TechCabal Daily – A $40 million glitch
In today’s edition: Ethiopia’s largest commercial bank loses $40 million in glitch || Nigerian content creators can now make money on Instagram and Facebook || Meta and SA partner to fight electoral misinformation || ICASA to reduce call costs in SA
Read MoreFreelancers are struggling to balance their integrity and making money as AI threatens to devalue their work
Onyi, a freelance writer, charges $50–$80 per 5,000 words on Upwork, a freelance platform. The 23-year-old student of Michael Okpara University has been a freelancer on Upwork for three years, ghostwriting academic papers, blog posts and contemporary romance novels for clients in the United States and some parts of Asia. In Nigeria, freelancing is a thriving market, especially for creative, non-technical skills like writing. According to the World Bank, there are an estimated 17.5 million online freelancers in Nigeria, Kenya, and South Africa, with most of them being from Nigeria. In its 2023 freelancer report, Payoneer, a payment service used by Upwork, also shared that the countries with the highest number of users outside the USA are Bangladesh, Nigeria, and India. Upwork and Fiverr, another freelance platform, provide freelancers the chance to trade in-demand services for some dollars, but the emergence of artificial intelligence threatens to disrupt this flow. Since its release in 2022, the chatbot ChatGPT has been widely used in writing. While some writers use ChatGPT to improve their processes, small business owners are increasingly using it to create content, cutting out the need to hire writers. On social media, for example, there are thousands of videos and threads teaching people how to leverage AI writing and designing tools to secure freelance jobs without any prior knowledge or experience. It is increasing competition in an already-saturated freelance market. Double the hustle for half the pay According to Onyi, payment rates for simple gigs on Upwork have dropped significantly in the past year as competition on the app is now steep. Clients went from offering about $100 for 10K words to half the amount as there are always freelancers desperate enough to accept meagre pay. This situation has led Onyi to secure twice as many clients as she would normally take on in order to meet her income target. This is more tedious, but she’s found tools that make her work faster. According to her, about 60% of the words in her drafts, especially the novels, are generated by AI tools. “I have to write quickly to attend to the next project,” she shared with TechCabal. “Sometimes I have to write something I don’t know about and so I need these tools. If I don’t take the low-paying jobs, others will, and there’s no guarantee that I’ll get the higher-paying ones either. In the time I’d wait for one $100 job, I could have completed four $20 jobs or two $50 jobs.” Onyi is not alone, as this situation, coupled with global inflation, is placing additional pressure on freelancers to take on more work. In this report which had 2,000 freelancers surveyed from over 120 countries, 55% of them admitted to taking on more work just to meet up with income demands. Beyond the most popular freelance marketplaces like Fiverr and Upwork, smaller marketplaces also feel AI’s impact on the interaction between talent and clients. Femi Taiwo, CEO of Nigerian freelance marketplace, Terawork, shared that his company has seen a slight decline in the number of gigs available and the rates offered. “Apart from the freelancers, I know people who have let their contract staff go because they felt that they were too expensive for the services they were offering,” he said. “After all, why should they pay so much for an analyst when AI can create reports for you?” According to Taiwo, freelancers on his platform earn more than popular platforms like Upwork and Fiverr, on average, and produce better-quality results. Toyosi Godwin, a freelance content and copywriter, was forced to leave Fiverr as a result of the paltry pay. Godwin, who has offered writing services for the past five years, shared that, at some point, he was getting offered $5 to $10 per article on the platform. He knew he had to leave to find clients elsewhere. Now, he gets clients mainly from social media, which guarantees significantly more pay. Godwin is aware a lot of writers use AI tools to save time and take on more work. “When you get paid this small amount for your work, you will likely not want to invest a lot of your time and effort into it,” he said. The