- September 1 2023
The Blockchain Association of Kenya goes to court to block taxes on crypto
A law seeking to tax crypto exchanges is met with opposition from Kenya’s Blockchain Association. The Blockchain Association of Kenya (BAK) wants to block the implementation of the Digital Asset Tax (DAT) introduced a few months ago as part of the Finance Act 2023. The case will be mentioned on September 28. The new tax, which will take effect from September 1, is part of the many taxes introduced in the Finance Act 2023, with some focused on expanding the tax net in the digital space. The tax provisions outlined in the already-signed act seek to create extra income of up to $2 billion for the Kenyan government. The BAK explained the rationale for its petition challenging the law’s legality: “We are deeply committed to advocating and lobbying for a conducive environment for innovation while ensuring legal clarity. Our petition addresses concerns about the DAT’s impact on our industry and the broader economy.” According to the legal and policy director at BAK, Allan Kakai, DAT has been introduced as income tax, yet it is imposed on the gross value of the asset instead of gains and profits. “This means that people in a loss-making position will still pay the tax. It’s is unfair and inequitable to impose a tax on losses,” he told TechCabal. The Finance Act introduced DAT for earnings from digital asset transfers. A digital asset is defined as intangible value, including crypto and digitally-represented tokens exchangeable electronically. Non-resident platform owners for asset exchange must register under a simplified tax scheme, like Digital Services Tax. Under this law, platform owners would deduct 3% of the asset’s value as DAT. Non-resident owners must remit this tax within 24 hours, along with the required details. The 24-hour remittance requirement could be burdensome for some, and taxing turnover rather than gains might discourage digital asset trading. The Blockchain Association of Kenya argues that the law may hinder the growth of services associated with blockchain and crypto by crippling innovation. “The core focus of the petition is to thoroughly examine the legal and constitutional dimensions surrounding the imposition of this tax on digital assets,” the association said in a statement posted on X. The Finance Act 2023 has since started taxing online content creators. It had previously enforced a 15% withholding tax on earnings from digital content monetisation. Kenya’s parliament later reduced this to 1.5%. Starting from July 1, whenever a content creator is paid for their work, the client must withhold 1.5% of the payment and send it to tax authorities. This change intends to expand taxation to cover digital content enterprises, acknowledging their substantial growth in recent times. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- September 1 2023
TechCabal Daily – Anonymous Sudan hacks Twitter
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Friday! Whatsapp has finally rolled out a feature that we have all been waiting for. You can now add another number, and have two accounts running on the same app, just the same way you can on Twitter and Instagram. So, using WhatsApp business account for your second active number will be a thing of the past. Well, maybe not right away, as the feature is currently limited to a few beta users. It is slowly rolling out and will be available for the public later. In today’s edition Anonymous Sudan hacks X Tingo group responds to Hindenburg Research allegations Uber launches electric motorbikes in Kenya India wants to expand its Unified Payments Interface to Africa Funding Tracker The World Wide Web3 Event: The Web3Bridge Conference Lagos Job Openings Cybercrime Anonymous Sudan hacks X Image source: Zikoko Memes Anonymous Sudan has struck again. The hacktivist group is claiming responsibility for taking X (formerly Twitter) offline in more than a dozen countries on Tuesday morning. The hackers said that they hacked X to pressure Elon Musk into launching Starlink in Sudan. Thousands of users affected: Per BBC, X was down for over two hours, and according to Downdetector, a website that monitors service outages, users from the US and the UK filed nearly 20,000 reports of outages, though the actual number of affected individuals is likely much greater. In a chat with the BBC, a member of the hacktivist group, Hofa, said that the purpose of the Distributed Denial of Service (DDoS) attack was to bring attention to the ongoing civil war in Sudan. The war, which began in April, was due to a power struggle between the two main factions of the ruling military regime. This has led to the internet in Sudan being disrupted several times. Currently, internet access is limited and unreliable due to the ongoing conflict in the country. If Starlink is launched in Sudan, it will mean that people can access the internet even if the government blocks internet access. Hacktivism over the months: The group has been involved in a series ofdistributed denial of service (DDoS) attacks. Back in June, the hacktivist group targeted Microsoft in a DDoS attack, claiming that the attack was retaliation for US policy regarding Sudan’s military conflict. In July, the group also attacked digital services in Kenya, including the country’s eCitizen portal, used by the public to access more than 5,000 government services. They claimed that the attack was because the country “released statements doubting the sovereignty of [the Sudanese] government.” In August, the group carried out attacks on Nigerian companies, targeting digital infrastructure such as that of the National Information Technology Development Agency (NITDA), in response to the ECOWAS threat of military action against Niger. Zoom out: X has not publicly acknowledged the disruption caused, and Musk has not responded to questions to launch his satellite internet service in Sudan. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Fintech Tingo group responds to Hindenburg Research allegations This week, investigators of Tingo Group, an agri-fintech company denied allegations made against the company by Hindenburg Research. Image source: Zikoko Memes What allegations? In June this year, Hindenburg Research, a US-based investment research firm focusing on short-selling, accused Tingo Group of being an “exceptionally obvious scam with completely fabricated financials.” The report made several allegations about the company, including that its financial statements were inaccurate, its relationships with its partners and customers were illegitimate, and its mobile licence was invalid. Tingo publicly denied all the claims and said the allegations were a deliberate attempt to damage its reputation, and also appointed an International law firm, White & Case LLP, to conduct an independent review and report to its independent directors concerning the allegations. What are the results? In a new press release shared on Tingo’s website, the company states that Tingo’s financial statements and MD&A were accurate and all required disclosures were made. The investigators reportedly found that Tingo’s relationships with its partners and customers are legitimate. Per the findings, investigators also say that Tingo has a valid mobile licence in Nigeria and does not require a licence in Ghana. The report states that it has paid its taxes in Nigeria, that its partnership with Visa is legitimate, that its NWASSA platform is legitimate and has generated revenue, and that the company’s agricultural export business is legitimate and has generated revenue. Finally, the report notes, that its independent auditors are qualified and have a good reputation, and that the Company’s bank statements are accurate. Mobility Uber launches electric motorbikes in Kenya Image source: Techcabal Uber has new bikes in Kenya The ride hailing company has launched One Electric, its e-mobility product in Kenya. The launch is part of Uber’s move to transition into the use of electric vehicles. The launch of One Electric is Uber’s third product announcement in Kenya this year. It follows the rollout of an audio recording feature for safety and the integration of M-PESA into its payment system. Uber doesn’t own any of the electric motorbikes, Greenwheels Africa—an e-mobility company focused on electrifying motorbikes— oversees the fleet ownership, maintenance and charging. According to Imran Manji, Uber’s head of East Africa,Greenwheels currently operates only a few charging stations in Kenya, but plans to increase them to ten before the end of the year. The electric bikes which have an 80-kilometre range when fully charged will be leased to riders for Uber services. Instead of recharging their bikes, riders exchange depleted batteries for new ones at Greenwheels Africa’s stations. According to Manji, cyclists will be charged based on battery usage, “If a rider wants to swap a battery that is at 40%, they will only pay for 60% of charge at the station,” he
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- August 31 2023
Exclusive: How Piggyvest paid out ₦1.1 trillion in six years
Piggyvest has paid out over ₦1.1 trillion ($1.42 billion) to its customers since its inception in 2016. Its co-founder and CMO, Josh Chibueze, talked to TechCabal about how they did it and the challenges they faced. Piggyvest, a Nigerian digital savings company, paid out over ₦400 billion ($519 million) in 2022, bringing the total amount of money it has paid out to customers since its inception in 2016 to ₦1.1 trillion ($1.42 billion). Josh Chibueze, a cofounder and chief marketing officer of Piggyvest, told TechCabal on a call that the disbursement represented only a fraction of the money saved with Piggyvest. “Our disbursement model means that this amount is money that people saved and requested. Only a few people withdraw their money. It represents the liquidity we had to return their money,” he said. He added that the startup is now moving into the “money management phase,” where the company will offer credit to Nigerians. The startup would leverage its three licenses; a fund manager license from the SEC, a mobile money license from the Central Bank of Nigeria, and a microfinance bank license to achieve this, Chibueze said. “Right now, we have a savings and investments arm, which is Piggyvest, and a spending arm, which is Pocket app. So once we’re able to understand savings and investment patterns and spending, then we can build reliable data to be able to give you credit.” A mobile money license would allow Piggytech (the parent company) to issue account numbers through Pocket app and control a customer’s entire transaction flow. Nigerians savings habit According to a report from the IMF, Nigeria ranks 11th in the sub-Saharan