Zimbabwe to introduce gold-backed digital currency
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), is reportedly looking to introduce a gold-backed digital currency to be used as legal tender in the country. The introduction of the digital gold tokens is part of the government’s interventions to deal with the country’s fluctuating currency and represents the first steps towards using the country’s gold reserves to peg the national currency, the Zimbabwean dollar. When introduced, the tokens will be exchangeable for small amounts of Zimbabwean dollars. Holders can exchange their money for the tokens in order to store value and shield themselves from exchange rate volatility. According to Dr. John Mangudya, governor of the RBZ, the current currency volatility is caused by “the expectations of increased foreign currency supply in the market when the tobacco marketing season opened.” The new digital currency will complement the Mosi-oa-Tunya coins introduced in 2022 and will act as the digital representation of the gold coins. With it, the country hopes to have more citizens buy into its gold industry and fight the redundancy of its currency. “What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value and we are addressing this demand by increasing the number of gold coins in the market,” Mangudya concluded.
Read MoreNavigating crisis communications in the wake of the SVB crash: A guide for African tech startups
PR for African Startups is a monthly column contributed to TechCabal by Claudine Moore, an award-winning global PR leader specialising in Africa-focused PR and communications across multiple sectors, including tech. She is the managing partner, Africa, Allison+Partners, and founder and former CEO of C. Moore Media International Public Relations. She also founded the The Future is Female Mentorship Program, the first and only PR and communications initiative dedicated to African female tech founders. You can follow Claudine on Twitter @ClaudineMoore. A month ago Silicon Valley Bank (SVB) became the second-largest bank failure in American history and it sent shockwaves throughout the global tech ecosystem, with African tech startups facing significant repercussions. The collapse of SVB yet again highlights the importance of having an effective, up-to-date and easy-to-mobilise crisis communications strategy and plan in place. This month’s post will delve into the African tech startups implicated in the crash, analyse their public statements, and identify valuable best practices and lessons from other organisations. Over the past few years, the SVB has invested in more than 50 African companies, with Andela, Chipper Cash, and Paystack being among the most high-profile of them. The crash, triggered by a series of risky investments and regulatory issues, has left these companies grappling with the challenge of handling the crisis while preserving their brand reputation. In response, the affected African tech startups have issued public statements reflecting varying degrees of transparency and proactivity. For example, Chipper Cash, valued at more than $1 billion, put out a statement reassuring stakeholders that the SVB crash has no impact on its business. It is worth mentioning that SVB’s investment arm led a $100 million round in Chipper in 2021. Conversely, Andela’s silence on the matter may negatively impact its reputation in the long run, as stakeholders expect companies to communicate during challenging times. By examining how other organisations have managed similar situations, African tech startups can glean crucial PR and communication insights, such as: Transparency and proactivity: In a crisis, companies must acknowledge the situation and reassure stakeholders. Transparent and proactive communication fosters trust and credibility, helping to mitigate any damage to the company’s reputation. Failure to do so can, and often does, lead to both short- and long-term damage to the company’s image. Stakeholders are your top priority: Effective crisis communications entails addressing the concerns of all stakeholders—employees, customers, investors, and regulators—thereby maintaining their confidence and ensuring they remain informed and up to date about the steps being taken to tackle the crisis. Have a crisis communications plan ready: While every crisis has a unique set of circumstances and therefore requires a very specific strategic response, a thorough crisis communication plan enables startups to respond swiftly to unexpected events. This plan should go as far as delineating the roles and responsibilities of key personnel, communication channels, and critical messages to convey. Sustain PR efforts amid economic downturns: Crises like the SVB crash accentuate the importance of maintaining PR efforts even during difficult times. Companies that persevered with their PR initiatives during an economic downturn recover more swiftly and often experience greater growth than those that scaled back on PR. The SVB crash offers a compelling reminder for African tech startups to prioritise crisis communications and assimilate best practices from other organisations. By doing so, they can more effectively navigate future challenges and safeguard their reputation, which is vital for their long-term success. Regardless of the size of your organisation, in today’s 24-hour news cycle, in a climate where reputation and integrity in business is everything, transparency is a requirement and Environment, Social and Governance (ESG) continues to be of growing importance in business across sectors and regions, an effective, easy-to-mobile crisis plan is a must. If you are a growing organisation that has already secured significant investment and are on the eve of expansion, an even more detailed plan is critical, in addition to this plan being executed by a team with real tried and tested extensive experience.