bulk of gigs on platforms like Upwork and Fiverr are targeted towards freelancers from the Global South, and this is evident from the low compensation offered. A 1,000-word article can receive as low as $20 as payment. A sizable number of clients who cannot afford or are unwilling to pay for full-time staff outsource on these sites, specifically targeting talent who are desperate enough to accept these rates. In this global freelancers report by Payoneer, freelancers from Africa and Asia have lower hourly rates on average, compared to their counterparts in North America and Western Europe. Projects with higher price tags are more expensive, in terms of time, money and qualifications. According to Onyi, these gigs with higher pay typically state clearly that only writers from certain countries like the United States, are welcome to apply. “Getting good projects from Nigeria is difficult, and most clients immediately lose interest as soon as they realise that you’re Nigerian or black,” she shared. These gigs also cost a lot to secure for new freelancers. On Upwork, users need “connects”, which are essentially tokens used to bid on job opportunities. One hundred and fifty connects cost about $30, and the higher the job’s pay, the more connects you need. “If you can’t afford to pay for connects to secure better jobs, then you’re stuck with the low-paying ones,” Onyi said. Redefining the value of work for freelancers Jasmine-Jade, a freelance writer for over five years, typically has a lot of clients and doesn’t need to use freelance marketplaces. According to her, the bulk of her freelance opportunities come from referrals and inbound marketing, as opposed to what she calls “sitting on platforms and waiting”. “Because a lot of these clients come to meet me, I’m able to set my rates and charge
Read MoreCongolese fintechs partner with government to create industry standard
Several fintechs in the Democratic Republic of Congo (DRC) are partnering with the government to create a framework, the Congolese Fintech Network (CFN), that aims to increase financial inclusion, ensure information-sharing within the industry and increase access to investment opportunities. “The government represents a centrepiece in the accomplishment of our various missions,” Joel Tshilumba, a board member of CFN, told TechCabal. “We are working on several processes to be implemented to promote effective and beneficial collaboration for both parties, in particular, establishing open and regular communication channels with representatives of the Congolese government.” The fintechs already have 15 companies like MaishaPay, Velex Advisory and Zando on board as they look to make the “fintech industry in the DRC very cooperative and efficient.” Besides fintechs, the CFN will also include major banks like Ecobank and international organisations like Deloitte and PWC. In Congo, the fintech sector has seen steady growth in recent years. Tuma’s $500,000 funding round in October—the largest ever in Congo’s fintech space—was an example of the industry’s progress. However, a lot still needs to be done to address the country’s financial inclusion rate, estimated at 38.5% in 2022. Especially if the Congolese government’s aim to increase this rate to 55% by 2028 is to be achieved. Tshilumba hopes the association can play “a crucial role in advocating for a regulatory and legislative environment favourable to innovation and the development of fintech.” The CFN follows a trend where startups in Africa, due to their increased importance, are partnering with governments to create industry standards. In Nigeria, the startup ecosystem worked with the government to introduce a startup law that governs all startup activities. A tech entrepreneur and investor now serves as minister of tech in Africa’s largest startup ecosystem. “By working with the government and other stakeholders, it could help shape policies that encourage investment, competition and access to financial services, but above all play a vital role in promoting financial inclusion by supporting the development of innovative technological solutions that expand access to financial services to underserved population segments,” Tshilumba said. The CFN will also host a physical conference called Congo Fintech Week, which will happen in May, where it will release studies to the public on the progress it has made and how it aims to increase Congo’s financial inclusion rate. The network would also have branches in four of the DRC’s largest cities, Kinshasa, Goma, Lubumbashi, and Matadi.