region for private savings. During the COVID pandemic, 42% of Nigerian households said their source of financing came from savings. However, for years, this saving culture was not incentivised, as Nigerian banks typically offered low interest rates of around 5%-7%. This led to Nigerians preferring to save their money in cash at home with piggybanks or opening bank accounts and not collecting cards to save money. To solve this, fintechs like Piggyvest and Cowryrise came onto the scene with a digital solution for saving money and higher interest rates. Their promise of higher rates made them appealing to Nigerians, quickly propelling these fintechs to prominence and creating a new business segment. Data from CEIC Data. Nigeria’s yearly gross saving rate in % (disposable income minus consumption). That business segment has since grown exponentially. Piggyvest, the market’s first entrant, now has 4.5 million customers, up from 53,000 in 2018, who trust their savings with the company rather than traditional banks. Chibueze said that the startup’s numbers can be attributed to a first-mover advantage, constant innovation, and fulfilling its business promise of instant access to funds on set withdrawal dates and interest. “It’s a simple rule in business, once you fulfil your business promise and you remain consistent, people will keep coming back and referring other people. We grew largely through word-of-mouth marketing. It was just in the last two years that we decided to do offline marketing. We only just incentivized referrals.” Piggyvest’s path to profitability According to Chibueze, Piggyvest became profitable “very early on” by being effective with capital and only relying on word of mouth and social media marketing to grow. He said that the startup only raised a $1.1 million seed round in 2018 to acquire its microfinance bank license and added that they were currently in fundraising mode. For a fintech that specialises in savings, security has to be a prominent feature, but several media reports have detailed how Piggyvest customers have fallen victim to fraud. Chibueze told TechCabal that the startup has “one of the most robust internal tools for detecting fraud” and that with recent product and app upgrades, fraud would be a thing of the past. “We have also invested in cybersecurity awareness for our customers. I don’t think we’re going to have any of those issues anymore,” he said. The co-founder also mentioned that operating in a low-trust environment like Nigeria and dealing with issues with third-party service providers and regulators were other problems that the startup faced. “We struggled with regulation because innovation was faster. We had to take time to explain to the regulators before we could get all of these licenses.” This year, the Nigerian economy has been hit with the triple whammy of cash scarcity in the first quarter, a petrol subsidy removal and the floating of the exchange rate in the second quarter. When asked how this has affected Piggyvest’s users and their saving patterns, Chibueze told TechCabal that he had noticed an increase in the income capacity of Nigerians. “What is happening right now is that people are having to spend out of their savings, which reinforces the need for platforms like ours to exist. [Another thing] people are doing right now is increasing their income capacity to be able to earn more so that they can afford the expenses they already make,” Chibueze said. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
Apply for UNISA 2024/2025 admission online
The University of South Africa (UNISA) is known for its comprehensive distance education programs, making it a popular choice for individuals seeking flexible and quality education. If you’re looking to apply for admission at UNISA, please note that the application is currently only possible online. In other words, no physical stations are available for admissions applications. Therefore, follow these step-by-step guidelines to navigate the application process. Before we delve in, it’s important to note that the University of South Africa (UNISA) will officially start entertaining online applications for the 2024 academic year from 1 September 2023 to 14 October 2023. This admissions process applies to Undergraduate qualifications, honours degrees and Postgraduate diplomas. 1. Research programmes available before you apply to UNISA Begin by exploring UNISA’s official website to understand the range of programs they offer. Make sure to select a programme that aligns with your academic and career goals. The University also enjoins applicants to check and be sure that the programme they’re applying for isn’t filled up yet. 2. Check UNISA admission requirements before you apply Each program you may want to apply for at UNISA has specific admission criteria, such as academic qualifications and prerequisites. Review these requirements to ensure you meet the necessary qualifications. But the general requirements are as follows: It’s crucial for students to confirm that the qualifications or programmes they plan to apply for are not already filled up for the specific semester or year. UNISA sets a maximum credit threshold for each semester or year, and any enrollment or addition of modules exceeding this limit won’t be reviewed or processed. Furthermore, students are required to fulfil the admission criteria for the qualification they are seeking credits or exemptions in. Up to half (50%) of the qualification’s credits could potentially be granted as exemptions. Importantly, once an application is submitted, no changes or additions to qualifications can be accommodated. Students who are presently excluded or suspended from another institution due to misconduct won’t be taken into consideration for admission to UNISA. 