- September 15 2023
Nigeria will partner with India to drive digital economy growth
Nigeria’s National Information Technology Development Agency (NITDA) met with India’s National Institute of Electronics and Information Technology (NIELIT) in a strategic move to drive the digital economy of both countries. The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, met with M.M. Tripathi, the Director-General of India’s National Institute of Electronics and Information Technology (NIELIT), on the sidelines of the G20 Summit. The meeting was aimed at fostering a deeper understanding of the Indian digital economy and exploring avenues for knowledge sharing and collaboration. The discussions covered topics ranging from digital skills development to cybersecurity and innovation. According to a statement seen by TechCabal, Inuwa—who represented Nigeria’s minister of communications, innovation, and digital economy, Bosun Tijani—underscored the importance of leveraging India’s vast expertise in digital technologies to bolster Nigeria’s digital economy. In his campaign manifesto, President Bola Tinubu promised to create one million digital jobs for Nigerians in the first two years of his government. Nigeria hopes that borrowing from India’s playbook will help achieve this goal. Leaders from both Nigeria and India emphasised that this partnership is not only about bilateral cooperation but also about contributing to the broader global digital ecosystem. The thinking is that by joining forces, the two countries can accelerate their respective digital transformations while also playing a more influential role in shaping the global tech space. The Nigerian delegation also paid a working visit to the headquarters of the National Association of Software and Service Companies (NASSCOM). Inuwa spoke about the government’s initiatives to support tech innovation and foster a vibrant startup ecosystem in Nigeria and the need for international partnerships to accelerate Nigeria’s progress in the digital space. Shivendra Singh, vice president, global trade development, who received the Nigerian delegation, acknowledged Nigeria’s growing influence in Africa’s tech ecosystem and expressed a willingness to facilitate collaboration and knowledge exchange between Nigerian and Indian tech companies. Both countries will be building an execution plan on the identified areas of cooperation, which include skills development, technology transfer, and business partnership. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read More- September 15 2023
Your favourite tech startup wants to go public; it may make everyone involved unbelievably liquid
After two years of relative inactivity, startups are gearing up to test the public markets again. Here’s what lies ahead for Africa’s IPO hopefuls. When tech firms raise huge sums at the Series C stage, it typically starts an 18-month countdown to an initial public offering (IPO). An IPO or Initial Public Offering is when a privately owned company offers a portion of its equity to public market investors on a stock exchange. Listing on a stock exchange, a.k.a going public, is considered the hallmark of mature companies. Regardless of where it is domiciled or operates, a business is considered ready for a public market when it can show tangible market value and meet the financial standards of whatever exchange it chooses. The business will need to find a lead investment bank to underwrite, i.e., vouch for the company’s credibility and help it find buyers. “Is the leadership team strong enough to stand up to the public markets?” Asks Aarish Shah, the founder of EmergeOne, a London-based firm that helps startups organize their finances from seed through exit. A company that adds or shakes up its C-Suite is a telltale sign that it is preparing for an IPO. Hiring new top officers, especially in finance, legal and operations, signifies that a business is preparing for the big leagues. Eghosa Omoigui, the managing general partner of EchoVC Partners, also agrees with Shah. He said that a strong team, strong financials, [and] solid processes across the company to ensure repeatability of operating performance and forecasts are crucial pieces of IPO preparation. The IPO begins before the IPO Companies have to clean up their accounting to prepare for the intense scrutiny of public markets, but even that isn’t enough. “A good business exit happens when the company is bought, not sold,” says Victor Basta, founder and chief executive of DAI Magister, a boutique investment bank. Preparing for an exit involves sowing the seeds early in the minds of potential investors. Managers of a business preparing for an IPO intentionally cultivate an image and push communications that subtly reinforce the value of the business. Surely, you can think of at least one African tech company doing this right now, yes? “It’s about using investor relations to build quality relationships for equity analyst coverage,” said Omoigui. This narrative building also helps secure a respected investment bank to serve as lead underwriter and the face of the IPO sales process in the obscure walls of high finance—a lead underwriter—typically an investment bank—vets and vouches for the IPO company. Underwriters privately contact institutional investors and family offices and invite them to bid on the available IPO shares. At this point, the contours of an initial per-share price are determined. Unicorns used to