Read MoreMeta will open up monetisation to Nigerian creators as it steps up Africa play
Meta Platforms will allow content creators in Nigeria to make money through ads and other features, in a move it hopes will keep the country’s top content creators on its platforms. Those options and features are expected to be ready before June 2024, said Nick Clegg, the company’s President of Global Affairs. Content creators in America, Australia, Canada and South Korea were the first to be able to earn through “Ads on Reels,” in 2023, a performance-based program that pays according to how the number of plays their reels get. “With a performance-based model, creators can focus on the content that’s resonating with their audience and helping them grow,” Meta said in May 2023 after months of testing the program. On Friday, Clegg hosted some of Nigeria’s top creators in their Lagos office as part of a week-long visit to South Africa, Kenya, and Nigeria, some of its important African markets. “Nigerian creators have global reach,” Clegg said in a conversation with TechCabal on Friday afternoon, pointing out that creators will soon have “the ability to run ads in-stream and use other tools such as Instagram stars and gifts that are available to creators elsewhere in the world.” Clegg also spoke about Meta’s 45,000km subsea cables, which landed in Lagos and Uyo in February 2024. It was a timely conversation, one week after damages to subsea cables across Africa slowed down internet service and disrupted banking in at least two countries. “The way we built to Africa is that [the subsea cables] are sunk by 50% more under the seabed, so it will be less susceptible to that disruption, which I think will enhance connectivity,” Clegg shared. But connectivity and resilience are not the only issues. Funke Opeke, the CEO of MainOne, a fibre operator acquired by Equinix, said in 2018 that the broadband capacity of most fibre providers was underutilised. Clegg acknowledged the problem, adding that he had met Funke Opeke during the week and also spoken about underutilisation with the government. “I learned from my meetings with the President and the minister in Abuja yesterday that they are very focused on this and trying to fund different ways of leveraging external expertise and capital to increase internal connectivity. That will happen over time.”
Read MoreTelkom to unbundle and sell off tower and mast assets for $356m
Telkom, South Africa’s third largest mobile network operator by subscriber base, will sell off its tower and mast assets housed under its subsidiary Swiftnet for R6.75 billion (~$356 million) to TowerBidco, a newly created entity owned by Royal Bafokeng Holdings and Actis LLP infrastructure fund. Swiftnet operates over 4,000 towers in South Africa. In a statement to shareholders, Telkom said that the sale aligns with the company’s strategy to sell off non-core assets to focus on unlocking the intrinsic value of its more core operations. “Proceeds [will be] utilised to primarily pay down Telkom debt, thereby strengthening [its] balance sheet and enabling it to release free cash flow.” In November, Telkom announced a pivot into a more infrastructure-led business model. The model would be underpinned by investing capital into building and maintaining infrastructure assets including fibre networks, data centres, satellite, and marine cables. Swiftnet’s sale follows the company’s announcement in 2023 that it was considering selling a minority stake in its fibre infrastructure subsidiary, Openserve, which was unbundled in 2022. Telkom share price jumped by 8% as it announced infrastructure-provider strategy According to the company, the strategy will enable the company to be “an enabler of South Africa’s digital future.” The strategy, which has been in place for a year, is expected to be completed by 2025. According to the company, the high demand for infrastructure, a leading market position, significant barriers to entry in infrastructure, a strong balance sheet and a so-called experienced management team puts it in a favourable position to pursue the infraco model. “[An] InfraCo strategy realises our true competitive advantage – showing Telkom to be a strategic national asset – the backbone of the SA’s digital economy and the enabler of the country’s digital future,” the company stated.
