Full specifications of the new 2024 Philips Android Essence 10
Philips, previously known for its extensive range of home appliances, has stepped into the smartphone market with its Essence series, offering budget-friendly phones that don’t compromise on quality. The Philips Essence 10 is one such device that provides excellent performance, stylish design, and practical features at an affordable price. The Essence series is also available in the Essence 20 version and you should see its full specs, pictures, and prices for comparison. But if you’re in Nigeria and looking to immediately buy the 2024 Philips Essence 10, here’s what to know: Philips E-10 overview The Philips Essence 10 offers a sleek design and efficient performance, making it ideal for everyday use. It comes with 3GB of RAM and 64GB of internal storage, providing plenty of space for apps and media, while ensuring smooth multitasking. The device is powered by an octa-core processor, which enhances its ability to handle daily tasks without lag. If you want a phone that provides reliable performance without breaking the bank, buy Philips Essence 10 in 2024. Key features of the Philips E-10 Here’s what makes the Philips Essence 10 a great budget-friendly choice: 3GB RAM – Ensures smooth performance, allowing you to multitask efficiently without slowdowns. 64GB Internal storage – Offers ample space for storing apps, photos, and videos. You can also expand the storage further using a microSD card. 6.5-Inch HD display – Enjoy a vibrant viewing experience with a large, high-definition screen that’s perfect for watching videos, browsing, and gaming. Dual-Camera system – The 13MP + 2MP rear cameras allow for versatile photography, while the 8MP front camera captures crisp selfies and video calls. Long-Lasting battery – Equipped with a 4000mAh battery, the phone is built to last throughout your day, ensuring you stay connected. Dual SIM capability – Manage two networks simultaneously, making it a perfect choice for users who need both personal and business numbers. Fast charging – Quick charging support ensures you spend less time plugged in and more time enjoying your device. Specifications of the Philips E-10 Display: 6.5-inch HD screen RAM: 3GB for efficient multitasking Storage: 64GB internal, expandable via microSD Battery: 4000mAh, non-removable for long-lasting use Rear Camera: 13MP + 2MP dual camera system Front Camera: 8MP for clear selfies and video calls Processor: Octa-core for smooth and fast performance Operating System: Android 11 for a modern, user-friendly interface Connectivity: 4G LTE, Wi-Fi, Bluetooth 5.0 SIM: Dual SIM, dual standby capability Dimensions: 165 x 76 x 8.5 mm Weight: 190 grams Why buy E-10 in 2024? There are several reasons to buy Philips Essence 10 in 2024, especially if you’re in search of a reliable, affordable smartphone: Affordable pricing: The Philips Essence 10 delivers solid performance and features at a budget-friendly price. Trusted brand: Philips has a long-standing reputation for quality, and they bring the same reliability into their smartphones. Efficient performance: With its 3GB RAM and octa-core processor, the phone handles everyday tasks and multitasking smoothly. Expandable storage: With 64GB of internal storage, the option to expand via microSD ensures you never run out of space for your media and apps. Price range of the Philips E-10 in 2024 For those looking to buy Philips Essence 10 in 2024, here is a breakdown of the price range for different storage variants: Essence 10 (3GB RAM, 64GB Storage): ₦113,500 Essence 10 (3GB RAM, 128GB Storage): ₦123,000 These prices may differ depending on point of purchase. As of today, 16th of October 2024, the phone is unavailable on popular stores like Konga and Jumia in Nigeria, you can check verified sellers on Jiji or go to physical stores for purchase. Final thoughts The Philips Essence 10 in 2024 is an excellent option for those seeking a functional, stylish, and affordable smartphone. Its robust features, combined with Philips’ reputation for quality, make it a smart choice for anyone looking to upgrade their device without overspending. Visit your nearest phone store in Nigeria to purchase your Philips Essence 10 and enjoy a seamless smartphone experience today.
