👨🏿🚀TechCabal Daily – Do the split
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Where will you be today? The answer there should be a resounding “Moonshot!”—nothing else. The most important tech gathering in Africa, Moonshot by TechCabal, takes centre-stage today. We are kicking off at 9.30 AM GMT with a fireside chat featuring Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy. Minister Tijani will discuss how Africa’s digital economy players can build for the world and compete globally. For two days, we will be having important conversations about the future of African tech. We’ve outlined the program schedule so you can plan around it. Be there! Safaricom and M-PESA split gains momentum in Kenya To Lagos, with love Can Nigeria’s homegrown cloud providers beat global giants? Starlink in regulatory crosshairs in Nigeria The World Wide Web3 Opportunities Regulation Safaricom and M-PESA split gains momentum in Kenya Image Source: Andertoons In 2016, Kenya’s communications regulator, the Communications Authority (CA), commissioned a UK-based consultancy firm, Analysys Mason (AM), to investigate the competitive landscape of the local telecoms market. In leaked reports from 2017, AM initially recommended that Safaricom, Kenya’s lead telecom operator, separate its carrier business from its mobile money services (M-PESA). However, in a subsequent official report, AM reversed its stance, arguing that such a split would be “disproportionate.” Since then, regulators and lawmakers have pressed Safaricom to separate its voice, data, and SMS business from its other operations. In 2021, a parliamentary bill aimed at compelling Safaricom to split was introduced but failed to gain sufficient support. The bill, Kenya ICT (Amendment) Bill, was revived in 2022 and received its first hearing. That same year, Airtel Kenya, the country’s second-largest operator, separated its mobile money services from its core business. On September 28, Kenyan members of parliament (MPs) held a second deliberation on the proposal to split Safaricom, signalling their continued intent to push for the separation. While Safaricom has resisted the split, it hinted at plans—through its CEO Peter Ndegwa—to form a holding company (HoldCo) in 2025 with divisions for its various business lines. Under this new structure, M-PESA, which accounts for nearly half of Safaricom’s revenue, would become a subsidiary within the same business as data, voice, and messaging. However, a key obstacle to the split is a KES 75 billion ($581 million) tax bill. Safaricom executives have met with the Central Bank of Kenya (CBK) to discuss a potential tax waiver, but the outcomes of these discussions remain unclear. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Moonshot To Lagos, with love Image Source: TechCabal Lagos has an aura that makes it a strong contender for best African city. From the bustling metropolis on the mainland to the open, tree-laden streets of Victoria Island, it’s the perfect concoction of the African urban experience. What also stood out to TechCabal’s Southern Africa reporter, Ephraim Modise—who flew in from Botswana last Friday—is the sheer amount of startup activity in one of Africa’s biggest VC cash destinations. Billboards of some of Africa’s most recognisable startups, like Chowdeck and LagRide, are strewn around the city. I also spotted the billboard for Moonshot, one of the prime African tech ecosystem events happening today at the Eko Convention Centre! As a self-titled foodie, seeing Chowdeck and Glovo drivers paddling around the city to deliver plates of happiness warmed my taste buds. I, too, placed my fair share of orders on the delivery app. LagRide and Uber’s rides helped me to get around. One thing that stood out to me was the amount of horn-honking on Lagos roads, showing that everyone is always in a hurry when you are one of Africa’s leading economic hubs. The next two days will be spent interacting with founders, regulators, investors and more tech stakeholders at Moonshot. If you are around, come say hi! Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Startups Can Nigeria’s homegrown cloud providers beat global giants? Image Source: TechCabal Nigeria’s cloud computing market is growing big. While the market has been dominated by global giants like Amazon Web Services (AWS) and Microsoft Azure, homegrown cloud providers are gearing up to dominate the space. These homegrown cloud providers are aiming to serve the likes of banks, pension funds and startups all in need of large storage spaces. Two days ago, open banking startup Okra, after launching Nebula—its local cloud infrastructure—announced that it had joined that race too. For these local cloud providers, the promise has been simple: offer respite to companies that are looking to cut dollar costs. While these homegrown cloud providers offer affordable alternatives to global giants, it raises the question of how they can maintain lower prices given their reliance on established brands like Huawei and Azure. One obvious answer might be that local providers are offering low prices to gain market share. However, another contrarian answer we got from a cloud analyst is that lower prices from local providers could be attributed to their focus on providing basic services that meet the needs of startups, rather than offering highly customisable options. Local providers are also able to offer lower prices because they have lower operating costs than the established players. They generally leverage their existing infrastructure. In the end, while customers might care about pricing they also care about the reliability of the cloud service providers—whether it’s from a local cloud provider or not. Introducing Pay with Pocket on Paystack Checkout Paystack merchants in Nigeria can now accept payments from
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Oyo State Recruitment 2024: All roles, application requirements
The Oyo State Civil Service Commission has officially commenced its 2024 recruitment process, presenting a wide array of job opportunities across multiple ministries. Below is a detailed summary of the available roles, job descriptions, and the qualifications required for potential candidates. Ministry of Finance Accountant II (GL.08)Requirements: A Bachelor’s degree in Accounting from a recognised university. Candidates must have passed the Public Service Examination (PSE) conducted by ASCON between 2021 and 2024. Higher Executive Officer (Accounts) (GL.08)Requirements: Higher National Diploma (HND) in Accountancy, Business Administration, or Banking and Finance from a recognised polytechnic. Auditor II (GL.08)Requirements: A Bachelor’s degree in Accounting from a recognised university. Higher Executive Officer (Audit) (GL.08)Requirements: HND in Accountancy, Business Administration, or Banking and Finance. Inspector of Taxes II (GL.08)Requirements: A degree in Accounting, Business Administration, Banking and Finance, or Economics, with Accounting as a specialisation from a recognised university. Higher Executive Officer (Revenue) (GL.08)Requirements: HND in Accountancy, Business Administration, or Banking and Finance. Start Application Here Ministry of Education Education Officer II (GL.08)Requirements: A degree in Education, or a relevant subject plus a Postgraduate Certificate in Education. Adult Education Officer II (GL.08)Requirements: A degree in Adult Education, or a relevant subject plus a Postgraduate Certificate in Adult Education. Start Application Here Ministry of Trade and Investments Registrar of Cooperative Societies II (GL.08)Requirements: A Bachelor’s degree in Arts, Economics, Agriculture, Law, Business Administration, or Accounting. Candidates must have passed the Public Service Examination (PSE) between 2021 and 2024. Higher Cooperative Officer (GL.08)Requirements: HND in Accountancy or Business Administration from a recognised institution. Start Application Here Ministry of Lands, Housing, and Urban Development Lands Officer II (GL.08)Requirements: A degree in Estate Management or Land Economy. Higher Estate Officer (GL.08)Requirements: A Higher National Diploma (HND) in Estate Management from a recognised institution. Surveyor II (GL.08)Requirements: A degree in Surveying, Survey Engineering, Geodetic Science, Geographical Information Systems (GIS), or other related disciplines from a recognised university. Higher Technical Officer (Survey) (GL.08)Requirements: A HND in Surveying from a recognised institution. Town Planning Officer II (GL.08)Requirements: A degree in Urban and Regional Planning or Town Planning, or a Professional Diploma in Urban and Regional Planning from a recognised institution. Higher Technical Officer (Town Planning) (GL.08)Requirements: A HND in Town Planning from a recognised institution. Start Application Here Ministry of Works Electrical Engineer I (GL.09)Requirements: A degree in Electrical Engineering or an equivalent qualification recognised by the Council of Registered Engineers of Nigeria (COREN). Higher Technical Officer (Electrical) (GL.08)Requirements: A HND in Electrical Engineering or a related field from a recognised institution. Civil Engineer I (GL.09)Requirements: A degree in Civil Engineering, registered with COREN. Higher Technical Officer (Civil) (GL.08)Requirements: A HND in Civil Engineering or a related field from a recognised institution. Mechanical Engineer I (GL.09)Requirements: A degree in Mechanical Engineering or a related discipline, eligible for registration with COREN. Higher Technical Officer (Mechanical) (GL.08)Requirements: A HND in Mechanical Engineering or a related field from a recognised institution. Start Application Here Ministry of Agriculture and Natural Resources Veterinary Officer (GL.12)Requirements: A degree in Veterinary Medicine, registered by the Veterinary Council of Nigeria (VCN), and successful completion of the National Youth Service Corps (NYSC) or possession of an NYSC Exemption Certificate. Agricultural Officer II (GL.08)Requirements: A degree in Agriculture, Agricultural Science, Agricultural Economics, Horticulture, Crop Science, or Crop Production. Animal Health Technologist II (GL.08)Requirements: A HND in Animal Health from a recognised institution. Higher Agricultural Technologist (GL.08)Requirements: A HND in Agricultural Science or Technology from a recognised institution. Forest Officer II (GL.08)Requirements: A degree in Forestry, Forest Resource Management, Agronomy, Plant Zoology, Botany, Biology, or any other related field from a recognised university. Start Application Here Office of the Head of Service Administrative Officer II (GL.08)Requirements: A degree in any of the Social Science or Humanities disciplines from a recognised university. Candidates must have passed the Public Service Examination (PSE) between 2021 and 2024. Higher Executive Officer (General Duties) (GL.08)Requirements: A HND in Business Administration, Public Administration, or Banking and Finance from a recognised institution. Start Application Here Ministry of Culture and Tourism Cultural Officer II (GL.08)Requirements: A degree in Fine Arts, Music, Theatrical Arts, English Literature, Linguistics, or Journalism from a recognised institution. Tourism Officer II (GL.08)Requirements: A degree in Arts, Tourism, or Social Sciences from a recognised university. Start Application Here Ministry of Information Information and Public Relations Officer II (GL.08)Requirements: A degree in Arts, Journalism, Social Sciences, or English from a recognised university. Higher Executive Officer (Information) (GL.08)Requirements: A HND in Mass Communication or Journalism from a recognised institution. Start Application Here Ministry of Women Affairs and Social Inclusion Social Welfare Officer II (GL.08)Requirements: A degree in Social Work, Social Sciences, or Physical and Health Education from a recognised university. Assistant Social Welfare Officer I (GL.07)Requirements: A National Certificate in Education (NCE) with a specialisation in Social Studies or Home Economics. Start Application Here Ministry of Youth and Sports Youth Development Officer II (GL.08)Requirements: A degree in Youth Work, Social Sciences, or Physical and Health Education from a recognised university. Youth Development Assistant (GL.07)Requirements: A National Certificate in Education (NCE) in Social Sciences or Physical and Health Education from a recognised college or institution. Start Application Here Ministry of Environment Environmental Health Officer II (GL.08)Requirements: A degree in Environmental Health, Environmental Management, Pollution Control, or related fields from a recognised university. Higher Environmental Health Technologist (GL.08)Requirements: A HND in Environmental Science from a recognised institution. Start Application Here Ministry of Justice State Counsel I (GL.09)Requirements: A candidate legally qualified to practise as a Barrister and Solicitor in Nigeria to apply for this role in the Oyo State Recruitment 2024. Start Application Here Final thoughts on Oyo State Recruitment 2024 Interested applicants can submit their applications via the Oyo State Civil Service Commission recruitment portal. Before applying, ensure that you meet the necessary qualifications for your desired position. See the full steps for application here.
