TechCabal

TechCabal
TechCabal
Oct 4, 2023
Paystack Launches Virtual Terminals to Revolutionize Offline Payments in Nigeria 🇳🇬
Paystack, the Nigeria-based fintech company, is launching virtual terminals, a new product that allows merchants to accept payments with bank transfers for multi-person businesses.
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TechCabal
Oct 3, 2023
WhatsApp Hacks Make a Sneaky Comeback: How to Protect Your Account
It took Wuraola Onyeku about three weeks to realise that her partner was logged in to her WhatsApp account on his desktop. The first time she opened her WhatsApp after a night out with her friends to find herself in the middle of a conversation she couldn’t remember typing, she blamed the alcohol. The second time it happened, she blamed her poor memory on fatigue as she didn’t drink any alcohol. “I was always getting responses to messages I couldn’t remember sending, and at a point, I strongly believed I had a health condition that made me forget things easily,” she shared.
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TechCabal
Sep 29, 2023
MTN Expands Fintech Services: Payments and Remittances Now Available on MoMo App
MTN has launched payments and remittance features within its MoMo app, doubling down on its fintech and mobile money play in South Africa.
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TechCabal
TechCabal
Sep 29, 2023
Ivorian Startup Auto24 Expands into 4 African Countries 🇨🇮
Auto24, an Ivorian used car marketplace, has expanded into Morocco, Rwanda, Senegal, and South Africa, a year after it launched.
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TechCabal
Sep 28, 2023
Genomics Startup 54gene Shuts Down Amid Controversy After Raising $45 Million 🧬🚫
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.
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TechCabal
Sep 28, 2023
South African Femtech Empowers Women's Reproductive Health with Technology 🇿🇦
Anosele Kotu is the founder of Femconnect, a South African femtech that provides access to reproductive healthcare for women. After leaving her job at a software development company, she was determined to not look for employment elsewhere but to focus on working on a vision she’s nursed for a long time, Femconnect.
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TechCabal
TechCabal
Sep 28, 2023
Madica to Invest $6 Million in 30 African Pre-Seed Startups: Insights from Brenda Wangari
Brenda Wangari, head of portfolio success at Madica, shares more insights on the program which aims to invest $6 million in 30 African pre-seed startups over the next three years.
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TechCabal
TechCabal
Sep 27, 2023
Kenya's ODPC Fines Digital Lenders $60,000 for User Data Abuse 🇰🇪
Some digital lenders have resumed harassing borrowers on their platform, even in cases where laws protect them against personal data abuse. The Office of the Data Protection Commissioner (ODPC) has stepped in.
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TechCabal
TechCabal
Sep 26, 2023
Logistics Startup Sendy Faces Administration Amid Financial Crisis
Sendy has been facing a financial crisis with up to $1 million in monthly burn rate, and going into administration is the only way it can protect itself from total collapse.
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TechCabal
TechCabal
Sep 23, 2023
Empowering African Youth in Tech: Somali-based Fikrcamp’s Unique Approach 🇸🇴
Based in Hargeisa, Fikrcamp was launched in Somaliland and targeted Somali-speaking people. Although it has raised only $40,000, it has already arrived in Ethiopia to impart digital skills to Amharic-speaking students.
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TechCabal
Sep 22, 2023
East Africa Records 51 Private Equity Exits in a Decade 🚀🚀
East Africa also reported 478 private equity deals and closed $8.6 billion in private equity over the same period. In the last 10 years, there have been 51 private equity exits out of 427 investments (and 478 private equity deals worth $8.6 billion) in the East African market, per the East Africa Venture Capital Association (EAVCA).
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TechCabal
Sep 22, 2023
African Women Left Behind by Popular Femtech Apps
Femtech apps are popular with young women in Africa but the solutions they provide exclude some of those who need them the most.
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TechCabal
TechCabal
Sep 21, 2023
Jumia's Struggles and CEO's Rescue Plan: The Amazon of Africa Faces Challenges 📈 📉
Francis Dufay, CEO of Jumia Group, Africa’s leading e-commerce brand, faces the daunting task of turning around the company's fortunes. Despite more than a decade in operation, Jumia continues to incur losses, with no clear path to profitability. The latest earnings report shows a loss of $167 for every $100 earned, making profitability a distant goal.
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TechCabal
Sep 21, 2023
Fixit45 Secures $1.9 Million for East Africa Expansion
Fixit45 expansion drive into East Africa has caused the startup to raise $1.9 million to provide quality automotive spare parts, vehicle repairs and maintenance services across the continent
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TechCabal
TechCabal
Sep 20, 2023
💥 Nigerian Fintech PayDay Considering Sale After $3M Raise
Six months after raising $3 million in a seed round led by Moniepoint, the Nigerian fintech startup Payday is actively speaking to buyers. Favour Ori, the startup’s CEO, confirmed that PayDay is entertaining conversations with potential acquirers. “Active conversations are being had with people who reached out and expressed interest in buying,” Favour told TechCabal.
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TechCabal
Sep 20, 2023
Starlink Applies for Operating License in Zimbabwe 📡 🇿🇼
After initially warning the public against the usage of Starlink, citing the fact that it is unlicensed, the Zimbabwean government has confirmed it is reviewing the satellite internet provider’s licence application.
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TechCabal
Sep 19, 2023
Canal+ Eyes MultiChoice Acquisition for Global Expansion in African Pay-TV Market 📺
With Canal+ experiencing operational challenges in its French and European strongholds a MultiChoice acquisition could be perfect but complex for the French broadcaster’s global expansion ambitions.
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TechCabal
TechCabal
Sep 18, 2023
Gates Foundation Backs 29 Healthcare Supply Chain Startups in Africa with Equity-Free Funding ⚕️
i3, a pan-African initiative funded by the Gates Foundation, is giving 29 startups operating in Africa’s healthcare supply chain equity-free funding.
