Kenyan drivers challenge ride-hailing apps in battle over rates
A dispute over fares between ride-hailing companies and their driver-partners in Kenya has escalated. Gig drivers, whose fares are set by ride-hailing companies, are imposing their own prices and refusing service to passengers who are unwilling to pay the imposed rates. “We, as Nairobi online drivers, wish to notify the public that due to the high cost of living, we will not be able to operate under the current rates of Uber, Faras, and Bolt,” read a sign on the headrest of a driver’s seat. The sign outlines new fares drivers say are fair if they’re to stay in business. They hope this action will prompt ride-hailing companies to review prices, starting with increasing the minimum fare from $1.40 (KES180) to $2.33 (KES300). “When the minimum fare is KES300, our calculation is a litre of fuel plus an additional $0.78 (KES100) for the driver, airtime, and maintenance. For trips over KES300, which covers more than 3km, it would only be fair for a driver to multiply the app’s fare by 1.5,” said Dennis Nyariki, deputy chairman of the Organisation of Online Drivers Kenya (OOD). Drivers have set airport and railway station pickup and drop-off fares between $7.75 (KES1,000) and $38.76 (KES5,000), making them more expensive than a train ticket from Nairobi to Mombasa, and nearly half the price of a flight to the coastal city. Nyariki said that an analysis by AA Kenya, a mobility solutions company, found that if maintenance costs are included, the apps should charge at least $0.26 (KES33) per kilometre. The drivers are pushing for fare hikes to increase their earnings, driven in part by a rise in the cost of living. However, ride-hailing apps are keen to retain price-sensitive customers by maintaining affordable fares. Job cuts and pay rise freezes in both the public and private sectors, coupled with high inflation, have forced businesses and households to cut discretionary spending, likely reducing the number of rides taken for leisure activities like visiting friends or family. The apps are under increasing pressure as customers report harassment and, in some cases, assault when they refuse to pay the unofficial rates. The companies have agreed to meet with drivers’ associations to address their grievances. “We understand and empathise with the concerns raised by drivers. However, we are aware that some have taken independent actions to increase prices, leading to inconsistent charges for customers. We wish to discourage drivers from increasing fares off the app until this industry matter is resolved,” Bolt said in an emailed statement to TechCabal. Bolt added that they are working on a solution that will balance the “economic needs” of their drivers with affordability and quality service for customers. Industry players are expected to meet with drivers’ unions for negotiations mediated by the Ministry of Transport and the National Transport and Safety Authority (NTSA). “Requesting additional payment over and above what is displayed on the app violates our Community Guidelines. Should this be found to have taken place, actions may range from the driver’s account being put on hold to potentially being denied further access to the app,” Uber told TechCabal. Previous meetings of this nature have yielded little result, making drivers’ strikes an annual occurrence. While pricing remains a top agenda item in the negotiations, the drivers also seek a role in determining and reviewing trip fares. Should the meeting fail to resolve the dispute, the unions say they will continue charging their rates. It feels like a cruel twist that ride-hailing apps, once willing to do anything to woo drivers, may consider kicking them out.
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👨🏿🚀TechCabal Daily – Canal+ claims another African pay-TV crown
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning TC Daily is going to look a bit different starting next week. Our tech and design teams have spent a couple of months working on a new interface that incorporates some of the feedback we’ve received from users over the past year. That means larger font sizes, wider text and images—yes, the memes are coming back. All you have to do from your end is move TC Daily from your Promotions folder to your Main one so you don’t miss the update. Cheers. In today’s edition Canal+ buys majority shares in MC Vision How a merger strengthens Providus’ balance sheet Zenith Bank to raise $182 million Nigeria pushes for homegrown military equipment The World Wide Web3 Streaming Canal+ buys majority shares in MC Vision Canal+ has expanded its play in the African pay-TV market after buying a majority stake in Mauritius-based MC Vision. The French-owned media giant doubled its ownership of the pay TV to 75%, making MC Vision its latest acquisition in its aggressive expansion bid in Africa. This move is similar to the recent one involving South Africa’s MutiChoice where Canal+ increased its stake to 45.2% in the broadcasting company. Canal+ has made no secret of its intention to fully acquire MutiChoice, which could further consolidate its control over the African pay-TV market. MC Vision is but the latest in a string of acquisitions in Africa. In 2019, Canal+ bought Nigeria’s ROK Studios to distribute Nollywood content, and increased its foothold in Rwanda after acquiring Zacu Entertainment. Canal+ has 8.1 million subscribers in Africa alone. In comparison, its closest competitor, Chinese-owned StarTimes has 13 million subscribers from its digital broadcasting business. However, Canal’s pay-TV play is particularly evident in French-speaking African countries where it operates in Senegal, Ivory Coast, Guinea, Cameroon—and now, Mauritius. The acquisition of MC Vision, one of the largest pay-TV operators in Mauritius with a 13% market revenue capture, is a coup for Canal+. This deal grants the company distribution access and closer oversight of MC Vision’s 100 channels, which offer sports content, movies, documentaries, and other subscription video-on-demand (SVOD) services. Canal+ is steadily monopolising Africa’s broadcasting market by cannibalising smaller pay-TVs. And with that level of control in its hands, it’s hard to predict where the quality of local content production and streaming will swing next. 