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November 1 2023

Entering Tech #46: How Kwarabuild helps newbies

Its the tech community for everyone in North Central Nigeria. 1 || November || 2023 View in Browser Brought to you by Issue #46 How Kwarabuild helps newbies Share this newsletter Greetings ET people If you’d like to get short bites of #EnteringTech, here’s a reminder that we now have 1-minute shorts available. So if you’ve missed past career editions, check out our YouTube channel or Instagram page where we’re posting the Entering Tech shorts. Timi Odueso Tech trivia Some tech trivia to get the brain juices flowing. Which company developed the first commercial personal computer? What is the name of the first smartphone operating system? What is Kwarabuild? In 2018, a group of friends gathered to discuss the tech ecosystem in Kwara, a state in North-Central Nigeria. They realised that there was a lack of tech-related activities and a sense of community for tech enthusiasts. During our conversation, someone mentioned the word “build” which initially seemed like a random suggestion. The team didn’t immediately connect it to the state until it struck them “Kwarabuild” It was at the same time the team came up with a simple tagline, “Building the Tech Ecosystem”. The team says its passion for this name was undeniable, and it embarked on a mission to curate programmes that would benefit both techies and non-techies in its local community. Their primary goal was to provide resources and guidance to underserved individuals and communities in Kwara State. They organised numerous technical and non-technical meetups to educate community members. Within its first three months, the community grew from zero to over 1,000 members, with the support of more than 20 dedicated volunteers. As positive feedback poured in from various members, so did requests for support that the teams struggled to meet due to limited resources. This inspired Kwarabuild to host a large gathering to showcase its community and attract more investors to Kwara State. Kwara Build Founders (L-R): Mohammed Yayah, Ibrahim Zulkifli, Adeola Olaleye, Jamiu Abdullateef, Omiyale Akolade Dare, and Kamaldeen Kehinde On October 1, 2018, the community hosted its inaugural Tech Conference, which welcomed over 1,300+ attendees. Participants ranged from students and tech entrepreneurs to educators and technologists. This event marked a significant milestone for us. Today, the KwaraBuild Tech Community stands as a leading global association for tech enthusiasts and developers in Kwara State and beyond. The team is deeply passionate about building and nurturing the tech ecosystem in its state and the nation as a whole. It firmly believes in the transformative power of events and human connections to educate youth about the potential of technology in ecosystem development and future foresight. Simplify with Zido Simplify your supply chain with Zido. Start here. How Kwarabuild works Tech enthusiasts, designers, developers, data analysts and anyone interested in starting a career in tech 10,000+ Newsletter Subscribers Nil. Absolutely free Telegram Kwarabuild’s top three programmes serve as the community’s driving force, motivating members to push the boundaries of what they can achieve. These programmes include: A. Career In Tech: Kwarabuild’s “Career In Tech” programme is dedicated to bringing STEM education into the classroom. It’s a platform designed to offer access to tech education for individuals from all backgrounds. So far, it has trained over 4,500 students. B. Startup Build: ”Startup Build” brings together visionaries and doers who are passionate about development and growth. This programme encompasses startup education, business connections, fundraising opportunities, and knowledge sharing. So far, KwaraBuild has successfully connected three startups to essential funding. c. Women In Tech: KBWomenintech is one of the community’s initiatives aimed at empowering women and girls with tech skills. It’s about building a strong global community where women can collaborate, support one another, and change the world. It’s network now includes over 2,000 female tech enthusiasts. Kwara Build Women in Tech These programmes are at the core of Kwarabuild’s mission to continue making a positive impact on its community and beyond. If you’re wondering what the benefits of joining the Kwarabuild Tech Community are, here are a few: 1. Skill Development: Members have access to various skill-building opportunities, workshops, and educational resources. Whether you’re a beginner or an experienced professional, Kwarabuild offers a platform for continuous learning and growth. The programme has featured the likes of Adewale Adisa and Maya Famodu. 2. Networking: Kwarabuild provides a vibrant community where you can connect with like-minded individuals, tech experts, entrepreneurs, and potential collaborators. Networking within the community can lead to exciting career opportunities, partnerships, and friendships. KBTC 2022 3. Career Opportunities: Kwarabuild actively promotes career advancement and provides resources to help members land job opportunities, internships, and freelance projects in the tech industry. The community’s wide reach and connections can open doors to fulfilling tech careers. 4. Impact and Contribution: By joining Kwarabuild, you become part of a community committed to making a positive impact on Kwara State’s tech ecosystem. You have the opportunity to contribute to community projects, educational initiatives, and events that benefit both local and global tech enthusiasts. 5. Annual Kwarabuild Tech Conference: As a member, you gain exclusive access to the annual Kwarabuild Tech Conference, a premier event that features renowned speakers, workshops, and the latest industry insights. It’s an excellent opportunity to expand your knowledge, connect with tech leaders, and stay updated on the latest trends in the tech world. What people say about Kwarabuild Speaking of community, here’s what a few people have to say about Kwarabuild: Looking ahead, Kwarabuild says it is now focused on a critical mission—empowering its members and a substantial number of young people in Kwara, including both students and non-students, to acquire the essential skills that will enhance their employability. The community has already collaborated with VMware through the VirtualizeAfrica programme to train and select young talents in cloud computing and virtualization. It has also established partnerships with Propel for talent placement and Ingressive For Good for talent upskilling. Join Kwarabuild’s Telegram community to access valuable, free resources that will guide you on your tech career journey. You can also find them on X,

