New fund backs African Filmmakers with $40 million
Next Narrative Africa, a Nigerian media production company, and HEVA Fund, a Kenyan-based investment firm, have launched a fund for African filmmakers. The $40 million Next Narrative Africa Fund will invest in movies with budgets between $1 and 5 million per project, taking equity in some movies it funds. In other cases, it will simply provide grants. It will raise and deploy $40 million over the next four years and is targeting a first close in Q1 2025 and a final close by the end of Q4 2025, with initial investments expected in the same year. The Next Narrative Africa Fund offers a new avenue for investment as interest grows in Africa’s film and audiovisual industry. Nigeria’s Nollywood and South Africa’s film industries have dominated headlines, topped box office charts, and yielded significant returns to investors, with some Nollywood investors reporting 3x returns. Major players like Netflix have invested about $178 million in film content production on the continent since 2016. The Next Narrative Africa Fund will invest in commercially viable projects with global appeal that are produced primarily in Africa. These projects will focus on themes like gender/racial equity, democracy/governance, climate, health, and inclusive economic growth. “Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. We’re excited to support creatives who aspire to not only entertain but also inspire and usher in a new narrative about Africa and people of African descent,” said Akunna Cook, CEO and Founder of Next Africa Narrative Africa. The fund will be guided by an advisory board consisting of entertainment executives, filmmakers, film distributors and experts in narrative change, such as Darcy Heusel, Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team and Chin Okeke of Misan Partners. It will also make investments into the wider film & TV ecosystem including infrastructure.
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👨🏿🚀TechCabal Daily – The Blame Game
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy salary day! We are officially 13 days to the most crucial event in Africa’s digital landscape. Moonshot by TechCabal invites you to join this extraordinary gathering, uniting the brightest minds in Africa’s tech ecosystem for two unforgettable days of valuable insights, strategic networking, and remarkable experiences as we delve into the theme, “Building for the World.” Join industry leaders and like-minded individuals at Moonshot 2024 as we look into the future of African tech. Save a seat at Moonshot using the discount code MSVIP and get 20% off tickets. Get tickets here. Logistics and payments hiccups throttle Botswana’s e-commerce ambitions Look at the money printer and not food prices for Nigeria’s inflation Kenya in talks with Abu Dhabi for $1.5 billion loan The World Wide Web3 Opportunities E-commerce Logistics and payments hiccups throttle Botswana’s e-commerce ambitions Image Source: TechCabal Logistics and payment challenges are the two prominent challenges facing e-commerce in Botswana, According to startup founders, logistics and payment are the two prominent challenges facing e-commerce in Botswana. In the past year, at least five e-commerce startups have closed shop after COVID-19 briefly offered hope that e-commerce would catch on. In 2020, e-commerce reached fever with the government launching a National E-Commerce Strategy and a national marketplace called BW Reka. The national strategy feels like a relic from the past and BW Reka is now offline. Ephraim analyses some of the reasons e-commerce is struggling: “The best way to handle logistics [in Botswana] is to have an in-house fleet because courier companies would be too expensive,” said Phumulani Makgetho, co-founder of e-commerce startup Vaisa. “But having your fleet that can deliver nationwide is another challenge on its own.” Payments are another challenge. Botswana does not have a local gateway and startups have to rely on mostly South African solutions. Yet, all is not lost and the people in the arena are thinking through these challenges. Read about it here. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Economy Look at the money printer and not food prices for Nigeria’s inflation CBN Governor Yemi Cardoso There are two ways to view Nigeria’s inflation: through the eyes of a structuralist or a monetarist. The structuralists believe that since food prices constitute about 55% of the Consumer Price Index, the measure of inflation, and Nigeria’s notoriously low credit penetration (14%) render the effects of interest rate increases inefficient, inflation is driven by issues like poor crop yields, crumbling infrastructure, and rampant insecurity. Monetarists, however, believe that Nigeria’s history of recklessly printing money is the driver of inflation. In eight years, the money supply tripled as the CBN financed government spending. When the liquidity of an economy increases that rapidly, too much money chases too few goods. This leads to an increase in the price of goods as the law of demand and supply kicks in. Evidence tells us that the right way to look at the cause of Nigeria’s inflation is through the lens of a monetarist. Structural issues are not unique to Nigeria; most African countries also face insecurity, low crop yields, and infrastructure bottlenecks, but the growth of the money supply is unique to Nigeria. Under Emefiele, a structuralist approach was used to bring down inflation but it led to some of the highest inflation rates ever recorded. And it seems that we are still on the same path. In just one year of Yemi Cardoso’s tenure as the current central bank governor, the money supply has doubled. The current strategy of raising interest rates to curb inflation has proven ineffective, as the devaluation of the naira has deterred foreign investors, demand for the dollar remains high, and the money supply continues to grow. The central bank must coordinate with fiscal authorities to rein in deficit financing and implement fiscal rules that limit excessive liquidity injections into the economy. Until monetary policy gets its house in order, we can expect Nigeria’s inflation to remain stubborn. