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  • Lagos, Nigeria
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  • July 11 2023

👨🏿‍🚀TechCabal Daily – Kenya’s Finance Act’s final act?

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning If you’ve been missing TC Daily in your inboxes, it’s because we’re landing your Promotions or Social folders.  To make sure you never miss an edition, please move us to your Primary or Main folders.  In today’s edition Kenya’s Finance Act has been halted SA nabs another cybercriminal for $8000,000 fraud Emojis can be used to sign contracts Propel raises $2.7 million The World Wide Web3 Event: Angel Investor Meetup, Lagos Opportunities Legislation High Court maintains suspension of Kenya’s Finance Act 2023 Kenya’s Finance Act is acting up.  Yesterday, Justice Mugure Thande, extended an earlier order halting the implementation of the country’s recently-approved Finance Act 2023. Image source: YungNolly Why was the Act suspended? Busia senator Okiya Omtatah, Eliud Matindi, Michael Otieno, and four others filed a petition challenging the constitutionality of the Finance Act 2023. They argue that the Act was passed without the concurrence of both Speakers of the National Assembly and Senate, as required by the Constitution. They also argue that the tabling of the Finance Bill was done without following due procedure. Additionally, they argue that the housing levy, which compels employers and employees to pay 1.5% each, is unconstitutional because the Constitution limits the national government’s role in housing to developing a housing policy. However, Cabinet Secretary Njuguna Ndung’u argued that the conservatory order could halt government operations by suspending budgetary steps. The ruling: Per Justice Mugure Thande, the cabinet secretary did not make a convincing case for the suspension of the order. She granted the petitioners’ request to have the case classified as a matter of significant constitutional importance and ordered that the case file be sent to Chief Justice Martha Koome for the appointment of a panel of judges to hear the case. Zoom out: The Finance Act 2023 introduces several new taxes, including a 1.5% tax on content creators and a 3% tax on crypto traders. These taxes are designed to generate revenue for the government to support its development agenda. You’ll be in good company Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Click here to open a business account today. Cybersecurity South Africa nabs another cybercriminal Every day for the thief, one day for the law. Martins Egenamba, a South African who claimed to be a technology entrepreneur, has been sentenced to a 15-year jail time for defrauding victims in the United States and South Africa of millions of dollars. Martins Egenamba How did he do it? Per MyBroadband, Egenamba’s scheme was a case of business e-mail compromise fraud. This crafty individual managed to get away with about R16 million ($851,075) by swooping in on invoices, and tweaking the bank account details to divert the money to his own pockets instead of the rightful recipients.  And that’s not all!  For businesses in the US, he forwarded the funds straight to his South African company’s FNB account, Barlon d’Or Group. While he may be behind bars now, investigations are still underway regarding his involvement in another R6 million ($319,153) fraud scheme.  Zoom out: SouthAfrica sees a lot of cybercrimes. One popular fraud scheme is the pyramid scheme and cryptocurrency scam, Mirror Trading International (MTI). MTI stole billions of rand from South Africans and victims in other countries including America. In fact, INERPOL’s Cybercrime Assessment report lists the country as the cybercrime hub of Africa.  Consumer tech Judge rules that emojis can be used to sign contracts Image source: GIPHY A picture is worth a thousand words. How much is an emoji worth?  Per MyBroadband, a Canada-based court is forcing a grain buyer to honour a sales contract because he responded to a message of the contract sent to him with a thumbs-up emoji. Yes, you heard that right. How did this happen? The grain farmer, Kent Mickelborough, signed a contract to sell 87 metric tons of flax and sent it for the grain buyer Chris Atcher to sign. Atcher claims he responded with a thumbs-up emoji to acknowledge receipt of the contract. Mickelborough, however, took the emoji as confirmation that he was entering the agreement as the buyer. But is it really valid? Justice TJ Keene, the judge who presided over the case says it is. He said that the thumbs-up emoji is an “action in an electronic form” that could be acknowledged as a “non-traditional means to sign a document.” This is also deemed acceptable because the buyer used his personal phone number to send it.  GrowthCon 1.0: Learn how to unlock 10X Growth Connect with growth leaders, operators, and enablers to explore proven tactics for driving sustained business growth in Africa at GrowthCon 1.0. Experience curated masterclasses, case studies, a growth hackathon and more. Get your tickets now at 15% off. Use the discount code “TIX15”! Funding Nigerian startup, Propel, raises $2.74 million in seed funding Founders of Propel: Sunkanmi Ola, Seun Owolabi, and Abel Agoi Propel, a Nigerian HR tech startup, is setting sail with a $2.74 million seed funding to help scale its community-as-a-service platform. The company was founded in 2020 with the aim of helping multinational corporations reduce the risk of hiring remote workers from emerging markets. Lead investors: Amsterdam-based No Such Ventures led the funding round, joined by APX (an accelerator by Axel Springer Digital Ventures and Porsche Digital), Golden Egg Check, and Future of Learning Fund. Propel connects talented individuals in emerging tech communities with global companies that are committed to diversity, equity, and inclusion (DEI). The company uses a “community-as-a-service” business model, which means that it provides a platform that allows companies to access vetted talent pools in emerging markets. Future plans: The company aims to broaden its community ecosystem, expand its community platform, and introduce additional client services. Moreover, it intends to leverage the funding to achieve €1 million ($1.1 million) in community-generated revenue by Q4 2024. Zoom out: Propel operates in multiple global

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