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🚀Entering Tech #76: YPIT is a Party with a Purpose
Here’s another community doing exciting things 16 || October || 2024 View in Browser Brought to you by Issue #76 Young PeopleIn Tech Share this newsletter Greetings ET people Everyone is a member of some sort of community these days. There’s one for music, sports, tech, and one for every single job function, hobby, or extra-curricular you can think of. As annoying as keeping up with communities can be, we’ve come to learn that being part of a community is in deference to some of our basest desires as social animals. Our ancestors of old relied on each other, sharing knowledge essential for survival and jointly raising their children, all for the tribe’s sustenance. A good community is an ecosystem where all elements are in a constant state of giving and taking. Well executed, it’s a place where all members can find and provide mentorship to each other. We’ve written about the importance of communities in Entering Tech before. We’ve also written about several critical communities before—ConTech Africa, Web3Bridge, and even Smarketers Hub. In today’s edition, we’ll highlight another: Young People in Tech (YPIT). Timi Odueso What is YPIT? “We just wanted to hang out with people that were doing things similar to us, and talk about tech things. We already did it with each other, so why not with a few more friends? We wanted an excuse to party.” It’s not very often that an excuse to throw a party turns into an opportunity to serve a community, but in Tobiloba Aromire’s case, it did. Those words were the preamble to the founding of Young People In Tech, a community started in 2021 by and for young professionals in Nigeria’s tech ecosystem. A Young People in Tech event Tobi, a 27-year-old Sales and Business Development professional based in the UK, is one of YPIT’s cofounders. Although Tobi and the other YPIT co-founders—Daniel Adewunmi, Deborah Adewunmi, Dorcas Adewunmi and Abiola Oladiji—didn’t start out wanting to build a community, they shared a considerably interesting stance. “More experienced professionals have the advantage of a network that they’ve spent years building and so they always have people to call when they need help. When you’re young and inexperienced, no one invites you to these networking things because you don’t have much to offer them. Interestingly though, that’s when you actually need these things most. So when we decided to keep YPIT going through a second, third, fourth, and fifth event. That became our focus – to do it for the younger, less experienced crowd,” said Tobi Aromire. *Newsletter continues after break Share your Moonshot 2024 Feedback! Help us understand what worked well at Moonshot 2024, and how we can make Moonshot even better next time. Moonshot is all about connecting visionary thinkers, innovative startups, and game-changing leaders to solve Africa’s most pressing challenges. Your insights will help us continue curating meaningful sessions, engaging workshops, and networking opportunities that make a real impact. Share your feedback now. How YPIT works Any one in tech! 400 Nil. Absolutely free WhatsApp Young People in Tech’s Innovation Hub became the answer for its community. It became their avenue to help people contribute constructively to all of the work that’s needed to keep the community alive. The YPIT Innovation Hub is a collective of focused groups that do a specific thing for YPIT. Its sales & partnerships team makes sure it finds sponsors and partners for YPIT events, its digital marketing team makes sure they have a continued web presence, its design team designed their website and the infographics in this article, its technology team built their website, and their writing and communications team wrote this newsletter. “I spend so much time doing sales with YPIT’s innovation hub because sales & partnership is what I really have passion for and hope to do longer term in my career. I might as well start getting the experience now,” says Funmbi Adegbola, a 24-year-old project manager who is an example of said younger, greener crowd. Funmbi Adegbola Funmbi attended the first YPIT event while in Uni and has managed to attend every one since then. She started off as just an attendee and became YPIT’s first social media manager. She leveraged her experience at YPIT to get her current job right out of school and she’s doing the same again as an important contributor in YPIT’s sales & partnership hub. Funmbi’s case is a highlight but is not unique in itself. Most of their innovation hub consists of both experienced and aspiring professionals, who use the experience of undertaking these projects for their community as a filler for practical experience that they haven’t been able to get otherwise. A YPIT Testimonial A community that started out as a party is not unique enough, neither is the fact that it has an innovation hub or social events or that it’s targeted at tech professionals or young people. But YPIT says what makes it unique is its commitment to what defines the essence of communities – mutual support that leads to growth and preservation for everyone involved. *Newsletter continues after break What you can get from YPIT YPIT is already tackling two challenges head-on. One, serving young professionals beyond Nigeria’s tech