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Economy Kenya in talks with Abu Dhabi for $1.5 billion loan Image Source: Arab News In June, Kenya 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. The taxes, which would have brought in $2.7 billion, were dropped after week-long deadly protests. On September 10, the country’s Treasury Secretary announced that the government’s budget deficit had increased to KES767 billion ($5.95 billion) up from $3.7 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. Although the government has promised to reduce budget spending by nearly 2% to KES3.87 trillion ($29.9 billion) in the new fiscal year, it still needs to fill its budget deficit. To do this, the East African country is now in talks with Abu Dhabi for a $1.5 billion loan to help bridge its budget deficit. Talks of the loan deal are still in the preliminary stages and details remain unclear. People familiar with the conversation say the loan will carry an interest rate of about 8.2%. Talks of the $1.5 billion loan package come as Kenya aims to break away from costly commercial debt. The country awaits a delayed $600 million disbursement from the International Monetary Fund. The IMF delayed funding after Kenya failed to meet up with
Read MoreLogistics and payments hiccups throttling Botswana’s e-commerce ambitions
At least five e-commerce startups in Botswana have closed since 2023, with founders citing fractured payments as the leading cause of the shutdowns. Artify Botswana, an online marketplace for visual art, closed shop in early 2024, citing an inability to meet its overhead costs. Artify Botswana found that buyers would visit the site but complete the transaction offline. Because the platform had a commission model, it missed significant revenue due to the offline transactions. “We implemented secure payment systems and verified seller features on the artist profiles to enhance trust,” said co-founder Nonofo Thamage. “[But] the heavy reliance on traditional payment methods such as cash-on-delivery continue to hinder the scalability of e-commerce in Botswana.” According to data from the 2023 Botswana Economy Society report, e-commerce generates over 89% of digital revenues in Botswana. However, e-commerce penetration in the country is still very low, with UN Trade and Development putting it at 5%. South Africa, in comparison, has a penetration rate of 49%. The low uptake of e-commerce and the aforementioned logistics and payment challenges have made it difficult for e-commerce startups to succeed. For other startups like Vaisa, last-mile delivery logistics proved to be a headache. Botswana is a small country in terms of population but relatively big in terms of size. As economic activity is mainly focused in and around the capital city of Gaborone, e-commerce startups looking to service customers beyond Gaborone became stuck. “The best way to handle logistics [in Botswana] is to have an in-house fleet because courier companies would be too expensive,” said Phumulani Makgetho, co-founder of Vaisa. “But having your fleet that can deliver nationwide is another challenge on its own.” In 2021, the Botswana government, in partnership with the UN Trade and Development (UNCTAD), launched the National E-Commerce Strategy. However, three years later, the strategy has failed to bear fruit, and BW Reka, a national e-commerce marketplace launched as part of the strategy, is now defunct. The Ministry of Investments, trade, and Industry did not immediately respond to a request for comments. Addressing the challenges impeding the e-commerce sector in Botswana will require a combined effort from the private and public sectors. “Developing warehousing, distribution, and last-mile delivery systems to reduce operational costs and improve customer experience would make e-commerce more appealing to both businesses and consumers,” said Tavonga Muchuchuti, founder of defunct startup BuyBDub. There is also a need for policies and regulations akin to open banking in fintech, making it easier for e-commerce startups to build e-commerce solutions. According to founders, some of these policies can include government investment in payment infrastructure and logistics, streamlining customs procedures to support export-focused e-commerce platforms, and requiring stringent inventory management like standardized SKUs. Collaboration would go a long way in turning e-commerce’s fortunes in Botswana. With only a population of 2.4 million, Botswana startups must consolidate efforts to address e-commerce challenges, said one founder who preferred anonymity to speak freely. To address the logistics challenge, startups are partnering with local courier companies to move their goods. On the payments front, the government has announced that it is working to implement a national payments switch, which will pave the way for the building of local gateways.
