From regulatory ripples to cyberattacks: A reflection on Africa’s tech ecosystem in Q2 2023
Image source: Telecom Review Africa In Q1 2023, Artificial Intelligence took centre stage globally and particularly in Africa, as the sector yielded Africa’s biggest acquisition of all time in a mega deal worth $682 million. However, the second quarter of 2023 took a different turn, according to research findings by TechCabal Insights. Venture funding grew a little higher than the previous quarter with energy startups dislodging fintechs. Several African governments also began to pay attention to regulatory activities that dominate the tech space, with Nigeria and Kenya at the forefront. In Q2 2023, venture funding increased from US$ 857 million in Q1 to US$916.4 million in Q2, nearly crossing US$1 billion and totalling a 6.9% increase from the last quarter. This was driven by two mega deals: M-Kopa securing $255 million in a debt-and-equity financing round and SunKing’s $130 million securitisation deal in May 2023. Although there was a decline in the number of funding deals compared to the last and corresponding quarter, we have seen a trend of quality investments and deals as well as growth from startups in East Africa as Kenya jumped to the top in terms of funding position to secure an impressive $462.4 million, with Nigeria following distantly at $149.3 million. “The downsizing of deals is important to building a more mature and structured ecosystem for Africa. Startups have become more margin-conscious and pay attention to the fact that investors now prioritise scalability, unit economics, and capacity,” said Leslie Ossete, co-founder and COO at Mstudio at the launch of The State of Tech Report Q2 2023 on Friday, August 4, 2023. One of the most noteworthy trends in Q2 2023 was the shift in the venture funding landscape, as fintech startups no longer receive the largest chunk of investment. Instead, energy-focused startups took the lead, securing an impressive $486.9 million to represent 53% of the total funding in the quarter. This implies that while innovation around payment or digital financial services remains attractive on the continent, Africa’s energy needs are beginning to gain investor attention, considering the gap in energy consumption across the continent. While there has been a general increase in the environmental and climate consciousness globally, we have also seen an increase in regulatory policies which has served as a major driver for investment and innovations in the cleantech and energy sector. For example, Nigeria signed an electricity bill in 2023 that provides a framework for the generation, transmission, and distribution of electricity. The bill also provides incentives for private investors to create a viable market that would drive investment, improve electricity access, and foster economic growth. Like Victoria Oloni, an associate at Templars said: “If a sector is going to experience a boom, it starts with regulatory policies that make it attractive for investment to come into the space.” The surge in digital financial services adoption across Africa has brought about an increase in cyber fraud risks. For instance, MTN’s mobile money service sued 18 Nigerian banks after a $53.7 million loss to mobile money fraud. Union54, a Zambian fintech, paused operations due to an attempted $1.2 billion chargeback. We also witnessed other cyber fraud activities with financial institutions like Flutterwave, Heritage Bank, Globus Bank, and even one of Africa’s biggest streaming platforms- Showmax. These incidents highlight the pressing need for enhanced cybersecurity to protect user information and financial assets amidst Africa’s expanding digital finance landscape. Emeka Ajene, founder at Afridigest advised: “It is important for startups to start thinking around optimising their products against cyber fraud early rather than later.” Although the year began with a lot of scepticism about funding in Africa’s startup ecosystem, the performance so far has sharply contrasted it. With each passing quarter, the African tech ecosystem evolves and adapts, continually pushing boundaries and redefining what is possible despite various challenges. By ensuring more stakeholder engagement and collaboration on the implementation of policies, we will begin to see unparalleled growth across Africa’s diverse tech ecosystem. To get valuable insights into the state of tech in Africa in Q2 2023, download the report here.
