👨🏿🚀TechCabal Daily – Kobo’s new fleet
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! During his campaign, crypto-loving Donald Trump vowed to put the United States at the centre of the digital-asset industry. Many now speculate his re-election may have had an effect on crypto prices. On Monday, Bitcoin price crossed $86,000 for the first time while prices of other crypto assets also rose. The price increase is thanks to a robust demand for dedicated U.S. exchange-traded funds (ETFs) and interest rate cut by the Federal Reserve. Is Bitcoin back on course to hit the $100,000 mark by year-end? Bullish crypto users say yes. Kobo360 eyes fleet management Healthtech startup MDaaS expands into Cameroon Nigerian businesses to pay single-digit taxes after reforms World Wide Web 3 Opportunities Logistics Kobo360 eyes fleet management Image source: G2 In October, Sendstack, a two-year-old Nigerian logistics startup, pivoted from connecting business owners to last-mile delivery providers to offering fleet management software for companies with in-house fleets. Kobo360, the Goldman Sachs-backed truck-hailing startup, is developing fleet management software for manufacturers, fast-moving consumer goods (FMCG) suppliers, and micro-fleet truck owners. This software will help users manage trucks from their fleet or contracted logistics partners, plan routes, and access invoice discounting. Pure software fleet management is gaining traction among logistics startups for good reason. Software products typically boast margins of around 70%, significantly higher than the 20% commission charged by truck-hailing services. Additionally, software solutions are easier to scale than aggregator models, which require substantial investment in building driver and cargo networks. At a time when investors are focusing on high revenue growth, pure-software models make a really good pitch. Moreover, these applications give businesses complete control of their cargo movement, reducing risks related to lost shipments—a popular mishap in the sector. It may also be the timing: rising fuel costs make Uber-styled logistics platforms that charge commissions more expensive for cargo owners and transporters. While the revenue potential is considerable, selling fleet management software presents challenges. Finding customers can be tough due to a limited pool of companies that can afford the service. Closing deals with valuable clients can be complicated by bureaucracies, and many attractive companies already have providers. Even larger firms willing to pay $7–$50 per truck monthly often face high switching costs. Kobo360, which has been operating for about seven years, may leverage its existing relationships with these businesses to get its new product through their doors. 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. Startups MDaaS picks Cameroon as first stop on Francophone Africa expansion drive MDaaS team/Image Source: MDaaS MDaaS, a Nigerian healthcare startup known for its network of diagnostic clinics, has launched its first clinic in Douala, Cameroon as it begins its journey into Francophone Africa. The expansion comes as the startup seeks to diversify its revenue streams amid the Naira’s volatility and inflation in Nigeria. Its CEO, Oluwasoga Oni, said the startup treated 16,000 patients across 16 diagnostic clinics and 20 affiliate clinics in Nigeria in October. Despite this traction, it “needed to diversify from a single country considering everything going on in Nigeria.” Oni also claimed that his startup is profitable in Nigeria, which remains its core market, providing X-rays, ultrasounds, and lab work across 26 states. Douala is a strategic choice as it offers a bilingual environment and high demand for healthcare. The startup hopes that bringing a faster, tech-enabled customer experience, one that the local market currently lacks, will attract customers. “We noticed that processes in other clinics were slower, and test results required physical collection—issues we’ve already solved in Nigeria,” Oni said. MDaaS joins a wave of Nigerian startups expanding abroad, following a 70% depreciation of the Naira against the US dollar due to recent economic reforms. Armed with a $3 million fundraise this year, the startup aims to build on its expansion and “build healthcare for Africa’s next billion.” 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. Economy Nigerian businesses to pay single-digit taxes after reforms Image Source: TechCabal Nigeria’s contentious tax reform bill may be moving forward with President Bola Tinubu’s administration pushing for changes across the country’s existing tax collection system. Taiwo Oyedele, head of the Presidential Tax Reform Committee, said the new plan would lower business taxes to “single digits” to help small businesses, simplify the tax system, and reduce tax multiplicity. The bill, which was first submitted on September 3, will centralise tax collection and make key changes to tax laws, like increasing value added tax (VAT) to 15% and adjusting the corporate tax rate to 25% for large companies. The tax reforms also proposed changing how VAT is shared among government entities; tax revenue should go to the states where goods and services are used, instead of where companies are based. However, some lawmakers and Northern governors rejected the plan, arguing that the new system doesn’t suit their interests. Despite the opposition of the bill, Oyedele said that the reforms are necessary to curb debt in the country and the government would focus on tweaking parts of the reform instead. With the changes to the reform, the government hopes to double its tax revenue and increase its tax-to-GDP ratio to match with other countries that have wider tax nets and sound tax policy, while not putting pressure on small businesses in the form of levies. There will be another Assembly hearing for the bill on November 19. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk
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All important dates for JAMB 2025 registration, exams and more
The Joint Admissions and Matriculation Board (JAMB) dates are already in projection pending official confirmation from JAMB. Here’s a breakdown of the dates to look forward to regarding JAMB 2025 registration and the likes, along with the necessary steps to ensure a smooth JAMB 2025 registration process. Key dates for JAMB 2025 registration Registration periodThe JAMB 2025 registration is expected to open on 15 January 2024 and close on 26 February 2024. Candidates are advised to complete their registrations well in advance of the deadline, as late entries may be subject to additional fees or penalties. Mock UTME dateFor candidates interested in a preliminary experience, JAMB will offer a Mock Unified Tertiary Matriculation Examination (UTME), currently set for 7 March 2024. This mock test provides a practical preview of the actual JAMB examination environment. Please note that JAMB mock exams however good or bad the results have zero effect on the actual JAMB exams. UTME main examinationThe official UTME exams will likely occur between 18 April and 28 April 2025. The specific date for each candidate will be available on their exam slip, which will be accessible for printing from 10 April 2024. Registration fees and options With mock UTME: Candidates opting for the Mock UTME should expect to pay N7,700. Without Mock UTME: The standard UTME registration fee stands at N6,200. For Foreign Candidates: The registration cost is $30. Direct Entry (DE) application deadline Direct Entry candidates seeking admission into advanced programmes should also complete their registrations by 28 March 2024. Important points to note Creating a JAMB profile: Candidates must create their profiles before registration. This process should start on 15 January 2025. Mock UTME registration deadline: The last date to register for the Mock UTME coincides with the mock test itself on 7 March 2024. Final thoughts on JAMB 2025 registration The official JAMB website will contain additional details and resources to aid candidates. Keeping track of these dates is essential for a smooth JAMB 2025 registration experience. Please note that these dates are subject to change at the discretion of JAMB. As such, it is important to follow JAMB official channels and trustworthy platforms like TechCabal, to ensure that you are abreast of any changes.
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Nigerian healthtech startup MDaaS begins Francophone expansion with Cameroon
MDaaS, a healthcare startup with 16 diagnostic clinics in Nigeria, has opened its first clinic in Cameroon, marking its entry into Francophone Africa. The move is part of the startup’s strategy to mitigate exposure to Naira volatility and boost revenue. “We’re scaling rapidly in Nigeria—we did over 16,000 patient visits last month—but we realised that we needed to diversify from a single country considering everything going on in Nigeria,” said Oluwasoga Oni, MDaaS CEO. Founded in 2017, MDaaS provides X-rays, ultrasounds, and fully automated lab tests at its network of clinics across Nigeria. It also partners with 20 affiliate clinics using its proprietary tech platform, extending its reach to 26 states. The startup claims profitability in Nigeria, where customers pay upfront for services. “What’s different about us is that we not only provide these services ourselves but we also install and handle everything, including the tech. Our tech is so good—it’s our secret sauce—which means we can coordinate at scale,” Oni said. MDaaS chose Douala, Cameroon’s economic capital, as its entry point into Francophone Africa due to its bilingual environment (English and French) and strong demand for healthcare services. According to the World Health Organisation, public services in Douala are limited, concentrated in the city centre, and largely provided by the private sector. “We went to Cameroon and visited other diagnostic centres and we noticed that the customer service culture could be improved. We observed that processes happened much slower—for example, if you did a test, you had to physically return to collect your results. These are issues we’ve already solved in Nigeria,” Oni said. MDaaS is among several Nigerian startups expanding abroad following a 70% depreciation of the Naira against the dollar due to recent economic reforms. Investors are increasingly urging cross-border expansion, particularly into Francophone West Africa, where the Euro-pegged currency provides greater stability. “This is a tough time for venture-funded companies like ours [because] most people are not getting funded anymore. Right now, we’re dominating Nigeria, but even so, I think the current landscape accelerated our Pan-African expansion.” In addition to its diagnostic services, MDaaS operates Sentinel, a B2B digital health platform focused on preventive care. However, the majority of its revenue—65%—comes from B2C services, with 35% from B2B. It took the startup six years to