Nigerian insurtech startup, MyCover.ai raises $1.25m in pre-seed round
Nigerian insurtech startup, MyCover.ai, has closed a $1.25 million pre-seed fund to address drawbacks of insurance in African markets Nigerian insurtech startup, MyCover.ai, has secured the close of a $1.25 million pre-seed funding round. According to MyCover.ai, the funding will be used to expand the reach of its product, into other African markets. The funding round included participation from Founders Factory Africa and TechStars, who are making a follow-on investment. Founded in 2021 by Adebowale Banjo, Alexander Igwe-Ifendu, Fred Ebho, MyCover.ai is interested in tackling pain points that exist in the market, ranging from lack of access, inadequate coverage, the unaffordability of insurance products to the poor customer experience surrounding insurance processes. The insurtech startup provides an open insurance API that integrates with insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz, to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms. MyCover.ai aims to provide financial security to Africans by improving access to insurance products, especially Nigerians exposed to a wide range of vulnerabilities including health challenges, asset loss and the potential loss of their livelihood. According to Augusta & Co, only 0.5 percent of the population has insurance. This is understandable in Nigeria where 133 million of its 200 million population are submerged in multidimensional poverty, with the minimum wage pegged at ₦30,000 ($37.69). The tech startup is offering its powerful API integration to empower businesses from various sectors to effortlessly integrate insurance into their products and services, with the inclusion of a white label option, without incurring any additional risks or costs. These businesses are presented with the opportunity to offer insurance policies as add-ons on top of their existing core products.
Read MorePlatform Capital hosts Africa Walk 2023 to showcase Africa’s creative industry to investors
Africa Walk, an annual event by investment firm Platform Capital, will be held in Nigeria and Senegal from July 24-27. It aims to bring together global investors and stakeholders to dispel misconceptions about Africa’s creative industry and foster investments in music, cuisine, art, and movies on the continent. Africa’s creative industry—its movies, music, art and food—has captured hearts and headlines worldwide. However, despite its glaring potential, there persists a myth that Africa’s creative landscape is an impenetrable wilderness, leaving investors hesitant to explore its vast potential. To challenge these negative stereotypes and illuminate the way for significant and sustainable investments in Africa, investment firm Platform Capital initiated Africa Walk. Africa Walk is an annual event that brings together investors, companies, and key stakeholders to experience Africa firsthand. In this year’s edition, guests will be experiencing the creative sectors, including music, cuisine, art, fashion, and film on the continent. Speaking to TechCabal, Dr Akintoye Akindele, Platform Capital’s founder, highlighted the mission of Africa Walk: “We started this to quell the negative stereotypes that make investors shy away from the opportunities and potential of the continent,” he said. The inaugural event in 2021 provided an agnostic view of the small and medium enterprise landscape in Nigeria and Kenya. In the second edition, Africa Walk journeyed investors to South Africa and Nigeria, where they delved into the booming tech ecosystem. The third edition, themed “Unleashing the Value and Potential of the African Creative Industry”, will take place in Senegal ( July 24-28) and Nigeria (July 29-31). Since its inception, Africa Walk has been strategically selecting countries to focus on based on the unique strengths and attributes each region offers. The upcoming third edition will happen in both Senegal and Nigeria, a francophone and an anglophone country respectively. Akindele explained the choice saying, “We want to show that language is not a barrier but a bridge. So the Africa Walk will start from Dakar and then end in Nigeria.” The company says that it chose Senegal because of all the francophone countries, it has the most international traffic, tourism attraction, and commendable tech infrastructure which supports the creative industry. “From Dakar, investors and stakeholders will continue their journey to Cote d’Ivoire before concluding in Nigeria,” Akindele said. Despite its vast potential, the creative industry in Africa has often been perceived as lacking the proper infrastructure to enable investment. “African artists like Rema have made millions of streams on foreign streaming platforms. Nollywood movies are grossing millions of naira at the box office, how can foreign and local investors get a piece of that?” Akindele asked rhetorically. Africa Walk will address this question through insightful panel discussions involving key stakeholders, including Nigeria’s Bank of Industry. Even within the African continent, negative stereotypes about the creative industry persist. “Parents want their children to be doctors, lawyers, engineers, but no one walks up to write exams for admission into university thinking that they want to be an actor or a comedian, or an artiste. There is low regard for the professions in the creative industry,” Akindele pointed out. To combat this stigma and showcase the value of creative careers, Africa Walk will feature successful creative professionals as speakers, including actors and other entertainers. Their stories will demonstrate that working in the creative industry is not only respectable but can also lead to tremendous success, just like traditionally accepted professions. Africa Walk breaks away from the traditional conference-style event, offering much more than just panel discussions. It brings together creatives, policymakers, investors, and institutions to engage in insightful conversations. However, the event goes beyond discussions by providing attendees with micro-views of the creative industries in each country and an immersive experience of the local culture. This includes exhibitions of various cuisines, diverse forms of art, and creative showcases that highlight the region’s talent and ingenuity. According to the company, over the past two years, the Africa Walk initiative has been instrumental in securing more than $200 million in investments for African companies. Platform Capital looks forward to fostering investment in Africa’s creative industry through the upcoming event.
