How new law allows Kenyan taxman to access offshore bank accounts information
Kenya has introduced the Common Reporting Standard (CRS) to improve financial transparency and fight tax evasion. The CRS requires financial institutions to report information about their clients’ accounts to tax authorities, which helps identify individuals evading taxes. In a bid to improve financial transparency in the country, Kenya introduced the Common Reporting Standard (CRS) through the Finance Act in 2021. The Tax Procedures Act was updated to include the CRS. To put the CRS into action, the cabinet secretary for treasury, Njuguna Ndung’u, was tasked with creating regulations officially implemented on 1st January 2023. Origins In 2014, the Organisation for Economic Cooperation and Development (OECD) created the Common Reporting Standard (CRS) due to the lack of transparency in financial account information. According to the OEDC, many organisations use offshore entities to stash taxable income while trading or holding financial assets. The CRS was implemented to require that Reporting Financial Institutions (RFIs), such as depository accounts and other financial institutions, report account information to tax authorities. Why is the law important? The CRS mandates RFIs, which include depository accounts and investment entities, to report account information to the Kenya Revenue Authority (KRA). It empowers the KRA to identify individuals who may have been evading taxes or hiding their wealth in offshore accounts. Besides, by sharing relevant financial data with other jurisdictions, Kenya strengthens international cooperation and becomes integral to the global fight against illicit financial activities. The CRS requires RFIs to identify reportable accounts and share specific account information with the KRA. Reportable accounts include all financial accounts managed or administered by an RFI. What information is exchanged between financial institutions? By joining the CRS Multilateral Competent Authority Agreement (CRS MCAA), Kenya can exchange financial account information with 106 other countries via the OECD Common Transmission System (CTS). The financial institutions must provide details like names, addresses, jurisdictions, residences, and tax identification numbers (TINs) (or similar identifiers if TINs are unavailable) for account holders. According to the regulations, this collaboration builds transparency and international cooperation in the fight against tax evasion and financial malpractices. It is all about compliance Kenyan financial institutions now play a key role in ensuring tax compliance by submitting annual reports to the KRA. These reports contain the aforementioned essential details about specific financial accounts individuals and entities hold. For entities with controlling persons, additional information is required, such as account numbers, names, identifying numbers, and account balances or values at the end of the reporting period. This comprehensive reporting mechanism strengthens the KRA’s efforts to identify tax evaders and individuals attempting to hide ill-gotten wealth in offshore bank accounts. Data privacy and developments The implications of the CRS for financial data privacy and security must not be overlooked. While exchanging financial information between countries is essential for ensuring global tax compliance, it raises concerns about protecting individuals’ sensitive data. It is crucial for Kenya and other participating nations to find a delicate balance between financial transparency and data privacy. To ensure the effectiveness of the laws, Kenya’s treasury cabinet secretary has relinquished the authority to regularly amend the regulations on exchanging financial information with the 106 countries involved. This decision, made by the treasury ministry, comes from President Ruto’s government and the KRA’s collective efforts to crack down on tax evasion and individuals benefiting from ill-gotten gains. Reportedly, removing a clause that previously allowed unnecessary adjustments to the regulations aims to safeguard against potential loopholes for tax evaders. Possible challenges As with any initiative, challenges remain. The responsibility lies with Kenya and all participating nations to ensure that the shared data is used exclusively for legitimate tax compliance purposes. Adequate data security measures must be in place to safeguard against any unauthorized access or misuse. By requiring RFIs to report financial account information, Kenya is moving towards tackling tax evasion and offshore asset hiding head-on. The effectiveness of the CRS lies in identifying possible tax evaders and exchanging financial data between countries to ensure global tax compliance. However, the responsibility to uphold financial data privacy and security remains crucial in this process.
