In the wake of VIBRA’s shutdown, staff were asked to resign or face termination
VIBRA, the Africa-focused crypto platform co-founded by Vincent Li—co-founder of web3 accelerator Adaverse—has shut down in all three of its markets, not just Nigeria. TechCabal has confirmed that the crypto platform founded by Africa Blockchain Labs has shut down in its three markets—Nigeria, Ghana, and Kenya—not just Nigeria, as we previously reported. Vincent Li, the co-founder of the African Blockchain Lab, which received $6 million in VC funding from investors like Lateral Frontiers and Everest Ventures for VIBRA, told TechCabal that the business is currently undergoing a pivot. But reliable sources, including former employees who resigned from their jobs, have stated otherwise. “In July, we were given the option to resign or be fired,” a former employee told TechCabal. At the time, the over-10-person team led by Hailey Yang had learned that the company was facing existential difficulties. The same month, the company emailed users that it would discontinue services by July 15. Li told TechCabal that the discontinuation was only for Nigerian users—its largest market—but the messages on the Telegram group named “VIBRA Africa” suggest that the closure was not regional. The shutdown was effected three weeks after another Asian-owned startup, Pillow, shut down in Africa and months after Lazerpay closed shop too. Web3 startups were reeling from the impact of the persisting bear market and the crash of popular crypto exchange FTX. User engagement on the app, which allowed people to swap, send, receive, save, and spend cryptocurrencies, was waning. The company’s website says that VIBRA had over 100,000 agents in the three markets, but it is unclear how many users the company had at the time. “There were not many users,” an ex-employee said. They declined to state an exact figure or range but confirmed that user activity on the app fell, and consequently, the startup’s revenue from charges made from transactions plummeted. “The company may have also closed because they could not work out how to get commensurate user turnover from the user education we were doing,” an ex-employee told TechCabal. When Africa Blockchain Lab announced that it had raised $6 million for VIBRA, it said it would “drive the mass adoption of digital assets and blockchain technologies in Africa.” The startup had an education initiative, #VIBRAinClass, where experts could earn money for teaching Africans about blockchain. Tutors could earn up to $400 or $100 per class in four months. Students could also earn up to ₦1,000 in each class. However, it appears the downtime in the crypto sector discouraged new adopters. Aside from education, incentive-driven customer acquisition typical of blockchain startups proved to be very expensive for the startup. “ Nigerians are very crypto-curious and are willing to try new ways to earn money, but they also have huge expectations of crypto companies,” said a former employee. “Nigerians who see cryptocurrencies as a path to quick wealth creation need to know that you can fly ten people out to Dubai,” the former employee said, referencing the expensive promotion tactics employed by popular exchanges like Binance in Nigeria. VIBRA’s co-founder Li has declined to comment.
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👨🏿🚀TechCabal Daily – Amazon comes to South Africa
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning LinkedIn is costing people their jobs. This week, the platform announced that it will lay off 668 employees across its product, finance, R&D and talent teams. This comes five months after the company laid off 716 people, and weeks after it announced a renewed focus on AI. Does that mean AI is taking people jobs? We’ll leave that question open for now. Here’s what we do know: at least 243,000 tech workers have been laid off in 2023. In today’s edition Patricia asks customers to buy shares Amazon to launch in SA in 2024 eMedia and MultiChoice have a second round SA to probe its digital space The World Wide Web3 Opportunities Startups Patricia pleads with customers to convert owed funds to company shares Image source: Techpoint Africa Patricia and its customers are now in a conversation about balances. Per Techpoint Africa, a representative from the crypto exchange told customers that the only option available for users who want to get their money back is to convert the funds into company shares. Backstory: The Nigerian crypto startup has been at loggerheads with its customers due to a hack it suffered in January 2022, which cost it $2 million, and led to the company freezing withdrawals in May 2023. Following that, customers have been unable to retrieve their assets, and Patricia has been actively issuing several updates to its customer base without providing a clear timeline for when they can access their money. In August, in what it termed a move to protect customer assets, it converted all user assets into its recently introduced Patricia Token (PTK) backed by the US dollar. Unfortunately, users were not given prior notice of this conversion, and they still couldn’t access their funds even after the conversion. The last known update was in October, when the company planned a new repayment plan through fundraising. CEO Hamu Fejiro announced, at a town hall meeting, that the company had secured some funding and would reopen its app soon. Now, sources from Techpoint allege that Patricia is pleading with customers to convert their funds to company shares as a “last resort”. What now? Customers are confused about this sudden conversion to shares, and despite concerns, the representative assured customers they would eventually regain access to their money. There have been promises of more details via email, but many have yet to receive any information. Patricia also claimed they would contact customers by phone, but so far, only two have reportedly received such calls. 