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October 30 2023

TechCabal Daily – Kenyan ride-hailing drivers threaten strike

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning TC Daily is running feedback sessions to help us create a better product for our readers in 2024! We’re looking for feedback on the content, the design, and the overall user experience of TC Daily. Your feedback will help us make TC Daily more informative, engaging, and useful for everyone. Schedule a 15-minute meeting with our team to share your feedback. Click here to schedule a meeting. P.S. If you can’t schedule a meeting, we welcome you to respond to all TC Daily editions with your thoughts and questions. You can choose to reply to this email or shoot me your response at timi@bigcabal.com. In today’s edition Fidelity Bank reinstates neobanks Kenyan drivers don’t want Bolt and Uber reinstated yet Airbnb launches $500,000 fund to support tourism in Africa Social commerce in MEA to reach $41.9 billion by 2029 The World Wide Web3 Events Fintech Fidelity Bank reinstates neobanks GIF source: Tenor Nigerian commercial bank, Fidelity Bank, has quashed its qualms with neobanks. Last Friday, sources confirmed that the bank reinstated customer transfers to OPay, Moniepoint, Palmpay and Kuda. ICYMI: This comes a week after customers noticed that several neobanks were no longer listed on the list of approved financial institutions in the Fidelity Bank app. While Fidelity, at the time, claimed that the removal was due to ongoing upgrades, other sources stated that it was due to KYC violations from the neobanks. Last week, sources at the neobanks said that they had been in contact with the commercial bank to resolve all concerns. However, the reinstatement was also due to one regulator, the Nigeria Interbank Settlement System (NIBSS), expressing displeasure at Fidelity’s move. The big picture: All through October, the Nigerian tech ecosystem has been battling KYC issues with neobanks. Earlier in the month, OPay was accused of opening accounts for users without permission. The neobank denied the charge, stating that all existing accounts were either created on OPay or any of its now-defunct verticals including OKash, ORide and OFood. This explanation, however, isn’t stopping Nigeria’s data protection bulldog, the NDPC, which has launched an investigation into the neobank. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Mobility Kenyan drivers don’t want Bolt and Uber reinstated yet Image source: YungNollywood Drivers of ride-hailing platforms in Kenya are taking advantage of the situation. On Saturday, the drivers urged the National Transport and Safety Authority (NTSA) not to renew the licences of ride-hailing platforms Bolt and Uber until the companies act on submitted complaints. The rearview mirror: Earlier this month, the NTSA declined Bolt and Uber’s requests to renew their operating licences. According to the regulator, the ride-hailing platforms were charging illegal booking fees and higher commission rates than the NTSA benchmark allows. While the companies have stated that the booking fees are used to cover taxes and “support or technological features”—in Bolt’s case—the regulator is still not satisfied. The drivers of the platforms are now urging the regulator to ensure that the companies are complying with all requirements of the Transport Network Companies, Drivers, Passengers and Vehicle Owners Regulations, 2022 before they are reinstated. This includes: The requirement that Bolt be registered as a corporate company in Kenya. The removal of the “illegal” 11% and 5% additional fees Uber and Bolt—respectively—charge drivers. Verification of every passenger that registers on the companies’ apps. Fair hearing and institution of notice periods for the removal, deactivation or suspension of drivers. The drivers have given the NTSA seven days to ensure that the companies comply with all regulations, or face a nationwide strike. A steep ride: We don’t think the strike will be effective. So far, these ride-hailing companies have not taken driver complaints as seriously as they probably should. Across the continent, drivers in Kenya, Nigeria, South Africa and even Tanzania are either striking or have gone on strikes for conditions that are still unfulfilled—or partially fulfilled. Whether it’s a demand for a reduction in commission rates or more safety measures, Bolt and Uber have always given the same response; they consider these drivers as contractors and not employees and are not necessarily responsible for their welfare or their actions. Also, these companies don’t joke with their commissions. In 2022, when Tanzania enforced a maximum commission rate of 15% for all ride-hailing platforms, Uber promptly suspended its operations in the country while Bolt bolted to its corporate clients. Less than a year later, the country reinstated a 25% commission rate that brought Uber and Bolt speeding back. While Kenya admittedly has a larger market than Tanzania and is taking a stronger stance with international trade, it remains to be seen how the country will respond to these new demands. Tourism Airbnb launches $500,000 fund to support tourism Image source: AptanTech We may be getting new tourism hotspots soon. Last week, at the Africa Travel Summit in Johannesburg, South Africa, international marketplace Airbnb launched a $500,000 fund geared towards supporting tourism in Africa. Per Velma Corcoran, the company’s regional lead for MEA, the fund will be used to help governments, entrepreneurs and tourism organisations identify and unlock new tourism opportunities across different communities in Africa. The funds will also be dispersed via awards and grants given to local stakeholders. The company will also give access to the City Portal to 10 more African countries, including South Africa. This portal is a new tool for local governments and tourism organisations to learn about Airbnb in their communities and find ways to boost tourism. More for entrepreneurs: Airbnb is also expanding its Entrepreneurship Academy to five new countries in the next two years, following its success in South Africa and Kenya. The Academy is a skills development programme that helps people from diverse and underrepresented communities learn how to become successful Airbnb hosts, in partnership with local organisations. Zoom

