Hacks to shopping on Temu in 2024 and beyond
The festive season is upon us, and so is the annual pilgrimage to the digital shopping bazaar. If you’re among the countless bargain-hunters excited about shopping phones and the likes on Temu in 2024 especially with their ADs sticking out in your face everywhere you turnt, buckle up. Temu is a treasure chest of delights, but for some, it’s also a Pandora’s box of tiny surprises. Yes, those adorable “life-sized” teddy bears and “premium” furniture sets sometimes arrive looking more like dollhouse accessories than real-world purchases. Here’s how to shop smart and avoid starring in your own “What I Ordered vs What I Got” drama. 1. Read the fine print Product descriptions are not suggestions. They’re the actual ‘facts’. If that “luxurious outdoor ticking chair set” sounds too good to be true for N6000, it probably is. Check the dimensions because that 3cm you see is not a typo; it’s your bench…for ants. Shopping on Temu in this 2024 isn’t about just looking at the pretty pictures; it’s about detective-level scrutiny. 2. Read the product reviews like you have an exam on them Temu shoppers love to share their discoveries (and disasters). Reviews often include pictures, and these snapshots can be lifesavers. If you see multiple buyers posing next to a “giant Christmas tree” that looks more like a broccoli stem, heed the warning. Reviews are the reality checks you need before clicking “Buy Now.” 3. Check the product categories When shopping on Temu in 2024, remember that the platform caters to ‘everybody’. Whether you’re a collector of miniature figurines or an actual human with full-sized needs, there’s something for you. Just ensure you’re in the right category. A £3 sofa cushion might actually be for chipmunks. 4. Manage your expectations and your budget Temu is ‘cheap’. But cheap doesn’t always mean cheerful. If you’re paying N500 for a “vintage lamp,” expect charm, not illumination. Temper your expectations – buying low-cost items is a game of chance, not a promise of perfection. Final thoughts on hacks to shopping on Temu in 2024 and beyond Even if your “massive festive wreath” arrives looking more like a keychain, don’t despair. Use it to adorn your pet’s tiny head, if you own one, or gift it to someone with a good sense of humour. Festive shopping is about joy, not perfection. Shopping on Temu in 2024 can be a wild ride, but it doesn’t have to end in tears or laughter at your expense. Read, review, and revel in the ridiculous bargains—just ensure you know what you’re actually buying. And remember, tiny surprises can sometimes bring the biggest smiles!
Read MoreKenyan banks to lower interest rates following pressure from the Central Bank
Kenyan commercial banks will lower lending rates beginning December 2024, following increased pressure from the Central Bank of Kenya (CBK). Last week, the CBK’s Monetary Policy Committee reduced the benchmark rate by 75 basis points to 11.75%, the lowest level since the Covid-19 pandemic.” Despite three successive rate cuts, the gap between the Central Bank Rate (CBR) and lending rates has widened to a 31-month high, raising concerns about the slow transmission of monetary policy changes to customers. In October, the spread between CBR and commercial lending rates rose to 5.15%, as average interest rates rose to 17.15% from 16.91% in September. On December 6, CBK Governor Kamau Thugge told banks to align lending rates with recent reductions in CBR or risk harming the economy. “All we are asking is for banks to be fair and to act in the same way that they were quick to raise lending rates when the policy rate was increasing and the treasury rates were increasing,” Kamau said. “I think it’s in banks’ interest to lower their lending rates. If they continue on this path it will be a no-win for anyone and the economy will not be able to perform.” The Kenya Bankers Association (KBA) said its 43-member banks will begin reviewing loan interest rates to “unlock access to affordable credit.” The decision comes after the lenders ignored the regulator’s previous warnings that retaining high interest rates was hurting private sector growth. “The recent successive cuts in the Central Bank Rate (CBR) have implications on both deposit and lending rates in the market. Banks are taking steps to lower interest rates and make borrowing more affordable,” KBA said on Sunday evening. “Individual banks are issuing the requisite notices to customers indicating reductions in loan rates from December 2024 and these reductions will continue progressively in line with the evolution of monetary policy.” While KBA welcomes the rate cuts, it is also calling for larger reductions from the CBK to effectively stimulate lending and economic growth
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👨🏿🚀TechCabal Daily – Less money, more problems