Read MoreSafaricom chair defends $800mn health contract amid conflict of interest fears
The chair of Safaricom, Adil Khawaja, has defended the telco’s involvement in an $800 million government contract to digitise the country’s health systems. This is even as opposition politicians alleged a conflict of interest over his law firm Dentons HHM’s role in the deal. Safaricom, Kenya’s most profitable public company, has spent much of this week promoting the Integrated Healthcare Technology System (IHTS) that it won in a consortium. The Safaricom-led consortium includes Konvergenz Network Solutions and Apeiro Limited, a firm linked to Indian businessman Gautam Adani through an Abu Dhabi-based Holdco. While Khawaja maintains that the project was conceived before he became Safaricom’s board chair, critics and opposition politicians have pointed at his law firm’s representation of Konvergenz and his close relationship with President William Ruto as a potential conflict of interest. “We gave some preliminary advice to Konvergenz. They are a big technology firm that has done many successful large projects. This project was started by former President Uhuru Kenyatta and it is only now that we are seeing its implementation,” Khawaja told Daily Nation, a local daily. Safaricom, which owns a 22.56% stake in the consortium, will provide network support for the project, while Apeiro Limited (59.55%) and Konvergenz (17.89%) will develop the platform. The system will link all health facilities in the country and store medical data. Dentons HHM is also Adani Group’s lawyer in a high court case challenging the Indian conglomerate’s bid for big-ticket projects including the 30-year Jomo Kenyatta International Airport (JKIA) concession and construction of high-voltage transmission lines. Khawaja said his law firm has over 10 years of experience in public-private partnerships (PPPs) which the Kenyan government has resorted to as mounting public debt cut spending on health, new roads, power lines, railways and airports. However, critics have questioned the opacity of the PPP process, arguing that such projects should be subjected to a competitive process. On Sunday, Safaricom CEO, Peter Ndegwa, also defended the project, saying it will help the country strengthen its health systems. This was even as critics questioned the track record of Apeiro Limited and Konvergenz Network Solutions in handling such projects. “We see technology as a tool for empowerment and transformation. This initiative represents a significant step in advancing our ambitions as a purpose-led technology company,” Ndegwa said in a statement.
