👨🏿🚀TechCabal Daily – Moove’s new move
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning We’re officially three weeks away from the conference that will host the most audacious thinkers and doers in African tech. Moonshot 2024 is where you can connect with industry pioneers, explore emerging trends, and discover untapped business opportunities in one of the world’s most dynamic markets. We’re hosting 4,000 guests and 75 speakers across 2 days and 9 content tracks. You can be a part of it too. Get 1 or 2 tickets to front-row seats to celebrate innovation on the continent. Moove expands into the US JKIA workers begin strike action Kenya plans tax cuts Ghana’s inflation quells to a 29-month low The World Wide Web3 Opportunities Expansions Moove expands into the US Moove co-founders Ladi Delano and Jide Odunsi “A small fish going into a big pond.” That’s how my colleague described Moove’s latest expansion into the US. The Uber-backed Nigerian startup offers financing for ride-hailing, logistics and delivery companies, deducting a percentage of the drivers’ weekly earnings to pay for the vehicles in instalments. That model hit a snag in Nigeria—one of the six countries where Moove is currently present—as drivers struggled with repayments due to high living costs and inflation. But the US is every bit different from Nigeria. With a relatively stable economy, large market size (330 million people) and reliable credit scoring systems, Moove has a chance of scoring better margins than other countries where it operated. The US has a market size that dwarfs the market size of other countries where Moove operates. The fintech’s move into the US is likely an all-electric vehicle one, mirroring its move to UAE where it operated an all-EV fleet.Although the US has seen a surge in EV adoption, with many affordable EVs, there is still an opportunity for Moove to thrive in the country’s $94.9 billion EV market. The company will be competing with other vehicle financing startups like Lendbuzz, Car Capital Technologies, and others. Moove’s move (pun unintended) into the US is its first expansion since it announced a $100 million fundraise in March. The firm hinted at an expansion into six new markets after its fundraise. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Companies JKIA workers fear job loss as they begin strike People walk at the Jomo Kenyatta International Airport on September 10, 2024. Image source: Reuters/Thomas Mukoya. Do company leases lead to takeovers? Kenyan aviation workers think so. Early on Wednesday, workers went on a strike over the country’s proposed deal with Indian conglomerate Adani Group to manage and run one of its most important assets: the Jomo Kenyatta International Airport (JKIA). Only one phrase was chanted in unison, “Adani must go.” JKIA, one of Kenya’s most-booked airports, accounted for two-thirds of all Kenyan flights in 2023. When workers went on strike, thousands of passengers were unable to travel. These workers fear that they could lose their jobs if the airport is leased to Adani. What happened to JKIA? In 2013, JKIA suffered a fire outbreak it still hasn’t recovered from. Though the government has put in money to renovate the airport, its runway and passenger terminal still remain in poor condition. Kenya is facing a debt crunch, and there’s little incentive to put in more money on any renovation plans, and this is where Adani’s point of interest comes in. Adani proposed the deal in two parts: first, it will pay for repairs to fix the airport’s terminal and runway for $1.85 billion. Then, it will run the airport independently for 30 years and keep 18% of the annual returns. While both the government and Adani preferred to keep details of the deal under wraps, news broke out that Adani, after 30 years, will keep an equity stake in the airport. Adani, known for its acquisition expansion strategy, clearly has a long-term interest in JKIA. But turning over JKIA assets to a foreign private company looks risky. The poser here is: can Kenya instead explore other public-private partnerships where Adani can fund the project and recoup their investment from JKIA’s financial returns? Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Economy Kenya plans tax cuts for individuals and companies GIF Source: Tenor The irony of Kenya’s relationship with money and debt is in how it is willing to forgo expenses in renovating one of its most important airport assets, only to turn around to reduce its tax net. Finance minister John Mbadi plans to cut value-added tax (VAT) from 16% down to 14%, and companies will pay 5% less on corporate taxes. Kenya is facing a debt-sustainability crisis, and if anything, its focus should be on making sure it meets these obligations. If you’re not familiar with economics speak, it means that Kenya needs to raise more money. Tax cuts won’t necessarily help Kenya do that. Kenya’s tax base is already short on what it owes. How will the government plug budget deficits if it cuts revenue collections? But again, the move might also suggest that Kenya still struggles with tax compliance. As at 2021, the Kenya Revenue Authority (KRA) reported a compliance rate of 59%, less than its 65% target. Kenya is between a hard place and a rock: it needs to raise money, but then, it is not collecting nearly enough in proposed tax amounts. Minister Mbadi thinks cutting taxes in the medium term will increase compliance. There is only one winner here. Reduced taxes will unburden Kenyans and free up disposable income for them to spend. We could see higher consumer spending in the coming months if this is implemented. Since its bill was
