Full specs and pictures of new iPhone 16 Pro & Pro Max 2024
Apple’s latest flagship, the iPhone 16 Pro 2024, has made a majestic entrance into the smartphone world alongside new Apple products. The device is hitting boundaries with cutting-edge innovation, breathtaking design, and unprecedented performance. From its titanium body to an upgraded A18 Pro chip, this device is a game-changer. Here’s a deep dive into what makes the iPhone 16 Pro 2024 stand out. Craft and aesthetics One of the most remarkable changes in the iPhone 16 Pro 2024 is its new Grade 5 titanium design. This fashion style ensures superior strength without adding heft to the device. Titanium, which has one of the highest strength-to-weight ratios among metals, makes the device incredibly strong and impressively lightweight. The iPhone is available in four luxurious colors: Black Titanium White Titanium Natural Titanium Desert Titanium (a brand-new color option) Additionally, the device features Apple’s thinnest borders yet, allowing for an even larger screen. The iPhone 16 Pro 2024 is splash, water, and dust-resistant, featuring the latest-generation Ceramic Shield. Notably, the ceramic is two times tougher than any other smartphone glass. Display The iPhone 16 Pro 2024 boasts a stunning Super Retina XDR display that comes in two sizes: 6.3-inch on iPhone 16 Pro 6.9-inch on iPhone 16 Pro Max Apple’s latest display technology routes display data under active pixels with zero distortion. This results in razor-thin borders that enhance the visual experience. These edge-to-edge screens not only offer brilliant clarity but also feel great to hold in hand. The improved thermal substructure made from 100% recycled aluminum enables better heat dissipation, allowing for sustained high-performance usage such as gaming and video editing. Performance: Powered by A18 Pro chip At the heart of the iPhone 16 Pro 2024 lies the all-new A18 Pro chip, which delivers top-tier performance and drives Apple Intelligence. The A18 Pro’s six-core GPU and 16-core Neural Engine are designed for handling complex tasks like AAA gaming, photo and video editing, and AI-driven computations with ease. Key performance enhancements include: Up to 2x faster hardware-accelerated ray tracing for ultra-fluid, lifelike graphics. 20% increase in system memory bandwidth for seamless multitasking and gaming. Advanced CPU and GPU performance for handling professional-grade tasks. Greater energy efficiency, allowing the iPhone to run for extended periods on a single charge. Camera System: Total Control and Cinematic Mastery The camera system on the iPhone 16 Pro 2024 brings professional-level photography and videography to the palm of your hand. Featuring Apple’s most advanced 48MP Fusion Camera, the iPhone 16 Pro 2024 excels in capturing ultra-high-definition photos and videos in any lighting condition. Here’s a breakdown of the camera setup: 48MP Ultra Wide camera with a second-generation quad-pixel sensor. 5x Telephoto camera with improved zoom capabilities for sharper close-ups. Macro lens for ultra-detailed close-up shots. Advanced ProRAW and HEIF photo formats for the highest level of detail. A standout feature of the iPhone 16 Pro 2024 is Camera Control, which allows users to slide through different settings like exposure, depth of field, and focus with ease. It also introduces a new two-stage shutter that lets you lock focus and exposure with a light press, offering better control over your shots. The entire experience makes capturing professional-quality photos and videos incredibly simple. The iPhone 16 Pro takes video capture to the next level with 4K 120 fps Dolby Vision support, allowing users to record in the highest resolution with the smoothest frame rate ever available on an iPhone. New post-capture editing options, such as adjusting playback speed and applying cinematic slow-motion effects, further enhance creative flexibility. Audio and Video: Pro studio in your pocket In addition to the incredible camera system, the iPhone 16 Pro 2024 excels in audio performance with four studio-quality microphones. These mics provide a more immersive sound experience, capturing nuanced audio details with minimal background noise. Apple has also introduced Spatial Audio capture, which makes your videos sound as immersive as they look when played back using AirPods. The all-new Audio Mix feature gives you the ability to adjust the sound mix in your videos, offering three voice options: In-frame: Focuses only on voices in front of the camera. Studio: Delivers clear, close-up audio as if recorded in a professional studio. Cinematic: Captures all surrounding sounds for a movie-like experience. Battery Life The iPhone 16 Pro 2024 also offers a significant improvement in battery life, enabling up to 33 hours of video playback on the Pro Max and 27 hours on the Pro. This is achieved thanks to an optimized internal design that houses larger batteries. Additionally, MagSafe charging has been upgraded to support up to 25W fast wireless charging, reaching 50% charge in about 30 minutes. Apple Intelligence: Personalized, private, and powerful One of the flagship features of the iPhone 16 Pro 2024 is its deep integration with Apple Intelligence, the personal intelligence system designed to enhance productivity and creativity without compromising privacy. Apple Intelligence can help with everything from text proofreading and summarizing transcripts to generating custom images using your photos. Key Apple Intelligence features include: Writing Tools: Automatic text rewriting, tone adjustment, and summaries. Genmoji: Create fun, personalized emojis directly from the keyboard. Image Playground: Generate unique images using AI based on descriptions or people from your Photos library. Context-Aware Siri: Siri can now handle more advanced tasks by learning from your personal context, ensuring enhanced privacy. Privacy and security Apple’s focus on privacy is stronger than ever with the iPhone 16 Pro 2024. The device’s on-device processing ensures that sensitive data, including personal information and photos, never leaves your device. The integration of Private Cloud Compute allows Apple Intelligence to perform more complex requests, such as generating unique images, without compromising privacy. Additionally, the new Passwords app securely stores passwords, passkeys, and two-factor authentication codes, which syncs across all devices with end-to-end encryption. Safety features Apple has continued to innovate in the realm of personal safety. The iPhone 16 Pro 2024 features Messages via satellite, allowing you to send and receive texts even when you’re off the grid. For roadside
