18 OCTOBER, 2022
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Did you know that 274 million women globally are involved in startups? Or that Angola is the leading country for the highest percentage of women-owned businesses?
Well, that’s what Taiwan Plus’ latest report says.
Its Women in Business analysis was released last week, and it contains interesting stats about women-led entrepreneurship in African countries.
Angola has the highest percentage of women-owned or managed businesses with 35%, Burkina Faso comes third with 24.9%, and the next African country on the list is Togo with 14.7%.
Morocco has the highest percentage of young women entrepreneurs with over 74% within the 18-35-year-old age bracket.
One final stat: Rwanda is one of the most affordable places for women to start a business with no fees and an average of 4 days to complete all official procedures.
* Data as of 05:00 AM WAT, October 18, 2022.
MALICIOUS WHATSAPP MOD HITS AFRICAN USERS
If you didn’t like GBWhatsApp, then you’re definitely not going to like this news.
According to ITNewsAfrica, Kaspersky researchers discovered a new malicious version of a popular WhatsApp messenger mod (modification) dubbed YoWhatsApp. The mod has features that the official app does not offer and also spreads the notorious Triada mobile Trojan, which can download other Trojans, issue paid subscriptions, and even steal WhatsApp accounts.
Users around the world were affected by this threat in the last two months, and more than a quarter of them, 27% from the META (Middle East, Turkey, Africa) region.
Within the META region, 27% of users affected were from African countries.
Why it’s popular in Africa
YoWhatsApp is advertised in the popular Snaptube app and is also distributed via Vidmate. This makes the mod look much less suspicious to potential targets and expands the possible number of victims.
Users prefer to download WhatsApp mods such as YoWhatsApp because they provide far more options, such as custom backgrounds and fonts for chats, bulk messaging, or password-protected login to certain conversations.
The dangers of YoWhatsApp
To use the WhatsApp mod, users need to log in to their account of the legitimate app. However, along with all the new features, users also receive the Triada Trojan. Having infected the victim, attackers download and run malicious payloads on their device, as well as get hold of the keys to their account on the official WhatsApp app.
Along with the permissions needed for WhatsApp to work properly, this gives them the ability to steal accounts and get money from victims by signing them up for paid subscriptions that they are not even aware of.
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SAFARICOM DENIES RUMOURED SPLIT FROM MPESA
Safaricom has reiterated its stance on divorce.
For the umpteenth time, Safaricom has stated that it will not be splitting from its mobile money service M-Pesa. For years, the Kenyan telco giant has resisted pressure from regulators to split its telecom business from its mobile money business. Last week, its rival, Airtel, announced the separation of its mobile banking and telecoms services—Airtel Money Kenya Limited and Airtel Network Kenya Limited, respectively.
Many assumed Safaricom would be the next in line, especially after M-Shwari the mobile lending service that Safaricom launched jointly with NCBA announced it would become a stand-alone company.
Why do they want Safaricom to split?
Contrary to other fintech startups that are making every effort to win the public’s trust, telcos like Safaricom, Airtel, and Telkom already have a strong brand and market presence. Safaricom, itself, controls more of the telecommunication market share than Airtel Kenya and Telkom combined. Furthermore, it handles 99.9% of all mobile money transactions. In March, M-Pesa announced an annual profit of KSh50 billion (€425 million) before taxes, nearly half of the total gross revenues of Kenyan mobile operators. Regulators want telcos to separate from their mobile money businesses to create a level playing ground for other players in the fintech space.
If this happens, M-Pesa would be governed by the Central Bank of Kenya, while Safaricom’s mobile division would be governed by the Communications Authority of Kenya. However, given how the corporation has been standing its ground on the issue for years, we may not see this scene play out.
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TIKTOK INCREASES AGE LIMIT
To prevent children from going live and to allow streamers to only reach adults, TikTok is upping its live stream system’s minimum age requirement.
The minimum age to broadcast live is currently 16, but from November 23rd, only individuals who are 18 or older will be able to do so. Additionally, any user can find live streams on their For You page and on a separate live feed that they can swipe through but this will soon change. Livestream hosts will soon be allowed to target adults solely for streaming that they feel is inappropriate for a younger audience.
What are these adult-only contents like?
According to TikTok, adult-only streams may be utilized for things like certain comedy routines or talks about real-life events that the creators feel are inappropriate for younger audiences.
