Next Wave: Venture debt’s role in Africa’s startup ecosystem
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 18 Aug, 2024 Africa’s startup ecosystem has faced challenges in recent years, with some running behind their fundraising targets while others have been forced to lay off or close. The distressing scenario is attributed to a decline in VC deals since 2022, and a tough macroeconomic environment that has seen a slowdown in economic activity. In 2023, the global VC market fell 35% year-on-year, the lowest in four years. African VC deals decreased by 31% year-on-year, according to African Private Capital Association data. With investment slowing, experts are divided on the future of venture debt, as founders seek alternatives to equity financing which has been the darling of the ecosystem. While equity financing remains the go-to for African startups, venture debt is gaining traction because of its unique value proposition. It gives startups the working capital they need to scale operations, but without diluting ownership. This has given early-stage firms a lifeline, considering access to conventional debt in most African countries can be limited. However, the recent upheavals that have seen startups like Kenya’s Sendy, a B2B logistics firm, and Copia, a B2C e-commerce platform, close and enter liquidation have sent panic over the future of VC debt. VC analysts observe that firms that entered administration did not have enough recoverable assets to settle creditors. However, this cannot be a problem for VCs with robust risk assessment models and strong local partners like banks and microfinance institutions. VC funding to African startups from 2019-2023 (in USD millions) The African debt market is still relatively nascent, compared to its global peers, with limited data and credit history making it hard to secure funding. Venture capitalists trying to navigate this without much support from local lenders who have the infrastructure are bound to face challenges. Big African banks like South Africa’s Standard Bank, Nigeria’s Access Bank and Kenya’s Equity Group, have all developed asset-backed and revenue-based lending models that VCs can borrow or rely on if they build local partnerships. Accurate credit risk assessment is required to evaluate startups’ creditworthiness in a region where financial data is scarce; local banks have made progress here. Next Wave continues after this ad. Driven by passion and experience, Africa’s seasoned entrepreneur, Kola Aina identified a gap in African startup funding. In 2016, he founded Ventures Platform with the goal of replicating Silicon Valley’s success by providing capital, mentorship, and a supportive ecosystem for African startups. Despite numerous challenges, Aina’s determination and strategic investments have fueled remarkable growth and success for startups across Africa. Kola Aina is a featured speaker at Moonshot 2024, joining other innovators and industry leaders who are developing groundbreaking solutions to Africa’s most pressing challenges. Save your seat at Moonshot! Get tickets here A growing number of African tech startups are reaching a later stage, requiring larger funding rounds. This will allow lenders to create more structured debt products. Limited success stories to look to have made it hard to project the future of venture debt, experts say. Like other regions, some tech innovations have failed to pick up after receiving millions in VC backing. Those who borrowed have failed to repay the loans after struggling to make profits. With more startups hitting maturity, lenders will have historical data to determine companies’ creditworthiness. As the debt component gains traction, analysts say local players, including VCs, will come up with technological solutions to assess, underwrite and manage venture debt. Additional capital can help startups expand, develop new products, and increase marketing efforts. Therefore, the ecosystem will find solutions to respond to the hurdles stopping alternative financing. VC investment in African tech by category from 2019-2023 (in USD millions) Founders also have a role in ensuring venture debt remains a viable financing option. The challenges that have faced the African tech ecosystem have offered valuable lessons. To secure more funding options including debt, startups will need to have a clear revenue generation plan to return investors’ money and manage debt repayments. This will be achieved by building strong financial models that demonstrate clear paths to profitability and repayment. With this, lenders will not hesitate to close large-size funding deals with promising innovations. In addition, startups will allocate borrowed funds to well-thought programmes to increase impact and return on investment. The narrative of founders misusing investors funds has been persistent, but as the market matures most startups are keen on sustainable growth. The