With no connection to the global crypto company, how did Binance Nigeria Limited get registered?
Nigeria’s financial regulator, the SEC, banned the wrong Binance last week. How was the entity registered without any connection with the global crypto company? Last week, Nigeria’s Securities and Exchange Commission (SEC) directed Binance Nigeria Limited (BNL) to immediately stop soliciting Nigerian investors in any form whatsoever. According to its circular, the financial regulator said the entity “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”. At the time, news reports mistook the company for a subsidiary of Binance, the world’s largest cryptocurrency exchange. Already embroiled in regulatory challenges in the United States, the Netherlands, Canada, and Australia, it seemed that Nigeria’s financial regulator had extended the same scrutiny to Binance. However, on Sunday, Changpeng Zhao, the founder of Binance, called Binance Nigeria Limited a “scam entity” and said that Binance had issued a cease & desist notice to the company. According to public documents, a lawyer, Ahassan Ifzal Mughal, is responsible for registering Binance Nigeria Limited. Although BNL was called a scam by Zhao, Mughal said that he has not been up to anything sinister with Binance Nigeria Limited and confirmed that the company is not affiliated with Binance. He said that he registered the company in the hopes that he could sell the incorporated name to Binance. “We are willing to hand over full control of Binance Nigeria Limited to binance.com should they choose to legally enter into the Nigerian market, and are further available to provide our legal services to them in obtaining legal regulatory compliance in Nigeria,” Mughal told DL News. A search on Nigeria’s company registry shows that BNL was registered in December 2019 and is currently “inactive”. This contradicts the SEC’s circular, which states that BNL had been “soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms”. What are the legal implications? In isolation, what Mughal planned to do is not illegal. There are no records of a website or app for Binance Nigeria Limited, and Mughal asserts that he only registered the company to sell the name to Binance. His actions can only be considered illegal if he intended to establish a connection to Binance by either marketing or operating in the same field, and this would be considered a fraudulent misrepresentation. However, this episode brings to light how lax Nigeria’s laws are when it comes to registering companies. “I think this would be a great time for us to make our regulatory agencies more circumspect in the registration of companies because it is very interesting that Mughal did not need to prove a connection to Binance,” Zikora Okwor-Wewan, a partner at Springwoods LP, told TechCabal.
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How to edit chats on WhatsApp 2023
WhatsApp is arguably the most popular messaging platform worldwide, and it offers a wide range of features to enhance your chatting experience. While editing messages after sending them was once impossible, WhatsApp has now joined the likes of Slack as it now allows users to edit their chats, fixing typos, mistakes, or adding missing information. In this article, we will guide you through the process of editing chats on WhatsApp. 1. Update your WhatsApp to get the chats edit feature The first step to take before you can edit your Whatsapp chats is to have the latest Whatsapp version. So head to the app store or Google Play Store and update your WhatsApp. 2. Open Whatsapp and locate the chat you want to edit Launch the WhatsApp application on your smartphone. Once opened, navigate to the chat conversation that contains the message you want to edit. Please note that this feature only works with individual chat messages. In other words, you can’t edit a message sent to a group. So scroll through the chat until you find the specific message you wish to modify. 3. Long-press any of the WhatsApp chats you want to edit To begin editing, long-press on the WhatsApp chat or message you want to edit. This action will highlight the message and at the top right, you’ll find 3 dots. Click these dots and you’ll see a prompt menu of options at the top of your screen. Look for the “Edit” button and tap on it to proceed. 4. Select the edit option As earlier mentioned, from this menu, select the “Edit” option. WhatsApp will now open a text box where you can make the necessary changes to the message. Edit the content as desired, rectifying any errors or adding the missing information. 5. Save and send the edited message After making the necessary edits, review the modified message to ensure it conveys the intended meaning accurately. Once you are satisfied, tap the send button (usually represented by a check icon) to save and send the edited message. WhatsApp will update the chat with the edited content, and the recipients will see the corrected version of the message. Final thoughts on how to edit Whatsapp chats WhatsApp’s chat editing feature provides users with a convenient way to correct mistakes or update information after sending a message. But the drawback is the absence of the feature for group messages. However, you can enjoy more comfortable and seamless communication with the latest handy feature on WhatsApp.