November 1 2023

SA tech sees boost in investment from private equity firms

Private equity firms in South Africa are showing love to the country’s tech sector, with investments into tech companies on the surge. According to data from the 2023 Southern Africa Venture Capital Association report, in 2022, 11% of South Africa’s private equity (PE) firms investments went to technology companies, compared to only 3% in 2021. This represents the highest investment of any sector by the country’s PE firms. “Information technology increased from the ninth most attractive sector in 2021 to the tied top sector in 2022,” the report states. And this is all for good reason. Between 2020-2022, technology companies recorded the most revenue growth, with 52% of portfolio companies registering a “rapid growth” in revenues. However, 29% of tech companies also recorded a decline in revenues. Over the years, compared to its VC counterpart, South Africa’s PE sector has raised substantial amounts from pension funds, government, aid agencies and DFIs, with 2022 total assets under management totaling R213 billion (~$11 billion). For comparison, VC funds only raised $555 million in the same period. Will private equity cushion the VC downturn? With venture capital inflow into South Africa having declined over the last few years, the fact that PE firms are paying attention to the sector is promising. Additionally, most PE investments go to expansion and development stage companies, a demographic that has traditionally struggled to attract VC investment. Over the years, although VC firms like Knife Capital have made efforts to avail late-stage capital into the ecosystem, there is still large room for more investments, making this focus by PE firms perhaps a welcome development. “Despite the increasing availability of deal-flow, there remains a significant follow-on financing gap for high-growth local startups with proven traction,” Keet van Zyl, partner at Knife Capital, told TechCabal. Sometimes, this lack of late-stage capital has led startups to exit too early as they face the doom prospect of running out of runway. “Late-stage venture capital has always been hard to come by in South Africa. For most founders, if you cannot raise, it might be better to sell before you run out of runway,” says Clive Butkow, former CEO of VC firm Kalon Ventures. With the country’s private equity market projected to assume a positive growth trajectory over the next few years, tech companies will be hoping that fund managers continue to pay attention to and write cheques for the sector, especially at a time when the VC market is going through a decline.

November 1 2023

Kenyans pushback against KRA’s plan to tax personal items brought in by travelers

Kenyans have been protesting about harassment by KRA tax officials at airports. Now, they have to declare their items every time they travel, else pay tax for them whenever they return. The Kenya Revenue Authority (KRA) is facing criticism for a controversial directive that imposes taxes on personal items, whether new or used, valued at over $500 that travelers bring in. In a now-deleted post, KRA said, “All goods, whether new or used, are subject to taxation. Remember when travelling, you will be allowed to carry personal or household items worth $500 (KES 75,350) and below. Anything above the amount shall be subject to tax.” Kenyans on X (formerly Twitter) and other social media platforms and lawmakers have joined the protest and have accused some KRA of using the directive to harass tourists. According to some lawmakers, KRA needs a more tourist-friendly approach to simplify luggage declaration and duty payment for passengers arriving in Kenya. KRA has since issued a note clarifying its customs and border control measures outlined in the East Africa Community Customs Management Act (EACCMA), 2004. According to the tax authority, all goods are subject to customs duty. “However, passengers have a concession of $500 applicable only to goods for personal and/or household use. Passengers are also exempt on their used personal effects,” KRA clarified in the note. This applies to goods that are either imported or newly acquired. However, it is unclear whether KRA Customs officials will distinguish between items that have been newly purchased abroad and those that are older. KRA added that customs duty is imposed at the point of entry on taxable goods. If the allowable limits are exceeded, then the imported items are subject to import duty, value added tax, excise duty, and other relevant charges. These duties are calculated according to the customs value of the item, following the guidelines established by existing laws such as the EACCMA, 2004. Travelers will be compelled to declare their items before travel and will be forced to pay taxes for undeclared items. “It is important that passengers declare the actual price of the item… All passengers are subject to make declarations to the customs officer,” KRA says. Since the election of Ruto last year, the government has talked about a need to seal tax leaks and instituted changes to how electronic items such as smartphones are taxed. The tax institution seeks to collect KES 2.768 trillion ($18.3 billion) by the end of FY 2023/2024. Owing to the ongoing bitter debate about further harassment at airports, lawmakers and citizens are urging KRA to provide additional clarity on the issue to protect Kenyans from potentially losing their belongings when they travel abroad and return.

