, tech-enabled startups in Africa and the European neighbourhood. The programme also provides technical assistance to help startups improve their business operations and invest in inclusive business models, with a focus on fintech, energy access, and agriTech, and invests in direct investments and generic funds. According to FMO Ventures’ programme manager, Marieke Roestenberg, this is a “thrilling time for investors to be looking at Africa as an investment destination, as many of the continent’s tech startups are coming forward with investment-worthy innovative solutions for global challenges”. AfricArena is a platform that connects African startups with investors and partners. It was launched in 2017 and has helped its community raise over $500 million. The platform consists of a series of events, including an investor unconference, a founders’ boot camp, and a summit. “We are very excited about this expanded partnership which supports the ecosystem development of AfricArena through its well-known events across Africa,” said AfricArena CEO Christophe Viarnaud, in a statement seen by TechCabal. “This partnership will contribute significantly to the development of the African VC industry through its VC unconferences, and the development of open source investment tools for the African tech industry, with the support of the Digital Collective Africa, a community for investors.” Per a Statista report, Africa has over 640 technology hubs, forming the essential foundation of its swiftly expanding tech landscape. This ecosystem has become a magnet for investment, drawing both local and global investors, including angel investors, venture capitalists, venture funds, corporate funds, development finance institutions, and startups in what Africa’s tech ecosystem has to offer. “Our partnership with AfricArena is a good fit with FMO Ventures Programme’s broader strategy to support the development of entrepreneurial tech ecosystems across Africa. By bringing together tech startups, corporations, angel investors, venture capitalists and other institutional investors we aim to foster co-investment and collaboration that benefits the underserved on the African continent,” Roestenberg concluded.
Read MoreHow crypto gaming in Africa can reach its full potential
Moonshot by TechCabal is the conference that will bring together Africa’s tech ecosystem in person to network, collaborate, share insights and celebrate innovation. Join us in Lagos on October 11 and 12. In this article built around the conference, Ganiu Oloruntade writes that crypto gaming in Africa has immense potential for growth and adoption, but game developers must prioritise improving the gaming experience. Like the rest of the world, the African gaming space fell in love with crypto. In Africa, gaming is often viewed as a sign of unproductivity, but crypto came with the promise of helping players get rewarded while playing. The 2021 crypto bull run saw play-to-earn (P2E) games—blockchain-based video games that allow players to earn crypto or non-fungible tokens (NFTs)—dominate the global gaming market, and Africa hasn’t been an exemption. In September 2022, Metaverse Magna (MVM), an African gaming community incubated by the Nigerian crypto startup Nestcoin, raised $3.2 million in funding. But in the past year, the global crypto industry has taken a beating, with prices crashing and startups struggling. The buzz around GameFi, which merges the best parts of gaming and decentralised finance, has dwindled. According to a recent report, GameFi adoption is down over 30% since October 2022. MVM’s creator, Nestcoin, which held investor funds in the collapsed FTX, had to lay off staff last year. Hence, the big question on the minds of African crypto gamers and players in the space is what lies ahead for crypto gaming on the continent. “The truth is, although there is still significant value in the market, the level of enthusiasm is not as high as it was before. The past year has been challenging for everyone, with projects laying off employees and shutting down. The signs are clear: it is tough out here,” Tony Emeka, co-founder of CrytoTvPlus, a cryptocurrency and blockchain-focused media firm, told TechCabal. Despite the current challenges, some are still bullish on crypto gaming in Africa. In this piece, Binance noted that with the combination of Africa’s increasing tech-savvy young people in the gaming industry and the increasing adoption of digital currencies and blockchain technology, Africa is set to lead the blockchain gaming revolution. The problem with crypto gaming in Africa Venn Oputa, co-founder of the NFT collection Afrobubble, said crypto gaming in Africa is struggling due to various factors, including the overall poor state of crypto gaming globally and the slow adoption of cryptocurrencies