Nomba raises $30 million pre-Series B
Nomba, a Nigerian payment service provider, has raised a $30 million Pre-Series B funding round. The equity round—which Nomba says was oversubscribed—was led by San Francisco-based Base10 partners, with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures. With a simple origin story as an AI chatbot that helped people process online payments on social apps, Nomba (formerly known as Kudi) has evolved into a fully licensed payment service provider in Nigeria. The company underwent a rebrand last year and currently supports more than 300,000 businesses with a wide range of banking, management, and payment solutions. The company also claims to process $1 billion in monthly transactions. With this new funding, Nomba says it will provide bespoke payment solutions to several businesses. “Nomba will deliver payment solutions that have been designed for the specific services that businesses provide, enabling them to plug gaps in their payment processes, operate more efficiently, and deliver excellent customer experiences,” an excerpt from the company’s statement reads. Most businesses in Nigeria use a point-of-sale device to accept payments, and Nomba wants to change this “generic” means of collecting payments. For example, Nomba says it will help restaurants access menus, manage inventory, receive payments, and perform other business functions all from the same hardware. Another use case for Nomba’s approach would be for transport and logistics companies; the company says that will enable them to directly connect their transactions to payments. Starting in Nigeria, Nomba will also deliver a range of business tools, including invoicing and order management solutions, a move it says will improve efficiency and reduce the cost of operations for businesses across the continent. “We see payment as a business model, not just a product, and we want to make it easier for businesses to take advantage of all that is possible in their payment processes to support their continued growth and success. We have a long list of products we have been working on and the funds we have raised as well as the investors that have backed us gives us a lot of confidence about what can be achieved with more effective payment solutions in the hands of business owners,” Yinka Adewale, the CEO and co-founder of Nomba, said in a statement. Luci Fonseca, Partner at Base10 said, “Nomba’s track record of innovation and capital efficiency makes it one of the most exciting startups in Africa. We are thrilled to be supporting them to deliver their game-changing solutions to power growth and continued success for businesses in Nigeria and beyond.”
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The leading African tech moves from April 2023
Editor’s Note A brutally sluggish month for African startups, the continent squares up to Big Tech and layoffs continue to be a drag—April could not end sooner for some in the tech ecosystem. It wasn’t all grey clouds though; Kenya saw some positive investment news, bagging $390 million in April, while South Africa’s $250 million on top of Amazon’s plan to invest $1.8 billion until 2029, could lift the country’s mood. A lot happened in East Africa in April, where Kenya has taken a step in the right direction by reversing its 30% ownership law. This, after President William Ruto vetoed the rule, choosing to encourage investors. Meanwhile, the East Africa country also launched its first operational earth observation satellite, onboard a SpaceX rocket. Let’s dig in! 1. Funding: Q2 is off to a slow start In April 2023, there were 23 fully disclosed* raises made by African startups, totalling $129.8 million. Compared to April 2022, this shows a 68% decline. Looks like Q2 is off to an even slower start. It is however a significant increase from March 2023 where the total amount raised was $66 million. The top three sectors from April are fintech, cleantech and agritech. Fintech leads with $45.5 million (30.4%), cleantech with $37.9 million (25.3%), and agritech with $37.6 million (25.1%). Image source: Timi Odueso/TechCabal Per region, South Africa led April’s deals with 49.1% of the total deals, about $63.7 million. East Africa comes second with 31.3% of the deals while Central Africa makes an appearance for third place with 13.9% of the deals, all of which come from Altech Group’s $18 million debt financing round. Image source: Timi Odueso/TechCabal The top 5 disclosed deals of the month are: Kenyan agritech Victory Farms’ $35 million raise. South African fintech Peach Payments’ $31 million Series A raise. DRC cleantech Altech Group’s $18 million raise. South African fintech PayMeNow’s $14 million raise. South African fintech Decentral Energy’s $12.1 million raise. *Note: This data is inclusive only of funding deals announced in April 2023. Raises are often announced later than when the deals are actually made. This data also excludes estimated grants from accelerators like Techstars or Y-Combinator. 