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Bundle Africa shuts down its exchange platform
Lire en français Read this email in French. Editor’s Note Week 30, 2023 Read time: 5 minutes Hello In this week’s edition, we cover major updates in the tech and business landscape, including Bundle Africa’s restructuring, Nigerian ride-hailing drivers’ demand for reduced commissions, smartphone shortage in Kenya, and more. Have you filled out this 3-minute survey yet? Please do if you haven’t. Pamela Tetteh Editor, TechCabal. Editor’s Picks Bundle Africa shuts down its exchange platform In a significant restructuring move, web3 startup Bundle Africa has shut down its exchange services after three years of operation. The company will shift its focus entirely to its peer-to-peer service Cashlink. Learn more. Nigerian ride-hailing drivers demand 10% commission The hike in fuel prices in Nigeria has left ride-hailing drivers grappling with increased expenses. So they want to reduce the commisions of ride-hailing app companies to 10%. Learn more. Ethiopia lifts social media ban Great news hit Ethiopia on Wednesday. The country finally lifted its ban on social media platforms like Facebook, TikTok, Telegram, and Youtube. Learn more. Netflix blocks password sharing in SA South Africans’ days of freely sharing their Netflix passwords with friends outside their household are officially over. Learn more. Shortage of smartphones in Kenya The Kenya Revenue Authority (KRA) has had enough of tax evasion and is cracking down on more businesses. Unfortunately, this crackdown is causing supply shortages for phone vendors and increasing the prices of available phones. Learn more. Entering Tech Interested in getting tech career resources and insights?. Then sign up for Entering Tech to get started! Starlink launches in Kenya Starlink is now available in Kenya. Kenyans can get the broadband internet service for Ksh6,500/month ($45.9) with a one-time hardware cost of Ksh92,000 ($649.72). Learn more. Safaricom to launch Starlink rival Elon Musk’s Starlink will face a new rival in Kenya’s satellite space. Kenya’s top communications company, Safaricom, has partnered with AST SpaceMobile to launch satellite internet services. Learn more. Canal+ is smelling blood The French broadcasting giant, Canal+, has just upped its stake in the Multichoice to 31.7%! That’s a power move because according to South African law, once a shareholder crosses the 35% threshold in a listed entity, they’re obliged to make a takeover offer. Learn more. A $966.8 million thumbs up The International Monetary Fund (IMF) has given Kenya’s new taxes a $966.8 million (Ksh136.7 billion) thumbs up . But the president’s opposition party and numerous Kenyan citizens are taking to the streets to protest these taxes vehemently. Learn why. Telkom plans to sell its tower portfolio South Africa’s biggest Internet Service Provider (ISP), Telkom, has plans to sell its Swiftnet tower within the next two months. Read more. Who brought the money this week? Egyptian fintech company Flash raised $6 million in a seed round. The round was led by Addition other participating investors, including Flourish Ventures and angel investors. Nigerian Health tech company Pharmarun received $10,000 in equity-free funding from the Pitch2Win competition. Mycover.ai, a Nigerian-based insurtech company, raised $1.25 million in a pre-seed round. The round was led by Ventures Platform. Other participating investors included Founders Factory Africa and Techstars. Tunisian mobility company, Kaco secured undisclosed funding from UGFS North Africa. What else to read this weekend? Can Flex Finance conquer Africa’s $1.4 trillion business spend market? SING is building an ecosystem from scratch in Gabon Nigeria’s new FX regime has birthed fresh competition between banks and remittance startups Egyptian fintech report shows a strong focus on bank partnerships Written by: Ngozi Chukwu Edited by: Pamela Tetteh 18, Nnobi Street, Surulere, Lagos, Nigeria Unsubscribe from TC Weekender
Read MoreDo newer social media platforms stand a chance against older platforms?
