- September 10 2024
How to buy the new iPhone 16 in South Africa at cheap rate 2024
South Africa is now part of Apple’s global strategy, marking its importance in the tech world. Following the recent Apple event, South Africa has been confirmed as one of the first-wave countries for the iPhone 16 launch. This ensures that South African consumers have access to the latest Apple innovations, alongside key global markets. If you’re looking to buy iPhone 16 in South Africa, here’s how to get it with ease: Pre-order and store-launch dates Pre-order date: 13 September 2024 Available in-store: 20 September 2024 South Africans can pre-order their iPhone 16 starting from the 13th of September. This guarantees early access and the ability to secure the device before it hits stores. The iPhone 16 will be officially available in stores from the 20th of September. iStore’s contract price freeze offer The iStore in South Africa is offering a fantastic “Contract Price Freeze” that allows consumers to upgrade to the new iPhone 16. This upgrade is without any increase in their current monthly contract fee. This offer is designed to help South Africans manage inflation and rising costs, making it more affordable to buy iPhone 16 South Africa. Key benefits of the Price Freeze: No contract price increase: Keep your current plan’s price. Easy upgrade: Trade in your existing iPhone and maintain the same monthly cost. Trade-In offers to buy the new iPhone 16 in South Africa at cheap rate 2024 For those looking to reduce costs, iStore offers up to R22,000 cash back when you trade in your old device. You can trade in up to five devices, including Macs, iPads, iPhones, Apple Watches, or even Android smartphones. Cash back options: Either use the trade-in value towards your new iPhone 16 or get the cash deposited directly into your bank account. iCarePlus and buy-back programme Another benefit when you buy iPhone 16 in iStore in South Africa is the iStore’s iCarePlus package. The package comes with every iPhone purchase. This package offers an extra year of warranty and screen repair, alongside a guaranteed buy-back of 55% of the iPhone’s value after two years. Free iCarePlus valued at R1,999. Guaranteed buy-back: Future-proof your investment with a minimum buy-back value. Final thoughts on how to buy the new iPhone 16 in South Africa at cheap rate 2024 Buying the new iPhone 16 in South Africa has never been easier, with early access, trade-in options, and financial flexibility provided by iStore. Whether you’re upgrading from an older model or looking to experience Apple’s latest technology, the iStore ensures that South Africans can buy iPhone 16 South Africa with ease and convenience.
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- September 10 2024
Apple’s new 2024 AirPods lineup features, pictures and prices
Apple has recently expanded its AirPods lineup, offering a variety of features across the four new 2024 Aipods models to cater to different user needs. If you haven’t, you should see the new iPhone 16 series launched alongside the Apple series 10 & Ultra 2 watches, and the four Airpods models. Below is a summary of each model’s key specifications and prices. 2024 new AirPods 4 Price: $129 Charging Case (USB-C) H2 chip: Delivers improved performance and sound quality. Voice Isolation: Enhances call clarity by isolating your voice from background noise. Personalised Spatial Audio: Dynamic head tracking creates an immersive listening experience. Battery: Up to 5 hours of listening time on a single charge, extending to 30 hours with the charging case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3, and supports “Hey Siri” for hands-free assistance. New 2024 AirPods 4 with active noise cancellation Price: $179 MagSafe Charging Case with USB-C + speakers: Offers additional convenience with wireless charging. H2 chip: Improved processing power. Active Noise Cancellation: Blocks out external sounds for a focused audio experience. Adaptive Audio: Automatically adjusts the sound for your surroundings. Transparency mode: Lets in external sounds, keeping you aware of your environment. Conversation Awareness: Automatically lowers volume when you start speaking. Voice Isolation: Ensures crystal-clear calls. Battery: Same as the standard AirPods 4, with 5 hours of listening time and up to 30 hours with the case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3 and “Hey Siri” support. AirPods Pro 2 Price: $249 MagSafe Charging Case with USB-C + speakers: Convenient charging solution with speakers for sound feedback. H2 chip: Advanced processing for superior audio quality. U1 chip: Precision finding for the charging case using the Find My network. Active Noise Cancellation: Now up to twice as powerful as the previous generation. Adaptive Audio and Transparency mode: Offers both immersive sound and environmental awareness. Conversation Awareness: Smart technology that adjusts audio when you speak. Voice Isolation: Enhances call clarity. Hearing Test, Hearing Aid, and Hearing Protection: Advanced hearing features for a tailored experience. Touch Control: Easy swipe controls for managing volume and playback. Battery: Up to 6 hours of listening time, and up to 30 hours with the charging case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3, with “Hey Siri” support. AirPods Max Price: $549 Smart Case with USB-C: A premium protective case with convenient charging. H1 chip: Provides excellent performance with seamless device pairing. Active Noise Cancellation: Powerful ANC for an uninterrupted listening experience. Personalised Spatial Audio: Dynamic head tracking for 3D-like sound immersion. Battery: Offers up to 20 hours of listening time on a single charge. Durability: No specific water or dust resistance. Connectivity: Bluetooth 5.0 and “Hey Siri” support. Each model in Apple’s updated AirPods lineup offers a range of features tailored to different audio preferences and lifestyles. Whether you need powerful noise cancellation or an affordable option with excellent sound, Apple’s latest AirPods ensure a superior wireless listening experience.