equal IPOs Typically, unicorn status means companies are ready to go public. But in the current climate, founders stay private for longer, even as future funding sources for both VCs and startups dry up. The scrutiny and the unforgiving nature of valuations on the public markets inform the hesitation. Grocery delivery giant Instacart will go public this month at an estimated valuation of $9 billion, a significant discount on its $39 billion valuation on the private markets two years ago. African companies valued at around $2-3 billion will be wary of similar haircuts. Jumia enjoyed a fantastic IPO, offering its shares for $14.60 before experiencing a 200% share price increase in the first few hours of trading; today, the company’s shares trade for $2.87. The fintech startup Stripe has delayed its long-awaited IPO to an unspecified future as its valuation sank by almost half from a high of $95 billion. Arm Holdings Plc, a semiconductor firm, cut its valuation by $15 billion, lower than what market watchers expected before its expected IPO. Despite possible valuation cuts, a successful IPO can be financially life-changing for everyone involved, especially for underwriters who charge fees and take a share of gross proceeds. According to PwC, underwriters in the US may charge anywhere between 4.1% to 7% of IPO proceeds. Underpricing, a strategy where the issuing company sells shares below its initial offering price to attract investors, can take another 10% to 15% of IPO gains. The greater the value of the IPO, the less gross proceeds will be charged. This excludes lawyer fees, auditor fees, investor relations fees, etc. Besides this, the listing fee (paid directly to the stock exchange) for companies with smaller capitalisation, i.e., below $2 billion—where most African tech startups fall in—is between $55,000 and $75,000, depending on the total shares outstanding. Larger companies typically list on the Nasdaq Global Market or Nasdaq Global Select Market and pay between $175,000 and $320,000 as entry fees. There are tools and tax instruments that can make it cheaper, but generally, launching and completing an IPO today is a considerable expense. Only the well-funded can afford IPOs. If you have some free time, here’s a PwC IPO cost calculator to play with. But back to the story. The spectre of cheap IPOs While 2021 was the year startups attained high valuations due to low-interest rates-fuelled risk-taking, successive years have seen a fall back to earth with businesses priced more reasonably as investors looked to similar but publicly listed companies to guide perspectives on private valuations. Given how little we know about the revenue of Africa’s most funded startups, it would be a pleasant surprise for highly valued African tech companies that successfully debut publicly not to be repriced in line with the overall trend in falling valuations. But it’s not all bad news to seek an IPO in a lower valuation market or be repriced lower during the IPO process. Arm’s expected IPO was oversubscribed, but it only happened after Softbank, which owns most of Arm, repriced its stake lower as book building began. What is more important is how the business performs once it is listed. On the eve of a possible global recession, it is one thing to list on a public exchange, but, as David Messan
Read More- September 15 2023
Kenya adjusts pump price again as petrol crosses 200Ksh for the first time
The Kenya government says these changes align with high fuel costs worldwide. In the latest evaluation by the Energy and Petroleum Regulatory Authority (EPRA), fuel costs in Kenya have, for the first time, surpassed the KES 200 ($1.36) mark. With yesterday’s price adjustment, the new pump rates will be KES 211 ($1.44) for super petrol, KES 201 ($1.37) for diesel, and KES 202 ($1.38) for Kerosene per litre. “The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation,” EPRA said in a statement. These changes follow the Kenya government’s decision to discontinue fuel subsidies and emphasise the influence of market dynamics on pricing within the country. At the same time, the changes are driving conversations among Kenyan citizens, who have taken to social media platforms to voice their concerns about the significant hike in fuel costs, expressing their fears about the added financial burden. Some have pointed out that this situation punishes those who supported the Ruto-led Kenya Kwanza administration despite prior warnings. On the other hand, a select number of people affiliated with the administration have come to its defence, arguing that the recent price adjustments align with the global trend of soaring fuel prices. Trade and industry cabinet secretary Moses Kuria has warned Kenyans of further fuel hikes in the upcoming months. According to Kuria, fuel prices within the nation will receive consistent increments of at least KES 10 ($0.07) per month until February 2024. Kuria said via his X profile, “Global Crude Prices are on an upward trajectory. For planning purposes, anticipate a monthly rise of Ksh.10 in pump prices until February.” Assuming this will happen, Kenyans will pay up to KES 250 ($1.70) in fuel by then. Three years ago, a litre of petrol cost KES 104 ($0.71). A few months back, it surged to KES 196 ($1.33). As of today, the cost has further escalated to KES 211 ($1.44). This represents a staggering jump of over KES 100 ($0.68) or more than double the price from three years ago.
