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54gene raised $45 million in three funding rounds to achieve the extraordinary for African genomics. But four years on, the company is shutting down in a cloud of controversy.

Genomics startup 54gene, which raised an impressive $45 million across three funding rounds to advance African genomics, is now winding down its operations, a shocking twist that has left the industry buzzing with questions. Here's a detailed look at the rise and fall of 54gene:
 
Founding Vision
- Founded in 2019 by Dr. Abasi Ene-Obong, 54gene aimed to address the glaring disparity in global pharmaceutical research. Less than 3% of genetic material used in global pharmaceutical research originates from Africa, leaving a massive gap in genomic data.
 
Financial Struggles
- In a surprising turn of events, the company initiated its shutdown process in July 2023. By September, its website was offline, and its PR agency had severed ties with 54gene.
- 54gene has experienced a tumultuous year with three CEO changes, including Ron Chiarello, who took the helm in March 2023 but left in July.
- Chiarello confirmed that financial challenges led to the company's closure, but the fate of its valuable assets, including a biobank, remains uncertain.
 
Legal Battles
- The company faces legal complications, with unpaid creditors and a lawsuit from its former legal counsel, Teresia Bost. Bost alleges discriminatory behavior and a hostile work environment.
- Dr. Abasi Ene-Obong's sudden departure in October 2022 added to the company's woes. His exit followed a fundraising round despite substantial revenue from COVID-19 testing and a $25 million funding round a year earlier.
 
Missteps in Diagnostics
- In 2021, 54gene ventured into diagnostics, creating Seven River Labs after its success with COVID testing. However, it encountered financial issues.
- The company's spending to launch Seven River Labs was criticized, and despite substantial investments, expected returns failed to materialize.
- By mid-2022, 54gene faced financial constraints, leading to salary cuts and layoffs.
 
Industry Impact
- Industry observers fear that 54gene's failure may deter global investors from funding the sector.
- When a flagship company that has raised significant funds in a sector experiences a sudden downfall, it sends ripples of uncertainty through the industry.
 
The rise and fall of 54gene serve as a cautionary tale in the genomics and health tech sector, underlining the challenges and complexities of navigating a capital-intensive field with high expectations and fierce competition. 🧬💼
 
Read more on <a href="https://techcabal.com/2023/09/27/54gene-shutting-down-operations/">TechCabal</a>

Genomics Startup 54gene Shuts Down Amid Controversy After Raising $45 Million 🧬🚫

M-KOPA, a Kenyan fintech giant known for financing solar systems and smartphones, has appointed former Nokia CEO Rajeev Suri as its new board chair. As the company gears up for rapid expansion, Suri's leadership is set to guide M-KOPA into a new era of growth and innovation. With over 5 million users across Africa, M-KOPA is reshaping digital and financial inclusion.

🚀 M-KOPA, a fintech startup providing solar systems and smartphones on affordable payment plans, has appointed Rajeev Suri, former CEO of Nokia, as its new board chairman. Suri will take over from Elizabeth Littlefield on December 1, 2024. His extensive experience in leading global companies like Nokia and Inmarsat positions him to guide M-KOPA through its next growth phase.
 
💡 M-KOPA has been a game changer in digital and financial inclusion, leveraging cutting-edge AI technologies to serve over 5 million users in Kenya, Uganda, Ghana, Nigeria, and South Africa. As competition heats up with new entrants like D.Light, Sun King, and Aspira, Suri's appointment comes at a pivotal moment.
 
📊 M-KOPA raised $255 million in 2023 and has disbursed over $1.5 billion in credit to its users. However, the company faces challenges, including back taxes following a ruling by a Kenyan tax tribunal. Despite this, M-KOPA continues to lead in the PAYGO sector.
 
Key Highlights:
<ul>
 <li>Rajeev Suri to lead M-KOPA as board chairman starting December 2024.</li>
 <li>M-KOPA has served over 5 million users across 5 African countries.</li>
 <li>Raised $590 million in venture funding, including $255 million in 2023.</li>
 <li>Suri’s appointment comes at a time of intense competition in the PAYGO market.</li>
</ul>
✨ M-KOPA’s innovative approach and strong leadership signal a bright future for the company and its mission to empower consumers across Africa.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/14/m-kopa-nokia-ceo-board-chair/">TechCabal</a>

M-KOPA Appoints Former Nokia CEO Rajeev Suri as New Board Chairman, Driving Fintech Growth

TechCrunch

🌍 From humble beginnings in Africa, InstaDeep has grown into a global AI powerhouse. In just over a year under BioNTech’s umbrella, the startup continues to drive innovation in biotech and beyond. CEO Karim Beguir reveals how InstaDeep’s cutting-edge AI is revolutionizing healthcare and industrial optimization alike.