On July 4, 2023, at about 12:30 pm WAT, Meta boss Mark Zuckerberg announced the launch of Threads, a new microblogging platform powered by Instagram. In less than six hours, the app amassed a shocking five million registered users and the number went up to 100 million after a week, the highest number for any social media platform. Threads was largely touted to be Twitter’s successor, but without the news and heavy political conversations that made Twitter a toxic town. But is it? After nearly two decades of reign as the epicentre of online conversations, Twitter looks to be shrinking as users are fleeing the chaotic 2010s social media scene for platforms that can facilitate conversations in a less messy environment. According to a report by data company, Similarweb, the company’s web visits and app usage have steadily dropped since the beginning of 2023. The platform has been called out for its algorithm and design which reward vileness with more visibility, creating a toxic environment for users. Twitter is not alone. Instagram (also owned by Meta), once simply a popular photo-sharing platform, has seen its usage threatened by other social media apps, TikTok and BeReal. The platform, which was initially established to share photos, has been frequently condemned for promoting superficiality and prioritising ads over genuine interactions, with younger users favouring apps like BeReal that promote the sharing of real, unfiltered photos. On July 1, 2023, Twitter introduced a view limit for users, capping the number of tweets they could view per day to 6,000 for verified accounts and 600 for unverified accounts. This downtime on Twitter served as the proverbial nail in the coffin for a lot of Twitter users who finally got the push to leave the social platform and consider alternative platforms. SPILL, a new meme-forward social platform that calls itself a safe space for marginalised groups and culture drivers saw its number of registered users go up as high as 100,000, 30 times more than before the incident. The app, which launched in mid-June 2023 and is invite-only, became the most downloaded social media app on Monday, July 3, two days after Twitter imposed a view limit. Other social networks like Trump’s TRUTH Social, which had been around since February 2022, also saw a 30% increase in traffic after Twitter’s update, eventually suffering a temporary crash as servers weren’t equipped to handle the influx from Twitter. According to Mark Amaza, a policy expert, while a lot of people are looking to leave social media platforms like Twitter for newer and less chaotic alternatives, these new platforms might not have what it takes to replace existing social media platforms. Amaza is extremely active on Twitter, where he’s been since 2009, and before that, he was an active Facebook user with close to 2,000 friends. While the move from Facebook to Twitter and Instagram was quite easy for him in 2009, he doesn’t think it’ll be the same this time around, especially for people who already have spent a long time on Twitter, as a lot of things are different. According to him, it was easier to transition to Twitter from Facebook because it has a certain “stickiness” and was different from Facebook. “With Facebook, you only could interact with your friends or people whose requests you approve, and so it was kind of limited in the interactions and overall experience. Twitter, however, is more open and gives you access to anyone as long as they have an account.” After 14 years on Twitter, Amaza is suffering from social media fatigue and finds Twitter somewhat annoying, for the most part, due to how toxic it’s become. While he’s learnt to navigate the app well, he’s not entirely sure that he’d join Twitter today if he wasn’t already using the platform. When he was younger, he didn’t entirely mind the toxicity and admits to having engaged in mean interactions sometimes, but according to him, he’s now older and has experienced a lot of personality growth, which now makes the platform largely inhospitable to him due to the unsavoury interactions that dominate the space. Do newer social media platforms stand a chance? Despite its impressive numbers in the beginning, user engagement on Threads has dropped. According to Similarweb, Threads’ daily active users fell from 49 million after its launch to 23.6 million users last Friday. Similarly, the app’s average usage time also fell from 21 minutes to six minutes over the same timeframe. TRUTH Social has also been unable to meet the projected number of users. Five days ago, the network’s head of engineering resigned amidst the platform’s struggle to show consistent growth. The network has only been able to bag two million users out of its projected 56 million users by 2024. To compare, Twitter has over 350 million users while Instagram and Facebook have two billion and 2.9 billion respectively. Saratu Abiola, a journalist and communications strategist, believes that a new social network would only work if they don’t try to replicate another, as the political environment that allowed for the style of older networks to grow rapidly simply isn’t there anymore. “You can’t replicate another social media app. Threads can’t replicate Twitter, for example. Building a social media network post-Cambridge Analytica will never have the trust networks as building one pre-Cambridge Analytica. Twitter and Instagram require you to know some people, and that’s a big responsibility because these people shape your experience on the platform. Nearly all of the other platforms I’ve seen also require some form of social trust, and that’s hard to cultivate in this climate.” According to Abiola, platforms that are capable of providing unique experiences will most likely be the ones to witness sustainable growth. “What’s the point of joining another platform where the value I get is from the people that I know, and I already follow them on one platform?” she asks. “TikTok is almost the only social network that has achieved this. It is the only platform where you
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August payment dates and updates for SRD 2023
