Andela appoints ex-Uber executive Carrol Chang as new CEO
Andela, the talent outsourcing company that grew into a unicorn, has appointed Carrol Chang as its new CEO. Chang replaces Andela’s co-founder Jeremy Johnson who is stepping down as CEO and will remain on the company’s board. Chang will join the company’s board on September 17. She served as the global head of driver and courier operations at ride-hailing giant Uber and had stints at McKinsey & Company and the Department of Homeland Security. “I am deeply grateful for the privilege to lead Andela. It’s rare to find a mission-driven company that also has the potential to create a category-defining business. I’m inspired by the way Jeremy has led Andela to this point, and I appreciate the trust he and the Board now put in me to carry forward its mission,” said Chang. Her appointment comes as the ten-year-old company seeks to snag a bigger piece of the global talent market. Andela, which started by training African software developers for jobs at US companies and elsewhere, has grown into a talent marketplace. It became a unicorn in 2021 after raising a $200 million Series E funding round led by SoftBank. The same year, the company expanded to Latin and South America. In 2023, Andela acquired Qualified, an assessment platform that certifies top engineering talents, for an undisclosed amount. “After ten years, I’m deeply proud of the change we’ve helped to catalyze. That said, it’s clear that global hiring is at the beginning of a complete digital transformation, and Carrol is the perfect leader both for Andela’s next stage of growth and to help usher in the era of talent marketplaces,” said Johnson. Founded in 2014, Andela grew to become a premier source for talented developers in Africa thanks to its curriculum and training methodology. The company claims to have trained more than 110,000 tech talents in Africa and helped talented individuals from over 135 countries build world class careers. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
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Review of the latest Tecno Pop 9
The Tecno Pop 9 is the latest Tecno Pop series released in 2024. For its power, it comes within affordable ranges in the budget smartphone market. This device, priced from ₦114,000 to ₦131,600, depending on the variant, balances advanced features with value, making it an excellent choice for a good smartphone without parting with a fortune. Display Tecno Pop 9 sports a 6.67-inch IPS LCD screen, offering a resolution of 720 x 1612 pixels. The screen refreshes at a remarkable 120Hz, ensuring a smooth and fluid visual experience, especially during gaming or scrolling through content. This smoothness complements the 4.5G fast network support, allowing users to enjoy high-speed internet without lags. The 120Hz refresh rate enhances the display’s responsiveness, making interactions more immediate and engaging. Performance Powered by the Unisoc T612 chipset and backed by an octa-core CPU, the Tecno Pop 9 delivers a robust performance for its price. The device runs on Android 14 with Tecno’s custom HiOS 14 UI, providing a seamless and user-friendly experience. The model offers three variants: 128GB storage with 4GB RAM, 128GB with 3GB RAM, and a more affordable 64GB with 3GB RAM. Each variant ensures enough space for apps, media, and more. Tecno brags that users can expect the phone to maintain fluency and speed for over four years, providing long-term value. Camera Tecno Pop 9 also shifts photography with its dual rear camera system. The 50 MP main camera, featuring a wide-angle lens with an f/1.8 aperture, captures detailed and vibrant photos, even in low light. The additional AI lens enhances the camera’s adaptability to various shooting conditions. The 8 MP front camera, equipped with dual LED flash, ensures that your selfies remain bright and clear, regardless of the lighting environment. Battery life The device houses a 5000 mAh Li-Po battery, which promises to last a full day, even with demanding applications. The 18W fast charging capability quickly recharges the battery, reducing downtime significantly. Users can confidently rely on the Tecno Pop 9 to stay powered throughout the day. Tecno Pop 9 connectivity The Pop 9 offers comprehensive connectivity options, including GSM, HSPA, LTE, and 4.5G network support. It also features Bluetooth 5.3, GPS, NFC, and a USB Type-C port for charging and data transfer. A 3.5mm headphone jack provides flexibility for audio output, while the dual DTS speakers deliver rich and immersive sound. Tecno Pop 9 design and build The Pop 9 is available in Gravity Black, Mystery White, and Alpenglow Gold. The sleek design measures 163.7 mm in height, 75.6 mm in width, and 8.6 mm in thickness, making it comfortable to hold and use. The side-mounted fingerprint sensor ensures quick and secure access to the device, enhancing both usability and security. Final thoughts on the latest Tecno Pop 9 Tecno Pop 9 is a well-rounded budget smartphone that does not compromise on quality. Its impressive 120Hz display, robust camera system, reliable performance, and long-lasting battery make it an excellent choice for users looking for value without sacrificing features.
