Top 5 tech events in Lagos between Sept and Dec 2024
Several tech events are set to take place between September and December 2024. These events provide excellent opportunities for networking, learning, and exploring the latest innovations in technology. Whether you’re a tech enthusiast, entrepreneur, or professional, here are the top five 2024 tech events in Lagos you won’t want to miss. These events are also great places to go in Lagos if you’re looking to immerse yourself in the vibrant tech culture. In no particular order, these are tech events you should attend in Lagos between September and December 2024 1. Africa Creative Market 2024 Dates: September 17th – 20th, 2024 Location: Landmark Event Centre, Lagos Cost: Free The Africa Creative Market (ACM) is a cornerstone event for those interested in the intersection of technology and creativity. This year’s theme, “Innovation Meets Imagination,” focuses on how technology is transforming creative industries such as fashion, film, music, and gaming. The event will feature panel discussions, workshops, and showcases, making it one of the essential tech events Lagos 2024. If you’re looking for places to go in Lagos that blend tech with creativity, ACM is the place to be. 2. Moonshot 2024: Building for the World Dates: October 9th – 10th, 2024 Location: Eko Convention Centre, Lagos Cost: Regular: NGN 20,000 Prime Local: NGN 120,000 Prime International: $250 Student: TBD Moonshot 2024 is arguably one of the biggest tech events that holds in Africa annually. It is all about scaling African innovation to a global audience. With over 4,000 guests, 75+ speakers, and 9 tracks, this event will bring together leaders in the tech ecosystem to discuss and showcase groundbreaking solutions to African challenges. It’s one of the top places to go in Lagos for those eager to connect with movers and shakers in the tech industry. The event will cover various sectors, making it a must-attend for anyone interested in tech events Lagos 2024. Register here now. 3. TECHNOVATE FEST 2024 Date: October 17th, 2024 Location: The Zone, Gbagada Expressway, Lagos Cost: Free (General Admission and Virtual Admission) TECHNOVATE FEST 2024 promises a full day of innovation, creativity, and networking. This event is ideal for tech enthusiasts, entrepreneurs, and anyone interested in the future of technology. Attendees will get to experience cutting-edge tech developments and connect with industry experts. As one of the key tech events Lagos 2024, it’s also an excellent venue for those searching for exciting places to go in Lagos that offer insights into the latest tech trends. 4. Africa Startup Festival 2024 Date: November 16th, 2024 Location: Balmoral Convention Centre, Victoria Island, Lagos Cost: Visitor: Free Explorer: $6.00 Founder: $39.00 Investor: $100.00 Delegate: $150.00 This festival is a premier event in the African startup scene, bringing together top investors, founders, and innovators. The Africa Startup Festival focuses on how technology is driving strategic innovation across various industries. With its emphasis on networking and deal-making, it’s a critical event for anyone involved in the tech startup ecosystem. Among the many tech events Lagos 2024 has to offer, this festival stands out as a major opportunity for budding entrepreneurs and investors alike. It’s one of the places to go in Lagos if you’re serious about making impactful connections in the tech world. 5. Art of Technology Lagos 6.0 Dates: December 4th – 5th, 2024 Location: Landmark Event Centre, Lagos Cost: Free The Art of Technology Lagos returns for its sixth edition, focusing on the revolutionary impact of Artificial Intelligence (AI). This event will dive deep into how AI is transforming industries such as finance and healthcare. It’s a great opportunity to understand the regulatory frameworks shaping AI’s future and to network with pioneers in the field. If you’re exploring tech events Lagos 2024 that address cutting-edge innovations, this conference should be on your list. It’s also one of the places to go in Lagos to witness the future of AI in Africa. Final thoughts Top 5 tech events in Lagos between Sept and Dec 2024 Lagos is an epicentre of technology in Africa, and these events showcase the city’s dynamism and innovation. From creativity-driven markets to AI-focused conferences, these 2024 tech events in Lagos offer diverse experiences for tech enthusiasts and professionals alike. If you’re seeking places to go in Lagos that provide insight into the latest tech trends, these events are unmissable. Mark your calendars and be part of the technological revolution in Lagos this year.