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👨🏿🚀TechCabal Daily – Zimbabwe’s gold lining
Lire en français Read this email in French. 25 APRIL, 2023 IN PARTNERSHIP WITH Happy salary day Elon Musk is conscripting every celebrity into his Twitter Blue marketing strategy—even deceased ones. Over the past couple of days, celebrities have taken to Twitter to denounce their blue ticks subscriptions to Twitter Blue. Now, several deceased celebrities like Michael Jackson, Chadwick Boseman, and even journalist Jamal Khashoggi whose account has been inactive since he was murdered in 2018, are now subscribed to Twitter Blue. In today’s edition Zimbabwe plans for gold-backed digital currency Sudan throttles its internet Nigeria’s population commission denies hacking Naivas suffers ransomware attack The World Wide Web3 Opportunities ZIMBABWE PLANS FOR GOLD-BACKED DIGITAL CURRENCY Zimbabwe is joining the digital currency revolution market. This week, the Reserve Bank of Zimbabwe (RSV)—the country’s apex bank—announced plans to introduce a gold-backed digital currency. According to the bank, the digital currency, which will be tied to the price of gold, will help Zimbabweans shore up against the country’s ever-increasing inflation rate. Calming hyperinflation: From the 1980s till 2009, Zimbabwe suffered from hyperinflation due to poor economic programmes by its government. In 2009, the government replaced the useless Zimbabwean dollar—with $1 USD worth Z$2,621,984,228,675,650,147,435,579,309,984,228—with the US dollar, and inflation was stalled. By 2018, though, the government reintroduced the Zimbabwean dollar which again lost relevance quickly as more citizens hoarded US dollars, believing that the government would print more cash to shore up its budget, and make the currency worthless. Inflation surged to a staggering 255% in 2019, doubled to 558% by 2020, by another 98% in 2021, and finally jumped to 285% in 2022. The silver gold lining: This isn’t Zimbabwe’s first gold-plated solution to its inflation problem, though. The gold-producing nation introduced literal gold coins—Mosi-oa-Tunya—last year which are worth the market price of gold. Its new digital currency will complement the Mosi-oa-Tunya by being the digital representation of the gold coins. With it, the country hopes to have more citizens buy into its gold industry and fight the redundancy of its currency. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SUDAN THROTTLES ITS INTERNET The crisis in Sudan is getting worse with reports of internet shutdown across the country. On Sunday, cybersecurity firm NetBlocks confirmed that internet connectivity in Sudan had dropped to 2%, down from its usual 40%. Since then, the internet has been slowly restored to some areas. What’s happening in Sudan: Over the past seven days, two army generals have unleashed military forces in a jostle for power. In 2019, Lt Gen Abdel Fattah al-Burhan, the commander of the military, and Lt Gen Mohamed Hamdan Dagalo, who leads the Rapid Support Forces (RSF), ousted Sudan’s dictator Omar al-Bashir. In 2021, the duo again toppled a civilian government of prime minister Abdallah Hamdok and prevented a transition to civilian rule. Since then, international organisations—via threats of sanctions—have pressured the duo to hand over power for civilian rule, and the pressure finally erupted into conflict as former lovers turned enemies. Both military leaders began to use their armies against each other, leaving thousands displaced and hundreds dead. A history of shutdowns: Internet shutdowns aren’t new in Sudan. Its first shutdown, during the 2019 coup, lasted 36 days. It subsequently had at least three other shutdowns since then including an 8-hour shutdown after last year’s coup. NIGERIA’S POPULATION COMMISSION DENIES HACKING Nigeria is set to count sheep its people in May, but its census agency might hiding some skeletons. Earlier this month, a staff member of the Nigeria Population Commission (NPC) claimed that the Commission’s servers had been hacked. Per the staff, the hack is one of the reasons why the Commission postponed training for the enumerators and supervisors who will be in charge of conducting Nigeria’s first census in almost two decades. NPC counts it a lie: In a response shared yesterday, the Commission denied all allegations of a hack, assuring Nigerians of the safety of their data. According to director of public affairs, Isiaka Yahaya, the Commission is “committed to upholding the highest standards of data protection and maintaining the trust placed in us by the Nigerian population”. This isn’t the first hacking news the NPC has been implicated in, though. Last year, it announced that it had foiled a hacking attempt during its recruitment exercise. An expensive hack exercise: Tensions rose after the hacking allegation, with some agencies calling for another postponement of the census. Nigeria is reportedly spending $385 million for its digital census exercise, which is set to commence by May 3. The country is getting some pretty expensive tech, with $184 million alone being spent on Personal Digital Assistants (PDAs) for the census. With so much money being spent on tech, it’s expected that the Nigerian government will take cybersecurity for this exercise seriously. Nigerians aren’t holding their breath, though; their government spent $663 million on faulty tech for a recently-concluded election. EXPLORE FINTECH WITH TEMPLARS Join African law firm TEMPLARS and international law firm Clifford Chance for their tech roundtable Perspectives on Fintech in Ghana. Explore the latest fintech trends with global investors, policymakers, and leaders. Register now for insightful discussions and networking. This is partner content. NAIVAS SUFFERS RANSOMWARE ATTACK Speaking of hacking, Kenya’s biggest online retailer Naivas announced yesterday that it had suffered a ransomware attack. Per chief commercial officer Willy Kimani, the hack may have exposed some of the company’s data. “Naivas regrets to announce that alongside many corporates and organisations in and outside Kenya, we have been the victims of a ransomware attack by an online criminal organisation. This unlawful intrusion may have compromised some of our data,” Kimani’s statement read. The company also stated that the perpetrators of the cybercrime are threatening to publish the stolen data. Naivas, however,
Read More👨🏿🚀TechCabal Daily – Zimbabwe’s gold lining
