- September 22 2023
MultiChoice share price has plunged by almost 50% in the last six months
In the last six months, MultiChoice’s share price has plunged by 49%, wiping R32 billion (~$23 million) in shareholder value. On March 6, 2023, MultiChoice’s stock was trading at R147. As the Johannesburg Stock Exchange (JSE) closed on September 21, the pan-African broadcaster’s share price was trading at R74—a 49% decline. The following timeline provides insights into the significant events that may have driven the company’s share price down in the last six months. March On March 6, MultiChoice, NBCUniversal, and Sky announced a partnership that would see the relaunch of a new version of Showmax, termed “ShowMax 2.0,” which will be powered by NBCUniversal’s Peacock technology platform. The announcement indicates that the partnership will be a holding group, with 70% owned by MultiChoice and 30% by NBCUniversal. In Nigeria, one of MultiChoice’s major markets, NBCUniversal will hold an indirect 23.7% stake in the local subsidiary. Following the announcement, MultiChoice’s share price jumped to R147, its peak since the company started trading on the JSE in February 2019. However, the excitement lasts only eight days. On March 14, the company stated that load-shedding and a weak economy have significantly reduced activity in its SA business and that its earnings will miss projections. On the same day, the broadcaster’s share price plummets to R120, a 14% decline from the previous day’s trading value. April On April 4, MultiChoice announced plans to launch a technology division headed by the newly appointed group chief technology officer, Nyiko Shiburi. The new division will house the broadcast technology division, enterprise business systems, group digital, DStv Streaming technology, and project management office. “We are repositioning our technology area to lead our next growth phase and to deliver on our vision of becoming the technology platform of choice for African households. We have consolidated everything related to technology, engineering, and technical divisions into a technology hub,” said MultiChoice Group CEO Calvo Mawela. Following the announcement, MultiChoice’s share price dropped from R125 to R112 over the course of 10 days, a 10% plummet. May Between April 4 and May 29, MultiChoice’s share price dropped by 17%. On May 29, the company announced that it is entering the payments space by launching a new integrated payments platform in partnership with Rapyd, a B2B payment processing platform, and General Catalyst, a venture capital firm that provides early-stage and growth equity investments. The platform, to be housed under an entity called “Moment,” will aim to offer payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Additionally, the platform will offer options for consumers to spend and save money more wisely to “transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.” The announcement failed to boost the share price. The next day, May 30, the share price traded at R96, its lowest since September 2020. June On June 5, MultiChoice stated that its annual results would show substantial drops in earnings and headline earnings per share despite solid subscriber growth and its rest of Africa business returning to profitability. The company blames forex losses for the decline as the rand and naira struggle against the dollar. However, shareholders were unconvinced, and the company’s share price dropped by 3%. On June 14, MultiChoice announced its end-of-year financial results for 31 March 2023. Despite showing strong topline performance, the company shares that it will continue investing in “Showmax 2.0” and withholding dividends. “In view of the challenging South African market, the uncertain currency outlook, the funding needs of the Rest of Africa business and the investment required to drive Showmax to become the leading streaming platform on the continent, no dividend has been declared for FY23,” the company stated. The company also announced that it lost $108 million of its investment in Nigeria betting company KingMakers. July On July 4, JP Morgan Chase & Co. downgraded the pan-African broadcaster’s stock rating. The brokerage firm adjusts MultiChoice’s ratings downwards from “neutral” to “underweight.” An “underweight” rating means JP Morgan expects the company to underperform based on the average total return of stocks in its coverage universe over the next 6 to 12 months. The company was downgraded as J.P. Morgan believes it intends to “throw considerably more money at Showmax than what the market expects,” according to reporting by Reuters. As a result of the downgrade, MultiChoice plummeted by 12% on the same day, ending the day trading at R82 from the previous day’s R94. It somewhat recovers the next day to close at R88 and, despite jittery movement in the course of the month, close at R88. August Over the course of August, Multichoice’s share price lost a further 12%. Having opened the month at R89, it closes at R78 on the market closes on August 31. During that period, the company announced that it had pulled its DStv service out of its Malawi market following pressure from the regulators to freeze price hikes. September As of September, the company has already lost 4% of its share price value despite several leadership changes, including the appointment of Marc Jury as interim CEO of Showmax, Rendani Ramovha as SuperSport CEO, and Keabetswe Modimoeng as group executive of corporate affairs and stakeholder relations. Additionally, the board of directors chairperson stepped down due to shareholder pressure. “Given shareholder preference for an independent chair, it was always envisaged that Mr Patel would step down at the appropriate time once a suitable replacement as independent chair had been identified,” MultiChoice said in a statement. Also in September, public broadcaster SABC dragged MultiChoice to the Competition Commission over disagreements on licensing rights for the ongoing rugby World Cup. Over the last half a year, MultiChoice’s shareholders have lost a cumulative R32 billion (~$23 million) in their investment in the pan-African broadcasting giant.