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TechCabal
Sep 15, 2023
Flutterwave CEO Olugbenga Agboola Talks FW 3.0, IPO Plans, and Expanding in Africa 🚀 📈
At the Kauffman Fellows event held in Nairobi this week, TechCabal spoke with Olugbenga Agboola, the CEO of Flutterwave. This publication shared several questions for him, including the state of its products, such as Barter and Send app, and we are posting them here verbatim to fully understand what the company has been up to and what it has planned for the coming days.
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TechCabal
TechCabal
Sep 14, 2023
Ugandan Startup Emata Raises $2.4 Million to Revolutionize Agriculture with Affordable Loans 🇺🇬
Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round which it will use to expand its agri-loan offering across East Africa. Emata, a Uganda based startup that offers affordable loans to farmers has raised a $2.4 million seed round. The seed round was a mix of $1.6 million debt and $800,000 equity funding. Emata will use the funding to fund its offerings in Uganda and expand into Tanzania.
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TechCabal
TechCabal
Sep 14, 2023
Tech Founders Investing in Nollywood: Unlocking 3x Returns in African Film Industry 🎬 🇳🇬
Nollywood is on a path to globalisation, and the deep pockets of tech operators will help achieve global success. On August 25, Editi Effiòng, a Nollywood director, shared a list of executive producers for his film, The Black Book. It featured African startup founders and investors like Nadayer Enegesi (Eden Life), Olumide Soyombo (Voltron Capital), and Ezra Olubi (Paystack). While this is not the first time African tech players have invested in film projects, the long list of executive producers for The Black Book has shown that tech operators are increasingly funding film projects.
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TechCabal
Sep 14, 2023
Ghana's Inflation Drops to 40% in August Driven by Food Prices 📉 🇬🇭
Driven by food prices, Ghana’s inflation rate dropped to 40.1% in August from 43.1% in July—a 10-month low. Data from Ghana’s Statistical Services (GSS) showed that headline inflation for August dropped to 40.1%. It is a 10-month low after July’s inflation figure reached a four-month high of 43.1%. According to Bloomberg, Ghanaian statistician Samuel Kobina Annim said it was the slowest rate recorded since last October.
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TechCabal
TechCabal
Sep 14, 2023
Why inDrive Has Become a Popular Choice for Riders and Drivers in Gaborone, Botswana 🇧🇼
In the absence of Uber and Bolt, inDrive has become a popular way to access public transport services in Gaborone, Botswana. inDrive lets drivers and passengers determine their fares rather than using prices determined by algorithms. Passengers can suggest a fare, while drivers may accept, decline, or make a counteroffer without any penalties. The decision on whether to proceed with a ride can be made by considering the fare amount, car type, estimated arrival time, and driver ratings. Drivers can select profitable and convenient requests.
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TechCabal
Sep 12, 2023
Lipa Later Raises $5M in Debt, Seeks $20M More for Expansion
Kenyan fintech firm Lipa Later Group has raised KES 500 million ($5 million) in a privately placed debt issuance. The startup will raise an additional KES 2 billion ($20 million) in equity and debt to fund its expansion plans in Kenya. It is currently crowdfunding $1.2 million in exchange for equity at a valuation of $30,000,000.
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TechCabal
TechCabal
Sep 11, 2023
Flutterwave's New Product "Swap" Aims to Revolutionize Nigeria's FX Market with CBN Backing 🇳🇬
Backed by the Central Bank of Nigeria (CBN), Flutterwave has launched Swap, an attempt to digitise the Nigerian foreign exchange (FX) market, in partnership with Wema Bank, the 10th biggest Nigerian bank by assets, and Kadavra BDC.
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TechCabal
TechCabal
Sep 9, 2023
Kenyan BNPL Firm LipaLater Crowdfunding $1.2 Million to Strengthen Its Position 🇰🇪
Despite decreasing VC interest in growth-stage startups, 5-year-old Kenyan BNPL firm LipaLater says it is not crowdfunding $1.2 million for the money. Kenyan BNPL company LipaLater is crowdfunding $1.2 million at a $30,000,000 valuation months after acquiring Kenyan online marketplace SKY.Garden, which was going to shut down due to a failed funding round. The startup is accepting investments as low as $100 on the crowdfunding platform Republic. So far, it has raised $27,228 from 29 investors.
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TechCabal
Sep 8, 2023
Flutterwave Partners with IndusInd Bank to Expand Remittance Product into India 🇮🇳
Flutterwave is expanding its remittance product, Send App, into India after partnering with IndusInd, an Indian bank with approximately 35 million customers. The partnership will allow Flutterwave, which is present in 30 African countries, to send money from the 5th largest economy in the world to the African continent.
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TechCabal
TechCabal
Sep 8, 2023
Wetility Raises $48 Million to Expand Solar Energy Solutions in South Africa ☀️⚡ 🇿🇦
South African solar energy startup Wetility has raised R903 million (~$48 million) in a funding round comprising debt and equity. According to CEO Vincent Maposa, the funds will be used to accelerate expansion plans and grow its customer base.
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TechCabal
TechCabal
Sep 8, 2023
Ethiopia Advances Toward Digital ID Adoption with $300,000 Contract 🇪🇹
With a population of 120 million, Ethiopia has chosen a firm to produce new digital IDs, also known as Fayda. Ethiopia has taken steps towards adopting digital IDs after it picked Madras Security Printers Private Limited as its partner for printing the documents.
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TechCabal
TechCabal
Sep 8, 2023
MTN Nigeria Chooses American Towers as New Tower Operator Amidst IHS Towers Dispute
MTN Nigeria has said its tower operations will be run by the Nigerian subsidiary of the American Towers Corp. (ATC) from 2025. ATC will be taking over from IHS Towers—whose lease to run MTN’s 2,500 network sites—will expire in 2024 and 2025.
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TechCabal
TechCabal
Sep 7, 2023
Sama AI to Hire 2,100 Kenyans for Computer Vision Projects After Exiting Content Moderation 🇰🇪
Sama, no longer involved in content moderation, is set to hire 2,100 Kenyan workers in the business process outsourcing (BPO) industry, focusing on computer vision artificial intelligence (AI). This initiative aligns with Kenya's goal to create 1 million BPO jobs and follows Sama's entry into the Kenyan market in 2015. The first wave of 600 employees has already begun work, with an additional 1,500 to be hired in the coming weeks. This move will increase Sama's workforce from 3,400 to 5,500, with an all-Kenyan leadership team.
