Flutterwave wins Fintech of the Year at African Banker Awards
Flutterwave, Africa’s most valuable startup, has been named ‘Fintech of the Year’ at the African Banker Awards in recognition of its contributions to the financial technology sector in Africa. The award celebrates Flutterwave and other companies and individuals setting new standards of innovation and contributing to the growth and development of Africa’s banking sector over the past year. The award is Flutterwave’s third international recognition in 2024 after the fintech giant was included in CNBC’s Disruptor 50 list and Fast Company’s Most Innovative Companies. Although it remains unclear when Flutterwave will IPO, the awards might lend credence to Flutterwave’s ambitions to go public. The fintech company has been linked to an initial public offering since August 2023, when Olugbenga Agboola, its CEO, disclosed that the fintech would forge ahead with its 2022 IPO plans. The fintech has also recently changed up its executive team after several high-profile exits in recent months. “We are incredibly honoured to receive this prestigious award,” said Agboola, in a statement seen by TechCabal. The award ceremony took place last night at the JW Marriott Hotel in Nairobi, Kenya, where over 300 of Africa’s leading figures in banking and finance were attending the African Banker Awards gala. Flutterwave appoints former CBN director as board chair “This recognition is a testament to the hard work, dedication, and creativity of the entire team at Flutterwave. It also reaffirms our mission to simplify payments for endless possibilities, and we remain committed to building solutions that enable multinationals to expand in and within Africa, and also supporting African companies to compete globally,” an excerpt from the statement read. Flutterwave also received approval in principle for a payment aggregator licence from the Central Bank of Mozambique today as it looks to expand into the southeastern African region. The licence, if approved, will allow Flutterwave to support businesses expanding into Mozambique and global enterprises expanding into Africa. Flutterwave’s key business is processing online payments, enabling international businesses like Uber to accept payments from African businesses and customers. The fintech allows these businesses and multinationals to accept various forms of payments, like mobile money, card payments, and bank transfers. Flutterwave’s COO leaves fintech giant after several other high-profile exits
Read More
One year in office, Nigeria’s tech ecosystem expects more from Tinubu
On the campaign trail, President Bola Ahmed Tinubu’s Renewed Hope campaign focused on eight key areas including economic growth, job creation, and access to capital. While his manifesto was light on details, he told a delegation from Google months after he was sworn in that “the digital economy and telecommunications represent the future, and we are determined to promote it.” He assembled his cabinet quicker than his predecessor and won praise for appointing Bosun Tijani, an ecosystem insider as Minister of Communications, Innovation, and Digital Economy. Yet, after a year in power, Nigeria’s technology industry stakeholders believe there’s still a lot to do. “I will not rate it [Tinubu’s government] yet because a lot of the things that it has promised to do are still works in progress,” said Iyin Aboyeji, general partner at venture firm Future Africa. Bosun Tijani is the public face of the administration’s technology ambitions. The former head of CCHub launched a plan to train three million tech talents in four years. He also plans to expand fibre optic infrastructure nationwide, a project that requires a massive $2 billion investment. While these initiatives are forward-looking, there have been quick wins: in June 2023, the Data Protection Bill became law, timely given the surge in data breaches in the country. A 2023 decision to lift a two-year ban on cryptocurrency transactions, first regarded as a win, has suffered setbacks after the government blamed crypto trading for currency volatility. In February 2024, the naira was one of the world’s worst-performing currencies. An April rebound then swung its fortunes, but it was short-lived. In May, the naira was back in the company of some of the world’s poor-performing currencies. Binance, the world’s largest cryptocurrency exchange, has been at the center of an unexpected clampdown, with two executives charged with tax evasion and money laundering. The Office of the National Security Adviser (NSA) has classified crypto trading as a national security issue. Five prominent neobanks have also been barred from onboarding new customers, slowing growth and impacting a crucial financial inclusion drive. For Aboyeji, the government’s actions reflect the ecosystem’s weak lobbying power, which should have been fixed with an insider in the federal cabinet. “I don’t necessarily agree with how the government has handled these issues. However, I think they are greatly handicapped by the absence of leadership in the ecosystem. It needs to come together to align with the minister. If he does not succeed, our industry will be shut out from access to the cabinet forever.” “I didn’t get my hopes high in this government even with the minister’s appointment. There is little that he can do to stop the government from doing