Next Wave: Rewriting the venture capital “theory-of-everything”
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 22 October 2023 In the last 10 years, venture capital has become a global industry, but the latest crisis will test how much the underlying principles of VC investing apply outside of Silicon Valley. The tragedy of the spiralling identity crisis in the venture capital asset management class is that it is unfolding at the precise moment when Africa and other emerging market countries are building local venture markets. In addition to fighting for funding from a limited pool of Limited Partners (LPs), nascent venture capital markets in emerging economies also need to make the case for more LPs to join the asset class. And they have to process what the ongoing correction in the asset class globally might mean for them. Tough times! Someone suggested that AI will disrupt venture capital investing. I don’t know if it was a joke or not but given how much VCs are embracing AI, I’ll wager they fear that this possibility is all too real. So why not proactively become an AI bestie? Welcome to this week’s Next Wave and the second installation of our series on the identity crises facing venture capital as an industry globally. If you missed the first one, start here. Article continues after this ad The National Science Week (NSW) is a hallmark event in Uganda’s calendar, celebrated every year to honor Science, Technology, and Innovation (STI). The event will feature a dedicated Investor Summit, bringing together some of the world’s leading pan African Venture Capitalists, Investors, and Startups.. Find out how you can participate <!–Chart section 1 A sample of African startups that have gone from raise to bust. | Infographic by Victoria Olaonipekun, TC Insights “Rip up the playbook” Silicon Valley and Europe are already looking back at the last years of venture capital’s excesses and openly discussing the need to reexamine. This week, John Thornhill, founder of Sifted, a Financial Times-backed technology publication focused on European startups, called for the VC industry to “rip up the playbook and start again”. In the last three months, I have probably read close to a dozen or more tweets, articles, comments on articles and LinkedIn posts calling for a rethink of what venture capital means. What Silicon Valley (used broadly to mean all Western VC firms) isn’t saying is what starting the venture capital industry over again would look like. Other than nauseating subtle and/or open personal jabs on social media, I don’t see much of a conversation about how the global realignment of VC principles affects an industry that has yet to find solid local funding footing. Here’s what the global playbook looked like. Think of the world of investing as a game where multiple players compete to achieve a set of two objectives. The first objective is to acquire as much capital as possible or feasible from the people who have this capital but cannot be bothered to oversee it every single day. The second objective is to show that they can return even more money than they first acquired to their initial funders after taking fees for standing guard over idle money. To be able to show a return, the players have to make choices about what businesses can generate the needed returns. They can make these choices on a case-by-case basis in public or private markets, by buying or selling industry at a wholesale level (indexing), or by using complex financial maths to try to extract some form of profit (derivative trading, etc.). This is an oversimplification, but it is more or less the game everyone in the investment and financial world is playing under different names. This game used to be super exclusive because to play, you needed to know and be trusted by the people who had money sitting idle. Players also needed to be skilled enough to do the hard work of purely using money to make money. But they could become rich and earn a lot of money—and they did. When something pays off, especially financially it tends to attract more attention. As the game became a lot more popular it attracted newer players who stepped in to fill the gaps in how businesses are funded. Instead of only providing loans, buying shares in mature businesses or borrowing to buy companies and then trying to sell the companies for profit. These newer players were specialists who would do what no one else in the game would dare. Unlike their fellow players, they would absorb plenty of carefully (in theory) curated losses or middling gains, in the hopes that 2 of 10 bets would at least triple the value of the entire fund within 10 years. If they succeeded they could outperform the traditional players, and create bigger and better (in theory) businesses. Success also means being able to repeat the cycle after collecting more capital from rich people/organisations with idle cash who do not mind a 2/10 odds of more than doubling their money without doing any of the hard work over an 8 to 10-year period. These new players embraced risks of a particular kind (typically new technologies), called themselves venture capitalists and recited whale hunting folklore as the origin story of their tribe. Not unexpectedly the other older players (hedge fund traders, REITs, the old guard Wall Street and lords of high finance across the world) did not appreciate their guts, or the competition for LP capital. For years (after an initial collapse in the late 1990s) the new players seemingly kept winning short-term bets, until most recently after global hikes in interest rate hikes left many venture bets in short-lived pandemic-era trends naked on