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Next Wave: A roadmap for building a culture of venture in Kigali
Cet article est aussi disponible en français <!– In partnership with –> First published 23 July 2023 It is Africa’s most ambitious ecosystem and country. A place I am optimistic about and invested in. Here’s how it can win for itself. This is the first of a series of ecosystem reviews, where I will attempt to pull at the threads of what often goes unspoken as African countries cultivate unique identities around technology, innovation and impact. Our first stop is my host for the past 7 weeks, the fledgling technology and innovation space in the Republic of Rwanda. Every place has two important features. The first is what the place has going for it. The second is what it does not have going for it. Some of what a place lacks is permanent—the lack of geologic resources for example. Other forms of lack or disadvantages can sometimes be moderated if not fixed outright. It is easy to fixate on the disadvantages that cannot be fixed—like Rwanda’s apparent lack of significant natural resource commodities, or that it is landlocked. But that is in my opinion, a nearsighted position—especially in Africa where more resourced economies are consistently dismal performers. What is more important is focusing on the disadvantages that can be moderated or outright eliminated. As an urban space, Kigali (especially infrastructure-wise) is ahead of most sub-Saharan countries. But as the corporate centre of the Rwandan economy and seedbed of a newborn technology ecosystem, it is playing catch up with the continental leaders—Lagos, Cape Town, Nairobi, Cairo, Accra, Dakar, Casablanca, Tunis and even Abidjan. The extent to which it succeeds may depend on how fast it can recalibrate the deep but flawed mix of NGOism, social enterprise and government support that characterises it while catalysing free-spirited entrepreneurship. Today’s review is structured on three pillars. What Kigali’s ecosystem has going for it. What it does not have going for it that can be fixed. And suggestions for where to start. <!–Chart section 1 Naira-USD spreads have narrowed dramatically following FX policy reforms and the removal of Nigeria’s unorthodox central bank governor, Godwin Emefiele. | Chart: Ayomide Agbaje — TechCabal Insights. Chart end–> Partner Message Hey! It’s money here , and I am tired of working for you. Why don’t you try working with me, so you can save and invest in dollars and access the best rates on your investments? Download the Zedcrest Wealth app and let’s work together to grow your wealth. Tap here to start! Fuel for the ambition As I said in the first paragraph, the technology ecosystem in Kigali is both playing catch-up and only in its infancy. Generally speaking, Africa’s technology ecosystem is still quite young. Depending on when you start counting, it is barely a teenager. Fledgling ecosystems are a tight bundle of energy, speed and conflict. Lagos has this undeniable energy. So does Nairobi, Cape Town, Cairo, Shenzhen, San Francisco, London or anywhere else you can think of. Wherever innovation manages to find a footing, it typically also generates and sustains this steamrolling bundle of entrepreneurial energy. It is the fuel for innovation ambition. The key difference between Kigali and any of the places I mentioned above is where the ecosystem energy and ambition are concentrated. For Kigali’s technology ecosystem, non-profit-funded entrepreneur support organisations and the programmes they back and run are the locus of innovation while government support agencies like the Rwanda Development Board are the locus of entrepreneurial ambition. Partner Content: Consensys rebrands and launches a hackathon for builders This is not ideal and is an inversion of how an ecosystem should operate. But it is also one of the biggest things Kigali’s ecosystem has going for it. An unmatched level of directed support from the state. However, because there is an over-concentration of innovation-searching energy at the state level, the government has become a source of ambition for the ecosystem. And a lot of this energy is channeled through ecosystem support programs of all stripes. In theory, the government’s ambitious growth and economic development priorities set the stage for an expected tsunami of innovation. Killing life-support to live But this tsunami has (so far) failed to materialise. Instead, the result of this ambitious push towards innovation from state-backed resources and a deep pool of non-profit checkbox-oriented and development-funded entrepreneur support programmes is a glut of social enterprises and a dependency that may not develop into commercial viability. In 1902—as a global pandemic spread by rats raged—government authorities in French Indochina (now Vietnam) struggled to reduce the rat population in Hanoi, the capital. To speed things up, they created a bounty programme that paid 1¢ for each rat killed. To collect the bounty, people would need to provide the severed tail of a rat. Colonial officials, however, began noticing rats in Hanoi with no tails. The Vietnamese rat catchers would capture rats, sever their tails, then release them back into the sewers so that they could produce more rats. — Wikipedia. <!