Can Flex Finance conquer Africa’s $1.4 trillion business spend market?
Tighter funding cycles for startups are forcing them to be prudent, thus creating opportunities for solutions that promote internal fiscal discipline through spending management software. There is a big market for whoever can pull this off. It’s not a problem that is unique to startups. Many African businesses still process internal reimbursement for staff or vendor payments manually. For businesses that have regimented procurement processes and upstarts where procurement is more fluid, managing business spending is an additional cost layer in both time losses or losses from manual errors. For finance departments, these payment requests can be difficult to keep track of. The World Bank says business payment transactions by micro-retailers alone in Africa can reach $1.5 trillion annually. This amount compares favourably with how much African households spend on consumption. In 2021 final household consumption expenditure in Africa sat at around 1.93 trillion (Statista). It’s a difference of little more than $400 billion—not a small figure, to be sure. But only 22.2% higher than what businesses purportedly spend in a year. The script flips if you take McKinsey figures for total business and consumer spending. As early as 2015, total business spending in Africa already surpassed consumer spending. According to McKinsey, businesses in Africa spent $2.6 trillion while consumers spent $2.1 trillion. The business spending was heavily concentrated in Nigeria and South Africa, McKinsey consultants reported. Differences in numbers aside, businesses in Africa clearly spend hundreds of billions every year and do manage to do these significant payments with mostly manual approval processes. Brookings, the think-tank, says these trillions of business spending will only go up—to $4.2 trillion in the next years. Despite this significant business spending, fintechs have historically focused on digitising consumer payments. Consumer payment fintechs have raised hundreds of millions of dollars every year since 2019 at least, to digitise how people pay for goods or services. B2B-focused fintechs on the other hand, are a relatively new phenomenon. That may be changing though, DAI Magister, a London-based investment advisory says investor focus is moving from consumer payment fintechs to “B2B payment solutions incorporating the CFO tech stack.” Already some fintech firms have sprung up around digitising B2B payments, with a noticeable focus on digitising how vendors collect or make payments to other businesses. Flex Finance stands out from the B2B payments group as it is instead built around giving the operations and finance departments of businesses smooth but tighter control over how they spend money. The company has built a suite of tools accessible by web browsers and mobile apps that allow finance controllers to pre-approve spending limits and speed up payment and reconciliation. Flex Finance believes its software can save business users approximately 40% of additional costs and losses from the manual processing of payments. The current venture funding crunch is a tailwind Saving money is a valid value proposition. As funding becomes harder to come by, startups are now more conscious of every dollar spent. With new investors harder to persuade and current investors demanding accountability, upstarts can barely afford to spend vital business capital carelessly. Every little bit counts. But Flex Finance does not only serve startups. Its roll call of customers—a 2,500-strong-list—includes midsized businesses like Ntel, an internet provider, the National Open University of Nigeria, and Sporting Lagos, a football club owned by Shola Akinlade of Paystack fame. What Flex Finance does not cater to is micro-businesses. Nigeria’s several dozen million MSMEs process millions of microtransactions daily, but they are more difficult and expensive to serve. Given their informal nature, they are understandably not a fit for Flex Finance which targets the manual back offices of more formalised businesses. Part of Flex Finance’s offering to customers is a virtual card with pre-approved spending limits for business staff. Spending limits mean finance departments can plan better and diminish the shock of unexpected invoices while tying expenditures to easily trackable activities and employees. It charges a 0.1% fee on all transactions under ₦200 million. Fees for transactions above ₦200 million (roughly $252,000) are negotiated on a case-by-case basis. Sweden’s Medius to acquire Tunisian-born Expensya for 9-figures Expensify, a similar spend management solution founded by Tunisians, is a leading provider of software for European accounting offices. It was recently acquired by Medius, another leading business spending management provider based in Stockholm, Sweden. In Africa where Expensify founders hail from, no company yet owns the spend management space, making the space wide open for solutions like Flex Finance. For now, Flex Finance is only available in Nigeria. But there is an opportunity for it to help uncover the business spend management opportunity across the continent. Globally, the business spend management software market size was valued at USD 19.07 billion in 2022, according to Fortune Business Insights. Figures for Africa are hard to come by, which is understandable given the little attention that has been paid to the space. Publicly available data from Crunchbase suggests Flex Finance has raised at least $800,000 since its founding in 2019. This includes $200,000 of undiluted funding from Accion Venture Lab, The MasterCard Foundation, and Catalyst Fund. Other investors include LoftyInc Capital Management, Berrywood Capital, and Gumroad CEO, Sahil Lavingia. Yemi Olulana, the founder and CEO of Flex Finance says his company is not in a hurry to raise additional funds. Tracking everything In the years leading up to 2020, Strava, a physical activity tracking app, rocketed into popularity on the back of an interoperable application that users described as “uncluttered” and made “for adults”. Between January 2020 and May 2020, the app grew by 179% leaping into the public consciousness and out of America into the devices of 100 million users in 195 countries by 2022. Strava’s popularity and growth have hinged on the clarity and depth of analysis that it offers users, and a strong social network of amateurs, professional athletes and the everyday person who likes to show off progress. Like Strava, Flex Finance appears to be betting on offering superior visibility on how a business spends