2. Crypto: Zimbabwe goes after gold April found Zimbabwe announcing plans to launch a gold-backed digital currency. The country needs $100 million worth of gold to kickstart the project which it believes will save its declining currency. Meanwhile, in East Africa, Kenya is considering enforcing a new regulation that will force all crypto platforms in its regions to pay a 1.5% duty on every transaction they process. There’s already a pending 20% excise tax on crypto transactions in Kenya, and if both pass, it could mean double trouble taxing for Kenya. 3. Africa + Big Tech: Kenya pushes against Meta Big tech companies got an earful in cases heard in Kenyan courts. Last month alone, Meta lost two separate cases in Kenya. In the first, a court dismissed its claim that Kenya had no jurisdiction to hear cases against Meta. That court also prohibited the tech company from using any third-party content moderators. In the second, a court granted two Ethiopians leave to sue Meta outside Kenya in a case that could cost Meta $1.8 billion. 4. Regulations: Kenya reverses 30% rule Early in April, President William Ruto reversed a rule that mandates that foreign companies must have at least 30% Kenyan ownership to operate in the country. The rule was implemented in 2020 to encourage Kenyan participation in the ICT and science and technology sector through equity ownership. Per Ruto, the rule is slowing down investments in Kenya’s ecosystem. 5. Acquisitions: Autocheck acquires Autotager Nigerian automotive company Autochek completed its sixth acquisition in two years in April 2023. In an undisclosed deal, the company acquired a majority stake in AutoTager, an Egyptian automotive technology company, as part of its expansion into Egypt. 6. Layoffs/Shutdowns: Copia Global and Lazerpay Layoffs continued globally into April 2023 and Africa was not left out. Nigerian crypto startup Lazerpay announced it was shutting down after months of failing to raise the funds it needed to stay afloat. Meanwhile, Kenyan e-commerce company shut down its Ugandan operations in a scaledown move. The company, which raised $50 million in January 2022, also laid off 350 employees. 7. Investments: South Africa gets $1.8 billion from Amazon; Kenya gets $390 million for tech Startups may not be getting as much funding, but tech ecosystems are certainly getting a boost. In April, two sizeable investment announcements targeted at South Africa were made. First, Amazon announced plans to invest $1.8 billion in its cloud services in the country by 2029. Cassava Technologies also pledged a total of $250 million in investment in South Africa through its business units—Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa. The World Bank Group announced a whopping $390 million investment to help Kenya finance its Digital Economy Acceleration Project. 8. Cybersecurity: Flutterwave hacked twice; Navias suffers hack In April, sources revealed to TechCabal that fintech Flutterwave was hacked twice. In this second set of hack allegations, culprits transferred a total ₦550 million ($1.2 million) from the company’s accounts. The sources alleged that, much like the first incident on February 5, the perpetrators used monies fraudulently obtained from Flutterwave accounts to buy USDT on the crypto platform Binance. Kenya’s biggest online retailer Naivas, meanwhile, suffered a ransomware attack in April from cyber criminals who are now threatening to leak some of its data. 9. Space: Kenya launches first operational satellite April also saw Kenya launch Taifa-1—its first operational satellite. Launched aboard the SpaceX Falcon 9 rocket in California, the satellite—tested and developed by Kenyan engineers—will reportedly be used to provide data on areas like agriculture and food security for Kenya, a country suffering a severe drought that’s affecting over 5 million people. 10. Global: CashApp founder murdered in the US In sombre news, CashApp founder Bob Lee was murdered in California, US, on the morning of April 3. Another tech founder and friend
Read MoreTech4Dev’s footprint is growing, and it’s taking African women along
