- August 31 2023
Smart ID online application South Africa 2023
In an era characterized by digital advancement and streamlined processes, it’s little wonder why the South African government devised the Smart ID online application system some years ago. This innovative approach allows citizens to apply for their Smart ID cards conveniently from the comfort of their homes. By following a few simple steps, individuals can initiate the application process, reducing the need for in-person visits to government offices. In this article, we’ll outline the steps to go about the Smart ID online application in South Africa. Step 1: Register on the Department of Home Affairs website To begin the Smart ID application process, access the official Department of Home Affairs website. If you don’t already have an account, register by providing your personal details and creating a secure login. Step 2: Complete the Smart ID online application form Once registered, log in to your account and navigate to the Smart ID online application section. Fill in the required information accurately, including your personal details, address, and contact information. Verify all details before proceeding. Step 3: Schedule an appointment After completing the application form, you’ll need to schedule an appointment at a participating bank such as Ned Bank. The website provides a list of authorized banks where you can complete the process. Choose a convenient date and time for your visit. Step 4: Pay the Smart ID online application fee Pay the required application fee online using the provided payment methods. Ensure that you keep the payment receipt as proof of payment. Step 5: Visit the bank branch On the scheduled date, visit the selected bank branch to finalize your application. Bring along the necessary documents, including your proof of payment, identity documents, and any additional documents requested during the online application process. Step 6: Capture biometrics At the bank, your biometric data, including fingerprints and a photograph, will be captured for the Smart ID card. This step is crucial for identity verification. Step 7: Application processing Once your biometric data is captured, the bank will forward your application to the Department of Home Affairs for processing. This step involves verifying the information provided and producing your Smart ID card. Step 8: Collecting your Smart ID After a period of processing, you will receive a notification indicating that your Smart ID is ready for collection. Return to the bank branch where you submitted your application to collect your card. Remember to bring the necessary identification documents for verification. Final thoughts on Smart ID online application The digital identity online application process in South Africa streamlines the procedure of obtaining the card. By following these eight steps—from registering on the Department of Home Affairs website to collecting your card—you can navigate the process efficiently and conveniently. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 31 2023
TechCabal Daily – New day, new coup
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday! ICYMI: Today’s the last day our referral prorgamme will be available. We’re shutting down the programme. We’ll dispense all unclaimed rewards by September 30, so if you’ve qualify for one, we’ll be in touch shortly. In today’s edition Gabon’s military ousts President Bongo Black Ostrich Ventures launches $20 million fund MultiChoice declares $108 million loss ARB rules against Rain for misleading customers with ads The World Wide Web3 Event: The Web3Bridge Conference Lagos Opportunities Politics Gabon military declares military coup Gabon army officers. Image source: Yenisafak Gabon is borrowing inspiration from Niger. Soldiers in the Central African country, on Wednesday, declared that they had seized control of the country, and put President Ali Bongo under house arrest. Why? Gabon’s electoral body announced that President Ali Bongo had won a contentious election, handing him a third term in power. Bongo’s family have ruled the country for 56 years, with Ali Bongo’s father, Omar Bongo, ruling for almost 42 years, from 1967 until his death in 2009. Bongo’s previous election victories weredisputed as fraudulent by opponents, and achange to voting papers just weeks before this year’s election prompted criticism. In the run up to his re-election, the Gabonese government blocked internet access and prevented three French broadcasters from broadcasting their election coverage. Zoom out: While this is Gabon’s first coup, it’s the latest in a string of coups in Africa. It comes weeks after the military takeover in Niger— where the country’s military junta also held the elected president captive.West Africa has witnessed seven coups in the last three years. The latest Gabon coup mirrors the growing frustration of African citizens who feel unable to hold governments accountable for their policies and vote them out. 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. Funding Black Ostrich Ventures launches $20 million fund Black Ostrich Ventures has launched a $20 million pre-seed and seed stage fund. The Los Angeles-based venture capital firm launched the fund to support African startups in the cleantech, supply chain, agritech, and edtech sectors. Image source: Zikoko Memes Supporting African startups: The newly created firm will support startups with check sizes ranging from $50,000 to $200,000, and the fund will focus on startups in Tanzania, Zambia, Morocco, and Uganda. Additionally, the firm will offer a follow-on investment of up to $1 million if the company reaches Series A. Ajani Windsor-Areago, the general partner of Black Ostrich Ventures, says that the decision to focus on these countries was made because he believes that there are significant opportunities for exits and deal activity in these markets. “If you look at the capital inflows into VC in Africa, the Big Four countries—Nigeria, South Africa, Egypt, and Kenya—attract all the capital. But