👨🏿🚀TechCabal Daily – To the Moon and beyond
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Moonshot Week It’s a wrap! We promised you two days of celebrating innovation on the continent, and it looks like we delivered—or at least that’s what all your reviews say ! If you have any thoughts on Moonshot, please drop them here. From the entire Big Cabal Media Team, thank you! A big shoutout to our headline sponsor Sabi, and all other sponsors, for their immense support. The dates for Moonshot 2024 are set for October 2 – 3, 2024. Please follow @moonshotbytc to keep up with all the updates. P.S. Shoutout to TC Daily readers Keji and Timi Joel who came up to say hi, and everyone else we didn’t get to meet. In today’s edition Sabi reaches $1 billion in GMV Possible EVS wants to produce up to 10,000 EVs annually Zimbabwe legislator wants X’s troubles to impact Starlink application Safaricom launches standing orders on M-PESA super app The World Wide Web3 Job Opportunities E-commerce Sabi reaches $1 billion in GMV Image source: TechCabal Sabi crosses the $1 billion threshold. Nigerian B2B e-commerce startup, Sabi, has crossed $1 billion in annualised merchandise value, according the startup’s CEO, Anu Adedoyin Adasolum. Adedoyin Adasolum shared this in a fireside conversation at TechCabal’s flagship Moonshot Conference yesterday, October 12, 2023. Sabi provides merchants and resellers with business tools and services that help them reach new customers, improve cash flow, and streamline logistics. Launched in 2020, Sabi started as a spinoff from Rensource, an African energy company that offers power-as-a-service to customers. A $300 million valuation: According to Adedoyin Adasolum, the ecommerce startup has over 200,000 merchants on its platform. The company also reached a $300 million valuation after raising $38 million in Series A funding in May 2023. Zoom out: Africa’s informal trade sector provides opportunities for startups like Sabi and Wasoko to tap into the $1 trillion informal retail market and connect informal retailers to manufacturers and large wholesalers via digital platforms. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Mobility Possible EVS, a Nigerian startup, wants to produce up to 10,000 EVs annually Image source: Possible EVS Possible EVS, a Nigerian electric mobility startup is making significant strides in the electric vehicle (EV) industry. The company is gearing up to launch EV assembly plants, which will be situated in the Idu industrial area of Abuja, Nigeria. Per the CEO, Mosope Olaosebikan, upon full operation, the manufacturing facility will produce up to 10,000 electric vehicles annually, including mini-buses, tricycles, pick-up trucks, and taxis. Funding strategy: To finance their ambitious plans, Possible EVS has raised $5 million internally for their initial funding and aims to secure more funds by Q1 2024. The company primarily generates revenue through EV sales and, according to Olaosebikan, they are actively seeking partnerships with financiers and hire-purchase providers. The average cost of an EV from Possible EVS ranges from ₦12 million ($15,629) to ₦200 million ($260,497). An EV-based taxi service: In addition to manufacturing EVs, Possible EVS has ventured into the electric taxi service. They are currently testing electric taxis in Abuja and plan to deploy them for public use soon. These electric taxis boast a range of 400 km on a single charge. Zoom out: To support EV adoption, Possible EVS set up a public charging station at their electric vehicle experience centre (EVEC) in Abuja. Olaosebikan also stated that the company is set to launch an EVEC centre in Lagos and expand its multiple charging points across the country before the end of the year. It will also expand its fleet of electric taxis to Lagos and Akwa Ibom states in Nigeria. Paystack is live in Kenya After 10 months in private beta, Paystack is announcing that all businesses in Kenya can now accept payments with our growth tools. Learn more → Internet EU Investigation might affect Starlink’s Zimbabwe registration image source: Starlink Starlink is on the brink of a new