InstaDeep's AI Revolution: Scaling Global Innovation 🚀
InstaDeep, Africa's largest AI startup, was acquired by BioNTech for $550M in 2023. Under BioNTech’s wing, the Tunis-born startup has achieved significant progress in AI-driven biotech applications, including AI models that accelerate tissue analysis by 5x and support cutting-edge cancer research. Their DeepChain platform, focusing on protein design, plays a key role in fighting diseases like cancer.
 
 
Key Highlights:
<ul>
 <li>📊 BioNTech acquisition enhances InstaDeep’s biotech focus, accelerating drug development using AI.</li>
 <li>InstaDeep maintains independence, still collaborating with non-biotech sectors such as industrial optimization.</li>
 <li>🦗 A key AI project: predicting locust outbreaks in Africa with NASA-backed geospatial data, helping protect food security.</li>
</ul>
 
 
CEO Karim Beguir believes InstaDeep’s AI innovations in biotech are at a pivotal stage—similar to GPT-3’s debut in 2020, opening up endless possibilities for the future of healthcare and industrial optimization.
"AI is now a game changer in biology—just like GPT was for NLP," says Beguir.
 
 
Read more on <a href="https://techcrunch.com/2024/10/12/where-we-are-today-in-biology-ai-is-similar-to-gpt-in-2020-an-interview-with-the-ceo-of-africas-biggest-ai-startup/">TechCrunch</a>

InstaDeep's AI Journey: From Africa to Global Biotech Innovator

Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.

<h3>The Central Bank of Kenya (CBK) is spearheading a transformative project to introduce a Fast Payment System (FPS), aimed at enabling instant transactions across all banks and fintechs. This system will solve long-standing interoperability issues, allowing Kenyans to pay bills, send money, and make other transactions effortlessly, regardless of their financial service provider.</h3>
<h3> </h3>
<ul>
 <li>Interoperability Issue: FPS will address the challenges that have prevented smooth communication between different payment systems, unlike current solutions like Pesalink, which is limited and lacks utility payments capabilities.</li>
 <li>Collaborative Effort: Since February 2024, CBK has worked with industry players through a CBK-Industry Technical Working Group to develop this new system.</li>
 <li>Key Benefits: FPS will promote faster payments, wider accessibility, and reduce the reliance on fragmented and costly systems. It will lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).</li>
</ul>
 
By fostering faster financial services, FPS is expected to boost economic activity and expand access to essential services across Kenya 🚀.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/18/kenyas-central-bank-plans-instant-payment-system/">TechCabal</a>

Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪

Stanbic Bank Kenya has completed a major upgrade of its core banking software, aiming for enhanced security and improved user experience. Despite brief service disruptions, the bank’s transition to the latest technology signals a drive for modernized banking in a competitive market.

Stanbic Bank Kenya, the sixth-largest bank in Kenya, has successfully completed an upgrade to its core banking software, Temenos T24 R23, in partnership with Orion Innovation. This upgrade—one of the most significant in recent years—introduces advanced security features and improved performance across Stanbic's digital platforms.
 
<ul>
 <li>Customer Impact: Over 266,000 customers experienced some service disruptions from October 19-21. Though some users reported limited access after the upgrade, Stanbic reassured customers that it is monitoring system performance to maintain optimal functionality.</li>
 <li>Tech-Driven Growth: This move aligns with a trend among Kenyan banks investing in advanced tech, especially as competition for skilled IT talent intensifies. Stanbic joins global banks using the advanced R23 version, further positioning itself as a leader in digital transformation in Kenya’s banking sector.</li>
 <li>Cost and Efficiency: While some banks opt to build in-house core banking systems for greater customization, others, like Stanbic, partner with external providers for expertise and cost efficiency. However, managing complex integrations across old systems remains a challenge for many institutions.</li>
</ul>
 
As Kenya’s banks embrace digital innovation, Stanbic’s upgrade is a signal of the sector’s shift toward secure and seamless banking, supported by both internal growth and external partnerships.
 
🔹 Temenos T24 R23 - Latest Core Banking Tech 
🔹 Focus - Enhanced Security, Efficiency 
🔹 Trend - Rising demand for tech talent across banks
 
Read more on <a href="https://techcabal.com/2024/10/25/stanbic-bank-kenya-finalises-core-banking-upgrade/">TechCabal</a>

Stanbic Bank Kenya Completes Core Banking Software Upgrade Amid System Glitch Resolution

Disrupt-Africa

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.