ecosystem, ensures their impact expands. The other – what to call themselves when their members inevitably mature – is a fun thought experiment, but not as pressing. (We’ll let you guess which is which!) A YPIT Event Here’s how YPIT says it can empower your professional journey: A: Network: Ditch the awkwardness! YPIT’s Series Events connect you with like-minded individuals, building your network organically. B: Connect and Learn: Whether you join in-person events, online talks, or webinars, YPIT fosters meaningful connections and learning – from industry insights to simply sharing space with similar minds. C: Grow: Expand your skillset and industry knowledge with YPIT’s mentorship programs, monthly newsletters, and The Innovation Hub. You’ll become a well-rounded professional, ready to tackle any challenge. D: Do Work that has Impact: Join the YPIT Innovation
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👨🏿🚀TechCabal Daily – Moove to Mexico
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! There is good news for Nigerians as electricity is slowly being restored to many parts of the country. Just as power is making a comeback to several cities, there might soon be a return of lush VC funding on the continent. The funding raised by startups this year has already surpassed the total funds raised in each of 2019 and 2020. Also, startup funding figures for the third quarter of 2024 are on par with the third quarter of 2023 and above the totals for the past three quarters. While it’s too early to say for certain, investors are hopeful for a return to increased dealmaking on the continent. Moove enters Mexico GITEX day two: There is a lot of education to go round Mr Tijani goes to Abuja The World Wide Web3 Opportunities Startups Moove’s sUber move to Mexico Moove co-founders/Image Source: TechCabal One month after entering the U.S. market, Moove, an Uber-backed mobility startup that provides vehicle financing for gig drivers, has expanded into Mexico. While the startup announced on LinkedIn yesterday that it delivered the first set of vehicles to drivers in Mexico, the move has been in the works for a while. Four months ago, the company listed a job on LinkedIn for an Onboarding Manager in Mexico who would be responsible for selling its car financing options to drivers. Moove uses a drive-to-own model where it collects a fraction of drivers’ earnings until they pay off their car debt, which makes credit scoring systems important. Mexico has two credit scoring systems—the Buró and the FICO model—that track consumer and business credit information respectively. Due to urbanisation, there’s been growing demand for ride-hailing services in Mexico despite the market’s slow growth. Drivers are also going electric as electric vehicles (EVs) sales upticked to 35,420 units this year—with US-based giant car-maker Tesla responsible for more than one-third of those sales. Yet, gig drivers struggle to pay the initial cost of owning EVs. With its drive-to-own business model and Mexico’s strong credit scoring system, Moove will likely provide 100% EVs to drivers, as it did in the UK where it allows drivers to own Tesla and Kia Niro sedans. Adding to the ten countries it now serves—Nigeria, South Africa, Uganda, Kenya, Egypt, Ghana, India, UK, US, and UAE—Moove will count Mexico as part of its bigger move to build a globally-scalable business and become a profitable company by 2025. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Events GITEX day two: There is a lot of education to go round Companies at GITEX GLOBAL demonstrating the transformative potential of AI in shaping the future of tech/Image Source: TechCabal Hey there, Habibi! I spent the entire day at the Dubai Harbour, one of the two venues for the well-attended GITEX conference. Over four hours, I listened to venture capitalists, founders, and policymakers from across the globe. Savannah Maziya, Eswatini’s Minister of Information, Communication & Technology outlined her country’s ambitious plan to ensure that its 1.2 million citizens get a slice of the $2.9 trillion economy artificial intelligence (AI) technology promises Africa. The government is actively seeking international partnerships, such as the MoU with the United Arab Emirates to accelerate digital transformation in the country. In addition to its human capital, Eswatini offers resources to businesses—incubators for startups leveraging AI technology, biotechnology, space technology, agritech, and more, It is also offering energy resources, and data sovereignty, to bigger enterprises that plant their roots in the country. “policies that offer predictability to investors.” The panel that followed was less aspirational and more introspective. The speakers discussed why, despite the continent’s larger population, the venture capital scene was performing less than other ecosystems. They considered the “Japa syndrome,” which refers to highly-skilled employees and founders leaving for more developed countries. The speakers tossed around solutions to the problem and unanimously settled on one thing: that people who outgrow their countries will always move to where the grass is greener unless the country matches their pace in development. The speakers also discussed the funding drought, arguing that it was a wake-up call for both entrepreneurs and investors. For