Vodacom, MTN to continue price hikes despite increasing revenues
Vodacom and MTN plan to continue price increases despite revenue increases. According to their latest financial results, pan-African mobile network operators Vodacom and MTN recorded service revenue increases of 17.2% and 15.6% respectively. Despite the growth in revenues, both MNOs have announced that they are planning on implementing price hikes across their various markets. Vodacom’s mobile contract customer revenue increased by 2.8% to R22.6 billion, benefitting from contract price increases of between 3% – 5% implemented in the first quarter of the financial year. Speaking at an annual results investor and analysts call this week, Vodacom Group CEO Shameel Joosub stated that the telco plans to continue with price increases, especially for post-paid customers, permanently. “The modus operandi that we’ve deployed now is to increase prices, which we think we want to make a more permanent feature of our strategy going forward, but at the same time to give more value. So, what we’re doing is we’re increasing the allocation of data that comes with it. An example would be if you have had a 6% to 7% increase, you have got between 15% to 20% increase in the bundle that we are now allocating to the customer,” said Joosub. For prepaid consumers, Vodacom stated that it will be trying to do more price optimisation instead of straight-up increases. This will be done by effectively allocating more data on the monthly packages and slightly lifting the price at the bottom to be able to do it. “We’re also putting a large focus on making sure that customers are getting the maximum out of it. Through our CVM (customer value management) platforms, if they’re properly engaged, it increases their active days. We’ve built a new measure into our AI platforms that doesn’t just look at the uplift, but also pushes more deliberate active day management to try and get more days out to the customer,” added Joosub. Unlike Vodacom whose pricing strategy seems to be underpinned by more value addition for consumers, MTN’s strategy, according to CEO Ralph Mupita, is meant to mitigate macroeconomic pressures on the business. “The postpaid price increases, effective from April 2023, should help to drive improved top-line growth in the business and mitigate inflationary impacts on the MTN SA business. This tariff increase will help to mitigate the decline in voice and improve data performance in the remainder of the year,” Mupita said. In March, MTN also announced that it was passing the costs of dealing with loadshedding to consumers, with MTN South Africa CEO Charles Molapisi stating that “if we don’t pass some of these costs [to customers] it will become difficult for the sustainability of the business.” To cushion the impact of the price increases on consumers, MTN added that it will be introducing different bundles to cater for the change in consumption. Additionally, Molapisi said that the telco “will be practical on how [it increases] prices so that [it doesn’t] squeeze the lower end of the market”. With macroeconomic pressures not showing any signs of simmering down anytime soon, it seems like the telcos will also keep passing the cost of doing business to consumers, especially the postpaid ones. “Within this environment of elevated inflation, implementing selective price increases across the portfolio remains a critical priority to ensure that operations generate sufficient cash flows to fund future capital expenditure needed for building world-class networks. We will continue to have the necessary engagements with the regulatory authorities on such needed increases,” MTN added.
Read MoreSafaricom is buying the M-Pesa trust company at the heart of a $2.3 billion lawsuit
M-Pesa Holding is the cash management company behind the eponymous mobile money service, so why is London-listed Vodafone, which owns 40% of Safaricom, selling it for $1? After 15 years of owning the trust company set up to manage the deposits from users of the M-Pesa mobile money service, Vodafone, the UK telecoms group wants to sell it for a symbolic $1 or 137 Kenyan shillings. As recently as two months ago, a lawsuit filed by three Kenyans listed both Mpesa Holding Company, the trust company, and Vodafone among others as defendants. Read also: Why the trusteeship at the heart of M-Pesa is under fire The 150-page lawsuit alleges that the trusteeship that formed M-Pesa Holdings violates Kenya’s law on forming trust companies. The petition argued that by offering loans through Fuliza, a digital loan product, through M-Pesa, Safaricom was engaged in banking services without a licence, since the loans were made from the deposits of other M-Pesa users. Vodafone, Safaricom, and 19 others were listed as defendants in the case. The case is still in court. It is the same trust that Vodafone disclosed it was selling to Safaricom for $1. “On 17 April 2023, the group entered into an agreement to sell M-Pesa Holding Company Limited (MPHCL) to Safaricom Plc, an associate entity of the group, for $1 (Ksh137 at current exchange rates),” reads part of the Vodafone statement. “No material gains or loss is expected to arise on disposal. Completion of this transaction is subject to various approvals which are expected to be obtained before or during July 2023,” the statement continued. Safaricom’s revenues took a third consecutive hit when the telco reported its annual numbers for 2022 driven by costs associated with its expansion into Ethiopia. And the acquisition of a $150 million licence to operate mobile money services in Ethiopia. So it makes sense to acquire a cashflow-generating asset like M-Pesa Holdings which according to statements from Vodafone held M-Pesa customer funds amounting to €1.226 billion (Ksh182.18 billion) as