October 27 2023

USSD for Zenith, Polaris, First & Union Banks 2023

USSD codes are a convenient and quick way to access banking services on the go. We highlighted USSD codes for MTN network in South Africa recently. Here, we’ll highlight the USSD codes for some Nigerian such as Zenith Bank, Polaris Bank, First Bank, and Union Bank. Zenith Bank USSD codes Zenith Bank offers a range of services through USSD codes stemming from the *996#. For example, see the below: To check your account balance, simply dial *966*00#. For airtime top-up, use *966*Amount*Mobile Number#. For mobile transfers, dial *966*Amount*Recipient’s Account Number#. These USSD codes provide Zenith Bank customers with easy access to their accounts and quick transactions. Polaris Bank USSD Polaris Bank, formerly Skye Bank, also has USSD codes for its customers’ convenience. They stem from the *883#. See examples below: To check your account balance, dial *833*6#. For funds transfer, use *833*Amount*Account Number#. Like Zenith’s, Polaris Bank’s USSD codes services ensure that you can manage your finances without the need for an internet connection. First Bank USSD codes First Bank, one of the oldest and most trusted banks in Nigeria, provides various USSD codes for its customers. The foundation code for this bank is *894#. Use examples are as follows: To check your account balance, dial *894*00#. For airtime top-up, use *894*Amount*Mobile Number#. For funds transfer, dial *894*Amount*Account Number#. Union Bank Union Bank offers a range of USSD codes to cater to its customers’ needs and they all stem from *826#. See examples of its subsidiaries below: To check your account balance, dial *826*4#. For airtime top-up, use *826*Amount*Mobile Number#. When you need to transfer funds, dial *826*2*Amount*Account Number#. Like others, Union Bank’s USSD services are designed for simplicity and accessibility. Final thoughts USSD codes have revolutionised the banking system in Nigeria. The offering of a hassle-free way to access essential services without the need for internet connectivity. In other words, the USSD codes provided by Zenith Bank, Polaris Bank, First Bank, and Union Bank are powerful tools that put control over your finances at your fingertips. With these codes, you can conveniently and securely manage your banking needs, ensuring that you’re always in charge of your financial affairs, no matter where you are in the country.

October 27 2023

Breaking: Fidelity Bank restores transfers to OPay, Moniepoint, and Palmpay

Fidelity Bank has restored transfers to neobanks OPay, Palmpay, Kuda, and Moniepoint a few weeks after it blocked them due to rising fraud and customer verification concerns. Fidelity Bank has reinstated customer transfers to neobanks like OPay, Moniepoint, Palmpay, and Kuda, sources at the neobanks have confirmed. TechCabal reported that the bank blocked customer transfers to the affected neobanks two weeks ago over rising fraud and customer verification concerns. “We have been in talks with them [Fidelity], so we knew when they were going to restore us,” a source at one of the affected neobanks told TechCabal. The reinstatement of transfers comes after a regulator, the Nigeria Inter-Bank Settlement System (NIBSS), expressed its displeasure with Fidelity Bank’s decision to block transfers to these banks, one source close to the matter said. Several customers first noticed that these neobanks were no longer listed on the Fidelity Bank app’s list of approved financial institutions. OPay denied being affected by the restrictions, despite customer complaints. A source at Moniepoint confirmed the restriction while Sofia Zab, Palmpay’s Chief Marketing Officer, told TechCabal that the neobank’s removal was not due to any perceived issues with PalmPay but due to a necessary system upgrade on Fidelity Bank’s side. Neobanks have become increasingly popular and helpful after a policy-driven cash crunch, making them a payment choice. Almost instant transaction speeds and lower fees make these neobanks darlings to merchants and vendors in the country, helping them receive customer payments and scaling their businesses. Blocking transfers to these neobanks meant Fidelity Bank lost revenue from transaction fees.

