- April 26 2023
Spleet partners Repit to offer rental support for Africans in the UK
Spleet, a Nigerian proptech startup, has announced a partnership with United Kingdom-based rental assistance specialists, Repit. Repit provides relocation support, property search, viewings, referencing guidance, paperwork negotiations, and settling-in advice. This partnership aims to provide relocation and rental support for Africans moving to the UK. Africans moving to the UK will benefit from this partnership by receiving a 5% discount from Spleet to use Repit’s services, which include advice on what to anticipate from the UK rental market and how to proceed in various circumstances. It also includes access to a dashboard that easily tracks their property options. The alliance is expected to present an advantage to Africans moving to the UK for family, work, or educational reasons. Speaking on the partnership, CEO and Co-founder of Spleet, Akintola Adesanmi said, “We are excited to partner with Repit to provide Africans rental support during their relocation to the UK, moving to a new country can be challenging, especially when it comes to finding a new home. “Immigrants often face difficulty during this process due to unfamiliarity with the UK rental market and legal requirements, no payslip as proof of financial backing, no guarantors etc. Our partnership with Repit will make the process easier and stress-free for everyone.” Unhassling Africans relocation to the UK Relocating to a foreign country can be an incredibly challenging experience, especially when it comes to securing a comfortable and safe living space. For african immigrants in the UK, navigating the rental market can prove particularly daunting due to their lack of familiarity with local norms and procedures. The process of finding a suitable home can therefore become an additional source of stress and anxiety for this immigrant. Legal requirements, proof of financial backing, and lack of guarantors are common pain points experienced by African immigrants in the UK. Spleet partnership with Repit will provide practical solutions that can help make african immigrants relocation process more inclusive, seamless and equitable for all africans.
Read More- April 26 2023
MultiChoice increases prices in response to Nigeria’s economic conditions
MultiChoice Nigeria, a satellite TV provider, announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. The increase is in response to Nigeria’s rising inflation. The company said in an internal memo, “Due to the various economic challenges impacting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” The new prices for MultiChoice Nigeria’s DStv and GOtv packages will be effective from May 1, 2023. The DStv Premium package will see a price increase of ₦3,500 or 16.7%, going from ₦21,000 to ₦24,500. The DStv Compact+ package will have an addition of ₦2,350 or 16.5%, jumping from ₦14,250 to ₦16,600. Similarly, the DStv Compact package will go from N9,000 to ₦10,500, a ₦1,500 or 16.7% increase. The DStv Confam package, currently priced at ₦5,300, will see a 17% increment to ₦6,200. The DStv Yanga package will get a ₦550 boost from ₦2,950 to ₦3,500, equivalent to 18.6%. Lastly, the DStv Padi package will increase from ₦2,150 to ₦2,500, a difference of ₦350 or 16.3%. This price review has been received with apathy by subscribers who have experienced similar increases in the past. In September 2020, at the peak of the COVID-19 pandemic, MultiChoice Nigeria raised the monthly price of its Premium package from ₦16,200 to ₦18,400. Other higher packages, such as Compact Plus and Compact, were also affected, with subscribers asked to pay ₦12,400 and ₦7,900 respectively. However, to provide relief to its customers from the recession in Q4 of 2020 and the impact of the pandemic, MultiChoice Nigeria later slashed its prices on February 1, 2021. The DStv HD decoder, dish kit with the Compact package subscription dropped from ₦18,600 to ₦9,900 on the Confam package, while the GOtv decoder, GOtennae with the GOtv Jolli package subscription went from ₦8,400 to ₦6,900. But, in March last 2022, DSTV hiked its prices again due to economic challenges impacting its business operations. The price increase has stirred mixed reactions among subscribers. While some subscribers understand the challenges faced by MultiChoice Nigeria and the need to adjust prices, others have expressed disappointment and dissatisfaction. Many subscribers rely on satellite TV for their daily entertainment, it remains to be seen how these increases in prices may impact their budget and viewing habits.
