👨🏿🚀TechCabal Daily – Evading crypto taxes? Bad idea
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! A new stream of searches for the Meta ray-ban glasses has been driving up the popularity of the hardware. While people are rediscovering the Meta Ray-Ban glasses—that first released in October 2023—for its 12 MP ultra-wide camera and integrated AI support for people with low vision, another Meta technology, the Quest 3S, gave the tech community more to ponder. Designed to blend the real world with the digital world, the new Quest 3S VR headset offers a better in-game experience as it uses the same chipset as the earlier-released Quest 3. On the Snapdragon XR2 Gen 2, load times and processing speeds are faster, yet, one noticeable flaw, according to tech reviews, has shown that Meta used the inferior lenses on the Quest 2 to cut corners on display quality. However, the Quest 3S is cheaper. Perhaps this is the price you pay for affordability? For $200 less, it looks like it. Meta is just another leap closer to sitting atop the throne in its hot pursuit of capturing major market share in the $4.4 billion mixed reality market. Crypto tax evaders in South Africa could face jail time Inside Kenya’s push for interoperability Cardoso says Nigeria is in a monolithic economy The World Wide Web3 Jobs Regulation Crypto tax evaders could face jail time, says SARS Image Source: Google South African Revenue Service (SARS) has warned crypto holders and traders that they could be penalised, or worse, face jail time for failing to declare crypto assets on tax returns. The tax collector confirmed it has teamed up with the Financial Sector Conduct Authority (FSCA), the financial markets regulator, to get information on asset holdings from local exchanges. While exchange platforms like Luno have stated that “it shares specific client data only with third-party service providers,” it could still be compelled to share information with persistent regulators in South Africa where it received a Virtual Asset Service Provider (VASP) licence in April. This could spell big trouble for anybody caught underreporting their crypto assets under the country’s Voluntary Disclosure Programme (VDP) where citizens report their taxable incomes. While crypto has previously been the dark horse of financial assets, regulators across Africa are starting to realise that there is a high rate of tax non-compliance due to the anonymity of crypto. Since it was not regulated, the government couldn’t tax it; people moved their holdings to crypto and those who had the means, mined more crypto without tax consequences. South Africa joined the top thirty countries globally with the highest crypto uptakes. In South Africa, the move to tax crypto started in 2018 after the regulator released a statement to tax crypto under income taxes. The country uses a progressive income tax rate, which has been adjusted throughout the years. Depending on the annual income, taxpayers pay a minimum of 18% on declared assets, and up to 45% in taxes. They earn back R17,235 ($980) through primary rebates. So, if a citizen declares R1,000,000 ($56,850) on their crypto assets, they’d pay R292,884 ($16,650) in income taxes. Other African countries like Nigeria, and recently Kenya, have announced plans to tax crypto users as they continue to find ways around formally regulating crypto. While it is still unclear whether these African countries are ready to regulate crypto as a legal financial asset, Kenya will choose an automatic approach, compared to South Africa, to tax crypto traders in real-time across every transaction. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Fintechs Inside Kenya’s push for interoperability Image Source: CBK In 2014, East African countries started talking about interoperability, which would allow customers to seamlessly transfer money and make payments between different banks and financial institutions within the region. Kenya took a stab at it with the launch of Pesalink in 2015 which connected various banks and financial institutions, allowing for instant transfers and payments between them. However, PesaLink was only limited to local bank payments, excluding fintechs, mobile money, Saccos, and MFBs. In 2018, the Central bank of Kenya (CBK) implemented the interoperable person-to-person payment systems, allowing customers to seamlessly transfer funds between different banks. The CBK further enhanced interoperability in 2022 by enabling seamless merchant payments. While the bank might have made solid progress by linking multiple local banks and merchants, there was no single payment system that connected multiple payment channels. In February 2024, the regulator began talks with industry players on a new payment system and to develop a Fast Payment System (FPS) that will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs). While the CBK is yet to announce the date for the launch, many are questioning why the CBK is opting to build a new system instead of enhancing the existing Pesalink platform. Implementing a new real-time system could take a few years. Critics also argue that investing in and improving Pesalink would be a more efficient and cost-effective approach to achieving nationwide interoperability. Another blocker facing the establishment of the FPS is that there has been a lack of cooperation and goodwill among key players. Safaricom, the dominant mobile money provider, has been particularly vocal in criticising regulators for allegedly favouring rival companies through their push for interoperability. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Regulation Cardoso says Nigeria is in a monolithic economy, the reforms are working Image Source: Andertoons Olayemi Cardoso, Nigeria’s central bank governor, in a fireside
