👨🏿🚀 TechCabal Daily – Stranded in Space
In partnership with Lire en Français اقرأ هذا باللغة العربية Happy Salary Week If you’re still twiddling your thumbs about attending Moonshot 2024, here’s one review from a 2023 guest. This year’s Moonshot promises more content tracks, sessions, mixers, and the most audacious thinkers, doers, and investors in African tech, working on everything from fintech to commerce, renewable energy, climate change, tech policy, AI, telco, cloud and more. Save a seat at Moonshot 2024. Get tickets here. Safaricom asks Kenya to limit Starlink’s operations Stranded astronauts will be rescued by February 2025 Japan to up its Nigerian investments Africa’s data privacy concerns The World Wide Web3 Events Internet Safaricom asks Kenya to limit Starlink’s operations Image source: Safaricom Kenya’s leading telecommunications company, Safaricom, has expressed strong opposition to the Communications Authority of Kenya (CA) granting independent licenses to satellite internet providers like Starlink. In a letter to the regulator, Safaricom outlined its concerns about the potential risks and negative consequences of such a move. The company argued that allowing satellite providers to operate independently could lead to illegal service provision, harmful interference with existing mobile networks, and compromised national security. Already, Starlink’s appeal is growing among users in Kenya. The ISO offers cheaper subscription plans and stronger internet connectivity to these users. The average Kenyan spends about $12-15 monthly on internet subscriptions. That amount will get them 27 GB worth of data on the Airtel network and 17GB on Safaricom. However, Starlink offers a 50GB bundle for $10. Starlink has already increased its user count tenfold this year alone. The ISP’s hardware discount and $15 monthly kit rental also puts it in pole position to acquire more customers. This growing popularity has raised concerns for Safaricom, which has invested heavily in its existing network infrastructure. To mitigate these risks, Safaricom proposed that satellite providers should only be allowed to operate in Kenya under the umbrella of existing local licensees, such as itself. This approach, according to the company, would ensure better regulation, prevent harmful interference, and protect the interests of both local operators and consumers. Safaricom’s opposition to independent satellite internet licenses highlights the ongoing debate about the future of internet access in Kenya. The company’s concerns about potential risks and negative consequences will likely influence the CA’s decision on whether to grant such licenses. 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. Global News Stranded astronauts will return next year on SpaceX Image source: NASA If you have ever been stuck in an elevator, then you may be able to sympathise with veteran NASA astronauts Sunita Williams and Barry Wilmore who have been stuck in space for 2 months. While both astronauts have previously completed long-duration stays in space, their latest foray didn’t go as planned. Both astronauts blasted off Earth in Boeing’s new Starliner spacecraft on June 5 for a test flight. However, technical issues—helium leaks and failure of some thrusters—on the spacecraft turned an eight-day trip into a 2-month one. Williams and Wilmore eventually reached the International Space Station (ISS). However, the duo will have to wait an additional seven months on the ISS when the rival SpaceX Crew Dragon spacecraft comes to ferry them home in February 2025. Before the flight—which was crucial to determine if the spacecraft would be used for routine flights—engineers at NASA and Boeing spent months trying to figure out and fix issues with the Starliner. The Starliner’s launch had been postponed multiple times for years due to technical challenges encountered during its development. The latest technical glitch of the Starliner adds to a list of engineering issues Boeing has had to deal with this year alone. In March, flight controls of a United Airlines 737 jammed as the plane landed. A LATAM 787 Dreamliner flight from Australia to New Zealand plunged mid-air, injuring 50 passengers, who were thrown from their seats and into the plane’s ceiling. As Boeing looks to fix the Starliner, it can pick up lessons from rival SpaceX which has sent nine crewed flights to space for NASA. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Economy Japan looks to invest in Nigerian startups Image source: Techonomy Nigerian tech startups are attracting foreign investors, particularly from Japan, due to three key factors: a young, tech-savvy population, massive market potential with over 200 million people, and its nascent startup ecosystem providing room for technology innovation and business expansion. In the last 5 years, Nigerian startups have received over $4 billion. Japan, a long-time investor in Africa through the Tokyo International Conference on African Development (TICAD) initiative, is interested in these Nigerian startups. This move will strengthen business and economic ties with Nigeria, according to Foreign Affairs Minister Kamikawa Yoko. Unlike Chinese companies that prefer to expand into Nigeria, Japanese involvement in Nigeria’s tech ecosystem has primarily been through corporate venture capital (CVC), with companies like Toyota Tsusho and Mitsubishi Corporation leading the way. Additionally, Japanese VC firms such as Verod Kepple have successfully invested in Nigerian startups. In 2022 alone, Japan invested $726 million in Africa. Its investment strategy in Nigeria focuses on providing patient capital and enhancing the existing bilateral trade relationship. Following this announcement, Nigeria will likely be seeing more capital inflow from Japan into the country. Chinese companies too have shown interest in investing in Nigeria. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Insights Africa’s data privacy