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- September 15 2023
Was the iPhone 15 worth the wait?
Apple has once again stirred the internet after unveiling its highly anticipated iPhone 15 Pro and iPhone 15 Pro Max. These remarkable devices represent a paradigm shift in the brand’s definition of smartphone design, performance, and environmental consciousness. While there have been media backslashes from displeased iPhone enthusiasts who believe the iPhone 15 series is simply a renamed version of the iPhone 14 series, we’ll leave you to determine what to think as we highlight some of the key features of the latest Apple iPhone. Camera upgrades The new iPhones usher in a photography revolution with a camera system equivalent to seven professional lenses, all made possible by the potent A17 Pro chip. The 48MP main camera system now supports a super-high-resolution 24MP default setting, opening doors to unparalleled image quality. These advancements redefine portrait photography, enhancing focus and depth control, elevating night mode and Smart HDR, and introducing an exclusive 5x Telephoto camera solely available on the iPhone 15 Pro Max. A17 Pro: A chip evolution Fueling these devices’ prowess is the A17 Pro, the industry’s pioneering 3-nanometer chip, setting a new bar in smartphone performance. With remarkable improvements across the board, including a major GPU overhaul, a 10 per cent faster CPU, and a 2x swifter Neural Engine, these iPhones redefine what’s achievable on a mobile device. The pro-grade GPU takes centre stage with its 6-core design, delivering a staggering 20 per cent speed bump and introducing hardware-accelerated ray tracing for visually immersive experiences. Bolstered camera creativity The advanced camera systems in the iPhone 15 Pro and Pro Max, empowered by A17 Pro, provide an astounding seven pro lenses in one device. The 48MP Main camera grants users unmatched flexibility with a 24MP super-high-resolution default mode, delivering exceptional image quality without sacrificing storage space. Users can effortlessly switch between three popular focal lengths: 24 mm, 28 mm, and 35 mm, or choose one as their new default setting. Furthermore, night mode is further enhanced, thanks to the Photonic Engine, making Night mode portraits a reality. Smart HDR, now accessible to third-party apps, improves rendering across the board. Next-level wireless and connectivity in the iPhone 15 Both models embrace the USB‑C connector, supercharged with USB 3 speeds, enabling swift data transfers up to 20 times faster than its predecessor. The second-generation Ultra Wideband chip allows iPhones with this feature to connect at three times the previous range, making “Precision Finding” in “Find My” a breeze, even in crowded places. Wi-Fi 6E support delivers up to 2x faster wireless speeds, while the iPhone 15 Pro lineup becomes the first thread-enabled smartphones, laying the groundwork for seamless home automation integration. iPhone 15 Titanium design Apple, in unleashing its iPhone 15 Pro and Pro Max, boasts of a cutting-edge titanium chassis that not only delivers impeccable strength but also impressively lightweights, setting a new benchmark for Pro models. This innovative design incorporates elegantly contoured edges and introduces a versatile Action button, which empowers users to personalize their iPhone experience as never before. Enhanced safety features in the iPhone 15 Safety shares the spotlight in the iPhone 15 models with the introduction of Crash Detection and Emergency SOS via satellite, providing crucial assistance during critical moments. Emergency SOS via satellite is set to expand its reach to Spain and Switzerland. Moreover, Roadside Assistance via satellite makes its debut in the U.S., connecting users to AAA when stranded without cellular or Wi-Fi coverage. The intuitive interface streamlines communication and is free for two years, even for non-members. Eco-Conscious design Apple’s commitment to environmental sustainability shines through in the new iPhone. They incorporate more recycled materials than ever before, including 100 per cent recycled aluminium and cobalt in the battery. Even the packaging is over 99 per cent fibre-based, moving closer to the goal of eliminating plastic by 2025. In a significant shift, Apple will no longer use leather in its products, opting for eco-friendly alternatives. Pricing and availability iPhone enthusiasts can get their hands on these cutting-edge devices in four stunning titanium finishes including black titanium, white titanium, blue titanium, and natural titanium. Pre-orders commence on Friday, September 15, with availability starting on Friday, September 22. Prices start at $999 for the iPhone 15 Pro and $1,199 for the iPhone 15 Pro Max, offering various storage capacities to cater to users’ needs. Apple’s trade-in program allows for substantial