Read MoreUnclear provisions leave lawyers unconvinced about the Nigeria Data Protection Act
The Nigeria Data Protection Act, signed into law by President Tinubu, is touted as a game-changer for data protection in the country. But lawyers aren’t particularly convinced. Last week, President Bola Tinubu signed the Nigeria Data Protection Bill 2023 into law. The new law—which repeals the Nigeria Data Protection Regulation (NDPR)—provides a legal framework for protecting and regulating personal data in the country. The Act also establishes the Nigeria Data Protection Commission. While this is good news, lawyers who spoke TechCabal said there are still grey areas in the law that its drafters should reconsider. Unclear provisions But despite being touted as a game-changer, the Act has some unclear provisions. Though the law establishes that no data can be processed without the consent of the data subject—a person whose information is being collected, Section 43 (1) (c) however allows the cross-border transfer of personal data without consent. Samuel Ngwu, a lawyer and privacy professional, told TechCabal that the implication of this clause is that it gives the data controllers or processors the freedom to misuse personal data, thereby jeopardizing the rights of the data subject. “Since the exemption will be seen as an option instead of an alternative when adequate decision and appropriate safeguards become impossible,” he explained. Section 32 of the Act provides that the data controller of major importance—defined as one that is domiciled in Nigeria—must have a Data Protection Officer (DPO) who can either be an employee or engaged by a service contract. However, the independence of the DPO is under question as such an individual is expected to report to the data controller in question, despite being a contact point for the Commission. Oyindolapo Olusesi, a lawyer and Data Protection Officer at Kora, a fintech startup, told TechCabal, “The provisions on DPO could have been better since the DPO is at the helm of ensuring internal compliance within an organisation. Safeguards like approval by the Commission, of the appointment of a DPO; ensuring that a DPO can only be fired with notice to the Commission would better help to ensure that the companies take the role more seriously.” Is the Commission truly independent? Another brewing concern with the Act hinges on the independence of the Nigeria Data Protection Commission. First, the appointment of the National Commissioner by the President is upon the recommendation of the Minister of Communications and Digital Economy. The Act also establishes a Governing Council whose Chairman and the non-ex-officio members of the Council will also be appointed by the President on the recommendation of the Minister. The underlying question is the extent of the powers of the Minister which include the appointment of council members, remuneration, and removal. This brings to mind the last-minute amendment of the Nigeria Startup Act by the former Minister, Prof. Isa Pantanmi, a move that was met with a torrent of criticism from stakeholders. Olumide Babalola, a lawyer and author of “Privacy and data protection law in Nigeria”, said that it is safe to say that the Commission does not have any assurance of independence. “What makes it worse is the provision that empowers the minister to give directive to the Commission on ‘matters of policy’,” he told TechCabal. What’s different with the Act? According to stakeholders, the NDPR was laden with inconsistencies, hence the Act is presumed as a significant improvement from the defunct law. Babalola told TechCabal that the Act settles the legitimacy issue hovering around the establishment of NDPB. “With the Act, data protection can now be principally enforced as another cause of action. The Act and the little noise around it will drive awareness and increase regulatory compliance with data processing obligations from a business perspective,” he said. For Olusesi, the Act has ensured some harmonisation around the legality of data protection in the country. He said, “The issue of whether “legitimate interest” was a valid lawful basis because it was not in the NDPR but in the Implementation Framework has now been laid to rest. The Act now clearly includes legitimate interest as a lawful basis. And, that clears any previous confusion.” While the Nigeria Data Protection Act provides a comprehensive framework for data protection in the country, it is however imperative for its drafters to address the aforementioned concerns as they raise serious questions about the genuine intention behind the creation of the Act. What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
Read MoreCan Mobile Virtual Network Operators (MNVOs) challenge Nigeria’s big telcos?