fast-paced approach to startup growth has been termed as their greatest flaw. Pressure from investors has been blamed for the collapse of some of the promising innovations like Sendy, Copia, and iProcure. Typically, VCs put money in startups with high growth, but push for short-term returns. Despite the challenges, experts believe that venture debt will play a greater role in the growth of African startups in the coming years. As the market matures, increased competition among lenders and more diverse solutions will see larger deal sizes. For founders, understanding alternative fundraising to equity financing will be essential for optimising their capital structure and accelerating growth. Adonijah Ndege Senior Reporter, TechCabal Thank you for reading this far. Feel free to email adonijah[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to you here for free to get fresh perspectives on the progress of digital innovation in Africa every Sunday. As always feel free to email a reply or response to this essay. I enjoy reading those emails a lot. 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👨🏿🚀TechCabal Daily – New regulations for Nigeria and SA
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Welcome to the new and improved TC Daily. Quite a few things have changed; can you spot them? Share a screenshot with me at timi@bigcabal.com, and tell me what you think about the new TC Daily. New tax laws are coming to Nigeria South Africa to charge flat rate for all e-commerce tax ATCIS pleads with NCC not to oblige telcos’ tariff hike request The World Wide Web3 Events Regulation New Nigerian tax laws will regulate crypto industry, says FIRS Image source: Pymnts Nigeria’s tax regulator, the Federal Inland Revenue Service (FIRS), will introduce new tax laws in September to regulate the crypto industry. In June, Nigeria started taxing users a 7.5% value-added tax (VAT) on all cryptocurrency transactions. The success with this likely prompted another go at implementing a broader tax system for crypto players. But the big question here is: how is Nigeria supposed to tax an industry it has tried to suppress for so long? In 2022, the crypto industry processed $20 billion worth of remittance inflows to Nigeria. These high volumes—susceptible to illegal trades as the government has noted—forced its hand to take some drastic measures. That same year, the government implicitly banned all crypto activities in Nigeria and prosecuted Binance, one of the popular trading apps in Nigeria this year. In May 2024, it said it was coming for other peer-to-peer (P2P) exchanges that still traded the naira. But this new regulation oversight suggests a growing reception toward crypto—or a fulfilment of its promise in May to tightly regulate the crypto industry. The country’s Securities and Exchange Commission (SEC) has been active too in this regard: it increased the cost of running a crypto company in Nigeria and issued a directive for crypto companies and founders to operate physically in the country. Dr. Zacch Adedeji, FIRS executive chairman, noted that it is better to regulate crypto in a way that is not “injurious” to Nigeria’s economy, rather than gaslight its undeniable plausibility to millions of Nigerians who use and trade it in hordes daily. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. E-commerce South Africa to charge flat rate for all e-commerce imports Caught in the act E-commerce titans like Temu and Shein, known for their lightning-fast deliveries and budget-friendly finds, are about to feel the heat in South Africa. SARS, the country’s tax collector, is cracking down on these online shopping behemoths. For years, these fashion-forward firms have been pulling a fast one. Previously, South Africa charged a 45% import duty and value-added tax (VAT) on clothing imports above R500 ($28) and 20% on smaller imports. By splitting up big orders into tiny packages below R500 ($28), they managed to slip through a tax loophole, paying a fraction of what they should. This way, they paid only 20% import duty and 0% VAT. But the party’s over. Starting September 1st, every piece of imported clothing, no matter how small, will be slapped with a 20% VAT. It’s like adding a price tag to every thread and stitch. This move will be crucial to local businesses who have contended that Shein and Temu’s lower tax burden has contributed significantly to their market dominance. With Amazon’s recent entry into the South African market, the competition is heating up, and a more equitable tax environment could help local players compete more effectively. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Telcos ATCIS pleads with NCC not to oblige telcos’ tariff hike request Image source: Proshare CEOs of leading telcos operating in Nigeria say they are rethinking their current level of investment in Nigeria, owing to the high cost of doing business in the country. If this sounds new to you, here’s the rundown of the situation: Telcos reported losses between 2023 and 2024 due to forex issues impacting their bottom line. The rising price of diesel and currency devaluation are contributing to telcos paying more money to operators to maintain cell towers. As a result, Nigerian telcos have been pleading with the Nigerian Communications Commission (NCC), asking for permission to increase voice and data tariff prices. If telcos hike tariff rates by the 40% they are asking for, the 1.4 GB data plan on MTN that costs ₦1,000 ($0.63) will increase to ₦1,400 ($0.88). Prices of goods in Nigeria have increased this year due to inflation. And telcos want to raise their prices in response to this market reality. If this happens, it is Nigerians that will bear the brunt, adding to the financial burden many already face. However, some organisations are stepping in to plead on behalf of Nigerians. The Association of Telephones, Cable TV, and Internet Subscribers (ATCIS) opposed the hike, calling the plea made by telcos a “subtle blackmail”. ATCIS has also asked the NCC not to approve the tariff hike. Ultimately, the NCC has the final say on this. But Nigerians may have to start budgeting a bit higher for monthly data subscriptions if telcos have their way. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $58,573 – 1.57% – 12.11% Ether $2,636 + 1.22% – 22.94% Notcoin $0.011 + 6.29% – 31.23% Solana $143.02 + 1.29% – 15.99% * Data as of 06:05 AM WAT, August 19, 2024.
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GTBank downtime: Incompetence or something more sinister?
Opeyemi Awoyemi is a technology entrepreneur. Asides founding Jobberman, the job site; he founded Whogohost, a leading Nigerian domain registrar with 60% .ng market share and also manages a domain registry. He tweets via @opeawo Nigerians woke up to the news that gtbank.com was down. As an expert in the domain space for over 18 years, I deem it important to put some facts out there to inform the public on the issue. I founded a leading domain registrar, Go54, formerly known as Whogohost that serves over 150,000 businesses and organizations in Nigeria with domain and hosting services including GTBank and now also manages a domain registry (.cv). GTBank’s downtime has been chalked up to a failure to renew their domain name. Public WhoIs records dating as far back as 2021 refutes that. GTBank has been with the same registrar (Register.com) over the years and its nameservers remain the same in the records below from 2020 and 2024 (see updated date). Nothing has changed in the domain configurations. The records further reveal that the GTBank.com domain was registered with Wild West Domains LLC as far back as 2011, then moved to Register.com in 2017. In the same year, they added a privacy service to shield the ownership of the domain. This is a common practice to protect personal privacy (I highly recommend this if your registrar offers it) and does not imply any wrongdoing or intent to cover up. This is why the domain contact shows up as PERFECT PRIVACY, LLC. The real issue lies with the service itself. In my research, I was also able to pull all their historical A, MX and TXT records to see if anything had changed. The only change is the above, where a new A record has been added on 16th of August to point to servers at Confluence Networks. Domains typically use multiple A records to manage load balancing or redundancy. This suggests that there is an issue on the website they are trying to fix and this could be a data center issue, human error or something much more sinister like a DDOS attack (denial of service) or ransomware attack. Several financial institutions have been hit in the past with the latter, and if history is anything to go by, the bank is probably doing what every bank is likely to do: keep the real issues to themselves. My experience in the domain space and the recent CrowdStrike issue have made me realise that sometimes technology and human error fail us and we need more or another technology to fix or prevent things. Though super useful and nearly indispensable, the internet is also becoming an increasingly dangerous place and we all need to be careful. Is the GTBank issue a case of incompetence? Unlikely. Incompetence is easy to fix: change records and deploy. It’s #GTBankFail today and it might be another financial institution’s tomorrow. This is one truth about how technology can fail firms. There’s a lot of things you, the average Dauda or Yemisi can’t control. But these you can do. Do not put your eggs in one basket. Your eggs are whatever account balance you have, be it ₦10,000 or ₦100 million. Have multiple bank accounts. Use two-factor authentication. Use different passwords for your email and banking apps (even if you need to come up with a formula that only you know). Where possible, use passwordless logins. Stay safe and informed.
