Quick Fire🔥 with Dolapo Omotoso
Today’s guest is Dolapo Omotoso, the Revenue Growth Director and marketing strategist leading TransferGo’s African expansion. With expertise in creative storytelling and community-led growth, Dolapo drives impactful growth strategies, leveraging her experience from customer success intern to senior leader in the industry. Explain your job to a 5-year-old Think of me like Santa Claus, but instead of delivering gifts from the North Pole, I deliver money. I help people who live far away from their family and friends send money to them every day. You started as a customer success intern and rose to country manager for a Series A company and you’re now a director at an international company. What steps did you take to make this happen? I became the go-to person for difficult tasks and delivered excellent results. I also love learning and implementing new ideas. Most importantly, I was resilient and focused on understanding how the business works and how all roles contribute to the big goal. How have these skills translated to your current job? Everything matters. From learning patience and empathy during my time at Piggyvest to understanding crisis management as a social media manager, engaging a community as a content marketer, and knowing how to view growth—all of it contributed. No knowledge was wasted. What drew you to remittances? My sister. I wanted to build something for her, to make it easy for her to hold currencies that mattered to her. At some point, my friends moved away, and now I guess I’m building for them too. What’s the most challenging aspect of your job? Ensuring everyone is happy. From satisfying customers with the rates, service, and product, to adapting to new environments rapidly, localising strategies, and balancing the need for rapid growth—it’s a lot to juggle. This requires a deep understanding of each market, strong collaboration with local teams, and the ability to make quick, informed decisions that drive growth without compromising on quality or customer satisfaction. What advice would you give anyone trying to enter the fintech industry from a non-finance or engineering background? You are only as good as your foundation, so make sure it’s solid and grounded. Leverage communities and networks—don’t be afraid to network and learn. Being taught by people who have gone through what you’re dealing with is the easiest way to gain valuable, rare insights. What exciting things are you working on now? Right now, I’m leading growth in Africa, for TransferGo which is incredibly exciting. We’re expanding into new markets, like East Africa, and working on localizing our services to fit the unique needs of these regions. As a director, I get to shape the entire strategy. I’m also exploring opportunities to build and lead local teams. It’s a dynamic role that allows me to make a significant impact on the future of TransferGo in Africa. What do you do outside work? Turns out I love to yap. I had a mentorship class I was running with the Empowerher community and I find it interesting doing speaking engagements. I am passionate about connecting with people and sharing my journey. I did a bit with communities like the Non-Tech in Tech Community and some universities.
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Latest SASSA appeal for R350 procedures 2024
The SASSA appeal process for the R350 grant can be challenging, but understanding the steps involved can help make the process smoother. In 2024, the South African Social Security Agency (SASSA) continues to offer the Social Relief of Distress (SRD) grant, designed to support individuals facing financial hardship. If your application gets a rejection, you have the right to appeal the decision. This article will guide you through the updated procedures for lodging a SASSA appeal for R350 in 2024. Understanding the SASSA appealing process The SASSA appeal for R350 is a process that allows applicants to challenge the decision made on their SRD grant applications. Whether due to incorrect information or changes in your financial situation, if your application is denied, you can request a review. This appeal is crucial for those relying on the grant for their daily needs. Steps to appeal for SASSA R350 Visit the Official SASSA appeals website:Access the appeals portal at srd.sassa.gov.za/appeals/appeal to begin your SASSA appeal for R350. Provide your personal InformationYou’ll need to enter your South African ID number and the mobile number you used when applying for the SRD grant. Request a PINYou will receive a one-time PIN (OTP) on your mobile number. Enter this PIN to continue with your appeal. Select the month for your appealChoose the specific month for which you are appealing. You must appeal separately. State your reasons for the appealClearly explain why you believe your application should be reconsidered. This could be due to incomplete information, technical errors, or an updated financial situation. Submit your appealAfter completing the above steps, submit your appeal. The SASSA team will review your submission, and you will be notified of their decision. How long does SASSA appeal take? The SASSA appeal for R350 typically takes up to 90 days to process. During this time, your application is reviewed, and a decision is made. It’s essential to submit your appeal within 30 days of receiving the rejection notice to ensure timely processing. SASSA status check appeal: tracking your appeal To monitor the progress of your appeal, follow these