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- April 26 2023
TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read More- April 26 2023
TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read More- April 26 2023
TechCabal Daily – Kenya wants to tax crypto platforms
Lire en français Read this email in French. 26 APRIL, 2023 IN PARTNERSHIP WITH Good morning AI might be taking over everyone’s jobs but cyber criminals still think their “fakelihoods” are safe from the tech revolution. One anonymous scammer told our reporter that he wasn’t worried about pre-recorded AI-based tools yet because scams work best when they are unscripted. Here are more reasons why fraudsters don’t think AI is up to the task. In today’s edition Kenya wants to tax crypto platforms Zimbabwe needs money for gold SA wants digital rights for prisoners Intellectual pirates arrested in Kenya The World Wide Web3 Opportunities KENYA WANTS TO TAX CRYPTO PLATFORMS Bitcoin is slowly rising to its former glory, and Kenya wants to be ready when it’s in place. The country is considering enforcing new regulations that will tax crypto exchange platforms like Binance and Bitmama. Business Daily reports that crypto platforms operating in Kenya may soon have to pay a 1.5% duty on every transaction they make, per the Value added Tax (Electronic, Internet and Digital Marketplace Supply) Regulations, 2023. Kenya leads in crypto: Kenya has repeatedly ranked top of cryptocurrency adoption on the continent, beating out South Africa and Nigeria. The country is also ranked first globally for peer-to-peer crypto trading volume and fifth overall for crypto trading activity. In fact, some studies suggest that at least 10.7% of Kenyans—about 6 million people—own crypto. With that many crypto transactions being made, a 1.5% duty could generate income for Kenyan authorities and strain crypto exchange platforms. Double taxing? Last year, the country also announced an amendment to its Capital Markets Bill to introduce a 20% excise tax on every crypto transaction fee charged in the country. Another 1.5% tax would mean more charges for crypto exchange platforms, and higher fees for crypto traders who are turning to crypto to avoid currency devaluation. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. ZIMBABWE NEEDS $100 MILLION WORTH OF GOLD According to Persistence Gwanyanya, a member of the central bank’s monetary policy committee, the country will need $100 million of gold to kick-start its proposed bullion-backed digital currency. Some context: Last week, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. The gold-paved road: State-owned media reported earlier this month that the country had 350 kg of gold in reserves, citing John Mangudya, the central bank governor. Zimbabwe targets a 14% increase in gold production to 40 trillion this year. It earned $377 million from gold production in the first quarter compared to $463 million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery. SA WANTS DIGITAL RIGHTS FOR PRISONERS Get ready for a legal showdown in South Africa. The battle for prisoners’ access to personal computers in South Africa continues to heat up, with a compelling case being made for inmate Mbalenhle Sydney Ntuli. Who is Nthuli? Serving a lengthy sentence for robbery, Ntuli’s determination to further his education through a data processing course at Oxbridge Academy has been met with challenges. Despite obtaining a court order allowing him to use a computer without internet access for studying, Ntuli’s access has been limited since being transferred to another section of the prison. The noisy and restricted hours of the computer centre, coupled with limited time outside his cell, have hindered his educational pursuits as the minister of justice and correctional services fights against a ruling that could grant prisoners the right to use personal computers (PCs) behind bars. Currently, inmates have limited or no access to these modern tools of communication and information, but two previous court hearings have declared the policy unfair. The minister is pushing back against these rulings. Why? Despite the rules,prisoners are sometimes given PCs to use for further education or learn new skills. This is considered a part of rehabilitation, but some of them have significantly abused it. An example is Thabo Bester, the popular Facebook rapist who used a computer he was given for his studies to run multi-million-rand scams from prison. However, human rights lawyers are arguing against the stance, insisting that prisoners reserve their other human rights, so they should still be able to have access to computers as people do. The hearing, which has sparked debate about human rights, is scheduled for later this year. THE SSKOHN WEBINAR SERIES Join us for the SSKöhn Webinar Series. Topic: Standard of Deals for Merger Notifications Under the Federal Competition and Consumer Protection Act 2018. Date: Tuesday, May 2, 2023 Time: 11AM WAT/GMT +1 Register here. This is partner content. IP PIRATES ARRESTED IN KENYA Some pirates have been caught in Kenya. The Kenya Copyright Board (KECOBO), Irdeto, and the Kenyan police pulled off a thrilling sting operation against an online streaming company operating in the country. According to Techweez, the alleged mastermind, Kelvin Kiplangat Sing’oei, and a cache of equipment have been taken into custody. A win for Kenyan creators: Did you know that Kenyans lose over Ksh10 billion ($73.7 million) every year due to illegal streaming? It’s a staggering amount, but there’s a glimmer of hope as law enforcement recently caught one criminal involved in this illegal activity. It’s definitely worth celebrating, considering the immense losses that Kenyan creators