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👨🏿🚀TechCabal Daily – It’s not just Twitter anymore
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy salary week WhatsApp is the gift that keeps giving. The Meta-owned platform is reportedly testing self-destructing voice notes—voice notes that vanish once they are listened to. It’s the audio option for View Once pictures and disappearing messages. The feature doesn’t look like it’s rolling out soon, but WhatsApp is beta testing it across Android and iPhone users. WhatsApp, everyone, bringing new meaning to “You go explain tire (no evidence)”. In today’s edition Majorel to lay off 200 employees SA gets landmark social media defamation case Vodacom agrees to pay R1 million fine Sanari Capital raises $65 million The World Wide Web3 Opportunities Layoffs Majorel to lay off 200 employees Image source: Majorel Content moderation firm Majorel is laying off 16% of its Kenyan workforce. In an email shared with TechCabal last week, the company confirmed that it had notified 200 of its 1,200 employees of the company’s decision. Per Majorel, the layoffs are due to restrictions from a court order placed on the company in March 2023. The company didn’t officially confirm the specifics of the restrictions, but sources familiar with the case informed TechCabal that the court order is connected to Majorel’s contract with Meta. ICYMI: Majorel is a casualty in a court case Kenyan content moderators have levied against Meta and its former content moderation partner Sama. Earlier this year, Sama terminated its contract with Meta and laid off 260 content moderators. Subsequently, 43 of the content moderators sued Meta and Sama for their dismissal. Concurrently, Meta tried to engage Majorel as its new content moderation partner but the deal was stopped by a court order after ex-employees from Sama filed discrimination suits against both Meta and Majorel—Meta had reportedly asked Majorel not to hire any content moderators who had worked with Sama. Meta’s prejudice against Sama’s content moderators stems from a string of complaints made by these moderators regarding the subpar working conditions they endured at Sama. Now, the stalled contract is forcing Majorel to retire content moderators. The company is also asking some of its remaining workforce to relocate from its Nairobi office to Mombasa—a deal some aren’t taking due to an inadequate KES20,000 ($134) relocation fee. Zoom out: So far, it doesn’t look like the content moderators’ case is making any headway in court as Meta continues to deny that Kenyan courts have the authority to hear its case. It isn’t the first time global companies have doubted the jurisdiction of African courts over their businesses—despite them running their businesses across these African countries. 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. Social Media SA gets landmark social media defamation case Image Source: YungNollywood It’s not just Twitter anymore, it’s now real life (but also, not Twitter, now X). This rings true for South African transport activist Zwelakhe Joseph Msabe who, last week, was convicted of defamation by a South African high court. Msabe had been at loggerheads with a private transport company, Itumele Bus Lines, which has been in business since 1975. From May 2022, the activist made several posts criticising the company. In December 2022, the company applied to the court for a prohibitive order against Msabe, but the activist—who, at the time, said court orders couldn’t silence him—continued to make the posts up until February 2023. The company then filed for a final interdict and sought damages against Msabe. Worthy causes, wrongful actions: According to Msabe, his digital barrage against Itumele was in defence of residents and commuters whose rights he believed were being violated by the company. The activist made over 55 posts claiming that the bus company made unlawful increases in tariff, and was complicit in the “murder” of commuters after one of its buses, in November 2022, was in an accident that claimed lives. Msabe claimed the accident was a result of the bus having worn tyres. Over the course of the case, the bus company rebutted Msabe’s claims, proving to Judge André Berry that the bus in question was roadworthy and that pictures of the worn tyres shown by Msabe were false. The company also showed that increases in tariffs were determined by a passenger focus forum—a forum Msabe apparently did not know about nor was a part of—and approved by the province. With a guilty verdict, Msabe was ordered to delete all offending posts and pay fines. Per the judge, “Believing that one pursues a worthy cause in the public interest, does not justify publishing false statements about another