Lire en français Read this email in French. 25 APRIL, 2023 IN PARTNERSHIP WITH Happy salary day Elon Musk is conscripting every celebrity into his Twitter Blue marketing strategy—even deceased ones. Over the past couple of days, celebrities have taken to Twitter to denounce their blue ticks subscriptions to Twitter Blue. Now, several deceased celebrities like Michael Jackson, Chadwick Boseman, and even journalist Jamal Khashoggi whose account has been inactive since he was murdered in 2018, are now subscribed to Twitter Blue. In today’s edition Zimbabwe plans for gold-backed digital currency Sudan throttles its internet Nigeria’s population commission denies hacking Naivas suffers ransomware attack The World Wide Web3 Opportunities ZIMBABWE PLANS FOR GOLD-BACKED DIGITAL CURRENCY Zimbabwe is joining the digital currency revolution market. This week, the Reserve Bank of Zimbabwe (RSV)—the country’s apex bank—announced plans to introduce a gold-backed digital currency. According to the bank, the digital currency, which will be tied to the price of gold, will help Zimbabweans shore up against the country’s ever-increasing inflation rate. Calming hyperinflation: From the 1980s till 2009, Zimbabwe suffered from hyperinflation due to poor economic programmes by its government. In 2009, the government replaced the useless Zimbabwean dollar—with $1 USD worth Z$2,621,984,228,675,650,147,435,579,309,984,228—with the US dollar, and inflation was stalled. By 2018, though, the government reintroduced the Zimbabwean dollar which again lost relevance quickly as more citizens hoarded US dollars, believing that the government would print more cash to shore up its budget, and make the currency worthless. Inflation surged to a staggering 255% in 2019, doubled to 558% by 2020, by another 98% in 2021, and finally jumped to 285% in 2022. The silver gold lining: This isn’t Zimbabwe’s first gold-plated solution to its inflation problem, though. The gold-producing nation introduced literal gold coins—Mosi-oa-Tunya—last year which are worth the market price of gold. Its new digital currency will complement the Mosi-oa-Tunya by being the digital representation of the gold coins. With it, the country hopes to have more citizens buy into its gold industry and fight the redundancy of its currency. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SUDAN THROTTLES ITS INTERNET The crisis in Sudan is getting worse with reports of internet shutdown across the country. On Sunday, cybersecurity firm NetBlocks confirmed that internet connectivity in Sudan had dropped to 2%, down from its usual 40%. Since then, the internet has been slowly restored to some areas. What’s happening in Sudan: Over the past seven days, two army generals have unleashed military forces in a jostle for power. In 2019, Lt Gen Abdel Fattah al-Burhan, the commander of the military, and Lt Gen Mohamed Hamdan Dagalo, who leads the Rapid Support Forces (RSF), ousted Sudan’s dictator Omar al-Bashir. In 2021, the duo again toppled a civilian government of prime minister Abdallah Hamdok and prevented a transition to civilian rule. Since then, international organisations—via threats of sanctions—have pressured the duo to hand over power for civilian rule, and the pressure finally erupted into conflict as former lovers turned enemies. Both military leaders began to use their armies against each other, leaving thousands displaced and hundreds dead. A history of shutdowns: Internet shutdowns aren’t new in Sudan. Its first shutdown, during the 2019 coup, lasted 36 days. It subsequently had at least three other shutdowns since then including an 8-hour shutdown after last year’s coup. NIGERIA’S POPULATION COMMISSION DENIES HACKING Nigeria is set to count sheep its people in May, but its census agency might hiding some skeletons. Earlier this month, a staff member of the Nigeria Population Commission (NPC) claimed that the Commission’s servers had been hacked. Per the staff, the hack is one of the reasons why the Commission postponed training for the enumerators and supervisors who will be in charge of conducting Nigeria’s first census in almost two decades. NPC counts it a lie: In a response shared yesterday, the Commission denied all allegations of a hack, assuring Nigerians of the safety of their data. According to director of public affairs, Isiaka Yahaya, the Commission is “committed to upholding the highest standards of data protection and maintaining the trust placed in us by the Nigerian population”. This isn’t the first hacking news the NPC has been implicated in, though. Last year, it announced that it had foiled a hacking attempt during its recruitment exercise. An expensive hack exercise: Tensions rose after the hacking allegation, with some agencies calling for another postponement of the census. Nigeria is reportedly spending $385 million for its digital census exercise, which is set to commence by May 3. The country is getting some pretty expensive tech, with $184 million alone being spent on Personal Digital Assistants (PDAs) for the census. With so much money being spent on tech, it’s expected that the Nigerian government will take cybersecurity for this exercise seriously. Nigerians aren’t holding their breath, though; their government spent $663 million on faulty tech for a recently-concluded election. EXPLORE FINTECH WITH TEMPLARS Join African law firm TEMPLARS and international law firm Clifford Chance for their tech roundtable Perspectives on Fintech in Ghana. Explore the latest fintech trends with global investors, policymakers, and leaders. Register now for insightful discussions and networking. This is partner content. NAIVAS SUFFERS RANSOMWARE ATTACK Speaking of hacking, Kenya’s biggest online retailer Naivas announced yesterday that it had suffered a ransomware attack. Per chief commercial officer Willy Kimani, the hack may have exposed some of the company’s data. “Naivas regrets to announce that alongside many corporates and organisations in and outside Kenya, we have been the victims of a ransomware attack by an online criminal organisation. This unlawful intrusion may have compromised some of our data,” Kimani’s statement read. The company also stated that the perpetrators of the cybercrime are threatening to publish the stolen data. Naivas, however,
Read More👨🏿🚀TechCabal Daily – Zimbabwe’s gold lining
Lire en français Read this email in French. 25 APRIL, 2023 IN PARTNERSHIP WITH Happy salary day Elon Musk is conscripting every celebrity into his Twitter Blue marketing strategy—even deceased ones. Over the past couple of days, celebrities have taken to Twitter to denounce their blue ticks subscriptions to Twitter Blue. Now, several deceased celebrities like Michael Jackson, Chadwick Boseman, and even journalist Jamal Khashoggi whose account has been inactive since he was murdered in 2018, are now subscribed to Twitter Blue. In today’s edition Zimbabwe plans for gold-backed digital currency Sudan throttles its internet Nigeria’s population commission denies hacking Naivas suffers ransomware attack The World Wide Web3 Opportunities ZIMBABWE PLANS FOR GOLD-BACKED DIGITAL CURRENCY Zimbabwe is joining the digital currency revolution market. This week, the Reserve Bank of Zimbabwe (RSV)—the country’s apex bank—announced plans to introduce a gold-backed digital currency. According to the bank, the digital currency, which will be tied to the price of gold, will help Zimbabweans shore up against the country’s ever-increasing inflation rate. Calming hyperinflation: From the 1980s till 2009, Zimbabwe suffered from hyperinflation due