Moniepoint, founded in 2015 as TeamApt, is Nigeria's top merchant acquirer, processing $17 billion monthly and supporting over 10 million businesses and individuals. Recently, the company secured $110 million in Series C funding, led by Development Partners International, alongside new investors such as Google’s Africa Investment Fund and Verod Capital. With this new capital, Moniepoint plans to scale its all-in-one financial ecosystem across Africa, offering services like digital payments, banking, FX, credit, and business management tools.
 
Highlights:
<ul>
 <li>Key Investors: Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock (existing investor).</li>
 <li>Platform Vision: A comprehensive suite for African businesses with seamless banking, payment solutions, and support tools.</li>
 <li>Financial Impact: Moniepoint’s rapid growth supports financial inclusion across underserved communities and enables businesses to grow with reliable banking solutions.</li>
</ul>
 
CEO Tosin Eniolorunda emphasized Moniepoint’s mission to innovate and drive financial inclusion across Africa, delivering solutions that make a difference for the continent’s entrepreneurial potential.
 
 
Read more on <a href="https://disruptafrica.com/2024/10/29/nigerias-moniepoint-raises-110m-series-c-to-scale-digital-banking-across-africa/">Disrupt-Africa</a>

Moniepoint Raises $110M to Expand Digital Banking Across Africa 🌍💸

🌍 Access Bank secures the green light to acquire Kenya's National Bank, expanding its reach across East Africa’s largest economy. With an estimated $100 million deal, Access Bank will increase its footprint to 77 branches across 28 counties. Here’s what this move means for Kenya’s banking sector! 💸

Access Bank has received approval from the Competition Authority of Kenya (CAK) to acquire the National Bank of Kenya (NBK) from KCB Group, contingent upon retaining 80% of NBK’s workforce for a year post-acquisition. The deal, valued around $100 million, now awaits the Central Bank of Kenya's (CBK) approval to proceed.
<h3> </h3>
<h3>Key Points:</h3>
<ul>
 <li>Expanded Reach: Access Bank’s acquisition of NBK will grow its presence from 23 branches in 12 counties to 77 branches in 28 counties, significantly enhancing its reach in Kenya.</li>
 <li>Market Share: The combined Access Bank-NBK entity will hold a 1.9% market share, a figure CAK indicates won't disrupt competitive dynamics in the Kenyan banking sector.</li>
 <li>Deal Valuation: The transaction is estimated to be around $100 million, pegged at 1.25x NBK’s book value of $79.77 million in 2023.</li>
 <li>Timeline: The acquisition is anticipated to close by November, pending final regulatory approval.</li>
</ul>
 
Access Bank’s move positions it as a stronger player in Kenya’s tier 2 banking sector, giving it an edge in a highly competitive market. The expansion reinforces its strategy to tap into East Africa's economic potential while addressing diverse banking needs, from retail to corporate and Islamic banking.
 
 
Read more on <a href="https://techcabal.com/2024/10/30/access-national-bank/">TechCabal</a>

Access Bank Gains Approval to Acquire National Bank of Kenya for an Estimated $100 Million

Bird Story Agency

Africa's Gen Zs,  promised opportunity, innovation and new technology but faced with the very real world of a workplace in flux, constrained labour markets, high inflation and increasing criticism of their work ethic, are finding very little to cheer about. So a growing number of African universities are stepping in, hoping to bridge the gap between academic qualifications and real-world demands.

Conrad Onyango, bird story agency
 
Worldwide, Generation Z is facing tough times, with global economic shifts, environmental issues, worrying "hot" conflicts that are increasingly global in nature, and a job market that is less beneficial to generational wealth creation than any since World War 2.&nbsp;
 
At the same, time, this generation - born between 1997 and 2010 - is considered by nearly three-quarters of managers to be the most challenging workforce to work with.
 
According to a 2023 survey by Resume Builder, managers say Gen-Z workers feel entitled and demonstrate a lack of effort, motivation and productivity.
 
On the other hand, Gen Z workers blame business leaders and educators for a lack of understanding of the digital natives and their potential to re-write the rules of traditional corporate dynamics.&nbsp;
 
With this generation expected to comprise more than a quarter of the global workforce in 2025, recruiters, learning institutions and Gen Z's themselves, are having sleepless nights.
 
The fear and anxiety looms even larger in Africa, the continent with the youngest population in the world.
 
But there is a glimmer of hope.
 
Africa's institutions of higher learning are starting to introduce programs, organising networking events and forums to discuss and prepare this large pool of future workers in a quest to bridge the gap between university qualifications and the demands of the labour market.
 
The University of the Witwatersrand (Wits), Johannesburg, is the latest to launch a student-driven initiative, the&nbsp;WorkReady Gen Z&nbsp;programme, a three-month online course designed to equip University students with essential work-readiness skills.
 