of 17 May 2023. Local media reports say the move will be a boon for Safaricom’s cash flows in addition to providing interest income if Safaricom invests M-Pesa user deposits in short-term securities. Investing in short-term securities is exactly what Vodafone said it did with the cash it managed in M-Pesa Holding for 15 years since M-Pesa was launched. “Balances included in the group’s consolidated financial statements for M-Pesa Holding on 31 March 2023 include short-term investments of $1.35 million and $1.33 million due to M-Pesa customers, recorded within Other investments and Other creditors, respectively,” Vodafone said. In total, M-Pesa Holding had short-term investments of €1.247 billion (Ksh185.3 billion) as of March 31, 2023. Vodafone however added that added that any profit generated by M-Pesa Holding’s investments is donated for use to public charitable purposes after it subtracted direct costs. Per the National Payment System rules which guide the operation of digital payments in Kenya, trusts can be created to manage the funds held by a payment system participant like Safaricom’s M-Pesa service (not to be confused with M-Pesa Holding, the trust company). The regulations allow the trust to invest deposits it holds, but income from such investments must be donated to charitable organisations. Or (if approved by the Central Bank of Kenya) wherever the agreements creating the trust stipulate. The wrinkle is that the national payment system Act came into law seven years after the M-Pesa service was launched. In effect, the trust forming M-Pesa Holding predates the payment provider regulations. Safaricom is a licenced payment service provider in Kenya, but the lack of a banking licence undergirding its lending operations has long been debated in public and in Kenya’s parliament. On the campaign trail last year, President Ruto promised to separate Safaricom M-Pesa so it could be better regulated. Buying M-Pesa Holding from Vodafone may be part of moves to supplement cash flow as the company takes on its Ethiopian rival. But it could also easily be a belated attempt to comply with the rules that prevent Vodafone from owning the trust managing M-Pesa deposits.
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TechCabal Daily – US kicks off TikTok ban in Montana
Lire en français Read this email in French. 19 MAY, 2023 IN PARTNERSHIP WITH TGIF In Nigeria, MTN has begun implementing the uniform USSD codes effected by the country’s telecoms bulldog last month. Now, instead of dialling *556# for airtime balance or *131# for data, MTN users can now dial *310# and *312# respectively. It’s expected that other telecoms in the country will implement the same USSD code in coming weeks. In today’s edition Montana bans TikTok SA warns citizens against Milo Designs ADC launches new Ghana centre Funding Tracker The World Wide Web3 Event: The Lagos Startup Expo Job openings MONTANA BANS TIKTOK Montana has become the first US state to ban TikTok. Yesterday, Governor Greg Gianforte signed a bill banning the social media platform in the state. The bill will become effective by January 2023. The bill referred to as SB 419, restricts TikTok from operating within Montana’s jurisdiction and requires mobile app stores to make the app unavailable to residents of the state. Governor Gianforte also shared screenshots of the directive he issued to Montana’s Chief Information Officer, instructing the ban of the platform. According to the law, users of TikTok will not face penalties. However, app store operators and TikTok itself may be subject to fines of $10,000 per violation per day. A new precedent: The passage of this controversial law represents the strongest effort by a state government to restrict TikTok based on security concerns. While there is no established legal precedent for a ban like this targeting TikTok, it is highly likely that the ban will face immediate legal challenges. ICYMI: Earlier this year TikTok CEO Shou Chew appeared before US Congress to defend his social media platform against allegations that it has deep ties to the Chinese government, as well as spying on US citizens and harvesting their data for potentially nefarious ends. Although TikTok hasn’t said it will sue, it calls the rule an “egregious government overreach” and said that it would fight it. < MONIEPOINT RANKED 2ND FASTEST-GROWING AFRICAN COMPANY Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here. This is partner content. SA WARNS CITIZENS AGAINST MILO DESIGNS Another day, another online scam in southern Africa. After receiving numerous complaints from customers, SA’s National Consumer Commission (NCC) is warning South Africans to not make use of Milo Designs when purchasing furniture online. This comes after Botswana victims also lost millions of pulas through a supposed “investment” scheme into a company called Ecoplexus. The modus operandi Milo Designs claims to sell furniture via its social media channels, but following several complaints from customers, an investigation from the NCC asserts that the company is in fact operating as a scam. “Upon investigating their conduct, the Commission’s preliminary assessment indicates that the operators of this scam, LM Kotze and MC Wood, are not cooperating with the Commission [and] both LM Kotze and MC Wood have no intention of delivering the goods or refunding the consumers,” the NCC’s Thezi Mabuza. Zoom out: According to Interpol’s Online Scams report, Africa loses over $500 million of its GDP per annum to online scams such as email scams, romance fraud, social media scams, malware attacks, and so on. AFRICA DATA CENTRES EXPANDS TO GHANA Africa Data Centres has revealed its plans to commence construction on recently acquired land in Accra, Ghana’s central business district. Designed with an initial