- November 20 2024
SASSA December payment dates & more for 2024
The South African Social Security Agency (SASSA) has announced its December 2024 payment dates and schedule for social grants. Beneficiaries, including older persons, those with disabilities, and children, can expect their December grants on scheduled dates, ensuring timely support during the festive season. December 2024 payment dates for all SASSA classes For the SASSA payment in December 2024, specific dates have been set for each grant category: Older Persons’ Grants: Payments for older persons will commence on Tuesday, 3 December 2024. This includes grants for the elderly and any linked grants for beneficiaries. Disability Grants: Recipients of disability grants will receive their funds starting on Wednesday, 4 December 2024. Children’s Grants: Payments for children’s grants, covering child support and care dependency, will be made on Thursday, 5 December 2024. These set dates for the SASSA payment December 2024 allow beneficiaries to plan accordingly, particularly with the holiday season approaching. Importance of the December SASSA payment The December SASSA payment plays a crucial role in supporting vulnerable groups during a period when expenses often increase. It ensures that beneficiaries have access to funds for essential needs, providing stability and security at the year’s end. Points to remember for December payments Timing: Each grant has a designated payment day, so beneficiaries should follow the schedule to avoid long waits or crowded collection points. Collection options: Beneficiaries can collect funds from their chosen bank accounts, ATMs, or designated retailers. For those collecting in person, it’s advisable to visit payment points early in the day. Contact information: For any queries related to the SASSA payment December 2024, beneficiaries can call SASSA’s toll-free number, 0800 60 10 11, or visit the official website at www.sassa.gov.za. With the SASSA December payments in place, recipients can prepare to collect their grants smoothly. SASSA remains committed to providing efficient service, ensuring every beneficiary receives their due support promptly.
Read More
- November 20 2024
TechCabal Daily – JADA’s AI dream
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Imagine being able to sound just like yourself in a different language. Microsoft is introducing a new interpreter feature that allows real-time speech-to-speech translation during meetings on Microsoft Teams. So, here’s to more seamless global meetings! In other news, Google’s Gemini chatbot now has a memory. Like ChatGPT’s memory, Googlea’s Gemini chatbot can now remember information about your life, work, personal preferences, and those weird things you ask regularly. The feature is available only to Google One AI Premium $20-per-month subscribers. Google will release the feature soon in the Gemini app on iOS and Android. What do you think about this new feature? JADA launches talent hub for AI and data talents Big Kenyan firms are not tax-transparent South Africa’s fight against crypto money-laundering World Wide Web 3 Opportunities Startups JADA launches talent hub for AI and data talents Image source: FourthCanvas/ Olamide Fawole In August 2024, Google paid an undisclosed amount to hire the cofounders and other team members of personalised chatbot developer, Character. The acqui-hire continued what has been a war for AI talents across several global companies. While the tussle continues for talents that would build out future and present AI systems, African talents seem to be missing out on the fun. Global AI companies often relegate low-level tasks like data annotation and data cleaning to talents on the continent. Renowned Nigerian investor Olumide Soyombo and ex-Jumia Nigeria CEO, Massimiliano Spalazzi, want to change that narrative. Together, they have launched JADA, a data & analytics talent hub that will train and export AI talents to the rest of the world. Think of it like Andela for Data and AI talents. “We are betting big on an AI workforce out of Africa—one that can build for the world, starting here,” Olumide tells me during our hour-long chat in Lagos. JADA, which has started selection, its first cohort will select and train data professionals with at least two years of experience in data and analytics, machine learning and AI, or generative AI. “Our goal is to fill the data & AI talent gap by identifying and upskilling professionals who can be the right arm for businesses pursuing data and AI transformation,” says CEO Piero Trivellato, who brings over 10 years of experience in C-suite data & AI roles and management consulting at McKinsey & Co. Read more about JADA, its talent selection process, and its business model 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. Regulation Kenyan firms fall short on tax transparency Image Source: Forbes Kenya-based multinationals and publicly-listed companies have come under fire for poor tax transparency, according to a new PricewaterhouseCoopers (PwC) report. The study looked at the tax disclosures of 10 top companies and found major gaps—none of them shared their tax strategies, transfer pricing practices, or how their tax policies connect to sustainability goals like ESG. The timing is key, as the Kenyan government, in recent weeks, has been pushing harder on tax policies to expand its tax base. Yet, the lack of transparency from the big companies could communicate a different message to taxpayers—one the government will be keen to avoid. PwC, a global consulting firm, urged Kenyan companies to follow frameworks like GRI 207 to improve accountability and help economic growth. While new rules like the 2023 Transfer Pricing Rules seek to prevent tax avoidance, enforcement is still a problem. For businesses, improving tax transparency is not just about following the rules—it’s also a chance to improve their reputation and support Kenya’s development. Without better transparency and following global best practices, Kenya risks losing trust in its tax system. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Cryptocurrency South Africa tightens crypto rules to fight money laundering Image Source: Google As more African countries move closer to regulating crypto, the next logical step would be to closely monitor transactions involving crypto assets that have previously blindsided these countries. South Africa issued the first set of crypto licences in April 2024 to 59 exchanges, including market leaders Luno and VALR. Now, the Financial Intelligence Centre (FIC), the country’s anti-money laundering regulator, has issued Directive 9, mandating that crypto platforms must verify the identities of both senders and recipients in cryptocurrency transactions. The directive aligns with the Financial Action Task Force’s (FATF) “travel rule,” a global standard aimed at combating money laundering and terrorist financing. Compliance is part of South Africa’s efforts to exit FATF’s greylist. Starting from April 30, 2025, FIC will introduce a tiered system—based on transaction value—to collect information on people and organisations that send and receive crypto. For transfers under R5,000 ($277), it has directed crypto platforms to record the names and wallet addresses of the sending and receiving parties. For crypto transactions that exceed this amount, the crypto exchanges must record and submit personal details of the senders and receivers, their account information, residential addresses, wallet addresses, and any valid means of identification used during KYC. Intermediary platforms that help crypto companies provide on-ramp and off-ramp services must also securely transmit and store this data to ensure money can be traced. South Africa is not acting alone on this. A few other countries, like Nigeria and Kenya, have previously shown interest in closely monitoring crypto transactions. South Africa, too, will tax crypto users. Crypto—dubbed the dark horse of financial assets—is notorious for being untraceable, so governments cannot monitor what happens in or out
Read More- November 19 2024
JADA, AI startup backed by ex-Jumia CEO, wants to bridge global talent gap
AI talents are in global demand. Yet, Africa has not fully capitalised on its potential to produce such AI professionals. Despite its youthful population, the continent is often relegated to low-level AI tasks like data annotation and labeling. JADA, a data & analytics talent hub focused on staff augmentation founded in 2024 by Massimiliano Spalazzi, former Jumia Nigeria CEO and Olumide Soyombo, wants to change that narrative. The startup has raised $1 million from Soyombo, co-founder of Bluechip Technologies and Voltron Capital, Spallazi, and other investors. “We are betting big on an AI workforce out of Africa—one that can build for the world, starting here,” says Soyombo, a founding partner at JADA. JADA’s pitch to clients is twofold: they can access a wider pool of talent in regions they might not typically recruit from without the liability of labor laws. The startup will select and train data professionals with at least two years of experience in data and analytics, machine learning and AI, or generative AI. JADA enters the market at a time of global AI talent shortages. According to Google’s Data & AI Trend Report 2024, 54% of digital leaders face a skills shortage in these areas. JADA, led by Piero Trivellato (CEO) and Azeez Busari (VP of Operations), aims to train over 100 professionals annually in different cohorts, each undergoing a 4-month training. During the program, trainees will receive stipends—although the firm declined to share the exact figure. “We are building an academy that is designed to select and develop world-class talent,” said Trivellato, who brings over 10 years of experience in C-suite data & AI roles and management consulting at McKinsey & Co. “Our goal is to fill the data & AI talent gap by identifying and upskilling professionals who can be the right arm for businesses pursuing data and AI transformation.” The startup, which operates from Lagos and has begun selecting its first cohort, claims that commercial considerations drove its decision to prioritize experienced data analysts and scientists. “Most clients complain that inexperienced candidates lack the skills to get the work done. But the way to scale is to find people who can deliver projects that generate significant cash flow that you can then invest back into a pipeline,” said Soyombo. To select candidates for each cohort, JADA follows an ultra-selective screening process using an AI-backed algorithm. Candidates are initially screened based on their profiles, followed by technical and non-technical assessments. The most promising candidates are invited to participate in case studies and live presentations. Finally, successful candidates undergo a culture-fit interview and a comprehensive background check. JADA’s revenue model is based on commissioned projects from clients and will primarily serve businesses in Europe and the Middle East. The company will compete with software outsourcing companies globally, especially those focusing on AI and data talents. like BairesDev and Tatvasoft. “We have a cost advantage, we have a language advantage, we have a geographical advantage, and we have a talent advantage,” said Spalazzi. The company is currently taking cohorts from Nigeria but plans to expand to fit the needs of its clients. “Our geographical expansion will also follow the footprint of the clients. We will make sure that we get to the language that they ask for,” said Trivellato.