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How to apply on the Oyo state civil service employment portal 2024
The Oyo State Government has officially opened the Civil Service Commission Recruitment Portal for 2024. This announcement brings opportunities for qualified candidates seeking employment in various departments within the civil service. The Oyo state employment portal 2024 is now accessible to applicants ready to contribute to the development of the state. How to access the Oyo state employment portal 2024 The recruitment process is now fully online, and interested individuals can visit the Oyo state employment portal 2024 via the link https://csc.jobportal.oyostate.gov.ng. The portal provides a comprehensive guide on available positions, requirements, and application procedures. Candidates must ensure they meet the specific criteria for each position before applying. Available positions on the Oyo state employment portal 2024 The Oyo state employment portal 2024 features several openings in key sectors of the government. Available positions include, but are nmot limited to: Administrative Officers: Overseeing government functions and ensuring smooth operations in various ministries. Education Officers: Enhancing the educational sector by contributing to policy-making and school management. Healthcare Workers: Supporting public health initiatives across the state. Engineers and Surveyors: Involved in infrastructure development projects and maintenance. See the full roles and the requirements to apply here. Each position has its unique requirements, and applicants must submit necessary credentials through the portal to be considered. Application Guidelines Here are essential steps for submitting an application via the Oyo state 2024 recruitment portal: Create an Account: First-time applicants must visit and register on the official portal by providing basic personal information. Browse vacancies: Search for relevant job listings in the portal. Submit your application: Upload all required documents, including your CV, certificates, NIN, and passport photograph. Follow-Up: Keep track of your application status by regularly checking the portal for updates. Eligibility criteria To qualify for positions listed on the Oyo state recruitment portal 2024, applicants must: Be Nigerian citizens. Hold the required educational qualifications for the desired job. Be physically and mentally fit for service. Be within the age limits specified for each position. Final thoughts The launch of the Oyo state recruitment portal 2024 signals a fresh wave of recruitment for individuals aiming to join the civil service. By adhering to the application guidelines and ensuring eligibility, candidates can take advantage of this opportunity.
Read MoreKenya cuts key benchmark rate to 12%
The Central Bank of Kenya (CBK) has cut the key lending rate by 75 basis points to 12% as inflation cools for the second consecutive month. It is the second rate cut since April 2020 and the lowest since the onset of the COVID-19 pandemic. “Overall inflation is expected to remain below the mid-point of the target range in the near term, supported by lower food inflation owing to improved supply from the ongoing harvests, a stable exchange rate, and stable fuel prices,” the Monetary Policy Committee (MPC) said on Tuesday. Lower lending rates could reduce borrowing costs, making it cheaper for businesses to access credit for expansion and hone their operations. Business owners had previously expressed frustration at the CBK about the high cost of credit. “It’s evident the private sector is strangled and are not accessing credit. Simply put, businesses are not growing, reflecting a bad business environment. A drastic drop in CBR would have been impactful,” one business owner said, arguing for even lower rates. Kenya’s inflation fell to 3.6% in September from 4.4% in August, staying below the government’s target of 5%. Food inflation dropped to 5.1%, driven by lower vegetable prices. Fuel inflation decreased to 1.1%, and non-food, non-fuel inflation eased to 3.4%. The Kenyan shilling has also been stable over the last eight months. “Exports were 14.4 percent higher in the first eight months of 2024, compared to a similar period in 2023,” the MPC said. Kenya’s gross domestic product (GDP) grew by 4.6% in Q2 2024, down from 5.6% in the same period in 2023, reflecting a broad slowdown across sectors. As a result, the committee has revised the 2024 growth forecast to 5.1% from 5.4%. However, strong services, agricultural performance, and higher exports are expected to support growth, though risks remain from potential geopolitical tensions.