Read More- April 25 2023
Fraudsters don’t think AI can do the job yet
The denial by Nigerian presidential candidate Peter Obi of a viral recording in which he appeared to refer to election campaigns as a religious war has drawn attention to the danger of AI technology in the hands of malicious actors. Using voice cloning technology, criminals can conduct more sophisticated phishing scams, fraud, and other schemes by assuming the identity of others, including exploiting emerging digital know-your-customer (KYC) methods designed to include individuals who lack the traditional identification requirements of the banking system. “This technology has unlocked new levels of legitimacy for fraudsters,” says a Nigerian law enforcement agent who spoke to TechCabal. The most popular crimes involve fake business deals or romantic relationships that prey on the loneliness of their victims. “Using poorly mimicked accents, impersonated pictures, and fake video calls, Yahoo Boys have managed to convince Europeans to send them money, ranging from thousands of dollars to millions. The accents are usually bad, and it is astonishing how easily their victims are unable to tell, but this technology can make their lies more believable,” the agent concluded. However, according to an anonymous scammer who spoke to TechCabal, despite being aware of the advancements in AI-based impersonation, they do not extensively use these tools yet. This is because most of these tools require pre-recorded audio, and when tricking clients, unscripted conversations work best. The scammer explained a trick called “Military Man”, where scammers pose as a white military man in love with the victim, typically a white woman. During video calls, the back camera faces another phone showing a video of a white person whose lips move as if speaking, but the video is muted, and the victim can only hear the scammer mimicking an American or European accent in the background. “Most times, the client may ask to speak to the child, usually a daughter of the man. In such instances, a pre-recorded audio file cloned in an American girl’s voice cannot have the effect that we want,” the scammer revealed. Instead, they sometimes speak themselves or hire girls who can believably speak with an American or British accent to pose as the child. Using AI for phishing and kidnapping Other criminals are already having success with voice impersonation technology. With just a short audio clip of a family member’s voice, often obtained from social media, and a voice cloning program, criminals can now pretend to be a loved one or a superior at work to phish for sensitive financial information or ask for money outright. After hearing her daughter crying on an abrupt phone call from a man who says he was a kidnapper, a woman was asked to wire a $1 million ransom. “It was 100% her voice. It was completely her voice; it was her inflexion and how she would have cried,” the mother says in an interview. She only found out later that it was an AI speaking from a computer and not her daughter. Using voice cloning to exploit emerging tech for banking the unbanked In 2022, the Southern African Fraud Prevention Service (SAFPS) reported a 264% increase in impersonation attacks during the first five months of the year, compared to 2021. While there are no current reports about the current state of affairs this quarter, experts agree that the increase in accessibility to AI technology is opening new doors to financial crime on the continent, especially with the nascent trend of financial institutions and fintech apps using voice biometrics for security and in-app activities. For example, Stanbic IBTC’s mobile banking app allows customers to buy airtime and transfer money to saved beneficiaries using voice commands. Per its website, another bank, Standard Bank, in South Africa, enables customers to use their voice to make payments and interbank transactions. This technology, which offers inclusion to customers who have disabilities, can be exploited to steal money from people.“ The technology required to impersonate an individual [using voice cloning] has become cheaper, easier to use and more accessible. This means that it is simpler than ever before for a criminal to assume one aspect of a person’s identity,” Gur Geva, founder of remote biometric digital authentication platform iiDENTIFii, said in an email to TechCabal. This increasing accessibility to AI tools that can be used to scam people threaten emerging biometric authentication used to drive financial inclusion. “In many countries across sub-Saharan Africa, financial institutions and startups are using voice and facial recognition technologies to onboard unbanked and underbanked customers who do not have access to traditional forms of anti-money laundering (AML)-compliant ID,” says Esigie Aguele, co-founder and CEO of digital identity technology company VerifyMe Nigeria, in an interview with TechCabal. Popular institutions that recently adopted this technology include Zimbabwean telecoms company, Econet Wireless, which offers various digital services. IdentityPass, another KYC company, says the technology is not yet prevalent but is experiencing steady growth as it has been helping several companies worldwide integrate facial recognition solutions into their verification processes. Tosin Adisa, head of marketing at Prembly, the