- June 22 2023
One year after expanding to Nigeria, Crypto platform Pillow is exiting the country
Crypto startup Pillow which enabled users in Nigeria and Ghana to save and invest crypto assets ceases operations, cites regulatory climate as the reason. The Singapore-based crypto startup Pillow recently announced its decision to discontinue its services, a year after expanding its services to Nigeria and Ghana. The startup offered features such as saving, spending, and investing in cryptocurrency, attributed its closure to the “current regulatory climate and its impact on associated financial infrastructure.” Pillow disclosed this via in-app message to its user base, reportedly over 75,000 individuals across 60 different countries, asking them to withdraw their funds promptly. To facilitate the process, the company has set a deadline of July 31st, 2023, for users to withdraw their holdings. While the app will be removed from the Play Store by that date, the platform plans to suspend bank withdrawals on July 7th, with crypto withdrawals to follow on July 31st. The company’s founders, Arindam Roy, Rajath KM, and Kartik Mishra, have not publicly announced the news, but the closure marks the end of Pillow’s mission to provide a means for individuals in emerging markets to combat inflation. The startup had raised approximately $21 million from 15 investors to support this goal. Pillow’s decision is arguably a surprising turn of even as a few months ago, the startup was advertising job vacancies. However, this highlights the pressure faced by crypto startups in navigating regulatory environments, across the world.
Read More- June 22 2023
Mr Price records R1 billion loss in revenue, blames loadshedding
According to its latest financial results, Mr. Price has lost R1 billion in revenue as a result of loadshedding. South African retail giant Mr. Price cites loadshedding as the major cause of the company’s loss of R1 billion in revenue, as a result of over 318,000 lost trading hours in the past financial year. Additionally, the company stated that the indirect impacts of loadshedding such as changing customer shopping behavior and lower levels of consumer confidence, as well as the need to mark down unsold stock, further exacerbated the company’s poor performance in the second half of the year. While revenue for the year through March rose by 17%, Mr. Price reported a 7% drop in net income and its full-year dividend of 7.596 rand per share. “The potential higher stages of loadshedding throughout winter threaten to extend this disruptive retail cycle. Loadshedding has become a permanent and tiresome obstacle to businesses in South Africa and the cost of doing business has materially increased, stifling economic growth,” the company statement read. To counter the impact of loadshedding on its operations going forward, Mr. Price stated that it has accelerated its energy continuity roll-out plans and invested R220 million in back-up solutions including inverters and batteries, which will cover all its stores by the end of June. Mr. Price joins other publicly traded companies including Multichoice, Vodacom, Telkom, and MTN, who have blamed their suboptimal performances on loadshedding.
Read More- June 22 2023
UniAbuja student’s expulsion sparks a debate on digital rights
The expulsion of a University of Abuja student for protesting a hike in fees is sparking a conversation on digital rights A luta continua; vitória é certa. That’s a famous rallying cry for Nigerian University students, who have a long and rich history of pushing back against real and perceived injustices from university authorities and the government. For years, student union leaders at universities invoked the spirit of Aluta to compel people to pay attention to burning issues. In the same spirit, Cyprian Igwe, a student union executive and Sociology major at the University of Abuja, sent a message to the Student Union’s Whatsapp group. His message: his displeasure at the University’s decision to increase tuition fees by 50% on April 29, 2023. The price hike moved tuition fees from ₦47,300 ($58) to ₦89,000 ($109). His protest was valid, given that Nigeria’s government-owned universities have long remained affordable and within reach of many low and middle-income families. The price hike would change all that. What followed Cyprian’s call for Aluta on Whatsapp was a letter signed by Alkasim Umar, the University’s deputy registrar. Cyprian was accused of circulating an “inciteful press release.” Part of the suspension letter stated, “Your actions are capable of jeopardising the peaceful smooth conduct of academic activities in the university and a breach of the university matriculation oath. By the powers conferred on the Vice Chancellor as contained in the University of Abuja Act, he on behalf of the