capacity of 10 MW, expandable up to 30 MW based on demand, the upcoming facility will be the largest in West Africa, excluding Nigeria, to date. The company aims to complete the first phase of construction within a 12-month timeframe. Africa Data Centres‘ continental expansion strategy encompasses 10 of Africa’s key economic hubs, including South Africa, Zambia, Kenya, Rwanda, Egypt, Morocco, Senegal, Ivory Coast, Angola, and now, Accra in Ghana. The newly announced facility in Accra is a part of this expansive plan. This unrivalled expansion, partly funded by the United States government’s US International Development Finance Corporation (DFC), is a significant initiative to accelerate private sector-led digital infrastructure and services in Africa. ICYMI: In January this year, Africa Data Centres also broke ground on an additional data centre facility in Nairobi. The new build will see the existing facility on the adjacent piece of land expanded up to an extra 15MW of IT load. ATTEND FINTECH WEEK LONDON Fintech Week London 2023 is a five-day event that runs from June 19 to June 23, 2023, with a two-day flagship conference on June 19 and 20. Tickets are now on sale and you can get 15% off when you register your spot here with the code: TechCabal2315. This is partner content. TC INSIGHTS: FUNDING TRACKER This week, Kenya-based fintech company M-KOPA raised $250 million in debt and equity funding. The round was led by the Japanese-based trading house Sumitomo Corporation. Other participating investors include Standard Bank, International Finance Corporation (IFC), FMO, BII, Lion’s Head Global Partners, Mirova SunFunder (fund management), and Nithio. Here are the other deals this week: Jia, a Kenyan fintech startup, received $4.3 million in seed funding. The round was led by TCG Crypto. Other participating investors include BlockTower, Hashed Emergent, Saison Capital, Global Coin Research, Packy McCormick, Anand Iye, Jared Hecht, and Rory Eakin. Figorr Nigerian cold chain technology company raised $1.5 million in seed funding. The round was led by Atlantica Ventures. Other participating investors include Vested World, Jaza Rift, and Katapult. Egypt’s auto-tech company Helpoo raised an undisclosed amount in funding from Saudi firm Morni. Chari, a Moroccan B2B e-commerce company, raised undisclosed follow-on funding from Plug and Play. South-African cybersecurity company Port443 raised an undisclosed amount in funding from Iziko2.0, a technology investment firm, and RMB Ventures. That’s it for this week! Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker. THE WORLD WIDE WEB3 Bitcoin $26,856 – 1.68% Ether $1,803 – 1.13% BNB $309 – 1.15% Cardano $0.37 –
Read MoreScaling with success: Wasoko’s rise in Africa’s B2B E-commerce
Daniel Yu spoke to TechCabal about Wasoko’s latest expansion to Zambia and pivot to a hub and spoke logistics model. The founder also shared his thoughts on Africa’s B2B e-commerce sector, which has been characterised in recent times by layoffs, operations cutbacks, and shutdowns. Wasoko remains the most funded B2B e-commerce startup in Africa. The company has operated for about seven years and expanded into seven countries across East Africa, francophone Africa, and most recently, Southern Africa. The e-commerce startup shares investors with Africa’s fintech unicorn, Flutterwave, and according to its founder, Daniel Yu, Wasoko is poised to be “a foundational company for the African tech ecosystem.” The move to Zambia Last week, TechCabal reported on Wasoko’s expansion to Zambia, a destination the startup had since considered in its expansion pipeline. In 2022, across the media rounds that followed Wasoko’s announcement of a $125 million Series B round, Yu shared that an expansion to Southern Africa was imminent. While some industry watchers expected the startup to set up shop in South Africa, where the retail market grew by 30% last year, Wasoko will be rooting its operations in Zambia’s capital city, Lusaka. According to Yu, the decision to move to Zambia was hinged on the growing economic projections of the Southern African country. He maintained that the government’s pro-business position and strengthened currency show a drastic move from a failing economy seeking IMF bailouts to a fairly stable one that supports businesses. For context, the Zambian Kwacha was the world’s best performer against the dollar for much of 2022. “A big tailwind that’s driving the Zambian economy is the huge growth in green technology globally This has driven a huge demand, especially for copper, which is one of Zambia’s main exports as one of the world’s largest producers. That kind of positioning within the global green economy in addition to this new administration has really cleaned things up and made the country a great investment destination,” Yu told TechCabal. “Beyond that, Zambia has several large cities that can serve Wasoko. Lusaka, the country’s capital is the largest city in Southern Africa, outside of South Africa. And it’s got a very fast-growing population that is currently underserved by e-commerce and technology. There are also several other cities that inhabit about half a million people in the Copperbelt region of the country. This all adds together to why we think Zambia is one of the highest growth prospects for Wasoko,” he added. Additionally, Zambia shares a border with Tanzania, Wasoko’s second-largest market. With the Zambian expansion, the startup hopes to build cross-border linkages between its core East African markets and Southern Africa. Finding operational efficiency Wasoko operates an asset-heavy model in most of its markets. This usually involves setting up multiple warehousing and logistics operations to serve its customers. However, in Zambia, the startup will be adopting a hub and spoke