October 27 2023

South Africa’s new drone, Milkor 380 makes successful first flight

This article was contributed to TechCabal by Bonface Orucho via bird story agency. The Milkor 380, boasting an impressive 18.6-meter wingspan and a maximum takeoff weight of 1300 kg, achieved its inaugural flight on September 19, according to a story published in DefenceWeb on October 10, in what the website called a “giant milestone”. “This makes South Africa among a handful of countries globally to have successfully developed and flown a UAV of this size,” the DefenceWeb reports. This first flight “is a significant achievement for Milkor and the South African Defence Industry (SADI),” Daniel du Plessis, the Marketing and Communications Director at Milkor, stated. The Milkor 380 project, initiated in 2018, has been actively conducting taxi testing throughout this year. This UAV is fully manufactured in South Africa at the Milkor facility in Cape Town, and is equipped with cutting-edge technology that provides unique advantages to the military. Specifically designed for long-endurance intelligence, surveillance, target acquisition, and reconnaissance missions, it can carry an impressive 210 kg of external payload, including various weapons and sensors. The aircraft is powered by a four-stroke, four-cylinder turbocharged Rotax 915iS engine, giving it a service ceiling of nearly 10,000 meters, a maximum speed of 250 km/h, and a cruising speed of 150 km/h. The deployment of the Milkor 380 is expected to significantly bolster the capacity and capabilities of law enforcement units, defence teams, and border patrol units in South Africa. As the country takes the lead in utilising this technology, there is a growing anticipation of further rollouts. In Africa, there has been a noticeable rise in the deployment of unmanned drones for surveillance by insurgents, particularly in regions like the Democratic Republic of the Congo (DRC) and Mozambique’s Cabo Delgado Province. This trend has prompted military strategies to incorporate UAVs into active operations, primarily for surveillance. The African Defence Forum reports that Nigeria, Cameroon, Kenya, Djibouti, the DRC, Mozambique, and South Africa are the largest military deploying countries of this technology. Nigeria, for instance, recently acquired the Wing Loong II from China, following its two-year operation of the ADCOM Yabhon Flash-20 unmanned aerial vehicle (UAV) made in the United Arab Emirates. Other African nations, including Botswana, Côte d’Ivoire, Sudan, and Zambia have also integrated mid-sized drones into their military fleets, as indicated by PAX, a research firm. In 2022, the UN Counter-Terrorism Committee adopted the Delhi Declaration to counter the use of new and emerging technologies for terrorist purposes, including unmanned aerial systems. The committee highlighted the importance of “furthering down the supply chain by focusing on players such as retailers and distributors.” “This will enhance their record-keeping of sales of sensitive goods and multiple application technologies used in the construction of UAS, so that suspicious consignments and sales can be more easily detected,” said Jonah Leff, the Director of Conflict Armament Research. The launch of the Milkor 380 is expected to elevate South Africa’s UAV industry to new heights, given its remarkable technological advancements and capabilities. Notably, five units of the UAV for domestic use are already in the pipeline. An increase in African defence budget allocations is facilitating governments to easily deploy these technologies in a bid to revamp their domestic military capabilities. For example, Nigeria has significantly increased its military budget allocations, with a 56% rise between 2021 and 2022, aiming to counter and potentially eliminate Islamic extremist groups within the country. The Stockholm International Peace Research Institute monitoring global peace issues reports that military expenditure in Africa has grown by an average of 2.5% between 2012 and 2021, reaching US$20.1 billion. Flight trials and sensor integration will continue throughout 2023, with the first public demonstrations of the Milkor 380 anticipated during the African Aerospace and Defense Exhibition, scheduled for September 2024.

October 27 2023

56% of earners pay black tax every month, according to Piggyvest 2023 savings report.