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. E-commerce Amazon to launch online shopping service in South Africa in 2024 Image Source: Amazon Amazon is finally setting up shop in South Africa. The e-commerce giant will launch its online shopping service in South Africa in 2024. South Africa will become the second African country, after Egypt, to host a locally-dedicated Amazon shopping website. Amazon said, on Tuesday, that independent sellers in South Africa could register their businesses on its marketplace website—Amazon.co.za—starting next year. The launch of Amazon’s service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic brought an opportunity for e-commerce to finally take hold and contribute meaningfully to traditional sales. Amazon’s launch in South Africa should have happened earlier. However, the e-commerce giant experienced a push back after a Western Cape High Court ordered a stop to the construction of its African headquarters. The South African Court of Appeal overturned this decision. Amazon’s platform in South Africa is still being finalised, as it must comply with local competition laws requiring online retailers to separate their retail and marketplace businesses. Zoom out: The launch of Amazon in South Africa will provide sellers in the country an opportunity to grow, and scale their businesses. The move also presents competition to Naspers’ Takealot.com, the dominant online shopping service in the country. Accept payments fast with the Paystack Virtual Terminal Paystack Virtual Terminal helps businesses accept blazing fast in-person payments at scale, with ZERO hardware costs. Enjoy instant transfer confirmations via WhatsApp, multiple in-person payment channels, and more. Learn more. Streaming eMedia, Multichoice battle head to Competition Commission GIF source: Tenor eMedia’s tussle with Multichoice is reaching a new high. Openview owned eMedia has taken Multichoice to the Competition Commission over its refusal to broadcast rugby matches live on its free-to-watch channels. Round two, fight: eMedia previously took Multichoice to a high court over a dispute about broadcasting rights for the Rugby World Cup. However, the court dismissed the case saying that it would be financially unwise for Multichoice to give up the exclusivity of the broadcasting licence which it paid heavily for. eMedia accused Multichoice of being “overtly anti-competitive” by not airing rugby matches for free on its channels. The broadcaster also says that its unrelenting pursuit to upturn the case is in the nation’s interest. However, MultiChoice South Africa CEO, Marc Jury, said eMedia’s case was a “classic example of free-riding—seeking to profit off another’s expense without contributing at all”. Zoom out: While the South African high court justified Multichoice’s move, it remains to be seen what the Competition Commission thinks of the case. Attend the Ugandan National Science Week 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 more here. Media South Africa’s Competition Commission begins market inquiry into digital media GIF source: Zikoko Memes In more news about South Africa, its digital media space is under scrutiny. The country’s Competition Commission has launched a Media and Digital Platforms Market Inquiry (MDPMI) to scrutinise the distribution of media content on South African
Read MoreAdbot partners with MTN Nigeria to launch ad services for SMEs
Adbot has partnered with MTN Nigeria to avail its AI-powered online ad campaign management platform to the telco’s SMEs customers. South African startup Adbot is expanding to Nigeria in a partnership with MTN Nigeria. Adbot offers AI-powered automated ad campaign management. The company claims that the platform enables SMEs to get their Google and Bing ads online within 10 minutes. Through the partnership, Adbot will enable MTN’s Thryve Google Ads services to all SMEs on MTN Nigeria’s network. MTN Thryve Google Ads Bundle provides 1Gb of data, a minimum of 10 website conversions and 500 ad views on Google to SMEs. Users provide simple inputs like target location, keywords, and ad copy, after which the Adbot system extends these inputs, launching campaigns and leveraging machine learning for continuous optimisation, ensuring optimal click-through rates at minimal costs. For MTN Nigeria, Lynda Saint-Nwafor, chief enterprise business officer, stated that the partnership will enable Nigerian SMEs to search engines and digital platforms in order to accelerate growth. Why Nigeria for Adbot? Adbot announced its seed round in June this year, after which it outlined its intentions to expand to Nigeria. Speaking to TechCabal, founder Michelle Geere stated that one of the reasons for expansion was that people don’t understand automation yet, a challenge in South Africa. How Adbot is using AI to make online advertising efficient for small businesses In Nigeria, according to Geere, the company will seek to leverage education to show the market that automated online advertising can be done on a much larger scale than just social media advertising, which is more common in the West African nation. “This partnership marks a momentous milestone as we venture into Nigeria, a thriving hub of innovation and entrepreneurship,” Geere said. “By teaming up with the nation’s largest telecoms company, we have an extraordinary opportunity to bring our cutting-edge advertising tool within reach of over 40 million MSMEs in the region.”