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 a merger strengthens Providus’ balance sheet Bank mergers and acquisitions are not particularly uncommon during recapitalisation periods. Nigeria’s last recapitalisation mandate in 2005 saw the number of banks reduce from 89 to 25. Part of those mergers included nine banks merging to become Unity Bank plc in 2006. While the marriage between these banks was enough to scale through the 2005 recapitalisation effort, it will not be enough to survive the new recapitalisation mandate. The bank has struggled since 2018, racking up losses and bad loans. Its last audited results in 2022 showed that the bank’s total liabilities exceeded its total assets by ₦274.9 billion ($172.8 million). According to analyst estimates the bank will need to raise about ₦184 billion ($115.7 million) to meet the new capital requirements. That would prove difficult given the bank’s balance sheet. However, a merger or an acquisition by a healthier bank could help the bank avoid a shutdown. Last week, the CBN gave preliminary approval to the merger. To sweeten the deal, the CBN gave a ₦700 billion naira ($740 million) bailout fund to Unity Bank to help its merger effort. The merger will help strengthen Providus’ physical presence in the country. Unity Bank’s 209 branches and Providus Bank’s 23 branches will give the new banking entity a branch network of 231 branches across Nigeria. The merger will also allow Providus, which is known for its business banking offering, to expand its footprint into retail. If the proposed merger goes through, the new banking entity could have as much as ₦3 trillion ($1.8 billion) in assets. 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. Banking Zenith Bank to raise $182 million On more about capital raise and bank recapitalization. Nigeria’s largest bank by asset, Zenith Bank, which needs about ₦230 billion ($144.6 million) to reach the new CBN recapitalization mandate, has begun plans to raise ₦290 billion ($182 million). The bank will use the remaining funds to support its expansion plans and shore up its loan book. If you have been seeing GTCO ads, you may be seeing some from Zenith as the bank will be offering its shares to the public and existing shareholders. Zenith Bank is offering 5.2 billion shares at ₦36.00 per share to existing shareholders and 2.7 billion shares at ₦36.50 to the general public. The offer opened on August 1 and will close on September 9, 2024 The bank is the first bank amongst the three banks—Fidelity Bank Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc (GTCO)—that have started their recapitalisation push to have a combined offer. Access Holdings LLC offered a right issue to allow its shareholders to buy additional shares. At the same time, GTCO offered a public offer. Zenith Bank will use 35% of the capital raised—N99 billion—to fund expansion into parts of West Africa and Paris. The bank will use 45% of the money raised—N128 billion—as working capital. The bank will use about 20% of the money or ₦57 billion ($35.8) to invest in IT infrastructure. Economy Nigeria pushes for homegrown military equipment Nigeria’s president, Bola Tinubu has signed a DICON Act
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Likely errors & resolutions when trying to check WAEC result 2024
2024 May/June WAEC results have been released and students can now access them via multiple ways. Checking WAEC results can sometimes be accompanied by unexpected challenges. Below are some common issues a candidate may face when trying to check a WAEC result in 2024, along with solutions to resolve them effectively. 1. Incorrect examination number Entering an incorrect WAEC Examination Number is a common issue. Even a single digit error can prevent you from accessing your results. Solution: Always double-check your examination number before submitting it. Use your Statement of Entry (SCE) document as a reference. If you’ve misplaced this document, contact your school immediately for assistance. 2. Invalid PIN when you check your 2024 WAEC result The e-PIN voucher used to check WAEC results must be accurate. An invalid or incorrectly entered PIN will result in an error message. Solution: Purchase your e-PIN from an authorised vendor and enter it carefully. If the PIN has been used multiple times unsuccessfully, you may need to buy a new one. If you still receive an error despite using the correct PIN, contact WAEC’s support service for assistance. 3. Network Issues Poor internet connectivity can disrupt the online process of checking WAEC results, leading to timeouts or failure to load the results page. Solution: Ensure a stable internet connection before accessing the WAEC results portal. If your connection is weak, consider using a different network or checking your results via SMS, which is less dependent on internet quality. 