“WorkReady Gen Z&nbsp;was built to empower students not just for their first jobs but for long-term success in their careers. It’s designed to help them navigate the workplace and grow into future leaders and entrepreneurs,” says Lindelwe Cili, Career Services Team Leader at Wits.
 
The collaborative effort of the Wits Student Representative Council (SRC) &nbsp;with the Wits Counselling and Careers Development Unit (CCDU) offers insights on job hunting strategies, smooth transition in their first jobs and bolsters their skills building capacities using real-time case studies.
 
The program covers topics like job roles, imposter syndrome, and workplace biases to bolster the confidence of Gen Z’s &nbsp;in their first jobs. It also exposes them to interactive case studies and thought-provoking activities where students develop critical skills such as problem-solving, communication, time management, and professionalism.
 
Strathmore University Business School in Nairobi, this year themed its Annual HR Summit "Future-ready HR: Navigating Trends, Transforming Workplaces,"&nbsp;
 
Whlie representatives from academia and industry emphasized the need for further efforts to address the work readiness gap in Africa, Ceasar Mwangi, Strathmore's Executive Dean, asked attendees to think of the continent's youth challenge differently and to change the narrative when considering education.
 
“Perhaps the best way to address the needs: 'A rich continent with high levels of poverty with difficulties and challenges is addressing the issue of people development',” he explained.
 
In March, the International School of Advertising (ISA) Africa partnered with the data science firm Predictive Analytics Lab and the recruitment firm Brighter Monday to host a "Marketing in a Gen Z World" Forum at the University of Nairobi as part of its apprenticeship program tour.&nbsp;
 
"We are teaming up to guide you through the maze of career readiness. We're offering free insights on how to ride the data-driven marketing wave," said ISA in a call for registration poster.
 
McKinsey's 'The Gen Z Equation' deep dive, calls for a change of perspective when considering Gen Z workers.
 
“To attract and retain these workers, employers should understand what this generation prioritizes in the workplace,” the report reads.
 
Gen Z prioritizes career development when considering a job offer, over compensation. Work flexibility is the top reason for their staying in a job, with the purpose of work being a deciding factor in whether they will remain in a job or quit, according to McKinsey.
 
These sentiments are also shared by Delloite in its Global 2024 Gen Z and Millenial Survey, Living and working with purpose in a transforming world.
 
According to the survey, the majority of Gen Z individuals (86%) - and an even higher number of millennials (89%) - believe that having a sense of purpose is crucial for their overall job satisfaction and well-being. Additionally, three-quarters of Gen Zs and millennials (75%) consider an organization's community engagement and societal impact as important factors when evaluating a potential employer.
 
“These generations are increasingly willing to reject assignments or employers who don’t align with their values,” said Delloite. &nbsp;
 
Brighter Monday Chief Executive Officer, Christ Otundo, speaking during the Annual HR Summit 2024, explained that many companies are struggling to articulate their value propositions.
 
“Organisations are increasingly leveraging employer branding but perhaps this is not done effectively. Companies have not articulated very clearly what their value propositions are,” Otundo explained.
 
The challenges facing Gen Z are not confined to what is often referred to as "sub-Saharan Africa", either. They are just as relevant in north Africa. AT Morocco’s Al-Akhawayn University, the dean of the School of Science and Engineering, Salah Al-Majeed, argues in his write-up on The Times Higher Education platform that Gen Z are often misunderstood.&nbsp;
 
Al-Majeed challenges educators to analyse and refocus on distinct skills such as creative spirit, entrepreneurship, willingness to challenge the status quo, social consciousness, and an ability to deliver high value and insight on issues such as sustainability, diversity, and social justice that the digital natives bring to the workplace.&nbsp;
 
“Gen Z is what we have. As educators, we should be embracing and building upon their many positive attributes rather than dwelling on their perceived failings,” said Al-Majeed.&nbsp;
 
He advocates for learning institutions to work together with recruiters to bridge the gap by mapping these competencies and creating platforms for showcasing the skills and creation of safe networking spaces with Gen-Zs.
 
bird story agency.
 
Useful links for editors:&nbsp;
 
https://www.mckinsey.com/quarterly/the-five-fifty/five-fifty-the-gen-z-equation
 
https://www.resumebuilder.com/3-in-4-managers-find-it-difficult-to-work-with-genz/
 
https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=1

Getting Gen Z work-ready: African universities stepping up

As more and more services move online across Africa, giant players like Safaricom, MTN and Airtel are stepping up their efforts to provide Africa with large, green-energy data centres.

Conrad Onyango, bird story agency
 
African telcos are racing to construct green-powered data centres as the continent's appetite for digital services grows, fueled by the world's largest youth population.
 