most exits do not happen in these markets,” he said. Zoom out: Windsor-Areago also says that the support for African startups will go beyond funding. “We will be working with founders in a very unusual way. We’re going to surround founders with growth experts and marketing experts to help them grow their businesses. It’s one thing to be great at starting a company, understanding the marketing aspect of the business is another,” he said. Grow with Vesicash Unlock new opportunities for your business with Vesicash! Seamlessly expand into emerging markets using our secure, all-in-one and cost-effective payment infrastructure. Contact Vesicash via our website www.vesicash.com or reach out to our dedicated team at info@vesicash.com Streaming MultiChoice loses $108 million on KingMakers investment MultiChoice is counting its losses. The pan-African broadcaster has lost R1.3 billion ($108 million) in acquiring a 49% stake in KingMakers. Image source: Zikoko Memes In September 2020, pan-African broadcaster MultiChoice acquired a 20% stake in the Nigerian online sports betting company, then BetKing, for R1.9 billion ($112 million). In 2021, MultiChoice increased its stake to 49% for $281.5 million, bringing the total value of its KingMakers shareholding to R5.9 billion ($393.5 million). However, in its latest financial results, the company stated that the naira devaluation in Nigeria and the expansion cost had caused an R2 billion ($108 million) write-down in its KingMakers investment. MultiChoice’s R5.9 billion ($318 million) stake in the betting company is now worth R4.6 billion ($248 million). Zoom out: Experts believe that despite the downturn, the KingMakers investment can still be salvaged. The fate of the KingMakers investment will solely depend on how MultiChoice addresses its operational challenges. Sports betting has proven to be a cash generator for companies that have chosen to play in this area, provided KingMakers maintains consistent client levels. Telecoms ARB rules against Rain for misleading ad Image source: Zikoko Memes South Africa’s Advertising Regulatory Board (ARB) has ruled against telecom Rain for misleading customers with an advertisement. The Ad promises customers they could “join now for just 1 Rand,” and get unlimited 5G home Wi-Fi and free monthly calls and data for two phones. The complaint was lodged by one Trevor Hill, who highlighted that the ad led customers to believe they would receive unlimited 5G home Wi-Fi and free monthly calls and data for R1($0.054). However, upon clicking the ad, customers were redirected to Rain’s website where the actual cost was R559 ($30), along with a joining fee of R1($0.054). The Ruling: The ARB found that the ad’s wording was deceptive, giving the impression of meaningful access to the product for R1($0.054) when, in fact, additional fees applied. The presence of “T’s & C’s apply” did not negate this misleading impression. The ruling noted that the advertisement failed to clarify that the 5G home Wi-Fi and free sim cards incurred separate subscription fees. Although Rain isn’t a member of the ARB, it is aware of the ruling and has made changes to the advertisement and its website. Zoom out: This isn’t the first time
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- August 30 2023
Three problems the Congo Business Summit will solve in Kinshasa
Noel K. Tshiani is the managing director of Congo Business Summit, a flagship conference and expo planned for October 12–13, 2023, in Kinshasa. With its vibrant history and culture, the Democratic Republic of Congo (DRC) has always been a land of potential. However, challenges faced by its entrepreneurs, especially startups, have been many. Congo Business Summit is the largest gathering of startups, innovation leaders, and investors in the DRC. This ambitious initiative is designed to solve three key problems that have prevented the Congolese startup ecosystem from reaching its full potential. Congo’s entrepreneurial spirit is deeply rooted in its people. Throughout history, Congolese have demonstrated resilience, adaptability, and a unique ability to innovate in the face of adversity. But like many emerging markets in Africa, Congo’s promising startups face unique challenges, often stemming from infrastructure limitations, lack of access to capital, and limited opportunities for international expansion. In our interconnected global economy, a nation’s growth trajectory is shaped by how seamlessly its companies can integrate into the international arena. Startups, with their nimbleness and knack for innovation, are at the forefront of this global integration. But without the right scaffolding, guidance and visibility, these nascent businesses risk being overshadowed in the immense global business ecosystem. Congo Business Summit is emerging as the critical link, connecting Congolese innovation with global opportunities. The summit is not just a solution; it is a statement. It announces to the world that Congo-Kinshasa is open for business and its entrepreneurs are ready to take on the world. By addressing the core challenges facing startups, the event aims not only to nurture the local ecosystem, but to position Congo as a burgeoning hub for innovation and real investment opportunities in the heart of Africa. The journey ahead is promising, and with collective efforts, the potential of the Congolese entrepreneurial spirit will be realised on the world stage. Let us delve into the three key problems that Congo Business Summit has identified and the solutions it offers: 1. Boosting global visibility The first hurdle is ensuring visibility for the private sector, the startup ecosystem, entrepreneurs, and the myriad solutions they bring to consumers. Unfortunately, brilliant concepts often fade into obscurity, deprived of the necessary exposure and audience. Congo Business Summit is addressing this visibility problem head-on. By cementing partnerships with the three leading online news media in Kinshasa, and expanding its reach with English-language outlets such as TechCabal, we are ensuring that these stories of innovation receive the spotlight they deserve, both in the French and English-speaking world. In addition, our proactive efforts to secure media coverage from countries such as Nigeria, Kenya, South Africa, the United States, the United Kingdom, and France are putting Congolese entrepreneurs in the global spotlight, championing their groundbreaking ideas, and ensuring that they receive the recognition that is vital to attracting investors, securing business partnerships, and reaching potential customers both in Kinshasa and internationally. 