FCMB seeks shareholder approval to raise ₦150 billion
FCMB will seek shareholder approval at a general meeting to raise ₦150 billion in new capital by selling stocks or bonds. The new capital will help the bank meet new recapitalisation requirements set by the Central Bank. The requirements, which increase capitalisation limits tenfold, have led to a flurry of announcements by Access Holdings, GTCO, Stanbic IBTC, First Bank Plc, and UBA about their intentions to raise additional capital. FCMB, like its peers in the tier 2 banking category, has a target of ₦200 billion. The bank said in a filing on the Nigerian Exchange on Wednesday that it will exploit different options for the raise. Among those options include issuing shares to investors in the Nigerian and international capital markets. The price of the shares will be determined through book-building or any other acceptable valuation method or combination of methods. The financial institution will also explore the option of further increasing the share capital of the company “to an amount sufficient to enable it to meet the statutory minimum capital requirement as may be necessary.” FCMB’s shares closed at N7 on the Nigerian Exchange, and its market capitalisation was N140 billion as of Wednesday, May 1, 2024.
Read MoreVALR pursuing crypto licenses in Dubai & Mauritius
VALR, the South Africa’s largest crypto exchange by transaction volume, has applied for crypto operating licenses in Dubai and Mauritius. The exchange also acquired an authorisation to trade virtual assets in Poland since September 2022. VALR was founded in 2018 claims to service over 600,000 retail customers and over 1,000 institutional customers across South Africa and globally. Last week, the exchange was one of the 75 recipients of South Africa’s first-ever crypto licenses. Breaking: South Africa grants crypto licences to Luno, VALR and 73 other companies The exchange’s licensing forms part of its global expansion strategy which has encountered significant obstacles in the past. VALR had to shut down operations in Zambia due to banking challenges. The exchange also had to put brakes on its India, Kenya and Nigeria expansion plans, citing regulatory challenges. According to Blake Player, head of growth at VALR, the licenses in Dubai and Mauritius will allow the company to continue pursuing its expansion strategy. “We are open to pursuing global opportunities and will be exploring several markets outside SA in the near future,” Player told TechCabal. VALR announced a $50 million Series B in March 2022 at a valuation of $240 million. The round was led by Pantera Capital and sought to enable the exchange’s expansion across Africa and into other emerging markets including India.
Read MoreNASDAQ-listed Swvl continues profitability streak with $3.1m net profit in 2023
Swvl, the NASDAQ-listed mobility startup that transitioned into a B2B company last year, posted its first full-year net profit in 2023, continuing its reversal of fortune from struggling to a profitable business. The Dubai-born company posted a net profit of $3.1 million last year, a turnaround from a net loss of $123.6 million in 2022, according to its latest financial report. Swvl increased its gross profit more than eightfold to $4.1 million from $0.5 million in 2022. It also posted an operating profit of $12.1 million, compared to an operating loss of $80.2 million in 2022. “Our focus today remains towards improving profitability while resuming our high-paced growth,” said Mostafa Kandil, the company’s CEO. For Swvl, which has endured a turbulent life as a publicly traded company, profitability is critical to support its planned expansion into “high-revenue markets.” The company will expand its strategic partnerships into more Gulf Cooperation Council (GCC) countries, Kandil said. It currently operates in three countries: Egypt (its biggest market), Saudi Arabia, and the UAE. Since 2022, Swvl has made financial changes by reversing its previous acquisitions to reverse its fortunes after its share price of $10 dropped 90%, earning multiple threats of delisting from the NASDAQ. A reverse stock split in January 2022 saw the company’s share price jump to $4 per share, but it quickly fell again. Its share price has gained over 90% in the past year up from $1.21 as of May 1, 2023. It stands at $13.70 at the time of this report. While Swvl achieved profitability off the back of the sale of its subsidiaries and focus on three markets, the mobility company’s revenue took a hit in 2023. Its revenue dropped 48% to $22.8 million, compared to $44.1 million in the previous year. The company’s cost of sales also dropped 57% to $18.7 million compared to the previous year. Swvl generates most of its revenue from selling technology clients use to plan their routes, operate fleet services, or even manage riders. The rest of its revenue is from operating buses. One big positive in Swvl’s report was that it reduced its losses for the first time in recent years. This is significant if the company wants to remain profitable. Its negative cash flow dropped 83.3% to $9.1 million in 2023, compared to the previous year. The company has laid off staff and dissolved subsidiaries in many countries including Argentina, Chile, Mexico, Germany, and Pakistan, by either shutting down or selling its stake in those subsidiaries. These decisions have helped the company alleviate its business pressures. The company’s total assets stand at $21.9 million, a 61.8% reduction year-on-year, while its total liabilities dropped 71% to $15.9 million.
