In December 2019, a human rights firm,  International Rights Advocates, filed a lawsuit against tech giants like Apple, Google, Dell, Microsoft, and Tesla, on behalf of 14 parents and children from the Democratic Republic of Congo (DRC). These families allege the companies profited from child labour in their supply chains. But not much has been said or done since the lawsuit was filed.

Now, the DRC itself has thrown down the gauntlet, and tech giant, Apple is the first to face scrutiny.

What’s the news? Apple is facing heat from the DRC over concerns that it uses conflict minerals in its products. Lawyers for the DRC claim minerals like cobalt and tantalum, vital for smartphone components are smuggled from war-torn regions in the country— where violence and human rights abuses are rampant—to neighbouring Rwanda and then “laundered” into the global supply chain, potentially ending up in our beloved iPhones and Macs.

While the DRC boasts over 60% of the world’s cobalt production, the human cost is high. Among the 255,000 Congolese mining cobalt, 40,000 are reportedly children, doing manual labour for less than $2 a day.

What does Apple have to say? Apple maintains its commitment to ethical sourcing, pointing to its annual conflict minerals report and supplier audits. The company insists they have “no reasonable basis” to believe their minerals fund armed groups. However, the DRC disputes this, arguing Apple lacks concrete evidence to back its claims.

Apple is known for its sleek designs and cutting-edge technology. But the company now faces a challenge of demonstrating responsible sourcing practices. How the company handles this legal battle will likely impact consumer trust and their reputation within the tech world.

This accusation begs two critical questions: Say our iPhones are built on the backs of exploited children, would users be willing to boycott Apple products or switch to brands with ethical supply chains? Also, should tech companies be held directly responsible for child labor used in their supply chains, even if they don’t directly control the mines?

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

On Wednesday, US President Joe Biden signed legislation that could force TikTok to sell its company if it wishes to still operate in the US or face an outright ban in the country. TikTok’s parent company, China-headquartered ByteDance, now has 270 days to find a buyer if it still wants to operate in the US

What led to this bill? The US fears its national security could be vulnerable to potential threats posed by TikTok, amid worries that China, through its influence over ByteDance, might exploit the platform to undermine America’s interests. 

You see, China’s data laws allow the Chinese government to review all user data of Chinese-owned companies. While TikTok has data centres in the US, it still primarily stores data in China and the US government is worried that this could mean TikTok—or ByteDance—is sharing the US citizens’ data with the Chinese government. 

Now, all social media platforms collect data. But TikTok is viewed as the most advanced, and most effective at learning about your interests—based on how long you stay with a video and whether you like, forward or comment on it. That enables its algorithm to deliver more items of interest to what it calls the “For You” feed. TikTok has 170 million U.S. users, two-thirds of American teens use TikTok every day, according to a 2022 Pew Research Center survey, with 16% saying they’re on the platform almost constantly.

Data breaches already happened: In December 2022, the chief executives of ByteDance and TikTok acknowledged that ByteDance employees had inappropriately accessed the IP addresses of American users, including journalists critical of the company. This prompted a Justice Department investigation into potential improper surveillance of Americans. Furthermore, the Office of the Director of National Intelligence’s annual report on global threats in early 2024 revealed that China had used TikTok to target candidates from both political parties during the US midterm election cycle of 2022.

Lawmakers, citing national security concerns due to TikTok’s Chinese ties, swiftly passed a bill through both chambers of Congress in recent days. 

What will TikTok do next: Per Bloomberg report TikTok has said it plans to sue over the measure. Chief Executive Officer Shou Chew posted a video response to the new law on Wednesday, painting US lawmakers as a threat to TikTok users’ free speech.

“Make no mistake: This is a ban—a ban on TikTok and a ban on you and your voice,” he said in the video, which was posted to TikTok. “Rest assured we are not going anywhere. We are confident and we will keep fighting for your rights in the courts.”

The issue could take months or even years to settle, during which the app would probably continue to function for U.S. consumers.

What does this mean for users: This could mean that established TikTok content creators will lose their platforms, some of which were global, passive users their “source of joy” businesses that use the platform to gain customers will be affected. According to a BBC report, content creators on the platform say they fear a ban would affect their livelihoods and limit people’s access to new information.

What does this mean for their competitors: For Meta in particular, the bill could accomplish what Mark Zuckerberg and his company for years have been unable to do: neutralise the biggest and most stubborn competitor they’ve ever faced. It could push users to Instagram Reels which has struggled to beat TikTok since its 2020 launch.

Other countries have banned TikTok: Several countries have taken actions against TikTok, impacting ByteDance’s global operations and the creator economy. India, a significant consumer market, banned the app in June 2020 due to national security concerns. In 2022, the Taliban banned TikTok in Afghanistan, citing its influence on youth, while Somalia also prohibited it, alongside other platforms like Telegram and 1xBet, due to concerns about the spread of harmful content and misinformation. These bans have had repercussions for ByteDance, creators, and related startups in affected regions. This could also lead other countries to become wary and consider similar actions.

In Africa, the Kenyan government recently advised lawmakers against banning TikTok after a citizen petitioned the parliament to ban TikTok for spreading immorality across the country’s budding youth.

Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now.

In March 2024, an investigative report revealed a private website, XpressVerify, gained unrestricted access to National Identification Numbers (NINs) and personal details of 100 million Nigerians via the country’s National Identity Management Commission (NIMC) database. XpressVerify allegedly sold this information for profit.

This isn’t NIMC’s first brush with data security issues. In 2021, a similar incident involving a self-service app exposed user information. While NIMC has a history of often denying these breaches, the Nigerian Data Protection Commission (NDPC) is taking this one seriously.

The NDPC is investigating NIMC for exposing the private information of 100 million citizens, and any negligence found on its part could result in penalties.

Who’s to blame? The investigation points towards a possible “inside job”. The NDPC believes a current NIMC agent might have been involved by working with XpressVerify to exploit a system vulnerability.

The NDPC is still finalising its report, and per the Nigeria Data Protection Act, companies found guilty could be fined a maximum of ₦10 million ($7,323) or 2% of their annual gross revenue in the preceding year. While government agencies like NIMC might not face direct fines, individual officials and any involved partners could be prosecuted.

Zoom out: The focus, however, is on preventing future breaches. The NDPC is reviewing data processing practices and security measures at organisations like NIMC. They aim to ensure everyone takes data privacy seriously.

Uber and Lagos have resolved a month-long dispute over data-sharing. 

If you’re wondering what the drag was all about, the Lagos government wanted data on real-time trip details, citing a 2020 agreement. In 2020, Lagos established ride-hailing regulations that included granting the government access to user trip and location data. The government has consistently emphasized it wants to be able to identify both drivers and riders and protect users in cases of emergency.