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See all the new WhatsApp updates in October 2024
WhatsApp recently dished out a delightful mix of fresh features designed to make communication experience even more interactive and user-friendly. See the row of latest WhatsApp features now available from October 2024 and how to get them working for you now: Status tagging/mentions The most prominent addition that a lot of users have been commending is the amazing feature that allows you to tag your contacts in your status. This is a feature that has been long overdue. No longer do you have to just vaguely hope someone sees your status. You can now directly tag them and ensure they’re in the loop. Whether you want to share an exciting update, make a shout out to them for a celebration, or you just want to make sure your friend sees your hilarious meme, this feature has got you covered. Share statuses One of the coolest new features in the WhatsApp new updates for October 2024 is the ability to share someone’s status directly to your own status or with a contact. So did you see something so great on someone else’s status that you just want to share it? Now, with just a couple of taps, you can pass it along to your friends or the wider world. This means you can easily get and share a friend ‘s status updates without having to ask them to send it to you or you needing to download third party apps to download WhatsApp status updates. Reacting to status Another standout feature of the WhatsApp new updates in October 2024, is the ability to react to statuses with a tap of the green heart. Feeling the love for someone’s holiday photos? Now, instead of leaving a comment or typing an emoji, you can simply tap that heart and move on with your day. It’s quick, easy, and perfect for those who want to acknowledge without the need for words (or for when words just fail!). Events in communities If you’re a member of a WhatsApp community, there’s more good news for you. You can now send events in community announcement groups! Planning a birthday party, meeting, or any kind of event? Get the message out in a flash. No need for endless back-and-forths — now your event details are neatly organised and shared with everyone. WhatsApp new updates October 2024 really wants to keep you on track with your social (or work) life! Video calls with a ‘Snapchat-like’ upgrade In yet another step to jazz up your video calls, WhatsApp has introduced the ability to add filters and backgrounds. You read that right. Just tap your video during the call, hit the ‘wand’ icon, and choose your filter. Whether you want to pretend you’re on a tropical island or add a little sparkle to your look, you can now do it without stepping out of your living room. Picture-in-Picture video and speed adjustment Another nifty addition in the latest WhatsApp in new updates October 2024 is the ability to adjust playback speed for videos and use picture-in-picture mode. Multi-taskers, this one’s for you. Now, you can watch videos while keeping up with your chats, and if a video is moving a bit too slow for your liking, you can speed it up and get through it faster. Communities’ group visibility and ownership transfer To wrap up, for all the community admins out there, WhatsApp now lets you adjust group visibility settings, archive chats faster, and even transfer community ownership smoothly. Whether you’re handing over the reins or just tidying up your group chats, these new features are designed to make your life easier. How to get the new October 2024 WhatsApp updates and get future updates ahead of others with WhatsApp Beta To enjoy all the fantastic new features WhatsApp has rolled out in October 2024, you’ll first need to ensure your app is up to date. Here’s a quick guide on how to update WhatsApp and even how to get ahead of the game by using WhatsApp Beta. Update WhatsApp: Go to the App Store (for iOS) or Google Play Store (for Android). Search for WhatsApp and click on Update if you see an available update. Once updated, open the app. What if the new features aren’t showing? Don’t worry if you don’t see the new features immediately after updating. For WhatsApp new updates, features often roll out gradually. The new tools will be activated for you soon — it’s just a matter of time. The good news is that once you have the update, the features will automatically kick in without any further effort from your side! Get future updates before anyone else: For those who like to stay ahead of the curve, you can join the WhatsApp Beta Programme to try out new features before they’re officially released. You can read how to join WhatsApp Beta here. Keep in mind that beta versions might have some bugs, but they are nothing to worry about, and you’ll always be the first to test out WhatsApp’s newest tricks! Final thoughts WhatsApp in new updates October 2024 is rolling out features that enhance both the fun and functionality of the app. So, update your WhatsApp, tag your friends, share statuses, and enjoy these exciting new tools! following these steps, you’ll always be at the forefront of WhatsApp’s latest developments, getting access to cutting-edge features like those in WhatsApp in new updates October 2024 well before others!