steps: Online status check: Log in to the SASSA SRD website using your ID and registered phone number, then click on “Check Appeal Status.” Call centre assistance: If you encounter difficulties online, you can contact the SASSA call centre for assistance with your SASSA status check appeal. Regularly checking the status of your appeal ensures that you stay informed throughout the process. Reasons for a pending or declined appeal There are several reasons why your SASSA appeal for R350 might still be pending or could be declined: High volume of appeals: SASSA handles a significant number of appeals, which can cause delays. Incomplete or incorrect information: Ensure all your SASSA details are accurate and complete to avoid delays or rejections. Eligibility criteria: Make sure your income does not exceed the threshold, and you are not receiving multiple SASSA grants. Reconsideration for rejected months If your appeal is rejected for multiple months, you must submit a reconsideration request for each specific month. Patience is essential, as this process can take time, but persistence often leads to a successful outcome. Final thoughts on the SASSA appeal The SASSA appeal for R350 is an important process for those who rely on the SRD grant. By following the steps outlined above, you can improve your chances of a successful appeal. Don’t forget to regularly perform a SASSA status check to stay updated on your application’s progress.
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👨🏿🚀TechCabal Daily – Zambia’s inflation hits 32-month high
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF It’s still salary week, and to help you spend your hard-earned coins wisely, we’re currently running a salary week discount for Moonshot 2024! From now until September 5, you can get Moonshot tickets 20% off with the code MSVIP. Share this with your friends and help them save some cash. Quick Fire Busha and Quidax receive crypto licenses in Nigeria Zambia’s inflation hits 32-month high Funding tracker The World Wide Web3 Opportunities Features Quick Fire with Dolapo Omotoso Dolapo Omotoso is a Revenue Growth Director and marketing strategist leading TransferGo’s African expansion. With expertise in creative storytelling and community-led growth, she drives impactful growth strategies, leveraging her experience from customer success intern to senior leader in the industry. Dolapo Omotosho for TC Daily Explain your job to a 5-year-old Think of me like Santa Claus, but instead of delivering gifts from the North Pole, I deliver money. I help people who live far away from their family and friends send money to them every day. You started as a customer success intern and now you’re a director at an international company. How did this happen? I became the go-to person for difficult tasks and delivered excellent results. I also love learning and implementing new ideas. Most importantly, I was resilient and focused on understanding how the business works and how all roles contribute to the big goal. How have these skills translated to your current job? Everything matters. From learning patience and empathy during my time at Piggyvest to understanding crisis management as a social media manager, engaging a community as a content marketer, and knowing how to view growth—all of it contributed. No knowledge was wasted. What drew you to remittances? My sister. I wanted to build something for her, to make it easy for her to hold currencies that mattered to her. At some point, my friends moved away, and now I guess I’m building for them too. What’s the most challenging aspect of your job? Ensuring everyone is happy. From satisfying customers with the rates, service, and product, to adapting to new environments rapidly, localising strategies, and balancing the need for rapid growth—it’s a lot to juggle. This requires a deep understanding of each market, strong collaboration with local teams, and the ability to make quick, informed decisions that drive growth without compromising on quality or customer satisfaction. What advice would you give anyone trying to enter the fintech industry from a non-finance or engineering background? You are only as good as your foundation, so make sure it’s solid and grounded. Leverage communities and networks—don’t be afraid to network and learn. Being taught by people who have gone through what you’re dealing with is the easiest way to gain valuable, rare insights. What exciting things are you working on now? Right now, I’m leading growth in Africa, for TransferGo which is incredibly exciting. We’re expanding into new markets, like East Africa, and working on localizing our services to fit the unique needs of these regions. As a director, I get to shape the entire strategy. I’m also exploring opportunities to build and lead local teams. It’s a dynamic role that allows me to make a significant impact on the future of TransferGo in Africa. What do you do outside work? Turns out I love to yap. I had a mentorship class I was running with the Empowerher community and I find it interesting doing speaking engagements. I am passionate about connecting with people and sharing my journey. I did a bit with communities like the Non-Tech in Tech Community and some universities. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Crypto Busha and Quidax receive provisional VASP licences Image source: Pymnts Nigeria’s softening its stance towards crypto wasn’t on anybody’s 2024 bingo card after the country dragged Binance to court in February for allegedly being complicit in helping unscrupulous people steal $35 million. About two years ago, it implicitly banned crypto and asked all financial institutions to freeze accounts that did as little as mention “crypto” or used crypto-related words in their transactions. But the country has made a U-turn since. On August 29, the country’s Securities and Exchange Commission (SEC) issued crypto licences in principle to two crypto companies; Busha and Quidax. It has also onboarded five others to its Regulatory Incubator (RI) programme to learn about how Nigerians use crypto. These Virtual Assets Service Provider (VASP) licences will help crypto companies offer crypto services to customers including buying, selling, storing, and trading cryptocurrencies. While Nigeria is rightly adopting crypto fast; trading it, storing it, or doing whatever else with it, for the government, controlling crypto is likely more than just this “catch the thief” outlook it’s portraying. There are more than 30 crypto and crypto-related companies in the country. All of them, unregulated. This meant they were untaxed—or there wasn’t a proper structure for taxing them. But with new crypto laws and regulations coming, Nigeria can collect money from these companies while still keeping an eye out for people misusing crypto. There just leaves two questions: how did crypto companies in Nigeria avoid scrutiny pre-2024? Did simply being facilitators rather than participators in crypto over-the-counter (OTC) trades help these companies survive long enough? Either way, we’re witnessing a Nigerian masterclass. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Economy Zambia’s inflation hits 32-month high Image source: UBA Group For most African countries, changes in food prices are a major driver of overall inflation. This is because food constitutes a significant
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Change SASSA banking details for R350 2024
Updating your banking details with SASSA is crucial to ensure you receive your R350 Social Relief of Distress (SRD) grant without interruption. Whether you’ve changed banks or opened a new account, you must promptly update your information. This article provides a comprehensive guide on how to change SASSA banking details for R350 2024. Why you need to change your SASSA banking details for R350 in 2024 It’s essential to update your banking details with SASSA if: You’ve switched to a new bank. Your current bank account number has changed. You’ve opened a new account that you prefer SASSA to use. You’re concerned about the security of your existing account and want to switch. Steps to Change SASSA banking details for R350 2024 Follow these steps to ensure your new banking details update is correct: Needed documentation South African ID: Ensure your ID book or smart card is up to date. Proof of Bank Account: Obtain a recent bank statement stamped by your bank. Proof of Residence: Have a utility bill or similar document showing your current address, not older than three months. SASSA Card: Keep your SASSA card handy, especially if it’s your current payment method. Visit the Nearest SASSA Office While some processes may be handled online, changing your banking details typically requires a visit to a SASSA office. Use the office locator on the SASSA website to find the nearest branch. Complete the SASSA banking details change form: At the SASSA office, you’ll be given a form specifically for updating banking details. Fill this form out accurately, ensuring all information matches your bank records. Submit your documents: After completing the form, submit it along with your supporting documents to the SASSA official. Ensure that all documents are originals or certified copies to avoid delays. Verification and processing: SASSA will verify the information provided. This process might take several days or weeks, depending on the workload. During this time, SASSA will ensure that the details match those registered with your bank. Receive confirmation: Once the SASSA details change is processed, you’ll receive a notification. Check your bank account to ensure your next payment is deposited into the correct account. Changing SASSA banking details online While updating banking details in person is generally recommended, SASSA provides some online services. Here’s how to attempt the process online: Log In to your SASSA account: Get on to your SASSA account on the SASSA website. Navigate to the anking Section: Follow the prompts to update your banking details. Upload the required documents: You may need to scan and upload documents proving your new banking information. Submit the changes: Once you’ve reviewed your information, submit the changes. Keep track of any confirmation or reference numbers provided. Important Tips for a Successful SASSA Details Change Security first: Always keep your personal information secure. Avoid sharing your ID or banking details with unverified sources. Stay updated: Regularly check the SASSA website or visit your local office to stay informed about any changes in the process. Monitor your payments: After submitting your SASSA details change, closely monitor your bank account to confirm that your payments are processed correctly. Updating your SASSA banking details is a vital step in ensuring that you continue to receive your R350 grant without issues. Following this guide to change SASSA banking details for R350 2024 will help you avoid common pitfalls and ensure a smooth transition to your new banking information.