–Chart section 1 Local investors, including Nigeria’s ‘big men’ are buying up local shares, but foreign investors are still staying away. Chart by Bloomberg. Chart end–> The Great Hanoi Rat Massacre was the first proven example of the Cobra Effect, a perverse incentive theory which explains how the design of a projec can incentivise the wrong behaviour. This Cobra Effect is a story you have probably heard. For those who may not have had the pleasure, the story goes like this. During the British Raj (rule of India), the government decided to, as in the Hanoi example, reduce the population of cobras in Delhi, so they offered a bounty to anyone who brought in a dead cobra. The result? People brought in dead cobras indeed, but only because a thriving cobra farming industry sprung up to supply the new demand. The insight for you, my friend, is that the Cobra Effect is a market design bug which creates artificial markets. Artificial markets have one big problem. They internalise life support—whether in the form
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👨🏿🚀TechCabal Daily – Sonatel snags Senegal’s 5G licence
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Can’t find X? Don’t worry, Chief Twit Elon is going to shove it right in your face. Over the weekend, the Twitter owner announced a brand change for the blue bird: its logo will be replaced by an X—signifying its connection to X Corp, Musk’s new firm, and definitely not a slow death. “Bid Adieu to the Twitter brand,” the billionaire tweeted. Will this move make or break Twitter? Will it finally prove Musk knows why—and more importantly, how—to make the caged blue bird sing? In today’s edition Sonatel acquires 5G licence in Senegal Bundle Africa shuts down Uber recording is now available in Kenya African startups are harnessing WhatsApp’s power The World Wide Web3 Event: TC Twitter Space Job openings Telecom Sonatel acquires 5G licence in Senegal Sonatel HQ Senegal’s race for 5G is finally picking up. In May, the country announced it was finally ready for 5G by opening up the window for applications for 5G spectrum licences. At the time, telecom regulator L’Autorité de Régulation des Télécommunication et des Postes (ARTP) announced that interested investors should submit applications by July 14. The price? A whopping XOF19.5 billion ($33 million). Per ARTP director Abdou Karim Sall, the application process would help the regulator decide which telecom has the capacity to rapidly provide quality 5G infrastructure across the country. Sonatel does: Last week, the regulator announced that it had “provisionally” awarded Sonatel—Orange Senegal—a 5G licence after the telecom beat out others with its bid. Sonatel reportedly bid XOF34.5 billion ($59.1 million) for the licence, a significantly higher bid compared to Free’s XOF3 billion ($5 million) and Expresso’s XOF2 billion ($3.4 million). “Following the examination of the submitted offers, the committee for the evaluation of technical and financial offers proposed to the Selection Committee to retain Sonatel, which was the only candidate to have fulfilled the conditions set by the regulations,” director Sall said. A growing monopoly: Sonatel’s acquisition of the licence cements its future in Senegal’s telecoms space. Already, the telecom controls over 50% of the telecoms space in Senegal, with Free, Expresso and Canal+ sharing the rest. Its selection also doesn’t come as a surprise. Since 2020, the telecom has been moving on 5G in the country, rolling out tests and trials across various regions. So far, it looks like Orange is definitely Senegal’s telecoms hack. 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. Startups Bundle Africa shuts down proprietary app Image source: Emmanuel Babalola (Twitter) Last week, Nigerian crypto startup Bundle Africa announced that it would shut down its social payments app Bundle Africa. In a tweet announcing the shutdown, CEO Emmanuel Babalola said that the shutdown was a decision made by stakeholders who want a restructuring of the company. The startup will now focus on Cashlink, its peer-to-peer platform. The company reportedly hit 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink. “As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink,” the statement read. Following the announcement, users of the Bundle App now have until September 12 to withdraw all their funds from their in-app wallets. The big picture: With Bundle’s shutdown, Africa’s crypto startup space takes another beating since the FTX shutdown in November 2022. In April, another Nigerian crypto startup, Lazerpay, shut down after it couldn’t raise funds for its operations. Much earlier, Fluidcoins—which also had trouble raising funds—got acquired by UAE-based crypto company Bitfinex. Mobility Uber recording now available in Kenya Image