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TechCabal
Sep 5, 2023
As Starlink faces hurdles, Amazon launches competitor in Africa 📡🌍
Vodafone and Amazon are working on Project Kuiper satellite internet service, a competitor to Starlink in Africa. Vodafone and Project Kuiper, Amazon’s Low Earth Orbit satellite (LEO) communications initiative, today, September 5, 2023, announced a collaboration to use Project Kuiper’s network to extend the reach of 4G/5G services to more of their customers in Europe and Africa.
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TechCabal
Sep 5, 2023
Habari Pay’s profits demonstrate GTCO’s bet on retail banking
According to GTCO’s half-year financial statements, Habari Pay reported a profit of ₦1.3 billion after tax. A breakdown of GTCO’s operating segments shows retail banking is its second-biggest revenue-generating segment.
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TechCabal
TechCabal
Sep 5, 2023
Andrew Barden and Zekarias Amsalu: A conversation with the minds behind the Africa Fintech Summit
Noel K. Tshiani is the founder of Congo Business Network, which has partnered with the Africa Fintech Summit (AFTS) since April 2019 to mobilise startups and government officials from the Democratic Republic of Congo to participate in various editions of the summit held in Washington, Addis Ababa, Cairo, and Cape Town. He discusses the evolution of the summit from its inception to the upcoming November edition in Lusaka, Zambia, with Andrew Barden, lead organiser, and Zekarias Amsalu, co-founder of the event.
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TechCabal
Sep 5, 2023
Exclusive: Leatherback Denies Losing Funds to SDQ Facilitators
Leatherback, a cross-border payments startup, is the subject of ongoing speculation within high-level online communities of the Nigerian tech ecosystem. The UK-based company, which raised $10 million pre-seed, is backed by ZedCrest Capital and provides cross-border payment services to customers in South Africa, Egypt, Uganda, India, the UAE, and Nigeria.
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TechCabal
TechCabal
Sep 4, 2023
Exclusive: mPharma lays off 150 employees due to tightening macroenomic conditions
mPharma is parting ways with some of its workforce as it doubles down on its Mutti product. mPharma, the Ghanaian startup that manages prescription drug inventory for pharmacies and their suppliers, has laid off some members of its workforce. “We took the difficult decision to right-size the team,” said Gregory Rockson, the company’s CEO; “[the layoffs are] in light of the current macroeconomic conditions driven by the devaluation of the Naira.”
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TechCabal
TechCabal
Sep 4, 2023
Paving the way for affordable cross-border payments in Africa
According to the African Development Bank (AfDB), cross-border banking has emerged as a critical feature within Africa’s financial landscape. It not only facilitates transactions across regions for individuals but also plays a pivotal role in expanding markets and nurturing innovation for businesses.
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TechCabal
TechCabal
Sep 4, 2023
“You can invest in Africa” and other common mistakes in how the world sees our continent
Africa, with some of the world’s fastest-growing economies and a rapidly expanding population, has the potential to become a global leader in telecommunications. But enabling this requires overcoming certain shortfalls. First, there is a need to shift fundamental misconceptions about the continent.
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TechCabal
Sep 2, 2023
M-PESA to introduce standing orders as Safaricom strengthens its mobile money product
Standing orders are common in banking services but are very rare in mobile money products such as M-PESA. Safaricom’s M-PESA is set to introduce standing orders in an announcement revealed by the telco’s CIO George Njuguna.
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TechCabal
TechCabal
Sep 1, 2023
“We are bridging Nigeria’s digital finance gap”- Moniepoint’s CEO
Picture a restaurant in Ikeja, Lagos State, where a customer needs to make a payment after a meal. To make this interaction successful, two critical parts of the digital financial experience need to happen. On one side of this are businesses, like, in this case, the restaurant. Businesses serve as an important locus, collecting payments from millions of customers. By empowering businesses to collect payments and manage their finances digitally, great transformation is possible.
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TechCabal
TechCabal
Sep 1, 2023
Months before Starlink’s Zimbabwe launch, government warns against its ‘unlicensed’ use 🇿🇼
Starlink users and resellers in Zimbabwe have been warned that unless they secure requisite licenses, they are breaking the law by using and providing the service. Zimbabwe’s communications regulator, the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), has issued a warning against the unlicensed use of Starlink.
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TechCabal
Aug 31, 2023
Amid high fuel costs, Uber launches electric motorbikes in Kenya 🇰🇪 🏍
Uber has revealed an e-mobility product in the Kenyan market—an electric motorbike named One Electric. The launch is key as the worldwide automotive industry plans to transition toward electric vehicles, with countries such as the U.K. planning to phase out vehicles with internal combustion engines. This also marks Uber’s third key product announcement in the Kenyan market this year, following the rollout of an audio recording feature for safety and the integration of M-PESA into its payment system.
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TechCabal
TechCabal
Aug 31, 2023
MultiChoice writes down $108 million on its investment in betting company KingMakers
Thus far, MultiChoice has lost R1.3 billion (~$108 million) in acquiring a 49% stake in Nigerian sports betting company KingMakers in three years. Can the company manage to turn its gamble on KingMakers around?
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TechCabal
TechCabal
Aug 31, 2023
Chargel expands into Cote d’Ivoire 🇸🇳 ⏩ 🇨🇮
After a $2.5 million seed raise and an expansion into Cote d’Ivoire, Chargel, a Senegalese logistics startup that connects truck drivers with shippers, wants to change how goods move through Francophone Africa.
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TechCabal
TechCabal
Aug 30, 2023
Black Ostrich Ventures announces $20m pre-seed and seed stage fund for African startups
Black Ostrich Ventures, a Los Angeles-based VC firm, has launched a $20 million pre-seed and seed-stage fund to support African startups in the cleantech, supply chain, ag-tech, and edtech sectors.