whatever it deems right,” added a founder who asked not to be named to speak freely. The consensus is that the tech ecosystem needs more favourable regulation. It will come down to stronger engagement with the minister, said Oswald Osaretin Guobadia, managing partner at DigitA and a senior special assistant on digital transformation in the previous administration. The speedy implementation of the Nigeria Startup Act in 2023 is another issue. “It is left for us to embrace it [the minister’s strategy] and find ways to work with him to achieve those strategic intentions. It’s up to him to continue to bring us together, keep us informed, and foster partnership with us,” he said. Addressing infrastructure is a major point of contention for many observers. The minister’s focus on artificial intelligence (AI) has been met with mixed reactions from observers who argue that building the foundations is more important. Nigeria’s minister of communication, innovation and digital economy, Bosun Tijani. This month, the Nigerian government approved a special-purpose vehicle to support the delivery of an additional 90,000km of fibre optic cable to improve internet connectivity in the country. While this is a welcome move, some stakeholders believe the minister should engage the telecommunications sector to make internet more accessible. “If Nigeria wants to be the digital giant that it deserves to be, data needs to be a very simple and accessible commodity,” said one founder who spoke anonymously. Another issue Nigeria needs to address is digitising all government services. In February, the minister launched DevsInGovernment, a community of technology enthusiasts within the civil service, aimed at promoting the use of technology in government services. Government processes—such as getting licenses and payment of taxes—should be automated to remove friction, said Adedeji Olowe, founder of Lendsqr, a lending-as-a-service startup. “Imagine if the government has one single platform for all government applications. That platform where you can register for everything, upload documents, make payments, and track the progress,” Olowe said. In May 2023, President Tinubu removed $10 billion-a-year fuel subsidies and devalued the naira. Though praised by international investors, both reforms have resulted in three-decade-high inflation and depletion in consumer spending. The tech ecosystem is bearing the brunt too. In February, Spleet, a property tech startup that raised $2.6 million in 2022 from investors like MaC ventures and HoaQ Fund, laid off an undisclosed number of employees due to soaring inflation. This week, Finance Minister Wale Edun said Nigeria’s economy is growing despite an IMF projection that Nigeria will lose its place as Africa’s third-largest economy to Algeria in 2024. Tech ecosystem stakeholders, like the rest of the country, need more than assurances. “Building in a tough market like ours is hard and the macroeconomic conditions matter so the government needs to communicate its fiscal plans,” one industry insider said. While the jury is still out on what the next three years will hold for Nigeria’s tech ecosystem under Tinubu, one thing is clear: its stakeholders hope that a seat at the table will be the game-changer to support the growth of the digital economy.
Read MoreFlutterwave receives payment aggregator licence approval-in-principle to expand to Mozambique
Flutterwave, one of Africa’s leading payment companies, has secured a Mozambique payment aggregator licence in principle. This high-profile licence enables e-commerce merchants to accept various payment instruments online without needing to build their own systems. Once approved, global enterprises and merchants will be able to expand their businesses to Mozambique, accept payments and reach their Mozambican customers, expanding their reach. “Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth,” said Flutterwave CEO Olugbenga Agboola in a statement seen by TechCabal. This expansion comes amidst recent security challenges for the company. In April 2024, TechCabal reported that Flutterwave suffered a security breach that allowed unauthorised actors to divert ₦11 billion ($7 million) to several bank accounts. Flutterwave maintains that “no customer funds were lost or compromised”, but this incident follows a string of similar events in the past fourteen months. In October 2023, about ₦19 billion ($24 million) was illegally transferred through unauthorised transactions by POS merchants, impacting over 6,000 accounts. This trend raises concerns about Flutterwave’s internal security protocols, particularly as the company scales its operations across Africa. Given its recent expansion to Malawi, Flutterwave is making a strong statement to facilitate the fast-growing financial landscape in southeastern Africa. Mozambique is billed to process over $9 billion in e-payments by 2028—compounding at 15.28% year-on-year from what it is now. Also speaking on the licence approval-in-principle, Agboola stated that “as individuals’ and businesses’ payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs”. The company is democratising payment access for businesses making inroads to Mozambique by allowing them to leverage its vast network of global partnerships, multiple licences, and infrastructural reach to make doing business in the southeast African region easy.