Read MoreNigeria’s data protection agency will blacklist erring firms
Nigeria’s Data Protection Commission chief, Vincent Olatunji, wants to blacklist noncompliant firms that are not adhering to the data privacy laws Nigeria’s Data Protection Commission (NPDC) will blacklist companies that have refused to comply with its data protection regulations. Its commissioner, Dr. Vincent Olatunji, in an exclusive interview on the sidelines of its workshop held in Ikeja yesterday, said it will also publish a white list of companies that have complied with the provisions of the law in terms of safeguarding the data of citizens in the country on its website, adding that, “it creates confidence and trust in whoever wants to do business with you.” According to Olatunji, all data controllers and data processors should be registered within six months of the enactment of the law, in line with the act’s provisions, and file an annual audit report with the commission, submitted between January and March next year. The commissioner explained that as a continent, Africa is trying to fashion out a common law for data protection under the African Union regulatory framework for data privacy. Data breaches Data breaches have become a cause for concern in Nigeria as Nigeria inches closer to digital transformation and improved internet connectivity. In the first quarter of this year, Nigeria was ranked as the 32nd most breached country in the world. Olatunji also shared that the commission is in talks with Flutterwave over a reported breach in March. Flutterwave maintains that it wasn’t breached. “We are currently investigating them, and we have exchanged some correspondence between the commission and Flutterwave,” Olatunji said. The commission said it also fined Sokoloan ₦50 million for violating customers’ privacy in its debt recovery drive and restricted the digital lender’s account until it fixes its privacy policy. “We put a restriction on their account to ensure they go through registration as digital lenders. FCCPC is currently registering them, and part of the criteria for their registration is to clear their privacy policy with us,” Olatunji added. Clarifying the unclear provisions Before now, lawyers had raised concerns about unclear provisions of the act, especially in areas like the commission’s independence. Some noted that there might be a possible conflict in the discharge of section 32 of the act, which provides for a data controller of significant importance— to have a Data Protection Officer (DPO) who can either be an employee or engaged by a service contract. Olatunji told TechCabal that the NDPC is independent; section 7 of the law speaks to that. He explained that it would be difficult for the commission to stand alone without the ministry as long as it continues to enforce the provisions of its act under the federal government. The commissioner also said there was no conflict with Section 32 of the act. According to him, a DPO advises a data controller on collecting, processing, storing, sharing, and securing data in line with the requisite laws locally and globally. DPOS must exist to be able to advise their organisation appropriately. “The DPO should link the organisation and outsiders, including the NDPC. That is why as a data controller of major importance, you must have your own DPO to advise you, to create awareness, to build capacity and tell you the kind of measures to put in place,” Olatunji explained.
Read MoreSING is building an ecosystem from scratch in Gabon
In Gabon, private companies came together to create an incubator for startups. Since its inception in 2018, it has incubated over 140 startups. Gabon, an oil-rich country in central Africa, has the makings of a supercharged tech ecosystem. With a young population, the 3rd highest gross national income (a metric used to measure a nation’s wealth) on the continent, and 72% internet penetration, the country has a stable foundation for digital solutions. Another advantage is that most Gabonese (91%) live in the urban region. However, the ecosystem is still very young and far from reaching its potential. To bring the country’s ecosystem closer to its potential, a group of companies and private investors decided to create and fund Société d’Incubation Numérique du Gabon (SING), an incubator for startups, in 2018. “With all this infrastructure, how come Gabon is still not a powerhouse regarding the digital economy and startups? This is what we want to solve,” Yannick Ebibie Nze, the CEO of SING, told TechCabal. In its quest to drive the digital transformation of Gabon, the incubator has provided access to capital, equipment, expertise, and offices for anyone building a startup in Gabon. The catch? Companies must have a Gabonese living in Gabon on their founding team. According to Nze, the incubator is also backed by Gabon’s ministry of the economy and financed by the World Bank to train up to 750 people in Gabon and hold an exhibition programme for 50 startups. “The mandate was to do it in five years, and we did it. Today, we have exhibited more than 140 startups and raised close to $1 million in capital for startups. These numbers have to be put in perspective, Gabon is a relatively small market with only 2.3 million people,” Nze said. SING’s approach underscores the francophone tech ecosystem’s drive to catch up to its English-speaking counterparts. Operators and governments have come together in countries like Tunisia, Senegal, Côte d’Ivoire, and others to accelerate the development of their respective ecosystems. In Tunisia, the government funds a program that gives startups