Read More
How Yinka went from fashion to CX lead at Flutterwave
This creator had three big career changes! 24 || August || 2024 View in Browser Brought to you by Issue #71 From Fashion To Tech Share this newsletter Greetings ET people Our techie today, Adeyinka, knows a lot about fashion so here’s one fashion joke to get a good laugh before we get rolling. While writing this newsletter, we discovered she had tried at least three things before she found tech; it’s like trying different clothes on before finding the right fit. Adeyinka studied computer science, left it and joined fashion school. When that didn’t really click, Yinka reluctantly got into tech after a friend recommended her for a customer success role. Today, she says she still has her eyes on fashion, but right now, she is finding fulfillment in the role she plays in the tech ecosystem. This is the story of Adeyinka Ajenifuja and how she transitioned from fashion to tech. Faith Omoniyi & Emmanuel Nwosu Once upon a time Adeyinka used to be a wide-eyed computer science student during her undergraduate days at Lagos State University. She always wanted to do something in information technology, but a hectic university system ruined her chances. Image source: Faith Omoniyi/TechCabal. Like many tech students in public universities, she learned how to code using pen and paper. There was little or no practicality about anything she had learnt about computers, science, or the combination of the two; and slowly, but surely enough, the wide-eyed student began to lose her wonder. After graduating, Adeyinka decided she was going to start a business. She was not cut out for the daily 9–5 bustle. So, she gathered the strength only a Lagos babe could muster and started a small business selling sunshades for people who wanted to get their LadiPoe Big Energy groove on. Business thrived, and she started eyeing fashion. She jumped ships from sunglasses to selling clothes, shoes, and other accessories she bought from the UK to Nigerians and helped clients change their wardrobes. Business was good for another year before she stopped. After that, she decided again to dip all her fingers and toes into fashion design. She got into Betti-O School of Fashion, where she was selected as one of the top 40 finalists out of 200 interviewees. If you’ve been keeping count, this is big change number 3. GIF source: Tenor She did well in fashion school.Adeyinka graduated in the top 5, and won an industrial machine. With it, she designed for a while; but she says she enjoyed sketching outfit designs more than actually sewing. During the interview, we thought this was the tech universe calling out to her. We knew this was where the next big change happened. But we would have thought Adeyinka would get into design, she jumped onto a different path. *Newsletter continues after break Entering tech by chance? “I stumbled into tech. I only wanted to get the exposure and resign after six months. Six years later, I’m still kicking.” A friend who worked in HR at KPMG referred Adeyinka to her first tech job—a customer success associate role at Flutterwave; this was in 2018. She was reluctant to take up the offer because she knew nothing about fintech. There was also her lack of experience in tech generally. Adeyinka’s CV at that time only boasted of her Betti-O fashion school certificate and maybe her three years of running different businesses. She found it absurd to make a jump like that. After much pleading from her friend, she did it anyway. No surprise that her selling point during the interview was running a fashion business, which—if you’re familiar with how fashion people and tailors are dragged in Nigeria—you’ll understand the level of people skills and customer relationship management efforts you had to put in to not mistakenly find yourself in trouble over little misunderstandings with customers. Adeyinka’s friend to her in 2018. Image source: YungNollywood Her experience managing people in her fashion business endeared her to interviewers, and she says this has helped her become a superstar customer success specialist in her career. When she wanted to leave her first job, the company pleaded with her to stay, and even offered to bump her salary by 4x. But Adeyinka left anyway. Adeyinka leaving in style after securing her bag. Image source: YungNollywood Today, she still works in fintech, finds time to mentor newbies on ADPList, and creates skincare