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- September 22 2023
TechCabal Daily-Can Francis Dufay rescue Jumia?
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Friday! …and cheers to the weekend. This week flew by really quickly, didn’t it? Well, it must have for the 12 African startups that were selected to head to Silicon Valley, California to complete the second phase of the Microsoft-backed FAST accelerator program. Their in-person training where they will learn how to use AI to scale their businesses starts tomorrow. You can find out which startups are participating here. In today’s edition No one is buying NFTs anymore East Africa records 51 private equity exits in a decade How will Francis Dufay rescue Jumia? Vodacom and Maziv $698 million deal gets a date in court Funding tracker The World Wide Web3 Event: Moonshot Conference Opportunities NFTs Most NFT collections now have a value of zero Ethereum Gif source: Tenor NFTs are now almost worthless. NFTs, once admired as darlings, are now out of favour. According to an analysis conducted by crypto gambling website DappGambl, 95% of NFT collections are now almost worthless. The gambling platform reviewed about 69,795 NFT collections and found that they had a market capitalisation of zero Ethereum. While some NFTs still hold their value, only 21% of the collections studied by DappGambl had 100% ownership. Findings from the analysis also estimate that less than 1% of NFTs are worth $6,000 or more. Why the drop in value? Due to the crypto downturn in 2022, values of most NFTs nosedived leaving most investors in red. Investors who had previously bought digital collectables at high values couldn’t sell at a loss. However, DappGambl said that NFT projects that lacked clear use cases, compelling narratives, or genuine artistic value didn’t attract attention and sales. Sidebar: Shortly after one year that YouTuber, Logan Paul purchased the Bumblebee NFT for $623,000, the NFTs are now worth a meagre $10. Zoom out: NFTs introduced the world to a new world of owning and monetising digital assets, however, the latest findings by DappGambl remind the world of the volatility of the NFT market. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Markets East Africa records 51 private equity exits in a decade Image source: Pixbay East Africa’s private equity market has experienced significant growth in recent years. How so? Per the East Africa Venture Capital Association (EAVCA), a total of 478 deals worth $8.6 billion closed over the past decade. The region also recorded a jump in exit activity in FY 2022, marking the highest numbers in a decade. Furthermore, there have been 51 private equity exits out of 427 investments in the region. The financial services sector recorded 14 exits, while the healthcare and energy sectors had nine and seven exits, respectively. Among the countries, Kenya led with 36 exits, followed by Uganda with eight, and Rwanda with three. Tanzania and Ethiopia reported two and one exit, respectively. However, these figures may not capture all exits, as some are not officially reported or disclosed. The data also doesn’t account for investments exited via forced liquidation. Looking ahead, it’s expected that 2023 will have even more exits, and these are important for fund managers who want more money from organisations that support development (development finance institutions). Zoom out: Private equity investors mainly exit through three avenues: selling to trade players, secondary buyouts, and management buyouts (MBOs). The surge in exits is a promising sign for the coming five years as investments made in the past seven years reach maturity, and fund cycles conclude. E-commerce Francis Dufay’s urgent plans to rescue Jumia Image source: TechCabal Since Jumia set up shop on the continent, it has not been profitable. According to the company’s most recent earnings report, it lost $167 for every $100 it earned. In the first half of 2023, it earned $94.8 million but lost $63.7 million. The e-commerce platform has also lost nearly a third of its shoppers. A fall from grace? Launched in 2012, Jumia started operations from Nigeria and has launched into 10 other countries on the continent. Jumia suffered a decline in growth from its single biggest market — Nigeria — after the country’s unstable currency exchange system affected Jumia and other businesses alike. Jumia’s woes were not only in Nigeria; across all of Jumia’s markets the average inflation rate is 14%, and currency depreciation in nine of its ten markets shows the difficulty of its goal of moving towards profitability. A long journey to profitability Jumia recently turned its focus to rural markets in Nigeria in a bid to ensure profitability. Over the years, Jumia has consistently splurged on marketing and advertising costs as it continues to position itself in the African market. However, in a move to ensure profitability the company cut down its advertising spend by 40% early this year. Since Francis Dufay took the helm at Jumia, he has implemented painful cuts across the company, including laying off 900 (20%) of employees. Also, 60% of Jumia’s top management team who work from the UAE were mandated to work from the