grants. All three countries have a Startup Act. In building the Gabonese ecosystem, SING’s approach has been sector-agnostic. A look at the startup page on its website shows fintechs, logistics startups, healthtech startups, cybersecurity startups, and several others. Nze told TechCabal that SING only accepts startups with founders with expertise in the problem they are trying to solve and a business model in place. After the incubation process, which lasts 3-4 months, startups should have a “functional prototype”, and then SING takes up shares in the company, according to Nze. Building global solutions locally Given Gabon’s small population, all startups that come to SING have a unique approach to solving the country’s problems, Nze told TechCabal. “When startups come to us, I always look at how their business model is specifically solving the problems of Gabon and other countries in the region. We want our startups to expand to other parts of the continent.” Just as Tunisian startups build locally but export their solutions (think Instadeep’s $682 million acquisition and Expensya’s acquisition), Nze is hoping that Gabonese startups can expand into multiple countries. “It’s very important that the solution is unique and not just a copy/paste of what has been solved. If someone has already solved the problems elsewhere better than us, what we want to do is bring them to Gabon to create the market. This is how we get value. But if a Gabonese startup has a specific and unique solution, we will get you out there.” Nze explained that this is to promote a complementary environment rather than a competitive one. How does SING get funding? SING currently has four streams of revenue. Nze told TechCabal that after doing research on incubators on the continent, SING realised that funding was a big problem. “We thought that we needed to develop services that would bring cash flow whenever there’s no funding from the government or external donors,” he said. The incubator rents out office space, which accounts for 20% of its revenue, according to Nze. SING also gets money from advisory services and funding from the government and Gabonese companies ($1 million yearly), or external donors like the European Union. How does SING incubate startups? SING runs two incubation programs. The first is a 4-week training program for entrepreneurs based on a methodology called “Traction” that was developed by Gina Whitman. In 2007, Whitman released Traction, an award-winning and bestselling entrepreneurial book that sold over a million copies. Nze told TechCabal that at the end of the programme, startups are connected with potential clients, partners, and investors through a Demo Day event. A second programme takes startups through three months of acceleration. During the acceleration period, startups will take a test to measure their maturity. “We realised that sometimes the age of a startup does not reflect its maturity, so we created an in-house diagnostics tool to measure the maturity of startups based on founder capacity, business model execution, and market opportunity,” Nze said. After ascertaining the maturity of the startup, SING creates a roadmap and assigns a startup manager to its execution for 3 months. When startups complete the accelerator, they have the option of signing a contract if they reach a certain level of commercial success or finalise a “functional product.” This contract will allow them to enter a second level of acceleration, which takes 1-3 years. “In those years, what we’re looking for is commercial development. We try to help our startups get additional market share and expand their network of partners and clients. The goal is that they either have commercial success or raise funds with venture capital.”
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Exclusive: Tinubu eyes Nigeria’s tech experts for key roles
As President Tinubu assembles his cabinet, some stakeholders in Nigeria’s tech ecosystem are being considered for key positions. Four stakeholders in Nigeria’s tech ecosystem have been considered for key positions in President Tinubu’s administration, TechCabal can exclusively report. Bosun Tijani, Oswald Osaretin Guobadia, Olumide Soyombo, and Idris Alubankudi Saliu are reportedly among those who were considered for key positions—including a ministerial seat—in the Tinubu administration. While the comprehensive list is yet to be finalised, two sources close to the presidency have confirmed that these individuals have been considered for key roles at the federal level. “I can’t guarantee they will get it, but they’ve all been considered for the ministerial role. It’s possible they get other roles too,” an anonymous source shared. These four individuals have, at scale, demonstrated enterprising leadership in technology-related projects and earned repute within the African tech ecosystem. While it remains uncertain how their candidacies will shape the final composition of Tinubu’s list, their standing as technocrats holds promise for Nigerians who have long advocated for the appointment of industry-specific experts into key roles. Let’s take a closer look at their lives and work. Bosun Tijani Bosun Tijani is the CEO and co-founder of CcHub, one of Africa’s leading technology hubs. He has led the expansion of CcHub across Nigeria, Kenya, and more recently, Namibia. From its humble beginnings in Yaba, CcHub has grown to become a significant catalyst of tech advancement in Africa by empowering young people with the tools, communities and capital they need to launch impactful ventures. CcHub hosted Meta’s Mark Zuckerberg in 2016. Bosun Tijani Tijani holds two degrees from the University of Jos, Nigeria: a Bsc. in Economics and a Diploma in Computer Science. He subsequently obtained an MSc. in Information Systems and Management from the Warwick Business School in England. In March this year, Tijani completed a PhD program in Innovation and Economic Development at the University of Leicester. Bosun Tijani describes himself as an advocate of social change, a title best captured by his work at CcHub. With a billion naira