party…the publication of defamatory statements are prima facie [at first sight] wrongful.” The big picture: This case holds significant importance as it paves the way for addressing defamation and libel on social media. Only a handful of cases have been reported regarding defamation on social media in South Africa, including the 2012 Dutch Reformed Church v Rayan Sooknunan case, and the 2013 Isparta v Richter case. Itumele v Msabe, however, appears to be the first case involving the defamation of a company by an individual. Telecoms Vodacom agrees to pay R1 million fine GIF Source: Zikoko Memes Vodacom is atoning for its wrongs. Last Friday, the company agreed to pay a R1 million ($52,666) fine levied by South Africa’s National Consumer Tribunal. What it did wrong: Vodacom violated the Consumer Protection Act (CPA) by imposing substantial penalties on customers who wished to cancel their fixed-term contracts. These penalties amounted to 75% of the remaining contract balance, effectively preventing customers from exercising their right to terminate their contracts early. The Consumer Protection Act in South Africa allows subscribers to cancel such contracts before their designated end dates, provided they give a 20-day notice to the network operator and are subject to a “reasonable” cancellation fee. Following customer complaints, the National Consumer Commission (NCC) swiftly determined that Vodacom’s actions were deemed “unethical” as they
Read MoreMobile money users in Tanzania are going back to cash payments to avoid high transaction charges
Governments across sub-Saharan Africa are implementing stiff and high taxes for mobile money services. In Tanzania and even Kenya, these taxes are reversing the gains made in the past in financial services. Tanzanians are using mobile services less often than two years ago when the government introduced new taxes on mobile money transactions. In July 2021, Tanzania introduced a levy ranging from TZS10 ($0.004) to TZS10,000 ($4) on mobile money transactions to fund development projects. This levy was in addition to an already existing 18% value-added tax and a 10% excise duty on mobile money transfer and withdrawal fees. After pushback from the public, the government reduced the levy by 30% in September 2021, and a further 43% reduction, ranging from TZS10 to TZS4,000 (US$1.6), was implemented in July 2022. Despite these reductions, mobile money revenues dropped from TZS 736 billion ($295.1 million) to 6.154 billion or $2.5 million (a 1628% decrease) between June and August, stabilising around TZS 6.555 billion ($2.6 million) in September 2021. This price sensitivity in mobile money usage patterns was discussed during the staging of the Mobile World Congress (MWC) 2023 event, which concluded this week in Kigali, Rwanda. Mobile money is not affordable in Tanzania As of 2023, 72% of Tanzanians use mobile money services, up from 60% in 2017, while 22% of the population uses commercial banks. Amidst this, the Tanzanian government recognised mobile money as a driver of financial inclusion, contributing to economic growth and social development, especially among women and rural populations. However, the number of person-to-person (P2P) and cash-out transactions dropped by 38% and 25%, respectively, from June to September 2021. The tax’s impact is estimated to be equivalent to a 30% reduction in P2P and 60% in cash-out transactions in March 2023 if it had not been introduced. Lower-value P2P transactions have, to a small extent, recovered to levels above those before the tax, while mid and higher-value transactions are still 31% and 58% lower, respectively. This indicates users’ appreciation for lower transaction costs. Per the GSMA report, “The reduction in affordability of MM therefore threatens to reverse the commendable financial inclusion gains as Tanzanians revert to cash, particularly amongst the vulnerable and the poorest segments of the population.” These issues are, however, not limited to Tanzania. Kenya’s tax authority, KRA, has raised concerns over a rising trend among business owners who have discontinued their mobile merchant payment accounts to cash transactions following increased compliance checks by the tax authority. KRA observed that businesses, previously using Lipa Na M-PESA Buy Goods Till numbers for payments, are now requesting cash payments. This shift comes after KRA deployed revenue service assistants to boost tax compliance efforts, which also included facilitating online business registrations. Mobile money services serve millions of Africans, and over the last ten years, mobile money in Sub-Saharan Africa grew, with 548 million registered accounts and 160 million active users in 2020, an 18% annual increase. These services facilitated 27.4 billion transactions with a total value of $490 billion. Unlike cash transactions, which are often hard to trace or register, mobile money improves transaction transparency. It offers a convenient method for tax payment and collection, improving collection efficiency and government revenue. “Cash transactions are often unregistered which allows for the development of a shadow economy and the evasion of tax payments,” GSMA said in a report.