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Reasons the Nigeria National Grid keeps collapsing a lot recently
In Nigeria, where power cuts are a normal part of life, one institution remains stubbornly committed to this national pastime: the Nigeria National Grid. It’s as though the grid has decided to audition for a Guinness World Record in “Most Frequent System Failures,” with October 2024 already providing enough material for an entire season of collapses. Why, you ask, does the national grid keep collapsing? Well, the reasons are as varied and complex as Lagos’s traffic jams. Let’s explore this tragicomedy. The Grid needed a nap First things first, let’s be clear—Nigeria’s power generation is like trying to fill an Olympic-size swimming pool with a teaspoon. The country generates a measly 4,000 to 4,500 megawatts of electricity for a population of around 200 million people. That’s the equivalent of trying to charge your smartphone with a potato, and then wondering why the battery percentage refuses to budge. So, of course, the Nigeria National Grid collapses every time someone so much as flips on an extra light switch in Lagos. The grid is like an overworked civil servant who’s had one too many tasks thrown at them, except this civil servant is expected to power homes, businesses, and industries across a vast nation. It simply can’t cope with the overwhelming demand. Imagine telling 200 million people, “Sorry, we’ve only got enough power for about 10 of you at any given time.” Naturally, the grid decides it’s better to collapse altogether than to deal with this monumental disappointment. Like an exhausted employee, it just takes an impromptu nap, plunging the country into yet another blackout. Sabotage or feature? You decide One theory making the rounds is that the frequent collapses are not accidents at all but rather “features” of the grid. If you’ve ever used software that crashes constantly, you’ll know that developers sometimes claim it’s a “feature, not a bug.” Could it be that Nigeria’s National Grid operates on this very principle? Maybe someone, somewhere in the labyrinth of bureaucracy, has decided that Nigerians don’t deserve/need constant power supply. After all, candlelight dinners are romantic, and who wouldn’t want a bit of nostalgia with kerosene lamps lighting up the living room? Equipment? What equipment? The Nigeria National Grid is only as good as its components, which seem to range from ancient relics to, well, slightly newer ancient relics. If one were to peek into the workings of the grid, one might discover equipment that was installed when colour television was still considered cutting-edge technology. Maintaining such a fragile, outdated system is like trying to keep a 50-year-old car running smoothly on daily long-distance drives. A spark here, a wire there, and poof—darkness. Who needs fancy modernisation when you’ve got history running through your electrical lines? The ghost of power past Another culprit in this drama is the mysterious “load imbalance” or, as I prefer to call it, “the ghost of power past.” You see, the Nigeria National Grid is terribly bad at distributing power. Some parts of the country get too much electricity, and others don’t even get enough to boil a kettle. This delicate balance is like playing Jenga with nuclear fuel rods—sooner or later, something’s going to tip over, and down goes the grid. The blame game: Who needs accountability? Finally, we must give a nod to the intricate and entertaining game of “Not My Fault.” Every time the grid collapses, there’s an instant chorus of explanations—none of which involve anyone actually taking responsibility. It’s either the fault of the distribution companies, the generating companies, or, of course, the citizens themselves, for expecting power in the first place. The truth? We’ll never know. But rest assured, the Nigeria National Grid will keep collapsing until someone figures it out and there’s a genuine overhaul of the system with unprecedented improvements. In conclusion, why does the Nigeria National Grid keep collapsing? Because, dear reader, that’s just how it’s designed: with a flair for drama, a touch of incompetence, and a sprinkle of chaos.