Read More- September 10 2024
Zimbabwe will introduce crypto regulations in major policy turnaround
Zimbabwe is working on its first-ever crypto regulation, a significant policy turnaround after the Reserve Bank of Zimbabwe (RBZ) barred banks from processing cryptocurrency transactions in 2018. In May 2024, the government-appointed National Risk Assessment Coordination Committee (NRACC) began consultations with crypto stakeholders to develop a regulatory framework. That consultation ended in June. For crypto stakeholders, this regulation—which may include issuing licences for crypto exchanges—will legitimise the industry. NRACC did not respond to a request for comments. The government has asked crypto players to form lobby groups, people familiar with the matter said. “Being able to speak directly with regulators presents a simpler gateway to building scalable products instead of having to try to bypass existing regulations because there are no enabling regulations,” said Vusa Chimanikire, founder of fintech startup Entry. Zimbabwe’s history of currency volatility forced citizens to find alternatives in crypto exchanges like Binance, Coinbase, and home-grown Golix. With the regulatory framework, the government hopes to reverse the mistake of allowing crypto exchanges to operate unregulated before the 2018 ban, which led to financial losses for citizens. Crypto stakeholders say issuing licences for crypto asset service providers (CASPs) is important. However, for this to happen, crypto should be recognised as a financial asset. Since the ban, crypto-related businesses have been unable to open bank accounts. Instead, they rely on payment providers such as PayPal and Payoneer to store and move funds. “If you are a business and cannot even open a bank account, you might as well not exist,” one founder who runs a Telegram-based crypto trading platform said. Since the ban, crypto trading moved to underground speculative trading which led to crypto pyramid schemes. In May 2024, Dr. Solomon Guramatunhu, a popular Zimbabwean ophthalmologist, reportedly lost over $100,000 in a crypto scam. “The Golix fiasco and other scams painted crypto in a bad light because the victims never got back their coins or any justice,” one crypto stakeholder who asked not to be named said. “So maybe with the backing of a framework, trust in crypto will come back.” For users, licensing would help them deal with verifiable middlemen and help combat the high number of crypto scams in the country. “Crypto will allow more competition in the peer-to-peer transaction space dominated by mobile money, physical cash transactions, and bank transfers,” said Valentine Muhampa, a market research and analyst. For crypto players in Zimbabwe, a regulatory framework will change the perception of what was previously a Wild West industry. Until then, they will hold their breath.
Read More- September 10 2024
Gig drivers ask customers to ‘pay extra or cancel’ despite fare increases from Uber, Bolt
Gig drivers who use Uber and Bolt apps are charging customers higher than the suggested prices on those apps, blaming a recent fuel price hike and tepid reactions from ride-hailing companies. Across three separate trips in Abuja, Nigeria’s capital city, drivers added between ₦1,000 to ₦2,000 extra, claiming that the prices the apps suggested didn’t work for them. “If you book a ride that is not up to ₦3,000, drivers will demand ₦5,000 or else they’ll cancel the trip,” one gig driver told TechCabal. Ride-hailing companies are responding with slight increases in base fares and new driver incentives. “We just concluded a weekly campaign where we could win ₦10,000 fuel bonus each time we concluded a series of eight rides with little to no cancellations,” Olakunle, a gig driver, said. As their margins come under more pressure, gig drivers are opting for longer trips and telling customers upfront that they have to pay more. A second fuel price hike and quickening inflation have put extra strain on the gig-driving model, which has struggled to maintain its attractiveness as drivers ask for significant fare increases. “We have announced a 15% fare increase on our platform as we recognise the essential role our drivers play in delivering exceptional service to our customers,” Bolt told TechCabal in an email. Uber also increased base fares by 13% in response to driver concerns. Ride-hailing dark horse InDrive adjusted prices in six major cities after “feedback from drivers and passengers,” a spokesperson for the company told TechCabal. All three companies declined to share what the percentage increases will translate to regarding actual base fares. “The fare increment does not match the 47% extra we now have to pay for fuel,” Olakunle, a gig driver, told TechCabal. Olakunle, who typically works 10-hour days, used to make about 30 trips in three days before the latest fuel hike. Now, he makes less than 20 trips because of cost considerations. Customers are also likely pulling back from using ride-hailing services. “Cab rides are now more expensive. My journey back home used to cost around N2500- ₦3000. It’s now about ₦6500 on Bolt. I was able to bargain for ₦4,000 on InDrive,” a rider lamented.