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Uber-backed Moove takes its search for profitability to America
Moove, the Uber-backed Nigerian startup that finances vehicles for ride-hailing companies, is expanding operations to the U.S. Since August, the company has listed vacancies for roles in Los Angeles and California. This expansion supports the startup’s plan to achieve profitability in 2025. Those U.S. roles include a managing director and more recently a head of debt capital market who will be “critical in driving our fundraising efforts, engaging with key financial stakeholders, and structuring complex transactions,” according to a LinkedIn listing. The four-year-old startup, founded by Ladi Delano and Jide Odunsi, shared its expansion plans in March 2024 when it announced a$100 million raise from Uber, Future Africa, Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, and Triatlum Advisors. Moove did not disclose the destination countries but said it will majorly finance electric vehicles upon entry. The company, which operates in six markets—Nigeria, South Africa, Ghana, the U.K., India and the UAE, plans to expand to six additional countries by 2025. Moove did not immediately respond to requests for comments. The U.S. expansion may play out like Moove’s 2023 move into the UAE where it operates a 100% EV fleet some of which accounted for the largest number of EV trips on the Uber UAE platform in the same year. It also operates EV fleets in the U.K. and is preparing to introduce more than 20,000 EVs on Uber in India, per a March report. If Uber’s partnership with Moove is borderless, as its participation in the startup’s $100 million raise suggests, the company’s zero-emission mandate may see a similar soft landing in the U.S. where electric vehicles are increasingly popular. The mobility fintech sells fleets of vehicles to drivers who need them for ride-hailing, logistics and deliveries. It deducts a percentage of the drivers’ income weekly enabling them to pay for the car in installments. This model has met roadblocks in Nigeria where drivers are increasingly finding it difficult to meet payment targets due to inflation and fuel price hikes. It is unlikely that the startup will face similar challenges in the U.S. with a relatively stable economy and reliable credit scoring systems. It is not yet clear if the company will adjust its business model to fit into these new markets or if the revenue-based financing it offers to ride-hailing, logistics, mass transit, and instant delivery platforms, will remain unchanged. Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Read MoreChaos at Jomo Kenyatta Airport as workers strike to oppose Adani lease proposal
Several flights were canceled, and hundreds of travelers were left stranded at Jomo Kenyatta International Airport (JKIA) after aviation workers began a strike over a proposal to lease the airport to India’s Adani Group for 30 years. Those workers want the deal canceled over fears of mass layoffs. At 10:00 am on Wednesday, a spot check by TechCabal showed that no flight had landed or taken off at the country’s main airport. Data from Flightradar, a global flight tracking platform, recorded minimal activity at East Africa’s busiest transport hub. The disruption has affected both international and domestic flights. “Kenya Airways would like to alert you that due to the action by some JKIA staff, this has resulted in some delays and possible cancellations of some of our flights for both departing and arriving passengers,” Kenya Airways said in a notice to passengers. Kenya Airports Authority (KAA) did not immediately respond to a request for comment. On Monday, the government’s last-minute efforts to stop the Kenya Aviation Workers Union (KAWU) failed after the representatives accused state officials and airport management of ignoring their demands. “The government has failed to provide the documents we requested for the Adani deal. The strike will go on until the government stops the deal,” said Moss Ndiema, KAWU secretary general. A Kenyan high court suspended the 30-year build-operate-transfer concession until it rules. The privately-initiated project by Gautam Adani’s firm has been opposed over controversial clauses including stopping Kenya from building or expanding other competing airports for 30 years. While the government has defended the deal as the best option to expand JKIA amid a cut in development budgets, it maintains that a decision has not been made to proceed with the lease. On September 3, Kenya sent 16 officials to India for due diligence including inspecting the company’s financial records. At the same time, the Indian conglomerate sent representatives to Nairobi, signalling that the deal could be in advanced stages. “Secret, unknown, unexplained and clandestine movements and activities by Adani employees, agents or assigns around JKIA and related installations be halted and stopped forthwith,” KAWU said in a notice.