to poor economic programmes by its government. In 2009, the government replaced the useless Zimbabwean dollar—with $1 USD worth Z$2,621,984,228,675,650,147,435,579,309,984,228—with the US dollar, and inflation was stalled. By 2018, though, the government reintroduced the Zimbabwean dollar which again lost relevance quickly as more citizens hoarded US dollars, believing that the government would print more cash to shore up its budget, and make the currency worthless. Inflation surged to a staggering 255% in 2019, doubled to 558% by 2020, by another 98% in 2021, and finally jumped to 285% in 2022. The silver gold lining: This isn’t Zimbabwe’s first gold-plated solution to its inflation problem, though. The gold-producing nation introduced literal gold coins—Mosi-oa-Tunya—last year which are worth the market price of gold. Its new digital currency will complement the Mosi-oa-Tunya by being the digital representation of the gold coins. With it, the country hopes to have more citizens buy into its gold industry and fight the redundancy of its currency. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SUDAN THROTTLES ITS INTERNET The crisis in Sudan is getting worse with reports of internet shutdown across the country. On Sunday, cybersecurity firm NetBlocks confirmed that internet connectivity in Sudan had dropped to 2%, down from its usual 40%. Since then, the internet has been slowly restored to some areas. What’s happening in Sudan: Over the past seven days, two army generals have unleashed military forces in a jostle for power. In 2019, Lt Gen Abdel Fattah al-Burhan, the commander of the military, and Lt Gen Mohamed Hamdan Dagalo, who leads the Rapid Support Forces (RSF), ousted Sudan’s dictator Omar al-Bashir. In 2021, the duo again toppled a civilian government of prime minister Abdallah Hamdok and prevented a transition to civilian rule. Since then, international organisations—via threats of sanctions—have pressured the duo to hand over power for civilian rule, and the pressure finally erupted into conflict as former lovers turned enemies. Both military leaders began to use their armies against each other, leaving thousands displaced and hundreds dead. A history of shutdowns: Internet shutdowns aren’t new in Sudan. Its first shutdown, during the 2019 coup, lasted 36 days. It subsequently had at least three other shutdowns since then including an 8-hour shutdown after last year’s coup. NIGERIA’S POPULATION COMMISSION DENIES HACKING Nigeria is set to count sheep its people in May, but its census agency might hiding some skeletons. Earlier this month, a staff member of the Nigeria Population Commission (NPC) claimed that the Commission’s servers had been hacked. Per the staff, the hack is one of the reasons why the Commission postponed training for the enumerators and supervisors who will be in charge of conducting Nigeria’s first census in almost two decades. NPC counts it a lie: In a response shared yesterday, the Commission denied all allegations of a hack, assuring Nigerians of the safety of their data. According to director of public affairs, Isiaka Yahaya, the Commission is “committed to upholding the highest standards of data protection and maintaining the trust placed in us by the Nigerian population”. This isn’t the first hacking news the NPC has been implicated in, though. Last year, it announced that it had foiled a hacking attempt during its recruitment exercise. An expensive hack exercise: Tensions rose after the hacking allegation, with some agencies calling for another postponement of the census. Nigeria is reportedly spending $385 million for its digital census exercise, which is set to commence by May 3. The country is getting some pretty expensive tech, with $184 million alone being spent on Personal Digital Assistants (PDAs) for the census. With so much money being spent on tech, it’s expected that the Nigerian government will take cybersecurity for this exercise seriously. Nigerians aren’t holding their breath, though; their government spent $663 million on faulty tech for a recently-concluded election. EXPLORE FINTECH WITH TEMPLARS Join African law firm TEMPLARS and international law firm Clifford Chance for their tech roundtable Perspectives on Fintech in Ghana. Explore the latest fintech trends with global investors, policymakers, and leaders. Register now for insightful discussions and networking. This is partner content. NAIVAS SUFFERS RANSOMWARE ATTACK Speaking of hacking, Kenya’s biggest online retailer Naivas announced yesterday that it had suffered a ransomware attack. Per chief commercial officer Willy Kimani, the hack may have exposed some of the company’s data. “Naivas regrets to announce that alongside many corporates and organisations in and outside Kenya, we have been the victims of a ransomware attack by an online criminal organisation. This unlawful intrusion may have compromised some of our data,” Kimani’s statement read. The company also stated that the perpetrators of the cybercrime are threatening to publish the stolen data. Naivas, however,
Read More
This Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
The rise in popularity of OpenAI’s conversational AI chatbot, ChatGPT, has seen the entrance into mainstream culture of consumer facing AI tools. DALL-E, Midjourney and Stable Diffusion are some other popular tools. In Africa, however, innovation around generative AI products has not become apparent. This does not mean that there is no activity in the AI space on the continent. Seipone.ai is a Botswana based AI startup which is building an enterprise software-as-a-service product which seeks to revolutionise the way brands understand their customers. Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal. “We started in 2018 building ad hoc and bespoke software solutions mainly in the insurance space for sales and operational teams to boost their productivity and to be able to get the maximum results from the data that they have,” she said. “Last year, we then decided to completely pivot from that business to build and solely focus on our AI too, Seipone.ai” A pivot worth making Although the timing for the pivot into AI seems well thought as it coincided with the bursting of generative AI into the mainstream, it was a difficult pivot to make for Makgabenyana and her team. “It was a difficult decision to make particularly because it meant we lost that consistent revenue from the consultancy business. But it was very important for us to take that strategic decision because we really believe in the potential of not only AI as a technology but of Seipone.ai as a business.” Speaking more on the product, Makgabenyana believes it will be the next big thing in helping companies and brands in Africa harness the power of social media and AI to really understand the sentiments and pain points of consumers. Using the power of artificial intelligence and applied machine learning, Seipone.ai carefully mines historical and real-time data to help brands and companies understand