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👨🏿🚀TechCabal Daily – The perks of the gig economy
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning We’re a few weeks away from Moonshot 2024! Seize the opportunity to enjoy a group ticket discount with your friends or colleagues. Experience two days of invaluable insights from industry leaders, networking with potential partners and investors, and witnessing groundbreaking innovations shaping the future of the African digital economy. Get ₦8,000 off on 2 tickets and ₦20,000 off on 4 tickets. Thepeer returns $357,000 to investors Companies get creative with incentivising gig drivers Kenya’s treasury deficit widens by 28% EU to provide $35 million grant to South Africa The World Wide Web3 Opportunities Fintech Thepeer returns $357,000 to investors Michael Okoh and Chike Ononye, Co-founders of Thepeer. Image Source: Google Returns on VC funding are all or nothing. VCs either get outsized returns from their investment (or sometimes 2x the money invested) or nothing at all. According to figures from Andreessen Horowitz, one of the world’s largest VC firms, 6% of startups in a portfolio drive 60% of the returns. However, in some rare cases, founders tend to return VC dollars when they back out of their pursuit. This was the case for the founders of Nigerian fintech, Thepeer, which set out to connect fintechs across the continent for easy money movement. After the founders decided that the product had not found scale, they closed down the startup and returned $357,000 of the $1.35 million funding it received. The refund math suggests that an angel investor who wrote a $10,000 cheque would have received a $2,280 refund. While the idea was great, the startup couldn’t grow at the scale needed for a venture-backed company. According to its financials, Thepeer generated less than $1,000 in revenue in the first three quarters of 2023. At the time of its shutdown, the fintech had about $450,000 in the bank, money enough to find a product market fit. But the fintech founders decided otherwise. “Despite what seemed like a significant runway, we forecasted that we would not be able to onboard and drive integration of our services with customers at a fast enough rate to achieve scale and sufficient revenue,” The startup shut down in April this year, marking a close to its 3 year. Thepeer is not the only startup to have shut down this year due to a lack of traction. In January, Cova, a Nigerian wealthtech startup that allows users to track their assets in one place shut down due to a lack of traction. Cova had one year of runway left in the bank. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Startups Food delivery riders want more pay, and companies are getting creative Image source: Mano What happens when you increase the fuel price for a nation that is heavily dependent on fuel—and battling inflation at the same time—to power their everyday lives? Chaos. In Nigeria, where fuel has doubled in price over the past year, gig drivers are lobbying for higher fares and reduced commissions from ride-hailing apps. Though their demands remain unmet, food delivery startups are devising creative ways to retain their riders amid rising costs. Delivery riders have been asking for more pay due to the increased cost of fuel. They’re spending at least 50% more than they used to. That’s the hard thing about operating a two-sided marketplace: when you try to please one side of the market, you might risk making the other side less happy. To balance this, Mano, a Nigerian food and grocery delivery service, is offering weekly bonuses of ₦2,000 to riders, likely paying out of their pockets. Similarly, Glovo provides performance-based bonuses to motivate its riders. Other startups are exploring electric motorcycles, though they are not necessarily cheaper. It’s a tough act to balance. Two ways things can play out: startups might absorb the cost of rider incentives without raising prices for users, or they could increase order prices to balance the financial strain. While absorbing costs might seem like a short-term solution, it raises questions about long-term sustainability. Food delivery startups might need to explore additional value-added services to justify higher customer spending or, like Chowdeck, seek alternative pathways to revenue. Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Economy Kenya’s treasury deficit widens by 28% Kenyan President William Ruto In June, the Kenyan government tried to plug a $3.7 billion hole in its budget by imposing a raft of taxes, including a tax on bread and other everyday items. Those taxes would have raised about 2.7 billion shillings in government revenue. However, violent protests by Kenyans made the government retrace its steps leaving the deficit in its budget uncovered. That hole may have grown bigger. New estimates from the country’s Treasury Secretary, John Mbadi, suggest a 28% increase in the government’s budget deficit. The revised forecast, according to Mbadi, now stands at KES767 billion ($5.95 billion) up from $3.74 billion. The widening budget deficit has put pressure on Kenya’s public finances, which are already strained by debt repayments, pending bills, and expenditure carryovers from the previous fiscal year. The government’s ability to provide essential services, including healthcare and education, is at risk if the deficit continues to grow. Kenya’s regional administrations are also facing financial difficulties due to delayed central government funding. If this situation persists, it could disrupt essential services at the local level. The government’s fiscal challenges have prompted downgrades from major credit rating agencies, further exacerbating the country’s economic woes. Kenya may face a debt crisis if the government can implement effective measures to increase revenue and reduce spending. Psst Here’s Paystack Developer Contributor of the month Microsoft Engineer Ekene