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! If you’re looking for an event to close out your year, our friends at Founder Institute Lagos are hosting Unwind 2.0 on the 13th of December. The theme of the event is “How We Built It” and will feature firsthand insights from founders who’ve turned challenges into opportunities. There’s also the opportunity to network with investors and other ecosystem players. So if you’re a founder, an investor, or a startup ecosystem enthusiast in Lagos, register for Unwind 2.0. Only 29% of South African organisations will increase cybersecurity budget in 2025 Telecoms’ investment in Nigeria dropped by 87% Nigeria to offer $1.2 million in MSME loans US upholds TikTok ban World Wide Web 3 Job Openings Cybersecurity Only 29% of South African organisations will increase cybersecurity budget in 2025 Image Source: Google What is the answer to a wave of cyberattacks that affected South Africa’s biggest institutions in 2024? Apparently, not a bigger cybersecurity budget. In the last three years, South African organisations—including big corporations and government parastatals—have lost up to $20 million to damning cyberattacks and data breaches. This year, the country was ranked as one of the most-affected countries in Africa, dealing with more than 1,876 recorded cases in Q3 2024 alone. Government arms like the Companies and Intellectual Property Commission (CIPC) and the National Health Laboratory Services suffered breaches. Despite these headline-grabbing cyberattacks, only 29% of South African organisations plan to increase their cybersecurity budget by 2025, according to consulting firm PwC. The disconnect is striking. Cybercriminals are sharpening their hunting instincts and shooting faster than these organisations can fly. Some of them are forming hacktivist and syndicate groups to attack and share companies’ data among themselves or sell the information for cheap. Large South African organisations that are getting minimal budget lifts could mean one of two things: they have either implemented top cybersecurity policies and only consolidation remains, which likely explains the minimal spend. Or, they are de-prioritising a channel that was a leaky pipe for them in 2024. If the latter is the case, then the rhetoric here is whether South Africa’s biggest organisations are irrationally optimistic about the threats. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Telecoms Investments in Nigeria telecoms market drop by 87% in Q3 2024 Image Source: Zikoko MemesLike Nigeria’s tech ecosystem, the telecommunications sector has seen a decline in foreign investments. Data from Nigeria’s Bureau of Statistics (NBS) shows there was an 87% decline in foreign investments in Q3 2024. The sector received about $14.4 million, a steep decline from the $113.42 million recorded in the previous quarter. According to the data from the NBS, the telecom sector’s capital inflow plummeted 77% year-on-year in Q3 2024, shrinking from $64.05 million in 2023 to just $14.73 million. The decline in investment is not particularly surprising given the macroeconomic challenges in Nigeria. Telcos across the country have borne the brunt of Nigeria’s currency devaluation. MTN Nigeria, the country’s largest telco and historically a guaranteed profit maker, reported a loss after tax of ₦519 billion ($834 million) for the first half of 2024, mostly due to FX devaluation. Airtel too, the country’s second-largest telco, in February, reported a 99% decline in profits, mainly due to currency devaluation in Nigeria and its other markets. These losses coupled with other factors like shrinking demands from customers—due to low consuming power—erratic power supply and multiple taxations have forced companies to rethink their investment strategy in the country. Airtel, MTN Nigeria, and IHS Towers are considering reducing their investments in Nigeria. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Funding Nigeria to offer $1.2 million in loans to MSMEs Image Source: Tenor The Nigerian government plans to introduce a ₦198 billion ($1.2 million) syndicated loan fund to boost Micro, Small, and Medium Enterprises (MSMEs) in the country. The goal is to improve access to affordable credit for MSMEs that are often overlooked for venture funding. Starting in Q1 2025, the initiative will offer loans—up to ₦400,000 ($289)—with a 9% interest rate, a five-year tenure, and a one-year moratorium, enabling businesses to grow and innovate sustainably. This is a relief for MSMEs which, unlike tech startups, have limited access to funding and capital to expand their businesses. MSMEs have loans and grants. Tech startups have venture capital. The rationale is not hard to see. VCs want outsized returns and there is often pressure to pick wide-margin winners. High-growth tech startups, unlike MSMEs, characterise these ventures that can hit a wider market—as a result of their underlying tech-enabled services—and scale quickly. VCs have also voiced their preference for tech companies due to their globalisation, which again, exposes them to a wide market that increases their chances of attracting high-value customers that move the business. On the other hand, MSMEs are the mundane, usually “non-tech” ventures that lack that same global application. They are not usually VC darlings because they cannot sell to the entire country at the same time. MSMEs may not be the hyper-scale, exponential growth startups that VCs love, but they contribute significantly to Nigeria’s economy. Their positioning and closeness to low-end users makes it easy for them to sell much-needed, everyday consumer goods. But MSMEs have typically lacked access to credit and loan facilities. Instead, tech startups and microfinance banks have since stepped up to close this funding gap for MSMEs. With the government’s backing, this loan fund for MSMEs could