Read More
Common issues when applying for the NELFUND student loan 2024
The NELFUND student loan 2024 offers a cushion for Nigerian students facing financial hurdles. We went through the NELFUND application process and we discovered it can present a few hurdles for potential applicants. So we have prepared a breakdown of 10 common issues you might encounter and how to navigate them. Meanwhile you can go find the detailed application process for the NELFUND student loan here, with pictures to help. 1. Website glitches during 2024 NELFUND loan application During the NELFUND application, you might see error messages like “weak internet connection” despite having a stable connection. These are likely temporary glitches on the website. Try again later or consider using a PC for a smoother experience. 2. Verification troubles When verifying your educational information, you may encounter a message prompting you to contact your institution for updates. This doesn’t necessarily indicate an error. Just click “Continue” and proceed. 3. Login hassles After creating your account for the NELFUND, you might face login issues like “Invalid login details,” despite your details being correct. This could be due to temporary overload on the system. Wait a while and try again later. If the issue persists after 24-48 hours, consider resetting your password. 4. Missing information After successfully logging into the portal, while filling out your profile for the NELFUND financial aid application, you might encounter error messages after each section. This could happen if some information is missing or the website is glitching. Logout, log back in, and carefully and quickly review each section to ensure all required details are filled. 5. Email verification delays during 2024 NELFUND loan application After creating your NELFUND account, you might not receive the verification email immediately. Be patient, as there could be a slight delay. The link might arrive within a few hours. 6. JAMB verification issue Verifying your JAMB details for the NELFUND application might lead to error messages. Ensure you’re entering the exact details from your official JAMB documents, including your registration number and date of birth. 7. Website overload High application volume can sometimes overload the NELFUND student loan 2024 application portal. This might lead to slow loading times or error messages. Try again during off-peak hours or be patient if the system takes a while to respond. 8. File upload problems Uploading documents for the NELFUND student loan 2024 application can be frustrating if you encounter errors. Ensure your files (JAMB admission letter and optional school ID card) are in the accepted JPEG or PDF format and within moderate size limits. 9. Reset password links When trying to reset your official NELFUND student loan 2024 application portal password, you may not get your link in time. You may need to wait as long as two days to get your link or reach out to NELFUND support to have your issues resolved. 10. Missing eligibility information about the NELFUND loan 2024 While this isn’t a technical hurdle, it’s vital to confirm your eligibility before applying for the NELFUND student loan 2024. Currently, the program is only open to students enrolled in federal government-owned tertiary institutions. As such you would only be frustrated if you are from a state or private owned Nigerian tertiary institution and you’re looking for your school without success. Final thoughts on common issues when applying for the NELFUND student loan 2024 Don’t hesitate to reach out to NELFUND’s help channels for any further assistance on any challenge that seems unsolvable.
Read More
Verified steps with pictures to get the NELFUND student loan 2024
On May 24, 2024, the Federal government of Nigeria flagged off the Nigerian Education Loan Fund (NELFUND) to offer financial assistance to eligible students through a student loan program. This guide will walk you through the entire application process, from creating an account to submitting your loan request with pictures to support your visualisation of each step. Eligibility for NELFUND Student Loan Nigeria 2024 Before going into details of the application process of the Nigeria 2024 NELFUND Student Loan, it’s important to confirm your eligibility. The NELFUND student loan program is currently open to Nigerian-born students enrolled in federal government-owned tertiary institutions in Nigeria. Apply for the NELFUND student loan Nigeria 2024 Here’s a breakdown of the application process: 1. Account creation Visit the NELFUND student loan portal at https://nelf.gov.ng/ Click on “Apply Now” and then “Get Started.” Once you click “Get Started”, you’ll see the option to signify if you are Nigerian or not. Note that the process will automatically end if you signify that you are not Nigerian because the funding is meant for only Nigerian students. So: Select “Nigerian” as your nationality. Enter your educational information, including your current institution and matriculation number. After verification, you might encounter a message suggesting you contact your institution for information updates. Don’t worry, just click “Continue.” Also, persistent error messages about weak internet connection are likely website glitches. Keep trying and consider using a PC for a smoother experience. Next Verify your Joint Admissions and Matriculation Board (JAMB) registration number and date of birth. You need to ensure the JAMB reg number and your date of birth are correct. And when you click verify you may keep receiving an error message that your internet provider is weak, just keep trying. It’ll eventually go through if your details are correct and you’ll see your image and name pop up. Then click on ‘continue to create your account.’ 