model which will significantly reduce the need to set up multiple warehouses in the region. The hub and spoke model is a centralised warehousing and shipment system where distribution centres or warehouses are established at a spot in a city from where shipments can be delivered to multiple locations. For Wasoko, adopting this model will involve using large trucks to move goods from a central warehouse to distances of about 50km (another logistics point), where the goods will be offloaded to smaller vehicles that will complete the last mile fulfilment. Yu described this pivot as an “evolution towards more advanced logistics capabilities,” maintaining that it would enable a deeper coverage of the market. Yu believes that achieving operational efficiency is a major determining factor for the success or failure of B2B e-commerce startups. “We spend quality time assessing our operations and finetuning them. That’s how we manage to stay profitable on a per-order basis,” he shared. In a recent article, Rest of World argued that B2B e-commerce startups are scaling back operations and laying off employees as they cope with a drawback in investors’ appetite. This is evidenced by the shutdown of Zumi, layoffs by Marketforce, and the scaleback of Wabi and Alerzo, amongst others. A central argument therein was that asset-heavy B2B e-commerce startups are prone to suffer because the cost of maintaining these assets will always eat into margins. “It’s simply too cash-heavy to scale with such models, given the type of funding African startups receive,” Stephen Deng, general partner at investment firm DFS Lab, told Rest of World. Yu does not believe this argument. The Wasoko CEO maintains that infrastructure is critical to running a successful B2B startup in Africa. “As a software-only B2B e-commerce company, your margins depend on slices from the suppliers and retailers—both of which already have slim margins. Winning in the market and effectively solving the problem of getting goods to local communities would mean that you have to actually do the operations yourself.” “And maybe there’s the question of whether these operations are sustainable. For that, I would point you to the hundreds, if not thousands, of traditional asset-heavy distributors, who are already operating in Africa and have been profitable for decades. They just haven’t been doing it with technology so that has limited their scale, but they’ve definitely been profitable. Additionally, controlling the chain makes us cumulatively bigger than any single wholesaler, giving us the advantage of higher buying power which enables us to negotiate for better margins at global markets,” Yu countered. The future of B2B e-commerce in AfricaPlayers in Africa’s B2B e-commerce market have continued to increase as they lobby for market share in a market estimated to be worth between $600 billion and $1 trillion. Within the past three years, entrants like Sabi, Alerzo, and Omnibiz have grown from scratch to raise tens of millions of dollars to scale their solutions across several countries. While Daniel Yu agrees that the market has become more competitive, he believes that some newer players are jumping in with copycat business models in order to tap into a perceived “funding spree” in the space.
Read MoreThe ‘big four’ are not reducing steam, but new leaders are emerging in Africa’s tech ecosystem
The ‘big four’—Nigeria, Egypt, South Africa, and Kenya— are all known for pulling the weights in Africa’s tech ecosystem, however, new countries are emerging as frontiers and are rapidly carving out their space in the tech landscape. Africa has enjoyed unprecedented advancements in tech innovations and entrepreneurship over the years. Propelling it onto the global tech stage has been ‘the big four’—Nigeria, Egypt, South Africa, and Kenya—grabbing the spotlight with their impressive tech ecosystems. Among the seven unicorns that Africa has produced, the big four take heavy representation. Also, in the recently released Africa’s fastest growing company list, the big four take the lion’s share of eighty-one companies out of a hundred countries listed. Per Crunchbase, Africa has about 2,461 startups, the big four score a large representation of these with 2,217 startups across different verticals. According to startup list Africa, the big four have done a combined cumulative funding of over $24 billion—with Nigeria having a share of over $6.7 billion in investment, Kenya with over $4.1billion, Egypt with more than $3.1billion, and South Africa flush with $10.3 billion in startup investment. Also, the total deal count between them was 3,503 with 103 mergers and acquisitions. While regional influence, market size, and great infrastructure allow the big four to conveniently steal the spotlight. Other African countries are emerging, these countries show promise to be powerhouses in the distant future. This piece highlights a curated list of these African countries that are rapidly carving out their space in the tech landscape, driving economic growth, and fostering digital transformation in their spaces. Francophone frontiers: Senegal, Morocco, DRC, and Mauritius French-speaking countries in recent times have been gracefully defying expectations in the startup scene and propelling their influence far beyond their linguistic boundaries. The Global Startup Ecosystems Ranking places Morocco and Senegal at the top of a list of some of Africa’s largest movers, a development that could considerably increase the awareness of startups in those nations and give them access to investor growth money. According to the ranking, Morocco moved up 16 positions, to the 79th slot globally while Senegal climbed 13 positions to 92, debuting in the top 100 clubs of nations hosting startup ecosystems. Senegal’s ranking