Nigeria’s unified FX rate will change how startups report revenue
For startups that operate in Nigeria and report their revenue to investors in US dollars, the recent unification of exchange rates in Nigeria might be a new hurdle. On Wednesday, the Central Bank of Nigeria (CBN) confirmed Nigeria’s move to a unified exchange rate. The unification immediately caused the Naira to lose 36% of its value and drop to a record low of $1/₦750. While the markets reacted positively to the announcement, Nigerian startups were not as enthused. For startups that raised capital in foreign currencies and reported revenues to investors in USD, a unified FX rate might be a new hurdle. Before now, many startups reported revenues using Nigeria’s official exchange rate of $1/₦462. It means that while $1 million in revenue two months ago was around ₦462 million, today it is ₦656 million. That increase (₦196 per dollar) is significant for startups that gain revenue in Naira. Although it was a common practice to report revenue using the official rates, some startups reported at the parallel rate (₦750). Startups that reported revenue to their investors using the former official exchange rate would be the most affected by the single rate. Nnamdi Ifechi-Fred, a digital economy analyst, told TechCabal that he thinks that startups that reported revenue at the official rate, would see “something change for them.” Some startup founders who spoke to TechCabal said that despite these changes, they will not be hurrying to the drawing board to rewrite their revenue targets for the year. For startups that had been reporting revenue in Naira before the unification, not much has changed. “We have been reporting our revenue in Naira for over two years. We didn’t agree on targets with investors based on dollars or euros,” said Romain Poirot-Lellig, the CEO of Kwik Nigeria, a mobility startup. “For me, it is important that when reporting, you are as close as possible to the local economy.” Adedeji Olowe, founder of Lendsqr, a lending SaaS fintech, told TechCabal that a unified FX rate will affect the previous valuation of startups and could “make them go very bad”. “I think things will cross-correct down the line because startups are still raising money. In truth, there is nothing startups can do about this,” he added. The multiple rates also dampened investor confidence because it was difficult for investors to repatriate their profits. Nigeria’s international bonds surged after rumours of a unified rate on Monday. Olowe told TechCabal that the unification of the FX rate could improve investor confidence. “If things continue this way, two things could happen: the FX could get better and investment could become easier for everybody.” Poirot-Lellig told TechCabal that the unified FX rate could be a good thing for businesses in the long run because it brings stability to the market. “The key thing when growing a business is operating in a predictable environment as much as possible. If you know that you will be able to access foreign currency regularly, then you can adapt your financial and economic planning accordingly.” Although the multiple rate system caused confusion for startups, it had its advantages. By reporting operating expenses at the official exchange rate and converting dollars at the parallel rate, startups could benefit from the multiple rates. For Mathew Saunders, head of investments at Future Africa, a venture capital firm, the unification of the FX rate “is an important step towards enhanced financial transparency for Nigerian startups, particularly when reporting to investors.” He added that while this measure could momentarily affect operational costs for most startups, it will ultimately benefit the ecosystem by cultivating an environment marked by more trust and clarity. For many Nigerian startups, the shift to a unified FX rate necessitates a reevaluation of their approach to making money. As founders navigate the changing landscape, they will need to find innovative solutions and create strategies to ensure continued growth and success in the face of evolving economic policies. Ultimately, the impact of this exchange rate unification on Nigerian startups remains to be seen, but it undoubtedly presents both challenges and opportunities for the tech ecosystem.