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See the specs of new iPhone 16, Apple Watch, and AirPods
Apple’s Glowtime event on September 9th, 2024, showcased its latest products, headlined by the new iPhone 16 series, Apple Watch Ultra 2, and updated AirPods lineup. Pre-orders for all products fully start September 16th, with availability in stores beginning on September 20th, 2024. Before we provide you with a full review of the new launches, here is a concise breakdown of the most exciting announcements. New iPhone 16: Sensational leap in performance and photography Apple introduced the new iPhone 16, offering remarkable upgrades in both design and performance. The phone is available in two sizes—6.3″ for the Pro and 6.9″ for the Pro Max—and features Grade 5 Titanium, offering unmatched durability. The Ceramic Shield ensures better drop protection, and ProMotion enhances the display for smoother visuals. The new iPhone 16 boasts a 48MP ultra-wide camera and Spatial Photos and Videos for immersive visuals. The A18 Pro chip promises faster performance, and gamers will appreciate 2x faster ray tracing for enhanced visuals in AAA games. A USB-C port with USB 3 support enables quicker data transfers and faster charging. For photography enthusiasts, both models offer a 5x telephoto zoom, studio-quality mics, and next-gen photographic styles. Prices range from $999 – $1199. Here’s a list of major features the iPhone 16 Pro: Telephoto on Both Models: 5x zoom. Studio-Quality Mics: With Audio Mix. Camera Control: Next to the Pro’s camera system. Next-Generation Photographic Styles: Improved photo features. Wi-Fi 7: Latest wireless technology. Ceramic Shield: Latest-generation for enhanced durability. Grade 5 Titanium: Available in four new finishes. ProMotion: Enhanced display technology. Action Button: Customizable physical button. 4K120 Video Recording: With Dolby Vision support. Apple Intelligence: AI-driven features. A18 Pro Chip: Advanced processing power. USB-C with USB 3: Faster data transfer and charging. Best iPhone Battery Life on Pro Max: Long-lasting battery. 6.3″ and 6.9″ Display Sizes: For Pro and Pro Max models. Spatial Photos and Videos: Enhanced multimedia experience. 2x Faster Ray Tracing: For improved gaming and graphics performance. New 48MP Camera: With an ultra-wide lens. Here is the detailed breakdown of the key features of the new iPhone 16: Design & Display New Vibrant Colors: The iPhone 16 comes in a variety of new, vibrant color options. Latest-Generation Ceramic Shield: For added durability and protection, the iPhone 16 uses the latest version of Ceramic Shield, making it more resilient against drops and scratches. Dynamic Island: This feature integrates notifications and other key alerts in a more dynamic, interactive way at the top of the display. Camera & Photography 48MP Fusion Camera with 2x Telephoto: The iPhone 16 is equipped with a 48MP camera with 2x telephoto zoom, allowing for clearer, more detailed photos even from a distance. New Ultra-Wide with Macro: A new ultra-wide camera that supports macro photography, perfect for capturing close-up shots with precision. Spatial Photos and Videos: This feature allows the iPhone 16 to capture spatial photos and videos, enhancing depth perception for more immersive visuals. Camera Control: A new control feature for taking photos, offering more precise adjustments and control over your photography. Performance A18 Chip Hardware-Accelerated Ray Tracing: AAA Games Battery & Connectivity Big boost in battery life USB-C Wi-Fi 7 Software & intelligence Apple Intelligence iOS 18 Customization Messages via Satellite New features Action button Apple Watch Ultra 2: The thinnest and smartest yet The Apple Watch Ultra 2 takes health tracking and outdoor fitness to the next level. Built from Grade 5 Titanium, it features the thinnest design yet and the largest display in the Apple Watch lineup, with a wide-angle OLED screen for better off-angle visibility. The watch includes a Tides App and Depth App, making it ideal for swimmers and divers. With sleep apnea detection and custom swim workouts, fitness tracking becomes even more precise. The Ultra 2 also offers up to 18 hours of battery life, and fastest-ever charging ensures it’s ready to go when you are. The watch is carbon-neutral, aligning with Apple’s sustainability goals. Here’s a breakdown of all the key information about the watch: Design and build Thinnest ever: The watch has a notably thin profile. Biggest display: It features the largest display ever on this model. Grade 5 Titanium: The body is made from Grade 5 Titanium, offering both durability and a premium finish. Jet Black aluminum: The watch is available in a sleek Jet Black aluminum finish. Wide-angle OLED display: The screen is an OLED display with a wide-angle view and brighter off-angle visibility. Key Features: Sleep apnea detection: The watch can detect potential sleep apnea conditions. Custom swim workouts: It offers tailored swimming workout features. Tides and Depth apps: These apps help users track tides and measure depth, useful for water-related activities. Water temperature: It can monitor the water temperature during aquatic activities. Speaker playback: The watch includes a speaker for audio playback. Battery and Performance: Up to 18 hours battery life: The battery lasts for up to 18 hours on a single charge. Fastest charging ever: The watch supports the fastest charging capability of any previous models. Software and Intelligence: WatchOS 11: It runs on the latest watchOS 11. Intelligence features: Includes AI-based intelligence for improved user experiences. Sustainability: Carbon