Read MoreAmazon enters SA amidst regulatory pushback again e-commerce leaders
Amazon has announced that its South Africa e-commerce marketplace will commence operation in 2024. Amazon has announced that it will launch its marketplace in South Africa in 2024. The marketplace will sit on Amazon.co.za starting today and independent sellers in South Africa can register their businesses on sell.amazon.com/south-africa. “We look forward to launching Amazon.co.za in South Africa, providing local sellers, brand owners, and entrepreneurs — small and large — the opportunity to grow their business with Amazon, and deliver great value and a convenient shopping experience for customers across South Africa,” said Robert Koen, general manager of the Sub-Saharan Africa region for Amazon. Naspers’ owned Takealot currently leads South Africa’s online retail market with a gross merchandise value (GMV) of R27 billion. Other players include Massmart-owned Makro, Checkers Sixty60 and Mr Price. Data from Statista projects that the e-commerce market will grow by 11.89% over the next three years. While an estimated 2% of retail sales happen online, high internet and smartphone penetration and a change in customer behaviour driven by Covid 19 are expected to propel growth to around 6.8%. News of Amazon’s marketplace launch initially broke in early 2022, with February 2023 slated as the launch date in South Africa. Over the last few months, the company has made hires in South Africa for the marketplace, signalling its imminent arrival. Some of the roles it hired for include merchant development, software development, and operations. Amazon enters a South African e-commerce market fraught with regulatory complications. In July, the country’s competition regulator released a report outlining the findings of an investigation into competitive practices of some leading online platforms. For Naspers’ owned Takealot, the regulator stated that the platform faced a conflict of interest on its site as its retail division competes with the marketplace sellers leading to behaviour that has disadvantaged sellers. As a remedial action, Takealot was ordered to segregate its retail division from its marketplace operations, preventing its retail services from accessing seller data and unilaterally stopping sellers from competing for certain brands. This factor will also impact Amazon as it offers both its own retail division and a marketplace for third-party sellers. South Africa’s e-commerce industry will see the amalgamation of factors, including competition and regulation, play the role of kingmaker among incumbents such as Takealot and Massmart, as well as new arrivals including Amazon, in an industry with growth prospects.