continent to save costs. Dufay also earns less than previous CEOs. Dufay’s implementation Jumia’s operating losses are down 60% this year, especially advertising spend, which declined 71.7%, compared to 2022. Zoom out: While Dufay’s reforms of cutting costs are yielding results, the company still has a chance in the industry because e-commerce isn’t going anywhere, and Jumia is already positioned as a leader in the space. Telecom Vodacom and Maziv $698 million deal gets a date in court Image source: Tenor South Africa’s Competition Tribunal has scheduled May 20, 2024, as the date for the final hearing regarding a proposed transaction between Vodacom and Vumatel’s parent company, Maziv. What transaction? The Vodacom and Maziv deal was first announced in December 2021. Under the terms of the deal, Vodacom would
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- September 21 2023
East Africa records 51 private equity exits in a decade
East Africa also reported 478 private equity deals and closed $8.6 billion in private equity over the same period. In the last 10 years, there have been 51 private equity exits out of 427 investments (and 478 private equity deals worth $8.6 billion) in the East African market, per the East Africa Venture Capital Association (EAVCA). The region recorded a jump in exit activity during FY 2022, marking the highest numbers in a decade. The financial services sector saw 14 exits, followed by healthcare and energy, with nine and seven exits, respectively. Kenya led the pack with 36 exits per country, followed by Uganda at eight and Rwanda with three. Tanzania and Ethiopia recorded two and one exit, respectively. Private equity exits in East Africa. Image source, EAVCA READ MORE: Understanding key concepts in private equity However, these are the reported numbers, with a high probability that the exits could be higher as some are not officially reported or disclosed. “Whilst the data suggests only 51 exits over the last decade, anecdotal evidence suggests a higher number on account of investments that are exited to founders and management and not disclosed,” EAVCA said in a statement. “The data also does not capture investments that are exited via forced liquidation.” Projections show that 2023 will surpass this performance. This surge in exits is a promising sign for the coming five years as investments made in the past seven years reach maturity, and fund cycles conclude. These exits are becoming crucial for first-time fund managers seeking follow-on funds from predominantly development finance institutions (DFI)-focused limited partners in the region. READ MORE: Next Wave: Should VC be PE? EACVA clarified: “Excluding outliers, the average holding period in the industry has been [about] 7 years for exits recorded between FY 2014 and H1 2023, with a general reducing trend up until the COVID period. These are remarkable numbers, given the turbulent macro, geopolitical and weather-related events in the region during the period under review and their impact on profitability, which then influences valuation.” How private equity investors have been exiting the market Per the EAVCA report, private equity investors mainly exit through three avenues: selling to trade players, secondary buyouts, and management buyouts (MBOs). Only one IPO exit occurred during the decade. Often, sales to trade players, mainly from Europe and Asia, have been the most popular exit route. However, the exit landscape is evolving, with secondary buyouts surpassing trade player sales and buyers expanding to include pan-African and regional entities. “The increase in secondary buyouts is recent and driven by several factors including a loosening of restrictions on secondary buyouts and an increase in the number of funds that will now execute majority transactions, and furthermore, secondary capital only transactions.” READ MORE: Private equity investors predict entrepreneurial boom in Africa The complexity of private equity exits Private equity exits are naturally complex, often marked by multiple factors. The complexities stem from various exit options, including trade sales, IPOs, and secondary buyouts, each demanding a unique strategy. Timing is key, as choosing the optimal moment to exit involves a delicate balance between maximising returns and minimising risks. “Private equity exits are hugely topical in the private equity community in East Africa both for their complexity and somewhat elusive nature as evidenced by the contrast in publicly disclosed private equity primary (money-in) transactions as compared to private equity exits,” EAVCA added in a report. Financial engineering, such as leveraged buyouts, adds another layer of complexity, which calls for careful management during exits. That’s not all, as regulatory compliance and due diligence requirements influence exit strategies, particularly in cases involving public offerings. Other factors that make private exits difficult include negotiating terms, tax considerations, managing leadership transitions, and aligning with market conditions. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- September 21 2023
How might Nigeria leverage digital infrastructure for digital public service delivery?