develop tech that automates processes, reducing costs and allowing patients to complete an average of three to four tests per visit. MDaaS claims it has diagnosed over 360,000 patients, with over a third diagnosed just this year. “It’s been our best year ever,” Oni said, attributing much of this growth to Nigerian second-tier cities like Ibadan, Ilorin, and Akure. The startup, which raised $3 million in March 2024 from Nigerian VCs like Aruwa Capital and Ventures Platform, only pursued expansion this year due to the capital and operations-intensive nature of building and managing its 16 diagnostic centres across Nigeria. MDaaS hopes to build and learn from its expansion into Douala as it begins to strengthen its foothold in the West African market. “Our big motto is “building healthcare for Africa’s next billion,” so everything we’re doing furthers that goal.” From MIT to MDaaS: Meet the couple solving Nigeria’s medical diagnostics problem
Read MoreKobo360 is developing HaulSight, a fleet management software for Africa’s big businesses
Kobo360, the Goldman Sachs-backed truck-hailing startup, is developing a subscription-based fleet management software called HaulSight. The software enables businesses to track their fleet of vehicles, plan routes, and access invoice discounting. Developed this year, HaulSight is an opportunity for Kobo360 to increase revenue from its existing clientele—manufacturers like Flour Mills, Dangote, and FMCGs like Unilever—all of which operate large in-house fleets. Unlike Kobo360’s truck-hailing platform, HaulSight is a pure software solution that doesn’t involve sourcing trucks, managing drivers, or handling cargo-related liabilities during transit. HaulSight comes at a time when rising fuel prices are shrinking margins for truck drivers in Kobo360’s network, forcing the company to adjust its commission structure. The company faces a delicate balance between truck drivers seeking higher fares and cargo owners, who must keep costs low to maintain affordable pricing throughout the supply chain. Kobo360 did not immediately respond to a request for comments. Over the years, Kobo360 has reduced its commission from 20% in 2019 to 8% in 2021, highlighting the limited negotiating power of truck-hailing startups compared to their corporate clients. This contrasts with the taxi-hailing sector, where companies like Uber, Indrive, and Bolt started with low commissions but have since raised rates to around 15%. “The bureaucracy it takes to renegotiate new prices with [corporate] cargo owners to meet demands of the truck owners can go on for weeks,” said Alex Adenuga, CEO of Movam, a B2B logistics startup. “And it only works out favorably if the truck aggregators have a close relationship with the cargo owners [manufacturers, suppliers, etc.]” Fleet management software offers Kobo360 a new revenue stream from cargo owners and micro-fleet operators, bypassing the challenges inherent in the aggregator model. “The visibility provided by fleet management software can help companies save significant amounts of money,” said Adenuga, whose startup also offers fleet management solutions. “However, the market is not large enough to generate the revenue and growth expected by a VC-backed company.” Several established fleet management software providers are competing for a small pool of large clients, including Flour Mills, Dangote, and Tolaram. Foreign fleet management software providers in the region typically charge $7-$50 per vehicle per month, while local providers charge ₦100,000-₦150,000 per vehicle, which is affordable for large companies but costly for small businesses. Focusing on large companies often means long sales cycles. “It could take a year if you’re lucky. If you haven’t run out of funding by then, it can be a challenging and frustrating process,” Alex said. However, Kobo360’s long-standing presence in the B2B logistics sector since 2017 gives it the advantage of established relationships that could help accelerate the sales process for HaulSight. Nonetheless, software sales are even harder to pull off with big corporates because of switching costs. “One popular manufacturer in Nigeria has been using Nova Truck for years. Switching to a different provider would be a painful transition for them.” However, Kobo360 is not the only logistics startup willing to look beyond these challenges. SendStack, a 2-year-old logistics startup, recently ditched the aggregator model for its last-mile delivery platform to sell fleet management software to fleet owners. Another B2B logistics expert who declined to be named agreed that the margin in software is an easier sell to VCs. However, he also thinks fleet management products can bring necessary visibility into the “chaotic” industry of truck logistics. “There is a pain that efficient truck management can solve for [manufacturers and FMCG businesses] because those assets are very expensive [and these businesses want to make the most of them.]” With this new product, Kobo360 can extract more value from its current customer base, including the micro-fleet owners within its network of over 50,000 trucks. “Truck logistics is a chaotic industry,” one B2B e-commerce expert who asked not to be named said. “There is a pain inefficient truck management can solve for these guys because those assets are very expensive [and these businesses want to make the most of them].” *Editor’s note: An earlier version of this story stated Kobo360 launched HaulSight. The product is still in development.