Read MoreBolt blocks accounts involved in fake ride request and canceling trend
Ride-hailing app Bolt has blocked an undisclosed number of accounts requesting fake rides and canceling them after a driver accepted. The company has also restricted intercountry ride requests to curb a trend which has mostly involved Bolt users in Nigeria and South Africa. On Thursday, several accounts on the social platform X posted screenshots of the trend where a Bolt user in either Nigeria or South Africa would request a ride in one of the countries and then cancel it after the driver accepted. It is unclear what the motivations of the trend is beyond internet trolling. “We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community,” said Yahaya Mohammed, Bolt’s country manager Nigeria at Bolt. “I drove from Cape Town to Stellenbosch to pick up a customer only to realise it was a fake request,” one Cape Town-based driver told TechCabal. “That’s almost 50km worth of fuel gone because of internet jokes.” As Bolt does not reimburse drivers for the fuel spent on cancelled rides, some have resorted to refusing long-distance requests until the situation is addressed by Bolt.
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New iPhone 16 series camera upgrade exclusives 2024
Apple is preparing to unveil its highly anticipated iPhone 16 series, and as the September 10 event approaches, leaks and insider information have begun to emerge about the new camera features. Drawing on an exclusive report from AppleInsider, we’ve compiled everything you need to know about the camera upgrades expected in both the standard and Pro models of the iPhone 16. iPhone 16 and iPhone 16 Plus: Dual-Camera system enhancements The iPhone 16 and iPhone 16 Plus will retain their dual-camera setup, but with some notable improvements: Primary camera: The main camera remains at 48MP with an f/1.6 aperture, ensuring crisp and detailed photos. It offers both 1X and 2X optical zoom, maintaining the telephoto quality that users have come to appreciate. Ultra-Wide camera: The ultra-wide camera receives a significant upgrade with a faster f/2.2 aperture, down from f/2.4. This enhancement allows for better performance in low-light conditions by letting more light hit the sensor. Additionally, for the first time in non-Pro models, the ultra-wide lens will support macro photography, enabling users to capture close-up details with precision. Vertical stacking: A subtle design change will see the cameras vertically aligned on the back, moving away from the previous diagonal arrangement. iPhone 16 Pro and iPhone 16 Pro Max: Pro-Level camera innovations The Pro models, iPhone 16 Pro and iPhone 16 Pro Max, are set to receive the most substantial upgrades in the camera department: Telephoto lens: Both Pro models will now feature a 5X telephoto lens, replacing the 3X telephoto found in the iPhone 15 Pro. This upgrade allows users to zoom further without sacrificing image quality, bringing subjects closer than ever. Ultra-Wide camera: The ultra-wide lens on the Pro models will also see a major boost to 48MP, along with pixel-binning technology that allows for better light capture. This results in improved low-light performance and sharper images. Users can expect to take full advantage of this lens when shooting 48MP ProRaw photos, offering more flexibility in post-processing. Additional camera features: The new iPhones will support a new image format called JPEG-XL, adding to the existing formats like HEIF, JPEG, and ProRaw. The Pro models will also introduce 3K video recording at 120 frames per second with Dolby Vision, delivering high-quality video capture. The Capture Button: A new way to shoot Perhaps the most intriguing new feature across all iPhone 16 models is the addition of a capacitive capture button. Here’s what you can expect: Location and functionality: Positioned on the lower-right corner of the device (when held in landscape mode), the button offers intuitive control for photo and video capture. The capacitive nature ensures that it only activates when touched, preventing accidental presses. Customizable actions: Users can customize which camera app the button launches, whether it’s Apple’s native app or a third-party option. The button also supports a force-sensitive half-press, which developers can use to trigger specific actions, such as locking exposure and focus. Touch-Sensitive features: The button acts like a mini trackpad, allowing users to perform actions like zooming in and out, applying filters, adjusting exposure, or even modifying background blur on portrait shots, all with a simple slide of the finger. Final Thoughts The iPhone 16 series promises to bring significant camera upgrades, particularly in the Pro models. From improved low-light performance to the introduction of the new capture button, Apple is once again pushing the boundaries of mobile photography. As we await the official announcement, these leaked details give us a clear picture of what’s to come. Stay tuned for more updates as the launch date approaches.