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👨🏿🚀TechCabal Daily – Ride-Hailing Woes and Banking Trends
In partnership with Lire en Français اقرأ هذا باللغة العربية Good morning If you want to dive into the future of African tech, then Moonshot 2024 is where you want to be. Connect with industry pioneers, explore emerging trends, and discover untapped business opportunities in one of the world’s most dynamic markets. Enjoy the vibrant energy of Lagos while staying seamlessly connected with prepaid eSIMs from Sochitel. Register now for two days of inspiration, networking, and innovation. Risevest completes Hisa acquisition Cost considerations are driving shrewd Nigerian banking business Are ride-hailing platforms broken? Drivers say yes Egypt’s inflation soars first time in five months The World Wide Web3 Opportunities M&As Risevest completes Hisa acquisition Eke Urum, CEO of Rise, and Eric Asuma, co-founder of Hisa While Nigeria’s Access Bank is easily the busiest M&A machine in the financial services space, fintech startup Risevest isn’t doing badly either. Two months after we first reported that it was in talks to buy the Kenyan fintech startup Hisa, the deal has officially closed. It’s Risevest’s second acquisition in a little under a year. Anatomy of the deal: Risevest and Hisa are fintech startups allowing a growing class of African retail investors access to global stocks and other investment options like real estate. An acquisition of Hisa, which has been approved by Kenya’s markets authority, allows Risevest to expand to Kenya without any hassle. Without this acquisition, getting a licence to operate a fintech in Kenya may have taken up to two years. How much did this deal cost? Risevest and Hisa prefer not to say, although one person with direct knowledge of the deal said it was a cash and stock deal. While a 2022 fund raise valued Hisa at $5 million, it’s doubtful that it would have sold for anywhere near that price. Watch out for Kenn’s article on why this deal made sense for Hisa. A nose for a deal? Risevest acquired Nigerian fintech Chaka in September 2023—it also declined to share the specifics of that deal. That deal made sense because it allowed Risevest to expand its slew of licences, said one person familiar with the deal. Chaka for instance, offered Nigerian stocks and was one of the first companies to receive a digital sub-broker licence from the Securities and Exchange Commission (SEC). Given that both companies’ investors were interested in making the 2023 deal happen, it is likely to have been a stock-only deal. Will we continue to see savvy dealmaking from Risevest as it adds more infinity stones spots more opportunities? Its CEO artfully sidestepped that question. However, he spoke to us on what the future holds for Hisa under new ownership. Read about it here. Read Moniepoint’s 2024 Informal Economy Report Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy. Banking How cost considerations are driving shrewd banking business in Nigeria Image Source: Wunmi Eunice/TechCabal. How do the rich stay rich? By shrewdly keeping an eye on costs and ruthlessly pruning anything that may become a drag on their finances later. That’s the story of Nigeria’s biggest commercial banks which reported a combined ₦9.51 trillion ($5.7 million) in profits in 2023. Some tier-1 banks briefly hit ₦1 trillion (($608 million) in market capitalisation despite Nigeria’s macroeconomic conditions. Nigeria’s big banks have perfected the art of eking out profits regardless of the economic conditions and USD-denominated costs are the current enemy of that goal. The decision to float the naira has significantly increased technology costs; think storage, software licencing and even hardware. While banks are notoriously conservative businesses, we’re seeing some flexibility in how they’re thinking about technology costs. On Monday, Sterling Bank formally announced its move to SeaBaaS, a new core banking application. One person suggested that cost consideration may have played a part in the decision to have its custom software. Beyond software, local cloud players are also finding joy pitching to companies. With more competitive