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Meta’s case in Kenya drags on
Lire en français Read this email in French. Editor’s Note Week 24, 2023 Read time: 5 minutes Hello Here is a few of this week’s most interesting tech stories from accross the world this week. Pamela Tetteh Editor, TechCabal. Editor’s Picks Meta’s case in Kenya drags on A June 2 court ruling found that Meta is the principal employer of 184 content moderators. Sama, its former content partner, is caught in the middle while Meta appeals the ruling. Learn more. Globus Bank gets hacked Through a sneaky USSD glitch, hackers wiggled their way into Globus Bank’s system and made off with ₦1.755 billion ($3.7 million) from unsuspecting customers’ accounts. Learn more. 45 Fluterwave accounts frozen in Kenya Nigerian fintech company, Flutterwave, has been sued by 2,468 Nigerian nationals in a Kenyan court, for allegedly being the medium through which they were defrauded of Ksh1.6 billion ($12.04 million). Learn more. MTN caught in a crossfire in Cameroon The bank account of MTN’s branch in Cameroon, which contains 14 billion CFA francs ($22 million) has been seized in the middle of a fight that MTN has nothing to do with. Now it’s affecting all of MTN’s operations in the country. Learn more. No dividends for Multichoice shareholders The dividends of Multichoice’s shareholders are taking a detour this year. The company is diverting all that money to funding of its streaming platform, ShowMax, because it believes that ShowMax can bring in blockbuster returns. Learn more. Green city gets half of Kenya’s ICT budget The Kenyan government has allocated $110 million for the ICT industry. However, nearly half of that amount will be used to develop Konza, a green city outside Nairobi Learn more. Kenyan Hustlers get more funding Still on the subject of budgets, Kenya has allocated Ksh. 10 billion ($72 million) to Ruto’s Hustlers Fund. This fund was launched in 2022 to support Kenyan SMEs and has reportedly reached 16 million people so far. Learn more. Next Wave Want to stay ahead of curve and get futuristic analysis of the business of tech in Africa? Then Sign up to the Next Wave Newsletter to get started. Sign up now. Nigeria unifies exchange rate Nigeria’s Central Bank (CBN) has floated the naira in a bid to loosen its control of the exchange rate, and eventually unify it. Learn more. Proposed content creator tax down to 5% Cue the sigh of relief! Content creators in Kenya won’t have to pay 15% tax anymore. Just a week after President William Ruto issued his command to review Kenya’s proposed content creator tax, the tax has be cut down to 5% Learn more. YouTube relaxes monetisation rules YouTube is relaxing the rules for its partner program, so new creators can start earning as early as possible from their video-making careers. However, it is still not rosy for new content creators. Learn why.. Who brought the money this week? Nigerian communications-as-a-service startup, Termii, raised $3.65 million in pre-seed funding. Egyptian logistics company, Trella, received $3.5 million in an undisclosed funding round from private equity fund, Avanz Capital Egypt. South African agri-tech company, Maltento, raised $3.3 million in an undisclosed funding round from Sand River Venture Capital. Nigerian logistics company, Messenger, raised an undisclosed amount in pre-seed funding. The round was led by Nama Ventures, with participation from Aidi Ventures and other angels. What else to read this weekend? As war rages in Sudan, small startups are helping people find food, money, and flee. WhatsApp Channels arrive fashionably late to the chat apps party. Nigeria’s new president has approved a new law which provides a legal framework for data protection. As LagRide drivers push for lower daily repayments, it’s time to ask if vehicle financing is right for Nigeria. Written by: Ngozi Chukwu & Written by: Hannatu Asheolge Edited by: Pamela Tetteh 18, Nnobi Street, Surulere, Lagos, Nigeria Unsubscribe from TC Weekender
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Flip app users can’t access funds as new owner, Blockfinex, blames slow migration