Read MoreGhanaian AI startup Aya Data raises $900,000 seed round
Aya Data, a Ghana-based AI startup that offers data collection and annotation services, has raised $900,000 seed round. The funding is a mix of debt and equity and will be used to scale two of its products, AyaGrow and AyaSpeech, and employ new talents. The new fund brings the startup’s total funding to $1.15 million. Aya Data previously raised $255,000 from Microtraction, Savannah Fund, and Scott Bell. The latest funding round was led by 54Collective, with participation from other angel investors. Launched in 2021 by Freddie Monk and Ama Larbi-Siaw, Aya Data employs individuals to collect and label data—images, videos, and texts—needed for the development of Large Language Models like ChatGPT and Gemini. The startup also claims it trains workers employed for data annotation tasks for highly-skilled technical roles like data engineering and data science. Beyond data annotation and collection, Ayadata builds custom AI solutions for businesses. The startup has two AI products: AyaGrow, a crop and field monitoring solution that empowers commercial and smallholder farmers through AI-driven precision agriculture; and AyaSpeech, an end-to-end speech-to-speech solution that allows businesses, consumers, and governments to interact in spoken, local African languages. Aya Data is part of a growing list of startups—Shaip, Sama, iMerit, Cloudfactory, Dataloop—that are enabling the development of AI systems globally. Large language models are trained on large swaths of data that must be collected and labelled correctly by humans. Global tech companies like Meta and OpenAI often outsource the data labelling and annotation tasks to companies like Aya Data in developing economies—India, the Philippines, Kenya’s Dadaab and Lebanon’s Shatila—who then hire individuals to accurately label and annotate these data. “We are dedicated to building local expertise that can leverage AI to tackle the continent’s most pressing challenges,” said Ama Larbi-Siaw, Aya Data co-founder and COO. In its consultancy business, the firm competes Brainpool.ai, Deeper Insights, SandTech, Pro AI, Faculty AI. However, these companies still outsource a lot of their data collection and data annotation tasks to business process outsourcing in developing economies. “Because we control everything in Ghana we can deliver faster and more efficiently without the risk of involving third parties,” notes Gillian Hammah, Marketing and Strategy officer at Aya Data. The business charges a fee for data annotation services. It made $500, 000 in revenue in 2023 and currently serves about 20 active clients including MIT, Seedtag, Unilever, Labelbox, and Nvidia among others. “The majority of our work has been with global clients, but we are increasingly focused on helping African businesses leverage AI to increase their competitiveness.” The business aims to to train 1000 data annotators, engineers, and scientists in the coming months and improve its inhouse products. “Ultimately we are working to enable as many businesses and people to benefit from AI as quickly as possible, and to ensure that the ability to build this technology to a world class standard exists in Ghana and other similar markets.”
Read MoreKenya’s central bank plans instant payment system across all banks and fintechs
The Central Bank of Kenya (CBK) wants to develop a new instant payment system, the biggest advance in the country’s money transfer network. The Fast Payment System (FPS), will allow instant transactions across all financial institutions, including banks and payment service providers (PSPs). The Central Bank did not disclose the launch date for FPS. FPS will allow Kenyans to pay bills, send money, and other transactions regardless of their bank. It is a project that seeks to fix the interoperability issue that has made it a pain for payment systems to speak to each other. Pesalink, a payment switch by Kenyan banks and other financial institutions that facilitates electronic transactions between banks, mobile money providers, and other financial institutions in Kenya, was launched in 2015 to fix the interoperability issues. However, it does not have a utility payments segment, and it is not immediately clear where Pesalink will stand once FPS is activated. In February 2024, the regulator began talks with industry players on a new payment system and formed a working group—CBK-Industry Technical Working Group—to develop it. “(FPS) will integrate certain aspects of payment services that are offered by financial institutions. FPS will enable customers to send and receive money instantly from anyone, anytime, anywhere, regardless of the type of institution a customer belongs to,” the CBK said in a statement seen by TechCabal. In 2014, East African countries started talking about interoperability. The CBK made progress in 2018 and 2022 with person-to-person and merchant payments interoperability, respectively. Tens of local banks allow customers to pay for utilities and other services without being locked into one banking payment channel. “However, existing forms of interoperability have major challenges. They lack a centralised switching mechanism, use costly bilateral arrangements, and are closed in nature,” the CBK said, clarifying the need for FPS. “CBK and industry leaders are aligned on the need to address these challenges to mitigate the risk of duplication, reliance on fragmented domestic and international payment systems and lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).” Once implemented, FPS will make it easier for Kenyans to access financial services and stimulate economic activity through faster payments.