Why Uber refused: Uber, unlike competitors, resisted due to privacy concerns. A source told TechCabal that giving the government this kind of access to data opens users up to surveillance and can open the company up to being sued. 

Consequences of Uber’s refusal: The situation escalated with Lagos state impounding some Uber drivers vehicle. Some of the e-hailing platform drivers boycotted the Uber app following the clampdown by the state’s Ministry of Transportation. The e-hailing company then offered drivers on its app a 10% raise in their earnings.

What’s happening now? A compromise was reached with concessions from both sides.

“We have reached a truce, we shifted ground, and Uber too has shifted ground,” Olasunkanmi Ojowuro, the Lagos state director of transport operations. The impounded cars have since been released after 72 hours, based on compassionate grounds”, TechCabal reported.

While data-sharing resolution prevented service disruption, Uber drivers are still very much dissatisfied. Many drivers are unhappy with Uber’s 25% commission rate and the increasing challenges of operating in the country, including long lines for petrol and rising inflation. Drivers also alleged that Uber has lowered fares, further impacting their earnings. The App-Based Transporters of Nigeria (AUATON) also disputes a reported 10% commission increase for Uber drivers, claiming it was a short-lived promotion.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

This week, South African edtech startup HyperionDev raised $5 million from 23 funders across different countries. Apr 23

Here are the other deals for the week:

• Egyptian fintech Bokra raised $4.6 million pre-seed, with DisrupTech Ventures and SS Capital leading the round and other undisclosed investors participating. Apr 22
• Egypt’s Bluworks, a blue-collar HRtech raised $1 million in pre-seed funding from Khawarizmi Ventures. Camel Ventures, Acasia Ventures, and a pool of angel investors. Apr 22
• Egypt-based podcast production company The Potcast Productions Company (TPP) raised an undisclosed amount in funding through the Shark Tank program. Apr 23
• Egypt-based fintech Waffarha secured an undisclosed seven-figure seed round from Saudi Venture Studio. Apr 23

Before you go, our State Of Tech In Africa Report for Q1 2024 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent’s largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. 

Grab your tickets here.

Coin Name	Current Value	Day	Month
Bitcoin	$65,116	+ 1.21%	– 6.98%
Ether	$3,189	+ 1.43%	– 11.20%
Tether	$1.00	+ 0.13%	+ 0.04%
BNB	$616.35	+ 1.77%	+ 6.29%

* Data as of 10:36 PM WAT, April 25, 2024.

• Jumia – Senior Frontend Developer – Lagos, Nigeria
• Moniepoint – Business Operation Manager – Lagos, Nigeria(Hybrid)
• Yassir – Product Design – Egypt, remote
• Ergeon – Senior Full Stack Engineer – Nigeria (Remote)
• Daily Maverick – Project Manager – South Africa (Hybrid)
• M-KOPA – Senior Product Manager – Kigali

There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs. 

What else we’re reading

For Mariam’s final edition, she’s sharing the top 5 TechCabal articles she thinks everyone should absolutely read! Check them out!

• Will AI take our jobs, or simply create new ones?
• Can streaming platforms solve Nollywood’s distribution problem?
• Exclusive: Backed by $750k grant, Aboyeji and Koschitzky-Kimani are launching the YC of Africa 
• From hashtags to ballots: how an army of social media consultants and influencers impacted Nigeria’s 2023 elections
• 2023 wrapped: lessons, fears and hopes from 23 tech leaders

Written by: Mariam Muhammad & Towobola Bamgbose

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

It seems both Nigerian and Kenyan authorities are providing us with a daily dose of uncertainty regarding the situation of Nadeem Anjarwalla, the Binance executive who escaped custody in Nigeria and fled to Kenya using a smuggled passport.

On Monday, it was reported that the Kenyan police, in collaboration with Nigerian authorities and Interpol, reportedly arrested Anjarwalla with plans to expedite his extradition back to Nigeria within the week.

Kenya seems to disagree with the news, as someofficials have called the reports “rumours”, maintaining that no such arrest has taken place despite several reports from Nigerian publications suggesting Anjarwalla’s imminent extradition. Per Coindesk, Anjarwalla’s wife has also denied news of the extradition.

One week ago, Nigerian authorities requested the Kenyan government arrest and extradite Anjarwalla. However, as of now, Kenya has only acknowledged his presence in the country, which has stalled Nigeria’s pursuit of the crypto giant, Binance.

What’s the issue with Binance? Binance and its two executives face charges in Nigeria for tax evasion, currency speculation, and money laundering of an alleged $35.4 million. Yesterday, one of the executives, Tigran Gambaryan, who pleaded not guilty had his bail hearing rescheduled to May 17, 2023, after the Judge, Justice Emeka Nwite heard arguments—on whether Gambaryan should remain in custody at the correctional centre—from Gambaryan’s legal team and the Nigerian government’s lawyers.

As the case continues to unfold, these legal issues are just the latest in a string of challenges Binance is facing globally.

What more? In the United States, the Department of Justice is recommending a 3-year prison sentence for Binance founder Changpeng Zhao after he reportedly failed to comply with federal sanctions and anti-money laundering regulations. Adding to the pressure, the Philippines Securities and Exchange Commission has ordered Apple and Google to remove the Binance app from its app stores

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Nigeria’s apex bank has put the squeeze on banks, prompting them to scramble for additional capital. Following similar moves by Access Bank and First Bank, Stanbic IBTC Holdings Plc is the latest entrant in the capital race. 

The bank is seeking shareholder approval to raise ₦550 billion ($401 million) at a meeting scheduled for May 16. Seeing that it’s a Tier 2 bank, its capital requirement is set at ₦200 billion ($145.9 million).

To address the capital increase, Stanbic IBTC will implement a two-part strategy. First, the bank will issue ₦400 billion ($291.8 million) in bonds, effectively borrowing from investors and repaying them with interest over time. Additionally, a rights issue of ₦150 billion ($109.4 million) will grant existing shareholders the chance to purchase new shares at a discount. This approach allows Stanbic IBTC to raise capital while minimising dilution for current investors.

Stanbic IBTC will also prioritise existing shareholders when offering new shares. Only if these shares aren’t fully purchased by existing investors will the bank look for entirely new investors. 

The bank also has flexibility in how it borrows money. These bonds can be traditional bonds, convertible bonds or other variations and can also choose to sell them publicly or privately.

Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now.

Last week, Equity Bank, Kenya’s leading lender, suffered a cyber heist of KES 282 million ($2.1 million). Word on the street now is that theft was orchestrated by a bank employee working with other accomplices.