The South African Social Security Agency (SASSA) plays a vital role in providing financial support to vulnerable individuals and families through the Social Relief of Distress (SRD) grant. This grant is designed to alleviate poverty and assist those who are in dire need of financial aid. To ensure that beneficiaries receive their support promptly, it is crucial to understand the payment dates for SRD SASSA payments in August. 1. Background on SRD SASSA payment The SRD grant is a temporary form of financial assistance provided by the South African government. It is meant for individuals who are unemployed, unable to work due to illness or disability, or facing severe financial hardships. The grant is intended to cover the basic needs of beneficiaries, such as food and essential supplies. 2. August payment dates for SRD SASSA For August, SASSA generally continues the trend of disbursing payments. Beneficiaries can expect their SRD grant to be available for withdrawal or use from the designated payment channels during the following dates: Grant for Disabled People: August 3, 2023 Grant for Children: August 4, 2023 Grant for Senior Citizens: August 2, 2023 It is essential to note that the exact date may be subject to change, so beneficiaries should stay vigilant for official updates on the S. 3. Approved beneficiaries and eligibility criteria To receive the SRD grant, individuals must meet specific eligibility criteria set by SASSA. These requirements may include being a South African citizen or permanent resident, being of the age of 18 and having little to no income or financial support. Beneficiaries must have an approved application to receive the payment for August. 4. Payment channels for SRD SASSA SASSA offers various payment channels for beneficiaries to access their SRD funds. These options may include direct bank deposits into the beneficiary’s account. Beneficiaries can select the payment method that best suits their needs during the application process. 5. Communication and updates SASSA communicates with beneficiaries through various channels, including SMS notifications and public announcements. Beneficiaries are advised to keep their contact information up-to-date to receive timely updates on payment dates and any changes to the disbursement schedule. 6. Resolving payment issues In some cases, beneficiaries might encounter issues with their SRD payments. This could be due to incorrect information provided during the application process, technical glitches, or other unforeseen circumstances. In such situations, it is essential to reach out to SASSA’s helpline or visit a local SASSA office for assistance in resolving the problem. Final thoughts It is crucial for recipients to stay informed about updates from SASSA and to promptly address any payment-related issues to ensure the smooth receipt of their SRD grant.
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How to clear your internet footprints in 2023
In today’s digital age, maintaining online privacy has become increasingly challenging. With every click, search, and social media interaction, we leave behind a trail of digital footprints that can be tracked and monitored. However, by taking proactive steps, it is possible to minimise and even completely clear your internet footprints. Here, we will explore various strategies and tools you can employ to safeguard your online privacy and regain control over your digital presence. 1. Delete browsing history and cookies to clear internet footprints One of the first steps towards clearing your internet footprints is to remove your browsing history and cookies. Most web browsers provide an option to clear this data. By doing so, you eliminate records of the websites you’ve visited, searches you’ve made, and cookies that track your online activities. Remember to clear history and cookies on all devices you use to browse the internet, including smartphones and tablets. 2. Opt out of data collection to clear internet footprints Many online services and platforms collect user data for various purposes. To regain control over your privacy, take advantage of options that allow you to opt out of data collection. Visit the privacy settings of websites and applications you use and review the options available. Look for features that let you limit data sharing, targeted advertising, and personalised content. By opting out, you minimise the amount of personal information that is stored and utilised by these platforms. 3. Use Virtual Private Networks (VPNs) A virtual private network (VPN) encrypts your internet connection, making it harder for others to track your online activities. By routing your internet traffic through a VPN server, your IP address and browsing data become anonymous. When selecting a VPN service, ensure it has a no-logs policy, meaning they don’t retain any information about your online activities. Additionally, choose a VPN with strong encryption protocols and servers located in privacy-friendly jurisdictions for enhanced protection. 4. Secure social media profiles Social media platforms often collect vast amounts of personal information. To clear your internet footprints, review and update your privacy settings on social media platforms. Adjust who can view your posts, limit access to personal details, and be cautious about the information you share publicly. Regularly audit and remove unnecessary or outdated posts, photos, and personal information from your profiles. Consider minimising the number of platforms you use and disabling features that share your activity with third-party applications. 5. Use privacy-focused search engines and browsers Popular search engines and browsers track and store user data. Consider using privacy-focused alternatives like DuckDuckGo or Startpage, which prioritise user privacy and do not store personally identifiable information. Similarly, opt for privacy-oriented web browsers like Mozilla Firefox or Brave, which offer enhanced security features, block trackers, and provide better control over your online activities. Final thoughts on clearing your internet footprints Clearing your internet footprints is an ongoing process that requires diligence and the use of privacy-conscious practices and tools. By implementing the strategies outlined in this article, you can regain control over your online privacy and minimise your digital footprint.