startups, some speakers suggested that founders, after some soul-searching, may realise that they are building SMEs, not startups—and do not need VC funding at all. These businesses could explore other forms of financing like revenue-based financing, inventory financing, or manufacturing financing, and grow to become regular profitable businesses. Speaking about educating investors, another panel called for an action that was also threaded through some conversations: High-net-worth individuals (HNIs) need to be educated about how venture capital works. While the idea of getting a 10x return on their investment is appealing, the reality is that it hinges on the success of two out of 10 startups, which is an unnecessary and unreasonable risk. “If we want to see them in VC funds, which are currently populated by DFIs and foreign corporates, there needs to be more education to win over HNIs.” And as one speaker said, “It’s just a matter of time. The VC-funded African tech ecosystem is about eight years old, and that’s not even up to the lifetime of a fund,” urging us to remain optimistic and patient. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Features Mr Tijani goes to Abuja Minister Bosun Tijani/Image Source: TechCabal What happens when you make a tech ecosystem leader a minister of communications, innovation and digital
Read MoreUber-backed Moove expands to Mexico, extending global footprint
One month after Uber-backed Moove launched in the US, the Nigerian startup that finances vehicles for ride-hailing has expanded to Mexico. The company projects it will become profitable in 2025. The expansion to Mexico marks an important milestone for an African startup ecosystem that has, in recent years, faced a tough macroeconomic environment and fundraising challenges that have slowed growth. As focus moves to building for a global audience, Moove’s focus on high-growth markets, its replicable model and partnerships with major ride-hailing platforms like Uber has positioned it for growth and made it attractive to investors. Its drive towards sustainability with EVs also aligns with investors’ continued interest in socially responsible startups. “We’re excited to share that Moove has officially hit the streets of Mexico. The first vehicles have been delivered to our drivers, marking a significant milestone in our LatAm expansion,” Moove said in a LinkedIn announcement. Moove said it has built a dedicated team as it taps into the growing demand for ride-hailing services in the region. “With our Mexico team now fully onboard and operations underway, we’re driving towards a future of mobility that empowers drivers to achieve their goals and gain financial independence,” it said. The company, which operates in seven markets, including Nigeria, South Africa, Ghana, the UK, India, UAE, and the US, said in March 2024 that it plans to expand to more markets by 2025. Founded in 2020 by Ladi Delano and Jide Odunsi, the fintech sells vehicles to ride-hailing drivers, which is deducted weekly from gig workers’ earnings. Since 2023, Moove has shifted to EVs with 100% of its fleet in UAE. The company also operates EVs in the UK and plans to introduce over 20,000 of them to its Indian unit. Uber-backed Moove takes its search for profitability to America
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Nigeria’s inflation rebounds as fuel costs outpace harvest gains
Nigeria’s headline inflation ticked up slightly in September, reversing a two-month downward trend as higher fuel prices outweighed the benefits of a bumper harvest. Data from the National Bureau of Statistics on Tuesday put September’s rate at 32.70% up from 32.2% recorded in August. The country’s headline inflation slowed for two consecutive months due to a drop in food prices driven by the harvest season and a six-month free import duty on food. September’s increase comes after a 45% increase in fuel prices, which has cascaded to the price of food transportation. Both food and transport make up almost 20% of the increase in September’s headline inflation. Food inflation for September was at 37.77% up from 37.5% in August. Core inflation, which excludes agricultural produce and energy, quickened slightly to 27.6% from 27.5%. Given Nigeria’s current harvest season, the increased demand for food transportation, primarily by road, will likely elevate fuel consumption. This has contributed to the rise in September’s rate, argues Basil Abia, an analyst at Veriv Africa. The CBN in its last Monetary policy committee meeting said it was leaning towards a continued tightening of the monetary cycle arguing that core inflation continued to rise in July and August. In September, the Bank delivered a shock 50 basis point interest rate hike, increasing borrowing costs. It is due to give its next rate decision in November. The country’s headline inflation slowed for two consecutive months thanks to a drop in food prices, which was driven by the harvest season. Image Source: Bloomberg
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How to obtain your Tax Identification Number (TIN) in Nigeria 2024