Read MoreInside ChowCentral: Y Combinator’s latest food delivery bet in Africa
TechCabal caught up with Tosin Onafuye, and Adeyemi Onafuye, Co-founders of ChowCentral Y Combinator’s Summer class of 2023. Here’s how the team is re-imagining the food restaurant business. When Tosin Onafuye started 500Chow—ChowCentral’s subsidiary—as a fun experiment in April 2020, his plan was to deliver quality meals at the most affordable rate. “We started 500 Chow to sell meals for N500 for people that didn’t have so much money during the covid lockdown,” he tells me on a video chat from ChowCentral’s kitchen in Lekki. Onafuye and his team experimented throughout the 2020 lockdown. Afterward, they pivoted into a new business model—a food marketplace to deliver meals. This attempt failed; “At the time, we had not gotten so much funding, and we had not gotten so much experience; we had just finished school in 2019, and we wanted to start a business in 2020, so we went to work,” he said. After the attempt failed, the 500Chow team went their separate ways. Christopher Obasi, the company’s CTO and Yemi Onafuye, the COO, moved to Moniepoint to build products, while Tosin Onafuye joined Vendease (W21), a B2B startup that services restaurants. With the benefit of hindsight, Onafuye says moving on to different things was a learning curve for the team. In August 2022, the team reunited to set up a central kitchen in Lagos, and ChowCentral was born. The idea for ChowCentral was borrowed from Yum, the American multinational fast food corporation which operates the brands KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill. At present, ChowCentral, owns two brands: 500Chow, and Gregg’s Grill. ChowCentral allows customers to order meals on the app from only 500Chow, pay with their in-app wallet and track their orders in real-time—meal prices on the platform range from N1500-N4000. ChowCentral: The Facelift ChowCentral has no plans to include third-party restaurants on the app, raising valid questions about variety. On competitor platforms like Chowdeck, users choose from several restaurants that offer a wide variety. ChowCentral’s COO insists that their app always has something for everyone at all times of the day. “We are not like Chowdeck or Jumia Food; we are a restaurant. Even though we are virtual and do food delivery, our core business is restaurants.” By focusing on restaurants as its core offering, ChowCentral can control quality. ChowCentral got an undisclosed pre-seed investment in 2022 led by Ventures Platform, DFX Labs and other angel investors. The startup is one of only three African startups selected in this year’s Y Combinator’s Summer cohort. “The training and learnings from the impact of the cohort and advice from partners will help us align with the strategies we are trying to achieve,” Onafuye said. ChowCentral joins the list of Y Combinator food bets in Africa, having previously backed Chowdeck and FoodCourt in their 2022 cohort. Nigeria’s ChowCentral is one of three African startups in Y Combinator’s Summer 2023 batch Bowl of challenges Recent numbers from the National Bureau of Statistics show that food prices are the biggest driver of Nigeria’s inflation figures. Additionally, 90% of Nigeria’s working population spends more than half of their income on food and related expenses. For a startup promising quality meals at affordable prices to Nigeria’s GenZ and Millennials—who represent a bulk of Nigeria’s working population—ChowCentral has its work cut out. The company CEO, however, remains unfazed. “We source materials locally; we try to get the lowest possible price at the best possible quality. Unlike the average person, as a restaurant, you can buy larger quantities at a reduced price. It doesn’t mean that the price of things do not also rise, ” he said. “The customers bear more of the eventual cost. There is no way around it; it’s a macroeconomic condition that we have to adjust to. We are working around it. There are no easy answers to these macroeconomic problems” As with most food delivery startups, Logistics poses a big challenge. Onafuye and his team use select riders for orders from the ChowCentral app. “Also, we use bicycles for our deliveries to lessen the delivery fee,” Onafuye, told TechCabal. “Logistics have not proven too challenging for us; it’s just the people. Finding reliable people has proven to be the most difficult.” According to Onafuye, ChowCentral has $80,000 in monthly revenue and currently serves thousands of customers in Lagos Island and Surulere, Lagos mainland. Onafuye says there are plans to expand into other locations in the country. ChowCentral joins an increasingly competitive food delivery landscape with Jumia Food, Bolt Eats, Glovo, and AreaChops; Onafuye asserts that these are not competitors. “Chowdeck and the rest will be more focused on the delivery,” he said. “Ours is just to focus on quality and attracting customers to the brand. We are focusing more on the food as our core service” Chow Central’s description on Y Combinator’s page is building restaurant chains for Millennials and Gen Z living in African cities who want high-quality and healthy meals,” Onafuye affirms that they will stick to this goal till they put African dishes on the map.