Already the continent is a pioneer and outperformer in mobile money, headlined by Kenya’s M-Pesa and other mobile payment services, with 60% of the population accessing the internet via mobile.&nbsp;
 
By 2025, 167 million more people from Sub-Saharan Africa are projected to be subscribed to mobile services, reaching 623 million users, and smartphone connections in the region are also seen &nbsp;more than doubling.
 
According to the International Finance Corporation (IFC), Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly US $180 billion to its economy.
 
Major telcos on the continent are responding to this demand opportunity - supported by moves to take education, health care, agriculture services and governance online - by lining up data center projects they say will be among the largest and greenest on the continent.
 
In its 2024 sustainability report, Kenya’s giant telco, Safaricom has outlined &nbsp;plans to construct three &nbsp;Tier 3+ scale data centers, as part of &nbsp;its long-term strategy to transform from a telecommunications company to Africa’s leading purpose-led technology company, by 2030.
 
The company's Limuru Data Centers Phase 1 is already operational, with Phase 2 planned to come on stream by 2025.
 
“The facility is designed for future growth, with the potential to support 1,000 high density racks and an IT load of up to 20 MW within the next decade,” said Safaricom in the report.
 
The strategic location of the data center in the cooler Limuru region, the &nbsp;telco said, will enable it to deliver a Power Utilisation Effectiveness of 1.35, making it one of the most energy-efficient facilities in Africa.&nbsp;
 
“The facility is equipped with a 200 kWp rooftop solar PV plant, with plans to scale up to 2MWp. Additionally, we are exploring partnerships with renewable energy producers to further enhance our commitment to sustainability,” according to the sustainability report.
 
In June, MTN Nigeria announced it was building a 1,500-rack, Tier 4 data centre to play a pivotal role in meeting the growing data demands and digital needs of businesses and consumers in the country.
 
In a LinkedIn post, MTN Nigeria CEO, Karl Olutokun Toriola said the facility will be the largest in West Africa upon completion and will enable the telco &nbsp;to respond swiftly to market demands and support businesses in Nigeria.
 
“Ultimately, this center will play a vital role in supporting Nigerian businesses to collaborate through cloud services, expand their capabilities, and thrive,” said Toriola.
 
”Our commitment to Environmental, Social, and Governance (ESG) principles is reflected in the data center's eco-friendly design to utilize efficient cooling systems and a combination of traditional energy sources, gas, and renewable energy,” he added.
 
After launching a multi-million data centre business, Nxtra by Airtel, in December 2023 &nbsp;the telco broke ground in March to what it termed as one of Africa’s largest data centres in Lagos, Nigeria- with plans for more across the continent.
 
“Through this business we aim to create one of the largest networks of data centres in Africa with high-capacity facilities in major cities complementing our existing sites. We’re taking great care to incorporate modern energy efficiencies into our operations,” &nbsp;said Airtel Africa’s Sustainability Report 2024.
 
Africa Data Centers Association also affirms the expansion of &nbsp;industry &nbsp;due to the increasing demand for such facilities throughout the continent-citing Kenya, Morocco and South Africa as fast-growing markets- abeit with a huge infrastructure gap to fill in.&nbsp;
 
“Africa needs up to 1000 MW and 700 facilities to meet demand and bring capacity density on a par with that of South Africa, the region’s leader,” according to Data Centers in Africa focus report 2024.
 
Africa, the report shows accounted for less than 2% of global colocation Data Centers supply, with over half that total located in South Africa.&nbsp;
 
“The development of data centres is picking up pace due to strong demand from economic operators, as well as increasing awareness that African countries must establish their digital sovereignty in an increasingly competitive and complex world,” said Ayotunde Coker, Chairman, Africa Data Centres Association.
 
Nigeria is listed in the data centers focus report as Africa’s largest digital economy with the internet contributing US$36.5 billion to its GDP, followed by South Africa(US$31.5 billion) and Egypt (US$26 billion).
 
Other large digital economies include Morocco(US$21.1 billion), Kenya(US$12.8 billion), &nbsp;and Algeria (US$11.9 billion).
 
Allied Market Research projects that the global market for DC provision will reach US$517.2 billion by 2030, up from an estimated of US$187.4 billion in 2020.&nbsp;
 
bird story agency
 
Useful links for editors:&nbsp;
https://africadca.org/en/data-centres-in-africa-focus-report-2024
https://www.ifc.org/en/insights-reports/2020/google-e-conomy
https://airtel.africa/#/pages/responsibility?tab=sustainability_frame-work
https://www.safaricom.co.ke/about/sustainability/sustainable-business-reports

African telcos in race to build green data centres

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.