content on her Instagram page for anybody who’d watch. When we asked her, she said the hustle is propelling her more than anything. *Newsletter continues after ad break Attend Moonshot 2024! This year’s Moonshot promises more content tracks, sessions, mixers, and the most audacious thinkers, doers, and investors in African tech, working on everything from fintech to commerce, renewable energy, climate change, tech policy, AI, telco, cloud and more. Save a seat at Moonshot 2024. Get tickets here. Yinka’s dream “There is money in tech; we haven’t even scratched the surface yet.” Adeyinka’s message to all those doubting “tech money” is that there is more grass to touch. One of the highlights of her career was interviewing for an international role that would’ve paid her €5,000 monthly in 2022. Though she didn’t get the role (because she was over-qualified), it opened her eyes to the endless financial possibilities in tech. Adeyinka’s dream is to become a customer success manager or a big tech COO by next year. (We said a big AMEN to this.) Adeyinka’s advice to you. Image source: YungNollywood Albeit, she acknowledges that like most things in life, tech money isn’t instant reward. To become great at her job, she’s had to learn a lot about taking ownership, doing analytics, CRM (though Salesforce still gives her the heebie-jeebies), dispute resolution, and de-escalating customer tension—which is the hardest part of her job as she works in fintech. Customer success people essentially put out fires for businesses; yet there are only a few representations, communities, or resources for people who want to practice. However,
Read More
Exclusive: Safaricom wants satellite ISPs like Starlink blocked
Safaricom, Kenya’s biggest telco, has asked the Communications Authority (CA) to block satellite internet providers with operations in other countries. The move could lock out Elon Musk-owned Starlink which has seen increased adoption due to promotions and cheaper monthly plans. “We propose that the CA instead consider mandating that satellite service providers to only operate in Kenya subject to such providers establishing agreement with an existing local licensee,” Safaricom said in a memo seen by TechCabal. In the July 15 memo, Safaricom asked the regulator to assess the risks of allowing satellite internet providers to operate without an agreement with local companies. Safaricom did not immediately respond to a request for comments. “Satellite service providers should therefore not be granted a license directly/independently but rather only permitted to operate under the license rights of the local licensee.” The telco said allowing the satellite ISPs to operate without a physical local presence would make it hard for the government to regulate their operations. CA did not immediately respond to a request for comments. Since its launch in 2023, Starlink has relied on third parties and resellers to distribute their hardware and connect users, an issue Safaricom raised in their memo to CA. Through discounts on its hardware and the introduction of a cheaper $10 monthly plan, data from CA shows that Starlink users grew tenfold in Q1 2024. On August 21, Starlink introduced a $15 monthly kit rental plan for users who cannot afford $350 to purchase the hardware. Starlink’s growing popularity has pushed existing local players to increase marketing to retain customers. Safaricom, which has talked about launching a satellite internet service, has a firm grip on the data market, with a 36.7% market share. Starlink did not immediately respond to a request for comments. “Granting a license to an entity that will typically operate in Kenya without having a physical presence in the country (via third-party partners/resellers only. This would mean negligible control for the government to ensure accountability for non-compliance issues,” Safaricom said. 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 More
From regulators to banks: stakeholders in Nigeria’s open banking journey
This article was contributed to TechCabal by Adedeji Olowe and Ope Adeoye Nigeria began its open banking journey in 2017, spearheaded by a coalition of industry stakeholders advocating for greater financial innovation and inclusion. This mirrored the UK’s pioneering efforts under the General Data Protection Regulation) GDPR and the Second Payment Services Directive (PSD2), which sought to establish open banking. In the UK, open banking was initially used as a regulatory tool by the Competition and Markets Authority (CMA) to create a level playing field among the country’s nine largest banks. While open banking served as a remediation tool in the UK, it had the potential to be transformational in Nigeria. Recognising this, Adedeji Olowe and a group of industry experts founded Open Banking Nigeria on June 1, 2017, marking the beginning of open banking in Africa. Although this journey has taken seven years instead of the anticipated three, we are now approaching its completion. Along the way, many have asked, “Who are the stakeholders of Open Banking Nigeria?” and some are unclear on what open banking truly entails. Open banking is an innovation with the potential to transform