November 1 2023

TechCabal Daily – Eskom reports $1.2 billion loss

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month We’re starting the month off on a good note. TechCabal hit 1 million monthly web users in October! We’ve 3x-ed the number of readers we had in January, and subtle brag, we’ve done it with a team of eight reporters and six editors who cover several sectors and regions. Here’s everything you need to know about our work this year. In today’s edition Eskom records R24 billion ($1.2billion) loss LastPass data breach costs $4.4 million in crypto theft Maisha Meds secures $5.25 million from USAID French footballers back Star News in $3 million pre-Series A The World Wide Web3 Opportunities Companies Eskom records R24 billion ($1.2billion) loss Image source: Eskom Eskom’s financial losses are mounting. The South African power generation company recorded losses worth R24 billion ($1.2 billion) for the 2022/2023 financial year, according to its financial statements. The new figures represent double of what the power company lost in 2021/2022—the company lost R11 billion ($588 million) in the 2021/2022 financial year. Reason for the loss? Eskom’s decreasing generation capacity is the chief reason for its financial loss. This year alone, South Africans have experienced some of the worst load shedding on record—100 days—with power outages lasting for up to 12 hours per day at some stages. Asides the low electricity capacity, Eskom’s acting CEO, Calib Cassim, blames the financial loss on Increased municipal debt and losses due to criminal activity. No more excuses: Despite Eskom’s record loss, Cassim asserts that this is the last of such losses for the group. The acting CEO is rolling his sleeves up and says that “the time for excuses is over”. The CEO is banking on the government’s proposed R66 billion (US$1.6 billion) bail-out fund to stabilise the group in the 2025 financial year. Zoom out: It remains to be seen how Cassim and his team turn the tide around for Eskom. However, it remains critical for the power generating company to get a grip on its financials, and getting a new fancy logo—which could cost the company a lot—may not be the way to go. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Cybersecurity LastPass data breach results in additional $4.4 million crypto theft Image source: Google LastPass has been living through a never-ending crypto-heist. The American cloud-based password management platform has suffered an additional loss of $4.4 million in cryptocurrency due to a data breach that occurred in August 2022. ICYMI: LastPass suffered a data breach in August 2022 when an employee’s credentials were stolen. The breach was initially downplayed by the company but in December 2022, LastPass revealed that the hacker had stolen encrypted copies of customer passwords and other sensitive data, as well as a backup of encrypted customer vault data. The ongoing crisis led to a class-action lawsuit filed against LastPass in January 2023, with victims claiming that the August 2022 breach had cost them around $53,000 worth of bitcoin. According to a report in September 2023, some LastPass customer vaults had been cracked, resulting in over $35 million in losses for approximately 150 victims. More wallets compromised: ZachXBT, a crypto fraud researcher who has been closely monitoring the situation, shared on X that hackers, on October 25, 2023, had stolen another $4.4 million in crypto from 25+ LastPass data breach victims. Despite this dire situation, LastPass asserts that only customers possess the master password necessary to decrypt their password vaults. However, it has issued a warning for users with weak master passwords to consider resetting them promptly to thwart potential brute force attacks by hackers. Zoom out: ZachXBT’s findings suggest that the hackers are cracking the stolen password vaults to access stored cryptocurrency credentials, keys, and passphrases. Once these barriers are breached, the hackers can transfer funds from the victims’ wallets to their own devices. The evolution of agency banking in Africa In this longform Decode Fintech piece, Paystack explores agent networks in Africa, how they converge with SMEs, and what the future of agency banking means for how money moves across the continent. Read the blogpost. Funding Maisha Meds secures $5.25 million from USAID Image source: Maisha Meds Maisha Meds wants to expand access to high-quality Malaria care in Africa. The Kenyan-based digital pharmacy network has received $5.25 million in funding from the United States Agency for International Development (USAID) Development Innovation Ventures (DIV). The funding, which will be spread over three years, is a critical step towards supporting Maisha Meds’ mission to expand access to affordable, high-quality malaria care across Africa. Empowering rural healthcare providers: The Maisha Meds software platform ensures that rural pharmacists and clinicians effectively purchase quality affordable medicines and extends subsidies to patients. With additional support from the Bill & Melinda Gates Foundation, Maisha Meds aims to expand its mobile software to 7,500 pharmacies and clinics by the end of the grant period, delivering subsidised care to nearly a million patients. Established in 2017, Maisha Meds operates across Kenya, Uganda, Tanzania, Nigeria, and Zambia. Over the years, it has expanded its suite of software products and now supports more than 4 million patient encounters annually across its market. In June 2022, the Maisha Meds digital platform reached 1,000 pharmacies across six countries across sub-Saharan Africa. Funding French footballers back Star News in $3 million pre-Series A Jules Koundé, Aurélien Tchouameni, and Mike Maignan. Image source: Getty Images These French football players are teaming up to help African creators earn more money. Jules Koundé, Aurélien Tchouameni, and Mike Maignan have all contributed to a $3 million pre-Series A round for Star News Mobile, a creator monetisation platform for Africans. The fund round was led by Janngo Capital. Launched in 2017 by Guy Kamgaing, Star News offers monetisation options for African content creators through distribution partnerships with major telecommunications operators like MTN and Orange. The five-year-old