pushback. During a parliamentary session on October 11, a member of Zimbabwe’s parliament, Supa Mandiwanzira, asked that the European Union’s investigation of X be taken into account during the vetting process for Starlink’s licence application in Zimbabwe. The EU had accused X of being used “to disseminate illegal content and disinformation”, and opened an investigation on the social media platform afterwards. Mandiwanzi argued that Starlink, by virtue of being associated with Musk, should also be scrutinised on the basis that its founder is being investigated by the EU, even though X’s issues with the EU are in no way connected to Starlink. Zimbabwe’s minister of ICT, Tatenda Mavetera, dismissed Mandiwanzi’s statement saying that the case X has with the EU should not interfere with Starlink’s application. Starlink is yet to be issued an operating licence in the southern African country. The satellite-based internet provider was meant to get a licence from the Postal and Telecommunications Regulatory Authority of Zimbabwe or team up with a registered public network. However, it is yet to do either. Zoom out: Starlink has faced several instances of pushback against its adoption in several countries on the continent. It remains to be seen whether the EU investigation’s will impact Starlink’s licensing process in Zimbabwe. Telecom Safaricom launches standing orders on M-PESA super app Peter Ndegwa, CEO Safaricom PLC Safaricom officially introduced standing orders on its mobile money platform, M-PESA, following its hinting about the new service a month ago. What’s a standing order?The service allows customers to set up recurring payments for bills and money transfers to friends and family. Standing orders are available through a mini app, a service built on top of the M-PESA app. How standing orders work: To set up a standing order, customers must review and accept some terms and conditions. They can then opt into the service using their M-PESA
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How to check UIF status & balance 2023
With the UIF’s online portal, you can quickly determine whether you’re eligible for benefits or not. In this guide, we’ll walk you through the steps to check your UIF status and balance online. 1. Go to the UIF website The initial step to verify your UIF status online is to visit the official UIF uFiling portal. You can access this portal by going to the following URL: https://ufiling.labour.gov.za/uif/ 2. Access the “UIF Benefits” section Once you land on the UIF website, you’ll notice a menu at the top of the page. Look for the “UIF Benefits” tab and click on it. This tab is your gateway to the UIF online portal. 3. Register or Log In If this is your first time using the UIF online portal, you’ll need to create an account. Simply click on the “Register” button and follow the provided prompts to set up your new account. For those who have previously registered, you can skip this step by entering your login credentials and clicking the “Login” button. 4. Check your UIF status After successfully logging in, you’ll be directed to your personal UIF profile page. Here, you can proceed to check your UIF status by selecting the “Check UIF Status” tab. Enter your ID number in the designated field and then click “Submit.” 5. Review your UIF status Upon submitting your ID number, you’ll be redirected to a new page where your UIF status will be displayed. This status holds crucial information about your UIF contributions. Here’s what the status options mean: Active If your status is “Active,” it signifies that you are currently making contributions to the UIF. This means you are eligible to receive UIF benefits if you find yourself unemployed. Inactive If your status is “Inactive,” it means you are presently not contributing to the UIF, and therefore, you won’t be eligible for UIF benefits during this period. How to check my UIF balance online Log onto https://ufiling.labour.gov.za/uif/. Click on check my balance. Follow the instructions as they appear on your screen. Enter the Captcha number displayed on the screen. Then proceed to enter your UIF Reference Number.