growth fund, CcHub has committed to impacting over 95 early-stage businesses including those bringing innovation to Africa’s education and healthcare systems. In 2017, New Africa Magazine named Tijani as one of the 100 most influential people in Africa. Oswald Osaretin Guobadia Oswald Osaretin Guobadia was the Senior Special Adviser to Former President Muhammadu Buhari. In that role, he led the design and drafting of the Nigeria Startup Act, which to date remains one of the Presidency’s most significant achievements for Nigeria’s tech ecosystem. He is also the co-founder of DBH, an African infrastructure and IT company that provides consultancy and specialised solutions in markets across the world. Oswald Guobadia Guobadia obtained a Bachelor’s degree in Biology from Wesley College and a Master’s degree in Telecommunications and Computer Science from PACE University, a private university in New York. Post-graduation, Guobadia’s last job in the US was a 5-year stint at global advisory firm Goldman Sachs, where he was VP and Project Manager. In an earlier interview with Techcabal, Guobadia shared that he got into government with the ambition of making business easier in Nigeria. After holding top roles at UBA and Renaissance Capital, he transitioned into policy-making, where he led efforts in the drafting of the NSA, an act that seeks to improve the ease of doing business in Nigeria and attract foreign investments. The NSA has been lauded globally and concerted efforts are underway to domesticate the act across Nigeria’s 36 states. Although, domesticating the act across the states has had a significant tussle so far. Guobadia held his role at DBH for over a decade, during which the company deployed banking infrastructure, trading floors, and tech solutions for government and corporate clients. This role placed Guobadia in relations with both private and public sectors, preparing him for the realities of leading a national policy drive. Olumide Soyombo Olumide Soyombo is an investment mogul in Nigeria. He is widely known as one of the earliest investors in Paystack, a pan-African payments company acquired by Stripe for $200 million. Beyond Paystack, Soyombo is described as one of Nigeria’s most prolific angel investors whose investments have shaped the evolution of the country’s technology ecosystem. In 2021, he launched Voltron Capital, an early-stage investment vehicle that has backed 48 startups in two years. Olumide Soyombo Soyombo holds a BSc. degree in systems engineering from the University of Lagos. In 2006, he obtained an MSc. in Business and Information Technology from Aston University, Birmingham. Soyombo returned to Nigeria after completing his studies to launch Bluechip Technologies, a startup that provides data housing and business intelligence solutions for businesses, including Microsoft and Oracle. Soyombo’s BlueChip Technologies offers data solutions and enterprise-level tech consulting services to banks and businesses across the world. The business, which has been at the forefront of Africa’s data warehousing growth, expanded to Europe last year to provide solutions to businesses in the region. Idris Alubankudi Saliu Idris Alubankudi Saliu is a long-time entrepreneur, investor, and tech advocate in Nigeria. He is the former Chief Technology Officer (CTO) of Africa’s oldest unicorn, Interswitch Group. Saliu joined Interswitch through an acquisition. Vanso, his software and telecommunications company, which operated in Lagos, Capetown, and Worzburg, Germany, was acquired by Interswitch for an undisclosed sum. Unconfirmed sources claim the exit was a dollar deal in six figures. Idris Alubankudi Saliu Saliu is a graduate of Columbia University, New York, where he obtained a BSc. in Computer Science. He is presently the co-founder of two fintech companies: Arca and UK-based Ceviant. Ceviant provides treasury and trade solutions for businesses across the globe. And has worked with mega-corporations like Dantata and Wakanow. Saliu’s work in the Nigerian tech ecosystem spans over two decades, in which he has demonstrated deep expertise in telecommunications, payments, and scalable digital infrastructure. Digital portfolios in the Tinubu government Throughout his presidential campaign, Tinubu expressed lofty goals for Nigeria’s tech ecosystem, including expanding broadband penetration, implementing blockchain policy reforms, and
Read MoreNigeria’s new FX regime has birthed fresh competition between banks and remittance startups
Nigeria’s unified FX rate will affect the operations of digital remittance startups and possibly alter their strategies. With traditional banks staging a comeback, what will a path to winning in cross-border payments look like for Nigerian fintechs? Ask any Nigerian: sending and receiving money from abroad is a struggle, thanks to restrictive regulations around international transactions and a multiple foreign exchange (FX) regime. These restrictive regulations and the inefficiencies of legacy players opened the door to digital remittance startups that offer instant and no-fee cross-border transactions. But Nigeria’s move to a unified FX rate may see these remittance startups face more competition. Adedeji Olowe, founder of Lendsqr, a lending SaaS fintech, told TechCabal that the unification of the exchange rate creates competition between banks and digital remittance startups. “Banks with branches abroad can start targeting Nigerians and promise them to help them send money directly to a bank account in naira at a given rate,” he said. According to local media reports, Nigerians in the Diaspora remitted $168.33 billion to the country in the past eight years. It’s no surprise that banks will want to grab a bigger piece of the pie. For instance, Access Bank has partnered with Remitly, an American online remittance service. Last week, Wema Bank became the first bank to increase its dollar limit for all users of its ALAT card—its naira debit card—from $20 to $500. Despite these new product offerings from banks that show they can compete with startups, many experts believe that startups are better