👨🏿🚀TechCabal Daily – Small Businesses, Big Funds
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy salary day You made it…but the same can’t be said for Twitter—or X—Circles. Elon Musk has placed the feature on the chopping block. Starting October 31, Circles will be disabled across X mobile and web, and users will not be able to tailor posts to Circles. Y? X is yet to clarify. But this user suggests that the Musk-led company might be disabling the feature because Elon Musk himself isn’t in too many Twitter Circles, and so thinks people aren’t using the feature. In today’s edition Absa Bank to invest $665 million in Kenyan MSMEs Patricia set to repay customers Capital Film launches $600,000 film fund VALR partners with Visa The World Wide Web3 Events Funding Absa Bank to invest $665 million in Kenyan MSMEs Image source: Absa Bank Absa Bank, a commercial bank in Kenya, has announced plans to invest KES100 billion ($665 million) in Kenyan MSMEs over the next three years. According to managing director and CEO Abdi Mohamed, the financial institution is offering working capital to help businesses weather unexpected downturns. MSMEs play a pivotal role in Kenya’s economic growth and development. According to the Kenya National Bureau of Statistics (KNBS), MSMEs account for over 98% of all businesses in Kenya and employ over 14.9 million Kenyans. They also contribute approximately 40% to Kenya’s GDP. Absa’s latest commitment to MSMEs comes after it recently launched Wezesha Stock, a real-time digital platform that helps SMEs manage their inventory and trade. Lights out: The investment in MSMEs is particularly timely, given the current economic challenges facing Kenya. The country is experiencing high inflation and rising interest rates—the Central Bank of Kenya has raised interest rates three times this year to combat inflation—which is making it difficult for businesses to access capital. Absa Bank Kenya’s investment will help to cushion MSMEs from these challenges and support their growth. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Startups Patricia set to repay its customers Image source: Zikoko Memes Patricia is trying to regain trust by reimbursing its customers. In its latest move, the Nigerian-focused crypto platform has partnered with DLM Trust, a trust company licensed by Nigeria’s Securities and Exchange Commission (SEC), to facilitate the repayment of $2 million in customer assets which were lost during a hack last year. DLM Trust will serve as an escrow trustee, holding the funds on behalf of Patricia and its customers until they are ready to be disbursed. When? In a statement published by Nairametrics, DLM Trust stated that the first batch of repayments to Patricia’s customers is set to commence on November 20, 2023. Kehinde Lawal, a senior associate at DLM Trust, stated that Patricia has already provided funds to expedite the refund process and that these funds stem from Patricia, its partners and investors. Lawal emphasised DLM Trust’s role as a trustee ensuring timely payments, with specific payment plans and disbursement strategies to be communicated to users in the coming days. This comes after the CEO, Hanu Fejiro, confirmed last week that users with assets on the platform can now exchange their assets for shares, which are to be managed by an SEC-licensed third-party trustee. Per Lawal, plas for this are still in the works. Zoom out: Patricia’s repayment announcement comes at a perfect time as its users, more recently, started discussing plans to stage peaceful protests to demand release of their assets. Paystack is live in Kenya After 10 months in private beta, Paystack announced that all business in Kenya could now accept payments with our growth tools. Learn more → Entertainment Capital Films launches ₦500 million ($653,250) film fund The Milkor 380 Drone Capital Film Productions, a film financing firm, has launched a ₦500 million ($653,250) fund, to invest in several Nollywood movies. According to Adim Isiakpona, CEO of Capital Film Production, the firm is closing its third fund which will fund six movies in 2024. Capital Film previously raised $800,000 across two funds to support the production of seven films. Isiakpona told TechCabal that the fund will grow to $50 million. Capital Film Productions invests between ₦50 million ($65,325) and ₦100 million ($130,650) in each film, covering only 50% or less of the movie project’s cost, per the CEO. The firm also offers advisory services to filmmakers, and works with them on the scripting and casting stages to ensure the film’s marketability and a viable return. The fund is the latest episode of tech players who are pouring investment into Nigeria’s teeming film industry. Nollywood’s appeal to these investors