October 31 2023

TechCabal hits one million web users – the largest audience in its ten-year history

TechCabal has now crossed one million monthly web users in October, the largest monthly audience size in our ten-year history. We saw exponential growth in 2023, tripling our number of readers from 390,000 in January. Since its launch in 2013, TechCabal has been committed to telling the most audacious stories across the African tech ecosystem and has become one of the most prominent voices in the space. “For over ten years now, we’ve been dedicated to chronicling the business and impact of tech in Africa, the players, the markets, the ingenuity and the challenges,” said Tomiwa Aladekomo, CEO of Big Cabal Media. “I’m grateful to the rapidly growing audience that trusts us to keep them up to date with what’s happening in this increasingly important industry.” This year, we broke some of the biggest stories across tech and business and were awarded for them. We won the awards for Best New Media Platform and Best Newsletter for our newsletter, TC Daily, at the StartupSouth Awards and also won the award for gender-balanced reporting at the ReportHER Awards for our coverage of women in the tech ecosystem. The company doubled down on its mission to lead compelling conversations on the impact of business and tech in Africa in order to foster growth and innovation, starting with the introduction of new team members like Muyiwa Olowogboyega, our newsroom editor. We’ve expanded the scope of our stories and business reporters like Joseph Olaoluwa, and Abraham Augustine have written high-impact analysis on regulation, venture capital and telecoms. We’ve also expanded our coverage of certain regions like East and Francophone Africa, with the addition of Kenn Abuya from Kenya and our partnerships with players like EcoBank in Francophone Africa. We have reported key stories across various markets in Africa. In Nigeria, for instance, we’ve extensively covered how startups and VCs are thinking about funding in the coming years. We also looked into the impressive ways that local founders are contributing to the growth of the film industry. From Southern Africa, Showmax sealed a partnership with NBCUniversal’s Peacock to bring in new content and streaming technology to Showmax. The MultiChoice-owned platform also axed its premium service, Showmax Pro for DStv Stream. Going east, TechCabal broke the story about Sendy going into administration after a tough logistics business environment. Earlier, we extensively covered the WorldCoin fiasco in Kenya, where the company was registered as a data processor but was nonetheless prevented from scanning people’s irises in exchange for 25 tokens. Finally, from the northern part of the continent, our reporter, Abraham, covered how Egyptian fintechs are collaborating with traditional banks to provide more innovative financial services and the interesting ways that players in the Tunisian tech ecosystem are navigating a talent problem. Ephraim Modise, TechCabal’s Southern Africa reporter, shares that he joined the publication in June 2022 with a responsibility to build out its Southern Africa audience and is glad to see it attain this milestone. “A huge appreciation to the business and editorial leadership for crafting strategies which helped us get here and to the rest of the team for their incredibly impactful work across other regions. I am beyond elated to see the publication reaching such a milestone and the work that I so love doing contributing to the milestone,” he shared. “It can only get better from here and I’m proud to be part of the journey so far,” said Abubakar Idris, a business journalist and a member of TechCabal’s advisory board. “It is a watershed moment for the industry and a reminder that we’ve barely scratched the surface of what’s possible in Africa with its large population and equally bulging diaspora.” In 2022, the parent company of TechCabal, Big Cabal Media raised $2.3 million to expand its various digital products. TechCabal currently has a newsroom of eight staff and six editors, who cover vastly different, yet relevant stories daily.