Read MoreBundle Africa shuts exchange operations after three years
After three years of operations, Bundle Africa has shut down its exchange services. The crypto payments app will now be focusing on Cashlink, its peer-to-peer platform. Bundle Africa, a social payments app for cash and cryptocurrency, has announced it is shutting down operations of its exchange services after three years. According to a statement published on its website on Friday, the company said the decision was made by its shareholders in a bid to “restructure the business”. Instead, Bundle will now be focusing on Cashlink, its peer-to-peer platform. The company said it hit 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink. “As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink,” the statement read in part. Following the announcement, users will longer be able to sign up on Bundle, deposit assets into their wallet, swap assets in their wallets except for USDT, and withdraw with Cashlink. Bundle users are expected to withdraw all their funds to any exchange of their choice. According to the statement, the last day for users to convert to USDT is the 30th of August, 2023. “While this is unprecedented, we’d like users to know funds are safe and can be withdrawn between now & September 10th. We will continue to provide our users and the community with unparalleled support during this time, even as the business transitions to Cashlink and other services,” the company’s CEO, Emmanuel Babalola also wrote in a tweet. Bundle’s cessation of operations comes at a time the African crypto industry has taken a beating. Nestcoin, a Nigerian crypto startup, which held investor funds in collapsed FTX, had to lay off staff last year. In February, another Nigerian crypto startup, Fluidcoins, was acquired by Bitfinex after it unsuccessfully tried to raise funds to continue its business operations. In April, Lazerpay, a web3 and crypto payment company, shut down, months after the startup’s founder, Njoku Emmanuel, shared that the company was having trouble raising funds.
Read MoreKenyan vendors face a shortage of smartphones as KRA tightens grip on tax evaders
Smartphone vendors in Kenya face challenges as taxation measures and supply shortages impact prices and availability. The Kenya Revenue Authority (KRA) wants to stem tax evasion, leading to slower business and higher consumer prices. A smartphone shortage in Kenya has been going on over the last few weeks. Many official and non-official vendors have voiced their concerns about the shortage, with some stating that they have been forced to close their operations or reduce their employees. The retailers who are still selling smartphones are the ones who stocked their shops with a big volume of devices. The overall low number of smartphones on store shelves has also compelled retailers to increase the prices of their devices. This has made it more challenging for locals to afford such devices since Kenyans are budget hunters who prefer entry-level smartphones. We are almost done with our stock . Our goods have been held in in customs for more than one month now. We may have to close soon because we may have nothing to sell. — Oliver Cheruiyot (@OliverCheruiyot) July 18, 2023 A shortage of electronics has been reported in Kenya, with smartphones being the most affected. KRA imports tax adjustments According to The Star, importers of consolidated cargo were asked to pay taxes based on the transaction value, per a new directive issued by the Kenya Revenue Authority (KRA). This move departed from the previous model, where importers declared loose cargo and paid a fixed duty of KES 200 per kilogram. According to KRA, the decision to adopt the new tariff, based on transaction value, followed the abuse of the initial government directive, which aimed to ease costs for small importers. Some importers of restricted items, such as expensive mobile gadgets and other electronic devices, have been cutting corners to bypass import permits. For instance, some importers have reportedly been shipping in high-end mobile devices, declaring them feature phones. This, in return, saw them pay a fraction in tax of the actual value of the devices. Besides, the taxman observed that many of these importers brought in their goods through consolidation, avoiding using their PINs to declare imports. So, they ended up owing a lot of VAT on their iTax PINs and couldn’t use their sales VAT to cover it. The matter was discussed by NTV’s business host Julians Amboko, who spoke with KRA’s Ag. Commissioner general Rispah Simiyu. Amboko explained that what had occurred was that while feature phones were kept under the per kg consideration after June 1, 2023, smartphones, along with other excisable goods, were switched to the per unit value consideration. KRA stated that it had observed the passing of smartphones as feature phones. The commissioner was asked about the amount lost due to the concealment of consolidated cargo. According to her, there was one instance where an item initially assessed at KES 85,000 ($600) per kg yielded over KES 700,000 ($5,000) after undergoing 100% verification. “When we realised this huge level of concealment and under-declaration, we decided