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Breaking: Bank of Botswana reduces interest rate to 1.9%
The Bank of Botswana (BoB) has reduced interest rates by 25 basis points to 1.9% despite rising inflation. It is the third consecutive rate cut in a year. The previous cuts were in December 2023 and June 2024. Headline inflation in July rose to 3.5%, in line with the bank’s target. “We hope that this decision will assist to stimulate the economy,” Bank of Botswana governor Cornelius Dekop said at Thursday’s MPC meeting. Botswana inflation is projected to slightly increase in the medium term but still stay within the bank’s 3-6% target. It is expected to average 3% in 2024. By reducing the lending rate, the bank hopes to boost Botswana’s economy by encouraging lending. In July, the IMF announced that Botswana’s economic growth would be 1% in 2024, lower than an earlier projection of 3.6%. The slow economic growth has been driven by a sharp decline in diamond trading and mining activities which account for 80% of exports, one-third of fiscal revenues, and one-quarter of GDP. Botswana’s diamond production was down 24% in H1 2024 compared to the same period in the previous year, according to a report by De Beers owner Anglo American. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
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JAMB provides 2024 matriculation list and disclosure updates
For August 22, 2024, there are updates from the Joint Admissions and Matriculation Board (JAMB) that highlight the ongoing efforts to enhance transparency and integrity in the admissions process for tertiary institutions in Nigeria. With a focus on timely submissions of matriculation lists and the cessation of irregular admissions, JAMB aims to uphold standards and eliminate past pitfalls in the educational sector. Matriculation list submission The Joint Admissions and Matriculation Board (JAMB) has reiterated to tertiary institutions, the importance of timely submission of matriculation lists. This directive aims to enhance accountability and ensure that all admissions align with established guidelines. Key directives: Submission deadline: Institutions must submit their matriculation lists to the Federal Ministry of Education within three months of their matriculation ceremonies. Consequences for non-compliance: Any institution that fails to comply with this directive will face sanctions, including the forfeiture of illegal admissions. Avoiding past pitfalls in admissions JAMB has also urged institutions to learn from previous mistakes that led to the condonement of illegal admissions. The board emphasises the need for strict adherence to guidelines to prevent a recurrence of such issues. Recommendations for institutions: Strict compliance: Institutions must follow the established procedures for admissions to avoid penalties. Awareness of risks: JAMB has warned institutions about the risks associated with bypassing federal guidelines and neglecting advisories on admissions. CAPS adherence for 2024 admissions The Joint Admissions and Matriculation Board (JAMB) has taken a firm stance against illegal admissions practices. The board emphasises the importance of adhering to the Central Admissions Processing System (CAPS) to ensure fairness and transparency in the admissions process. Actions taken: Mandatory admissions enforcement: JAMB has mandated that all institutions comply with CAPS to prevent unauthorised admissions. Investigation into certificate racketeering: A dedicated committee investigates allegations of certificate fraud, particularly involving foreign institutions in Cotonou, Benin Republic. Clarification on disclosure of admissions JAMB has provided clear instructions regarding the disclosure of admissions, particularly concerning past irregularities. Institutions must disclose all candidates admitted outside the CAPS framework to maintain transparency. Disclosure requirements: Immediate disclosure: Institutions must disclose all candidates admitted illegally before 2017 and those within the 2017-2020 window for the Condonement of Undisclosed Illegal Institutional Admissions (CUIIA). Deadline for disclosure: The deadline for these disclosures is set for 31 August 2024. After this date, any undisclosed admissions will not be recognised. JAMB 2024 updates on cessation of irregular admissions JAMB has taken decisive steps to end the practice of irregular admissions. The board has announced that it will no longer condone admissions that do not comply with the CAPS framework. Key measures: Termination of condonement processes: JAMB will terminate the CUIIA process for admissions that do not meet the required standards. Sanctions for Non-Compliance: Institutions that admit candidates outside the CAPS framework after 2020 will face appropriate sanctions, including the forfeiture of such admissions. Final thoughts on JAMB August 2024 matriculation list and disclosure updates The latest developments in the educational sector reflect a commitment to integrity, innovation, and quality. JAMB’s proactive measures against illegal admissions, the emphasis on timely matriculation list submissions, and the focus on avoiding past pitfalls underscore the importance of leadership in shaping the future of education. As institutions continue to adapt to changing circumstances, the focus remains on providing equitable and high-quality educational opportunities for all students.