Read More
- November 19 2024
Top 6 Infinix phones to buy in 2024/2025
Infinix continues to bridge the gap between affordable yet high-performing smartphones, offering an impressive selection of devices for various needs. Whether you’re a tech enthusiast, a budget-conscious buyer, or a camera lover, there’s a model that fits your preferences. Here’s a look at the best Infinix phones in 2024, catering to a wide range of users. 1. Infinix Zero Flip The Infinix Zero Flip is a standout device for users seeking premium fearures in a stylish, compact form. This foldable smartphone boasts a 6.9-inch LTPO AMOLED display with a 120Hz refresh rate and impressive 1400-nit brightness, ensuring vivid visuals. Powered by the MTK D8020 chipset and 8GB RAM, it handles multitasking smoothly. With 512GB storage, it provides ample space for apps and media. The 50MP dual rear camera and 4K vlog capabilities make it ideal for content creators. This phone also features 70W fast charging to quickly top up its 4720mAh battery, offering convenience and power in a foldable design. Price range in Naira: Around ₦1,065,000. 2. Infinix Hot 30 For those who want a solid phone without breaking the bank, the Infinix Hot 30 offers remarkable value. With a 90Hz refresh rate on its display and a decent chipset, it handles daily tasks with ease. The 5,000mAh battery ensures long-lasting performance, and it doesn’t compromise on design. The Hot 30 is one of the best Infinix phones 2024 for budget-conscious users who still want a smooth, dependable experience. Price in Naira: Around ₦125,000 3. Infinix Smart 8 Infinix knows how to cater to the entry-level market, and the Smart 8 is a testament to that. With a 6.6-inch display and 5000mAh battery, this model is designed to keep you connected all day without straining your wallet. It offers reliable performance for basic tasks like social media and web browsing, making it one of the best Infinix phones 2024 for users looking for no-frills, budget-friendly options. Price in Naira: Around ₦134,000 4. Infinix Zero 30 With its 120Hz AMOLED display and 108MP camera, the Infinix Zero 30 is an absolute gem in the mid-range category. It balances powerful performance with affordability, offering a smooth, immersive viewing experience and impressive photo quality. This phone is a prime contender for users who desire flagship features at a mid-range price. The Zero 30 is one of the best Infinix phones 2024 for those who want value without compromise. Price in Naira: Around ₦135,000 5. Infinix Note 40 Pro The NOTE 40 Pro offers a premium experience with its 6.78-inch 3D-Curved AMOLED display, featuring a 120Hz refresh rate, FHD+ resolution, and up to 1300 nits peak brightness. It is powered by the MediaTek Helio G99 processor, paired with up to 12GB of RAM (expandable to 24GB with virtual RAM) and 256GB storage, ensuring smooth performance. The phone boasts a 108MP main camera with OIS, a 32MP front camera, and supports 2K video recording. For audio, it has dual speakers enhanced by JBL. The 5000mAh battery supports 70W fast charging and 20W wireless MagCharge, ensuring quick recharges. Additional features include in-display fingerprint, Gorilla Glass protection, IP54 splash resistance, NFC, dual SIM, and XOS 14 OS. Available in Vintage Green and Titan Gold, it is priced competitively for the high-end features it offers. Price in Naira: Around ₦370,000 6. Infinix HOT 50 Pro+ ‘The Infinix HOT 50 PRO+ is the latest Infnix a pocket-sized powerhouse, thin as a wafer at 6.8mm and light as a feather at 162g – almost enough to forget it’s there. The 6.78-inch AMOLED display hits 120Hz with a retina-searing 1300-nit peak brightness, perfect for scrolling, doom or otherwise. Inside, it’s all business with a MediaTek Helio G100 processor, 8GB RAM (expandable by another 8GB for those who insist on more) and up to 256GB of storage, plus microSD support if you fancy hoarding photos or podcasts. For photography, it sports a 50MP main camera and a 13MP selfie lens, along with AI-fuelled modes from Super Night to AR tricks. Battery life is sorted with a 5000mAh capacity, complemented by a 33W fast charge and even reverse charging