Moments after he was sworn in, Nigeria’s new president Bola Tinubu said the fuel subsidy regime is gone and pledged to unify the country’s exchange rate. On Monday, Bola Tinubu was inaugurated as Nigeria’s 16th president amid questions over his electoral victory. In a bold start, Tinubu while delivering his inaugural speech announced the end to the fuel subsidy regime—a contentious issue in Nigeria. Last year, the government spent around $10 billion subsidising Premium Motor Spirit (PMS), popularly called petrol. In April 2023, the Federal Government suspended the planned removal of subsidy on petroleum products by the end of President…
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As its other businesses continue to struggle, Multichoice is making a play at payments. Multichoice Group has announced that it is launching a new integrated payments platform in a partnership with Rapyd, B2B payment processing platform, and General Catalyst, a venture capital firm that provides early-stage and growth equity investments. The platform, to be housed under an entity called “Moment”, will aim to offer payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer. Additionally, the platform will offer additional options for consumers…
In his final year as a medical student, Tobi convinced his university to create a learning management system for boring anatomy lectures. Now he is using artificial intelligence to help doctors in Africa process medical records faster. Africa does not have enough healthcare personnel. So healthcare workers are expected to take care of more patients per doctor than in more developed economies. Paperwork takes up a significant portion of time on the job. Healthcare workers need to take patients’ medical histories, fill forms and update these records with time. Modern hospitals are digitising how they take these records but a…
The African tech ecosystem has witnessed exponential growth over the past decade, with numerous venture-backed startups emerging across the continent. In my role as Investment Manager at Founders Factory Africa, I have witnessed firsthand the power of early-stage companies in driving innovation and economic transformation. One of the most critical factors for a startup’s success is its ability to attract, retain, and incentivise top talent. Below, we will explore the role of equity in incentivising employees at venture-backed startups in Africa, and delve into the best practices for equity discussions and agreements. The role of equity in incentivising early employees…
29 MAY, 2023 IN PARTNERSHIP WITH Good morning ☀️ And happy Inauguration Day to our Nigerian readers. Today, president-elect Bola Ahmed Tinubu, who won amidst electoral rigging claims, will lead Nigeria into an era that could make or break the country. Here’s what the Nigerian tech ecosystem expects from its new president. SA APPROVES $86 MILLION FOR E-POLICING South Africa wants to use tech to drive down its crime rates. Last week, the Gauteng Department of e-Government announced that it had approved R1.7 billion ($86 million) for e-policing in the Gauteng province of South Africa. Financing extra surveillance: Per executive…
Despite only telling users about a breach on its retail trading app this week, several sources with knowledge of the matter say that the incident happened in 2022 and cost the company $2 million. The retail trading app, Patricia, froze withdrawals for users of its platform this week. In an email to customers explaining the decision, the company said it suffered a breach. Part of the email read, “Not long ago, we were victims of a hack. Patricia, the retail trading application, was solely affected by the breach. BTC and Naira assets were compromised.” The company claims that it has…
Nigeria’s minister of communications and digital economy Prof Isa Ali Ibrahim Pantami has succeeded in amending the NSA act. What does it imply? Nigeria’s minister of communications and digital economy Prof Isa Ali Ibrahim Pantami has successfully instituted a new board to drive the Nigerian Startup Act (NSA). TechCabal exclusively learnt that despite questions about its legality, the minister has succeeded in this move, two days to the official end of President Muhammadu Buhari tenure. Prior to now, TechCabal exclusively reported that Prof Pantami asked President Buhari to not only absorb the 27-member Nigerian Startup Implementation Committee into the Nigeria…