A source said that the unidentified bank worker at the heart of the fraud installed malware within the bank’s core system to siphon funds undetected. The fraudulent transaction ran from April 9 to 15. By the time unusual activity was noticed, the money had already been dispersed across over 500 bank accounts and mobile wallets

“It’s an Equity Bank staff transferring money from accounts to several bank accounts and M-Pesa lines. Some have refunded the money, and investigations are ongoing,” a detective with knowledge of the matter told TechCabal.

How the heist was done: Last week, TechCabal reported that three sources with knowledge of the investigation said the perpetrators pulled off a “card-not-present” scam, where hackers don’t need the physical card to steal money. This type of fraud usually involves using stolen card details to make online purchases. However, in this case, the perpetrators created fake websites to trick victims into making payments. The monies from these payments was then moved into other accounts controlled by the scammers.

Authorities have arrested 59 individuals, with some unknown number of persons already released on bail. Kenya’s Directorate of Criminal Investigations is tracking down additional suspects and “recovering the stolen funds” the detective said. 

While such staff-involved thefts occur occasionally in Kenya, many cases go unreported due to reputational concerns. Equity Bank and the Central Bank of Kenya haven’t yet commented on the matter. This lack of public response adds to the concerns surrounding the incident’s impact on Kenya’s financial sector.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

The United States and Nigeria are set to discuss the future of the digital economy, emerging technology and the development and implementation of artificial intelligence (AI). This collaboration was announced by the US Deputy Chief of Mission in Abuja, Mr. Arthur Brown, at the closing ceremony of the national AI strategy workshop in Nigeria.

What’s all the fuss about AI in Nigeria? Just in case you’ve been hiding under a rock, Nigeria’s minister of communications, innovation and digital technology, this month, announced plans for a national AI strategy which was met with public disdain. Across social media, several critics questioned Minister Tijani’s resolution towards AI with many tagging AI plans premature for a country that still lacks basic infrastructure. 

But the comments aren’t deterring Nigeria’s tech minister: Just this week, the ministry announced Nigeria’s first Large Language Model (LLM) which it launched at the same AI strategy workshop. MinisterTijani, at the workshop, stressed the need for African nations to take concrete actions to support their digital economies. He advocated for a unified African voice on AI to empower African entrepreneurs and innovators. While acknowledging the potential economic benefits of AI, Minister Tijani prioritised establishing a strong governance structure for this powerful technology. He sees AI as a tool for economic diversification, particularly in agriculture, public health and education.

Following the four-day workshop on National Artificial Intelligence Strategy in Nigeria, US deputy chief Brown expressed a desire to build on this momentum with an AI conference in Lagos. He emphasised the importance of “aligning Al governance to ensure that Al is deployed in a safe, secure, transparent and trustworthy manner.”

Meanwhile, Kenya is also taking a page out of Nigeria’s footsteps. Last week, the Kenyan government also announced plans for its own AI strategy. Not much is known about this yet, but the National Intelligence Agency expects that whatever AI plans developed will bring positive impact on the country’s health, education, finance and security sectors. 

What are your expectations about these National AI strategies? Do you think Nigeria and Kenya are getting ahead of themselves? Send me your responses at timi@bigcabal.com. I’d love to hear your thoughts. 

Madica, an African investment programme for pre-seed startups, has announced its first round of investments in three African companies.

This initiative, spearheaded by Emmanuel Adegboye, head of Madica, originated from a $6 million commitment to invest in 30 African pre-seed startups over three years. Madica aims to support underrepresented founders through funding, technology support, and mentorship. 

The selected startups include: Kola Market, a Ghanaian startup that aids SMEs in sales enhancement, inventory optimisation, and financing through a B2B platform. GoBEBA, a Kenyan startup, that provides a direct-to-customer e-commerce platform to streamline the purchase and delivery of bulky essential utilities. NewForm Foods, a South African startup that facilitates the development and scaling of cultivated meat products for food producers and retailers at a cost below industry standards.

Each startup will receive up to $200,000 and 18 months of tailored support, including mentorship and access to a global investor network for follow-on funding.

This year, Madica hopes to invest in up to ten additional startups. 

GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent’s largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. 

Grab your tickets here.

Coin Name	Current Value	Day	Month
Bitcoin	$64,071	– 3.25%	– 3.20%
Ether	$3,129	– 2.28%	– 8.37%
Tether	$0.9993	– 0.09%	– 0.13%
BNB	$609	+ 0.23%	+ 7.34%

* Data as of 9:56 PM WAT, April 24, 2024.

• The fourth edition of Pitch2Win is open for applications. Pitch2Win aims to connect visionary founders with potential investors, fostering growth, collaboration, and investment opportunities. The 3 Finalists will win from a prize pot of $20,000. They will also receive an all-expense paid trip to the IVS2024 Kyoto Event, Japan’s largest startup conference. Apply by May 5.


• Applications are open for the FC Startup Innovation Challenge. African tech entreprenuers will get a chance to win a $1,000 equity-free cash prize plus up to $300,000 worth of incredible perks from Paystack, Google for Startups, Intercom, AWS, Founders Factory to fuel your startup’s growth. Apply by April 28.


• Applications are open for the 5th edition of Wema Bank’s startup-focused tech competition, Hackaholics, themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”. The edition will be executed over six months, touring 10 universities across Africa and challenging the youths to pitch unique, innovative, and practical Digi-Tech solutions to positively impact the acceleration of progress, development, and prosperity in Nigeria and across the African continent. The best innovators in Africa will be awarded ₦70 million. Apply here.

Here’s what you should be looking at

• Africa’s youngest film distributor Ugonna Nwabueze unveils an African streaming platform
• Quidax says you can do crypto on its platform and earn money while at it
• Safaricom Launches Connect Academy to Train Fiber Optic Technicians
• U.S. Senate passes bill that could potentially ban TikTok

Written by: Mariam Muhammad & Towobola Bamgbose

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

Wema Bank has taken a strong stance against financial crime after it suffered a ₦685 million ($594,943) loss to fraudulent activities in 2023.

On Wednesday, the Nigerian bank suspended seven unnamed fintech partners from its payment gateway platform. Four partners were suspended, while three were permanently removed from the platform. 

Why? Wema’s decision comes after investigations revealed that there had been an increase in fraudulent inflows into some wallet accounts operated by some of its fintech partners using its third-party wallet accounts.

The bank is also conducting audits and reviews of remaining fintech partners to ensure adherence to regulations and compliance with Know-Your-Customer (KYC) guidelines set by the Central Bank of Nigeria. Wema also cited inadequate KYC procedures and compliance issues as contributing factors to the fraud.