senate has directed your immediate rustication from the university. Accordingly, you are banned from all university campuses pending the determination of the case.” Cyprian’s situation is common. Nigerian universities frequently rusticate student union leaders involved in protests. Aderemi Ojo, a former President of the University of Ibadan student Union was expelled following a 2017 protest. In 2010, four student union leaders at the University of Nigeria were also expelled after they protested a hike in tuition fees. While Aderemi Ojo is in court asking to be reinstated, Cyprian got lucky when his tweet caught the attention of journalists and activists in May 2023; the resulting media attention forced the University to reinstate Cyprian. Journalists, lawyers and other observers say the University’s actions breached Cyrpian’s digital rights. As an extension of human rights, digital rights are closely linked to freedom of expression and privacy. How the University authorities found Cyprian’s message within a private Whatsapp group remains unclear. Cyprian’s case has sparked a conversation on digital rights in Africa. The past decade has seen an increase in African organizations championing digital rights—affordable and quality Internet connectivity, privacy, freedom of opinion, expression and association. Yet, African governments continue clinging down on their citizens’ digital rights and abusing personal data. In June 2021, the Nigerian government banned Twitter after the platform removed a controversial tweet by then-President Muhammadu Buhari. The ban was later lifted a year before the 2023 general elections. “Digital rights are human rights” Angela Uwandu, the head of Avocats Sans Frontieres, an International Human Rights group in Nigeria, told TechCabal, “With the rise in social media usage, freedom of expression online has to be protected and particularly, journalists and activists who are hounded under obnoxious laws. These rights have been guaranteed at both international and regional levels.” Fortunately, the internet has made it easier to gain access to people with authority and draw attention to digital abuse breaches, much like Cyprian did with his tweet. According to Kehinde Adegboyega, the founder and team lead at Human Rights Journalists Network told TechCabal, “In the past, before you could speak to the public at that magnitude, you needed to write a letter to the editor and it was considered before it went into the media. But now with just your Twitter page, you have more power to hold government accountable—it is more power to the citizens.” But this ability to hold government and institutions accountable also comes with the risk of being easily identified. Governments monitor social media usage and often unfairly arrest and prosecute critics. For Adegboyega, it is impossible to travel out of Nigeria without being subjected to background checks at the airport. “If you are a digital campaigner and someone highly placed is angry about what you post online, traveling through Nigeria’s Murtala Mohammed International Airport II could land you in the net of the state’s secret police, popularly known as the Department of State Security (Services),” he said. But Nigeria is not the only place where digital rights violations occur. This year, Senegal experienced an internet shutdown following violent protests that began after an opposition leader, Ousmane Sonko, was sentenced to two years in prison after a prolonged legal dispute since 2021. A senior researcher with the Committee to Protect Journalists (CPJ), Jonathan Rozen noted that the internet shutdown is a major infringement on human rights and that of the press. “Journalists are not able to work without the internet in a lot of ways. They use it for research, to use secure communication platforms to speak to their sources, they use it to publish. From top to bottom, blocking the internet and major online platforms is an attack on freedom of the press and journalists safety,” Rozen told TechCabal. Rozen, who has extensive experience in dealing with issues of this kind, revealed that some of the regulations of the Nigerian Communication Commission (NCC) allow for “warrantless access to people’s call data,” and can be used by members of the police force to lure journalists, activists and non-state actors alike. He explained this on a call where he mentioned the issue of Azeezat Adedigba, an assistant editor at HumAngle, who had her phone line hacked. More still needs to be done The current state of digital rights is disturbing and calls for action. As this article argues, stakeholders such as civil society organisations, funders, private companies and government institutions need to work together to ensure better judicial and regulatory oversight to protect free speech online and personal data.