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End of load shedding tests South Africa’s solar industry
It’s been 151 days since South Africa experienced load shedding, a deliberate rationing of electricity supply to prevent failure of the entire system. The turnaround for struggling Eskom is excellent news for South African homes, but it has cast a pall over renewable energy startups that grew quickly as the power situation worsened. “Startups whose only value proposition was an alternative to load shedding are seeing that they have to change their business models very quickly,” one investor who asked not to be named told TechCabal. On Facebook Marketplace, some customers are selling their backup solar power systems for 75% less than the original price, reflecting slowing demand as the national grid becomes more reliable. According to a report, between January and May 2024, rooftop solar panel installations climbed by 2.7% compared to 31% in the same period in 2023. Grid electricity is also cheaper— a kilowatt hour (kWh) of electricity on the Eskom grid costs around R3.30 ($0.19), while a kWh of solar current costs around R2 ($0.11). While the cost of solar systems is projected to decrease by an average of 10% annually, Eskom tariffs are projected to rise by 44% in 2024, making the former a cheaper alternative for most households. In July, Hohm Energy, a solar startup that raised an $8 million seed round, entered administration after struggling to meet debt obligations. Hohm Energy grew aggressively as load shedding peaked. However, when power cuts decreased in mid-2024, the company could not eliminate the sticky costs it had acquired to drive the growth of its solar offering. Despite load shedding being a significant driver for adopting alternative energy sources, there are other factors like cheaper electricity tariffs and adopting cleaner energy sources. It means there are still opportunities for clean energy startups. “We have actually grown at a faster rate after the high levels of load shedding because tariffs continue to increase by as much as double digits,” said Vincent Maposa, founder of Multichoice-backed Wetility “People are seeking ways to save especially in this tough macroeconomic environment.” Wetility’s software product allows customers to manage and monitor their power systems and usage remotely. “Although a decrease in load shedding has seen a decrease in solar system installations, people are still looking to get the most value for money because of inflation and other factors and that’s where Plentify comes in,” said Jon Kornik, the founder of Kornik, a load management platform. Despite Eskom’s improving power generation capabilities, the national power company bleeds cash because of high debt and operating costs. It passes these costs to consumers in the form of higher tariffs. This means that although consumers will enjoy a better power supply, they will pay more. This will continue to provide a rationale for alternative energy startups. 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!
Read MoreTechCabal and Raenest partner to advance African tech innovation at Moonshot 2.0
TechCabal is excited to announce a partnership with Raenest, a leading financial management tool for African remote workforce talent and global businesses, for its upcoming flagship conference, Moonshot 2.0. Scheduled for October 9-10, 2024, at the Eko Convention Centre in Lagos, Nigeria, the event aims to unite over 3,500 of Africa’s brightest tech minds to provide audacious solutions to the continent’s most pressing challenges. Moonshot 2.0 will focus on critical themes around fintech, commerce, the creator economy, renewable energy, climate change, tech policy, AI, and cloud infrastructure. “We’re thrilled to partner with Raenest for Moonshot 2024,” said Tomiwa Aladekomo, CEO of TechCabal. “Moonshot is more than just a conference; it’s a platform where Africa’s innovators, business leaders, and entrepreneurs converge to network, collaborate, and exchange ideas that will shape the future of the continent and beyond. We’re excited to partner with one of the innovative organizations shaping the future of financial services on the continent.” Founded in 2022 by Richard Oyome, Sodruldeen Mustapha, and Victor Alade, Raenest has been at the heart of helping African businesses manage global expenses and receive funds efficiently, resolving problems around contracting, invoicing and payments. Users can own US checking accounts, transfer money to over 50 countries, create up to 20 currency-based wallets, and manage spending with virtual cards, effectively streamlining global financial operations for remote African workers and startups. Raenest also runs Geegpay, a growing digital platform for workers in the African gig economy. It ensures that creators, freelancers, and knowledge workers can be compensated for their services without worrying about the restrictions that come with cross-border payments. “Partnering with TechCabal for Moonshot 2.0 is an exciting opportunity for Raenest to further our mission of empowering African talent and businesses on a global scale through access to international finance,” said Victor Alade, CEO of Raenest. “We believe this collaboration will not only drive the conversation about the digital economy but also highlight the innovative solutions African tech companies are bringing to the world. We’re eager to showcase how our global multicurrency platform facilitates seamless global payments for Africans, and we’re confident that Moonshot 2.0 will be a catalyst for transformative change across the continent.” Moonshot 2.0 promises to be epochal, featuring panel discussions, workshops, pitching competitions and networking opportunities. Attendees will have the opportunity to engage with industry leaders, investors, and innovators from across the continent. Join us for this landmark event by securing your tickets now and being part of shaping the future of technology and payments in Africa.