2. Secure your login credentials Here, you’ll be required to: Enter your National Identification Number (NIN). The system will verify your NIN immediately upon entering it. Your name should appear just beneath the box where you provided your NIN. Use the valid email address associated with your NIN for account creation. Any other email will not work. Create a strong password with at least one capital letter, lowercase letter, number, and special character, all exceeding eight characters. Click “Create Account” and be persistent if you encounter error messages. Valid details will eventually be accepted. You’ll receive a verification link via email. Click the link to access the login page. 3. Login and profile completion Here, enter your email address and password to log in. There’s a possibility you don’t get logged in immediately. You may see prompts like “Invalid login details “ or “wrong email or password” despite you being sure the login details you used are correct. Just wait it out and try logging in later again. If the details you entered are correct, you’ll eventually be able to login. If it doesn’t allow you login, try the reset password option. Please note that you may not get a password reset link, or may not get it immediately. But just try that option if your details don’t log you in after about 24-48 hours. After logging in, you’ll need to: Complete and fill in some more details. First is your personal and contact information including your phone number and address and state of residence. Then proceed to fill in your educational details including our university and matriculation number. Once you fill them in. The system will automatically generate your program type, academic session, course of study, department and level. Then go on to account details. For account details, you will need to enter your BVN, bank name, and bank account number. Then click complete profile creation. Once created, it will take you to a new page that says ‘Congratulations on updating your student loan portal profile.’ 4. Apply for the loan After the congratulatory message, you click on apply for student loan. This will take you to the 3 steps for the loan application. If it doesn’t, you can click on ‘Loan’ on the left side of your screen. Then select ‘Request for student loan’ in the top right corner. Then: Choose whether you want an additional upkeep allowance of ₦20,000 per month besides the tuition fee loan. Upload the required documents which include your JAMB admission letter (mandatory) and your school ID card (optional).Accepted file formats are JPEG or PDF. Review the final submission page. Upon loan approval, you’ll receive a notification. Final thoughts and important notes on applying for the Nigeria NELFUND student loan 2024 The tuition fee will be paid directly to your institution, not to you. Also, only federal government-owned tertiary institutions are currently eligible for this program. You can read about the repayment and more about the NELFUND 2024 student loan scheme here. As you apply for the 2024 NELFUND student loan fo Nigeria students, understand that no one requires any applicant to pay any fees or see anybody for any process. The loan application and disbursement are fully virtual processes.
Read More
👨🏿🚀TechCabal Daily – Botswana approves Starlink
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Here’s your weekly reminder to move TC Daily from your Promotions folder into your Main/Primary email inbox so you don’t miss any of our updates. Just drag and drop this email from Promotions to Primary/Main, if you’re on desktop, or click on the buttons in the top right-hand corner if you’re on mobile. In today’s edition African startups lead acquisition of Brass Botswana approves Starlink Safaricom Ethiopia strengthens network with 13 new towers Nine African startups selected for Spark Accelerator The World Wide Web3 Opportunities Acquisition Paystack-led consortium acquires Brass Brass is getting a second chance at life. The business banking startup, after rocking through bouts of challenges, is finally on a path to redemption. In October 2023, Brass, which offers business banking services to small business owners, began struggling to process customer withdrawals. Rumours of a shutdown spread after the delay in customer payments continued, raising concerns about the company’s financial health. In March, the startup raised a bridged fund round, which insiders estimate to be between $300,000 and $500,000, to help pay customers’ outstanding withdrawals. Yesterday, a consortium of fintech heavyweights and investor groups provided a fresh start to the embattled company. Yesterday, news broke that Brass had been acquired by a consortium of Paystack, Piggyvest, Ventures Platform, and P1 Ventures. Per reporting from TechCabal, VC firm, Ventures Platform, facilitated the conversations and believed the deal had to happen. The VC firm then looped in experienced operators like Paystack and Piggyvest to form an alliance, which facilitated the acquisition. Sola Akindolu, founder and CEO of Brass, and CTO Emmanuel Okeke will leave the business and will be replaced by a new leadership team that has not yet been disclosed. Why did Nigeria’s tech ecosystem giants rally behind brass? Short answer: Brass is a systemic business whose failure might cascade on other fintechs. People involved in