In addition, creators will soon be able to broadcast live with up to five guests using various layout options. Additionally, keyword filters will be improved to allow live streams to remind hosts to add prohibited keywords and recommend additional keywords they might wish to filter.
Zoom out: TikTok’s move comes months after an investigation revealed the bad effect of TikTok on children and teens. Previously, most of the regulatory vim has been directed towards Instagram and Facebook, but this year, regulators across the world want to loosen TikTok’s hold on young people. Over eight US states, for example, have launched inquiries into how the video-sharing platform contributes to physical and mental harm in teens and children.
HERCONOMY PIVOTS TO FINTECH
Since its inception in 2019, Herconomy, the “women-supporting-women startup”, has thrived on empowering women and plugging them into opportunities. Now, the startup is spicing things up for its users: it is expanding into a fintech startup.
Last year, the startup completed a record round, raising $600,000 within 24 hours of an Instagram post by its founder, Ife Durosimi-Etti. Now, the company is scaling its product into a fintech vertical by launching a saving app that helps women to accrue up to 10% interest on their savings.
Why fintech, though?
We know what you’re thinking. Fintech is where the fin-ances are. But it goes beyond that for Herconomy.
The community-powered startup is on a mission to tackle financial exclusion and empower more women to grow and manage wealth. With its slogan: “save, earn, learn, connect and thrive”, Herconomy believes that saving is women’s first step towards financial buoyancy and wealth management. And so, it is betting on women and savings.
Farewell to the community?
Despite this pivot to fintech, Herconomy is not leaving out its extensive community play. Users will get push notifications of networking events, knowledge-sharing events, business growth opportunities, and access to Herconomy’s weekly e-meetings, where experts are invited to discuss various matters affecting women, ranging from financial literacy to reproductive health.
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EVENT: FIDELITY INTERNATIONAL TRADE AND CREATIVE CONNECT
Fidelity Bank is hosting the maiden edition of the Fidelity International Trade and Creative Connect (FITCC). The event is set to hold between Tuesday, 15, and Wednesday, 16 November 2022 in London, United Kingdom.
FITCC will host leading businesses, entrepreneurs, investors, and regulators operating in the fintech sectors in Nigeria, the United Kingdom, and the wider European market, to promote Nigeria’s Non-Oil Exports and facilitate networks via partnerships, co-creation opportunities, and foreign direct investments.
Interested businesses and participants can register for the conference at www.fidelitybank.ng/fitcc.
IN OTHER NEWS FROM TECHCABAL
The Next Wave: How Africa’s digital infrastructure gap manifests.
Over 96 startups from Google’s accelerator programme have gone on to raise $239 million in additional funding. Here’s how the accelerator is improving the success rate for African startups.
BNPL: MTN signs with Intelligra to sell phones on credit to Nigerians.
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- Applications are open for the UK Research and Innovation African Research Leaders’ Programme. Talented researchers in sub-Saharan Africa leading quality health research in the region can apply to get up to £750,000 in funding. Apply by December 1.
- Expedia Group is inviting small businesses that have been existing for less than 10 years in the travel and hospitality industry to apply to its six-month remote accelerator programme. Among other things, selected participants will receive $20,000 in non-equity funding. Apply by October 21.
- The Fondation Maison des sciences de l’homme and the Institut Français de Recherche en Afrique of Nairobi are offering a three-month-long fellowship in France for postdoc researchers from Kenya, Tanzania, Uganda, Burundi, Rwanda, and Eastern Congo (Kivu) who have presented their thesis from 2017. Laureates will receive a monthly stipend of €1,600 at the start of each month. Apply by December 9.
- If your startup or innovation is focused on climate-smart agriculture practices, apply to the THRIVE|Shell Climate-Smart Agriculture Challenge for a chance to win $100,000, a spot in a prestigious accelerator, publicity and more. Apply by December 11.
- Telecel Group’s African Startup Initiative Program is now open for applications. The 10 selected startups will receive €15,000 in cash each and benefits valued at more than €500,000, including credits from AWS, Google Cloud Services, Hubspot, and more. Apply by November 11.
What else is happening in tech?
Written by – Timi Odueso, Ngozi Chukwu, Ephraim Modise & Caleb Nnamani
Edited by – Koromone Koroye
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