Read MorePeople Daily shuts down print newspaper, pivots to digital-only model
Mediamax-owned People Daily, a 32-year-old Kenyan newspaper, will halt its print operations to pivot to a digital-only model. The newspaper published its final print edition on November 29. The decision reflects the shifting dynamics of the Kenyan media landscape as traditional print media struggles due to dwindling advertising revenue and changing consumer habits. People Daily, which adopted a free, ad-supported model ten years ago, claimed the change is due to environmental sustainability and a bid to attract younger, digital-savvy audiences. However, the move is a cost-cutting measure driven by declining ad revenue in a market long reliant on corporate and government advertising for survival. “People Daily going green means using digital printing to publish an e-paper and reducing 100% the environmental impact of newspaper production and associated supply chain processes while still upholding the proper ethics of journalism,” Mediamax Network Ltd CEO Ken Ngaruiya said on Friday. The newspaper said it would amplify diverse voices and align with the growing shift to online news consumption. However, success is uncertain as established players like Nation Media, East Africa’s largest media company, struggle with the complexities of sustaining online media operations. “In a bold move, People Daily has now embraced this transformation fully, becoming the country’s first major newspaper to transition entirely to digital publication,” Ngaruiya added. “Publications like Nigeria’s Premium Times and Sahara Reporters have built reputations for digital journalism, often prioritising online distribution to reach wider audiences.” The Kenyan news market has been challenging, with experts arguing that traditional media companies were slow to adapt when online platforms emerged over 15 years ago. The sluggishness allowed digital outlets to secure advertisers and establish long-term business relationships with them, one advertising executive told TechCabal. Kenyans increasingly favour digital-only news platforms over traditional media, according to a report by Odipo Dev. Nairobi Gossip Club (NGC) topped digital rankings, surpassing Citizen TV and Nation Media-owned NTV Kenya. During the June 2024 protests, NGC was Kenya’s leading news source on Meta platforms and overshadowed traditional media. Advertisers are reallocating budgets to online channels, where targeted campaigns and measurable results offer more value. Younger audiences prefer the immediacy and convenience of digital news, leaving print media struggling to maintain relevance in a digital era.
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👨🏿🚀TechCabal Daily – Waymo’s Moove in the US
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! This year, Jumia’s Black Friday sales campaign brought in 2.6 million customer orders in 30 days across its nine markets—18% higher than in 2023. Interestingly, this is 44% of the total orders the e-commerce company recorded in Q3 2024. The increase shows people are shopping online in Africa, despite macroeconomic challenges. But it also means that customer behaviour is likely shifting toward incentivised offers. In buying and selling, people like good deals, but is it sustainable for these companies? How can they make tradeoffs for incentivised buying while striving for maximum profits? Waymo partners Moove Nissan Egypt to invest $45 million on cars Africa needs to collaborate to build AI policies Funding Tracker World Wide Web 3 Job Openings Mobility Moove partners with Waymo for autonomous fleet operation Image source: Moove In September, we wrote that Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, was expanding to the US. We predicted that the startup’s expansion to the US will likely follow its expansion to the UAE where it operates electric and hybrid vehicles. It appears Moove is mooving higher than we predicted. Yesterday, the mobility startup announced a partnership with Waymo, an American startup that makes autonomous technology for cars, to manage fleet operations for its robotaxi service in Phoenix and soon, Miami. This partnership strengthens Moove’s role in fleet management and could lead to working with self-driving cars later on. However, the focus remains on fleet maintenance for Waymo’s robotaxi service, not on leasing autonomous vehicles to drivers. Robotaxi services use self-driving cars to transport passengers without the need for a human driver. This is the first time Moove is working with autonomous vehicles. Waymo, which recently launched its robotaxi service on the Uber app in Phoenix, will rely on Moove to keep its self-driving cars running smoothly and to help set up charging stations and depots in both cities. Waymo intends to transition fleet operations to Moove in Phoenix by early 2025. Moove will also help with the development of charging stations and depots for the company’s fleet in Miami. Moove’s partnership with Waymo is the latest in the startup’s journey after it raised $100 million in March, a round led by Uber with participation from Mubadala ventures. Waymo’s partnership with Moove reflects its strategy to delegate operational management while concentrating on advancing its self-driving technology. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Mobility Nissan Egypt to invest $45 million into assembling cars Image Source: Nissan News Nissan Egypt, the subsidiary of the Japanese car manufacturer, wants to drive more investment into local manufacturing. It has announced that it will invest $45 million to produce its third locally assembled car. The plan, made possible through an agreement with the government, targets an annual production of 17,000 units—10,000 for the local market and 7,000 for export. Nissan Egypt’s mission to expand its operations in Africa also aligns with the recent trend of giant Asian car-makers growing their interest in the continent. In October, Japanese automobile upstart and a Nissan competitor, Stellantis announced that it will build production facilities in Egypt in deals worth €116 million ($123 million). Chinese auto-maker BYD also announced plans to expand in Egypt and increase local production of its cars. What is driving this interest from giant car-makers is Egypt’s Automotive Industry Development Program (AIDP), which incentivises automakers to boost local production. The program offers tax breaks, subsidies, and other benefits that make it cost-effective for companies to manufacture in Egypt while serving both local and regional markets. Egypt has a shrinking market for car sales, yet consumers are showing a strong preference for fuel-efficient cars, which is where the opportunity lies for these auto-manufacturers. Nissan’s Sunny model car has been one of its hits in Egypt; in 2023, it sold 10,590 units, the most in the country, dethroning the Chevrolet T-Series in unit sales which has held the number spot for the past eight years. Nissan will build more Sunny model cars. It will also build a new car model to put into the market, with more than half of the parts sourced from local suppliers in Egypt. Beyond this model, Nissan plans to invest an additional $2 million to raise production capacity for all its locally assembled cars, increasing its total output from 25,000 units to over 30,000 by 2025. This expansion comes as Nissan Egypt looks to grow its export revenue, which already hit $150 million, by 50% in 2024. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Features AI will create jobs in Africa, but is Africa ready to collaborate? Image Source: Caribou DigitalNew technologies create jobs by redefining old roles or introducing new ones to meet the demands they generate. When artificial intelligence (AI) became mainstream, it birthed roles like prompt engineering, adapted others like data science, and sparked entirely new industries. These roles are key to developing AI solutions for various adjacent sectors. In sectors like fintech, healthcare, and logistics, AI drives efficiency, innovation, and job creation. Yet, in Africa, AI’s potential is hindered by a lack of collaboration across six key components, as highlighted by Caribou Digital. These include policies that are catalytic to AI innovation, grassroots communities that build talent, academia to teach AI, investors to seed ideas, Big Tech for infrastructure, and skilled human capital. While five African countries have national AI policies, most operate in silos, leaving the
Read MoreWith 2.6 million orders in 30 days, Jumia’s Black Friday remains a hit with customers
Say what you will about Africa’s macroeconomic conditions and customer spending power, but everyone loves a good Black Friday deal, and e-commerce giant Jumia understands this. During its 2024 month-long Black Friday campaign, which saw 20%-70% discounts on phones, fashion, and lifestyle items, the company generated 2.6 million orders. It’s an 18% improvement on its 2023 Black Friday campaign. That growth happened even though Jumia now operates in nine markets, two fewer than in 2023. 1.8 million Jumia customers participated in this year’s Black Friday—9% more than in 2023. Jumia says it distributed “over one million catalogues and thousands of community radio campaigns to reach new and existing customers.” While the company did not disclose the value of those orders, it’s a positive boost after a third quarter in which order value—$162.9 million— remained largely flat. “We have the right strategy and the right team in place to drive e-commerce adoption and serve the growing African consumer base while moving towards profitable growth,” Jumia CEO Francis Dufay told investors in an SEC filing. The company’s share price spiked briefly to around $12 in July but has since settled at around $3.98 per share. Yet, it’s hard to ignore the elephant in the room: currency devaluation. Egypt and Nigeria, two of Jumia’s key markets have experienced devaluation and volatility in the past year, forcing a need for aggressive growth if it’s the company is to grow in USD terms. “GMV, on a constant currency basis, increased 33% year-over-year,” Jumia’s filing noted. But it reported currency it only increased by 2%.