positioned to win. Digital remittance startups are digital-first and offer ease and better customer service than many banks can currently offer. Additionally, because these startups often don’t have multiple products or services, they can take advantage of their narrow focus to improve their offerings at speeds the banks can’t match. According to Charles Odogwu, a digital payments expert with experience in Nigeria’s banking sector, digital remittance startups can explore innovative ways to enhance user experience, lower transaction costs, expand their reach to underserved markets, and leverage emerging technologies like blockchain for faster and more secure transfers. “They can offer additional financial services such as savings, investment options, or digital wallets,” Odogwu added. Some fintechs are already moving quickly. Endowd and Flutterwave launched payment products that will allow Nigerian students to pay international tuition using Naira. In the same week, Paga shared that its users can now receive remittances in naira. Digital remittance startups exchange dollars, euros, and British pounds at the parallel market rate which was frequently 30% higher than the Central Bank’s rate. In June, the Central Bank removed the artificial pegs to unify exchange rates. Per, the latest rules from the apex bank, beneficiaries of diaspora remittance can receive payments in naira at the prevailing exchange rates of the day. Both traditional banks and fintechs have interestingly been quick to latch onto the new policy. However, there is a question of trust. Customers are likelier to trust their traditional banks, unlike fintechs with no physical branches. In hindsight, fintechs have earned that trust if one considers their gains during the cash crunch early this year that saw Nigerians depend on Chinese-backed upstarts Opay and Palmpay. As one digital remittance expert told me, customers are more interested in the service that works than who is offering it. If anything, the remittance market is ripe for the taking of fintechs considering their offerings, especially customer trust and reliability.
Read MoreIMF approves $1 billion loan to Kenya as concerns over growing debt persist
Kenya’s economic situation is dire, with unsustainable borrowing, soaring debt servicing costs, and limited revenue generation. IMF keeps approving loans despite the country’s escalating debt, leading to widespread criticism, protests, and loss of faith in the government. Like many other African countries, Kenya is dealing with a challenging economic landscape and dwindling revenues following a global economic downturn and rising inflation. The country’s borrowing has increased even as it struggles to raise revenue. The government struggles to pay salaries as citizens protest increased living costs. As part of efforts to dig itself out of a fiscal hole, the International Monetary Fund (IMF) recently approved the disbursement of a $1 billion loan to Kenya. This loan is intended to support the nation’s efforts in addressing the ongoing economic crisis and the country’s efforts in fighting climate change. Maandamano: Day Primary and Secondary schools in Nairobi and Mombasa closed, Interior CS Kindiki says move to ensure safety of learners pic.twitter.com/xXuQkBpKMh — NTV Kenya (@ntvkenya) July 18, 2023 Kenya’s external debt has increased significantly, from $10.2 billion to $34.8 billion between 2013 and 2020. Such a notable jump in debt has caught the attention of the IMF, leading to criticism over the lender’s approval of extra loans to the Kenyan government. Many have questioned the rationale of providing more financial assistance to a country already struggling with growing debt, leading to protests from its opposition and raising doubts about the government’s ability to manage its financial obligations. After noting the seriousness of Kenya’s debt, the IMF has recommended measures to the issues. These measures include cutting tax leakage and subsidies to decrease the country’s fiscal deficit, advocating for debt reduction, and encouraging the government to fund its budget internally. However, many Kenyans remain skeptical about the purpose and impact of these loans because of the country’s struggles to meet its debt obligations. In defense of the IMF loans, the Kenyan government asserts that financial assistance is key to bridging the gap between the budget and the funds available, thus supporting essential government projects and, in the end, alleviating the burden on citizens. This argument has not addressed all concerns, mainly as some argue that the IMF’s involvement has increased taxes for ordinary citizens, leading to perceptions of reduced income due to high taxation laws. While pursuing enhanced revenue mobilisation makes sense in achieving long-term economic stability, implementing such measures amid harsh economic conditions has proven challenging. This has led to growing dissatisfaction among Kenyans towards the IMF and the government’s ability to cushion them from the harsh economic realities. President William Ruto and his Kenya Kwanza team had promised to be cautious about international loans. But they have veered sharply off course, borrowing KES 1.2 trillion in the past eight months. This debt accumulation further burdens the citizens because they will likely foot the cost of the loans. The situation has placed Kenya in a difficult position. Amid the debt crisis, Kenya finds itself in a situation where IMF loans are necessary to fund critical programmes, as the country’s internal revenue is insufficient to meet its financial obligations. While the IMF’s involvement and the stringent conditions attached to the loans are targeting to promote a more economically sustainable climate, they also raise concerns about the potential worsening of the debt crisis in the short term. Kenya is facing economic challenges that have necessitated the approval of IMF loans to provide vital financial support. Although these loans have faced criticism and sparked protests, they are essential to addressing the fiscal gap and supporting the country’s economic initiatives.