Read MoreMoove blames geofencing for scarcity of Suzuki S-Presso vehicles on Lagos routes
Moove, the Nigerian-based mobility company recently valued at $750 million after raising $100 million, has said that an ongoing implementation of a geofencing plan limiting its drivers from plying specific routes is responsible for the perceived scarcity of its Suzuki S-Presso vehicle in its Lagos market. The plan restricts the drivers to main city centres such as Ikeja Central Area, Surulere, Lekki, Victoria Island, and Ikoyi in Nigeria’s commercial capital, the only place Moove operates under the Uber brand in the country. The company was responding to speculations that drivers are leaving the platform in droves due to an expensive daily remittance. Moove is also facing aggressive Lagos state task force officers who either impound the company’s vehicles or deflate their tyres. The government wants Moove to open its API for access to a real-time database including information about drivers and riders. Moove told TechCabal that it is still discussing with the government to find a middle ground. Apart from getting beaten by touts, Moove drivers are also concerned about the conditions and the cost of operating on the platform. According to a driver who recently left the platform, drivers are limited to at most 12 trips within 12 hours for 6 days and are mandated to pay N9,400 per day for 48 months, in addition to the daily 25% commission to Uber. Moove’s remittance rates are almost the same as Lagride, another drive-to-own e-hailing platform backed by the Lagos state government and managed by a private company, Ibile Holdings. Drivers on Lagride are expected to remit N9,000 per day to own the vehicle, in addition to a 25% commission (used to be 20% as of January) to the managing company. GAC was supposed to be maintaining the vehicles for the drivers, but a driver told TechCabal that the company has deviated from the plan and drivers are now required to maintain the car themselves with no compensation. The agreement between Moove and Uber is such that drivers are allowed to lease the vehicles on a drive-to-own basis and drive under Uber. This means they remit a N9400 daily amount to Moove and also pay a 25% commission to Uber on every ride. Taiwo Ajibola, regional managing director, Moove Nigeria, told TechCabal that enforcing the geofencing plan was aligned with the company’s original mission of targeting customers in specific urban areas, mainly commercial and industrial districts. Drivers in the past had been driving the Suzuki S Presso outside the specified geofencing which was responsible for the vehicle being seen in different parts of the state. Ajibola said the rate at which drivers exited the platform has fluctuated over the years. He does not believe the cost of daily remittance is what’s driving many of the drivers away. He insists that the company is making efforts to make its services affordable. For example, Ajibola said, while the going rate for a brand new Suzuki S Presso is around N9.9 million, the last unit of the vehicles Moove acquired in 2022 cost far less because the company bought it in large volume. He declined to say the actual cost of the vehicle. “We’ve had some churns as a result of maybe the driver had a change in the job that he had or some other reasons. But the rates have remained the same. The numbers keep fluctuating but really what we are seeing is negligible statistically speaking it is less than what would be any significant impact on the business,” Ajibola said. Suzuki S Presso is supplied in Nigeria by CFAO under a drive-to-own arrangement by Moove Africa. Before the S-Presso units were launched into the Nigerian market, Moove drivers were using Suzuki Alto which has a lower purchase price than the S Presso. Mike Ojeh, a former Uber driver, told TechCabal that he doesn’t have a problem with the N9400 repayment to Moove. In 2022, he leased a Suzuki Alto, which is cheaper than an S Presso, and was paying N7000 daily to Moove as repayment for the vehicle, as well as Uber’s commission and a maintenance fee. The conditions for 12 rides in 10 hours per day were a major highlight for him, as he always met his target and was able to make more rides to take money home. Over 218 drivers have graduated from the Moove drive-to-own initiative, according to Ajibola.
Read MoreThree lessons Nigeria can learn from India’s bold EV policy