Read MoreAI could create millions of jobs in Africa but the right policies are crucial
Artificial intelligence (AI) could create 4.5 million new jobs in South Africa and even millions more in Africa. But first, the continent must create AI laws and policies that allow the technology to thrive in an environment that is catalytic to its advancement, according to a new report by research and advisory firm Caribou Digital and the Mastercard Foundation. Africa currently lacks the fundamental structure to lead local AI development. The continent needs an economic game-changer—and AI’s ability to create new industries positions it as that. Yet, the lack of a deep understanding of AI and its impact on the economy, which holds the key to youth employment on the continent, is becoming a fringe problem. Africa risks missing out on AI-driven growth due to a lack of understanding of the technology’s potential and economic implications. AI could be a key driver of youth employment, yet many governments have not developed policies that foster innovation while addressing AI’s risks. Existing policies are either too restrictive or too lax, preventing progress in AI development. Governments must collaborate with sector-specific researchers and practitioners to develop practical, forward-thinking AI frameworks. The gap between government policy and AI development is a recurring issue. As co-founder of the data science training platform Zindi, Megan Yates explains, “What often happens is governments not calling in practitioners and people that actually do stuff. When governments don’t organise and work with practitioners, there’s a risk that the emerging policies are just unworkable and would stifle innovation.” While a few African countries have made strides in AI policy—Mauritius became the first to publish a national AI policy in 2018, followed by Algeria, Benin, Ghana, and Senegal—most nations still lack a formal framework for AI development. Despite this, several countries are taking steps toward creating AI laws, and others have established expert bodies to guide policy development. However, without a continent-wide strategy, innovation clusters—vital to the region’s economic growth and youth employment—continue to operate without cohesive government support or coordination. However, most African nations remain without a framework, leaving innovation clusters—key drivers of economic growth and youth employment—to operate without strategic guidance or government coordination. In the report titled, “The Role of AI Innovation Clusters in Fostering Youth Employment in Africa,” Caribou’s study highlights these AI innovation clusters as governments and policy-makers, academia, investors, Big Tech companies, human capital, and grassroots communities. Academia is crucial for AI development in Africa. Yet, limited institutions are offering AI curricula across Africa and even a shortage of staff, trainers, and researchers to move the technology forward. “We’re looking at developing programs that are practical, moving away from just theory capacity building. I advocate for this because we need more practical skills within these students than just theory,” said Dr. Deji Ajani, Chief Digital Officer at Leads Innovation Limited. A major challenge to AI development in Africa is insufficient infrastructure. AI models require substantial computing power, yet most African countries depend on international cloud services. Although local data centers are growing, energy shortages, high operational costs, and inadequate internet connectivity continue to limit their capacity. As Ojoma Ochai, Managing Director of Co-creation Hub in Nigeria, points out, “There are no GPUs—not that many GPUs. So, the compute capability to build large-scale AI startups is not ubiquitous on the continent.” This gap in infrastructure means that only a small percentage of Africa’s AI talent has access to the resources needed to build and scale advanced models. While investors, Big Tech, and donor-led organisations have led infrastructure and talent development across different African regions, the continent will keep battling the same problems without the collaboration of all six players. With a market size of $3.7 billion and a 28.34% compound annual growth rate (CAGR), AI shows a firm promise that is there for the taking. Governments must be catalysts for AI innovation, collaborating with researchers to formulate stronger policies. Local investment into AI already shows promise. Having funneled $1.2 billion into deep tech in 2023, investors need to create more funding opportunities for innovators. To fully harness the economic potential of AI, Africa needs coordinated efforts from governments, academia, the private sector, and international organizations. As the report emphasises, without collaboration between these stakeholders, the continent will continue to face the same barriers to AI innovation. The time for action is now—only by building the right infrastructure, policies, and educational frameworks will Africa be able to unlock the transformative power of AI for its economy and youth.