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Where to get huge discounts on gadgets & more from Nov 2024
As 2024 draws to a close, the biggest shopping seasons of the year approaches too. Several local and global e-commerce platforms will be slashing prices on top gadgets and home appliances. So if you are one of those hunting for huge gadgets discounts in 2024. Here’s where to look for great deals: Where to shop locally for huge discounts on gadgets and appliances Jumia Jumia is known for offering massive year-end discounts called Black Friday. Judging from their antecedents, you could get an iPhone 16 this year for as low as ₦500. As the year wraps up, they will be offering deals on a wide range of home appliances. Customers can also expect up to 50% off on smartphones, smart TVs, and laptops. You can expect the Jumia Black Friday to start anytime from November. KongaKonga’s end of year sales is usually tagged “Yakata” and it is always a shopper’s delight. Their huge gadgets and appliances discounts usually ensures that buyers can grab high-end gadgets at lower prices. Home appliance lovers should expect deep price cuts on washing machines, refrigerators, and air conditioners. Expect Yakata sales to start anytime from November. Slot If you’re looking for a reliable local option, Slot is a solid choice. Slot focuses heavily on tech products, making it a great place for gadget lovers. Expect to find from minor to huge discounts in the 2024 end of year sales on gadgets like phones, tablets, and laptops. What to expect Expect significant markdowns on various high-demand gadgets and home appliances, including: Smart TVs: Up to 40% off Refrigerators: Price cuts ranging from 20-35% Washing machines: Discounts of 15-30% Mobile Phones: Huge gadgets discount 2024 promotions could cut costs by up to 50% Tips for shopping smart To make the most of these deals: Set a budget: Stick to a price range to avoid overspending. Compare prices: Check multiple platforms to find the best deal. Act fast: Popular items tend to sell out quickly.’ Where to shop international for huge discounts Whether it’s electronics or household items, global platforms usually offer huge gadgets discounts. Here’s how to grab these deals from abroad. Where to shop AmazonAmazon’s Black Friday and Cyber Monday sales attract global shoppers, and Nigerians are no exception. This year, their huge gadgets discount 2024 campaign promises huge savings. Expect price drops on phones, laptops, and smart home devices. The Amazon fire tablet is a device to watch out for. It could sell for as low as $20 during sales. AliExpressKnown for its affordability, AliExpress is a go-to for budget-conscious buyers. As 2024 comes to a close, they’ll be offering huge gadgets discount promotions on electronics and household appliances. The platform ships to Nigeria and other African countries, making it easy to access these deals. eBayeBay is another platform where you can take advantage of end-of-year sales. With global sellers, you can find both new and used gadgets. Look out for tags to spot the best offers on smartphones, tablets, and gaming consoles. WalmartWalmart is increasingly becoming a favourite for Africans shopping internationally. With its year-end sales, Walmart offers large discounts on home appliances and gadgets. This is an excellent place to shop for refrigerators, microwaves, and smart TVs during their annual sales event. What to expect Look out for amazing deals on: Smartphones: Discounts up to 50% on flagship models Laptops: Price cuts of 30% or more on top brands Kitchen Appliances: Up to 35% off microwaves and blenders Headphones and Speakers: Save up to 40% How to maximise savings Use shipping consolidators: To reduce costs, use services that combine multiple purchases into one shipment. Track sales: Keep an eye on price drops and flash sales. Also watch out for coupon codes for extra discounts. Check import costs: Be mindful of customs duties on electronics. Final thoughts The end of the year presents an excellent opportunity for you to upgrade your home appliances and gadgets. With the huge gadgets discount deals that will be available on local and global e-commerce platforms between November and December, there has never been a better time to shop smarter.
