Why the University of Cape Town leads Africa in producing tech startup CEOs
The University of Cape Town has produced the most CEOs of tech startups in Africa. TechCabal asked alumni and industry experts about the institution’s secret sauce According to Africa: The Big Deal data, the University of Cape Town (UCT) leads the continent’s tertiary institutions regarding alumni who became CEOs of African tech startups. The Cape Town-based institution has produced 74 CEOs, followed by The American University in Cairo and the University of Oxford. Of the top 12 universities to produce the most CEOs, only 42% were African institutions, with the majority comprising US schools, followed by the UK and France. Some of these US institutions include Stanford, Harvard and MIT. The University of Cape Town leads the way in producing tech startups CEOs in Africa Understanding the trend According to Thando Hlongwane, co-founder and CEO of fintech startup Lipa Payments and an alumnus, UCT provides access to startup ideation initiatives, incubation facilities, and connecting students with the broader Cape Town startup ecosystem. Hlongwane added that ideation initiatives such as UCT Flux allowed students to build new startups using a design thinking methodology. “UCT had an enabling environment [for building tech products]. The information systems department had an innovation lab I was a part of. We had access to 3D printers, virtual reality machines, and a whole lot of other tech, which allowed us not only to ideate but also create,” Hlongwane told TechCabal. “The alumni ecosystem of the school was also quite supportive, and through it, I met Jason Basel, founder of Akro, who today remains a mentor of mine and helped one of my other startups, Zaio, raise its first round of funding.” Anda Ngcaba is the innovation director at UCT’s Financial Innovation Hub, and a crucial part of his job is leading the hub’s innovation activities and pre-incubation programs. Students are given bursaries to cover living expenses and incentivise them to focus on building their startups. The hub also puts the startups in touch with their network of investors. “We have about five research work streams ranging from blockchain applications to financial inclusion. I work hand in hand with the students to help them find ideas within their research and commercialise it. We either try and prepare the students that come out of the course for entrepreneurship or if we see that this person isn’t very entrepreneurial driven, we then try to find them a spot in one of our startups or in the broader ecosystem,” Ngcaba told TechCabal. Seven startups from the hub have raised R16 million in grant and equity funding in the last three years. More entrepreneur development initiatives UCT Flux is another entrepreneur-development initiative by the university. Flux is an entrepreneurial business game hosted by UCT Careers Service (CS) with the help of its employer partners. It allows students from all degrees and years of study to compete in teams to solve real-world challenges and practise their strategic-thinking skills. It uses the growing trend of gamification to help teach studentpreneurs the skills involved in business planning and how to pitch an idea. During the full-day challenge, teams receive advice from experts in Strategy, Marketing, HR and Finance. They then compile a business strategy and solution, which they pitch to a panel of judges. Three teams are chosen as finalists and square off in a final 90-second elevator pitch, after which the winner is chosen. “[FLUX] encourages [students] to think about questions such as, ‘Where is the funding going to come from?’ or ‘What are the business’s fixed costs?’. Although they have great business ideas, these are some practical questions that many students have never even contemplated. This makes the event an amazing learning opportunity,” said David Buckham, co-founder of Monocle, one of the event’s sponsors. There’s still room for improvement Despite producing the most CEOs, South African institutions like UCT still have some way to go. According to data by Statista, Nigeria has the most number of startups on the continent, with 3,360 entities, followed by Kenya with 1,000 and South Africa with 660. South Africa also lags in attracting venture capital [pdf], drawing $550 million in funding in 2022 through 78 startups. This figure is dwarfed by Nigeria’s $976 million from 180 funded startups, Egypt’s $812 million from 131 startups and Kenya’s $574 million from 90 startups. According to Clive Butkow, CEO and partner at Kalon Ventures, a Johannesburg-based venture capital firm, the South African startup ecosystem would benefit significantly from founders who are apt at the technical and business aspects of running a startup. Butkow believes South African universities produce the continent’s brightest technical and engineering talent. However, to supplement this, he believes there needs to be more emphasis on teaching students entrepreneurship so that their solutions become scalable and fundable startups. “I receive numerous pitch decks from student-founded startups, and what is constant in these is the lack of clarity on how exactly the product would make sense business-wise,” Butkow told TechCabal on a call. “To build a venture capital attractive startup takes more than just writing code. Universities must also enforce unit economics, accounting and other aspects in their course outlines. Combining top-tier engineering and top-tier business talent would elevate the South African startup ecosystem to another level.” This view is shared by Ndabenhle Ntshangase, an alumnus of UCT and co-founder and CEO of AirStudent Travel. Students can make travel bookings together and access group rates on this group booking platform. “My course gave me foundational skills of building a technology product, but what also matters, and perhaps was not fostered enough, are in-depth skills on the technical and business side of building a startup,” said Hlongwane to TechCabal. Hlongwane cites aspects like business development, marketing, and sales as areas that the school’s curriculum could better address. With entrepreneur support structures like the Financial Innovation Hub and Flux, it should not be surprising why UCT leads the way in churning out tech CEOs. However, challenges like a lack of support for non-technical aspects of tech entrepreneurship still need to