Read MoreSabi returns as TechCabal’s Moonshot 2024 headline sponsor
As Mae West said, “Too much of a good thing can be wonderful”, which is why TechCabal is happy to announce that for the second year running, its flagship event, Moonshot, will be headlined by lead sponsor Sabi, leaders in Africa’s digital marketplace. Sabi is a major infrastructure provider in B2B commerce for goods and services on the continent with a simple vision of providing a solutions-oriented approach to solving commercial challenges. Since its launch in 2020, it has become a critical player in the global supply chain with a unique focus on logistics, sustainability and compliance, and financial services, ensuring that the sourcing and distribution of goods across markets are as seamless as possible. Founded by Ademola Adesina (President) and Anu Adasolum (CEO), Sabi hit $1bn in gross market value (GMV) in 2023 with a valuation of about $300m. It has also raised over $60m in funding for its operations, adopting an asset-light strategy that prioritises agility, managing complexities, and scalability for effective resource management. Primarily headquartered in Nigeria with a presence in South Africa, it has made inroads into Senegal and Tanzania, boasting over 250,000 registered users in the fast-moving consumer goods (FMCG), agriculture, and minerals sectors. We’re excited by Sabi’s renewed partnership with TechCabal as it highlights its earnest commitment to excellence. Join us for this landmark event on October 9-10, 2024, at the Eko Convention Centre in Lagos, Nigeria. Secure your tickets now and be part of shaping the future of technology and commerce in Africa.
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Bamburi Cement receives new $197.2 million acquisition offer from Savannah Clinker
Savannah Clinker has made a $197.2 million counter-offer for Bamburi Cement, weeks after Kenya’s biggest cement maker accepted an acquisition bid from Tanzania’s Amsons Group. Savannah Clinker offered $0.54 per share, a 53.34% premium on share price, compared to Amsons’ $182.8 million bid. It will complicate the sale of Bamburi after Holcim, a Swiss construction materials manufacturer and its largest shareholder, approved an offer from Amsons Group on July 27. Holcim agreed to sell its 58.6% stake and is awaiting regulatory approval from the Competition Authority of Kenya (CAK) and the Capital Markets Authority (CMA). If Savannah Clinker’s offer is approved by Bamburi’s board and the regulators, it will be one of the largest deals in the history of the Nairobi Securities Exchange (NSE). Savannah Clinker is owned by Benson Ndeta, a director of Savannah Cement, which entered administration in July 2023. “Savannah Clinker Limited notifies the public that it has on 27th August 2024 served Bamburi Cement PLC with a notice of intention to acquire up to 100% of the ordinary shares of Bamburi,” the company said. “The competing offer is in response to a proposed offer by Amsons Industries, of which notice of intention to make a take-over offer was issued on 10th July 2024.” The company said Ndeta is “in the process of exiting as a director of Savannah Cement,” which has been rocked by boardroom wars and legal woes over billions of shillings owed to banks and suppliers. Unlike Amsons Group, Savannah Clinker may not delist the company from the NSE. “The competing offeror does not intend to de-list Bamburi from the NSE. However, should the competing offeror achieve acceptances of 90% or more of the offer share, the competing offeror shall in accordance with the take-over regulations, offer the remaining shareholders a consideration that is equal to the prevailing market price,” the company said. 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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Starlink launches in Botswana three months after securing licence
Three months after securing an operating licence, Starlink, the Elon Musk-owned satellite internet service, is now available in Botswana. The hardware will cost P4,820 ($363), shipping for P314 ($24) and P688 ($52) for the monthly subscription. Starlink’s launch in Botswana comes after one year of engagements with the Botswana Communications Regulatory Authority (BOCRA). The company submitted its licence application in early 2023 but got the licence in May 2024. Starlink’s application was rejected in February 2024 citing missing information, people familiar with the matter said. The regulator denied the claims. In February 2024, BOCRA banned the use, sale and importation of Starlink kits in the country. In May, President Masisi met with a delegation of Starlink’s executives in Dallas, Texas and said he advised BOCRA to license the service. In Botswana, Starlink enters an internet service provider market dominated by mobile network operators including BTC, Mascom Orange and other broadband internet providers including Nashua and OPQ. Botswana is the sixth country in southern Africa to have Starlink after Zambia, eSwatini, Malawi, Mozambique and Madagascar. 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 – Kenya considers Safaricom’s ISP suggestions
