How this startup wants to help working professionals find love
For most people, getting a flirty DM on LinkedIn is borderline cringe, unprofessional and very weird. After all, the platform does describe itself as “a business and employment-focused” community. But what about working professionals who are also looking to find their soulmates? Where can they go? A South African startup called Boardroom is building a social media platform for working lovebirds who are looking for long-term partners. Founded by software developer Wisani Shilumani and serial startup entrepreneur Serisha Barrat in June, Boardroom is already making waves, having gone viral over the weekend. TechCabal caught up with co-founder Barrat to get more details on how exactly the app works, what challenges it is trying to address, how much traction it has attained so far and why they prefer not to be called “the Tinder for working professionals”. TechCabal: Please tell us about Boardroom and the problem the app is trying to address. Serisha Barrat: We realised that nowadays when you think of online dating, it comprises mostly of hookup culture. But what about people who are looking for much more than that? It is something that needs additional verification. How do they actually find someone who is long-term and also aligns with your professional goals and ambitions? So that was the market we decided to target with Boardroom. We don’t just want to have aimless dates and aimless swipes, as well as ghosting culture, but rather enable our users to find a long-term partner who they can share a life with for more than just one night. The problem that we’re solving here is we all have busy careers and shrinking social circles. So Boardroom is designed for men and women who would like to engage not just with any type of individual, but one that’s aligned with their professional goals as well. So there’s no easy way for professionals to find compatible long-term love interests if they are fully focused on building a career. And that’s where Boardroom comes into play, creating a community where it’s safe to find a partner. TC: Tell us how the app works SB: It is a mobile app available on both Android and iOS devices. Once users download the app, their identity is verified against their LinkedIn profile, which is one of the differentiating factors about it. That gives us additional verification and authentication for every individual. It also is an invite-only app so if you do download it, you don’t have access immediately. You would need to apply for access, after which we do additional vetting on our site to make sure that users are the calibre of individuals that we’re looking for, i.e. professionals. In terms of the user journey, after a user signs up after the LinkedIn verification, we then get an email on the back-end dashboard which verifies their identity. Do their profile pictures on Linkedin and on Boardroom match? Are they individuals within the professional space? Have they put accurate information on their LinkedIn that matches their Boardroom information? Then once we have accepted and done the additional verifications, we allow you on the app to flesh out your profile based on your hobbies, and additional images. You have to fill in all the info on the app for it to be accredited and accepted. So if it asks for five pictures, you provide five pictures, etc. So once you get onto the app, and you’ve now completed your profile, you will then be matched with individuals along your stated profession and interests. For each match request, you have to accompany it with a message to that potential match. So it’s not aimless swiping like with other platforms. And then it also gives you a time limit of 24 hours to actually engage with that match. Should you not engage with them in 24 hours, then it’s seen as you’re not interested so the person disappears from your profile. But once you have engaged with the respective individual, you’re able to chat with them. Additionally, we use AI to detect any vulgar language in the initial message sent when requesting a match to create a safe community free from harassment. Over the weekend, Boardroom went viral with some people referring to it as a “Tinder for working professionals.” Would you say that’s an accurate description of the platform? SB: We do not want to be associated with any other platform besides our own, to be very honest. We believe Boardroom is one of its kind. If we look at what our competition and positioning are, Boardroom is on a completely different side and spectrum of what the platform you mentioned is. We are not a hookup app, we’re not a despondency zone and we focus more on long-term relationships. So to answer your question, we are definitely not the Tinder for working professionals. What challenges have you faced in building the product? SB: I think right now, the