consumer sentiments for insightful decision-making, no matter their language and style in linguistics, which are ever so fleeting. It is designed to learn and understand natural language and is able to understand Setswana and other indigenous languages like Swahili as well as social media lingo and slang. It also gives emotions behind opinions and gives insights into what the public perception is of the user’s topic of interest, rendering it a bot with artificial intelligence capabilities. Target users include marketing agencies, advertising teams, brand builders, and managers by helping them to manage their brand reputation, identify online mentions, gain consumer intelligence, and more using a mix of algorithms that capture and comprehend 87% of data that is missed by traditional media tools that would otherwise be left out. Makgabenyane at the launch of Seipone.ai in April, 2022. (Image source: Provided) Expansion ambitions Although Seipone.ai currently serves clients only in Botswana, who include the country’s largest commercial bank and leading mobile network operator, the start has its sights set on entering the East Africa market, specifically Kenya. There are also future plans to penetrate the Tanzania, Uganda, South Africa, Rwanda, USA, and Netherlands markets as there has been a significant amount of interest there. The startup is currently in the process of raising a seed round to further build out their minimal viable product (MVP) and also supercharge its expansion ambitions, a process she expects to be concluded within the next 6 to 18 months. “We have raised money in the past through some grants and although it has helped extend our runway, we are talking to a couple of investors who are showing a lot of interest. The issues we are coming across are with regards to valuations and other tidbits, which are expected especially in an undesirable economic environment but all in all, everything is progressing well and we expect to succeed with fundraising,” said Makgabenyana. Additionally, Makgabenyana also believes that the funding will help in marketing the product offering because their experience has shown that there is still a significant knowledge gap in most African markets about the true power of utilising AI as a marketing technology tool. Image source (Provided) To address that gap at the moment, Seipone.ai has developed a platform called Seipone Learning which is basically three workshops designed in-house to offer education on the power of AI for brands and companies. “So there’s three workshops in Seipone Learning. One is taken by me and focuses on showing the value of AI for businesses. The second one focuses more on how customers can incorporate AI into their marketing process and is taught by my co-founder Kagiso Mpa. The third one speaks more on understanding the value of language in marketing and is taught by a consultant who is a specialist in Applied Linguistics,” added Makgabenyana. Marching forward A year after fully pivoting to the AI product, Seipone.ai has had its fair share of wins, losses,challenges, and the lessons that come with the process. According to Makgabenyana, all those will contribute greatly towards building a business that will revolutionise the way companies and brands think about marketing in Africa. “I think we entered the market at the right time because the success of ChatGPT has given much needed attention to not only generative AI products but also enterprise ones like ours. We have garnered a significant amount of traction like raising some funds and also being accepted into programs like CcHub Nigeria which has helped us to significantly improve our product,” she said. On what will be the main focus over the next year of operations, Makgabenyana alludes to the focus on building partnerships that will serve the expansion mandate of the startup. “Forming partnerships will be very, very important because they will allow us to add some wind to our sails in terms of traction. Partnerships will also give us more clout because as a
Read MoreThis Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
The rise in popularity of OpenAI’s conversational AI chatbot, ChatGPT, has seen the entrance into mainstream culture of consumer facing AI tools. DALL-E, Midjourney and Stable Diffusion are some other popular tools. In Africa, however, innovation around generative AI products has not become apparent. This does not mean that there is no activity in the AI space on the continent. Seipone.ai is a Botswana based AI startup which is building an enterprise software-as-a-service product which seeks to revolutionise the way brands understand their customers. Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal. “We started in 2018 building ad hoc and bespoke software solutions mainly in the insurance space for sales and operational teams to boost their productivity and to be able to get the maximum results from the data that they have,” she said. “Last year, we then decided to completely pivot from that business to build and solely focus on our AI too, Seipone.ai” A pivot worth making Although the timing for the pivot into AI seems well thought as it coincided with the bursting of generative AI into the mainstream, it was a difficult pivot to make for Makgabenyana and her team. “It was a difficult decision to make particularly because it meant we lost that consistent revenue from the consultancy business. But it was very important for us to take that strategic decision because we really believe in the potential of not only AI as a technology but of Seipone.ai as a business.” Speaking more on the product, Makgabenyana believes it will be the next big thing in helping companies and brands in Africa harness the power of social media and AI to really understand the sentiments and pain points of consumers. Using the power of artificial intelligence and applied machine learning, Seipone.ai carefully mines historical and real-time data to help brands and companies understand consumer sentiments for insightful decision-making, no matter their language and style in linguistics, which are ever so fleeting. It is designed to learn and understand natural language and is able to understand Setswana and other indigenous languages like Swahili as well as social media lingo and slang. It also gives emotions behind opinions and gives insights into what the public perception is of the user’s topic of interest, rendering it a bot with artificial intelligence capabilities. Target users include marketing agencies, advertising teams, brand builders, and managers by helping them to manage their brand reputation, identify online mentions, gain consumer intelligence, and more using a mix of algorithms that capture and comprehend 87% of data that is missed by traditional media tools that would otherwise be left out. Makgabenyane at the launch of Seipone.ai in April, 2022. (Image source: Provided) Expansion ambitions Although Seipone.ai currently serves clients only in Botswana, who include the country’s