Read MoreNigeria’s SEC grants provisional crypto licences to Quidax and Busha
Nigeria’s Securities and Exchange Commission (SEC) has granted provisional licences to two digital asset exchanges, Quidax and Busha, one week after the regulator hinted that it would issue its set of first crypto licences. “The referenced Approvals-in-Principle are a precursor to the grant of full registration by the SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service,” the SEC said in a statement on Thursday. The two companies will operate under the Accelerated Regulatory Incubation Program (ARIP) which the regulator introduced in July 2024 to onboard existing crypto exchanges operating before it released rules on virtual asset service providers in May 2022. “The license admits the startups into the SEC’s accelerated regulatory incubator which allows us to study them and fashion rules [to guide their operations],” SEC Director General Emomotimi Agama said on a call with TechCabal. “Millions of Nigerian crypto enthusiasts and users deserve safe and moderated local venues for managing and trading crypto-assets, and this is an overdue step to sanitise the space for the benefit of the economy, in line with global expectations,” Busha CEO Michael Adeyeri wrote on X. Quidax also confirmed it has received the provisional licence. This ends months of uncertainty about the regulator’s stance on issuing crypto licences. Last week, several publications claimed that the SEC approved a provisional licence to a major crypto platform—a claim the regulator denied. In January 2024, TechCabal reported that at least two crypto exchanges were in talks with the SEC over a crypto licence after the Central Bank lifted a two-year ban on crypto-related banking transactions. It will also signal a major policy turnaround for crypto exchanges that have faced increased scrutiny from Nigerian regulators since February 2024. The SEC has talked up banning P2P trading which Nigerian authorities blame for the volatility in the FX market. In May 2024, the SEC DG met with crypto industry players and reiterated the need for crypto exchanges to delist naira from P2P trading.
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Spleet replaced CEO in early 2024 over claims of ‘misappropriating’ $1.5 million
Spleet, a startup that provides rental management solutions for landlords and tenants, removed co-founder and CEO Adetola Adesanmi in March 2024 after an audit of the company’s finances. Based on that audit, investors alleged Adesanmi misrepresented the company’s financial position, mismanaged and misappropriated $1.5 million, said two people who asked not to be named so they could speak freely. The matter was reported to law enforcement in March, those people said, as the company began recovering funds. Investors were surprised by Spleet’s decision to lay off employees in February 2024, said one person with direct knowledge of the matter. That person suggested investors were misled about Spleet’s finances in monthly status reports. “We’re letting go of some team members because when prices went up, landlords began renewing at 0.8 to 2.2x last year’s rent,” Adesanmi told TechCabal in February. “Many of our tenants can’t afford that, and the best way to continue as a business is to lay off people.” Investors weren’t the only ones the layoffs took by surprise. At least three former employees said they were blindsided by the decision because the company had only concluded a new round of hiring in December 2023. Co-founded in 2018 by Adetola Adesanmi, Spleet provided an alternative to paying rent annually in Lagos. It connected tenants with properties they could rent monthly but soon found that that business model was difficult to scale. “Growth was slow on the landlords’ side. We just couldn’t add as many landlords as we wanted to on time,” Adesanmi told TechCabal in 2022. It moved from being a marketplace for landlords and tenants to building infrastructure. According to Crunchbase, the company raised $260,000 in a family and friends round in 2019. It raised $625,000 in a 2021 pre-seed round from investors like MaC Ventures, Ajim Capital, and Daba Finance and $2.6 million in a 2022 seed round led by MaC Ventures. Mac Ventures did not immediately respond to a request for comments. Daniela Ajala, who joined the business as business development lead in 2019 before becoming Chief Operating Officer (COO) in 2020 now leads Spleet and has also been named cofounder. Adesanmi declined to comment on any part of this story, citing confidential legal processes. Spleet has remained the last one standing in the early class of proptech startups that sprung up from 2015. Pioneered by Fibre.ng, those startups believed they could disrupt the Lagos real estate market by offering monthly payment options. Their assumptions soon ran into a hard reality: without fixing the massive housing shortage, landlords—and the agents who play a big role in the rental process—have no incentive to change the model. This left businesses at the mercy of landlords, and many of them soon shut down. Yet, Spleet outlasted the pack by quickly realising that the juice was not in trying to change the hearts and minds of landlords who saw nothing wrong with the status quo. People close to the company believe this leadership change is just a pebble in the road; for Spleet, the road itself extends ceaselessly into the horizon with promise. *MaC Ventures is an investor in Big Cabal Media, TechCabal’s parent company.