for tech friends in need. And because it’s 2024, you get dual JBL speakers, NFC, in-display fingerprint, and Gorilla Glass for good measure, all neatly wrapped in IP54 splash resistance. Available in Sleek Black, Titanium Grey, and Dreamy Purple, this phone packs a serious punch without putting a dent in your wallet. Price in Naira: Around ₦235,000 Final thoughts on top 6 Infinix phones to buy in 2024/2025 Infinix continues to lead the way in providing powerful smartphones that cater to various needs. From the flagship Zero to the affordable Smart series, each model brings something unique to the table. If you’re in the market for a new device in 2024/2025, these six Infinix phones offer the best balance of performance, design, and price.
Read More
- November 19 2024
TechCabal Daily – Kenya’s food crisis
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! This year, AI startups have brought the search war to Google, challenging its monopoly in the market. OpenAI’s ChatGPT Search, launched on October 31 to rival Google, quickly gained 700,000 users on the Chrome Web Store but saw interest dip soon after. What makes Google so hard to displace? Perhaps ChatGPT Search needs its own browser—instead of the Chrome Web Store—especially as the US Department of Justice pushes Google to sell off Chrome. 16 millions Kenyans cannot afford food, reports KNBS Lingawa raises $1.1 million MultiChoice sells insurance unit for $67 million to Sanlam Life World Wide Web 3 Opportunities Economy 16 million Kenyans cannot afford food, despite 4.3% ‘low’ food inflation rate Image Source: Bloomberg Kenya’s food inflation, at 4.3%, is one of the lowest in Africa, far below Nigeria’s 39.16% and South Africa’s 4.7%. Yet, 16 million Kenyans—nearly a quarter of the population—cannot afford food, according to Kenya National Bureau of Statistics (KNBS). Nearly 40% of Kenyans live below the poverty line, and rural households spend less than KES2,600 ($20) a month on food—insufficient to meet their basic feeding needs. The problem is particularly acute in arid regions like Turkana and Mandera, where recurring droughts have devastated agriculture, leaving food unaffordable for over 60% of residents. In urban areas, where incomes are slightly higher, inflation on essentials like housing and transport leaves little for food, pushing millions into food poverty. Kenya’s low inflation rate remains a hollow achievement, masking the reality of hunger for millions. Though the country has come a long way from the food insecurity it suffered in 2022 and 2023, the low food inflation doesn’t make a difference if the people cannot earn more to sustainably afford food. 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. Funding Lingawa raises $1.1 million Image Source: Lingawa Language learning startups are on the rise in Africa. Last year, when I wrote about Izesan, a language learning app for African languages, I was in equal parts awe and excitement. It was my first time encountering an African version of Duolingo. Flash forward to this year and I have encountered more edtechs teaching African languages. Last weekend, we had a chat with Frank Williams, who had just raised funds for his edtech Lingawa, which teaches Nigerian languages to diasporan audiences. Williams is well aware of the gap that needs to be filled in teaching Nigerian languages to people living in the diaspora. A $45 billion market opportunity he calls it. To take a share of the market the startup raised $1.1 million from a coterie of investors including Voltron Capital, Weav Capital, Kaleo Ventures, MasterCard Foundation, and other angel investors. Lingawa, which currently teaches students through personalised tutor learning sessions, will use the cash injection to develop an interactive language learning app. Currently, students pay tutors $10 per hour to learn either Yoruba or Igbo on the Lingawa web based platform. Lingawa supplements lessons by tutors with online resources such as flashcards, immersive games, and virtual immersion sessions to aid their ability to speak fluently. With over 100 tutors, the startup claims it has taught over 3,000 learners. Its current crop of students are primarily located in the United States, Canada, and the United Kingdom. Lingawa will also use part of the funds raised to add newer languages, as well as invest in talent and development. It plans to include Zulu, Arabic, and Swahili in Q1 2025. The edtech will also launch a gamified app for learners who cannot afford its subscription. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Companies MultiChoice sells insurance unit for $67 million Image Source: Google MultiChoice, the pay-TV conglomerate, will pocket R1.2 billion ($67 million) in cash by the end of November after finalising the sale of its insurance subsidiary, NMS Insurance Services (NMSIS), to Sanlam Life. The deal, announced in June has now been approved by South African regulators. As part of the deal, Sanlam Life, an insurance company, will continue to sell long-term insurance policies to MultiChoice customers. The deal will also likely get bumped to R2.7 billion ($150 million) based on performance targets agreed upon by the two companies. The additional payment depends on how much gross premium NMSIS earns Sanlam by the end of 2026. For the 2023 fiscal year ending in March 2024, NMSIS’ gross written premium grew by 36% year-on-year to R970 million ($54 million), and profit after tax increased by 51% to R296 million ($16 million). NMSIS provided policies like device insurance for decoders and equipment used by MultiChoice customers. The transaction will provide MultiChoice with additional liquidity after the group announced mixed results last Tuesday. Despite slightly growing revenue in H1 2024 on a constant currency basis, MultiChoice took a hit as devaluation chopped its profits in several key markets like Nigeria and Zambia. The pay-TV company is also struggling with subscriber churn across its streaming businesses. Selling off its insurance product allows MultiChoice to focus on its other value-added services. Moment, its fintech product, and KingMakers, its sports and entertainment arm, were some positives from its last announced results. Multichoice is also betting heavily on Showmax, its local streaming platform. It grew its subscriber base by 50% year-on-year, and will continue to invest resources on streaming, where it hopes to compete with global giants. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers
Read More- November 18 2024
Andela partners CNCF to train 20,000 Africans in cloud-native skills
Andela, the global talent outsourcing company that grew into a unicorn, has partnered with the Cloud Native Computing Foundation (CNCF), a Linux Foundation project, to train 20,000 Africans in cloud-native basics. This initiative aims to address the global shortage of cloud-native talents. The free three-year training will focus on Kubernetes and cloud-native technologies, enabling participants to pursue certifications like the Kubernetes and Cloud Native Associate (KCNA) and Certified Kubernetes Application Developer (CKAD). The programme will be offered to Andela’s talent marketplace of over 150,000 tech professionals, predominantly from Africa. Participants will also have access to a supportive community and mentorship opportunities. The partnership comes amid a global demand for cloud-native talents. The lack of skilled cloud professionals negatively impacted businesses including delayed projects, increased costs, and reduced competitiveness. There will be an estimated 7.5 million unfilled cloud positions globally by 2025. “By collaborating with Andela, we aim to empower African developers and bridge the global tech talent gap,” said Chris Aniszczyk, CNCF CTO. Andela CEO Carrol Chang believes there is a growing demand for skilled tech talent in Africa and that African talents can fill the global gap. “This partnership with CNCF aligns with our mission to empower African developers. By equipping them with cloud-native skills, we’re enabling them to seize opportunities in the global tech industry,” she said. Training participants will take six to nine months to achieve the Kubernates and Cloud Associate (KCNA) and Certified Kubernates Administrator (CKAD) certifications and will be selected from Andela’s talent marketplace.