the deal feared that the collapse of Brass, a deposit-taking fintech, could cause a bank run on other fintechs. Still, the new owners will assume Brass’s assets and liabilities, which include a ₦2 billion ($1.4 million) loss. What’s next? Brass’s product will remain the same, and there will be no significant changes for customers as well. All of Brass’s remaining employees will retain their jobs. Moniepoint is Africa’s fastest-growing fintech The Financial Times has ranked Moniepoint as Africa’s fastest-growing fintech based on its absolute and compound growth rate. Read more about it here. Internet Botswana approves Starlink GIF Source: Tenor With a joyous heart, we bring you news that peer pressure does work. Less than a week after the Zimbabwean government approved Starlink, Botswana has followed suit and licenced the satellite internet service provider! This news comes after a rocky few months for Starlink in Botswana. Back in October 2023, the country’s communications regulator (BOCRA) rejected Starlink’s initial application due to missing information. This rejection was followed by a ban on importing, selling, and using Starlink equipment in Botswana. However, the tide appears to have turned during a recent Africa-US Business Forum held in Dallas, Texas. Following a meeting between President Mokgweetsi Masisi and the SpaceX team, President Masisi reportedly made a swift decision. “After the meeting,” President Masisi said, “I immediately decided to agree to the licensing of Starlink in the country.” He further emphasised his commitment, instructing regulators to fast-track Starlink’s application within two weeks. This rapid turnaround suggests a high-level push for Starlink’s entry into Botswana. With the license secured, Starlink can now begin offering its services, potentially bringing much-needed internet access to underserved regions. Will South Africa bend? Probably not. South Africa’s stringent laws mandate that all foreign companies that want to operate in the country must give up 30% of their equity to historically disadvantaged people in South Africa. It’s unlikely that the SpaceX team, which reportedly made revenue north of $1.4 billion from Starlink in 2023, will agree to this condition. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Telecoms Safaricom Ethiopia strengthens network with 13 new towers Safaricom Ethiopia has taken a step towards enhancing its network infrastructure. The telecoms joined forces with Woda Plc, Ethiopia’s first homegrown network tower manufacturer, for a supply of 68 high-quality towers at a total cost of 50 million birr ($875,656). On May 23, it announced it received its first batch of 13 locally manufactured telecom towers from Woda plc. This initiative aligns with Safaricom Ethiopia’s $1.5 billion plan to construct 5,000 new towers over the next three years, a project announced just a month prior. This development aims to provide high-quality, reliable telecommunications services across Ethiopia. Currently, Safaricom Ethiopia owns more than 2,800 towers, with two-thirds being self-built and the remainder leased. By partnering with Woda Plc, the company states it is not only expanding its network infrastructure nationwide but also getting high-quality, locally-made towers at a better price. This is more Ethiopian investment for Safaricom which recorded over KES21 billion ($154 million) in losses in FY23, partly due to its Ethiopian venture. So far, has invested over $400 million since its 2022 launch in the country, an investment that’s slow in paying off. In Ethiopia, it has 9 million subscribers and its mobile money M-Pesa service, which it piloted in Ethiopia last year, has just over 3.1 million users. The good news is that the telecom company also recently got a $257.4 million investment from the World Bank Group to improve mobile access for Ethiopians. What was the largest single transaction on Paystack in 2023? Find the answer here paystack.com/2023 Startups Nine Kenyan startups selected for Spark Accelerator Programme It is good news for nine Kenyan startups as they have been selected to benefit from the Spark Accelerator
Read MoreBreaking: Starlink gets licence to operate in Botswana after meeting President Masisi
Botswana has granted an operating licence to Starlink, the satellite internet service owned by SpaceX, three weeks after a government delegation met with the SpaceX team in the US. The licensing comes three months after the Botswana Communications and Regulatory Authority (BOCRA), rejected Starlink’s operating license application citing missing information. The importation, sale and use of Starlink was banned shortly after. This week’s turnaround to grant Starlink a licence follows a meeting between the SpaceX team and President Mokgweetsi in the US at the Africa-US Business Forum in Dallas,Texas. “After the meeting [with SpaceX], I immediately decided to agree to the licensing of Starlink in the country,” President Masisi said. President Masisi said that he had given the regulator two weeks to fast-track Starlink’s license application following the meeting. Botswana is the latest southern African nation to license Starlink following Zimbabwe which approved the service last week Friday. Zimbabwean President Emmerson Mnangagwa ordered the country’s regulator to fast-track the application process. By licensing Starlink, the country is looking to bridge the connectivity gap in the 2.6 million population nation. Currently, although the country has an internet penetration rate of 87%, it has one of the most expensive data prices in Africa.