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TechCabal
TechCabal
Aug 30, 2023
Nigeria’s stock market hits 15-year high, but market experts are skeptical about investor movements 🇳🇬 📈
As Nigerian stocks hits 15-year high, experts urge investors not to buy the top On Tuesday, the All Share Index (ASI) of the Nigerian Stock Exchange hit a 15-year high. The ASI rose by 0.51% to close yesterday’s trading at 66,490.34 basis points, rising above the high of 66,371.20 bps recorded on March 5, 2008. While other investors may be looking to get in on this run, experts have warned against getting their fingers burnt.
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TechCabal
Aug 27, 2023
Eden Care Medical: Y Combinator’s latest health insurance bet in Africa ⚕️ 🇷🇼
In 2018, Moses Mukundi had a life-threatening health emergency. As an investment banker accessing health insurance, he needed the doctor to sign off on his form. “My insurance rejected paying a claim because the doctor had stamped but had not signed the claim form. I had an acute allergy attack and had to be treated immediately,” he said on a call with TechCabal. And as the turnaround time took much longer than usual, Mukundi had to pay out of his pocket to get treated.
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TechCabal
Aug 25, 2023
Despite price fluctuations, Africa’s Bitcoin maximalists remain bullish on its future 🌍 ₿
Bitcoin, as well as other crypto, has had a wild run in the past year. In the face of this, however, the African Bitcoin community has remained unfazed. Anita Porsch is a digital nomad who has spent the past two years travelling Africa as a Bitcoin educator and teaches Bitcoin at grassroots levels. For Porsch, who started a learning platform titled Crack The Orange, Bitcoin has one goal; facilitating a more just financial system. She believes in the potential of Bitcoin as an equaliser, giving people across the world access to the same monetary system and is committing a lot of time and effort to that gospel.
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TechCabal
Aug 25, 2023
Egyptian payments provider Fawry is considering digital banking 🇪🇬
Egyptian payments provider Fawry plans to launch a digital bank this year. This comes weeks after the company announced its plan to obtain a digital bank license from the Central Bank of Egypt.
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TechCabal
Aug 25, 2023
As Africa’s struggling currencies hinder growth, should startups fundraise in local currencies?
For African startups that raised funds in foreign currencies, rising inflation and currency devaluation have affected how they report revenue to investors. Can raising funds in local currencies help reduce the effect?
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TechCabal
TechCabal
Aug 24, 2023
TikTok to set up a Kenyan office and employ more Kenyans for content moderation 🇰🇪
TikTok has agreed to set up a Kenyan office for better content moderation and African operations. Despite existing legal troubles around content moderation in Kenya, the president’s statement about the meeting ignores TikTok’s involvement with one of the key parties, Majorel.
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TechCabal
Aug 24, 2023
Kenyan fintech, Cellulant to lay off 20% of its employees in organisational restructuring
Cellulant is undergoing a restructuring exercise that will impact a fifth of its workforce. In a statement to TechCabal, Cellulant, which operates across 19 markets, disclosed that these changes will be implemented in the coming days as the company focuses on a product-led approach that ideally creates user-centric products for growth. The company has clarified that this strategic shift has been in development for some time and has come to mutual agreements with affected employees. While Cellulant has declined to disclose the exact number of employees leaving the company, Cellulant has 634 employees per LinkedIn.
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TechCabal
Aug 23, 2023
How crypto gaming in Africa can reach its full potential ₿ 🎮
Like the rest of the world, the African gaming space fell in love with crypto. In Africa, gaming is often viewed as a sign of unproductivity, but crypto came with the promise of helping players get rewarded while playing. The 2021 crypto bull run saw play-to-earn (P2E) games—blockchain-based video games that allow players to earn crypto or non-fungible tokens (NFTs)—dominate the global gaming market, and Africa hasn’t been an exemption.
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TechCabal
Aug 22, 2023
Knife Capital will write $3-$7 million checks for SA growth-stage startups with $50m expansion fund 🇿🇦
Knife Capital co-founder Keet van Zyl speaks on the firm’s Knife Fund III fund for growth-stage South African startups. Knife Capital recently closed its $50 million expansion fund, ‘Knife Fund III.’ The VC firm will use Knife Fund III for the “expansion of African innovation-driven companies.” It will also power follow-on funding for some of Knife Capital’s portfolio companies. TechCabal spoke to Keet van Zyl, co-founder of the Cape Town-based venture capital firm, to understand how the firm plans to deploy its new fund.
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TechCabal
Aug 22, 2023
InDrive continues southern Africa expansion with Lesotho launch 🚕
inDrive has launched in Lesotho, continuing its expansion in southern Africa where Uber and Bolt are unavailable in most markets. California-headquartered ride-hailing platform InDrive is continuing its expansion into southern Africa, announcing the launch of its services in Lesotho. According to the company’s business development representative, Vincent Lilani, “There’s a clear need for a new approach to ride-hailing. inDrive’s unique fare negotiation model empowers drivers and passengers to agree on a price without algorithmic restrictions. We believe that this method offers a sound solution to many current challenges in the Southern African ride-hailing market.”
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TechCabal
Aug 22, 2023
Moniepoint Inc gets the regulatory approval to acquire Kenyan credit startup Kopo Kopo
Moniepoint may extend its presence beyond Nigeria after getting approval to acquire Kenya’s payments and credit startup, Kopo Kopo. The transaction value has not been disclosed.
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TechCabal
Aug 21, 2023
After pushback, Nigeria’s ride-hailing union drops ‘workers’ from its new name 🇳🇬
Delays in formalising an amalgamated drivers union focused on one technicality, so the drivers union has chosen pragmatism as a way forward. In January 2023, Nigeria’s ride-hailing drivers merged all existing unions and groups into one body: the Amalgamated Union of App-Based Transport Workers Of Nigeria (AUATWON). It was a critical moment for the drivers whose unionisation efforts date back seven years. As part of formalising the new union, AUATWON applied to be registered with Nigeria’s Ministry of Labour. While the application was supposed to be straightforward, a part of the process allows the ministry to hear objections to a union’s registration.