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New: Change SRD phone number without application ID 2024
Updating your phone number for the COVID-19 Social Relief of Distress (SRD) R350 grant is essential for receiving timely updates and ensuring uninterrupted communication with SASSA. However, what happens if you don’t have your application ID? This article guides you through the process of a Change SRD phone number without application ID 2024. Why you may need to change SRD phone number without application ID 2024 There are various reasons why you may need to change your SRD contact details, including: Lost or stolen phone: If you no longer have access to the phone number originally used for your application. Change of contact number: If you’ve switched to a new phone number. Service Provider Issues: If you’ve had issues with your current network provider and moved to a new one. How to change SRD phone number without application ID 2024 If you’ve misplaced your application ID, follow these steps to change your SRD contact details: Visit the SASSA SRD Website Go to the official SRD portal at srd.sassa.gov.za. Navigate to the section for contact updates. Provide your South African ID number Enter your 13-digit South African identity number as requested. This will allow SASSA to verify your identity even without the application ID. Update your SRD contact details Enter the new phone number you wish to use. Double-check for accuracy before submission to avoid further delays. Submit your request Once all details are correctly filled in, submit your request. You will only be allowed one SRD contact update 2024 request in a 24-hour period, so ensure all details are correct. Confirmation After submission, SASSA will process your request. You will receive a confirmation message on your new phone number once the change is successful. Important tips for SRD contact update 2024 Ensure accuracy: Double-check your ID number and new phone number before submitting. Be patient: Processing may take some time, so monitor your new phone number for updates. Keep documents ready: While this process doesn’t require an application ID, ensure you have your South African ID handy. Final thoughts on changing of SRD number without application ID 2024 Changing your SRD phone number is crucial, especially if you’ve lost access to your old contact details. By following this guide on Change SRD phone number without application ID 2024, you can smoothly transition to your new number and continue receiving essential updates regarding your SRD grant.
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Electric motorcycle maker Ampersand raises $2 million to expand in East Africa
Ampersand, a Rwandan electric motorcycle manufacturer, has raised a $2 million Series A extension to expand to other East African countries. It brings the company’s total funding to $21.5 million. The funding saw a mixture of new and existing investors including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa. Beyond Capital Ventures has reinvested in a follow-up to its Series A equity commitment. “This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033,” said Josh Whale, Ampersand CEO. Founded in 2016 by Joshua Whale, the Kigali-based firm assembles and finances electric motorcycles. Ampersand claims that its motorcycles are 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives, which currently dominate the market. The company also owns 18 charging stations in Kigali and Nairobi. The funding shows a growing appetite among investors for renewable energy and e-mobility investments. Africa has an estimated $4.87 billion motorcycle market, according to Statista, a data and market insight firm. The new funding comes ahead of a Series B round to help the company ramp up its production in Kigali and Nairobi. “As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” Whale said. In June 2024, Ampersand struck a deal with Chinese electric vehicle and battery manufacturer BYD to build 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. Get Moonshot tickets 20% off with the code MSVIP. Offer valid till 5th September. Here is the link.