Fintech company, Piggyvest released a savings report for 2023. Across two months, the company surveyed about a thousand Nigerians from different backgrounds, age groups, and genders to learn about their money habits. Since its launch in 2016, Piggyvest has been the most popular savings and investment app in West Africa. The company now has 4.5 million users and has paid out over ₦1.1 trillion ($1.42 billion) to users. The report covers various aspects of personal finance like borrowing, saving, and spending habits among others. According to the company’s CMO, Joshua Chibueze, this is the first of what is expected to be an annual tradition. Here are the five interesting things we learned from the report: 1. Food is the largest personal expense for most Nigerians. Piggyvest report Respondents were asked to share their largest personal expense and 87% of all respondents disclosed that they spend most of their income on food and groceries. This is followed closely by utility bills which was the second largest expense. Within the past year, poor government policies have sent food inflation in Nigeria rocketing to 26.7%, a 7.34% increase from the previous year’s 19.34%. 2. Black tax remains a challenge for the majority of income earners. Piggyvest report According to the report, 56% of income earners pay black tax every month, compared to the 27% who only pay occasionally. To provide more perspective, 71% of respondents earn about ₦249,000, with only 29% earning above ₦250,000. According to one of Piggyvest’s respondents, 70% of her earnings have been sent home to her mom since she started working. “My black tax kept increasing as my salary increased,” she shared. 3. “Japa” is the third most common savings goal on Piggyvest Piggyvest report Nigeria has witnessed a mass exodus of young people in the past three years, and that doesn’t seem to be stopping soon. After rent and education, the third most common reason for saving according to respondents is to leave the country. When asked about their major plans, 49% of respondents said it was to relocate to a new country. Of the 49%, 57% were Gen-Z (below 26) while 49% were millennials. 4. Majority of the population wants to establish businesses Piggyvest report 58% of the respondents are saving to start their own businesses in the next five years. Interestingly, unlike other saving plans like relocating or retirement funds, this one is ubiquitous to every age group. Small and medium businesses are the backbone of Nigeria’s economy as they contribute almost half to the country’s GDP. There are about 40 million SMEs in the country so far, with 67% of them owned by young people above the age of 40. 5. Lending apps are the second most common destination for loans With the high inflation rate that has rocked the Nigerian economy in the last eight years, it is not surprising that a good number of Nigerians have to borrow to complement their livelihoods. According to the report, one in three people is currently in debt, with Generation X and millennials being the most likely to be in debt. While 43% owe their family members or friends, 26% are in debt to a loan app, which is more than the 24% who owe a bank. While there have been concerns raised about the ethics of loan apps in Nigeria, they remain one of the most accessible means of credit in the country.