only challenge that we are having is the influx of individuals that are signing up which is taking a toll on the vetting process that we’re now doing. So we’re trying to integrate easier vetting processes, like for example, taking a picture of your ID, and another piece of paper that has the date, and a picture with yourself next to it as its form of verification. What we’re trying to do is make sure that it’s not bots that are on here or individuals that are lying about their professional credentials. We’re trying to make sure that each user is verified in the fullest way possible. So that’s been a slight challenge just based on the influx of individuals to the platform. Where do you see the Boardroom platform in the next 2-3 years? SB: Online dating is a billion-dollar industry and I believe that we are uniquely positioned in that we’re trying to take the stigma away from online dating. We are offering a safe platform for working professionals to identify partners who also align with their professional
Read More
Carrying out all MPESA PayPal transactions 2023
The M-PESA PayPal Service is a collaborative effort between Thunes, Safaricom, and PayPal, offering an efficient money transfer solution to joint PayPal and M-PESA users. This service facilitates the seamless movement of funds between M-PESA and PayPal accounts. Here, we will discuss the major transactions you may need to carry out between MPesa and PayPal and how to go about them. Currency management When using this service, customers can top up and withdraw funds in US Dollars (USD) through their PayPal accounts, while they manage their M-PESA account exclusively in Kenyan Shillings (KSh). If customers have multiple currencies in their PayPal account, they must convert these funds into USD to withdraw them to their M-PESA account. To perform the currency conversion, customers can access the “Manage Currencies” section in their PayPal account. Eligibility to use the Mpesa PayPal services This service is exclusively available to users in Kenya who possess registered M-PESA accounts, Google (PayPal) accounts, and Android devices. Account setup for M-PESA PayPal To utilisze the M-PESA PayPal Service, users must have both registered PayPal and M-PESA accounts. Registering for M-PESA can be done at any M-PESA agent outlet across Kenya, while PayPal registration can be completed on the official PayPal website (paypal.com). After successful registration, users need to link their PayPal account to their M-PESA account. Linking your M-PESA account to PayPal For new PayPal account holders, the following steps guide the linking process: 1. Visit the PayPal website at https://www.paypal-mobilemoney.com/m-pesa. 2. Click on the ‘Login’ menu at the top right corner and follow the on-screen instructions. 3. Log in to your PayPal account. 4. Enter your M-PESA account phone number. 5. Accept the terms and conditions. 6. Enter the 6-digit confirmation code sent by Safaricom to your M-PESA-linked mobile number. Once linked, customers can use the same connection for both withdrawals from PayPal to M-PESA and deposits from M-PESA to PayPal. How to Withdraw from Paypal to MPESA To transfer funds from your PayPal account to your linked M-PESA account: 1. Log in to your PayPal account at https://www.paypal-mobilemoney.com/m-pesa. 2. Select ‘Withdraw’ (your available USD balance will be displayed). 3. Enter the amount to withdraw in USD and click ‘withdraw’ (up to your available USD balance). 4. You will be redirected to a page displaying the amount to be received in Kenyan Shillings, the exchange rate, and estimated processing time. 5. Click ‘Confirm’ to complete the transaction. Topping up your PayPal account from Mpesa To top up your PayPal account using funds from your M-PESA account: 1. Visit the M-PESA PayPal web page (link). 2. Select ‘Top Up funds.’ 3. Enter the desired amount in USD and click ‘calculate’ to see the equivalent in Kenyan Shillings. 4. Proceed to your M-PESA menu, select ‘Lipa na M-PESA,’ and choose the ‘Pay Bill’ option. 5. Enter Business no. 800088 and your phone number as Account No. 6. Enter the amount in Kenyan Shillings and your M-PESA PIN, then send the payment. Transaction be processing time and limits Withdrawn funds will be processed to your M-PESA account within 2 hours to 3 calendar days, depending on the transaction’s value. The estimated time will be presented before confirming the transaction. Current M-PESA transaction limits apply, with a maximum of KSh. 150,000 per transaction and KSh. 300,000 per day. Customer Support For queries or additional information, customers can reach out through the following channels: – Call 100 or 200. – Call +254 722 002100 (for prepaid customers) or +254 722 002200 (for post-pay customers). – Twitter: @Safaricom_Care and @SafaricomPLC. – Facebook: @SafaricomPLC. – Visit any Safaricom shop.