pricing than AWS or Azure, big organisations are trying new entities. Huawei, the Chinese enterprise company that went from upstart to a dominant player in the telecoms market, is also seeing and taking opportunities in the Nigerian banking space. Here’s an excerpt from a TechCabal story about how Huawei sold some storage to United Bank for Africa (UBA), a tier-1 commercial bank; “They lure customers in with the option of a free-to-use one-year solution,” said one cloud engineer at another tier-1 bank, citing Huawei’s extended proof of concept that allowed banks to use specific solutions for free. “No one else will offer you a one-year proof of concept,” another cloud engineer said. Read about it here. Fincra secures International Money Transfer Operator (IMTO) licence in Nigeria Since its inception, Fincra has provided businesses with local payment options. However, with the IMTO licence, Fincra can now manage funds transfers from abroad to Nigerian recipients more efficiently. Read more here. Mobility Are Ride-Hailing Platforms Broken? Drivers Say Yes Image source: TechCabal Kenyan and Nigerian gig drivers can trade places given how similar their challenges are. Two weeks after gig drivers in Kenya defied the almighty algorithms of Uber and Bolt to fix their own prices—that was always going to be shortlived for reasons I’ll explain later—Nigerian drivers are lightly copying the playbook. One gig driver in Lagos shared that trips under ₦3,000 ($1.82) are not worth his time; drivers are now telling customers to pay extra or cancel the trips. On Monday, my colleagues in Abuja took four trips on Bolt and Uber for which they had to pay above the prescribed prices. Is the gig driving model broken? Or are macroeconomic conditions spotlighting problems in a fragile business model? These questions are crucial as the gig economy faces increasing tensions between drivers and ride-hailing companies. Drivers in Kenya and Nigeria are protesting low fares, rising costs, and the perceived unfairness of the platform algorithms. Bolt and Uber increased fare
Read MoreExclusive: Nigerian investment fintech Rise completes acquisition of Kenya’s Hisa
Rise, a Nigerian fintech that gives customers access to selected global investments, has acquired Hisa, a Kenyan investment startup. The acquisition, the second for Rise in under a year, was approved by Kenya’s Capital Markets Authority (CMA) and gives Rise the right to operate in Kenya. Post-acquisition, Hisa will retain its brand and operations, including its staff. “We like the Hisa name because it resonates well with Kenyans so we have no plans on changing it,” Rise CEO Eke Urum told TechCabal. “We are not planning to make a lot of changes; it is time to understand the company, the culture, the context, and the market that we are coming into.” While Rise declined to share transaction details, one person with knowledge of the transaction told TechCabal the deal involved a mix of stock and cash. Hisa CEO Eric Jackson will become chief technology officer (CTO), a position he previously held before Eric Asuma, Hisa’s co-founder and then CEO, stepped down. Asuma, the founder of the business publication Kenyan Wall Street, co-founded Hisa with Jackson in 2020 and will stay on as a strategy advisor. Leah Njoroge, a former investment analyst at Kenyan Wall Street and finance associate at Hisa, has been named head of operations. All seven Hisa employees will report to her. Njoroge will report directly to Urum, who will now oversee Hisa as part of his wider portfolio of acquired startups. “With these two changes, we have some clarity on how we are going to grow in the next few months,” Eke said. Hisa plans to hire additional leaders once it starts seeing operational improvements. “Then maybe there will be a conversation on bringing external leadership to bolster the team. Otherwise, everything remains the same.” Hisa investors, including Faida, a Kenyan investment bank, Ham Serunjogi, and Majid Moujaled, co-founders of Chipper Cash, were involved in the acquisition talks. Eke declined to comment on whether any of the investors left Hisa post-acquisition, although he confirmed that Faida is still an investor.