A way forward: The Nigerian bank also unveiled an anti-fraud campaign to create awareness, educate and equip customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their accounts.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Kenya has been taking steps to regulate TikTok instead of an outright ban. The government has now mandated quarterly compliance reports from TikTok detailing the content removed and the reasons behind it. This aims to address concerns like mental health, data privacy, and online safety. 

This comes after a petition was written to Kenya’s Assembly for the ban of TikTok and the platform reaffirmed its dedication to maintaining a safe environment for its users in Kenya. During an appearance before the Kenyan Parliament on April 16, 2024, the platformannounced it will continue to provide capacity-building workshops on online safety, data privacy, and content moderation to Kenyan policymakers and regulatory agencies

The Interior Ministry of Kenya had also considered limiting the use of TikTok by government officials to protect sensitive data and Kenyans’ security. Kithure Kindiki, secretary of the interior cabinet, disclosed then that the National Security Council (NSC) had been battling threats linked to social media platforms, notably TikTok, in its efforts to safeguard national security.

In light of these recent developments, ICT Principal Secretary, John Tanui, informed legislators that TikTok will be mandated to provide quarterly compliance reports to the ministry instead of an outright ban. He emphasises how banning the platform will cause more harm than good for the country as a significant number of their youths rely on it for income. 

According to Reuters Institute’s 2023 report, Kenya has the world’s highest TikTok usage rate, with 54% using the app for general purposes and approximately 29% for news.

Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now.

French media giant Canal+ has increased its ownership of South African media company, MultiChoice. The company acquired over 3 million additional shares between April 12 and 17, 2024. This surge pushes Canal+’s stake to 40.8%, edging closer to a potential takeover. 

The shares were acquired at an average price of R116 ($6.05) per share, lower than the previously announced mandatory share offer of R125 ($6.52).

A shopping spree: Canal+ has been aggressively acquiring shares in MultiChoice. In February 2024, the company crossed a key threshold of 35% ownership, triggering a mandatory offer requirement for MultiChoice shareholders. Since then, Canal+ has continued to buy shares, increasing its stake from 36.6% on April 5, 2024, to its current holding of 40.8%.

Last week, MultiChoice established an independent board— Standard Bank— to evaluate Canal+’s offer and ultimately recommend whether shareholders should accept or reject the bid. 

Additional share purchases come after both companies informed investors that they had agreed to work together on the mandatory offer that Canal+ must make to the MultiChoice shareholders. 

Zoom out: If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, it can delist MultiChoice from the Johannesburg Stock Exchange (JSE). MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024. 

In Nigeria, mobile money operators are experiencing an uptick. 

According to a report by the Nigeria Inter-Bank Settlement Systems (NIBSS), MNOs experienced an increase in transactions during the first quarter of 2024. The total value of transactions from January to March 2024 reached N17.2 trillion. This represents an 89% year-on-year growth compared to the same period in 2023 when transactions amounted to ₦9.1 trillion ($7.9 billion).

The data analysis reveals consistent growth each month, with transactions increasing from ₦5.2 trillion($4.5 billion) in January to ₦6.5 trillion($5.6 billion) in March, indicating a steady trend in mobile money usage. All electronic channels in the country surged by 89% in Q1 2024, reaching ₦234 trillion ($203 billion).

What do we have to thank? Industry analysts attribute this surge to several factors, including recent cash shortages and the implementation of the cashless policy by the Central Bank of Nigeria (CBN). We know you remember the cashless policy,which came into effect on January 9, 2023, and imposed limits on cash withdrawals, with individuals restricted to withdrawing up to ₦500,000 ($434) and corporate organizations limited to ₦5 million($4,346) per week. This policy likely served as a catalyst for individuals and businesses to conduct more electronic transactions, contributing to the overall increase in e-payment activities across Nigeria.

Nigerian mobile money operators are divided into two: bank-led (offered by traditional banks) and non-bank-led (companies like OPay and Palmpay). With over 200 fintech companies in Nigeria, only 17 are licensed for mobile money services.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

This week, Pula, a Kenyan insurtech startup, secured $20 million in Series B funding in a round led by global investment manager BlueOrchard via its InsuResilience strategy. Other participants include the IFC’s $225 million venture capital platform, the Bill & Melinda Gates Foundation, Hesabu Capital, and existing investors.

Here’s the other deal for the week:

• Spatialedge, an AI-driven software company in South Africa, received $3.15 million from the Hlayisani Growth Fund.

Before you go, our State Of Tech In Africa Report for Q1 2024 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent’s largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. 

Grab your tickets here.

Coin Name	Current Value	Day	Month
Bitcoin	$63,735	+ 3.73%	– 5.61%
Ether	$3,073	+ 2.41%	– 12.60%
Tether	$1.00	+ 0.05%	+ 0.07%
BNB	$551.34	+ 2.37%	– 0.71%

* Data as of 10:15 PM WAT, April 18, 2024.

• Moniepoint – Business Operation Manager – Lagos, Nigeria(Hybrid)
• Ergeon – Senior Full Stack Engineer – Nigeria (Remote)
• FairMoney – Backend Engineer– Nigeria (Remote)
• Daily Maverick – Project Manager – South Africa (Hybrid)
• Kuda Bank – Data Engineering Intern– Nigeria (remote)

There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs.

Here’s what you should be looking at

• WhatsApp integrates Meta AI to change messaging experience
• Cardoso downplays concerns over FX reserves amid naira rally
• eTranzact says consumer-focused products are its future revenue driver

Written by: Mariam Muhammad & Towobola Bamgbose

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

Equity Bank, the largest bank in Kenya, has fallen victim to a debit card fraud scheme resulting in the theft of $2.1 million. 

As a response, the bank has frozen all 500+ accounts involved in the receipt of these funds. Per a detective from the Directorate of Criminal Investigation, 19 individuals have been apprehended in connection with the crime. 

How did the fraud happen? Sources with knowledge of the investigation claim the scam involved a “card-not-present” scheme, in which fraudsters don’t need physical possession of the card. This type of fraud typically entails the use of stolen card information for online shopping or the creation of fraudulent websites to process payments and access funds.

Kenyan banking regulations mandate the disclosure of information for transactions exceeding $10,000, and mobile wallet transactions are capped at $1,900 per transaction with a maximum of $3,800 daily. The stolen funds were distributed across over 500 bank and mobile money accounts to avoid detection.

According to a letter signed by Gerald Munyiri, Equity’s general manager security, between April 9 to 15, 2024, $1.3 million was paid out from the general ledger fraudulently to 551 Equity Bank accounts, $478,360 was sent to Safaricom, and $296,015 to eleven commercial banks.