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Latest way to check GOG payslip, ePayslip 2023
GoGPayslip is a platform introduced by the Ghanaian government for its employees to facilitate the process of viewing and managing electronic payslips. This article serves as a comprehensive guide on how to efficiently check your GoG payslip or ePayslip in Ghana. 1. Accessing the GoGPayslip website Open a web browser on your computer or mobile device and navigate to the official GoGPayslip website (www.gogpayslip.com). 2. Login or Register If you’re a registered user, enter your email address and password to log in. If you’re a new user, click on the “Register” button and follow the prompts to create an account. You’ll need your employee number and other relevant information. 3. Accessing your profile to check your payslip (ePayslip) Once logged in, you’ll be directed to your profile page. Here, you can view your personal details, including your employee information and payslip history. 4. Check your payslip ( ePayslip) Locate the “Payslip” section on your profile page. You’ll typically find it as a tab or a button. Click on it to access your most recent ePayslip. Afterwards, do the following to check your GOG payslip ( Select the Month you want to download Click on Generate 5. Understanding the ePayslip Your ePayslip will display various details, including your basic salary, allowances, deductions, and net pay. Take your time to review each section to ensure accuracy. 6. Download and Print If needed, you can download and print a copy of your ePayslip for your records. Look for a “Download” or “Print” button on the ePayslip page. 7. Checking past payslips To access previous ePayslips, navigate to the “Payslip History” section. Here, you can select the desired month and year to view and download older ePayslips. 8. Updating information If you notice any discrepancies in your personal details or ePayslip information, the platform may allow you to update certain fields. Look for an “Edit Profile” or “Update Information” option. 9. Logging out Always remember to log out of your GoGPayslip account when you’re done viewing your ePayslip. This helps ensure the security of your personal and financial information. Final thought on how to check GOG payslip Checking your GoG payslip ePayslip is pretty easy and it provides employees with quick and convenient access to their income details. By following this step-by-step guide, you can easily view, download, and manage your ePayslips, promoting transparency and efficiency in the payment process. Embracing digital solutions like GoGPayslip reflects the evolving landscape of payroll management in Ghana’s workforce.
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Founders Factory raises $113 million to fund African startups
Founders Factory Africa, an African early-stage startup accelerator and venture studio, has raised $113 million to fund African startups. The studio says it will become sector-agnostic and double down on addressing gender imbalances with the new funding. Founders Factory Africa has secured $114 million in funding to scale its model across the African tech ecosystem. The additional funding comes from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, and follows on from previous investments by Standard Bank, the Small Foundation, and Netcare. Founders Factory’s portfolio cuts across 55 ventures in 11 African countries. The portfolio covers fintech and healthtech companies and includes Asaak, an asset financing startup for boda boda drivers in East Africa; Envisionit Deep AI, a South African medical technology company using AI to transform medical imaging diagnosis; Fresh Source, an Egyptian food tech startup. The studio says it will use this funding to become sector-agnostic, address gender imbalances in the ecosystem, broaden its capital investment offering to include non-dilutive capital, and strengthen internal capacity. An analysis of Founders Factory last fund. The venture studio combines a traditional venture capital approach with what it describes as, “bespoke hands-on venture support.” In addition to equity checks of up to $250,000 for ventures at the idea, pre-seed and seed stages, it can invest up to $300,000 in additional equity-free capital to “catalyse investments.” This non-dilutive funding is meant to provide founders with additional runway to pursue growth and catalyse other investors. “We are excited to have new and dynamic funding, which follows on from previous investments into Founders Factory Africa by Standard Bank Group, Small Foundation, and Netcare Group,” said Alina Truhina, co-founder of Founders Factory Africa. “Our new fund will allow us to continue supporting the continent’s most promising early-stage ventures – and their exceptional founders – with the capital and resources they need to fuel their growth,” said Sam Sturm, the chief portfolio officer of Founders Factory Africa.