In 2024, having a Tax Identification Number (TIN) is essential for anyone looking to engage in financial activities in Nigeria. Whether you are an individual or a business entity, obtaining a TIN is critical for accessing a wide range of services. From opening a bank account to applying for government loans, a TIN in Nigeria 2024 has become a mandatory requirement, and it can be obtained with ease if you follow the right steps. Importance of a TIN in Nigeria 2024 The Tax Identification Number is a unique identifier issued by the Federal Inland Revenue Service (FIRS). It ensures compliance with Nigeria’s tax regulations and facilitates tax payments. For businesses, having a TIN is crucial for legal operations, such as opening business accounts, securing government loans, or obtaining licences for import and export activities. The Nigerian government has also proposed new legislation mandating that both individuals and companies present a TIN to access essential financial services, further emphasising the importance of securing a TIN in Nigeria 2024. Documents required for TIN application in Nigeria 2024 To apply for your TIN in Nigeria 2024, you will need specific documents, depending on whether you are an individual, a registered business, or an incorporated company: For Individuals: A valid identification (driver’s licence, national ID card, or passport) A recent utility bill A completed TIN application form For Registered Businesses: Business registration certificate Utility bill Completed TIN application form For Incorporated Companies: Certificate of incorporation Memorandum and Articles of Association (MEMART) Particulars of directors and share capital statement It is important to ensure all documentation is accurate, as this will streamline the process of obtaining your TIN. How to apply for TIN in Nigeria 2024: Step-by-Step process For Individuals: Obtaining a TIN in Nigeria 2024 for individuals has been made easier with the availability of online platforms. Here’s a simple guide to follow: Visit the Joint Tax Board (JTB) Website: Fill out the TIN application form. Link your BVN or NIN: Use your Bank Verification Number (BVN) or National Identification Number (NIN) for the application. Upload documents: Provide valid identification and a recent utility bill. Submit application: Once the form is complete and documents are uploaded, submit the application. Verification: After submission, your application will be reviewed, and you’ll receive notification when your TIN is issued. If you already have a BVN or NIN, you can verify if you have been automatically assigned a TIN by using the JTB’s verification portal. For Businesses: Businesses in Nigeria can also apply for a TIN online. The steps are slightly different from those for individuals: Fill in company information: Go to the TIN website. Enter your business name, registration number, and address on the application form. Upload required documents: Business registration certificate, memorandum and articles of association, particulars of directors, and a utility bill. Submit application: The FIRS will review your documents and issue the TIN upon approval. While the process for businesses typically takes about 10 business days, delays can occur, so it’s advisable to apply early. How to verify your TIN Once you’ve applied, it’s crucial to verify your TIN in Nigeria 2024 to ensure it is active and valid. You can do this on the FIRS Trade Portal: Enter your TIN and email address. Complete the security check. Click “Validate” to complete the verification process. If successful, a confirmation message will be displayed, and you will receive an email with instructions to finalise your registration. Once validated, your TIN will be fully operational, allowing you to use it for various transactions. Why you need a TIN in Nigeria 2024 Securing a Tax Identification Number is vital for both personal and business financial activities. Here are key reasons why having a TIN in Nigeria 2024 is essential: Opening bank accounts: You cannot open a business bank account without a TIN. This is crucial for managing your company’s finances. Accessing government loans: A TIN is mandatory when applying for loans, especially government-sponsored ones aimed at business development. Engaging in import/export activities: A valid TIN is required to obtain the necessary licences for international trade. Filing Taxes: Your TIN allows you to comply with Nigeria’s tax laws, ensuring you can file and pay taxes without legal issues. Government incentives: Many tax waivers, tax clearance certificates, and other incentives are only available to individuals or businesses with a valid TIN. Tips for a smooth TIN application To ensure a seamless process when applying for your TIN in Nigeria 2024, consider the following: Ensure accuracy: Double-check that all the information and documents you provide are accurate and up to date. Follow up: Although the process is straightforward, it’s wise to follow up with the relevant authorities if there’s a delay in receiving your TIN. Verify your TIN: After obtaining your TIN, always verify its status online to ensure it has been properly activated. Final thoughts Obtaining a TIN in Nigeria 2024 is now a crucial step for anyone involved in financial or business activities. The process has been simplified with online platforms, making it accessible to everyone, whether you are an individual or a business owner. Ensure you have the correct documentation, follow the step-by-step procedures, and verify your TIN once issued to enjoy smooth financial operations in Nigeria.