Fraud on the rise in Kenya: Kenyan banks reportedly lose about $130 million to cybercrime annually, and card fraud is just one facet of this problem. Regulatory agencies are tracking suspicious financial flows to combat money laundering and terrorist financing alongside fraud. In February 2024, the East African country found itself on the Financial Action Task Force’s (FATF) grey list again after 10 years.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Kenyan B2B e-commerce startup MarketForce has been in the news recently. In October 2023, the company scaled back operations in three African markets— Nigeria, Rwanda, and Tanzania. 

In December, Marketforce also faced challenges with its credit partner Pezesha. The companies had partnered up in 2021 to allow Pezesha to offer cost-effective financing for inventory and wholesale distribution to merchants partnered with Marketforce. By September 2023, however, Pezesha submitted a petition to liquidate Marketforce’s assets due to an outstanding debt. 

MarketForce is now adapting to the market realities and has decided to shut down RejaReja, its B2B e-commerce platform that is a huge part of its business, and focus on a new venture: Chpter, a social commerce startup.

MarketForce co-founder Tesh Mbaabu cited razor-thin margins and intense price competition as key factors. He also mentioned difficulties with the capital-intensive nature of the business model.

A new Chpter: MarketForce’s new venture, Chpter, will provide AI-powered chat automation tools for businesses on platforms like WhatsApp and Instagram, which will allow streamlined communication between businesses and customers and potentially convert social media interactions into sales.

Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now.

Uganda’s Ride-hailing platform SafeBoda has launched a new electric motorcycle option, called Electric Boda. This new service was announced via apost on X on Tuesday, April 16, 2024. 

Why electric? Boda bodas, the motorbike taxis used in Uganda’s urban areas, are a convenient and affordable way to get around. However, they also contribute to air and noise pollution. Electric Boda will be offering the same convenience without the environmental drawbacks.

Are there benefits to using electric bikes? SafeBoda’s electric bike initiative promises a win-win-win situation. The world has been pushing for environmental safety precautions. The use of electric bikes will translate to cleaner air in cities, a quieter ride for everyone, and potentially lower costs for both riders and the company. 

Challenges of using electric bikes in Uganda: Uganda lacks a widespread network of charging stations for electric vehicles. SafeBoda will need a solution to keep their electric motorbikes powered up. Additionally, finding trained mechanics and spare parts for these new bikes might be a challenge initially.

Despite the challenges, SafeBoda’s electric push is a positive sign for Uganda’s transportation future. This move comes alongside the company’s recent announcement to return to Kenya’s capital, Nairobi. SafeBoda seems to be back on the growth track, and this time, it’s with a focus on sustainability.

After securing $54.5 million through three funding rounds between 2014 and 2018, Cellulant, a pan-African payments company, faced challenges securing further investment. An attempt to raise $100 million in a Series D round in 2022 fell short.

This funding shortfall coincided with a period of internal restructuring. In 2023, Cellulant undertook three rounds of layoffs. The latest quietly happened in December 2023, just one month before then-CEO Akshay Grover, stepped down, citing personal reasons. At least four high-profile executives also left the company in Q4 of 2023, and chief financial officer Peter O’Toole was appointed acting CEO.

Adding to the many strategic shifts in 2023, Cellulant revealed the Central Bank of Nigeria (CBN) withdrew its mobile money licence in December 2023, as it decided to focus on payment solutions.

Now, Cellulant has rebuilt fresh leadership for its new focus. Andy O’Sullivan, co-founder of Innovate Payments, is taking the helm as Cellulant’s new chief technology officer (CTO). Gbenga Haastrup, with experience in risk and compliance, joins as Executive Consultant. 

Additional appointments include Irene Koki as head of internal audit, Ochebhoya Ekpete as VP of group finance, and Susan Fouche as group chief people officer.

A new focus: According to O’Toole, Cellulant aims to become a “highly sustainable and profitable payments company” focusing on three key areas: checkout, payout, and banking solutions. The company plans to prioritise product development, service delivery, streamlined operations, and risk management in 2024.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Kenya Revenue Authority (KRA) is considering a new transfer pricing database to enhance tax compliance and combat tax evasion among multinational corporations.

What is transfer pricing: Transfer Pricing (TP) involves setting appropriate prices for goods, services, loans and intangibles supplied or transferred by one enterprise to another; both of them being members of the same group or otherwise connected. For example, when a subsidiary company sells goods or services to its parent or another affiliated one, the transfer price is the fee charged for these transactions.

Some big multinational corporations have been using transfer pricing in a tricky way to avoid paying taxes. They set up these transfers so it looks like they’re making less money than they really are, especially in countries with high taxes.

This is a concern for the Kenya Revenue Authority(KRA) because it means they miss out on taxes and revenue meant to be generated. To fight this, the KRA is considering a new transfer pricing database.

What will this database do? This database will assist KRA agents in compiling, analying, and managing data from cross-border transactions. 

The KRA is also planning to add more details about the transactions they will track. This includes pricing and profit information. This will help them see how much money companies are making on different types of transfers. 

Comparisons: The KRA will also able to compare a company’s transfer prices to similar situations. This will help them see if a company is setting artificially low prices to avoid taxes.

This initiative comes months after the national treasury released a draft income tax rule that could affect more businesses. This new rule aims to ensure all companies pay their fair share of taxes, even when they do business with themselves across borders.

GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent’s largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. 

Grab your tickets here.

Coin Name	Current Value	Day	Month
Bitcoin	$61,200	– 4.39%	– 10.35%
Ether	$2,988	– 3.50%	– 17.85%
Tether	$0.9999	– 0.04%	+ 0.05%
BNB	$535.48	– 1.22%	– 6.72%

* Data as of 11:05 PM WAT, April 17, 2024.

• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024 in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Local manufacturing of drones is on the rise in Africa
• Heineken’s Nigerian unit shuts two plants as forex costs bite
• Inside LemFi’s play to be fintech to the Global South diaspora
• BasiGo launches electric bus assembly line to boost Kenya’s public transport electrification

Written by: Mariam Muhammad & Towobola Bamgbose

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

Airtel Africa had a tough 2023. The telecom reported a significant loss after tax of $151 million in Q1 of 2023, and ultimately a 99% decline in profits, dropping from $523 million to $2 million by year-end. Currency devaluations in key markets like Nigeria, Malawi, Zambia, and Kenya, were the main cause for the loss.

To improve its financial health, the telecom announced plans for a share buy-back programme in February 2024.

Sidebar: A share buyback simply means that Airtel is repurchasing its own shares from the market.

In its ongoing share buyback programme, Airtel Africa has acquired a total of 8.6 million shares from Citigroup Global Markets Limited. The most recent purchase involved 487,985 shares at an average price of $131.70 per share. 