3. Create MyUNISA account To start the application process, you’ll need to create a MyUNISA account on their website. This account will be your portal for all application-related activities. 4. Complete your UNISA admission application form Log in to your MyUNISA account and fill out the online application form. Provide accurate personal information, contact details, and details of the program you’re applying for. 5. Upload documents Prepare and upload all required supporting documents, such as academic transcripts, identification documents, and any additional materials specified by your chosen program. For example, undergraduate who want to apply to UNISA, you need the following documents: Certified copy of your ID document or passport Certified copy of your Senior Certificate or equivalent qualification If you are currently in Grade 12, a certified copy of your latest Grade 12 results If you have completed any tertiary studies, a certified copy of your academic record and certificate of conduct A completed application form 6. Application fee Pay the non-refundable application fee as outlined in the application process. Keep the payment receipt as you may need it for future reference. 7. Wait for feedback After submitting your application, you’ll receive a confirmation email. UNISA will review your application and communicate the outcome through your MyUNISA account and email. You may also track your UNISA application status via the status tracking portal on the website. 8. Acceptance and registration If you’re accepted, you’ll receive an acceptance letter with instructions on how to register for your chosen program. Follow these instructions carefully to secure your spot. 9. Financial planning Explore UNISA’s tuition fees and available financial aid options. Plan your finances accordingly to ensure a smooth academic journey. 10. Attend Orientation (If Applicable): UNISA often conducts orientation sessions for new students. Attending these sessions can help you get acquainted with the university’s systems, resources, and student support services. 11. Stay organised Throughout the application process, make sure to keep copies of all documents, correspondence, and receipts. Staying organised will help you address any potential issues more efficiently. Final thoughts on how to apply for UNISA 2024/2025 admissions online If you’re looking to apply for admission at UNISA, it involves careful planning and attention to detail. By researching programs, meeting admission requirements, and following the step-by-step guide provided by the university, you can increase your chances of a successful application. Remember to stay organised, keep track of important dates, and make use of available resources to make the most of your academic journey at UNISA.
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- August 31 2023
Airtel Malawi made 113% profit in H1 2023, despite currency devaluation
Airtel Malawi has delivered a strong performance in its first half report of the year, growing 113%. Airtel Malawi has reported a profit of K18.9 billion ($17.67m) for June 2023, an increase by 133% from the K8.9 billion ($8.28m) it reported a year ago. In an environment where its contemporaries reported losses owing to currency devaluation, Airtel Malawi is an outlier. Airtel’s Malawi’s uptick in its financial statement does not represent the current state of the external shocks and severe macro-fiscal imbalances the country suffered in the last three years. In June 2023, a spokesperson for Malawi’s central bank said the foreign exchange reserves of the East African nation could not cover a month of imports. But respite came when the Reserve Bank of Malawi, in a foreign exchange auction, raised $350,000 that same month to cater to forex shortage. Airtel Malawi’s resilience is thus unprecedented as its profit is attributed to a better operating performance and lower finance costs. The telco reduced its foreign exchange losses to K2.8 billion ($2.66m) in June 2023 from K12.6 billion ($11.77 million) the year before. “The Malawi Kwacha depreciated by 2.68% in June 2023 as against a foreign exchange loss of K12,652 million in the previous year, same period, when the Malawi kwacha depreciated by more than 25%,” the notes in the financial statements read. The firm’s revenue was up 26.8% to K85.9 billion ($80m) from K67.8 billion ($63.11m) recorded in June 2022. The revenue growth was based on the customer base growth of 5.8%, and average revenue per user (ARPU) growth of 20.7%. The revenue growth was broad-based across all key segments: voice revenue went up by 16.9%; data revenue was up by 30.4%; and other revenue was up by 86.7%. Airtel Malawi is going nowhere despite the nation’s economic woes Airtel Malawi said it will continue to support the economy and keep Malawian communities connected. Its outlook on Malawi is attractive, as it notes that the telecommunication sector would benefit from population growth and the need for increased connectivity. While it wants to base its forward-looking strategy on increasing mobile penetration via rural underserved markets, the economy is a worrying concern. “The economy and company are exposed to [the] continued impact of Kwacha depreciation and scarcity of foreign currency,” the notes in its statements read. The telco said it will sort the problem by diversifying currency sourcing while doubling down on revenue and customer growth. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