This article was contributed to TechCabal by Uche Aniche. Nigeria plans to replace 40% of all cars on its roads with Electric Vehicles (EV) by 2033, 10% less than the initial 50% target for 2031. The government also expects all these cars to be manufactured or assembled locally. On the other hand, the Indian government plans to seek firm commitments from companies interested in accessing the Indian market to first establish a supplier ecosystem and source approximately 20% of parts locally within the first two years, which will eventually increase to 40% by the fourth year. They will in turn waive import duty down to about 15% provided the manufacturer will build from India. To hedge against possible defaults, the companies must provide bank guarantees covering the amount of import duty waiver they would enjoy. Stakeholders believe India’s planned policy demonstrates what smart and responsible policy development should look like and reflects the quality of mindset of the leadership but more importantly, captures political accountability to a very woke electorate. The Economics Survey 2023 predicts that India’s EV market will grow with a CAGR of 49% between 2022 and 2030, with 10 million annual sales by 2030. India has already made firm commitments to reduce the carbon intensity of its economy by at least 45% by 2030 compared to 2005 levels and achieve the target of net zero by 2070. This policy ensured they maximise the value of this commitment while not exposing their local economy to global forces. Some of the expected impact of this Policy on the Indian economy includes: The further strengthening of India’s economy and the continuing growth of what is already a very strong middle class that can afford Tesla and other EVs. The policy will support the Indian government’s goal by contributing 10 million of the 17 million direct jobs from the Make In India Program while adding 50 million indirect jobs and propelling India’s goal to become a $10 trillion economy by 2035. More wealth will be created through this program as India achieves its goal of becoming a hub for EV manufacturing in competition with China. The Nigerian EV policy rock chair Nigeria currently has a combined and installed manufacturing capacity of 313,150 vehicles but only a dismal 90,550 actual production per annum. With Nigeria’s EV market projected to grow at a compound annual growth rate (CAGR) of 57.9% in six years (2024 to 2030), the country could learn some lessons from India’s policy. Nigeria has some active EV-related manufacturing and assembly companies. They include Hyundai Konak EV, Jet Motors, ReviveEarth (Enugu-based EV retrofitting startup), Osquareteck (providing energy storage as a service and gridless power system for EVs), Volta EV (Lagos-based), Quadcycle Automobile (Abuja-based), and a recent entrant, Egoras. Based in Port Harcourt, Egoras brings a new dimension to the EV conversation by leveraging blockchain technology both for the vehicles and the charging stations – according to Harry Ugorji, the Company’s CEO. Egoras plans to open the pre-order at an event scheduled for Port Harcourt in early April while deliveries will begin in October. Nigeria’s changing EV goals Nigeria has developed and adopted twice, the National Automotive Design Plan with the goals changing on each occasion. The first approved plan in December 2021, according to Jelani Aliyu, the Director General of the National Automotive Design and Development Council (NADDC), targeted 50% locally produced EVs by 2031. However, the latest approved plan as per a statement by Otunba Adeniyi Adebayo, Nigeria’s trade minister, targets 30% locally produced EVs and one million jobs by 2033. Here are a few things we could learn: FDI is a two-way street: Companies will invest where they find value and not because they like your face. Energise local businesses and cut smart deals that protect and help them thrive. Amplify and play to your strengths: If you amplify and play to your strengths, you will dictate the terms. Unlike India, Nigeria’s recent economic challenges mean a shrinking middle class. However, Nigeria boasts of a large deposit of Lithium—a very important component of EV batteries. Lithium is currently mined in Nassarawa, Kogi, Kwara, Ekiti, and Cross River States. Nigeria needs to signal its intentions with bold visions: Economics will respond to bold visions, competent people, and passionate executors, not whimpers. The president should appoint competent and passionate people to drive the automotive policies. Targeting one million jobs from EV seems very understated and doesn’t seem to have captured the entire value chain. For instance, modern cars are software driven and EVs are no exceptions. Producing EVs locally will create many jobs for Nigeria’s software engineering ecosystem as well. Nigeria can become a powerful hub and net exporter of EVs in Sub-Saharan Africa if the right vision, policies, and drivers are in place. Uche Aniche is a Startup Coach and Policy Advocate. He is a General Partner at Rebel Seed Capital, a Secondary Cities-focused early VC Firm, the Convener of #StartupSouth, and the Communications Director at Imo Economic Summit Group (IESG).