Read More
Receive foreign payments in Nigeria 2023
In today’s globalised world, it’s increasingly common for Nigerians to work with international clients or companies, leading to the need to receive foreign payments. However, the Nigerian peculiar restrictions and strict modalities on the process of receiving foreign funds can be complex and discouraging. In this article, we’ll explore some key and easy ways Nigerians can efficiently receive foreign payments. 1. Bank wire transfers This traditional method involves sending details of your bank account to your overseas client or employer. They can then initiate a wire transfer to your Nigerian account. However, your bank account needs to support international wire transfers and be prepared for fees and potentially longer processing times. Such accounts are called domiciliary accounts. You can walk into any bank of your choice to open one. 2. Payoneer Payoneer is a popular choice for freelancers and online businesses in Nigeria. It offers a multi-currency receiving account that allows you to receive payments in various currencies, which can then be withdrawn to your Nigerian bank account as naira. Sign up for a Payoneer account, receive payments, and transfer them to your local bank. 3. SendWave You can tell your sender to use the SendWave app which is available on Google Play Store and choose Cash Pickup as your means of collection. You will need to provide them with your legal name as it appears on your BVN and your phone number too. These will be used to process the payment from their end. Once the payment has been processed, the sender will receive access codes (an OTP and a Voucher Code). They are to share the authentication codes with you and you can take these codes along with a valid ID card to any Access Bank, GTB, Zenith, or Fidelity bank branch, and cash out your payment. If you have a domiciliary account, you can use it to receive foreign payments in Nigeria using SendWave. Just tell your sender to follow these steps: Download the SendWave app from your app store. Sign up and verify your identity. Link your bank account. After they have done the above, you simply provide them with your Nigerian Domiciliary account number. Once they send it, you’ll get it in your account without hassle. 4. Cryptocurrency Bitcoin and other cryptocurrencies offer an alternative way to receive international payments. You can provide your cryptocurrency wallet address to your clients, and once the payment is made, you can exchange the cryptocurrency for Naira on local exchanges. 5. Remittance services to receive foreign payments Services like Western Union and MoneyGram allow you to receive foreign payments in cash at their local branches. Your client can send money directly to one of these service providers, and you can pick it up after providing necessary identification. Final thoughts on how to receive foreign payments in Nigeria Receiving foreign payments in Nigeria is achievable through various methods, each with its pros and cons. Choose the method that best suits your needs, taking into account factors such as currency, fees, and processing times. With the right approach, you can smoothly handle international transactions and expand your global business opportunities.
Read More
👨🏿🚀TechCabal Daily – Farmers, Assemble!
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Moonshot Week TechCabal was the biggest winner of the night at the Startup Awards! We won the Best New Media Platform (Technology) Award, and our business intelligence arm TC Insights, won the Best Startup Intelligence Platform. The biggest—and most important win of the night, yes, most important—is the Best Startup Ecosystem Newsletter Award for TC Daily! There’s more to celebrate at TechCabal: our website surpassed 2 million readers in Q3, and TC Daily hit 144,000 subscribers. Our Sunday newsletter, Next Wave, has over 46,000 subscribers, while Entering Tech now has 56,000 readers. Read our Q3 impact letter to discover our reportorial impact so far. If you’d like to congratulate us, find us at the Moonshot Conference starting tomorrow, October 11, and 12, 2023, where Africa’s most audacious thinkers and doers will celebrate innovation on the continent. In today’s edition ThriveAgric to empower 125,000 smallholder farmers South Africa to amend SIM registration law Amazon launches development centre in Kenya Koree wins Ecobank Fintech Challenge The World Wide Web3 Opportunities One day till the Moonshot Conference Wondering what’s in store for Nigeria’s digital future? You can find out at the Moonshot Conference! Starting tomorrow, October 11, join some of Africa’s most audacious thinkers and builders as they network, collaborate, share insights and celebrate innovation on the continent. Join Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy, Juliet Ehimuan, Oswald Osaretin Guobadia, and Tomiwa Aladekomo as they explore the future of Nigeria’s digital space. Get your tickets now at moonshot.techcabal.com/. Agritech ThriveAgric to empower 125,000 smallholder farmers Image source: IMGFlip Over the next year, Nigerian farmers will break into the banking scene. Nigerian agritech startup, ThriveAgric, has partnered with a global nonprofit organisation, Heifer International, to empower 125,000 smallholder farmers. How? Through the ThriveAgric Agriculture, Youth, and Technology (AYuTe) project, born from