Read MoreLagos Model United Nations 2024 Is Fostering Youth Development Through Diplomacy and Soft Skills
The Lagos Model United Nations (LMUN) is thrilled to announce its upcoming LMUN 2024 conference, scheduled for August 30 to September 1, 2024. This prestigious conference, which will be hosted at the University of Lagos, promises to be an enriching experience for all participants from around the globe. LMUN is a leading platform for youth engagement in international affairs. Established in 2016, it has grown to become one of the most respected Model UN conferences in Africa, attracting delegates from across the continent and beyond. The conference brings together young leaders and aspiring diplomats to discuss and propose solutions to global issues to foster diplomacy, cooperation, and understanding. Key Highlights of LMUN 2024 1. Theme: This year’s theme, “Youth at the Forefront: Catalyzing Global Change through Active Participation,” focuses on the pivotal role of youth in driving global change through active involvement and leadership. 2. Committee Sessions: Delegates will engage in rigorous debates and negotiations in various committees, including the General Assembly, Security Council, and other specialized agencies. Topics will range from climate change to global health, reflecting current international challenges and prospects. 3. LMUN Idea Fair: Delegates who register for the conference can apply to the Idea Fair competition to win an N300,000 grant to fund their project-based solutions for challenges related to SDGs 1, 3, and 8. On the second day of the conference, delegates will present their solutions to the conference attendees and a panel of judges. 4. Workshops and Training: The conference will offer a series of workshops inviting prominent speakers from diverse fields, including international relations, diplomacy, and development. These experts will share insights and inspire delegates to think critically and act effectively. 5. Networking Opportunities: Participants will have the opportunity to connect with peers, mentors, and professionals from various backgrounds, fostering lasting relationships and expanding their global networks. 6. Pledge Drive: LMUN is partnering with Isrina Schools, an initiative with a mission to offer underprivileged children access to quality basic education at no or heavily subsidized rates. They are inviting members of the society to sponsor the conference and, in turn, change lives. “For us, LMUN is about empowering young people to become more confident and socially conscious. Our goal is for every participant to leave this conference with the conviction that they can make a meaningful impact on the world,” said Treasure Okure, the Secretary General of the 2024 Conference. Participants can register for LMUN 2024 through the official website. The registration fee includes access to all conference sessions, materials, feeding, and social events. Flexible payment options, including installment plans, are available to ensure that as many students as possible can participate. By engaging with the world and its issues from a problem-solving perspective, the conference aims to contribute in raising a generation of young leaders dedicated to shaping the world they want to see. For more information on LMUN, please visit their website or contact info@lmun.ng or asg1@lmun.ng. Stay connected with LMUN online: Website: https://lmun.ng/ Twitter: https://x.com/lmun_ng Instagram: https://www.instagram.com/lmun_ng/ LinkedIn: https://www.linkedin.com/company/lagos-model-united-nations
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Breaking: Jumia raises $99.6 million in secondary share sale
Ten days after it announced it would sell 20 million ordinary shares in a secondary transaction, Jumia ($JMIA) has closed the sale after reaching its funding target. According to a securities filing seen by TechCabal, the gross proceeds from the sale amounted to $99.6 million. The filing suggests an average share price of around $4.95 per share, slightly above Friday’s trading price of $4.90. On Monday, TechCabal reported that liquor and wine maker Pernod Ricard bought 1.27 million ordinary shares valued at around $6 million. At least one Wall Street analyst estimates that Jumia will lose $65 million for the full year 2024 and in Q2 2024, its cash position stood at $92.8 million. Raising $99 million will significantly improve Jumia’s cash position. Jumia did not immediately respond to a request for comments. Image Source: Jumia. The e-commerce giant will use the funding to finance ongoing efforts to acquire more customers, and expand its supplier base and logistics network. It will also invest in improving the technology that supports its vendors and marketing vertical—a value-added service that it has been extending to its customers since 2021. Despite missing its revenue targets in Q2 2024, investors remain bullish on Jumia’s ability to crack Africa’s e-commerce market. The company will need all the conviction it can get.