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👨🏿🚀TechCabal Daily – Big bank problems
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Move over, space cowboys—Prada just brought haute couture to moonwalks. In a partnership with Axiom Space, the fashion giant helped design a new spacesuit that’s as functional as it is fabulous. Forget your basic astronaut gear, the AxEMU suit is built for the moon’s South Pole and looks good doing it. With custom gloves, lunar-ready boots, a helmet equipped with lights, 4G/LTE network, and an HD camera, the suit is ready for space and selfies. Looks like even in zero gravity, style still matters. The AxEMU will be worn by NASA astronauts on the Artemis III mission to the moon, scheduled for “no earlier” than September 2026. GTBank customers stranded as migration stalls Jamie Dimon’s meeting with Nigerian investors Public fury derails Adani case in Kenya The World Wide Web3 Jobs Banking GTBank customers stranded as migration stalls Image Source: Issouf Sanogo/AFP via Getty Images. Imagine the frustration of being unable to access your hard-earned money. That’s the unfortunate reality for many GTBank customers in Nigeria, left stranded by a recent system migration that has disrupted banking services. In September, my colleague Muktar reported that GTBank—a Nigerian bank with 32.8 million retail customers—was finalising a switch to a new core banking system. For the uninitiated, a core banking system is the engine of the bank. Think of it as software that banks use to manage all their essential banking operations, including customer accounts, deposits, withdrawals, loans, and transfers. Changing a core banking system is no small feat, especially because it involves moving massive amounts of customer data. For GTbank, with its 32 million users, that process is not a small ask. Although the bank has announced—on at least two occasions—that it has completed the switch to its new banking system, Finacle, customers are telling a different story. Many have taken to social media to report persistent issues, ranging from being unable to perform transactions to cases of erroneous debits and credits. These disruptions are happening because changing a bank’s core banking application causes short-term service interruptions due to the complexity and time required for the migration. While Sterling Bank and Zenith Bank customers also experienced similar issues, GTBank’s migration has caused the longest disruptions. One consultant who spoke to me claims that total integration takes months to complete and often takes longer than expected because of the “meticulousness” attention to detail required to avoid errors and ensure data integrity. One product manager at a big Nigerian bank claims that banks typically integrate slowly to mitigate fraud. Banks have established security measures and fraud detection systems in place, and a sudden, complete switch to a new platform could disrupt these systems, creating potential vulnerabilities. GTBank’s migration to the Finacle platform, which began in the fourth quarter of 2023, is proving to be no exception. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Companies Dimon shares personal insights and business ambitions in Africa with Nigerian VCs Some African founders and investors On Wednesday, Jamie Dimon, CEO of JP Morgan, the biggest bank in the U.S., met with a small group of African venture capitalists and tech founders in Lagos Nigeria. Dr Ola Brown, who runs VC firm, HealthCap, Kola Aina of Ventures Platform, Iyin Aboyeji of Future Africa, Tayo Oviosu, founder of Nigerian fintech Paga, and Tosin Eniolorunda, the CEO of Moniepoint, were some of the people in attendance. Some attendees who say they got to ask him questions ranging from personal to business described the meeting as “intimate” and declined to share specifics. However, according to one investor, one learning from the meeting was Dimon’s bullishness about Africa. He talked up JP Morgan’s expansion plan on the continent. The bank which has 100 branches across the world, recently opened offices in Ivory Coast and Kenya to offer its lending, treasury and investment banking services. Dimon hopes the bank will set ship in other major African countries like Nigeria and South Africa. But that ambition may be slowed by regulatory requirements in these countries. The bank’s previous plans to expand to Ghana and Kenya in 2018 failed due to related reasons. Dimon hopes the government will make the right decision. JP Morgan’s push into Africa follows the trend of global banks seeking to serve international companies in Africa and scale their corporate transactions on the continent . While the continent is already populated with banks, foreign banks like JP Morgan will compete by offering private banking services and access to investments like offshore equity. But the talk with investors was not all business. One attendee who described the meeting as inspiring said Dimon shared some personal anecdotes about how he manages to maintain work-life balance by focusing on work and his family. “You get the sense that he is someone that is extremely focused.” Dimon will also visit South Africa where it currently offers asset management services, to rally support from influential stakeholders. With any luck, he’ll form meaningful relationships and learn firsthand about the market dynamics. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Companies Public fury derails Adani case in Kenya India’s second-richest man, Gautam Adani/Image Source: Reuters A virtual courtroom erupted into “Adani must go” chants as angry Kenyans forced the High Court to adjourn a case that could decide the fate of the Jomo Kenyatta International Airport (JKIA). The suit filed by the Kenyan Human Rights Commission (KHRC) and the Law Society of Kenya (LSK), wants to overturn
Read More“Adani must go” protesters force court to adjourn hearing on JKIA concession
A Kenyan High Court adjourned the hearing on a suit filed by the Kenyan Human Rights Commission (KHRC) and the Law Society of Kenya (LSK) challenging the concession of Jomo Kenyatta International to Adani Group. LSK and KHRC argue that the concession deal is “irrational” and does not follow Kenyan laws, including the Public-Private Partnerships Act of 2021. They want the agreement canceled. The 30-year concession agreement, leaked to the public by a whistleblower in July, will include building a new terminal and taxiways at JKIA. Many Kenyans have opposed the deal because of its secrecy—the government has declined to share the specifics of the agreement. As public anger swelled, it was channeled to the virtual hearing, which protesters joined while chanting ‘Adani must go.’ “The hearing of the case cannot proceed due to the level of noise in the background on the virtual platform,” said Justice Bahati Mwamuye. “Accordingly, the matter is stood over to Tuesday, October 22 at 11 am in open court.” On September 10, the court suspended the project pending the determination of the case. Government officials have been on the spot over the opaqueness of Adani Group’s investment proposals, which also included the construction of transmission lines under a build-and-operate programme. Adani is owned by Gautam Ambani, India’s second-richest man. It already signed a $736 million contract to build and operate and transfer four transmission lines and two substations for a 30-year-period. President Ruto’s administration has defended the projects, claiming that public-private partnerships (PPPs) are the only way the country can meet its infrastructural needs as mounting debt cuts government spending. KHRC and LSK said in court that Kenya can afford to raise the $1.85 billion required to expand JKIA locally. They also insist that Kenyan taxpayers will not get value for their money. “The Adani proposal is unaffordable, threatens job losses, exposes the public disproportionately to fiscal risk and offers no value for money to the taxpayer,” LSK and KHRC told the court.