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TechCabal
Aug 21, 2023
South Africa is proposing a change in how remote workers pay taxes and employers will bear the brunt 🇿🇦
Proposed amendments in South Africa’s tax law may impose stricter tax requirements for remote workers and their employers. South African Revenue Services (SARS) has shared a draft of the proposed tax administration bill [pdf], that will seek to change how remote workers pay taxes. One of the proposed changes includes removing the distinction between remote and non-remote workers and requiring employers of South Africa-based remote workers to deduct pay-as-you-earn (PAYE) tax.
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TechCabal
Aug 20, 2023
Exclusive: Twiga lays off 283 employees citing tough business environment
E-commerce food distribution company, Twiga, is undergoing operational restructuring due to tough market conditions, a process that will lay off a third of its 850 permanent employees. The changes that Twiga has made are not sudden. The company’s CEO, Peter Njonjo, told TechCabal that Twiga has been “on a transformative path in the last few months to become a lean, agile, cost-efficient organisation, undertaking several interventions to adopt and sustain the business during these economic times.” To this end, Twiga reviewed its operating model and cost to “ensure organisational structure is fit for purpose”.
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TechCabal
Aug 19, 2023
Derek Thomas is building Zambia’s biggest e-commerce marketplace 🛒🛍️ 🇿🇲
Gwila is one of the first e-commerce marketplaces in Zambia that allows people to sell their products and services, and Derek Thomas is determined to expand into other markets as soon as he can. He believes that Gwila provides Zambian youth with an opportunity to reach a wider market and earn money. According to Thomas, “We’re here to serve the market.”
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TechCabal
Aug 18, 2023
Kobo360 appoints Cikü Mugambi as new CEO
Days after its founding CEO Obi Ozor was appointed transport commissioner in Enugu, Nigerian logistics startup Kobo360 named current COO Ciku Mugambi the new CEO. Kobo360, a Nigerian logistics startup, has announced the appointment of a new CEO, Cikü Mugambi, after its co-founder, Obi Ozor stepped down to serve as commissioner of transportation in Enugu State. In a statement shared with TechCabal, the company’s Board of Directors named Mugambi—the COO—as Ozor’s successor.
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TechCabal
Aug 16, 2023
Kenyan Assembly receives petition to ban TikTok 🇰🇪
Kenya’s National Assembly considers a petition to ban TikTok. The petition, submitted by Bob Ndolo, CEO of Bridget Connect Consultancy, cites inadequate regulation and concerns about explicit content.
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TechCabal
Aug 16, 2023
MTN fintech and data products drive boost service revenue to $335 million in Uganda 🇺🇬
MTN has reported service revenue strides to $335 million. Its fintech product, among other services such as data and voice, substantially contributed to this growth. MTN Uganda has recorded a 15% jump in service revenue, reaching Ush 1,250 billion ($335 million), driven by strong voice, data, and fintech performance.
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TechCabal
Aug 16, 2023
What is the next frontier for Africa’s creative sector?
In recent years, Africa’s creative sector has grown significantly, with African music and movies reaching a more global audience. For experts who spoke at a panel session on the creative economy at the second Africa Social Impact Summit, the continent has only scratched the surface.
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TechCabal
Aug 16, 2023
The long road to building sustainable food systems in Africa
Food is expensive in many African countries and not enough for everyone. It has caused political revolutions in Egypt, Sudan, and Tunisia. And it was the inspiration for the 1985 hit, ‘We Are the World,’ courtesy of Lionel Richie and Michael Jackson. Yet the problem is far from being solved. Technology companies are stepping into the ring of entities duelling with this problem, and they have a chance to show that aggregating smallholder farmers with technology and farming support can make a dent.
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TechCabal
Aug 15, 2023
After M-PESA, Airtel Money increases wallet limit to $3,400
Airtel Money has received approval to increase mobile money limits to KES 500,000 ($3,400). Customers will also transact up to KES 500,000 daily, up from KES 300,000 ($2085). Yesterday, Safaricom announced it had made some adjustments to its M-PESA wallet, reporting a limit increase from KES 300,000 ($2,085) to KES 500,000 (a little over $3,400). The company further shared that the daily transaction threshold had also been raised to KES 500,000 from its previous mark of KES 300,000.
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TechCabal
Aug 15, 2023
State-owned Telecom Egypt reports $217 million in profits for H1 2023 🇪🇬
Telecom Egypt reported a net profit of EGP 6.7 billion ($217 million) in the first half of this year. The company’s total revenues grew to EGP 28.1 billion ($909 million), a 38% growth compared to the same period of the previous year.
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TechCabal
Aug 11, 2023
Relief for ride-hailing drivers caught in the middle of Cape Town’s taxi strike
The Western Cape branch of South Africa’s taxi union has called off a strike protesting a new by-law that allowed the City of Cape Town to impound vehicles instead of fining drivers for not displaying registration plates. The new law also states that cars can be impounded if they’re unlicensed, overloaded or don’t stop when they’re instructed to do so by a police officer. Taxi operators say the by-law targets them unfairly.
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TechCabal
Aug 11, 2023
Inside ChowCentral: Y Combinator’s latest food delivery bet in Africa 🌮🍕🥪
TechCabal caught up with Tosin Onafuye, and Adeyemi Onafuye, Co-founders of ChowCentral Y Combinator’s Summer class of 2023. Here’s how the team is re-imagining the food restaurant business. When Tosin Onafuye started 500Chow—ChowCentral’s subsidiary—as a fun experiment in April 2020, his plan was to deliver quality meals at the most affordable rate. “We started 500 Chow to sell meals for N500 for people that didn’t have so much money during the covid lockdown,” he tells me on a video chat from ChowCentral’s kitchen in Lekki.
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TechCabal
Aug 10, 2023
Airtel Uganda will sell 20% stake in an IPO 🇺🇬
Airtel Africa has announced its plans to list on the Uganda Securities Exchange with 8,000,000,000 worth of shares. According to a statement published on the Nigerian Exchange Group (NGX), Airtel Africa has announced plans to list shares on the Uganda Securities Exchange. It will do this through its wholly owned subsidiary in Uganda, Airtel Uganda Limited.
