Paris-based Breega is the latest European VC to close an Africa-focused fund
Two years after its launch, Africa Seed I, the Africa-focused fund of Paris-based VC firm, Breega has reached first close with $50 million in funding secured. The fund which aims to raise $75 million is led by Tosin Faniro-Dada, former CEO of Endeavor, and Melvyn Lubega, the founder of edtech unicorn, Go1. The fund received backing from institutions like Bpifrance and the Dutch Entrepreneurial Development Bank. Breega plans to invest between $100,000 and $2 million in at least 40 across Nigeria, Egypt, South Africa, Kenya, Morocco, Senegal, Ivory Coast, Cameroon, and the DRC. Breega, self-described as one of the fastest-growing VC firms in Europe, joins TLcom Capital and Partech—major European VC firms—that closed their Africa-focused funds this year. This signals continued VC interest in Africa’s tech ecosystem despite increased investor cautiousness as indicated in the 36% decline in VC funding in 2023. Africa Seed I wants to lead pre-seed and seed rounds in the continent’s agritech, edtech, health tech, fintech, logistics, mobility, energy, and climate tech sectors but also promises to support potential portfolio companies in other ways. “Our goal is to be the investors we wished we had while building our businesses,” Lubega said in an interview. The VC has previously backed nine African startups: Numida, Klasha, Socium, Coachbit Kwara, Sava, and Hohm Energy—its most recent investment. The firm also recently opened offices in Lagos and Cape Town.
Read More2024 Finance Bill passes second reading despite OccupyParliament protests
Kenya’s parliament has voted for the controversial Finance Bill 2024 to enter the committee stage despite spirited demonstrations by OccupyParliament protesters, civil society groups, and opposition lawmakers. 204 MPs voted yes to the bill, while 115 voted no. The bill will now move to the committee stage and a third reading. If it passes the third reading, it will be sent to President William Ruto for assent. Majority of MPs from the ruling Kenya Kwanza coalition and a few from the opposition Azimio coalition voted for the bill, approving the tax hikes that the national treasury argues the country badly needs. The government claims those taxes will help raise an extra KES 346 billion to pay the country’s debt and fund development projects. “Honorable members, the matter of the financial bill is now over. The House will reconvene on Tuesday morning to proceed with further business,” said the speaker of the National Assembly, Moses Wetangula. Protestors who blocked major roads in Nairobi maintained that the new finance bill will push more Kenyans into poverty, especially coming at a time when many are struggling with high cost of living. “I think Ruto is gambling with our future. This bill is meant to collect money for a few people in government to loot, when out here we can barely make ends meet. We want our MPs to go back to the drawing board and come up with a solution,” said Edna Matiri, a 21-year-old tourism and hospitality student in Nairobi. On Monday, the national assembly’s finance committee scrapped some taxes, including VAT on bread, excise duty on mobile money and banking fees, motor vehicle tax, and levies on edible oil, but Kenyans demanded that parliament reject the whole bill. Protests against the new taxes spilled to other major towns and cities, including Ruto’s hometown of Eldoret, as Kenyans stepped up pressure on lawmakers to reject the bill.
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eClat, Interswitch’s health subsidiary, snags second government partnership in one year
eClat, the health-tech subsidiary of Nigerian payment giant Interswitch, has partnered with the Lagos State Ministry of Health to launch a cloud-based platform, Smart Health Information Platform (SHIP), that will manage and transmit data for all state-owned healthcare facilities. This is the second government partnership eClat has secured in about a year. The Lagos state government believes the platform will improve the efficiency of the state’s health ministry and resources. “When the data are in one place, we can then use that data and collect trends on the health-seeking behaviour of Lagosians,” Akin Abayomi, the health commissioner, said on June 18, during the signing of the concession between the Office of Public Private Partnership and the Digital Health Platform Limited (a special purpose vehicle) entailing the state’s Ministry of Health, Interswitch and eClat). Image source: Interswitch This partnership will digitise the paper-based data management and sharing system of all the state-owned hospitals and consequently put a significant amount of data from Nigeria’s most populous city, in the control of eClat. General hospitals in Lagos alone generate data from over 7 million persons, according to Abayomi. The state’s over 256 public healthcare centres generate and manage a significant amount too. This is eClat’s second government partnership since Interswitch acquired it to expand its payment services in the healthcare sector. In May 2023, the health tech partnered with the Ogun State government and launched eClat’s core service, eClinic to digitise data management at one of the state’s teaching hospitals. The long-term goal, for eClat, is to create an “API-enabled digital platform that allows all health ecosystem platforms to collaborate and securely share data,” a spokesperson told TechCabal. The partnership, which will facilitate digital bill payment for those hospitals, is a direct positive for Interswitch’s payment business. The payment giant told TechCabal that it validates the reasoning for Interswitch’s 2019 acquisition of eClat which is to “position the Interswitch group as a health-tech solution and payments provider of choice to the healthcare industry.” Climate tech startup, Downforce Technologies raises $4.2 million to build soil fertility measurement tools for Africa Government partnerships of this nature are part of Interswitch’s overarching goal to increase the adoption of digital payment in Nigeria’s cash-dominated economy. “ There is tremendous value, financial and otherwise, locked up in sectors and areas where government is a key player, particularly in the aspects of healthcare, transportation, and other basic social services,” Mitchell Elegbe, founder and CEO of Interswitch, said at the concession signing event. Before its acquisition by Interswitch, eClat’s electronic health record platform was used in over 250 public and private healthcare facilities in Nigeria. The new government partnership will see that number increase significantly.