is its fast return on investment of 24 months or less, which is typically shorter than the return cycle on other tech investments. Investors also reportedly earn up to 3x of the amount invested in the movies. The big picture: New investments from tech players in Nollywood represent a mutually beneficial relationship. The Nigerian film industry will gain valuable business advisory insights that would help the film industry compete globally. Investors on the other hand will make up to 3x returns in record time. “Black Book” a Nigerian movie which got a slew of investment from Nigerian tech prodigies like Nadayer Enegesi (Eden Life), Olumide Soyombo (Voltron Capital), and Ezra Olubi (Paystack), recently became the most streamed African film across 69+ countries on Netflix. Crypto VALR partners with Visa to issue payment cards Image source: VALR VALR customers can now use their cryptocurrency anywhere Visa is accepted. The South African crypto exchange has announced its partnership with payment giant, Visa, to issue Visa cards and develop digital payment solutions in South Africa and beyond. VALR customers will now be able to use their cryptocurrency holdings to make and receive payments globally using the Visa network. According to a report from Mariblock, the digital payment solutions are “soon-to-be-announced.” Zoom out: So far, Visa has partnered
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SA startups returned $17 million in exit returns to investors in 2022
SA VC investors made $17 million from exits in 2022, a 3x return. However, loss-making deals still outnumbered the return-making ones. According to the 2023 Southern Africa Venture Capital Association (SAVCA) survey, exits in the South African ecosystem returned investors R318 million (~$17 million). This represents a three-time return multiple on R83 million (~$4.4 million) invested in such deals. However, despite the returns, the total number of losses incurred on exits was R80 million (~$4.2 million). Additionally, the returns represent the third consecutive year where exit returns have plummeted in the country. Since 2017, the only year that exit activity did not record a loss, in the cumulative sense, was 2019 when the number of returns and losses on exits was the same. Most exits in the SA ecosystem over the last five years have been loss-making. (Image source: SAVCA) SA’s complex exit market Over the years, South Africa has been heralded as the exit hub of the continent, consistently leading other VC hubs in Africa. Several reasons have been attributed to South Africa’s impressive mergers and acquisitions (M&A) dominance. These include active capital markets and banking systems, mature companies that can snatch up startups, and others. The land of mergers and acquisitions: how South Africa continues to strike gold with tech exits However, as more data becomes public, it has been clear that most of the exits have been loss-making for investors. Exiting too early has been hypothesised as one of the reasons why such transactions might not reap the desired results for those involved. According to Keet van Zyl, co-founder and partner at venture capital firm Knife Capital, there is some legitimacy to the hypotheses. Van Zyl states that in some instances, there is a disconnection between the growth capital needed by startups and what is available, so it makes sense to sell instead of trying to embark on more fundraising. On average, according to van Zyl, South African startups exit after three to four rounds of funding. Do South African startups exit too early? Experts have their say “Despite the increasing availability of deal-flow, there remains a significant follow-on financing gap for high-growth local startups with proven traction,” van Zyl told TechCabal in August. “Therefore sometimes when startups try to raise growth capital, they turn to strategic investors who seize the opportunity and make a full acquisition offer.” However, according to van Zyl, this trend is not necessarily bad as it allows for an increased number of smaller exits – which then recycles capital into the ecosystem – instead of a long road to unicorn building and a lack of liquidity for investors. Knife Capital will write $3-$7 million checks for SA growth-stage startups with $50m expansion fund In August, van Zyl’s Knife Capital announced a $50 million expansion fund which would invest in B2B companies that are globalising South African technologies and opportunistic investments in the rest of Africa. The specific focus will be on growth and expansion stage companies at Series A extension and Series B funding stages.
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Can improving user experience help Africa’s e-commerce industry grow?