ThriveAgric’s win in the 2022 AYuTe Africa Challenge. The challenge was organised by Heifer International, and it will grant smallholder farmers financial inclusion access through the initiative. In the coming year, ThriveAgric and its technical partners will facilitate the opening of bank accounts for the farmers across eight northern states in Nigeria, including Adamawa, Gombe, Yobe, Jigawa, Kaduna, Kano, Katsina, and Bauchi, giving them access to debit cards and other financial services. Furthermore, ThriveAgric will employ over 200 young individuals and provide 1,000 PoS devices to selected Nigerian youths to boost and provide income to their families. A gender-focused approach: The AYuTe project is being launched in response to the fact that only 51% of Nigerian adults in 2020 had access to financial services, with women being disproportionately excluded. ThriveAgric will be approaching the project with a gender lens to ensure that at least 40% of the targeted beneficiaries are women. 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. Telecoms South Africa to amend SIM card registration law Image source: YungNollywood South Africa’s SIM card registration law is undergoing a facelift. The county is examining its regulation of the Interception of Communications and Provision of Communication-related Information Act known as the Rica Act. Rica Act? The Rica Act was enacted in South Africa in 2005 to help prevent criminals from using cell phones for illegal activities. The law mandates every telecom agency to register its users. While the Rica Act aims to stem criminal activities in South Africa, a loophole exists: it does not limit the amount of SIM cards an individual can activate. Several individuals have used this to perpetrate SIM card fraud, with criminals posing as legitimate cell phone account holders using fake identity documents. The South African Banking Risk Information Centre (Sabric) estimates that a SIM-swap fraud costs a victim an average of R17,800 ($920) per incident. South Africa’s communications regulator is in talks with the department of justice to ensure that the amendment is passed into law in no time. Zoom out: South Africa’s crackdown on sim card registration is not a first on the continent. Irregularly registered SIM cards have been used to perpetuate money laundering, cybercrime, and mobile money fraud in Africa. In 2022, Kenya’s communication authority turned off irregularly registered SIM cards in the country—the second time since 2018. Cloud computing Amazon launches web services development centre in Kenya Kenyan president William Ruto with Amazon reps at the launch Amazon Web Services (AWS) has opened a new African development centre in Nairobi, Kenya. This is the second AWS hub in Africa, with the first one situated in Cape Town, South Africa. What’s the centre for? The AWS African Development Centre is a base for AWS Research and Development teams. The new centre will offer employment opportunities in fields like software development, cloud support, and software engineering. Why use Kenya as a second hub? Uwem Ukpong, vice president of global services at AWS, stated that the centre will help Kenya tap into a pool of talented people. He also mentioned that AWS can support Kenya’s economic growth by working with local Kenyan talents, creating a win-win situation for all parties involved. The big picture: Kenya is becoming a hub for these development centres. In April Last year, Google launched its first African product development centre in Nairobi, to build products and services for the African market. In March 2022, Microsoft officially opened its premier engineering hub, the African Development Centre in Nairobi. Kenya already has Amazon CloudFront, the third in Africa, in addition to two in South African cities Johannesburg and Cape Town. Amazon CloudFront is a global content delivery network (CDN) that delivers web applications and Application Programming Interface (API) with low latency, high performance, security, and reliability. 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
Read More
TechCabal is biggest winner at the 2023 Startup South Awards
TechCabal was biggest winner of the night, taking home trophies in three categories. TechCabal and its business intelligence unit TC Insights have won awards in three categories at the Startup Awards, held on October 5 and 6 in Port Harcourt, Nigeria. The awards are for Best New Media Platform (Technology), Best Startup Intelligence Platform (TC Insights), and Best Startup Ecosystem Newsletter (TC Daily). This award is coming just as the publication is preparing to host one of the biggest tech conferences on the continent, Moonshot. The conference, which will be held in Lagos on October 11 and 12, will bring together Africa’s tech ecosystem in person to network, collaborate, share insights and celebrate innovation on the continent. The Startup Awards, organised by #StartupSouth, a startup ecosystem development and advocacy organisation, honours individuals and organisations that have made a verifiable impact in deepening the innovation ecosystem in Nigeria, with specific reference to the South-South/South-Eastern regions. A breakdown of the winners’ list shows that TechCabal, winning in three categories), was the biggest winner of the night. The 2023 edition of the Startup Awards witnessed significant growth, with over 300 