on the continent. “There’s a huge potentially large future in it. But at the moment, due to the present situation and market conditions, it’s largely nonexistent,” he told TechCabal. While mobile gaming is on the rise in Africa, thanks to the increase in the number of smartphone users, the continent is yet to hit the highest levels of crypto adoption. According to a report by Newzoo and Carry1st, the number of gamers in sub-Saharan Africa rose to 186 million in 2021, while a total of 5.9 million gamers own cryptocurrencies across Africa and the Middle East. Oputa further said that many game developers focus too much on monetary benefits rather than providing an enjoyable gaming experience. To improve this situation, game developers should prioritise creating exciting games and then integrate cryptocurrency features as an added bonus. He told TechCabal, “The thinking should be, how do I integrate crypto transactions or crypto elements or blockchain-based elements that also amplify the experience of this game?” Chike Okonkwo, the co-founder of Gamic, a community for gamers, creators, and blockchain enthusiasts, shared a similar view about the need to improve the gaming experience. He added that now is the best time for gamers to be intentional about playing crypto games and learning from experienced individuals in the field who can guide them. “Because during the bull season, it’s difficult to track who really knows what crypto is talking about. It’s difficult to track who really understands and knows the right games to play,” he told TechCabal. What lies ahead? The crypto-gaming revolution is here to stay, and Africa can’t afford to be left out. According to a report by markets and intelligence firm Grand View Research, the global blockchain gaming market is expected to be worth $300 billion by 2030. Last month, Google Play updated its policy to allow video game publishers to reward gamers with NFTs. Emeka believes that the crypto gaming industry in Africa has a lot of potential, though there are significant obstacles. “Power and internet connection are major challenges. If anyone could find a way to overcome these hurdles, they will capture a good piece of the market. Developers should consider creating games that don’t require an internet connection while playing, allowing players to accumulate points which can be synchronised with the game’s server online to collect real crypto,” he told TechCabal. Okonkwo said that, going forward, there will be a lot of strategic partnerships between traditional game developers and crypto players, although it comes with regulatory concerns. “We all know that the moment the big dogs begin to come in, they come with regulation because regulators understand the traditional space well unlike emerging technologies like blockchain and AI. So, stakeholders mustn’t stay on the sidelines and be ready to engage regulators,” he said. Did you enjoy this article? Then click this link to get your tickets to Moonshot, and check out our fast-growing list of speakers coming to the conference!
Read MoreBREAKING: BRICS nations to form study group to monitor AI
BRICS member countries have agreed to form an “AI study group” to establish and monitor AI governance frameworks. Chinese President Xi Jinping has announced plans by BRICS nations to form an “AI study group” to monitor the technology’s development and advancement. Jinping said this at the second day of the BRICS summit currently taking place in Johannesburg, South Africa. “We need to develop AI governance frameworks so as to make the technologies more secure, reliable, controllable and equitable,” said Jinping. He added that the group’s formation timeline would be communicated in due time, with China pledging to set up a China-BRICS science and innovation incubation park to accelerate AI cooperation among member countries. Just over a week ago, the US banned US firms’ investment into quantum computing, advanced chips and artificial intelligence sectors in China to ensure the Chinese military does not benefit from American technology and capital. The ban is expected to take effect next year but has limited support from the country’s allies. With AI expected to be the leading technology of the next decade, debates about how it will impact diplomatic relations have been raging on. With most AI innovation coming from the global north, it will be interesting to see how the BRICS study group reigns in leading AI companies like Google and Microsoft to abide by the call to make their innovations “secure, reliable, controllable, and equitable”. Additionally, the study group’s role in helping catalyse AI innovation within the BRICS member countries would be one to look out for as more details about the project are shared.
Read MoreWill AI take our jobs, or simply create new ones?