Users of Flip, a B2C crypto platform by Fluidcoins, have been unable to access their funds for months. Fluidcoins’s acquiring company, Blockfinex, acknowledges the problem and is working towards a resolution while planning to shut down the Flip app in order to prioritise Fluidcoins’ B2B potential. Users of Flip, an app developed by crypto startup Fluidcoins, have been facing persistent issues accessing their funds for several months now. These users, some of whom are in Flip’s Telegram group with over 300 members, have expressed frustration over the perceived indifference of Flip’s operators towards their plight. Blockfinex, a crypto exchange company that acquired Flip’s parent company Fluidcoins, told TechCabal that it is actively working to address these issues. They also shared plans to completely shut down Flip and focus on serving businesses instead of individual users. Lamide*, a product manager told TechCabal that he had difficulties accessing his funds in October 2022 due to a KYC (know-your-customer) process. In his conversation with TechCabal, he stated, “I deposited $100 into Flip [which promised a 6% annual yield]. However, in October last year, I realised that I couldn’t access my money because I failed to complete the KYC successfully.” He initially contacted Flip on Twitter, and they provided him with some steps to follow. But, despite diligently following the instructions, months passed without him being able to access his funds. Eventually, Lamide emailed the founder, Lanre Adenowo, who directed him to join the earlier-mentioned Telegram group. It was within this group that Lamide discovered other users facing similar issues and a variety of other problems with the app. According to Lamide, the Telegram group currently has around 333 individuals, including users and some employees of Fluidcoins. The range of problems reported by group members varied, from the inability to access their savings to the inability to retrieve funds from expired virtual dollar cards. Lamide emphasised: “Aside from users expressing their complaints and asking unanswered questions about the status of their funds, the company rarely communicates any information on the channel, but they keep making posts on Twitter.” A screenshot of said Telegram channel shows over 300 members and some users complaining. Image source: Lamide* Blockfinex, the company that acquired Flip’s parent company Fluidcoins last year, has confirmed that users are experiencing difficulties accessing their funds. Danny Oyekan, founder and CEO of Blockfinex, insists that only 20 out of the 34,000 users inherited from Flip may be facing these problems and that the money held up may be about $5,000. He explained, “The issues arise from technical and financial challenges that were unknown to us during the acquisition. To resolve them, we are currently migrating customers from Flip’s original wallet to another wallet.” Oyekan informed TechCabal that a migration form has been shared with users to facilitate the transition to Blockfinex’s new wallet. TechCabal has confirmed that such a form was actually shared on Twitter. In the post, which was made on May 5, the company said it will migrate the stablecoins—$TUSD, $USDT, or $BUSD—from their Flip wallet to Blockfinex’s wallet within 14 days. However, that did not happen. Conversations with customers indicate that some individuals still do not have access to their funds despite having completed the migration form. One customer however told TechCabal that the form does not cater to people who had pending withdrawals from their accounts. “I requested a withdrawal of 50 USDT from my Flip to my local bank on May 11 and till now the transaction has been pending, even though it has been deducted from my Flip. Now my balance is just 0.22 USDT and there is no provision for that issue in the form. There is someone whose money has been pending since April too. We raised this matter on the Telegram channel but got no response.” The screenshot shows pending a withdrawal on the Flip app. Image source: Flip app user Oyekan acknowledged the communication gap on Telegram, stating, “We have primarily been engaging with users who reach out to us on Twitter, inadvertently neglecting those on Telegram.” He also explained that “The migration is taking so long because Flip’s wallets are indexed wallets so we have to go through them one by one to match them to each user and migrate them manually. Today, the previous management tried a bit to help us fix the issue. ” A source close to the matter revealed to TechCabal that the delay may be due to inadequate information transfer from Flip’s former operators. The source suggested that the situation might have been different if the former operators had been more helpful with the migration. Given the complexities of the acquisition of Fluidcoins, it is understandable that there might have been communication gaps between the previous owners of Flip and Blockfinex. However, Lanre who initially founded Fluidcoins, and spoke to TechCabal, confirmed ongoing communication with the Blockfinex team and presented emails as evidence. He stated, “I am unsure if a migration is taking place, but I have been and still am available to help with any issues they reach out to me about.” Oyekan, on the other hand, told TechCabal that the migration is indeed taking place. “We are determined to quickly resolve the matter and eventually shut down the Flip app. We acquired Fluidcoins for the B2B aspect and not the B2C,” he said.