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2023 to 2024 UI fees for old and new students
The University of Ibadan (UI), one of Nigeria’s most prestigious federal institutions of higher learning, has recently followed in the steps of the University of Lagos (Unilag) in increasing fees that new and returning students are billed to pay. Sequel to the Presidency’s debunk of tuition fee increment notions, the University of Ibadan in a document released regarding the proposed fees revision, implied accordingly that students are getting “Free Education” because the tuition fees box was marked “Nill”. Categorically, new University of Ibadan students making use of digital infrastructure, could alongside other mandatory fees like Technology Levy, be paying as much as ₦295,500. See the breakdown of the revised fees for old and returning students of the University of Ibadan below: New UI fees for new students 2023 New UI fees for returning students 2023 There are currently rumours that the premier University will also be increasing fees for services like online transcript application, certificate processing, and so on. Concerns regarding UI’s new fees on social media The fee review news has stirred and sparked debates and discussions across social media from demographics including students, parents, faculty members, and the general public. The increment has been touted to significantly increase the financial burden on students and by extension their guardians or parents. News coming from sources in the university administration cited various reasons for the fee hike, including the need to improve infrastructure, balance the costs of running with current economic realities, enhance academic quality, and attract top-notch faculty members. Proponents of the increment argue that such steps are necessary to maintain the university’s reputation and ensure its competitiveness on a global scale. However, critics contend that the sudden and substantial increase disproportionately affects students from low-income families and undermines the institution’s long-standing reputation of providing affordable education. One of the primary concerns arising from the fee increment is its potential impact on enrollment rates. As tuition becomes less affordable, many students might be forced to abandon their dreams of attending the University of Ibadan. This could lead to a decline in diversity, academic excellence, and a sense of inclusivity on campus. Moreover, critics worry that the financial burden might discourage prospective students from pursuing higher education altogether, perpetuating a cycle of limited opportunities and socio-economic disparities. Final thoughts As other federal universities like Obafemi Awolowo are expected to unveil their revised fees too, there’s a significant debate about the direction of higher education in Nigeria. The fees increment raise important questions about the affordability of education, equal access to opportunities, and the role of universities in society.
Read MoreVodacom insists Maziv acquisition is good for competition in SA despite regulator’s rejection
Following a decision by the competition commission to halt Vodacom’s intended acquisition of Maziv, the company has issued a response, rebutting the competition concerns outlined by the regulator. South African mobile network operator Vodacom has responded to a decision last week by the country’s competition regulator to halt its acquisition of Maziv, a holding company whose assets include fiber network operators Dark Fibre Africa (DFA) and Vumatel. “The Commission is of the view that the proposed transaction is likely to substantially prevent or lessen competition in several markets and that the conditions offered do not fully address the resultant harm to competition,” the regulator said. Additionally, the commission stated that the public interest commitments provided by the merger parties did not outweigh the competition concerns. In its response seen by TechCabal, Vodacom said it is disappointed in the regulator’s decision but intends to pursue other avenues to make its case. “Having engaged extensively with the Competition Commission’s investigative team since the proposed transaction was announced, Vodacom is surprised and disappointed with the Competition Commission’s recommendation given that both Vodacom and CIVH have endeavoured to thoroughly address competition-related concerns through a list of remedies and public interest commitments put forward to the Competition Commission,” said Vodacom Group spokesperson, Byron Kennedy. Furthermore, the company intends to showcase the strong public interest and pro-competitive advantages the proposed transaction would have on the fibre market and the country. Contrary to the commission’s conclusion, Vodacom believes the proposed transaction will help bridge the digital divide and enhance competition in the fibre market as the parties have committed to ensuring access to Maziv’s fibre assets. Vodacom’s commitment to ensuring that the deal bridges the digital divide in the country and fosters competition includes initiatives such as a commitment to create up to 10,000 new jobs and SMME development by establishing a new enterprise and supplier development fund to the tune of R300 million over three years. Maziv has also committed to passing at least one million new homes in lower-income areas with fibre infrastructure over five years. Furthermore, the company states that the investment, which is more than R13 billion, would come when attracting capital investment into South Africa is particularly challenging. Following the suggestion by the commission, the case will now move to the competition tribunal, which adjudicates on matters referred to by the commission. Should the tribunal uphold the recommendation by the commission not to greenlight the transaction, Vodacom has the option of going to the Competition Appeal Court, which considers appeals or reviews against tribunal decisions.