Image source: Africa business pages In Africa where physical infrastructure challenges hinder traditional retail, e-commerce has emerged as a powerful driver of economic development. Online marketplaces, from global giants to local startups, are expanding rapidly to cater to diverse consumer needs. According to a report by the United Nations Conference on Trade and Development (UNCTAD), the e-commerce sector in Africa has witnessed exponential growth, with an annual expansion rate of 21.7% since 2000. This growth is projected to continue as recent statistics from Agusto & Co revealed that the continent’s e-commerce market could reach a value of $75 billion by 2025. At the heart of this transformation lies the rise of digital payment solutions, which have played a pivotal role in enabling and sustaining Africa’s e-commerce boom. By offering mobile banking and microfinance services, online transactions have become seamless for consumers and businesses. In spite of this growth, challenges still persist. E-commerce businesses in Africa often contend with complex and evolving regulatory environments. Regulations can vary from one country to another and may affect payment processing and cross-border transactions. Across different African countries, preferred payment methods vary significantly. For instance, while mobile money is widespread in East Africa, West Africa may have a stronger preference for card payments or cash-on-delivery. This variability can create challenges for e-commerce businesses looking to operate across multiple African markets. “Fragmented markets make it difficult for companies to thrive because the country-specific e-commerce landscape can make things difficult,” said Taiwo Adeeko, global head of operations at Payaza Africa Limited at a recent TechCabal Live on Friday, October 8, 2023. Facilitating interoperability of digital payment systems and collaboration between fintechs, governments, and traditional banks is an important step in reconciling this challenge. Complex or unreliable payment processes are a leading cause of cart abandonment in e-commerce as complicated checkout processes result in 18% of customers abandoning their carts. A seamless checkout and payment experience reduces friction in the purchase journey, increasing the likelihood of customers completing their transactions. Optimising the checkout process converts potential customers into satisfied and loyal buyers in the e-commerce industry. Additionally, infrastructure and connectivity issues still hinder access in some regions, which in turn hamper the ability to process online payments smoothly. Slow or unreliable internet connections can result in transaction failures or lead to a frustrating user experience. In a continent with a 66% unbanked population, there should be more payment infrastructure across the continent that doesn’t require the processes of a traditional bank account as advised by Felix Manford, CEO and co-founder, Tendo. The synergy of services like mobile money and mobile wallet services provided by Payaza and the likes has become instrumental in providing a secure and efficient way to store and transfer money. This has allowed a vast number of previously unbanked individuals to participate in e-commerce transactions. Trust is paramount in e-commerce. Shoppers need to be confident that their payment information is secure as potential customers are often hesitant to make online payments due to concerns about the authenticity of sellers, product quality, and delivery reliability. “In terms of establishing trust, there has to be an inherent desire to understand customer points with payments,” said Evelyn Wangari, director, financial services East Africa, Copia Global. A seamless payment experience, backed by robust security measures, bolsters trust and encourages more people to shop online. The e-commerce success story in Africa is inextricably linked to the ability to create a secure, efficient, and accessible payment ecosystem. As Evelyn Wangari said, “Payment fuels the e-commerce engine which then leads to embedding financial services. The opportunity for convergence is now.” ******* This article is part of the TechCabal Live series brought to you by TechCabal in partnership with Payaza. Payaza is a payment service provider that enables online and offline businesses/merchants to process payments and transactions across Africa.
Read MoreAfter success with Gangs of Lagos and Brotherhood, Capital Films launches ₦500 million fund
Capital Film Productions, a film financing firm co-founded by a former tech professional, has launched a new fund to invest in Nollywood movies. Capital Film Productions, a film financing firm founded by Adim Isiakpona, a former Google employee, and Hamza Kassim, a business opportunity manager at Shell, has launched Act 3, a ₦500 million fund, to invest in a lineup of Nollywood movies. Both co-founders were executive producers of the Nollywood hits Gangs of Lagos and Brotherhood; Isiakpona was also an associate producer on Sugar Rush. In the past three years, Capital Films has raised $800,000 across two funds to support the production of seven films. The company said it saw a 37% cumulative return on both funds. Capital Films pools funds from retail investors—it had 37 investors in the last two funds—and accepts a minimum investment ticket of ₦10 million. The company invests a minimum of ₦50 million and a maximum of ₦100 million in each film. Isiakpona, the firm’s CEO, told TechCabal that it picks the movies it invests in by reviewing the history of the filmmaker and their business model. The average budget of each movie “depends on