Moonshot by TechCabal is the conference that will bring together Africa’s tech ecosystem in person to network, collaborate, share insights and celebrate innovation. Join us in Lagos on October 11 and 12. In this article built around the conference, Mariam Muhammad reports on how generative AI is reshaping the job market, while also creating new opportunities Generative artificial intelligence (AI) tools like ChatGPT and other related AI have created a mix of excitement and worry among professionals, mainly because these tools can potentially handle many routine tasks that workers perform regularly across different jobs. Amidst the fear and excitement of AI bringing an unavoidable change to the job market, a question that needs to be asked is: what new jobs might it create? A changing job market According to a report by investment bank Goldman Sachs, the advent of advanced AI systems will significantly influence global employment markets. The changes in work patterns driven by these advancements could potentially automate up to 300 million full-time jobs. Just like any controversial subject, there will be people who are for and against AI. Gitonga Bretton, who works as an AI developer for a telecom company, stated that the job market isn’t limited to a fixed number of positions redistributed annually, and that technological progress and new developments enable the creation of more job opportunities. While AI might replace some obsolete roles, it will also foster creativity and the pursuit of fulfilling jobs. “I believe we don’t have a finite number of jobs that we share every year. As long as tech comes up and development comes in, we are able to come up with more jobs like those on AI. For instance, prompt engineering didn’t used to be a career. Now, it’s a career. So you can see artificial intelligence will, of course, replace some of the jobs that are redundant, but that means it gives us the ability to be more creative and do jobs that fulfil us as human beings,” Bretton told TechCabal. Kyle Balmer describes himself as a prompt entrepreneur. In his job, he leverages new exciting AI technologies to start and grow businesses. He believes that AI itself isn’t going to kill jobs; rather, it’s the individuals who harness it that will gain a competitive edge. Using web designers as an example, Balmer stated that “web designers are at risk now because AI tools can do their jobs faster and cheaper. So smart web designers are learning to use these AI tools to increase output and quality. What this means is that the smart web designers will succeed even more, but mediocre web designers will be eliminated from the workforce,” he said, on a chat with TechCabal. Bashir Ibrahim, a lead software engineer, sees the change as “deploying more tools to get things done easier and faster”. Although human intervention is still necessary to ensure that AI tools are used in a safe and effective manner, Ibrahim believes that, in the future, AI tools will be able to learn and improve on their own, to the point where they can correct their own errors and debug themselves. In-demand skills for the AI age As AI is changing the job market, most roles—including writing, marketing, and programming—now require prompts to work. In essence, the quality of the output of these roles depends on the quality of the prompts input. This development has seen the role of prompt engineers become increasingly popular as it creates a path for people to transition from what they already know to what is in demand. Prompt engineering, which entails creating precise and well-crafted instructions or questions to guide language models in producing a desired output, is a skill ChatGPT’s Sam Altman describes as an “amazingly high-leverage skill”. A skill like prompt engineering might not be the number one job of the future, but it sure is one of the 97 million new jobs the World Economic Forum estimates will emerge by 2025, to enable humans and machines work together. Balmer sees prompt engineering as “how we talk to AI”, and thinks it’s essential that every individual learns how to communicate with AI. He uses the advent of the internet to describe how AI is reshaping the job market; and just as adapting to internet technology was imperative for success, embracing AI is now a choice between stagnation and advancement. “I think of it like the early days of the internet. The introduction of the internet changed how we interact with the world. The people who learned to use internet technology first thrived, leaving behind people and industries that did not evolve. Eventually, everyone had to learn to use the internet—modern life is impossible without it. AI will be the same. It’s now a choice whether to ignore the new AI technology and hope it goes away or embrace it and stay ahead of the game,” Balmer told TechCabal. According to Ibrahim, AI-driven creativity is