was buoyed by improved rankings of cities, according to the Global Startup Ecosystem Index 2022, an index created by StartupBlink. In 2021, Wave—Senegal’s posterchild and mobile money startup—raised the biggest-ever Series A round of an African startup, pushing its valuation to $1.7 billion, making it Africa’s first francophone unicorn. Per The Big Deal, Senegalese startups raised $91.6 million in 2022. Mauritius has also been punching above its weight in recent times, the country had three entries in the recently released Financial Times report on Africa’s fastest-growing companies. According to the Global Startup Ecosystem Index 2022 report, Mauritius was on the 71st spot. The island nation moved up two positions, thanks to the debut of two of the country’s two cities – Port Louis and Grand Baie – in the top 1,000 list of cities. Unpacking Africa’s fastest growing companies list The Democratic Republic of Congo is also gunning for a place to be a regional leader in the francophone space. Per The Big Deal, startups in the country raised a comulative sum of $39 million in 2022. Altech, a clean energy company recently clinched top spot in the Financial Times report on Africa’s fastest-growing companies. The company also recently announced a $18m debt funding round to expand access to energy in the Central African country. Ghana—following the giants’ path Although the startup growth experienced in the last year might not be astonishing due to the slump in investment. However, west African startups lead the regional picture in Africa, accounting for $1.8 billion in funding. While Nigerian startups represent almost 70% of that figure, Ghana comes second, garnering $390m in deals in the past year, per The Big Deal. Chippercash became a Unicorn in 2021 after a $150 million extension round led FTX to score a major win for the tech ecosystem in the country. The country has a growing number of startups that have raised significant funding and are thriving in the ecosystem. Apart from Chippercash, which has raised a total of $302 million in funding, mPharma, a healthcare startup, raised $35 million in 2022, increasing the total amount raised to $85 million. North African powerhouses: Algeria, Tunisia, and Morocco Startups in Algeria, Tunisia, and Morocco raised a combined $559.57 million in 2022, per The Big Deal. Tunisia pioneered the Startup Act wave for African countries in 2018. According to Africa Business, a pan-African business publication, “Tunisia’s Startup Act has become a blueprint for many African countries.” The Tunisian startup act has been instrumental to the countries startup growth. Unlike other laws that emanate from government representatives or members of parliament, the Tunisian startup act adopted a participatory approach that accommodated opinions of actors within the startup ecosystem—entrepreneurs, investors, civil societies, legislatures etc. The startup act with the mission to spur innovation demand and foster entrepreneurship in the country seem to have been working as Tunisian startups have been receiving continuous investments and participation from global players. Last year, Tunisian startups received $151.6 million in investment with a large chunk of the startup investment going into logistics and transportation startups. According to the Global Startup Ecosystem Index 2022 report, Morocco’s startup scene saw an increase in 2022 and jumped 16 spots from the previous year. Currently 79th in global ranking and second in Northern Africa—only behind regional leader Egypt. Morocco is fast becoming a darling to investors due to its “strategic” geographical location, making it a gateway to Africa, Europe, and the Middle East. Its proximity to Europe allows easy access to markets and resources, making it an attractive location for startups looking to expand globally. According to The Big Deal Moroccan startups raised $18.57 million in 2022. Since 2022, Algeria lost the number one spot on the Global Startup Ecosystem Index, having now positioned itself as 117th worldwide. Ranked number four
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iStore Pre-owned best deals 2023
iStore Pre-owned is a popular retail chain in South Africa that specializes in selling second-hand Apple products. The company was established to meet the growing demand for affordable Apple devices among consumers who might not be able to afford brand-new products. iStore Pre-owned offers a range of preowned Apple products, including iPhones, iPads, Macs, Apple Watches, and accessories, all of which are certified as being in good working condition and come at great prices. iStore Pre-owned has several retail locations throughout South Africa, making it easy for customers to find a store near them. The company also has a user-friendly website that makes it easy for customers to browse and purchase products online. The website also includes detailed product information, including device specifications and condition details, allowing customers to make informed purchasing decisions. Here, we’ll highlight the top iPhone deals you’ll get in the iStore and the price ranges you’ll find them. iPhone XS Max deals on iStore Pre-owned The iPhone XS Max, despite being a 2018 device off Apple’s iPhone line, is still very much in demand. And it’s little wonder why the iStore Pre-owned prominently features the device for sale on their platform. The device features a large 6.5-inch Super Retina OLED display with a resolution of 1242 x 2688 pixels. The phone is powered by Apple’s A12 Bionic chip, which has six cores and can handle up to 5 trillion operations per second. It also comes with a 4GB RAM and is available in three storage options: 64GB, 256GB, and 512GB. The XS Max boasts a dual-camera system, with a 12-megapixel wide-angle lens and a 12-megapixel