One Wellness Centre is raising the bar for fertility clinics in Nigeria
Exclusive chat with Jean Nassar, an obstetrics and IVF expert at One Wellness Centre, a reproductive health hub in Lagos, Nigeria. Smack in the center of Victoria Island, Lagos, the One Wellness Centre’s (OWC) reception is warm, with people in green scrubs greeting visitors with smiles. The visitors have a variety of needs related to fertility and reproduction. Some are parents who need help getting pregnant, and some are here to freeze their eggs or sperm until they are ready to have kids. Some women are here to treat or prevent reproductive problems like ovarian cysts. Others come for cosmetic procedures that can improve their sexual health and pleasure. Chibuki Aigbe, the practice manager at OWC, took us on a tour of the facility. We checked out the consultation rooms, a surgery, a pharmacy, offices, and an embryology lab. Each of these rooms is named after different types of lotus flowers. “The lotus often takes the shapes of the vulva and womb,” Aigbe told us. “It symbolises different aspects of female sexuality, and that is why we have named these rooms after its various species.” Chibuki Aigbe, the practice manager at One Wellness Centre After the tour, we sat down with a specialist at the centre, Jean Nassar, a specialist with over 18 years of experience in obstetrics and in vitro fertilization (IVF), who’s also head of the IVF unit at St George’s Hospital University Medical Centre in Lebanon. We talked about the OWC’s techniques, technologies, and overarching mission: their passion for helping women have babies. You have over 18 years of experience in fertility and gynecology. My first question would be, why did you choose to practise in Nigeria? I first visited Nigeria two years ago and saw many health centres. I found a significant gap in the medical field here, especially concerning fertility, with its new techniques and technologies. And I wanted to bring all my expertise and the latest technology here to Nigeria to help people have kids. What is One Wellness Centre’s mission, and what services do you offer? Why is it called a wellness centre, as opposed to a hospital or a clinic? We call it a wellness centre because, even though we are presently dealing with fertility, we also plan to open an aesthetic clinic. So, it’s not just a fertility clinic. Jean Nassar, a specialist at One Wellness Centre It’s not just women’s health; it’s everything concerning women’s health and aesthetics. We have a widely experienced team (including myself), with specialists in IVF, high-risk maternal medicine, and foetal medicine. Dr Joe and I both have experience in Europe and Lebanon. Our embryologist, Dr Pamela Bazi, came from abroad as well. We used to work together and have had promising results, so we wanted to replicate that here in Nigeria. We’ve brought all our knowledge, new techniques, and technology concerning fertility. These include services like ovarian PRP [platelet-rich plasma] or ovarian rejuvenation. The ovarian PRP is a unique and promising technique that helps [older] women before 50 have babies. It’s a new challenge, and we hope to continue having great and favourable results. I’ve noticed that in Nigeria, women seek help at an older age than the average in the world. We have a lot of women in their early to mid-40s just seeking fertility help for the first time. Age is critical in fertility, so that’s usually a challenge because sometimes we have to offer a boost before starting the IVF or the fertility treatment, so they can have their baby even at an older age. Tell us a bit about the technology that you use to help these women. We have the latest manipulators and incubators. Everything is very new and up-to-date, including the software. But what is exciting is the PRP, the ovarian PRP, which is ovarian rejuvenation. The way it works is that we take blood from the patient, and we take the plasma from it. Plasma is rich in cytokines and growth factors, so we inject both ovaries with this product. This helps stimulate the ovaries again to have new follicles, better quality follicles, and better eggs. This procedure increases the chances of the woman having a baby. An operating room at One Wellness Centre Does this work for women who are past menopause? We haven’t tried it on women who are past menopause, but it can work for perimenopausal women. It’s also not just about fertility; it also works for menopausal symptoms like vaginal atrophy, where a perimenopausal woman might be experiencing symptoms like a dry or atrophic vagina, for instance. We perform vaginal PRP on the intimate area to restore normal sexual feelings and activity. How do you ensure the security and privacy of your patients’ data, considering the sensitive nature