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Next Wave: Africa’s e-mobility future rides on two-wheelers
Cet article est aussi disponible en français <!– In partnership with –> First published 10 November, 2024 Two-wheelers, especially electric motorbikes and scooters, are emerging as the future of e-mobility in Africa, driven mainly by the region’s infrastructural challenges, government policies, and economic factors. Across sub-Saharan Africa, sales of motorbikes–commonly referred to as bodaboda in East Africa–have overtaken those of private cars. By 2030, motorcycle sales across the region will increase to over three million, with an electrification rate of 22%. This will be higher than other types of vehicles used in Africa. On the continent, over 200 million people use motorbikes for delivery services or to get to work. In East Africa alone, 100 million people rely on two-wheelers as the primary means of transport, making them an indispensable part of the public transport system in Nairobi, Kigali and Kampala. In villages where road connections are poor, they are used to transport people and produce to the markets. In some remote areas, they are even used to transport the sick to hospitals, highlighting their significance in bridging the transportation challenges. The Africa E-Mobility Index by the United Nations Environmental Programme (UNEP) shows that over half of 21 African countries have passed fiscal incentives and set e-mobility targets, pushed by the high cost of fuel imports and the Paris Agreement on CO2 emission reduction. For instance, Kenya has developed a National E-mobility Policy, which supports local battery manufacturing and recycling. The successful integration of two-wheelers into the existing transport systems has given birth to more than 20 EV startups, with Ampersand, Spiro, M-KOPA and Roam leading the charge. Next Wave continues after this ad. Join us at the Bluechip AI & Data Summit 2024 on December 2nd in Lagos! Explore the future of Africa through AI and data-driven solutions. Connect with industry leaders, attend expert panels, and discover innovations reshaping finance, healthcare, and beyond. Don’t miss this opportunity. JOIN US Rwanda’s Ampersand has over 4,000 e-motorbikes and expects to surpass 40,000 by the end of 2026, while Spiro has produced 18,000 across Kenya, Uganda, Rwanda, Togo, Benin and recently launched in Nigeria. The low operation costs of electric two-wheelers have made them attractive to millions of riders. With fuel motorcycles, the riders spend more than $11 daily on fuel and leasing costs, leaving them with about $2 as a take-home. Local startups have developed mass-market e-motorbikes that cost less to buy, operate and maintain than a fuel equivalent. Riders have reported that they can make two and a half times as much with electric two-wheelers than when they ride a petrol-powered one. With many startups ramping up local production capacity and investing in charging infrastructure, electric two-wheelers have become cheaper to purchase and maintain. This has made them accessible to a larger portion of the population, more than electric cars, which are gaining traction in mature markets like the EU and the US. The lower initial price and reduced maintenance costs–fewer parts and no oil changes–make e-motorbikes attractive in African economies with high rates of low-income consumers. For gig economy workers, the motorbike leasing models fronted by companies like Uganda’s Zembo make EV ownership even more affordable. All EV startups on the continent have battery leasing or pay-as-you-go models that have cut upfront costs. EV experts estimate that renting and swapping batteries saves riders more than $500 annually, boosting earnings for gig workers with razor-thin margins. Next Wave continues after this ad. PalmPay is a leading fintech platform focused on driving economic empowerment across Africa. Trusted by over 35 million Nigerians and 1.1 million businesses. Start enjoying a 99.9% transaction success rate with Palmpay. Sign up here. African policy-makers have not matched the rapid urbanisation with infrastructural development. Severe traffic congestion in cities like Lagos, Nairobi, Cairo and Kampala has become part of the population’s daily life. Food delivery services and e-commerce growth have necessitated an efficient urban low-emission transport system. Two-wheelers can quickly cover short distances in dense African metropolises at low operational costs and emissions. Local startups have proved that it is easy to electrify the two-wheelers, matching Africa’s decarbonisation efforts to those of advanced economies like China, Europe and the US. The global EV cars market has failed to adapt its solutions to Africa, leading to a slow uptake. American EV maker Tesla and Chinese BYD have little appetite for the African market, partly because of the lack of supporting infrastructure. EV range concerns present a huge difficulty in their adoption, particularly because of uneven road quality and the high cost of developing charging networks. Many electric two-wheeler manufacturers have resolved the challenge, designing vehicles suitable for the rugged African landscape and making them durable on untarmacked roads. This makes e-motorbikes an ideal EV option for remote African regions with less developed infrastructure. Next Wave continues after this ad. Get ready for Lagos’ tech future! Join Art of Technology Lagos 6.0 on Dec 5th, 2024, at Landmark Event Centre. Engage as an exhibitor, sponsor, or participant in AI-driven discussions shaping Lagos’ digital economy. FREE entry! Register here. Unlike electric cars, which require larger charging stations and a good electricity grid system, which most African countries like Nigeria struggle to provide, electric two-wheelers need minimal space and can be established even in informal settlements and peri-urban areas. Some startups have started developing batteries that off-grid solar systems and home sockets can charge. This makes two-wheelers viable even in regions with unreliable power access. Africa has become a hub for e-mobility innovation, with local startups creating solutions to fill gaps in transportation systems without waiting for grid expansion and infrastructure development. Companies like Ampersand, Zembo, and Roam have offered practical, affordable, and low-carbon mobility solutions that align with the continent’s socio-economic and infrastructure capacity. Adopting two-wheelers will likely accelerate in the coming years, outpacing electric cars, which demand more investment. Adonijah Ndege Senior Reporter We’d love to hear from you Psst! Down here! Thanks for reading today’s Next Wave. Please share. Or subscribe if someone shared it to
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👨🏿🚀TechCabal Daily – Is CNG safe?