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👨🏿🚀TechCabal Daily – Exits
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Thursday! It looks like digital cameras from the early 2000s are making a surprising comeback globally, especially among Gen Z. Nostalgia and the appeal of simpler, lower-resolution photography have sparked renewed interest in devices like the Nikon Coolpix and Canon PowerShot. Young people are embracing retro tech as a fun contrast to the flawless images of smartphones, creating a fresh wave of digital camera fans. What cool art will you create with a 2011 camera? Speaking of cool, companies are using new ways to capture carbon in the air and storing it underground, reducing the expensive process by nearly one-third. This is definitely useful technology for fossil-burning companies like South Africa’s Eskom that burns coal to generate electricity. Cool. Jumia to exit South Africa and Tunisia Yellow Card raises $33 million in series C funding Octavia raises $5 million to reduce carbon emissions The World Wide Web3 Opportunities Companies Jumia to exit South Africa and Tunisia Image Source: Google Jumia will exit South Africa and Tunisia by the end of 2024 to focus on its West and East African markets. Both countries have contributed little to the company’s overall performance, with South Africa accounting for just 3.5% of total orders in H1 2024 and Tunisia bringing in only 2.7%. South Africa’s e-commerce market is mature and competitive. With about 1,995 startups and bigger players like Takealot and Amazon, customers are flush with options With high competition and little differentiation, customers likely saw Jumia as just another platform. Amazon, which entered South Africa in May, gained popularity among users because it sold rare books. In Tunisia, the e-commerce market has lesser competition, yet, a lack of trust still poses a problem with many consumers preferring to pay cash on delivery for products. Exiting those regions is on-brand for Jumia which has been streamlining its business over the past year, shutting down Jumia Food, cutting headcount, and refocusing its business from a previous focus on small ticket items. By focusing on more promising markets like Nigeria and Egypt, Jumia wants to rebuild investor confidence after seeing a drop in its total order value to $170 million in Q2 2024. 110 jobs could either be cut from Jumia’s South Africa and Tunisia exits, or the affected workers moved to other countries where the company still operates. In its search for profitability, it is clear that Jumia only wants winners. Read Moniepoint’s Case Study on Funding Women After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Funding Yellow Card raises $33 million in series C funding Lasbery Oludinmu, Yellow Card VP Operations/Image Source: Yellow Card Yellow Card, an Africa-focused crypto startup that operates in 20 countries, has raised $33 million in series C funding. This is the company’s third funding in four years, after its $40 million series B cash pull, and $1.5 million seed raise in 2022 and 2020 respectively. Yellow Card is now Africa’s most-funded crypto startup. The company spent its last funding on building its API product, making new hires—especially on its compliance teams—and expanding into other countries. It also claimed that it grew its revenue during this period, but declined to share the figures. With the new funding, the startup will strengthen partnerships with its tech infrastructure service providers in the US, like Fireblocks, as well as scale its B2B API product, which allows businesses to offer crypto on-ramp and off-ramp services to customers. With this product, Yellow Card wants to lead stablecoin adoption in Africa. The startup will also expand into four African countries in the next few months, including Ethiopia, Egypt and Morocco. Before deciding on which countries to expand into, the company carries out a market entry plan, according to Vice President of Operations Lasbery Oludinmu. “We look at the risks and challenges. We take our time because we want to be sure there’s a need in that market and the product we have, can actually meet the need in that market.” In Nigeria where a crypto regulation framework is currently being tested, it is part of the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Program (ARIP). The startup is working closely with the regulator to get a crypto provisional licence in the country. Issue USD and Euro accounts with Fincra Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today. Funding Octavia Carbon raises $5 million seed round Image Source: Octavia One lesson ingrained in my brain from my science class in primary school is that carbon dioxide (CO2), the greenhouse gas we breathe out. Too much of it can harm the earth’s ozone layer—the layer of protection that shields us from the wrath of the sun’s ultraviolet rays. A fun fact you should know is that human activity in the last 200 years have caused 50% increase of CO2 content in the Earth’s atmosphere. For years, the United Nations (UN) has been on a mission to keep the amount of CO2 in the atmosphere at bay through its various climate change programs. Part of that process is using direct air capture (DAC) technology which uses giant machines to suck out Air from the atmosphere, filter out the CO2, and store them safely underground. Across the globe, different companies have been building out this technology to help achieve the UN’s global climate change goals. One such company is Kenyan-based Octavia Carbon which announced its $5 million seed round on October 15. Octavia co-founders Martin Freimüller and Duncan Kariuk, who first built their prototype on their kitchen floor in 2022, will use the fresh
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Gucci to now make gadgets?