The buyback programme, which began on March 1, 2024, involves the repurchase of $100 million worth of Airtel Africa’s shares in 12 months, and is divided into two tranches, with the first tranche of $50 million running from March to August 2024. The buy-back programme will help reduce share capital and lower debt and operating costs.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Last week, Zimbabwe replaced its inflation-hit official currency, the Zimbabwe dollar with a new gold-backed currency, “Zimbabwe Gold” or ZiG.

The currency change was the country’s sixth attempt at restoring parity to the world’s worst-performing currency which had shed 75% of its value since the year began. 

Zimbabwe’s apex bank will begin circulation of the new currency by the end of April and has given Zimbabweans 21 days to exchange the old currency with the newly minted ZiG. However, local traders are steps ahead of the curve and have begun dumping the old currency. 

The news: According to local media, informal traders no longer accept the Zimbabwe dollar for trade and have opted to transact in the US dollar for fear that the old currency will become worthless. The development has seen a surge in the demand for the greenback on the black market, with black market forex traders upping their fees to take advantage of the demand. 

Larger supermarkets are also catching the wave, with some starting to display prices in ZiG. However, some retail stores— Zimbabwe’s OK and South Africa’s Pick n Pay—still accept the Zim dollar.

A way out of trouble: Before the ZiG was introduced, the Zim dollar traded at 28,720 to the US dollar. The ZiG which has an initial value of 13.56 to the dollar is the country’s latest attempt to tackle decades of monetary chaos. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. 

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

In September 2023, Ezra Chiloba, the former Director General of the Communications Authority (CA) in Kenya faced suspension amidst accusations of corrupt practices involving a staff mortgage scheme. The CA alleged he attempted to defraud the agency and approved his mortgage improperly.

In October 2023, Chiloba resigned from his position as CA Director General. But despite the fraud allegations against him, President William Ruto nominated him for the Consul General of the Kenyan mission in Los Angeles, USA.

EACC clears Chiloba of wrongdoing: In September, the Ethics and Anti-Corruption Commission (EACC) launched an investigation into allegations against Ezra Chiloba. To gather evidence, they requested Treasury audit reports, the authority’s mortgage loan policy and loan book, and the authorised panel of valuers from the CA. 

However, an EACC letter released yesterday found “insufficient evidence” to support the claims against Chiloba, effectively clearing him of any wrongdoing.

With the EACC clearing his name, Chiloba’s nomination for Consul General seems to be moving forward.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Hewatele, a healthtech company based in Kenya, secured a $20m funding package from Finnfund, the U.S. International Development Finance Corporation (DFC), Soros Economic Development Fund (SEDF), and UBS Optimus Foundation and Grand Challenges Canada.

Here are other deals for the week:

• SunCulture, a Kenyan climate tech startup, raised $12 million in a Series B round that was a mix of equity, debt and carbon financing. Funding was led by InfraCo Africa and Savant Ltd, with support from Acumen Funds, Reed Hastings, co-founder of Netflix, and Eric Schmidt, former CEO and Chairman of Google.
• Affinity Ghana, a full-scale digital bank, secured undisclosed funding from the investment firm Renew Capital. 
• Kenya based WeCare raised $350k from Red Capital towards the production of lab diamonds.
• Inputi LTD, an agritech firm based in Uganda, announced an undisclosed investment from the DFC.

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

GITEX Africa returns a second time on May 29–31, 2024, to Marrakech, Morocco, discussing ways to accelerate the continent’s digital health revolution. GITEX is the continent’s largest all-inclusive tech event renowned for uniting the brightest minds in the technology industry. 

Grab your tickets here.

Coin Name	Current Value	Day	Month
Bitcoin	$70,532	+ 0.69%	– 2.04%
Ether	$3,517	– 0.08%	– 11.61%
Tether	$1.00	+ 0.01%	– 0.04%
BNB	$605.12	– 0.10%	+ 16.62%

* Data as of 09:01 PM WAT, April 11, 2024.

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• US biotech Moderna suspends plans to build vaccine plant in Kenya
• World Bank warns of debt distress in Eurobond buyback
• Uber Teen Accounts in South Africa

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

Nigeria’s Data Protection Commission (NDPC) had a busy 2023. Asides earning over ₦400 million ($287,044) in revenue for the year, it also investigated three big companies—Opay, Meta and DHL—amongst others, for data infractions.

Now, the Nigerian digital lending sector is under the NDPC’s scrutiny. The watchdog is investigating 400+ cases where lenders accessed borrowers’ private information without consent—a violation of the Nigeria Data Protection Act (NDPA) of 2023.

What has the NDPC found? Its investigation reveals that loan apps are “overly intrusive,” collecting unnecessary data despite Google’s policy changes which restricted loan apps on its Play Store from accessing users’ photos and contacts in April 2023. The NDPC now seeks to restrict or ban phone numbers used by lenders for such breaches.

To address this issue, the NDPC has adopted a multi-faceted strategy: teaming up with regulators and platforms to deny access to lenders misusing data. The NDPC is also drafting the Nigeria Data Protection Act-General Application and Implementation Directive (NDPA-GAID) to address data ethics and hold third-party platforms accountable for breaches.

Additionally, the NDPC will work with the Federal Competition and Consumer Protection Commission (FCCPC) to ensure lenders obtain data protection clearance before operating.

Zoom out: The Nigeria data protection framework empowers NDPC and the National Information Technology Development Agency (NITDA) to fine entities violating the Act, with penalties directly linked to the severity of data protection breaches. Fines range from ₦2million ($1,435) to ₦10 million ($7,176), or 2% of the company’s annual gross revenue of the preceding year. In August 2021, NITDA fined Soko Loan ₦10 million ($7,176) for illegal data tampering with users’ private data.

Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint.

After Nigeria restricted users’ access to the website of Binance, the global crypto exchange, two of its top executives—Tigran Gambaryan and Nadeem Anjawarlla, regional manager for Binance in Africa—flew into the country to resolve the dispute. On arrival into the country, the office of Nigeria’s National Security Adviser (NSA) seized the travel documents of both officials, detaining both executives without any criminal charge.

Both executives remained in detention for more than two weeks before Anjarwalla, fled the country using a smuggled passport. Gambaryan, the remaining Binance employee left in detention is now looking for respite.

Tigran Gambaryan has filed a lawsuit against the NSA and the Economic and Financial Crimes Commission (EFCC) for violating his fundamental human right to liberty by detaining him and seizing his travel documents.