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Latest way to buy Airtel airtime on MPesa 2023
The convenience of topping up your mobile phone’s airtime is essential. M-Pesa, a mobile money service in Kenya, offers a hassle-free way to purchase Airtel airtime. In this guide, we’ll walk you through the simple steps to buy Airtel airtime using MPesa. You may also want to learn how to use M-Pesa to get Telkom airtime here. 1. Go to the M-Pesa menu Begin by going to the M-Pesa menu. Most mobile phones allow you to do this directly through the home screen or by dialling a specific code, such as *150# for Safaricom users. 2. Select ‘Pay Bill’ Once you’re in the M-Pesa menu, navigate to the “Pay Bill” option. This is the gateway to make payments to various businesses and service providers, including Airtel. 3. Enter Business No. 220220 When prompted to enter the Business Number, type in “220220.” This number identifies Airtel as the recipient of your payment. It’s essential to ensure accuracy at this stage. 4. Enter account No. (AIRTXXXXXX) In the “Account Number” field, you will enter “AIRTXXXXXX.” However, replace the XXXXXX with your Airtel mobile number. This step is crucial to ensure that the airtime is credited to your specific Airtel account. 5. Specify the amount Now, input the amount of airtime you wish to purchase. Be sure to double-check the amount to avoid any errors. Your chosen amount will be deducted from your M-Pesa account. 6. Enter your MPesa PIN to buy Airtel airtime To complete the transaction securely, you’ll need to enter your M-Pesa PIN. This is your secret personal identification number that safeguards your M-Pesa account. It ensures that only you can authorize transactions. 7. Send the payment to buy Airtel airtime on MPesa Once you’ve entered your M-Pesa PIN, review the details of your transaction to ensure accuracy. If everything looks correct, press the “Send” or “Confirm” button to finalize the purchase. Within a few moments, you’ll receive a confirmation message from both M-Pesa and Airtel, indicating that your airtime purchase was successful. Final thoughts on how to buy Airtel airtime on MPesa Buying Airtel airtime using M-Pesa is not only quick and smooth but also secure. It eliminates the need to visit a physical store or get scratch cards, making it a convenient option for Airtel subscribers in Kenya. So, the next time you need to top up your Airtel airtime, follow these seven easy steps and enjoy uninterrupted communication at your fingertips.
Read MoreinDrive drivers in Botswana face misconduct allegations
Drivers who use inDrive are facing a flurry of accusations of misconduct in Botswana. The company says it is investigating the cases. Drivers who use inDrive’s ride-hailing platform are facing misconduct allegations by passengers in Botswana. The allegations range from belligerent and uncouth behaviour to sexual harassment. inDrive told TechCabal that it is investigating some of the incidents and has blocked some drivers who were subjects of complaints. TechCabal spoke to four passengers who had these experiences first-hand. inDrive in talks with regulators as Botswana taxi association calls for its ban 27-year-old *Katso, who asked for anonymity for privacy reasons, told TechCabal that the first of her three bad experiences with inDrive started when she requested a ride costing P30, which the driver accepted. At her destination, Katso said the driver insisted that she pay P50 for the ride. “I told him that I would not do that because he agreed to the amount on the app. If he felt that was not sufficient, he could have simply not accepted the ride.” Katso said the driver acted aggressively but eventually drove left. According to Katso, in the other two incidents, the drivers were pleading with her to pay more, instead of forcing her. “They tell you that a lot of things are expensive in the country and they have no choice but to accept rides even if they feel the prices are too low. I don’t know if they say that to mean or just so that you won’t give them a bad rating on the app,” added Katso. inDrive’s unique proposition is that it allows drivers and passengers to negotiate and agree on a fee instead of letting an algorithm decide. However, reports from passengers suggest that drivers often agree with them on a price and then ask them to pay more at their destination. According to another complaint heard by TechCabal but could not be corroborated, one incident involved a driver who physically assaulted a female passenger because she would not pay the amount agreed on the app. In yet another incident, 26-year-old Tapiwa said she requested an inDrive on a weekend night but was shocked when the car that showed up did not match the one on the app. It also had a male passenger. “The driver told me that the male passenger was for his safety as drivers sometimes get robbed by passengers. I told him that i would not get into a cab late at night with two men and he proceeded to be rude and told me to get another cab, which I did,” Tapiwa told TechCabal. More incidents On a thread on the social media platform X, one user shared a voice recording of an irate driver upset that a passenger cancelled their ride. Another user shared that she has had a driver touching himself in a sexually suggestive manner during a ride while another shared that she was picked by a driver who looked debilitated, possibly off narcotics. Other cases shared by users include unroadworthy vehicles, drunk drivers and drivers who call passengers the next day using the numbers they provided on the app. Why inDrive has become popular among riders and drivers in Gaborone According to some of the passengers, some of the incidents happen with even high-rated drivers, making it difficult for them to be able to avoid such cases. inDrive responds TechCabal put the wide range of accusations to inDrive, to which the company responded that it was aware of some of the incidents and that it was conducting investigations to ascertain their accuracy and decide on the next steps. “In response to recent concerns, inDrive wants to assure the public that we are actively addressing the reported incidents,” the company