nominations received and an impressive 4,000 votes recorded. The evaluation criteria included public vote (20%), national spread/national impact/relevance (20%), venture backing for startups (20%), regional impact (20%), and jury decision (20%). In his speech before handing over the awards to the winners, Yakubu Musa, acting national coordinator, Office for Nigerian Digital Innovation (ONDI). National Information Technology Development Agency (NITDA), commended the organisers of the awards and pledged NITDA’s support and willingness to work with the team in subsequent editions. In his closing remarks, Uche Aniche, convener of #StartupSouth, thanked all the nominees and the winners for their relentless commitment to the #StartupSouth ethos. He emphasised that everyone who made it to the nomination table deserved to win the award and urged them to see the awards as an invitation to do more. Notable guests at the event were Nkechi Obi, CEO of Sports Nigeria Ltd/GTE and chairman of the Nigeria Women Football League, NWFL; Kehinde Ogundare (country manager Nigeria at Zoho; Olufemi Abioye, founder/CEO of Dekaizen; Tessy Ewuzie, facility manager at Aradel Holdings; and Ikechukwu Anachemba, senior special assistant to the governor of Anambra State on innovation & incubation. Full list of winners Startup of the Year – National – HouseAfrica Startup of the Year – Regional – Foris Labs Inspirational Founder of the Year – National – Nnamdi Uba & Ndifreke Ikokpu Inspirational Founder of the Year – Regional – Aaron Esumeh Public Institution of the Year – National – NITDA Public Institution of the Year – Regional – Skill-up Imo (MInistry Digital Economy & e-Government) Best Startup Coverage (Radio) – Regional – Nigeria Info PH Best Startup Coverage (TV) – National – Channels TV Best Startup Coverage (TV) – Regional – AfiaTV Enugu Best Startup Coverage (Non-Technology) New Media – National – Nairametrics Best Startup Coverage (Non-Technology) New Media – Regional – Naira Diary Startup Journalist of the Year Regional – Peter Oluka (Tech Economy) Most Inspirational Technology Hub – Regional – OlotuSquare, Port Harcourt Best Startup/Technology Show (TV) – The Beam (Channels TV) Best Startup Coverage (Print) – BusinessDay Best Startup Ecosystem Newsletter – TechCabal Daily Best Startup Ecosystem Podcast or Vlog – Growing Africa Podcast (Daniel Ose) Most Inspiring Startup Community – Onitsha Business Connect Most Active #StartupSouth City Community – Port Harcourt Next Rated Startup – Bellum (Port Harcourt) Best New Media Platform (Technolog) – TechCabal Best Startup/Technology Show (Radio) – The Entrepreneur (WaveFM Port Harcourt) Best Startup Ecosystem Intelligence Platform – TechCabal Insights Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read More
5 vital reasons to attend Moonshot by TechCabal 2023
Are you a tech enthusiast looking for the next big thing in the tech world? Then you should be attending Moonshot by TechCabal happening on October 11th and 12th, 2023. This event is one of the biggest tech events of 2023 and it is poised to be a game-changer. Here are five reasons why you shouldn’t miss it: 1. Cutting-edge technology showcase At Moonshot, you’ll have the opportunity to witness the latest advancements in the African tech ecosystem and have a better peek into the global tech space too. From payments, AI and robotics to virtual reality and blockchain, the event will showcase the cutting-edge innovations that are shaping the future 2. Expert speaker lineup Moonshot has gathered a stellar lineup of tech industry experts, thought leaders, and innovators. These speakers include Bosun Tijani; Nigeria’s minister of communications, innovation, and digital economy, Olatunbosun Alake; commissioner of innovation, science & technology, Lagos state, and Gbenga Agboola; CEO of Flutterwave, among others. Attendees will have the chance to learn from these visionaries through insightful speeches, panel discussions, and workshops. 3. Get top networking opportunities when you attend Moonshot by TechCabal Tech events like Moonshot are a hub for networking. You’ll have the chance to connect with professionals, entrepreneurs, and potential collaborators who share your passion for technology. Forge valuable connections that can boost your career or startup. 4. Hands-On workshops and demos Moonshot doesn’t just talk about tech; it lets you experience it. You can participate in hands-on workshops and interactive demos to get a feel for the technology, learn new skills, and gain practical insights. 5. Meet celebrity Tech influencers and content creators The last but not the least reason is that Moonshot presents you the opportunity to meet celebrity tech influencers and content creators like Fisayo Fosudo and Korty. These tech luminaries have a massive following on social media and YouTube, and they’ll be sharing their expertise and experiences. You can engage in Q&A sessions, take selfies, and maybe even collaborate on exciting projects. Final thoughts on why you should attend Moonshot by TechCabal Moonshot by TechCabal is the place to be for anyone passionate about technology. From exploring cutting-edge innovations to networking with industry leaders and meeting your favorite tech influencers, this event offers an unforgettable experience. Don’t miss the chance to be part of this transformative tech gathering on October 11th and 12th, 2023.