Read MoreTechnology has improved the transparency of numbers in Nollywood
Written by Stephen Agwaibor General manager of FilmOne Entertainment, Ladun Awobokun, believes technology has provided transparency of numbers in Nollywood. Still, Nollywood has much work to do to boost cinema attendance. The general manager of FilmOne Entertainment, Ladun Awobokun, has hailed the role of technology in bringing about what she calls a “transparency of numbers” in Nollywood. Speaking at a fireside chat at the Moonshot Conference hosted by TechCabal, Awobokun noted that “A lot of tech has been used in Nollywood to simplify the way we do things. One which we’re most proud about, which has made our industry grow, is the transparency of numbers,” she said. Awobokun highlighted Comscore, the global media measurement and analytics firm that provides data and analytics to evaluate media across platforms. The company had in 2019 announced that it was expanding into West and Southern Africa. It now partners with the Cinema Exhibitors Association of Nigeria (CEAN) to provide weekly performances of movies at the box office. The use of analytics to track the data of cinephiles has had a profound impact on Nollywood, informing how movie producers decide on the kind of movies they put out. Awobokun also added that technology has helped filmmakers confirm and track payments. Despite these, Awobokun says technology can improve to create accessible options for filmmakers. “Cinema screens are expensive, sometimes between $30,000 and $70,000. It would be nice if someone came in with alternatives that are accessible for us,” she said. The evolution of NollywoodAwobokun disclosed that the industry had evolved over the last decade, particularly with respect to film quality and career development. The global appeal of Nollywood movies, such as The Black Book and Gangs of Lagos, speak to this, which she says informs why more international cinemas are coming to Nigeria to set up shop. These early successes are also creating a pipeline where local filmmakers go overseas to acquire skills to improve local content. “Nollywood is here to stay,“ Awobokun said. “It is now an industry where people can have full careers in areas like scriptwriting, unlike before.” Improving cinema attendance Despite the strides, Awobokun expressed some concern. She highlighted issues regarding cinema operations in Nigeria. “Let me give you a few numbers. Between January and September, in the cinema industry, over ₦4.8 billion [was spent], but there were only 1.6 million admissions. Lagos alone has 20 million people, yet there were only 1.6 million filmgoers in Nigeria for nine months.” Awobokun says the low numbers in cinema attendance affect how moviemakers invest. “Cinema owners looking at these numbers will find them sobering,” she said. Through a trial-and-error approach, filmmakers learn the ropes of what kind of movies do well and how to market them. Awobokun said she knows from experience not to put out sombre movies during holiday seasons as they tend to perform poorly. Ultimately, she noted, “Investment in filmmaking isn’t an emotional decision; it’s a business one.”
Read MoreHow fintech is changing the habits and behaviours of a new generation of consumers.
Less than eight years ago, the way people interacted with money was vastly different. But with the rapid growth of fintechs across the continent, money habits have changed and continue to. Josh Chibueze, co-founder and CMO at Piggyvest, in his keynote speech at Moonshot by TechCabal on October 12, shared some of the impact that fintechs have had and how they’re changing the habits of people who spend. “Before fintechs, it was hard to save and manage money. People used to open several bank accounts just to have different savings accounts. Fintech has changed our interaction with money, and a lot of impact has been made.” According to Chibueze, the advent of fintechs has hacked three key things: accessibility, control and flexibility with money. More people can now save in bits and access quick credit loans. Fintechs have revolutionised the banking industry in Nigeria and Africa, providing channels that reduce income inequality and poverty. Piggyvest, for instance, has paid back over $1.1 trillion since it launched in 2016. Fintechs have also done the work of helping to bank the unbanked and helped to improve social donations across the world. However, the industry is not without challenges. Fintechs have to deal with regulatory issues from governmental bodies and authorities, fraud and also have to efficiently manage customer expectations and maintain their trust. Chibueze believes that collaboration is the future of fintech and one way to overcome these challenges. “People often say that fintechs will overthrow traditional banks. I don’t think so. Collaboration is the way forward and will lead to exponential results. We all have a common problem, and we need to collaborate to solve these problems and create an inclusive financial future for everyone,” he said. Another thing we can look forward to in the future of fintech is hyperfocusing. Chibueze believes that soon, we’ll see fintechs honing in on specific problems that the banking and financial industries face.