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Exclusive: OmniRetail hires ex-Jumia commercial lead Steve Dakayi to lead Francophone expansion
OmniRetail, an African B2B e-commerce platform, has hired Steve Dakayi as Country Lead for Ivory Coast as it expands into Francophone Africa. Dakayi joins OmniRetail after shutting down BetaStore, a B2B e-commerce startup he founded in 2020. The former Betastore founder has worked in e-commerce for a decade and was commercial and fulfillment lead for Jumia. He will bring his experience to some of the key markets OmniRetail is expanding to. “As a company and philosophy, once you have gotten your foot in properly, you start looking into expansions,” Amber Yadav, OmniRetail Head, Retail Division, said on a call with TechCabal. “We are looking at new geographies that make more sense in Francophone Africa like Cameroon, Senegal, Cote d Ivoire. That is the reason for our expansion.” OmniRetail’s expansion into Francophone Africa mirrors a similar move by B2B e-commerce competition,Wasoko. Francophone Africa has in recent times demonstrated the capacity for massive growth. This can be linked to a stable currency pegged to the Euro, making it immune to FX instability like its West African counterparts. High economic growth is also another factor that makes the Francophone region favourable. According to the IMF, six out of the seven fastest-growing economies in sub-Saharan Africa are francophone countries “Francophone Africa is very underestimated,” Dakayi said, stressing the region’s growth potential. “Some of the latest trends we have observed is significant growth in the middle class. This has led to increased purchasing power and new habits in terms of consumption. These are key growth drivers.” Dakayi believes that OmniRetail’s FMCG focus would thrive in Francophone countries. “We are not looking at the competition. We just want a business driven by unit economics,” he said. To achieve this progress, OmniRetail will focus on building strong partnerships and staying asset-light to drive profitability in these regions. Dakayi will report to Deepankar Rustagi, the CEO of OmniRetail, and head the Francophone expansion, which will begin with Ivory Coast. Dakayi’s appointment comes as OmniRetail intensifies its focus on profitability after being named one of the fastest-growing companies of 2024. Dakayi said the company’s vision is to become the leading e-commerce platform in Africa. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read MoreThe Angel Investor’s role in Africa’s economic transformation
This article was contributed to TechCabal by Kristin H. Wilson. The narrative surrounding Africa’s economic future often oscillates between extremes of optimism and scepticism. However, the reality on the ground tells a more nuanced story—one of resilience, ingenuity, and untapped potential. As we approach 2050, with projections of Africa’s GDP reaching $29 trillion, surpassing the current combined output of the US and Eurozone, the imperative to harness and scale indigenous innovation has never been more pressing. There’s a pervasive belief that African companies can only thrive by focusing on markets outside the continent. This view is often reinforced by examples of fintech startups that have shifted their focus to diaspora remittance and subsequently raised significant investments. However, this notion overlooks Africa’s vast untapped consumer base and the influx of foreign businesses eager to enter the continent. It’s important to consider that many African startups often operate with significantly smaller capital injections than their global counterparts yet still make remarkable strides. The imbalance in investment size and the growing focus on diaspora markets skew the overall narrative. We must, therefore, acknowledge the role of local investors who provide a wealth of experience and support, offering a more accurate picture of the opportunities and realities of running a business in Africa. It begs the question, why do more than 80% of African startups fail within their first few years? For those who have secured funding, this high failure rate can often be attributed only in small part to premature exposure to huge first cheques. This is in an ecosystem that also boasts of super brilliant African tech founders with impactful solutions. It’s telling for the future of an ecosystem when founders increasingly believe that instead of focusing on building a solid foundation for scalable growth, they ought to hack their way to venture backing instead. Our VC cap tables have the same startups, which indicates we are having the same conversations with the same founders and might be overlooking other innovative ventures that could thrive with proper foundational support. In the venture capital ecosystem, some founders are seen as “unbackable,” often due to riskiness, a perceived inability to provide a venture-scale return, and sometimes a lack of investment readiness. In our young ecosystem, perhaps we’ve been too hasty in deciding, with only about a dozen years of data, what ventures really could be delivering venture-scale returns. Perhaps local ecosystem players at the earliest stages, such as angel investors, have been too risk averse and, therefore, have not sufficiently supported founders whose proposals do not mimic Silicon Valley pathways to success. There’s often talk of a need for a third force – a new group of support systems that can identify and nurture those overlooked ventures, helping them to be backable by addressing gaps in their business models and scaling strategies. I’d wager that we’ve got enough forces; we just need to mobilise the village a little better and a little earlier. As an angel investor and a founder, I have had the opportunity to meet a steady stream of early-stage founders, many of whom are still under the radar but are tackling their communities’ challenges with fresh perspectives. These founders have the potential to generate outsized returns because they have already proven their value locally but need support to realise visions which can deliver impact and returns on a venture scale. Indeed, this is why Christian and I have launched the Innovate Africa Fund, not as a third force but to organise our activities as angel investors better and to mobilise the community of incredible investors and operators we have had the privilege of building and investing with into an early-stage fund that supports African founders in achieving product-market fit. Our approach is simple: find someone delivering a million pounds worth of impact with a fax machine and help them optimise their way towards the equivalent of a 3D printer so they can provide at least a billion pounds worth instead. We’re trying to galvanise existing players and hoping to bring new local actors into the fold who don’t necessarily revolve around the usual investment circles but are solving problems and creating innovations that deserve visibility and scaling. By improving the pipelines of companies supported and scaled through VC, we will see more startups making a difference across Africa. Beyond providing capital, we have to roll up our sleeves and get involved as angels. Many founders could benefit from this level of engagement right now. Our mandate is to actively collaborate with founders, providing value-added services such as finance, governance, public relations, talent sourcing, and strategy guidance. This hands-on approach allows founders to focus their energy on innovation and building transformative businesses that tackle complex challenges on the continent and generate value for all stakeholders, especially the community. I recall being part of a passive syndicated deal structure where a founder requested support with marketing, but the request went unattended for a month. This is less likely to happen within a dedicated angel investing framework, especially with early-stage startups that require steady attention, even less so with our fund. Angels have a superpower: the ability to provide capital and infrastructure with agility, ensuring founders are well-prepared to attract substantial investment without fear of failure. It becomes even more impactful when championed by homegrown entrepreneurs who understand the African context and share a profound vision for the Africa we want to see. To foster a more robust local investment ecosystem, we propose standardising and elevating angel investment practices, providing a framework for new and existing angel investors to engage confidently with startups directly and through hub networks. We want to be at the forefront of realising proposed tax incentives for local angel investors who support early-stage startups, encouraging more high-net-worth individuals to participate in the startup ecosystem. Africa is a hotbed of innovation, defying expectations despite limited resources. With less than 30% internet penetration and a tiny slice of global investment, the continent has produced eight unicorns and five fastest-growing economies. The
Read MoreFidelity Bank denies data breach allegations, rejects ₦555.8 million fine
Fidelity Bank, a Nigerian tier-2 bank with a market capitalisation of ₦323billion, has denied allegations of a data breach by the Nigerian Data Protection Commission (NDPC). The bank has also disputed the ₦555.8 million fine by the NDPC. At the heart of the matter is a customer’s claim that the bank had used their personal information without consent to open an account. Fidelity Bank claims an internal investigation showed no evidence of a data breach and that the account opening process was not completed due to missing documentation. “On May 2nd 2023, we responded to the NDPC that the bank did not violate any law because there was no data breach and that the account opening process was not completed,” the bank said in a statement. “On our part, we carried out due diligence by immediately blocking the account and subsequently closing the account when we did not receive the outstanding documents.” The NDPC alleges that the bank processed personal data without informed consent and relied on non-compliant third-party data processors. The regulator imposed a fine of ₦555.8 million on the bank, citing repeated warnings and a lack of satisfactory remedial plans. Fidelity Bank said the regulator had initially demanded a remedial fee of ₦250 million on December 5, 2023, but the bank had challenged this decision, insisting that they had not violated any laws. Despite ongoing negotiations, the NDPC increased the fine to ₦555.8 million on August 20, the bank claimed. The bank’s dispute with the NDPC comes amidst growing scrutiny of data privacy and protection in Nigeria. The regulator fined Whatsapp $220 million, over claims that it did not give users consent over the use of their data.