Read More
How to open an MPesa account in 2023
With millions of users across the country, M-PESA provides a convenient and secure platform for financial transactions. If you’re new to MPesa and want to open an account, follow this simple guide. 1. Visit a M-Pesa agent To open an MPesa account, you’ll need to visit an authorised M-PESA agent. These agents can be found throughout Kenya, often in small shops and businesses. Look for the distinctive M-PESA sign. 2. Provide identification At the agent’s location, you’ll be asked to provide identification. A Kenyan national ID card or a valid passport are the most commonly accepted forms of identification. You’ll also need to provide a passport-sized photo. 3. Complete the registration form The agent will provide you with an M-PESA registration form. Fill in the required details, which typically include your full name, phone number, and the mobile network you’re using. 4. Receive your M-PESA Menu Once your registration is processed, the agent will set up your M-PESA menu on your mobile phone. You will receive a confirmation SMS with your new M-PESA PIN, which you can change later for added security. 5. Activate your MPesa account To fully activate your M-PESA account, you’ll need to deposit money into it. Hand the agent the cash you want to deposit, and they will load it into your M-PESA account. 6. Start transacting With your M-PESA account now active, you can start using the service for various transactions. You can send money to others, pay bills, buy airtime, and even save money in an M-PESA account. 7. Learn the USSD codes after you open an MPesa account To make transactions easier, familiarise yourself with the USSD codes for M-PESA. For example, dialling *234# will give you access to various M-PESA services directly from your phone. 8. Security tips Remember to keep your M-PESA PIN secret. Do not share it with anyone, and avoid using easily guessable numbers. Safeguard your SIM card, as it is linked to your M-PESA account. Final thoughts on how to open an MPesa account Once you have your account set up, you’ll have access to a wide range of financial services at your fingertips. M-PESA’s convenience has made it an integral part of daily life for millions of Kenyans, and with these simple steps, you can join them in enjoying the benefits of this mobile money service. You can read of M-Pesa transaction charges here.
Read MoreTechCabal surpasses 2 million readers as African tech business audience expands: Dive into our impact report
TechCabal’s editors share highlights of the newsroom’s reportorial impact in Q3. Welcome to our first quarterly editorial letter. It has been a hectic quarter for startups. The common themes have been mergers and acquisitions, crypto-based initiatives, the macroeconomic environment funding and the state of web3. How did we leave out artificial intelligence? Most conversations these days have a question or comment on how different the apps we use could look in a few years. Beyond these themes, it’s clear that Africa’s tech ecosystem is maturing. In Q3 2023, understanding this maturity guided a lot of our storytelling. When acquisitions and mergers happen, the audience wants to see figures. How much is the transaction value, and what’s the real story behind the acquisition? Those are the questions we ask when we report these stories. In September, Whogohost completed the acquisition of Sendchamp, while Risevest acquired Chaka. We know one deal was in the mid-six figures, although no one knows how much Risevest paid for Chaka. Thanks for reading and contributing to TechCabal’s growth in Q3 We may not always get all the answers immediately, but TechCabal is committed to finding them. Our audience is resonating with that commitment. In Q3, you and over 2 million people across Africa and the world read and visited our website, while our newsletter hit 143,487 subscribers. Our Sunday newsletter, Next Wave, has over 45,900 subscribers now while Entering Tech now has 55,856 readers. A lot of big stories drove our numbers in Q3, including Sendchamp’s acquisition by WhoGoHost; Float’s ₦5 billion loss; Payday’s plans to sell its business; Jumia’s drive to reassess its business priorities following the loss of a third of its users in one year; and Moniepoint’s entry into retail banking. Our most-read story for the quarter—25,142 eyes—touched on the grim side of AI. In case you didn’t know, AI is currently being used to “undress” people’s photos in a disturbing trend. Read our story on that here. But it’s not all doom and gloom with AI; we covered other perspectives like how AI will create new jobs, attend to us when we go to the hospital, service our food orders, and help companies with their public relations operations. There is a lot to hope for with increased interest in AI. We also kept tabs on the streaming world this Q3. Have you read our coverage of Canal+’s challenges in its European operations? How about DStv exiting Malawi following a high court ruling stopping it from further increasing the prices of its services? All of our reporting has been possible because of the founders and operators who have been gracious with their time and shared their stories with us. TechCabal and the tech ecosystem are on a shared mission to tell the impact stories of tech businesses on the continent. And we do not take the time and effort of everyone who has walked with us on this journey for granted. TechCabal won some awards! Last week, TechCabal and TC Insights won trophies in three categories at the StartupSouth Awards. We won for Best New Media Platform (Technology), Best Startup Intelligence Platform (TC Insights) and Best Startup Ecosystem Newsletter (TC Daily). We are really pleased about this and proud of the hard work everyone the TC