telephoto lens. It has optical image stabilization, 2x optical zoom, and a portrait mode that allows for adjustable depth control. The front-facing camera is a 7-megapixel TrueDepth camera with Face ID technology for secure unlocking and authentication. The XS Max supports Gigabit-class LTE, Bluetooth 5.0, and dual-SIM capability. It is also water and dust resistant with an IP68 rating, which means it can withstand being submerged in up to two meters of water for up to 30 minutes. The phone runs on iOS 12, which features new Emojis, Memojis, and Screen Time, a feature that helps users monitor and manage their device usage. It also supports wireless charging and fast charging, which can charge the phone up to 50% in just 30 minutes. Overall, the iPhone XS Max is a powerful and feature-packed phone with a large and impressive display, top-notch camera capabilities, and advanced technology. On the iStore Pre-owned website, you’ll find deals from R7,499 – R10,399. The prices usually depend on storage size and the neatness level of the refurbished mobile device. iPhone 11 series on iStore Pre-owned One of the most popular iPhone models on iStore Pre-owned is the iPhone 11 series. Released in 2019, it comprises three models: the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. All three models boast impressive camera systems, with the iPhone 11 featuring a dual-camera system and the Pro models featuring a triple-camera system. The A13 Bionic chip powers all three models, providing fast performance and energy efficiency. The iPhone 11 and 11 Pro have 6.1-inch displays, while the Pro Max features a larger 6.5-inch display. All three models have improved water resistance and feature iOS 13, with updates available to the latest iOS 15. Overall, the iPhone 11 series is a solid choice for those looking for a powerful and reliable smartphone. On iStore Pre-owned, you’ll find deals for the refurbished versions of the iPhone 11 series from R8,499 – R 13,999. The price will be determined by phone neatness/use level, storage capacity, and which particular model of the 11 series it is. iPhone 12 series on iStore The iPhone 12 series is one of the lineup of smartphones from Apple, released in October 2020. And refurbished versions of the amazing smartphone are available for good deals on iStore Pre-owned for buyers in South Africa. They have versions that include the four popular iPhone 12 models: the iPhone 12, iPhone 12 mini, iPhone 12 Pro, and iPhone 12 Pro Max. All models feature 5G connectivity, A14 Bionic chipsets, and OLED displays with Ceramic Shield front covers for improved durability. The iPhone 12 and iPhone 12 mini have dual-camera systems, while the Pro models have triple-camera systems with LiDAR scanners for improved augmented reality experiences. Additionally, the iPhone 12 Pro models have stainless steel frames and larger screens compared to the non-Pro models. Overall, the iPhone 12 series offers impressive performance and features for Apple enthusiasts and new users alike. On iStore Pre-owned, you’ll get the used iPhone 12 series between R8,999 and R22,499. iPhone 13 series on iStore Pre-owned The iPhone 13 series is one of the latest releases from Apple4, consisting of four models: iPhone 13, iPhone 13 Mini, iPhone 13 Pro, and iPhone 13 Pro Max. These devices come with new features and improvements compared to their predecessors. One notable upgrade is the A15 Bionic chip, which offers faster processing speeds and better power efficiency. The cameras have also been upgraded with improved low-light performance, cinematic mode, and the ability to capture ProRAW photos. The design has also been refined, with smaller notches and a new diagonally oriented rear camera layout. Overall, the iPhone 13 series offers significant improvements and is a solid choice for those in the market for a new feel of the iPhone brand. The refurbished versions of this series cost between R11,999 and R29,999, depending on their storage, models, and conditions which are graded between good, better and best. Iphone 14 series deals on iStore Pre-owned The iPhone 14, iPhone 14 Plus, the iPhone 14 Pro, and the iPhone 14 Pro Max are the four latest iPhones that Apple has in the market. And that’s the limit of the iPhone catalogue on iStore Pre-owned too. While the other three iPhones are essentially just improved versions of what we already have on the market, the iPhone 14 Plus is an altogether new
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MTN leads the USSD change as *556# goes defunct
Following the review of USSD commands by the NCC, MTN Nigeria seems to have changed the USSD to check your airtime account balance, alongside providing updates for other commands. The old legendary MTN USSD – *556#, is no longer responding as usual. We’ll now show you the new code to check your account balance. When you dial the *556# command, you get a prompt that says your dial was wrong and that you should choose from a list of 7 items what command you intended. The image below shows the details of the prompt: Therefore, to check your airtime account balance through the prompt, you’ll need to enter the number 4. And as ofat today 17, May 2023, directly check your MTN airtime balance with USSD, you may have to dial the new USSD *310#. Other direct USSD to updates on MTN Currently, the commands listed 1-7 on the pop-up are the new direct USSD for those services listed beside them. However, their initial access codes are still working. Dial *312# for Data Plans Dial *311# for Airtime Recharge Dial *303# to borrow airtime. Dial *310# to check account Dial *323# for data balance Dial *321# to share data Dial *305# for VAS. Final thoughts All other networks will soon adopt the new uniform codes as instructed by the NCC and we’ll monitor that as well..