largest commercial bank and leading mobile network operator, the start has its sights set on entering the East Africa market, specifically Kenya. There are also future plans to penetrate the Tanzania, Uganda, South Africa, Rwanda, USA, and Netherlands markets as there has been a significant amount of interest there. The startup is currently in the process of raising a seed round to further build out their minimal viable product (MVP) and also supercharge its expansion ambitions, a process she expects to be concluded within the next 6 to 18 months. “We have raised money in the past through some grants and although it has helped extend our runway, we are talking to a couple of investors who are showing a lot of interest. The issues we are coming across are with regards to valuations and other tidbits, which are expected especially in an undesirable economic environment but all in all, everything is progressing well and we expect to succeed with fundraising,” said Makgabenyana. Additionally, Makgabenyana also believes that the funding will help in marketing the product offering because their experience has shown that there is still a significant knowledge gap in most African markets about the true power of utilising AI as a marketing technology tool. Image source (Provided) To address that gap at the moment, Seipone.ai has developed a platform called Seipone Learning which is basically three workshops designed in-house to offer education on the power of AI for brands and companies. “So there’s three workshops in Seipone Learning. One is taken by me and focuses on showing the value of AI for businesses. The second one focuses more on how customers can incorporate AI into their marketing process and is taught by my co-founder Kagiso Mpa. The third one speaks more on understanding the value of language in marketing and is taught by a consultant who is a specialist in Applied Linguistics,” added Makgabenyana. Marching forward A year after fully pivoting to the AI product, Seipone.ai has had its fair share of wins, losses,challenges, and the lessons that come with the process. According to Makgabenyana, all those will contribute greatly towards building a business that will revolutionise the way companies and brands think about marketing in Africa. “I think we entered the market at the right time because the success of ChatGPT has given much needed attention to not only generative AI products but also enterprise ones like ours. We have garnered a significant amount of traction like raising some funds and also being accepted into programs like CcHub Nigeria which has helped us to significantly improve our product,” she said. On what will be the main focus over the next year of operations, Makgabenyana alludes to the focus on building partnerships that will serve the expansion mandate of the startup. “Forming partnerships will be very, very important because they will allow us to add some wind to our sails in terms of traction. Partnerships will also give us more clout because as a
Read MoreThis Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
The rise in popularity of OpenAI’s conversational AI chatbot, ChatGPT, has seen the entrance into mainstream culture of consumer facing AI tools. DALL-E, Midjourney and Stable Diffusion are some other popular tools. In Africa, however, innovation around generative AI products has not become apparent. This does not mean that there is no activity in the AI space on the continent. Seipone.ai is a Botswana based AI startup which is building an enterprise software-as-a-service product which seeks to revolutionise the way brands understand their customers. Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal. “We started in 2018 building ad hoc and bespoke software solutions mainly in the insurance space for sales and operational teams to boost their productivity and to be able to get the maximum results from the data that they have,” she said. “Last year, we then decided to completely pivot from that business to build and solely focus on our AI too, Seipone.ai” A pivot worth making Although the timing for the pivot into AI seems well thought as it coincided with the bursting of generative AI into the mainstream, it was a difficult pivot to make for Makgabenyana and her team. “It was a difficult decision to make particularly because it meant we lost that consistent revenue from the consultancy business. But it was very important for us to take that strategic decision because we really believe in the potential of not only AI as a technology but of Seipone.ai as a business.” Speaking more on the product, Makgabenyana believes it will be the next big thing in helping companies and brands in Africa harness the power of social media and AI to really understand the sentiments and pain points of consumers. Using the power of artificial intelligence and applied machine learning, Seipone.ai carefully mines historical and real-time data to help brands and companies understand consumer sentiments for insightful decision-making, no matter their language and style in linguistics, which are ever so fleeting. It is designed to learn and understand natural language and is able to understand Setswana and other indigenous languages like Swahili as well as social media lingo and slang. It also gives emotions behind opinions and gives insights into what the public perception is of the user’s topic of interest, rendering it a bot with artificial intelligence capabilities. Target users include marketing agencies, advertising teams, brand builders, and managers by helping them to manage their brand reputation, identify online mentions, gain consumer intelligence, and more using a mix of algorithms that capture and comprehend 87% of data that is missed by traditional media tools that would otherwise be left out. Makgabenyane at the launch of Seipone.ai in April, 2022. (Image source: Provided) Expansion ambitions Although Seipone.ai currently serves clients only in Botswana, who include the country’s largest commercial bank and leading mobile network operator, the start has its sights set on entering the East Africa market, specifically Kenya. There are also future plans to penetrate the Tanzania, Uganda, South Africa, Rwanda, USA, and Netherlands markets as there has been a significant amount of interest there. The startup is currently in the process of raising a seed round to further build out their minimal viable product (MVP) and also supercharge its expansion ambitions, a process she expects to be concluded within the next 6 to 18 months. “We have raised money in the past through some grants and although it has helped extend our runway, we are talking to a couple of investors who are showing a lot of interest. The issues we are coming across are with regards to valuations and other tidbits, which are expected especially in an undesirable economic environment but all in all, everything is progressing well and we expect to succeed with fundraising,” said Makgabenyana. Additionally, Makgabenyana also