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👨🏿🚀TechCabal Daily – A Quick Pass
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy workers’ day Application for TechCabal Battlefield is still ongoing, don’t miss the opportunity to showcase your startup to a global audience and win an exciting prize. For 2024’s edition of the pitch competition, we’re introducing exciting changes to elevate the experience including pre-accelerator programs, deal sessions, and much more. If you’re a founder building innovation solutions for Africa, we invite you to be a part of TechCabal Battlefield. Apply now. In today’s edition Nigeria stops MultiChoice from increasing subscription fees KYC regulations drags MTN’s MoMo subscriptions down Twiga appoints new CEO BuuPass acquires QuickBus The World Wide Web3 Opportunities Streaming Nigeria stops MultiChoice from increasing subscription fees Across Africa, DStv subscription fees are increasing faster than several exchange rates. In April 2023, MultiChoice increased fees for its DStv and GOtv bouquets by 4.8% across several countries. By November 2023, it announced another 18% price hike in Nigeria, and its southern Africa countries. According to the company, the hikes were inescapable as the cost of its business operations kept rising with inflation. Three price hikes in one year: In the early hours of April 24, Multichoice announced a 25% increment to its customers, which was scheduled to take effect from today, May 1. But Nigeria has had enough of the hikes: The Federal Competition and Consumer Protection Commission (FCCPC), the agency saddled with the function of promoting fair, efficient and competitive markets in Nigeria, and the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) has started investigating the reason for the hike in price. This investigation comes after a petitioner sued MultiChoice for the price hikes and sought an injunction barring the company from increasing its prices. A three-member Competition and Consumer Protection Tribunal (CCPT), which heard the petition, delivered a ruling on Monday restraining MultiChoice from increasing its tariffs and cost of products and services scheduled to begin on May 1. The tribunal also ordered that the injunction remain in effect until a final decision is made on the case. All parties in the lawsuit are required to appear in court on May 7th, 2024 at 10:00 am to discuss the case further. Nigerians react: The increment riled Nigerians up across social media with some netizens advising others to abandon the pay TV. An X user, TheMahleek, tweeted, “DSTV premium subscription don pass a minimum wage. Na to dey watch EPL from WhatsApp status.” Another X user, OlamideOfficial said, “Someone needs to explain to me like a 2-year-old why DSTV keeps increasing their subscription packages”. MultiChoice has its reasons: In a four-page letter submitted to the FCCPC, MultiChoice may have answered OlamideOfficial’s question, detailing the reasons for the price hikes in their cable services. Adamu Abdullahi, acting executive vice chairman of FCCPC revealed in an interview with Channels Television that the company cited the cost of electricity, generator operations and the cost of dollars for some spare parts are some of the reasons for the price increase. He continued in the interview saying the FCCPC suspects the company may be abusing their market position by engaging in unfair practices. Abdullahi explained that limited consumer choice in the market allows this company to potentially act with impunity. “If the FCCPC confirms these suspicions, they will take legal action as mandated by their authority,” he said. The whole country will now wait for the tribunal’s final judgement to see if the hike will be effected. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Telecoms KYC regulation affects MTN MoMo revenues KYC—short for know your customer—regulation has been a major taking point amongst Nigerian fintech. Neobanks across the country have been heavily criticised for having lax KYC measures. Former regulation by the CBN allowed people to register with neobanks without providing any form of identification—NIN and BVN. Bad actors soon began exploring this loophole to transfer fraud proceeds into such accounts. The CBN soon caught up with this trick and revised its regulation to only allow for the opening of accounts linked with proper identifications. Users have had to adjust to this transition as the once easy-to-open neobanks now require stringent account opening processes. This, in turn, has affected the growth and user count of fintechs and MTN’s fintech arm—MTN MoMo—was not left out. The news: In its latest financial