October 27 2023

How the Meta Ray-Ban smart glasses can help curb vices in Africa

Technology constantly shapes our lives, and innovation sometimes holds the key to addressing societal challenges. One such innovation is the Meta Ray-Ban smart glasses, which, while primarily designed for capturing life’s moments and enhancing social media experiences, can also play a significant role in curbing vices prevalent in Africa, such as sexual abuse, police brutality, extortion, and more. Let’s explore how these glasses can be a powerful tool in promoting safety and accountability in the region. Capturing evidence with a 12MP camera One of the most valuable features of Meta Ray-Ban smart glasses is the powerful 12 MP ultra-wide camera. This camera’s high-quality photo and video capabilities can serve as a discreet tool for documenting and exposing incidents of police brutality and other injustices. The glasses empower users to capture real-time evidence, reducing the ability of wrongdoers to act with impunity. Hands-free communication for reporting The glasses also offer a hands-free communication feature that allows users to make calls and send messages using voice commands. This feature can be invaluable in situations where individuals need to discreetly report instances of extortion, harassment, or sexual abuse. With the ability to contact authorities or trusted individuals without drawing attention to themselves, victims can seek help when they need it most. Meta AI for Information and Assistance Meta AI integration provides users with a personal assistant that can offer information and control features using voice commands. This can be especially useful for those seeking information on their legal rights, emergency services, or guidance on how to deal with abusive situations. The AI can help users access the right resources quickly and discreetly. Open-ear audio for safety and awareness The discreet open-ear speakers in the smart glasses enhance audio quality without isolating the wearer from their surroundings. This feature ensures that individuals remain aware of their environment, a critical aspect of personal safety in regions where vigilance is necessary to avoid threats and vices. One major advantage of the Ray-ban Meta Smart glasses One remarkable advantage of Ray-Ban Meta smart glasses is their compatibility with prescription lenses. If you require prescription eyewear, you can easily incorporate this essential feature into your Meta glasses. There are two convenient options for obtaining Ray-Ban Meta smart glasses with prescription lenses: you can order a complete pair directly from Ray-Ban.com, or you can visit participating LensCrafters stores to have prescription lenses added. It’s worth noting that for warranty purposes, it is recommended to have prescription lenses added at certified LensCrafters locations. This outstanding feature ensures that the Meta glasses can cater to your visual needs, security concerns, and your tech-savvy lifestyle. What you need to operate the Ray-Ban Meta Smart glasses To set up and use your Ray-Ban Meta smart glasses, ensure you have the following prerequisites in place: 1. Compatible smartphone You’ll need a smartphone with a recently released operating system. For Android users, this means Android 10 or above, and for iOS enthusiasts, iOS 14.4 and above. Don’t forget to enable location services on your smartphone. For a comprehensive list of compatible devices, refer to the official documentation. 2. Wireless internet access A reliable wireless internet connection is essential to unlock the full potential of your Meta smart glasses. It ensures seamless connectivity and access to various features. 3. USB-C charging cable and plug While the glasses come with their own charging cable, you may need a USB-C charging cable and plug if you prefer charging from a power outlet. Make sure you have these handy to keep your glasses powered up. 4. Valid meta account To make the most of your Meta experience, you’ll need a valid Meta account. Ensure that you have your account set up and ready to go. 5. Meta view app The Meta View app is your gateway to unlocking the capabilities of your smart glasses. You can download it from your device’s app store. Install the app to enable seamless communication between your glasses and smartphone. Where to buy the Meta Ray-Ban glasses The smart eyewear isn’t yet made available for sale in Africa. However, you can purchase the Ray-Ban Meta smart glasses in the United States, Canada, the United Kingdom, Ireland, Austria, Belgium, France, Italy, Spain, Germany, Finland, Norway, Denmark, Sweden and Australia, through certified Meta retailers and the official Meta website. They are also available at Ray-Ban stores and certified dealers, both online and in-store. There are several styles available for the glasses, and the variants also mean they have different prices. But you’ll get one between $275-$400. Final thoughts on the Meta Ray-Ban smart glasses The only downside to these smart glasses is the inability to work independently of a smartphone. Nevertheless, the Meta Ray-Ban smart glasses, with its impressive features, aren’t just about fashion-tech, but a tool that can empower individuals in Africa to tackle prevalent vices head-on. By facilitating discreet communication, capturing evidence, and providing access to information, these glasses can contribute to a safer and more accountable society.