This article is contributed to TechCabal by Blessing Ajimoti, Public Digital’s programme manager on the Nigeria Digital Capabilities programme. On the margins of the G20 Summit held in India early this month, Bosun Tijani, Nigeria’s minister of communications, innovation and digital economy met with leaders of India’s public services’ digital transformation. He announced a plan to sign an MoU with India “to leverage their experience helping the Indian government build scalable digital services” and that he will be “hosting them at a workshop in Abuja on designing Digital Public Infrastructure for government services”. This is positive news for Nigeria as an accelerated approach to the design and delivery of digital government services will enable the country’s progression towards the building of other digital capabilities in government. What are Digital Public Infrastructure (DPIs)? Several definitions exist, but DPIs are essentially the foundations on which digital activities are built. Similar to the way that physical infrastructure such as roads enable people’s faster travel with automobiles, or the existence of telecommunications masts enabling quicker real-time communication electronically, DPIs enable digital approaches to activities, in this case, the delivery of services by different stakeholders. DPIs are the infrastructure on which digital transformation is built. They are not just conceived as technology; they are thought of in terms of scale, and the interests and needs of the public. DPIs may come into being through the efforts of government, the private sector and sometimes non-profits. Governments, depending on their financial and technical capabilities or preferences, could either build theirs or adapt existing ones. Some existing ones that can be leveraged include Digital Public Goods (DPGs). According to the Digital Public Goods Alliance, DPGs are open-source products that advance the sustainable development goals. They are open in terms of data, AI models, standards, and content. Beyond being open-source and platform-independent, DPGs must adhere to privacy and other applicable laws and best practices, do no harm by design and meet the DPG Standard. Why are DPIs important? For governments, DPIs enable better planning, design and digital delivery of services in areas such as education, healthcare and welfare to citizens. This is because the infrastructure would already exist on which public services can be built and delivered in an improved manner. Leveraging digital for improved service delivery does not happen overnight and is iterative, but that’s a whole other conversation on government’s digital maturity. For citizens, when DPIs enable service delivery, it means that there are improved possibilities for savings in the cost, time, and processes it takes to access government (and other) services. For instance, with identity, , it is currently the norm in Nigeria to be required to provide the same data on registration forms to different government offices every time one needs to access services. This is unfortunate in a country where identity DPIs such as the National identity Number (NIN) or Bank Verification Numbers (BVNs) could have helped with saving the time spent filling forms. Other stakeholders such as players in the digital economy, can leverage DPIs—based on citizen and residents-protecting governance standards—to design innovations and [better] products for their customers. Also, and similar to the benefits citizens derive, DPIs can enable ease of doing business as applications for business registrations and licences and permits become easier and faster to secure. The kinds of DPIs in existence While many DPIs exist, most fit into three broad categories: those that enable digital identity, payments, and data exchange. Identity. These are DPIs that enable the verification of digital identity to which services are or can be connected. Our Indian counterparts that the Nigerian government wants to learn from have developed Aadhaar, the world’s largest biometric identity system with over 1 billion people identified on the platform and to which India’s public services are linked. It is a great example of DPIs deployed at the scale of a country’s population. Nigeria’s NINs and BVNs are good examples of DPIs that can enable the government to deliver services. Payment. These DPIs enable payments across different platforms and through different channels. The Nigeria Inter-Bank Settlement System (NIBSS) and Remita are good examples here of payment DPIs in Nigeria. The United Kingdom’s GOV.UK Pay is an example of a DPI that has been developed by the UK’s Government Digital Services to enable payment for public services by allowing other UK government offices to integrate the DPI on their digital sites. Data exchange. These enable secure information exchange—with the data owner’s consent—to enable service delivery. X-Road, Estonia’s data exchange platform (and a DPG) is a good example here. There is an opportunity for more transparency on Nigeria’s approach in this regard, beyond the introduction of the Nigeria Data Protection Regulation (NDPR) Act. How can Nigeria successfully leverage DPIs? Whether Nigeria’s vision is to build new DPIs, or leverage existing local ones or DPGs, it is important to ensure that the DPIs are: Interoperable. They are designed in a way that allows the government and other service providers to build services on them, integrate their digital solutions with them or leverage them to enable their service delivery. Standards and principles should be introduced to ensure and enforce interoperability. Inclusive. The way one would think it unusual for people to be unable to use a road or access potable power should inform the thinking around the design, delivery and iterations of DPIs in Nigeria. As much as possible, Nigeria’s DPIs should be in a state that typically enables self-service by everyone (and in extraordinary situations, assisted), and are not directly or indirectly prohibitively expensive to access. The introduction of DPIs, if not properly managed, might exacerbate Nigeria’s already existing digital and other inequalities. Accountable to the public. The existence of DPIs necessitates the introduction of governance frameworks that facilitate the transparency of government and other stakeholders’ engagements with DPIs. It is important to not only focus on the technology, but also the standards, if DPIs are to be inclusive and protect the rights of citizens. The frameworks should be developed through a multistakeholder