Read MoreRelief for ride-hailing drivers caught in the middle of Cape Town’s taxi strike
The Western Cape branch of South Africa’s taxi union has called off a strike protesting a new by-law that allowed the City of Cape Town to impound vehicles instead of fining drivers for not displaying registration plates. The new law also states that cars can be impounded if they’re unlicensed, overloaded or don’t stop when they’re instructed to do so by a police officer. Taxi operators say the by-law targets them unfairly. The week-long ‘Taxi Stay Aways’ grounded public transportation to a halt even as Cape Town hosted the Netball World Cup. Under South Africa’s 1996 national road rules, licensed drivers who are not carrying their licences are issued a fine but are allowed to continue the trip. But under the new by-law, the City of Cape Town fines offending drivers and impounds the vehicle. The protests turned violent almost immediately. “Taxi owners and drivers, who were attending Santaco’s meeting in Makhaza, Cape Town, to decide on whether to strike, walked out of the venue and pelted a law enforcement vehicle with stones,” The Daily Maverick, a South African publication reported. The Western Cape branch of South Africa’s taxi union has called off a strike that put South African ride-hailing drivers in the line of fire as protests led by South Africa’s most powerful taxi union ground public transport in Cape Town to a halt. While South Africa hosted the final of the Netball World Cup in Cape Town, last week, the South African National Taxi Council (Santaco) announced a week of ‘Taxi Stay Aways’ to protest a new by-law that allowed the City of Cape Town to impound vehicles instead of fining drivers for not displaying registration plates, being unlicensed, overloading not stopping when instructed to do so by a police officer. Taxi operators say the by-law targets them unfairly and vowed to continue the strike until the by-law is repealed. Under South Africa’s 1996 national road rules, licensed drivers who are not carrying their licences are simply issued a fine but are allowed to continue the trip. But the new by-law, the City of Cape Town fines offending drivers and impounds the vehicle. The strike turned violent almost immediately after the strike was announced. “Taxi owners and drivers, who were attending Santaco’s meeting in Makhaza, Cape Town, to decide on whether to strike, walked out of the venue and pelted a law enforcement vehicle with stones,” The Daily Maverick, a South African publication reported. The strike forced commuters to walk long distances to get back home from work and school. People turned to ride-hailing services despite a sudden surge in prices. Local media reported that dozens of passengers who could not get buses or ride-hailing services slept at bus stations or their workplaces. According to the Western Cape Department of Mobility, taxis (mostly made up of 13 to 16-seater Toyota minibuses) provide 75% of public transport in the province and transport about one million passengers daily. South Africa’s taxi industry generates up to 100 billion rand annually, according to a 2021 report by the country’s Competition Commission. In the Western Cape, with its capital in Cape Tow, taxis can make up to R1.5 million daily, Bonginkosi Madikizela, a former Western Cape for official Transport and Public Works said in September last year. “The taxi industry has strong national political clout with the African National Congress (ANC),” Abel (name changed), a Cape Town resident told TechCabal. It is also one of South Africa’s most violent industries, with a history of stiff competition for routes between competing unions. A September 2022 report on organised crime from the Global Initiative Transnational Organised Crime estimated that half of all organised murders in South Africa between 2015 and 2020 were related to the taxi industry. At least 110 taxi-related murders were reported by the Western Cape Government between April 2021 and March 2023. Other forms of public transport, including ride-hailing have been fiercely and even fatally resisted by the taxi industry. In 2017, two Uber drivers suffered burns when their vehicles were set ablaze—one driver died from injuries. It is a persistent theme across markets where ride-hailing workers have been attacked by taxi drivers for ‘stealing customers’. On Friday last week, the Western Cape E-hailing Association (WCEA) which represents drivers who work for Uber, Bolt and In-Driver announced that it was joining the strike action after its members declined to vote for the strike in the Santaco meeting that began the strike the previous day. Ride-hailing services were one of the few options for commuters who were stranded by the strike and subsequent attacks on Cape Town’s MyCiTi and Golden Arrow Bus vehicles. As violence increased, private vehicles belonging to Uber drivers or regular motorists were attacked and set on fire in Langa and other parts of the city. “I’ve been busy since morning as people do not have any alternative to get to work. They are using Uber,” Simba, a ride-hailing driver told The South African last week. “I have to ask the passenger for the destination of the trip because there are areas that are very dangerous… when you have a client, they will ask you to take the client out and they will take the car or burn the car.“ Uber said its drivers in Cape Town were completing trips normally despite “some joining the strike.” WCEA, the ride-hailing union said it was joining the strike to ask the city government to cancel rules that require cars used for ride-hailing to have taxi metres installed. ”This provision is clearly an attack on the already declining living conditions and poor income of drivers in the e-hailing sector.” Like the taxi union, it also wanted the city’s government to stop vehicle impoundments. But the videos of burning vehicles circulated on social media groups and posts warning ride-hailing drivers to not take advantage of the strike to earn from increased prices suggest there was more behind the decision to back the taxi unions.