of these treatments? It’s very important that patients’ files are handled discreetly, so all the files are kept behind locked doors. These are physical files, but they’re also backed up online. And because of how sensitive the embryos are, our embryology lab is always locked and passcode-protected. Only the embryologist has the code, and nobody else is allowed to access it. What steps do you take to create a supportive and empathetic environment for women with secure health? Given how sensitive fertility is as a subject, we handle every part of the consultation with care; we’re very careful with how we talk to the patients. So we try to provide support for her psychologically as well because the patient’s state of mind is also important in this difficult journey and can affect the results. Wards at One Wellness Centre, thickly veiled for patients’ privacy. That’s interesting. How so? Psychology is essential because if the patient secretes oxidative stress inside their body, it can affect the egg quality and implantation of the embryo. And this is a fact that has been proven through studies. I’ll give you an example: a woman can travel and not have her period for 10 or 15 days or might get
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Nollywood is the hot new investment for tech founders; returns are up to 3x
Nollywood is on a path to globalization, and the deep pockets of tech operators will help achieve global success. On August 25, Editi Effiòng, a Nollywood director, shared a list of executive producers for his film, The Black Book. It featured African startup founders and investors like Nadayer Enegesi (Eden Life), Olumide Soyombo (Voltron Capital), and Ezra Olubi (Paystack). While this is not the first time African tech players have invested in film projects, the long list of executive producers for The Black Book has shown that tech operators are increasingly funding film projects. For decades, inadequate funding has slowed Nollywood’s growth, affecting film quality and limiting profitability. Niyi Akinmolayan, a filmmaker, shared on X that because of these issues, many Nigerian films submitted to streaming platforms are underpriced compared to those from other industries or rejected. Anita Eboigbe, a journalist and film writer, told TechCabal that more money in the film industry could help solve some of these problems. “Right now, there are monopolies everywhere that can only be disrupted by more money. When it comes to streaming platforms, there are still a lot of negotiation problems that haven’t been solved. These all boil down to how we handle the process, and to fix this, we need money,” she said. Investments from streaming platforms like Netflix and Amazon Prime and partnerships with local studios like Inkblot and EbonyLife are improving film quality. It is translating to better commercial performance at the cinemas. The highest-grossing films in Nigerian box-office history have been local productions: The Wedding Party ($1.5 million) and Omo Ghetto: The Saga ($1.5 million); and Nollywood now accounts for 55% of ticket sales in Nigeria. Data Source: Prosper Africa It’s in contrast to Nollywood’s early beginnings when direct-to-video sales at local markets were the preferred distribution method. Tech investors are now riding Nollywood’s newest growth wave. Subomi Plumptre, CEO of Volition Cap and one of The BlackBook’s investors, told TechCabal that she decided to fund Nollywood films because of the industry’s long-term financial potential. Olumide Soyombo, the founder of Voltron Capital, told TechCabal that he’s investing in Nollywood films to drive profitability in the industry. Investors are building their appetite for Nollywood Victoria Popoola, co-founder and CEO of TalentX Africa, a film-financing marketplace, told TechCabal that “the more significant revenue opportunities currently come from streaming, with cinemas helping to drive streaming leverage depending on performance.” TalentX has invested “close to $1 million” in Nollywood movies. Plumptre’s Volition Cap also provides structure around film investing by creating a model that “looks like traditional African cooperatives.” For The Black Book, investors participated via “relatively small ticket sizes”, said Plumptre, and were supported by more prominent institutional investors. She added that the film’s investors earned dollar payouts because Netflix took up the movie. Soyombo told TechCabal that the collaboration between tech investors and Nollywood has helped change how filmmakers approach filmmaking. “Now we are seeing (filmmakers) keep an eye on money and not just the creative side.” Another significant challenge the film industry faces is the lack of physical infrastructure and production talent. Being unable to afford the appropriate