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5 affordable Bluetooth speaker brands for music lovers
Bluetooth speakers have revolutionised the way we enjoy music, allowing us to take our favourite tunes anywhere we go. While there are numerous options available, finding a Bluetooth speaker that strikes the perfect balance between affordability and quality can be a challenge. In this article, we present five top-notch brands that offer both exceptional audio performance and budget-friendly prices. 1. Anker Anker is a well-known brand that has gained a solid reputation for producing high-quality electronics at affordable prices. Their Bluetooth speakers are no exception. Anker speakers deliver impressive sound quality, rich bass, and clear vocals. They often feature long battery life, allowing you to enjoy your favourite music for hours on end. Additionally, Anker speakers are known for their durable construction, making them ideal for outdoor use. With a range of models to choose from, Anker provides options for every budget and audio preference. You can check out the Anker Waterproof Soundcore Bluetooth Speaker Stereo Sound for a start. 2. JBL JBL is a renowned name in the audio industry, offering a wide range of speakers that cater to different needs. Their Bluetooth speakers are known for their exceptional sound quality and powerful bass response, providing an immersive listening experience. JBL speakers often feature rugged designs, making them suitable for outdoor activities. With their reputation for durability and high-performance audio, JBL speakers offer great value for money, even at affordable price points. The JBL Clip 4 Portable Bluetooth speaker is a nice affordable one to try out. 3. Tribit Tribit is a rising star in the Bluetooth speaker market, offering a range of affordable speakers that deliver sensational sound quality. Despite their budget-friendly prices, Tribit speakers provide well-balanced audio, with clear highs and punchy bass. They are often equipped with long battery life, ensuring uninterrupted music playback. Tribit speakers are also known for their sleek and compact designs, making them portable and easy to carry. For those seeking affordable speakers that don’t compromise on audio performance, Tribit is an excellent choice. For a trial, you can check out the Tribit Xsound Go Wireless Speaker. 4. Ultimate Ears (UE) Bluetooth speaker brand Ultimate Ears, commonly known as UE, is a brand that focuses on delivering exceptional sound quality in a compact package. UE Bluetooth speakers are popular for their 360-degree sound dispersion, providing an immersive listening experience from any angle. These speakers often boast impressive battery life, water resistance, and durability, making them suitable for outdoor adventures. UE speakers are available in various price ranges, ensuring there is an option to fit different budgets without compromising on audio excellence. If you’re looking for something affordable but close to luxurious, try out the Ultimate Ears Boom 3 Portable Waterproof Bluetooth Speaker. 5. Sony Sony is a household name in the electronics industry, renowned for producing high-quality audio equipment. Their Bluetooth speakers offer a blend of affordability and exceptional sound performance. Sony speakers provide crystal-clear audio reproduction, detailed highs, and well-defined bass. Many models feature additional functionalities like built-in NFC for quick pairing and water resistance for added durability. With Sony’s reputation for reliability and audio expertise, their Bluetooth speakers are an excellent choice for those seeking quality within a reasonable budget. You may want to give the Sony Xb13 Extra Bass Portable Wireless Speaker a shot if you’re new to Sony speakers. Final thoughts on buying a Bluetooth speaker Finding a quality Bluetooth speaker that doesn’t break the bank is no longer a challenge, thanks to these affordable brands. Anker, JBL, Tribit, Ultimate Ears, and Sony all offer speakers that deliver impressive audio performance, durability, and functionality at budget-friendly prices. Whether you’re a music enthusiast or love taking your tunes on the go, these brands provide excellent options that won’t disappoint.