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Ventures Platform returns capital on 4 out of 6 investment cohorts
Ventures Platform, one of Africa’s biggest VC firms which has invested in over 90 companies, claims it has generated returns on four out of six investment cohorts. In 2021, the VC firm announced the first close of its $40 million Ventures Platform Fund I to invest in startups across Fintech, Logistics, Healthtech, Cleantech. Ventures Platform raised that first close from limited partners and other organisations including Paystack CEO Shola Akinlade, Nigeria Sovereign Investment Authority (NSIA), and UAC Nigeria. The VC firm also raised part of that fund from global investors like Y Combinator CEO Michael Seibel and Adam Draper. Ventures Platform closed the $46 million fund in 2022. The VC firm, which has backed some of the biggest companies on the continent including Piggyvest, Remedial Health and OmniRetail, disbursed $19.6 million from its $46 million fund across different startups on the continent, according to its 2023 impact report. It has deployed more than half of the fund in pre-seed (51.49%) and seed stage startups (40.84%). It deployed a tiny fraction (7.64%) in Pre-Series A startups. The VC firm invests in startups that address critical challenges faced by low-income populations on the continent, such as limited access to healthcare, education, and financial services. Of the $46 million fund, fintech startups got $6.8 million in funding while investment in SaaS startups ($2.8 million), B2B ($2 million) and Healthtech ($2.4 million) were the next highest. The firm also invested $7.9 million across other sectors including logistics, autotech, insurtech and cleantech. The VC firm which predominantly invests in fintech believes there are more opportunities in the sector. “We see opportunities in Intra-African remittance,” Kola Aina, founding partner at Ventures Platform told TechCabal. Although Ventures Platform has recently talked up plans of investing outside of Nigeria, 80% of the Fund I investment went to startups headquartered in the Big 4. While Africa’s startup scene has witnessed a drop in funding, Aina says the funding downturn has not affected its investment thesis. “We believe this is the best time to invest, there is less noise. We are now focused fundamentally on solid unit economics,” he said. “Businesses don’t have to rely on follow-on funding to figure things out.” Investing comes with learning. A key challenge for VP has been a mismatch between the fund’s lifespan and the long-term needs of promising startups. Its workaround is providing follow-on funding for these startups. “Even as a seed-fund, we are data driven. We don’t do spray and pray, we let the data inform us on our follow-up funding.” In July 2024, Ventures Platform talked up spreading its investment across Africa. The VC firm had previously invested in 12 Non-Nigerian startups like Notto in Ghana, Union54 in Zambia, Karcel in Egypt. “Even though we started from Nigeria and most of our investments are based in Nigeria, we always set out to be a pan-African investor,” said Dotun Olowoporoku, the managing partner of Ventures Platform. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
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👨🏿🚀TechCabal Daily – Starlink shines in Botswana
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning According to the National AI and Big Data Strategy Report, only seven African countries have developed national AI plans, and none have formal AI regulations. Later today, by 4 PM WAT, I’ll be having a conversation with three AI experts on why that is, and how we can bridge the gap by building AI models with African data. On the panel are Zain Verjee, Co-founder of The Rundown; Megan Yates, Co-Founder of Zindi, and Clinton Oduor, ML Engineer, & Head of Data Science, Amini. Register to join us for what’s sure to be an insightful fireside conversation. Starlink shines in Botswana Bamburi Cement receives new $197.2 million acquisition offer Egypt in talks with India to set up new carbon black plant Nigeria aims to exit FATF greylist by 2025 The World Wide Web3 Events Internet Starlink is now live Botswana Image source: Starlink It would seem Starlink is hogging all the media headlines this week. Today marks the satellite ISP’s third appearance in TC Daily. But following the kerfuffle with Safaricom planning to slow down its operations in Kenya, and cutting off 12,700+ South African users, the satellite