neutral: The watch is environmentally friendly with a carbon-neutral status AirPods 4 and AirPods Max: Enhanced audio and comfort Apple introduced the new AirPods 4 with two fresh models, highlighting significant upgrades in sound quality, fit, and user experience. The best-fitting AirPods ever offer personalised spatial audio, adaptive audio, and active noise cancellation, making them perfect for those who value immersive sound and comfort. With transparency mode and conversation awareness, the AirPods automatically adjust audio settings based on environmental conditions and user interactions, ensuring a seamless audio experience. In addition to the AirPods 4, Apple unveiled a refreshed version of the AirPods Max, its premium over-ear headphones. Now equipped with USB-C for faster charging and broader compatibility, the AirPods Max also comes in a range of new colours. Apple introduced a hearing test app, likely aimed at improving accessibility and user-specific audio adjustments, further
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How to check 2024 TASUED admission list now
TASUED (Tai Solarin University of Education) has officially started releasing its 2024 admission list on JAMB CAPS. Candidates who applied for admission into TASUED can now check their status using the JAMB Central Admission Processing System (CAPS). To avoid missing out, it’s essential to monitor the JAMB CAPS platform frequently. Below is a step-by-step guide to help you through the process. Steps to check TASUED 2024 admission list on JAMB CAPS Visit the JAMB CAPS Portal Go to the official JAMB CAPS portal: https://www.jamb.gov.ng/Efacility Login to your JAMB profile Use your JAMB email and password to log in to your profile. Access the CAPS Section On your dashboard, locate the “Check Admission Status” button and click on it. You will be redirected to the CAPS section. View Your Admission Status Select your exam year (2024) and enter your JAMB registration number. Click on “Access My CAPS” to view your admission status. Accept or Reject Admission If you’ve been offered admission, an “Accept” or “Reject” button will appear. Choose appropriately based on your decision. Key features of JAMB CAPS 2024 JAMB CAPS offers essential tools to streamline the admissions process: Check admission status in real-time. Accept or reject admission offers. Approve or decline course transfers. Maintain transparency and efficiency in the admissions process. Candidates must act promptly to avoid forfeiting offers from tertiary institutions. Important reminders Frequent updates: Keep checking your JAMB CAPS profile, as admissions are released in batches. CAPS locking: Once you accept or reject your admission, you may not be able to change your decision. Final thoughts on checking the TASUED 2024 admission list on JAMB CAPS By following these steps, you can easily confirm your TASUED 2024 admission status on JAMB CAPS. Also ensure to say informed so you do not miss updates to secure your spot at TASUED.
Read More₦2,000 weekly bonus: Food delivery startups get creative as riders ask for more pay
Keeping delivery fees affordable while motivating riders is a constant balancing act for food delivery companies. Quickening inflation and a second major increase in fuel prices on Thursday have further complicated that balance, forcing some strategising at delivery startups. On Friday, Mano, a food delivery platform, began paying riders a ₦2,000 weekly bonus in addition to their delivery fees and a monthly wage of ₦47,000, said one driver who attended the town hall meeting. The company, which typically changes a flat delivery fee of ₦1,400, has also switched to a “dynamic pricing model,” Mano said in an email confirming the bonus. Glovo, another delivery platform, is also offering riders performance-based incentives. Riders who deliver 550 orders in two months will receive a ₦23,400 bonus for fuel. Anyone who the 800-order mark will get a ₦39,000 bonus, one Glovo rider told TechCabal. Those incentives began two months ago, that person said. “The company also promised to increase delivery fees generally, but no changes have been affected since then,” a Glovo rider said. Glovo has yet to respond to requests for comments regarding the matter. Chowdeck has not made any price changes, according to three people at the company. “₦4,000 used to be enough to fill our fuel tanks, but now it takes about ₦6,000,” a Chowdeck delivery rider who uses a moped told TechCabal. “We have been expecting them to make considerable changes.” This may be a tough ask for Chowdeck which, according to two delivery riders, recently increased the fee it pays for long-distance trips (7km-8km) by ₦300. “They increased it from ₦1,500 to ₦1,800. They should increase it to at least ₦2,000,” another Chowdeck rider said. “The drivers know an increase may not be possible,” a Chowdeck supervisor, who asked not to be named, told TechCabal, hinting at the company’s hesitation to pass the cost on to customers. Chowdeck has yet to respond to requests for comments. In Ibadan, Nigeria’s third-largest city, HeyFood, a prominent food delivery startup, is considering a switch to electric bikes. “We find that riders are spending more time looking for fuel before resuming work making fewer drivers available for deliveries,” said the company’s CEO Akinropo Taiwo. “They even close early so they can secure fuel.” Talk about gig workers transitioning to electric vehicles has become a common theme since 2023. Gig workers who use EVs that have up to 100km of range on one full charge reportedly save up to 40%-60% on fuel and vehicle maintenance. In May 2024, Glovo partnered with Nigerian EV manufacturer Siltech to use EV bikes for delivery in some parts of Lagos. Yet, switching to EVs for Heyfood may be complicated since riders are currently paying off new petrol-powered bikes, which cost around $1,200–$1,700, according to a December report. With gig workers increasingly pushing for more pay as inflation bites and companies wary about passing on to customers, it leaves the sector between a rock and a hard place.