October 27 2023

TechCabal Daily – Ugandan traders to fight Facebook ban

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Inflation is eating everything up—especially everyone’s competitive salaries. In Nigeria, inflation is at 24% and in Ghana, it’s at a whopping 40%. The prices of everyday items are rising faster than anyone can keep up with. Can fintech solutions help? Join us today at 11 AM (WAT) for a discussion with Timi Odueso, senior editor at TechCabal, and fintech experts Seçkin Çağlın, Emre Ertan, Peter Onu and Yasmine Mohamed Henna on how to use technology to protect your money from inflation and build a secure financial future. Register now. In today’s edition Why Patricia’s trustee withdrew interest Ugandan traders want to sue the government Botswana wants to incorporate tech into its diamond industry UK’s online safety bill becomes law Funding tracker The World Wide Web3 Job Opening Startups Patricia’s trustee withdraws interest Patricia’s CEO, Hanu Fejiro Patricia is planning to refund customers’ funds even with its escrow trustee, DLM Trust, is backing out. The crypto firm had earlier partnered with DLM Trust to disburse $2 million in customer funds that it lost to a hack.DLM, however, backed out of the deal, citing “multiple breaches in the terms and conditions of agreement and trust.” A source close to the situation attributes the DLM Trust withdrawal to the recent media backlash. The withdrawal announcement was made barely 24 hours after Patricia announced the partnership. A blindsided withdrawal: Per Patricia, DLM Trust’s withdrawal was not previously communicated to the crypto firm. Patricia told TechCabal that it observed all due processes, including fulfilling its financial commitments to consummate the contractual agreement. Zoom out: It remains to be seen whether Patricia is on the lookout for a new escrow trustee. The firm now has a much bigger task in convincing its customers that they would get their funds back. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Social media Ugandan traders threaten to sue government over Facebook closure Uganda’s Facebook shutdown is threatening its SMEs. And now, a group of traders are threatening to sue the Uganda Communications Commission (UCC) if it does not reopen Facebook within two weeks. Why? The notice states that the traders have lost approximately 3,874,000 clients who were active Facebook subscribers in Uganda at the time of the closure, along with 2.9 billion potential clients in the global market. Per Luyimbazi Nalukoola, the lawyer representing the traders, the continued closure of Facebook has resulted in significant financial losses for its members, estimated at around UGX 66 billion ($17.5 million), it also extends to their supply chain, affecting 650 boda bodas, 88 lorries and pickups, and 180 taxis. ICYMI: Facebook shutdown a network of accounts linked to Uganda’s information ministry in January 2021, accusing them of “coordinated inauthentic behavior” in the public debate ahead of the country’s 2021 presidential election. The Ugandan government responded by shutting down all social media sites and blocked access to the internet on January 13, 2021, one day before the presidential elections. However, it restored access to the internet and other social media platforms on January 18, 2021, but Facebook remained blocked. Ugandans now use VPNs to access Facebook, while many have stopped using the platform altogether. The big picture: Social commerce in Africa and the Middle East is projected to reach $41.9 billion by 2028, and already, 67% of traders across many African countries are using social media for their businesses. Platforms like Facebook help traders sell more, so it’s understandable why these Ugandan traders are ready to fight. But will the Museveni-led governement—which has often been accused of using oppressive means to stifle opposition—settle this amicable? The evolution of agency banking in Africa In this longform Decode Fintech piece, Paystack explores agent networks in Africa, how they converge with SMEs, and what the future of agency banking means for how money moves across the continent. Read the blogpost. Economy Botswana to leverage technology to boost diamond industry President Mokgweetsi Masisi of Botswana Botswana is betting on tech to advance its diamond industry. The country’s president, Mokgweetsi Masisi, at the ongoing FACETS Conference in Botswana emphasised the need for diamond-producing nations like Botswana to incorporate technology into the sector to foster sustainability. A silver diamond bullet: Masisi said the use of innovations such as drone-assisted surveying to advanced water management systems could help preserve the world for generations to come. The President also said the use of blockchain technology for diamond tracing could could make the diamond supply chain more transparent. Zoom out: President Masisi’s speech shows the country’s vision in scaling its Diamond’s industry. Botswana is the world’s largest diamond producer by value—it produces over 25% of the world’s diamonds by value—and its diamond industry accounts for over 30% of its GDP. The government in March 2023 bought a 24% Stake in HB Antwerp, a diamond cutting and technology company based in Antwerp, Belgium. The company houses some of the finest diamond processing technology including an automated diamond polishing robot, a blockchain-based diamond tracker, and a stereo microscope for diamond observation. Regulation UK Online Safety Bill becomes law Tech firms in the UK will have to take more responsibility for the content on their platform. In the UK, the government has passed an Online Safety Bill that places immense responsibility on tech giants to ensure children’s safety in the digital world. What does the Act say? Social media platforms must now take proactive measures to prevent illegal and harmful content, including content promoting self-harm, terrorism, and revenge pornography, from appearing on their sites. They must also ensure that age limits are enforced and that children are protected from accessing harmful and age-inappropriate content. Furthermore, they must be more transparent about the risks and dangers posed to children on their sites and provide parents and children with clear and accessible ways to report problems online when they do arise.