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5 new ways to preserve your iPhone battery life
Preserving battery life is a top concern for iPhone users who rely heavily on their devices throughout the day. To ensure optimal performance and extend the battery’s lifespan, implementing effective battery-saving techniques becomes essential. In this article, we will discuss five practical ways to preserve your iPhone battery life. 1. Optimise display settings to preserve battery life The display is one of the biggest consumers of battery power on your iPhone. Adjusting the display settings can significantly impact battery life. Start by enabling auto-brightness, allowing your device to adjust the screen brightness according to ambient light conditions. This prevents unnecessary power consumption when your screen is unnecessarily bright. Additionally, reduce the screen timeout duration in the Settings menu to a shorter interval. This way, your iPhone’s display will turn off more quickly when not in use, conserving precious battery power. Finally, disabling dynamic wallpapers and motion effects can also save battery life by reducing the graphical processing load on your device. 2. Manage background app refresh Background App Refresh is a feature that allows apps to update content in the background. While useful, it can drain your iPhone’s battery life. To optimise battery usage, go to Settings, select General, and then Background App Refresh. Here, you can either disable the feature entirely or choose which apps can refresh in the background. Consider disabling Background App Refresh for apps that you rarely use or that don’t require constant updates. For essential apps, select the “Wi-Fi” option to restrict background refresh to when you’re connected to a Wi-Fi network. This way, you can conserve battery life while ensuring important applications remain up-to-date. 3. Minimise location services Location Services enable your iPhone to provide accurate location data to apps. However, they can significantly impact battery life by continuously using GPS, Wi-Fi, and cellular data. To preserve battery life, review and manage your location settings in the Privacy section of the Settings menu. Disable location services for apps that don’t require it or set them to use your location only while using the app. This ensures that apps only access location data when you actively use them, reducing battery drain from unnecessary background processes. Additionally, consider using Wi-Fi instead of cellular data for location-based services whenever possible, as Wi-Fi consumes less power. 4. Enable Low Power Mode Apple’s Low Power Mode is a useful feature that conserves battery life during critical moments. When enabled, it reduces or disables certain background processes and visual effects to extend battery usage. Activate Low Power Mode by going to Settings, selecting Battery, and toggling the option on. While in Low Power Mode, your iPhone will automatically adjust various settings, such as reducing mail fetch intervals and disabling automatic downloads. Although some functionalities may be temporarily limited, Low Power Mode ensures your iPhone stays functional when you need it most, allowing you to conserve battery power until you can recharge. 5. Update software and manage push email Regularly updating your iPhone‘s software is crucial for battery optimization. Software updates often include improvements in power management and battery efficiency, ensuring your device runs smoothly. To check for updates, go to Settings, select General, and then Software Update. Furthermore, managing your email settings can also help save battery life. Instead of using the default push email setting, which constantly fetches new messages, consider changing it to manually fetch or fetch at longer intervals. This way, your iPhone won’t use excessive power constantly checking for new emails, extending battery life. Final thoughts on how to preserve your iPhone battery life Preserving your iPhone’s battery life is essential for uninterrupted usage and extending the battery’s lifespan. By optimising display settings, managing background app refresh, minimising location services, enabling Low Power Mode, and keeping software up to date, you can effectively maximise your iPhone’s battery life, ensuring it lasts longer between charges.
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👨🏿🚀TechCabal Daily – Kenya gets $1 billion
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday Cancel culture is just for show, and Netflix’s password-sharing crackdown might be proof of this. Instead of losing subscribers, the platform gained over 5.9 million subscribers from April to June 2023—right after it stopped users in several regions from sharing passwords. In today’s edition Safaricom is expanding to South Asia IMF backs Kenya’s new taxes with $966.8 million Nigeria and Egypt’s central banks sign MoU Apple Pay is live in Morocco The World Wide Web3 Event: The Moonshot Conference Opportunities Mobile Money Safaricom is expanding to South Asia Image source: Safaricom In the spirit of partnerships, Safaricom has joined forces with TerraPay, a global payments infrastructure company, to expand M-PESA to South Asia. Through this partnership, M-PESA customers can effortlessly send and receive money to over 200 million individuals in Bangladesh and Pakistan, with upcoming plans to expand further into India and Nepal. How does it work? Using the M-PESA Global service, M-PESA users can conveniently send funds to individuals in Bangladesh and Pakistan, either to their mobile numbers or bank accounts. The service is accessible through the M-PESA Super App or by dialing *334# and selecting M-PESA Global in the “Send Money” menu. TerraPay joins a list of over 35 partners under the M-PESA Global service, enabling seamless money transfers and payments across over 170 countries. Zoom out: With this partnership, Safaricom is further expanding into the remittance market, aiming to offer customers secure, transparent, and efficient payment options globally. 