Read MoreNew Lagos bill will domesticate the Nigeria Startup Act beyond startups
Lagos state, Nigeria, is developing its own version of the Nigeria Startup Act, titled the Lagos Innovation Bill. The bill will adapt the provisions of the Act to suit the realities of building tech startups in the southwestern state. “The Bill won’t only develop startups but also encourage large companies to drive innovation,” said Tubosun Alake, the state’s commissioner for science, innovation and technology at a stakeholders’ engagement on Friday. The Lagos Innovation Bill marks the state government’s attempt to grow its digital economy beyond startups. Lagos state is home to over 500 startups and attracts more than half of the startup investment coming to the country. The bill’s framework includes registration of research and innovation institutions, a research and innovation fund, tax and fiscal incentives, accelerators and incubators, capacity building, and talent development. When the bill is passed into law, Lagos hopes to use it to create an end-to-end pipeline that will cover all stakeholders in innovation: government, large corporates, startups, universities and research institutions, venture capitalists, angel investors, and private equity investors.
Read More
Paystack-led consortium acquires Brass, replaces CEO
Two months after it raised bridge financing to solve challenges with working capital, the Nigerian business banking startup Brass has been acquired by a consortium of investors led by payment giant Paystack, culminating talks that likely began in early 2024. Other investors include PiggyVest, Ventures Platform, and P1 Ventures. Investors like Ventures Platform facilitated the conversations and believed the deal had to happen, they also understood the need for operators to also be involved. That pragmatism drove the strategic alliance between the VC firms and the startups in the consortium. “We’re excited to act as new stewards for Brass’ mission: to enable entrepreneurship for Africans, making it more frictionless, and successful,” the investors told TechCabal in an email. Sola Akindolu, a co-founder and CEO of Brass, Emmanuel Okeke, a co-founder and CTO, and Tolulope Saba, the head of product design, will leave the business. They will be replaced by a new leadership team that has not yet been disclosed. All other Brass employees will keep their jobs, one person with direct knowledge of the matter said. Brass cofounders Emmanuel Okeke (L) and Sola Akindolu (R) will leave the business There will be no change for customers either, with the product remaining largely the same and investors committing to “further investment in product and service improvements.” The acquisition ends months of uncertainty over the future of Brass after delays in processing customer withdrawals began in October 2023. Those delays continued for months, sparking liquidity concerns and prompting rumours of a shutdown. Several ecosystem heavyweights rallied around the company, worried that the shuttering of a deposit-taking fintech could cause a bank run on other fintechs. An acquisition by well-trusted and bigger fintechs would calm those fears, so chatter about an acquisition started gathering steam. Moniepoint, Paystack, and Flutterwave were linked to those early talks. As acquisition talks continued, Brass went to investors to arrange debt financing to allow it remain operational. One early investor who declined to participate in the bridge round claimed Brass was looking to raise $300,000 to $500,000 in convertible debt. The same investor said the business banking startup withheld financial information from investors during that fundraising effort. It is unclear how much Brass eventually raised. Nevertheless, the new owners will assume Brass’s assets and liabilities, some of which still have significant question marks. Two people familiar with the company’s finances claim there was a ₦2 billion hole in Brass’s balance sheet. The same people said the company’s leadership could not account for how the money was spent. “Like many businesses, Brass faced headwinds within the last few months given the difficult business environment,” the investors said in response to questions about those liabilities. “With a healthy investment of new capital, Brass is in an incredible position to deliver a world-class financial operations stack for businesses in Africa.”