said in an emailed response to techCabal.” We are aware of several such complaints and have promptly blocked the accounts of those drivers in question until further investigation.” The company also encouraged passengers to report all cases of drivers’ so it can take the necessary steps to prevent further issues. However, for Tapiwa, the frequency of the incidents has made her stop using the service altogether unless she absolutely has to. “I don’t think I’m going to use [inDrive] anytime soon. Maybe if I had an emergency or something, but probably not. I would rather use a cab recommended by someone I know,” she added. Despite having blown up in popularity in the country over the last few months, inDrive has also faced a fair amount of issues in its operations in Botswana, where it is the only ride-hailing company available. Last month, the country’s kombi and taxi association asked the transport regulator to ban the service, citing concerns that it was operating without the requisite licensing. *Name has been changed for anonymity.
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Navigating data protection in Africa’s digital landscape
Image source: Aratek Africa’s financial landscape is evolving with the advent of data and digitisation. The proliferation of smartphones and internet connectivity has led to a digital revolution across diverse sectors. For people and businesses, the convergence of finance and technology has deepened financial inclusion on the continent. This rise in financial transaction volume underscores the need for digital identification to help businesses conduct know-your-customer (KYC) checks and safeguard against fraud. Additionally, fraudsters often attempt to use counterfeit or stolen national IDs to gain unauthorized access to regulated financial services. This prompted the widespread adoption of biometrics for robust identity verification as relying solely on document collection for a comprehensive KYC process is no longer sufficient. Consolidation of national identity databases and identification cards has taken the forefront for governments across the continent as government services become digitised. According to the Smile Identity H1 KYC report, there has been a noteworthy enhancement in the uptime of national ID databases across Africa this year, compared to the latter half of 2022. Digital identity has become essential for accessing crucial government services like social welfare programs and tax payments, and they are fundamental prerequisites for obtaining functional IDs such as passports or driver’s licenses. The significant thing about digital ID Verification in Nigeria is that you can now verify anyone’s identity across the country,” said Esigie Aguele, co-founder and CEO VerifyMe Nigeria at the 8th edition of the Inside Identity Series by QoreID, in partnership with TechCabal, on Friday, September 15. Despite this considerable improvement, it is important to acknowledge that safeguarding individual sovereignty over data and personal identities has become non-negotiable as we for digital transformation and financial inclusion. The narratives of privacy breaches and data misuse underscore the need for stringent regulations, ethical practices, and informed consent mechanisms that prioritise the rights and privacy of every individual. Countries like Kenya, Nigeria, and South Africa have enacted data protection laws influenced by the EU’s General Data Protection Regulation (GDPR) to protect user data, ensure transparency, and hold businesses accountable for data handling practices. There has also been the consolidation of existing laws by several other countries in Africa to strengthen their data protection legal and regulatory framework. However, Africa’s fragmented regulatory landscape remains a problem that requires a harmonised approach that respects the sovereignty of each nation while promoting regional collaboration. Striking this balance requires active participation and dialogue among stakeholders: governments, financial institutions, technology providers, and, most importantly, the people whose lives will be impacted by these advancements. According to Saruni Maina, associate VP of Stablecoins segment at Flutterwave, “When it comes to regulations regarding compliance and data sharing, Africa needs to operate like a country to integrate data protection requirements or laws that are region-wide.” Striking a harmonious balance involves crafting policies that acknowledge the unique identities and circumstances within Africa while fostering cross-border collaboration to enhance financial inclusivity. Another critical aspect of this dialogue involves fostering digital literacy and educating individuals about the value and potential risks associated with sharing their data. Informed citizens are empowered citizens, capable of making conscious decisions about their data and its usage. Additionally, transparency in data practices and easy-to-understand consent mechanisms are essential to build trust between all stakeholders. Transparency plays a pivotal role in building trust and encouraging active participation from the public. People need to understand the advantages of sharing their data and engaging in robust ID verification processes. Ensuring comprehension, along with easy-to-understand consent procedures, empowers individuals to make informed decisions about their data sharing and identity verification. Data protection expert Ilamosi Ekenimoh, believes: “There needs to be more transparency by companies and regulators. People need to know what you’re using their data for, to trust you with their information.”The importance of a secure and reliable digital identity system cannot be overstated in an increasingly digitised world. However, there is also an equal need to balance these innovations with safeguarding data and privacy. Esigie recommends that the government needs to have non-technological discussions to provide structure for innovators to build technology on. ******* This article is part of the Inside Identity Series brought to you by TechCabal in partnership with QoreID. QoreID is a dedicated digital identity and analytics solution for B2B.