Read More
- November 18 2024
TechCabal Daily – From Yaba to Ikoyi
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Bluesky, a social media app which launched in 2021, is seeing renewed interest as an alternative to X (fka Twitter), particularly in the United States, parts of Europe, and Japan, where communities like the “Swifties” are flocking to the X competitor. This isn’t the first app to challenge Elon Musk’s X. After Meta’s much-frenzied Threads app saw a meteoric rise last year, many believed it would be the end of Musk’s self-styled “free speech” platform. Bluesky has now reached 18 million users in two weeks, and this surge may or may not have had anything to do with the recent U.S. presidential elections. If you’re curious to see whether the grass is greener (or bluer) on the other side, you might want to act quickly before someone claims your favourite username. From Yaba to Ikoyi: The exodus of Nigeria’s tech ecosystem iHub moves to a bigger office MTN Nigeria appoints new CTO and CMO TikTok takes down sexual content in Kenya World Wide Web 3 Jobs Features Yaba is losing its shine to Ikoyi as Nigeria’s tech ecosystem continues to evolve Heritage Place, Ikoyi/Image Source: Google Yaba, Lagos was once Nigeria’s dominant location for budding tech startups. Often referred to as Nigeria’s Silicon Valley, Yaba became a hub for innovation in the early 2010s. It hosted key players like Andela, CcHub, and a wave of startups that attracted global attention, including Mark Zuckerberg’s famous visit in 2016. The neighbourhood offered affordable rents and proximity to academic institutions like the government-owned University of Lagos (UNILAG), which provided a steady pipeline of young, skilled talent. For years, Yaba symbolised the energy and potential of Nigerian tech, providing a foundation for early-stage companies to thrive. Yet as companies scaled, Yaba’s aging infrastructure, traffic congestions, and limited space became drawbacks, leading tech companies to find other locations in Lagos. Ikoyi, an upscale part of Lagos, has become symbolic as Nigeria’s next tech hub. Costing around $600–$800 per square metre, Ikoyi office spaces offer more than security and high rises for tech startups; they also offer a strategic location at the heart of Lagos’ tech ecosystem. Ikoyi boasts some of Lagos’ most modern and well-maintained office buildings, like King’s Tower and Heritage Place, which meet global standards for security, environmental compliance, and functionality. Global giants and big companies out of Nigeria like Flutterwave, Meta, and Google are flocking to the upscale Ikoyi for their Nigerian offices, despite the dollar cost of real estate in the neighbourhood. As Nigeria’s tech ecosystem, now recognised as one of Africa’s Big 4, continues to boom, the move to Ikoyi could be symbolic of the status and growth these tech companies are achieving. Silicon Valley is a mindset, not a location—a fitting metaphor for this migration. Read why Nigerian biggest tech companies are betting on Ikoyi. 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. Companies iHub moves to a bigger office in Lavington Area iHub’s new interior at Lavington/Image Source: Kenn Abuya/TechCabal iHub, the Nairobi-based accelerator acquired by CcHub in 2019, has moved to a modern two-storey headquarters in the upscale Lavington area, Kenya, signalling its growing influence in Africa’s tech ecosystem. The new space features co-working areas, private booths, and venture capital offices for firms like TLcom and Verod-Kepple Africa Ventures, along with a media hub for film, television, and social media professionals. This expansion follows a busy year for iHub, which partnered with Safaricom and Spark Accelerator in May 2024 to support startups like Chpter and Chumz. Chpter, a social e-commerce startup, went on to raise a $1.2 million pre-seed funding round in September 2024. Since 2010, the Kenyan accelerator has directly contributed to the formation of over 170 startups. It has collaborated with CcHub to invest $1.2 million in 36 edtech startups. Startups like Twiga Foods, Mookh, and Sendy have directly benefitted from iHub’s accelerator, receiving funding, mentoring, and support. With operations across Nigeria, Rwanda, and Kenya, iHub is strengthening its pan-African footprint, connecting startups to funding and providing a growth framework for building strong companies in Africa. Its parent company, CcHub is also expanding into Togo with the launch of the Janta TechHub. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Companies MTN Nigeria appoints new CTO and CMO Image Source: Google MTN Nigeria, the country’s largest telco, has decided to look inwards to select its next leaders. The telco appointed Yahaya Ibrahim as chief technical officer (CTO) and Onyinye Ikenna-Emeka as chief marketing officer (CMO), with both executives resuming on October 14, 2024. Ibrahim joined MTN back in 2002 and has been quietly making history ever since. He helped bring Nigeria its first 4G and 5G networks and rolled out 37,000 kilometres of fibre optic infrastructure. Ikenna-Emeka, on the other hand, is MTN royalty. She’s been with the company for 23 years and has climbed every corporate ladder imaginable, from sales to broadband. She played a key role in growing MTN’s fixed broadband subscriber base to 3 million. It’s hiring season in Nigeria’s telecoms market, as Globacom, 9Mobile, Airtel, and now MTN have all announced changes to one or more executive positions since July 2024. The communications regulator recently announced a new subscriber measurement method that impacted all telcos’ subscriber numbers, with Globacom the hardest hit. The Nigerian Communications Commission (NCC) now defines an active subscriber as a user who has performed at least one revenue-generating activity in the last
Read More- November 17 2024
MTN Nigeria Appoints Yahaya Ibrahim as CTO and Onyinye Ikenna-Emeka as CMO
MTN Nigeria has appointed Yahaya Ibrahim as its new Chief Technical Officer (CTO), and Onyinye Ikenna-Emeka as Chief Marketing Officer effective Monday, October 14, 2024. Yahaya Ibrahim, who joined MTN in 2002, played a pivotal role in deploying Nigeria’s first 4G and 5G networks, positioning MTN as a leader in cutting-edge technology. As General Manager of Network Implementation in 2015, he oversaw the rollout of more than 37,000 kilometers of fiber optic infrastructure. Ibrahim holds a Bachelor’s degree in Statistics from the University of Abuja and a Master’s degree in Telecommunications from Birmingham City University. He has also completed executive management programs at Lagos Business School and Harvard Business School. Onyinye Ikenna-Emeka, who replaces Adia Sohwo as CMO, began her career at MTN in 2001 as a Corporate Sales Executive. She has held several leadership roles, including: Senior Manager, Corporate Account (2008-2011); General Manager, Enterprise Sales (2011-2015); General Manager, Enterprise Marketing (2015-2021); General Manager, Fixed Broad (2021-2023) and Chief Broadband Officer (2023 till date). Ikenna-Emeka contributed to the evolution of the MTN fixed broadband business which includes Fixed Wireless Access (FWA) and Fibre To The Home (FTTH) in MTN and by extension, the nation. “Under her leadership, the team has grown our fixed broadband subscriber base to over 3 million,” MTN Nigeria noted in a statement. She holds a Bachelor’s degree in Geology from the University of Calabar and an MBA in General Management from the University of Manchester. She is a Fellow of the National Institute of Marketing of Nigeria (NIMN) and the Institute of Sales and Marketing Management of Nigeria (ISMMN). She has completed executive programs in Leadership, Commercial Strategies, and Technology Innovation at Harvard, Stanford, Columbia, Said, and Lagos Business Schools. She is currently pursuing a Doctor of Business Administration (DBA) at Cranfield University’s School of Management.
Read More- November 16 2024
MTN Nigeria raises ₦75bn in oversubscribed commercial paper
MTN Nigeria, the country’s largest mobile network operator, has raised ₦75 billion through its commercial paper issuance program. The funds will support daily operations and meet immediate financial obligations. This concludes the Series 11 and 12 issuances under MTN Nigeria’s ₦250 billion Commercial Paper Issuance Programme. Initially targeting ₦50 billion, the offering was oversubscribed, reaching 150% with ₦75.18 billion issued, according to a filing with the Nigerian Exchange (NGX) on Friday. The oversubscription reflects strong investor confidence in the company despite a challenging financial year. MTN Nigeria reported a loss after tax of ₦514.9 billion for the nine months ending September 30, 2024, primarily due to the devaluation of the Nigerian Naira. The company faced net foreign exchange losses of ₦904.9 billion, significantly raising finance costs. Despite these setbacks, MTN Nigeria recorded robust growth in service revenue, which increased by 33.6% year-on-year to ₦2.35 trillion for the period. The growth was driven by a 52.3% surge in demand for data services and an 18% rise in fintech services. The commercial paper issuance attracted participation from asset managers, banks, insurance companies, and other institutional investors. However, pension funds were excluded due to a temporary suspension by the National Pension Commission, pending updated guidelines from the Securities and Exchange Commission.