team have put in to get us here. We thank StartupSouth for the great honour. Moonshot, the biggest tech festival is here. It’s events season in the ecosystem, with many tech conferences happening around this time, including TechCabal’s very own Moonshot Conference! Moonshot is the conference that brings together Africa’s tech ecosystem in person to network, collaborate, share insights and celebrate innovation on the continent. This October, join us in Lagos and meet the founders, business leaders, startups, enterprise companies and more building innovative solutions for huge problems across Africa. Nigeria’s minister of communications, innovation and digital economy, Bosun Tijani, will be in attendance, alongside other eminent speakers: the DG of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi; former Google director for West Africa, Juliet Ehimuan; Flutterwave CEO Olugbenga Agboola; managing director at Xavier Africa, Tavonga Muchuchuti; Lexi Novitske, General Partner, Norrseken22; Voltron Cpital’s Olumide Soyombo, Korty, and many more. Click this link for the full lineup of speakers. And if you’ve not got your tickets, do so now, as October 12 and 13 are almost here! Empowering tech innovators and aspiring entrepreneurs Before we sign off, have you been following our short-video series, My Startup in 60 Seconds and Entering Tech? We created My Startup in 60 Seconds to spotlight founders building the future of Africa tech. Season 1 and 2, which aired in Q1 and Q2 respectively, featured over 24 startup founders from across the continent including Nigeria, Ghana, Morocco, South Africa and more. These innovators are dedicated to conquering critical challenges in health tech, logistics, payments, agriculture, and beyond. Their dedication and innovative spirits are the driving forces behind a more promising future for Africa and the world. Entering Tech, on the other hand, a spinoff of the popular Entering Tech newsletter series, provides practical guidance and assistance for aspiring tech entrepreneurs. Subscribe to our YouTube channel so as not to miss these series! Reach out to us Is something interesting happening in your area that might interest us? Email us at team@techcabal.com. Until next time, Muyiwa Olowogboyega Kelechi Njoku
Read More
Cameroonian fintech, Koree, wins Ecobank Fintech Challenge
Koree, a fintech that allows customers in cash-based economies to save spare cash on a card, wins $50,000 at the Ecobank Fintech Challenge, edging out almost 1,500 fintechs. Koree, a Cameroonian fintech, has emerged winner of the Ecobank Fintech, ahead of eight finalists and 1,490 pitches. Koree went home with $50,000 in non-dilutive funding while Wolf Technologies, a DRC fintech, took second place and $10,000, and Flexpay, a Kenyan fintech, won $5,000 in third place. Magalie Gauze, the founder of Koree, told TechCabal that her company will use the funds to hire for business development and engineering roles. She added that Koree will also get an office in Douala, Cameroon. “Our team members are located in Cameroon, Ivory Coast, Togo, Nigeria, and Senegal since we started fully remote but having a proper office will help us bond and create a stronger culture,” she said. Koree’s product aims to solve the spare change problem in cash-based economies by using a card and digital wallet to allow merchants to return their customers’ spare change. Merchants can also create loyalty programs where customers can also earn cashback rewards. The eight finalists are Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), SmartTeller Technologies (Nigeria), Rubyx (Belgium), and Wolf Technologies (DRC). Oluwole Ogunwande, the CEO of SmartTeller, told TechCabal that although he had gone to many competitions, the challenge was the most difficult. Ecobank, one of Africa’s largest banks with a presence in 35 African countries, has been organising its fintech challenge for six years and Koree is the first francophone and woman-led fintech to win the competition. The eight finalists will be inducted into the Ecobank Fintech Fellowship with other alumni like Piggyvest, Touch and Pay, Moni, and Nala. Micheal Oluwole, the co-founder of Touch and Pay, last year’s winner, shared in a fireside chat at the event that his company has leveraged the sandbox to expand into Ghana and the prize money was used to conduct experiments to help his company’s growth. He added that since last year’s win, his company has doubled its users to two million and is now the largest processor of contactless payments in Nigeria. The challenge’s alumni network has since gone on to raise $90 million in collective funding since participating in the challenge and 10 of the challenge’s alumni have also integrated into Ecobank’s pan-African sandbox, which gives them access to test their products in 35 African countries. According to Dr Tomisi Fashina, Ecobank’s group executive for operations and technology, the bank’s investment in the challenge has helped develop the bank’s fintech unit which saw a 28% increase in digital payments. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read More
Next Wave: Somalia should be part of the tech ecosystem conversation in Africa