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Mr Tijani Goes to Abuja
In 1939, Columbia Pictures released Mr. Smith Goes to Washington, a political satire about an idealistic new senator battling government corruption. Though American politicians criticised the film’s harsh portrayal, it became a classic. By 1989, it was selected as one of the first 25 films for preservation in the U.S. National Film Registry. In 2023, President Bola Tinubu appointed Bosun Tijani as his Minister for Communications, Innovation and Digital Economy. His appointment has been widely interpreted as an olive branch to the tech community and young Nigerians, a demographic Tinubu struggled to win over during his presidential campaign. Tijani has previously been outspoken in his criticism of Tinubu and the ruling All Progressives Congress, which made his confirmation process uncertain. However, after a carefully worded apology, he secured his ministerial appointment. Tijani is the fourth minister to hold a similar portfolio since its creation in 2011. Goodluck Jonathan named Omobola Johnson as Minister of Communication Technology. While Muhammadu Buhari stuck with the conventional ministerial Communication portfolio for Adebayo Shittu, he reverted to Communications and Digital Economy for Isa Pantami. Tijani might claim to be the first ecosystem professional to assume this post. Johnson was the country head of Accenture when she was made minister, Shittu was a career politician, and Pantami was an academic, cleric and agency executive before assuming the role. Tijani is well known as the co-founder of CcHUB, an accelerator based in Yaba, the home of Nigeria’s tech ecosystem. But Mr Tijani did not come to Abuja to simply implement policies–a common challenge that has affected many technocratic minds invited to public service. In his words, he seeks to build and change the idea that people cannot be in government and deliver effectively. Aware of his responsibilities to multiple constituencies and his role as one of the few younger ministers, he’s striving to balance technical expertise with political acumen. Yet, whether or not he has balanced these different roles and expectations is an entirely different question. Welcome to Abuja Government buildings often mirror public perception: dull, static, and uniform. Newer structures look a bit modern but, over time, will inevitably follow the same pattern. The fact that Abuja is a government city, the move designed to cater to Nigeria’s expanding government, means that this is the prevailing view. However, with the influx of civil society, international organisations, and lobbying groups, there’s a burgeoning vibrancy beyond mere bureaucracy. But the expectation can still be met when one sees and enters, the structures that determine policy and direction for an estimated 200 million people. Yet, the office space where we meet Mr Tijani for an interview is different from a conventional civil service conference room or hall. The abrupt transition from the sterile corridor to a vibrant, open-plan office is striking. There is a large conference table in the middle, some sofas and chairs in the corner, and office cubicles in a fairly open space. Young staffers come to the table at different points to review different reports, charts and videos. Based on the setting alone, nothing has changed about him being in Abuja, one year after. This is not your average ministry, but Tijani is not your average minister. His office mirrors the spirit of the Yaba he’s coming from, far removed from Lagos’s corporate stiffness or Abuja’s bureaucracy. Before our meeting, we were advised to temper our expectations. Tijani had just returned from Beijing and was operating on little rest. Throughout our conversation, he’s also aware of how, to some, he has failed to live up to expectations. He approaches government the way a start-up founder does, mindful that a rejection or a failure is simply a chance to learn, re-strategise and pivot. The lingering question is if this is possible in Nigeria’s government, where technocrats have notably been frustrated. ` Before Abuja, there was Yaba Tijani co-founded Co-Creation Hub, a cornerstone of the Yaba tech ecosystem. He recalls advocating for fibre installation and making the case to then-Governor Fashola and MainOne about Yaba’s potential. He speaks about organisations being formed within CcHub – including Andela and BudgIt – without receiving any financial incentive when they eventually took off. CcHub provided office space and an environment for this to grow. As a forerunner in the tech ecosystem, this status would be enough for serious consideration for any government role focused on this sector. When Tinubu named his cabinet, many viewed it as a reward to political allies who had supported his contentious election—a lineup filled with former governors and campaign staffers. However, a handful of people with technical expertise, including Tijani, who had his experience co-founding a well-known tech accelerator, were seen as opportunities by citizens to hope for a difference. Presidents typically don’t assign portfolios before Senate confirmations, but it was widely anticipated that Tijani would oversee the digital economy, given his background. His inclusion signalled a possible alignment of government policy with the perspectives of the tech community. However, Tijani’s confirmation was not guaranteed. After all, a nominee had been swapped, and others had been dropped for security reasons. One of them was Nasir El-Rufai, a former governor and minister, who had played a major role in the campaign and spent the year outside the government. In Tijani’s case, it was not security; social media was the risk. Tweets that he had made in the past, critical of former President Muhammadu Buhari and Tinubu, were recycled online after his nomination became public. During his ministerial screening, senators referred to one stating, “Nigeria is a bloody expensive tag”. Tijani ate humble pie, apologising and spinning his tweets as being “out of anger and patriotism.” It was enough to get him a seat at the table and the chance to set about changing a sector he was only too well familiar with. “Abuja is a reflection of our society.” He has had to grapple with different battles and impressions since. Well-known tech ecosystem players have criticised him on social media, his tweets supporting controversial politicians have