any region where it’s adopted. However, it comes with its complexities. If you ask twenty experts to define open banking, you’ll likely get twenty different answers. This diversity of perspectives is expected because open banking addresses different problems for different people. Open banking in Nigeria marks a new era of innovation, empowering customers to grant fintechs and financial institutions access to their information. When the phrase “digital payment” is mentioned, many Nigerians often think “we have seen enough.” Yet, despite the advancement in digital payments, Nigeria has only just begun and barely scratched the surface. To the matter at hand, who are the stakeholders driving these changes and making open banking a reality? We’ll dive deep into the different stakeholders, examining their contributions to open banking and understanding their roles and motivations. Regulators Regulation is the backbone of any successful open banking initiative. Even the UK—the pioneers of open banking—had to create a framework to guide its existence. Without regulation, open banking cannot function effectively anywhere. Central Bank of Nigeria (CBN) The Central Bank of Nigeria (CBN) is the apex regulator of the Nigerian banking ecosystem and has been instrumental in shaping open banking in the country. The CBN formulated the open banking regulations and operational guidelines and continues to drive its implementation by collaborating with various stakeholders to standardise practices. While the CBN oversees the Open Banking Registry (OBR), it has delegated the responsibility for its implementation and operationalisation to the Nigeria Inter-Bank Settlement System (NIBSS). National Data Protection Commission (NDPC) The National Data Protection Commission (NDPC) is the primary regulator for data privacy in Nigeria with the Nigeria Data Protection Regulation (NDPR). NDPR is the foundation on which open banking sits. The NDPR underpins the ability of end users to entrust API Consumers (AC) to have access to their data. They govern how data of every Nigerian is handled, shared and protected. And without them, open banking is bound to fall short and entwined with a ton of regulatory mishaps. Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is the regulatory body for the capital market in Nigeria and it provides guidance for open finance which may include the use of open banking as part of innovative transformation of the capital market. In the near future, SEC hopes to use open banking to champion open finance. Supported by influential figures such as Aigboje Aig-Imoukhuede and the late Herbert Wigwe alongside other prominent industry leaders, the SEC is diligently working to craft regulations and policies that will pave the way for a new era of open finance. Nigeria Interbank Settlement System (NIBSS) The Nigerian Interbank Settlement System (NIBSS) is the shared services created by the CBN and commercial banks. It integrates all banks and CBN-regulated fintechs. NIBSS is a critical driver of open banking in Nigeria as they are mandated by the CBN to operate the Open Banking Registry (OBR) and the Open Banking Consent Management System (OBCMS) on behalf of the industry. OBCMS is a FAPI grade technology platform that end users use to provide consent to AC via their banks. The OBCMS is operated by NIBSS on behalf of the CBN and the Nigerian banks and uses the BVN to verify end users. OBN ecosystem facilitators The OBN ecosystem brings together the key forces behind Nigeria’s open banking revolution. From regulators and traditional banks to fintech innovators and end users. Open Banking Nigeria The Open Technology Foundation, better known as the Open Banking Nigeria (OBN), is the foremost entity for open banking in Nigeria. Founded in 2017, it is a non-profit organisation with membership from leading banks, fintechs, and global consultancy in Nigeria. The team kickstarted the open banking revolution in Nigeria and has worked with the CBN and other stakeholders to formulate operational guidelines. OBN is also responsible for driving industry advocacy, developing the API standards, documenting these standards, and developing an open source API gateway for the financial industry in Nigeria.Often mistaken for regulators due to their name and sometimes seen as a company because of their polished presentation. OBN actually represents a diverse network. It includes major fintechs across Africa and prominent Nigerian banks. To name just a few: Sterling Bank, Fidelity Bank, FCMB, Sparkle Bank, KPMG, PwC, EY, Paystack, Flutterwave, OnePipe, Lendsqr, TeamApt and a host of others. Traditional Banks (API Providers) Traditional banks are pivotal players in the open banking ecosystem, often referred to as open banking API providers. They supply APIs that enable other financial institutions to access and integrate data. As regulated entities, these API Providers (APs) facilitate the flow of data and services to another participant. A provider is mostly a bank or any other entity whose customers share their data or grant access to their accounts to other participants. Banks are vying to take the lead in shaping the future of open banking across Africa.