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How to perform JAMB UTME to DE conversion for 2024
For candidates looking to take advantage of the opportunity to convert UTME registration to Direct Entry (DE), this article is for you. This guide will walk you through the necessary steps to complete the JAMB DE conversion 2024 process efficiently. Why consider the JAMB DE conversion 2024? Upgrading your UTME registration to Direct Entry is essential for those aspiring to join advanced programmes in tertiary institutions. The JAMB DE conversion 2024 is particularly beneficial for candidates with certain qualifications. Such qualifications include A-levels or National Diplomas, as it facilitates direct admission into higher-level courses. Where to complete the JAMB DE conversion 2024 The conversion process is conducted exclusively at JAMB Professional Registration Centres (PRCs) scattered across the country. It is vital to visit an authorised PRC to ensure your conversion is processed correctly. Step-by-Step guide to JAMB DE conversion 2024 Locate and visit a JAMB PRC: Begin by finding a JAMB Professional Registration Centre close to your location. The PRC is the official venue for all JAMB-related services, including the JAMB DE conversion 2024. Present your documents: Bring along your UTME registration slip and any academic qualifications that qualify you for Direct Entry. These documents are mandatory for the conversion process. Complete the conversion: Once at the PRC, follow the instructions provided by the officials. They will guide you through the necessary steps, including the verification of your details and submission of required forms. Recent JAMB 2024 updates: Key announcements for candidates The Joint Admissions and Matriculation Board (JAMB) recently gave significant updates that all 2024 candidates should be aware of. This section highlights the most recent developments, including new policies on minimum age requirements, the cessation of illegal admissions, and more. Minimum age requirement: For the 2024/2025 academic session, there are age highlights. JAMB mandates that only candidates who are at least 16 years old will be eligible for admission. Post UTME eligibility: Candidates aged 15 can take the Post UTME exams, but they can only accept admission if they turn 16 by the time the institution offers admission. End of Illegal admissions: JAMB mandates that institutions must disclose all candidates with illegal admissions before 2017 within the next month. Unreported admissions will not get recognition. Daily Part-Time programmes: JAMB has condemned the unauthorised Daily Part-Time (DPT) and Top Up (TU) programmes advertised by some polytechnics and universities, warning candidates to avoid such unapproved programmes. CAPS Compliance: Institutions are to disclose all candidates with admission outside the Central Admissions Processing System (CAPS) from 2017 to data. There will be no tolerance for admissions with no report through CAPS.
Read MoreQuick Fire 🔥 with Ayoola Salako
Ayoola Salako is a multimedia storyteller and marketing professional whose creative storytelling and technology have led him to work for top brands. He leads marketing operations and storytelling efforts for LemFi. Explain your job to a five-year-old I take pictures and videos of the cool things my friends and I do and then show them to a lot more people using the internet or mass media. These pictures and videos help people understand our business and keep us at the top of people’s minds. How do you adapt your storytelling approach for different clients? I think about the most effective way to tell the business’s story. I find references that match the client’s needs and use those references to guide the storytelling. What’s your process for collaborating with clients who may not have a clear vision for their project? I ask questions to understand the client’s needs, present a few references that match what they might be looking for, and then work with them to choose the best direction. What are some of the biggest challenges you’ve faced in remote collaboration on multimedia projects? Translating the details and subtle nuances to media producers is sometimes difficult. Often, production companies and agencies don’t understand why I need content in specific formats or durations, which complicates the process. Beyond production, how do you measure the success of a storytelling project? I measure success based on the impact and how well people can relate to the story. For example, I once worked on a documentary about a traditional bone healer that led someone from the US to come to Nigeria to visit the healer. I also look at how organically a story spreads and resonates with audiences, as with a campaign I did that went viral because people thought it was part of a TV show, not an ad. What exciting things are you working on now? I’ve moved from being purely a brand