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- September 21 2023
Struggling with record inflation, Nigeria’s Central Bank postpones meeting to decide interest rates
Nigeria’s Central Bank has postponed this month’s scheduled Monetary Policy Committee (MPC) meeting that will decide the nation’s interest rates For the first time in eight years, Nigeria’s Central Bank postponed the Monetary Policy Committee (MPC), to decide the nation’s interest rates temporarily. The MPC meeting is usually held every two months to decide interest rates. It was initially scheduled for Monday and Tuesday, September 25 and 26, 2023. A statement signed by the Director, Corporate Communications, Isa AbdulMumin, said a new date for the meeting will be communicated in due course. “We regret any inconvenience this change may cause our stakeholders and the general public,” the statement read on the central bank’s website. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now! Last week, President Bola Tinubu nominated Yemi Cardoso as Nigeria’s next CBN governor. Cardoso is expected to succeed Godwin Emefiele, whose suspension and dramatic removal still raise legal questions. Nonetheless, the Central Bank has struggled with price stability since Emefiele’s reign as CBN Governor. Nigeria’s inflation figures have now crossed an 18-year high with the current figures at 25.80%, driven by food prices. Emefiele’s reign has caused several analysts to question the bank’s independence especially with a last minute stunt of ex-bank chief to vie for the presidency. While Cardoso’s political affiliations maybe called into question, the decision to maintain or raise interest rates in response to mounting inflation has to be made very soon at the MPC meeting. The now postponed meeting is sure to raise eyebrows over how the leadership of the CBN would be managed, especially under Tinubu’s administration. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- September 21 2023
Exclusive: Inside Francis Dufay’s urgent plans to rescue Jumia, the struggling Amazon of Africa
Francis Dufay has spent most of his career working in e-commerce. But as CEO of Jumia Group, Africa’s most recognised e-commerce brand, he is facing his most challenging task ever. More than a decade after it set up shop, the online retailer Jumia is still hemorrhaging money with no timeline for profitability. In its most recent earnings report, Jumia lost $167 for every $100 it earned. While its revenue from the first six months of 2023 stood at $94.8 million, it lost $63.7 million. Although its losses have reduced compared to previous years, it’s still too high for comfort. Old claims of being the “Amazon of Africa” no longer hold much value as it struggles to stay relevant in its key markets. “Our economics was not sustainable as they may have been,” Dufay told TechCabal, referring to Jumia’s operating model over the last ten years. “The priorities needed to change.” Dufay has risen through the ranks at Jumia over the last decade after joining the company from McKinsey, the global consulting firm. Before being named CEO in November 2022, he oversaw Jumia’s business in nine countries while reporting to former co-CEOs Jeremy Hodara and Sacha Poignonnec. Both executives resigned late last year, walking away with severance packages worth $850,000 each, according to Jumia’s financial report. “Today, I’m managing 11 countries [and] I get to deal with a few more topics now, but it [my promotion] was not groundbreaking [or] a major transformation of my role because I was already overseeing the majority of the business at Jumia,” Dufay said. “So that helped me to make a relatively smooth transition and quickly get into the role. And I was able to make the right decisions extremely fast.” As chief executive, Dufay inherited a struggling business that is no longer growing, putting it at risk of running out of money in a little over a year. Dufay declined to speak about his predecessors’ performance and management decisions. Jumia’s biggest challenge at the moment is cutting costs. With less than $62 million cash left in the bank account, per its Q2 2023 reports, Jumia may struggle to cover its costs. It has also lost nearly a third of shoppers on its platform over the last year as the business takes drastic changes to survive. “In the past, the focus has been fully on growth, but in a very different context where funding across the world was abundant for growth companies, which enabled many companies not to worry too much about some of the aspects of the business,” Dufay shared. Jumia benefitted from this old reality, raising over $700 million as a startup. On two occasions, it extended its runway by selling equity on the capital market as a publicly traded company. These lifelines no longer exist because of rising interest rates in the US and an unfriendly stock market. Jumia has to adjust to this reality on its path to sustainability. “We are working hard to get the right cash utilization and cost structure so we do not need to go and beg the market for new capital,” Dufay explained. Since his appointment, Dufay has implemented painful cuts across the company, including laying off 900 or 20% of employees. He is also reining in some profligacy, including forcing 60% of its top