Read MoreKenyan parliament pushes for Safaricom, M-PESA split
Kenyan lawmakers have revived the 2022 Information and Communications (Amendment) Bill, which seeks to split Safaricom, the country’s biggest telco from M-PESA its mobile money unit. A previous bid to change the law faltered after only two lawmakers backed it. Regulators and lawmakers have pressured Safaricom to split its business and create two separate entities to reduce its market dominance and allow more scrutiny. If the bill passes, Safaricom will be forced to split M-PESA into a standalone unit, a move the telco has always opposed. M-PESA, Kenya’s largest payment platform, had 31.3 million active users from March 2023 to March 2024, processing over $312 billion (KES40.2 trillion) in transactions during this period. “In addition to operating a telecommunications system or providing telecommunication services, a person may engage in any other business provided that such person shall legally split or separate the telecommunications business from such other businesses,” says the bill. Safaricom has maintained that separating its mobile money business would add no value to shareholders, resisting calls for a split. Unlike its peers, MTN and Airtel Africa, which have hived off their mobile money operations, Safaricom has argued that its integration with M-PESA is a strategic advantage. In 2021, Airtel Money was separated from its telecom and has since become the fastest-growing division. South Africa’s MTN Group also made a similar move, closing a $5.2 billion deal with Mastercard afterward. The Central Bank of Kenya (CBK) currently regulates M-PESA, while the Communications Authority of Kenya (CA) regulates the telco arm. The central bank has been pushing for a complete separation to enhance its oversight of M-PESA transactions. In May, Peter Ndegwa, Safaricom CEO, told journalists that the company will set up a Holdco in 2025 with divisions of its various business lines. Under the new organisation structure, M-PESA, which accounts for nearly half of the telco’s revenues, will be a subsidiary in the same business as data, voice, and messaging. “You’ve seen what Airtel and MTN have done. Have they gotten better valuations? Probably not. Have they raised more money? Yes, probably. Do we need more money? No, we don’t,” Ndegwa said in May. Safaricom has also argued that it could face a huge tax liability if a split occurs. It said a $582 million (KES 75 billion) tax bill would be more than KES52.48 billion in net profit in 2023.
Read MoreNCC backtracks on claim that Starlink didn’t get approval for price hike
The Nigerian Communications Commission (NCC) has withdrawn and reversed its earlier statement claiming it didn’t approve Starlink’s recent price hike. In a Tuesday morning statement, the NCC earlier claimed it would sanction the Satelite ISP for failing to get regulatory approval before upping its subscription prices. “We were surprised that the company jumped the gun by announcing price changes after filing a request to the Commission seeking approval for a price adjustment for which the Commission was yet to communicate a decision,” the regulator said in a statement earlier today. Starlink doubled the base subscription rate price to ₦75,000 ($48) per month last week. The company also increased the prices of its kits by 34% from ₦440,000 to ₦590,000. “Kindly note this press statement was issued in error. It is hereby withdrawn. If published, kindly bring it down,” the NCC wrote in a second mail to media publications. Despite the price hike, Starlink remains Nigeria’s only major satellite internet provider, offering a potentially vital alternative to traditional terrestrial internet services. This increase comes amid soaring inflation in Nigeria, which has strained the cost of living for many Nigerians. The Nigerian Communications Act 2003 (NCA), under Section 108 holds the authority to regulate telecom tariffs. The Act stipulates that NCC licensees cannot charge for services without prior approval of their tariff rates and charges. This has been a major bone of contention between the regulator and the mobile network operators who have seen their prices remain static for over eleven years. The NCC has consistently shrugged off suggestions that it should review the price of tariffs.