important. He highlights robotics engineering, natural language processing, and cybersecurity as skills that are important in today’s job market. Balmer agrees that these skills are essential for the future of work, and also adds that data analysis, automation, machine learning, natural language processing, computer vision, predictive analytics, cybersecurity, personalisation, AI ethics and governance are all important skills that AI makes in demand in today’s job market. Adapting to the changing job market On the bright side, soft skills are not only crucial for human-AI collaboration but also demonstrate AI’s limitations. And for Balmer, soft skills like “communication, public speaking, emotional intelligence and leadership” are part of the skills humans should harness to help them stay relevant in the current job market. Lifelong learning is also important for individuals to keep up with the changes in the job market, and Ibrahim holds the view that while AI can be a valuable aid to humans, its inability to replicate emotional intelligence prevents complete replacement. He also acknowledges that AI tools are not 100% accurate and require human interference. So to stay relevant,
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Best Internet services in Lagos, Nigeria 2023
We live in a time where technology and connectivity are becoming increasingly integral to daily life, and having a reliable and fast internet connection is essential for various online activities, such as gaming, downloading, and streaming content. Here, we’ll be giving a breakdown of our top internet services providers in Lagos, Nigeria (ISP) and how they’re doing based on the aforementioned factors. MTN’s Internet services in Lagos Among the major internet service providers in the region, MTN has gained attention for its connectivity options. Let’s delve into how MTN’s internet speed in Lagos performs in these key aspects. 1. Gaming performance For avid gamers in Lagos, a stable and low-latency internet connection is crucial to ensure seamless online gaming experiences. MTN has been striving and largely thriving in addressing this need by offering different data plans tailored for gaming enthusiasts. In general, MTN’s 4G and recent 5G introduction, provides competitive speeds, contributing to reduced lag and smoother gameplay. This is especially evident in multiplayer games where split-second reactions matter. However, it’s recommended to opt for higher-tier data plans to ensure consistently high speeds during peak gaming hours. 2. Downloading efficiency Downloading large files, software updates, or even streaming high-definition content requires a dependable internet connection with swift download speeds. MTN’s 4G and 5G network in Lagos typically delivers commendable download speeds, allowing users to efficiently acquire content. From personal experience, users have reported download speeds ranging from 10 to 50 Mbps, depending on the data plan and network congestion. This range is sufficient for most regular users and even those who engage in frequent heavy-duty downloading activities. 3. Streaming quality The demand for streaming content has skyrocketed, and MTN’s internet speed in Lagos meets the expectations of most streaming enthusiasts. Whether you’re watching videos on YouTube, enjoying shows on Netflix, or participating in live streaming platforms, the 4G and 5G network offers consistent speeds that can handle high-definition streaming without excessive buffering. Users can expect smooth playback and minimal interruptions, even during peak usage hours. Factors influencing MTN internet speed It’s important to note that internet speeds can be influenced by various factors beyond the control of the service provider. Network congestion, signal strength, and the device being used are among the variables that can impact the experience. Additionally, while MTN’s network coverage is extensive, some remote areas in Lagos might experience slightly lower speeds or reduced coverage. Starlink Internet services in Lagos Starlink, Elon Musk’s satellite internet service provided by SpaceX, has emerged as a potential game-changer in addressing internet connectivity issues, even in remote and underserved areas like Lagos, Nigeria. Let’s take a closer look at how Starlink’s internet speed fares in Lagos, considering its performance for gaming, downloading, and streaming, while also highlighting its setbacks. 1. Gaming Performance Online gaming demands low latency and stable internet connections to ensure smooth gameplay and quick responses. Starlink’s promise of low latency is an attractive feature for gamers in Lagos. Initial user reports suggest that Starlink’s latency can range from 10mbps to 61.5mbps, making it comparable to traditional cable internet services. This level of latency is suitable for most online games, ensuring that players can enjoy a lag-free experience. 