management team to work from the African continent instead of an office in the United Arab Emirates to save costs. The move to Africa will also remind executives of the operational realities in the markets they serve. The cuts have also hit executive compensation, and Dufay is likely to earn much less than his predecessors, according to the company’s annual report. In 2021, former co-CEOs Hodara and Poignonnec each collected annual base salaries of nearly $480,000 and stock option incentives worth $4 million each. However, the new CEO’s base compensation is lower, hovering around $350,000 according to his annualized pay from December 2022. At least two of Jumia’s non-executive board members have also waived all or part of their hefty compensation packages in the last two years to help the company conserve cash. Last year, the company’s board members collectively earned $1.5 million in cash and stock compensation despite the company’s staggering losses. “Of course, I’m interested in my salary,” Dufay told TechCabal about his compensation. “What matters to me is that we get back on track on growth.” Promising early days Launched in 2012, Jumia started operations on the continent from Nigeria as the West African country’s economy was on the verge of a restart. Government reforms from a decade earlier laid the groundwork for economic growth. As commodities prices, such as crude oil, soared during the Arab Spring, international economists expected an economic boom that would usher in a new and larger middle class in Nigeria and across the continent. Nigeria, Jumia’s single biggest market today, was poised to benefit significantly from the new prosperity. Thanks to a fast-growing population, many of them young, and deepening broadband connectivity, the country’s consumer internet market size expanded even before the first 4G internet services rolled out in 2016. McKinsey predicted these upward economic trends would widen the middle-class population to 35 million by 2030. The phrase “Africa Rising” captured this optimism, which defined the era while skeptics, like Standard Bank, who questioned the lofty projections about a middle-class expansion, were ignored. Jumia Q2 2023 report: Active customers decline by 1 million as company slows losses Startup investors wanted to get in on the coming prosperity. Tiger Global made its entry, backing Jobberman and IrokoTV. Other investors wanted someone to guide them as they explored the unfamiliar Nigerian market. Along came the Samwer brothers, founders of Rocket Internet, a German venture studio that copied proven American business models and applied them in other markets. Rocket Internet hired the team of co-founders that built Jumia ‘s retail operations, while the Samwer trio attracted major financiers who drooled at the digital economy possibilities in the region. Jumia took off but so did Konga,
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- September 21 2023
iPhone 15 series price in Nigeria, Kenya & South Africa
The iPhone 15 has been greeted with mixed reactions since its unveiling at the recent Apple event. However, it doesn’t mean there aren’t people who’d still love to get the variations of the new smartphone from Apple. As such, if you’re in Nigeria, South Africa, or Kenya and are eager to get your hands on the new iPhone 15, you’re in the right place. In this article, we will explore the prime retail stores and locations, as listed by Apple, where you can purchase the highly anticipated iPhone 15 models in these three African countries. Not only will we guide you to the best retailers, but we’ll also provide insights into the likely price ranges, ensuring you’re well-prepared to make your iPhone 15 purchase. Before we delve fully in, we wrote a concise review of the latest iPhone 15, you should read it. Location and likely prices to get the iPhone 15 in Nigeria If you’re in Nigeria and looking to purchase the iPhone 15, it’ll be no hassle. Once it starts selling in Africa, there are several reputable retailers across the country where you can find this popular Apple device. 1. 9MOBILE outlets – e.g – Unit G085 – G090 & G103 – G 108, Tejuosho Shopping Complex Yaba, Lagos. 2.. GLO outlets – e.g Palms Mall – Address: Suite 44, Palms Shopping Mall, VI, Lagos. 3. KONGA – online or offline walk-in stores like 78 Bode Thomas Road, Lagos. 4. SLOT – e.g 5 Akerele St, Ifako, Gbagada, next to GTBank, Lagos. 5. FINET – e.g 14 Oshitelu Street, Ikeja, Lagos. 6. WESTGATE – e.g 17, Adepele Street, Computer Village, Ikeja, Lagos. 7. SPAR – e.g 19, Awosika Bus Stop, Opebi Road, Lagos. Prices to expect the iPhone 15 variations in Nigeria Storage and some other features of the new iPhone 15 models will be the major determination of the price variations apart from shipping costs, tax, exchange rate, and other import duty costs that may affect the phones’ prices as may be advertised by Apple. iPhone 15 prices: starting from about ₦900,000 iPhone 15 Plus prices: starting from ₦1,100,000 iPhone 15 Pro prices: starting from ₦1,300,000 iPhone 15 Pro Max prices: starting from ₦1,500,000 Location and likely prices to get the iPhone 15 in South Africa For our readers in South Africa, you may find the iPhone 15 in the following stores: 1. COMPUTER MANIA – Garstfontein Rd, & De Villebois Mareuil Dr, Pretoria. 2. INCREDIBLE CONNECTION – Shop 21B Hartbeespoort Village Mall, Magalies Blvd, Schoemansville, Pretoria. 3. VODASHOP VODACARE PORT ELIZABETH – Shop G5 The Bridge Shopping Centre, Port Elizabeth. 4. VODACOM 4U PAVILLION CNR OLIVE e.g – Shop 44 Diamond, Kimberley. Prices to expect the new iPhone variations in South Africa The potential prices of the iPhone 15 in South Africa start from as follows. iPhone 15 prices: starting from about R22173.52 iPhone 15 Plus prices: starting from R27100.96 iPhone 15 Pro prices: starting from R32028.41 iPhone 15 Pro Max prices: starting from R36955.86 Location and likely prices to get the new iPhone in Kenya Kenyan consumers can find the iPhone 15 at these stores/locations: 1. ANISUMA TRADERS – PARKSIDE TOWERS – Parkside Towers, Mombasa. 3. SALUTE I WORLD -e.g Capital C – Mombasa Road, Nairobi. 4. GLOBOEDGE – WATERFRONT MALL – Waterfront Mall, Karen Road, Nairobi. 5. ZETORT – HILTON – Hilton Nairobi, Nairobi. Prices to expect the iPhone 15 variations in Nigeria Many factors can affect the price of the iPhone 15 in Kenya. However, below are likely starting prices for each model: iPhone 15 prices: starting from about Ksh171935.36 iPhone 15 Plus prices: starting from Ksh210143.22 iPhone 15 Pro prices: starting from Ksh248351.08 iPhone 15 Pro Max prices: starting from Ksh286558.94