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Check your 2024 UNEB PLE results
The Uganda National Examinations Board (UNEB) Primary Leaving Examinations (PLE) is one of the important exams in Uganda. So, if you’re a student, parent, or guardian eagerly waiting to check the UNEB PLE results, this guide is for you. There are two main ways to check PLE results and they are similar to checking the UACE and UCE results: using SMS (text message) or through the UNEB eResults online portal. How to check PLE results via SMS This is the most popular and convenient method, especially for those with mobile phones. Here’s what you need to do: 1. Get your information You’ll need the candidate’s full index number. This unique identifier is typically found on the candidate’s examination registration slip. 2. Compose your message Open your phone’s messaging app and create a new message. In the message body, type “PLE” followed by a space and then the candidate’s full index number (e.g., PLE 004401/380). Ensure there are no other spaces. 3. Send the message Send the message to the shortcode 6600 on any mobile network in Uganda. There may be a charge associated with sending the SMS, so ensure you have enough airtime on your phone. 4. Receive your results Within a short period, you’ll receive a reply message containing the candidate’s PLE results, including their performance in each subject. Important Note: Double-check the index number you enter to avoid receiving incorrect results. Checking PLE Results Online UNEB currently has an online examination portal for accessing examination results as they’re subsequently officially released. But this option is available for only school administrators for now. This method might become available to students, parents, and guardians in the future. For school administrators, here’s an overview of what to do to check your school’s PLE candidates’ examination results: 1. Login School administrators likely have login details for their school’s profile on the UNEB portal. So as a school administrator, simply log in using your credentials and access the results section. 2. Enter details Once logged in, you’ll find each candidate’s index number or other relevant information alongside their results. You can then go ahead to download them. Final thoughts on how to check your 2024 UNEB PLE results Keep an eye on the UNEB website (https://uneb.ac.ug/) and official announcements for updates on PLE results. Remember: Regardless of the method you choose, ensure you have the correct candidate information readily available. There might be a fee associated with checking PLE results via SMS. The online eResults portal is not yet operational for students, parents, and guardians but might be available in the future.
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How to check UACE results 2024
If you sat for the last Uganda Advanced Certificate of Education (UACE) exams, you may want to check your UACE results. Here’s a quick guide outlining the two convenient methods available in 2024 for checking your UACE results: Method 1: Checking UACE results via SMS (Paid Service) For those without easy access to the internet, there’s an alternative method to check UACE results. Here’s how: 1. Open your messaging app Grab your mobile phone and open your messaging application. 2. Craft your sms Compose a new text message and type “UACE <space> Your Index Number”. For example, if your index number is U234567/001, you would type “UACE U234567/001.” 3. Send the message Once you’ve confirmed the accuracy of your index number, send the message to the shortcode 6600. 4. Receive results (sms charges apply) If the results are available, you’ll receive a reply message detailing your UACE results for each subject you took. Be aware that standard SMS charges apply to this service. Method 2: Checking UACE results online This method is perfect if you have a reliable internet connection. Here’s what you need to do: 1. Head to the UNEB website Open your web browser and navigate to the Uganda National Examinations Board (UNEB) website at https://uneb.ac.ug/category/international/. 2. Locate the results section Look for a designated section labelled “Results” or “Verification of Results.” This section will provide clear instructions on how to proceed. 3. Input your index number Once you locate the results section, you’ll be prompted to enter your UACE index number. This unique identification number was assigned to you during registration. 4. Submit and view UACE results After entering your index number, click the “Search” or “Submit” button. If the results have been released, your detailed UACE results will appear on the screen, displaying your performance in each subject. Final thoughts on how to check UACE results 2024 UNEB typically releases UACE results a few weeks after the exams have concluded. Stay updated by checking the UNEB website or social media channels for official announcements regarding the release date of results. Ensure you have your UACE index number readily available before attempting to check UACE results through either method. By following these simple steps, you can easily check UACE results.