4. Wrong examination year Selecting the wrong examination year can lead to an error or incorrect results display. Solution: Make sure to select “2024” as the examination year on the results checker page. If using SMS, ensure the year is correctly formatted in your message. 5. Unrecognised examination type Choosing the wrong examination type, such as selecting “Private Candidates” instead of “School Candidates,” can prevent access to your results. Solution: Verify and select the correct examination type. Refer to your examination documents or consult your school if unsure. 6. Delay in result availability Sometimes, results may not be immediately available due to processing delays, leading to anxiety. Solution: Be patient and try checking your results later. If the delay persists, contact WAEC for further information because your results may be part of those withheld for suspected illegalities like exam malpractices. 7. Omitted subjects In some cases, candidates may notice that one or more subjects are missing from their results. Solution: If you encounter omitted subjects, immediately contact your school or WAEC office. Provide them with your examination details for rectification. Keep all related documents handy to expedite the resolution process. 8. No grade for some subjects when you check your 2024 WAEC result Another issue could be the absence of grades for certain subjects, leaving them ungraded or marked as “No Result.” Solution: This could indicate a problem with the marking or data entry process. Contact your school or WAEC directly to report the issue. They may conduct an investigation and update your results accordingly. 9. Wrong subjects listed when you try to check your 2024 WAEC result Sometimes, candidates may find incorrect subjects listed on their results slip. Solution: Report any discrepancies to your school or WAEC immediately. Provide evidence of the subjects you registered for and sat. WAEC will need to correct the error to ensure your results reflect the correct subjects. 10. Results not found when you tried to check your 2024 WAEC result A “Results Not Found” message is one of the most concerning issues candidates may face when checking their results. Solution: This could be due to a processing delay, an incorrect examination number, or other technical issues. If this happens, try again after some time. If the problem persists, visit your school or WAEC office with your examination details to resolve the issue. 11. All subjects graded as failed when you check your 2024 WAEC result In rare cases, a candidate might find that all subjects are marked as “F9” (failed), despite being confident of better performance. This could be due to a data entry error or a mix-up in the results processing. Solution: If all your subjects are unexpectedly graded as failed, do not panic. Immediately report the issue to your school or the nearest WAEC office. They will likely initiate a review of your examination scripts or cross-check the results processing. Keep all your examination documents, including your Statement of Entry and examination receipts, for verification purposes. Final thoughts on likely errors & resolution when trying to check WAEC result 2024 While checking WAEC results 2024 may sometimes present challenges, most issues can be resolved with the right approach. Always ensure the accuracy of the information you provide, and don’t hesitate to seek help from your school or WAEC if you encounter any persistent problems. Being proactive and informed will help ensure that you access your results without unnecessary stress.
Read MoreZenith Bank, Nigeria’s largest lender, begins $182 million raise
Zenith Bank Plc, Nigeria’s largest lender by market capitalisation, will raise ₦290 billion ($182 million) to support expansion plans and increase its loan book. On Monday, the bank flagged off its combined offer on the floor of the Nigeria Exchange Limited (NGX). Zenith Bank is offering 5.2 billion shares at ₦36.00 per share to existing shareholders and 2.7 billion shares at ₦36.50 to the general public. The offer opened on August 1 and will close on September 9, 2024. For Zenith Bank, which became a publicly traded company in 2004 and now holds a market cap of ₦1.9 trillion, the appeal for its shares is the history of maximizing shareholder value. “We paid a dividend of ₦4 per share–the highest paid by any bank in Nigeria. The trend has been sustained for the last five years. We paid the shares from organic profits without FX revaluation gains. Zenith Bank’s offer is investors’ delight,” Adaora Umeoji, Zenith Bank’s Group MD/CEO, said during her presentation. Zenith Bank also mentioned its growth over the decades from a mid-size lender to the largest tier-1 bank by market value. Its corporate banking arm contributes 58% to the group’s revenue, while the retail segment accounts for 42%. “All the subsidiaries are making almost 20% profits and contributing to group profits,” Umeoji said. What will Zenith use the money for? 35% of the total capital raised—₦99 billion— will be used to fund the strategic expansion of the banking business with a plan to expand footprints in West Africa and set up shop in Paris, the French capital to consolidate Francophone expansion. The With 33 million customers, Zenith Bank hopes to focus on the retail and SME segments. 45% of the total capital raised₦128 billion—will be used for working capital to serve both segments. The remaining 20% of the proceeds₦57 billion—will be invested in IT infrastructure.