Read MoreGiants of e-commerce in Africa: The case of Jumia
This guest article was contributed to TechCabal by Osinachi Ukomadu. Seven years ago, Tunde began using Jumia to sell goods. He only had a little capital or experience, but he saw potential in the platform and decided to take a chance. Tunde began by selling small items like phone cases and chargers. Still, as he gained more customers and positive reviews, he expanded his inventory to include smartphones and other important phone accessories. In addition, he spent countless hours researching trends and negotiating with suppliers to ensure he could always offer competitive prices. Despite the challenges of running his own business, Tunde persevered. He dealt with demanding customers, shipping delays, and cash flow issues but never gave up. One of his biggest challenges was when someone tried to sabotage his business by leaving fake reviews. He contacted Jumia’s support team and worked tirelessly to dispute the false claims. Soon enough, the competitor’s reviews were removed. After a few years of hard work and several improvements from Jumia, Tunde’s business enjoyed success. He could hire employees, grow his inventory, and expand with a physical store. Jumia pioneered e-commerce in Nigeria and is one of Africa’s largest e-commerce companies. In 2022, they celebrated 10 years of e-commerce in Nigeria, and currently, they are active in nearly a dozen countries in the continent. They are also often called the Amazon of Africa because of their giant strides in the industry. Many people try to disparage them by saying they tried to copy the Amazon model; whether that is true or not is inconsequential. However, it is undisputed that putting something on the ground when they launched was a feat. This was when all the necessary infrastructure was not in place to establish a thriving e-commerce business in Africa. So, give them some credit for building a frontier. Jumia created its e-commerce business in the face of a lack of infrastructure and the right resources to foster growth. It was challenging, and they’re still facing such challenges today as they spread e-commerce across Africa. It’s been a case of establishing in some locations and quickly closing and moving to other places if it doesn’t work. However, it is crucial to note that just because a structure worked in the US, such as the Amazon model, doesn’t mean it will work in Africa. Every country and continent are beginning to adopt and localise technology and technology-enabled businesses in their climes. Adopting the Amazon model Before now, there was Internet 1.0, a copy-and-paste model, where everyone tried to do a version of an American company in their locality. However, people are beginning to realise that such ideas hardly scale because the local needs and challenges differ entirely from the locations they are copying those business ideas from. That’s the challenge that Jumia ran into and is still struggling through. This is because many things that make e-commerce work in Africa differ entirely from what makes e-commerce work in the US. The social nature of commerce in Africa, the payment rails, the logistics infrastructure, and the trust gap are critical missing pieces. They tried to solve all of these using the model that Amazon had mastered. However, they encountered challenges and had to develop ingenious solutions to handle some of the issues. It is challenging to change the culture that has prevailed in society for a long time. You have to ride the wave of that cultural norm while introducing a new way of doing things. E-commerce 2.0 and E-commerce 3.0 will drive this change. E-commerce 2.0—or B2B e-commerce and the like—is what Alerzo and Marketforce are operating, and it is enormous. E-commerce 3.0, on the other hand, is a peer-to-peer kind of e-commerce currently taking place in social commerce. So much of that will drive what e-commerce will be in Africa, and the big players will either figure out how to adapt to these new models or keep playing the old game to their detriment. Growth of Jumia The first-mover advantage of Jumia The first-mover advantage was indeed a real advantage for Jumia. They gobbled up a lot of customers when they came in initially, which helped them gain ground. They figured out how to bring goods into the country that ordinarily were challenging to get locally or, if available locally, were prohibitively expensive. Previously, someone would have to travel out of the country by obtaining a visa, buying a plane ticket, flying out, finding a supplier, buying the items they need, putting them back on a plane, and bringing them back into the country. In most cases, they would double the item prices compared to the price they paid in order to cover their expenses. In comparison, Jumia brings these things into the country in volume leveraging economies of scale, and you, an ordinary trader, can’t compete with their economy of scale. The economy of scale was a great advantage for them in bringing in items like phones and other consumer electronics to sell at reasonable prices compared to what was sold in the local market. Access to adequate funding Being well-funded and having the right people at the helm of leadership was critical to Jumia’s growth. They could build the kind of infrastructure that was not available; the logistics infrastructure, payment capabilities, etc. They also innovated with a pay-on-delivery system, which was a creative solution to payment issues. This helped them get many customers because trust was a huge challenge. The trust deficit is still there, but they lowered that barrier of trust with cash on delivery. This helped them win the hearts of many customers. However, they’re currently pulling away from that payment model because it’s become quite expensive. Some customers place an order only to reject the order upon arrival. This costs time and money in the fulfilment process. However, compared to the local market, they still have more variety, quality products, and better prices than most. More opportunities for growth The local market is getting smarter, and they are figuring out