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👨🏿🚀TechCabal Daily – A Year-in-Review
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy salary day! Here’s an exciting opportunity for crypto innovators! Quidax in partnership with TC Battlefield has launched an exclusive award category to celebrate the most promising and innovative crypto startup in Africa. If you’re solving big problems with cryptocurrency, you stand a chance to win the $15,000 grand prize and other exciting rewards. Applications close next week so apply quickly! Bosun Tijani’s first year as Nigeria’s tech minister Meta’s legal issues in Kenya take a new turn Musk meets Ramaphosa as Starlink’s SA licence stalls Nigeria’s central bank shocks analysts by raising interest rates The World Wide Web3 Events Features Bosun Tijani’s first year as Nigeria’s tech minister Image Source: Adaeze Chukwu/TechCabal. The office of Nigeria’s Minister of Communications, Innovation and Digital Economy, Bosun Tijani, looks pretty much like that of any fashion-forward startup. A sleek waiting area with a conference table smack in the middle, a whiteboard off to the left, and well-dressed employees converging in groups of two and three with MacBooks in hand. Not to worry, this isn’t about Bosun Tijani’s physical office. Instead, we’re here to speak to him about his experience of government having been named minister a little over a year ago. Side note: getting on the very busy schedule of a minister is no small feat. Being one of the most prominent ministers in President Tinubu’s cabinet means two things for Bosun Tijani: high expectations and a lot of scrutiny. It has made it challenging to properly understand his first year in office. How did Nigeria’s tech insider fare in his first year and is there an objective way to help thousands of people arrive at their own conclusions? That’s a question we thought about a lot in June and this week, it has become a living, breathing thing. For the next two weeks, we’re publishing the most exhaustive examination of a minister ever undertaken by a Nigerian publication. On Tuesday, we published the introductory letter from our editor-in-chief, a primer that helps you understand our thinking. By 10 am, we’ll also publish an article on the minister’s goal for bringing high-speed internet to all Nigerians and how that’s faring. Sounds interesting? Start reading here. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Big Tech Meta’s legal issues in East Africa take a new turn Image source: Zikoko memes Meta’s legal challenges in East Africa are far from over. On Tuesday, the social media giant was taken to court in a new lawsuit filed by advocate Mercy Mutemi. Mutemi’s case argues that Facebook can be held accountable in Kenya for its role in promoting harmful content in a two-year conflict in Ethiopia, where over 600,000 people lost their lives in a wave of violence against civilians. Mutemi claims that the platform’s algorithm prioritised and amplified provocative and dangerous posts that made it easier for police forces to target alleged dissidents. Abrham Meareg, the son of a university professor murdered after being targeted by online hate speech on Facebook, and Fisseha Tekle, an Amnesty International employee who reported harassment on the same social media platform, want Facebook held liable for its role during the conflict. On September 20, a Kenyan supreme court ruled in favour of two cases that involved 187 former Facebook content moderators who claim that they were unjustly terminated by Sama, a third-party service provider hired by Meta. The ex-workers, represented by Mutemi, are seeking $1.6 billion in compensation. The ruling sets a precedent that could strengthen the current case against Meta in Ethiopia. Meta’s alleged failure to fix rogue algorithmic recommendations on its platform has led to deadly consequences in East Africa. Lawsuits and pressure from human rights organisations, including Amnesty International and Katiba Institution, are compelling Meta for accountability and change. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Internet Elon Musk meets South Africa’s Ramaphosa as Starlink licence stalls Image Source: MyBroadBand A week after President Cyril Ramaphosa confirmed Elon Musk’s SpaceX was in talks with the South African government about securing a licence for Starlink, the pair met again yesterday at the ongoing UN General Assembly in New York. In a brief press engagement after the closed-door meeting, Ramaphosa said it was a “good meeting,” offering a sliver of hope to South Africans waiting for Starlink’s low-earth orbit internet service. Despite launching in neighbouring countries including Botswana, Zambia and Zimbabwe, Starlink is yet to be available in South Africa. In early September, after Starlink launched in Zimbabwe, Musk posted on X, stating that the service was waiting for licence approval from South Africa’s regulator, the Independent Communications Authority of South Africa (ICASA). However, in a later media engagement, ICASA chairman Mothibi Ramusi confirmed that Starlink had not yet submitted any application. Starlink’s licensing troubles in South Africa and Elon Musk’s courting of President Ramaphosa bear semblance to how the service got licences in Zimbabwe and Botswana. In both countries, the licensing process had dragged on for more than a year as regulators pushed back with stringent requirements for the service. However, following Starlink executives’ engagement with President Emerson Mnangagwa of Zimbabwe and President Mokgweetsi Masisi of Botswana, the service was swiftly given licensing and subsequently launched in both countries. Since ICASA is seemingly not budging on its requirements, Musk will be hoping to work the same magic with President Ramaphosa to bring Starlink to Africa’s most industrialised economy. Introducing Pay with Pocket on Paystack Checkout Paystack merchants