Read MoreClimate tech startup, Downforce Technologies raises $4.2 million to build soil fertility measurement tools for Africa
Downforce Technologies, a London-headquartered climate tech startup that provides farmers with technology tools to measure soil fertility, has raised $4.2 million to build new products focused on Africa and expand into new markets. The funding round was led by Equator VC, an African early-stage climate tech-focused venture firm. Tiverton Agriculture Impact Fund, Dragonfly Enviro Capital, Perivoli Innovations, and the Clean Energy Finance Corporation (CEFC), whose investment is managed by Virescent Ventures, remain existing shareholders in the company. “This funding allows us to democratise access to the technology and empower a wider audience to make data-driven decisions for soil health and climate action,” the company’s CEO Professor Jacquie McGlade said in a statement. Launched in 2020, Downforce Technologies led by Professor Jacquie McGlade offers cost-effective remote sensing software that helps farmers measure soil health in record time. The company also provides tools for planning and executing verified carbon projects, collecting and reporting farm emissions data as well as implementing soil health improvement projects. Africa contributes only a small fraction of global food production. In 2021, total food exports in Africa was just over $60 billion while the U.S. exported $177 billion worth of food in the same year. While the continent has the capacity to produce more given its uncultivated arable land, the inability to measure its soil fertility also poses a great challenge. Measurements are usually expensive, time-consuming, and have a high risk for errors. Downforce Technologies is part of a growing group of climate tech startups—AgroCares, SoilSense, Regen Technologies, and EcoPeanut—offering various solutions for soil carbon measurement, farm management, and climate sustainability for African farmers. “Downforce has successfully introduced a compelling software platform which should act as a catalyst for increased investment in soil organic carbon globally, and particularly in Africa, to ensure food security, promote climate mitigation, and ensure resilience to climate change,” said Nijhad Jamal, Managing Partner at Equator.
Read MoreAnonymous threatens Kenyan officials ahead of vote over unpopular 2024 Finance Bill
One week after unknown persons leaked the phone numbers of Kenyan government officials online, hacker group Anonymous has threatened to expose “corrupt deals involving members of parliament (MPs)” if they vote to pass the 2024 Finance Bill on Thursday. Founded in 2003, Anonymous seeks “mass awareness and revolution against what the organization perceives as corrupt entities while attempting to maintain anonymity.” The group has been linked to Distributed Denial Of Service (DDoS) attacks on websites belonging to the Tunisian and Zimbabwean governments. “There is a chance that all these secrets will be exposed to show how corrupt and unjust members of parliament are, embezzling funds for personal gain,” Anonymous warned MPs on X. The 2024 Finance Bill, criticised for proposing tax hikes on commodities like bread and sanitary towels, is deeply unpopular. Many Kenyans, already struggling with a spike in living costs, say the new taxes will worsen their already difficult situation. While many of those complaints began online, it soon spilled to the streets as hundreds of Kenyans attempted to gain access to the Parliament in Nairobi. It brought to mind the 2023 protests over living costs. MPs who support the bill say the taxes that attracted public ire, including motor vehicle and eco-tax, have been removed. However, opposing lawmakers and the Anonymous Group want the Bill scrapped altogether. “We do not want you to amend the Finance Bill; we want you to reject it,” the group posted on X. On Tuesday, hundreds of young Kenyans led protests nationwide. Kenyans in other major cities like Kisumu, Mombasa, and Eldoret—one of President William Ruto’s strongholds—have joined the movement. Police have surrounded Nairobi’s parliament buildings, where the second round of #OccupyParliament protests are focused. The debate on the bill resumed Thursday morning. Amendments are due by the afternoon and must be voted on before Thursday evening. MPs will discuss and vote on amendments for the third reading on June 25.