Read MoreHeritage Bank calls reports of N49 billion fraud ‘defamatory’ amid ongoing fund transfer delays
After a week of unaddressed allegations that the bank’s staff made away with ₦49billion, Heritage Bank has denied the report, but its customers are not convinced because they can’t make transactions Heritage Bank has denied reports alleging that a member of its information technology team diverted ₦49billion and disappeared. “The allegations are wrong and defamatory. These articles have used unrelated facts and conjecture to create a fictitious narrative, “the bank told TechCabal in a statement yesterday forwarded by Ozena Utulu, its corporate communication manager. The bank said it has embarked on long-term sustainability plans premised on restructuring the bank, ensuring cost efficiency, and management of its assets, and confirmed reports that it had reduced its workforce. However, it stressed that the staff affected had been duly compensated. Despite these claims, customers banking with Heritage still struggle with poor customer service, delayed transfers, inability to move depositor funds and failure of the bank’s apps. Two customers confirmed this to TechCabal. A banking customer known as Isaac told TechCabal that he had been unable to withdraw his funds from Heritage Bank for the last seven days. “I have money in my account. I have been unable to withdraw it for days. I tried more than 20 times. I will have to visit the bank on Monday to remove my money,” he said. Esther Onwubuya, another Heritage Bank customer, told TechCabal that the bank has been experiencing network issues that have made it difficult for her to withdraw money. “I don’t know if this has anything to do with the rumors. It’s always a hassle to send funds. Last month, we even had to go to the bank.” And while Heritage bank however said in its statement that it’s committed to collectively driving growth and delivering exceptional service to all, Onwubuya is unmoved. “I saw the statement, but it doesn’t take away from what’s currently happening. I even hear that the ATM services are poor too.”
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SASSA SRD reapplication comprehensive Guide 2023
The Social Relief of Distress (SRD) grant has been a lifeline for many vulnerable individuals and families in South Africa. This grant provides temporary financial assistance to those who are experiencing significant distress and are unable to meet their basic needs. If you have previously received the SRD grant but find yourself in a position where you have a reason to reapply, this article will guide you through the SASSA SRD reapplication process in South Africa. 1. Understand the eligibility criteria Before beginning the reapplication process, it’s essential to familiarise yourself with the eligibility criteria for the SASSA SRD grant. In general, the grant is targeted towards unemployed South African citizens or permanent residents who are currently not receiving any form of income or social assistance. Ensure that you meet all the necessary requirements to proceed with the application. 2. Gather the required documentation To successfully reapply for the SRD grant, you will need to gather certain documents. These typically include: a) Identification Documents: You will need a valid South African ID document or any official form of identification that verifies your South African residency or citizenship. b) Proof of residence: Collect documents such as utility bills or a letter from your ward councillor that verifies your place of residence. c) Bank Statements: Obtain recent bank statements that demonstrate your financial situation and lack of income. d) Proof of unemployment: Gather any documents that support your current unemployed status, such as a retrenchment letter, termination of employment letter, or an affidavit. See a more comprehensive list of documents required here. 3. Contact the South African Social Security Agency (SASSA) To initiate the reapplication process, it’s crucial to get in touch with the South African Social Security Agency (SASSA). You can reach them through their toll-free helpline or by visiting your nearest SASSA office. Explain your situation and request guidance on the SRD reapplication process. They will provide you with the necessary information and assistance to proceed. 5. Submit the application The SASSA portal will provide you with an SRD application form. Ensure that you fill out the form accurately and provide all the required information. Double-check your responses to avoid any errors that may delay or hinder the processing of your application. Once you have completed the application form, submit it to the portal. Ensure that you attach all the required documents along with your application. This will help expedite the review process. 6. Follow up on your SASSA SRD reapplication After submitting your SASSA SRD reapplication, it’s crucial to follow up on its status via the online portal. You can also contact SASSA to inquire about the progress of your application and whether any additional information is required. Patience is essential during this stage, as the processing time may vary depending on the volume of applications received. Final thoughts on reapplication for the SASSA SRD Reapplying for the Social Relief of Distress (SRD) grant in South Africa can be a vital step in accessing temporary financial assistance when facing distressing circumstances. By understanding the eligibility criteria, gathering the required documentation, and following the application process through the South African Social Security Agency (SASSA), you can increase your chances of receiving the much-needed support. Remember to stay patient and maintain communication.