source: Zikoko Memes Kenyan e-hailing space just got a little bit safer. Over the weekend, Uber announced that Kenya would be the second African country where its audio recording feature would be made available. Hear it from the horse’s mouth: In 2019, Uber launched its audio recording feature to help settle disputes among its drivers and riders. Accessible via the safety toolkit, the feature allows both drivers and riders to create audio recordings of their trips. The recordings will be only accessible to the Uber Support team who can only gain access to it in instances of disputes. Regardless of who’s recording, the app will notify the other party that they’re being recorded. The feature is live in several regions across Latin America and the US, but South Africa is the only African country to have the feature. In September 2022, the feature launched in the country where it’s now being used by 3,400 drivers and 80,000 riders. Per the Uber Support team, the feature will soon be available for Kenyan riders and drivers too. In May, the service also noted that it would launch the feature in Nigeria soon. TC Insights African startups are harnessing WhatsApp’s power In recent years, there has been a notable shift among African startups, as they increasingly turn to WhatsApp as a primary means to offer and distribute their products and services. According to DataReportal’s Digital 2023: Global Overview report, WhatsApp has gained traction with 15.8% of internet users across the world preferring it over other platforms, as WhatsApp users spend an average of 17 hours and 20 minutes on the app each month. This trend is also particularly evident across Africa, where countries like Ghana, Nigeria, Kenya, and South Africa have over 70% of their internet users frequently using WhatsApp. Image source: TC Insights The attractiveness of WhatsApp as a distribution channel for African startups lies in its massive user base and the extensive time users spend on the app monthly. Notable examples include Foondamate, a South African Ed-tech startup delivering educational solutions via an AI-powered conversational chatbot on WhatsApp, and MotiSure, a Kenyan startup offering micro-insurance plans through chatbot interactions.
Read MoreHow new law allows Kenyan taxman to access offshore bank accounts information
Kenya has introduced the Common Reporting Standard (CRS) to improve financial transparency and fight tax evasion. The CRS requires financial institutions to report information about their clients’ accounts to tax authorities, which helps identify individuals evading taxes. In a bid to improve financial transparency in the country, Kenya introduced the Common Reporting Standard (CRS) through the Finance Act in 2021. The Tax Procedures Act was updated to include the CRS. To put the CRS into action, the cabinet secretary for treasury, Njuguna Ndung’u, was tasked with creating regulations officially implemented on 1st January 2023. Origins In 2014, the Organisation for Economic Cooperation and Development (OECD) created the Common Reporting Standard (CRS) due to the lack of transparency in financial account information. According to the OEDC, many organisations use offshore entities to stash taxable income while trading or holding financial assets. The CRS was implemented to require that Reporting Financial Institutions (RFIs), such as depository accounts and other financial institutions, report account information to tax authorities. Why is the law important? The CRS mandates RFIs, which include depository accounts and investment entities, to report account information to the Kenya Revenue Authority (KRA). It empowers the KRA to identify individuals who may have been evading taxes or hiding their wealth in offshore accounts. Besides, by sharing relevant financial data with other jurisdictions, Kenya strengthens international cooperation and becomes integral to the global fight against illicit financial activities. The CRS requires RFIs to identify reportable accounts and share specific account information with the KRA. Reportable accounts include all financial accounts managed or administered by an RFI. What information is exchanged between financial institutions? By joining the CRS Multilateral Competent Authority Agreement (CRS MCAA), Kenya can exchange financial account information with 106 other countries via the OECD Common Transmission System (CTS). The financial institutions must provide details like names, addresses, jurisdictions, residences, and tax identification numbers (TINs) (or similar identifiers if TINs are unavailable) for account holders. According to the regulations, this collaboration builds transparency and international cooperation in the fight against tax evasion and financial malpractices. It is all about compliance Kenyan financial institutions now play a key role in ensuring tax compliance by submitting annual reports to the KRA. These reports contain the aforementioned essential details about specific financial accounts individuals and entities hold. For entities with controlling