Read More
Exclusive: TymeBank to launch in Indonesia as it continues Southeast Asia focus
TymeBank, the South African digital bank with R4 billion ($222 million) in customer deposits, will launch in Indonesia by the end of 2024. It is the bank’s third Southeast Asian market, after launching in the Philippines in October 2022 and Vietnam in January 2024. In Indonesia, the company will not immediately pursue a banking license but will offer its lending product, Merchant Cash Advance, to Small and Medium Enterprises (SMEs). It used a similar strategy in Vietnam. “We see a massive opportunity with good profit potential in the small business lending space in Indonesia and the region,” Tyme Group chair Coen Jonker told TechCabal. “We can also build our brand faster because it takes a lot more time and money to get a full banking license and infrastructure up and running.” Founded in 2018 by Coenraad Jonker and Tjaart van der Walt, TymeBank focuses on low-income earners and SMEs. Backed by Tencent, British International Investment, and Patrice Motsepe’s Africa Rainbow Capital (ARC), TymeBank has raised $316 million. It is currently raising a $150 million Series D round and plans to list on the New York Stock Exchange by 2028. With over 60 million SMEs and limited access to traditional financing, Indonesia presents a market opportunity for TymeBank to grow its merchant lending business. It has disbursed $100 million to over 60,000 small businesses in South Africa. The company’s Phillipines operations reported a 2.47 billion Philippine pesos ($42 million) loss in 2023, its first full year of operations. According to Jonker, the company aims to break even in 2025 and achieve full-year profitability in South Africa in 2024. TymeBank will reach 10 million customers in South Africa and 5 million in the Philippines by October 2024. “In the Philippines, we have achieved half in two years of the total customer base that we achieved in South Africa over six years, so that is an amazing growth story,” Jonker said. In the meantime, the Southeast Asia market’s combination of a friendly regulatory environment and expansive potential market has TymeBank focused on the region. In the future, the bank will not rule out an African expansion, with Jonker saying the move is a question of “when and not if.”
Read More
Tecno Pop 9 vs. Tecno Pop 8: Any upgrades?
In this article we break down the nuances between Tecno’s two recent offerings: Tecno Pop 9 and the Tecno Pop 8. Both devices aim to capture the budget smartphone market but cater to slightly different audiences. While they share some common ground, some distinctions make one a better choice over the other, depending on your needs. Design and display Tecno Pop 9: The Pop 9 steps up the display game with a 6.67-inch IPS LCD screen, featuring a 120Hz refresh rate and a resolution of 720 x 1612 pixels. The design also exudes a more premium feel with a higher screen-to-body ratio of 84.6%, providing an immersive viewing experience. The 120Hz refresh rate makes a significant difference, particularly in smoother scrolling, gaming, and overall responsiveness. The Pop 9 also introduces three colour variants: Gravity Black, Mystery White, and Alpenglow Gold, enhancing its aesthetic appeal. Tecno Pop 8: In comparison, the Pop 8 offers a 6.52-inch HD+ display with a hole-punch design, giving it a modern look but with a lower screen resolution. The lack of a high refresh rate places it a step behind in terms of fluidity, especially noticeable when transitioning from a 60Hz to a 120Hz display like that of the Pop 9. Although the Pop 8 maintains a sleek design, it lacks the finesse that the Pop 9 offers, particularly for users who value a higher display quality. Verdict: The Tecno Pop 9 clearly outshines the Pop 8 in terms of design and display. The 120Hz refresh rate alone makes it a superior choice for users who appreciate a smooth and responsive screen. The Pop 8, while modern, simply cannot compete on this front. Performance and software Tecno Pop 9: Under the bonnet, the Pop 9 packs a Unisoc T612 chipset paired with either 3GB or 4GB of RAM. It runs on the latest Android 14 with Tecno’s HiOS 14 skin. This combination ensures a smooth and up-to-date user experience, capable of handling most tasks with ease. The device is marketed to deliver over four years of lag-free performance, making it a reliable long-term investment. Tecno Pop 8: The Pop 8, while competent for basic tasks, lacks the processing power to handle more demanding applications. The exact chipset remains unspecified, but its performance limitations are evident, especially when compared to the more robust Pop 9. The Pop 8’s focus on affordability means it sacrifices some of the processing power needed for a more seamless experience, particularly in multitasking and gaming scenarios. Verdict: The Pop 9 takes the lead in performance and software. The inclusion of a more powerful chipset and the latest Android version gives it a considerable edge over the Pop 8, particularly for users who expect more