Read More- June 22 2023
ARTSPLIT is betting it can get you to collect, co-own, care about African art
ARTSPLIT, the art investment platform, is making alternative investment assets such as artworks and music more inclusive and accessible for everyday people and at the same time, helping artists to make money from their works. Art pieces are expensive, but what if, with only a token, you could own a slice of one of these masterful creations? That’s the sales pitch of ARTSPLIT, an alternative investment platform founded by Onyinye Anyaegbu, Nonso Okpala, Niyi Adenubi and Ayobami Jikiemi. ARTSPLIT’s technology lets users co-own rare and valuable African artworks with as little as $3. “For us, the question was, ‘What if an artist could actually just sell a portion of their work without selling the full work’? They don’t lose the work entirely, and they still have access to it physically. But then other people can co-own with them and they get financial compensation without losing their work,” Anyaegbu, co-founder and executive director, told TechCabal over a Google Meet call. How ARTSPLIT works ARTSPLIT solves two basic problems: lowering the cost barrier to investing in art and access to liquidity for the collector or artist. With the app, users buy “Splits,” which are digital fractions of prominent African artworks. “If an artwork costs around $230,000 for instance, we break that down into 100,000 Splits and then it takes the entry point to $2.30.” Any Artsplit user can own a Split by bidding during an auction; several people can also co-own a Split. Through a ‘Lease Auction,’ users can win physical custody of these split artworks for a set period of two years. There is also an ‘Open Market’ which allows art collectors to buy inexpensive artworks and introduce young artists to a wider audience. After an auction is completed, the income goes to the artist and ARTSPLIT gets an agreed commission. Anyaegbu disclosed that over 70 artworks have been auctioned or sold on the open market. Artworks are a tricky asset to own because prices are volatile. Non-fungible tokens (NFT), which became popular in 2021, threw prices and valuations in a funk. According to Forbes, investing in art could provide lower returns than investing in stocks. That’s because it’s thought of as a passion investment. As this article explains, art tends to work best as a long-term investment because it takes a longer time to sell a valuable piece of art. ARTSPLIT’s business model—splitting ownership of artworks—isn’t new, existing platforms like Masterworks allow users to invest in multi-million dollar works of art by artists like Basquiat, Picasso, and Banksy. The difference is that ARTSPLIT focuses on African art and artists. The idea of art investing is still nascent in Africa because of the long-term nature of the investment. Considering the high level of poverty on the continent, Africans are often on the lookout for quick money investment options. ARTSPLIT says it has over 50,000 users on its app, but not everyone will consider co-ownership of artworks as a viable proposition. Not just artworks, but music too With Afrobeats on a global rise, ARTSPLIT also offers fans the opportunity to fund their favourite artistes for a chance to earn part of their royalties. In January, the company launched MusicSplit, a product that allows fans to buy shares of songs of the Afrobeats artists, starting with the Nigerian singer KingPerrry. Anyaegbu explained that MusicSplit was designed to help independent artists gain access to funds from their works. “So what we’ve done with MusicSplit is using our “Splits” framework and leveraging music as an asset in itself, where the return on the assets is not just in the valuation of the work of the assets in the trade market but also in the streaming income that comes in on a monthly basis,” she said. When asked about the partnership with KingPerrry, Anyaegbu said that users—which she fondly calls investors—bought 30% of his projects. This means for every streaming income he makes on that project, one-third of it goes to the investors. The idea of funding songs or artists in exchange for returns isn’t new in Africa. However, this can best for work for popular artists who can boast of a large following that will translate into streaming numbers. For lesser-known artists, this might be difficult. Edwin Madu, a musician and now label owner, once told TechCabal that the royalties from streaming are not the money-making game many people believe them to be. What’s next for ARTSPLIT? While ARTSPLIT is still in its early days, there are promising signs of growth. Last year, the company raised $5 million which barely made the news. According to Anyaegbu, this was due to the nature of the investment because ARTSPLIT is registered as a private limited company. Since the previous raise, the company has raised about $7 million in funding. Slush with funds, the company has now expanded beyond Nigeria to Ghana and South Africa. Anyaegbu told TechCabal that the next big thing for ARTSPLIT is to focus on scaling its technology and making strategic investments within the art space to drive its growth. “We want ARTSPLIT to be space for African art when you are thinking about investment grade works. We really want to build a thriving economy for arts,” she concluded.