Cet article est aussi disponible en français <!– In partnership with –> First published 8 October 2023 With the inclusion of venture debt, venture inflows to Africa totalled $6.5 billion across 853 deals – but Somalia did not get any of this share. In a skeletally vibrant African tech ecosystem, the spotlight often shines on well-established hubs in West Africa, such as Nigeria, and in the southern regions, like South Africa. Kenya, Rwanda, and Ethiopia have garnered attention for their growing tech ecosystems. Yet, amid these developments, quiet underdogs exist, such as Somalia. While discussions of fundraising rounds typically bypass the country, its growing potential within its borders should not be ignored. The tech scene in Somalia might be small on the global stage today, but a transformational foundation has been set up based on activities that have been taking place there. With increased visibility and venture capital interest, it could start making a name for itself. 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 <!–Chart section 1 A sample of African startups that have gone from raise to bust. | Infographic by Victoria Olaonipekun, TC Insights Somalia’s geographical location makes it an attractive space for investment Somalia is geographically based in the Horn of Africa and has over 18 million people. It has a strategic coastal location adjacent to some of the world’s busiest maritime routes, and its proximity to the Middle East and South Asia makes it an attractive prospect for global enterprises seeking expansion opportunities. After the stabilisation of the nation following the 2012 polls, Somalia has attempted to work towards rebuilding itself as a regional hub for commerce, transportation, trade, and industry. Several factors have facilitated this development, including the rising adoption of digital technologies, rapid urbanisation, and planned investments in critical sectors such as energy, ports, education, and healthcare. The World Bank supports the nation’s commitment to instituting reforms and re-engaging with the region, which can open channels for human capital rejuvenation and overall economic growth. Per a Somalia startup ecosystem report, there is synergy between the public sector and local entrepreneurs that has given rise to innovations addressing the nation’s most pressing issues. This has jumpstarted the nation’s startup ecosystem, marking Somalia’s potential for growth. For instance, investments have been directed towards renewable energy, with Somalia’s vast resource potential positioning it as a leading contender for onshore wind power generation in Africa, capable of producing 30,000 to 45,000 MW. The emergence of the Service as a Service (SAAS) sector has also supported its startup landscape that cuts across transportation, food, healthcare, and education. However, given these numbers and the potential in Somalia, why don’t we hear about a lot of startup activity in the country, and is there a way to address this? Article continues after this ad Techies Meet Testars Testify is celebrating 22 veteran software testers with impactful years of experience. To read more, click here! Join the first-of-its-kind tech hangout on November 11 at The Zone, Lagos State. Games, food, and networking with tech professionals RSVP NOW A look into the tech players in Somalia Somalia has a growing startup space with key startups in many industries, including healthcare, logistics, renewable energy, mobile money, and communication. For instance, OGOW provides electronic medical records and practice management systems for hospitals and clinics, helping them to boost patient care. Gulivery is a third-party delivery service that helps businesses focus on their services by handling the delivery logistics. SECCCO provides clean, low-cost, and sustainable renewable energy solutions, improving the lives of thousands of Somalis. SolarGen is a renewable energy and water solution provider that focuses on distributing solar products and the engineering, procurement, and construction of world-class projects. SoPay is an all-in-one mobile money solution that allows users to transfer money, pay utility bills, make online payments, and request money. WAAFI is an app that combines mobile money, communication, and productivity. SIMAD iLab is a place where people can learn about and start new businesses—and recently, it launched an innovation theatre, a space for startups and MSMEs, and a corner for private-sector leaders and civil servants. Other players, too, such as accelerators and boot camps, want to make a mark in the tech ecosystem in Somalia. Fikrcamp, for instance, teaches young people how to code in native languages such as Somali and has even expanded to Ethiopia with the same goals. SOMINVEST seeks to attract foreign investment and improve investment policies. The Women Business Accelerator Program offers training and funding for female-owned startups. The Somali Technology Association Centre, established in 2018, offers tech training services. HarHub Business Incubation supports early-stage startups with entrepreneurship training and incubation services. iRise is an innovation hub in Mogadishu offering workspaces and office spaces for startups. The IITE Institute incubator assists SIMAD University students with mentorship and resources. Partner Content: Meet DockHive: A marriage between docker and blockchain technology Admittedly, Somalia has been plagued by political instability and conflict for decades, which has hindered the development of a robust tech ecosystem, so its presence in the African tech ecosystem has been muted. With massive VC investment in Africa, Somalia is yet to spark interest According to the African Private Capital Association, by deal volume, 2022 was a record year for venture capital investment in Africa. Although the total amount of capital invested in African startups dropped slightly in 2022, it remained stable compared to the record set in 2021. With the inclusion of venture debt, venture inflows to Africa totalled $6.5 billion across 853 deals. West Africa remained the top region for venture capital investment in Africa, with Nigeria as the most active country per volume at 22%. Despite these developments in African venture capital, Somalia received no investments or mentions in the African Private Capital Association report. Can
Read More