report, the telecom stated that “KYC requirements and the delays in CBN approvals for some of our commercial initiatives impacted the growth of active wallets.” MTN’s fintech arm closed the first quarter with 4.8 million active wallet users, reflecting a decrease of 566,000 compared to the previous quarter. Similarly, the number of MoMo agents declined by 94,000. It was not all gloom as the fintech added over 75,000 new merchants in Q1, pushing the total number of merchants within its ecosystem to more than 400,000. Zoom out: MTN’s financials also revealed that the company made more money via data revenue than it did with voice. Data revenue grew by more than 50%, while voice revenues grew by 14.9%. The telecom made ₦318.9 billion ($228 million) and ₦349.5 billion ($251 million) on voice and data respectively. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Companies Twiga Foods gets new CEO Twiga gets a breath of fresh air! Last year, the e-commerce startup suffered bouts of trouble: it delayed payments to suppliers and staff, had multiple rounds of layoffs and was also involved in a legal tussle with Incentro Africa over a $450,000 cloud bill. While the cloud bill payment was settled out of court, Twiga’s tumultuous year culminated with the resignation of its CEO, Peter Njonjo,
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JAMB results 2024 errors and solutions
The SMS option is currently the only working UTME result channel for checking the JAMB 2024 scores. But the JAMB portal will also be updated soon for candidates to access their results and also print them. Technical difficulties or other issues may happen when you’re trying to check your JAMB 2024 results. Here’s a breakdown of common errors JAMB candidates might face and how to overcome them: 1. “Unable to Find Your Results” Error on JAMB Portal This error typically indicates an incorrect registration number or a mismatch between the details entered and those on JAMB’s database. Solution Double-check your registration number: Ensure you’re entering the exact 10-digit number provided during registration. Verify details: Make sure you’re on the correct website and entering your details accurately. 2. “The Results checking website is down” Error on JAMB Portal High traffic during peak result release times can overwhelm the JAMB website, causing temporary outages. Solution Be patient: Try again later after the initial rush subsides. Check alternative platforms: JAMB also releases result through SMS. Explore this option too. 3. “Under Investigation” Message from JAMB While uncommon, JAMB might take slightly longer to process results for some candidates due to verification processes. Solution Wait for some time: JAMB will typically notify candidates through their registered email or SMS once the processing is complete. Contact JAMB support (optional): If the delay seems unreasonable, you may contact JAMB support through their official channels for further information. 4. “Invalid Login Credentials” Error An “Invalid Login Credentials” error might occur due to incorrect phone numbers or passwords. Solution Verify your phone number: Ensure you’re using the same phone number registered with JAMB. Check your password: Make sure you’re entering the correct password associated with your phone number for accessing the SMS service. 5. “Insufficient Balance” Error (SMS Platform) Depending on your mobile network provider, checking your JAMB results 2024 via SMS might require a specific balance. Solution to this JAMB results issue Top up your phone: Ensure you have enough credit on your phone to receive the SMS containing your results. Contact your mobile network provider for details on SMS charges. 6. No Response from SMS This is a situation that occurs after using the SMS option to check your UTME results, and you receive no response and yet get debited for using the service. Solution to this issue Verify the phone number you are using to send the SMS: Only the number you used in registering for JAMB can be used to access the SMS result checking. So if you are using another number, you may not receive and response. Exercise patience: If you are sure you are using the number you registered JAMB with, then just excercise a little patience. Network issues and channel traffic overload may contribute to a delayed response. Rest assured if you are using your JAMB registrted number to check your v2024 JAMB score, it will eventually come through. Final thoughts on JAMB results 2024 errors and solutions If the errors persist or you have further questions, don’t hesitate to contact JAMB’s support team through their official channels or by physically visiting a JAMB CBT office.