persons, additional information is required, such as account numbers, names, identifying numbers, and account balances or values at the end of the reporting period. This comprehensive reporting mechanism strengthens the KRA’s efforts to identify tax evaders and individuals attempting to hide ill-gotten wealth in offshore bank accounts. Data privacy and developments The implications of the CRS for financial data privacy and security must not be overlooked. While exchanging financial information between countries is essential for ensuring global tax compliance, it raises concerns about protecting individuals’ sensitive data. It is crucial for Kenya and other participating nations to find a delicate balance between financial transparency and data privacy. To ensure the effectiveness of the laws, Kenya’s treasury cabinet secretary has relinquished the authority to regularly amend the regulations on exchanging financial information with the 106 countries involved. This decision, made by the treasury ministry, comes from President Ruto’s government and the KRA’s collective efforts to crack down on tax evasion and individuals benefiting from ill-gotten gains. Reportedly, removing a clause that previously allowed unnecessary adjustments to the regulations aims to safeguard against potential loopholes for tax evaders. Possible challenges As with any initiative, challenges remain. The responsibility lies with Kenya and all participating nations to ensure that the shared data is used exclusively for legitimate tax compliance purposes. Adequate data security measures must be in place to safeguard against any unauthorized access or misuse. By requiring RFIs to report financial account information, Kenya is moving towards tackling tax evasion and offshore asset hiding head-on. The effectiveness of the CRS lies in identifying possible tax evaders and exchanging financial data between countries to ensure global tax compliance. However, the responsibility to uphold financial data privacy and security remains crucial in this process.
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Bundle Africa shuts down its exchange platform
Lire en français Read this email in French. Editor’s Note Week 30, 2023 Read time: 5 minutes Hello In this week’s edition, we cover major updates in the tech and business landscape, including Bundle Africa’s restructuring, Nigerian ride-hailing drivers’ demand for reduced commissions, smartphone shortage in Kenya, and more. Have you filled out this 3-minute survey yet? Please do if you haven’t. Pamela Tetteh Editor, TechCabal. Editor’s Picks Bundle Africa shuts down its exchange platform In a significant restructuring move, web3 startup Bundle Africa has shut down its exchange services after three years of operation. The company will shift its focus entirely to its peer-to-peer service Cashlink. Learn more. Nigerian ride-hailing drivers demand 10% commission The hike in fuel prices in Nigeria has left ride-hailing drivers grappling with increased expenses. So they want to reduce the commisions of ride-hailing app companies to 10%. Learn more. Ethiopia lifts social media ban Great news hit Ethiopia on Wednesday. The country finally lifted its ban on social media platforms like Facebook, TikTok, Telegram, and Youtube. Learn more. Netflix blocks password sharing in SA South Africans’ days of freely sharing their Netflix passwords with friends outside their household are officially over. Learn more. Shortage of smartphones in Kenya The Kenya Revenue Authority (KRA) has had enough of tax evasion and is cracking down on more businesses. Unfortunately, this crackdown is causing supply shortages for phone vendors and increasing the prices of available phones. Learn more. Entering Tech Interested in getting tech career resources and insights?. Then sign up for Entering Tech to get started! Starlink launches in Kenya Starlink is now available in Kenya. Kenyans can get the broadband internet service for Ksh6,500/month ($45.9) with a one-time hardware cost of Ksh92,000 ($649.72). Learn more. Safaricom to launch Starlink rival Elon Musk’s Starlink will face a new rival in Kenya’s satellite space. Kenya’s top communications company, Safaricom, has partnered with AST SpaceMobile to launch satellite internet services. Learn more. Canal+ is smelling blood The French broadcasting giant, Canal+, has just upped its stake in the Multichoice to 31.7%! That’s a power move because according to South African law, once a shareholder crosses the 35% threshold in a listed entity, they’re obliged to make a takeover offer. Learn more. A $966.8 million thumbs up The International Monetary Fund (IMF) has given Kenya’s new taxes a $966.8 million (Ksh136.7 billion) thumbs up . But the president’s opposition party and numerous Kenyan citizens are taking to the streets to protest these taxes vehemently. Learn why. Telkom plans to sell its tower portfolio South Africa’s biggest Internet Service Provider (ISP), Telkom, has plans to sell its Swiftnet tower within the next two months. Read more. Who brought the