internet service provider (ISP) has caught a break in other countries. Starlink is now live in Botswana, three months after securing a licence. Yet, this was a hard-won victory. Starlink was previously denied an operating licence in Botswana in February 2024 over missing information in its application, despite claims from the government disputing this. African countries want stricter regulations for foreign satellite internet companies. Due to its competitive advantage in speed and bringing arguably superior technology in low-orbit satellites compared to cell towers, African governments are cautious of handing Starlink free rein to cannibalise local ISPs and mobile network providers in their countries. Botswana’s ISP market is competitive. Mascom, the leading ISP in the country, controls 43% of the market share. Orange and BTC follow closely at 39% and 18% respectively. In terms of the quality of broadband service, Starlink will have an advantage. The average internet speed in Botswana is 21 megabytes per second (MBPS). Starlink reaches 250 MBPS. Starlink’s licence in Botswana also gives it another advantage in distribution. Local ISPs rely on multi-level resellers. However, Starlink only sells its hardware through authorised distributors, which gives it control over the distribution value chain and reduces middleman fees. But Starlink will be betting its last-mover advantage on its technology. Botswana joins eight other African countries that have authorised Starlink to operate in the continent. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Manufacturing Bamburi Cement receives new $197.2 million acquisition offer Image source: Bamburi In a surprising twist, Savannah Clinker has made a $197.2 million bid for Bamburi Cement, just weeks after the Kenyan cement giant accepted an offer from Tanzania’s Amsons Group. The counter-offer, at $0.54 per share, represents a 53.34% premium over Bamburi’s current share price. It could complicate the sale of the company, which was already in the works after Holcim, a Swiss construction materials giant, approved Amsons’ bid. Savannah Clinker is owned by Benson Ndeta, a director of Savannah Cement, a company that recently entered administration. Unlike Amsons, Savannah Clinker has indicated that it does not intend to delist Bamburi from the Nairobi Securities Exchange. The competing bid could set the stage for a heated battle between the two companies as they vie for control of one of Kenya’s most valuable assets. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Manufacturing Egypt in talks with India to set up new carbon black plant Image source: Pyrosis Plant Did you know that the rubber in car tires is strengthened by a tiny, black powder called carbon black? It’s a versatile material used in everything from tires to paints and even electronics. The global carbon black market size is worth $12.8 billion and governements across the world, including Egypt, have been ramping up plans to get a slice of the market. On Tuesday, Egypt began talks with an Indian carbon black manufacturer to establish a $60 million production plant in the country. While the government kept the name of the Egypt manufacturer under wraps, discussions were held with a top carbon black manufacturer. If the talks goes through, the carbon black manufacturer will be the second Indian manufacturer to set up a carbon black plant in the country after Birla Carbon, a leading India-based global producer, which has a manufacturing facility in Egypt. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Economy Nigeria plans FATF Greylist exit by 2025 Image source: YungNollywood Nigeria was listed by the Financial Action Task Force (FATF) in February 2023, as one of the countries with weak anti-money laundering (AML) policies in the world. The country has historically struggled with untraceable money. It lost $217.7 billion to illicit financial transactions between 1970 and 2008. While that number has slowed, the country still accounts for 30.5% of illicit financial outflows from Africa. Since being placed on the FATF greylist, Nigeria has worked closely with the FATF to improve its anti-money laundering and counter-terrorism financing (AML/CFT) policies. It has complied with 32 of the FATF’s 40 recommendations. Femi Gbajabiamila, chief of staff to the Nigerian president, has promised to secure Nigeria’s removal from the FATF Greylist to enable it to do business with other countries without
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