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TechCabal
Aug 10, 2023
Kenyan government claims Worldcoin illegally collected biometric data 🇰🇪
Kenya’s ICT and digital economy cabinet secretary, Eliud Owalo, was questioned today about Worldcoin’s operations in Kenya. According to Owalo, the firm collected iris data illegally, and there are plans to preserve that data before an assesment is made about the case.
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TechCabal
Aug 9, 2023
SA competition regulator says no to Vodacom’s acquisition of fibre operator Maziv 🇿🇦
South Africa’s competition regulator has rejected Vodacom’s acquisition of Maziv, a holding company which owns Dark Fibre Africa, the country’s second-largest fibre network operator. The competition commission of South Africa has recommended against Vodacom’s acquisition of Maziv, a holding company whose assets include fibre network operators Dark Fibre Africa (DFA) and Vumatel.
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TechCabal
Aug 9, 2023
Multichoice terminates DStv service in Malawi after court blocks price increase 🇲🇼
Multichoice is exiting Malawi following a high court ruling preventing the company from invoking further price increases for DStv service in the country. Pan-African broadcaster Multichoice is pulling its satellite television service provider, DStv, out of Malawi. This follows a decision by Malawian regulators to reject DStv’s latest price hikes. At the end of July, the Malawi Communications Regulatory Authority (MACRA) obtained an interim injunction from the country’s High Court. The injunction prohibited Multichoice Malawi from changing or modifying DSTV tariffs. Yesterday, August 8, the high court further ordered Multichoice to comply with the order, leading the broadcaster to terminate its DStv offering in Malawi.
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TechCabal
Aug 9, 2023
Ghana’s inflation hits 43% due to rising food costs 🇬🇭
Driven by food prices, Ghana’s inflation rose to 43.1% in July from 42.5% in June—a four-month high. The increase may force the central bank to increase the interest rates again to help the country’s struggling economy.
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TechCabal
Aug 9, 2023
Twitter influencers in Nigeria are now being paid for tweets 🤑💰
Elon Musk is trending on X (formerly Twitter) today, and for the first time in a long time, it’s for something positive. This morning, Desmond Oris and a number of his friends were greeted with credit alerts from Twitter. The group of influencers, also X Premium users, each received payments of between $251 and $500 for being active on the platform. These payments, which make up X’s Ads Revenue Sharing programme for creators globally are a part of Musk’s strategy to encourage subscriptions to X Premium by sharing income made from advertising with the creators. The criteria for eligibility include being subscribed to X Premium, and having a minimum of 500 followers and at least 15 million impressions on cumulative posts within the past three months.
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TechCabal
Aug 8, 2023
Zenith Bank digitalises intra-Africa trade for exporters through the SMARTAfCFTA portal MoU
Nigeria’s Zenith Bank has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA), to develop the SMARTAfCFTA portal. The SMARTAfCFTA portal is an initiative of the bank to digitalise trade, according to the Secretary-General of the AfCFTA Secretariat, Wamkele Mene. The GMD of Zenith Bank, Dr Ebenezer Onyeagwu and the AfCFTA General Secretary signed the agreement during the 2023 international trade seminar of Zenith Bank today.
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TechCabal
Aug 8, 2023
Cashlinq wants to foster financial inclusion in Zimbabwe. Here is how 🇿🇼
A conversation with Tendai Mugovi, co-founder of Zimbabwean fintech startup Cashliq which offers banking as-a-service products. He speaks on the origins of the startup, challenges they have faced in its operations and how they have working their way through the challenges.
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TechCabal
Aug 8, 2023
DRC Congo’s Vault Pay is the third African startup in Y Combinator’s Summer 2023 batch 🇨🇩
Vault Pay, a payments infrastructure company from DRC Congo, is the third African startup selected for the Y Combinator’s 2023 summer class. The payments company joins Nigeria’s food delivery startup ChowCentral and Rwanda’s Eden Care in this year’s cohort. Per a statement published on Y Combinator’s website, DRC-based Vault Pay is building core payments infrastructure for Central Africa. The startup was founded in 2023 by Ntambwa Basambombo and Christel Ilaka.
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Aug 7, 2023
Content creation is booming in Botswana but monetisation remains a puzzle 🇧🇼
With a youth unemployment rate of 38%, young Batswana are turning to content creation to create employment for themselves and their fellow citizens. For Marang Selolwane, a Gaborone-based content creator with over 275,000 followers across Facebook and Instagram, her work goes beyond the confines of the definition of “content creation.” This ethos has seen Marang score deals with some of Botswana’s leading corporates, including telcos, commercial banks, and insurance companies. “I consider myself a connector or a storyteller. My partnerships are with corporates because my brand ethos is simplifying complex services for everyday Motswana,” she told TechCabal over a call.
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Aug 7, 2023
Kenya police raid Worldcoin warehouse and confiscate equipment 🇰🇪
Kenyan law enforcement officials seized machines that they suspect contained data collected by Worldcoin from a warehouse situated on Mombasa Road, Nairobi. According to Capital News, the team transported this equipment to the Directorate of Criminal Investigations headquarters for further analysis.
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TechCabal
Aug 7, 2023
Buguard raises $500k in seed round to fund growth
Buguard, an Egypt-based cybersecurity firm, has raised $500,000 in seed round. The funding round was led by A15, the leading MENA venture capital firm, with participation from angel investors. Buguard will use the funds to grow its team, focusing on product, sales, and channel partnerships.
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TechCabal
Aug 4, 2023
Hacker group targets Nigerian companies over ECOWAS threat of military action against Niger 👩🏾‍💻 💀
Anonymous Sudan, a Sudanese hacker group, says it is targeting Nigerian companies in response to the threat of military action in Niger. Yesterday, Nigeria’s national IT agency issued an advisory for the public as the group attacks NITDA and claims responsibility for an attack on MTN.
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TechCabal
Aug 3, 2023
Tanzania ignores digital IDs as East Africa pushes for wider adoption 🇹🇿
Most East African countries are on a path to adopting digital IDs. While others express mixed reactions about the readiness for the documents, others have yet to start conversations about biometric identification.