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- June 22 2023
How to check NIN number easily 2023
The National Identification Number (NIN) is an essential identification system in Nigeria. It serves as a unique identifier for citizens and residents. As a result of the recent merge of Nigeria’s network providers’ USSD prompts, many phone users are in dilemma of if other USSD codes are still in use. However, as it is, the code to check your NIN number remains unchanged. Therefore, in this article, we’ll re-familiarise you with how to check your NIN number with USSD. 1. Dial the USSD code to check your NIN Locate the dialer or phone app on your mobile device. Using the phone’s dialer, enter the USSD code provided by the National Identity Management Commission (NIMC) – *346# and press the call or send button. Wait for a few seconds for the process to initiate. 2. Receive NIN information After dialling the USSD code, you will receive a menu on your phone’s screen. The menu will contain various options related to NIN services. Look for the option that allows you to check your NIN number. Typically, it will be labelled “Retrieve NIN” or similar. Select the option by entering the corresponding number or by following the instructions provided on your screen. 3. Record your NIN Once you have selected the appropriate options, your NIN number will be displayed on your phone’s screen. Take note of the NIN number and ensure you record it accurately. The NIN serves as an important identification tool, so it’s crucial to keep it secure and easily accessible when needed for various official transactions or processes. On how to check National Identification Number (NIN), please note that this service costs ₦20. You won’t be able to proceed to check your NIN if you don’t have up to that on your phone. Final thoughts on how to check National Identification Number (NIN) Checking your NIN number on your phone in Nigeria is a convenient way to access the unique identification code. Simply acquaint yourself with the steps above and you’re good to go. That’s it on how to check National Identification Number (NIN).
Read More- June 22 2023
Ethiopian Startup Kubik raises $3.34M to build sustainable homes from recycled plastic waste
With only 4% of Africa’s plastic waste recycled, and efforts to reduce plastic waste in the continent seeming like a distant dream, this Ethiopian cleantech startup is on a mission to change that by converting plastic waste into affordable, environmentally-friendly construction materials. Every year, Africans generate about 42 million tons of plastic—Ethiopia generates 386,000 tons of this—yet only 4% of it gets recycled. This is due, in part, to low awareness and education, lack of recycling policies and regulations as well as the lack of proper recycling infrastructure on the continent. Kubik, an Ethiopian-based startup, is on a mission to change this. Kubik, a cleantech startup that specialises in transforming plastic waste into affordable, low-carbon building materials, has raised $3.34 million in an oversubscribed seed round. Kubik recycles plastic trash into low-carbon, low-cost building materials. Kubik’s product is significantly cheaper than conventional materials, twice as quick to construct and over 5 times less polluting than cement. Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital were participating investors in this funding round. Other angel investors were also part of this round. The funds raised will be used to drive the expansion of Kubik’s operations throughout Ethiopia. Ethiopia’s number of urban dwellers has been on a yearly rise, and waste generation has witnessed an increase from 9,700 tonnes/day in 2015 to 12,200 ton/day in 2020. This report projects that by 2030, Ethiopia’s 2015 national daily waste amount will be doubled. While growing population and urbanisation are driving an increase in single-use plastic and heightening environmental pollution and health threats, Kubik’s low-carbon, affordable building materials are mitigating such risks. Founded in 2021 by co-Founders Kidus Asfaw and Penda Marre, Kubik has a mission to build dignity through clean and affordable living for all. The company’s low-carbon, affordable building materials are created by transforming hard-to-recycle plastic waste to tackle Africa’s housing and waste crises. “We are delighted to have achieved this significant milestone in our fundraising efforts,” said Kidus Asfaw, co-founder and CEO of Kubik. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African continent. We are immensely grateful for the passionate and strategic investors and partners who share our vision of providing a livable world for all. Kubik joins the list of promising cleantech startups such as Mr. Green Africa—the Kenyan company that converts plastic waste into high-quality post-consumer resin and Coliba— an Ivorian startup that allows users to earn airtime and discounts on certain products through recycling plastic waste. As awareness and appreciation for sustainability continue to grow, we can anticipate an increase in the number of cleantech startups emerging across the continent. These startups will focus on various areas, including renewable energy, waste management, water conservation, and sustainable agriculture, among others.