Read MoreHow Adbot is using AI to make online advertising efficient for small businesses
Adbot is a South African adtech startup that uses artificial intelligence to enable small businesses to efficiently run their online advertising campaigns. The company recently announced a seed round with plans to expand into Nigeria. According to data by McKingsey, in the last five years, the share of Africans who choose to buy goods and services online has more than doubled, translating to about 10% of the entire population on the continent. Additionally, online sales in Africa are growing at around 25%, year-on-year—one of the highest rates in the world—with more than 10 million people starting to buy online each year. Adbot is a South African adtech startup looking to help small businesses piggyback on this trend. The startup offers AI-powered automated ad campaign management that enables SMEs to get their Google and Bing ads online within just 10 minutes, or so the company claims. To achieve this claim, Adbot recently raised an undisclosed seed round from Tofino Capital to scale its product to more markets including Nigeria. TechCabal caught up with Adbot founder and CEO, Michelle Geere, to learn more about the role AI plays in online advertising, fundraising during a downturn, the state of online advertising in Africa, and much more. TechCabal: Please tell us more about Adbot and the company’s product offering Michelle Geere: We are an adtech company offering automated online ad campaign management for SMEs in Africa using artificial intelligence. The problem we are solving is that, at the moment in Africa, if you want to get your business online, number one, you need a credit card. You need a credit card to get your business onto Google or onto Facebook, or any one of those different platforms and we know that Africans don’t bank the same way as everybody else. Additionally, if you want to get your business online, you have to do your own campaign management which is a task and a half especially if you are not skilled at it. So what often happens is, when it comes to online advertising, small businesses do want to take advantage of it, but they just don’t have the means. What ends up happening is they just don’t, and they find other ways of doing it, which are most of the time costly and generally inefficient compared to online advertising. To address that problem, we have built a piece of technology that can do all the management for the business owners. They don’t have to be an expert in digital marketing or Google Adwords. The technology automatically manages their campaigns for them so they can just focus on growing their businesses. Adbot recently closed its seed round. What was your experience with trying to raise capital in a funding downturn? MG: It is tough to get funding at the moment. I think what we had in our favour is that we started chatting to the Tofino Capital team and there was just a really good cultural fit. I have a personal passion for reducing the failure rates of SMEs in Africa and they are similarly interested in businesses in Africa who are contributing to the success of other businesses in Africa. So I think what really sealed that deal is the fact that we shared that same mission. It was a very quick decision with regard to getting it over the line. What challenges did you face in your operations in South Africa and what challenges do you anticipate in the markets you will be expanding to? MG: Firstly, I think the challenges in South Africa are slightly different to the challenges in Nigeria where we are planning to expand to. One of the reasons we raised was to expand into other parts of Africa because South Africa’s challenge is that people don’t understand automation yet. I think over time, the understanding of the fact that a machine can do it better than you will sink in but at the moment, that’s not the case. The launch of ChatGPT seems to be changing that mentality which is a welcome development. In Nigeria, I think the challenge will be to introduce the concept of ads and online services because the country has a very specific way of doing e-commerce. For example, e-commerce via social platforms like Instagram is very common but the likes of Google Search, not very much so. The challenge will be educating the market that they can do what they’ve been doing on a bigger scale using our technology. What advantage does Adbot have over business owners doing their own ad campaign management? MG: If you were a small business owner, and you went directly to Google, and bought ads from Google, you would have to know exactly how the platform works. This has quite a steep learning curve and requires dedicated time for self-learning. Most business owners simply don’t have that liberty. The second part that you have to do if you bought ads directly from Google is that you have to log in on a daily basis into your account and put money behind keywords. To do this efficiently, you have to know which keywords are working and which ones are not working. This again requires a significant amount of time because if you don’t know what you are doing, you can lose a lot of money without really gaining anything. With Adbot, you don’t have to do all those administrative tasks. You just fill in a one-page form which literally takes ten minutes or less, telling us where you would like to place your ads. The AI then steps in to handle everything else without overspending. What would you say is the future of online advertising in Africa? MG: I think the future of online advertising in Africa is definitely going to be more uptake of automation of campaigns, allowing business owners to focus more on the day-to-day operations of their enterprises. Additionally, I think for African businesses, the fact that internet penetration rates across the continent are steadily
Read MoreTechCabal launches second season of My Startup in 60 Seconds