Read MoreKenya’s Little Logistics is now serving some of Sendy’s ex-clients
Per Kamal Budhabhatti, Group CEO at Craft Silicon, building a sustainable logistics business can go a long way in staying in business. Kamal further mentioned that some of Sendy’s customers moved to Little Logistics. Kamal Budhabatti, the Group CEO of fintech services provider Craft Silicon, shed some light on the prevailing trend in Kenya’s e-logistics sector. He mentioned that many logistics companies are prioritising rapid growth while overlooking sustainability. At the same time, Budhabatti touched on Sendy’s exit from the market. It emerged that some of Sendy’s customers have since sought the services of Little Logistics, which also marks one of Craft Silicon’s many services, including Little Cab, which is slowly transitioning into being a super app that integrates multiple services such as payments, financial products such as Little Wallet and entertainment services. In your opinion, what are the key challenges that e-logistics firms face in Kenya, and what can new startups learn from these experiences (after the closure of Sendy)? The challenges faced by e-logistics firms in Kenya are Financial sustainability, customer centric approach, regulatory and legal challenges, High operational cost, and access to funding, as exemplified by Sendy’s experience, require innovative solutions, adaptability, and a relentless focus on cost efficiency and customer satisfaction. While the closure of a prominent player like Sendy is a setback, it can also serve as a valuable learning opportunity for new startups to navigate these challenges better and find sustainable success in the Kenyan logistics market. We also feel most funded players want to scale up to increase their valuation. And in doing so, they forget the sustainability aspect. I learned that Little offers logistical services as well. How has adopting technology, such as mobile apps and tracking systems, contributed to the success or failure of e-logistics companies in Kenya, and what future technology trends should startups consider? Adopting technology, including mobile apps and web App tracking systems, has played a significant role in logistics success, and it’s a critical factor that startups should consider for their future success. In our company, for instance, Little Logistics mobile and web apps have made it easier for our product to reach customers, receive orders, and facilitate payments. We provide a convenient platform for both customers and delivery personnel/partners. Are there any strategic partnerships or collaborations that logistics startups should pursue with local businesses, governments, or organisations to enhance their chances of success? Partnerships with governing bodies or manufacturer associations can help a lot. What strategies can e-logistics startups employ to build and maintain customer trust and improve overall customer satisfaction in a market with unique challenges like Kenya? When pursuing these partnerships, startups should ensure they align with their business goals and values. Effective partnerships can provide logistical startups with resources, market access, and expertise that can significantly boost their chances of success. Such partnerships are not limited to local communities but also emergency services, security providers, e-commerce companies, etc. Shed light on what happens to former sendy clients. What do they do after Sendy’s collapse? Have some of them sought Little’s services? We have seen several Sendy clients coming on board or seeking Little Logistics services because of various factors, including Little’s market presence, reputation, and aligning their services with specific needs. The choices made by individual businesses would likely vary, and we are open to customisation of these services to meet these needs. We believe the technology stack of Little is quite superior, which has also attracted several customers from other platforms to Little.
Read MoreExclusive: Dragonfly Capital backed web3 app VIBRA shuts down in Nigeria
Crypto application VIBRA, co-founded by Vincent Li, founding partner of web3 accelerator Adaverse, has ceased operations in Nigeria. Sources suggest a complete shutdown across Africa, but Li insists it is shuttering only its Nigerian market and is also in the middle of a pivot. In July 2023, VIBRA, the crypto trading app created by the African Blockchain Lab, shut down its Nigerian operation. Vincent Li, the co-founder of the African Blockchain Lab, which received $6 million in VC funding from investors like Lateral Frontiers and Dragonfly Capital, told TechCabal that the business is currently undergoing a pivot but did not share details. Li also said that Vibra remains active in its other markets. While the company’s website states that it operates in Ghana and Kenya, an email shared on its official Telegram channel suggests that the application has stopped servicing users in all African markets. “Please note that we will no longer support any crypto transactions after today, July 14,“ the email said without explicitly stating that the closure would only affect Nigerian customers. Li declined to comment on the email. Two reliable sources, including a former employee, told TechCabal that the company has shut down. “Former colleagues who should be privy to such details told me that the startup has folded,” one of the former employees who declined to be named told TechCabal. Another source also said the company’s employees, including Hailey Yang, the country manager, have left. VIBRA, Blockchain Labs’ first product, set out “to drive the mass adoption of digital assets and blockchain technologies in Africa.” It also had #VIBRAinClass, where experts could earn money for teaching Africans about blockchain. Tutors could earn up to $400 or $100 per class in four months. Students could also earn up to 1000 naira in each class. These incentives were likely expensive and may not have been enough to win customer trust. “ Nigerians are very crypto-curious and are willing to try new ways to earn money, but they also have huge expectations of crypto companies,” said a former employee. “Nigerians who see cryptocurrencies as a path to quick wealth creation need to know that you can fly ten people out to Dubai,” the former employee said, referencing the expensive promotion tactics employed by popular exchanges in Nigeria. Vibra’s closure in Nigeria follows the trend of closures and downsizing of web3 startups. Some popular web3 startups that have closed include LazerPay and Pillow.