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10 things for the best experience at moonshot by TechCabal 2024
Attending Moonshot by TechCabal 2024 at the Eko Convention Centre in Lagos on the 9th and 10th of October offers a unique opportunity to connect with the brightest minds in Africa’s tech ecosystem. To make the most of your experience, follow these ten essential tips. 1. Set clear goals Before you attend Moonshot by TechCabal 2024, define your objectives. Whether you aim to network, discover investment opportunities, or learn from industry experts, having clear goals will help you focus your time and energy effectively. 2. Plan your schedule With over 75 speakers and nine tracks covering diverse topics from Climate Tech to Big Tech & Enterprise, it’s important to plan your schedule. Prioritise the sessions and tracks that align with your interests. The official schedule is available on the moonshot website, allowing you to map out the keynotes, panels, and workshops you don’t want to miss. 3. Network with purpose Networking is one of the primary reasons to attend Moonshot by TechCabal 2024. Take advantage of the various networking areas and events, such as the VIP mixers and cocktail receptions, and connect with people you meet right away. If possible, bring along plenty of business cards and be prepared to exchange contact information with potential partners, clients, and collaborators. 4. Engage on social media Stay connected and expand your network by actively engaging on social media. Use the official event hashtags and follow TechCabal’s channels on Twitter, LinkedIn, and WhatsApp. This will keep you informed about real-time updates and allow you to join the broader conversation around the conference. 5. Visit the exhibitor The exhibition booths at Moonshot by TechCabal 2024 will feature innovative solutions from top sponsors like Flutterwave, Sabi, and Budpay. Allocate time to visit these booths, as they offer a chance to see the latest tech advancements and possibly discover new tools or partnerships that could benefit your business. The exhibition hall is where you can explore the latest innovations from tech companies. So engage with exhibitors and their representatives to learn about new products and solution. Also, don’t forget to collect information by grabbing brochures, flyers, or even samples that could be beneficial. 6. Participate in Moonshot Demos Don’t miss the Moonshot Demos, where startups will showcase their cutting-edge technologies. This is your chance to witness innovation in action and potentially identify the next big thing in African tech. The demos are also a great way to get inspired by the creativity and ingenuity within the continent. 7. Take notes and ask questions With a diverse lineup of speakers including industry leaders like Tokunboh Ishmael of Alitheia Capital and Tayo Oviosu of Paga, the insights shared during sessions will be invaluable. Take thorough notes and don’t hesitate to ask questions during Q&A segments. Engaging with the content will deepen your understanding and provide actionable takeaways. 8. Attend the VIP sessions If you have a Prime Local or Prime International ticket, make the most of the VIP sessions. These include exclusive mixers, luncheons, and access to a VIP lounge. These sessions are excellent for more intimate networking opportunities with industry heavyweights and keynote speakers. 9. Follow up after the conference After you attend Moonshot by TechCabal 2024, follow up with the connections you made. Send personalised emails or LinkedIn messages to reinforce your new relationships. Mention specific discussions you had to make your follow-up more impactful and memorable. 10. Reflect and apply what you learn Post-conference, take time to reflect on the sessions you attended and the knowledge you gained. Identify actionable steps you can apply to your work or business. The true value of attending Moonshot by TechCabal 2024 lies in how you implement the insights and strategies you’ve learned. Final thoughts on 10 things for the best experience at moonshot by TechCabal 2024 Moonshot by TechCabal 2024 is poised to be a pivotal event in Africa’s tech landscape. So ensure you not only enjoy the ambience and glamour of the exclusive conference, but also forge lasting connections and milk valuable insights that can propel your business or career forward.
Read MoreExclusive: Thepeer returns $357,000 as investors move on from demands for an audit
Thepeer, the fintech that shut down in April 2024, returned $357,960 to investors in June, completing the shuttering of the startup founded in 2021. The refund suggests that an angel investor who wrote a $10,000 cheque would have received a $2,280 refund. Those refunds were possible because the founders, Michael Okoh and Chike Ononye, decided there was no scale-up route for the product and chose to move on. After announcing the shutdown in April 2024, at least two angel investors wanted answers on how much money the startup had in the bank. They wanted to know how Thepeer spent the $2.1 million it raised in a June 2022 seed round that valued the company at $5 million. One publication said the company had only $450,000 in the bank when it shutdown. However, the founders told early investors that despite the July 2022 funding announcement, the company had only received $1.35 million in that round. Two publications reported in April that one investor asked to audit the company’s accounts before the shutdown was finalised. A pre-seed investor who asked not to be named told TechCabal that no audit happened. Other investors were happy to treat any possible discrepancy in the accounts as a rounding error and simply wanted to move on from the matter, one person with knowledge of the talks said. Venture capital firms, which typically loathe public involvement in spats with portfolio companies, often choose the path of least resistance in these matters. Thepeer did not respond to a request for comments. The return of capital comes four months after the company’s surprise shutdown, despite having twenty months of runway left. That runway could have given the founders more time to experiment and find product market fit, a common occurrence among struggling startups. Startups like Target Global-backed Kippa pivoted from fintech to edtech after shutting its agent banking business. “Despite what seemed like a significant runway, we forecasted that we would not be able to onboard and drive integration of our services with customers at a fast enough rate to achieve scale and sufficient revenue,” Ononye told TechCabal in April. Thepeer’s shutdown was not for lack of effort. The startup explored a buyout by larger companies to boost returns but could not align investor interests with those of the larger firms, Ononye said. The startup also considered pivoting to at least four verticals, including fraud detection, the creator economy, and financial reporting but decided against using investor funds for the pivot, one person familiar with direct knowledge told TechCabal. Thepeer’s lack of market fit was a “chicken and egg” problem. Its solution, which enabled customers to move money across different business wallets, required many businesses to integrate with its payment platform to succeed. It struggled to convince businesses, spoilt with options like Paystack and Flutterwave, to integrate its payment gateway. When it managed to onboard businesses, they were hardly active. The startup onboarded 82 businesses in its three-year lifetime but only a quarter were active, highlighting its struggle with adoption. With limited businesses on its platform, it failed to achieve the transaction scale needed for profitability. The startup struggled to generate meaningful revenue, making less than $1,000 from the over $500,000 it processed in the first three quarters of 2023. The unlicensed startup also struggled with regulatory compliance when it tried to onboard enterprise businesses like banks, which could have provided the scale needed for survival. “Compliance was tricky… and their well-regulated fintech partners didn’t help them consistently,” one person familiar with the matter told TechCabal. “We are open to getting acquired by a licensed business that will allow us fully execute and accelerate onboarding of enterprise businesses including banks,” read Thepeer documents from October 2023 seen by TechCabal. “When you are selling a niche payment method in the market, it is always going to be an uphill battle,” Ononye told TechCabal. Thepeer’s payment gateway, which required customers to hold deposits across multiple wallets, competed with popular payment methods like cards, transfers, and cash, which dominate Nigeria’s payments market. “There’s a huge education gap in what they are doing, and they just weren’t prepared for that,” one person close to the business told TechCabal. Thepeer needed to change customer behaviour and drive wallet-to-wallet transactions before achieving market fit, a costly venture the business could not afford. Fintechs like OPay and Moniepoint succeeded in changing behaviour only after significant investment. “We were pioneering a completely new method of payment that did not exist in the market before, and from the get-go, it was a bet on whether it was going to work out or not. Building the tech was not going to be enough. (We) required more time and capital than we had anticipated,” Ononye said. Another stressor the business had was the time required to integrate with each business as the startup, which employed 10 people, struggled to onboard businesses quickly enough. “Integrations required hands-on engineering from us for each wallet, one after the other, as no two businesses functioned the same way. We also needed to ensure that the experience for customers of the businesses was as consistent as possible,” Ononye said.