the movie and story,” and the average return cycle for investment is 24 months. Nollywood is currently on a path to globalisation, with new films backed and licenced by international streaming giants Netflix and Amazon Prime. Gangs of Lagos ranks in the top 10 non-English movies on Amazon Prime, while The Black Book was watched more than 70 million times in less than three weeks on Netflix, the biggest streaming platform. Read more: Nollywood is the hot new investment for tech founders; returns are up to 3x Capital Film also offers advisory services to filmmakers and works with filmmakers on the scripting and casting stages to ensure the film’s marketability and a viable return. “We want to understand the distribution model, the production timeline, and the cost. We always try to ensure that we keep our investment to 50% of the project’s cost, but it can vary from 25% to even less than 25%. We don’t go beyond 50% to ensure that we are not overindexing in one field project,” Isiakpona said. Tech-focused professionals are increasingly investing in Nollywood Capital Films’ launch comes as more tech-focused professionals are increasingly financing Nollywood movies or even creating them. The Black Book was directed by Editi Effiong, a former software engineer, and was financed by African startup founders and investors like Nadayer Enegesi (Eden Life), Olumide Soyombo (Voltron Capital), and Ezra Olubi (Paystack). Nollywood appeals to these investors as the return cycle on investment—often 24 months—is shorter than the return cycle on startup investments, which happen in exits and IPOs that are few and far between in Africa’s tech ecosystem. “Nollywood is on the precipice of growth, and we see ourselves contributing to this growth by providing structure and increasing capacity, either through funding it or through the process of producing the films,” Isiakpona told TechCabal. For filmmakers, introducing outsiders can offer a new perspective and bring change to an industry that is only beginning to entrench itself in the global economy. Tolu Awobiyi, a filmmaker with a decade of experience and the producer of Bling Lagosians, told TechCabal in September that the VCs have helped filmmakers with business advisory, investment risk management, and stakeholder management. “I have learned more about navigating the pitfalls of our business from my interactions with my VCs. You find that the VCs who traditionally are interested in film investments are usually very hands-on because they usually have a creative leaning; that is why they are attracted to film investments in the first place, and their experience investing in other industries gives them critical knowledge relevant to managing the risks of a high return environment such as ours,” Awobiyi stated. As the firm launches, it is closing its third fund, which will fund six movies in 2024, and Isiakpona told TechCabal that the fund will grow to $50 million. “In a way, CFP is a dream come true for us. It all started off as a scrappy idea with ‘Our First Act,’ raising funds from our personal finances to support film projects, to a ‘Second Act’ that saw us managing Liquidity Provider’s funds. From these experiences, we’ve seen firsthand how access to adequate funding and support can uplift the entire production of a film and potentially the industry,” he said. Read more: Can streaming platforms solve Nollywood’s distribution problem?
Read MorePatricia customers to receive first batch of repayments in November as company appoints trustee
Patricia has engaged the services of DLM Trust, an SEC-licensed trust company to handle the disbursement of repayments to customers. DLM Trust, a trust company licensed by Nigeria’s Securities and Exchange Commission (SEC), will handle the disbursement of repayments to customers of Nigeria-focused crypto platform Patricia. It is Patricia’s latest move to repay $2 million in customers’ assets lost in a hack last year. DLM Trust confirmed the partnership in a statement published on Nairametrics on Tuesday. The company will serve as an escrow trustee—a third party that holds money or an asset on behalf of the other two parties in a transaction. Per the DLM statement, the first batch of repayments to Patricia customers will be disbursed starting November 20, 2023. Kehinde Lawal, senior associate at DLM Trust, told TechCabal that the company has received some funds from Patricia to issue refunds to customers. In September, TechCabal reported that the Lithuania-based company has raised some funds to repay customers, though its CEO, Hanu Fejiro didn’t provide further details of the investment. “The funds are coming from Patricia and its partners/investors. We are acting as a trustee [and] making sure that we pay the customers as at when due. Payment plan and disbursement strategies will be made available to the users in the coming days,” Lawal said. However, this repayment plan is tricky because DLM Trust doesn’t handle digital assets and the stance of its regulator—the SEC—on cryptocurrency. In May, Bloomberg reported that the SEC was considering allowing tokenized coin offerings on licensed digital exchanges that are backed by assets including equity, debt, and property with the exemption of crypto. Last week, Fejiro confirmed to TechCabal that Patricia is asking users to convert their debt tokens to company shares which will be managed by an SEC-licensed company. Lawal disclosed that the plan is still in the works. “There have been discussions around converting debt to equity. It’s subject to the users’ discretion. And it is a part of the overall debt management strategy. That is in motion,” he said.