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How to buy the new iPhone 16 in South Africa at cheap rate 2024
South Africa is now part of Apple’s global strategy, marking its importance in the tech world. Following the recent Apple event, South Africa has been confirmed as one of the first-wave countries for the iPhone 16 launch. This ensures that South African consumers have access to the latest Apple innovations, alongside key global markets. If you’re looking to buy iPhone 16 in South Africa, here’s how to get it with ease: Pre-order and store-launch dates Pre-order date: 13 September 2024 Available in-store: 20 September 2024 South Africans can pre-order their iPhone 16 starting from the 13th of September. This guarantees early access and the ability to secure the device before it hits stores. The iPhone 16 will be officially available in stores from the 20th of September. iStore’s contract price freeze offer The iStore in South Africa is offering a fantastic “Contract Price Freeze” that allows consumers to upgrade to the new iPhone 16. This upgrade is without any increase in their current monthly contract fee. This offer is designed to help South Africans manage inflation and rising costs, making it more affordable to buy iPhone 16 South Africa. Key benefits of the Price Freeze: No contract price increase: Keep your current plan’s price. Easy upgrade: Trade in your existing iPhone and maintain the same monthly cost. Trade-In offers to buy the new iPhone 16 in South Africa at cheap rate 2024 For those looking to reduce costs, iStore offers up to R22,000 cash back when you trade in your old device. You can trade in up to five devices, including Macs, iPads, iPhones, Apple Watches, or even Android smartphones. Cash back options: Either use the trade-in value towards your new iPhone 16 or get the cash deposited directly into your bank account. iCarePlus and buy-back programme Another benefit when you buy iPhone 16 in iStore in South Africa is the iStore’s iCarePlus package. The package comes with every iPhone purchase. This package offers an extra year of warranty and screen repair, alongside a guaranteed buy-back of 55% of the iPhone’s value after two years. Free iCarePlus valued at R1,999. Guaranteed buy-back: Future-proof your investment with a minimum buy-back value. Final thoughts on how to buy the new iPhone 16 in South Africa at cheap rate 2024 Buying the new iPhone 16 in South Africa has never been easier, with early access, trade-in options, and financial flexibility provided by iStore. Whether you’re upgrading from an older model or looking to experience Apple’s latest technology, the iStore ensures that South Africans can buy iPhone 16 South Africa with ease and convenience.
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Apple’s new 2024 AirPods lineup features, pictures and prices
Apple has recently expanded its AirPods lineup, offering a variety of features across the four new 2024 Aipods models to cater to different user needs. If you haven’t, you should see the new iPhone 16 series launched alongside the Apple series 10 & Ultra 2 watches, and the four Airpods models. Below is a summary of each model’s key specifications and prices. 2024 new AirPods 4 Price: $129 Charging Case (USB-C) H2 chip: Delivers improved performance and sound quality. Voice Isolation: Enhances call clarity by isolating your voice from background noise. Personalised Spatial Audio: Dynamic head tracking creates an immersive listening experience. Battery: Up to 5 hours of listening time on a single charge, extending to 30 hours with the charging case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3, and supports “Hey Siri” for hands-free assistance. New 2024 AirPods 4 with active noise cancellation Price: $179 MagSafe Charging Case with USB-C + speakers: Offers additional convenience with wireless charging. H2 chip: Improved processing power. Active Noise Cancellation: Blocks out external sounds for a focused audio experience. Adaptive Audio: Automatically adjusts the sound for your surroundings. Transparency mode: Lets in external sounds, keeping you aware of your environment. Conversation Awareness: Automatically lowers volume when you start speaking. Voice Isolation: Ensures crystal-clear calls. Battery: Same as the standard AirPods 4, with 5 hours of listening time and up to 30 hours with the case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3 and “Hey Siri” support. AirPods Pro 2 Price: $249 MagSafe Charging Case with USB-C + speakers: Convenient charging solution with speakers for sound feedback. H2 chip: Advanced processing for superior audio quality. U1 chip: Precision finding for the charging case using the Find My network. Active Noise Cancellation: Now up to twice as powerful as the previous generation. Adaptive Audio and Transparency mode: Offers both immersive sound and environmental awareness. Conversation Awareness: Smart technology that adjusts audio when you speak. Voice Isolation: Enhances call clarity. Hearing Test, Hearing Aid, and Hearing Protection: Advanced hearing features for a tailored experience. Touch Control: Easy swipe controls for managing volume and playback. Battery: Up to 6 hours of listening time, and up to 30 hours with the charging case. Durability: Dust, sweat, and water-resistant. Connectivity: Bluetooth 5.3, with “Hey Siri” support. AirPods Max Price: $549 Smart Case with USB-C: A premium protective case with convenient charging. H1 chip: Provides excellent performance with seamless device pairing. Active Noise Cancellation: Powerful ANC for an uninterrupted listening experience. Personalised Spatial Audio: Dynamic head tracking for 3D-like sound immersion. Battery: Offers up to 20 hours of listening time on a single charge. Durability: No specific water or dust resistance. Connectivity: Bluetooth 5.0 and “Hey Siri” support. Each model in Apple’s updated AirPods lineup offers a range of features tailored to different audio preferences and lifestyles. Whether you need powerful noise cancellation or an affordable option with excellent sound, Apple’s latest AirPods ensure a superior wireless listening experience.