The Kenya Certificate of Secondary Education (KCSE) is a significant examination for high school students in Kenya. With the advancement in technology, checking KCSE results online has become a convenient and efficient method. In this article, we will provide you with a comprehensive step-by-step guide on how to check KCSE results online. 1. First step to check your KCSE result is to visit the official KNEC website Open a web browser on your computer or mobile device and visit the official website of the Kenya National Examinations Council (KNEC). The website can be accessed at www.knec.ac.ke. Make sure you have…
In recent years, the Nigerian digital space has witnessed a significant surge in scams that has led to the loss of billions of Naira to fraudsters. These scams range from ponzi schemes to investment fraud, to faux crypto trade, and many more. According to a recent report by The Guardian, Nigerians have lost almost a trillion naira to Ponzi schemes in the last 23 years. Some of the more notorious fraud schemes in recent Nigerian history include MMM, EatRich, TonsoElite, 360Hub, Cryptosilv, Racsterli, Chinmak, and so on. These elaborate schemes have robbed millions of Nigerians of their hard-earned money. The…
Lire en français Read this email in French. Editor’s Note Week 21, 2023 Read time: 5 minutes This week brings a mix of delightful firsts and bad news. Read on to learn about Kenya’s first electric bus charging station, and unfortunate incidents like breaches, licence losses, and more. Pamela Tetteh Editor, TechCabal. Editor’s Picks <img decoding="async" style="width: 100%; height: auto;" loading="lazy" src="https://x7d4c5z5.stackpathcdn.com/wp-content/uploads/tc/2022/08/220815-William-Ruto-se-1152a-a8ae39.jpg" Chinese hackers attack Kenya In a wok of digital mischief, Chinese hackers took aim at Kenyan government institutions from 2019 to last year. Their cunning plan? To access to billions of dollars in debt owed to Beijing. <a…
The MTN scholarship program is a prestigious opportunity for students seeking financial aid to pursue their education. With its commitment to supporting academic excellence, MTN Foundation offers scholarships to deserving students across various fields of study relating to science and technology. This article provides a comprehensive guide on how to apply for the MTN Scholarship types 2023. The MTN scholarship types you can apply for There are two main academic scholarships available from MTN that you can apply for. They are as follows: Apply for the MTN Science and Technology Scholarship This is the flagship program that has been running…
Digital asset marketplace Patricia has reported losing bitcoin and naira assets in a breach. Patricia says that in the ongoing investigations, it has found one of the culprits and is still trying to recover the lost funds. Cryptocurrency marketplace Patricia recently announced that its retail trading application, Patricia Personal, had been breached. The company stated that only its bitcoin and naira assets had been compromised, while other crypto assets remain unaffected. The startup also assured its customers and merchants that their assets were secure and measures were being taken to recover the compromised assets. The company announced that it has…
On Wednesday, Nigeria’s Central Bank revoked the operating licence of 47 microfinance banks. One of the licences revoked was Eyowo Microfinance Bank, which the digital bank, Eyowo, controls. According to the CBN, the revoked licences were either inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months. While it remains unclear the specific reason Eyowo’s licence was revoked, the company’s CEO, Omoseinde Olobayo, told TechCabal that it is still “engaging the CBN to understand and resolve the issues.” This week’s licence…
A conversation with Ketso Gordhan, CEO of the SA SME Fund, about the R1 billion VC Fund of Funds (VC FoF) This week, the SA SME Fund officially announced that it had secured the first close of its R1 billion (~$51 million) Venture Capital Fund of Funds (VC FoF) at R600 million (~$30 million) against an initial target of R500 million (~$25 million). Through the raised capital, the SA SME Fund intends to deploy the capital in venture capital firms that are backing innovative startups building solutions which address South Africa’s most pressing problems. TechCabal had a sit down with…
Africa’s leading payments company chief, Olugbenga Agboola, joins a long list of CEOs globally who are shaking the finance world across different verticals.Olugbenga ‘GB’ Agboola, the CEO of Flutterwave, Africa’s leading payments technology company, has joined the prestigious Wall Street Journal (WSJ) CEO Council. This recognition, which follows the recent acceptance of Flutterwave’s CFO Oneal Bhambani into the Wall Street Journal’s CFO Network, establishes GB as a global thought leader in fintech. Comprising 350 CEOs from various industries, the WSJ CEO Council commands a strong global presence, with a collective workforce exceeding 11 million employees and generating about $4.48 trillion…