In line with our commitment to the startup ecosystem in Africa, TechCabal has just wrapped up the second season of My Startup in 60 Seconds, our flagship video series where founders share the unique problems they are solving and why, all in less than a minute. You can watch the season on YouTube, Instagram, and Facebook. With My Startup in 60 Seconds, our aim is to cut through the noise and give you, our audience, the chance to appreciate the back stories and the lessons that come with building and leading a successful startup. This season, we featured eight innovative African founders spanning different sectors and countries. Here’s a breakdown of each episode: In the first episode, we featured Duke Ekezie, co-founder of Kippa Africa. Kippa Africa is a startup that provides a software management tool and a payment acceptance platform for businesses across Africa to improve operations and do record keeping. The second episode features Adedapo Sobayo. Sobayo is the co-founder and CTO of Moni, a startup that leverages social trust to deliver financial services to small businesses across Africa. So far, they’ve been able to help 37 million SMEs gain access to credit. For the third episode, we featured Kingsley Oti of Send, a digital freight forwarder and operating system for the supply chain. According to Kingsley, Send is a one-stop shop for customers to manage their shipments end to end, helping them evade the complexities and uncertainty of shipping. This solution was borne out of a lack of transparency in the shipping industry. In the fourth episode, we had on Bolarinwa Odupe. Odupe is cofounder of Centiiv, a blockchain solution that looks to connect Africa to the global market. In episode five, Damilola Olotu, co-founder of SendChamp. SendChamp is a startup solving user retention problems for businesses by providing a multichannel communication platform to engage and sustain their customers. For the sixth episode, we featured Olamide Adebiyi, who’s the founder of Tracc Systems, an operating system for logistics and supply chain management. According to Adebiyi, the logistics and supply chain market is fragmented and heavily manually driven, and Tracc is helping to solve this problem by providing logistics planning, visibility and analytics, among other features. The seventh episode featured Tendai Mugovi, founder of Cashlinq, a digital banking wallet software addressing financial exclusion in Zimbabwe. The eighth episode featured Kgololo Lekoma, co-founder of Credipple. Credipple is a talent marketplace connecting business owners to creative and digital professionals for remote work. We hope you learn something from the journey of these incredible founders, and that they inspire you as much as they have inspired us at TechCabal. If you missed the first season of My Startup In 60 Seconds, you can watch it here. We’ll be producing season 3 soon. If you or any found you know would like to be featured in the series, please fill out this form. What do you think about our stories? Tell us how you feel by taking this quick three-minute survey.
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Payment dates for SASSA SRD Grant R350 2023
The SRD (Social Relief of Distress) Grant R350 is a social assistance program designed to provide temporary relief to eligible South Africans facing financial hardship. This article aims to clarify the payment dates associated with the SRD Grant R350, ensuring that recipients have a clear understanding of the dates and time ranges they can expect payment. Overview of the SRD Grant R350 The SRD Grant R350 is an initiative introduced by the South African government to assist individuals who are unemployed and do not receive any other form of income or social grant. The grant provides a monthly payment of R350, which helps to alleviate the immediate financial burdens faced by vulnerable citizens. However, it is essential to comprehend the payment dates to plan accordingly and make optimal use of these funds. Now, let’s move on to knowing the payment dates for SASSA SRD 2023. Payment dates for SASSA SRD The payment dates for the SRD Grant R350 are typically determined by the South African Social Security Agency (SASSA), the organisation responsible for the administration of social grants. It is important to note that the payment dates may vary from month to month, and recipients are encouraged to stay updated through official channels. Historically, the SRD Grant R350 payments have been disbursed in batches, with specific groups receiving payments on different dates. SASSA generally announces the payment schedule for each month, outlining the dates on which the funds will be deposited into beneficiaries’ bank accounts or made available for collection at designated pay points. The latest information shows that payments have commenced for June 2023. And they go as follows: a) Older Person’s Grants Commenced Friday 2nd June 2023 b) Disability Grants Commenced Monday 5th June 2023 c) All Other SASSA Grants (inc Children’s Grant) Commenced Tuesday 6th June 2023 Methods of R350 payment upon dates SRD The SRD Grant R350 payments are usually made through electronic fund transfers into recipients’ bank accounts. Beneficiaries are required to have a South African bank account in their name to receive the funds directly. However, in special cases, where individuals do not have access to banking services, SASSA may arrange for alternative payment methods such as cash disbursements at designated pay points. That’s it about Payment dates for SASSA SRD. Final thoughts on the Payment dates for SASSA SRD Being aware of the payment dates for the SRD Grant R350 is crucial for recipients who rely on this temporary assistance. By knowing when to expect their funds, individuals can effectively plan their finances and meet their immediate needs. It is recommended that beneficiaries regularly check official announcements from SASSA or visit their website for updates on the payment schedule. Ensuring accurate information is obtained from official sources will help recipients stay informed and minimize any potential confusion or delays in receiving the SRD Grant R350.