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How to check WAEC results 2024 using a phone
WAEC just announced on the 12th of August, 2024, that 2024 May/June candidates can now check their results. Checking your West African Examinations Council (WAEC) results in 2024 has been made more convenient. This guide will walk you through the process to check WAEC results 2024 swiftly and efficiently. What you need Before you can check WAEC results 2024, ensure you have the following details ready: WAEC examination number: This is a 10-digit number consisting of your 7-digit centre number followed by your 3-digit candidate number. Examination year: For this session, the year is 2024. Result checker PIN: This PIN is found on the e-PIN voucher, which you can purchase from authorised vendors. Method 1: Checking WAEC results online The online method is one of the easiest ways to check WAEC results 2024. Follow these steps: Visit the WAEC official portal: Open your browser and go to the WAEC results checker website. Enter your details: Input your 10-digit examination number in the designated field. Select “2024” as the examination year and choose the type of examination (either school or private candidate). Enter Your PIN: Type in the e-PIN from your voucher. Submit and View Your Results: Click the “Submit” button and wait for your results to display on the screen. You can print a copy for your records if needed. Method 2: Checking WAEC results via SMS If you prefer to check your WAEC results via SMS, follow these simple instructions: Compose a new SMS: Open your messaging app and create a new message. Format your message: Type in your exam details in this order: WAECExamNoPIN*ExamYear. For example: WAEC42501010011234567890122024. Send to 32327: This service is available for MTN, Airtel, and Glo users. A ₦30 charge will apply. Receive your results: Wait for a reply containing your WAEC results. Bonus Method: Checking results through your school Another reliable method to check WAEC results 2024 is by visiting your school: Visit the school: Once the results are out, schools typically receive a hard copy of the results for all their students. Speak with the school administration: Go to the examination office or speak with your class teacher to access your results. Obtain your results: The school will provide you with a printout of your results, which is official and can be used for any immediate academic needs. Final thoughts on checking your WAEC results 2024 To check WAEC results using your phone, both the online and SMS methods offer convenience and speed. Choose the method that best suits your needs and keep your details secure to ensure a smooth process.
Read More“Business combination will strengthen our balance sheet by ₦3 Trillion,” Providus Bank tells customers
Providus Bank said a merger with Unity Bank, which has received preliminary approval from the Central Bank, will give the post-merger entity a balance sheet of up to ₦3 Trillion ($1.8 billion). Providus, which has built a reputation for its banking-as-a-service offering, is the healthier of the two entities. “The proposed business combination of both institutions will create one of Nigeria’s leading financial institutions,” Providus Bank told customers in an email seen by TechCabal. Unity Bank, the product of a 2006 merger between nine banks, has struggled since 2007, racking up losses and bad loans. It will need a loan from the Central Bank to make this merger happen. A letter seen by TechCabal showed it asked for a ₦700 billion loan. Despite its massive debts and a history of distressed banks being complex businesses to buy, Providus is looking to expand its retail footprint, said one banker who asked not to be named. Unity Bank has 240 branches, ten times the number of Providus branches. “The business combination will ensure that Providus Bank has footprints in major cities around Nigeria,” Providus claimed. While many social media commentators have questioned the deal, one finance analyst speculated that the CBN may have been unwilling to allow a second bank failure following the revocation of Heritage Bank’s licence in June 2024. For Unity Bank, it marks another fortunate escape for an institution that has often seemed on the brink. It missed a 2010 deadline for recapitalisation after billions in losses driven by bad loans eroded shareholder capital. Despite eventually raising capital in 2011 and recovering around ₦53 billion in bad loans, Unity Bank was soon in the red again. By 2018, it had accumulated losses of ₦338 billion and by 2023, shareholder capital was again wiped out, prompting speculation that its licence would also be revoked. Its precarious cash position will make this seem like an acquisition, but in the end, Providus will get a partner with a retail footprint and will congratulate itself for not taking on Unity Bank’s liabilities in the short term.