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. Policy IMF backs Kenya’s new taxes with $966.8 million Image source: Zikoko Memes 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 many Kenyans are protesting the taxes because they are going to worsen the raging cost of living crisis. What taxes? Kenya’s new Finance Act of 2023 is introducing new housing levies and a hike in taxes on fuel which will increase the already high cost of essential goods and services. But the government insists that these taxes are necessary because it is running out of cash and needs to salvage the economy. And the IMF agrees? Yes, the IMF supports the thinking of the government and is putting its money where its mouth is. Per the Standard, the IMF signed off a new $966.8 million (Ksh136.7 billion) loan to reduce the impact of the bad economic environment while the government tries to fix things. How bad are things? Things are so bad that Kenyans are protesting against these taxes. The new taxes and hikes will leave them with significantly less disposable income. This loan is designed to help the country in the long run, but it is expected to subject hard-pressed Kenyans to tougher economic times before things get better. How so? The government will have to cut public spending, and this could include cutting off public jobs amid a raging unemployment crisis. Fintech Nigeria and Egypt’s central banks sign MoU The Central Bank of Nigeria has recently signed a Memorandum of Understanding (MoU) for Fintech collaboration with the Central Bank of Egypt. In a tweet Nigeria’s apex bank named this partnership the “Nigeria-Egypt FinTech Bridge”. The signing took place during the Seamless North Africa 2023 conference in Cairo days ago. What is the goal of this agreement? According to the Central Bank of Nigeria, this agreement is expected to accelerate financial inclusion, enhance payment systems, deepen cross-border regulatory collaboration, and information sharing. The collaboration between the two central banks holds promise for a more connected and progressive financial landscape in the region. GrowthCon 1.0: Learn how to unlock 10X Growth Connect with growth leaders, operators, and enablers to explore proven tactics for driving sustained business growth in Africa at GrowthCon 1.0. Experience curated masterclasses, case studies, a growth hackathon and more. Get your tickets here! Fintech Apple Pay now available in Morocco Image source: Tenor On Tuesday, Apple Pay launched in Morocco, providing a convenient payment option for customers. With this launch, Morocco becomes the second African country, after South Africa, to have access to Apple Pay services. What is Apple Pay? Apple Pay is a mobile payment and digital wallet service developed by Apple Incorporation. It allows users to make payments in stores, within apps, and on the web using their iPhone, iPad, or Apple Watch. Banks support Apple Pay. The Crédit immobilier et hôtelier(CIH) Bank, one of Morocco’s largest banks, has announced in a tweet that it now supports Apple Pay. Another major bank that supports Apple Pay in Morocco is Crédit Agricole Group of Morocco (CAM) Bank. Zoom out: With Apple Pay, you can easily add your Mastercard credit cards and bank cards to the Wallet app. Then, you can use your iPhone or Apple Watch to make secure payments at contactless payment points. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $29,965 – 0.75% + 11.12% Ether $1,894 – 1.16% + 9.47% BNB $241.48 – 0.73% – 0.48% Cardano $0.32 + 2.53% + 25.65% * Data as of 05:35 AM WAT, July 20, 2023. Events The Moonshot Conference This is Moonshot by TechCabal. Moonshot is a conference that will bring together Africa’s tech ecosystem to network, collaborate, share insights and celebrate innovation on the continent. Click here to join the waiting list to get more news and updates about this conference. Opportunities The SaaS Accelerator Programme: Africa 2023 has opened applications for its accelerator programme to enable early startups in Africa to receive funding. Selected startups will receive up to $70,000 in funding. Apply by September 7. Wise Guys SaaS Accelerator Program is looking to help SaaS startups level up through tailored guidance and support from world-class mentors and experts. Apply
Read MorePan-African technology firm inq. announces new CEO and AI products
inq. has announced a new group CEO as well as numerous AI products which will officially be unveiled in an event to be held in Lusaka, Zambia, on August 30. Pan-African edge technology provider inq. has announced a new group CEO in Glad Dibetso who succeeds former CEO Nick Reed. Prior to this development, Dibetso was the CEO of Cloud Exchange and later joined the company’s advisory board. He was also the West Africa CEO of Dimension Data. Speaking on the appointment at a media briefing this morning, CEO of inq., Andile Ngcaba, stated that Dibetso brings much experience in heralding technology companies on the continent. “We’re very happy to get a person as experienced as Glad to lead this company. The reason why we requested him to join this company is because of his deep experience in cloud digital transformation in the African continent. We are blessed to get a calibre like him to lead us as we embark in digital transformation through our new products,” he said. For his part, Dibetso stated that the reason for his joining is to lead the company’s mandate to make an impact in the continent’s digital transformation ambitions. “My mission is to make sure that inq. is an impact driven company. So impact will be at the core of everything that we do and making sure that the countries and the communities that we operate in are in a different and more advanced place after we’ve long left. So this is what my legacy would be at Inc,” he said. “Digital Transformation is my speciality and we believe that the continent is ready for digital transformation. We do not want to be left out in this race because we feel the next level of jobs for our youth will come from the digital platforms across the continent.” New products inq. also introduced a slew of new AI products, to be officially launched at an event in Lusaka, Zambia, on August 30, as well as numerous “centres of excellence” to be built across the company’s numerous markets. The first of the products is DocAI, a platform which will allow businesses to digitise their manual processes. Users can use inq.’s area-specific deep learning optical character recognition (OCR) to upload scanned documents or images of any type and extract the required fields and map them into an Excel file or database. Second is VideoAI which will allow enterprises to use artificial intelligence to get detailed analytics to deploy, manage, and monitor alerts across multiple regions. Inq. claims that this will provide quick, actionable intelligence for existing surveillance camera systems. Lastly, the company will also launch Wi-Fi 6 in its various markets. Additionally, inq. also announced that it will be launching centres of excellence across its pan-African markets to supplement its own in-house innovation as well as talent. Zambia will host the AI centre of excellence, Malawi the cybersecurity centre of excellence, while Botswana will host the innovation centre of excellence. “We believe that Africa should develop its own talent pipeline in the form of men and women who will participate in building solutions for Africa, to solve agriculture projects, to solve food security issues, to solve urbanisation issues, to solve health issues, to solve security issues using artificial intelligence. We hope that the centres of excellence will contribute towards creating this type of talent,” added Ngcaba. inq. currently has direct operations in nine African countries, with an additional non-direct presence in 16 more countries.
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