Mobile Virtual Network Operator (MVNO) Licenses will allow a new class of telcos to compete. Can they provide competition to Nigeria’s established telcos? This month, 25 firms acquired Nigeria’s first Mobile Virtual Network Operators (MVNO) licence. Unlike regular telecom operators, virtual mobile operators don’t have to own tower infrastructure or spend millions of dollars on spectrum. Instead, they use the infrastructure and services of existing telcos like MTN. This cost savings is essential because MVNOs are expected to cater to underserved customers. MTN Nigeria and Airtel Nigeria, for instance, spent a cumulative amount of ₦115.36 billion ($176,869,618) to renew their 2100MHz spectrum licence for 15 years. MNVOs avoid these costs and build on the existing infrastructure of telcos. The barrier to entry is also relatively low with licence fees ranging from ₦35 million ($53,813) for the lowest tier to ₦500 million ($768,757) for the top category. Per NCC licensing framework, MNVOs can issue SIM cards and register subscribers. They can also provide data services. The essence is that the service should be at a reduced price since they do not maintain network spectrums. Can MVNOs compete with the big four? Experts are not convinced that MNVOs will be able to compete with the big 4 Nigeria telcos– MTN, Airtel, Glo, and 9mobile. Charles Awuzie, a telco expert told TechCabal, “Usually MVNO impacts the market by driving prices down. Their ability to focus on a niche gives them more brand visibility in specific demographics.” A market researcher, Samuel Oyekanmi believes that MNVOs cannot compete against big telcos. “One major advantage that they bring to fore is that they would be able to go to some rural areas where some of these telcos could not get to and onboard more people into the digital space,” he told TechCabal. Oyekanmi said the virtual operators would rather compete amongst themselves to get the cheapest rate from the telcos and onboard as much as customers as possible. Oyekanmi and Awuzie agree that MNVOs are good for the market, better for underserved areas, but still not big enough to take on the big four telcos. Statista ranks MTN as the leading market operator in Nigeria, with a market share of 37.9%. It is followed by Globacom and Airtel, with around 28% each. Earlier this year, MTN had an influx of 20,123 subscribers that ported from other networks into its network from January 2022 to December 2022, increasing its market share to 40%, according to another report. Airtel maintained a market share of 27.03% Globacom, 27.13%, and 9mobile, with a market share of 6.78% within the period. What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
Read MoreGoogle lists 25 African startups for its Black Founders Fund 2023 cohort
Now in its third year, Google is giving African startups equity-free money to help them thrive and expand. Although fewer startups made the list, more women-led businesses did. Google has listed 25 African startups as beneficiaries of its annual Black Founders Fund. Now in its third year, the $4 million fund seeks to help tackle systemic racial inequality in venture capital (VC) funding by providing equity-free grants and mentoring to early-stage, Black-led, and high-growth businesses across Africa and Europe. The diverse cohort of 40 startups includes 25 African startups, 72% of which are led or co-founded by women. This demonstrates Google’s commitment to ensuring gender equity with its support for African entrepreneurs. Last year, the initiative achieved gender parity with its fund distribution. Google notably drew back in the reach of its 2023 cohort, reducing the number of beneficiaries from 60 to 40. The number of African startups also noticed a first-time cut. Nigerian startups, for example, which took up 23 spots in the 2022 cohort, still dominate the pack but with only 10 startups represented. In Africa, Kenyan and South African startups are next represented with five and three startups respectively. Startups from Uganda, Ghana, Senegal, Cote d’Ivoire, and Rwanda make up the rest of the 2023 list. Google’s equity-free money of between $50,000 and $100,000 is spread across various sectors including food, construction, and legal services, but the majority of beneficiaries are in fintech, logistics, and healthcare. The fund will empower the businesses to expand into new markets and drive job creation. According to a statement seen by TechCabal, each selected startup will receive up to $150,000 in non-dilutive cash awards, up to $200,000 in Google Cloud credits, Ad support, mentoring by industry experts and connections within Google’s network. Folarin Aiyegbusi, Head of Startups Ecosystem, Africa at Google said, “Startups play a major role in advancing Africa’s digital transformation. We look forward to working with this group of innovative founders who are using technology to solve some of the most pressing challenges in Africa. The Google for Startups Black Founders Fund is committed to addressing the stark inequality in VC funding by providing Black founders with the resources and support they need to succeed.” Meet the Black Founders Fund 2023 cohort Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa. BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa. Charis UAS (Rwanda): Provides 3D geospatial data via drone technology. Evolve Credit (Nigeria): SaaS for digitising and managing banking services. Excel At Uni (South Africa): Supports student funders via digital services. EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector. Fez Delivery (Nigeria): Last-mile logistics platform for various industries. Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners. HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance. Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank. Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform. MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare. My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management. Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software. Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk. Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa. Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking. Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora. Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa. TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity. Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya. Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector. Zinacare (South Africa): Online platform for accessible, affordable healthcare services. Zydii (Kenya): Localised digital training solutions for African SMEs.