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning! Across the world, newsrooms are grappling with the AI-driven misinformation wave. Media veteran Zain Verjee has a plan for empowering African newsrooms trying to strengthen digital trust: embrace AI, don’t abhor it. Read about her blueprint in our latest feature. Bolt will mull over CNG safety concerns Payments scams cost consumers $1.03 trillion worldwide The world’s first wooden satellite World Wide Web 3 Jobs Ride-hailing Bolt will mull over CNG safety concerns when the time comes Image Source: Wunmi Eunice/TechCabal In October, a CNG-powered vehicle exploded in Benin, Nigeria. The Presidential CNG Initiative, which has been sponsoring the conversion of petrol vehicles to compressed natural gas (CNG) vehicles, blamed the accident on illegal modifications. Yet it may be insufficient to ease safety concerns around CNG vehicles which have become more popular as fuel prices crossed ₦1,000 ($0.59) per litre. Concerns about the safety of vehicles with the big cylinders under their seats or in their trunks continue, even when reports show they are less likely to explode than petrol. At a Friday event showcasing Bolt’s new safety features, a journalist asked the ride-hailing company—which partnered with the government to retrofit drivers’ cars with CNG kits—if they planned to indicate which cars were CNG-powered to drivers. Lola Masha, Bolt’s Regional Manager of North and West Africa, said the feedback was valuable and would be shared with the company. “It is a very fair point,” she said. “There are a lot of reservations about CNG so it is important that riders are fully aware and that we are transparent.” However, CNG indicators may not be a high priority for Bolt. Masha noted that the company develops safety features based on global trends across its 14 markets, and not just local concerns in Nigeria. In the other markets where Bolt operates, CNG adoption has been slow, with electric vehicles (EVs) stealing the spotlight on a few occassions. In Nigeria, CNG uptake is still low due to the high vehicle conversion costs and few fueling stations available. Yet, Masha suggested the idea could be revisited as CNG use grows. 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. Cybersecurity Payments scams cost consumers $1.03 trillion worldwide Image Source: TechCabal As digital payments become more ubiquitous, they have come with a side serving of bad actors. Bank fraud, investment scams, and shopping scams continue to surge, according to a new report from the Global Anti-Scam Alliance (GASA) and U.S.-based fraud detection firm Feedzai. The report revealed that across the world, people lost $1.03 trillion to scams in 58,329 surveyed cases in 2023. South Africa stands out among the countries with sharp increases in scam attempts with consumers losing 3.4% (about $12.9 billion) of its gross domestic product (GDP) to scams. Kenya, where scammers capitalise on the popularity of mobile payments, lost 3.6% ($3.9 billion) of its GDP, with 2 in 5 people falling victim mostly to shopping scams. In terms of payment methods, SMS and text message scams are rampant in Kenya, while in Nigeria, scammers commonly use wire transfers and e-wallet peer-to-peer (P2P) payments to carry out fraud. The situation calls for enhanced due diligence among banks and fintechs, especially with large transactions, to detect suspicious activities early. Consumer education is also important. With technological advancement fast reaching financial industries of most African countries, it’s a call for banks and financial players to continuously educate their customers on these new technologies and how to spot scam trends. Read the report here. 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. Global News Researchers launch the world’s first wooden satellite to space Image Source: Wood Central Humans have long relied on wood for transportation, building boats, chariots, and even the first aeroplanes from it. However, since the 20th century, wood has been largely phased out due to its susceptibility to rot in varying temperatures and moisture. But, last week, wood made a historic comeback as Kyoto University and Sumitomo Forestry researchers launched LignoSat, the world’s first wooden satellite. The palm-sized satellite, built from timber, was transported aboard a SpaceX mission and will orbit Earth at 400 kilometres above ground from the International Space Station. Beyond the impressive feat of engineering, LignoSat, named after the Latin word for “wood,” aims to demonstrate wood’s viability as a sustainable alternative to conventional metals in space structures—a move that could redefine future lunar and Mars missions. Timber holds unique advantages in space, resisting rotting and inflammation due to the absence of water and oxygen. As Takao Doi, a Kyoto University astronaut, said, “With timber…we will be able to build houses, live, and work in space forever.” Imagine a future where wood might even be used to ship humans to Mars. Not only does wood offer potential longevity, but it also lessens environmental impacts. Unlike traditional metal satellites that produce polluting aluminium oxide on re-entry, wooden satellites like LignoSat would simply burn up, leaving no harmful particles. Could wooden satellites be the answer to sustainable, debris-free space exploration or will this just be a failed experiment? Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more → CRYPTO TRACKER The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $81,202.73 + 2.41% + 29.68% Ether $3,157.07 – 1.33% + 29.13% Sui $3.20 + 12.76% + 58.63% Solana $206.36