Unlike ten years ago, more Africans are finding jobs in tech today. However, the disparity in opportunities to learn and begin a career in tech between men and women is huge. According to a 2021 report on the Africa Developer Ecosystem by Google and Accenture [pdf], 85 per cent of developers on the continent are men, with 15 per cent being women. While Africa is losing some of its developers due to global demand, there is still a steady rise in the number of people joining the ecosystem, and more women are finding new career paths in tech, thanks to Tech4Dev. Now in its sixth year, Tech4Dev, founded by Diwura Oladepo and Joel Ogunsola, is bridging the digital literacy gap in Africa. The not-for-profit organisation’s core focus has been improving women’s access to careers in tech through a partnership with Microsoft and the Islamic Development Bank. On the International Girls in ICT Day for 2023, Tech4Dev announced its Women Techsters Fellowship for the class of 2024, which begins in September 2023. The initiative “is aimed at bridging the wide gender divide between men and women in the technology ecosystem as well as ensuring equal access to opportunities for all,” Oladepo reaffirmed in her keynote address at the announcement. She also noted that the Women Techsters Initiative had stepped out of its birthplace in Nigeria and grown its footprint across Africa by supporting more women with tech skills and increasing their employability or even doubling their income. “From impacting just 2,400 women in Nigeria through its pilot program, the Nigerian Women Techsters, to most recently impacting 89,153 women in 2023 through our various Women Techsters sub-programs which notably comprises the Women Techsters Fellowship, Bootcamps, Masterclass which are our training programs, and the Women Techsters Open-Day and Tech-Girls Drive, which are our advocacy programs.” The fellowship is a one-year “experiential learning technology upskilling program.” It empowers young girls and women between 16 to 40 years across Africa with global in-demand skills ranging from digital, deep tech, and soft skills, which are essential to kickstart a career in the tech ecosystem. During the fellowship, participants undergo intensive training for six months, then proceed on an internship for another six months and enrollment into a mentorship. This process aims to help to equip them with skills to build tech careers and tech-enabled businesses—all for free. Class of 2024 For last year’s Women Techsters Fellowship, Tech4Dev graduated 847 women from 15 African countries after accepting 1,398 participants from 14,782 applications. This year, the organisation is going a step further by extending its footprint into 22 countries on the continent. “The class of 2024 will admit a total of 3,000 women and girls into the program from 22 African countries. We invite women and girls from across Africa to seize this opportunity and take their place as change-makers in Africa’s technology ecosystem by applying to be a part of the program,” Oladepo announced. The participants will come from Nigeria, Ghana, Kenya, Egypt, South Africa, Ethiopia, DR. Congo, Tanzania, Uganda, Algeria, Sudan, Morocco, Angola, Mozambique, Madagascar, Rwanda, Liberia, Botswana, Zambia Zimbabwe, Sierra Leone, Gambia. “All the participants will have to be virtually present for their classes as the fellowship is not a learn-at-your-pace programme. The different instructors will be in each of the classes they will be taking,” Blessing Ashi, Women Techsters Program Lead, Tech4Dev, noted. While Tech4Dev prides itself in providing access for women into tech roles through training, the Women Techsters Fellowship goes further to provide an opportunity for participants to interact and engage with alumni who went through the programme. “We provide a space for women to interact with people who may be in the same situation as them. We also take into consideration the conditions of the participants; they could be pregnant or have other issues. All this is considered in order for them to be able to fully participate in the programme,” Ashi said in response to a question from the press. Looking into the future As part of providing access for women into tech roles, Oludepo also hinted at the Women Techsters Initiative launching the Women Techsters Entrepreneurship incubator later in the year. It would facilitate the development of women-led technology businesses in Africa. It is worth noting that most of the countries participating in the 2023 fellowship have English as their official language. However, Oludepo and Ashi pointed out that there is a section for interested individuals from other African countries not listed in the application. Applicants have to will be tested on their use of English since it is the language of instruction during the fellowship. Oludepo stated that the countries chosen were based on “data and learnings from previous years” but assured that other countries will be covered, which is in line with Tech4Dev’s goals. “The Women Techsters journey is not just a commitment, it’s a bold mission to break down the barriers that hold women back from the thriving world of technology,” Oludepo said. “We will continue this course until we achieve a 50-50 gender parity ratio between men and women in the African technology ecosystem. This audacious goal may seem impossible to some, but we will push boundaries, defy expectations, and lead the charge towards a future where women have equal representation and opportunities in tech.”