money this week? Egyptian fintech company Flash raised $6 million in a seed round. The round was led by Addition other participating investors, including Flourish Ventures and angel investors. Nigerian Health tech company Pharmarun received $10,000 in equity-free funding from the Pitch2Win competition. Mycover.ai, a Nigerian-based insurtech company, raised $1.25 million in a pre-seed round. The round was led by Ventures Platform. Other participating investors included Founders Factory Africa and Techstars. Tunisian mobility company, Kaco secured undisclosed funding from UGFS North Africa. What else to read this weekend? Can Flex Finance conquer Africa’s $1.4 trillion business spend market? SING is building an ecosystem from scratch in Gabon Nigeria’s new FX regime has birthed fresh competition between banks and remittance startups Egyptian fintech report shows a strong focus on bank partnerships Written by: Ngozi Chukwu Edited by: Pamela Tetteh 18, Nnobi Street, Surulere, Lagos, Nigeria Unsubscribe from TC Weekender
Read MoreDo newer social media platforms stand a chance against older platforms?
On July 4, 2023, at about 12:30 pm WAT, Meta boss Mark Zuckerberg announced the launch of Threads, a new microblogging platform powered by Instagram. In less than six hours, the app amassed a shocking five million registered users and the number went up to 100 million after a week, the highest number for any social media platform. Threads was largely touted to be Twitter’s successor, but without the news and heavy political conversations that made Twitter a toxic town. But is it? After nearly two decades of reign as the epicentre of online conversations, Twitter looks to be shrinking as users are fleeing the chaotic 2010s social media scene for platforms that can facilitate conversations in a less messy environment. According to a report by data company, Similarweb, the company’s web visits and app usage have steadily dropped since the beginning of 2023. The platform has been called out for its algorithm and design which reward vileness with more visibility, creating a toxic environment for users. Twitter is not alone. Instagram (also owned by Meta), once simply a popular photo-sharing platform, has seen its usage threatened by other social media apps, TikTok and BeReal. The platform, which was initially established to share photos, has been frequently condemned for promoting superficiality and prioritising ads over genuine interactions, with younger users favouring apps like BeReal that promote the sharing of real, unfiltered photos. On July 1, 2023, Twitter introduced a view limit for users, capping the number of tweets they could view per day to 6,000 for verified accounts and 600 for unverified accounts. This downtime on Twitter served as the proverbial nail in the coffin for a lot of Twitter users who finally got the push to leave the social platform and consider alternative platforms. SPILL, a new meme-forward social platform that calls itself a safe space for marginalised groups and culture drivers saw its number of registered users go up as high as 100,000, 30 times more than before the incident. The app, which launched in mid-June 2023 and is invite-only, became the most downloaded social media app on Monday, July 3, two days after Twitter imposed a view limit. Other social networks like Trump’s TRUTH Social, which had been around since February 2022, also saw a 30% increase in traffic after Twitter’s update, eventually suffering a temporary crash as servers weren’t equipped to handle the influx from Twitter. According to Mark Amaza, a policy expert, while a lot of people are looking to leave social media platforms like Twitter for newer and less chaotic alternatives, these new platforms might not have what it takes to replace existing social media platforms. Amaza is extremely active on Twitter, where he’s been since 2009, and before that, he was an active Facebook user with close to 2,000 friends. While the move from Facebook to Twitter and Instagram was quite easy for him in 2009, he doesn’t think it’ll be the same this time around, especially for people who already have spent a long time on Twitter, as a lot of things are different. According to him, it was easier to transition to Twitter from Facebook because it has a certain “stickiness” and was different from Facebook. “With Facebook, you only could interact with your friends or people whose requests you approve, and so it was kind of limited in the interactions and overall experience. Twitter, however, is more open and gives you access to anyone as long as they have an account.” After 14 years on Twitter, Amaza is suffering from social media fatigue and finds Twitter somewhat annoying, for the most part, due to how toxic it’s become. While he’s learnt to navigate the app well, he’s not entirely sure that he’d join Twitter today if he wasn’t already using the platform. When he was younger, he didn’t entirely mind the toxicity and admits to having engaged in mean interactions sometimes, but according to him, he’s now older and has