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One year in, Bosun Tijani’s critics still struggle to see his vision
Bosun Tijani rates himself highly in his first year as minister of communication, innovation, and digital economy. Is his vision for Nigeria’s digital future resonating? After being declared the winner of a contentious presidential election, Bola Tinubu was tasked with winning over a demographic that appeared to have powered the Peter Obi candidacy. As permutations emerged around Tinubu’s cabinet, early feelers suggested he would appoint a “tech insider” to the Ministry of Communications, Innovation, and Digital Economy. It was the only sliver of excitement around a cabinet stacked with party loyalists. Nigeria’s technology ecosystem, on a growth tear for the last two decades, has the magic touch. Paystack, a payments company started by two twenty-something-year-old founders, sold to Stripe for $200 million in 2020, and by 2021, foreign venture funding was flowing into the country at a record pace. Appointing an ecosystem insider would force technology leaders, some of whom have large public followings and are celebrities, to root for Tinubu, albeit grudgingly. In August 2023, Bosun Tijani, founder of CCHub, an influential tech accelerator to which many early Nigerian startups trace their roots, was named minister. Even to those outside the tech ecosystem, he was a familiar name. At CCHub, he hosted Meta’s Mark Zuckerberg in 2016 and Twitter’s Jack Dorsey in 2019. He also maintained an active Twitter account with opinions that earned him unusual scrutiny during his ministerial screening. Controversy over his tweets almost derailed his nomination as party leaders believed an avowed Tinubu critic did not deserve to reap where he did not sow. Nevertheless, Tijani’s strong track record helped him navigate the ruckus. It may also have encouraged some ecosystem leaders, who were vocal during a polarising election, to support him. That support was not unanimous. Some believed joining a controversial politician like Tinubu was wrong and thought that instead of changing the system, the system would change Tijani. Such an ideological divide meant Tijani needed to hit the ground running. Weeks after his appointment, he shared the broad contours of what his ministry hoped to achieve. “It is our shared vision, ambition, and commitment that will drive us towards a Nigeria that not only embraces the digital age but leads it,” writes Tijani in that document. “Let us rise together and seize this moment in our history to shape a future that we can all be proud of.” The plan identified six pivotal areas: increasing internet access nationwide by laying 95,000km of fibre-optic cable, reimagining the Nigerian Postal Service (NIPOST) through a public-private partnership, setting up OneGov, a one-stop shop for all government services, and investing in innovation hubs across the country. At the Big Cabal Media’s Moonshot by TechCabal conference in October 2023, Tijani shared a plan to train and place 3 million technical talents (3MTT) over the next four years. It is the vehicle through which the Tinubu administration aims to create 1 million tech jobs. There’s a personal element to that ambition: CCHub, the accelerator Tijani founded, is credited with being ground zero for the country’s tech ecosystem. Andela, BudgIT, and a roll-call of prestigious startups can trace their roots to CCHub. It seeded the belief that lowering the barrier to entry to technology and giving millions of people tech skills can be a big game-changer. Ultimately, Tijani believes 3MTT will be his legacy. One year passes quickly In August 2024, Bosun Tijani marked his first year in office, and it can be challenging to assess arguably Nigeria’s most prominent minister fairly. Opinions about the minister are intense, even when they may not always be accurate, and it is sometimes unclear if his critics care about his plans. While the minister believes he should be praised for their communication—his office shares a weekly summary of his activities and position papers on their policies—it is doubtful if his messages resonate. As Nigeria faces its worst cost-of-living crisis in decades, many people consider long-term plans that don’t immediately lower food prices frivolous. His plan to produce an artificial intelligence strategy was mocked on social media. The consensus was that Nigeria, which still struggles with electricity supply, should not waste its time on AI. The decision to open a startup house in San Francisco also met similar derision from X, a platform on which he would have hoped to find some joy because it’s youthful and tech-savvy—a constituency that has historically been his. The minister—who says he no longer uses X—is hyper-aware of the criticism and doesn’t hide his disappointment. He believes his critics have not taken the time to understand his plans and policies. Yet, if social media feedback—which may sometimes amplify the negative—can be dismissed as ignorant, Bosun Tijani has also struggled to keep tech ecosystem leaders in his corner. The tech insiders with government links who championed