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Next Wave: Can contactless payments solve settlement for low-ticket items in Africa?
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges and stand a chance to win up to 2.5 million naira in funding for your business! Click to register for TC Battlefield First Published 08 September, 2024 While digital payments have gained traction in Africa, low-value, high-volume transactions, often prevalent in informal markets, still rely heavily on cash. Payment experts estimate e-payments to grow by at least 30% per year through 2025, with Nigeria leading the pack. This presents a few challenges for consumers and businesses. Contactless payments offer a potential solution to these issues with speed, convenience, and security, and are emerging as frontrunners in this evolution. In Africa, where cash remains king, contactless payments can improve the payments ecosystem and boost economic growth. Contactless payments require customers to tap NFC-enabled cards (the most prominent contactless payment mode) on the reader or a wearable device to complete transactions. It takes 15 seconds to complete a transaction and has the potential to reduce the time spent at checkout and minimise the risk of fraud. Businesses can improve operational efficiency and attract a wider customer base. Additionally, it can contribute to financial inclusion by providing access to formal financial services for underserved populations. Startups in sub-saharan Africa, where financial inclusion is 64% can use this opportunity to accelerate inclusion. Overcoming Obstacles Despite their benefits, the widespread adoption of contactless payments in Africa faces several hurdles. One major challenge is the cost of issuing and managing cards. Innovative solutions like mobile wallets and wearable devices can be explored to address this. Well-known examples in this regard are smart watches linked to digital wallets like Apple Pay and Samsung Pay. If one cannot afford cards, the wearable option can be both fashionable and a payment system. Debit cards and e-wallets would account for 77% of online payments revenue. Chart by Stephen Agwaibor, TC Insights. Security concerns, such as the potential for fraudulent transactions, must also be carefully considered. Implementing robust security measures and educating consumers about best practices can mitigate these risks. In Nigeria, the Central Bank introduced a policy in June 2023 pegging transaction limits of ₦15,000 and a daily cumulative limit of ₦50,000. In essence, customers can only make contactless payments of up to ₦15,000 per transaction and up to ₦50,000 per day without entering a PIN or biometric verification. They can also pay with their smartphones if they do not have debit cards at hand. These limits on transactions can help to check cases like theft or fraud. A growing market opportunity The potential market for contactless payments in Africa is significant. The informal retail sector, which accounts for a substantial portion of consumer spending, presents a vast opportunity for growth. In Nigeria, consumer purchases form part of the $1.4 trillion African retail market. Similarly, a majority of the shopping involves informal traders. By enabling these businesses to accept contactless payments, we can drive financial inclusion and stimulate economic development. Using the Total Available Market (TAM) Serviceable Addressable Market (SAM) and Serviceable Obtainable Market (SOM) model, there is the possibility of a market generating opportunity that can realise outsized value from here. Government support and case studies Governments in emerging markets, such as India, have played a crucial role in promoting the adoption of contactless payments through supportive policies and infrastructure investments. Sectors like quick service restaurants, pharmacies, food, grocery have seen the highest adoption, growing transactions from 2.5% in December 2018 to 16% in December 2021. In Australia, 92% of Visa card transactions are tap-to-pay. Small retail outlets are at the centre of this mass adoption. In Africa, similar initiatives can accelerate the transition away from cash-based transactions. Case studies from countries like Nigeria demonstrate the potential of contactless payments in specific use cases. The success of initiatives like Cowry Cards and Jump and Pass highlights the benefits of these technologies in transportation and retail sectors. Contactless payments offer a promising solution to the challenges posed by cash-based microtransactions in Africa. By addressing the underlying obstacles and leveraging the potential of this technology, we can create a more efficient, inclusive, and secure payments ecosystem. As Africa continues its digital journey, contactless payments are poised to play a pivotal role in shaping the future of commerce. Next Wave ends after this ad. Controversies surrounding Nigeria’s unique sound and one of the country’s primary 21st-century exports, Afrobeats, have led to diverse conclusions about its global scale and impact. Joey Akan, an award-winning Nigerian music journalist and founder of Afrobeats Intelligence, has consistently provided in-depth industry analysis while exploring the personal journeys and creative processes of Africa’s top music stars. His work delves into the artistry, humanity, and behind-the-scenes efforts shaping African music. Joey Akan is a featured speaker at Moonshot 2024, joining other innovators and industry leaders addressing Africa’s most critical challenges. Save your seat at Moonshot! Get tickets here Joseph Olaoluwa Senior Reporter, TechCabal Thank you for reading this far. Feel free to email joseph.olaoluwa[at]bigcabal.com, with your thoughts about this edition of NextWave. Or just click reply to share your thoughts and feedback. We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to you here for free to get fresh perspectives on the progress of digital innovation in Africa every Sunday. As always feel free to email a reply or response to this essay. I enjoy reading those emails a lot. TC Daily newsletter is out daily (Mon – Fri) brief of all the technology and business stories you need to know. Get it in your inbox each weekday at 7 AM (WAT). Follow TechCabal on Twitter, Instagram, Facebook, and LinkedIn to stay engaged in our real-time conversations on tech and innovation in Africa. If you liked this edition of Next Wave, please share with your friends.