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- June 22 2023
Code to check BVN 2023
Bank Verification Number (BVN) is a unique identification number that helps streamline banking operations and enhance security in Nigeria. After the unification of USSD by most network providers in Nigeria, there has been a scramble to keep up with other USSD codes. However, the code to check your BVN hasn’t changed from what you’ve known. In this article, we’ll reacquaint you with the code and the simple steps to check your BVN. You may also want to learn how to check your BVN details like name, age and the likes. If so, read this. 1. Understanding USSD Codes USSD codes are a convenient way to access various services provided by your mobile network operator or financial institutions. They are shortcodes typically dialled on your mobile phone and used to initiate a session-based communication. BVN-related services have also been integrated into USSD systems for quick checks. 2. Dialing the USSD code to check BVN To check your BVN using USSD, the code hasn’t changed. Just follow these steps: a. On your mobile phone, open the dialer or phone app. b. Dial the USSD code *565*0# bank c. Press the call button to initiate the USSD session. 3. Follow the on-screen prompts after dialling the BVN check code Most times, after you dial the code, you should immediately get a prompt on your screen displaying your Bank Verification Number. But it may be different for you. On such different occasions, once the USSD session is initiated, a menu will appear on your screen with a list of options related to BVN services. Look for the option that allows you to check your BVN and select it by entering the corresponding number or pressing the appropriate key. 4. Receiving the BVN details After selecting the BVN check option, the system will retrieve your BVN details from the database. Within a few seconds, you should receive a message on your screen displaying your BVN. Make sure to note down or memorise the BVN for future reference. Also, please note that the service costs about ₦20. Final thoughts on code to check your BVN Checking your BVN using USSD code is a simple and convenient process. Simply follow the steps provided above.
Read More- June 22 2023
SA startup Omnisient recognised by World Economic Forum as tech pioneer
Omnisient is one of seven African startups to be recognised as a tech pioneer by the World Economic Forum. South African data analytics fintech Omnisient has been recognised as a “tech pioneer” by the World Economic Forum. Launched in 2000, the Technology Pioneer community is composed of early-stage companies from around the world that are involved in the design, development, and deployment of new technologies and innovations and are poised to have a significant impact on business and society. Omnisient has developed a privacy-preserving process for banks to access new sources of consumer data for determining credit worthiness of individuals with no credit history. The startup claims that the process protects consumer privacy and removes the risks and challenges commonly associated with sharing consumer information. “We’re excited to welcome Omnisient to our 2023 cohort of Technology Pioneers,” said Verena Kuhn, Head of Innovator Communities at the World Economic Forum. “Omnisient and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues. We look forward to their contribution to the Forum’s content work that brings together the public and private sectors to tackle these global issues.” As a Technology Pioneer, Omnisient CEO Jon Jacobson will be invited to engage with the World Economic Forum, working with global leaders to help address key industry and societal issues. Technology Pioneers will also be invited to join Forum events and discussions throughout the year, bringing together leading stakeholders from the public and private sectors. “Our platform has already enabled banks in South Africa to access anonymised shopper behaviour data from a leading retailer and thereby helped millions of people obtain a ‘good risk’ credit rating who would have previously been denied credit due to their lack of credit history,” said Jacobson. “We are excited to share what we’ve learned and achieved in our local market with members of the Forum’s Centre for Financial and Monetary Systems to enable similar financial inclusion breakthroughs in new markets and to find new ways of using data in a responsible and ethical manner to solve some of the world’s most pressing problems.” This year’s technology pioneers comprise startups from 31 markets, with the US and China leading the way with 29 and 12 startups respectively, with African having seven representatives in total. Dove Air, which uses advanced UAM (Urban Air Mobility) technology for aid delivery and maritime conservation, is another South African startup to make the list this year. In November last year, Omnisient raised an undisclosed expansion round from investors including retail chain group Shoprite and Buffet Investments.