2. Enabling startup fundraising The lifeline of any startup is the capital that fuels its growth. Yet fundraising remains a daunting challenge for many Congolese startups. By inviting business angels and institutional investors from around the world to Kinshasa to participate in Congo Business Summit in October, we are creating a bridge between promising startups and investors with the financial resources to move them forward. This is not just about securing funding; it is about initiating a dialogue, educating investors about the country’s rich investment opportunities, and cultivating a sense of belief in the future of Congolese innovation. President Felix Tshisekedi announced on August 19, 2023, that the national government will prioritise innovation funding in the 2024 budget. 3. Building fruitful partnerships The third challenge involves developing commercial partnerships. Whether it is between startups and large corporations or government agencies in Kinshasa, partnerships are a major contributor to startup success. Congo Business Summit is not just another conference; it is a breeding ground for synergy. I invite not only local players, but also startups from abroad in Nigeria, Kenya, South Africa, France, the United Kingdom, Canada, Germany, Belgium, and the United States to come explore partnerships with Congolese startups. These interactions will open the door for Congolese startups to understand global markets and for international companies to explore partnerships with Congolese entrepreneurs, ensuring a two-way street of growth and learning. In conclusion, Congo Business Summit is more than an event; it is a solution to three key problems the startup ecosystem is currently experiencing in Kinshasa. It is about changing the narrative, driving growth, and ensuring that the Congolese entrepreneurial spirit is not only recognised, but celebrated and supported locally and internationally. Let us not just talk about the potential of Congolese startups, let us make it happen. For a brighter, more innovative Congo, the summit is the beacon that lights the way. That is why I invite business angels, institutional investors, and startups ready for expansion from around the world to join us in Kinshasa this upcoming October on this journey of transformation, networking, and investment exploration. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read More- August 30 2023
MultiChoice writes down $108 million on its investment in betting company KingMakers
Thus far, MultiChoice has lost R1.3 billion (~$108 million) in acquiring a 49% stake in Nigerian sports betting company KingMakers in three years. Can the company manage to turn its gamble on KingMakers around? In September 2020, pan-African broadcaster MultiChoice acquired a 20% stake in Nigerian online sports betting company KingMakers, then BetKing, for R1.9 billion (~$112 million). In 2021, Multichoice increased its stake to 49% for $281.5 million, bringing the total value of its KingMakers shareholding to R5.9 billion (~$393.5 million). In its latest financial results, MultiChoice stated that naira devaluation in Nigeria and the expansion cost had caused an R2 billion (~$108 million) write-down in its KingMakers investment. Multichoice’s R5.9 billion ($318 million) stake in the betting company is now worth R4.6 billion ($248 million). “Considering the fact that the 49% (51.23% effective interest) stake cost them around R6 billion (~$393.5 million), it seems in the interests of MultiChoice to try and save the business rather than having to face the prospect of having to further impair the asset or potentially even sell it at a significant loss,” independent financial markets analyst Jimmy Moyaha told TechCabal. MultiChoice is already burning cash in most of its verticals. In its FY 2023 annual results, the company withheld dividends from shareholders to fund Showmax. Funding another bet in KingMakers, which does have growing revenues but also crippling losses, might worry shareholders in the future. How did MultiChoice get here? On paper, the KingMakers deal seemed poised for success. MultiChoice planned to leverage its extensive sports coverage to boost the betting business. The model had worked well internationally, with sports broadcasters like Sky, Fox, and most recently, ESPN, having successfully entered the sports betting business. According to internal data cited by KingMakers, 77% of DStv subscribers are active betters or engage in match predictions, providing an extensive customer base for a betting product. Additionally, sports betting has grown tremendously in Africa over the last half a decade. According to a report [pdf] by KPMG, Africa’s gambling market was predicted to reach a value of $37 billion by 2022, with sports betting accounting for most of that growth. The majority of Africa’s Gross Gaming Revenue (GRR) is sports betting, is expected to rise by 17% by 2027, with online betting revenues growing from $2.9 billion to $5.5 billion. MultiChoice itself had alluded to the sports betting industry’s impressive growth projections as one of the driving seasons for the acquisition. “The global sports betting market is experiencing a growth surge. Africa comprises only 2% of global sports betting revenue and is poised for significant momentum as it plays catch-up,” the company had said at the time of the acquisition. But as MultiChoice would soon find out, growth projections and cumulative annual growth rates