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning We’re about 6 weeks away from Moonshot 2024, and people can’t wait—especially last year’s attendees. This year’s Moonshot promises more content tracks, sessions, mixers, and the most audacious thinkers, doers, and investors in African tech, working on everything from fintech to commerce, renewable energy, climate change, tech policy, AI, telco, cloud and more. Save a seat at Moonshot 2024. Get tickets here. Wasoko and MaxAB complete merger CA welcomes Safaricom’s ISP suggestions Bolt reintroduces car loans in Kenya Volkwyn steps down from MultiChoice board amidst probing The World Wide Web3 Events M&As Wasoko and MaxAB finally complete merger (L-R) Belal El-Megharbel and Daniel Yu of MaxAB and Wasoko respectively. As far as mergers and acquisitions go in Africa’s tech ecosystem, the Wasoko-MaxAB merger is one of the most significant. Both B2B e-commerce companies, with base operations in Kenya and Egypt respectively, have joined forces to create a dominant player in the African B2B e-commerce market. Talks of an all-stock merger have been ongoing since December 2023. Initially expected to be completed in March 2024, the deal was marred by multiple layoffs, court lawsuits, and delays due to reasons Daniel Yu, Wasoko CEO, claimed were “sensitive.” Mergers, depending on the nature, typically take six months to complete. However, complications could arise that might take the negotiations well over a year. But both companies will now look to put all that squabbling behind them. Yu and MaxAB CEO, Belal El-Megharbel, will serve as co-CEOs in the newly merged company. New details reveal that the deal is a 50-50 merger. The merger will combine the strengths of both companies, combining Wasoko’s network of merchants in East Africa with MaxAB’s expertise in B2B beverage supply in North Africa. With this partnership, the combined entity—yet to be renamed—will operate across East, Central, and Northern African regions. This will allow the combined entity to offer a wider range of products and services to a larger customer base. Wasoko-MaxAB will focus on raising additional funding—a claim Yu has not denied—cutting costs on non-profitable markets, and growing its buy-now-pay-later (BNPL) product. B2B e-commerce in Africa has become a difficult beast with funded companies like Copia Global shutting down this year. However, with the combined advantage, Yu and El-Megharbel will be hopeful for a turnaround of their companies’ struggles and growth in their standing in the tough B2B e-commerce climate. 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. Internet Kenya’s regulator welcomes Safaricom’s ISP suggestions Image source: Zikoko Memes Last Thursday, Safaricom, Kenya’s largest internet service provider, argued against granting licences to independent licences to satellite internet providers like Starlink. Safaricom argued that granting independent licences to satellite service providers could lead to harmful interference with existing mobile networks, and compromise national security. Yesterday, Kenya’s Communications Authority said those concerns are valid and that it will examine them within its frameworks. At the heart of the issue is Starlink’s growing appeal among users in Kenya. Fast internet speeds, cheap data bundles and a workaround to afford the Starlink kit are among the perks offered to Kenyans. Starlink’s cheaper service is a new threat to Safaricom whose data revenue helped it achieve profitability in 2023. Other telecoms have also started ramping up marketing campaigns to retain customers. Any decision made by the CA upon reviewing Safaricom’s demand will be consequential to the users, Starlink, Safaricom and other telecoms in the country. Unlike other internet service providers, Starink, through a satellite connection, is able to provide internet service even in the most remote parts of Kenya. A move to block independent satellite providers could jeopardise Kenya’s hard-won improvements in internet accessibility. Users will also have fewer (expensive) alternatives to choose from if the CA moves to block independent satellite providers. 