Read More
- November 16 2024
It’s all about location: Nigeria’s biggest tech companies choose Ikoyi
When Facebook planned to establish its first Nigeria office in 2018, Yaba was the obvious choice. Yaba had become a focal point for tech innovation, hosting startups like Andela and the accelerator CCHub. When Mark Zuckerberg visited Nigeria in 2015, Yaba was a crucial pitstop, and he praised the vibrant tech community. As Yaba’s ecosystem matured, its space constraints and aging infrastructure became more apparent. Companies began seeking out alternatives that offered more modern amenities and room for growth. Inspired by Silicon Valley’s move from crowded urban areas to expansive campuses in Menlo Park and Mountain View, Lagos tech companies shifted their focus to Ikoyi, a posh neighbourhood with larger office spaces and better infrastructure. Ikoyi has office buildings like the 14-storey King’s Tower, Heritage Place, and Famfa Tower. These buildings, priced at $600 to $800 per square meter annually, offer security, parking, and environmental standards. In 2021, Meta moved its Nigerian office to King’s Tower. Other tech giants soon followed. Flutterwave and Microsoft joined Meta at King’s Tower, while Google moved to Heritage Place, and Amazon settled in Victoria Island. Ikoyi became the ideal location for global companies like Meta to establish a foothold. Heritage place Image source: Google Why Ikoyi is the new choice location The shift was inevitable, says Aderemi Dada, CEO of Spacefinish, which designed offices for Andela, Flutterwave, and Meta. “We began to see global companies operating under a different paradigm than the local tech ecosystem,” he told TechCabal. Buildings in Ikoyi have proper maintenance structures, which is a priority for global corporations, and one thing that is lacking in buildings in places like Yaba and Marina, which has a good concentration of high-rise buildings. William Aimakhu, CEO of PWAN Perfection, an affiliate of PWAN Group, a commercial real estate provider, emphasised the strategic value of an Ikoyi address: “An Ikoyi office isn’t just an address; it’s a strategic asset. The visibility alone can increase clients’ interest (in a company), a key factor in the competitive business environment.” Famfa Tower. Image source: Google World Class Experiences Some companies, like BetKing – now KingMakers – and Canon, have created custom spaces to fit their needs. BetKing wanted a campus with recreational centers, restaurants, and studios, so Spacefinish designed a 5,000-square-meter complex for them. These multinationals also standardise office experiences across global locations, ensuring that employees in Lagos enjoy the same quality as those in the U.S. Spacefinish took six to nine months each to design the offices for Meta, Flutterwave, and Google in Ikoyi’s King’s Tower and Heritage Place. Despite Meta reducing its office space in June 2024, demand for premium buildings remains high, with an 80% occupancy rate across Lagos and Abuja. Tech companies aren’t the only ones moving to Ikoyi. Finance and consulting companies are increasingly drawn to Ikoyi’s premium spaces. Verod Capital, an African venture capital firm works out of Heritage Place alongside oil and gas companies. NumberOne Lagos (IMB Building) Image source: Google. While Ikoyi’s premium office spaces attract global giants, the high cost of leasing—denominated in dollars—remains a challenge for many local businesses. The volatility of the local currency also adds to the cost concerns locking out local startups and SMEs from these locations. Amazon’s recent setup at Number One – formerly IMB Plaza – in Victoria Island shows that while Ikoyi is popular, areas like Victoria Island and Eko Atlantic are getting more attention for their adherence to global standards. With new high-rise projects like Dangote House underway, Ikoyi’s real estate market is expected to grow significantly, adding 100,000 square meters of premium office space for local and international businesses seeking premium office spaces. “Investors are looking at macroeconomics. They’re looking at the demand. They want to ensure that they are not building buildings that will not be occupied. So the market forces are also another consideration for the type of office landscape that we have,” Dada said.
Read More