🌍 Kenyan fintech startup Chumz, which helps users save and invest by prompting savings from mobile money, is expanding into Rwanda after gaining 200,000 users in Kenya.
 
💡 How Chumz Works:
<ul>
 <li>The app channels user funds from mobile accounts to licensed fund managers, who offer returns distributed back to users.</li>
 <li>Users are prompted to save based on behavior patterns, like spending at a pub or receiving funds, encouraging small, regular investments.</li>
</ul>
🎉 Unique Features and Success:
<ul>
 <li>The Superfan Challenge motivates savings based on favorite football teams' performance, adding a fun twist to saving.</li>
 <li>Chumz primarily serves retail investors who lack access to traditional fund managers, with women comprising the majority of savers.</li>
</ul>
🚀 Future Growth Plans:
<ul>
 <li>Chumz aims for 1 million Kenyan users by 2026 and plans to expand into Uganda, Tanzania, and Botswana.</li>
</ul>
 
With its accessible model, Chumz is filling a significant gap in East Africa’s financial inclusion landscape, supporting financial literacy across diverse demographics.
 
 
Read more on <a href="https://disruptafrica.com/2024/11/06/kenyan-fintech-startup-chumz-set-for-rwanda-expansion-after-hitting-200k-users/">Disrupt-Africa</a>

Chumz Expands to Rwanda: Kenyan Fintech with 200K Users Aims for 1M by 2026

Kobo360, the logistics powerhouse backed by Goldman Sachs, is rolling out HaulSight—an innovative fleet management software designed to help Africa’s major manufacturers streamline operations, track vehicles, and cut costs in real-time. With rising fuel prices squeezing margins, HaulSight presents an efficient way for companies like Dangote and Unilever to maximize fleet potential. Will this be a game-changer for Africa's logistics industry?

🚚 Kobo360, Africa's premier truck-hailing startup, is expanding its services with a new fleet management software called HaulSight to support Africa's large manufacturers and FMCG giants. Developed as a pure SaaS solution, HaulSight enables businesses to monitor fleet activity, optimize routes, and access invoice discounting—all without Kobo360 directly managing truck sourcing or transit logistics.
 
<h3>Key Features &amp; Strategic Benefits:</h3>
<ul>
 <li>Targeted Audience: Geared towards large enterprises like Flour Mills and Unilever, who often manage both in-house and third-party fleets.</li>
 <li>Revenue Potential: Offers Kobo360 a valuable revenue stream outside traditional truck-hailing, especially beneficial given rising fuel costs that are impacting logistics margins.</li>
 <li>Time-Saving Advantage: Existing industry relationships give Kobo360 an edge in navigating the lengthy sales cycles often associated with large corporations.</li>
</ul>
 
💡 Fleet Management Demand 
As Nigeria’s logistics industry grapples with rising operating costs, software solutions like HaulSight offer a vital alternative for companies to enhance visibility and control over valuable fleet assets. Alex Adenuga, CEO of Movam, emphasizes that the sector could benefit greatly from organized, efficient fleet management, despite the high entry cost for smaller operators.
 
🌍 Broader Industry Impact 
Kobo360’s pivot towards fleet management reflects a shift in Africa's logistics landscape, where the “aggregator model” is being reevaluated in favor of high-margin software sales. However, established competition and high switching costs may challenge widespread adoption among entrenched users of existing software like Nova Truck.
 
Conclusion 
With HaulSight, Kobo360 aims to extract added value from its 50,000-strong truck network, positioning itself as an indispensable logistics partner for Africa's biggest companies. The initiative reflects a larger industry trend: addressing operational challenges through tailored, data-driven solutions.
 
Read more on <a href="https://techcabal.com/2024/11/11/kobo360-is-developing-haulsight-management-software/">TechCabal</a>

Kobo360 Unveils HaulSight: Transforming Fleet Management for Africa’s Large-Scale Businesses

The Next Wave

TechSafari

Big Tech This Week

Nigeria's Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, believes that Artificial Intelligence (AI) is key to unlocking Nigeria’s future as an economic powerhouse. Despite facing criticism for his AI initiatives, Tijani remains resolute, outlining his vision for a digitized, talent-driven Nigeria. 🌍🚀

AI’s Role in Nigeria’s Future: A Vision from Minister Bosun Tijani
Bosun Tijani, Nigeria's Minister of Communications, Innovation, and Digital Economy, is confident that Artificial Intelligence (AI) has the power to reshape Nigeria into an economic powerhouse. During a fireside chat at TechCabal's Moonshot event, he discussed how ignoring AI would be a failure for future generations.
 