Read MoreAs 7-day ultimatum ends, Uber and Bolt drivers consider another strike
Ride hailing drivers under Uber and Bolt end their strike today. It has not produced a major win but it has brought more meetings. How long patience do the drivers have ? Today, ride-hailing drivers under the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON) are considering another strike. AUATWON’s members went on strike on June 7 and made a list of demands to ride-hailing companies. Among those demands is that the companies should increase base fares for passengers. While Bolt, Uber and LagRide have raised base fares, the drivers say the new prices still do not cover their running costs. The National treasurer for the Union, Comrade Jolaiya Moses, told TechCabal, “The app companies have not done anything as regards what we asked them for. We are supposed to embark on an indefinite strike if nothing is done about it.” Two other AUATWON sources also told TechCabal this morning that as the ultimatum ends, the best they have gotten is a commitment between the ministry and labor and ride-hailing companies to meet and engage drivers. But that meeting has now been postponed till next week. One source said, “Now, that meeting has been postponed till next week Monday, the result of the meeting will determine our next line of action,” Chairman of the media and publicity committee of the Union, Comrade Jossy Olawale said in a call with TechCabal, this morning. Understanding drivers demands Drivers and the ride-hailing companies they work for have been at odds in the last two years. Rising inflation in Nigeria, a lack of benefits to drivers, and constant price cuts by companies to attract customers have made driving barely profitable. In response, the drivers have asked the companies to reduce their 20% commission. They also asked ride-hailing companies to increase fares by a minimum of 200% and an end to the deactivation of drivers who refuse to work due to the low fares and attendant unprofitability. The union is also seeking the recognition of AUATWON as the representative body for their interests. The National treasurer for the Union, Comrade Jolaiya Moses, summarises it perfectly, “Drivers can’t cope with the current pricing; we are selling below the cost price. The best way to increase drivers profit will be to reduce the exorbitant commission imposed on drivers by application companies.” The drivers are right to be worried. As meetings get postponed and ride-hailing companies stonewall the union, the general sense is that any sort of progress will be slow. Ultimately, the decision on another strike will be made soon. Until then, the struggle continues. What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
Read MoreHow innovation and tech startups can boost Africa’s development
Noel K. Tshiani is the founder of Congo Business Network. In this opinion piece for TechCabal, he discusses how innovation can boost development in Africa in sectors ranging from fintech to agritech. Last week, I was in Paris to participate in Viva Technology, the largest tech and startup event in Europe. What struck me the most was the remarkable presence of African delegations, including those from Senegal, Tunisia, Côte d’Ivoire, and South Africa. This solidifies my belief that African economies have the potential to develop at an accelerated pace by embracing innovation, supporting tech startups, and leveraging international media coverage. In this opinion piece, I shed light on why prioritising these aspects is crucial and discuss the sectors where these innovations can have the most significant impact on Africa’s economic development, job creation, and social progress. Unlocking Africa’s potential Africa is a continent brimming with untapped potential and entrepreneurial spirit. By placing a strong emphasis on innovation and technology, African economies can leapfrog traditional development paths and propel themselves forward. Prioritising innovation entails nurturing a vibrant startup ecosystem, providing essential support services, facilitating access to funding and business partnerships, and amplifying the visibility of startups in international media. Supporting tech startups Tech startups are the engines of innovation and economic growth in today’s leading economies whether in Asia, America, or Europe. By assisting African tech startups to find investors and business partners, governments can create an enabling environment that nurtures these budding enterprises. Investment and collaboration with international partners can bring valuable expertise, capital, and market access, amplifying the impact of African entrepreneurs. It’s imperative to establish streamlined processes, favourable regulations, and incentives that attract investment while also providing mentorship, networking opportunities, and technical assistance to foster their growth. International media coverage To position Africa as a hub of innovation, regular media coverage in international media is indispensable. Positive stories that highlight African startups, their groundbreaking solutions, and their potential to transform industries can attract global attention and further drive investment and partnerships. A vibrant startup ecosystem and success stories should be regularly showcased to dispel misconceptions about the continent and showcase Africa’s technological progress. Impactful sectors for Africa’s future Several sectors hold immense potential for economic development, job creation, and social progress in Africa as indicated below. 