Read MoreNigeria’s Central Bank publishes audited financial statements for the first time since 2018
Nigeria’s Central Bank has published its audited financial statement for the first time in years, weeks after President Tinubu appointed a special investigator to examine the bank. Nigeria’s Central Bank has published its consolidated financial statements for 2015 through 2022. The apex bank has made its audited financial statements publicly available for the first time in seven years. It indicates how Godwin Emefiele’s time as governor fostered a lack of transparency. Given the Central Bank’s prominent role in Buhari’s eight years of governance, its financial statements are essential. The refusal to disclose those financial reports was also unconstitutional. Per the CBN Act, “The Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor.” Yet, the CBN was able to sidestep this constitutional requirement with no real consequences. While Emefiele and Buhari chose opacity to avoid answering some pressing questions, President Tinubu and the acting CBN governor are towing a different path. Weeks after Emefiele was suspended, President Tinubu appointed a special investigator to examine CBN’s operations. Jim Obazee, a former CEO of the Financial Reporting Council of Nigeria, was appointed to set up a team and lead the probe. FG borrowed N6.2 Trillion from the FG in 2022 One of the CBN’s most significant roles in the last eight years has been its funding of the Federal Government’s budget deficits. The Bank’s loans to the government, called Ways and Means advances, ballooned under Emefiele’s leadership, rising 2900% to N23.3 Trillion by 2022. Per the financial statement, the CBN loaned FG N6.2 Trillion in 2022 alone. This excessive money printing worsened inflation and broke laws on government financing, and a cash-strapped federal government ended up restructuring those loans in 2022. On Thursday, the International Monetary Fund (IMF) cited excess Naira in circulation as one of the reasons exchange rate stability has been elusive despite Nigeria removing its Naira peg. Bloomberg quoted Ari Aisen, IMF’s resident representative in Nigeria, saying, “There are too many naira running after insufficient foreign exchange. The supply of foreign exchange may take some time [to build up].”