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- September 10 2024
Apple officially discontinues 3 of the iPhone series 2024
In a significant shift within its product lineup, Apple has officially discontinued the iPhone 15 Pro, iPhone 15 Pro Max, and iPhone 13 models following the highly anticipated launch of the iPhone 16 series on September 9, 2024. This decision marks the end of production for three of Apple’s most successful and iconic smartphones as the company introduces its next-generation devices, setting new standards for mobile technology. A farewell to the Apple iPhone 15 Pro and Pro Max in 2024 The discontinuation of the iPhone 15 Pro & Pro Max comes as a surprise to some. This shock is due to the fact that the phones were only launched in September 2023. Despite their relatively short lifespan, these models quickly earned praise for their cutting-edge features, including the A17 Pro chip, and an advanced camera system. The move is part of Apple’s strategy to focus on the future, especially with the launch of the iPhone 16. The iPhone 16 Pro models now take the place of their predecessors with advanced hardware, including a more efficient and powerful A18 Bionic chip, enhanced camera systems, and, for the first time, under-display Face ID technology. These upgrades ensure that the iPhone 16 Pro and Pro Max are positioned as the most innovative smartphones in the market, further justifying Apple’s decision to discontinue the earlier models. The end of an era for the Apple iPhone 13 in 2024 The discontinuation of the iPhone 13 signals the end of one of Apple’s most successful iPhone models. Launched in 2021, the iPhone 13 was a massive hit due to its balance of performance, battery life, and camera quality at a relatively lower price point compared to the Pro models. It became a favorite among everyday users looking for an upgrade without breaking the bank. The iPhone 13 remained available through Apple’s official channels even after the iPhone 14 series launch. But now, it’s clear that the company now wants to streamline its offerings and push consumers toward the latest technology. The iPhone 16 series, particularly the base models, offers a lot. These include improved processing power, better battery efficiency, and new design elements that make it a clear successor to the iPhone 13. Why the discontinuation? Apple’s decision to discontinue these models follows its typical product lifecycle strategy. Each year, Apple refines its smartphone lineup by discontinuing older models to ensure focus on newer releases. The iPhone 15 Pro and iPhone 13, while still excellent phones by today’s standards, have been replaced by superior products in the iPhone 16 lineup, which come with more advanced hardware and software capabilities. By discontinuing these models, Apple also aims to streamline its supply chain, reduce production costs, and simplify its product range for consumers. Additionally, with the release of the iPhone 16 series, the company hopes to encourage users to upgrade, offering trade-in options and emphasizing the sustainability aspects of recycling old devices. What’s new in the iPhone 16 series? The iPhone 16 series, which has now taken the spotlight, brings several cutting-edge advancements. Here are some key features: A18 Bionic chip: The iPhone 16 Pro models are powered by Apple’s most advanced chip to date. The offering allows better performance and efficiency, especially in tasks like gaming, video editing, and AI-driven applications. Under-Display Face ID: A first for Apple, the iPhone 16 Pro and Pro Max come with under-display Face ID sensors. This feature offers a seamless front design without the traditional notch. Camera innovations: The new iPhones feature improved camera systems. The system features better low-light performance and new optical zoom options. Additionally, it has computational photography enhancements that deliver professional-quality images and videos. Improved Battery Life: Thanks to the A18 chip and better thermal management, the iPhone 16 series promises longer battery life. See fuller specifications of the new iPhone 16 series here. What happens next? You may wonder what the discontinuation of the iPhone 15 Pro & Pro Max, and iPhone 13 means for consumers. It simply means they are no longer available on Apple’s website and retail stores. However, these models may still be available through third-party retailers, and some may choose to purchase them at discounted prices. Apple will continue to support these devices with software updates for several years. This gesture ensures existing users are not behind. The discontinuation, however, sends a clear message—Apple is all-in on the future, and that future is embodied in the iPhone 16 series. Final thoughts As Apple officially retires the iPhone 15 Pro, iPhone 15 Pro Max, and iPhone 13, it marks the beginning of a new era with the iPhone 16 series at the helm. Apple’s relentless drive to innovate ensures that users will experience even more advanced technology in the palm of their hands with its latest offerings.