1. Fintech and mobile banking Africa has already experienced significant success in mobile banking, with mobile money solutions like M-Pesa revolutionising financial services. Continued innovation in fintech can enhance access to banking, microfinance, insurance, and investment opportunities, driving financial inclusion and economic empowerment. 2. Agriculture and agritech Agriculture remains the backbone of the majority of economies in Africa. By leveraging technology, data analytics, and smart farming techniques, African farmers can boost productivity, reduce post-harvest losses, access markets efficiently, and enhance the entire agricultural value chain. 3. Renewable energy Africa has abundant renewable energy resources, and leveraging these can address energy poverty, drive sustainable economic development, and mitigate climate change. Innovative solutions in solar, wind, and hydroelectric power can provide affordable and reliable energy access to underserved communities, while also creating job opportunities for the youth. 4. Healthcare and telemedicine Innovative health technologies and telemedicine solutions can revolutionise healthcare delivery in Africa, particularly in remote areas with limited access to healthcare facilities. By leveraging mobile devices, data analytics, and artificial intelligence, healthcare services can be made more accessible, affordable, and efficient, ultimately improving health outcomes. In conclusion, Africa’s economic development, job creation, and social progress are intricately linked to prioritising innovation, assisting tech startups in finding investors and business partners, and getting regular international media coverage. By embracing these aspects and focusing on sectors such as fintech, agriculture, renewable energy, and healthcare, African economies can unleash their immense potential especially in French-speaking countries. It is through such concerted efforts that Africa will truly position itself as a global powerhouse of innovation, while driving sustainable development and improving the lives of its people. As the continent continues to develop, we will see even more innovative solutions that address the challenges facing Africans and help to build a better future for the continent.
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Roam Motors, BasiGo have a long way edge out diesel buses in Nairobi
Roam Motors and BasiGo run Kenya’s electric motoring space. Both offer electric buses for public transport, but their operations are based on different business models. Electric buses are becoming a common sight in Nairobi. These buses are primarily offered by two companies, Roam and BasiGo, who have been at the forefront of popularising electric vehicles in the country. Starting with these buses, Kenya is attempting to match the strides made by developing nations, such as the U.K., which plans to replace petrol or diesel-powered vehicles with electric ones by 2030. The U.K.’s approach is different because it targets private vehicle owners and has received government backing of more than £1 billion in vehicle charging infrastructure and hundreds of millions of pounds in grant schemes to steer motorists to electric vehicles. On the other hand, Kenya is focused on electric public transportation by small companies and launching electric mobility tariffs to make ownership as affordable as possible. All about reducing carbon emissions Jit Bhattacharya, the CEO of BasiGo, and Albin Wilson, the chief product and strategy officer of Roam Motors, shared their insights on the benefits, challenges, and future of electric motoring in Kenya with TechCabal. Their responses shed light on the advantages of electric vehicles (EVs) in the Kenyan context. A key point highlighted by Bhattacharya and Wilson is the importance of transitioning away from imported petroleum fuels. Like many other African countries, Kenya heavily relies on imported fossil fuels for transportation, which strains the economy and contributes to environmental pollution and climate change. Kenya seeks to reduce its dependence on imported petroleum products for vehicles by shifting to EVs. “The greatest benefit of e-mobility in Kenya is the shifting away from dependence on imported petroleum fuels and instead using domestically produced renewable electricity to power our transport,” Bhattacharya says. “Replacing a single diesel bus in Nairobi with an electric one avoids the consumption of 20,000 litres of imported diesel fuel per year and replaces it with 50 MWh of renewable electricity produced in Kenya. It further eliminates the toxic air pollution from diesel tailpipe emission and reduces CO2 emissions by 50 tonnes per year.” Wilson highlighted other benefits, such as less noise and reduced operational expenses. “Any user of our vehicles (motorcycles) lowers operational expenses by 76%, and their fleets have less noise and reduced emissions,” he said. Why electric buses and not electric cars? Vehicles are not cheap in Kenya, and electric vehicles attract an even higher price tag. Besides, people who can afford them have mentioned high maintenance costs and fuel prices. TechCabal wanted to understand if this