than just basic functionalities. Camera quality Tecno Pop 9: The Pop 9 elevates the camera experience with a dual rear camera setup, including a 50 MP main sensor. This camera setup, complemented by an AI lens and 1080p video recording, is more versatile and capable than the Pop 8’s. The 8 MP front camera, paired with dual LED flash, ensures that selfies remain bright and clear even in low-light conditions. Tecno Pop 8: On the other hand, the Pop 8 features a 13 MP AI rear camera and an 8 MP front camera. While these cameras are adequate for everyday photography, they fall short in challenging lighting conditions and lack the detail and dynamic range offered by the Pop 9. The absence of advanced camera features also limits its appeal to photography enthusiasts. Verdict: The Pop 9 is the clear winner in the camera department. Its superior sensor and additional features provide better overall performance, making it a better choice for users who value photography. Battery life and charging Tecno Pop 9: Both devices share a 5000 mAh battery capacity, promising extended usage between charges. However, the Pop 9’s 18W fast charging gives it a practical edge, reducing downtime and getting users back to their tasks quicker. Tecno Pop 8: While the Pop 8 also boasts a 5000 mAh battery, it lacks the fast charging capability of the Pop 9. This could be a minor inconvenience for users who rely on quick top-ups throughout the day. Verdict: Though both devices offer strong battery life, the Pop 9’s fast charging support gives it the advantage, making it the better option for users who need their devices to be up and running quickly. Tecno Pop 9 vs. Tecno Pop 8: Price and value Tecno Pop 9: Priced between ₦114,000 and ₦131,600, the Pop 9 offers excellent value for its features. The investment in better display, performance, camera quality, and charging speed makes it a worthy upgrade from the Pop 8. Tecno Pop 8: With a price range of ₦120,000 to ₦130,000, the Pop 8 positions itself as a budget-friendly option for users who require basic functionalities. However, the slight difference in price compared to the Pop 9 does not justify the sacrifices in performance and features. Verdict: The Pop 9 offers far more value for money. While the Pop 8 is budget-friendly, the small additional investment in the Pop 9 delivers a substantially better smartphone experience. Final thoughts Tecno Pop 9 vs. Tecno Pop 8: Any upgrades? For users who need a budget smartphone that doesn’t compromise on essential features, the Tecno Pop 9 is the clear choice. It outperforms the Pop 8 in almost every aspect, from display and performance to camera quality and charging speed. The Pop 8, while adequate for basic tasks, cannot match the advanced features and long-term reliability that the Pop 9 offers.
Read More
👨🏿🚀TechCabal Daily – Nigeria to treat electricity as fundamental right
In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF We’ve got more openings on our team. We’re hiring Managing Editors at TechCabal and Zikoko to help shape the editorial direction of our publications. If you’ve got a deep understanding of Africa’s tech ecosystem or Nigeria’s youth culture, and are interested in driving content innovation, then it might be time to supercharge your career by joining the Cabal! OmniRetail taps ex-Jumia man Steve Dakayi to lead expansion Bolt blocks accounts involved in prank orders Vandalising cables to be criminalised in Nigeria Electricity to be considered a right in Nigeria Funding tracker The World Wide Web3 Events Expansions OmniRetail taps ex-Jumia man Steve Dakayi to lead expansion Country Lead for Ivory Coast, Steve Dakayi and the CEO of OmniRetail, Deepankar Rustagi. Image Source: OmniRetail B2B e-commerce companies in Africa endure all kinds of business winter; some don’t make it out. But one company is striking new records. OmniRetail, a pan-African B2B e-commerce company, is expanding its play into Francophone Africa. Joining that drive is ex-Jumia man, Steve Dakayi, who led commerce and fulfilment at the latter B2C e-commerce company. Four years after its launch in 2019, OmniRetail became a profitable business in a niche market few others have failed. Today, it makes over $139 million in revenue digitising the FMCG distribution value chain. It also records an impressive 5% in net contribution margins; for every $10 it spends, and makes back $0.5—impressive for a battered B2B e-commerce market. By maintaining an asset-light model and providing credit to informal retailers, OmniRetail helps these retailers stock products faster. Lack of access to credit and difficulty getting their stocks on time haunt retail businesses. Through OmniRetail’s products, they get credit access to buy in bulk and get their order delivered in 24 hours. On the supply side, OmniRetail acts as a central hub for retailers, aggregating their orders. By buying in bulk, OmniRetail secures lower prices from suppliers, which it then shares with the retailers, making the platform more attractive to them. The company operates in Nigeria, Ghana, and Kenya, and is looking to expand to Francophone Africa, starting from Ivory Coast. To lead that charge, it has turned to one man with experience leading FMCG chain distribution in this region; Steve Dakayi. Dakayi, who previously founded a similar B2B e-commerce supply-side company, BetaStore, will head OmniRetail’s Ivory Coast business. 