do not always mean much when operating in Africa. At the time of the acquisition, MultiChoice said that KingMakers’s ability to expand beyond Nigeria was one of the rationales for purchasing the stake. That has not gone well so far for unclear reasons. The company has had to pull the plug on expansion plans to Kenya and Ethiopia despite adding the experienced Ronnie Whelan as its new chief operating officer. Despite seeing growth in topline revenue since the MultiChoice transaction, that growth has come at a staggering expense to the company’s bottom line. For example, between 2022 and 2023, Kingmakers revenue jumped from $131 million to $198 million. However, its losses followed the same trajectory, increasing from $19 million in 2022 to $28 million in 2023 due to “investment to further scale the business and cash extraction losses out of Nigeria.” According to Moyaha, further losses would put Multichoice and its shareholders in a precarious position. “[Despite the revenues], MultiChoice has already had to raise an impairment of R2 billion on this investment. This impairment was a significant contributor to the group swinging into loss for the year. If the [Kingmakers] isn’t turned around and requires further impairments, MultiChoice could have to write down 18.7% of its non-current assets as per their FY 2023 financials,” he said. Regarding share price, according to Moyaha, shareholders are unlikely to be happy that KingMakers has already had the biggest negative impact on the group’s cash flows from investing activities. What’s next? Despite the headache that the KingMakers investment has caused for both Multichoice’s management and shareholders, according to Mpumi Ndiweni, CEO of advisory and investing firm Colmin Group, it can still be salvaged. “[KingMakers] would most likely focus on consolidation, so it gets out of the red, but MultiChoice needs an inflection point and may want to pump in more resources to achieve that. Let’s hope Multichoice has not missed its inflection point for the investment to lift it, given the African betting long play. Its share price has fallen about 50% this year alone,” Ndiweni told TechCabal. Although KingMakers would leverage MultiChoice’s customer base to differentiate itself from the competition, it still operates independently. However, according to Moyaha, to turn the company’s fortunes around, Multichoice might have to play an active role in the operations of Kingmakers. “Even though MultiChoice holds an effective interest of 51.23% from its 49% stake in KingMakers, the group considers this an associate rather than a subsidiary. This means that while Multichoice does have a significant level of influence in the business, it ultimately does not have control. This may be something they would need to change if they do not agree with the new strategy or find themselves having to invest more in the business,” he said. Sven Forrsman, head of equity sales at Kela Securities, reiterates the need for better management at KingMakers. “The loss in the Kingmakers deal is significant and is probably caused by too much spending on marketing in their expansion efforts. Betting [companies] have shown that there is no J Curve and don’t gain as much traction in a competitive space. Although MultiChoice does need to diversify its business, I don’t think sports betting, although [growing significantly], is the answer,” Forrsman
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- August 30 2023
Chargel expands into Cote d’Ivoire
Image Source: Chargel After a $2.5 million seed raise and an expansion into Cote d’Ivoire, Chargel, a Senegalese logistics startup that connects truck drivers with shippers, wants to change how goods move through Francophone Africa. Senegalese brothers Moustapha and Alioune Ndoye sold their last business, Teranga—a hospitality tech startup—in 2018, and were advised to use the proceeds to set up a trucking business on the side for extra revenue. This led to them understanding all the problems that the trucking business faced in Senegal and how technology could solve them. “We bought the trucks, and we had to think about how to get businesses and how to get paid. We saw so many operational inefficiencies and some gaps in financing the trucks. We felt technology could change that, so we decided to launch Chargel,” Moustapha told TechCabal over a call. Chargel is a logistics company that connects shippers with trucking companies, digitising Francophone Africa’s road freight transport network. Shippers can also track their goods with GPS on Chargel’s platform and receive notifications once they are delivered. Startups like Chargel that connect truckers with demand operate in a fragmented logistics sector that could be worth $80 billion with a 4.5% annual growth rate. The inefficiencies in the sector are estimated to add about 40%-60% to the prices of imported goods. Chargel has made deliveries into five Francophone countries; Cote d’Ivoire, Senegal, Mali, Mauritania, and Guinea. However, it has only expanded its base into Cote d’Ivoire for now. Moustapha said this was because most of its Senegalese customers are also in Cote d’Ivoire and the port of Abidjan is one of the biggest in Francophone Africa. Earlier this year, in April, Chargel announced that it had raised a $2.5 million seed round with participation from investors like Logos Ventures, Ventures Platform, Foundation Botnar, DFS Labs, and Seedstars. According to Moustapha, Chargel raised the funds because the brothers convinced investors that they could leverage their experience to solve the trucking problem in Francophone Africa. Moustapha told TechCabal that Chargel makes money from the margin it gets from negotiating prices with transporters like Maersk and Grimaldi and selling transportation from its pool of independent truck drivers to them. Although he refused to disclose how much revenue the startup generates, Moustapha told TechCabal that the startup had made seven figures in USD this year. (Chargel made over $1.2 million in GMV in 2022). In Senegal, the