2. Downloading When you can download stuff fast, it adds to your pleasurable online experience. Starlink’s internet speeds in Lagos reportedly range from 50 Mbps to 150 Mbps, depending on the user’s location and network congestion. This speed range allows for relatively quick downloads, enhancing the overall user experience. 3. Streaming Streaming high-definition content on platforms like Netflix, YouTube, or Twitch requires a stable and fast internet connection. Starlink’s speed capabilities are well-suited for streaming, with users reporting consistent streaming quality even during peak hours. The provided speeds are typically more than sufficient to support seamless streaming without buffering or quality degradation. Streaming #Bundesliga live using Starlink (no interruption) is one sweet feeling I can’t explain. Don’t believe the lies you were told about Starlink, it’s the best internet service anywhere available in Nigeria. pic.twitter.com/yUzswfituS — Tola Joseph Fadugbagbe (@connectwithtola) May 5, 2023 Setbacks While Starlink shows great promise, there are certain setbacks to consider. The most notable one is the cost. Starlink’s initial setup costs, including the purchase of a satellite dish and modem, can be relatively high for users in Lagos, making it less accessible to those with limited financial resources. Additionally, the satellite dish requires a clear view of the sky, which could pose challenges in urban areas with tall buildings and crowded infrastructure. Furthermore, while Starlink’s speeds are impressive, they can vary based on several factors, including the user’s location, weather conditions, and network congestion. Heavy rain or other adverse weather conditions can impact the satellite’s signal strength, leading to potential drops in speed and connectivity. Glo internet services in Lagos Another prominent player in the Nigerian telecommunications market is Glo. Let’s delve into Glo’s internet speed performance/services in Lagos, focusing on its suitability for gaming, downloading, and streaming activities. 1. Gaming Glo offers various data plans that seem to have differing speeds, but its performance for gaming has been the subject of mixed reviews. Some users report consistent and acceptable latency levels, especially during off-peak hours. However, during peak times, users have experienced occasional spikes in latency, leading to disruptions in online gameplay. 2. Downloading Glo’s internet speed for downloading content seems largely dependent on the plan selected by the user. Premium plans tend to offer higher download speeds, enabling users to swiftly acquire large files, software updates, and media content. However, like many service providers, Glo’s advertised speeds may not always be achievable due to network congestion and other factors. Users often experience varying download speeds, with some reporting satisfactory rates while a lot more others encounter slower-than-expected performance. 3. Streaming Streaming media content, whether it’s video or music, requires a stable connection to avoid buffering and interruptions. Glo offers dedicated plans optimised for streaming, promising seamless playback of high-definition content. In practice, users have reported mixed results. While some have enjoyed uninterrupted streaming
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👨🏿🚀TechCabal Daily – Hustlers hustle Kenya’s Huslter Fund
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Nigeria now has two tech-focused ministers: Bosun Tijani, the minister for communications and digital economy, and Uche Nnaji, the minister of innovation, science and technology. While most of Nigeria’s tech ecosystem knows about Tijani and his work at accelerator CcHub, not many know about Nnaji whose ministry is focused on implementing policies created by Tijani’s. Here’s what we know so far. In today’s edition Hustlers hustle Kenya’s Hustler Fund Zimbabwe’s internet slows again Moniepoint acquires Kopo Kopo inDrive launches in Lesotho The World Wide Web3 Event: NTICE Expo 2023 Opportunities Funding Kenya’s Hustler Fund racks up 29% of bad loans President William Ruto of Kenya A lot of hustlers are not paying back their loans on time. The Kenyan government launched the KES50 billion ($346 million) Hustler Fund in November 2022 to give loans to small Kenyan businesses that don’t have access to credit through traditional means. So far, KES33 billion ($228 million) has been lent out, and there is an outstanding loan of KES10.2 billion ($70.5 million). An outstanding loan? Yes, and according to the repayment schedule, 29% of that, about KES3 billion ($20.7 million) are being considered non-performing loans. Even though these loans come with a friendlier interest rate (8%) compared to traditional loans from banks, the Hustler Fund is racking up more non-performing loans (NPL) than those fancy regular banks, cooperatives (SACCOS), and even microfinance banks. To put it in perspective, those typical banks, microfinance banks, and cooperatives like SACCOS have non-performing loans (NPL) rates of 14.5%, 23%, and 8.86%, respectively, while the Hustler Fund’s NPL rate is flying higher at 29%. How will the government get its money back? The Kenyan government has linked the Hustler Fund to existing funds that also support the economically disadvantaged so that defaulters will not get access to more funds until they improve their credit scores. It also introduced credit scoring in February to reduce the rate at which people default on loans from the Hustler Fund. The bad loans will not go away completely, as is typical of any credit business, however, the quality of the Hustler Fund loan book has been improving. 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. Internet Zimbabwe’s internet slows ahead of elections Image source: Zikoko Memes Zimbabwe’s online highways are currently stuck in traffic. Zimbabweans are suffering sluggish internet just ahead of the country’s national elections on Wednesday. This online traffic is affecting the customers of the top internet players like NetOne, Econet, TelOne, and Liquid. How bad is it? Per Netblocks, users have been experiencing downtimes on platforms like Instagram, Twitter, YouTube and Facebook. Additionally, some Econet users say that they are unable to access Whatsapp. Sounds familiar? The Zimbabwean government has a history of limiting internet access during important national events. It throttled the internet in 2020 ahead of planned protests and in 2019 during national demonstrations against increasing fuel prices. More recently, in February last year, internet speeds significantly slowed down during a national demonstration by the Citizens Coalition For Change, one of the leading opposition parties in the country. Many people were unable to live stream the demonstrations. In March, something similar happened during more opposition demonstrations. Netblocks confirmed that the disruptions were not due to congestion as claimed by government sources. M&As Moniepoint gets a nod to acquire Kopo Kopo Image Source: Zikoko Memes Moniepoint is expanding to East Africa. Nigerian fintech platform, Moniepoint, has been granted approval by Kenya’s regulatory body, the Competition Authority of Kenya (CAK), to acquire payments firm Kopo Kopo. The proposed transaction will see Moniepoint Inc. acquire all shares of Kopo Kopo. How much? While the transaction value for this acquisition is yet to be disclosed, the CAK oversees competition-related matters for transactions exceeding Ksh1 billion ($7 million), which means that the acquisition was the same or exceeded this amount. Unconditional approval: The Kenyan Authority granted unconditional approval to Moniepoint’s acquisition based on two key considerations namely. First, the authority’s assessment suggests that the transaction is unlikely to negatively impact competition in the market for digital credit. Second, the transaction will not elicit negative public interest concerns. In an email to TechCabal, Moniepoint said, “We have been vocal about our interest in Kenya as part of our mission to provide financial happiness for people across Africa. This regulatory approval is a milestone in that process and one that we are delighted about.” Kopo Kopo? Before its acquisition by Moniepoint, Kopo Kopo was valued at about $10 million as of 2015 when it raised $2.1 million in Series B funding in 2015. The credit and payment startup offers similar tools to businesses just like Moniepoint but in Kenya. Kopo Kopo’s partnership with M-PESA allowed for mass adoption of digital payments by small businesses in Kenya. Mobility inDrive launches in Lesotho Image Source: inDrive inDrive is making a turn to Lesotho. This week, the ride-hailing platform has announced its expansion to Lesotho. This is part of inDrive’s expansion plan into southern Africa. inDrive will charge drivers zero commission in the first six months of its operation in Lesotho, allowing them to keep all of their earnings. Unlike other ride-hailing platforms which determine fare prices by a set algorithm, inDrive allows drivers and passengers to set their prices. Passengers can suggest a fare, while drivers may accept, decline, or make a counteroffer without any penalties. The decision on whether to proceed with a ride can be made by considering the fare amount, car type, estimated arrival time, and driver ratings. Drivers can select profitable and convenient requests. According to Vincent Lilani, the company’s business development representative, “We believe that this method offers a sound solution to many current challenges in the Southern African ride-hailing market.” Zoom Out: inDrive’s move
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