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👨🏿🚀TechCabal Daily – Netflix stays put
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! After weeks of anticipation, Spotify released its yearly Wrapped yesterday. Surprisingly, we found it a little underwhelming. This year’s Wrapped edition lacked the swagger of the previous year. We weren’t alone, though. Users on X expressed frustration over the lack of detailed information, such as music genres, top podcasts, and other cool features that were included in last year’s edition. We’d like to know what you think of your Spotify Wrapped. Netflix is not leaving Nigeria Savannah Clinker withdraws Bamburi bid Kenya’s Ruto blasts critics over Adani deals US commits $600 million for African railway project World Wide Web 3 Events Streaming Netflix is not exiting Nigeria Image Source: Google On Wednesday, news about a possible exit of Netflix from the Nigerian market spread on the social platform, X, after a renowned Nigerian film maker Kunle Afolayan said the global streaming giant was decommissioning some movie projects. Afolayan, however, did not explicitly state that Netflix was exiting the Nigerian market, although his remarks will rightly drive speculation that the streaming platform is retreating from the country. In a statement sent to TechCabal, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria. “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience,” the company stated. The spokesperson did not immediately address Afolayan’s claims about canceled projects. It’s no surprise that the rumour spread quickly. In January 2024, Amazon Prime, another major streaming service, discontinued its support for African content one year after a huge marketing campaign and publishing a slate of original Nigerian shows. Still, Wednesday’s conversation and social media reactions highlight growing uncertainty around Netflix’s long-term strategy in Nigeria, where rising inflation and currency devaluation have pressured consumer spending power. Netflix has struggled to capture a large share of Nigeria’s competitive streaming market, which is dominated by the more affordable Showmax, a streaming service operated by MultiChoice. Netflix, currently priced at ₦7,000 ($4) per month, remains a luxury for many Nigerians, especially as inflation and naira devaluation erode purchasing power. Read About Moniepoint’s Impact on Pharmacies Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies. Companies Savannah Clinker pulls out of Bamburi race Image source: Savannah Clinker CEO Benson Ndeta. PHOTO | UZALENDO All is not fair in business. Lawsuits and arrests are messy in the corporate world. Worse if it involves a chief executive. The recent arrest—and later release—of Savannah Clinker’s CEO Benson Ndeta, has complicated the company’s plan to acquire majority shares in Kenya’s Bamburi Cement, a struggling Kenyan cement maker, in one of the most tightly-contested acquisition deals in the country. Ndeta was arrested and tried on the allegations that he fraudulently obtained a $35 million loan from Absa Bank eight years ago. Savannah Clinker, which made an improved bid to buy Bamburi in August 2024, has now pulled out of the two-legged race with Tanzania’s Amsons Group. Kenya’s Capital Markets Authority (CMA) announced on Wednesday that the former is withdrawing its $197.2 million bid to buy 100% shares in Bamburi. The company didn’t want to risk any public scrutiny. It also asked for time to carry out internal due diligence on the allegations. On October 18, Savannah Clinker reassured shareholders that it wasn’t making a shell offer. It listed Faida Investment Bank’s backing and other “sufficient resources” would cover the maximum amount payable under its offer. At KES76.55 ($0.54) per share, Savannah Clinker offered more money than Amsons Group, which could have been a key consideration as shareholders cast their votes. Bamburi planned to reveal how they voted by December 20, 2024, with the new owners being announced in 2025. But with Savannah Clinker off the bid table, Tanzania’s Amsons Group has a clear pathway to owning 100% shares in Bamburi, marking the family-owned conglomerate’s entry into Kenya. Amsons could delist Bamburi from Nairobi’s capital market to operate privately and revive the business. Swiss company Holcim Group, a majority shareholder in Bamburi Cement, still receives its payout. But minority shareholders, who saw Savannah’s offer as the more financially viable option, will be reeling from this loss. Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts. Get this valuable, free resource today! Economy Kenya’s Ruto blasts critics over Adani deals Image Source: TechCabalKenya’s President William Ruto has blasted Kenyans who opposed the widely-publicised Jomo Kenyatta International Airport (JKIA) and energy deals with India’s Adani Group. The JKIA deal was supposed to allow Adani to renovate the airport and operate it for 30 years. The energy deal, with Kenya Electricity Transmission Company (KETRACO), would have also allowed the Indian conglomerate to build and operate Kenya’s power lines for 30 years. Both deals were worth a combined $2.6 billion. Kenyans strongly opposed the deals. They dragged the government to court and aviation workers grounded flights at the JKIA airport over fears of losing their jobs. President Ruto was forced to cancel the deals after the group chairman Gautam Adani’s indictment with the US Department of Justice (DOJ) on November 20, 2024, over allegations that he and seven other business executives bribed Indian government officials to secure $250 million solar contracts. In a video posted on YouTube by local media KTN, Ruto was critical about how the people reacted to news of the proposed Adani deals. “What gain do you get when you stop the building of an airport in your country? You have no idea how to build any airport or how it’s going to be,” said the president. President Ruto said