Gucci is easily synonymous with luxury, flair, and pushing the boundaries of what can be stylish and fashionable. But what if Gucci expanded its horizons and entered the tech industry? Imagine a world where Gucci gadgets were as sought after as their iconic wears, handbags, and belts. Here’s a tongue-in-cheek look at how the world of technology might change forever, if Gucci had their say. If Gucci made smartphones Forget the currently over-flogged aluminum, steel or metallic finishes – a Gucci smartphone would be the accessory to flaunt. Imagine a phone sheathed in premium Italian leather, adorned with gold-plated buttons, and of course, emblazoned with the iconic double G logo on the back. The phone case would come with interchangeable fabrics, from floral prints to faux reptile skin, depending on the season. With all that glam, who cares about the specs? Sure, it might freeze on a Zoom call, but you’ll look fabulous while it happens. The best feature may be its camera. A picture taken with a Gucci smartphone camera could pass for a Beyoncé billboard photoshoot quality. If Gucci made laptops A Gucci laptop wouldn’t simply just sit on your desk, it would demand attention. Say goodbye to minimalist MacBook designs or the wannabe windows fashion, and hello to a laptop with 360-flippable screen with a back encrusted with gemstones, complete with a quilted silk trackpad (because why use plastic when silk is an option?). Need a Gucci-approved laptop bag? Naturally, it would be an over-the-top piece with tassels, fur trims, and enough embellishments to turn heads at any café. The price tag? Well, let’s just say you might have to sell your current, perhaps pricey, laptop and a kidney. But who cares – you’d have a Gucci gadget that screams “I have arrived.” If Gucci made smart glasses Smart glasses have always been a bit… well, geeky. But if Gucci got involved, all that would change. Think oversized aviator frames with the classic Gucci stripes on the arms, combined with the tech capability to display Instagram notifications directly on the lenses (because how else will you know who liked your latest outfit post?). The glasses would probably be too heavy to wear for more than an hour, but fashion is pain! With this Gucci smart glasses, you wouldn’t need vision correction, just a strong neck and a desire to be noticed. If Gucci made smart watches A Gucci smartwatch would be less about telling the time and more about telling people who you are. Imagine a watch that tracks your steps, calories, and likes on Instagram, all while dripping in crystals. Every time you hit a fitness goal, a small screen would flash ‘Gucci, baby!’ It’ll be able to minimise into a regular watch interface that looks ultra-realistic and you can pinch-enlarge it into a smartwatch interface again. The ultimate Gucci smartwatch to keep you fabulously on time… or at least fashionably late. If Gucci made wireless earbuds gadgets Wireless earbuds have become a staple for music lovers and commuters alike, but if Gucci had their way, these would be more than just convenient audio devices. Picture tiny earbuds encased in refined snail shells pointing out of your ears like ice cream cones, or drooping in spirals down your ears like curled horned earrings with the Gucci logo etched in gold. Forget those plain old silicone tips – Gucci earbuds would come with velvet earpieces (whether or not that’s practical is irrelevant). Each earbud would play a soft “Gucci” chime when paired with your phone, and the charging case? A miniature leather-bound box with a monogram clasp. One thing’s for sure: with these Gucci earbuds, you wouldn’t be able to hear your ‘haters’ – or much else, for that matter. If Gucci made gaming consoles Move over, PlayStation – a Gucci gaming console would be a true work of art. Encased in hand-stitched leather and with controller buttons made of polished marble, this console would make you question whether you should actually play it or just display it. Gucci would release limited-edition consoles with unique skins like snakeskin or zebra print, of course, for an eye-watering price. As for the games? Forget Call of Duty, you’d be levelling up in Runway Rush, an immersive fashion game where you strut down digital catwalks, earning points for outfit coordination