savings, and select carriers offer the chance to obtain an iPhone 15 Pro for as low as $0 after trading in eligible devices. In Africa, due to shipping, retail, tax, and other costs, potential users may pay between $1,200 and $2,500 to own the variations of the iPhone 15. Innovative iOS 17 The iPhone 15 models come equipped with iOS 17, packed with features such as Contact Posters, Live Voicemail, enhanced Messages, and the exciting NameDrop for easy sharing. Other improvements include StandBy, interactive widgets, and enhanced privacy features in Safari. iCloud+ Expansion Apple also expands its iCloud+ offerings, introducing 6TB and 12TB plans for users with large media libraries or those utilising Family Sharing. These plans grant access to premium features, including Private Relay, Hide My Email, Custom Email Domains, and HomeKit Secure Video support. Final thoughts on the iPhone 15 Apple continues to push the boundaries of innovation with the iPhone 15 Pro and iPhone 15 Pro Max, setting new standards in design, performance, and sustainability while prioritising user experience and environmental responsibility. Do you think it’s worth your splash?
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- September 15 2023
My driver the stalker
Many Nigerian women are stalked by drivers after using ride-hailing apps, as ride-hailing companies try to evade responsibilities. Late one night in September 2022, Ebube, a 23-year-old law professional, flew into Lagos from Abuja and, unable to get an Uber, booked a trip on Rida, another popular ride-hailing app in Nigeria. After several failed transactions, she discovered the next day that she’d paid him three times the fare. She contacted the driver, a man called Kehinde Ladi, for a refund, which he promised to send. What Ebube got instead was several months of constant calls and messages on WhatsApp from different numbers every other day. Ladi, who soon left Nigeria, uses new numbers to call Ebube several times despite her forgoing the money. Blocking him hasn’t stopped him. Complaining to Rida did not help the situation. A full year later, Ebube still gets WhatsApp messages from Ladi. This is just one of many examples of cyberstalking that female passengers are subjected to after booking and going on trips with ride-hailing apps. These experiences affect the way women interact with these apps. Binyelum*, a 28-year-old lawyer who lives in Lagos and has been using ride-hailing apps for five years, has had to change her name on all the apps to a generic one because she was constantly harassed in-ride due to her unusual name. She changed her name on ride-hailing apps to avoid being stalked on social media by drivers. For Bola*, a student at the University of Lagos, this fear became a reality as a driver from Bolt used several Instagram accounts to hound and sexually harass her. Jessica* also faced the same problem after an Uber ride home from her office in Lagos, with the driver physically stalking her at work. Data protection lawyer Victoria Oloni, explained that Nigeria’s Cybercrimes Act of 2015 establishes criminal liability for various forms of cyberstalking, such as persistently sending offensive, indecent, obscene, or menacing messages via public electronic communication networks, which the activities of the ride-hailing drivers fall within. “Sending false messages, and causing annoyance, inconvenience, or anxiety to another person all fall within the reach of cyberstalking,” Oloni said. While the companies in charge of ride-hailing apps set up safety measures to protect riders, it is not enough. To protect users’ privacy, popular ride-hailing apps like Bolt and Uber have phone number masking features that enable riders or drivers to call each other in-app without revealing their phone numbers. However, there is also an option to place a mobile call to the SIM number of the user. On other ride-hailing platforms, often less expensive, like inDrive and Rida, users can only call directly on mobile. They reveal users’ phone numbers immediately after you press the call button. This is how stalkers can save the numbers to their devices and use them to contact and harass users. A spokesperson for Uber told TechCabal, ”We encourage riders and drivers to use in-app communication and not give their private details to ensure safety and privacy at all times.” Bolt explained to TechCabal that it does the same but finds it necessary to include the option of direct contact in cases where the internet connection is unstable, which is sometimes the case. “We constantly issue driver training materials to inform our drivers not to abuse this function. Any contact leads to immediate action against drivers or riders,” Bolt said in an email to TechCabal. On the one hand, cyberstalkers may be fined between ₦7 million and ₦25 million and imprisoned for at least a year; on the other hand, according