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Netflix denies market exit, as it “continues to invest in Nigerian content”
Despite reports from three publications suggesting Netflix is exiting the Nigerian market, the global streaming giant has firmly denied these claims, insisting it will continue to invest in Nigerian content. The speculation was fueled by comments from Nigerian filmmaker Kunle Afolayan, who spoke at the 2024 Zuma International Film Festival. Afolayan claimed Netflix canceled several films it had previously commissioned from unnamed filmmakers. “Three years ago, when we signed the three-film deal with Netflix, it was really exciting,” Afolayan said. The filmmaker went on to share that despite the stellar performance of those movies globally, Netflix seemed unimpressed by their returns in Nigeria. “Thank God we had shot seasons two and three [of Anikulapo] because all the other people that were commissioned with us at the same time were canceled.” However, Afolayan did not explicitly state that Netflix was exiting the Nigerian market, although his remarks will rightly drive speculation that the streaming platform is retreating from the country. This speculation is not entirely unfounded—Amazon Prime, another major streaming service, exited Nigeria in January 2024 one year after a huge marketing campaign and a slate of original Nigerian productions.. In a statement to TechCabal on Wednesday, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria, saying, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.” The spokesperson did not immediately address Afolayan’s claims about canceled projects. Still, Wednesday’s conversation and social media reactions highlight growing uncertainty around Netflix’s long-term strategy in Nigeria, where rising inflation and currency devaluation have pressured consumer spending power. Netflix has struggled to capture a large share of Nigeria’s competitive streaming market, which is dominated by the more affordable Showmax, a service operated by Multichoice. Netflix—currently priced at ₦7,000 ($4) per month—remains a luxury for many Nigerians, especially as inflation and naira devaluation erode purchasing power. With local players continuing to outperform in pricing, Netflix’s ability to maintain its position in the region could become increasingly challenging. Netflix’s relationship with Nigeria dates back to 2016 when it began licensing high-profile local films. Since 2016, it has poured over $23 million into Nigeria’s film industry, backing over 250 locally licensed titles, co-productions, and original commissions. Lionheart, The Wedding Party 2, and King of Boys are some of its most recognisable titles. In 2020, the streaming service signed multi-title deals with prominent Nigerian producers like Mo Abudu’s EbonyLife Productions. In 2021, it expanded its partnership with Kunle Afolayan, signing a deal for three films, including an adaptation of Sefi Atta’s Swallow. *Additional reporting by Faith Omoniyi.
Read MoreSavannah Clinker withdraws $197.2 million Bamburi bid after CEO arrest
Savannah Clinker has withdrawn its $197.2 million bid to acquire Bamburi Cement, clearing the path for Tanzania’s Amsons Group, which submitted a lower offer of $182 million. The withdrawal comes days after Savannah Clinker CEO Benson Ndeta was arrested and later released amid fraud allegations. On Wednesday, Savannah and the Capital Markets Authority (CMA) said the offer was withdrawn after the financier pulled out following Ndeta’s arrest. Ndeta was arrested over allegations that he fraudulently obtained a $35 million loan from Absa Bank Kenya eight years ago. “The withdrawal of the competing offer has been occasioned by the recent well-publicised arrest and indictment of the chairman and main shareholder of Savanna, which has led to the financier of the competing offer seeking additional due diligence, coupled with the decline by the CMA of a request made on December 2, 2024, to extend the offer period by 60 days to enable the competing offer to respond to any inquiries,” Savannah said. Regulatory disclosures revealed that Savannah Clinker was backed by Global Infrastructure Finance and Development Authority Inc (GIFDA), a non-profit infrastructure projects financier. On July 27, Holcim, a Swiss construction materials manufacturer and the largest shareholder in Bamburi approved the $182.8 million buyout offer from Amsons Group, but the offer from Savannah Clinker complicated the process. Savannah Clinker made its counteroffer one week after Holcim accepted the offer from Amsons. Savannah Clinker offered $0.54 per share, a 53.34% premium on share price, compared to Amsons’ $182.8 million bid. CMA said the only valid acquisition for Bamburi is from Amsons and shareholders who had accepted Savannah Clinker’s bid have until December 5, 2025, to “reconsider their decision.” “Shareholders who do not change their decision will be deemed to have declined the offer by Amsons,” CMA said. If regulators approve Amsons acquisition offer, the local cement manufacturer which controls about 30% of the market could delist from the Nairobi Securities Exchange (NSE).
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