technical equipment and talent affects the kind of stories that get told, with filmmakers sticking to plots—mainly drama—that don’t require a lot of technicality, missing out on the revenue that popular genres like action produce. Patient capital can solve this problem. Soyombo told TechCabal that he has invested over £1 million in Rushing Tap Studio, a physical studio where filmmakers can rent studio space to create movie scenes. Plumptre told TechCabal that Volition Cap prefers creative projects with a maximum time frame of 24 months. The firm is also thinking of investing in physical infrastructure. Popoola echoed the same thoughts, telling TechCabal that although she believes that “there’s a critical need for investment in more distribution infrastructure” and “a need to rethink the cinema experience,” Talent X is not investing in physical infrastructure. To address the talent problem, Popoola and Plumptre told TechCabal that their firms were open to partnerships. Nollywood offers good returns Unlike founders in the tech space who know where to go when they’re looking for funding, filmmakers rely on relationships. Eboigbe believes that making a public list of tech founders in a film would add to the diversity of funding sources. “You’re not going to see a large impact until there’s a clear pipeline for filmmakers to access funding rather than relying on personal relationships,” Eboigbe said. Plumptre told TechCabal that her firm is structuring its second VEMA (Volition Cap’s Entertainment, Media, and Arts) fund, which is worth $20 million. She said the firm would use the fund to become “the number one destination point for African creatives seeking funding for their original projects.” According to Soyombo, who has invested in movies like Gangs of Lagos and Brotherhood, the return on investment varies for each project. “[ROI] varies from project to project, but it is better than keeping your money in a fixed deposit. We have seen 50% returns, 2x returns and 3x returns.” With these returns, more retail and institutional investors would see Nollywood as an investable asset class. More money, less problems Eboigbe told TechCabal that more investors would provide filmmakers with more audacity to pursue bigger projects and more profitability. “More money means more space to experiment, but filmmakers also have to think about how to be profitable so that it makes sense for the people putting their money into these projects,” she said. The increase in tech investors in Nollywood will only help improve the industry’s global standing. Movies like Gangs of Lagos have already broken records as one of the most-watched non-English titles on Prime Video, and this has spurred even more adoption of Nollywood content on streaming platforms. But a lot more can be done to create a lasting impact. The distribution pipeline for Nollywood has a lot of problems, the most prominent being a lack of funding and strong gatekeepers. According to Eboigbe, this breeds monopolies and makes it harder
Read MoreUgandan startup, Emata raises $2.4 million in seed round
Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round which it will use to expand its agri-loan offering across East Africa. Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round. The seed round was a mix of $1.6 million debt and $800,000 equity funding. Emata will use the funding to fund its offerings in Uganda and expand into Tanzania. The round was backed by African Renaissance Partners, Norrsken Accelerator Draper Richards Kaplan Foundation, with participation from angel investors Marcus Boström, Zephyr Acorn. In June 2022, Emata was among the nine African startups selected for Norrsken Impact Accelerator. Agriculture constitutes 23% of the GDP in sub-saharan Africa, and these contributions could be more if smallholder farmers in the region have more. The agricultural finance gap on the continent is pegged at $240 billion and many farmers rely on expensive bank loans.Emata addresses this funding gap by offering no collateral loans to small holder farmers. By working with cooperatives and farmer-based organizations, Emata offers automated loans to farmers. These partners also help Emata with the recollection of loans from farmers. Speaking on the fund round Bram van den Bosch, Founder & CEO of Emata, “We are thrilled to complete our $2.4 million seed fund raise, backed by high-profile, impact-oriented investors who recognize the huge potential of digital agri-loans in East Africa, and beyond. Emata dares farmers to dream big and eliminates traditional obstacles that have made agricultural finance unavailable for the vast majority. Our solution turns a lifelong struggle into a five minute process, and is already tangibly impacting thousands of East African farmers.”