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👨🏿🚀TechCabal Daily – Ghana is having a Starlink rethink
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Technology in Africa has grown in leaps and bounds. While the continent has made strides in increasing overall connectivity, women are being left behind. Women account for roughly half of the population and despite the progress made in recent years, they account for a disproportionate—and increasing—share of the global offline population, with South Asia and Sub-Saharan Africa having the world’s widest gender gap But why is this the case? What barriers are preventing women from fully participating in the tech industry? Join us on Wednesday, March 26th at 11AM (WAT) along with key players in digital inclusion and technology to explore theses questions and potential solutions. In today’s edition Uber slows on complying with Lagos state Ghana rethinks Starlink LemFi partners with Visa Funding tracker The World Wide Web3 Job openings Mobility Uber hesitant to comply with Lagos state data sharing terms While Uber, a ride-hailing giant leads a$100 millioninvestment in Nigerian fintech Moove, the company is also locked in a data privacy dispute with the Lagos state government in Nigeria. How it started: This disagreement follows a 2020 agreement between ride-hailing companies, and the Lagos state government, at the time, demanded backend access to user trip and location data for planning, revenue, and security purposes. Two weeks ago, the government further demanded real-time access, threatening sanctions for non-compliance. Uber, however, maintained that they’ve been fulfilling their obligations under the agreement. Now, the ride-hailing company faces potential sanctions from the government as it insists that access to real-time trip details is crucial for security and user well-being in the state. Unlike its ride-hailing competitor Bolt, which has embraced the new data-sharing requirements, sources close to Uber reveal the company is hesitant to comply, citing user privacy concerns. Zoom out: Finding a solution that balances safety with privacy is crucial. It remains to be seen whether Uber and the Lagos state government will reach an agreement that will keep Lagosians safe without compromising user data. Experience fast and reliable personal banking with Moniepoint Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint. Internet Ghana is having a Starlink rethink Starlink’s launch in Africa has been a mixed bag. While it has received wide embrace in Nigeria and Rwanda, holders of the satellite based internet provider have been considered criminals in countries like Zimbabwe, Senegal, Botswana, South Africa and Ghana. Yes, Ghana! The bone of contention for most of these countries has been Starlink failing to obtain regulatory licence and approval to operate in the country. However, one particular country might be having a rethink. The news: Ghana’s National Communication Authority is in talks to grant Starlink a licence of approval to operate within the country. The decision comes after severe subsea cable cuts have affected the country’s internet reception, hurting businesses and the country’s stock exchange in return. Ghana shifted the closing hours on its stock exchange by one hour on Thursday and Friday last week due to the outages. While Ghana’s regulator had estimated a five weeks repair time for the subsea cable cuts, Starlink’s approval will provide a lifeline for businesses within the country. According to Starlink’s website, the internet service provider will be available in Ghana by Q3 2024. Starlink, however, reportedly told government officials that its services will first cater to high-end customers upon entry into the country. Zoom out: As Ghana looks to Elon Musk owned Starlink to salvage its messy internet, the country is also on the lookout for other saviours. The country’s minister for communication urged new internet providers to enter into Ghana, while encouraging existing ones to explore partnerships with RASCOM (Regional African Satellite Communications Organisation) for broader telecommunication services across Africa. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Fintech Lemfi partners with Visa to facilitate cross-border payment globally Lemfi has basked in some recent milestones. In August 2023, the Nigerian fintech platform launched in the US. In the same month, it secured $33 million in funding led by LeftLane Capital to ease remittance for immigrants. Six months later, LemFi hired ex-Opay COO Allen Qu, to lead its expansion to China. The international payments company has partnered with Visa’s Cross-Border Solutions division to expand its reach and simplify cross-border money transfers for its users. Under the agreement, LemFi will gain access to new markets like China, India, and Pakistan, and Visa’s Cross-Border Solutions will become LemFi’s primary partner for processing these international transactions. Additionally, over 250,000 LemFi users in the UK and broader Europe, Middle East, and Africa (EMEA) region will now have access to Visa debit and prepaid debit cards. For existing customers, the partnership ensures continuity. LemFi will continue to provide e-payments and foreign exchange services for its users. This means UK residents from various African nations can continue relying on LemFi for the remittance of funds. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → TC Insights Funding tracker Moove, the Nigerian vehicle financing platform, secured $100 million in Series B funding this week in a round led by Uber, with participation from investors, including sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. Here are other deals for the week: Nigerian blockchain-powered fintech Zone raised $8.5 million in a seed round led by TLcom Capital and Flourish Ventures. South African BNPL startup, Float, raised $11 million from Standard Bank. Kenyan insurtech startup mTek secured $1.25 million from Verod-Kepple Africa Ventures and Founders Factory Africa. Tunisian AI startup Clusterlab raised $600k pre-seed from Karim Beguir and regional angel investors. Egyptian healthtech Pharmacy
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