October 31 2023

Next Wave: Africa’s mobile revolution has hit a plateau

Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First published 29 October 2023 The new goal for African telcos is becoming technology platforms not just old goody mobile carriers. Twenty-five years ago when Mohammed Ibrahim was setting up MSI Cellular Investments, the mobile network provider better known as Celtel, in Africa, few people thought mobile phones had a future in Africa. But the Doubting Thomases were wrong and the few hardy believers like Mo were right. From a few thousand telephone connections in the late 1990s, sub-Saharan Africa has today become the epicentre of the GSM mobile phone revolution. Today, the mobile calling boom has now cratered as internet services displace traditional voice calls and SMS. In its place, a small but dynamic market of software solutions and businesses is growing. This market—and offspring of the mobile calling boom—is mostly based on using internet-dependent software tools at the personal and corporate levels. Most people in Africa do not only want their mobile devices to send texts and make calls; their devices are becoming business tools that need the internet. Article continues after this ad The National Science Week (NSW) is a hallmark event in Uganda’s calendar, celebrated every year to honor Science, Technology, and Innovation (STI). The event will feature a dedicated Investor Summit, bringing together some of the world’s leading pan African Venture Capitalists, Investors, and Startups.. Find out how you can participate In their latest report launched during this month’s Mobile World Congress in Kigali, the GSM Association (GSMA) predict that 200 million new mobile subscribers will be added to African mobile carrier networks by 2030. Ethiopia and Nigeria will contribute the bulk (about 33%) of these new subscribers. Two hundred million new subscribers is a big number. But, assuming it refers to subscribers in previously unreached areas, then it doesn’t quite have the ring of significance it might have once had just five years ago because the bulk of Africa’s revenue-capable market in cities and urban areas appears to have already been captured today. <!–Chart section 1 A sample of African startups that have gone from raise to bust. | Infographic by Victoria Olaonipekun, TC Insights A new focus on the demand gap over the usage gap Broadband internet coverage now reaches 85% of Africa’s population, GSMA analysts write, but a lot of the available capacity is not being used, partly because the costs of internet packages remain high. This creates a sad loop. Internet costs are partly high because only a small number of people use and pay for it. As a result, more people cannot pay for it because it is expensive. At the same time, in areas where usage is significantly high, telcos face an inability to meet demand with reliable service. Faced with this demand gap, it is easy to see why telcos might prefer to focus on developed markets where they can fully and reliably satisfy demand. Given that telco customers in developed markets represent the bulk of revenue, it is also easy to see why telcos will pay attention to how they can earn more revenue from the activities that they enable. So instead of simply providing the internet that allows a shopkeeper to make bank transfers to vendors, a telco may want to also be the platform where those financial transactions happen. To be honest, that telcos are fascinated with stuff outside of their core remit is not completely new. It is similar to how telco operators and leadership milked value-added services (VAS) like caller tunes and SMS dating in the days that followed the start of the mobile calling boom. But the VAS market of yesteryears was too small and quickly eroded. The emerging VAS market (think multiple fintech products, enterprise IT services, and so on) will consist of quasi-independent products that directly go after complimenting or even wildly unconnected software or IT servicing market opportunities. Partner Content: Over 200 Leading African and Global Organizations Set to Convene at Africa Fintech Summit Lusaka, Zambia, this November This trend is something that has received passing commentary. But it deserves more attention, especially for Africa’s sprawling digital market where everything from fintech startups to delivery drone companies and WhatsApp-based edtech services are competing for business customers and consumers. Enter the age of super telcos Building technology platforms beyond mobile carrier network services was at the core of MTN Group’s 2022 rebrand as a technology company. Said Bernie Samuels, MTN’s group head of marketing: “We are living in a completely different world. We were born into an analogue era and our customers today live in the social and digital space. Quite frankly, we don’t want to be left behind. Our competitor set has changed. We don’t only compete with the telcos down the road, we are competing with the biggest digital brands across the planet, so it’s a battle for mind share.” What WorldRemit (remittances) wants is what MTN Ghana wants. And the insuretech that is rapidly growing in Zambia may find itself going up against a Zain version of the same offering, hypotethically speaking. Article continues after this ad If you have a passion for technology, a drive to solve real-life problems, and azeal for creative thinking, then the Payaza Hackathon 2.0 is for you. JWin up to $5,000 for your game-changing solutions and innovative technologies. Learn more here A cursory look through the annual filings of some of Africa’s largest telecom/mobile carrier networks bears my hypothesis out. In the latest Integrated Report 2023, Vodacom self-describes as “a leading and purpose-led African connectivity, digital and financial services company”. MTN’s strategic priorities for 2025 include building the largest and most valuable platforms, by which it is referring to its