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👨🏿🚀TechCabal Daily – JP Morgan is in town
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Nigeria’s National grid may have collapsed again. Please spare a thought for remote workers in the country today. Away from our struggles in Nigeria, our reporter Ngozi Chukwu is live at GITEX. If you are attending, please say hello! We’ll bring you updates from Dubai. Inside JP Morgan’s Kenya Play Starlink and Safaricom lock horns in Kenya Lendsqr launches ₦1 billion fund for sub-lenders Dubai traffic blues and dejavu at GITEX World Wide Web 3 Jobs Economy Inside JP Morgan’s Kenya play Image Source: Empower Africa After 12 years of wait, US banking giant JP Morgan Chase has secured an operating licence from the Central Bank of Kenya (CBK) to open a representative office in Nairobi. While the representative office won’t be able to handle transactions like a regular bank, it will market JP Morgan’s banking and advisory services. Jamie Dimon, JP Morgan CEO, said in the past that the bank would concentrate on big-ticket deals from the government and large multinationals with headquarters in the country. JP Morgan has been a lead arranger alongside CitiBank for the three Eurobonds that Kenya has issued. Large international banks are also following their foreign customers who are setting shop on the continent, and whose capital needs local banks cannot meet. Local banks are restricted by the relatively small capital base, which makes it difficult to finance large infrastructural projects or multinational expansions. The entry could help East African countries secure syndicated loans to fund big projects like railways and roads. The bank could take advantage of Kenya’s membership in the East African Community (EAC) to access other markets in the region. JP Morgan’s expansion into Kenya continues its inroads on the continent. The lender already has offices in Nigeria and South Africa. The approval comes days before Dimon visits Nigeria, Kenya, South Africa, and Côte d’Ivoire. JP Morgan is also eyeing Côte d’Ivoire as its next destination. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Internet Starlink challenges Kenyan Internet dominance Image Source: TechCabal For many internet service providers (ISPs), gaining 1,000 active monthly customers and even a tiny fraction of market share can take a while since it is challenging to gain market share in areas where leading ISPs like Safaricom have already established dominance. Despite these difficulties, SpaceX-owned Starlink now has 0.5% of Kenya’s internet market. When it launched in June 2023, there were fewer than 500 people and businesses were using satellite internet. That number has grown, with 4,000 satellite internet customers in Kenya by March 2024. By June 2024, it had doubled that number . Behind its rapid growth is its popularity in upcountry areas where other ISPs don’t have robust coverage. ISPs like Safaricom would need to spend hundreds of millions (KES) to lay fibre infrastructure to reach every nook and corner of Kenya. And it’s not always clear that some regions or communities can provide a return on those investments. Yet, ISPs competing in Kenya may not immediately lose sleep because Starlink is expensive. A full kit costs KES 45,000 ($350), and a full-speed package at 200 Mbps costs KES 6,500 ($51) monthly. While not immediately related, Safaricom customers can get the same speeds but with no hardware costs. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Fintech Lendsqr wants to be the lender’s lender after launching a ₦1 billion fund Image Source: TechCabal Nigerian fintech startup Lendsqr whose customers are lending businesses—it mostly sells them software and holds their hands to ensure success in the tough sector that is lending—is going all in with a ₦1 billion ($612,000) fund. That fund will allow Lendsqr to give its customers, who are often in need of cheap-ish money they can lend to retail customers, overdrafts. Bank deposits are the cheapest funds for lenders, which explains why commercial banks often have the cheapest interest rates. Yet, all animals are not equal, and digital lenders don’t often have cheap deposits to rely on. They may raise money from investors or take increasingly expensive debt—hello, interest rate hikes. In theory, Lendsqr’s overdraft will allow a digital lender to take some money at 4% a month and make loans to retail customers. The PR people will say something like, “It will help its customers scale their lending business.” Lendsqr argues that its rates are some of the most competitive in the market and claim the sweetener is that its clients only have to pay interest on the money they disburse. If they don’t issue loans, they don’t have to pay any interest (yet). It ushers Lendsqr, which has typically played in the software business into the league of on-lending companies, which is a fancy way to say the ₦1 billion won’t come from Lendsqr, but from a financial institution or an asset management company it has declined to name. Introducing Pay with Pocket on Paystack Checkout Paystack merchants in Nigeria can now accept payments from PocketApp’s 2 million+ customers. Learn more → Events Dubai traffic blues and Dejavu’ at GITEX Image Source: Empower Africa I started writing this blurb in Dubai traffic at 8 PM, and it felt like a typical Monday night in Lagos. As I returned to my hotel after a thrilling first day at GITEX, one of the world’s largest tech conferences, it was comforting to know that even the ‘City of Gold’ has its own traffic woes. That’s enough musing about movement- or lack thereof. When