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. Ride-Hailing Bolt blocks accounts involved in prank orders Image source: Bolt When developing applications, product managers usually anticipate potential edge cases that arise from user behaviours or misuse of features. Nothing may have prepared Bolt’s product team for the misuse of its inter-country ride requests feature yesterday. While the feature allowed for the convenience of helping someone book a ride across international borders, several videos on X (formerly Twitter) showed South African users booking rides from Nigerian drivers without the intention to follow through. In retaliation, several Nigerians also began ordering rides from South African drivers and then cancelling those rides leaving the drivers stranded. “I drove from Cape Town to Stellenbosch to pick up a customer only to realise it was a fake request,” one Cape Town-based driver told TechCabal. “That’s almost 50km worth of fuel gone because of internet jokes.” To curb the mess, Bolt put a restriction on the accounts of users perpetuating the act. At this time, the inter-country feature is also turned off for users on Bolt. Collect payments anytime anywhere with Fincra Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now. Telcos Vandalising fibre optic cables to be criminalised in Nigeria Image source: Techonomy MTN may still be having a word or two with the Osun State government, but the telco company, alongside others operating in Nigeria, will heave a sigh of relief this week. President Bola Tinubu has approved a gazette urging the public to desist from destroying telco infrastructure, such as fibre-optic cables, data centres, and cell towers. The unreleased gazette lumps up the act as vandalism, an offence punishable by jail term. Vandalism of public property has become a pandemic in Nigeria. In the last 5 years, the government has lost billions of naira to the destruction of rail, oil, electricity, and telco infrastructure. While it has tried to correct this behaviour by handing jail terms and even mulling over the death penalty punishment in the past, telcos will be happy to see this being strongly enforced to reduce how much they spend on repairs. In 2023, telcos spent at least $23 million fixing damaged cables. With Nigeria’s interest preserved in the broadband project, it is working on, it makes sense that the government is intensifying its efforts to protect the 90,000km of fibre optic cables it wants to lay. Regulation Nigeria to consider electricity as a fundamental human right Image Source: TechCabal In July, the Nigeria Electricity Regulatory Commission (NERC) said that electricity consumption was not a fundamental right that could be challenged. Although access to electricity is not exactly specified as a fundamental human right by the United Nations, it is implied within human rights frameworks in countries like India and China. The right to health, education, and standard of living are all dependent on electricity. As Nigeria plays catch up with the rest of the world, the country’s Minister of Power, Adebayo Adelabu, announced yesterday that electricity will now be treated as a fundamental human right. Nigeria has historically struggled with power supply. Most Nigerians receive between 1 and 9 hours of power supply daily. Only 1% of the country’s population receives 24 hours of electricity
Read More
Andela appoints ex-Uber executive Carrol Chang as new CEO
Andela, the talent outsourcing company that grew into a unicorn, has appointed Carrol Chang as its new CEO. Chang replaces Andela’s co-founder Jeremy Johnson who is stepping down as CEO and will remain on the company’s board. Chang will join the company’s board on September 17. She served as the global head of driver and courier operations at ride-hailing giant Uber and had stints at McKinsey & Company and the Department of Homeland Security. “I am deeply grateful for the privilege to lead Andela. It’s rare to find a mission-driven company that also has the potential to create a category-defining business. I’m inspired by the way Jeremy has led Andela to this point, and I appreciate the trust he and the Board now put in me to carry forward its mission,” said Chang. Her appointment comes as the ten-year-old company seeks to snag a bigger piece of the global talent market. Andela, which started by training African software developers for jobs at US companies and elsewhere, has grown into a talent marketplace. It became a unicorn in 2021 after raising a $200 million Series E funding round led by SoftBank. The same year, the company expanded to Latin and South America. In 2023, Andela acquired Qualified, an assessment platform that certifies top engineering talents, for an undisclosed amount. “After ten years, I’m deeply proud of the change we’ve helped to catalyze. That said, it’s clear that global hiring is at the beginning of a complete digital transformation, and Carrol is the perfect leader both for Andela’s next stage of growth and to help usher in the era of talent marketplaces,” said Johnson. Founded in 2014, Andela grew to become a premier source for talented developers in Africa thanks to its curriculum and training methodology. The company claims to have trained more than 110,000 tech talents in Africa and helped talented individuals from over 135 countries build world class careers. 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 More