his emergence as minister appeared to break ranks with him briefly. While many are happy to share neutral quotes on the record, privately, they’re critical and accuse the minister of being inaccessible. A private meeting with some of those leaders in July was a way to begin fixing that wobbly bridge. Months after that meeting, Tijani’s frustration remains raw. A few critics say the frustration is mutual and believe Abuja has transformed Tijani from master executor to run-of-the-mill politician. In this way, Tijani’s disappointment is that the public may not agree with his positive self-appraisal. Hearing him tell it, he has communicated, outlined plans, shared milestones, delivered all he promised in year one, and is firmly on the way to joining a tiny circle of private-sector figures who have excelled in public office. So, in conversation, he invites you to see the big picture, not just the reflexive pushback he sometimes receives from a vocal minority. It’s too early to speak about legacy, but he’s sure he’ll be remembered fondly when he leaves office. That’s his verdict. How do you objectively unpack and critique the first year of a minister widely acknowledged as the perfect fit for his portfolio? We’ll scrutinise his policies
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Kenyan court to rule on jurisdiction in Facebook algorithm case over Ethiopia violence
A Kenyan High Court will hear a case against Meta, Facebook’s parent company, brought by two Ethiopian citizens and a Kenyan civil society organisation, The Katiba Institute, on Tuesday. The plaintiffs, Abraham Meareg, Fisseha Tekle, and The Katiba Institute, are alleging Meta promoted content that led to ethnic violence and killings during the armed conflict in northern Ethiopia from November 2020 to November 2022. “This morning, the High Court will hear arguments on whether it has jurisdiction to hear a case challenging the Facebook algorithm for allowing and promoting unlawful content,” Mercy Mutemi of Nzili and Sumbi Advocates, who represents the two Ethiopian petitioners, said on Tuesday. Abrham Meareg, whose father was killed on November 2021 after hate posts targeting him appeared on Facebook, and Fisseha Tekle, an Amnesty International employee facing online threats, joined Katiba Institute in suing Meta. They claim Facebook’s algorithms promoted harmful content, contributing to human rights abuses. Kenya’s Supreme Court’s ruling on Meta’s liability for the actions of its former content moderators in Kenya could potentially be relevant to the ongoing case against Meta in the Kenyan High Court. On September 20, the Supreme Court’s ruling established a precedent that could strengthen the petitioners’ case against Meta in the High Court. The ruling determined that foreign companies like Meta can be held accountable for their actions in Kenya, even if those actions were carried out through third-party contractors. However, the ruling may not directly apply to the case’s specific facts against Meta. The High Court will need to consider the case’s unique circumstances, including the nature of the alleged human rights violations and the role that Meta’s algorithmic recommendation systems played in promoting harmful content, a human rights advocate told TechCabal. African tech leaders and global players will be at Moonshot by TechCabal. You can get tickets here. International Ticket Moonshot
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SASSA October 2024 payment dates
The South African Social Security Agency (SASSA) has released the payment schedule for October 2024. In October, beneficiaries of the various grants will receive their payments on different dates. Older Persons’ grants The SASSA payment date for older persons’ grants is for 2nd October 2024. SASSA ensures that senior citizens, many of whom rely heavily on these funds, will have access to their grants on the first working day of the month. Beneficiaries can collect their payments at ATMs or participating retail stores. Disability grants Beneficiaries receiving the SASSA disability grants will get it on 3rd October 2024. This is the day following the payments for older persons. These grants support those living with disabilities, offering financial aid to improve their quality of life. Children’s grants Payments for children’s grants will be available from 4th October 2024. This grant includes the Child Support Grant, Foster Child Grant, and Care Dependency Grant. Families and caregivers can rely on these funds for the essential needs of children. Important reminders regarding the SASSA October 2024 payment Payment dates: October payments begin on 2nd October for older persons, 3rd October for disability grants, and 4th October for children’s grants. Access to funds: Payments can be accessed at various pay points, including ATMs and retail stores. Ensure you have the correct banking details linked to your SASSA account. Use funds wisely: Recipients are encouraged to manage their funds carefully, especially in these difficult economic times. Final thoughts on SASSA October 2024 payment dates and how to prepare 1. Check your balance before visiting the ATM or retail store to avoid unnecessary trips. 2. Update your contact information with SASSA if you have moved or changed your phone number. 3. Keep your SASSA card safe to avoid fraud or loss. The October 2024 payment schedule is a critical reminder for all beneficiaries to plan and make necessary preparations in advance to access their social grants without delay.