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Exclusive: Nigerian web hosting company, WhoGoHost acquires SendChamp
WhoGoHost has acquired cloud-based communication startup SendChamp in what it says is a move to deepen its value offering for its customer base. WhoGoHost, a Nigerian cloud infrastructure company, has fully acquired SendChamp, a cloud communications startup that powers online messaging for African businesses. The acquisition combines cash and equity, but the companies declined to disclose the transaction cost to TechCabal. The acquisition is part of WhoGoHost’s strategic plans to deepen its value offering for its customer base. Founded by Goodness Kayode and Damilola Olotu in 2021, SendChamp allows businesses to send and receive customer messages across different channels, including SMS, WhatsApp, email, and voice. “Our vision and theirs align,” said SendChamp CEO Kayode. “WhoGoHost is ensuring that entrepreneurs and businesses go online and that businesses can communicate effectively.” SendChamp leadership to join WhoGoHost SendChamp’s CEO and CTO will assume new roles at WhoGoHost as part of the acquisition. Goodness Kayode will be Chief Product Officer, while Damilola Olotu will serve as the Chief Technology Officer of WhoGoHost. SendChamp will continue to operate as an independent product for a few months, and then its services will become accessible via the Whogohost integrated platform. “SendChamp will essentially become SendChamp by WhoGoHost,” said Kayode. Subsequently, as SendChamp seamlessly integrates with WhoGoHost’s offerings, it will adopt the WhoGoHost company name. A mutually beneficial partnership “It is a symbiotic relationship. Our customers can access WhoGoHost’s services, from domains to backups to security to hosting. WhoGoHost’s customer base will also be able to access products from SendChamp, down from SMS, emails, WhatsApp, Facebook, Instagram, and customer support solutions. Because we have the same type of customers, WhoGoHost’s products can be used by SendChamp customers, and vice-versa,” Kayode explained the benefits of the partnership on a call with TechCabal. Opeyemi Awoyemi, the founder of WhoGoHost, said the acquisition of SendChamp presents the startup with a unique opportunity to expand its offerings beyond being a “domain-hosting to a one-stop shop for digital services for entrepreneurs and businesses in Africa.” In 2016, the company also acquired TheExpertHost and iHost Africa. Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now!
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👨🏿🚀TechCabal Daily-It’s Ghana be alright
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday! There has been one bad news after the over in the crypto-verse. Last week, hacker’s took over the X account of Vitalik Buterin, Ethereum co-founder, and stole about $700,000 from followers by sending them malicious links through his account. Now, Crypto exchange CoinEx has disabled deposits and withdrawals after losing over $27 million to hackers. In today’s edition Ghana’s inflation drops to 40.1% Eskom warns against more loadshedding Africa Union to create it’s own credit ratings agency Nigeria delists 28 illegal loan apps The World Wide Web3 Event: Moonshot Conference Opportunities Economy Ghana’s inflation down to 40.1% in August 2023 Image source: BBC Data from Ghana Statistical Services show that the country’s headline inflation rate dropped to 40.1%. August inflation’s rate was the slowest rate of change observed in the country since October, according to government statistician Samuel Kobina Annim. Ghana’s inflation rate for July was pegged at 43.1%. What is driving the Inflation? Like in previous months, food prices were the biggest drivers of inflation. However, food inflation for August was at 51.9%, a little shy of 55% in the previous month. ICYMI: In May, the International Monetary Fund (IMF) approved a $3 billion, three-year extended loan for Ghana. The loan was disbursed to help with the country’s economic recovery after the impact of the pandemic. Since the country won this bailout, The cedi became fairly stable, trading against the dollar at 11.45. Zoom out: Ghana’s recent economic developments reflect a mixed picture. While the headline inflation rate has shown a decrease, the figure still indicates a high level of inflation. 