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👨🏿🚀TechCabal Daily – Nigerian neobanks to charge electronic levy
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Are you ready to dive headfirst into Africa’s tech revolution? Moonshot 2024 is your ticket to the future. Imagine networking with industry titans, discovering groundbreaking startups, and soaking up the vibrant energy of Lagos. And the best part? Sochitel has us covered with prepaid eSIMs so we can stay connected and focused on what matters most – making connections and seizing opportunities. Let’s make this happen! Secure your spot now for two days of inspiration, networking, and innovation. What caused the Sterling Bank outage? Nigeria’s central bank sells dollars to BDCs at ₦1580/$ Neobanks will now charge a ₦50 electronic levy Nigeria plans for new LNG plant The World Wide Web3 Opportunities Banking What caused the Sterling Bank outage? Image Source: TechCabal. Since August 30, over 3 million Nigerians have been asking one question: why is Sterling Bank, a Nigerian tier-2 bank, inaccessible? TechCabal reported that the week-long outage was caused by the bank’s switch to a new core banking application (CBA). The bank switched Temenos T24 to SEABaaS, a custom-built software. This is Sterling Bank’s third migration since 2016. CBAs are back-end systems that handle banking transactions and financial records. And software migrations typically happen in banking. Depending on the approach taken and the complexity of the upgrade, CBA migrations take anywhere from weeks to months, or even a year to complete. Usually, the tipping point for banks to migrate their software is often to balance the operating cost versus the effort in maintaining their software. Other times, it is intended to migrate the banking platform to a more secure base. Sterling Bank has promoted this new development on X, calling it a “masterpiece.” However, customers have been unable to use their bank apps or access banking features. This frustrated many Nigerian users who got stuck simply trying to use their mobile app to send money. Worse, some of them tried unsuccessfully to access salaries from employers paid during the last week of the month. Sterling Bank will join other financial institutions like Kuda and Moniepoint that use custom-built CBAs. The overall feeling in the camp is that the new software will improve Sterling Bank’s performance, and make operations more scalable or better suited to its banking needs than what it previously had. Read the exclusive article here. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Economy Nigeria’s central bank sells dollars to BDCs dollar at ₦1580/$ Image source: Google Nigeria’s central bank (CBN), in its continuous effort to stabilise the country’s volatile exchange rate, has sold US dollars to Bureau de Changes (BDCs) at a rate of ₦1,580/$. As part of its current strategy to increase liquidity, the CBN provided each eligible BDC with $20,000 in forex while mandating that they can only sell to end-users at a maximum 1% markup. This means BDCs must sell dollars at no more than ₦1,595.8/$1, retaining a profit of only ₦15.8 for every dollar they sell. CBN has opted to keep a keen eye on BDCs. It banned forex sales to BDCs in 2021. Their frequent, sometimes large-volume dollar trades in the parallel market, were allegedly a conduit for illicit forex flows to happen, according to former CBN chief, Godwin Emefiele. The uncontrolled parallel market caused an uneven demand and supply of forex. However, following the lifting of the ban on BDCs early this year, CBN has been closely monitoring BDC operations. In February 2024, it revoked the licenses of 4,173 BDCs, leaving an estimated 1,500 active operators. It has since resumed selling forex to these active operators and mandating profit margins they can sell at. BDCs cannot exceed these margins. With this tighter oversight, the CBN is hoping to stabilise the naira by reducing currency demand and supply imbalances that have upended it for so long. Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Fintech Nigerian neobanks to deduct ₦50 levy Image source: PremiumTimes Nigeria Digital banks or Neobanks launched with a promise to make bank transfers almost instant and free (or at a lesser cost when compared to traditional banks). Kuda Bank, one of Nigeria’s top neobanks for example, offered 25 free transfers per month to its customers. This appeal allowed neobanks to rack up customers quickly. Although users still maintained accounts with traditional banks, they used the neobanks to move money around and conduct daily transactions. However, neobank customers might start bearing the weight of their transactions. Starting today, fintechs will charge a ₦50 Electronic Money Transfer Levy (EMTL) for transactions between ₦10,000 ($6) and above. The EMTL was introduced in 2020 as part of Nigeria’s Finance Act 2019 to generate revenue for the government. The country’s tax collector, the Federal Inland Revenue Service (FIRS), first imposed the levy on deposit money banks in December 2023. In January 2024, the EMTL was charged on all foreign currency transactions. Although the government’s delayed application of the EMTL to fintech has raised eyebrows, applying the same levy to both traditional banks and fintech follows the principle “what is good for the goose is good for the gander”. Given that traditional banks have been subject to this levy, it’s logical to extend it to fintech. The EMTL continues a round of increased regulation for neobanks. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Energy Nigeria to build first LNG Plant An LNG plant in Australia. Image Source: Woodside Petroleum Nigeria produces 1.5
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🚀Entering Tech #73: How Maryann Onuoha is driving growth with tech events