to Oloni, the absence of explicit reporting mechanisms for victims is a notable gap within the Cybercrimes Act. “While there is a cybercrime reporting portal established by the Nigerian Police Force (NPF), we all know the challenges associated with the effectiveness of the NPF,” Oloni explained. “Notably, the Act only outlines how law enforcement entities address these offences, rather than how these agencies can become aware of the occurrences of such offences.” The ride-hailing companies often try to shift responsibility to the users, especially for stalking that happens after the ride. Additionally, there are arguments on whether ride-hailing drivers are employees of these companies or not. However, ride-hailing companies are service providers under the Cybercrimes Act and have a responsibility to aid law enforcement agencies in dealing with stalking and harassment and protecting data that’s sourced on their platforms. Oloni told TechCabal that non-compliance by ride-hailing services could result in potential liability. “Upon conviction, ride-hailing services can be fined up to ₦10 million,” she said. Additionally, any director, manager, or officer of the service provider can be imprisoned for a minimum of three years or fined at least ₦7 million, or both. In the future, a cyberstalking victim may seek recourse in a court of law, and both the ride-hailing apps and their drivers might be coughing up a lot of money and some jail time. But for now, unfortunately, the status quo remains. Oloni suggested that a possible solution is creating a shared reporting database among ride-hailing apps. This way, deplatformed drivers cannot rejoin under different services due to prior behaviours being flagged. One wonders how long it might take the ride-hailing companies to consider this and create an extra layer of safety for female users. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- September 15 2023
TechCabal Daily – SendChamp’s new camp
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Friday! X marks the spot, unless you are willing to pay the price. X, formerly Twitter, is releasing a new feature that will allow premium users to hide their likes. We all saw this coming, but that is not the story. The story is how X announced the update: “Keep spicy likes private by hiding your likes tab ? “ What does that even mean? In today’s edition WhoGoHost acquires SendChamp Flutterwave to invest $50 million in Kenya Tech Nation set to resume in October Kenya’s Digital Health bill goes through first reading Funding tracker The World Wide Web3 Event: Moonshot Conference Job opportuinities Acquisition WhoGoHost acquires SendChamp Founders of SendChamp: Damilola Olotu and Goodness Kayode WhoGoHost, a Nigerian cloud infrastructure company, has fully acquired SendChamp—a cloud communications startup—for an undisclosed amount. The acquisition which combines cash and equity, is part of WhoGoHost’s strategic plans to deepen its value offering for its customer base. SendChamp leadership to join WhoGoHost: 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. The acquisition will see Sendchamp’s CEO and CTO assume new roles at WhoGoHost. Kayode will be the 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. In essence, SendChamp will transform into “SendChamp by WhoGoHost.” As it seamlessly integrates with WhoGoHost’s offerings, it will adopt the WhoGoHost company name. Zoom out: At WhoGoHost, the acquisition of SendChamp is regarded as the first in a strategic series of steps that will see the company transform from a domain and hosting infrastructure company to a diverse digital services platform that focuses on domains, online presence, communication, and online commerce products. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Fintech Flutterwave to invest $50 million in Kenya Image source: TechChabal Nigerian fintech company, Flutterwave is planning a $50 million investment in Kenya. Olugbenga Agboola, the chief executive officer and co-founder of Flutterwave, shared this during a media interview held in Nairobi. The fintech company is presently in the process of seeking approval for both a payments service provider license and a remittance license in Kenya. Agboola also mentioned that they have already obtained preliminary approval from the Central Bank of Kenya (CBK) and are ready to initiate their investment plans once the necessary licence is granted. Several legal issues may have delayed the licensing process, but the fintech is finally going through the process of approval. Zoom out: In April 2023, Flutterwave announced that they were going to make Nairobi their main base for doing business in East Africa. Agboola reaffirmed the company’s commitment to opening a fresh office in the area and highlighted their plans to enhance their infrastructure and onboard more personnel within the country. As of now, Flutterwave has