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👨🏿🚀TechCabal Daily – IROKOtv still stands
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy salary week Good news for remote workers who jump right from bed into their work meetings: beauty filters are coming to Google Meet. The company recently announced that it’s rolling out new features that will “touch up your appearance” during calls. This includes teeth whiteners and complexion smoothening—which can be subtle or heavy. The feature will start rolling out on mobile to early adopters by October 28, but the rest of us won’t be getting it till the end of the year. Onto today’s newsletter. In today’s edition IROKOtv denies shutdown rumours Kenyan court rules against CA’s live protest ban South Africa’s new drone soars MTN appoints a new CEO The World Wide Web3 Events Streaming IROKOtv denies shutdown rumours GIF source: Tenor African streaming platform IROKOtv is standing tall. Yesterday, tech publication Techweez reported that the platform had shut down after “facing challenges”, and being offline for a while. Users had previously reported that the platform’s mobile app and website had gone offline, and no formal communication had been made across its social media handles. Investigations by TechCabal, however, revealed that the platform is not shutting down. CEO Jason Njoku denied the shutdown rumours in a conversation with TechCabal. According to Njoku, the company’s services went offline due to an ongoing migration.“We’ve been migrating platforms for the last few weeks, so the site has been in maintenance mode,” he said. A renewed focus: The CEO explained that IROKOtv is now tailoring its focus to a diasporan audience. “We had to hard pivot away from Africa, which rendered our existing product and platform obsolete. It was harder than expected to untangle everything after 10+ years of building for Nigeria first,” he said. With 89% of its 2023 revenue reportedly from outside of Nigeria, IROKOtv will now double down on its dollar-paying users. In line with this move, IROKOtv is also working to make its service accessible on smart TVs, including Roku, LG, and Samsung, by the end of the year. Zoom out: So far, African streaming services are fighting hard to compete with international streaming services like Netflix. At least four telecom companies—including Vodacom’s VideoPlay, and Telkom’s TelkomOne—have shut down their streaming platforms in the last year. Some market forecasts project Netflix as lead for streaming in Africa by 2029, with MultiChoice’s Showmax coming second, and Amazon Prime as third. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Regulations Kenyan court rules against CA’s live protest ban GIF Source: Tenor The Communications Authority of Kenya (CA) has been called to order. A Kenyan court has issued a series of orders compelling the CA to revisit its regulations that had previously banned TV stations from broadcasting live protests. The court’s ruling, which was issued on October 19, emphasises the importance of upholding freedom of expression and information. What led to the ban? In March 2023, Kenyans, led by defeated presidential contender Raila Odinga, protested against the high cost of living and the alleged illegitimacy of President William Ruto’s regime. The Communications Authority (CA) then censored six television stations for their live coverage of the protests, which saw two people shot, and over 200 protesters arrested. The authority’s director general, Ezra Chiloba, claimed the coverage generated panic and jeopardised peace and warned six media outlets against their coverage of the country’s ongoing protests. However, the High Court suspended the CA’s decision to censure the six TV stations on March 24, 2023. At the time of the ban, the then Director General Ezra Chiloba, accused six Kenyan stations of breaching the programming code. However, the court’s ruling has issued several key orders. What are the orders? The court cancelled the CA’s decision to reprimand six TV stations – Citizen TV, NTV, K24, KBC, TV47, and Ebru TV – for their coverage of Kenyan protests held on March 20, 2023. The court also ruled that Regulation 19(a), (b), (c), and (d)—which prohibit TV stations from broadcasting protests in the name of national security—were in violation of the constitution. The court also suspended the CA’s plan to review the Programming Code, stating that the Code had expired and was of no legal effect. Zoom out: The court has further directed the regulator to review the Programming Code for Broadcasting Services in Kenya that is currently in effect. Due to the complexities of this process, the court has suspended the order for 12 months, allowing the authority time to address the issues at hand. Innovation South Africa’s Milkor 380 Drone makes successful first flight The Milkor 380 Drone South Africa’s Milkor 380 Drone is ready to fly. Milkor, a Pretoria-based defence company, recently ran a successful test flight on its Milkor 380 Drone after three years and seven months of development. Its features: The Milkor 380 drone is said to be the largest drone built in Africa, with a wingspan of 18.6 metres—or as tall as a six-story building—a continuous flight time of up to 35 hours, a range of up to 2,000km, and a maximum altitude of 9,000 metres. The drone is controlled from the ground by three people, including a pilot, a commander, and someone to control the equipment onboard. There’s more: The drone is also equipped with infrared and high-resolution cameras, allowing it to undertake observation, intelligence gathering, reconnaissance, and offensive missions. It can also be used for conservation, combating land and sea poaching, and border control. There’s no set price for the drone, as this varies based on each customer’s specifications. Zoom out: Milkor is now conducting regular test flights and hopes to have four drones ready for the market by the end of 2023. Paystack is live in Kenya After 10 months in private beta, Paystack announced that all business in Kenya could now accept payments with our growth tools. Learn more → Telecoms MTN appoints