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- September 21 2023
SRD SASSA appeal status for new 2023 payments
The South African Social Security Agency (SASSA) provides crucial financial assistance to eligible citizens through the Social Relief of Distress (SRD) grant. However, sometimes applications are denied, leading applicants to consider appealing the decision. If you’ve submitted an SRD SASSA appeal recently (January-September 2023), you are advised to check your appeal status now. Here’s a comprehensive guide on how to check it. Meanwhile, if you use Postbank, read this as the bank recently confirmed all SRD SASSA funds disbursements. 1. Go to the SASSA appeal status check portal Open your web browser and go to the official SASSA website (https://srd.sassa.gov.za/appeals/appeal). This is the primary platform for accessing information related to SRD appeals. 2. Enter your details Once you’ve found the appeal status section, you’ll be prompted to enter your South African ID number, and cellphone number, and possibly, your appeal reference number. Ensure you enter these details accurately. 3. Check your SASSA SRD appeal status After entering your information, click on “Send Pin” The system will process your request and likely send you a verification code. Once it does, enter it. Afterwards, the current status of your SRD SASSA appeal should be on display. 4. Review the outcome The system will provide you with the appeal status, which could be one of the following: Approved: Your appeal has been successful, and you will receive the SRD grant. Denied: Unfortunately, your appeal was not successful, and you won’t receive the SRD grant. Pending: Your appeal is still being reviewed, and a decision has not been reached yet. 5. Contact SASSA for further assistance If your appeal status is “Pending” or you encounter any issues during the process, it’s advisable to contact SASSA directly. They can provide additional information and guidance on your specific case. 6. Keep a record Make sure to document your appeal status for future reference. This record can be helpful if you need to follow up with SASSA or if you have questions about your SRD grant. Final thoughts on the SRD SASSA appeal status check If your SRD SASSA South Africa appeal status still reads “Denied”, you may need to re-apply. But it’s advisable to reach out to SASSA to look via any of their verified channels for support. They will tell you what you need to do differently to make your SRD SASSA application successful.
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- September 21 2023
Fixit45 raises $1.9 million to expand into East Africa
Fixit45 expansion drive into East Africa has caused the startup to raise $1.9 million to provide quality automotive spare parts, vehicle repairs and maintenance services across the continent Fixit45, a Nigerian startup that provides automotive spare parts, vehicle repairs and maintenance services has secured $1.9 million pre-seed funding. The funding is a mix of equity and working capital. FixIt45 will use the investment to scale its business in Nigeria and expand into East Africa, particularly, Kenya and Uganda. The round was backed by Launch Africa Ventures, a VC investment firm, and featured participation from distinguished investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors. Speaking on the fund round, Co-founder & COO of Fixit45, Pankaj Bohhra, said the funding represents a pivotal moment for Fixit45. “With this capital infusion, we are well-positioned to advance towards our expansion objectives,” Bohhra said. Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now! Per data from the National Bureau of Statistics (NBS), Nigeria, with an estimated population of 200 million, boasts over 12 million registered vehicles, of which almost 90% are imported, representing a motorization rate of just 0.06 vehicles per person. Faced with the high costs of purchasing new or imported vehicles abroad, vehicle owners are poised to upgrade and repair their existing vehicles to enhance their mobility assets and trade-in value. FixIt45 plays in this market by providing high-quality repair and maintenance services. FixIt45 and its competitor Mecho Autotech were founded in the same year in 2021. However, FixIt45 says it has an impressive network of 300+ operational workshops spread across nine Nigerian cities, including Lagos, Abuja, Port Harcourt, and Jos, serving nearly 4,000 clients. It also leverages on a collaboration with 1,200 spare part dealers to tap into the African automotive industry predicted to reach $42.06 billion in 2027. The automotive startup is also intensifying efforts in spare parts distribution via its online-to-offline platform, xparts.africa. Co-Managing Partners at Launch Africa Ventures, Janade du Plessis and Zachariah George, said the Fixit45 team and seamless experience were the key factors in the decisions to back them. “We are impressed by their unwavering commitment to excellence, compliance, and accountability. We have every confidence that the company is well-prepared to achieve its ambitious goals,” they said. Have you got your tickets to TechCabal’s Moonshot Conference?Click here to do so now!