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TechCabal Daily – Ghana gets the bag
Lire en français Read this email in French. 18 MAY, 2023 IN PARTNERSHIP WITH Happy pre-Friday If you have an inactive Gmail account you want to keep, now might be the time to log back in and make use of the account. Google has updated its policies, and by December 2023, it will delete all Gmail accounts that have been inactive for more than two years. This includes all apps connected to Gmail—Google Docs, Sheets, Forms—as well as inactive Google Photos and YouTube accounts. In today’s edition Ghana secures $3 billion from IMF Egypt sells 9.5% stake in Telecom Egypt Zimbabwe’s gold mafia is cleared Tizeti and Microsoft partner in Côte d’Ivoire The World Wide Web3 Report: The State of Tech in Africa Opportunities GHANA SECURES $3 BILLION FROM THE IMF The International Monetary Fund (IMF) has granted Ghana a $3 billion bailout to aid its economic recovery from the debt crisis. This approval has boosted investor confidence, resulting in Ghana’s currency, the cedi, becoming the world’s top performer against the dollar. How well is the Cedi performing? As of yesterday, the currency reportedly traded 1.7% stronger at GH₵10.8625 per dollar in Accra, Ghana’s capital. Additionally, Ghana’s Eurobond maturing in 2032 experienced a boost, rising 0.5 cents to 40.2 cents on the dollar. Investors had been wagering on the approval of the bailout. What will this funding do? The approved funding will serve to replenish Ghana’s foreign-exchange reserves, which have seen a significant decline of nearly 50% since their peak in August 2021. Sounds exciting. The government is gearing up to receive a massive injection of cash, and we’re talking big numbers here. There will be an initial disbursement of a whopping $600 million. Another hefty $600 million is on its way in November, followed by equal instalments of $350 million every six months, pending those critical reviews by the IMF. That’s a whole lot of zeros, but there’s more! Ghana is also set on securing an additional $900 million in budget support from the World Bank over the course of a three-year period. There is still more: Ghana is rolling up its sleeves for some serious negotiations. It is currently in talks to restructure $13 billion of its debt. Notably, a bilateral creditors group co-chaired by China and France played a vital role in restructuring Ghana’s debt under the Common Framework, which ensures fair burden sharing. Ghana is leaving no stone unturned. With cash injections, budget support, and debt restructuring on the horizon, it looks like the country is Ghana make it out of Sapa land. MONIEPOINT RANKED 2ND FASTEST-GROWING AFRICAN COMPANY Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here. This is partner content. EGYPT SELLS 9.5% STAKE IN TELECOM EGYPT Egypt’s finance ministry on Sunday announced the sale of its 9.5% stake in Telecom Egypt, raising 3.75 billion Egyptian pounds ($121.6 million). Per reports from Bloomberg, filings submitted to the Egyptian Stock Exchange indicate that 162.2 million shares were sold at 23.11 Egyptian pounds ($0.75) each. Prior to this recent transaction, the government’s ownership in the Egyptian Stock Exchange-listed company stood at 80%, while the remaining 20% was publicly traded on the Egyptian Exchange. The government is also offering 0.5% of Telecom Egypt to employees to buy by May 25, which will bring the total asset sale to 10%. Overall, it will reduce the government’s stake to 70%. This move is part of the government’s privatisation programme, aimed at advancing its economic agenda. Egypt is desperate to raise revenue from privatising state-owned firms in order to meet a series of foreign debt obligations that will be due in a few months. The government announced the sale of its stakes in Telecom Egypt almost two months after it first said it planned to reduce the government’s ownership in the company. Egypt purging assets: The sale of 9.5% of Telecom Egypt marks the second transaction following prime minister Mostafa Madbouly’s commitment on April 29 to proceed with the planned divestment of government stakes in 32 companies. The objective is to raise $2 billion by the end of June. As part of a $3 billion, 46-month financial support package signed in December 2022, Egypt has committed to reducing its intervention in the economy and facilitating a more prominent role for private companies. This move aligns with the agreement made with the International Monetary Fund (IMF) to promote economic liberalisation and greater participation of private entities. ZIMBABWEAN GOLD MAFIA CLEARED OF ACCUSATIONS Remember those alleged Zimbabwean gold mafia members who were accused of looting the country’s precious gold reserves? Well, hold onto your seats because they have just been cleared of all wrongdoings. Apparently, the investigations into their finances revealed no evidence of gold smuggling on their part, so their accounts have been unfrozen and they have been let go. Everyone is asking how no evidence was found despite the damning documentary by Al Jazeera. But the bigger question is, is now really the best time to unfreeze the accounts of individuals accused of exploiting their access to the gold reserves? Why are people asking that? Last month, the Reserve Bank of Zimbabwe (RBZ) introduced a gold-backed digital currency backed by the nation’s gold reserve. The digital legal tender is one of the several measures the government is taking to deal with the country’s currency, the Zimbabwean dollar, nosediving against the American dollar. Holders of the gold-backed token can exchange their money for the tokens in order to store value and shield themselves from the volatility of the exchange rate. The tokens, backed by 139.57 kilograms of gold, were on sale from May 8 to May 12. The International Monetary Fund (IMF) cautioned Zimbabwe that backing a digital currency with its gold reserve is very risky. However, the country announced that it has sold Z$14 billion worth of gold-backed digital tokens—worth around $39 million after receiving applications from 135 interested buyers.