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- June 22 2023
TechCabal Daily – Somalia launches standard QR code
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday Yesterday, renowned tech billionaire, Bill Gates, paid a visit to Lagos, Nigeria, where he delivered a keynote address at a conference titled “Unleashing the power of youth in science and innovation”. During his speech, Gates shed light on the initiatives undertaken by his foundation, the Bill and Melinda Gates Foundation, and shared insight into their forthcoming endeavours for the country. Of course we attended it. Here are our four takeaways from his speech. In today’s edition Somalia launches QR code Airtel to expand to Kenya Samsung and other phone brands break the law in Kenya Safaricom Ethiopia’s CEO steps down The World Wide Web3 Event: The Moonshot Conference Opportunities Fintech Somalia launches standard QR Code Image source: Central Bank of Somalia The Central Bank of Somalia has launched a Quick Response Code (QR code) standard—the SOMQR—to facilitate cashless payment across the country. Sounds familiar? This comes a month after Kenya launched its own QR Code standard. This is really good news and yet more evidence that Somalia is trying to rebuild its financial services infrastructure, after years of destabilising conflict. ICYMI: After war broke out in 1991, financial institutions in the country collapsed, and depositors lost their money. But since the war came to an end, the country has been trying to fix the situation. It’s the thought that counts. Per Techpoint, the QR code standard may not do much to drive digital payments as there is a significantly low level of internet and smartphone penetration in Somalia. Still, this proves the government’s willingness to spur digital payments in Somalia. Other efforts include the adoption of International Bank Account Numbers (IBAN) and the launch of a national payments system to drive interoperability among its 13 lenders. Moniepoint ranked 2nd fastest-growing African company At Moniepoint, we’re creating the best workplace for global talent using the 4M framework – Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. Telecom Airtel set to expand its network in Kenya Image source: Airtel Yesterday, Airtel revealed its intention to expand its network in Kenya. Why? Well, Airtel wants to meet the country’s growing demand for data services. The teleco is actively deploying 349 new sites, expected to be fully operational by year-end, and has an additional 300 sites in the pipeline. What are sites? They are physical locations where network infrastructure, such as cell towers or base stations, are installed to provide coverage and connectivity for mobile services. As part of the expansion efforts, Airtel will be deploying long-term evolution (LTE) technology on a 2600 megahertz band to enhance capacity and improve network performance. Additionally, the company has plans for rolling out 5G technology, which is the next generation of wireless communication, and launching voice over LTE (VOLTE ) services, which will allow for high-quality voice calls over the LTE network. There’s more. Airtel Kenya is also working to lower their carbon emissions by introducing lithium-ion batteries to its infrastructure to make their operations more environmentally friendly. Zoom out: Airtel Kenya reports that their existing network infrastructure encompasses more than 3,200 sites, providing coverage to approximately 89% of the country. The network expansion initiative aims to improve connectivity and enhance the quality of service for customers. Consumer Tech Phone brands ignore Kenya’s ICT Regulator guidelines Image source: YungNollywood Samsung is breaking the law in Kenya. The company is defying the country’s ICT regulator’s guidelines by selling phones without chargers in Kenya. Why is this happening? Across the world, it’s becoming the norm for devices to be sold without wired or wireless headsets, as phone companies claim environmental reasons for excluding chargers and earphones from packages. While reducing packaging waste and e-waste is cited, the primary motivation behind this move is the massive cost savings, allowing smartphone brands save billions of dollars. Kenya isn’t having it and it enforced laws to stop brands from selling phones without chargers. The guidelines: In 2018, Kenya’s ICT regulator, the Communications Authority (CA), dropped some guidelines on features and technical specifications for mobile devices imported and distributed within the country. While the guidelines can’t be located on the regulator’s portal, indicating their removal, a portion of it states, “The AC Adaptor for a mobile cellular device should be equipped with a fitting and suitable power supply cord and mains plug that conforms to the standards established by the regulatory entity responsible for electricity in Kenya.” Apparently, phone brands like Samsung are going against these guidelines in Kenya. A trend: Apple set the trend in 2020 with the iPhone 12 series, selling it without a charger. Subsequently, Samsung and other companies followed suit, offering their phones in Kenya—like the S23 lineup and certain A-series smartphones—without a charger included. What’s next? So far, Kenyan authorities are yet to enforce the law, but the European Union (EU) is beating them to