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- September 21 2023
TechCabal Daily-PayDay in talks to sell after $3million raise
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday! It has been a really good year for Ebanx. Just one year after its debut in South Africa, Nigeria, and Kenya, the payment company has expanded to more African countries; Ivory Coast, Morocco, Senegal, Tanzania, Egypt, Ghana, Uganda, and Zambia. It also recently made its debut in the Asian market by launching in India. In today’s edition PayDay in talks to sell after $3million raise Chipper cash wants to verify users with AI Openserve confirms Sat-3 cable repair Google’s AI Bard gets new features The World Wide Web3 Event: Moonshot Conference Opportuinities Fintech PayDay in talks to sell after $3million raise Image source: TechCabal Nigerian fintech PayDay, after securing a $3 million seed funding round six months ago, is now in talks to be sold. What’s the gist? Per a member of PayDay’s management, the company was open to acquisition before its seed funding round which was led by Moniepoint. In March, a report speculated about Moniepoint acquiring PayDay, with a journalist privately predicting a three-month deal. According to an insider close to the situation, Moniepoint had expressed their intention to acquire PayDay contingent upon specific conditions or criteria that needed to be satisfied before proceeding with the acquisition. However, the deal remained in limbo, with sources suggesting that Moniepoint’s board was not enthusiastic about the acquisition. It’s possible that PayDay did not meet the required conditions for the deal to progress as initially anticipated. Despite Moniepoint pulling out of the deal, talks to sell the company are still ongoing. Nonetheless, negative publicity may also be hindering the company’s sale. A wave of bad press: In August, PayDay suspended customer accounts to recover funds lost to fraud. Per a source, the company did not disclose the losses until a prominent blog accused them of mishandling customer funds. Furthermore, some Nigerian employees claim their salaries were slashed in July—three months after the $3 million raise, while the CEO, Favour Ori, maintained a $15,000 monthly salary. These salary reductions coincided with the departure of key employees, including co-founder and COO Ogechi Obike. Zoom out: As the company continues discussions about a potential sale, sources disclose that Ori has reduced his involvement in the company and has been working full-time at GitHub, implying that PayDay was a side hustle. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. AI Chipper Cash wants to verify users with AI Image source: Tenor In its latest move, the African cross-border payment company has launched Chipper ID, an AI-powered suite of verification services. The feature is aimed at solving Africa’s industry-wide customer onboarding and compliance issues. A 5-in-1 suite: The suite consists of five core product areas: facial verification, document verification, Liveness, an AI system that detects authentic users, a screening bot for comprehensive compliance and a back office portal hub. ICYMI: Chipper Cash is among the few African companies to reach unicorn status.Since its launch in 2018, the company has raised a combined $300 million while recording $100 million in revenue with five million registered users. While Chipper Cash might have experienced great highs, the startup has been in the news lately for its valuation cuts and layoffs. Chipper Cash has had multiple rounds of layoffs since December last year, with its latest round of layoffs in August affecting the COO. In the same month, the company cut its valuation by 70%. Zoom out: Chipper Cash’s new feature offers a new inroad into shielding African businesses from fraud arising from inauthentic users. The feature would also help reduce the KYC gap on the continent Internet Openserve confirms Sat-3 cable repair Image source: Zikoko Memes Openserve, South Africa’s Telkom subsidiary has confirmed that the broken SAT-3 subsea cable has been fully repaired. ICYMI Last month the subsea cable broke off the coast off the Democratic Republic of Congo due to two separate rock falls in the Congo Canyon submarine. The SAT-3 cable breakage was one of three major west coast undersea internet cables that were severed in the past month. The West Africa Cable System (WACS) and SAT-3 undersea cables snapped simultaneously. As a result of the cable breakage, South Africans experienced reduced internet speeds. With all three cables being repaired, South Africans will now enjoy normal internet connectivity. Zoom out: The recent cable breakages show the need to rethink internet connectivity on the continent away from the traditional subsea cable. While subsea cables have been the backbone of internet connectivity for decades, recent disruptions highlight the importance of exploring alternatives. AI Google releases new features for its AI chatbot Bard Image source: Imgflip On Tuesday, Google revealed new updates for its Bard chatbot. What are the updates? Google has updated its AI chatbot, Bard, with the ability to access and use Google’s full suite of tools, communicate in multiple languages, and perform fact-checking. These updates are the biggest to Bard since it was widely released to the public six months ago. Bard can now also draw on information from Google’s other services, such as YouTube, Maps, Flights, and Hotels. Furthermore, Google has also taken steps to address some of the concerns that have been raised about AI chatbots, such as their tendency to generate inaccurate information known as “hallucinations”. Bard now has a “double-check” button that allows users to evaluate the accuracy of its responses, and the company has said that it is constantly working to reduce hallucinations. Lastly, Bard now supports conversation sharing, enabling one user to share a chat with another, who can then expand on the conversation. Zoom out: Overall, the new updates to Bard make it a more powerful and versatile AI chatbot. It remains to be seen how widely adopted Bard will become, but it is clear that Google is investing heavily in this technology.
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