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. Electricity Eskom warns of Higher load-shedding risk beyond Stage 6 Gif source: Tenor The cold weather in South Africa is putting a strain on Eskom’s power grid. South Africa’s main electricity provider, Eskom, has warned that the country could face higher stages of load-shedding due to cold weather. The country is currently in continuous stage 6 load-shedding, the highest level implemented so far this year. Save energy to avoid loadshedding: Due to the cold weather, there is a surge in electricity demand and Eskom is urging South Africans to reduce their electricity demand between 5:00 PM and 9:00 PM, when demand is highest. The reduction in demand will help ease the strain on the system and hopefully prevent even higher stages of load-shedding. Eskom tweeted that the evening peak forecast for Yesterday was 29,609MW, and Tuesday’s demand at the evening peak was 33,423MW, higher than the forecast demand. Zoom out: In May this year, Eskom warned that it may need to implement high stages of load shedding in order to meet surging demand during the winter months. Fintech African Union to create its own credit rating agency The African Union (AU) wants to launch its own credit rating agency next year. Why? The AU is launching the credit rating agency as an alternative to the “big three” international rating agencies—Moody’s, Fitch, and S&P Global Ratings—which it believes doesn’t fairly capture the risk of lending of countries on the continent. The agency would be self funded and private-sector driven with AU oversight, according to Misheck Mutize, AU’s lead expert for country support on rating agencies. Zoom out: While several African leaders allege that credit ratings from Moody’s, Fitch, and S&P Global Ratings do not do justice to lending assessment on the continent, the new development by the AU offers a consolation. The AU credit rating agency, when established, will provide more context for the data that investors look at when considering whether to purchase African bonds or make a private loan to a nation. Fintech FCCPC delists 28 illegal digital money-lending apps Nigeria is taking action to clean up the digital money-lending sector. The Federal Competition and Consumer Protection Commission (FCCPC), the agency responsible for regulating competition and protecting consumers in Nigeria, has delisted 28 illegal digital money-lending apps in a bid to sanitise the sector. Gif source: Tenor The FCCPC disclosed this in its latest report on approved digital money lender apps. The report shows that the number of delisted apps has increased from 9 to 37, while the number of approved apps has increased from 154 to 164. The Commission has also identified 54 apps that are currently on their watchlist. The delisted apps: Some of the apps delisted include; Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App. The full list of delisted apps can be found on the FCCPC website. Zoom out: The FCCPC has been keeping a close eye on digital money lending in Nigeria. In August, the FCCPC ordered Google to delist 18 more loan apps/digital lending companies from its PlayStore and platforms immediately for invading customers’ privacy in the course of loan recovery. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $26,254 + 1.06% – 10.40% Ether $1,607 + 0.64% – 12.53% BNB $212 + 0.50% – 11.36% Cardano $0.25 + 0.95% – 13.72% * Data as of 12:10 AM WAT, September 14, 2023. Events The Moonshot Conference Tickets are still selling out fast for the gathering of the most audacious players in Africa’s tech ecosystem. You and your friends can get an exclusive discount to secure your seats if you haven’t yet. Get your tickets today. Opportuinities Applications are open for the Fast Forward Accelerator 2024. The accelerator provides training and resources applicable to the challenges only a tech non-profit entrepreneur knows. Through the Accelerator, you will receive a $25,000 philanthropic grant, build community among your cohort, meet dozens of mentors from the tech and social sector, and connect with people who can help you scale. Apply by September 30. Calling all emerging conservation photographers and storytellers!