was one of the issues facing electric motoring in Kenya and why it is the best approach to start with electrifying mass transit vehicles. “The key challenge to electric vehicles in Kenya is the high upfront cost. To directly address this challenge, BasiGo designed our Pay-As-You-Drive financing model,” Bhattacharya said. “One of BasiGo’s main values is to make the benefits of electric mobility accessible to all people. Most people in Kenya cannot afford private passenger cars. A recent study by the government found that 80% of people rely on a bus or walking every day to get to and from work and other activities. We are focused on electric buses to bring the benefits of electric vehicles accessible to the mass market.” Are the electric buses in Nairobi enough? According to Bhattacharya BasiGo’s current fleet in Nairobi consists of 17 BYD K6 model electric buses. These 25-seat buses have a driving range of 250 kilometres and can be recharged in two hours. A BasiGo bus. Source: BasiGo In contrast, the Roam Rapid by Roam Motors, which plies the same routes in Nairobi, has a larger battery and an additional range of up to 360 kilometres. Its passenger carrying capacity is also bigger at 77 passengers. However, the bus has been designed for the bus rapid transit (BRT) system, and according to Wilson, only one unit runs operations in Nairobi. He, however, stated that additional Roam Rapid buses will be added as soon as Kenya finishes setting up the BRT infrastructure. Overall, these are very few buses for a city where Matatu operators manage hundreds of petrol or diesel-powered buses, and it is not often that passengers can ride in one. How much do electric buses cost in Kenya? Matatu operators and bus owners are the key customers of both BasiGo and Roam. BasiGo, in this case, offers them an electric alternative to diesel buses through the Pay-As-You-Drive financing model. Currently, BasiGo has electric buses deployed with six separate Nairobi operators. BasiGo’s financing model is quite straightforward. Owners can purchase the electric bus without the expensive battery for a similar upfront cost to a diesel bus. They then pay for the battery through a Pay-As-You-Drive subscription, including leasing the battery, free charging at BasiGo’s charging stations, and free service and maintenance. The upfront price for a K6 electric bus is KES 5 million ($35,600), with a Pay-As-You-Drive subscription of KES 20 ($0.14) per kilometre. Roam will not adopt a Pay-As-You-Drive model. However, it will target bus operators Matatu operators with larger fleets in a business-to-business model. Device financing will be offered to interested SACCOs, with perks such as maintenance and charging infrastructure being offered by the company. These buses are scheduled to launch before the end of 2023. While the buses offer more amenities such as access to charging ports, better legroom and free Wi-Fi, passengers pay the same fare as diesel-powered buses. Internet speeds by @BasiGoKenya x @SuperMetro_Ke pic.twitter.com/2HOwIcqTmn — Kenn Abuya (@AbuyasLife) May 29, 2023 BasiGo buses are equipped with free WiFi that maxes out at 5Mbps The competition and expansion plans In terms of competition, the buses’ main competitors in the electric motoring space in Kenya are the diesel buses manufactured by foreign companies like Isuzu, Mitsubishi, Hino, Mercedes, and Hino. Roam’s Wilson believes that gas-powered buses are their biggest rivals. He adds that any other company trying to enter the Kenyan market will not be
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👨🏿🚀TechCabal Daily – Airtel launches 5G in Nigeria
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Here’s your reminder that you can win Showmax subscriptions, merch, shopping vouchers and more if you refer TC Daily to your network. All you have to do is share the unique link in the referral section of this newsletter. In today’s edition Airtel Nigeria launches 5G CBN relaxes limits on dom accounts Glade loses $214,000 to hackers France to help SA battle cybercrime The World Wide Web3 Event: The Moonshot Conference Opportunities Telecoms Airtel Nigeria launches 5G Airtel Nigeria has joined the 5G gang. Airtel has launched its 5G network in four states in Nigeria—Lagos, Ogun, Abuja, and Rivers states, per Nairametrics. The network operator is the third-largest in the country, following MTN and Globacom. It bought the 5G spectrum and additional spectrum for its 4G in January from the Nigerian Communications Commission (NCC) for $316.7 million. Image source: Giphy What does this mean? According to Airtel, 5G is 20–30 times faster than 4G. So, Airtel’s customers, about 27.1% of Nigeria’s population, can download HD movies, and 4K videos in just a few mere seconds. And gamers can play high graphic games with much less lagging. At least theoretically. Late to the party? Airtel is joining the race towards 5G network deployment in Nigeria, months after MTN and Mafab Communications did. Both Mafab and MTN announced that they had purchased theirs in February last year. In September of that same year, MTN commercially launched its 5G service. Mafab Communications launched its own in January. MTN, on the other hand, has reportedly rolled out 588 5G sites and brought the 5G network to 5G-enabled smartphones. 