startup has secured over 3,000 trucks on its platform. Moustapha told TechCabal that this resulted from the operational efficiency that the drivers experienced with Chargel. The startup is also in the final stages of a deal with a Senegalese insurtech that will allow all the drivers on its platform to access accidental insurance and life insurance. Chargel also insures every good that passes through its platform for the shippers. “When it comes to insurance, the way we look at it is very simple. When you come to Chargel, we insure that your goods are transported from point A to point B on time. So if something happens between those two points, it’s on us,” Moustapha said. Last month, the Senegalese government shut down the internet to prevent disturbances to public order. This was the second time the government shut down the internet in two months. Moustapha called the shutdowns “unfortunate” and told TechCabal that they erode trust in the country’s startup ecosystem. “We hope that the government can find ways to deal with their issues without having to shut down the internet because it affects everything, like mobile money and GPS tracking,” he added. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 30 2023
Francophone’s startup ecosystems wish to rival Africa’s Big Four
Francophone governments are trying to accelerate their startup ecosystems but it has not been a concerted effort among the countries in the region. In a hotel room in Abidjan, the commercial capital of Cote d’Ivoire, where I am staying with other attendees of the Cyber Africa Forum, Freddy Mpinda, an advisor to the digital minister of the Democratic Republic of Congo (DRC), tells me how the Congolese government is trying to lay the foundation for a startup ecosystem he hopes can rival the English-speaking Big Four (Egypt, Kenya, Nigeria, and South Africa). These four countries lead the continent in almost every metric used to gauge a startup ecosystem. According to data from Startup Blink, a startup ecosystem research company, the four countries and Mauritius are the top five countries for startups in Africa. The funding pattern also agrees; the Big Four have historically seen the most investment and accounted for more than half of funding on the continent last year. As expected, they also lead in the number of startups, IPOs, and exits. In all of these metrics, francophone countries rarely appear. But this does not deter Mpinda from believing that francophone Africa could have a seat at the high table. He tells me of all the steps the Congolese government has taken under President Tshisekedi in the past four years to accelerate its digital economy. “You have to understand that before President Tshisekedi, other presidents never said or did anything about the digital economy. Now, we have a national digital strategic plan and, for the first time in years, a digital ministry. We also have an agency to develop the digital economy, and last year we signed a startup act.” According to Mpinda, these steps are already bearing fruit. “Before now, it was difficult to collect taxes, but now our finance ministry has used technology to improve how they collect taxes. Also, when COVID-19 came, we did not have any e-learning solutions, but now we have many solutions for e-learning,” he said. “If the pandemic comes back, the DRC is prepared for e-learning,” he jokingly added. Mpinda, however, acknowledged that the government alone cannot create an ecosystem. Across francophone Africa, it has been noted that the entrepreneurial culture is low. “Our young people would rather work in the public sector than build a business. That’s not a good idea. We need them to go to the private sector to make money. [The government’s] goal is to encourage them to build successful businesses,” Mpinda said. Fintech startups are already emerging, albeit slowly, in the DRC. In June, Tuma raised $500,000 in funding—the largest investment round for a Congolese fintech ever. In August, DRC-based VaultPay, a fintech building core payments infrastructure for Central Africa, was unveiled as the third African startup selected for Y Combinator’s 2023 summer class. For francophone startups playing catch-up, imitation is the cheat code In the Republic of Benin, the government’s efforts have focused on improving internet penetration and digitising the public sector, as the country’s startup ecosystem is still very much in its infancy. The government has built a Tier 3 data centre, and there are plans to build more data centres, according to Maximilien Kpodjedo, the digital project manager for Benin’s president. “We are adding more data centres so we can have resilient storage of our critical data, applications, and systems for the country. We want to host [our critical data] in-house instead of exporting it abroad, where we do not have the sovereignty of our data,” Kpodjedo said. The government has also launched a 3,000-kilometre fibre-optic network that has boosted internet connectivity from 20% in 2016 to more than 70% in 2022. For startups in the country, the government has introduced tax benefits. “We try to analyse and see the best-performing startups to provide them tax incentives during the first three to five years. When they import some equipment or infrastructure to do business, they receive exoneration,” Kpodjedo told me in Abidjan. He added that these tax incentives and an upcoming startup act could act as a “shortcut” for the development of startups. Ouanilo Medegan Fagla, a director of Benin’s information and digital systems agency, told me that the government is improving the talent pipeline by “trusting the country’s youth” and supporting them with programmes and scholarships. “Since 2017, we have had a national challenge we call Hacker Lab, where we take 80 young people and test them for two days. At the end of the two days, we select the best to come and work for the agency,” he said. Some francophone governments, like Tunisia and Senegal, have already enacted Startup Acts, while Cote d’Ivoire is set to launch its startup