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Ghana’s inflation drops to 40% in August driven by food prices
Driven by food prices, Ghana’s inflation rate dropped to 40.1% in August from 43.1% in July—a 10-month low. Data from Ghana’s Statistical Services (GSS) showed that headline inflation for August dropped to 40.1%. It is a 10-month low after July’s inflation figure reached a four-month high of 43.1%. According to Bloomberg, Ghanaian statistician Samuel Kobina Annim said it was the slowest rate recorded since last October. Just like July’s uptick, the slowdown in August was again driven primarily by food prices. Per the data from the GSS, food inflation fell from 55% in July to 51.9% in August. This drop is tied to the difference in the inflation for locally produced items and inflation for imported items. On the other hand, non-food inflation grew from 30.9% in July to 33.8% in August. Ghana’s Central Bank has so far focused on keeping inflation under control. In July, the central bank raised the key lending rate to 30% to combat surging inflation which stood at 42.5% at the time. Central Bank governor Ernest Addison had said the bank will continue to raise the lending rates policy until the desired inflation level is achieved. Bloomberg reports that the monetary policy committee will announce a new rate on September 25. Ghana grapples with a disturbing financial crisis. The Financial Times reported that the country’s public debt is almost as large as its gross domestic product (GDP). In May, Ghana secured a $3 billion bailout from the International Monetary Fund (IMF). According to a World Bank report, Ghana’s economic growth is projected to slow down to 1.5% this year and remain depressed in 2024 at 2.8% but the economy is expected to recover to its potential growth by 2025. The report recommended that the Ghanaian government in addition to managing the immediate macroeconomic crisis, implement structural reforms including collecting more domestic revenue, implementing tighter expenditure controls, and addressing the energy sector shortfalls. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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2023 KRA PIN checker: verifying, retrieving and more
The Kenya Revenue Authority (KRA) Personal Identification Number (PIN) is a crucial requirement for individuals and businesses in Kenya. It is essential for various financial and tax-related transactions, including filing tax returns, opening bank accounts, and securing government tenders. This article will guide you through three essential aspects of KRA PIN: the PIN checker, obtaining KRA PIN, and retrieving a forgotten PIN. How to go about the KRA PIN checking or verification The KRA PIN checker is a valuable tool for verifying the authenticity of a KRA PIN. It allows you to confirm if a PIN provided to you is valid and associated with the correct individual or business entity. Here’s how to use it: 1. Visit the KRA PIN checker website Go to the official Kenya Revenue Authority (KRA) checker website https://itax.kra.go.ke/KRA-Portal/pinChecker.htm. Then enter the KRA PIN checker you want to verify. 2. Security code Complete the security code prompt to prove you’re not a robot. 3. Click ‘Submit’ After confirming the security code, click the “Submit” button. 4. Verification result The system will display the verification result, indicating whether the provided KRA PIN is valid or not. Using the KRA PIN checker is crucial to ensure that you are dealing with legitimate tax-related matters and preventing potential fraud. Obtaining a KRA PIN If you don’t already have a KRA PIN, obtaining one is a straightforward process: 1. Visit the KRA website Again, start by visiting the official KRA website. 2. Navigate to ”Online Services” Look for the “Online Services” section on the website’s homepage. 3. Click “Apply for a KRA PIN” Follow the prompts and fill out the necessary information accurately. 4. Submit the application Review your application details and submit it. You will receive a notification confirming your successful application. Retrieving a forgotten KRA PIN If you’ve forgotten your KRA PIN, don’t worry; you can retrieve it using the following steps: 1. Visit the KRA website Start by visiting the KRA website as before. 2. Access iTax services Go to the “Online Services” section and click on “iTax Services.” 3. Login to iTax Log in to your iTax account using your credentials. 4. Click ‘Forgot Password/Unlock Account’ Inside your iTax account, you will find an option to reset your password or unlock your account. Click on it. 5. Follow the instructions You will be guided through a series of steps to verify your identity and reset your PIN. Final thoughts on KRA PIN checker The KRA PIN is a vital document for Kenyan taxpayers. It’s essential to know how to use the KRA PIN checker, how to obtain a PIN if you don’t have one, and how to retrieve it if you forget it. By following these steps and staying informed, you can navigate the world of taxes and financial transactions in Kenya more effectively.