a workforce of 27 individuals in Kenya. Talent Tech Nation set to resume in October Image Source: TechCabal Tech Nation, a UK organisation that helps bring talented tech talents from Africa to the UK through its endorsement of the Global Talent Visa, is set to relaunch its operations in October. Tech Nation halted operations six months ago but will now relaunch during the Birmingham Tech Week on October 16 according to the UKTN. ICYMI: In March this year, Tech Nation ceased operations after losing out on a government grant which was its primary revenue stream to Barclay’s Eagle Labs—its primary revenue stream. One month after Tech Nation shut down, it was acquired by Founders Forum in an undisclosed deal. Despite the company’s closure, a small team continued processing applications for the service. According to local media, Tech Nation will continue to be the endorsing body for digital technology applications under the Global Talent Visa. Zoom out: Tech Nation’s resumption of operations spells good news for tech talents, especially Nigerians who are looking to explore the Global Talent Visa route to the UK. The West African country ranks third in the world with 11.3% of applications globally. Policy Kenya’s Digital Health bill goes through first reading Image Source: TechCabal Yesterday, the Kenyan National Assembly had the first reading of the Digital Health Bill. The Bill was drafted by the government in partnership with healthcare stakeholders. What is the bill about? The Bill proposes the establishment of a digital health agency that would provide a framework for the provision of digital health services. Through the Digital Health Bill, Kenya will maintain a comprehensive integrated health information system that can be a reference to every health facility that requires a patient’s health history in the country. Not a standalone bill The Digital Health Bill is one of four bills which the cabinet approved earlier in August. All four bills will replace the NHIF Act. The Social Health Insurance Bill 2023, the Primary Healthcare Bill 2023, and the Facility Improvement Financing Bill 2023 are the three other bills. Zoom out: While the Digital Health Bill has only passed its first reading, it represents a significant milestone in Kenya’s journey toward a more efficient and patient-centric healthcare system. The legislative process will involve further deliberations, revisions, and rounds of voting before the bill can become law. Nevertheless, its introduction signifies the government’s commitment to harnessing the potential of digital technology to improve healthcare access and outcomes for all Kenyan citizens. TC Insights Funding Tracker Image Source: Zikoko Memes This week, raised a $2.4 million seed round. The round comprised $1.6 million in debt and $800,000 in equity funding. The round was backed by African Renaissance Partners, Norrsken Accelerator Draper Richards Kaplan Foundation, with
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- September 14 2023
New 2023 SGR online booking with Madaraka Express
The Standard Gauge Railway (SGR) has revolutionised the way Kenyans travel. With its modern amenities and efficient services, it has become the preferred choice for many commuters. To make your SGR journey even more convenient, you can book your tickets online. In this article, we will walk you through the steps for booking your SGR tickets online in Kenya. 1. Visit the official SGR online booking website To initiate the booking process, open your web browser and visit the official SGR website at https://metickets.krc.co.ke/. The website is user-friendly and designed to provide you with all the information you need for a seamless booking experience. 2. Select your journey details Once you’re on the website via the link above, you’ll be prompted to select your journey details. This includes choosing your departure and destination stations, train type, and travel date. Make sure to double-check your selections to avoid any errors in your booking. 3. Choose your class and more The SGR offers different classes, including Economy Class and First Class. Select the class that suits your preferences and budget. You’ll also have the option to choose your preferred seats, depending on availability. Additionally, you’ll need to indicate if you’re booking for one or more persons. There are special privileges for children as children below 3 years old will board for free, and those between the ages of 3 and 11 will board at a discount. 4. Enter Identification details Next, to continue with your SGR online booking, you’ll need to provide an identification or passport number, alongside your full name, gender, and nationality As you input your passenger information, please confirm that the name on your reservation corresponds with the name on your passport or identification document. Also, note that every individual aged 18 years and older must provide a legitimate means of identification or passport number. It is not permissible for two adult passengers aged 18 years and above to utilise an identical ID or passport number for the same train journey. 