Read MoreTwiga Foods hires Jumia’s Charles Ballard as new CEO
Four months after the abrupt resignation of founder and CEO Peter Njonjo, Twiga Foods has hired Jumia Kenya’s Charles Ballard as its new CEO. Ballard is joining Twiga from e-commerce giant Jumia where he has been the chief executive since April 2023. He joined Jumia in 2019, first as head of performance and planning before rising to chief operating officer in 2021. Njonjo’s exit, which many considered as him being forced out by investors, capped a tumultuous year for Twiga, a B2B e-commerce startup founded in 2014. He also resigned from the company’s board, handing control to investors who have injected more than $150 million in debt and equity since 2017. Other operational problems like delayed payments to suppliers and staff, layoffs, and a legal dispute over a $450,000 cloud bill which was eventually settled out of court are now in the company’s rearview. It will hope Ballard’s appointment will be a breath of fresh air. “With a career spanning over 15 years, of which 9 years in the Kenyan market, Ballard brings a wealth of experience in e-commerce, retail, and financial services. Most recently, Ballard was CEO of Jumia Kenya, a leading e-commerce company, where he led the transformation of the business toward profitability,” Twiga said in a statement. “We are delighted to welcome Charles as our new Chief Executive. His deep understanding of the Kenyan e-commerce and retail landscape, his proven operational grip, his entrepreneurial drive, and his passion for the Twiga Foods opportunity make him the ideal leader to steer Twiga into its next phase of growth and success,” said Hein Pretorius, Twiga board chairman.
Read MoreI am betting on banking, not fintech
This article was contributed to TechCabal by Uzoma Dozie. I am going to do banking, but better. The vast majority of our current crop of African fintechs claim to make banking easier—banking the unbanked/underbanked, etc. But there are limitations to banking when seen only through the fintech lens; and those who have fintech experience, without banking experience, will struggle to genuinely scale and make a real impact or create meaningful value for their customers or their investors. The fintech narrative that permeates all tech and finance discussions is quite superficial and global VCs have been hypnotised by and bought into the narrative, with their chequebooks; and I can see why. Africa has a highly mobilised market that has traditionally been underserved by the larger institutional banks. Banks haven’t been able to serve the un- or underbanked; and fintechs have, on the surface, plugged that gap. However, in their rush to sign up new customers and continuously update their pitch decks with their CACs, the fintechs seem to have forgotten the fundamentals of banking; how to create value for customers whilst extracting value to make the bank a revenue-generating entity. Signing up customers is great; monetising customers is greater still, but generating mutually beneficial value for all is truly the greatest. Fintechs won the UX battle and they won the dialogue with potential customers; they made banking a little more palatable, a little sexier to the masses. And that’s important because banking is mostly unsexy—risk management, data management, cybercrime, corporate and financial governance—all deeply unsexy to many people. But do you know what is worse? Having your data stolen because the platform holding your life savings hasn’t invested in protecting itself from cyber attacks. What’s even worse? Having chosen a fintech to hold all your business banking funds, and the platform has such poor governance or understanding of treasury management that they cannot release YOUR funds to cover YOUR payroll because it hasn’t understood the difference between investment funds and customers’ funds. Keeping customers’ money safe is the bare minimum when it comes to banking. As a financial services institution you are storing value, and if you do that properly, you are creating more value. This covenant, this trust, cannot be broken—this is not a technology play, it’s a banking play. Eat, sleep, dream, and breathe banking fundamentals for many years, then use technology to build upon your deep-rooted foundations. That’s how it has to be done. I’m currently reading Chris Skinner’s book, Intelligent Money, and he is also fixated on how we store value and keep it safe. He looks at the crucial frameworks [which are banking-led, not fintech-led], the importance of banking knowledge, and also the ability to manage [and anticipate] risk — all of which must be considered when