Read MoreZimbabwe will introduce crypto regulations in major policy turnaround
Zimbabwe is working on its first-ever crypto regulation, a significant policy turnaround after the Reserve Bank of Zimbabwe (RBZ) barred banks from processing cryptocurrency transactions in 2018. In May 2024, the government-appointed National Risk Assessment Coordination Committee (NRACC) began consultations with crypto stakeholders to develop a regulatory framework. That consultation ended in June. For crypto stakeholders, this regulation—which may include issuing licences for crypto exchanges—will legitimise the industry. NRACC did not respond to a request for comments. The government has asked crypto players to form lobby groups, people familiar with the matter said. “Being able to speak directly with regulators presents a simpler gateway to building scalable products instead of having to try to bypass existing regulations because there are no enabling regulations,” said Vusa Chimanikire, founder of fintech startup Entry. Zimbabwe’s history of currency volatility forced citizens to find alternatives in crypto exchanges like Binance, Coinbase, and home-grown Golix. With the regulatory framework, the government hopes to reverse the mistake of allowing crypto exchanges to operate unregulated before the 2018 ban, which led to financial losses for citizens. Crypto stakeholders say issuing licences for crypto asset service providers (CASPs) is important. However, for this to happen, crypto should be recognised as a financial asset. Since the ban, crypto-related businesses have been unable to open bank accounts. Instead, they rely on payment providers such as PayPal and Payoneer to store and move funds. “If you are a business and cannot even open a bank account, you might as well not exist,” one founder who runs a Telegram-based crypto trading platform said. Since the ban, crypto trading moved to underground speculative trading which led to crypto pyramid schemes. In May 2024, Dr. Solomon Guramatunhu, a popular Zimbabwean ophthalmologist, reportedly lost over $100,000 in a crypto scam. “The Golix fiasco and other scams painted crypto in a bad light because the victims never got back their coins or any justice,” one crypto stakeholder who asked not to be named said. “So maybe with the backing of a framework, trust in crypto will come back.” For users, licensing would help them deal with verifiable middlemen and help combat the high number of crypto scams in the country. “Crypto will allow more competition in the peer-to-peer transaction space dominated by mobile money, physical cash transactions, and bank transfers,” said Valentine Muhampa, a market research and analyst. For crypto players in Zimbabwe, a regulatory framework will change the perception of what was previously a Wild West industry. Until then, they will hold their breath.
Read MoreGig drivers ask customers to ‘pay extra or cancel’ despite fare increases from Uber, Bolt
Gig drivers who use Uber and Bolt apps are charging customers higher than the suggested prices on those apps, blaming a recent fuel price hike and tepid reactions from ride-hailing companies. Across three separate trips in Abuja, Nigeria’s capital city, drivers added between ₦1,000 to ₦2,000 extra, claiming that the prices the apps suggested didn’t work for them. “If you book a ride that is not up to ₦3,000, drivers will demand ₦5,000 or else they’ll cancel the trip,” one gig driver told TechCabal. Ride-hailing companies are responding with slight increases in base fares and new driver incentives. “We just concluded a weekly campaign where we could win ₦10,000 fuel bonus each time we concluded a series of eight rides with little to no cancellations,” Olakunle, a gig driver, said. As their margins come under more pressure, gig drivers are opting for longer trips and telling customers upfront that they have to pay more. A second fuel price hike and quickening inflation have put extra strain on the gig-driving model, which has struggled to maintain its attractiveness as drivers ask for significant fare increases. “We have announced a 15% fare increase on our platform as we recognise the essential role our drivers play in delivering exceptional service to our customers,” Bolt told TechCabal in an email. Uber also increased base fares by 13% in response to driver concerns. Ride-hailing dark horse InDrive adjusted prices in six major cities after “feedback from drivers and passengers,” a spokesperson for the company told TechCabal. All three companies declined to share what the percentage increases will translate to regarding actual base fares. “The fare increment does not match the 47% extra we now have to pay for fuel,” Olakunle, a gig driver, told TechCabal. Olakunle, who typically works 10-hour days, used to make about 30 trips in three days before the latest fuel hike. Now, he makes less than 20 trips because of cost considerations. Customers are also likely pulling back from using ride-hailing services. “Cab rides are now more expensive. My journey back home used to cost around N2500- ₦3000. It’s now about ₦6500 on Bolt. I was able to bargain for ₦4,000 on InDrive,” a rider lamented.