Read MoreWhy InDrive has become popular among riders and drivers in Gaborone
In the absence of Uber and Bolt, InDrive has become a popular way to access public transport services in Gaborone, Botswana. For *Botshelo, a 23-year-old unemployed accounting graduate, InDrive has become so valuable for him as a driver that he is no longer interested in job-hunting. Having initially launched in Botswana in December 2019, InDrive is now a hit with both drivers and passengers in the capital city of Botswana. inDrive lets drivers and passengers determine their fares rather than using prices determined by algorithms. 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. “On a good month, I can clock about P6,000 (~$440) net pay without even having to work like twelve hours a day,” Botshelo told TechCabal. “With that, why would I go look for a job where I will most probably be getting paid P2,000 (~$147) for 25 days of almost 12-hour shifts?” Despite launching in the country almost four years ago, InDrive still does not charge its drivers in Botswana a commission. The initiative, which is meant to be an introductory offer to entice drivers, usually lasts for six months but in Botswana, InDrive has continued with it indefinitely. InDrive states that the reason why the introductory offer has gone on for so long is that the company’s launch strategy in new markets unfolds through several active stages. The team conducts market research and if a positive assessment is given they transition to the second stage which is establishing a local community of users through elevating brand awareness and expanding the user base. “Once we have successfully navigated the initial phases and garnered a substantial understanding and recommendation readiness from the community regarding our business model, we initiate the third phase,” Vincent Lilane, business development representative at inDrive, Southern Africa told TechCabal. “The final step is the monetisation stage, which we will commence when we ascertain that people are sufficiently familiar with our brand and are prepared to endorse our service to their acquaintances.” According to Lilane, in order to “[promote] inclusivity in the mobility sector” in Botswana, the commission will be introduced with a maximum limit of 10%.Prior to the arrival of InDrive in Botswana, for transportation, most commuters in Gaborone had the option of using “taxi specials” which operated as private cab services. According to some of these commuters who spoke to TechCabal, InDrive has proven to be a much more financially sensible and convenient service. “The issue with cabs in this city is that they are unreliable and they take advantage of desperate commuters,” one commuter told TechCabal. “They can charge you whatever amount they want especially at night because you have no other option. At least with InDrive I can negotiate and pick the most affordable driver.” Challenges in Botswana For Botshelo, the main challenge he had when he started with InDrive with a lack of experience in how to harness the most value from the service. For starters, according to him, one has to be smart with which rides they accept so they do not eat too much into their margin. “When I started, I would just accept rides because the offered money was high. But if the clients are far when you do the math, you find out that those rides are actually eating on your margins mainly because of the fuel expense associated,” he said. Since learning the tricks of the trade, Botshelo adds that he usually focuses on a radius which would give him the most margins. There is also the security issue where sometimes, drivers can get robbed by passengers. To address that issue, some drivers have resorted to having what they refer to as “bodyguards” who travel around with them for night rides. One of those is *Otsile, who says that it is a small price to pay for not just one’s car and valuables, but their life. “You have to be careful about who you pick up, especially on weekend nights and early mornings. Although I have yet to experience it myself, there are cases where drivers have been robbed, especially by male passengers. It’s just the nature of the business and it’s better to be safe than sorry,” he told TechCabal. The other challenge is Gaborone’s relatively small ride-hailing market which makes business hard to come by especially on weekdays and in the middle of the month. To deal with that, some drivers, instead of just relying on InDrive for business, use it as an avenue to procure customers for their “taxi special” business. According to them, this saves them time of having to always negotiate with new customers and also hedges against poor business days. “When you provide a good ride, sometimes customers would ask you to be their permanent cab service provider for going to work or dropping their children at school,” one driver told TechCabal. “These are more valuable clients especially when business is slow on InDrive.” The future of InDrive in Botswana InDrive is currently only available in the capital city of Gaborone. According to Lilane, the expansion will only be pursued as the company’s brand gets more engrained in the psyches of Batswana. “Currently, our primary objective is to firmly establish our presence in Gaborone. While we continually foster ambitions to expand our reach beyond this area, it is crucial that we focus wholeheartedly on Gaborone to ensure our foundation there is strong and sustainable,” Lilane said. “By doing so, we lay down a robust groundwork that will not only benefit our current endeavours but will also facilitate future expansions effectively when the right time comes.” For drivers like Botshelo, the ride-hailing service is an earnest way to earn a living in a country where most young people are either underemployed or unemployed. Additionally, it is also a