October 31 2023

Bolt Kenya receives operating licence after meeting NTSA’s demands

Bolt Kenya’s operating licence has been renewed for the next year. This is after the e-taxi platform met some demands by a local transport authority. After fulfilling demands from the National Transport and Safety Authority (NTSA) and meeting other statutory licensing requirements, Bolt Kenya’s operating licence has been renewed for the next financial year. The development means Bolt Kenya has been cleared, as it has met three primary demands. First, it clarified to the NTSA the commission concerns, where it had been assumed that Bolt was charging drivers more than the stipulated 18%. “There was a misconception that Bolt was charging more than the stipulated 18% commission due to the booking fee. However, our commission structure strictly adheres to the stipulated regulatory requirement of capping at 18%,” Linda Ndungu, Country Manager, said in an email to TechCabal. Secondly, Bolt has dropped booking fees, which the NTSA called “illegal” since they are not included in the NTSA (Transport Network Companies, Owners, Drivers, and Passengers) Regulations, 2022. “The booking fee, which has now been suspended pending further clarification with NTSA around the interpretation of the regulation on this particular matter, was a service fee levied directly to passengers using our platform. Therefore, the booking fee did not in any way affect the drivers’ take-home earnings,” the country manager added. The 5% booking charge issue was controversial, and drivers rejected it because it was introduced after the state reduced the commission to a standard of 18%. While riders covered it, it still meant that Bolt’s earnings remained at 23%, which is higher than the initial 20% commission before the reduction. Lastly, Bolt has set up a driver engagement centre to “enhance its driver relations and address issues faced by drivers in their daily operations,” according to a statement from the company. This has been one of the most contentious issues, as Bolt drivers did not have access to a physical Kenyan office to voice their grievances. Bolt plans to expand its turf in the African market in 2024 with a €500 million investment. A fifth of that amount will be dedicated to the Kenyan market, where the company runs operations in 16 towns and cities with about 50,000 driver partners.

October 31 2023

Infoprive rebrands as Cybervergent, poised to revolutionise Africa’s tech sector with automated cybersecurity solutions