5G-enabled phones? Yes, not all phones or iPhones can tap into the 5G spectrum. You can find out if your phone can by checking its mobile data settings. Moniepoint ranked 2nd fastest-growing African company Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here. Economy Nigeria’s central bank relaxes limits on domiciliary accounts Image source: Zikoko Memes If your wallet is feeling a little funny, it’s probably because it has heard the news. The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to allow customers to withdraw or transfer up to $10,000 every single day! Per Techpoint, it has also removed the restrictions on deposits into domiciliary accounts. There are strings attached: With all of these changes are coming more responsibilities for banks. For example, the CBN requires banks to provide returns containing the purpose of the transaction. A wind of change: It’s just one of the many changes that have been swirling around like a tornado ever since President Bola Ahmed Tinubu took the stage. The government has floated the naira and reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window. This will allow banks to sell dollars at any price a customer is willing to buy, just like the Bureau de Change does. Outside banking, Tinubu’s government has also pulled the plug on fuel subsidies, sending the price of fuel soaring. Cybercrime Nigerian fintech, Glade, loses $214,000 to hackers Glade has joined the list of Nigerian financial service providers that have had a not-so-merry encounter with hackers. This time, $214,000 was lost. According to insiders familiar with the matter, the breach happened sometime in 2022, and the perpetrator of the sneaky act was a former company employee who is currently on the run. Glade Co-founders Victor Liyi and Temitope Hundeyin How did it happen? The company’s CEO, Liyi Victor, confirmed the breach and stated that the perpetrators hacked the company’s backend infrastructure and made away with the funds. The case has since been reported to law enforcement agencies. A leadership challenge? The startup also bade farewell to its co-founder, Temitope Hundeyin, who left the company after the breach happened. Hundeyin voiced her frustration with being sidelined in the management of the business. In response, Victor defended his decision to part ways with Hundeyin, highlighting the company’s need to adopt leaner operations as the rationale behind his choice. Despite Victor’s assertions, a current employee who asked to remain anonymous revealed, “Liyi runs Glade all by himself. He answers to no one and even gets into brawls with investors.” A series of hacks: Last month, crypto startup, Patricia, lost a whopping $2 million to hackers in 2021. There were also reports of a hack at another Nigerian bank, Globus. Other companies hacked include MTN’s MoMo, and fintech unicorn Flutterwave. Cybersecurity France aids South Africa in battling cybercrime Image source: YungNolly South Africa and France have partnered to improve the Special Investigation Unit’s (SIU) ability to investigate and address cybercrime effectively. Justice Minister Ronald Lamola and French Minister for Europe and foreign affairs, Catherine Colonna, signed the partnership on Monday. Measures taken: The agreement sets the stage for the establishment of an anti-corruption academy in Tshwane, which will address the requirements of the SIU, as well as law enforcement and anti-corruption agencies within the Southern African Development Community (SADC), both in Commonwealth and non-Commonwealth nations. Zoom out: South Africa leads the continent in the number of cybersecurity threats identified in the country, according to INTERPOL’s 2022 African Cyberthreat Assessment Report. In 2022, the country had 230 million threat detections in total. In second place was Morocco at 71 million. By joining forces, the partnership is expected to enhance South Africa’s skills and capabilities in dealing with cybercrime within the country. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $26,951 + 1.99% + 0.33% Ether $1,731 + 0.38% – 4.67% BNB $242 – 0.38% – 21.87% Solana $16.04 + 3.30% – 20.85% * Data as of 05:25 AM WAT, June 20, 2023. The UK’s crypto and stablecoins law has been approved by the House of Lords. CoinDesk reports that the Financial Services and Markets Bill which stands to recognise crypto as a
Read MoreInside Haul247: The Nigerian logistics startup offering “Airbnb for trucks”
Haul247, a Nigerian end-to-end logistics platform connecting businesses to haulage and warehousing assets, is reimagining the logistics space through its Airbnb-for-trucks model. Here’s how the startup is paving its own way in the logistics space. “247” is a popular slang that means constant availability of a thing throughout the entire day, all seven days of the week. In the context of business, It emphasizes the idea of unceasing efficiency, productivity and effectiveness. These are some of the qualities that Haul247 prides itself in, according to Sehinde Afolayan, the CEO of the logistics startup. “For logistics, generally, there is no idle time,” he says. During a conversation with TechCabal, Afolayan shares the inside story of Haul247—which he believes has the potential to become the Nigerian equivalent of Airbnb for trucks—and what makes them stand out from established players in the field like Lori and Kobo360. In the past few years, the Nigerian logistics startup ecosystem has grown