parent company of IdentityPass, attests that, with the right [voice cloning] tools, a malicious person can create accounts to take loans they never intend to pay back with the identity of someone else or engage in other fraudulent transactions. “Criminals can use AI deep fake tools to exploit this emerging digital know-your-customer (eKYC) technology to create new accounts under false identities and commit financial crimes,” Aguele says. However, the experts I spoke to are optimistic. Geva asserts that “while identity theft is growing in scale and sophistication, the tools we have at our disposal to prevent fraud are intelligent, scalable and up to the challenge.” Adisa says that companies should integrate AI technology that detects if an identity supplied for KYC is AI-generated. “Certain technologies now detect if a document’s text, or image is AI-generated. When you imbibe such systems into your existing algorithm structure technology, you can combat AI-generated audio and images,” she says in an email to TechCabal. Aguele’s VerifyMe Nigeria also offers customer insights, and
Read More- April 25 2023
SA’s supreme court to rule on prisoners’ rights to have access to computers
South Africa’s supreme court of appeal is set to rule on whether prisoners should have access to computers for educational purposes during their incarceration. In two previous cases, judges have ruled that the present policy, which prohibits or limits computer use, constitutes unfair discrimination, a ruling that the country’s ministry of justice and correctional services is appealing against. Currently, in South Africa, prisons’ policy either prohibits or limits computer use by inmates who have registered to study. According to the ministry, allowing prisoners access to laptops in their cells would create a security threat. The ministry believes that inmates could smuggle modems into their cells or use illegal cellphones to create hotspots. However, in a previous ruling, acting judge Molefe Matsemela said computers could be screened, and the respondents had not provided any evidence of security breaches. “Prisoners should be encouraged to obtain further education. Whereas previously the purpose of sentencing has been predominantly aimed at punishment, the importance of rehabilitation is now at the forefront. It is, after all, in the interests of society that ex-inmates are able to function fully in society,” Matsemala said. According to the courts, “Prisoners retain the constitutional rights of an ordinary citizen except for liberty rights that are a necessary consequence of imprisonment.” The appellants, including the ministry, however, argue that the rulings have “opened the floodgates” without giving due consideration to security issues and the practicality and ability of correctional officers to monitor computer use, especially in communal cells. The case comes at a time when there is public outcry related to how Thabo Bester, a convicted rapist and murderer who managed to escape from prison by faking his own death, was able to run multi million-rand scams from the inside of a maximum security prison using a laptop he was given for his studies.
Read More- April 25 2023
42Markets raises $10 million from Convergence Partners to expand its fintech portfolio
Financial and capital markets fintech investment group 42Markets has received $10 million in growth funding from Convergence Partners to advance the growth and development of its portfolio companies. 42Markets describes itself as an incubator of specialised fintech businesses with deep expertise in financial and capital markets. Focusing on financially sustainable and transformational businesses, the group claims that it “builds exponential shareholder value by identifying scalable business opportunities in specialist financial and capital markets categories and then using the group’s global reach and industry credibility to take these propositions to market.” 42Markets’s portfolio includes Mesh, a trading platform, Andile, a financial and capital markets advisory platform, as well as South African-based FX Flow which is a foreign currency risk management system that gives you a real-time view of your foreign currency exposure and hedges. “We have built an ecosystem of specialised Fintech businesses, all with their own uniquely scalable, frictionless or decentralised platform or services solution for distributing financial assets between responsible parties. With this injection of connected capital, we will be able to grow at the rate that the market for our platforms and services demands of us,” said Andries Brink, 42Markets Group CEO. According to a statement by the company, the funding was secured from 14 leading global development finance institutions (DFIs) based in Europe, the US, and Africa, which are the investors in Convergence Partners Digital Infrastructure Fund (CPDIF). 42Markets is proactively seeking to engage with these investors to explore working opportunities. “This is one of our first investments in the digital transformation of financial markets. We see 42Markets as an emerging winner in this space. Their group companies have a long track record of consistent double-digit growth and a quality leadership team with deep expertise and experience in the capital markets,” said Brandon Doyle, CEO of Convergence Partners. In January, the South African investment firm Convergence Partners announced that it had closed its Convergence Partners Digital Infrastructure Fund at $296 million, surpassing its initial target by over 18%.