Read MoreTech4Dev’s footprint is growing, and it’s taking African women along
Unlike ten years ago, more Africans are finding jobs in tech today. However, the disparity in opportunities to learn and begin a career in tech between men and women is huge. According to a 2021 report on the Africa Developer Ecosystem by Google and Accenture [pdf], 85 per cent of developers on the continent are men, with 15 per cent being women. While Africa is losing some of its developers due to global demand, there is still a steady rise in the number of people joining the ecosystem, and more women are finding new career paths in tech, thanks to Tech4Dev. Now in its sixth year, Tech4Dev, founded by Diwura Oladepo and Joel Ogunsola, is bridging the digital literacy gap in Africa. The not-for-profit organisation’s core focus has been improving women’s access to careers in tech through a partnership with Microsoft and the Islamic Development Bank. On the International Girls in ICT Day for 2023, Tech4Dev announced its Women Techsters Fellowship for the class of 2024, which begins in September 2023. The initiative “is aimed at bridging the wide gender divide between men and women in the technology ecosystem as well as ensuring equal access to opportunities for all,” Oladepo reaffirmed in her keynote address at the announcement. She also noted that the Women Techsters Initiative had stepped out of its birthplace in Nigeria and grown its footprint across Africa by supporting more women with tech skills and increasing their employability or even doubling their income. “From impacting just 2,400 women in Nigeria through its pilot program, the Nigerian Women Techsters, to most recently impacting 89,153 women in 2023 through our various Women Techsters sub-programs which notably comprises the Women Techsters Fellowship, Bootcamps, Masterclass which are our training programs, and the Women Techsters Open-Day and Tech-Girls Drive, which are our advocacy programs.” The fellowship is a one-year “experiential learning technology upskilling program.” It empowers young girls and women between 16 to 40 years across Africa with global in-demand skills ranging from digital, deep tech, and soft skills, which are essential to kickstart a career in the tech ecosystem. During the fellowship, participants undergo intensive training for six months, then proceed on an internship for another six months and enrollment into a mentorship. This process aims to help to equip them with skills to build tech careers and tech-enabled businesses—all for free. Class of 2024 For last year’s Women Techsters Fellowship, Tech4Dev graduated 847 women from 15 African countries after accepting 1,398 participants from 14,782 applications. This year, the organisation is going a step further by extending its footprint into 22 countries on the continent. “The class of 2024 will admit a total of 3,000 women and girls into the program from 22 African countries. We invite women and girls from across Africa to seize this opportunity and take their place as change-makers in Africa’s technology ecosystem by applying to be a part of the program,” Oladepo announced. The participants will come from Nigeria, Ghana, Kenya, Egypt, South Africa, Ethiopia, DR. Congo, Tanzania, Uganda, Algeria, Sudan, Morocco, Angola, Mozambique, Madagascar, Rwanda, Liberia, Botswana, Zambia Zimbabwe, Sierra Leone, Gambia. “All the participants will have to be virtually present for their classes as the fellowship is not a learn-at-your-pace programme. The different instructors will be in each of the classes they will be taking,” Blessing Ashi, Women Techsters Program Lead, Tech4Dev, noted. While Tech4Dev prides itself in providing access for women into tech roles through training, the Women Techsters Fellowship goes further to provide an opportunity for participants to interact and engage with alumni who went through the programme. “We provide a space for women to interact with people who may be in the same situation as them. We also take into consideration the conditions of the participants; they could be pregnant or have other issues. All this is considered in order for them to be able to fully participate in the programme,” Ashi said in response to a question from the press. Looking into the future As part of providing access for women into tech roles, Oludepo also hinted at the Women Techsters Initiative launching the Women Techsters Entrepreneurship incubator later in the year. It would facilitate the development of women-led technology businesses in Africa. It is worth noting that most of the countries participating in the 2023 fellowship have English as their official language. However, Oludepo and Ashi pointed out that there is a section for interested individuals from other African countries not listed in the application. Applicants have to will be tested on their use of English since it is the language of instruction during the fellowship. Oludepo stated that the countries chosen were based on “data and learnings from previous years” but assured that other countries will be covered, which is in line with Tech4Dev’s goals. “The Women Techsters journey is not just a commitment, it’s a bold mission to break down the barriers that hold women back from the thriving world of technology,” Oludepo said. “We will continue this course until we achieve a 50-50 gender parity ratio between men and women in the African technology ecosystem. This audacious goal may seem impossible to some, but we will push boundaries, defy expectations, and lead the charge towards a future where women have equal representation and opportunities in tech.”