5. Review and confirm SGR online booking Before proceeding, review your SGR online booking details to ensure they are accurate. If everything looks correct, proceed to the payment section which you’re to start by entering your mobile number and proceeding to make payment. 6. Make payment SGR offers multiple payment options, with the most prominent being mobile money service, M-Pesa. Enter your M-Pesa mobile number and click “proceed to payment” and follow the instructions to complete the payment process. Be sure to keep the payment confirmation for your records. 7. Receive your SGR e-ticket after online booking Once your payment is confirmed, you will receive an electronic ticket (e-ticket) via email. This e-ticket will serve as your proof of booking and must be presented during boarding. It’s advisable to have a printed copy or a digital version on your mobile device for convenience. 8: Enjoy your journey With your e-ticket in hand, arrive at the station at least 30 minutes before departure to allow time for any ticket SGR online ticket conversion modalities, security checks and boarding. The SGR staff will guide you through the boarding process, ensuring a smooth start to your journey. Final thoughts Booking your SGR tickets online in Kenya is a straightforward process that saves you time and effort. By following these simple steps, you can secure your seats and look forward to a comfortable and enjoyable ride on the Standard Gauge Railway. Say goodbye to long queues and hello to hassle-free travel with SGR’s online booking system.
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- September 14 2023
Nigerian Startup Mecho Autotech raises $2.4 million in pre-Series A round
Mecho Autotech, a Nigerian startup that provides quality automotive spare parts, vehicle repairs and maintenance services has raised $2.4 million. Mecho Autotech, a Nigerian startup that provides quality automotive spare parts, vehicle repairs and maintenance services, has raised $2.4 million in a pre-Series A investment round. Global Brain Corporation, Ventures Platform, and Uncovered Fund backed the round. Per Mecho Autotech, the fund will be used to launch a B2B spare parts distribution platform. In partnership with local banks, the startup will offer up to ₦10 million ($13,428) in financing to automotive supply chain players. They aim to create a demand-driven ecosystem for Nigeria’s $8 billion automotive after-sales market through tailored software solutions. In February 2022 Mecho Autotech secured $2.15 million in seed funding to expand its vehicle maintenance services, with the initial goal of providing vehicle maintenance and repair services. However, the startup identified the shortage of spare parts in the country. Its pre-Series A funding of $2.4 million positions the startup to target Nigeria’s annual $10 billion spending on imported vehicle spare parts. Speaking on the investment, Hiroto Sorita, Global Brain Corporation Director, said, “We see a significant opportunity in the growth of the automotive aftersales market in Nigeria. Mecho is led by a strong entrepreneur and team with vast industry experience. Global Brain will support Mecho on parts procurement from Asian suppliers and business development for the new services to penetrate this fragmented market.” Leveraging its partnerships with aftermarket spare parts manufacturers in Asia, Mecho’s online market space will allow spare parts vendors and workshop owners to buy affordable high-quality spare parts. By the end of Q3, Mecho Autotech plans to launch an app for corporate fleet owners to discover workshops, access maintenance financing, and manage vehicle data. Mecho will also launch an app for spare parts vendors and workshop owners in 4Q23. “In our original business model, our core focus was on vehicle maintenance and repair. But we soon realised a much larger issue—there was an extreme scarcity of high-quality spare parts in the market. Spare parts vendors face frequent stockouts and struggle to access inventory financing. In our marketplace, vendors can source inventory from leading aftermarket spare parts manufacturers and access credit. By solving for spare parts stockouts, we can help solve one of the biggest problems in our industry,” said Olusegun Owoade, Mecho Autotech CEO/co-founder. Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now!
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- September 14 2023
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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- September 14 2023
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
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