Read MoreGITEX highlighted Dubai’s ambition to be a global technology hub. But the city needs a deeper Africa-strategy
Dubai’s GITEX entered its 42nd year as a globally renowned tech conference and tradeshow. Earlier this year the first overseas version debuted in Morocco in North Africa, and an even bigger return is planned for May 2024. But to have a stake in Africa’s technology ecosystem and a potential $180 billion digital economy) the UAE will need to do more than tradeshows. For many years, it was called GITEX Technology Week or simply GITEX Dubai. After 42 years, the iconic technology tradeshow, like the country which hosts it, is no longer content with being a regional technology powerhouse. While Kaoun International (Arabic for “Universe”), a newly formed event management company tests new markets, a deeper engagement strategy seems to be missing, especially for growing technology markets in emerging economies. After co-hosting the first overseas GITEX in Marrakech earlier this year, organisers of the 42-year-old GITEX tradeshow announced the launch of preparations for a European version at this year’s edition of GITEX in Dubai. The first GITEX Berlin is being organised in partnership with Messe Berlin, a German events management company and is scheduled for May 2025. To put the spotlight on technology innovation, the organisers of GITEX have expanded its selection of co-located events. At this year’s startup and investor-focused program, Expand NorthStar (formerly called Northstar Dubai) several African startups found space for themselves. Nigeria’s social commerce startup, Gifty, was the only African finalist at Supernova, the Expand Northstar pitch competition. It also picked up the Africa Fast category award plus an $8,000 cash prize. But beyond events and pitch competitions, it is not clear how the UAE intends to turn these annual sessions into value for its ambitions. For North Africa and the rest of the continent, GITEX Africa which debuted in Marrakech last May is the primary event through which the UAE’s government hopes to endear itself to technology players in Africa (and its Moroccan government partners). Organised in partnership with Morocco’s Digital Development Agency (ADD), GITEX Africa was the first version of the tradeshow organised outside Dubai. Kaoun International is also planning a yet-to-be-announced series of smaller events in key cities throughout Africa, TechCabal learned. At the same time, roadshows from African investors hoping to raise capital from the region’s wealthy are having variable success. An untapped opportunity When the first Gulf Information Technology Exhibition was held in 1981, Dubai was not the global travel destination it has since become. But it was already becoming an important sales hub to reach the Middle Eastern region. Recently, as the conversation around renewables gained momentum and public purses swelled with windfall profits on fossil fuel sales, the United Arab Emirates alongside its Gulf neighbours, Saudi Arabia and Qatar announced similar economic diversification agendas. Public agency videos preach the virtues of each country’s vision for a technology-based economy. And public fund managers like Mubadala Investment Company, Qatar Investment Authority (QIA), and Saudi Arabia’s Public Investment Fund (PIF), have become important sources of capital for global investment firms. Saudi Arabia’s PIF investment in Softbank’s Vision Fund is perhaps one of the more notable examples. Perhaps nothing captures this fascination with technology more than Neom, the 26,500km2 high-tech city championed by Saudi Crown Prince and Prime Minister, Mohammed bin Salman Al Saud. The state-owned investors of Saudi Arabia, Qatar and the UAE collectively control more than $4 trillion in assets according to tracker, GlobalSWF. All three countries have ambitions to become the region’s technology powerhouse as well as be recognised as significant players on the global scene. Mubadala, QIA, and PIF have made large investments into Western technology firms either directly or as LPs in Western VC funds. Investments made in African companies on the other hand typically focus on traditional industries or as part of government aid. Due to their historic links, much of those investments are concentrated in North Africa. By expanding its leading technology tradeshow to Africa through a partnership with one of its long-time allies (Morocco), the UAE is demonstrating the contours of a still cautious African strategy. Outside of technology, the UAE is more aggressive. The mostly state-owned port operator and shipping company, DP World for example has signed port management deals