Read More- April 25 2023
How African fintech startups can become profitable
Noel K. Tshiani is the founder of Congo Business Network. The organisation has actively been involved in building and connecting the fintech ecosystem in the Democratic Republic of Congo since April 2019. It has organised delegations to participate in the Africa Fintech Summit in the United States, Ethiopia, Egypt, and South Africa with the objective to find investors and learn from leading entrepreneurs from advanced markets in Nigeria and Kenya. The African fintech sector is booming with startups raising record amounts of money and expanding into new countries. But how can these companies grow and become profitable? First, a number of factors that contribute to the success of African fintechs need to be considered. One is the continent’s large and growing population. Africa has over 1.4 billion people, and the majority of them are unbanked or underbanked. A huge potential market exists for fintechs that can provide affordable and convenient access to financial products and services. Second, another factor that contributes to the success of African fintechs is the continent’s rapid economic growth. Africa is one of the fastest-growing regions in the world, and this economic growth is creating a new middle class with disposable income. This middle class is increasingly looking for digital financial services that can help them manage their money and save for the future. Not all African fintechs are successful. To succeed, these companies need to address several challenges, including: 1. Lack of infrastructure Many African countries lack the basic infrastructure needed for fintech businesses to operate, such as reliable electricity and internet access. 2. Complex regulations The regulatory environment for fintech startups in some countries in Africa can be complex and challenging because central banks are in the beginning stages of defining regulations, especially in the area of cryptocurrency. 3. High competition The African fintech market is becoming increasingly competitive, as more and more companies enter the space seeking to challenge banks and mobile money operators. Despite these challenges, there are some things that African fintechs can do to get more clients, raise money from investors, and become profitable as described below: 1. Focus on underserved markets One of the best ways for fintechs to get more clients is to focus on underserved markets. The strategy should focus on targeting rural areas, the youth, and women. By focusing on these underserved markets, fintechs can tap into a large and growing pool of potential customers. 2. Prioritise customer acquisition and retention Customer acquisition and retention are critical factors in the success of any fintech startup. African startups should focus on developing effective marketing strategies to attract new customers, while also implementing initiatives to retain existing ones. Offering incentives for referrals, providing excellent customer service, and developing loyalty programs are some options to consider. 3. Develop innovative products and services Another way for fintechs to attract more customers is to develop innovative products and services. Developing new payment methods, providing mobile banking services, or offering microloans will position the startup to stand out from the competition. 4. Offer competitive prices To compete with traditional financial institutions, African fintechs need to offer competitive prices. Keeping costs low and passing those savings to customers is the strategy to follow, especially for fintech startups that want to succeed in the money transfer business from the diaspora to Africa. 5. Embrace partnerships and collaborations Fintechs can also benefit from building strong relationships with banks and other financial institutions. These relationships can help fintechs access capital, distribution channels, and customer data. By building strong relationships with banks and other financial institutions, fintechs can accelerate their growth which can lead to profitability. 6. Get the right regulatory support Fintechs also need to get the right regulatory support from central banks. It means working with regulators to understand the regulatory landscape and to develop products and services that comply with evolving regulations. By getting the right regulatory support, fintechs can avoid costly fines and penalties and can operate in a more stable and predictable environment. 7. Raise money from international investors Fintechs need to raise money from investors to grow and scale their businesses. Some ways to raise money from investors include venture capital, private equity, and crowdfunding. By raising money from investors, fintechs can get the capital they need to hire more staff, develop new products and services, and expand their operations in promising countries in Francophone Africa. 8. Build a strong brand and reputation Fintechs need to build a strong brand and reputation to attract customers and investors. Providing excellent customer service, offering competitive products and services, and being transparent about their business practices will help the startup in the long term. 9. Leverage data analytics Fintech startups can leverage data analytics to gain insights into customer behaviour, identify trends, and make informed decisions. Doing so will help to optimise business processes, drive growth, and improve profitability. 10. Become profitable through patience The ultimate goal of any business is to become profitable. Fintechs can become profitable by growing their customer base, increasing their revenue, and reducing their costs. By becoming profitable, fintechs can attract more investors, expand their operations, and create jobs for African workers. According to McKinsey & Company, there are four key challenges that fintech startups in Africa face today on the road to profitability: reaching scale and profitability, navigating an uncertain regulatory environment, managing scarcity, and building robust corporate governance foundations. To overcome these challenges, McKinsey suggests that fintech startups need to focus on developing innovative products and services, leveraging technology to drive down costs, building strategic partnerships with other stakeholders, and engaging actively with regulators to shape the regulatory environment in their favour. In conclusion, the African fintech sector is still in its early stages, but it has the potential to revolutionise how people access financial services on the continent. By addressing problems clients face with innovative solutions while focusing on the opportunities that exist, African fintech startups can continue to grow and succeed going forward in 2023 and beyond.