keeping customers happy. And by happy, I mean, keeping their money safe and not breaking the covenant of trust. But whilst I’m betting on banking, this doesn’t mean that I’m not an advocate for tech-powered banking. In fact, advocate seems too lightweight a term to describe me. I cannot entertain a world of banking that isn’t massively enhanced and revolutionised by technology. This doesn’t make me a fintech. Here’s why. Technology allows us to process huge amounts of data, at scale, and fast. This allows us to make much better, more targeted banking decisions on areas such as risk mitigation [loan defaults etc.] and allows more frequent and better decisions [basically, better banking]. Technology also allows us to crack down on cyber security, giving us the advantage to see attacks in real-time and trace the money [in most cases] back, reinforcing the need to build trust through security. It also allows us to build banks with better operational capital efficiency; onboarding new customers digitally, and removing the high cost of physical branches. The reduction of costly overheads can then be passed on to customers who can enjoy a lower cost of banking whilst receiving high-quality services. Technology also forces better corporate governance; digital trails [RIP paper trails] provide transparency at every level — from bottom to top—something fintechs have not always been so hot on. At Sparkle, we are very clear on who we are—a bank-led service provider powered by a fintech structure. We are a banking service building a self-sustaining [and subsequently profitable] business. We are not simply building a following that is subsidised by venture capital for a lengthy, undefined period. In the same way, we are building value and managing risk for our customers, we do the same thing for our investors. And this is why I’m betting on banking and not fintech. — Uzoma Dozie is a banker, tech investor, and financial inclusion advocate. He is the CEO and Founder of Sparkle. Before launching Sparkle, he was the GMD and Bank CEO of Diamond Bank where he successfully implemented a merger with Access Bank Plc.
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JAMB 2024 results are now out for checking
The JAMB exams are over, and the results are now available for candidates to access. JAMB offers multiple ways to access your scores once they’re available. Here are three convenient methods to check your JAMB results 2024: 1. The JAMB eFacility portal This is the official platform for accessing your JAMB 2024 results. It offers a secure and detailed view of your scores. Here’s how to use it: Visit the JAMB eFacility Portal: Open your web browser and navigate to https://efacility.jamb.gov.ng/CheckUTMEResults. Log in with your credentials: Enter the email address and password you used during your JAMB registration. Access your results: Click on the “Check UTME Results” button. You’ll see your scores for each subject tested if your results have been released. Print for your records: The portal allows you to print a copy of your results 2024 for your reference. 2. The SMS method to check JAMB 2024 results The JAMB system also allows you to use text messages to check your JAMB scores 2024. TechCabal can confirm that this method currently works fine for candidates to check their JAMB 2024 scores. Below is an image of a candidate that checked this morning using this method. This option does not require internet access but you will need airtime balance to use it. Here’s how it works: Open text message app: On your mobile phone, launch your text messaging application. Compose your message: Create a new message and type “RESULT” (in capital letters) followed by a space and then your JAMB Registration Number. Send the SMS to JAMB: Send the message to either 55019 or 66019. Receive your results (if available): JAMB will reply with an SMS containing your JAMB results 2024, including your scores for each subject tested. 3. Visit a JAMB CBT Center to check JAMB 2024 results You can also visit a JAMB CBT centre where you registered for your exams to check your 2024 JAMB scores. It’s important to note that this method is generally not required. However, if you have exhausted the other options and have a compelling reason to visit the centre, by all means, do so. Final thoughts on JAMB 2024 results are now out for checking These methods will easily help you check your JAMB 2024 results once they’re released. Upon viewing your results, you’re advised to contact JAMB directly if you have any disputes or reservations. Please, do not pay anyone to help you alter your results as it’s impossible and against the law.