Read MoreOur strength is human capital, not resources under our feet, says NITDA DG at GITEX Dubai
On Monday 14, during the 44th edition of GITEX Dubai, a global technology showcase, three representatives from Baltimore (USA), India, and Nigeria participated in a panel discussion. They were invited to explain, in 60 seconds, why innovators should consider expanding into their respective countries. Kashifu Abdullahi, the director general of Nigeria’s National Information Technology Development Agency (NITDA) and the only African speaker on the panel pitched three things: a predictable regulatory environment and access to human capital. “We have identified our strength and it is human capital and not the resources beneath our feet,” he said to a room of founders and operators from all over the world, inviting foreign businesses to consider setting shop in Nigeria. Abdullahi said with this realization, the government is training the population with in-demand tech skills to diversify the economy. The country’s goal is to become the destination for high-quality skills by 2030 when it is predicted there will be an $8.5 trillion talent shortage. NITDA, under Abdullahi’s leadership for over a decade, has intensified efforts to increase digital literacy to 90% by 2030. It does this through its training initiatives such as the National Center for Artificial Intelligence and Robotics (NCAIR), which promotes research and skill acquisition in artificial intelligence. The agency is also collaborating with the Federal Ministry of Communications, Innovation, and Digital Economy to train three million Nigerians in high-demand tech skills related to emerging technologies, including artificial intelligence. Abdullahi also said the country has made exemplary policy changes that enable business growth. “President Bola Ahmed Tinubu is a pro-business president. He has mandated our ministry to accelerate Nigerian economic growth by enhancing productivity in critical sectors through technological innovation.” He cited the Startup Act as one of such policies. However, in the past, spontaneous policies such as the ban on motorcycles, increased KYC requirements for financial services and the now-rescinded cryptocurrency ban, have impacted the operations of tech companies in fintech, cryptocurrency, logistics, and other sectors. The country’s FX volatility has also seen the exit of several multinationals like Unilever and Procter & Gamble. Abdullahi insists there is no better time for new businesses to invest in Nigeria. He told the audience to emulate Sudanese-born entrepreneur Mo Ibrahim, who invested in the African telecommunication sector when many investors thought the continent was not lucrative and grew an empire from it.
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Timini, Swanky Jerry and DJ SL share outlook for Nigeria’s creator economy at GITEX Dubai
A colourful display of African cultural attire is the last thing one expects to see at an international tech conference set in the heart of Dubai. Donned in regal traditional outfits, Nigerian creatives—actor Timini Egbuson, DJ SL, and celebrity stylist Swanky Jerry—took the stage at GITEX Dubai on October 14 to speak on the future of Africa’s creative economy. Africa’s creator economy is experiencing unprecedented growth, fueled by the popularity of Afrobeat, and multi-million dollar venture capital investments in globally acclaimed film projects like The Black Book. Africa’s global export of creative goods is projected to hit $200 billion in 2030. Yet, the three Nigerian creatives say the global attention the country’s creative economy is getting is only the tip of the iceberg. “There are countless undiscovered and undeveloped talent across Africa. I believe this untapped potential represents a significant opportunity for growth in the African music industry,” DJ SL said. There is increased optimism for the potential of the creative industry particularly for the next generation of creatives. The success of current players has made more parents who would otherwise not consider creative jobs low-status compared to sectors like tech, and banking are now taking creative aspirations more. The speakers shared that they are heavily invested in capacity building in their country and combating stereotypes hindering foreign participation in the sector. Egbuson and Jerry noted that they take to online platforms to train up-and-coming creatives in movies and fashion, respectively. Another key takeaway from the panel is that the Nigerian government needs to invest more in the creative economy. The government has launched several initiatives to fund and encourage revenue generation from the creative economy. In October, it approved a creator economy monetisation fund to provide financing for young creatives. However, Egbuson thinks more can be done. “While the government is making efforts, its focus on other priorities limits its bandwidth, Egbuson said. “However, Nigerians are taking matters into their own hands and becoming less reliant on government support. The world is a global village so anyone can take advantage of the opportunity to invest in Africa.”