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👨🏿🚀TechCabal Daily – Osun State vs. MTN
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning Heads up. We’ve roped in some interesting speakers for Moonshot 2024, and one is Kola Aina. Founder of Ventures Platform, Kola Aina’s goal is to replicate Silicon Valley’s success by providing capital, mentorship, and a supportive ecosystem for African startups. Despite numerous challenges, Aina’s determination and strategic investments have fueled remarkable growth and success for startups across Africa. He will join other innovators and industry leaders who are developing groundbreaking solutions to Africa’s most pressing challenges. Save your seat at Moonshot! Get tickets here. Access Bank closes in on NBK acquisition Osun State v MTN IHS may sell Rwandan and Zambian arms NDPC fines Fidelity for data infraction The World Wide Web3 Events Banking Access Bank closes in on NBK acquisition Image source: Access Bank Access Bank, one of Nigeria’s tier-1 commercial banks, is close to acquiring National Bank of Kenya (NBK) in a deal believed to be worth $100 million, pending approvals from regulators. The deal, which has been in the works since March 2024, will see Access Bank inherit NBK’s branch networks—and its financial problems. NBK, with only $79.77 million in assets, is nowhere close to being one of Kenya’s top ten commercial banks. It grapples with a high 25.3% in non-performing loans, its pre-tax profits dropped last year, and the bank has been struggling to meet capital requirements set by Kenya’s central bank. Its owners, KCB Group, have spent over $60 million since 2019 to keep the bank afloat. Yet, Access Bank still sees NBK as a promising prospect. In March, it signed a binding agreement with KCB Group to acquire 100% shares in NBK. That deal was expected to be completed after six or seven months. But what makes NBK an interesting prospect to Access Bank is not its financials. NBK has a wide branch network across Kenya, with 85 branches spread across urban and peri-urban cities. In contrast, Access Bank, which entered Kenya in 2020 through another acquisition, has only 22. Once the deal goes through, Access Bank will have 107 bank branches. With that spread, Access Bank will be able to build its presence in a market it has desperately pursued after the Sidian Bank deal fell through. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Telcos Osun State v MTN GIF source: Tenor In a dispute over a broadband project gone awry, the Osun state government in Nigeria is demanding that MTN pay ₦945 million ($599,000) in right-of-way (RoW) fees. The state government says MTN laid cables without proper approvals, while MTN says it paid fees to a licenced partner, O’odua Infraco. The controversy stems from a 2022 agreement in which MTN and O’odua Infraco partnered to lay 270,000 metres of fibre-optic cables to provide internet services in the state. Osun State billed MTN Nigeria ₦3,500 ($2.22) for this project. But MTN allegedly blindsided the State and paid only ₦650 ($0.41) per linear metre to the government via O’odua. What complicates this messy affair is the fact that the state now says it did not receive any money from O’odua, a company it also claims is not authorised to collect fees on its behalf. More so, the ₦3,500/linear metre fee is a far cry from the standard ₦145 ($0.09) per linear metre fee recommended by the Federal Government in 2020. Now, the State, believing telcos must bear the full cost of their infrastructure, wants its monies paid in full. It is also fining MTN an additional ₦100 million ($63,000) over alleged tax negligence. With the Osun state situation in disarray, the big question is where should the government draw the line in the role it plays in Nigeria’s broadband penetration efforts? Frank Eleanya dives deeper here. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Companies IHS considering sale of Rwanda and Zambia businesses Image source: IHS Towers Image IHS has been putting out many fires recently. The telecom operator is considering selling its businesses in Rwanda and Zambia to pay back some of its debt. According to its H1 2024 financials, IHS’s short-term debts increased from $158,000 to $454,000. However, its overall debts were reduced by a small margin, from $3.4 million to about $3 million. The company drew $60 million from its $600 Bullet Term Loan Facility in April 2024 for general corporate purposes and to pay off its existing debts—IHS Holding (2021) Bridge Facility and the U.S. dollar tranche of Nigeria (2019) Term Loan. So far, the company has drawn $430 million from its Bullet Term Loan Facility. Although IHS profits took some beating in Nigeria, its biggest market due to currency devaluation, the group earned about $108,218 across sub-Saharan markets which includes Zambia, and Rwanda. Conversations about the sale are in their early stages, according to people familiar with the matter. The news comes after we reported the layoff of about 100 of its senior employees to shelve costs and extend its runway. The company which has a cash balance of about $445,713 will raise between $500 million and $1 billion in the coming months. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Data Privacy NDPC fines Fidelity Bank for data infraction Image source: Fidelity Bank The devil works hard, but Nigeria’s Data Protection Commission (NDPC) works harder. One month after the regulator fined Meta for data privacy, it has
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