storyteller to taking on a more strategic role that involves crafting narratives and integrating project management, legal compliance, and data analysis into my work. This evolution happened as I started working on a market expansion campaign in Ghana, where I realized that my role was expanding. I found myself asking the “so what?” question—essentially ensuring that every piece of content or strategy directly ties into specific metrics or goals. My current focus is on blending my storytelling background with growth strategies, working closely with various teams like product, engineering, data, legal, and finance. This multidimensional role allows me to contribute to more intentional and metric-driven campaigns, making my work both challenging and fulfilling. Given your love of documentaries, what story would you jump at the chance to tell, given the opportunity? I would love to tell the story of a wildlife ranger in a park. I want to follow them and document their lives, understanding what inspires them to protect wildlife and what their day-to-day life is like. We don’t see much of that in West Africa. We’ll often hear these stories told in Kenya, East Africa, or even Southern Africa, but those stories are needed here. You describe yourself as a “Student of the internet”—can you share a recent online discovery that blew your mind, related to storytelling or technology? Recently, I learned about home automation protocols like Zigby and Z-Wave, which allow devices to communicate without Wi-Fi. This was a significant discovery for me because I always thought everything relied on Wi-Fi. In storytelling, I discovered James Tulland on YouTube, who tells life stories from a unique point of view, such as what life is like for a great white shark, highlighting how much we still don’t know about the ocean.
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As data costs bite, Botswana’s free WiFi program is blowing up in popularity
In Botswana, internet subscriptions are expensive. 10GB of data can cost up to P1400 ($103) in a country where the minimum wage is P1500 ($111), cutting off a youthful population despite increased demand for internet connectivity. In 2019, Botswana introduced SmartBots, free WiFi routers in public spaces. Five years on, the project has scored significant wins, with over 1.6 million users. Internet penetration has also increased from 42% in 2019 to 77% in 2024, with the accessibility provided by SmartBots for low-income groups being a significant contributor. SmartBots routers—placed in public facilities including clinics, schools, and dikgotla (traditional courtyards)—have speeds of up to 10Mbps. Over 1,100 public facilities have been fitted with SmartBots routers. On average, more than 130,000 users access the internet via SmartBots daily, and the government plans to connect more than 500 villages soon. Botswana’s small and widely dispersed 2.4 million population makes providing telecommunications infrastructure expensive for telcos, which pass on the cost to consumers. Botswana’s internet penetration rate has shot up at the same time that SmartBots’ popularity and coverage has also increased (Image source: Faith Omoniyi/TechCabal) *Kago and *Tumelo, two 15-year-old Form 2 students, use SmartBots to access learning resources—that’s what they tell their parents. They spend most of their time watching football highlights on YouTube and scrolling TikTok. Nevertheless, before SmartBots, the youngsters would not have access to the World Wide Web as they do now. “We are here every evening because the internet is free, there is no password, and it’s close to where we stay, so we can leave late in the evening,” Tumelo tells TechCabal. “Our biggest mission is to connect all the settlements in the country and then move to the concentrated but isolated farming areas,” said Pontsho Pusoitsile, permanent secretary at the ministry of communications, knowledge and technology. The user base for SmartBots has grown over the years and is widely diverse, ranging from students to senior citizens. For the youth, the use cases for SmartBots include accessing social media, applying for job opportunities, downloading music series and even trading forex, which has again popularity among Botswana’s young population amidst rising unemployment levels. Batswana, young and old, frequent SmartBots free WiFi hotspots to access the internet. (Image source: Ephraim Modise/ TechCabal) 21-year-old *Daniel arrives at the Tshwaragano Clinic SmartBots hotspot at around 5:30 pm after he leaves work. He is there at least four days a week and can stay until night surfing the internet. He uses the internet for social media, updating his phone software and pursuing his side hustle, forex trading. ”The free internet is helpful because I’m learning forex and my friends say with enough wits, I can make easy money,” Daniel told TechCabal. However, SmartBots is not without its problems. The