The role of storytelling in building a more formidable tech ecosystem
Rose Odengo describes herself as big-hearted, loving, and as someone who enjoys laughing. She pours her heart into everything that she does, including storytelling, which she has been doing for close to two decades. For the past 16 years, Odengo has worked in communications and storytelling, doing everything from copywriting to journalism, and even fiction. All these three paths combined make up what she calls her “storytelling triage”, which she uses to tell the next generation of African brand stories. Odengo is the head of communication and community at Madica, an Africa-focused pre-seed investment programme empowering underrepresented and underfunded founders in Africa. Prior to her role at Madica, she worked mainly in the non-profit sector, helping organisations like the Obama Foundation and Segal Family Foundation attain communication and marketing goals. For Centre Stage, I had a conversation with Odengo which was lighthearted, candid, and punctuated with a lot of laughter. We discussed multiple facets of storytelling including its role in building a more formidable tech ecosystem and how startups can tell better stories. Storytelling is a tradition RO: Storytelling for me started when I was a child at the dinner table. Every night at dinner, my parents would tell me and my siblings stories about their childhood and what it was like growing up for them. It was a tradition in my family and fundamental to how I was raised. I learned a lot of our traditions and core life lessons via storytelling, and I grew up to love it. I started working in Kenyan media houses as soon as I could, based on my love for telling stories, first, as a copywriter, after which I evolved into journalism because I felt like helping people sell things was not enough, but I wanted to transform society. From journalism to public relations, and it’s been a steady progression from there. Perfection doesn’t exist for storytellers RO: Perfection doesn’t exist for storytellers and it’s whatever we constitute it to be in our minds. To be a great storyteller, you need to understand the basics of storytelling. It goes beyond the conventional ways we’ve been taught to approach stories; having a protagonist, a plot, a dilemma etc. When we look at storytelling as a way of documenting the truths of our society and sharing it on a global stage, then it’s just a matter of practice rather than perfection.Writing a good story is about considering what your audience knows or doesn’t know, what you want them to know, how they will understand and interpret it and being able to piece all of these together in a way they can understand. Good stories tend to be universal and it doesn’t matter what part of the globe people are in; they should be able to connect to your story. How personality affects storytelling RO: I’m a Chatty Patty, but I also consider myself to be an ambivert because there are times when I like to recharge in solitude. As a storyteller, one thing that I learned over the years is the importance of listening. I haven’t always been a great listener and would always like to have the last word in conversations, but that has changed as I’ve grown as a person and as a storyteller. I’m now an ambivert, and so I have moments where I share and talk, but also moments where I listen. Listening provides a core aspect that a lot of communication sometimes fails to do, which is context, and in order for people to be comfortable enough with opening up to you, they need to get the sense that you are willing to listen to them without judgement. The heart of listening is listening without judgement, and paying attention to your subject rather than your preconceived biases. However, you also need some bits of extroversion because that has helped me make conversations and friends easily. This is also useful because sometimes you share stories that people can connect to and lead to the forming of bonds that are hard to break. The role of storytelling in the African tech ecosystem RO: People are tribal in nature, and this means that they’re going to connect with you and want the best for you when they understand you. The role of storytelling in the ecosystem is to try to build that connection in different ways. The first way is simply eliminating the gatekeepers and making stories or sharing of information completely accessible. We see that a lot of startups are genuinely confused as to what VCs want in order to give them money. They keep thinking “What do they care about?” “What kind of questions should I be asking?” One key thing in my role at Madica is to build a one-stop information hub where startups can access all the information they need. This also helps founders understand the psychology and understanding of how these things operate, including how to engage and talk to investors. The second aspect is that storytelling