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Apple officially discontinues 3 of the iPhone series 2024
In a significant shift within its product lineup, Apple has officially discontinued the iPhone 15 Pro, iPhone 15 Pro Max, and iPhone 13 models following the highly anticipated launch of the iPhone 16 series on September 9, 2024. This decision marks the end of production for three of Apple’s most successful and iconic smartphones as the company introduces its next-generation devices, setting new standards for mobile technology. A farewell to the Apple iPhone 15 Pro and Pro Max in 2024 The discontinuation of the iPhone 15 Pro & Pro Max comes as a surprise to some. This shock is due to the fact that the phones were only launched in September 2023. Despite their relatively short lifespan, these models quickly earned praise for their cutting-edge features, including the A17 Pro chip, and an advanced camera system. The move is part of Apple’s strategy to focus on the future, especially with the launch of the iPhone 16. The iPhone 16 Pro models now take the place of their predecessors with advanced hardware, including a more efficient and powerful A18 Bionic chip, enhanced camera systems, and, for the first time, under-display Face ID technology. These upgrades ensure that the iPhone 16 Pro and Pro Max are positioned as the most innovative smartphones in the market, further justifying Apple’s decision to discontinue the earlier models. The end of an era for the Apple iPhone 13 in 2024 The discontinuation of the iPhone 13 signals the end of one of Apple’s most successful iPhone models. Launched in 2021, the iPhone 13 was a massive hit due to its balance of performance, battery life, and camera quality at a relatively lower price point compared to the Pro models. It became a favorite among everyday users looking for an upgrade without breaking the bank. The iPhone 13 remained available through Apple’s official channels even after the iPhone 14 series launch. But now, it’s clear that the company now wants to streamline its offerings and push consumers toward the latest technology. The iPhone 16 series, particularly the base models, offers a lot. These include improved processing power, better battery efficiency, and new design elements that make it a clear successor to the iPhone 13. Why the discontinuation? Apple’s decision to discontinue these models follows its typical product lifecycle strategy. Each year, Apple refines its smartphone lineup by discontinuing older models to ensure focus on newer releases. The iPhone 15 Pro and iPhone 13, while still excellent phones by today’s standards, have been replaced by superior products in the iPhone 16 lineup, which come with more advanced hardware and software capabilities. By discontinuing these models, Apple also aims to streamline its supply chain, reduce production costs, and simplify its product range for consumers. Additionally, with the release of the iPhone 16 series, the company hopes to encourage users to upgrade, offering trade-in options and emphasizing the sustainability aspects of recycling old devices. What’s new in the iPhone 16 series? The iPhone 16 series, which has now taken the spotlight, brings several cutting-edge advancements. Here are some key features: A18 Bionic chip: The iPhone 16 Pro models are powered by Apple’s most advanced chip to date. The offering allows better performance and efficiency, especially in tasks like gaming, video editing, and AI-driven applications. Under-Display Face ID: A first for Apple, the iPhone 16 Pro and Pro Max come with under-display Face ID sensors. This feature offers a seamless front design without the traditional notch. Camera innovations: The new iPhones feature improved camera systems. The system features better low-light performance and new optical zoom options. Additionally, it has computational photography enhancements that deliver professional-quality images and videos. Improved Battery Life: Thanks to the A18 chip and better thermal management, the iPhone 16 series promises longer battery life. See fuller specifications of the new iPhone 16 series here. What happens next? You may wonder what the discontinuation of the iPhone 15 Pro & Pro Max, and iPhone 13 means for consumers. It simply means they are no longer available on Apple’s website and retail stores. However, these models may still be available through third-party retailers, and some may choose to purchase them at discounted prices. Apple will continue to support these devices with software updates for several years. This gesture ensures existing users are not behind. The discontinuation, however, sends a clear message—Apple is all-in on the future, and that future is embodied in the iPhone 16 series. Final thoughts As Apple officially retires the iPhone 15 Pro, iPhone 15 Pro Max, and iPhone 13, it marks the beginning of a new era with the iPhone 16 series at the helm. Apple’s relentless drive to innovate ensures that users will experience even more advanced technology in the palm of their hands with its latest offerings.
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