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👨🏿🚀TechCabal Daily – Fresh Mooves
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Wondering what happened in African tech recently? Here’s a glimpse: Venture funding in Q2 reached an impressive $916 million, almost crossing the billion-dollar mark. Fintech is also no longer leading the pack, as energy-focused startups took the lead with $486.9 million in funding. Kenyan startups outperformed the Big 4, securing $462.4 million in funding. Get the full gist when you download our State of Tech In Africa report. In today’s edition Moove raises $76 million Safaricom shuts down sites in Ethiopia Airtel Africa moves to IPO in Uganda Funding tracker The World Wide Web3: Nigeria to verify NYSC certificates with blockchain Event: The Moonshot Conference Job openings Funding Moove raises $76 million Moove is not slowing down. The automobile financing startup has raised $76 million in a new round. This round includes equity and debt and comes from existing and new investors including BlackRock. It also comes soon after Moove raised about $183.3 million in 2022 across four separate funding rounds: $10 million in February, $105 million in March, $20 million in debt funding in June, $18.3 million in October, and$30 million in debt funding in December. Image source: YungNollywood Mooving to profitability: Moove says its new funding will be used to help the company achieve profitability over the next 12 months. According to Ladi Delano, a co-CEO, the startup is already profitable in the UAE, India, the UK, and South Africa. With this funding, Moove is valued at $550 million. Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and entered new African markets including Ghana, Kenya, Uganda, and South Africa. It has also expanded to other regions across Europe, the Middle East, and Asia. Zoom out: Moove’s rapid scaling is, however, coming at a huge cost. In February, Moove drivers protested in Nigeria over unfair working conditions. In May, Rest of World reported that Moove impounded vehicles for nonpayment of loans in Lagos, Nigeria, as drivers continued to complain. These “mooves” have evidently not dampened investor confidence Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Telecom Safaricom Ethiopia shuts down sites in Amhara Image source: Reuters Millions of people can no longer use Safaricom’s services in Amhara, Ethiopia’s second-largest region. Why? Safaricom Ethiopia closed its sites in Amhara due to an ongoing crisis involving the military and the Fano militia, a part-time group without a formal command structure. The crisis led to the federal government declaring a six-month state of emergency in the region on August 4, 2023. How many sites were shut down? The telecommunications company operates 1,272 sites in Ethiopia, but it has not revealed the number of sites affected by the shutdown. Michael Joseph, chairman of Safaricom who recently stepped down as Safaricom’s board director, mentioned that this situation has interrupted the company’s progress in expanding across the country. Safaricom aims to establish 3,000 network sites in Ethiopia by the end of 2024. In the telco’s latest filings, Safaricom Ethiopia has built 875 network sites and partnered with other entities to establish an additional 397 network sites. These sites cover 22 cities within the country. Safaricom Ethiopia has 2.1 million active users who have used its services in the past 90 days. The goal for the year 2024 is to increase this customer count to 10 million. Despite facing challenges, the telco is still committed to launching its mobile money service in the country soon. Discover Trends with Smile Identity Download the Smile ID State of KYC in Africa Report on the latest trends in identity verification across Africa, highlighting the power of biometric verification and document verification in combating fraud. It is a must-read for any business looking to acquire users across Africa and keep up with fraud trends. Telecom Airtel Uganda to sell 20% of its shares to the public Image Source: The Independent Airtel Africa has announced plans to list shares on the Uganda Securities Exchange (USE). According to a statement published on the Nigerian Exchange Group (NGX), the company plans to sell 20% of its shares—equivalent to 8 billion shares— to the public via an initial public offering (IPO). It will do this through its subsidiary in Uganda, Airtel Uganda Limited. What do they hope to gain? Airtel Africa stated that the offer is expected to result in significant local ownership of Airtel Uganda Ltd., prioritising Ugandan investors. Additionally, this initiative is anticipated to play a role in advancing the development of the capital markets within Uganda. Pending approval from the Capital Markets Authority of Uganda, the shares will be made available to investors through conventional channels as well as the Airtel Money platform. This approach is intended to enhance retail participation in the investment process. The transaction process: Absa Bank Uganda Limited has been chosen to be the main advisor for the transaction. Crested