Read MoreThe story behind M-KOPA’s $250 debt and equity raise
Digital financing firm M-KOPA recently raised $250 million. The general manager, Babajide Duroshola, has explained why debt was raised in the funding process. TechCabal earlier reported that M-KOPA closed a $75m drive back in February 2022. The digital financing firm has given reasons why it raised $250 million in debt and equity financing. The breakdown of its latest capital injection includes $55 million in equity and over $200 million in debt. Yesterday, May 16th, M-KOPA general manager, Babajide Duroshola, was on a Twitter space organised by Big Tech This Week. On the Space, he explained that debt helps one to get the required working capital to put to use as soon as possible “For the size of our business today, It is very difficult for us to be lending based off equity drawdowns. So debt was the preferable option because it allowed us to do bigger things,” Duroshola explained. He said it is better compared to equity which is nice but expensive because equity involves giving a part of your business to someone with the promise to take huge returns. The M-KOPA boss explained that debt is faster and helped the firm to scale. Experts at TLG Capital, who spoke at the TLG Future Africa Venture Debt Conference that was held virtually today, noted that only 13% of Africa venture capital is backed by debt. The infographic shared during its afternoon session showed low venture debt in the ecosystem as Venture Equity accounted for $4.5billion compared to $650million in debt funding in 2022. TechCabal, last month reported that debt funding has become a more attractive financing option for startups. Founding Partner, Future Africa, Iyinoluwa Aboyeji, who was present at the conference acknowledges that the game of funding has changed.”The game has changed. But now capital has become so expensive that you have to ask yourself whether it is worth sacrificing to build the business you want to build,” he stated. With the success of its business model in Kenya, M-KOPA’s new funding is premised on boosting its smartphone financing offering, expanding into additional markets, and prioritising sustainability. Going further, Duroshola explained that in recouping some of the credit in smartphone financing, how they get individuals to pay is through the technology. He noted that if any customer defaults on payment, the smartphone has the capacity to lock itself. However, he noted that there is flexibility in payments and customers can walk away anytime. “The payment is flexible and they can pay on the day they can afford the device. You can use three days payment or seven days. Even if you miss a day’s payment, you can pay the next. Customers can walk away anytime. We do not force people to pay by all means,” he explained.
Read MoreGhana secures $3 billion IMF bailout for economic recovery
The International Monetary Fund (IMF) has granted Ghana a $3 billion bailout to aid its economic recovery from the debt crisis. The anticipation of this approval has boosted investor confidence, resulting in Ghana’s currency, the Cedi, becoming the world’s top performer against the dollar. Ghana’s much-anticipated request for a $3 billion bailout from the International Monetary Fund (IMF) has been approved, per Bloomberg. This signals a positive outlook for the nation’s economy amidst its debt-induced crisis. Investors had been eagerly awaiting this news over the past six months, leading to a surge in confidence and making Ghana’s cedi the world’s top-performing currency against the US dollar. As of today, the currency reportedly traded 1.7% stronger at 10.8625 per dollar in Accra, Ghana’s capital. Additionally, Ghana’s Eurobond maturing in 2032 experienced a boost, rising 0.5 cents to 40.2 cents on the dollar. The approved funding will serve to replenish Ghana’s foreign-exchange reserves, which have seen a significant decline of nearly 50% since their peak in August 2021 due to the central bank’s efforts to defend the cedi. In order to secure this IMF program approval, Ghana had to make tough economic decisions, such as increasing taxes. Notably, a bilateral creditors group—co-chaired by China and France—played a vital role in restructuring Ghana’s debt under the G20’s Common Framework which reportedly influenced the approval greatly. Although the IMF has not officially announced its decision, Bloomberg reports that sources close to the matter have confirmed the approval following a meeting of the IMF’s executive board on Wednesday. According to Mohammed Amin Adam, the Minister of State for Finance, the government anticipates receiving an initial disbursement of $600 million this week, with another $600 million expected in November. The remaining amount will likely be disbursed in equal instalments of $350 million every six months, subject to IMF reviews. Furthermore, the government is currently engaged in talks for an additional $900 million in budget support from the World Bank over a three-year period. Simultaneously, negotiations are being planned with eurobond holders to restructure the $13 billion debt owed to private investors, indicating a comprehensive effort to stabilise Ghana’s financial situation.
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