Read MoreTech4Dev’s footprint is growing, and it’s taking African women along
Unlike ten years ago, more Africans are finding jobs in tech today. However, the disparity in opportunities to learn and begin a career in tech between men and women is huge. According to a 2021 report on the Africa Developer Ecosystem by Google and Accenture [pdf], 85 per cent of developers on the continent are men, with 15 per cent being women. While Africa is losing some of its developers due to global demand, there is still a steady rise in the number of people joining the ecosystem, and more women are finding new career paths in tech, thanks to Tech4Dev. Now in its sixth year, Tech4Dev, founded by Diwura Oladepo and Joel Ogunsola, is bridging the digital literacy gap in Africa. The not-for-profit organisation’s core focus has been improving women’s access to careers in tech through a partnership with Microsoft and the Islamic Development Bank. On the International Girls in ICT Day for 2023, Tech4Dev announced its Women Techsters Fellowship for the class of 2024, which begins in September 2023. The initiative “is aimed at bridging the wide gender divide between men and women in the technology ecosystem as well as ensuring equal access to opportunities for all,” Oladepo reaffirmed in her keynote address at the announcement. She also noted that the Women Techsters Initiative had stepped out of its birthplace in Nigeria and grown its footprint across Africa by supporting more women with tech skills and increasing their employability or even doubling their income. “From impacting just 2,400 women in Nigeria through its pilot program, the Nigerian Women Techsters, to most recently impacting 89,153 women in 2023 through our various Women Techsters sub-programs which notably comprises the Women Techsters Fellowship, Bootcamps, Masterclass which are our training programs, and the Women Techsters Open-Day and Tech-Girls Drive, which are our advocacy programs.” The fellowship is a one-year “experiential learning technology upskilling program.” It empowers young girls and women between 16 to 40 years across Africa with global in-demand skills ranging from digital, deep tech, and soft skills, which are essential to kickstart a career in the tech ecosystem. During the fellowship, participants undergo intensive training for six months, then proceed on an internship for another six months and enrollment into a mentorship. This process aims to help to equip them with skills to build tech careers and tech-enabled businesses—all for free. Class of 2024 For last year’s Women Techsters Fellowship, Tech4Dev graduated 847 women from 15 African countries after accepting 1,398 participants from 14,782 applications. This year, the organisation is going a step further by extending its footprint into 22 countries on the continent. “The class of 2024 will admit a total of 3,000 women and girls into the program from 22 African countries. We invite women and girls from across Africa to seize this opportunity and take their place as change-makers in Africa’s technology ecosystem by applying to be a part of the program,” Oladepo announced. The participants will come from Nigeria, Ghana, Kenya, Egypt, South Africa, Ethiopia, DR. Congo, Tanzania, Uganda, Algeria, Sudan, Morocco, Angola, Mozambique, Madagascar, Rwanda, Liberia, Botswana, Zambia Zimbabwe, Sierra Leone, Gambia. “All the participants will have to be virtually present for their classes as the fellowship is not a learn-at-your-pace programme. The different instructors will be in each of the classes they will be taking,” Blessing Ashi, Women Techsters Program Lead, Tech4Dev, noted. While Tech4Dev prides itself in providing access for women into tech roles through training, the Women Techsters Fellowship goes further to provide an opportunity for participants to interact and engage with alumni who went through the programme. “We provide a space for women to interact with people who may be in the same situation as them. We also take into consideration the conditions of the participants; they could be pregnant or have other issues. All this is considered in order for them to be able to fully participate in the programme,” Ashi said in response to a question from the press. Looking into the future As part of providing access for women into tech roles, Oludepo also hinted at the Women Techsters Initiative launching the Women Techsters Entrepreneurship incubator later in the year. It would facilitate the development of women-led technology businesses in Africa. It is worth noting that most of the countries participating in the 2023 fellowship have English as their official language. However, Oludepo and Ashi pointed out that there is a section for interested individuals from other African countries not listed in the application. Applicants have to will be tested on their use of English since it is the language of instruction during the fellowship. Oludepo stated that the countries chosen were based on “data and learnings from previous years” but assured that other countries will be covered, which is in line with Tech4Dev’s goals. “The Women Techsters journey is not just a commitment, it’s a bold mission to break down the barriers that hold women back from the thriving world of technology,” Oludepo said. “We will continue this course until we achieve a 50-50 gender parity ratio between men and women in the African technology ecosystem. This audacious goal may seem impossible to some, but we will push boundaries, defy expectations, and lead the charge towards a future where women have equal representation and opportunities in tech.”
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👨🏿🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
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