Identity verification processes can sometimes be lengthy, complex, and inconvenient for users. YouVerify—a Nigerian startup—which recently launched in Kenya, plans to address the issues as it works with local banks, telcos, and fintechs. Digital verification continues to grow across different markets globally. Multiple startups have since seen a niche in verification exercises, including Nigeria’s YouVerify, which has set up shop in Kenya in an event held in Nairobi yesterday. According to YouVerify, the company relies on its technologies to go beyond know-your-customer processes—unlike similar companies that scan documents for verification. Going beyond KYC means YouVerify has supplemented its service offerings…
Like with other exams like WAEC, To adequately prepare for the KCSE 2023 exams, it is crucial to have access to its timetable. Fortunately, with the advancement in technology, you can easily check the KCSE timetable online. This guide will walk you through the simple steps to access the timetable and stay informed about the exam schedule in 2023. Step 1: Open a web browser To check the KCSE timetable online, start by launching a web browser on your computer, smartphone, or tablet. Popular web browsers include Google Chrome, Mozilla Firefox, Safari, and Microsoft Edge. Ensure that you have a…
WiSolar is a greentech startup looking to play its part in helping to alleviate South Africa’s power crisis. South Africa is not only going through a power crisis due to the national provider’s—Eskom—troubles. The country is also trying to transition from fossil fuels to renewables, making startups offering alternative energy solutions a necessity in the country. Enter WiSolar. Launched in 2016, WiSolar is a greentech startup offering what can be described as a power-as-a-service solution. In properties where the startup has deployed solar equipment, customers are able to purchase power on demand using a mobile app. Additionally, WiSolar also allows…
As South Africa continues to embrace the digital age, the demand for reliable internet connectivity keeps soaring. With the internet service provider (ISP) numbers in the market, it becomes crucial to identify the best options for consumers in South Africa. This article explores the top six ISPs in South Africa, evaluating their offerings, customer service, affordability, and coverage. Whether you are a business owner, a student, or a household, this comprehensive guide will assist you in making an informed decision about your internet service provider. 1. Telkom ISP in South Africa Telkom SA, South Africa’s largest landline provider, also offers…
Globally, stakeholders are talking about the need to regulate Artificial Intelligence. African governments have developed regulations to drive the adoption of AI on the continent, but there is still a burning question of Africa’s place in the ongoing debate. Like the rest of the world, Africa has caught the AI bug. For context, there are over 2,400 AI organisations operating across various industries on the continent. TechCabal has reported how AI is impacting the lives of Africans, from creating a music album in three days to revolutionising edtech startups, and even helping our English-speaking colleague navigate his way in a…
26 MAY, 2023 IN PARTNERSHIP WITH TGIF 🎉 It’s the final day of our survey. This means it’s your final chance to win $50 for speaking your mind. Go ahead, take three minutes and judge TC Daily by filling this form. NIGERIA’S ICT SECTOR WAXES STRONG IN Q1 Nigeria’s Information and Communications Technology (ICT) sector, in Q1 2023, contributed ₦3.1 trillion ($6.7billion) to the country’s GDP, accounting for 17.47% of the country’s total GDP. The National Bureau of Statistics (NBS) disclosed this in the Q1 GDP statistics of 2023.Per the NBS, this is a substantial rise from the 16.2% ($6.2…
Recently, it has become the norm for Nigerian music superstars to post a picture of their song or album topping the Apple Music charts. The top spot has become a bragging right and is sought by everyone because it represents an artist’s popularity and acceptance in the market. Zlatan Ibile, a Nigerian hip-hop artist, recently likened the chart to “a report card for Nigerian musicians”, but the data from just Apple Music does not always paint the complete picture (Apple Music accounts for only 15% of the global music streaming market and had only 140,000 Nigerian subscribers in Nigeria in…