Read More- September 10 2024
Kenyan ride-hailing drivers strike again as they ask for $3 base fare
Hundreds of partner drivers in Kenya have turned off the Uber, Bolt, and Faras apps, forcing passengers to wait longer and pay more for trips. It is the second strike after the ride-hailing companies increased base fares by 10% in August. The drivers argue that those increases are “insignificant” and want a minimum base fare of KES300 ($2.33) for cabs. “We have resumed the strike because our demands were not met. We are meeting NTSA officials who have convened a session with all the stakeholders to find a solution,” said Dennis Nyariki, the vice chairman of the Organisation of Online Drivers Kenya (OOD). In a few instances on Tuesday, gig drivers who defied the strike action were harassed, and their tyres deflated. Most decided to stay home, only responding to regular clients who take rides off the app. “I can’t take you to Westlands. It’s risky. Some drivers have been attacked for not complying,” said Steve Musyoki, a 34-year-old driver. ”The companies have left many drivers trapped with loans, unable to provide for their families.” Uber and Bolt launched in Kenya in 2015 and 2016, respectively, and their low prices and convenience made them popular options in Nairobi. However, increased competition and a push to acquire customers has led to pricing decisions that drivers disagree with. When the companies launched, a taxi trip per kilometre was KES65 ($0.50). At present, the apps charge KES28 ($0.22). The drivers want the minimum base fare to be $1.55/km (for vehicles below 1000cc) and $3.49/km for 2,000cc vehicles. “Responsibilities are growing, but our earnings are declining. What would you do when you have to pay for and your only source of the money does not pay attention to your pain?” asked James Njiru, a gig driver who works for all three leading apps.
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- September 10 2024
Exclusive: Huawei wins multi-million dollar storage deal with UBA, as it makes inroads into Nigerian Banking
Nigerian banks like UBA are keen to keep USD-denominated costs low; it is the perfect opportunity for Huawei to make inroads into banking. An inside joke in Nigerian banking is that any Chief Information Officer (CIO) who wants to keep their job must immediately get on the phone with technology giant IBM. It’s an acknowledgment of how Nigeria’s biggest banks use IBM’s products for storage and how its reliability has kept many CIOs in their jobs. Yet, an increased drive to cut USD-denominated costs at these banks may mean that CIOs are now calling other companies. A push to cut costs at top banks is letting Chinese enterprise company Huawei make inroads with its storage and cloud solutions. Huawei sold storage solutions to Zenith Bank, a tier-1 Nigerian bank, in 2023, TechCabal exclusively reported in March, and did business with Fidelity, First Bank, and Opay. Its latest major deal is with United Bank of Africa, a commercial bank with a market capitalisation of ₦803 billion. Three people familiar with the matter said Huawei sold 200 petabytes of storage and cloud solutions to the United Bank for Africa (UBA) in a deal thought to be worth around $3 million. Huawei declined to comment on any part of this story. UBA did not immediately respond to a request for comments. UBA has significant storage needs with over 30 million customers in retail and corporate banking, and as the bank’s existing capacity began to fill up, it was faced with the expensive prospect of expanding its storage, said two people familiar with the matter. UBA has historically used IBM for storage and VMWare for virtualized technologies. However, Broadcom’s 2022 acquisition of VMWare led to an unexpected change. VMWare switched to a subscription model, almost tripling the licensing cost for users. It left banks searching for cheaper alternatives. Huawei seized the opportunity and sold several servers and dedicated cloud hardware to the bank, offering discounts and lower pricing, two people said. “They lure customers in with the option of a free-to-use one-year solution,” said one cloud engineer at another tier-1 bank, citing Huawei’s extended proof of concept that allowed banks to use specific solutions for free. “No one else will offer you a one-year proof of concept,” another cloud engineer said. It’s a shrewd bit of business for a company that bills itself as the one-stop shop for banks, telcos, and large organizations. The new storage allows UBA to migrate some workloads while using IBM and Huawei storage simultaneously. Exclusive: Sterling Bank outage caused by migration to new core banking application While this is a massive deal for the Chinese company, its push to win over more business from the banks it already deals with, as it has done in telecoms, is facing security concerns. Three people at major banks said many banks have concerns about data security and privacy. These concerns mean that many banks will continue using IBM for some critical workloads for now. Yet Huawei is here to stay. It is in talks with at least one other tier-1 bank to provide cloud storage services, two people with knowledge of the matter said. As always, the company’s playbook is deceptively simple: total domination.
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- September 10 2024
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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- September 10 2024
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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- September 9 2024
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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