Read MoreExclusive: BuuPass acquires QuickBus, a bus ticketing platform, in a cash and stock deal
BuuPass, a Kenyan travel booking platform backed by Founders Factory Africa and FrontEnd Ventures, has acquired its Nigeria and South Africa-based competitor QuickBus. Both companies declined to share the transaction amount for the cash and stock deal. QuickBus’s developers, product managers and its head of operations in South Africa will join BuuPass’s management team. The acquisition will expand BuuPass’s partnerships with banks and telcos that offer multiple services, such as API integration features. For instance, BuuPass partnered with the M-PESA app, a financial super app, to provide its booking services to around 10 million Kenyans who use the mobile money app. “Quickbus gives BuuPass access to existing integration with major distribution channels in Nigeria and South Africa, such as Vodaphone’s VodaPay app in South Africa,” the startup said. BuuPass will then replace QuickBus branding within existing integrations like VodaPay. Nigerian and South African users will also find BuuPass as their travel booking option across various platforms. The acquisition combines two businesses with different strengths. Buupass, which raised $1.3 million in 2023, is looking to expand into other African countries and will now have access to South Africa and Nigeria. Those new markets will push its active monthly users to 650,000. QuickBus, which first launched in Kenya in 2017, raised over $1 million in a 2020 seed round. New ownership will see it expand interesting products and features like its Cash Advance. Since launching in 2016, Buupass has sold over 6 million travel tickets and generated over $100 million in ticket sales. The platform “covers national and cross-border routes in East and Southern Africa and has served over 16 million passengers,” the company said. The integration processes will entail rolling out additional travel options, such as train and flight bookings, which have been limited in BuuPass’s Kenyan market. “Starting today, BuuPass users can access international routes across 16 African countries, including Kenya, Tanzania, South Africa, Malawi, Nigeria, and Ghana. Major routes, such as Johannesburg to Cape Town and Durban to Capetown, can be found on the platform today, with more to be added by the end of Q2,” BuuPass added.
Read MoreTechCabal’s best-read stories of Q1 2024
With the African tech ecosystem beset by a funding downturn, rising inflation, layoffs and startup shutdowns, the industry was off to a slow and uncertain start this year. Despite these challenges, some major highlights have kept us optimistic at TechCabal as we continue to report news about the ecosystem in the best way possible. Our work captures the players, human impact and business of tech in Africa, providing the content, reporting, data, events and context to help the world understand how tech is changing the continent. From acquisitions and strategic partnerships to company expansions in new markets to regulatory laws for digital nomads to startup pivots and tech ecosystems popping up in unexpected places, here are some of our best-loved stories from Q1 2024. How a clash of visions led to Olu Akanmu’s exit from Opay While Olu Akanmu was CEO at Opay, the fintech grew exponentially, reaching over 30 million users, 500,000 agents, and 100,000 merchants, according to publicly released figures. Unfortunately, due to idea and direction clashes with the company’s broader leadership, Akanmu stepped down as CEO. How Huawei became Nigeria’s biggest telecoms vendor and enterprise business Huawei launched in Nigeria in 1999, two years before Nigeria’s telecommunications revolution. The company has sold servers and storage solutions for top Nigerian banks like UBA, Zenith, Access, Fidelity, Keystone, First Bank, Unity Bank, UBA, and FCMB. In May 2023, a fire at Zenith Bank’s primary data centre caused a service downtime, and attempts to switch to its disaster recovery centre also failed. That incident is thought to have convinced Zenith—a tier-1 bank with a market capitalisation of ₦1.1 Trillion to sign a $10 million deal with Huawei for a storage solution. Patient capital, diverse exits: Verod-Kepple’s vision for the future of African startups Verod-Kepple Africa (VKAV) is a venture capital fund that is partnered with Verod Capital, a Lagos-based private equity firm. The