believes that the funding will help in marketing the product offering because their experience has shown that there is still a significant knowledge gap in most African markets about the true power of utilising AI as a marketing technology tool. Image source (Provided) To address that gap at the moment, Seipone.ai has developed a platform called Seipone Learning which is basically three workshops designed in-house to offer education on the power of AI for brands and companies. “So there’s three workshops in Seipone Learning. One is taken by me and focuses on showing the value of AI for businesses. The second one focuses more on how customers can incorporate AI into their marketing process and is taught by my co-founder Kagiso Mpa. The third one speaks more on understanding the value of language in marketing and is taught by a consultant who is a specialist in Applied Linguistics,” added Makgabenyana. Marching forward A year after fully pivoting to the AI product, Seipone.ai has had its fair share of wins, losses,challenges, and the lessons that come with the process. According to Makgabenyana, all those will contribute greatly towards building a business that will revolutionise the way companies and brands think about marketing in Africa. “I think we entered the market at the right time because the success of ChatGPT has given much needed attention to not only generative AI products but also enterprise ones like ours. We have garnered a significant amount of traction like raising some funds and also being accepted into programs like CcHub Nigeria which has helped us to significantly improve our product,” she said. On what will be the main focus over the next year of operations, Makgabenyana alludes to the focus on building partnerships that will serve the expansion mandate of the startup. “Forming partnerships will be very, very important because they will allow us to add some wind to our sails in terms of traction. Partnerships will also give us more clout because as a
Read MoreThis Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
The rise in popularity of OpenAI’s conversational AI chatbot, ChatGPT, has seen the entrance into mainstream culture of consumer facing AI tools. DALL-E, Midjourney and Stable Diffusion are some other popular tools. In Africa, however, innovation around generative AI products has not become apparent. This does not mean that there is no activity in the AI space on the continent. Seipone.ai is a Botswana based AI startup which is building an enterprise software-as-a-service product which seeks to revolutionise the way brands understand their customers. Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal. “We started in 2018 building ad hoc and bespoke software solutions mainly in the insurance space for sales and operational teams to boost their productivity and to be able to get the maximum results from the data that they have,” she said. “Last year, we then decided to completely pivot from that business to build and solely focus on our AI too, Seipone.ai” A pivot worth making Although the timing for the pivot into AI seems well thought as it coincided with the bursting of generative AI into the mainstream, it was a difficult pivot to make for Makgabenyana and her team. “It was a difficult decision to make particularly because it meant we lost that consistent revenue from the consultancy business. But it was very important for us to take that strategic decision because we really believe in the potential of not only AI as a technology but of Seipone.ai as a business.” Speaking more on the product, Makgabenyana believes it will be the next big thing in helping companies and brands in Africa harness the power of social media and AI to really understand the sentiments and pain points of consumers. Using the power of artificial intelligence and applied machine learning, Seipone.ai carefully mines historical and real-time data to help brands and companies understand consumer sentiments for insightful decision-making, no matter their language and style in linguistics, which are ever so fleeting. It is designed to learn and understand natural language and is able to understand Setswana and other indigenous languages like Swahili as well as social media lingo and slang. It also gives emotions behind opinions and gives insights into what the public perception is of the user’s topic of interest, rendering it a bot with artificial intelligence capabilities. Target users include marketing agencies, advertising teams, brand builders, and managers by helping them to manage their brand reputation, identify online mentions, gain consumer intelligence, and more using a mix of algorithms that capture and comprehend 87% of data that is missed by traditional media tools that would otherwise be left out. Makgabenyane at the launch of Seipone.ai in April, 2022. (Image source: Provided) Expansion ambitions Although Seipone.ai currently serves clients only in Botswana, who include the country’s largest commercial bank and leading mobile network operator, the start has its sights set on entering the East Africa market, specifically Kenya. There are also future plans to penetrate the Tanzania, Uganda, South Africa, Rwanda, USA, and Netherlands markets as there has been a significant amount of interest there. The startup is currently in the process of raising a seed round to further build out their minimal viable product (MVP) and also supercharge its expansion ambitions, a process she expects to be concluded within the next 6 to 18 months. “We have raised money in the past through some grants and although it has helped extend our runway, we are talking to a couple of investors who are showing a lot of interest. The issues we are coming across are with regards to valuations and other tidbits, which are expected especially in an undesirable economic environment but all in all, everything is progressing well and we expect to succeed with fundraising,” said Makgabenyana. Additionally, Makgabenyana also believes that the funding will help in marketing the product offering because their experience has shown that there is still a significant knowledge gap in most African markets about the true power of utilising AI as a marketing technology tool. Image source (Provided) To address that gap at the moment, Seipone.ai has developed a platform called Seipone Learning which is basically three workshops designed in-house to offer education on the power of AI for brands and companies. “So there’s three workshops in Seipone Learning. One is taken by me and focuses on showing the value of AI for businesses. The second one focuses more on how customers can incorporate AI into their marketing process and is taught by my co-founder Kagiso Mpa. The third one speaks more on understanding the value of language in marketing and is taught by a consultant who is a specialist in Applied Linguistics,” added Makgabenyana. Marching forward A year after fully pivoting to the AI product, Seipone.ai has had its fair share of wins, losses,challenges, and the lessons that come with the process. According to Makgabenyana, all those will contribute greatly towards building a business that will revolutionise the way companies and brands think about marketing in Africa. “I think we entered the market at the right time because the success of ChatGPT has given much needed attention to not only generative AI products but also enterprise ones like ours. We have garnered a significant amount of traction like raising some funds and also being accepted into programs like CcHub Nigeria which has helped us to significantly improve our product,” she said. On what will be the main focus over the next year of operations, Makgabenyana alludes to the focus on building partnerships that will serve the expansion mandate of the startup. “Forming partnerships will be very, very important because they will allow us to add some wind to our sails in terms of traction. Partnerships will also give us more clout because as a