Per Gambaryan’s lawsuit, the seizure of his travel documents and detention violated Section 35 (1) and (4) of Nigeria’s Constitution, which safeguards the freedom of movement for all persons. The suit aims to halt the detention of Gambaryan for investigations related to Binance. The former crypto-focused US Federal Agent is seeking release from detention and return of his travel documents. Gambaryan also wants a public apology from the NSA.Gambaryan’s case has been adjourned to April 8, 2024.

In other news, Nadeem Anjawarlla also filed similar charges against the NSA and the EFCC. However, lawyers representing Anjawarlla have bailed out of the case, leaving him without legal representation. Anjawarlla’s case has been adjourned till he gets legal backing. 

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Curiosity isn’t just for cats anymore. 

In a bid to outlive its competitors, Meta has discovered a newfound interest in what other social media platforms are up to. 

The news: New court documents show that Meta, owners of Facebook, Instagram, and WhatsApp, has been spying on Snapchat’s web traffic.

How? The court document revealed that in 2016, Meta—then Facebook—launched a secret project, stylised “Ghostbusters”, to acquire, decrypt, transfer, and use private, encrypted in-app analytics from Snapchat, YouTube, and Amazon.

Mark Zuckerberg was at the helm of the plan. Court documents show that Zuckerberg, Meta’s leader, via an email correspondence with three other top executives, launched a query into Snapchat’s numbers and users’ activities due to how fast the company was growing and the difficulty in getting its metrics. At the time, Snapchat had grown from 100,000 daily active users about a year after its launch in 2011 to 158 million by 2016, with Facebook at 1.86 billion users. 

Javier Olivan, now Facebook’s COO, was sold on the plan as well. Together with Guy Rosen, CEO of Onavo, a web analytics company owned by Meta, they cracked the code and figured out a way to extract users’ data from Snapchat. Meta intercepted users’ data from their phones before it reached Snapchat’s servers, a technique known as SSL bumping. 

Meta continued spying on Snapchat users’ data from June 2016 until early 2019. Spying on Snapchat wasn’t enough. Meta also engaged the tech in spying on competitors, YouTube and Amazon between 2017 and 2018, extracting useful decision-making information in the process. 

Meta now faces a lawsuit for “anti-competitive conduct and exploiting user data through deceptive practices.”

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Dodai, an Ethiopian electric vehicle manufacturing company, secured $4 million in Series A funding from Nissay Capital, Musashi Seimitsu, and Inclusion Japan. (Mar 24)

Here are other deals for the week:

• Egyptian AI-focused edtech startup Sprints.ai closed a $3 million bridge fundraising round led by Disruptech Ventures, with EdVentures, CFYE, and others joining the investment. (Mar 26)
• Right Now Response (RNR), a South African breakdown management platform for truck fleet managers and OEMs, raised $634k from HAVAIC. (Mar 26)

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click thislink to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Coin Name	Current Value	Day	Month
Bitcoin	$71,006	+ 2.57%	+ 13.90%
Ether	$3,575	+ 2.02%	+ 6.19%
Tether USDt	$1.00	+ 0.03%	– 0.06%
BNB	$584.99	+ 1.81%	+ 41.02%

* Data as of 12:26 AM WAT, March 29, 2024.

• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful getting an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024 in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• CBN withdraws Cellulant’s mobile money licence as company focuses on payments solutions
• Inflation is forcing auto financing startups to rethink financing strategies
• The Washington’s Post first AI strategy editor talks LLMs in the newsroom
• Women founders and venture capital—some 2023 snapshots

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

Ethiopia’s biggest bank, the Commercial Bank of Ethiopia (CBE), has made significant strides in recent years. With over 46 million account holders and 82 years of experience, the CBE oversees the country’s financial sector. However, even giants stumble. 

A glitch in the CBE system allowed for free cash withdrawals at ATMs and electronic transfers, losing up to $14 million in the process.

For thousands of Ethiopians, especially university students, March 16 was unlike any other day. A technical problem during routine “maintenance and inspection activities” led to the glitch. News spread quickly; over 15,000 people took advantage of the glitch, with withdrawals ranging from 9 cents to over $5,000.

Currently, the CBE has recovered 80%— about $11 million of the money lost in its glitch. While nearly 15,000 Ethiopians have willingly returned the extra funds they withdrew, the bank has reportedly released the names and account details of the remaining 567 individuals in an attempt to shame them into giving it back. 

According to Abe Sano, the president of the CBE, the outstanding amount is insignificant to the bank, but not collecting it sends the wrong message.

Zoom out: 490,000 transactions were reportedly conducted before the CBE detected the glitch. News of the glitch initially spread particularly amongst university students, prompting universities nationwide to urge their students to return any extra funds they received.

Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint.

In a bid to strengthen Uganda’s banking system and make it more resilient to external shocks, the Ugandan government implemented stricter capital requirements for financial institutions in July 2023.

The Ugandan government, through its finance ministry, implemented new regulations that require commercial banks to hold a minimum of $38.6 million in capital reserves. This is a 506% increase from the previous requirement of $6.4 million. Banks have until June 30, 2024, to comply with the new rules.

As a result, some banks have downgraded operations. Guaranty Trust Bank Uganda Ltd, a subsidiary of Nigeria’s Guaranty Trust Bank, applied to be downgraded from a commercial bank to a credit institution following anticipated failure to meet the new capital buffer requirements.

Uganda’s apex bank granted the request and demoted Guaranty Trust Bank (GTBank) from a Tier I commercial bank to a Tier II credit institution which has a minimum capital requirement of $275,802. This change also affects Kenya’s ABC Capital Bank and Opportunity Bank. 

As a result of the downgrade, these banks are restricted to accepting customer deposits and maintaining savings accounts. However, they are no longer permitted to open current accounts for customers or engage in foreign currency trading.

Since 2020, French broadcasting company, Canal+ has increased its stake in MultiChoice, Africa’s pay-TV giant from 20.1% to 35.01% and made an offer in February 2023, to buy Multichoice’s remaining shares for R105 per share. The offer was deemed too low by Multichoice and was rejected.

Earlier this month, Canal+ increased its offer to R125 per share—a 20% increase from the initial offer of R105—a week after a regulatory panel mandated the French broadcaster to make an offer to MultiChoice’s ordinary shareholders and extended the offer deadline to April 8, 2024.

Although both companies agreed to cooperate following the offer increase, the bid for MultiChoice just got a whole lot more interesting.

Why? Patrice Motsepe, president of the Confederation of African Football and South Africa’s wealthiest Black man, reportedly worth $2.4 billion, is entering talks to join Canal+’s bid. According to Bloomberg, the discussions are still at an early stage and there is no guarantee that an agreement will be reached.

Motsepe, who founded Ubuntu-Botho Investments and African Rainbow Capital (ARC), also holds investments in mobile network operator, Rain and neobank, TymeBank.