Capital has been selected as the primary sponsoring broker to facilitate the process. Katende Ssempebwa and Company Advocates will provide legal advice and support, and EY (Ernst & Young) will handle financial reporting and related matters. Zoom out: Airtel Africa is following in the footsteps of MTN Uganda, which recently celebrated its first anniversary as a publicly listed company trading its shares on the (USE). TC Insights Funding tracker Image source: TC Insights This week, Nigerian mobility company Moove raised $76 million in an undisclosed funding round led by Mubadala Investment Company with participation from Blackrock and other undisclosed investors. Here are the other deals this week: Talents Arena, an Egyptian human resource(HR) company, raised $750,000 in pre-seed funding from UI investment. Egypt-based Bugaurd, a cybersecurity company, secured $500,000 in seed funding; the round was led by A15 with participation from angel investors. FinMeUp, a South-African fintech company, raised undisclosed funding from SAAD and Blu Sky Investments. That’s it for this
Read MoreMoove raises $76 million round led by Mubdala Investment Company
Moove, an African automobile financing startup, has raised $76 million in a new round. The startup says it will use the funding to help achieve profitability. Moove, an African automobile financing startup, has raised $76 million in new funding led by Mubadala Investment Company, an Abu Dhabi investment group, according to the Financial Times. This round includes equity and debt and comes from different sources, including BlackRock. In 2022, Moove raised $10 million in February, $105 million in March, $20 million in debt funding in June, $18.3 million in October, and $30 million in debt funding in December. This new funding will be used to help the company achieve profitability over the next 12 months. According to Ladi Delano, a co-CEO, the startup is already profitable in the UAE, India, UK, and South Africa. With this funding, Moove is valued at $550 million. Launched in 2020 by Ladi Delano and Jide Odunsi, Moove provides mobility entrepreneurs with access to revenue-based financing in markets where there’s low access to credit. Its customers, who are typically ride-hailing drivers, can purchase brand new vehicles using a percentage of their weekly revenue. The startup has annual recurring revenues of $90 million. Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and entered new African markets, including Ghana, Kenya, Uganda, and South Africa, as well as the United Kingdom, Europe, the Middle East, and Asia. It’s also Uber’s exclusive car financing company in Africa. Moove has operated a plug-and-play model that allows it to scale rapidly into new markets and record minimal defaults by building on top of the technology of its mobility and logistics partners and integrating their APIs to generate creditworthiness scores for automobile financing. However, this rapid scaling has come at a cost. In February, Moove drivers protested in Lagos over unfair working conditions. In May, Rest of World reported how Moove impounded vehicles for nonpayment of loans in Lagos as drivers continued to complain. However, this has evidently not dampened investor confidence. Faris Sohail Al Mazrui, the head of ventures and growth at Mubdala, will join Moove’s advisory board. He said that Moove is addressing a hugely underbanked and underserved market with a long term potential by providing entrepreneurs with credit and financial services.
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Apply for Twitter Blue in Nigeria; X Premium 2023
If you’re interested in subscribing to Twitter Blue now renamed – X Premium, you are reading the right article. X Premium is Twitter’s premium subscription service that elevates quality conversations on the platform. X Premium is an opt-in, paid subscription that adds a blue checkmark to your account and offers early access to select features. Before how to apply for Twitter Blue, let’s see some of the features it holds for you. Features you’ll be enjoying when you apply for Twitter Blue a.k.a X Premium Premium includes a number of features to improve your experience, including: 1. Edit post on Twitter Blue You can access and use the “Edit Post” feature to make adjustments to your published posts within an hour. This includes updates, tagging, and media arrangements. This feature applies exclusively to original posts and Quotes. 2. Half Ads on Twitter Blue You’ll experience a 50% reduction in ads with “Half Ads” in your “For You” and “Following” timelines. As you scroll, non-promoted posts will intersperse between ads, excluding those in profiles, post replies, and other areas. 3. Enhanced user experience You’ll be able to enhance conversations and search by boosting the rankings of posts and replies you’ve engaged with. Subscribers will be highlighted in others’ Verified tabs, showcasing engagement by Premium users. 