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. Mobility Bolt reintroduces car loans amid drivers’ demand for increased base fare Image source: YungNollywood When a President visits, the whole city grinds to a halt. Certain roads are blocked and traffic diversions are made. While diversions are important to keep traffic at bay, they are also an important tactic for businesses. Yesterday, Bolt reintroduced car loans in Kenya, steering the conversation away from drivers’ calls for lower commissions and higher base fares. Drivers had previously gone on a five-day strike, requesting an increase in base fare. Those drivers went as far as imposing their own prices on riders and harassing them when they didn’t oblige. However, Bolt’s novel idea to quell the outrage was a reintroduction of its car loan. The car loan was first introduced in 2019, however, a lack of traction (fueled by the COVID-19 lockdown) led to an end of the venture. While Bolt has not shared much information about the latest interaction of the car loans, it last offered drivers vehicles at 1.2 million KES ($9,302). Drivers were expected to pay back within 36 months at an interest rate of 22.5%. While the car loans offer a convenient way for drivers to own vehicles, drivers say they don’t want the deal as asset financing faces more scrutiny on the continent. Kenyan drivers claim their earnings were insufficient to cover repayment and vehicle maintenance costs. Companies Jim Volkwyn steps down from MultiChoice board Image source: MultiChoice The responsibility of board members is toward a company’s best interests. But what happens when these members consult for the same company on pure financial interests? If the company makes a bad business decision as a result of an ill-advised consultation, who takes the fall? These are
Read MoreBolt’s new car loan offering leaves driver partners unimpressed
On August 22, ride-hailing giant Bolt reintroduced car loans in Kenya in response to growing driver discontent over low earnings. However, Bolt’s driver partners insist on their earlier demand for a reduction in commission and an increase in base fares. Bolt increased the base fare on August 26 by 10% to KES 220 ($1.71) from KES 200 ($1.55). However, drivers claim the increase was insignificant and want a fare structure based on distance and time instead of discounted fares. “You just can’t offer a loan product while skipping our key grievance, which is unfair pricing,” said Dennis Nyariki, the deputy chairman of the Organisation of Online Drivers Kenya (OOD). Bolt first offered car loans in 2019 and offered Renault KWID cars to drivers, but were paused during the COVID-19 pandemic. Drivers could buy cars valued at KES 1.2 million ($9,296) with monthly installments of KES 43,000 ($333). Under the new offering, fintech Hakki Africa will source the vehicles and handle loan disbursement. The interest rate will depend on the vehicle type and loan repayment duration. Bolt declined to share specifics on the type of vehicles and the cost. The Organisation of Online Drivers Kenya (OOD) criticised the loan facility, citing monthly charges under the previous car offering. The union claimed that vehicles were repossessed from drivers due to missed payments, suggesting aggressive loan collection tactics under the offering. Bolt did not immediately respond to a request for comments. At least five drivers who spoke to TechCabal said they were not interested in the car loans. They argued that their earnings were insufficient to cover vehicle maintenance costs. “The loan facility can’t really help. The money we make is not even enough to service a car,” Stephen Njoroge, a Bolt driver partner, told TechCabal. Two other drivers said they were unaware of the facility, although Bolt Kenya may attempt to incentivise them with the product in future campaigns. “The loan is only good for people who want to enter the business. We already have the cars,” Timothy Wachira, another Bolt driver partner, said. Ride-hailing companies have come under increasing pressure after drivers began pushing for fare hikes to increase their earnings. While Bolt hopes the car loans will offer some relief to aggrieved drivers, the company may have to consider making bigger concessions by lowering commission.