to halt to halt the release of some of of the cargo and went for 100% verification,” Simiyu said. Amid the crisis, smartphone prices will continue to rise Mildred Agoya, realme Kenya’s marketing manager, who acknowledged the rising cost of smartphones in Kenya told TechCabal that the surge is due to two main factors. “Smartphone prices in Kenya have risen and will continue to increase based on two factors. First, tax on smartphone devices has increased, directly affecting the price of these devices. Secondly, smartphones cost more than before because of the current currency exchange rate,” she said. Mildred pointed out instances where Kenyan clients purchase realme devices at a lower exchange rate, say $1 = KES 130. However, the dollar rate increases when the order is processed, leading to higher costs. The fluctuating exchange rates have significantly contributed to the surge in smartphone prices. For example, some realme models initially priced at KES 10,499 are now being sold for almost KES 12,000, representing a 10-20% increase, depending on the model. The limited availability of smartphones is also a result of delayed customs clearance, which a new directive introduced by the KRA has exacerbated. Importers must now undergo multiple procedures to clear their products, leading to longer waiting times at KRA warehouses. Security concerns have also compelled some vendors to limit the stock available in their shops. Kenya is witnessing weekly political protests, with citizens expressing discontent over the high cost of living. These demonstrations sometimes turn violent, resulting in looting and damage to private property. As a precaution, vendors are cautious about keeping a large stock in their stores. Another smartphone maker with products in Kenya underscores realme’s input about currency exchange rates and supply chain bottlenecks. “The rising prices of smartphones in Kenya can be attributed to factors like currency fluctuations, increasing import costs, supply chain disruptions, and burdensome red tape measures. These challenges have led to a surge in prices, impacting affordability for consumers,” James Irungu, vivo Kenya’s brand and communications manager, told TechCabal. What’s going to happen to rogue vendors? There’s continuous speculation that some vendors have not been paying their fair share of taxes for a long time when importing smartphone devices. These are the groups that the taxman is targeting, and the KRA has already instructed them to collect their products since they have been cleared. NTV Kenya reports that the KRA is calling upon smartphone importers with cargo held at the Eldoret International Airport to speed up the verification of their consignments. However, it has also emerged that the KRA is nabbing tax cheats, who have been evading tax while selling the devices to Kenyans. This may be the primary reason the imports are yet to be cleared. Walinasa a friend of mine Wakafreeze accounts zake zote . Ogopa — Kype Computers Ltd (@kype_computers) July 19, 2023 [Don’t go to pick up your cargo (held by KRA) if you have been skirting taxes. They nabbed my friend and froze his bank accounts]
Read MoreQuick Fire 🔥 with Jessica Uche
Jessica is at the intersection of businesses and technology. Building a career that spans human resources, media, logistics, consulting, and fintech, she enjoys leveraging technology to drive business, product, and revenue growth while fostering strategic partnerships. She is presently the country director for Native Teams Limited, leading business, revenue, and product development. Explain your job to a five-year-old. I enable companies hire and pay their employees and contractors in 59+ countries. You recently assumed the country director position at Native Teams. What are your biggest learnings? That strategic partnerships are underrated drivers of business and revenue growth. I have learned to leverage collaboration over competition to scale. In-depth geographical and market research is definitely not one to be overlooked as it is largely key to successful business expansion. Regarding product development, I have learned that it is best to build products based on obtainable market realities, then iterate constantly following direct user feedback. The most interesting of them is that Nigeria is about 90% a commission-based market than subscription-based. This was quite tricky for me to navigate, but we found our way around our target audience after several pricing model iterations. What skills would you say have been critical to your career growth and trajectory? Quite a few. Strategic business development, for one. Then business relationship management, stakeholder management, project management and strategic partnerships. Is there any way you think AI will play into business development? I believe AI is already in play in core business development. Renowned BD and CRM tools are already AI-embedded and are being leveraged by big tech. However, it is essential to make accessibility to business development AI more revenue level. What would you say are the steps companies looking to penetrate new markets should take? Companies should not glide over the market research aspect of business expansion. Not