Read MoreTalent-sourcing firm Outsized closes Series A round led by Knife Capital
Outsized has closed an undisclosed Series A round led by Cape Town-based firm Knife Capital. CEO Johann van Nierken expounded more on the business and recent fundraising. Talent-sourcing firm Outsized has announced the closing of its undisclosed Series A round led by Knife Capital. Other investors included Adrian Durham, founder of the global wealth management platform FNZ Group. The investment will be used to grow sales and engineering teams, expand in existing regions, and accelerate product development for both enterprise clients and independent talent. Founded in 2016, Outsized offers enterprises access to a curated network of 25,000 vetted, independent professionals. Its AI-powered platforms claim to solve the pain point of companies in emerging markets having no place to access professional, highly skilled independent contractors. “As a young firm, we’re already a key partner to a large number of management consulting firms and major enterprises. This funding is a game-changer, paving the way for new, innovative solutions for our clients and talent,” said Niclas Thelander, founder and CMO of Outsized. For lead investor Knife Capital, Outsized’s strong unit economics and achievement of its growth targets was the motivating factor for backing the startup. “The team has demonstrated that they can execute and do justice to the scale of the opportunity. Most of the future growth in the global freelance platform market will come from the very geographies and segments of the market where Outsized is already a leader, so the business is well poised,” said Keet van Zyl, co-founding partner at Knife Capital. To get a further understanding of Outsized’s and how the investment will contribute towards the company’s growth aspirations, TechCabal had a quick chat with CEO Johann van Niekerk following the funding announcement. Please expound on Outsized and the problem you are solving JN: Many large employers are moving towards a model where they are making use of flexible resourcing or want to make use of flexible resourcing. But for each of them to have the capability and the capacity to source independent professionals, curate them, vet them, and deploy them is an enormous task. That’s where Outsized comes in. In South Africa, for instance, when we started in 2018, most companies would have thought of employment in terms of permanent outsourcing and consulting. There were a couple of independent consultants floating around the market, but flexible outsourcing, as a business model and as a key part of acquiring talent was not there. And we saw this happening in other markets too. So we started servicing this and the more clients started using it, the more interested they were. Then of course, COVID hit and once the dust had settled, it had opened the eyes of many employers that they could employ people on a remote basis. And if you can employ people on a remote basis, you can go for the best talent, regardless of where they are. So that’s the problem that we are solving. In many instances, the most logical choice is to put somebody on contract for a while and we make that viable and easy. How big would you say this pain point is, especially in Africa? JN: It is a $5 billion global market. To put a number in Africa would be difficult but we’re very bullish that we are catching this at the early stages. But what I would say is that it’s definitely in the hundreds of millions of dollars on the continent. The exciting part for us is exposing the talent that we have in our markets like Africa to developed markets like Europe, the US, and Australia. What was the fundraising process like and where are the raised funds going to be invested? JN: The process has been an illuminating one because it took a little bit longer than we anticipated. But I think on the counter to that was that Outsized has an established proposition that works. So we were in a position where we didn’t need the money but rather, we wanted the money to grow and to make a substantial difference in a shorter space of time, rather than just to carry on growing at an organic pace. So we’re very happy with the outcome. We think we’ve got the right partners. We know that compared to other businesses that are effectively funded by the funds raised, we’re not, you know, we’re in a luxurious position. In terms of the deployment of the funds, there are three areas of focus for us; the supply, demand, and the market. So that’s really where we’re going to be spending the money very broadly in those three areas. So in terms of the demand, that is going to be in terms of enhancing our capabilities in terms of reaching clients in new sectors and geographies. In terms of the marketplace, we will be fast-tracking our technology to bring more efficiency to it. Finally, in terms of supply, we have a lot of work that we want to do in terms of making Outsized