Read MoreKenya’s Revenue Authority is auctioning ‘overstayed items’ in Mombasa port
Kenya’s tax changes have sparked a cargo crisis at Mombasa port. Kenya Revenue Authority (KRA) is now auctioning overstayed goods with a $10 entry fee. The Kenyan tax regime has undergone critical changes in the past few months, introducing new regulations to widen the tax bracket. These legislative adjustments have compelled importers to forgo picking their cargo from the port. Amidst these strict regulations, the Kenya Revenue Authority (KRA) has not relaxed its stance on enforcing tax regulations. To this end, a substantial amount of cargo is yet to be retrieved from the port. In response, the KRA has launched an auction from August 14 to August 20. This auction presents an opportunity for the disposal of overstayed cargo. “KRA is running an online auction to sell overstayed cargo at the port of Mombasa. The auction is running from Monday 14th August 2023 to Sunday 20th August 2023,” KRA posted on X. A glance at the auction page show vehicles as some of the most popular items, alongside electronic devices such as computers and televisions. Bidding regulations Kenyans must have a valid iTax account and an active email to participate in the action exercise. Upon entry, a non-refundable $10 fee is then paid for auction participation. Items are auctioned on an “as-is” and “where-is” basis, precluding replacement requests or refunds. KRA says it reserves the right to modify auction lots before bidding starts. A successful bidder will then receive an invoice after the auction ends. Within 48 hours, the winner must send 100% of the bid amount. Failure to meet this deadline will result in the item being offered to the second-highest bidder. Winners are granted three days from payment to retrieve the item; otherwise, they become liable for warehouse expenses from the sale date onward. No additional tax for winning bids KRA adds that the bidding price is non-negotiable, and no taxes will be applied. However, upon winning, registration with National Transport and Safety Authority (NTSA) will be undertaken at a bidder’s cost. This mainly affects groups that will be bidding for the vehicles listed. The consolidated cargo question A few months ago, KRA introduced a new directive for importers of consolidated cargo, directing them to pay taxes based on transaction value, a shift from the previous fixed duty model of KES 200 (under $2) per kilogram for loose cargo, as part of an effort to address abuse of the initial cost-easing directive for small importers. Some importers of restricted items, including expensive mobile devices, television sets, and medical equipment, to name a few, had exploited loopholes to evade import permits. These importers circumvented using their PINs for declarations by opting for consolidation, resulting in owed VAT on their iTax PINs that could not be offset by sales VAT. To this end, the prices of devices shipped in as consolidated cargo have increased, as tax is now paid per item. A smartphone shortage is still due to importers neglecting to retrieve their cargo, which is presently stored in KRA warehouses. It has become clear that the KRA will not do a U-turn on the crisis, and importers will, in the long run, need to pay their fair share of taxes. However, this will see fewer smartphone retailers participate in the business thanks to the huge overheads.