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Safaricom can push for restrictions on satellite ISPs, says communications regulator
The Communications Authority of Kenya (CA) has said Safaricom was right to raise concerns about the licensing of independent satellite providers including Starlink. “Licensees or service providers are at liberty to raise any issue in the market with the ICT regulator,” CA told TechCabal. On July 15, Safaricom asked the regulator to block satellite ISPs with operations in other countries, a move that could lock out Starlink which is the biggest satellite internet provider in Kenya. The Elon Musk-owned company relies on resellers to distribute its kits and install the service. CA will now investigate and address Safaricom’s concerns, even as telco experts warn that the telco’s move could reverse gains Kenya has made in increasing internet access and reducing data costs. Safaricom also alleged security risks to the country if the companies are allowed to operate without a physical presence or partnerships with local firms. It said licensing such companies “would mean negligible control for the government to ensure accountability for any non-compliance issues.” “The authority independently examines such issues within its mandate and regulatory framework and responds appropriately. It is a normal practice as the Authority seeks to facilitate the development of the dynamic and rapidly evolving ICT sector,” CA said. Safaricom did not immediately respond to a request for comments. Safaricom dominates Kenya’s data market with a 36.7% market share, followed by Jamii Telecommunications and Wananchi Group at 23.2% and 22.7% respectively. It has laid 14,000km of fiber optic cables, connecting over 400,000 subscribers. Starlink’s expansion, which offers faster speeds and relatively lower prices, could slow Safaricom’s data business growth. In 2023, the company’s mobile money service M-Pesa and data services pushed it to the first profit in three years. Safaricom’s data revenue rose 18% to $1.4 billion, as call revenues shrank 0.6% to $608.4 million–continuing a trend observed in recent years. Starlink’s new satellite updates could further upset local telcos’ call and messaging services if allowed to continue operating in Kenya. The satellite ISP announced on Monday that its upgrades will now bring call services, allowing users to bypass local providers. 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!
Read MoreWasoko, MaxAB finalise “category king” merger
After a four-month delay, Wasoko, a Kenyan B2B e-commerce platform, has completed an all-stock merger with Egypt’s MaxAB. The merged entity will have a new name, which the company declined to share, citing a rebranding process which will soon begin. Daniel Yu and Belal El-Megharbel, the co-founders and CEOs of Wasoko and MaxAB, will jointly lead the merged entity as co-CEOs. They will also serve alongside existing investors, including Silver Lake and Tiger Global, on the company’s board of directors. Wasoko and MaxAB contributed nearly equal stakes to the combined entity, Yu told TechCabal on a call, dismissing earlier claims that MaxAB has a controlling interest. “MaxAB and Wasoko have a pretty close to 50-50 shareholding,” Yu said. The merger, seen as an attempt to create a category king in the contested B2B e-commerce sector, signals investor willingness to see consolidation. Wasoko (last valued at $625 million) and MaxAB had raised over $230 million from investors like Tiger Global, Impact Engine, and the University of Chicago. TechCabal reported in December 2023 that the deal is structured as an equity consideration, which means existing shareholders will receive shares in the new company. First announced in December 2023, the deal was expected to be finalised in April 2024. Wasoko declined to provide specifics about the delay due to the merger’s “sensitive” nature. The new entity will capitalise on MaxAB’s position as a leading B2B beverage supplier to a network of small retailers throughout North Africa. While Cairo will serve as the headquarters, there are no plans for job cuts since Wasoko made 100 duplicated roles redundant in December 2023. The new entity will initially operate in five countries—Kenya, Tanzania, Rwanda, Egypt, and Morocco. Wasoko was in Zambia, Uganda, and Zanzibar but closed shop in those markets in March 2024. The new entity will have 450,000 merchants serving 65 million consumers. The integration of Wasoko and MaxAB’s tech and operations was completed in 60 days, the company claimed. Former Wasoko employees told TechCabal in January 2024 that MaxAB’s systems were preferred, as MaxAB had also brought its staff from Egypt for the integration exercise.
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