the home for independent professionals. So we need to find them, meet them, service them. We already have thousands of them on the platform, but we want to 10x and even 100x that so that every independent contractor in the markets where we operate knows that Outsized is a great platform to be on. Additionally, we would like to introduce value-adding services for our freelancers like a community platform where they can engage with each other. What’s next for Outsized? JN: Outsized has several new products in the works, including new modules for enterprise clients and services for professional freelancers. The integration of AI technology into Outsized’s product offerings and core operations is already underway, enhancing the user experience for both clients and talent. We are a business focused on growth markets and Africa is a big part of that. We are very keen to explore opportunities and have certainly done some work outside of South Africa and other places in Africa, but not where
Read MoreExclusive: Majorel will lay off 200 employees as it loses Meta’s content moderation business
Following a court order in March restraining Majorel from going on with a Meta content moderation contract, the company has begun laying off 200 employees. Majorel Kenya, a business process outsourcing (BPO) company, has begun a redundancy process and will lay off 200 of its 1,200 employees after losing a content moderation contract from social media giant Meta. The company confirmed the layoffs in an email to TechCabal today. “Unfortunately, and after careful consideration, we notified approximately 200 of our employees in Nairobi of the commencement of a potential redundancy process.” Per Majorel’s email, the layoffs result from “restrictions placed on Majorel from proceeding with a particular client contract due to a court order that has been in place since March 2023.” While Majorel did not mention the client’s name, reliable sources and previous TechCabal reports show that the client is the social media company Meta. In January 2023, Meta’s content moderation partner in Africa, Sama, announced it would close that part of its business, effectively ending its contract with Meta. The move led to the dismissal of 260 content moderators. Forty-three of those moderators went to court to challenge their dismissal by Sama and Meta. While that lawsuit was ongoing, Meta moved its moderation business to Majorel, but soon got into more trouble. In March 2023, a Kenyan court granted an emergency order preventing Sama from firing the moderators and Meta from hiring a new content moderation partner. Majorel also became caught up in a lawsuit after the former moderators said they were discriminated against when they applied for new jobs at Majorel solely because of their earlier work experience with Sama. Part of the claims in that lawsuit is that Meta insisted that Majorel should not hire any moderator let go by Sama. Meta has repeatedly argued that the Employment and Labour Relations Court does not have jurisdiction to rule on the matter. Sama and Meta have appealed the ruling, and the lawsuit is continuing. Techcrunch reported that attempts to settle the issue out of court with the sacked moderators stalled this week. Per Techcrunch, “The attorney representing the moderators told the court that the mediation was not successful as they “felt there was no genuine effort from the respondents [Meta, Sama and Majorel] to reach an out-of-court settlement.” Majorel’s exit from content moderation for Meta means that about 200 employees will lose their jobs. A source familiar with the matter told TechCabal that affected employees will leave in mid-November; Majorel confirmed this timeline in an email to TechCabal. Two sources said some of the affected workers are waiting for the end of the redundancy process before considering possible legal action against Majorel. At the heart of this potential lawsuit are some workers as part of their severance pay. Majorel reportedly had some employees on new part-time contracts to secure new client deals. Those employees who signed the part-time contract will only receive one month’s salary as an exit package instead of the usual three months. The same source said the affected employees are seeking a more substantial severance. Some employees will be relocated to Mombasa Majorel will also relocate some of its workers from the Nairobi office to Mombasa. The affected groups responsible for handling the Bolt business have been instructed to report to their new workstations before the end of the year. One current employee told TechCabal that they wouldn’t be relocating to the new office because it’s too far, and the company hasn’t provided them with sufficient resources for relocation. According to employees, Majorel is offering KES 20,000 (about $134) for the relocation exercise. Another source suggested that Majorel is implementing this change to nudge some employees to resign.