Key highlights from his discussion:
<ul>
 <li>AI as a Game-Changer: Tijani emphasized AI’s ability to influence thinking, behaviors, and overall innovation. He argued that focusing on foundational issues like electricity and education, while important, shouldn’t take away from Nigeria’s potential leadership in AI development.</li>
 <li>Critics vs. Vision: Tijani has faced criticism for focusing on AI when Nigeria is still grappling with infrastructure challenges. However, he firmly believes that digitizing African data for large language models (LLMs) represents a huge business opportunity for Nigeria, potentially setting the continent up as a leader in the AI space.</li>
 <li>5 Pillars of Nigeria's Digital Future:Talent Development: The minister is leading the ambitious 3 Million Technical Talents (3MTT) program, aiming to create a pool of skilled professionals and make Nigeria a "net exporter of talent." 
Infrastructure: The ministry is set to expand Nigeria’s fibre backbone to 125,000 km, crucial for scaling digital technologies. 🌐 
Pro-Innovation Policy: Tijani advocates for policies that support innovation over revenue generation.</li>
 <li>Legacy: Tijani wants to be remembered as the minister who built platforms—transforming Nigeria’s digital infrastructure, introducing GEO systems, and using technology to modernize government operations.</li>
</ul>
 
🌟 Minister Tijani’s vision focuses on building a future-ready Nigeria by tapping into AI, infrastructure, talent, and innovation.
 
 
Read more on <a href="https://techcabal.com/2024/10/09/bosun-tijani-ai-transform-nigeria/">TechCabal</a>

AI Will Transform Nigeria into an Economic Powerhouse, Says Tech Minister Bosun Tijani

🌍 Okra's new cloud product, Nebula, enters the Nigerian market at a time when companies are looking for affordable, local alternatives to global giants like AWS and Azure. With payments in naira and a focus on reducing forex exposure, Nebula could be a game-changer for Nigeria's cloud ecosystem. 🚀

<h3>Okra, a Nigerian open-banking startup, has ventured into the cloud infrastructure space with Nebula, a cloud service positioned as an affordable alternative to international giants like AWS and Azure. Following the footsteps of other local providers like Nobus and Layer3, Nebula’s key selling point is its acceptance of payments in local currency (naira), appealing to businesses looking to reduce dollar exposure amid Nigeria’s currency devaluation.</h3>
 
Key Highlights:
<ul>
 <li>Naira payments for cloud services provide an attractive option for businesses facing increased costs due to Naira devaluation.</li>
 <li>The 2019 National Cloud Computing Policy encourages Nigerian government agencies to use local cloud providers, potentially benefiting Okra and its peers.</li>
 <li>With the launch of Nebula, Okra aims to expand its revenue streams beyond its open-banking roots, responding to softer demand for its original services.</li>
</ul>
 
As cloud costs rise due to the volatile exchange rate, Okra and its local competitors are hoping to capture market share by offering cost-effective, homegrown cloud solutions, potentially easing the forex burden on Nigerian companies.
<h3> </h3>
<h3>Takeaway:</h3>
<h3> </h3>
With Nigeria's cloud market evolving, Okra’s Nebula is set to compete with international giants by offering a localized, affordable alternative, a move that could transform the cloud infrastructure landscape for African businesses. 🌐💼
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Read more on <a href="https://techcabal.com/2024/10/07/okra-providing-affordable-alternatives-to-aws-and-azure/">TechCabal</a>

Okra Launches Nebula: A Local Cloud Solution Rivaling AWS and Azure in Nigeria

Scale, a South African startup, has secured $700,000 in pre-seed funding to expand its customizable card-issuing services across Africa. Partnering with Visa and Mastercard, the company is solving key pain points for fintechs in the region. 🚀💳

<h3>South African startup Scale has raised $700,000 in pre-seed funding to help fintech companies issue customizable cards across Africa. Founded by Barbara Woollams and Miranda Perumal, Scale focuses on brand management and building strategic partnerships for fintechs looking to enter new markets or expand product verticals. This recent funding round, led by 54 Collective and First Circle Capital, will enable Scale to grow its operations into Kenya, Zambia, and Cote d’Ivoire, with a particular focus on their flagship product, Scale Execute, developed in partnership with Visa and Mastercard.</h3>
<h3> </h3>
The startup’s card-issuing service comes at a time when African fintechs are reconsidering card services due to rising costs from multi-layered partnerships and chargeback fraud, which has plagued some fintechs, including Eversend and Busha. Despite these challenges, expanding to Cote d’Ivoire makes sense for Scale, given the country’s strong card issuance growth, with 2.4 million cards issued by local banks in 2022.
 
With Africa’s fintech market projected to hit $230 billion by 2025, Scale aims to tap into this expanding sector, providing vital card issuance infrastructure that could account for 35% of payment cards by 2029. Competing against players like Onafriq, Scale is positioning itself as a critical enabler in Africa’s fintech landscape.
 