can be a tool to engage with other players in the ecosystem. At Madica, we’re telling our stories and sharing the stories of our portfolio in the startups, and this is to get the attention of other VCs who may be interested in investing or have negative assumptions about investing in startups in Africa. We play a role in de-risking through our community building to help people see that there is more than just Nairobi, Cape Town, Cairo and Lagos. Startups need to understand the lingua franca in order to tell stories better RO: Across the board, a fundamental challenge of startups is always money and funding. Fundraising seems to be a struggle and it tends to be an aspect of two related things: how startups tell their stories and understanding the lingua franca of investors. Different investors are interested in different things. While some are more interested in debt financing, others are more interested in equity, or later equity. These different investors speak different languages and your success in
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- August 31 2023
Amid high fuel costs, Uber launches electric motorbikes in Kenya
Uber has launched an electric motorcycle in Kenya but is only available in Nairobi for now. Uber has revealed an e-mobility product in the Kenyan market—an electric motorbike named One Electric. The launch is key as the worldwide automotive industry plans to transition toward electric vehicles, with countries such as the U.K. planning to phase out vehicles with internal combustion engines. This also marks Uber’s third key product announcement in the Kenyan market this year, following the rollout of an audio recording feature for safety and the integration of M-PESA into its payment system. “Now is the time to take solid steps that enhance sustainable practices and as a business, we are committed to being part of the collective efforts to reduce the carbon footprint. Through the launch of Electric Boda on our platform, we are proud to provide an option for emissions-free mobility in Kenya. This launch also supports our global efforts to become a zero-emissions platform by 2040,” said Frans Hiemstra, director and regional general manager, Uber, Middle East and Africa. The electric motorbikes, with an 80-kilometre range, are not owned by Uber; instead, they are under the management of Greenwheels Africa, an e-mobility company focused on electrifying motorbikes. This fleet partner will oversee all bike-related logistical matters, including maintenance and charging. Imran Manji, Uber’s head of East Africa, told TechCabal that Greenwheels currently operates only a few charging stations in Kenya, but they plan to increase them to ten before the end of the year. However, motorcyclists won’t be responsible for charging their bikes; rather, they will exchange depleted batteries for fresh ones at Greenwheels Africa’s stations. Manji clarified that Uber electric Boda cyclists will also be charged for the batteries based on their usage. “If a rider wants to swap a battery that is at 40%, they will only pay for 60% of charge at the station,” Imran told TechCabal. Riders won’t own the electric bikes although there are plans to sell the bikes to other Kenyans in the future. Greenwheels will lease them for Uber services through a collaborative partnership involving the e-mobility company, Uber, and the riders. The bikes will also complement the current Uber Boda service that uses fuel-powered motorbikes, now with a potential 20% price reduction. “We are doing our part to aid the transition to eco-friendly mobility products and to support national sustainability objectives. The launch of Electric Boda will provide Kenyans with one of the most affordable ways to move from one place to another, with prices 15-20% below the price of our existing product,” said Imran Manji. For now, the bikes will be accessible in specific areas of Nairobi and are set to extend to other Kenyan cities later. Uber has not revealed plans to launch this service in other African markets. Kenya seeks to tackle pollution following the launch of the National Electric Mobility Plan, aligned with the National Energy Efficiency and Conservation Strategy (2020-2025). This approach bypasses the need for parliamentary approval on tax exemptions for electric car imports by 2024. The plan’s core objectives involve implementing an automotive industry charter, providing eco-friendly driver education, and establishing sustainable road traffic management. High fuel costs in Kenya have led to increased expenses for locals, businesses, and transportation, impacting economic activities and living costs. Nonetheless, the government reinstated a fuel subsidy to stabilise pump prices. This led to the cost of petrol, diesel, and kerosene remaining steady at KES 194 ($1.34), KES 179 ($1.23), and KES 169 ($1.16), respectively, in Nairobi. According to Uber, the launch of electric motorbikes marks a potential 30-35% drop in operational expenses. The Bodaboda industry, which employs over 1.5 million youth in Kenya, contributes around KES 202 billion ($1.4 billion) to the economy each year, as per the World Bank. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
Ugandan fintech Asaak acquires FlexClub as it expands to Mexico