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Google Pixel 9Pro XL 2024: First details and specifications
The Google Pixel lineup is set for expansion with the introduction of the Pixel 9 series. The range includes the Pixel 9, Pixel 9 Pro, and the flagship Google Pixel 9Pro XL. Based on recent leaks and benchmarking information, this article highlights the key specifications and features of the forthcoming Google Pixel 9 Pro XL in 2024. Pixel 9 series overview Here’s a concise look into the leaked information about the Google Pixel 9Pro XL: 1. Lineup confirmation The Google Pixel 9 Pro XL 2024 caught attention in a now-deleted Geekbench listing, confirming its existence. This flagship model joins the Pixel 9 and Pixel 9 Pro, creating a three-tiered lineup for different user needs. The Pixel 9 features a dual-camera setup, the Pixel 9 Pro includes a compact triple-camera system, and the Pixel 9 Pro XL represents the pinnacle of the series with an all-out three-tiered camera feature with incredible capabilities. 2. Processor and performance The Google Pixel 9 Pro XL in 2024 will run on the new Tensor G4 processor. This chip includes a 3.10GHz prime core, three 2.6GHz performance cores, and four 1.95GHz efficiency cores. This configuration is designed to deliver a balance between performance and power efficiency. Hardware and software specifications The Google Pixel 9 Pro XL will likely feature the following hardware details: 1. Graphics processing The Pixel 9 Pro XL 2024 will feature the Mali G715 graphics processor. While the Pixel 8 Pro also used the G715 GPU, the new model is expected to have more cores or a higher clock speed, offering improved graphics performance for gaming and other intensive applications. 2. Memory and storage on Google Pixel 9Pro XL Alongside its powerful processor, the Google Pixel 9 Pro XL 2024 will include 16GB of RAM. This is a significant upgrade from the standard Pixel 9, which features 8GB of RAM. The increased memory will aid unhinged multitasking and maximum utility. 3. Software on Google Pixel 9Pro XL The device will run Android 14, providing users with the latest features and improvements from Google’s operating system. The new software, combined with the powerful hardware, aims to deliver a seamless user experience. Final thoughts on Google Pixel 9Pro XL first details and specifications 2024 The forthcoming Google Pixel 9 Pro XL, touted to sell at about $1000, is shaping to be a significant upgrade in the Pixel lineup and a top contestant among the big guns of the smartphone club. With a powerful Tensor G4 processor, Mali G715 GPU, and 16GB of RAM, the device promises to offer top-tier performance. As more information becomes available, anticipation continues to build for the official unveiling of the Google Pixel 9 Pro XL in 2024.
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JAMB latest news on rescheduling, DE, and results 2024
In the latest JAMB news for 2024, significant updates don’t only include a supplementary UTME. There are also vital advisory for Direct Entry registration, and ongoing investigations into admission fraud at Imo State University. The following is a breakdown of the news at hand: 1. JAMB exam updates One of the latest JAMB news is that a supplementary UTME has been scheduled for Saturday, June 22, 2024, for specific categories of candidates. These candidates include CAILS-KWASU candidates, those with results under investigation, and candidates with fingerprint verification issues during the last exams. More specifically: 322 candidates were reclassified to the examination misconduct category due to suspected impersonation. Candidates were advised to print their supplementary Examination Notification Slips from Tuesday, June 4, 2024, to confirm their examination centres for the rescheduled examination. The rescheduled examination will be held in 18 centres across Akwa Ibom, Delta, Edo, and Kwara States. 2. Direct Entry (DE) registration and verification Regarding the latest news on DE registration, JAMB issued an advisory on the alignment of data for the 2024 DE registration and verification of candidates’ data. For emphasis, The Nigeria Integrated Post-Secondary Education Data System (NIPEDS) was established to verify all A-level certificates used in the DE application before admission is considered. Candidates are required to present their credentials for DE registration at JAMB PRCs/State Offices, and the verification process involves checking the alignment of name, qualification, subject, and grades with the NIPEDS databank. Also, conversion for DE is yet to commence. The process will be officially communicated once it begins. 3. Latest news on JAMB results and investigations 2024 The Independent Corrupt Practices Commission (ICPC) and JAMB are investigating Imo State University (IMSU) over alleged admission racketeering involving fake admission letters traced to the university. More specifically: Nearly 10 university employees, including those in the admission office, were arrested by ICPC in connection with the alleged admission racketeering at IMSU. These updates provide insights into the ongoing activities, examinations, verifications, and investigations related to JAMB candidates and results. Final thoughts on JAMB latest news on rescheduling, DE, and results 2024 These updates provide essential information on the latest developments in JAMB exams, Direct Entry registration, and ongoing investigations. Candidates and stakeholders are advised to stay informed to ensure compliance with the latest procedures and regulations.