Read MoreKonza city gets nearly half of ICT industry’s $110 million allocation in Kenya’s 2023 budget
The Kenyan government has allocated $110 million for the ICT industry. However, nearly half of that amount will be used to develop Konza, a green city outside Nairobi. The government is also focused on boosting connectivity across the country. Yesterday, Kenya’s cabinet secretary for treasury, Njuguna Ndung’u, presented the state’s budget for the 2023/2024 financial year. The total budget is a whopping KES 3.68 trillion ($26.7 billion), a significant increase from the previous year’s budget of KES 3.3 trillion ($24 billion). Allocations for ICT-related projects According to the cabinet secretary, digitisation and automation can increase productivity and competitiveness by making it easier to access markets, improve information flow, and manage risk. ICT services can also free workers to focus on more creative and strategic tasks. Furthermore, they can positively impact youth employment by promoting new industries such as music, theatre, graphic design, digital animation, fashion, and craft. A total of KES 15.1 billion ($109.6 million) has been allocated to fund initiatives in the ICT sector. “To promote productivity and competitiveness, a total of KES 15.1 billion has been allocated to fund initiatives in the ICT sector,” said Ndung’u. Key allocations include KES 4.8 billion ($35 million) for the Horizontal Infrastructure Phase I at Konza City, KES 1.2 billion ($8.7 million) for the Konza data centre and smart city facilities, KES 5.7 billion ($41.38 million) for the construction of Kenya Advanced Institute of Science and Technology (KAIST) at Konza Technopolis, KES 1.3 billion ($9.4 million) for the maintenance and rehabilitation of the National Optic Fibre Backbone Phase II Expansion Cable, KES 475 million ($3.4 million) for the construction of Konza Complex Phase 1 B, and KES 583 million ($4.2 million) for Last Mile County Connectivity Network. These allocations are aimed at supporting the growth and development of the ICT sector. Based on these numbers, the government will continue to pump millions into the development of Konza (nearly half the ICT allocation), a sustainable and futuristic city under construction on Nairobi’s outskirts. The city has also been receiving support from South Korea, which is also developing KAIST in collaboration with the Kenyan government. The new administration with president Ruto at the helm promised it would be committed to expanding digital connectivity. Kenya has made significant progress in this area, but some challenges remain, such as a lack of experts and an ICT infrastructure development plan. The government has built over 9,000 kilometres of terrestrial fibre optic cable and 534 kilometres of last-mile connectivity infrastructure, linking 1,650 public institutions and offices. By 2030, connectivity will grow significantly, and bandwidth requirements will increase due to big data consolidation and analytics. Other ICT highlights from the 2023 budget The Central Bank of Kenya (CBK) is collaborating with other agencies and regulators, such as the data protection commissioner’s office, to ensure that all digital credit providers are included within the regulatory framework. This collective effort aims to safeguard consumers and their interests. So far, only 32 digital credit providers have been licensed by the CBK. Two measures in the digital segment have been introduced. Firstly, a 5% withholding tax has been imposed on gross payments about digital content monetisation. Secondly, a digital asset tax has been introduced, set at 3% of the value of digital assets transferred or exchanged. READ MORE: Taxing creativity: Kenyan content creators pushback against proposed taxes Lastly, Kenya plans to facilitate instant retail payments and will launch a compatible payment platform. This platform will enable seamless transactions across banks, payment service providers, card schemes, and other regulated financial institutions. The primary goal is to reduce the cost of services, enhance options, competition, and stability, and encourage the widespread usage of digital payments among the Kenyan population. What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
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