L-R: Business Lead, Platform Solutions, Cybervergent, Bamidele Obende; Customer Success Executive, Gbemisola Osunrinde, Cybervergent; President, FintechNGR, Ade Bajomo; Chief Executive Officer/Co-Founder, Cybervergent, Adetokunbo Omotosho and Gbolabo Awelewa, Chief Technology Officer, Cybervergent after the unveiling of Cybervergent, a pioneering technology company revolutionising the cybersecurity landscape in Africa, at the Nigeria Fintech Week 2023 on Tuesday, October 24, 2023, in Lagos. Leading cybersecurity company Infoprive has announced its rebrand at the just concluded Nigeria Fintech Week (NFW). The company formerly known as Infoprive will now be known as Cybervergent. As the world embraces digital advancements and internet accessibility grows across Africa, cybercrimes are on the rise as well. In recent times cybersecurity incidents have resulted in a loss estimated to be between $3.5 billion and $4 billion. Several banks and fintechs in Nigeria have also suffered cyber-attacks and telecoms giant MTN recently sued banks in Nigeria for losing $53 million from its mobile money service to fraud. This spate of cybercrimes is a result of the digital state of the modern world and it also calls for improvements in the cybersecurity industry. As threats in the digital landscape continue to evolve, cybersecurity companies must adapt and innovate to stay ahead of the curve. Taking this into account, Infoprive has evolved into Cybervergent to expand its security solutions to businesses and organisations. Formerly a security consulting, assessments, and remediation company, the company is now a pioneering technology company dedicated to revolutionising the cybersecurity landscape in Africa leveraging Artificial intelligence (AI) and machine learning (ML) for improved solutions. This innovative approach empowers businesses to fortify their digital assets, detect real-time threats, and respond swiftly to evolving cyber breaches. Cybervergent’s proprietary technology ensures seamless integration, allowing organisations to proactively protect their networks, data, and applications from malicious intrusions. CEO/Co-Founder, Cybervergent, Adetokunbo Omotosho, speaking on “Disrupting Digital Trust in Africa” Speaking at the NFW event, CEO and Co-founder, Adetokunbo Omotosho, emphasised the importance of maintaining digital trust by securing client data. This will allow fintechs to continue to innovate freely and scale. With increasing cybersecurity threats customers will lose faith in fintechs who do not fortify their systems. He also stated that this rebrand is a proactive step to forestall massive cybersecurity losses as the continent becomes the next growth frontier in adopting the Internet of Things and e-commerce. Cybervergent is a convergence of data privacy, security, and compliance in one automated platform. According to Adetokunbo, “Cybervergent represents not just a name change, it embodies the convergence of cutting-edge technology, visionary leadership, and our resolute commitment to safeguarding businesses in the digital age on the continent, starting from Nigeria, Africa’s largest economy. With our refreshed brand identity, Cybervergent is poised to evolve the cybersecurity landscape, offering a comprehensive suite of solutions designed to thwart cyber threats, streamline security operations, and enhance overall business resilience,” he adds. With this rebrand, Cybervergent repositions itself as a dynamic, all-in-one cybersecurity company set to transform the African cybersecurity and overall tech landscape. With its team of seasoned experts, the company will provide simplified, tailored, and automated solutions that ensure the protection of critical assets and data for businesses and organisations. This strategic rebrand aligns with the company’s unwavering commitment to pioneering the future of the continent’s cybersecurity through innovation, automation, and all-encompassing scaled solutions. To learn more and connect with Cybervergent visit the website here.