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How to get stamped MPesa statement online 2023
You may need a bank statement for some registrations sometimes, but going to the bank to queue can be exhausting. Safaricom’s M-PESA service allows customers to access their stamped MPESA statement online. This service, aptly named “M-PESA Statement,” empowers users to effortlessly generate their transaction records at their fingertips. Here’s a guide on how to make the most of this handy feature. How does this service work? The Mpesa Statement service simplifies the process of obtaining your transaction history. Instead of making a trip to a Safaricom Shop, you can now self-generate your e-stamped statements from your mobile phone. Here’s how it works: 1. Request Statements: Customers can request statements for specific dates whenever they need them. This feature is available on demand, giving you control of your financial records. 2. E-Stamped Verification: The generated statements are e-stamped and verified as authentic documents from Safaricom. This means you can trust the accuracy of the information without the need for physical stamps or visits to the Safaricom shop. 3. Easy Sign-Up: To access e-statements, simply follow the straightforward sign-up process on your M-PESA line by dialling *334#. This makes it convenient for customers to access their statements while on the go. 4. Data Protection: M-PESA Statement ensures that your sensitive customer details, such as mobile numbers, are protected. Information on the statement is minimized in accordance with data protection laws, prioritising your privacy. 5. Free for all: The best part is that this service is free and accessible to all registered M-PESA customers. Regardless of your usage or subscription type, you can take advantage of this valuable tool. How to access your MPESA statement To access your MPESA statement, you have two options: through the M-PESA App or via the *334# menu. Via M-PESA App 1. Log in to the M-PESA App. 2. Enter your M-PESA PIN for security. 3. On the home page, select “M-PESA Statements.” 4. Choose the desired month for the statement. 5. Select “Export Statements.” 6. Click “Generate Statements,” and your statement will be downloaded to your device. Via USSD *334# Menu 1. Dial *334# on your M-PESA line. 2. Select “My Account.” 3. Choose “M-PESA Statement.” 4. Select “Request Statement.” 5. Specify the period for your statement. 6. Enter the recipient’s email address where you want the statement to be sent. 7. Confirm the recipient’s email address. 8. Enter your M-PESA PIN for verification. 9. You will receive a notification SMS with a code that you can use to access your statement. Final thoughts on getting your Mpesa statement With this user-friendly service, Safaricom has made it incredibly easy for M-PESA customers to stay on top of their financial records, all while ensuring data protection and accessibility for everyone.
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How to buy Telkom airtime with MPesa 2023
Telkom subscribers can conveniently buy airtime using M-Pesa. And the process is very seamless and similar to buying airtime on Airtel using M-pesa. Here we guide you through the steps to buy your Telkom airtime using MPesa. 1. Go to the M-Pesa menu To begin the process, access your M-Pesa menu on your mobile phone. 2. Select ‘Pay-Bill’ Once you’ve accessed the M-Pesa menu, navigate to the “Pay Bill” option. This feature allows you to make payments to various businesses and services, including Telkom. After selecting “Pay Bill,” you’ll be prompted to enter the business number. For Telkom, the designated business number is 220220. This unique identifier ensures that your payment goes to the right recipient. 3. Enter Account No. TELKXXXXXX You’ll be required to enter your Telkom account number. This is vital to ensure that your airtime is credited to your Telkom account accurately. Your Telkom account number should be in the format TELKXXXXXX, where XXXXXX represents your Telkom mobile number. 4. Enter the amount of Telkom airtime you need to buy with MPesa Enter the airtime amount you need. Double-check the amount to ensure it matches your bill, as errors may not be reversible. 5. Enter your M-Pesa PIN then send To confirm the payment, you’ll need to enter your M-Pesa PIN, which adds an extra layer of security to your transaction. Once your PIN is entered, review all the details to make sure they are correct, and then click “Send.” And that’s it! You’ve successfully bought your Telkom airtime using M-Pesa. Precautions when you want to buy Telkom airtime with M-Pesa Verify Recipient: Double-check the recipient’s mobile number to avoid sending airtime to the wrong person. Transaction Amount: Ensure you enter the correct airtime value to prevent overcharging or underloading. Secure PIN: Safeguard your M-Pesa PIN to prevent unauthorized transactions or misuse. Confirmation Message: Always review the confirmation message before completing the transaction to ensure accuracy.
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