experienced a lot of personality growth, which now makes the platform largely inhospitable to him due to the unsavoury interactions that dominate the space. Do newer social media platforms stand a chance? Despite its impressive numbers in the beginning, user engagement on Threads has dropped. According to Similarweb, Threads’ daily active users fell from 49 million after its launch to 23.6 million users last Friday. Similarly, the app’s average usage time also fell from 21 minutes to six minutes over the same timeframe. TRUTH Social has also been unable to meet the projected number of users. Five days ago, the network’s head of engineering resigned amidst the platform’s struggle to show consistent growth. The network has only been able to bag two million users out of its projected 56 million users by 2024. To compare, Twitter has over 350 million users while Instagram and Facebook have two billion and 2.9 billion respectively. Saratu Abiola, a journalist and communications strategist, believes that a new social network would only work if they don’t try to replicate another, as the political environment that allowed for the style of older networks to grow rapidly simply isn’t there anymore. “You can’t replicate another social media app. Threads can’t replicate Twitter, for example. Building a social media network post-Cambridge Analytica will never have the trust networks as building one pre-Cambridge Analytica. Twitter and Instagram require you to know some people, and that’s a big responsibility because these people shape your experience on the platform. Nearly all of the other platforms I’ve seen also require some form of social trust, and that’s hard to cultivate in this climate.” According to Abiola, platforms that are capable of providing unique experiences will most likely be the ones to witness sustainable growth. “What’s the point of joining another platform where the value I get is from the people that I know, and I already follow them on one platform?” she asks. “TikTok is almost the only social network that has achieved this. It is the only platform where you
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August payment dates and updates for SRD 2023
The South African Social Security Agency (SASSA) plays a vital role in providing financial support to vulnerable individuals and families through the Social Relief of Distress (SRD) grant. This grant is designed to alleviate poverty and assist those who are in dire need of financial aid. To ensure that beneficiaries receive their support promptly, it is crucial to understand the payment dates for SRD SASSA payments in August. 1. Background on SRD SASSA payment The SRD grant is a temporary form of financial assistance provided by the South African government. It is meant for individuals who are unemployed, unable to work due to illness or disability, or facing severe financial hardships. The grant is intended to cover the basic needs of beneficiaries, such as food and essential supplies. 2. August payment dates for SRD SASSA For August, SASSA generally continues the trend of disbursing payments. Beneficiaries can expect their SRD grant to be available for withdrawal or use from the designated payment channels during the following dates: Grant for Disabled People: August 3, 2023 Grant for Children: August 4, 2023 Grant for Senior Citizens: August 2, 2023 It is essential to note that the exact date may be subject to change, so beneficiaries should stay vigilant for official updates on the S. 3. Approved beneficiaries and eligibility criteria To receive the SRD grant, individuals must meet specific eligibility criteria set by SASSA. These requirements may include being a South African citizen or permanent resident, being of the age of 18 and having little to no income or financial support. Beneficiaries must have an approved application to receive the payment for August. 4. Payment channels for SRD SASSA SASSA offers various payment channels for beneficiaries to access their SRD funds. These options may include direct bank deposits into the beneficiary’s account. Beneficiaries can select the payment method that best suits their needs during the application process. 5. Communication and updates SASSA communicates with beneficiaries through various channels, including SMS notifications and public announcements. Beneficiaries are advised to keep their contact information up-to-date to receive timely updates on payment dates and any changes to the disbursement schedule. 6. Resolving payment issues In some cases, beneficiaries might encounter issues with their SRD payments. This could be due to incorrect information provided during the application process, technical glitches, or other unforeseen circumstances. In such situations, it is essential to reach out to SASSA’s helpline or visit a local SASSA office for assistance in resolving the problem. Final thoughts It is crucial for recipients to stay informed about updates from SASSA and to promptly address any payment-related issues to ensure the smooth receipt of their SRD grant.