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SASSA new payment dates & procedures for July 2024
The South African Social Security Agency (SASSA) has announced the new payment dates for social grants in July 2024. This information is important for beneficiaries to know when they can expect their funds. The SASSA disbursement dates for July 2024 are outlined below. SASSA payment dates for July 2024 The following is a breakdown of the paydays for July 2024 SASSA beneficiaries according to categories: 1. Older Person’s SASSA grants payment for July Payment Date: 2nd July 2024 Details: This date includes payments for any grants linked to older persons’ accounts. 2. Disability SASSA grants payment for July Payment date: 3rd July 2024 Details: This date includes payments for any grants linked to disability accounts. 3. Children’s SASSA grants payment for July 2024 Payment date: 4th July 2024 Details: This date includes payments for any grants linked to children’s accounts. Important points Beneficiaries are advised that there is no need to rush to withdraw cash on the first day of payment. The funds will remain in their accounts until they are needed. For more information, beneficiaries can contact the toll-free number 0800 60 10 11 or visit the SASSA website at www.sassa.gov.za. Additionally, updates and news can be followed on SASSA’s official Twitter handle @OfficialSASSA. Reasons some applicants may not receive from the July 2024 SASSA payment Some applicants, despite applying before now for the SASSA grant, may still not receive payment during this July schedule. As such, they may need to appeal. But here are are some reasons you may be denied payment: 1. Incomplete application details Missing or incorrect information in your SASSA application can lead to delays or rejection. 2. Eligibility issues Applicants who do not meet the eligibility criteria for the specific grant type may not receive payment. 3. Verification delays Delays in verifying personal and financial information can postpone payments. 4. Outstanding documentation Required documents not submitted or pending further review can affect payment processing. 5. Banking issues Incorrect banking details or issues with the applicant’s bank account can result in payment failures. Final thoughts on SASSA new payment dates & procedures for July 2024 In summary, the SASSA payment for July are as follows: Older Person’s Grants on the 2nd, Disability Grants on the 3rd, and Children’s Grants on the 4th.
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👨🏿🚀TechCabal Daily – Nigerians in Space
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday Have you gotten your early-bird tickets to Moonshot 2024? If you haven’t, then our marketing team says our line-up of fantastic speakers is just the juice you need to click that buy button. Join us and meet the founders, business leaders, startups, enterprise companies & more building innovative solutions for huge problems across Africa. Stay tuned for more speaker announcements and save your seat at the conference by getting your early bird tickets. In today’s edition Nigeria to send its first citizen to space More EVs are coming to Rwanda and Kenya NITDA’s bill eyes 1% tax levy for tech companies South Africa launches free streaming platform The World Wide Web3 Job openings Space Nigeria to send its first citizen to space Have you ever dreamed of being an astronaut or think of what it feels like to look down on Earth? It may be possible soon enough. Space Exploration and Research Agency (SERA), a global space agency building a global community for space exploration is offering an opportunity for regular folks to go to space. The agency has teamed up with Jeff Bezos’s Blue Origin to send six people on a short trip to space on its New Shepard suborbital space flight. His partnership with Blue Origin lets people from countries that haven’t sent anyone to space yet join the mission. “Until now, space has been an exclusive domain, with over 80% of all astronauts to date coming from just three countries,” said Joshua Skurla, Co-Founder of SERA SERA has now agreed with Nigeria’s National Space Research and Development Agency (NASRDA) to send a civilian to fill one of the six seats on the New Shepard suborbital spaceflight. What does this mean? The space flight will take passengers on a short journey to the edge of space, crossing the Kármán Line (the internationally recognized boundary of space at 100 km/62 miles altitude). Passengers will experience a few minutes of weightlessness and witness stunning views of Earth. You have a shot to be the Nigerian who will occupy the seat, you just need to be 18 years and above, the slot will be available till the end of the year or in 2025. You can pre-register to kickstart your astronaut journey here. Is it safe enough to chase your dreams? In June 2022, the initiative sent Victor Hespanha, a Brazilian civil engineer, to space. However, Blue Origin has not been able to launch tourists into space since August 2022, when an unmanned rocket encountered an engine nozzle malfunction shortly after liftoff. This issue forced the New Shepard capsule to abort the mission. In March this year, it sent six people into the edge of space from west Texas, US, in its first crewed mission since the company’s flights were grounded in August of 2022. Nigeria has always also had its sights set on the stars. The country launched its first satellite, Nigeria Sat-1, into orbit in 2003, and has launched a total of five satellites with the last one in 2009 This feat is significant for Nigerians because the country had plans to send an Astronaut to space by 2030, but it will now get to send a civilian years earlier. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. EV BYD partners Ampersand to make EVs in Rwanda and Kenya When it comes to electric vehicles, many people will turn their sights, first, on Tesla partly due to its popularity—and maybe also a CEO whose mouth runs almost as fast as a Tesla engine. But the largest and most expansive EV manufacturer in the world—at least since January 2024—is Chinese-owned BYD which sold over 526,000 EVs from October to December 2023 alone! However, the manufacturer has faced huge challenges in its global expansion. Across the globe, countries are upping levies and taxes on Chinese-owned items in what many describe as a silent trade war. In the US, President Biden, last month, increased tariffs on EVs from 25% to 100%. The European Union followed suit this month with a 38.1% tariff increase in Chinese EVs, up from 17%! Now, with all these upped expenses, BYD is setting its sights away from the US and the EU—where it has a 5% market share—and testing the waters in Africa. And who better to welcome the company than the countries leading the EV charge on the continent: Rwanda and Kenya. Ampersand, which has been making electric bikes and setting up charging stations in Rwanda and Kenya since 2016 is teaming up with BYD to build 40,000 electric motorcycles in both countries. Kenya and Rwanda have offered incentives and government-friendly policies to aid the launch of EV manufacturing plants. In the latest tie-up with BYD, both countries will wave import duties on batteries and offer rent-free charging stations. While the collaboration offers some relief to BYD, Ampersand will benefit from the EV maker’s expertise in making smaller inexpensive batteries to help drive its growth in the East African market. Frank writes more about the collaboration here. Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. Get started today. Regulations NITDA’s bill eyes 1% tax levy for tech companies The National Information Technology Development Agency (NITDA) is working the channels and clamouring for the passage of its proposed bill that will give the agency more control over tech companies in Nigeria. The proposed NITDA Bill, initially introduced four years ago, aims to repeal the current NITDA Act of 2007 that regulates information technology practices in the country. The bill has had a rough ride. At a public hearing in 2022, 14 out of
Read MoreFirst Bank confirms Olusegun Alebiosu as MD amid capital raise efforts
FBN Holdings, the parent company of Nigeria’s oldest bank, has confirmed the appointment of Olusegun Alebiosu as the Managing Director/Chief Executive Officer of First Bank two months after he was named in an acting capacity, according to a Wednesday filing to the board of the Nigerian Exchange. The appointment is subject to the approval of the Central Bank of Nigeria. The bank also appointed Ini Ebong as the deputy managing director and Omotunde Alao-Olalfa as a non-executive director. In April, Alebiosu was named acting MD after the surprise resignation of Adesola Adeduntan who led the lender for a record nine years. The former chief risk officer and executive compliance officer will lead the 130-year-old financial institution’s efforts to raise ₦300 billion. Like other Tier-1 lenders, the bank—with a market capitalisation of ₦829 billion—will sell shares in the Nigerian or international capital markets. The new MD, who joined the Bank in 2016, has over three decades of banking experience and previously held top positions at Coronation Merchant Bank, African Development Bank Group, and United Bank for Africa. Until his appointment, Ebong was the bank’s Executive Director, Treasury and International Banking, a position he held since January 2022. He holds over 20 years of experience working across treasury products, asset and liability management, treasury sales and marketing, and treasury risk management. The bank’s new non-executive director, Alao-Olalfa holds extensive experience in capital raising, deal structuring, debt restructuring, acquisition planning, project financing, and asset management. He is currently the Group Chief Financial Officer/Strategy & Principal Investment at Leadway Holdings. Blast off: Nigeria to send first citizen to space in partnership with SERA and Blue Origin
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