Ope from Cowrywise has some things to share! 07 || September || 2024 View in Browser Brought to you by Issue #72 From coding to community management Share this newsletter Greetings ET people Been a minute. While we’ll hate to rat anyone out, it looks like you missed your dose of #EnteringTech goodness last week because someone didn’t submit their draft in time. Please forgive us. Enough fourth-wall breaking, let’s get into it. Our Entering Tech guest today, Maryann Onuoha is having an illustrious career. Growth marketing, events, content and SEO, community management, coding—she’s done it all. But only one of those things eventually captured her heart. When we interviewed her, she had us fan-boying the moment she said she was once behind the popular brand mascot, Ope from Cowrywise. Also, if you’ve ever benefited from Cowrywise’s internship programme, or will benefit in the future, Maryanne may have paved the way. Now, you too can establish a thriving tech foundation for yourself because of the work she did. Emmanuel Nwosu Maryann’s origin story In the superhero context, we call it an origin story. In a Vin Diesel or Jason Statham action movie, they call it the main character arc. In climate science, it’s called the tipping point. Maryann’s life, as she knew it, changed significantly early on after losing her dad to cancer. L-R: Third from left, Maryanne’s father. Sixth from left, Maryann. Image source: Maryann Onuoha This incident, happening during an early stage of her life, made her become financially responsible for herself. While at Imo State University (IMSU) where she studied International Relations, Maryann often didn’t find the courage to call home for money. And university expenses were no joke. She had heard about tech. She had friends. She had tech bros around her. She saw and liked the things they could do with a keyboard, and she wanted to try that too. But she didn’t know where to start. Her friend, Bakare Emmanuel, who was speaking at Devfest Lagos in 2018, invited her to the event. Devfest is a tech gathering for everyone curious about tech. It was right there, in Lagos, where Maryann had her lightbulb moment. Maryann’s plan was to write code and become a software developer. She even learnt how to code three programming languages, including Flutter. But she soon realised that she wasn’t cut out for the coding life. To put it in her words, “I did not enjoy coding at all.” *Newsletter continues after break The Google dream and chasing growth After that trial and error with coding, Maryann discovered her love for writing. She did this for a while, unsure of where it would lead her until she joined Cowrywise as an intern after the pandemic. Content writer, Cowrywise Aug 2021 – Oct 2021 Bitnob Aug 2021 – Dec 2021 Content Marketing Manager, Mara Apr 2022 – Jun 2023 Foundation Board Member, GNOME Foundation Mar 2020 – Present Marketing Associate, Big Cabal Media Jul 2023 – Present Cowrywise wanted to give career starters a shot at working on real projects in a company setting. The only caveat to the internship programme was that its failure would mark the end. It was up to Maryann and her fellow interns to save Cowrywise internships. Maryann as an intern in Cowrywise. Image source: Maryann Onuoha As a Cowrywise intern, Maryann’s cool job was to own the pen of Ope from Cowrywise. She was to continue the good work other voices behind the online persona had built. She wrote emails and blog articles about financial literacy for young adults that helped drive growth for the company. It was an intense schedule. She wrote four articles a day, along with the weekly emails. She said that this routine formed a crucial part of her career growth. She went on to work at Bitnob and Mara before joining Big Cabal Media as a Growth Associate where she plays a big role in driving the events you love so much. But her big break, she says—or at least one where she couldn’t believe her luck—came when she was invited to join the Google Developer Group (GDG) Lagos co-organisers. Maryann at Devfest in 2023 She’d been volunteering at GDG Lagos for over four years, and her dedication shone through the work she did. In 2023, she led the GDG Lagos community growth team that sold over 2,000 tickets to the tech event—double the target. She also grew the X account for GDG Lagos from 5k to 24k followers. *Newsletter continues after ad break Get student discounts for Moonshot 2024! Are you a student looking to fulfill your dream career in tech? Moonshot is giving out tickets to students at ₦5,000 only. As a student, you will get access to all Entering Tech sessions, all workshop sessions, and brand merch. Here is your chance to save a seat at Moonshot 2024. To get tickets, click here. The kids are alright It has taken a complete rewiring and 5 years for Maryann to figure out her tech career and life in general. Today, she contributes to growth efforts at GDG Lagos and TechCabal’s Moonshot. She was part of the programme team that sold over 2,000 tickets last year for Moonshot by TechCabal, Africa’s most audacious tech festival. She’s been co-leading the push for a bigger Moonshot edition this year that will feature important tech conversations with over 4,000 guests in attendance, 85 speakers, and presentations from innovative companies building for Africa. Maryann’s expertise lies in building and growing communities. On the side, she also leads the Women Techmakers Lagos ambassadors, another community initiative by Google. She hopes to build her own community someday. Maryann at Women Techmakers Lagos. Image source: Maryann Onuoha When it comes to entering tech, Maryann says there are no hacks. One thing that helped Maryann grow was speaking with people levels above her. GDG Lagos, where Maryann has volunteered for more than 5 years, was a community that helped shape her journey. She says, “I’ve gotten to a
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