Nigeria’s tech ecosystem is rejecting a bill put forward by the country’s ICT policy-implementing government agency, but the unrelenting agency is somehow pushing the bill forward—amid contentions and ecosystem cries of foul play. A controversial bill that seeks to ascribe new powers to the National Information Technology Development Agency (NITDA), Nigeria’s governing body for information and technology, has passed a public hearing at the Senate and will soon make its way to the presidency. About a year ago, TechCabal broke the news that Nigeria’s Federal Executive Council was considering a new bill put forward by NITDA that would repeal the…
The Future is Female Mentorship Program is the first and only PR and communications program dedicated exclusively to African women in tech. Applications to the program have grown by over 160% in recent years, with applications received from 36 African countries in 2022. In celebration of the 60th anniversary of Africa Day, C. Moore Media and Allison+Partners have announced the launch of the fourth edition of The Future is Female Mentorship Program, the first and only PR and communications program dedicated exclusively to African female tech founders and their business development needs. For the first time, Google for Startups Accelerator:…
This article was contributed by Oswald Osaretin Guobadia the outgoing Senior Special Assistant on Digital Transformation to the President of the Federal Republic of Nigeria and Project Lead for the Nigeria Startup Act. He is the Co-founder and Executive Vice President of DBH Solutions, an African infrastructure and information technology company. He is also an author, a business strategist and a technology consultant with over 20 years of demonstrated expertise in information technology (IT) and business strategy development. When I got the call to serve my country at the height of the COVID-19 pandemic, I was not only elated, I…
BasiGo, an e-bus company, has set up a charging station in Nairobi, becoming the first connected through the new e-mobility tariff. Its electric buses replace imported diesel with clean power, fostering the growth of the EV industry. Electric mobility is slowly taking shape in the Kenyan market, particularly in Nairobi. Several electric vehicle companies have set up shops in the country, led by BasiGo and ROAM Mobility. BasiGo, as its name suggests (Basi is a Swahili name for bus), is taking electric mobility to the masses who use public transport in Nairobi. ROAM has a similar business model, but has…
Eyowo says the revocation of its license by the CBN will prevent its users from sending or receiving money from their accounts for a while. But said its users’ funds are safe. Eyowo, one of the banks whose licence was revoked by the Central Bank of Nigeria, has assured its customers their money is safe. The digital bank tweeted a statement on Wednesday. On Wednesday, the Central Bank of Nigeria revoked the operating licences of the microfinance bank, Eyowo, and more than a hundred financial institutions across the country for non-compliance. According to Eyowo, its users won’t be able to…
25 MAY, 2023 IN PARTNERSHIP WITH Happy salary day ☀️ Is becoming a technical writer easier than becoming CEO or president? Here’s what a content creator has to say in this one-minute edition of Entering Tech. CHINESE HACKERS ATTACK KENYAN GOVERNMENT A recent investigation by Reuters reveals that Chinese hackers specifically targeted Kenyan ministries, state institutions, and the State House from 2019 to last year. A debt owed: Their objective was to gain unauthorised access and assess the substantial debt owed to Beijing, which amounts to billions of dollars. Kenya’s debt to China stood at $6.31 billion in March, the…
For a Mega City like Lagos, waiting for a food delivery is a test of your patience, time, and an invitation to anger. “I would say that it has been traumatic and has been a huge test of my patience. Food delivery is terrible. That’s if you ask me,” Femi Adetuberu, a finance expert insists and frequent user of such services. In summing up his experience, Adetuberu admits that it has not been easy for him, especially when he is famished and expecting instant food delivery. He strongly believes there is a disconnect between the restaurant and the delivery personnel.…
In a country with one of the highest crime rate in the world, access to legal services is vital for victims. However, access to legal services in South Africa is still pretty much a privilege reserved for those with legal aid coverage or disposable income to afford the hourly lawyer rates. To address this problem, legal tech startup Legal Standpoint has developed a mobile app which avails legal information, as well as attorneys, at a fee much lower than the traditional legal coverage. Founded by Keitumetse Pule, a graduate of law from Wits University, Legal Standpoint in a journey to…