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How to clear your internet footprints in 2023
In today’s digital age, maintaining online privacy has become increasingly challenging. With every click, search, and social media interaction, we leave behind a trail of digital footprints that can be tracked and monitored. However, by taking proactive steps, it is possible to minimise and even completely clear your internet footprints. Here, we will explore various strategies and tools you can employ to safeguard your online privacy and regain control over your digital presence. 1. Delete browsing history and cookies to clear internet footprints One of the first steps towards clearing your internet footprints is to remove your browsing history and cookies. Most web browsers provide an option to clear this data. By doing so, you eliminate records of the websites you’ve visited, searches you’ve made, and cookies that track your online activities. Remember to clear history and cookies on all devices you use to browse the internet, including smartphones and tablets. 2. Opt out of data collection to clear internet footprints Many online services and platforms collect user data for various purposes. To regain control over your privacy, take advantage of options that allow you to opt out of data collection. Visit the privacy settings of websites and applications you use and review the options available. Look for features that let you limit data sharing, targeted advertising, and personalised content. By opting out, you minimise the amount of personal information that is stored and utilised by these platforms. 3. Use Virtual Private Networks (VPNs) A virtual private network (VPN) encrypts your internet connection, making it harder for others to track your online activities. By routing your internet traffic through a VPN server, your IP address and browsing data become anonymous. When selecting a VPN service, ensure it has a no-logs policy, meaning they don’t retain any information about your online activities. Additionally, choose a VPN with strong encryption protocols and servers located in privacy-friendly jurisdictions for enhanced protection. 4. Secure social media profiles Social media platforms often collect vast amounts of personal information. To clear your internet footprints, review and update your privacy settings on social media platforms. Adjust who can view your posts, limit access to personal details, and be cautious about the information you share publicly. Regularly audit and remove unnecessary or outdated posts, photos, and personal information from your profiles. Consider minimising the number of platforms you use and disabling features that share your activity with third-party applications. 5. Use privacy-focused search engines and browsers Popular search engines and browsers track and store user data. Consider using privacy-focused alternatives like DuckDuckGo or Startpage, which prioritise user privacy and do not store personally identifiable information. Similarly, opt for privacy-oriented web browsers like Mozilla Firefox or Brave, which offer enhanced security features, block trackers, and provide better control over your online activities. Final thoughts on clearing your internet footprints Clearing your internet footprints is an ongoing process that requires diligence and the use of privacy-conscious practices and tools. By implementing the strategies outlined in this article, you can regain control over your online privacy and minimise your digital footprint.
Read MoreBundle Africa shuts exchange operations after three years
After three years of operations, Bundle Africa has shut down its exchange services. The crypto payments app will now be focusing on Cashlink, its peer-to-peer platform. Bundle Africa, a social payments app for cash and cryptocurrency, has announced it is shutting down operations of its exchange services after three years. According to a statement published on its website on Friday, the company said the decision was made by its shareholders in a bid to “restructure the business”. Instead, Bundle will now be focusing on Cashlink, its peer-to-peer platform. The company said it hit 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink. “As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink,” the statement read in part. Following the announcement, users will longer be able to sign up on Bundle, deposit assets into their wallet, swap assets in their wallets except for USDT, and withdraw with Cashlink. Bundle users are expected to withdraw all their funds to any exchange of their choice. According to the statement, the last day for users to convert to USDT is the 30th of August, 2023. “While this is unprecedented, we’d like users to know funds are safe and can be withdrawn between now & September 10th. We will continue to provide our users and the community with unparalleled support during this time, even as the business transitions to Cashlink and other services,” the company’s CEO, Emmanuel Babalola also wrote in a tweet. Bundle’s cessation of operations comes at a time the African crypto industry has taken a beating. Nestcoin, a Nigerian crypto startup, which held investor funds in collapsed FTX, had to lay off staff last year. In February, another Nigerian crypto startup, Fluidcoins, was acquired by Bitfinex after it unsuccessfully tried to raise funds to continue its business operations. In April, Lazerpay, a web3 and crypto payment company, shut down, months after the startup’s founder, Njoku Emmanuel, shared that the company was having trouble raising funds.
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