Read MoreKenya to track crypto transactions real-time with new tax system
The Kenya Revenue Authority (KRA) plans to switch a new real-time tax system that will integrate with cryptocurrency exchanges, allowing it to monitor crypto transactions and collect taxes. Kenya has an estimated four million crypto users–one of the highest in Africa–which the East African nation is keen to tax as it broadens its tax base. KRA said that crypto transactions in 2022 were valued at around $18.6 billion (KES2.4 trillion), which could be higher than money handled by some commercial banks. “The system shall integrate with cryptocurrency exchanges and marketplaces to track and record cryptocurrency transactions. It shall capture transaction details, including transaction date, time, type and value,” KRA said in a document outlining their tax collection strategies for the financial year 2024/25. While the crypto sector is still largely unregulated by Kenyan regulators including the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK), it has gained popularity with exchanges such as Binance and Coinbase offering services. Most crypto buyers and sellers in the country use P2P transactions, accepting payments through mobile money to avoid regulators. KRA said the agency has been unable to track and tax transactions due to an outdated system which has led to a “significant loss of revenue for the government.” It said earnings from crypto transactions can be taxed as per section 3 of Kenya’s Income Tax Act. “The goal is to have a robust and efficient system that will enable KRA to collect taxes on cryptocurrency effectively and efficiently,” KRA said. The crypto market, known for its wild price swings, has in recent years attracted young traders who hope for quick returns despite warnings from the CBK and CMA that the investments can be high risk. The high adoption rate has also been attributed to low transaction fees, faster sending and decent internet penetration in the country. Chainalysis, a US blockchain analytics firm, says most Kenyans with crypto holdings buy them to preserve savings, for commercial use, like paying for goods and services, and for individual remittances to other continents, especially to Europe and the US. “With this potential, it has become increasingly important for the KRA to develop a system to track and collect taxes on cryptocurrency transactions,” KRA said. The legal status of crypto exchanges in Kenya is still unclear. It could make it hard for KRA to integrate its systems with the exchanges integration. In 2023, an amendment to the Capital Markets Act was tabled in the National Assembly to allow a capital gain tax on exchanges and an excise duty on transactions. The bill is still in the National Assembly after it was approved by the finance committee. In 2023, an amendment to the Capital Markets Act was tabled in the National Assembly to allow a capital gain tax on exchanges and an excise duty on transactions. The bill is still in the National Assembly after it was approved by the finance committee.
Read MoreKenya’s Central Bank issues operating licence to JP Morgan
The Central Bank of Kenya has issued an operating licence to JP Morgan Chase Bank, the US banking giant with over $4.1 trillion in assets. The licence issuance comes days before the visit of company CEO Jamie Dimon. “The Central Bank of Kenya (CBK) announces the granting of authority to JP Morgan Chase Bank N.A. of the United States to establish a representative office in Kenya by the name JP Morgan Chase N.A. Representative Office Kenya. This authority is granted pursuant to Section 43 of the Banking Act and follows the fulfillment by JP Morgan of the stipulated requirements,” CBK said in a statement. Under Kenya’s banking laws, representative offices of foreign banks serve as “marketing and liaison offices for their parent banks and are not permitted to undertake banking business”. JP Morgans new office in Nairobi will be used to market its banking services, but will not be allowed to direct transactions as with other commercial banks. The bank becomes the second US bank with a representative office in Nairobi after CitiBank. It ends a decade wait for the bank which first expressed interest in opening a branch in East Africa’s biggest economy in 2012. CEO Dimon plans to visit Kenya, Nigeria, South Africa, and Côte d’Ivoire in October, Reuters reported. The lender already has offices in Nigeria and South Africa, two of the largest economies on the continent. With operations in 100 countries, it has been eyeing overseas markets for growth. The bank’s offices in Africa offer asset management and commercial and investment banking services. It could be looking to grow its market with the new Nairobi office as it explores Abidjan during Dimon’s visit. “In establishing a presence in Kenya, JP Morgan seeks to explore business opportunities in the country and the wider East African region,” CBK said. Major global banks are also seeking a share of sovereign debt and corporate transactions in Africa. In 2023, Kenya picked JP Morgan alongside CitiBank and Standard Chartered Bank as lead arrangers for the Eurobond.
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