all markets that look attractive from a numbers perspective will generate revenue directly proportional to headcount numbers. Local and legal compliance should be non-negotiable when considering/entering new markets. An in-depth understanding of regulatory expectations and local compliance should not be underestimated. Global expansion comes with challenges peculiar to each country and market audience. Hence companies must devise effective go-to-market strategies to navigate unique market complexities, build products to suit specific markets, and scale operations accordingly. What would you say are your proudest achievements? Here are three of them: Going from BDM to Country Director in one year is definitely top-table. Leading a business that is subscription-based in a commission-based market. Closing deals worth over $723,000 across twelve different countries. What interesting pieces are you reading right now? Make Your Contact Count by Anne Baber and Lynne Waymon How to Sell To Nigerians by Akin Alabi Atomic Habits by James Clear
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5 best Hi-Fi headphone brands for audiophiles 2023
When it comes to indulging in a truly immersive music experience, nothing beats a pair of high-fidelity (Hi-Fi) headphones. These cutting-edge audio devices offer exceptional sound quality, precision engineering, and luxurious comfort. In this article, we present five remarkable headphone brands that consistently deliver top-tier performance, making them some of the best choices for discerning audiophiles. 1. Sennheiser Sennheiser, a renowned name in the audio industry, has been crafting exceptional headphones for decades. Their commitment to sonic excellence is evident in their models like the Sennheiser HD 800 S. With open-back designs and high-quality materials, Sennheiser headphones produce a wide soundstage, detailed instrument separation, and stunning clarity. The brand offers a diverse range of options, catering to different preferences and budgets. Sennheiser’s dedication to research and development ensures that their headphones consistently push the boundaries of audio performance, making them a popular choice among audio enthusiasts worldwide. 2. Audeze Audeze is synonymous with planar magnetic technology, which is a key factor in their headphones’ outstanding audio reproduction. The company’s flagship LCD series, including models like the LCD-4, showcases their expertise in this area. Audeze headphones offer unparalleled accuracy, precise imaging, and extended frequency response. Their commitment to craftsmanship is evident in their meticulous attention to detail, resulting in headphones that provide an immersive and lifelike listening experience. Audeze’s dedication to innovation has solidified its position as a leading brand in the world of Hi-Fi headphones. 3. Focal Focal, a French audio manufacturer, is renowned for its commitment to precision engineering and luxurious design. Their headphones, such as the Focal Utopia, combine cutting-edge technology with exquisite craftsmanship. Focal’s attention to detail extends to every aspect of their headphones, from the meticulously crafted drivers to the sumptuous materials used for the ear cups. With a focus on neutrality, clarity, and dynamic range, Focal headphones deliver an immersive and highly accurate soundstage. The brand’s unwavering commitment to excellence has earned them a loyal following among audiophiles who demand the best in performance and aesthetics. 4. Beyerdynamic For over 95 years, Beyerdynamic has been synonymous with German precision and engineering prowess. Their headphones, such as the Beyerdynamic DT 1990 Pro, offer a perfect blend of analytical precision and musicality. Beyerdynamic’s commitment to durability and comfort is evident in their robust build quality and ergonomic design. These headphones deliver an engaging and transparent sound reproduction, making them a preferred choice for audio professionals and enthusiasts alike. With a wide range of models catering to different listening preferences, Beyerdynamic continues to be a reliable choice for those seeking high-quality Hi-Fi headphones. 5. Audio-Technica Audio-Technica has long been recognised for its dedication to audio fidelity and affordability. Their headphones, including the critically acclaimed Audio-Technica ATH-M50x, offer a fantastic balance between price and performance. With accurate and detailed sound reproduction, these headphones have gained a strong reputation among audio enthusiasts. Audio-Technica headphones are renowned for their durability and comfortable fit, making them suitable for long listening sessions. The brand’s commitment to delivering value for money has made them one of the best choices for anyone entering the world of Hi-Fi audio or looking for an affordable headphone. Final thoughts on some of the best Hi-Fi headphone brands Investing in high-quality Hi-Fi headphones can significantly enhance your music-listening experience. The five brands mentioned above—Sennheiser, Audeze, Focal, Beyerdynamic, and Audio-Technica—offer exceptional audio performance, comfort, and craftsmanship, ensuring that audiophiles can enjoy music in all its glory.