4. Create longer text posts beyond 280 characters Enjoy the ability to create longer posts of up to 25,000 characters with “Longer Posts.” These extended posts can still include media, polls, and hashtags, but only Premium users can create them, while everyone can read them. 5. Text formatting You’ll be able to style your X posts with bold and italics formatting when you apply for and get Twitter Blue 6. Bookmark folders Organize your Bookmarked posts into private folders for easy discovery using the “Bookmark Folders” feature. 7. Undo button on Twitter Blue When you apply and get Twitter Blue, you can preview and refine your posts before making them visible to others with the “Undo Post” option. 8. Extended video limit With Twitter Blue, you can share longer videos of up to approximately 3 hours in length and 8GB file size with the “Longer Video Upload” feature. You could literally upload a movie. 9. Hide your verification tick You can keep your profile checkmark hidden from profiles and posts using the “Hide Your Checkmark” feature, which includes evolving functionalities. How to apply for Twitter Blue in Nigeria The following steps will help in your application for Twitter Blue also known as X Premium. Please note that the subscription for the service prices at $8/month or $84/year in available countries, to get the blue checkmark alongside the features mentioned above and more. 1. Go to Blue on your X or Twitter app On your Twitter app on the top left you’ll find the menu button. When you click it, you’ll find “Blue” there just like you can see below. However, when you click on the Blue icon, you’ll be greeted by the prompt below that Twitter Blue is unavailable in your region. This issue is mostly common for Twitter users resident in Nigeria and some other African countries. But you don’t need to be dismayed. You can get it done. Just visit twitter.com via your Chrome or Safari browser and log in to your Twitter account. You should see the following when you click on the top left menu: Unlike on the App, what you’ll see here is PREMIUM instead of “Blue”. So click it. 2. Verify phone number You’ll be asked to verify your phone number if you haven’t. Without verifying your phone number, you’ll most likely be unable to proceed with the application for Twitter Blue. 3. Make payment The next step after verifying your phone number is to make payment. For countries like Nigeria, despite the payment currency appearing in naira, you may have issues with payment if you do not have a dollar transaction-enabled card. This is due to the ban placed on dollar transactions via naira debit cards. However, if you have an eligible card, simply input the details, and click subscribe. 4. Get Access Once you subscribe, you’ll be granted access to all X premium features as stated below. If you like, you can go ahead and apply for the ad revenue sharing program. Final thoughts on Twitter Blue subscription Kindly note that upon subscription, modifications to your profile picture, choice of display name, or unique username (@handle) shall lead to the temporary removal of the illustrious blue checkmark, until such time that Twitter verifies your account’s alignment with their verification criteria. During this evaluation phase, further alterations would be on temporary suspension.
Read MoreKnife Capital closes $50 million fund to invest in growth-stage SA startups
Knife Capital has closed its $50 million Series B fund to invest in the expansion of South African startups primarily, with consideration for startups in the rest of the continent as well. South African venture capital firm Knife Capital has announced the close of its $50m Series B expansion fund, Knife Fund III. The fund will provide follow-on funding and invest in the expansion of African innovation-driven companies. “The focus is on high-growth scalable South African B2B technology companies that have impact potential and show strong returns through exit optionality. The fund will also back entrepreneurs in other African countries who fit this investment profile in collaboration with experienced local partners,” the firm said in a statement. Some of the investors in the fund include the International Finance Corporation (IFC), the Mineworkers Investment Company (MIC), the SA SME Fund as well as its new Venture Capital Fund of Funds, Standard Bank, AfricaGrow (a German Fund of Funds backed by DEG, KfW and AllianzGI), Skybound Capital, Fireball Capital and the Draper-Gain family office in partnership with Rand Merchant Bank. “We are delighted to bring together such a credible investor base with a reason to care about the growth of venture capital investments in Africa,” said Keet van Zyl, co-founder of Knife Capital. “Most of our investors are co-investment partners who share deal flow openly and can augment the investments with alternative funding instruments and follow-on funding for enhanced growth. Raising a venture capital fund in Africa is a long and challenging journey, but we could not have scripted the outcome any better,” he added. The Knife Fund III comes at a time when growth-stage capital has been hard to come by for South African startups. Some experts in the ecosystem have even pointed to the shortage as the reason why the country’s startups tend to exit too early.