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👨🏿🚀TechCabal Daily – Sony’s new $10 million fund
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Here’s your weekly reminder to move TC Daily to your main folder so you don’t miss any editions. If this newsletter landed in “Promotions”, simply drag and drop it to the “Primary” folder. In today’s edition Andela launches new AI platform SA tightens hold on Airbnbs Sony launches $10 fund for entertainment startups Baobab has a new fund for African startups The World Wide Web3 Opportunities AI Andela launches AI-driven platform to improve tech hiring Image source: Andela Nigeria-born unicorn, Andela, is enlisting AI’s help in its mission to connect companies with the best tech talents. The company has announced the launch of Andela Talent Cloud, an integrated, AI-driven platform that streamlines the process of matching global technologists with companies in need of specific skill sets and increased capacity, enabling informed and secure hiring decisions. Simplified hiring: Andela says the platform will simplify the entire hiring process, covering sourcing, qualification, hiring, management, and payment of global technologists all in one place. Additionally, the Andela Talent Cloud relies on the AI-driven Talent Decision Engine (TDE) to precisely match talent with client-specific roles and skill requirements. Per Andela, the entire procedure can take as little as 48 hours, and prove to be 30% to 50% more cost-efficient. It outshines traditional hiring methods like in-house recruitment, consulting firms, and outsourcing. Zoom out: Andela’s global client footprint includes companies such as Mindshare, Google, and Microsoft. These companies have reportedly relied on Andela to scale their teams and deliver projects faster. 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. Policy Airbnb regulations in South Africa threaten small-time hosts Image source: ZikokoMemes South Africa is tightening its grip on Airbnb and other home-sharing platforms. The South African Department of Tourism has published a new whitepaper that proposes new regulations for Airbnb and other home-sharing apps. What new regulations? In April 2019, the Department of Tourism unveiled its plans to regulate Airbnb and similar home-sharing apps through the Tourism Amendment Bill. This bill aims to grant the tourism minister the authority to set specific “thresholds” for South African Airbnbs. These thresholds could include limits on the number of nights a customer can book. The South African government has argued that platforms like Airbnb could lead to a surplus of unregistered properties on the accommodation market, resulting in the value of formal accommodation providers, such as hotels and guesthouses declining. Furthermore, Michele de Souza, chair of the Pietermaritzburg Bed and Breakfast Network, is advocating for specific regulations that Airbnb hosts should follow. This includes obtaining municipal permission, ensuring safety checks, acquiring hospitality insurance, and registering with local tourism authorities. De Souza also called for Airbnb to pay taxes and adhere to business regulations like traditional businesses. A pushback from Airbnb: Airbnb has expressed concerns about the proposed regulations. They have taken issue with the proposed limits on the number of nights a property can be rented and a registration system requiring property inspections before being listed on the platform. Airbnb emphasises the need to differentiate between small-scale homeowners renting out a single room and those operating more significant, small-to-medium-sized guesthouses. Funding Sony launches $10 million fund for African startups GIF Source: Tenor Sony has launched the Sony Innovation Fund to support the growth of entertainment startups on the continent. What startups? Sony will invest about $10 million in seed to early-stage startups across gaming, music, movie and content distribution sectors. The company has yet to specify the total number of startups that will benefit from the fund. However, ticket sizes are expected to range between $250,000 to $1 million. Gen Tsuchikawa, CEO of Sony Ventures, told TechCrunch that in addition to the