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TechCabal
Aug 3, 2023
Gender inequality is obstructing Ghana’s path to a larger digital economy
Ghana has an ambitious digital policy that is set to make it a leading digital economy in Africa. However, the existing digital gender gap in the country may obstruct the achievement of the levels of digital literacy required for universal e-government service delivery.
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TechCabal
Aug 2, 2023
Nigeria’s ChowCentral is one of three African startups in Y Combinator’s Summer 2023 batch 🍗 🍟
ChowCentral, ‘a Nigerian startup building restaurant chains for Africans who want high-quality meals,’ has been accepted into Y Combinator’s Summer class of 2023. Only three African startups were selected in this year’s cohort, including Rwanda’s Eden Care and a yet-to-be-named startup from DRC Congo. ChowCental was founded by Tosin Onafuye, Christopher Obasi and Adeyemi Onafuye.
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TechCabal
Aug 2, 2023
Safaricom, Craft Silicon tap into the buy-now-pay-later trend 🇰🇪
Safaricom has expanded its credit services to include a Buy Now Pay Later (BNPL) product. Craft Silicon has also launched a similar product with different terms and target customers. In the past week, two new Buy Now Pay Later (BNPL) products have been launched in Kenya. The first, Faraja, is offered in partnership between telco Safaricom and financial services firm EDOMx. The second is SpotIt by Craft Silicon, the software development company behind Little Cab, an e-cab app. Both products have the same fundamental model but are functionally different because they are offered on different channels, have different partners, and take different approaches to interest rates.
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TechCabal
Aug 1, 2023
Blockchain 2.0: Building the next generation of African blockchain products
While blockchain technology has many doubters, many experts insist that it could solve some of Africa’s problems. Cross-border payments, inflation hedge, database management and transparency in healthcare and agriculture, intellectual property protection, and election management were some of the use cases to test blockchain’s prowess. The race to launch the definitive Web3 apps to solve these problems for Africans has been in earnest, backed by eager investors. Today, the excitement has mellowed, especially with popular exchanges like FTX going defunct or declaring bankruptcy. The future of blockchain feels uncertain with AI taking the spotlight.
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TechCabal
Aug 1, 2023
How the Congo Business Summit can help Nigerian startups expand to Kinshasa 🇨🇩
Noel K. Tshiani is the managing director of Congo Business Summit, a flagship conference and expo organised by Congo Business Network. The network works with startups, corporations, and government officials in the Democratic Republic of Congo and abroad. With a profound dedication to innovation, the organisation is passionate about nurturing and advancing the country’s startup and tech ecosystems, recognising the transformative impact they can have on the country’s economy.
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TechCabal
Aug 1, 2023
President Tinubu announces ₦125 billion fund for micro and small businesses
In a nationwide broadcast on Monday evening, President Bola Tinubu announced a ₦75 billion to fund MSMEs. ₦125 billion has also been earmarked to support the informal sector. President Bola Tinubu has announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.
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TechCabal
Jul 31, 2023
Senegal’s government suspends internet again to “prevent disturbances” 🇸🇳
The government has shut down Senegal’s internet again after an internet shutdown in June and the awarding of a 5G licence two weeks ago, following Friday’s arrest of opposition leader, Ousmane Sonko. Citing a need to prevent disturbances to public order, Senegal’s government has shut down the internet.
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TechCabal
Jul 28, 2023
Data centre infrastructure: An exclusive interview with Raxio Group’s Bhavik Pattni and Yannick Sukakumu
Yannick Sukakumu and Bhavik Pattni are players in the data centre industry in Africa. In this exclusive interview for TechCabal, they discuss with Noel K. Tshiani, founder of Congo Business Network. Sukakumu, who holds the role of country manager in Kinshasa, and Pattni, performing duties as the head of corporate and business development for the Raxio Group in Dubai, share their valuable insights and extensive experiences navigating the dynamic data centre business in the Democratic Republic of Congo and across the African continent.
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TechCabal
Jul 27, 2023
Pro-Sudan hackers attack digital services in Kenya
Since Sunday, websites belonging to government agencies, media, hospitals and banks have been targeted by hackers claiming to be exacting revenge on behalf of the Sudanese regime.
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TechCabal
Jul 27, 2023
Copia fires 350 employees in third round of layoffs
Copia, a Kenyan e-commerce platform serving low-income households, has laid off 25% of its 1,800 workforce. The company blamed labour costs and a need to improve profitability for the layoffs.
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TechCabal
Jul 27, 2023
Endowed with $21 million, Kasha wants to transform healthcare in Africa
Interview with Joanna Bichsel, founder and CEO of Kasha on the startup’s recent Series B raise, fture expansion plans and the state of healthtech startups on the continent. Last week, Rwandan healthtech startup Kasha announced a $21 million Series B raise led by Knife Capital. Founded in 2016 by Joanna Bichsel, the startup provides a digital retail and last-mile distribution platform for pharmaceuticals and fast-moving consumer goods (FMCGs).
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TechCabal
Jul 27, 2023
SA houses 78% of all healthtech innovators in southern Africa, according to report 🩺 🇿🇦
South Africa dominates healthtech innovation in southern Africa, according to a report by healthcare consulting firm Salient Advisory. With the country also attracting the most VC capital in the region, it is perhaps not surprising that innovators are following where the money is in an industry where capital is still hard to come by.
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TechCabal
Jul 26, 2023
Cost of data breaches in SA surged by 73% in last 8 years, according to IBM report 🇿🇦
South Africa has one of the highest costs of data breaches in the world, according to a study by IBM Security. According to IBM Security’s annual “Cost of a Data Breach” report, the average data breach cost for South African organizations reached an all-time high of R49.45 million in 2023. This is an 8% increase over the last 3 years, and a 73% increase since South Africa was added to the report 8 years ago.