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WAEC officially releases 2024 results
The West African Examinations Council (WAEC) just announced that the results for the 2024 WAEC School Candidates’ examination have been officially released today, Monday, 12 August 2024. This release marks a significant milestone for students across West Africa who participated in the exams, as they can now access their results and take the next steps in their academic journeys. Candidates who sat for the WAEC exams in 2024 can check their results through multiple platforms provided by WAEC. To ensure quick and easy access, WAEC has streamlined the result-checking process, making it convenient for all candidates. How to Check the WAEC REsults 2024: Online via the WAEC Result Checker: Visit the official WAEC result-checking portal at www.waecdirect.org. Enter your 10-digit Examination Number. Select the Examination Year (2024). Choose the Examination Type (School Candidate Result). Enter the required WAEC result checker PIN from your scratch card. Click on “Submit” to view your result. Via SMS: Open your SMS application. Send a text message in the following format: WAECExamNoPINExamYear to 32327 (for MTN, Airtel, and Glo users). Example: WAEC1234567890123456782024. You will receive your result on your phone. WAEC Mobile App: Download the WAEC mobile app from the Google Play Store or Apple App Store. Follow the instructions within the app to access your result. Final thoughts on WAEC officially releasing 2024 results WAEC advises all candidates to promptly check their results and take necessary actions regarding further education or employment opportunities.
Read MoreExclusive: TikTok cuts jobs in Africa as part of global layoffs
Several employees on the TikTok African team were laid off in June 2024 after the social media giant announced planned global layoffs. Before employees were told about the scheduled layoffs in May, the ByteDance-owned company cut a few roles on the African team in March, one person with knowledge of the matter said. June’s layoffs cut deeper, affecting employees in content operations, marketing, and trust and safety teams, the same person said, claiming more layoffs are expected in the third quarter of 2024. The exact number of job cuts could not be determined, but over half the African team based in South Africa and Nigeria were affected, according to two persons who worked on those teams. One person said the African team had at least 100 people. TikTok declined to comment on any part of this story. While several publications linked the layoffs to the company’s regulatory troubles in the United States—President Joe Biden signed a law demanding that China-based ByteDance sell TikTok within nine months or be banned across the US—one person familiar with the company rejected that framing. “The changes are not a reaction to anything,” said an executive who asked not to be named as they were not authorised to speak on the matter. “It is a function of assessing the business on an ongoing basis and making necessary changes.” According to The Information, this is TikTok’s most significant layoff. The same publication said it typically prefers smaller reorganisations across teams. TikTok isn’t alone in these sweeping changes. Meta and Microsoft have also reduced the size of their African teams, although they insist they continue to invest in Africa.
Read MoreEquity Group’s half-year profit grows 12.5% to $229 million
Equity Group, Kenya’s biggest bank by market capitalisation, has reported a 12.5% growth in net profit in H1 2024, despite difficult macroeconomic conditions that saw businesses and individuals default on loans. On Monday, the lender reported $229 million (KES29.6 billion) in net profit, up from $203.4 (KES26.3 billion) in half-year 2023, on strong interest income performance. Equity Group’s interest income rose 22% to $656 million (KES84.8 billion) against high inflation and interest rates. Equity Group’s strong performance comes when top Kenyan banks are betting on regional expansion as growth slows in East Africa’s biggest economy. Double-digit growth in the region has offset a dip in earnings from Kenyan operations. “We are now a regional bank, with the bank slowly moving half the balance sheet and P&L out of Kenya,” said James Mwangi, group managing director and CEO. “The group’s regional subsidiaries have improved efficiency, contributing 47% to the group’s balance sheet in terms of deposits and loans, and driving a 55% revenue growth.” The bank also recorded a steady non-interest income growth by 16% to $737.2 (KES95.1 billion). Customer deposits grew 11% year-on-year to $10 billion (KES1.3 trillion), and its customer base now is 20.7 million. The growth in deposits saw a 55% increase in cash and cash equivalents to $2.6 billion (KES341 billion) and growth in investment securities to $3.5 billion (KES459 billion), giving the lender a strong liquidity position. Equity’s gross non-performing loans (NPLs) grew 4.4% to $929.4 billion (KES119.9 billion), forcing the lender to increase provisions for loan defaults by 35% to $65.8 million (KES8.5 billion). The Central Bank requires Kenyan banks to set aside funds to cover loans where borrowers fail to pay principal or interest for 90 days. “We are proud that Equity Group has a sufficient cushion on its key balance sheet buffers being liquidity, capital and NPL coverage while at the same time, it continues to report above industry profitability metrics,’’ Mwangi said.