firm’s average ticket size is between $1 million and $3 million, and it has invested in 11 growth-stage startups, like Moove (a Kepple Africa portfolio company), Shuttlers, Chari, and Julaya. All three partners of Verod-Kepple—Ory Okolloh, Ryosuke Yamawaki, and Satoshi Shinada—shared with TechCabal their investment thesis and why they are backing African startups. Wasoko merger fallout Wasoko, a Kenyan e-commerce platform which was founded in 2013 and raised over $140 million from investors, entered into a merger with MaxAB, an Egyptian retail company, without informing their employees. The employees first heard about the merger on a video call attended by MaxAB executives in early December 2023, the same month the deal was announced. This event triggered many other happenings in the company, including the layoff of over 100 employees across departments in both Kenya and India. It also led to nine employees suing Wasoko, claiming they had been unfairly fired. The employees argued that the company did not give them sufficient time to prepare for their exit. Following this, the court barred Wasoko from firing the aggrieved employees, and the company promised to make provisions to aid the exit of said employees, including providing health insurance coverage until March 2024. How Eyowo’s bid to become a fintech giant hit the rocks In 2019, Softcom, a software development agency, shifted its focus from its client-side business to building consumer-facing products, and became Eyowo, one of Nigeria’s earliest digital banks. But, five years later, with three rounds of layoffs, persistent delays in salary payment, and a revocation of Eyowo’s banking licence in 2023, the company’s fortunes, unfortunately, turned. Sources who spoke to TechCabal claimed that Eyowo’s licence was revoked because it stopped offering loans to customers, contravening a regulatory requirement for microfinance banks. In March, the company insinuated it has regained its licence and that there are talks about a possible rebrand as “Entrepreneur Bank”. Fintech giant Flutterwave secures release of $3 million in Kenya In 2022, the Assets Recovery Agency (ARA) in Kenya froze $55 million, belonging to fintech giant Flutterwave, on fraud and money laundering charges. After the charges on the first case were withdrawn in March 2023, the court unfroze the majority of the funds amounting to $52.5 million. The rest of the funds were not immediately released, despite a court order to release them after the ARA sought court approval to withdraw money laundering charges against the fintech startup in July 2023, but the judge denied the request. Finally, in February 2024, over a year later, the court cleared the remaining funds: $3 million; and released it to Flutterwave. It was good news for the fintech giant. What is it like to build a tech ecosystem in Nigeria outside the country’s tech capital? Lagos is to the Nigerian tech ecosystem what Silicon Valley is to the North American ecosystem. Yet, unlike the US, where other states like New York, Seattle and Chicago still have thriving ecosystems that complement Silicon Valley, tech ecosystems outside Lagos struggle to build their identities or get significant attention from stakeholders. Sanusi Ismaila and Excel Ajah are some of the people working to beat the odds by creating co-learning labs and communities in other Nigerian cities like Kaduna and Owerri. These communities are taking shape and building promising tech talent outside Lagos in ways that will be beneficial to the country’s ecosystem as a whole. Bolt launches in Zimbabwe and waives driver commission for six months In January, Bolt, the popular ride-hailing company, expanded their African operations to Zimbabwe, particularly its capital city, Harare. As an incentive for drivers, the company waived its usual standard commission for six months. This move marked Zimbabwe as the third country in Bolt’s strategic move into the Southern African market; after the company launched in South Africa in 2016, and conducted pilot operations in Zambia in 2023. In a similar move, Bolt also launched operations in Botswana in February, about a month later. South Africa eyes Nomad gold rush, targets wealthy remote workers in new draft regulations South Africa is trying to become the fifth African country to start granting digital nomad visas. The
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