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TechCabal
Jul 26, 2023
Triggerfish wants to take African stories to the world through animation 🎬
Feat after feat, Africa is demonstrating that its stories are for the world to hear. Triggerfish, an animation company, is making this happen through Africa-centred stories. Netflix just released Supa Team 4, its first-ever original animated African series. This is a win for Malenga Mulendema, the Lusaka-based writer and creator of the show. Mulendema’s achievement adds to the growing buzz around Africa-centred animated stories, which, in recent years, have attracted significant global attention. Supa Team 4 is produced by Triggerfish, a South Africa-based company on a mission to export African stories to a global audience. “With world-class storytelling, we are building bridges that connect Africa to the world,” said Stuart Forrest, the company’s CEO.
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Jul 26, 2023
Electronic transfers make up 82% of all B2B payments in SA, according to study 🇿🇦
South Africa leads the way in the digitisation of B2B payments on the continent, according to a latest study. According to a report by business payment platform Duplo, electronic transfers made up over 82% of the $994 billion of business-to-business transactions in South Africa.
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TechCabal
Jul 24, 2023
Earnings from Upwork will no longer be untaxed in Kenya 🇰🇪
Upwork freelancers in Kenya face new tax obligations. VAT will be collected and remitted by Upwork to the Kenyan government. Those eligible for exemptions must provide a valid tax certificate. Meanwhile, other freelancing platforms’ tax compliance remains uncertain.
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TechCabal
Jul 24, 2023
Africa’s traditional economy vs. gig economy: Which way forward?
In today’s vertiginous economic landscape, Africa is plagued with a massive exodus from its longstanding formal traditional work economy to the informal gig economy. While the traditional economy has been the backbone of the continent’s livelihood for centuries, in recent years, the gig economy has created new opportunities and challenges.
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TechCabal
Jul 24, 2023
Nigerian payments provider, eTranzact reports N1.17 billion profit after tax for 2022
Nigerian payments provider eTranzact International Plc has reported that its profit after tax rose to N1.17 billion in 2022—representing a 157.81% increase compared to the previous year. The company’s chairman, Wole Abegunde, disclosed this during its 19th annual general meeting in Lagos last Thursday, describing 2022 as “a significant year in the history of the company’s financial performance” thanks to the focus and expansion of core switching services.
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TechCabal
Jul 21, 2023
Kenyan vendors face a shortage of smartphones as KRA tightens grip on tax evaders 🇰🇪 📲
Smartphone vendors in Kenya face challenges as taxation measures and supply shortages impact prices and availability. The Kenya Revenue Authority (KRA) wants to stem tax evasion, leading to slower business and higher consumer prices.
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TechCabal
Jul 21, 2023
Bundle Africa shuts exchange operations after three years
After three years of operations, Bundle Africa has shut down its exchange services. The crypto payments app will now be focusing on Cashlink, its peer-to-peer platform. Bundle Africa, a social payments app for cash and cryptocurrency, has announced it is shutting down operations of its exchange services after three years. According to a statement published on its website on Friday, the company said the decision was made by its shareholders in a bid to “restructure the business”. Instead, Bundle will now be focusing on Cashlink, its peer-to-peer platform. The company said it hit 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink.
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TechCabal
Jul 20, 2023
SING is building an ecosystem from scratch in Gabon 🇬🇦
In Gabon, private companies came together to create an incubator for startups. Since its inception in 2018, it has incubated over 140 startups. Gabon, an oil-rich country in central Africa, has the makings of a supercharged tech ecosystem. With a young population, the 3rd highest gross national income (a metric used to measure a nation’s wealth) on the continent, and 72% internet penetration, the country has a stable foundation for digital solutions. Another advantage is that most Gabonese (91%) live in the urban region. However, the ecosystem is still very young and far from reaching its potential.
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TechCabal
Jul 20, 2023
IMF approves $1 billion loan to Kenya as concerns over growing debt persist 🇰🇪
Kenya’s economic situation is dire, with unsustainable borrowing, soaring debt servicing costs, and limited revenue generation. IMF keeps approving loans despite the country’s escalating debt, leading to widespread criticism, protests, and loss of faith in the government.
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TechCabal
Jul 20, 2023
Nigeria’s new FX regime has birthed fresh competition between banks and remittance startups
Nigeria’s unified FX rate will affect the operations of digital remittance startups and possibly alter their strategies. With traditional banks staging a comeback, what will a path to winning in cross-border payments look like for Nigerian fintechs?
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TechCabal
Jul 19, 2023
Analysis: How Egypt’s fintech ecosystem is finding its pace and dragging banks along 🇪🇬
In 2017 there were 32 financial technology companies in Egypt—including but not limited to payments providers. By 2022, the number of technology companies that offered fintech services had increased five-fold to 177. A new report published by the Central Bank of Egypt sheds light on what has influenced this growth.
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TechCabal
Jul 19, 2023
As MultiChoice’s troubles continue, Canal+ is smelling blood 📺
As MultiChoice continues to face troubles, French broadcasting giant Canal+ continues to up its stake in the company. Is a takeover in the works? Two weeks ago, MultiChoice’s share price plunged by 13% after JP Morgan Chase & Co downgraded the pan-African broadcaster’s rating. According to Reuters, the brokerage firm adjusted MultiChoice’s ratings downwards from “neutral” to “underweight.” An “underweight” rating means JP Morgan expects the company to underperform based on the average total return of stocks in its coverage universe over the next 6 to 12 months. Hence, it encourages stockholders to sell.
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TechCabal
Jul 18, 2023
The next wave of innovation: Why US investors should look to francophone Africa
Noel K. Tshiani, founder of Congo Business Network, is convinced that American business angels and venture capital firms have promising investment opportunities at their fingertips: French-speaking Africa. He advocates for a smart partnership strategy that involves working with local organisations that have a deep understanding of the region’s unique business dynamics and access to a vast network of decision-makers in the public and private sectors in a specific country. That is how US investors can easily and confidently navigate any perceived cultural, risk, or language barriers and position themselves for profitable investments in this emerging continent.
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TechCabal
Jul 17, 2023
African countries are making digital service tax for foreign companies a norm as Uganda joins the race 🇺🇬
Uganda’s new law imposes a 5% income tax on non-resident companies offering digital services. Services covered include online advertising, data services, and online marketplaces. Major tech corporations like Meta and Netflix will be affected, joining Kenya and Nigeria in implementing similar taxes.
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