it. Last year, the EU enacted new laws, stating that by the end of 2024, all mobile phones, tablets, and cameras sold in the EU must come equipped with a USB Type-C charging port. Additionally, beginning in spring 2026, this requirement will also apply to laptops. Big Moves Safaricom Ethiopia’s CEO steps down Anwar Soussa Anwar Soussa is exiting his role as CEO of Safaricom Ethiopia. He was the first CEO of the telecom, which launched in the country in 2021. His work so far: Soussa led the acquisition of 4 million customers, and the expansion of Safaricom’s coverage to 50 cities in the country. He also oversaw the launch of digital products and devices in the country such as eKYC, 2G, 4G feature phones, and 4G smartphones. The company also received the Payment Instrument Issuer (PSSP) Licence from the National Bank of Ethiopia under his leadership. With this licence, Safaricom Ethiopia will establish M-Pesa and start providing mobile financial services in the country. More feathers to
Read More- June 21 2023
Four things we learned from Bill Gates’ speech in Lagos
At an event in Lagos, Bill Gates shared what his charity foundation wants to achieve in Nigeria and the potential for AI to be implemented in its work. Bill Gates, the co-founder of Microsoft and the Bill and Melinda Gates Foundation, shared insights today into the foundation’s plans during an event co-hosted by Lagos Business School and the Co-Creation Hub. The event, titled “Advancing Africa: Unleashing the Power of Youth in Science and Innovation,” touched on the foundation’s past achievements and its plans to improve education, health, and agriculture in the country through partnerships with organisations and the support and deployment of technological innovation in the country. In his speech, Gates said that the foundation would continue to build on the work it had done so far “to reduce the big equity gaps” in Nigeria. The foundation has been supporting innovators in Nigeria since as far back as 2009, and going by Gates’ speech, it wants to double down on its progress. Bill Gates on digital finance According to Gates, his foundation has improved digital finance in countries like Kenya, with a focus on women’s empowerment. In Nigeria, Gates said that the foundation would seek to replicate its efforts in those countries. “We have seen new apps that weren’t here a few years ago, and they are scaling up. But so far, we haven’t managed to get those up to the north and women, and so there’s this rural-urban divide in terms of accessing those tools.” To remedy this “divide”, Gates announced that the foundation would invest and partner with Nigerian “entities” to improve the quality of internet connections, the number of digital banking agents, and the digital identification system. “There’s work to do,” he said. One example of the foundation’s intervention in Nigeria is a grant that was awarded to Paga from EFInA, a non−profit organisation funded by the Bill & Melinda Gates Foundation, in 2012. Bill Gates on artificial intelligence Gates noted the potential of AI for the foundation’s work. “ [Soon,] AI is going to be used for things like designing malaria drugs.” He also disclosed that the Gates Foundation had put out a challenge asking innovators to develop AI technology that can reduce inequity. “We reached out and got 1,300 proposals, and half of those came from Africa. In my next visit back to the continent, which will be in October in Senegal, we’ll have a chance to celebrate the winners of that contest.” Bill Gates on healthcare For Gates, Nigeria’s healthcare system reflects the country’s inequity. “It’s in health that we see the most dramatic gaps. If you look across the country, a mother’s chance of surviving childbirth or the chance for a child to grow up healthy varies quite dramatically in some Nigerian states”. He revealed that the foundation had been partnering with Nigerians to solve some aspects of this problem. One solution that the foundation has been working on is the challenge of anaemia in pregnant women. The foundation has been working with Professor Bosede Afolabi, a lecturer at the University of Lagos, to develop a cost-effective solution. “In the past, anaemia was treated by daily vitamins, but that simply doesn’t work in modern or severe anaemia. The approach that she [Afolabi] is piloting is using intravenous administration, where just for one time, for about 15 minutes, sometime in the second trimester, you give this infusion, and what we’re seeing are dramatic results.” He added that the solution could soon be made available to the entire country. Bill Gates on agriculture Gates also touched on how the foundation planned to invest in Nigeria’s agriculture industry. He said that he is also looking forward to supporting more digital innovations, such as technology that supports biofertilizers and better seeds and enables farmers to use cell phones to get weather information out and to give advice to farmers. “Nigeria has great land, and there’s no reason that it shouldn’t be a net exporter instead of a net importer. And we see that problem now with the turmoil in Europe with the Ukraine war that’s driven food prices up to the detriment of Africa, rather than that coming out as an opportunity for greater exports and job creation,” Gates said.
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