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5 steps to apply for Twitter ad revenue share 2023
Screenshots of content creators getting paid by Twitter have recently pervaded the renamed social media platform. This singular move has seen a drastic surge in users of the platform including returning, silent, and new users. If you are looking to tap into the money-making avenue designed by Twitter, you may want to first check the conditions for application and benefitting. Then you can read through the following steps on how to apply for the Twitter ad share revenue sharing programme. 1. Visit your settings in the Twitter app/web Once you navigate to the Settings and Support part of your Twitter account by clicking the top left icon, click the Settings and Privacy icon. 2. Find Monetisation The next step towards applying for the Twitter ad revenue share is clicking on “Monetisation”, which is just under “Blue” and just before “Privacy and Safety” on the list. 3. Choose from the Twitter Monetisation options For now, you’ll only find subscriptions under the options. So just punch it. 4. Check your eligibility to apply for the Twitter ad revenue share programme Your willingness to apply for the Twitter ad revenue share programme doesn’t mean you may immediately access the process. At this point you need to check if you’re eligible to enjoy the content creators’ privileges. So click “Check Eligibility” to confirm if you’re eligible. 5. Pass the 4 check marks The checkmarks show the main criteria you must pass to complete the process to apply for the Twitter ad revenue share program. The criteria include: You must be subscribed to Twitter Blue or Verified Organizations 500 followers Active in the past 30 days Be at least 18 years old If you pass these four checks, then click on “Continue to application” and just follow the easy prompts. Final thoughts on apply for Twitter ad revenue share As you can see, contrary to the misinformation pervading the internet, having the Twitter Blue verification badge doesn’t automatically make you eligible for the Ads revenue. Following the highlighted steps in this article, you’ll be in course to getting paid on Twitter too.
Read MoreVeteran investor Olumide Soyombo announces ‘Vantage,’ a memoir of his business journey
Olumide Soyombo, the co-founder of Bluechip Technologies and founder of Voltron Capital, is releasing his business memoir, “Vantage,” this week. It follows his evolution from teenage tech exploration to entrepreneurship and investing. In February 2021, the tech publication Benjamin Dada published an exclusive interview with Olumide Soyombo, co-founder of Bluechip Technologies and one of Nigeria’s most prolific investors. While Soyombo is well-known in Nigeria’s tech circles, he may be unknown to the average Nigerian. Rarely in the press, his interview with Benjamin Dada was the first time he publicly spoke about the scale of his investments. With 26 startups in his portfolio, Soyombo invested early in some of Nigeria’s notable businesses, including Paystack and PiggyVest. His experience and success mean that he gets a lot of questions about his life, his investment thinking, and his pioneering role in the Nigerian tech scene. To those who have always had questions, Olumide Soyombo has answers. Earlier today, he confirmed the imminent release of his business memoir, “Vantage.” The new book is a firsthand account of his experiences, from his early fascination with personal computers to his present-day role as an entrepreneur and investor. “Vantage” will provide a window into the challenges, triumphs, and lessons that have shaped his journey and Africa’s tech ecosystem. Soyombo says in the introduction, “Africa is now the land of unicorns, but before unicorns, there were numerous stories that captured the power and pioneering spirit of the continent’s techpreneurs.” Read also: Olumide Soyombo: The Journey from startup founder to investment mogul Much-needed knowledge sharing in an otherwise secretive ecosystem While Nigeria is one of the most prominent tech ecosystems on the continent, there’s a sense that its leaders guard the stories of the industry closely. In fairness, a seeming unwillingness to share origin stories is a charge often levelled against Nigeria’s business leaders. Lately, a few business leaders have tried to beat those charges. “Leaving the Tarmac: buying a Bank in Africa,” a 2020 book by Aigboje Aig-Imoukhuede, a veteran banker and former CEO of Access Bank shared in part how Aig-Imoukhuede and Herbert Wigwe bought Access Bank in 2002. Austin Avuru’s “A Safe Pair of Hands,” published in 2023, tells the story of the Seplat co-founder’s journey from Delta state to the pinnacle of corporate Nigeria. Soyombo’s “Vantage” will be a welcome addition to the broader literature from corporate Nigeria. According to Maya Horgan Famodu, Founder of Ingressive Capital, Vantage is a “practical, no-nonsense guidance and humble chronology of adventure after adventure will make you laugh, reflect, and inevitably learn.”
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