fund’s seed and early-stage investment strategy, it will offer follow-on investments to its portfolio companies. Sony is also collaborating with the International Finance Corporation (IFC), the largest global development institution focused on the private sector. The partnership will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties. Zoom out: According to data from Partech, gaming, music, movie and content distribution startups receive less than 1% of VC dollars on the continent. Sony’s Innovation Fund provides a pathway for actualising the enormous potential of these areas. Accept payments fast with the Paystack Virtual Terminal Paystack Virtual Terminal helps businesses accept blazing fast in-person payments at scale, with ZERO hardware costs. Enjoy instant transfer confirmations via WhatsApp, multiple in-person payment channels, and more. Learn more. Funding Baobab launches new fund for African startups GIF source: Zikoko Memes African early-stage startups are getting new funds. Baobab Network has announced plans to invest in 1,000 African startups for the next 10 years. A $100,000 fund: To kick start its goal, the accelerator has launched a $100,000 investment fund for early-stage startups on the continent. In addition to the funding, Baobab Network will offer a 12-week accelerator to the startups selected to set them up for scale. Startups selected for Baobab’s latest cohort include Brandrive, a growth-as-a-service startup in Nigeria; PocketFood, a kitchen-as-a-service startup in Nigeria; Bunce, a payment automation startup in Nigeria; Kawu, a fintech startup in Uganda; and Alal, a startup in Senegal. Per Techmoran, each company has received $50,000 directly from Baobab, with another $50,000 investment from their newly launched co-investment Vehicle. Baobab continues to be one of the most active pre-seed investors in Africa. The Nairobi-based accelerator invested in five startups earlier in February this year. Zoom out: Investment funds like Baobab Network’s raise fresh hopes for early-stage startup founders who are looking to raise amidst dwindling funding options on the continent. Attend the Ugandan National Science Week 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
Read MoreFood prices push Nigeria’s inflation rate to 26.72% in September
Nigeria’s inflation rate reaches 26.72% in September 2023, amid soaring food prices and harsh economic realities. Data from the National Bureau of Statistics (NBS) Consumer Price Index puts Nigeria’s headline inflation at 26.72% for the month of September 2023. The latest numbers from the NBS represent a continuing uptrend in Africa’s largest economy’s inflation rate. Nigeria’s headline inflation for September increased by 0.92% points when compared to the August 2023 headline inflation rate of 25.80%. Nigeria’s inflation rate also increased on a year-on-year basis. Inflation figures recorded for September this year were 5.94% higher when compared to September in the previous year. Also, the headline inflation for September was 1.08% lower than the one recorded for August 2023. Meaning that the changes in the prices of goods and services in September were less than in August 2023. Food continues to be Nigeria’s biggest driver of inflation. Per the report, the food inflation rate for September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%). The report attributes the rise in food prices to increase in the prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, milk, cheese, and eggs. However, food prices fell on a month-to-month basis. Food inflation rate recorded in September was 1.4% lower than the rate recorded in the previous month. Nigeria’s inflation remains on a continuous uptrend despite several monetary measures by the country’s central bank to tame the rising inflation rates. Food also continues to be the biggest mover of Nigeria’s inflation in recent times. Food inflation has been driven up by the removal of fuel subsidies, which has led to increased prices of foods across the country. Today’s inflation data suggests an increased need to arrest food inflation. The government had earlier proposed a commodity board to solve the problem of food inflation but has so far proven ineffective.