Read MoreStitch launches WigWag, a social commerce payments platform for SMEs
Stitch has launched a payments product called WigWag which will allow South African merchants to accept payments from local and international cards via a unique link sent by email/SMS. South African fintech startup Stitch has launched WigWag, a social commerce payment platform which would enable small businesses to accept digital payments via a unique payment link. “With WigWag, small and growing businesses can begin accepting local and international card payments in minutes, without the need for a website or developer resources. They simply need to send a unique payment link to customers in any chat or email,” the company said in a statement. While Stitch offers scalable custom payment solutions to large enterprises, WigWag will be focused more on small businesses. After registering for the services, merchants will generate a link for a customer with the amount to be paid and the expiry time of the link. The link can then be sent via email, SMS, WhatsApp or social media chat where the customer will click on it to make a payment. “We created WigWag specifically with these small business clients in mind. Now anyone can have access to reliable payments, powered by the Stitch API, and offer their customers a truly seamless experience,” said Danielle Laity, WigWag product manager at Stitch. Responding to a question from TechCabal on the charges associated with the product, Laity stated that WigWag will charge 2.95% of the amount that merchants get paid. For customers paying you with a non-South African card, WigWag will charge 3.4% of the purchase amount to supposedly cover the foreign exchange. Additionally, each payout will garner an R2 charge, all fees excluding VAT. According to data by Deloitte, 51% of surveyed SMEs indicated they had encountered strong interest from customers in making payments with a card, showing the potential of a solution like WigWag in facilitating such payments. SMEs make up 29% of all businesses in South Africa. Stitch emerged from stealth in February 2021 and expanded into Nigeria in October 2021. The firm raised $21 million in Series A funding in February 2022 to expand its payments API product.
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2023 Hustler Fund application full details
The Kenyan government introduced an innovative digital financial inclusion program known as the Biashara loan. This initiative is designed to empower micro-SMEs by granting them access to loans with remarkably low-interest rates. Here we outline the divisions of the Hustler Fund loan and how to go about your application. The Hustler fund Biashara loan application The Biashara loan is a key component of the larger Hustler Fund Personal Loan Product. It acts as a revolving fund, extending credit to both small businesses and individuals who lack collateral or a formal banking pedigree. The Biashara loan is divided into two segments: individual and group. The newly launched individual micro-enterprise loan product will provide loans ranging from KES 10,000 to KES 200,000 at an interest rate of 7%, calculated on a pro-rata or daily basis. Repayment terms for the loan are highly flexible, with options of 1, 3, 6, or 9 months, and a maximum term of one year. How to register for the Hustler Fund Biashara loan To register for the Biashara loan, prospective beneficiaries should dial *254# on their mobile phones. They will then need to select their business category (options include agriculture, trade, manufacturing, and service providers). Additionally, they must input their business registration number and the KRA pin associated with their business. Eligibility criteria for the Hustler Fund application To qualify for the Hustler Fund application for the Biashara loan, applicants must meet the following requirements: 1. Possess a valid Kenyan National ID. 2. Be a Kenyan citizen aged 18 years or older. 3. Maintain an active SIM card from any mobile network operator. 4. Hold a business number for a business that is registered with the Business Registration Service (BRS). 5. Possess a KRA pin linked to the registered business on the BRS. Final thoughts The Biashara loan provides adaptable loan limits and repayment durations tailored to each customer’s specific needs and capacity. Customers even have the option to increase their existing loans, provided they meet certain criteria. The introduction of the Biashara loan is expected to stimulate economic growth and generate job opportunities for countless Kenyan micro-SMEs operating across diverse markets.
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