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👨🏿🚀TechCabal Daily – Double Double
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning If you’re looking to give your team a competitive advantage, Moonshot is offering a 30% discount for teams and groups. Moonshot 2024 provides valuable content to foster team growth and innovation. Your team members can engage in workshops focused on accelerating startup growth, participate in panel discussions about building elite teams, and attend additional sessions offering strategic insights to help achieve international development goals. Save a row for your team at Moonshot and get a 30% discount on 5 or more tickets. Last-mile delivery companies raise prices by 23% Safaricom doubles internet speed Kenya could’ve saved $220 million in Adani deal The World Wide Web3 Opportunities Logistics Last-mile delivery companies raise prices by 23% Image Source: Google After the 40% fuel price hike that rocked Nigeria on September 3, businesses heavily dependent on fuel were always going to react. One after the other, they’ve been adjusting to the new cost of doing business. Our first report looked at the gig economy where drivers asked customers to pay more or cancel their rides. Food delivery companies got creative, offering their riders incentives to avoid passing on some costs to customers. Yet, last-mile delivery companies are doing the hard thing: raising prices to stay afloat. They are able to do this because, unlike ride-hailing apps and food delivery companies, they do not operate two-sided businesses. Fez Delivery, for instance, said it will raise its base price from ₦2,500 ($1.55) to ₦3,075 ($1.9), a 23% increase for small packages. At least four last-mile delivery services told TechCabal that they have either raised prices or plan to raise them. Businesses that rely on them will likely pass on the increased costs to end-users. However, last-mile delivery companies that compete on price alone will struggle. Customers will simply choose the cheaper option and this could well lead to a pricing war. When there’s a pricing war, customers are clear winners—unless these companies do better to retain them on something other than pricing. Will these trade-offs come back to bite? Only time will tell. For now, these last-mile delivery businesses only want to survive. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Internet Safaricom doubles internet speed Image source: TechCabal Since Starlink began gaining popularity in Kenya, Safaricom, the country’s biggest telecom has responded in a number of ways. Safaricom first responded by asking the Communications Authority (CA) to stop granting licences to independent licences to satellite internet providers like Starlink. Safaricom argued that granting satellite providers independent licences could lead to illegal service provision, disrupt existing mobile networks, and pose a threat to national security. While the regulator waits to decide on Safaricom’s claim, the telecom has responded by doubling the speed of its fibre internet packages. Safaricom has now upgraded its 10 megabits per second (MBPS) connection to 15 MBPS at KES 3,000 ($23). Customers on the 20 MBPS plan now have a 30 Mbps connection, while those on the 40 MBPS plan will now enjoy up to 80 MBPS. However, these changes still dwarf Starlink’s offering to users. Starlink offers cheaper subscription plans and stronger internet connectivity to these users. The satellite ISP offers internet speed of 150Mbps for standard plan and 220 MBPS with its priority plan to Kenyan users at a cheaper fee. Users can get a 17 GB for $15 on Safaricom, while Starlink offers a 50GB bundle for $10. Although Safaricom dominates the Kenyan market with a 66% share, Starlink’s growing popularity poses a serious threat. While Starlink’s internet speeds are superior, the cost of purchasing its equipment remains a barrier for some users. But it is hoping to win over users through borrowing the kit for $15 monthly. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Companies Feasibility report shows Kenya could’ve saved $220 million in Adani deal It’s been widely reported that the Jomo Kenyatta International Airport (JKIA) lease deal between the Kenyan government and India’s Adani Group is getting a lot of flak. First, the deal got temporarily suspended on September 10, after human rights advocates petitioned the high court. The Law Society of Kenya (LSK) and the Kenya Human Rights Commission (KHRC) argued that the funds needed could be raised without a multi-decade leasing contract. “The Adani proposal is unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk and offers no value for money to the taxpayer,” they said. Second, thousands of aviation union workers came out en masse to enforce a six-hour strike action that grounded all flight activities on September 11. The deal would have allowed Adani to finance JKIA renovations with $1.85 billion and run the airport for 30 years, starting in November. But the chances of the deal going through could become bleaker after a feasibility report commissioned by the Kenya Airports Authority (KAA) showed a cheaper option for upgrading the airport. This study, conducted by consultancy firm ALG, projected a 30-year upgrade and maintenance plan costing KES 211 billion ($1.63 billion). ALG’s report suggested a competitive bidding process for different local private bidders to handle different aspects of the project. This could’ve saved some money. However, the government ignored ALG’s recommendations and hurriedly gave the contract to Adani 17 days after a proposal came in on March 1, without allowing other companies to bid. That leaves one question: was this a case of favouritism by the government for Adani? The answer is not clear, but this will
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Breaking: Safaricom offers improved internet speed in response to Starlink’s growing popularity
Safaricom, Kenya’s leading mobile operator, has doubled the speed of its fibre internet packages in response to Starlink’s growing presence in Kenya’s broadband market. The 10 megabits per second (Mbps) connection has now been upgraded to 15 Mbps at KES 3,000 ($23). Customers on the 20 Mbps plan now have a 30 Mbps connection, while those on the 40 Mbps plan have doubled their speeds to 80 Mbps. The 100 Mbps package has been increased fivefold to 500 Mbps for KES 12,500 ($97). Safaricom is also the first internet service provider (ISP) to offer gigabit speeds (1 Gbps) for KES 20,000 ($155). Safaricom has introduced a family share plan, a bundled package combining mobile voice, data, SMS, and home internet into a single package. This plan can be shared with up to five family members and offers a discount of up to 20% compared to purchasing individual plans. “We have enhanced our Home Internet speeds to meet the increasing demand and usage, providing reliable connectivity and enhanced value for our customers,” Safaricom CEO Peter Ndegwa said on Monday in a statement seen by TechCabal. Safaricom plans to conduct estate clinics, increase capacity in congested areas, and offer 4G and 5G options for homes outside fibre coverage. Businesses will also benefit from dedicated internet plans, ranging from a 15 Mbps shared option for micro companies to a 100 Mbps shared plan for growing enterprises. These changes directly respond to Starlink’s entry into the Kenyan market in June 2023. By June 2024, Starlink had registered over 4,000 customers. Starlink speeds can reach up to 200 Mbps and cost KES 6,500 ($50). It also launched a 50 GB package for KES 1,300 and a rental option for customers who cannot afford to purchase the Starlink kit, priced at KES 45,000. On July 15, Safaricom asked the Communications Authority (CA) to block independent satellite internet providers with operations in other countries, including Starlink. The regulator supported Safaricom’s position saying the operator was right to raise concerns. African tech leaders and global players will be at Moonshot by TechCabal. You can get tickets here.
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