service uses a household-grade router, so its speed depends on the number of people on the network. Most users target off-peak times, typically mornings and evenings when the most ardent users, students are either in school or at home. Early mornings and late evenings are the best times to get the most speed from SmartBots as the foot traffic is low. (Image source: Ephraim Modise/ TechCabal) 55-year-old *Mooketsi usually arrives at the Monarch kgotla SmartBots hotspot at around 7 pm when the student traffic starts to disperse. He uses the WiFi at least 3 days a week to download revision material for his 11-year-old daughter who is preparing for her Primary School Leaving Examinations (PSLE). “I want her to pass and eventually go to the University, so this revision material I downloaded will help her a lot,” he told TechCabal. While SmartBots’ password-free Wi-Fi is a convenience, cybersecurity experts warn of the potential risks of using the open network. The lack of password protection raises concerns about user vulnerability to cyberattacks. “If a malicious party accesses the router, they can easily hack users as the service does not use a password or any form of verification,” said Larona Olebile, a cybersecurity professional. Officials at the Ministry of Communications, knowledge, and Technology did not immediately respond to questions about SmartBots’ cybersecurity concerns on SmartBots. However, users do not seem concerned about the security risks. Everything else is secondary as long as they can freely access the internet. “Le rona re bata tshwana le bana ba malwapa a mangwe,” said one user. Loosely translated, it means “We too want to be connected like the rest of the world.”
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👨🏿🚀TechCabal Daily – Mobius steers towards a different path
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Starting next week, TC Daily will be slightly different. The content will be the same, but we’ve optimised this design for something that’s easier to use, and prettier to look at. In today’s edition Quick Fire Nigeria’s inflation eases for the first time in 19 months Mobius Motors accepts an acquisition offer South Africa publishes AI policy framework Funding tracker The World Wide Web3 Events Features Quick Fire with Ayoola Salako Ayoola Salako is a multimedia storyteller and marketing professional with a track record of successful executions across editorial, brand storytelling, and user acquisition campaigns. His strong interest in creative storytelling and technology has led him to work for top brands and publishers in multiple countries. Currently, he leads marketing operations and storytelling efforts in LemFi’s mission of making International Payments accessible to everyone. Explain your job to a five-year-old My job is to make pictures and videos of the cool things my friends and I do, and then show them to people, like our friends and family, using the internet or any other means. This helps them know about our business so they can come and buy from us. How do you adapt your storytelling approach for different clients? I adapt my storytelling by looking for the most effective way to tell the business’s story. I find references on the internet that are closest to the client’s needs, whether they are crazy or sane, and then I use those references to guide the storytelling. What’s your process for collaborating with clients who may not have a clear vision for their project? I ask a lot of questions to understand what the client truly needs, even if they don’t have a clear vision. I find something that is the safest option to tell their story, present a few references that match what they might be looking for, and then work with them to choose the direction that fits best. What are some of the biggest challenges you’ve faced in remote collaboration on multimedia projects? The biggest challenges in remote collaboration are dealing with bandwidth issues and the lack of very detail-oriented talents among media producers. Often, production companies and agencies don’t understand why I need content in specific formats or durations, which complicates the process. Beyond production, how do you measure the success of a storytelling project? I measure success based on the impact and how well people can relate to the story. For example, I once worked on a documentary about a traditional bone healer that led someone from the US to come to Nigeria to visit the healer. I also look at how organically a story spreads and resonates with audiences, as with a campaign I did that went viral because people thought it was part of a TV show, not an ad. What exciting things are you working on now? Right now, I’m excited about the transition I’ve made in my career, which is quite unique. I’ve moved from being purely a brand storyteller to taking on a more strategic role that involves not only crafting narratives but also integrating project