act. In Tunisia, the government also runs a national programme that offers startup grants. How Kainene von Savant, an AI bot helped me in the past month It has not always been smooth sailing for the digital economy in Africa’s francophone region. Last month, the Senegalese government shut down the internet to prevent disturbances to public order. This was the second time in two months that the government shut down the internet. Both shutdowns have been associated with the arrest of Ousmane Sonko, an opposition leader in Senegal. Politically motivated internet shutdowns are not peculiar to Senegal. In Gabon, the government shut down the internet as a way to control the narrative of its recently conducted elections. These actions threaten the growth of startups and reduce investor confidence. Moustapha Ndoye, the CEO of Chargel, a Senegalese logistics startup, called the shutdowns “unfortunate” and told TechCabal that they erode trust in the country’s startup ecosystem. Government assistance in the francophone region could go a long way in accelerating the startup ecosystem, but there needs to be a more concerted effort from all the countries to allow a region that is connected by a similar language, currency, and culture to establish itself as a regional tech powerhouse. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 30 2023
Nigeria’s stock market hits 15-year high, but market experts are skeptical about investor movements
As Nigerian stocks hits 15-year high, experts urge investors not to buy the top On Tuesday, the All Share Index (ASI) of the Nigerian Stock Exchange hit a 15-year high. The ASI rose by 0.51% to close yesterday’s trading at 66,490.34 basis points, rising above the high of 66,371.20 bps recorded on March 5, 2008. While other investors may be looking to get in on this run, experts have warned against getting their fingers burnt. Samuel Oyekanmi, a research analyst, told investors to be a bit skeptical of the market movements. “When there is a bubble and the market is so bullish, you need to be skeptical before you go in. It is best you have been in before it goes up. Right now, it is already at a record high, you don’t want to go in and it bursts,” he told TechCabal. Is the rally disconnected from Nigeria’s economy? Most of the experts believe the market would remain bullish as the ASI on Tuesday was driven by banking and consumer goods. Notwithstanding, two other experts believe that the market is disconnected from the wider economy. CEO of Asher Investment, Muktar Mohammed said that while the stock exchange is doing well, it would at some point bow to the real state of the nation’s economy. Mohammed said that markets depend on the success of the economy to thrive. “As a market, you need the economy to be very stable, especially the macro economic space,” he said. Mayowa Badejo, a partner at 213 Capital Ltd, agreed with Mohammed as he warned investors not to be quick to begin to invest in the stock market. At core of his submission is the fact that the stock market rally doesn’t not reflect some of the economic realities Nigeria is facing. As it stands today, Nigeria’s inflation is at 24%, with the gap between the naira and dollar rate widening in the black market. Also, the Gross Domestic Product slowed to 2.51% in Q2 2023 from 3.54% in the same quarter last year over challenging economic conditions. “There are a lot of foreign investors trapped in the Nigeria market due to forex scarcity. They may want to get out. One has to be careful and investors should not rush into it. In my own view, this rally is not sustainable. The fundamentals like our GDP growth is very low, which is not enough. If you consider our inflation, exchange rate devaluation, fx reserve and other fundamentals, it does not support the rally we are seeing,” Badejo said. A new shift to the money market While market experts admit that the swear-in ceremony of ministers and performance of domestic investors contributed to the market rally; Badejo senses a shift in investment. The analyst said that there is a possibility of investors gravitating to the money market. Since there are lower risks in the money market than in the equity market. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 30 2023
Black Ostrich Ventures announces $20m pre-seed and seed stage fund for African startups
Black Ostrich Ventures, a Los Angeles-based VC firm, has launched a $20 million pre-seed and seed-stage fund to support African startups in the cleantech, supply chain, ag-tech, and edtech sectors. Black Ostrich Ventures, a Los Angeles-based venture capital firm, has launched a $20 million pre-seed and seed stage fund to support African founders to grow their businesses in the cleantech, supply chain, ag-tech, and edtech sectors. According to a statement shared with TechCabal, the newly created firm will support startups with check sizes ranging from $50,000 to $200,000. The fund—backed by LPs in New York and undisclosed high-net-worth individuals in Los Angeles—will be focusing on startups in Tanzania, Zambia, Morocco, and Uganda. The General Partner of Black Ostrich Ventures, Ajani Windsor-Areago explained that the decision stems from a belief that potential exits and deal activities in these countries are being overlooked. “If you look at the capital inflows into VC in Africa, the Big Four countries—Nigeria, South Africa, Egypt, and Kenya—attract all the capital. But most exits do not happen in these markets,” he told TechCabal over a call. According to Briter Bridges, fintech—which has been Africa’s top sector in terms of the number of deals and volume of funding since 2015—accounts for less than a third of exits on the continent. Data shows that markets like Tanzania and Zambia which are receiving way less funding compared to the “Big 4” still have viable exit pathways. Black Ostrich Ventures said in the statement that it intends to concentrate its investments in venture-investable businesses and countries with promising exit opportunities. The firm hopes to leverage Windsor-Areago’s experience in the VC industry. Windsor-Areago worked as the Head of North America for Lagos-based Platform Capital and was recently a Venture Partner with Expert Dojo, a US-based early-stage fund. He currently serves on the advisory boards of eight startups worldwide, including Cpayant (UK), ESGentle (San Francisco), Hytribe (Uganda), and Wayli (Morocco). In addition to the first checks, the firm will offer a follow-on investment of up to $1 million if the company reaches Series A. Windsor-Areago told TechCabal that the support for African startups will go beyond funding. “We will be working with founders in a very unusual way. We’re going to surround founders with growth experts and marketing experts to help them grow their businesses. It’s one thing to be great at starting a company, understanding the marketing aspect of the business is another,” he said. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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- August 30 2023
Latest active DSTV customer care number SA
There are times when your DSTV may develop issues that appear beyond your capacity to resolve. Such issues include your DSTV not displaying despite having an active subscription, some of your channels not displaying while some are, an error message that keeps popping, and so on. In such instances, you may need to contact DSTV directly. Here, we’ll show you the DSTV customer care number(s) and other of their contact information. DStv customer care number for call and WhatsApp You can typically find DSTV customer care contact information, including phone numbers, email addresses, and social media profiles, on the official DSTV website or through a web search or credible platforms such as TechCabal. For contacting DSTV customer care in South Africa, see the following numbers: DStv customer care WhatsApp number DStv customer care is on WhatsApp. Just save their number which is 060 060 3788. All you have to do to get started is to type “Hello”. It’s recommended to verify the contact details from their official sources to ensure accuracy. DStv customer care call number DStv customer care telephone number for calls is (011) 289 2222. You can save it for easy access anytime. Also, the DSTV call centre is available seven days a week, including public holidays, from 07:00 – 23:00. Please note that the calls to the DSTV customer care number are not free. Other contact information apart from the DSTV customer care number You can also reach out to DSTV via other channels apart from the call or WhatsApp number. These include using Live Chat option The live chat option is available on the DSTV website. To use the DSTV live chat for assistance, simply click on the live chat icon in the bottom right-hand corner of the website. This service is available Monday to Sunday, from 07:00 to 23:00 during the national lockdown. Use the DStv USSD This channel may not get you speaking with a customer care representative of DSTV like the phone number would. But you can check what you owe, clear errors, view transactions and reconnect packages using it. Use your number registered on the DSTV system to dial *120*68584# and follow the prompts. Contact DSTV customer care via Facebook and Twitter You can easily use your preferred social media account between Twitter and Facebook to send them a query or concern and they’ll get back to you. Please note that these channels on Facebook and Twitter are available Monday to Sunday, from 07:00 to 23:00 What to know before reaching out to DSTV customer care call number especially When reaching out to the DStv customer care number in South Africa or any country, it’s essential to be well-prepared to ensure a smooth and efficient interaction. Taking a few proactive steps can save you time and frustration. Here’s a comprehensive guide on the things to get ready before making that call. 1. Account Information: Have your DStv account number and customer details readily available. This will help the customer care representative quickly access your account and understand your specific situation. 2. Issue Details: Clearly define the reason for your call. Whether it’s a technical issue, billing problem, or general inquiry, knowing the specifics will enable the customer care agent to assist you accurately. 3. Documentation: Gather any relevant documents related to your concern. For technical issues, note down error messages or codes displayed on your screen. For billing matters, have your recent statements handy. 4. Contact Information: Ensure your contact details are up to date. This includes your phone number, email address, and physical address. Correct information is crucial for follow-up or resolution. 5. Troubleshooting: If your issue pertains to technical problems, perform basic troubleshooting steps before calling. Reboot your decoder, check cables, and ensure proper connections. Also ensure there’s power supply. This can help resolve minor issues quickly. 6. Preferred Time: If possible, choose a time to call when you can give your full attention. Complex issues may require a longer conversation, so avoid calling in a rush. 7. Patience: Calling customer care often involves wait times. Be patient and prepared to wait, especially during peak hours. You can use this time to organize your thoughts and information. 8. Questions: Jot down any questions you have before making the call. This will ensure you don’t forget any important points during the conversation. 9. Account Security: Be prepared to verify your identity. Customer care representatives may ask security questions to confirm that you’re the account holder. 10. Pen and Paper: Keep a pen and paper handy to take notes during the call. Write down the name of the representative you’re speaking with, case numbers, and any instructions provided. 11. Reference Numbers: If you have previously contacted customer care about the same issue, gather any reference or case numbers associated with those interactions. 12. Expectations: Have realistic expectations for the call. Some issues may require follow-up or escalation. Understand the steps that might be taken after your initial conversation. 13. Feedback: If your concern has been previously addressed but not resolved, provide clear feedback on what has been tried and what hasn’t worked. This will help the representative pinpoint the issue more effectively. Final thoughts Keep in mind that customer care contact information may change, so always refer to the most current and official sources. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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The 7 Nigerian startups selected for TechCrunch’s Startup Battlefield