Read MoreHow RexPay is revolutionising payments on the African continent
The African business ecosystem is witnessing a surge in fintech innovations. These innovations are making business processes easier and expanding the ecosystem’s global reach. One of these innovative fintech solutions is RexPay, a product from leading fintech player, Accelerex. RexPay has been revolutionising the payment landscape in Africa with its seamless and secure payment processing capabilities. It is built to be an effortless and secure way for businesses to receive online payments from their customers, through a diverse number of methods. This cutting-edge payment solution can be seamlessly integrated into any web or mobile application to support a wide range of payment methods including cards, accounts, transfers, USSD, and QR codes. It also seamlessly processes payments across major payment schemes and card brands, such as Verve, Mastercard, VISA, and Amex. RexPay can be easily and smoothly integrated with various platforms, from e-commerce platforms to accounting software, and inventory management systems. The platform also allows merchants without websites or apps to create and share payment links with customers via email, SMS, social media, and more. With a lot of vendors setting up shops on Instagram and Facebook and receiving orders via DMs, these vendors can now also DM secure payment links to customers to facilitate easier and faster sales. With RexPay, merchants can now service customers through any means of payment, safely and reliably and this helps them build brand trust while also increasing profit. What makes RexPay stand out from other payment gateways is that it offers multiple payment options with premium security features, on an easy-to-use platform. The e-commerce industry on the African continent has been growing rapidly since the COVID-19 pandemic. Merchants on the continent are moving online to expand their business reach and seeking technology that makes this process easier for them and their customers. RexPay offers merchants from anywhere the ability to easily integrate into its system and offers bespoke services to customers reliably. The process of signing up is pretty seamless. The platform offers a user-friendly self-onboarding feature, allowing merchants to sign up swiftly and begin accepting payments within minutes. Merchants with websites can also have RexPay integrated into their systems as RexPay offers seamless integration with APIs and WooCommerce—a popular e-commerce platform. Rexpay offers a White Labelling feature that enables businesses to customise the payment experience with their branding and logo and make it their own. All this comes on an intuitive portal that enables merchants monitor and manage transactions, refunds, settlements, disputes, and more in real time. The platform also provides rich and detailed data and analytics on customer behaviour, preferences, trends, and more, and with this data, businesses can optimise their marketing and sales strategies effectively. On security, RexPay has a robust security system that incorporates a Two-Factor Authentication (3-D secure) feature which elevates transaction security and minimises the risk of fraud. The platform combines this with advanced technologies and algorithms to detect and prevent fraud and ensure compliance with regulatory standards. All these attributes help brands build consistency, customer trust, and enhance the overall payment experience for their customers. Led by Chuks Anakudo, the managing director of Accelerex, the parent company behind RexPay, the online payment product was built to change the payment landscape and assist businesses to succeed in the digital era. Over the years, Accelerex has grown to be one of the leading providers of electronic payment and business management solutions in Africa. The company services all the merchant acquiring banks in Nigeria with over 120,000 connected payment channels across the 36 states in the country. Since 2018, it has been consistently ranked as one of the top three providers of payment channel services (by value of transactions processed) by the Nigeria Inter-Bank Settlement System (NIBSS). Certified by the Central Bank of Nigeria (CBN) and the Bank of Ghana (BoG) as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP), Accelerex has leveraged its bespoke application development capability to provide fintech solutions that simplify the payment experiences of retailers through innovative technology. Accelerex has a product specifically developed to smoothen the operation of all stakeholders in the agency banking system – Accelerex Agent Network Platform (ANP). Its product bouquet also includes RexRetail—for SMEs to automate their business operations and manage inventory easier, and more recently RexPay—an online payment gateway for businesses to receive payments easier. The company is committed to providing businesses with the support and payment tools they need to succeed in the modern world and RexPay is a continuation of the company’s dedication to this goal. Speaking on the uniqueness of RexPay, Chuks Anakudo emphasised the vision of making a significant impact on the payment industry in Nigeria and beyond. According to him, “RexPay is a payment product tailored to the needs of Nigerian businesses. Whether big or small, RexPay’s simplicity, convenience, and security feature addresses the online payment requirements of merchants and empowers them to grow. It also equips them with valuable tools and insights to enhance their payment operations and performance. This aligns with Accelerex’s ambition to support Nigerian business owners with easy and affordable payment tools.” He says. With the addition of RexPay to its suite of groundbreaking solutions, Accelerex continues to push the envelope for fintech in Africa. RexPay is available for merchants to sign up on and begin accepting payments. For more information, please visit www.myrexpay.ng.
Read MoreNext Wave: Do VCs still believe in VCing?