Read MoreCustomer education can help bridge credit gap in Africa
Co-founder/CEO of Indicina, Yvonne Johnson, asserts that customer education can help build trust amongst lenders and bridge the credit gap on the continent. Access to credit is rife with challenges in many parts of Africa. While fintechs have built credit solutions to bridge the credit gap, challenges still remain: many lenders buck at loan repayments. Yvonne Johnson, Co-founder/CEO of Indicina believes that the right customer education can help bridge this gap and build trust among borrowers and creditors. She made this observation while speaking on building trust among lenders at Moonshot, a flagship conference by TechCabal, which has gathered players and builders in the African tech space to network, collaborate, share insights, and celebrate innovation on the continent. Johnson is of the opinion that many Africans do not properly understand credit solutions which is a result of the financial literacy gap in the continent. African countries score the worst in terms of financial literacy in the world. Data from the S&P’s Global Financial Literacy survey suggest that financial literacy levels on the continent are lesser when compared to European counterparts. South Africa and Nigeria both have financial literacy levels of 42% and 26% while European countries have a range of 65%–75%. While access to credit is rife with challenges, it remains an important arsenal for every economy. Being able to borrow money at affordable interest rates is how households can build wealth, take advantage of opportunities, and take a bet on a business idea. While SMEs take on loans to fund their businesses, Daniel Osineye, founder/CTO, Evolve Credit, suggested that credit solutions should be designed in a way that considers the business. “Don’t give out loans and expect the user to pay back in an unreasonable time frame. You have to be able to match the repayment circle of your business with the technology; you have to put them in the loop,” he said. Johnson echoed Osineye’s sentiment. According to her, lenders should try not to give out predatory loans. While concluding the panel session, Dayo Ademola, managing director, Branch Nigeria, asserts that credit remains the most important piece of the financial ecosystem.
Read MoreExclusive: Safaricom launches standing orders for M-PESA users
Customers will be able to set up standing orders on M-PESA for bills and send money to friends and family. The service is available through a mini app. Safaricom has launched standing orders on its mobile money platform, M-PESA. This service was hinted at a month ago and has just been announced during Safaricom’s engineering summit in Nairobi, Decode 2.0. Customers can opt into the service using a mini app. Mini apps are services built on top of super apps like the M-PESA app, eliminating the need for customers to download an additional app for the same functionality. In the context of M-PESA, standing orders are automated, recurring transactions that Safaricom M-PESA customers can set up to perform specific financial activities at regular intervals. These orders are convenient for handling repetitive financial tasks without the need for manual input each time. How it works Standing orders are now official through Safaricom’s M-subscriptions mini app (it is yet to go live), which was proposed by the telco’s engineering team. This service has been integrated into the M-PESA app, offering customers a way to manage their recurring transactions. To get started, customers must review and accept the terms and conditions, and they can then opt in using their M-PESA PIN. They can then choose which standing orders to set up, whether it’s for sending money to family and friends, paying regular bills, or purchasing goods and services. For instance, to create a standing order for money transfers, customers set up the recipient’s name, specify the amount, and define the frequency of the transfers. This can also be automated, and the platform will deduct the funds at the scheduled time. To note, automatic deductions only occur when customers explicitly configure this feature. Safaricom said that standing orders will be available to other payment partners through their Daraja API platform. “The M-PESA Daraja API Gateway Developers Portal has been revamped with hybrid cloud architecture with superior API Billing and Monetization capabilities, self-service ticketing for API issues, and revamped API documentation,” Safaricom said in a statement. Safaricom launched the M-PESA super app in 2020 with a mini apps feature similar to China’s WeChat. While the initial goal was to integrate 100 apps by the end of 2023, only 69 have been onboarded. The M-PESA app has 7.73 million downloads, but limited smartphone penetration is still a challenge in Kenya, as only 13.2 million out of 43 million customers have 4G-enabled smartphones.
Read MoreNigerian B2B platform Sabi reaches $1 billion in GMV
Sabi, a Nigerian B2B platform, has reached $1 billion in GMV annually. Sabi’s co-founder & CEO, Anu Adasolum made this known on Day 2 of Moonshot by TechCabal. Sabi, a Nigerian B2B platform that provides merchants with tools to grow their businesses, has crossed $1 billion in annualised gross merchandise value (GMV). The company’s co-founder & CEO, Anu Adasolum stated this on the second day of TechCabal’s flagship Moonshot Conference, Thursday, October 12. “At some point this year, we crossed a billion dollars in GMV. We have also onboarded over 200,000 merchants on our platform,“ Adasolum said in a fireside chat with the CEO of Big Cabal Media, Tomiwa Alakademo. Launched in 2020 as a spinoff of Rensource, an African energy company offering power-as-a-service to customers, Sabi provides merchants and resellers with business tools and services that help them reach new customers, improve cash flow, and streamline logistics. In 2021, the company raised $6 million in a round led by CRE Venture Capital, an investment firm that was also involved in Sabi’s $2 million seed round in 2020. Explaining what Sabi does, Adasolum said, “We are a platform that enables other businesses to grow. We build interventions in different value chains that add up to commercial infrastructure. Being our client means accessing services. It could be accessing credit and working capital. You can use our logistics services. We also provide free software for merchants to track their sales.” Data from World Economics puts it that the size of the informal economy in Nigeria is estimated to be 57.7% representing $1,164 billion at GDP PPP levels. The informal sector includes over 39 million micro, small, and medium-sized enterprises. That’s 39 million businesses that need efficient platforms that can connect them to their prospects and existing customers and tools to help serve them best. Adasolum said that Sabi is solving this problem. “We are serving an underserved market, not in terms of what people normally think of us, which is a B2B marketplace. What we are doing is building very customised products for market gaps,” she said.