Seven Nigerian startups will challenge 193 other startups for the 100K equity-free prize at Startup Battlefield competition. Seven Nigerian startups have been selected for this year’s TechCrunch Startup Battlefield pitch competition. The competition showcases the top 200 early-stage startups chosen from around the globe, across multiple industries who compete for the 100K equity-free prize. Sixteen African startups were selected for this year’s edition of the competition, with Nigeria having the most representation with seven entries. South Africa had three startups, Kenya and Uganda with two startups each, Tanzania and Ghana with one startup, respectively. The selected startups will receive pitch training from TechCrunch journalists and VCs and then pitch to investors attending the conference over three days. Here is a list of selected Nigerian startups for this year’s TechCrunch Startup Battlefield competition: 1. Famasi Africa Famasi Africa is a Pharmacy platform that connects individuals & businesses to pharmacies. Via a dashboard, users can order, track and refill their medications with a dedicated support channel to provide information on the proper use & benefits of the medications. Adeola Ayoola, co-founder of Famasi Africa told TechCabal in an interview, “At Famasi, we don’t prescribe medications, and we only work with prescriptions or directly with providers. However, we prioritise convenience, access and personalised support for our customers,” she said. 2. Akowe Akowe is a comprehensive solution for the digital issuance and verification of academic records using blockchain technology. Founded by Ayodeji Agboola in 2020, Akowe helps educators or platforms that engage in online training issue bulk certificates. It also allows students to verify their credentials after uploading them to the platform while helping employers verify the credentials of a potential hire. The startup has a web application where users can access these services. It also has a mobile app for students to upload and verify their certificates. 3. Bus54 Bus54 is a mobility technology company providing a platform to aggregate intercity bus transportation in Africa, allowing passengers to search, compare, book, and manage their journeys online. The platform enables transport operators to manage their end-to-end operations from a secure portal with no need for additional investment in IT software or hardware, and an additional channel to sell their tickets. “The visibility from the event can attract potential investors who are looking for promising startups in the mobility and transportation sector. Even if Bus54 doesn’t win the top prize, the exposure can lead to investment opportunities,” said Joseph Lumbahe, CEO of Bus54. 4. Flowmono Flowmono is a SaaS platform for APIs and tools helping organisations and people e-sign, store, and share documents as well as digitize their processes. Flowmono use cases include purchase requests, loan approvals, expense reports, contracts, and much more. Flowmono helps businesses become more efficient, save data, save cost, save time, and save the environment from paper waste. 5. ForisLabs Foris Labs is an edtech startup that allows students transform any space into a science laboratory via its gamified 3D virtual science laboratory. Founded by John Onuigbo in 2020, Foris Labs 3D virtual science laboratory provides a realistic simulation of hands-on science experiments for its users. 6. Genesis360 Genesis360 leverages financial technology to democratize access to consumer credit for food. Our solution enables food retail stores to provide affordable payment options to their customers and accept repayment in instalments. Mayowa Akinmade, CEO of Genesis360 while speaking on the selection said “being selected for TechCrunch Battlefield 200 attests to the significance of our solution. It’s a validation of our targeted efforts towards combatting food insecurity and driving financial inclusion across cities in Africa, one step at a time. The TechCrunch platform presents the opportunity to showcase our technology, connect with industry experts to learn global best practices. Provides further opportunity for collaboration, and gaining valuable feedback.” 7. Alusoft Technologies Ltd Alusoft is an edtech platform that utilises its suite of products to provide endless possibilities to educators, parents, and students. EduPorch it’s product provides a complete educational information processing and management tool that aids day-to-day activities of a school and allows seamless interactions among major stakeholders of the school. “Being chosen for is more than an accolade – it’s a gateway to wider recognition, growth, and success in the tech field. We’re thrilled to embrace this chance and create a lasting impact,” Onaopemipo Adewumi, CEO of Alusoft told TechCabal. “This recognition offers us the opportunity to showcase our innovation on a global stage, network with Industry Leaders, pioneers, investors, and collaborators, enabling connections for potential partnerships and growth as well as tapping into Validation and Credibility to enhance our vision.” The selected African startups for this year’s edition have the chance to join a prestigious list of companies like Dropbox, Trello, Yammer, Tripit, and Redbeacon, who have emerged from the competition. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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