and shade-throwing. A Gucci Gadget fit for the gamer with truly extravagant taste. If Gucci made Bluetooth speakers You would be unbelievable to think it would come as portable black speakers that blend into the background. A Gucci Bluetooth speaker would be the centrepiece of any room. Designed to look like a mini trunk, complete with brass corners and a leather strap, it would belt out your favourite tunes with clarity and class. The Gucci Gadget wouldn’t just sound good, it would look good doing it. You should probably place a tax on your visitors or neighbours who get the opportunity to hear the speaker sound, because they shouldn’t be experiencing such expensive sound for free. Who would be the first buyers of these luxury Gucci gadgets? For Nigerians, we could bet the first buyer of any of these Gucci gadgets would have been… Huhh… Maybe we should be Hush about it and allow you to make the predictions. But on a global level, we are sure celebrities like Beyonce, Rihanna, Sarah Michelle, Kanye etc. would be on the front row of owners of the Gucci gadgets. Final thoughts on if Gucci made gadgets The day Gucci decides to enter the tech world, remember, you saw the predictions, first, on TechCabal!
Read MoreCleantech startup Octavia raises $5 million to take more CO2 out of the atmosphere and build a storage plant
Octavia Carbon, a Kenyan-based cleantech startup, has raised a $5 million seed round. The company will use the funds to build its Direct Air Capture (DAC) storage plant. Direct air capture technology removes carbon dioxide directly from the atmosphere by drawing air into a machine, filtering out the carbon dioxide, and storing it safely underground. Excess CO2 in the atmosphere depletes the earth’s ozone layer, increasing ultraviolet (UV) radiation that can cause skin cancer, cataracts, and plant damage. Launched in 2022 by Martin Freimüller and Duncan Kariuki, Octovia Carbon designs, builds, and uses machines to capture CO2 from the atmosphere. Those machines take carbon dioxide and store it underground, keeping it out of the atmosphere. In Kenya, this CO2 is liquefied and injected into the porous basalt of the Rift Valley, where it gradually mineralizes into solid rock. Freimüller and Kariuki built their first carbon capture machine on a kitchen table and plan to open the first phase of Octavia’s plant this year with the new funding. The seed round was led by Lateral Frontier and E4E Africa, with participation from Catalyst Fund, Launch Africa, Fondation Botnar, and Renew Capital. “This funding enables us to soon become the world’s second DAC company to complete the full cycle of deploying CO2 capture and geological storage in the field.” said the Co-founder and CEO at Octavia, Martin Freimüller. Octavia is among 18 direct air capture plants globally—including Climeworks and Carbon Engineering—building machines specifically designed to capture CO2 directly from the atmosphere using DAC technology. These companies are pivotal to achieving the United Nations’ global climate goals of carbon removal. “What sets us apart is our ability to harness Kenya’s abundant geothermal energy, especially waste heat, to significantly lower the costs of DAC,” said Freimüller. Octavia Carbon claims it uses geothermal energy wastes to service 80% of its electricity needs. Octavia Carbon generates revenue primarily by selling carbon credits to corporations or individuals looking to offset their carbon emissions. Companies buy carbon credits to neutralize their carbon footprint. The company claims it has pre-sold 2,000 tons of carbon dioxide. Back-of-napkin math suggests the company could have earned over $1 million in revenue from that sale. Currently, it costs $680 to $820 to extract a ton of CO2 and Octavia wants to reduce this to around $100. With increased efficiency, it can improve its margins and output—it aims to capture of 1,000 tons of CO2 per year. “Scaling for us involves increasing our carbon removal efforts far beyond Project Hummingbird’s initial capacity of 1,000 tons of CO2 per year,” Freimüller notes. Octavia Carbon also aims to become an Original Equipment Manufacturer (OEM) for DAC technology, allowing it to sell DAC machines to project developers globally.”
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