Read MoreFormer CNN anchor Zain Verjee has a blueprint for fighting AI misinformation in newsrooms
AI is a double-edged sword. It can be a powerful tool that makes our jobs easier but it can also spread misinformation, manipulate public opinion, and erode trust in journalism. Former CNN anchor Zain Verjee and intelligence expert Candyce Kelshall, have shared a blueprint to help global newsrooms fight misinformation. This handbook—Election Interference and Information Integrity: A Newsroom Blueprint—provides media professionals with practical guidelines and AI-driven tools to strengthen the integrity of their reporting, particularly covering elections. TechCabal spoke to Zain Verjee about the motivation behind the handbook, the threat of misinformation and disinformation exacerbated by AI, and the ethical considerations for AI use in African newsrooms. (This interview has been slightly edited for length and clarity) TC: What would you say is the story behind this handbook? I think one of the biggest threats in the world today is misinformation and disinformation, and because the world is so polarised, and we’re seeing it with the US elections, and we’re seeing it coincide at a time where artificial intelligence and new technologies have made it so easy to create fakes. And it comes at a really important time for journalists, where, at the same time, trust is at an all-time low with many journalistic establishments and audiences. And so the idea of this came about in the sense that I’m a former journalist, and I’m looking at this going wow, as if I was in a newsroom, what would I do? How would I be thinking about a lot of these really important topics? How would I maintain trust with my audiences, and how should I understand the evolution of technology and artificial intelligence around me? And I felt that there was no place where journalists could comfortably go to one resource that really analysed artificial intelligence and that looked at newsrooms as information hubs, as intelligence hubs, with the principles of determining what’s real and what’s not real that are applied in intelligence agencies that I’ve worked with in the past and used as sources should be applied to journalists and newsrooms. So really, it was a combination of all of those things, a combination of my personal experience, my interest in artificial intelligence and technology, and a really difficult time in the world, and in particular for journalists covering elections. TC: What context was this handbook built in mind? Was this specific to a particular region? Did you consider it peculiar to maybe the global context? I think that the core learnings and the core ideas in the handbook are universal, right? Fact-checking is something universal. Sourcing multiple sources, understanding what is, determining a piece of video or audio or a photo and whether it’s real or not, isn’t just for one part of the world. It’s what all of us are facing right now; deep fakes and manipulated media. And so the context of this is if you treat news and content as an intelligent product that requires assessment, that requires certification, that requires verification before being released to the public. Newsrooms will increase their integrity all around the world, and we build trust. So it’s really been written with a universal context in mind. But as you know, I’m also a Kenyan and a journalist, and I do think that on our continent there are other challenges that we face, and there are probably aspects that could be built out to focus a little bit more on the context in multiple African countries. But this handbook universally addresses problems that we all face: critical thinking, digital literacy, misinformation, disinformation and information integrity, and best practices that can be applied across the board. TC: What are the most important aspects of this handbook that speak to the context of African newsrooms? I’m going to reinforce the misinformation and disinformation piece, right? Because understanding and having the ability to determine what is misinformation and what is disinformation simply requires making ourselves literate about these areas. Those are two completely different things, right? Missing. For example, misinformation is something that I agree with. It’s my worldview. I have an emotional connection. I share it with you. You agree with me. You share it. I’m not doing anything malicious, and I’m not trying to disrupt Nigeria’s elections, right? So I’m participating in amplifying misinformation. I share things around on WhatsApp with my friends, right? Because we all believe it. As a journalist, this handbook is teaching all of us how to recognise misinformation and the intention behind it. Disinformation is what bad actors are deliberately and maliciously creating information that is completely and utterly fake with the intention to destabilise like Russia’s current interference in the United States. CBS News recognised this as disinformation, so did the FBI, and the same with CNN. This handbook allows journalists to basically have a checklist of what is misinformation and what is disinformation. So I think that’s really one of the most important things. In terms of the African context, there are a lot of considerations here. I think the first is our continent is mobile-first. And so a lot of verification tools are not on mobile. I think that that is a big challenge. If things are being shared on WhatsApp and TikTok, you have to have tools on mobile devices that can recognize what is real and what is not. I think African newsrooms should be focusing on mobile-first verification and tools and processes that need to work on mobile devices. Some of the solutions would lie in creating, you know, for example, shareable fact checks that can work on low bandwidth connections, whether it’s using local communities, different language groups, SMS alerts, or different ways to create verification processes that make sense for us in our environment. I would say also that we know that a lot of newsrooms on our continent have a lot of resource challenges and infrastructure challenges. So I would argue that collaboration is really critical, particularly around elections. For example, creating joint fact-checking databases, or working together