October 26 2023

Investors ask for logical valuations from Nigerian startups

On the second day of the NITDA Digital Conference investors asked for logical valuations and more local involvement in Nigeria’s VC industry. On Wednesday, at the NITDA Digital Conference, Kashifu Abdullahi, the director general of NITDA, shared that the tech ministry is using a Massachusetts Institute of Technology research framework to determine how to collaborate with the private sector. “Our major strategy is resetting our mindset and what I mean by resetting mindset is that we need to remove the dichotomy or demarcation between the government and private sector,” Abdullahi said. Abdullahi also referenced how the current tech minister, Dr. Bosun Tijani, comes from the private sector. “In an ecosystem, we need to have collective ownership,” he said. Nigeria’s tech ministry has been on an increased acknowledgement drive in the months following Bosun Tijani’s appointment. Since the minister’s appointment in August, the ministry has announced a plan to train 3 million tech talents and a ₦5 million artificial intelligence research grant for 45 startups. Both programmes are organised by NITDA and Abdullahi shared the agency’s plans for these incentives. “We intend to place 1.5 million (fellows) in the local ecosystem, and [for the other] 1.5 million, give them the opportunity to live in Nigeria and work for international organisations or the global ecosystem,” Abdullahi said. Investors ask for logical valuations and increased local participation At a panel session at the conference, Janade Du Plessis, the managing partner of Launch Africa Ventures, a prolific VC firm in Africa, advised Nigerian startups to base their valuations on “logic”. He added that founders should not base their valuations on Nigeria’s population but rather on “business ratios.” “If you split Nigeria out across the entire continent in our portfolio, the average valuation is $5.5 million. When you add Nigeria, that goes up to $12 million,” Du Plessis said. “My advice to founders is: what are you basing that on and have a logical argument when you talk to investors. Whether it be revenue multiples or you have a certain path for your LTV. I often see that in this ecosystem, it seems to be a train to have a high valuation,” he added. Satesh Melwani, an investor in African startups, said that there needs to be more local investment in Nigeria’s VC industry. He said this can help the Nigerian tech ecosystem survive the global VC downturn. “I think that there has to be a real education for Nigerian investors to get them [to invest in Nigerian startups],” he said. Melwani also advised startups to make proper corporate governance a solid part of their strategy to raise money, as investors expect more information from startups. “The market is evolving and changing to a situation where people are expecting real corporate governance.”

October 26 2023

SA startup WhereIsMyTransport is shutting down, cites lack of funds

SA mobility startup WhereIsMyTransport is shutting down after failing to raise new funding. South African mobility startup WhereIsMyTransport is shutting down, citing an inability to raise new funding. Founded in 2016 Devin De Fries, the startup raised over $27 million in funding and had 140 employees. “Having failed to raise our round, we’ve stopped operations. Thank you to the investors who backed us along the way – without you, our work would not have been possible. Thank you to the team who gave the best of themselves to support our mission,” wrote De Fries. WhereIsMyTransport mapped formal and informal public transport networks and used the data to improve the public transport experience, claiming to make commuting safe and accessible. The startup licenced some of its data to governments. South African mobility startup WhereIsMyTransport raises $14.5million for expansion In May 2022, the startup announced that it had mapped 50 cities across Africa, Latin America, Southeast Europe, and Asia. Some of its clients included the World Bank, which used its data to examine access to job opportunities via public transport in 12 African cities. The startup was also an alumnus of the now-defunct Naspers Foundry, having raised $3 million from the fund towards its $14.5 million Series A extension. Its other investors included Cathay AfricInvest Innovation Fund, Japan’s SBI Investment, Wuri Ventures, Capria Ventures, Nedbank, Global Innovation Fund, Goodwell Investments, Google and Toyota Tsusho.

October 26 2023

Updated SRD R350 payment dates for October 2023

In an effort to provide clarity and assistance to clients, the South African Social Security Agency (SASSA) has released the updated payment dates for October 2023 for those approved for the R350 SRD SASSA payment. The SASSA body understands the importance of timely and predictable payments for their clients, and thus, are committed to keeping them informed about the latest developments. New SRD SASSA payment dates Payments for clients who have been approved for the month of October 2023 will be processed from October 25 to October 31, 2023, for the R350 SRD SASSA payment. SASSA has streamlined its payment schedule to occur during this specific week, ensuring that recipients can anticipate their funds with confidence. This approach is designed to improve the efficiency of the payment process and make it more convenient for beneficiaries. All SRD clients are to stay informed and monitor their payment status diligently for the R350 SRD SASSA payment. You can do so by visiting the SRD website, where you will find the exact date when your payment will be reflected in your bank account. The website portal provides you with real-time updates and ensures that you are well-prepared for the arrival of your funds. Note to SRD SASSA beneficiaries It’s important to note that after the processing of payments from October 25 to October 31, it may take approximately 2-3 business days for the funds of the R350 SRD SASSA payment to reflect in your bank account. Factors such as your banking institution and other logistical considerations can impact the exact timing of fund availability. Therefore, SASSA advises clients to plan accordingly and not be alarmed if the funds do not appear in their accounts immediately after the processing period. Final thoughts These updated payment dates for October 2023 are part of SASSA’s ongoing effort to provide clarity, predictability, and reliability in their services for the R350 SRD SASSA payment. SASSA remains dedicated to serving their clients with the utmost professionalism and care. For further information and inquiries about the R350 SRD SASSA payment, please visit the SASSA website or contact their helpline for assistance.