with several African countries. GITEX was originally a technology trade show that focused on consumer gadgets and hardware. While it still retains some of this hardware focus, it has evolved to incorporate the software solution market. This tracks with much of how the technology ecosystem evolved following the boom years of Software-as-a-Service businesses. More crucially though, GITEX retains much of the sales discovery event design that helped solidify the UAE’s position as a leading technology sales hub. An overly cautious and mostly North African corridor to Africa’s technology opportunity based on packed schedules at a tradeshow falls short of what younger technology ecosystems need. Events are events and the jury is still out on how much of an influence a technology tradeshow has on helping to create thriving technology ecosystems. Dubai has become a leading financial and business facilitation centre for Africa’s wealthy. It is also attracting technology talent from Africa. Some African technology companies primarily serving North African countries like Egypt or West African markets like Nigeria have their headquarters in the city. During the recently concluded GITEX Global, Nigeria’s Paystack and the UAE-Africa Networking Group held separate events for the African technology entrepreneurs in the city for GITEX. Despite the enthusiasm on the part of African entrepreneurs, what was conspicuously missing was the presence of local players. A windfall from oil revenues has made Gulf countries important financiers globally, drawing attention from Silicon Valley fund managers. In today’s funding crunch where local African VCs are struggling to find capital partners, the opportunity for countries with big tech hub ambitions like the UAE to play a bigger role in Africa’s technology ecosystem could not be greater.
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EXCLUSIVE: IROKOtv doubles down on dollar-paying users as it denies reports of a shutdown
After weeks of consumers pondering the abrupt disappearance of streaming platform, IROKOtv, Jason Njoku explains that the company is on the verge of a platform migration and denies a reported shutdown. Twelve-year-old African streaming platform, IROKOtv has denied shutting down operations after its website went offline and its mobile app disappeared from the Apple and Android app stores. That disappearance, alongside muted communication across its social media handles, triggered speculation that the service was on the verge of collapse. “I am trying to find a way to make sure that they do not charge me again to renew my subscription,” said Kiki, a South African user who was neither able to operate her app nor redownload it from the Android Play Store. Other subscribers who use iPhones have not been able to redownload them from the Apple App Store for as long as five months now. Many users trace the malfunction back to as far back as June, the last time the company published a new movie on the platform. ”They had promised us that they would publish new movies every week. But since June, they have been publishing old movies,” Dinma, another user, told TechCabal. However, in a conversation with TechCabal, Jason Njoku, IROKOtv’s CEO, denied the shutdown claims and explained that the company’s services went offline due to an ongoing migration. “We’ve been migrating platforms for the last few weeks, so the site has been in maintenance mode,” he said. After 10 years running on a software stack designed for an African audience with specific broadband configuration needs, IROKOtv is shifting its focus, Njoku explained. “We had to hard pivot away from Africa, which rendered our existing product and platform obsolete. It was harder than expected to untangle everything after 10+ years of building for Nigeria first,” he said. The migration is near completion, he claims, explaining that the engineering pivot was necessary to ensure IROKOtv becomes accessible on smart TVs, a fast-growing segment among streaming companies. He expects the streaming platform will become accessible as quickly as this week, and the company expects to go live on smart TVs, including Roku, LG, and Samsung, by the end of the year. IROKOtv represents one of the earliest groups of African tech startups from the early 2010s, as entrepreneurs and investors made their first bets on the continent’s digital services, including streaming services and e-commerce. While several businesses from this period have struggled, IROKOtv, backed by Tiger Global, has managed to survive while several of its streaming competitors collapsed. Image source: Iroko TV Njoku has repeatedly explained over the last few years that IROKOtv has had to make a painful pivot from its African roots to remain in business. Low income and affordability of broadband connectivity continue to hamper the widespread adoption of streaming services on the continent. And in 2019, it sold off its content library and film production arm to Canal+ as the French media doubled down on the African continent. “[Today], 89% of our revenues for the first nine months of 2023 were outside of Nigeria,” Njoku told TechCabal. “With the new Naira devaluations that ultimately makes sense.” While this is not the first time NJoku’s IROKOtv has talked about the importance of focusing on the African diaspora, its impending migration represents a big bet on its new target market.