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👨🏿🚀TechCabal Daily – Gains and losses for Jumia
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF! Have you got that big brain energy? Put it to the test by signing up for The Big Daily, our newsletter that recaps the most important business, culture, and entertainment news from Nigeria. Every edition lands in your inbox by 7 AM WAT, and each takes just two minutes to read. Convinced? Check it out here. Jumia commits to a “disciplined approach” Safaricom denies sharing customer data Visa invests in four African startups Funding Tracker World Wide Web 3 Jobs E-commerce Jumia commits to a “disciplined approach” Image Source: TechCabal Jumia CEO Francis Dufay says the e-commerce company will take a disciplined approach to continue its search for profitability. Yet, the company isn’t new to talks of discipline. Can it outcut tough regional macros? Revenue slowed to $36.4 million even as total order value (GMV) also softened to $162.9 million for Q3 2024. When revenues decline, numbers of orders stay flat and the value of orders don’t rise, it’s tricky to make a profit. For Q3, Jumia’s operating losses rose to $20.1 million. Yet, many of Jumia’s problems are not of its own making. Devaluation in at least three of its key markets reduced the dollar value of its products (GMV). And when spending is so depressed, it’s difficult to grow. As reasonable as these problems sound, investors are all about the money. So the market reacted instinctively to Jumia, pushing the stock price to an all-month low of $4. Tough going. Read more here. 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. Telco Safaricom denies sharing customer data Peter Ndegwa, Safaricom chief executive. IMAGE | SAFARICOM Safaricom says the viral investigation alleging that it was giving the Kenyan government unfettered real-time access to customer data, including sensitive call data records (CDRs) and location data, is untrue. During Thursday’s announcement of its 2025 half-year financial results, Safaricom’s CEO, Peter Ndegwa said, “We do not share any customer data unless explicitly required of us via a court order.” In case you missed it, the October investigation also claimed that Safaricom’s data was misused to facilitate extrajudicial killings and forced disappearances, especially during times of civil unrest. It also alleged that Safaricom partnered with a British company, Neural Technologies, to develop software granting Kenyan security services real-time access to CDRs. However, Ndegwa says the claims are inaccurate. He confirmed Safaricom has a contractual relationship with Neural Technologies but says it was to develop an anti-fraud tool. “We do not share any customer data unless explicitly required of us via a court order.” Under Kenyan data protection laws, data controllers and processors must obtain consent from data subjects before sharing personal data with third parties. Companies must also comply with these laws by registering with the Office of the Data Protection Commissioner (ODPC) and adhering to guidelines for legally processing and sharing personal data. 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 Visa invests in four African startups Image Source: Google Visa, the world’s second-largest card payment processor, has invested in four startups from the 23 in the first cohort of the Visa Fintech Accelerator. These startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI. If you are wondering why food-tech and HR companies are in a fintech accelerator, these platforms have embedded payment technology. Restaurants process payment for food on Orda, and companies process salary payments on OkHi. The most curious part of Visa’s announcement is how much investment these companies are getting. Visa, which says that this is a part of its plans to invest $1 billion in Africa, has termed it a “strategic investment.” When big companies use this language, the said investment could involve cash or credits to access Visa’s infrastructure—such as payment gateways, cards, and APIs—at no cost, thereby significantly reducing the startups’ dollar-based expenses. This latter approach would provide a direct return on investment for the card processor. Ismail Belkhayat, founder and CEO of Chari, who was part of the first cohort of Visa’s Africa accelerator program, previously stated that the accelerator is one of several ways Visa is “helping more startups become issuers delivering cards to end users.” If this funding is cash-based, it would not be Visa’s first direct investment in African startups. In 2019, Visa acquired a 20% stake in Interswitch, Nigeria’s largest card processor, for $200 million. The company has also previously invested in Paystack, Branch, South African Jumo, and Sudanese startup Bloom. Visa’s global rival Mastercard is also engaging in similar activities and has made both direct and indirect investments in startups and well-funded financial services providers across the continent. Introducing Paystack transfers in Kenya Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more → Insights Funding Tracker Image Source: Stephen Agwaibor/TechCabal Insights This week, WellPal, an Egyptian Health and Wellness startup, raised an undisclosed amount of Angel funding from a strategic investor (November 4) Here are the other deals for the week: Beacon Power Services, a Nigerian Energy startup, has raised an undisclosed amount in a Series A funding round led by Partech. (November 6) Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Before you go, our Future of Commerce: Outlook for 2025 Report is out.
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