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👨🏿🚀TechCabal Daily – Netflix blocks password sharing in SA
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF AI is coming for TechCabal reporters’ jobs. Google says it’s working on an AI tool that can source for and write news. Google says it won’t replace reporters though; it’s only here to assist, and we agree. I mean, how will people enjoy the news if it isn’t laced with the occasional typo and jabs at Elon Musk’s mismanagement of Twitter? In today’s edition Quick Fire with Jessica Uche Netflix cracks down on password sharing in SA Ethiopia ends five-month social media ban Funding Tracker The World Wide Web3 Event: TC Live Job openings Quick Fire How Jessica Uche thinks about business Jessica is at the intersection of businesses and technology. Building a career that spans human resources, media, logistics, consulting, and fintech, she enjoys leveraging technology to drive business, product, and revenue growth while fostering strategic partnerships. She is presently the country director for Native Teams Limited, leading business, revenue, and product development. Jessica Uche Explain your job to a five-year-old. I enable companies hire and pay their employees and contractors in 59+ countries. You recently assumed the country director position at Native Teams. What are your biggest learnings? That strategic partnerships are underrated drivers of business and revenue growth. I have learned to leverage collaboration over competition to scale. In-depth geographical and market research is definitely not one to be overlooked as it is largely key to successful business expansion. Regarding product development, I have learned that it is best to build products based on obtainable market realities, then iterate constantly following direct user feedback. The most interesting of them is that Nigeria is about 90% a commission-based market than subscription-based. This was quite tricky for me to navigate, but we found our way around our target audience after several pricing model iterations. What skills would you say have been critical to your career growth and trajectory? Quite a few. Strategic business development, for one. Then business relationship management, stakeholder management, project management and strategic partnerships. Is there any way you think AI will play into business development? I believe AI is already in play in core business development. Renowned BD and CRM tools are already AI-embedded and are being leveraged by big tech. However, it is essential to make accessibility to business development AI more revenue level. What would you say are the steps companies looking to penetrate new markets should take? Companies should not glide over the market research aspect of business expansion. Not all markets that look attractive from a numbers perspective will generate revenue directly proportional to headcount numbers. Local and legal compliance should be non-negotiable when considering/entering new markets. An in-depth understanding of regulatory expectations and local compliance should not be underestimated. Global expansion comes with challenges peculiar to each country and market audience. Hence companies must devise effective go-to-market strategies to navigate unique market complexities, build products to suit specific markets, and scale operations accordingly. What would you say are your proudest achievements? Here are three of them: Going from BDM to Country Director in one year is definitely top-table. Leading a business that is subscription-based in a commission-based market. Closing deals worth over $723,000 across twelve different countries. What interesting pieces are you reading right now? Make Your Contact Count by Anne Baber and Lynne Waymon How to Sell To Nigerians by Akin Alabi Atomic Habits by James Clear Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Streaming Netflix expands password-sharing restrictions to South Africa Image source: Zikoko Memes South Africa’s Netflix users can no longer “Netflix and chill” with people outside their households. Netflix has cracked down on password-sharing in South Africa, but the country is yet to be included in the streaming platforms’ paid-for-sharing option. What is paid-for sharing? The paid-for-sharing option allows you to share your Netflix account with someone outside your household by offering an extra membership fee less than a full subscription. ICYMI: In February this year, Netflix restricted password-sharing in Canada, New Zealand, Portugal and Spain. Netflix further expanded its restrictions to the U.S. and more than 100 other countries in May 2023 and also introduced its paid-for sharing options in those countries representing 80% of its revenue base. The recent update on South Africa’s password-sharing restrictions came after Netflix announced on Wednesday that the restrictions are having a positive effect on revenues and subscription numbers in markets where it’s enforced. Zoom out: The password-sharing restriction was likely prompted by last year’s subscriber loss, as Netflix claims that as of February this year, over 100 million households share accounts which impacts their ability to invest in new TV and Films. On the bright side, the streaming service noted in its latest report that it gained over 5 million subscribers between April and June 2023, after it stopped users in several regions from sharing passwords. Internet Ethiopia restores social media access after five months Image source: Zikoko Memes On Wednesday, Ethiopia restored access to social media sites like Facebook, TikTok, Telegram and Youtube after a ban was imposed in February this year. What happened? The ban was imposed after three archbishops from the Oromia region accused the leadership of the popular Orthodox Church of discrimination and a lack of diversity, which caused a rival planned protest. The authorities banned the protests from happening. However, supporters of the Orthodox Church accused the authorities of supporting the breakaway group. They vowed online to defy the ban and hold a rally to show their support for the Orthodox Church. This led to a ban on social media and a shutdown of schools in the country. VPN to the rescue:Only those with access to a virtual private network (VPN) could get on social media platforms, which made the demand for VPNs in Ethiopia skyrocket by 1,430% at the time. The
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