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👨🏿🚀TechCabal Daily – Egypt expands electricity export to Asia
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We’re still on the hunt for a Sales Manager to help us close strong deals fast. If you know someone who can help us sell our market, send them our way by sharing this link. In today’s edition Why did Jumia’s stocks decline? Nigeria partners Proforce to develop new satellites Egypt to expand electricity export to Asia The World Wide Web3 Opportunities Companies $JMIA comes down to earth after tepid Q2 results Jumia, the Africa-focused e-commerce company, has had mixed fortunes as a public company. While much of it has been rehashed to the point of boredom, Jumia’s stock price makes for intriguing tracking this year. After trading between $3-$6 per share from January to May, it saw an unexpected price rally by July. $JMIA hit a year-high of $14.56 and a market capitalisation of $1.33 billion. In a report by one hedge fund seen by TechCabal, the stock was rated a “buy” on the strength of its understanding of the African market and cash efficiency under Francis Dufay. Yet things can change quickly when you’re a public company. A testy week for American and Asian markets saw $JMIA trade in the $8 range, and the company’s release of its Q2 results didn’t do it any favours. While it led with positives, like narrowing its losses, it completely missed analysts’ revenue expectations. While Wall Street analysts estimated $41.7 million in revenue for the quarter, the reported revenue figures came in at a tepid $36.5 million. Publicly traded companies have seen their share prices suffer for less. Yet, Jumia will live to fight again in Q3. As anyone who tracks public companies knows, one quarter is more than enough time for a turnaround. “We’ll prove the doubters wrong in Q3,” we imagine Dufay muttering as he prepares to deliver on the company’s promise to shareholders. 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. Space Nigeria partners Proforce to develop new satellites Nigeria’s lofty space ambitions have always been hindered by a lack of resources. Although Nigeria has 4 satellites in space, it has yet to launch new ones. In March 2024, Nigeria’s National Space Research and Development Agency (NASRDA) announced it was shutting down a 2025 satellite launch due to a lack of funding. NASRDA is not letting its failed launches stop it from building more satellites. It has partnered with ProForce, a Nigeria-based private security firm, to build three new satellites, NigeriaSAT 3, 4, 5, and a Synthetic Aperture Radar (SAR). NASRDA’s Director-General, Matthew Adepoju said that the satellites will be used in defense, maritime, and the oil and gas sectors. The news comes months after Nigeria secured a partnership with the Space Exploration & Research Agency (SERA), a global space agency, to send the first Nigeria into space. SERA will reserve a seat on an upcoming Blue Origin New Shepard suborbital spaceflight for a Nigerian citizen. 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. Energy Egypt to expand electricity export to Asia Egypt has installed a transformer in Badr to link to Saudi Arabia and make inroads into other Asian and European countries as a key electricity distributor. This is part of the Egypt-Saudi Arabia electrical interconnection project first announced in 2021. The $1.8 billion initiative involves three high-voltage substations (two in Saudi Arabia, one in Egypt) connected by 1,350 km of overhead lines and 22 km of undersea cables across the Gulf of Aqaba. The project, expected to be fully operational by 2026, will allow Egypt to supply 3,000 megawatts (MW) directly to Saudi Arabia. Electricity distribution has become an important revenue source for Egypt, and it already supplies power to neighbouring countries like Sudan, Libya, Lebanon, and Jordan. Last year, Egypt earned $1.3 billion from electricity exports. Despite being one of Africa’s largest electricity producers with 209,677 gigawatts, Egypt only expends a small amount of that energy. With a production capacity that large, it makes sense for Egypt to sell its surplus to other countries. It is now eyeing opportunities in Asia, where recent energy crises have caused power outages during high-demand periods. Although Egypt already supplies electricity indirectly to Asia through resale—for example, in February, Jordan agreed to sell 40 megawatts of its imported electricity to Iraq—it is entering the Asian market through a central hub that connects other Asian countries. 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 → Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $58,433 – 3.90% + 2.72% Ether $2,545 – 3.95% – 17.49% Ethena $0.29 – 6.74% – 25.06% Solana $143.78 – 7.40% + 3.88% * Data as of 06:20 AM WAT, August 12, 2024. You should definitely read these Entering Tech #71: Career lessons from Tyrion Lannister The business of selling out is warping the music industry Can anyone stop Google’s illegal monopoly? Nigerian entrepreneur Tony Elumelu: “America was colonised too and look at where they are” Written by: Emmanuel Nwosu & Faith Omoniyi Edited by: Muyiwa Olowogboyega & Timi Odueso Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. The Next Wave: futuristic analysis of the business of tech in Africa. Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. TC Scoops: breaking
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