Read MoreMastercard to buy a minority stake in MTN’s fintech unit, after investing $100m in Airtel’s fintech
Two years after investing $100 million in Airtel’s mobile money business, Mastercard Inc. has agreed to buy a small portion of the fintech business of MTN Group Ltd., another telecom company in Africa. Payment processor Mastercard Inc. has agreed to buy a minority stake in the fintech business of MTN Group Ltd., a major telecom company in Africa. MTN’s CEO, Ralph Mupita, says that they’re finalising the investment arrangements, as reported by Bloomberg. The cornerstone of MTN’s fintech endeavours is its mobile money product, MoMo, which has been valued at $5.2 billion, nearly 40% of MTN’s total market capitalisation. This follows Mastercard’s $100 million investment in Airtel Mobile Commerce BV, the holding company for Airtel Africa’s mobile money operations. With the investment, Mastercard bought a minority stake in the fintech arm of the telecom, just like it is set to do in MTN. [ad] Mastercard has previously connected its virtual payment service to MTN wallets, enabling MTN customers to make international payments online without needing a bank account. This puts MTN in competition with established fintech companies such as Flutterwave, and other major telecom contenders like Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. have also ventured into the fintech sector. MTN had previously shared plans to raise around $1.3 billion by selling assets. These plans include recent actions like selling and leasing back assets in West Africa and South Africa. This involves things like mobile-phone towers and their share in IHS Holding Ltd., a tower company listed in New York. However, the sale of this share has been postponed due to a disagreement with the management of IHS Holding.
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Next Wave: How much digitisation will be enough for B2B e-commerce in Africa?
Cet article est aussi disponible en français <!– In partnership with –> First published 13 August 2023 This week, I’ll take a break from the ecosystem review series to share a bit of my evolving thoughts on B2B retail digitisation in the past few weeks. The summary is that hurting FMCG sales leaves a question mark over how thick the digital layer in FMCG retail should be. It’s hard to write about digitising FMCG from the outside. You don’t see the people issues, infrastructure problems and numbers that insiders deal with 40+ hours every week. But there are threads and jigsaw pieces that we can put together to create a picture. Besides, digitising FMCG exists inside the context of the traditional consumer goods business, a world that I am not completely unfamiliar with at the retail distribution level. Google is not the best place to find an accurate picture of most things. But it can be a useful puzzle piece. So let’s start from there. A quick web search with the keywords “b2b e-commerce in Africa” returned this. Screengrab Sunday August 13, 2023. The top two results that could fit into this screengrab were a partner article on TechCabal and a Rest of World’s report on how the venture downturn has affected these firms. Here’s a quote from the Rest of World piece. In March 2023, Zumi, a Kenyan B2B e-commerce startup, shut down due to its inability to raise capital. In January, Wabi, an e-commerce platform backed by Coca-Cola, announced it was shutting down operations in five African markets, including Nigeria, Kenya, and Egypt. Before its closure, the business had heavily discounted its products to drive customer growth. Late last year, MarketForce, a Kenyan B2B startup, had a round of layoffs six months after raising $40 million in funding, citing harsh market conditions. The full RoW story points to razor thin margins and an unwillingness by venture firms to fund the business that they mostly encouraged to optimise for growth, as a reason for the struggles B2B retail firms in Africa face. But that is not all of the picture. An important part of the story is that Africa’s fast-moving consumer goods sector is itself changing. A big part of these changes has nothing to do with venture funding since it comes from the impact of inflation, lower consumer spending, rising energy costs, and heavier import bills courtest of tight forex conditions. What’s more? It is impacting everyone. B2B retail startup or regular distributor. The national specifics differ, but the broad contours are similar. Changing winds The set of the sails not the wind. Photo by Richard Horne on Unsplash When I visited Copia’s headquarters, which doubles as a distribution centre in Tatu City, just outside Nairobi three months ago, I was impressed by the well-oiled operation, thoughtful processes and vertical integration (Copia runs a packaging operation for its rice and sugar brands). Could I have predicted a layoff two months later? No. I absolutely did not expect it. And I don’t think Tim Steel foresaw telling 350 people there was no work to accommodate them three months after leaving Uganda, either. The same goes for Twiga’s several rounds of layoffs and a transfer of what was seen as a move to integrate crop production into its business mix to another firm. But it happened. Even though we did not (at least I didn’t) foresee this trajectory, the markings of a slowdown in the pace of B2B e-commerce were already clear by the start of this