Read More
👨🏿🚀TechCabal Daily – A $6 billion funding round
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning YouTube Music is working on a feature that could make Shazam redundant. Over the weekend, it announced a new feature that will allow Android users find the elusive tunes stuck inside their head by humming to search. Yup, if you can hum or whistle the tune, YouTube Music will find it for you. The feature is still in its early stages but users are testing it out across the globe. We’ll bring you more updates as soon as we have them. In today’s edition Eritrea stops cyberattack on Independence Day Elon Musk’s xAI raises $6 billion MTN Uganda sells leftover shares from 2021 IPO Caantin expands to America as an AI solution provider The World Wide Web3 Opportunities Cybersecurity Eritrea stops cyberattack on Independence Day On Eritrea’s Independence Day, May 24, cyber hacktivists attempted to disrupt the nation’s internet networks in a challenge to the authoritarian regime. Officials claim that the Eritrean government swiftly stopped the attack with no internet disruptions. While the government claims to know the attackers’ identities, it holds their identities under lock and key. Eritrea’s contested independence and ongoing struggles: This incident highlights the ongoing tension between Eritrea’s celebrated independence and its current political climate. After gaining independence from Ethiopia in 1993, Eritrea has been under the rule of President Isaias Afwerki’s People’s Front for Democracy and Justice (PFDJ), the only legal political party in the community. Eritrean communities worldwide held protests on Independence Day, condemning the one-party system and mandatory military service. Eritrea’s struggle for self-determination began in 1961 with the Eritrean Liberation Front (ELF) opposing Ethiopian rule. Despite achieving independence, many Eritreans feel the promised freedom remains elusive. The lack of a free press, a constitution that is not implemented and basic rights have led some to label Eritrea “Africa’s North Korea.” Cybersecurity concerns in Africa: While large-scale cyberattacks in Africa often target specific systems, like the 2021 South African ports ransomware attack, this incident raises concerns about cyber security in Africa. Security experts like Kaspersky urge African governments and businesses to invest in cybersecurity measures to combat these costly attacks. Lagos state government has taken action against the growing threat of cyberattacks in the state. As a proactive step, the Lagos State government in Nigeria launched a new cybersecurity project to protect its digital infrastructure and identify cyber threats. Moniepoint is Africa’s fastest-growing fintech The Financial Times has ranked Moniepoint as Africa’s fastest-growing fintech based on its absolute and compound growth rate. Read more about it here. AI Elon Musk’s xAI raises $6 billion GIF Source: Tenor The AI race is getting steeper! AI, like other high-tech industries, requires heavy funding that runs into billions of dollars. High computing costs and the acquisition of rare talents mark up the cost of running and competing as an AI startup. To get by, AI startups raise huge amounts of investor dollars. In April 2023 Microsoft invested $13 billion in OpenAI after it first invested $1 billion in the ChatGPT maker in 2019. Earlier in March, Amazon completed its $4 billion investment in Antrophic. And now, Elon Musk-owned xAI has raised about $6 billion—more than the total amount raised by African startups in 2023. The latest investment came from heavyweights including Andreessen Horowitz, Sequoia Capital, and Saudi Arabian Prince Al Waleed bin Talal. xAi whose only product is the Grok chatbot says it will use the funding to help bring “first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.” Why raise so much money? Well, if you can’t beat them, join them get your money up! Hardware costs for powering AI are a bit pricey. AI chip maker, Nvidia, will release its Blackwell B200 AI graphics cards which cost $30,000 to $40,000. Per The Information, xAI would need at least 100,000 of those cards to power an upgraded version of the GrokAI chatbot. Per TheVerge, xAi will launch a new data centre housing these chips by the fall of 2025z xAI initially planned to raise $1 billion, according to SEC fillings. xAI’s $6 billion raise adds to a list of big tech companies that are pouring billion-dollar investments to see that they emerge winners of the AI race. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Telecoms MTN Uganda sells leftover shares from 2021 IPO In 2021, MTN Uganda listed its shares on the country’s stock exchange. The public listing meant that anybody in the country could own a slice of the telecom. MTN, however, fell short of a major Ugandan regulation that mandated it to sell 20% of its shares to local investors—both retail and professional. The telecom is now looking to mend its ways. Yesterday, MTN Uganda announced the sale of its remaining shares from the 2021 listing. The telecom, which is offering up to 1,574,807,373 ordinary shares, will sell the shares, on the Uganda Securities Exchange’s (USE) secondary market through the USE Easy Portal. Willing investors can also purchase the shares, which currently trade at UGX 170.00 ($0.05), through licensed stockbrokers and trading members. The telecom will sell the shares between May 27 and June 10. So hurry to get a slice of the pie. Investors must also buy at least 1,400 shares. Why does this matter? Previously, MTN, which has the largest market share in Uganda, with 15 million users, fell short of a key Ugandan regulation that mandated selling 20% of its shares to domestic investors. The telecom only sold about a 12.97% stake Now, by offering these remaining shares, MTN demonstrates its commitment to operating within Ugandan regulations. MTN Uganda’s rival Airtel Uganda also made a similar move in its IPO offerings last
Read More