Read More- April 25 2023
It’s time to drop the “female founder” title
Some female founders want to shake off the gender identifiers and be called just “founders,” like men are. Gendered labels, such as “female founder,” “women in tech,” “female entrepreneur,” “woman scientist,” or “lady boss,” are very often used to celebrate the accomplishments of women in male-dominated spaces, such as the tech ecosystem. But to some women, these labels perpetuate the idea that women are exceptions to the norm, rather than equal participants in their professional fields. Some of the founders who share this sentiment are shunning opportunities to be featured in stories that highlight only the achievements of women because they worry about being othered. Turning down my request to have her featured on a women-only list of founders, a female founder rhetorically asked me, “How often do you see men being called male founders? How many lists of male founders have you written?” She refused to be featured in the story even after I explained that the story seeks to emphasise that, despite the challenges women face, such as the gender-funding gap and gender-based discrimination in workplaces, women are making significant accomplishments. A number of women expressed fatigue from being approached by journalists to tell stories about their experiences as women in the male-dominated sector. But some women welcome it as it increases their visibility to investors and growth opportunities, especially those that are exclusive to women. Founder of Fashtracker, Wunmi Akinsola, told TechCabal that earlier on in her startup journey, she was apprehensive about the “female founder” label. “It took me failing to realise how skewed the system is against women and to embrace the valuable opportunities that are specially designed for women,” she said. Taking off the gender lens However, some feel shortchanged by these stories and say that they just want their work as operators in the space to be spotlighted without the gender lens. “These women-only stories make it seem like the accomplishments of women are anomalies rather than the norm, and thereby perpetuate the inequalities that they seek to undo,” a female founder told TechCabal in an email. Some women also feel that gender-lens investments are only made because they are women and not based on the merit of their work. A media professional who has worked extensively with African female founders told TechCabal that “some feel like they are only helping the investors meet their diversity, equity, and inclusion (DEI) KPIs,” and that other commercial investors they meet down the line will assume the business is not commercially viable. “That is not how I want to be seen. I don’t want investors to see me as a woman, or invest in me because I am a woman. I want the quality of my work, the calibre of my skills, and the promise of my venture to be the benchmarks,” a founder told TechCabal in an interview. But will changing our language to a more inclusive and gender-neutral one level the playing field? Melanie Okuneye, founder of the health startup, Akoma Health, doesn’t think so. “Investors and customers can see that we are female anyway! Female founders are unique in many ways, whether from the expectations placed on them or the challenges faced. So, I don’t see a problem with the title. I wear it with pride.” she told TechCabal. Olabinjo Adeniran, a marketing professional who co-founded and led growth at Future Africa, an African venture capital company, told TechCabal that even though Future Africa makes sure to invest in a particular percentage of women, he doesn’t recall any women founders pitching them as “female founders.” Many male professionals have acknowledged the existence of gender-based problems in the tech ecosystem, such as the gender funding gap, gender-based discrimination in the workplace, and gender-based harassment, and agree that intentional efforts should be made to address these issues. However, they agree that constantly noting gender when talking about women, even when the situation doesn’t require a gender basis for discussion, is not helping matters. “It can be annoying and alienating if people only ever refer to you as a woman founder instead of measuring or telling your story as a leader of a fast-growing company,” Binjo said in a chat with TechCabal. While agreeing that the title can sometimes be reductive, Odun Eweniyi, founder of savings platform PiggyVest and women-focused VC firm FirstCheck Africa, says that the gender distinction is a reminder of the progress that needs to be made in the push for equal representation. “As there are still ‘first woman to’ achievements in tech, this distinction is necessary to serve as a call to action for others to take the leap and that it can be done,” she told Techabal. Some professionals agree but think that this will change naturally over time. Damola Ajayi, who has co-founded two startups, Loft and Warenext, told TechCabal, ”Before there were hardly women in the ecosystem, but now all that is changing, and alongside the negative stereotypes and language, I believe that with time, people won’t refer to them as just founders and not female founders.”
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