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Pay for SGR online booking via MPesa 2023
The Standard Gauge Railway (SGR) provides a swift and efficient means of transportation. Alongside the convenience of SGR, the railway service offers multiple payment options to cater to diverse traveller preferences. Among these, the most prominent and widely used method is the mobile money service, M-Pesa. Here we’ll guide you through the steps on how to pay for your SGR online booking via MPesa, ensuring a hassle-free experience. 1. Booking your SGR ticket Before delving into the payment process, you should have already booked your SGR ticket. Read the easy steps on how to book your SGR ticket here. Once your booking is complete, you will receive a booking reference number. 2. SGR online booking payment via M-Pesa After booking your ticket, you’ll proceed to the payment step. Here, you’ll have the option to choose your preferred payment method. Select M-Pesa to pay using your mobile wallet. 3. Entering your M-Pesa mobile number Once you’ve selected M-Pesa, you’ll be prompted to enter your M-Pesa mobile number. Make sure to enter the correct number associated with your M-Pesa account to avoid any payment discrepancies. 4. Confirming your payment After entering your mobile number, click “proceed to payment.” This action initiates a request to your M-Pesa account, and you’ll receive a prompt to confirm the payment on your phone. Ensure that all the payment details are correct before confirming. 5. Completing the payment process of SGR online booking via MPesa Once you confirm the payment, M-Pesa will deduct the ticket cost from your mobile wallet. You’ll receive a payment confirmation message from M-Pesa, which serves as your receipt. This message is essential, so make sure to keep it for your records. The confirmation message includes the details of the transaction, such as the amount paid, the recipient, and the transaction code. 6. Boarding the SGR With your payment confirmation in hand, you’re all set to board the SGR at your scheduled departure time. Be sure to arrive at the station a little earlier to complete the check-in process. Final thoughts on SGR online booking via MPesa Paying for your SGR online booking via MPesa is not only convenient but also secure. It eliminates the need to carry physical cash or visit a physical booking office, making your travel experience with SGR even more seamless. Remember, the payment confirmation message is your proof of purchase, so don’t forget to save it.
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Sending money between Equity Bank & MPESA 2023
Equity Bank and M-PESA, two prominent financial services in Kenya both ensure that you can access and manage your funds with a few simple steps. In this article, we will walk you through how to make an Equity Bank to MPESA transaction and vice versa. How to Make an Equity Bank to MPESA Transaction To initiate a bank-to-M-PESA transaction, you can use a USSD (short) code. Here’s a step-by-step guide: 1. Register for mobile banking or Internet banking Before you can use the USSD code, you need to register for mobile banking or Internet banking through your branch. Once you’re registered, you’ll receive the unique short code, which will be essential for this process. For Equity Bank it’s usually *247#. 2. Dial the USSD number Dial the provided USSD number on your mobile phone. 3. Follow the instructions The USSD menu may vary from bank to bank, so it’s essential to follow the specific instructions given. Generally, you will be prompted to select the option for transferring money to M-PESA. Follow the on-screen instructions to enter the required details, such as the recipient’s M-PESA number and the amount you wish to transfer. 4. Confirmation After you’ve completed the steps, you will receive a confirmation message, verifying the successful transfer of funds from your bank account to your M-PESA wallet. This confirmation ensures that your money is securely moved, and you can now use it as needed. How to make an MPESA to Equity bank transaction Transferring money from your M-PESA wallet to your bank account is equally easy. Here’s how to do it: 1. Go to the M-PESA menu On your mobile phone, access the M-PESA menu. 2. Choose Lipa na M-PESA From the menu options, select “Lipa na M-PESA.” 3. Enter the bank’s business number To proceed, you’ll need to enter the bank’s business number. It’s crucial to consult with your bank or check their website for the accurate business number. 4. Enter your bank account number After entering the business number, you’ll be prompted to input your bank account number. Double-check this number to ensure accuracy. 5. Specify the amount sending money between Equity Bank & MPESA 2023 Enter the amount you want to transfer from your M-PESA wallet to your bank account. 6. Enter M-PESA PIN To complete the transaction, you will need to enter your M-PESA PIN, ensuring the security of your funds. You should receive an SMS once the transaction is successfully processed. Final thoughts on sending money between Equity Bank & MPESA 2023 Whether you need to move money from your Equity bank account to your MPESA wallet or vice versa, the process is simple and secure, enhancing your financial flexibility and convenience.
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