Review of the latest Tecno Pop 9
The Tecno Pop 9 is the latest Tecno Pop series released in 2024. For its power, it comes within affordable ranges in the budget smartphone market. This device, priced from ₦114,000 to ₦131,600, depending on the variant, balances advanced features with value, making it an excellent choice for a good smartphone without parting with a fortune. Display Tecno Pop 9 sports a 6.67-inch IPS LCD screen, offering a resolution of 720 x 1612 pixels. The screen refreshes at a remarkable 120Hz, ensuring a smooth and fluid visual experience, especially during gaming or scrolling through content. This smoothness complements the 4.5G fast network support, allowing users to enjoy high-speed internet without lags. The 120Hz refresh rate enhances the display’s responsiveness, making interactions more immediate and engaging. Performance Powered by the Unisoc T612 chipset and backed by an octa-core CPU, the Tecno Pop 9 delivers a robust performance for its price. The device runs on Android 14 with Tecno’s custom HiOS 14 UI, providing a seamless and user-friendly experience. The model offers three variants: 128GB storage with 4GB RAM, 128GB with 3GB RAM, and a more affordable 64GB with 3GB RAM. Each variant ensures enough space for apps, media, and more. Tecno brags that users can expect the phone to maintain fluency and speed for over four years, providing long-term value. Camera Tecno Pop 9 also shifts photography with its dual rear camera system. The 50 MP main camera, featuring a wide-angle lens with an f/1.8 aperture, captures detailed and vibrant photos, even in low light. The additional AI lens enhances the camera’s adaptability to various shooting conditions. The 8 MP front camera, equipped with dual LED flash, ensures that your selfies remain bright and clear, regardless of the lighting environment. Battery life The device houses a 5000 mAh Li-Po battery, which promises to last a full day, even with demanding applications. The 18W fast charging capability quickly recharges the battery, reducing downtime significantly. Users can confidently rely on the Tecno Pop 9 to stay powered throughout the day. Tecno Pop 9 connectivity The Pop 9 offers comprehensive connectivity options, including GSM, HSPA, LTE, and 4.5G network support. It also features Bluetooth 5.3, GPS, NFC, and a USB Type-C port for charging and data transfer. A 3.5mm headphone jack provides flexibility for audio output, while the dual DTS speakers deliver rich and immersive sound. Tecno Pop 9 design and build The Pop 9 is available in Gravity Black, Mystery White, and Alpenglow Gold. The sleek design measures 163.7 mm in height, 75.6 mm in width, and 8.6 mm in thickness, making it comfortable to hold and use. The side-mounted fingerprint sensor ensures quick and secure access to the device, enhancing both usability and security. Final thoughts on the latest Tecno Pop 9 Tecno Pop 9 is a well-rounded budget smartphone that does not compromise on quality. Its impressive 120Hz display, robust camera system, reliable performance, and long-lasting battery make it an excellent choice for users looking for value without sacrificing features.
Read MoreBolt blocks accounts involved in fake ride request and canceling trend
Ride-hailing app Bolt has blocked an undisclosed number of accounts requesting fake rides and canceling them after a driver accepted. The company has also restricted intercountry ride requests to curb a trend which has mostly involved Bolt users in Nigeria and South Africa. On Thursday, several accounts on the social platform X posted screenshots of the trend where a Bolt user in either Nigeria or South Africa would request a ride in one of the countries and then cancel it after the driver accepted. It is unclear what the motivations of the trend is beyond internet trolling. “We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community,” said Yahaya Mohammed, Bolt’s country manager Nigeria at Bolt. “I drove from Cape Town to Stellenbosch to pick up a customer only to realise it was a fake request,” one Cape Town-based driver told TechCabal. “That’s almost 50km worth of fuel gone because of internet jokes.” As Bolt does not reimburse drivers for the fuel spent on cancelled rides, some have resorted to refusing long-distance requests until the situation is addressed by Bolt.
Read More