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 15 October 2023 This week’s Next Wave is a double-decker. First, TechCabal’s Moonshot is well on its way to defining the value that technology industry events in Africa can create, I am proud to report. And I have a question for investors getting cold feet and second thoughts about VCing. I had initially written about tech events needing a bit of inventiveness to become relevant. But what TechCabal’s Moonshot conference taught me was that sometimes new things are overrated and that the basic pillars of truly valuable events do not really change. If you make people feel good about being in a room with others, provide opportunities for them to meet people they respect, deliver solid content and minimise boring paternal keynotes in favour of insight and fun, your event will win! Especially if the event execution is as close to perfect as you can humanly manage. It also helps to build up to the event. It is probably no coincidence that TechCabal’s biggest and best annual event so far was organised 10 years after the first TechCabal article was published. One hundred and twenty-one months ago, Odunayo Eweniyi was writing (as a TechCabal reporter) about interesting tech events to attend in July 2014. Last week she was speaking at the biggest tech event of the week in Lagos, and Piggyvest was a key sponsor. The world goes round and is not flat. Someone said Moonshot has the potential to become that one pan-African tech industry event that everyone looks forward to every year. That means we sowed a good seed, and we’re looking forward to the next Moonshot in October 2024! Next up on the event trail, I’m in the Dubai World Trade Center for GITEX Global throughout this week and looking forward to “Capital Meets Innovation” at Norrsken Africa Week Kigali in early November. If you’ll be at the Dubai Harbour or DWTC, hit reply and we can find some time to talk tech events, what I’m researching about Africa’s digital market, and the more important stuff like… whether VCs still believe in venture capital (see below). <!–Chart section 1 A sample of African startups that have gone from raise to bust. | Infographic by Victoria Olaonipekun, TC Insights How many VCs still believe in VCing? It’s easy to talk about how African entrepreneurs will face more challenges with raising funding because VCs dashed (a Nigerianism for a gift, typically in cash) millions of dollars to poorly thought-out venture experiments or outright fake businesses. A lot of people like to talk about this and go on and on about it. I don’t. I intensely dislike the discussion because not only is it distracting, it is fodder for bad assumptions and priors. Priors in this sense is the statistical probability of an outcome regardless of unknowns. For me, the meaning of new reports detailing bad founder behaviour is simple. Everyone needs to grow up and stop being sheep. Speaking about being sheep, from late 2022 it began to be obvious that a bubble burst was underway. The battle cry from the global VC community switched from speed-writing cheques to calling for profitability almost overnight. Sheep can turn on command, but whaling ships cannot do snap turns no matter how loud the captain shouts at the steering wheel. More notably, the entire point of being a venture investor, if we go back to the original legends that spawned this asset class, is that VCs are specialised middlemen who connect extraordinarily promising risk with capital sourced from sombre pockets. The moment we miss this and begin to build an asset class that behaves more or less like the human version of a hedge fund trading algorithm, the more we set up venture capital to become a perpetual cyclical machine that is 100% in sync with public market sentiment. This is the opposite of a mostly outlier-defined investment class. In September I tweeted: “How many VCs still believe in Vcing?” And here’s a tweet by Stephen that captures a big part of my worry. I’m very worried African VC is going to entrench itself in multiple-based tunnel vision at the earliest stages. Conservatism was needed after ’20-22 but exchanging the comfort of momentum-based investing with rigid metrics-only investing is a disservice to founders with vision. — Stephen Deng 邓广藻 (@mrstephendeng) October 5, 2023 To put this another way. If blindly following trends brought us here, what makes metric-focused investors think that driving a hard bargain based solely on relatively arbitrary measures in Africa’s still largely untested markets will not yield the same averaged-out result of mediocrity if not failures? Article continues after this ad Your gateway to Africa’s tech leaders Every Sunday Africa’s technology industry leaders, investors, operators, and regulators turn to Next Wave for insightful commentary on where the continent’s digital economy is headed. In an era of news and noise, Next Wave is the opportunity to reach decision makers in Africa’s fast growing world of technology with your unique message. Get in touch today In the last few months or so, I’ve seen a lot of takes about venture capital. Everyone from purebred venture capitalists to social impact VCs, hedge fund and traditional fund managers, to public market analysts have an opinion, hand-wringing or unabashed schadenfreude they derive from the collapse of the short-lived roaring 2020s in VC land. Some parts of this are worrying, but other parts are funny to watch or read, especially the full-throated gloating comments on Financial Times articles by traditional asset managers. What is clear, though, to me is that the world of venture capital is undergoing an identity crisis like never
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