Asaak joins Nigeria’s Paga as one of the few African tech companies to expand to Latin America. Founded in 2016, Asaak offered motorcycle and smartphone loans to Ugandans individually and through partners like SafeBoda. It has now acquired FlexClub on “friendly terms” as it pursues a growth strategy outside Uganda (and Africa). After becoming profitable on the back of its program that purchased motorcycles for boda boda drivers in Uganda, Asaak began to consider options for expansion Kaivan Sattar, CEO and founder of Asaak explains to TechCabal. While the Asaak team explored opportunities in Africa, their attention was caught by FlexClub, a Mexican startup offering car financing for Uber drivers and providing software that allowed South African car rental companies to offer vehicle “subscriptions” to drivers. FlexClub straddled two continents and offered different products, which was an operational strain. Asaak was looking for its next big asset financing market. At the same time, some of its partners in Uganda had pulled out of countries bigger than Uganda. So, it made sense to be open to anything. The Asaak team decided the right opportunity was to buy the asset financing business of FlexClub, which wanted to focus on its South African market. Both firms also shared mutual investors, which made the acquisition natural and one that investors welcomed. “As active investors in both Asaak and FlexClub, simple.Capital() spotted an opportunity to procure the acquisition of FlexClub’s Mexican business by Asaak. We congratulate both management teams on the closing of this transaction which we believe has significant benefits for both Asaak and FlexClub,” said Blake Musgrove, Partner and Chief Investment Officer at simple.Capital. Tinashe Ruzane, CEO and co-founder of FlexClub said the startup left its Mexican business to focus on South Africa because of the ”need for sharper focus in this very challenging economic environment, not [as] a reflection of the potential.” Going to Mexico Only 37% of adults in Mexico have accounts, and just 32% have made or received digital payments, according to the World Bank. It remains a primarily cash-based economy. One downside of this is that as businesses and individuals transact mostly in cash, they may not have a formal financial trail to qualify for credit. “Historically, there has been a lack of desire from the banks to go after clients that are perceived to be higher-risk, combined with the lack of the tools to properly service them,” David Poritz, co-CEO of Covalto, a Mexican digital banking and services platform told The Banker earlier this month. Where loans are offered, the collateral or interest charged is too expensive. Unsecured loans can cost up to 300% in annual interest. Mexico is also home to a thriving industry, thanks to the millions of tourists visiting hotspots nationwide yearly. Despite occasional altercations with regular taxi driver unions, the country is one of Uber’s biggest and most profitable markets. Kaivan has lived and travelled across East Africa for some years prior to Asaak. He spoke fondly of the cultural nuances that were embedded in how they sold Asaak as they grew the business to become profitable. Like getting spouses to participate in the loan product and co-sign the lease papers. And creating a children’s room for the anxious families who trooped to Asaak offices to pick up the family’s first motorcycle and future source of income every day. It’s largely the same in Mexico, “the men come with their wives or girlfriends, or the women come with their boyfriends to pick up their cars and they drive off with it,” Sattar says. Where it once financed boda bodas, Asaak will now be providing car loans, so replicating their Ugandan success in an entirely different setting with a different set of products will mean understanding more of these cultural cues and undertones for this new set of customers. “The vehicle is the entry point into our credit ecosystem, from which drivers can eventually access additional credit for fuel, repairs, smartphones or other needs they may have. We’ve proven this can be done profitably at scale for our clients, both online and in person,” Sattar said in a press statement. “We love asset financing/ Other people may not like it, but we love it,” Sattar declares. Having built a strong business serving informal customers in Uganda. He is counting on using that experience to make his vision of digitising Mexico’s lease-to-own vehicle market, profitable. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
2024/2025 ways to track UNISA application status
The University of South Africa (UNISA) is a renowned institution that attracts students from all over the country and beyond. If you have applied to UNISA and are eagerly awaiting a response, tracking your application status is crucial. Fortunately, UNISA provides a straightforward process to keep applicants informed about the progress of their applications. Here are the steps to track your UNISA application status in South Africa: 1. Access the UNISA Website to track application status Begin by opening your web browser and navigating to the official UNISA website (www.unisa.ac.za). This is the official source of information regarding your application status. 2. Click on “Check Your Application Status”: On the UNISA homepage, look for the “Check Your Application Status” link. This is usually prominently displayed to help applicants easily locate it. If you don’t find it, then there’s possibly no application pending or they’ve not started allowing checks for the last application. 