Read MoreEU investigation of X should affect Starlink’s Zimbabwe license application, says legislator
The EU’s investigation of Elon Musk for X’s failure to tackle misinformation is affecting his other company Starlink ’s operating licence application in Zimbabwe. In a Q&A parliamentary session yesterday, October 11, member of parliament Supa Mandiwanzira suggested that the European Union’s investigation of X for misinformation should be factored in the vetting process for Starlink’s operation licence application in Zimbabwe. Mandiwanzi argued that because Musk’s X is being used to allegedly disparage the country’s leadership, including president Emerson Mnangagwa, Starlink, by virtue of being associated with Musk, should also be scrutinised on the basis that its founder is being investigated by the EU, albeit on separate issues not in any way associated to Starlink. “Given the misinformation concerns raised by the EU regarding one of Elon Musk’s channels, I wanted to ask the minister of ICT whether the action by the EU will be considered when deciding whether to license Starlink?” asked Mandiwanzi. In response, Zimbabwe’s minister of ICT, Tatenda Mavetera, stated that X’s reported issues should not impact the application process for Starlink as it’s a separate company, albeit with the same owner. In another question to the minister, Mandiwanzira also sought to know if, like the EU which announced that X might incur penalties of 6% of its revenues for failing to regulate misinformation, Zimbabwe would also enforce the same punishment. Mandiwanzira again cited the alleged abuse of the country’s president and other politicians on X. In response, Mavetera stated that X would be regulated by the country’s Cyber Protection Bill and that should any of those alleged cases be proven, the platform would be punished as per the aforementioned legislation. Regarding the current status of Starlink’s application, the minister stated that Starlink has not paid any fees associated with the application and, hence, the company is yet to be issued an operating licence. Last month, Zimbabwe’s minister of information, publicity, and broadcasting services, Jenfan Muswere, confirmed that the country’s communications regulator had received an application for an operating licence from Starlink. Additionally, Muswere added that the application is currently being reviewed by the Postal & Telecommunications Regulatory Authority of Zimbabwe (POTRAZ).
Read MorePossible EVS wants to become Nigeria’s first manufacturer of electric vehicles.