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👨🏿🚀TechCabal Daily – The Moonshot goal for tech in Africa
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Moonshot by TechCabal, the most important tech gathering in Africa, is now only 1 day away. Put it in your plans to be in Nigeria this week to be a part of the important discussions about Africa’s tech ecosystem. We’re bringing together some of the strongest thinkers, doers, and funders in African tech together to share knowledge, network, and shape the future of African tech. There’s an incredible lineup of speakers, interactive workshops, masterclasses, and content tracks including climate tech and cleantech, emerging tech, big tech, creative economy, digital commerce, and more. Here’s the schedule. You don’t want to miss any part of it. There’s still a chance to join us tomorrow at Eko Convention Centre, Lagos, Nigeria. Get seated. Moonshot is what Lagos is to Africa’s tech ecosystem Local cloud takes off in Nigeria South Africa to change law blocking Starlink’s entry The World Wide Web3 Opportunities Moonshot Moonshot is what Lagos is to Africa’s tech ecosystem Moonshot by TechCabal “Lagosians love food,” I told my colleague Muktar Oladunmade, and it truly encapsulates the thriving food delivery business, which seemingly is faring better than other African metropolises. Startups like Chowdeck are using technology to cater to the diverse tastes of thousands of residents and visitors. Unlike Nairobi, where a few players dominate food delivery, Lagos boasts at least five options catering to different tastes and preferences, reflecting the city’s rich culinary culture. In the fintech space, the energy is palpable. Notable startups dominate, tackling solutions like peer-to-peer (P2P) transfers and consumer-to-business (C2B) payments while attracting significant investments from venture capitalists (VCs). Lagos has carved its unique path in Africa’s tech ecosystem. On Wednesday, the city hosts the most significant tech event this calendar year—Moonshot by TechCabal. The event will bring together founders and investors from across the continent. A platform for thought leaders, VCs, founders, and policymakers to meet, exchange ideas, and debate the future of Africa’s startup scene. VCs will seek to deepen their understanding of the market and connect with promising startups as the continent pushes the next wave of innovations. Policymakers at the second edition of the annual event will gain a critical understanding of the opportunities and challenges facing local African startups. Don’t miss out! You still have a chance to get your ticket here. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Startups Local cloud takes off in Nigeria Image Source: TechCabal On October 7, Okra joined a growing list of homegrown cloud providers in Nigeria providing local cloud alternatives to startups. Since the year began, many Nigerian startups have switched to local alternatives—Layer3 and Nobus—due to the high cost of servicing foreign options like Microsoft Azure and AWS. Since Nigeria devalued the naira, prices of foreign cloud alternatives have shot through the roof. A $1000 cloud service that would have cost ₦458,000 ($280) in early 2023 now costs about ₦1.52 million ($940). More Nigerian startups are also signing up for local cloud providers, in part due to the flexibility of naira payments—a crucial selling point for these companies looking to reduce USD exposure. While hosting data locally allows for better services through improved latency for these companies, local cloud providers might also be preparing to become the biggest beneficiaries of a new bill that will mandate companies in the country to have their data domiciled in Nigeria. Previously, companies’ data was often domiciled in the headquarters of Amazon Web Services (AWS) or Google Cloud. But a new bill could change that, according to two people familiar with the details. However, provisions of the new bill require more investments in hyperscale data centres across the country. Nigeria currently has about 14 data centres nationwide, yet that number could increase as more investments go into data centres across the country. MTN Nigeria said it will complete work on a second data centre in Lagos by December 2024. CitiData plans to build six data centres in Lagos and Ogun in the next two years. With Nigeria’s data centre market projected to reach $578.1 million by 2029, the question remains: what percentage of this market can homegrown cloud providers capture? Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Regulation South Africa to change law blocking Starlink’s entry Solly Malatsi, South Africa’s Minister of Communications/Image Source: ITWeb South Africa plans to change a law requiring foreign telcos to reserve 30% of company ownership for locals, said Solly Malatsi, the minister of digital communications. If that change goes ahead, it will allow Starlink to launch in the country after a month of lobbying. Malatsi said on October 4 that he would issue a policy direction offering an alternative to the 30% local ownership rule in the communication industry. In September, Starlink CEO Elon Musk met with President Cyril Ramaphosa at the UN General Assembly, where he expressed interest in expanding to the South African market. It also continues a trend where Musk and senior SpaceX executives lobby high-ranking government officials in the southern Africa region. The move will allow foreign telcos to operate in Africa’s most advanced market, allowing more competition, which could bring down broadband costs. Introducing Pay with Pocket on Paystack Checkout Paystack merchants in Nigeria can now accept payments from PocketApp’s 2 million+ customers. Learn more → CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $62,555 – 1.64% + 14.80% Ether $2,422.37.64 – 2.60% + 5.66% Sui $2.09 +