Read MoreThis Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
The rise in popularity of OpenAI’s conversational AI chatbot, ChatGPT, has seen the entrance into mainstream culture of consumer facing AI tools. DALL-E, Midjourney and Stable Diffusion are some other popular tools. In Africa, however, innovation around generative AI products has not become apparent. This does not mean that there is no activity in the AI space on the continent. Seipone.ai is a Botswana based AI startup which is building an enterprise software-as-a-service product which seeks to revolutionise the way brands understand their customers. Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal. “We started in 2018 building ad hoc and bespoke software solutions mainly in the insurance space for sales and operational teams to boost their productivity and to be able to get the maximum results from the data that they have,” she said. “Last year, we then decided to completely pivot from that business to build and solely focus on our AI too, Seipone.ai” A pivot worth making Although the timing for the pivot into AI seems well thought as it coincided with the bursting of generative AI into the mainstream, it was a difficult pivot to make for Makgabenyana and her team. “It was a difficult decision to make particularly because it meant we lost that consistent revenue from the consultancy business. But it was very important for us to take that strategic decision because we really believe in the potential of not only AI as a technology but of Seipone.ai as a business.” Speaking more on the product, Makgabenyana believes it will be the next big thing in helping companies and brands in Africa harness the power of social media and AI to really understand the sentiments and pain points of consumers. Using the power of artificial intelligence and applied machine learning, Seipone.ai carefully mines historical and real-time data to help brands and companies understand consumer sentiments for insightful decision-making, no matter their language and style in linguistics, which are ever so fleeting. It is designed to learn and understand natural language and is able to understand Setswana and other indigenous languages like Swahili as well as social media lingo and slang. It also gives emotions behind opinions and gives insights into what the public perception is of the user’s topic of interest, rendering it a bot with artificial intelligence capabilities. Target users include marketing agencies, advertising teams, brand builders, and managers by helping them to manage their brand reputation, identify online mentions, gain consumer intelligence, and more using a mix of algorithms that capture and comprehend 87% of data that is missed by traditional media tools that would otherwise be left out. Makgabenyane at the launch of Seipone.ai in April, 2022. (Image source: Provided) Expansion ambitions Although Seipone.ai currently serves clients only in Botswana, who include the country’s largest commercial bank and leading mobile network operator, the start has its sights set on entering the East Africa market, specifically Kenya. There are also future plans to penetrate the Tanzania, Uganda, South Africa, Rwanda, USA, and Netherlands markets as there has been a significant amount of interest there. The startup is currently in the process of raising a seed round to further build out their minimal viable product (MVP) and also supercharge its expansion ambitions, a process she expects to be concluded within the next 6 to 18 months. “We have raised money in the past through some grants and although it has helped extend our runway, we are talking to a couple of investors who are showing a lot of interest. The issues we are coming across are with regards to valuations and other tidbits, which are expected especially in an undesirable economic environment but all in all, everything is progressing well and we expect to succeed with fundraising,” said Makgabenyana. Additionally, Makgabenyana also believes that the funding will help in marketing the product offering because their experience has shown that there is still a significant knowledge gap in most African markets about the true power of utilising AI as a marketing technology tool. Image source (Provided) To address that gap at the moment, Seipone.ai has developed a platform called Seipone Learning which is basically three workshops designed in-house to offer education on the power of AI for brands and companies. “So there’s three workshops in Seipone Learning. One is taken by me and focuses on showing the value of AI for businesses. The second one focuses more on how customers can incorporate AI into their marketing process and is taught by my co-founder Kagiso Mpa. The third one speaks more on understanding the value of language in marketing and is taught by a consultant who is a specialist in Applied Linguistics,” added Makgabenyana. Marching forward A year after fully pivoting to the AI product, Seipone.ai has had its fair share of wins, losses,challenges, and the lessons that come with the process. According to Makgabenyana, all those will contribute greatly towards building a business that will revolutionise the way companies and brands think about marketing in Africa. “I think we entered the market at the right time because the success of ChatGPT has given much needed attention to not only generative AI products but also enterprise ones like ours. We have garnered a significant amount of traction like raising some funds and also being accepted into programs like CcHub Nigeria which has helped us to significantly improve our product,” she said. On what will be the main focus over the next year of operations, Makgabenyana alludes to the focus on building partnerships that will serve the expansion mandate of the startup. “Forming partnerships will be very, very important because they will allow us to add some wind to our sails in terms of traction. Partnerships will also give us more clout because as a
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