Possible EVS, a Nigerian electric mobility firm, is set to launch EV assembly plants in Nigeria that will produce up to 10,000 EVs annually. Possible Electric Vehicle Solution (Possible EVS), a Nigerian electric mobility company in Abuja, is setting up plants to manufacture electric vehicles in Nigeria. “We’re in the design and production phase,” Mosope Olaosebikan, CEO of Possible EVS, told TechCabal in an interview. “Hopefully, by next year, we will start assembling in Nigeria but right now we’re assembling abroad.” Located in the Idu industrial area of Abuja, the manufacturing plant, when fully operational, will produce up to 10,000 electric vehicles yearly—including minibuses, tricycles, pick-up, and taxis—at its initial phase, according to Olaosebikan. Possible EVS is among other electric mobility startups on the continent justling for a top spot in Africa’s nascent EV sector, which is estimated to reach $21.4 billion in value by 2027. Spiro, an e-mobility company, signed a $63 million debt financing to fund two electric motorcycle assembly and battery manufacturing plants in Benin and Togo in 2024. Roam, an electric mobility company, recently introduced Kenya’s first locally manufactured electric bus and Qore, a Sterling Bank-backed company in Nigeria, is converting regular vehicles—motorcycles, tricycles and mini buses—to electric vehicles and will deploy 100 electric tricycles in the next month. Electric taxis While Possible EVS is primarily a manufacturer of electric vehicles, the company recently launched an EV based taxi service as a use case. Currently, it is testing the electric taxis in Abuja and will deploy them for use this month. “The testing phase is for us to get the data and understand human behaviour,” Olaosebikan told TechCabal. “So far, the feedback has been exciting.” The electric taxis can go 400 km on a single charge—about 37 round trips between Garki and Jabi, or a one-way trip from Abuja to Kaduna. Possible EVS has plans to expand fleets of electric taxis to Lagos and Akwa Ibom at the end of the year. Possible EVS also offers a public charging station at its recently launched electric vehicle experience centre (EVEC)—which it opened to sensitise people on the use of electric vehicles—in Abuja. While other EV companies like Qore offer battery swaps for depleted batteries at its charging station, Possible EVS fast charging infrastructure recharges an electric vehicle to full capacity in under an hour at the rate of ₦1,200 ($1.56). The startup also runs a mobile charging station that can recharge EVs at any location—just in case your electric vehicle runs out of battery in the middle of the road. Electricity supply is abysmal in Nigeria; the startup operates a hybrid electric charging station, a 50% mix of solar energy and grid electricity supply. The company plans to deploy a completely off-grid solution which Olaosebikan explained was a cheaper alternative. Funding strategy and sales model The company raised $5million internally for its initial fund raise and is looking to raise more funds by Q1 2024. The company, which runs an asset financing model, says it primarily makes money off the sales of electric vehicles. Olaosebikan says the company is currently in talks with financiers and people willing to do hire purchase. “We are manufacturers, at the end of the day and we just seek partnership with various companies: banks, the government and companies like Moove, that can do asset financing.” While Possible EVS is looking to explore the partnership route for the sale of its vehicles, Olaosebikan says there are arrangements for individuals who want to purchase the EVs for personal use. By his estimates, the average cost of an EV is between ₦12 million ($15,629) and ₦200 million ($260,497). While Possible EVS is putting finishing touches on the launch of its assembly plant, the company is set to launch an EVEC centre in Lagos and expand its multiple charging points across the country before the end of the year. It will also expand its fleet of electric taxis to Lagos and Akwa Ibom states in Nigeria, Olaosebikan told TechCabal.
Read MoreNigeria’s president Bola Tinubu reappoints Kashifu Inuwa Abdullahi as director general of NITDA
Tinubu reappoints NITDA Director and new special adviser on technology and digital economy. Nigeria’s president Bola Ahmed Tinubu has appointed new and returning CEOs for offices under the Federal Ministry of Communications, Innovation and Digital Economy. Special adviser to the president on media and publicity, Ajuri Ngelale, shared the new listed members in a statement yesterday. Kashifu Inuwa Abdullahi, who has served as the DG/CEO of the National Information Technology Development Agency (NITDA) since August 2019, has been granted a renewed appointment by the president to continue as the DG/CEO of NITDA. Vincent Olatunji, who has been in the role of National Commissioner/CEO at the Nigeria Data Protection Commission (NDPC) since February 2022, has also been reappointed as the national commissioner/CEO of NDPC. Newly appointed CEOs Aminu Maida assumes leadership as the executive vice chairman/CEO at the Nigerian Communications Commission (NCC), Nkechi Egerton-Idehen assumes leadership as the MD/CEO of Nigerian Communications Satellite Limited (NIGCOMSAT), and Tola Odeyemi assumes leadership as the postmaster-general/CEO of the Nigerian Postal Service (NIPOST). Additionally, Idris Alubankudi has been assigned a new role as special adviser to the president on technology and digital economy. According to Ngelale, these appointments are effective immediately, marking a significant step in President Tinubu’s vision for a digitally empowered and economically inclusive Nigeria.
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