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Squid Game 2 announcements and watch peculiarities
Netflix’s Squid Game 2 is set to for release on 26 December 2024. The hit South Korean series, which shook the entertainment world in 2021, will once again draw viewers into its twisted, high-stakes games of survival. The upcoming season is expected to continue the show’s mix of psychological tension, social commentary, and dystopian thrills. The new trailer has already sparked intrigue, teasing what’s to come in the highly anticipated sequel. Watch latest trailer here: Squid Game Season 2 Trailer. A global phenomenon returns Season 1 of Squid Game became a cultural sensation, breaking viewership records for Netflix. Audiences worldwide connected with its gripping narrative and sharp critique of class struggles. With over 142 million households watching the first season, expectations for the next chapter are enormous. Squid Game season 2 is set to pick up where the shocking finale left off, with new characters, more dangerous games, and deeper exploration of the societal issues that made the show a breakout success. Key highlights of Season 2 The latest season promises to build on the intensity of its predecessor. Fans can look forward to: New deadly games: These games are touted to feature even more inventive and perilous challenges, heightening the stakes for the contestants. Character revelations: With unfinished storylines, the second season may delve into the backgrounds of key figures, unearthing their motivations and pasts. Heightened drama: The return of Gi-hun, the protagonist of season 1, guarantees a thrilling continuation of his journey through the ruthless game system. Tech, streaming, and cultural impact of Squid Game 2 release in 2024 Squid Game also signifies a shift in global entertainment consumption. Netflix continues to use advanced technology, such as AI-powered content recommendations and data-driven localisation, to push international shows into mainstream success. Key innovations include: Personalised content delivery: Viewers receive tailored recommendations based on their watching habits, which propelled Squid Game’s global reach. Multilingual accessibility: Netflix’s use of high-quality dubbing and subtitles brings the series to diverse audiences. Final thoughts on Squid Game 2 release in 2024 With its return just after Christmas, Squid Game season 2 will likely dominate end-of-year viewing. As Netflix continues to expand its catalogue of international content, Squid Game remains a cornerstone of the platform’s global strategy—one that continues to captivate audiences across borders.
Read MoreOkra joins local cloud providers providing affordable alternatives to AWS and Azure
Okra, an open-banking startup in Nigeria, has launched Nebula, a cloud infrastructure product. It joins a growing list of homegrown cloud providers like Nobus and Layer3 that market themselves as affordable alternatives to global cloud giants Azure and AWS. “For too long, Africa has leaned on imported solutions, paying premiums for software and services,” wrote Fara Ashiru, the company CEO, on LinkedIn, mentioning the company’s ability to receive naira payments. Like its local competitors, Nobus, Galaxy, and Layer3, Nebula will allow customers to pay cloud costs in local currency, a crucial selling point when companies are reducing USD exposure. Currency devaluation in Nigeria and increasingly tough macroeconomic conditions are driving technological changes from Nigeria’s biggest companies. In July, TechCabal reported that five local cloud companies were in talks with state and federal government institutions to become their cloud providers of choice. Those companies hoped to argue that the 2019 National Cloud Computing Policy mandates government agencies to use local cloud service providers. Some of those companies considered forming a consortium. For Okra, joining the cloud business will expand revenue streams, according to a TechCabal report from July when the service was still under development. Starting out as an open banking business, Okra has discontinued at least three of its original products, suggesting a softness in demand. While the financials of the open banking companies remain unknown, at least one investor questioned the market size. The push for patronage for homegrown cloud providers comes as cloud costs have more than doubled in the past year, thanks to the naira devaluation. Most Nigerian companies host their data on AWS, Microsoft Azure, and Google Cloud, and the costs are charged in dollars. Local providers aren’t just positioning themselves as cheaper alternatives, but also argue that patronising them will reduce the country’s forex burdens. With this launch, the startup joins a list of local cloud service providers—Nobus and Layer3—that have continued to grow as the depreciation of the naira against the dollar drives founders away from international service providers like AWS and Azure.
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