year. While there are probably funding–tied factors, some of the biggest trials facing a future where FMCG is broadly digitised have little to do with more VC money. In “Walking through the valley of the shadow of death”, one of this year’s March issue of Next Wave, I wrote that a chain of economic crises facing African countries was expressing itself at retail shops across Africa by both strengthening informality and reducing spending. Here’s an excerpt from that piece. All of this economic mumbo-jumbo is most accurately expressed at food stalls and grocery shops. As Egypt clearly understands, ahead of the Ramadan fast, the country’s national leadership opened Egypt’s annual Ramadan food drives three months ahead of schedule to help combat rising food prices, courtesy of a shortage in the supply of food and, more importantly, a shortage of the foreign currency needed to release food that has already arrived from Egyptian ports. As the economic crisis bites, it is strengthening informal retail markets. For example, the Tuesday street market in the densely populated El Talbia neighbourhood, one of Cairo’s poorest, is growing in popularity and attracting new shoppers every week who come from all over the Cairo area, for cheap prices. …I’ve walked you through all of this just to say that the economic situation as expressed in FX and debt crises for countries where imported food makes up a huge chunk of how people are fed is not looking bright. The very next week, Chernay Johnson, then the Research Director of DFS Lab followed up that issue with a stellar contribution on the intricacies of serving the consumer goods market in Africa. The conclusion was that: …no one B2B market player is near maturity in Africa’s retail sector. At full scale, the dynamics around unit economics could (and will) look a lot different as strong network effects multiply the profitability of a few market leaders. This is only starting to happen in the race to digitise retail in Africa, and we’ll continue to patiently keep an eye on emerging trends. Some careful combination of experimentation will no doubt bring progress, on a continent for which there is no tried and tested formula. But we think this will take more time than the pitch decks predict. Reread the last sentence. Why could it take more time for B2B players serving the retail market to reach maturity and find scale? Some thoughts. #1 Building asset-light but fully digital platforms might have a
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👨🏿🚀TechCabal Daily – A strike of genius?
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Looks like Muskerberg event might not happen after all. Yesterday, Meta CEO said he’s ready to move on from the planned fight as his opponent, Tesla CEO Elon Musk, doesn’t appear to be ready..or serious. Since Musk and Zuckerberg agreed to a fight in June, the world has waited to finally see the rich eat themselves. So far, only the Meta CEO has shown any enthusiasm with Musk delaying for several reasons including surgery, and more recently, a request for a practice match with Zuckerberg. C’mon Elon, you can do it, pave the way, put your back into it. In today’s edition South African taxi drivers call off strike Kobo360 CEO appointed commissioner China reduces screen time for children How fintechs should adapt to FX reforms The World Wide Web3 Event: The Moonshot Conference Job openings Mobility South African taxi drivers call off strike South Africa’s mobility industry is once again in the news. Last month, it was because Uber drivers were implicated in attacks on passengers. This month, it’s because taxi drivers in Cape Town embarked on a week-long strike that caused hardships for everyone from commuters to e-hailing drivers. On Thursday, August 10, eight days after it began, the strike was called off. Why did they strike? Late in July, the city of Cape Town implemented a new by-law that allows the city to impound vehicles that don’t have licence plates displayed. Under the old laws of 1996, drivers who did not display licences were simply fined but their cars weren’t confiscated. This new law, however, means something different. Subsequently, on August 3, the Western Cape branch of the South African National Taxi Council (SANTACO) announced a one-week strike which immediately turned violent after the government began impounding cars under the new law. The taxi drivers, at the time, vowed to strike until the new law was repealed. Image source: Reuters Five dead and 120 arrested: Angry protesters took the street, torching buses and cars that refused to join in the strike action. Per South African police minister Bheki Cele, five people were reportedly killed during the protests while 120 suspects have been arrested in connection to the violence. SANTACO also says about R120 million ($6 million) was lost in income and properties during the strike. Many others were affected by the strike action including commuters as taxis make up 75% of transportation in the province. Local media reported that dozens of passengers who could not get buses or ride-hailing services slept at bus stations or their workplaces. Even ride-hailing services who did not join the strike and were caught with commuters had their cars burnt. Zoom out: After eight days, the association called off the strike as SANTACO and the government reached an agreement that would see to the release of impounded vehicles. The new laws will still be in force, under the agreement, but a task team with participation from SANTACO will define which offences other than operating without a licence will make drivers liable for impoundment. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today here. Ecosystem Kobo360 CEO appointed commissioner in Nigeria Obi Ozor, CEO of Kobo360 Nigeria’s tech ecosystem is slowly infiltrating governance. Last week, Obi Ozor, CEO of logistics startup Kobo360, was appointed commissioner of transport in Enugu, Nigeria. This comes weeks after founder of incubator CcHub Bosun Tijani was nominated and confirmed as a federal minister for the country’s new regime. Ozor was one of 20 ministers appointed by state governor Peter Mba who, in his speech, said that the commissioners were appointed based on their experience and track record. The Kobo360 founder spent five years studying in a seminary before serving as Kobo360’s CEO for the same duration. Prior to this, he held positions at JP Morgan and was the director of operations at Uber Nigeria. Kobo360 which Ozor co-founded with Ife Oyedele in 2017 is a digital logistics platform that enables cargo owners to book freight trucks via phone or online. If anyone knows about transportation, it’s definitely Ozor. The big picture: While startup founders have previously been appointed to governmental roles in Nigeria, such as Oswald Guobadia during President Buhari’s administration, the appointments of Ozor and Tijani offer fresh recognition for the Nigerian tech sector. With governmental barriers now reduced, the Nigerian tech ecosystem is poised for its next phase of growth. Discover Trends with Smile Identity Download the Smile ID State of KYC in Africa Report on the latest trends in identity verification across Africa, highlighting the power of biometric verification and document verification in combating fraud. It is a must-read for any business looking to acquire users across Africa and keep up with fraud trends. Global News China reduces screen time for minors For kids in China, the word “Tik Tok” will have a different meaning. Earlier this month, the Cyber Administration of China released a new proposal that will reduce screen time for minors to two hours. ICYMI: In 2021, the Chinese government implemented new laws that limited the number of hours minors can spend gaming online. Minors were barred from gaming during the weekdays, and weekend gaming was limited to three hours. At the time, Douyin—China’s alternative to TikTok—also implemented new policies that limited the amount of time children under 14 could spend on the app to 40 minutes per day. GIF Source: Zikoko Memes Limited screen time: Now, under the proposed laws, all minors—people under 18—will have limited screen time. With “Minor Mode” on across devices, no minor will be able to access their screen between 10 PM and 6 AM. Kids under eight can use their phones for up to 40 minutes daily. Those aged 8 to 16 are allotted an hour of screen time, and those between 16 and 18 can
Read MoreObi Ozor, Kobo360 CEO appointed commissioner in Enugu
Obi Ozor, the CEO of Kobo360, a logistics startup, has been appointed as commissioner of transport in Enugu, Nigeria. This comes a week after Bosun Tijani’s ministerial confirmation, signifying new heights for the country’s startup ecosystem. On Thursday, Peter Mba, the governor of Enugu, appointed 20 commissioners who will support the implementation of his policies in the eastern Nigerian state. The newly sworn-in commissioners include Obi Ozor, the CEO of Kobo360, a Nigerian logistics startup. Ozor will serve as the commissioner of transportation in Mba’s cabinet. In his speech, Mba said that the commissioners were appointed based on their experience and track record. “It’s our hope that you are going to bring those experiences to bear and to work for the people of Enugu State,” he added. Mba also spoke of his ambition for Enugu and charged the commissioners to help achieve it. “We want to attract investments to Enugu and it will require you, deploying not only your skills, but also making sure that you acquire those new skills that we need to fix the challenges of breaking new grounds of economic development and growth.” My Life In Tech: In Obi Ozor’s world, audacity is king Trained in a seminary for 5 years, Ozor has been CEO of Kobo360 for 5 years. Before that, he worked at JP Morgan and Uber Nigeria as its Director of Operations. Kobo360 was launched in 2017 in Nigeria by Obi Ozor and Ife Oyedele, who exited the startup last year. Through its digital logistics platform, cargo owners can request freight trucks using either their phones or the web and have their goods picked up and delivered to the required location. This appointment comes a week after President Tinubu appointed Bosun Tijani as a minister. Although it’s not the first time that startup founders are appointed to serve in a government capacity in Nigeria (Oswald Guobadia, a two-time founder’s role in Buhari’s administration, comes to mind), Ozor and Tijani’s appointments create a new level of validation for Nigeria’s tech ecosystem. No longer faced with barriers at the government level, the next steps for Nigeria’s tech ecosystem’s growth are already underway. What does Nigeria need from its digital economy minister?
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