management, legal compliance, and data analysis into my work. This evolution happened as I started working on a market expansion campaign in Ghana, where I realized that my role was expanding beyond just creating content. I found myself asking the “so what?” question—essentially ensuring that every piece of content or strategy directly ties into specific metrics or goals. My current focus is on blending my storytelling background with growth strategies, working closely with various teams like product, engineering, data, legal, and finance. This multidimensional role allows me to contribute to more intentional and metric-driven campaigns, making my work both challenging and fulfilling. What does the future look like? The future for me would be to find a unique blend for what I do. In sub-Saharan Africa, there are no companies that are focused on data-conscious storytelling. As a creative person, while it’s very easy to focus on the promotion part of marketing, it’s also easy to forget about on of the other Ps of marketing, pricing. I think I’d like to see myself as a business-conscious creative director. Given your love of documentaries, what story would you jump at the chance to tell, given the opportunity? I would love to tell the story of a wildlife ranger in a park. I want to follow them and document their lives, understanding what inspires them to protect wildlife and what their day-to-day life is like. We don’t get to see a lot of that in West Africa. We’ll often see these stories told in Kenya or East Africa, even Southern Africa, but those stories are needed here. You describe yourself as a “Student of the internet”—can you share a recent online discovery that blew your mind, related to storytelling or technology? Recently, I learned about different home automation protocols like Zigby and Z-Wave, which allow devices to communicate without Wi-Fi. This was a big discovery for me because I always thought everything relied on Wi-Fi. In storytelling, I discovered James Tulland on YouTube, who tells life stories from a unique point of view, such as what life is like for a great white shark, highlighting how much we still don’t know about the ocean. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Economy Nigeria’s inflation eases for the first time in 19 months Yesterday, Nigeria’s inflation slowed for the first time in almost two years. Data from Nigeria’s Bureau of Statistics puts July’s headline inflation at 33.40%, down from 34.19% recorded in June. According to Stears Analyts, this decrease is a result of a drop in food prices, which has been a major driver of inflation. As Nigeria’s harvest season draws near—with one basket
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2024 JAMB DE Conversion to UTME now available
All 2024 UTME candidates are implored to note that the Joint Admissions and Matriculation Board (JAMB) has officially commenced the DE UTME conversion 2024 process. This essential service is now available at JAMB Professional Registration Centres (PRCs) across the nation. Key Information on DE UTME conversion 2024 Service availability: The Direct Entry JAMB/UTME conversion 2024 process is exclusively accessible at JAMB Professional Registration Centres (PRCs) nationwide. Purpose: The conversion allows candidates to upgrade their UTME registration to Direct Entry (DE), facilitating entry into higher-level programmes. Eligibility: Candidates with A-levels, National Diplomas, or other qualifying qualifications can utilise this service. Required Documents: Bring your UTME registration slip and relevant academic certificates to the PRC for a smooth conversion. Steps to complete the DE UTME conversion Visit a JAMB PRC: Locate and visit a JAMB Professional Registration Centre near you. Submit documentation: Present your UTME registration slip and any necessary academic certificates. Complete the Process: Follow the guidance provided at the centre to complete your Direct Entry UTME conversion 2024. Important considerations for DE UTME conversion 2024 Timeliness: Candidates should complete the DE UTME conversion as early as possible to avoid last-minute complications and ensure smooth processing. Verification of details: Double-check all personal and academic details during the conversion process to avoid errors that could affect your application. Additional tips Stay informed: Regularly check for updates from JAMB regarding any changes or additional requirements related to the DE UTME conversion. Seek assistance: If you encounter any difficulties or have questions during the conversion process, don’t hesitate to ask for help from the PRC staff or contact JAMB support. These steps and considerations will ensure you are in good position for DE UTME conversion 2024. Ensure you complete the conversion process to enhance your chances of securing a place in your desired course or programme.
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