October 31 2023

TechCabal Daily – Kenya renews Bolt’s licence

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning This newsletter is brought to you by one sleep-deprived writer, and one sleep-deprived editor who stayed up to cover the Apple Event. Before we get into what the new MacBooks look like, you should know that Meta has launched ad-free versions of Instagram and Facebook. For €9.99 on web or €12.99 on mobile, you’ll get no ads across all Meta products. But this shouldn’t excite you unless you live in Europe where the service is exclusively available. Onto the new Apple sensations . In today’s edition Apple releases its M3 chip Kenyan regulator renews Bolt’s license Airtel Africa announces 19.7% increase in revenue MTN Nigeria’s revenues rises by 21.76% Kenya launches first phone assembly unit The World Wide Web3 Opportunities Big Tech Apple unveils new MacBook Pros with M3 chipset GIF source: Apple Today, Apple announced its latest MacBook Pro lineup, alongside its new M3 chipset, its latest chip for Macs. The new chips—M3, M3 pro and M3 Max—are the first chips for a personal computer built using a 3-nanometer technology. This means that they are smaller, more efficient, and more powerful than the previous M1 and M2 chips. MacBook Pro features: The new MacBook models include the 14-inch MacBook Pro with M3, and the 14- and 16-inch MacBook Pro with M3 Pro and M3 Max. All MacBook Pro models come with a Liquid Retina XDR display, a built-in 1080p camera, and an immersive six-speaker sound system, all supported by up to 22 hours of battery life. The release also includes macOS Sonoma, introducing a new high-performance mode in Screen Sharing that enables responsive remote access to another Mac so professionals can securely work on their content from anywhere. Pricing: The 14-inch MacBook Pro with M3 is priced at $1,599, while the 14‑inch MacBook Pro with M3 Pro costs $1,999, and the 16‑inch MacBook Pro is offered at $2,499. Additionally, the MacBook Pro models with M3 Pro and M3 Max come in a stunning new space black colour. Options for every user: The 14-inch MacBook Pro with M3 caters to a diverse audience, including students and entrepreneurs, the 14- and 16-inch MacBook Pro with M3 Pro is designed for users with more demanding workflows, such as coders, creatives, and researchers, and the 14- and 16-inch MacBook Pro with M3 Max is designed for extreme workflows, serving machine learning programmers, 3D artists, and video editors. Customers can start placing their orders for the new MacBook Pro today, with deliveries set to commence on November 7. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Mobility Kenya renews Bolt’s licence Image source: YungNollywood Bolt is driving to freedom in Kenya. Yesterday, the National Transport Safety Authority (NTSA) renewed the company’s operating licence weeks after it initially declined the ride-hailing platform’s request. Bolt had recently removed its problematic 5% booking fees in the country pending the NTSA’s decision. Why is the fee problematic? The regulator declined the initial request, stating that both Bolt and Uber were charging illegal booking fees which were contrary to Kenyan regulations. Bolt, in November 2022, introduced a 5% booking fee which it says “covers support and enhanced technological features that ensure an even more efficient service on our platform”. Uber also charges an 11% booking fee which it says is used for VAT. Initially, the NTSA didn’t appear too confident in these responses, and the regulators even received letters from drivers who threatened to strike unless the charges were removed. It appears that everything may have worked out as the company’s renewed licence indicates that the NTSA believes Bolt is adhering to Kenyan regulations. Zoom out: It may have worked out for the company, but riders in Kenya will be facing higher fares moving forward. The company recently announced a fare increase in response to Kenya’s rising fuel prices. The base fare was increased between KES70 ($0.46) and KES100 ($0.66) across the economy, base, boda, and XL categories. The minimum fare was also increased, with a range of KES200 ($1.33) and KES250 ($1.66) across the categories. Telecoms Airtel records 19.7% increase in revenue Image source: Airtel Airtel Africa reported a 19.7% increase in revenue in the first nine months of this year, according to its financial statements published on the Nigerian Exchange Group (NGX) on Monday. The result indicates that Airtel is bouncing back from a $151 million loss which it incurred in the first quarter of the year due to the naira devaluation. A mixed tale: Despite increasing revenue, the company lost $13 million after tax due to a $471 million foreign exchange loss, and a $317 million loss after tax due to the naira devaluation. Per the report, Airtel experienced double digits growth on its mobile services—data and voice—and its mobile money services. Airtel’s voice revenue grew by 11.5% and its data revenue grew by 28.1%, while its mobile money revenue grew by 30.9% in constant currency. Airtel’s customer base grew by 9.7% to 147.7 million, with data customers increasing by 23% to 59.8 million and mobile money customers growing by 23.1% to 36.5 million. Lights out: Airtel’s revenue increase shows a positive sign after the telecom battled a loss due to gruelling naira devaluation and inflation which affected consumer spending. The company is also planning to list shares on the Uganda Securities Exchange. The telco intends to sell 20% of its wholly-owned subsidiary in Uganda, Airtel Uganda Limited. The evolution of agency banking in Africa In this longform Decode Fintech piece, Paystack explores agent networks in Africa, how they converge with SMEs, and what the future of agency banking means for how money moves across the continent. Read the blogpost. Telecoms MTN Nigeria’s revenue rise by 21.76% Image source: MTN African telecoms are not giving in. MTN’s revenue in Nigeria also increased by 21.76% in the first nine months

October 31 2023

November 2023 SASSA payment for approved or appeals

The South African Social Security Agency (SASSA) has recently unveiled the payment details and dates for November 2023, ensuring that those in need of financial support are well-informed. Here’s what you need to know about the upcoming SASSA grant payment for November 2023: Older Person’s SASSA Grants payment Older Person’s Grants, which provide essential financial support to the elderly, will be disbursed starting from Thursday, 02 November 2023. This includes any grants linked to these accounts. Recipients can access their funds from this date, providing a welcome financial relief for senior citizens. Disability SASSA Grants payment For those receiving Disability Grants, the payment date is set for Friday, November 3, 2023. Similar to the Older Person’s Grants, this date also includes any grants linked to these accounts, ensuring that individuals with disabilities receive the financial assistance they depend on. Children’s SASSA Grants payments Families relying on Children’s Grants will see their payments deposited into their accounts from Monday, 06 November 2023. This assistance helps parents and guardians provide for their children’s basic needs, ensuring a brighter future for the next generation. Notice to all SASSA beneficiaries It’s important to note that there’s no need to rush to withdraw cash on the first day of payment. Once the money is in the account, it will remain there until it is needed, providing a degree of flexibility and convenience for recipients. SASSA is committed to supporting the well-being of South Africa’s citizens, especially in these challenging times. If you have any inquiries or require assistance, you can contact SASSA through the toll-free number 0800 60 10 11. Stay updated with the latest news and information from SASSA on their official website at [www.sassa.gov.za](http://www.sassa.gov.za) and their X (formerly Twitter) handle @OfficialSASSA. Final thoughts As the end of the year approaches, these SASSA grants offer vital financial support to those in need, emphasizing the importance of social welfare programs in sustaining and improving the quality of life for many individuals and families across South Africa.