<h3>Key Highlights:</h3>
<ul>
 <li>$700,000 Pre-seed Funding: Led by 54 Collective and First Circle Capital.</li>
 <li>Expansion: Operations will expand to Kenya, Zambia, and Cote d’Ivoire.</li>
 <li>Key Product: Scale Execute – customizable card issuance, in partnership with Visa and Mastercard.</li>
 <li>Card Issuance Market: Cote d’Ivoire leads in West Africa with 2.4 million cards issued in 2022.</li>
 <li>Fintech Market Growth: Expected to reach $230 billion by 2025 in Africa.</li>
</ul>
 
Scale’s innovative approach and deep industry expertise are setting the stage for a revolution in how African fintechs offer card services to customers, despite the challenges of fraud and high processing costs. 💳✨
 
 
Read more on <a href="https://techcabal.com/2024/10/03/scale-raise-pre-seed/">TechCabal</a>

South African Startup Scale Raises $700K to Revolutionize Fintech Card Issuance in Africa 🇿🇦

🌾 Winich Farms, a Nigerian agritech startup, has raised $3 million in pre-series A funding to expand its reach and technology. This funding marks a major milestone in its mission to connect rural farmers with retailers more efficiently. Discover how this innovative company is reshaping Africa’s agricultural landscape! 🌍

Winich Farms, a Nigerian agritech company, has secured $3 million in pre-series A funding to expand its order fulfillment centers and improve its technology. This funding round, led by Acumen Resilient Agriculture Fund (ARAF), includes investments from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, and Tekedia Capital. The company aims to strengthen its operations by building regional distribution hubs and reducing delivery times.
 
<ul>
 <li>🌱 Founded in 2020, Winich Farms connects rural farmers to retailers, offering fair pricing and efficient delivery through a mobile app.</li>
 <li>🚚 With over 4,000 agents and a growing network, Winich Farms processes orders up to $2.2 million monthly and has scaled its gross merchandise value (GMV) by 300% since 2022, reaching $30 million.</li>
 <li>🏬 The agritech plans to establish fulfillment centers across Nigeria to speed up deliveries and provide access to financial services for farmers through its partnership with Sterling Bank.</li>
</ul>
 
With the new funding, Winich Farms is poised to compete in Africa’s expanding agritech market, offering solutions that enhance farmers’ productivity and food security across the continent.
 
Key Takeaways:
<ul>
 <li>$3 million funding to scale operations.</li>
 <li>Expansion into regional fulfillment centers for faster delivery.</li>
 <li>Growing network of over 4,000 agents and 150,000 users.</li>
</ul>
Read more on <a href="https://techcabal.com/2024/10/02/winich-farms-raises-3-million/">TechCabal</a>

Nigerian Agritech Startup Winich Farms Secures $3 Million to Scale Operations and Technology

Mawingu, Kenya’s fifth-largest ISP, is making strategic moves to focus on fibre and fixed wireless services. With over 30,000 subscribers, Mawingu aims to expand its reach into underserved peri-urban areas. As competition from giants like Safaricom and Starlink intensifies, how will this shift impact Kenya’s digital landscape? 📡💻

<h3>Mawingu, a Microsoft-backed ISP and Kenya’s fifth-largest internet provider, is transitioning to offering only fibre and fixed wireless services, moving away from its initial TV white space technology. With over 30,000 subscribers, the company is focused on expanding into peri-urban areas, particularly in northern and western Kenya, and aims to connect 10% of its customers to fibre by the end of 2024. 📶</h3>
<h3> </h3>
<ul>
 <li>Strategic Shift: Mawingu has laid 20 kilometers of fibre in Isiolo, with plans to expand to Garissa and other regions.</li>
 <li>Affordable Packages: The ISP offers packages starting at KES 2,500 for a 10 Mbps connection, making it accessible for price-sensitive customers.</li>
 <li>Technological Transition: Initially exploring TV white space technology, Mawingu now focuses on 5GHz fixed wireless for more cost-effective solutions.</li>
</ul>
 
While larger ISPs like Safaricom dominate the market, Mawingu is carving out space in areas that are underserved. However, the competition is heating up, especially with Starlink’s disruptive presence and Safaricom’s aggressive speed upgrades.
 
🌍 Mawingu’s commitment to expanding Kenya's digital infrastructure, particularly in peri-urban areas, signals an exciting development for the country's digital future. But the question remains—how will this new strategy fare against fierce competition from telecom giants and new players like Starlink?
 
Read more on <a href="https://techcabal.com/2024/09/30/mawingu-kenya-to-focus-on-fibre/">TechCabal</a>

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