tremendously, with the advent of food delivery startups like Jumiafoods and last-mile delivery services like Gokada as well as end-to-end logistics platforms like Lori, Kobo360 and now Haul247. These startups are breaking the barriers of inadequate road networks, traffic congestion, and limited warehousing facilities and making logistics more seamless for businesses. Haul247 offers large companies the opportunity to book trucks and warehouses for their logistics needs across multiple Nigerian geolocations. According to Haul247’s CEO, they chose to work with large FMCG multinationals such as Unilever, PZ, etc due to their possession of a global vendor registration licence, which allows Haul247 to not only capture a huge market share in Nigeria but to also establish a presence in other countries. However, Haul247 has plans to make its services available to smaller businesses in the future. According to Afolayan, Haul247’s secondary distribution feature—a warehousing offering for businesses—sets it apart from pioneers like Lori and Kobo360. Many FMCG manufacturers in Nigeria primarily operate from a single manufacturing hub, with a significant portion of their production activities concentrated in Lagos. From there, their products are distributed to various cities throughout Nigeria. But to Afolayan and Haul247, this system is flawed. “We felt that kind of arrangement was not efficient because there were a lot of externalities as a result of the distance. Unilever, for example, is sending a product from Agbara to Maiduguri—more than 1000km distance—and they can’t possibly guarantee the actual time that the product will get there because there are a lot of externalities as a result of the distance. Why can’t we just manage all your distribution centers in all these regions and all you have to do is ship to the distribution centers in those regions?” Afolayan said, explaining Haul247’s solution to this issue. Haul247 acts as an intermediary between different warehouse owners across the country and companies looking to store and distribute their products. As an intermediary, Haul247 does not own any warehouses or trucks. “We don’t own anything, we just ensure that the supply and demand are efficient,” Afolayan told TechCabal. “Companies just have to request for a truck or a warehouse via our website, give its specifications; area, location, size, and then we pick it up from there.” Haul247’s proprietary software enables individuals, enterprises, manufacturers, and FMCGs to book logistics or warehousing services. The software takes an order request from a shipper, attaches a quote, and then matches the request with the most suitable truck and warehouse for efficient fulfillment. Additionally, the system allows shippers to track the status of their goods until they reach their destination. Generating revenue and expansion plans Haul247 generates revenue through the commission they earn from leasing out warehouses to companies. Per a statement seen by TechCabal, Haul247 has over 1,000 trucks on its platform and about 200 warehouses covering over 151,000 square meters of space across various locations in Nigeria. Buoyed by a recent $3 million seed round—a mix of equity financing from Alitheia Capital through its Umunthu Fund in partnership with Goodwell and a $ 1 million debt capital—Afolayan told TechCabal that Haul247 is looking to scale and is setting its sights on expansion into Ghana and Uganda. “We want to grow in a sustainable way,” said Afolayan, remarking that they have learned valuable lessons from pioneers in the space. “We are really very concerned about growth that cannot be sustained, we want to grow at a level that can be sustained while giving a very strong service to our customers,” he said. “We don’t want to grow in a way that we are not now focusing on the unit economics or on the value that we’re creating.” Challenges abound but Haul247 is optimistic for the future According to Afolayan, lack of talent has been the greatest challenge for the logistics startup. “Talent is the biggest threat to us, especially tech talents. It is always very tough to get them, you have to be mindful of keeping them,” he said. Afolayan also cites the irregularities of some stakeholders—such as truck drivers and warehouse owners—within the logistics ecosystem as a huge barrier to Haul247’s operations. “We have experienced multiple pushbacks from truck drivers- who are a moving part of Haul247’s business model,” he said. “Some of these drivers do not keep up to appointment and usually disappoint.” To curb this challenge, Afolayan says Haul247 organises sensitization programmes to teach warehouse owners how to make the best use of their warehouses. Haul247 also incentivizes drivers, organises regular phone call checkups, and imposes a driving time limit to ensure driver safety. Despite challenges and a market dominated by powerful competitors, Haul247 is optimistic for the future. “Expect a unicorn in the coming years,” the Haul247 CEO remarked. “Expect a company that is genuinely run by seasoned entrepreneurs that understand how to run a business. We are not going to be all over the place in terms of growth pattern, we will be steady and we will keep growing.” What do you think about our stories? Tell us how you feel by taking this quick 3-minute survey.
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