3. Enter your details Once you’ve clicked on the link, you’ll be prompted to enter specific details to verify your identity. These details usually include your ID number, surname, and date of birth. Ensure that the information you provide is accurate. 4. Submit the information After entering your details, click on the “Submit” or “Check Status” button. The system will use the provided information to retrieve your application status. 5. View your application status Once the system processes your information, your application status will be displayed on the screen. UNISA usually provides detailed information about whether your application is still under review, has been accepted, or has been declined. 6. Check regularly to track your UNISA application status UNISA’s application review process may take some time, so it’s essential to be patient. However, you can check your application status regularly to stay updated on any changes. 7. Contact UNISA (if necessary) If you find that your application status remains unchanged for an extended period, or if you encounter any issues while checking your status online, it’s recommended to contact UNISA’s admissions department. They can provide you with more information and assistance. 8. Constantly check your email UNISA may also communicate updates about your application status via email. Keep an eye on your registered email address for any messages from UNISA regarding your application. 9. Keep track of deadlines While waiting for your application status, ensure that you keep track of any deadlines for document submissions, registration, or other related processes. UNISA’s communications might include important instructions that you need to follow promptly. Final thoughts on how to track UNISA application status Tracking your UNISA application status in South Africa is a relatively straightforward process. By following these steps, you can stay informed about the progress of your application and take any necessary actions as required. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
Latest Home Affairs online booking steps 2023
In the digital age, convenience is paramount, even when it comes to government services. And the South African online booking system for Home Affairs appointments affords you such comfort. This system streamlines the process of obtaining essential documents and services, such as identity documents, passports, and marriage certificates. To help you navigate through the process, here’s a step-by-step guide to securing your Home Affairs online booking. Step 1: Visit the official Home Affairs online booking website Open your web browser and visit the official South African Home Affairs website. Ensure you’re on the legitimate website by checking the URL for authenticity. The URL is http://www.dha.gov.za/. Step 2: Create an account If you’re a first-time user, you’ll need to create an account on the website. Provide your email address, create a strong password, and input your personal details as required. Step 3: Log in to proceed with Home Affairs online booking After creating an account, log in using your newly established credentials. Step 4: Select preferred Home Affairs booking service Navigate to the online booking section and choose the specific service you require. This could range from applying for a new Smart ID card to scheduling a passport renewal. Step 5: Choose a branch Select the Home Affairs branch that is most convenient for you. Keep in mind the proximity to your location when making this decision. Step 6: Pick a date and time Depending on availability, choose a suitable date and time slot for your appointment. The system will display the available slots, allowing you to pick one that aligns with your schedule. Step 7: Confirm your Home Affairs booking/appointment details Review your chosen date, time, and service type. Verify that all the information is accurate before proceeding. Step 8: Provide personal details Fill in the required personal details for the service you’re booking. This might include information such as your identification number, full name, and contact information. Step 9: Additional information Some services may require you to provide additional information or documents. Make sure you have all the necessary paperwork ready to upload if required. Step 10: Payment Certain Home Affairs online bookings or services may have associated fees. You’ll need to make the payment online using the available payment options. Step 11: Confirmation Once you’ve completed all the necessary steps, you’ll receive a confirmation of your appointment via email. This confirmation will contain important details, such as your reference number. Step 12: Attend the appointment On the scheduled date and time, arrive at the selected Home Affairs branch with all the required documents. Present your reference number to the officials to ensure a smooth process. Final thoughts on the Home Affairs online booking By following these steps, you can make the most of South Africa’s Home Affairs online booking system, saving you time and hassle. Remember that while the online system offers convenience, it’s important to ensure your personal information is kept secure throughout the process. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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