Why is this important? Canal+ might only be able to hold a maximum of 20% of voting rights, a major hurdle due to South African regulations that limit foreign ownership of broadcasters to 20%. Motsepe’s involvement in the deal could ensure MultiChoice remains a South African entity, meeting the local ownership threshold required by authorities.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

In 2021, ByteDance, makers of TikTok brought the fight to WhatsApp and Telegram on the continent through its messaging platform: Let’sChat. Launched in March 2021, LetsChat allowed users similar capabilities to other messaging platforms: text, voice call, and video call. 

While experts gave the budding messaging platform little or no chance of displacing established rivals like WhatsApp on the continent, Let’sChat forged on, amassing over 7 million users in the process with a bulk of them from Nigeria and others from Mali, Angola, and Côte d’Ivoire.

To set itself apart from the market, Let’sChat heavily advertised itself as a data-saving platform, offering free video and voice calls to its users. The feature was a great incentive for Nigerians where internet subscription prices are among the most expensive in the world. Let’s Chat also engaged major Nigerian influencers to board people onto the platform. 

Unfortunately, it wasn’t enough. While the app had gathered about 440,000 monthly average users (500 times fewer than WhatsApp’s), downloads fell after it struggled to keep users glued after its dramatised launch.

ByteDance seems to have given up the chase on WhatsApp and is now pulling the plug on LetsChat to “focus on other priorities”. 

The news: Per reporting from Rest of World, ByteDance has shut down LetsChat. According to a note on LetsChat website, the platform was shutdown on March 23. Per the website statement, LetsChat’s mobile app was removed from various app stores on February 26. 

The website has announced that “all reward tasks will stop.” However, “completed tasks will be distributed in the form of credit” to users’ wallets, urging them to keep an eye on their balance. 

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Telecom Egypt isn’t holding back!

Recently, the mobile operator has been making huge power plays. In January, the telecom was Egypt’s first mobile operator to obtain a 5G licence, acquiring a 15-year, $150 million licence.

In February 2024, it partnered with 4iG, a Hungarian IT solutions provider, to build an express subsea cable that’ll connect Albania to Egypt. Upon completion, the subsea cable is expected to connect Africa and Asia to Europe through Egypt, the Mediterranean, and Albania.

The news: The telecom is buddying up with Tejas Networks, an Indian broadband, and data networking products company, to create job opportunities for Egyptians through telecom and research skill development. Tejas Network will also set up technical support services in Egypt as part of the collaboration arrangement to help clients in Egypt and throughout the larger Africa and Middle East area. 

Tejas Network’s experience in implementing projects like the Nigerian Rural Broadband project and India’s National Knowledge Network project—estimated to have impacted India’s ~550 million young population—positions it as a top trainer for Egyypt’s learners. 

Coin Name	Current Value	Day	Month
Bitcoin	$69,320	– 1.15%	+ 21.77%
Ether	$3,512	– 2.26%	+ 10.74%
Tether USDt	$0.09997	– 0.03%	– 0.09%
BNB	$574.23	– 0.79%	+ 43.59%

* Data as of 10:42 PM WAT, March 27, 2024.

Experience the best rates and enjoy swift 6-24hrs delivery times. Elevate your business with OneLiquidity–get started today.

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about Ksh2.92 million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” Initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March 30.
• Applications are open for the Access Bank Youthrive Program for Nigerian MSMEs. The program is a collaboration between the bank and the Vice President’s office, dedicated to empowering individuals and MSMEs. With a focus on capacity development, financial empowerment, and business exchange, the program aims to impact 4 million youths over the next four years. Apply here.
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs. Apply by May 19.

Here’s what you should be looking at

• Benjamin Oyemonlan is creating a protean payment platform at Platnova
• Access Holdings’ Hydrogen posts first profit in two years
• Kenya Airways cuts down losses, records first operating profit in years
• Starlink terminals are falling into the wrong hands
• African B2B e-commerce giant Wasoko marked down to $260M after VC halves stake

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

While Uber, a ride-hailing giant leads a$100 millioninvestment in Nigerian fintech Moove, the company is also locked in a data privacy dispute with the Lagos state government in Nigeria.

How it started: This disagreement follows a 2020 agreement between ride-hailing companies, and the Lagos state government, at the time, demanded backend access to user trip and location data for planning, revenue, and security purposes. 

Two weeks ago, the government further demanded real-time access, threatening sanctions for non-compliance. Uber, however, maintained that they’ve been fulfilling their obligations under the agreement.

Now, the ride-hailing company faces potential sanctions from the government as it insists that access to real-time trip details is crucial for security and user well-being in the state. 

Unlike its ride-hailing competitor Bolt, which has embraced the new data-sharing requirements, sources close to Uber reveal the company is hesitant to comply, citing user privacy concerns.

Zoom out: Finding a solution that balances safety with privacy is crucial. It remains to be seen whether Uber and the Lagos state government will reach an agreement that will keep Lagosians safe without compromising user data.

Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint.

Starlink’s launch in Africa has been a mixed bag. While it has received wide embrace in Nigeria and Rwanda, holders of the satellite based internet provider have been considered criminals in countries like Zimbabwe, Senegal, Botswana, South Africa and Ghana. Yes, Ghana! 

The bone of contention for most of these countries has been Starlink failing to obtain regulatory licence and approval to operate in the country. 

However, one particular country might be having a rethink.

The news: Ghana’s National Communication Authority is in talks to grant Starlink a licence of approval to operate within the country. The decision comes after severe subsea cable cuts have affected the country’s internet reception, hurting businesses and the country’s stock exchange in return. Ghana shifted the closing hours on its stock exchange by one hour on Thursday and Friday last week due to the outages.

While Ghana’s regulator had estimated a five weeks repair time for the subsea cable cuts, Starlink’s approval will provide a lifeline for businesses within the country. According to Starlink’s website, the internet service provider will be available in Ghana by Q3 2024. 

Starlink, however, reportedly told government officials that its services will first cater to high-end customers upon entry into the country. 

Zoom out: As Ghana looks to Elon Musk owned Starlink to salvage its messy internet, the country is also on the lookout for other saviours. The country’s minister for communication urged new internet providers to enter into Ghana, while encouraging existing ones to explore partnerships with RASCOM (Regional African Satellite Communications Organisation) for broader telecommunication services across Africa.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Lemfi has basked in some recent milestones. 

In August 2023, the Nigerian fintech platform launched in the US. In the same month, it secured $33 million in funding led by LeftLane Capital to ease remittance for immigrants. Six months later, LemFi hired ex-Opay COO Allen Qu, to lead its expansion to China.

The international payments company has partnered with Visa’s Cross-Border Solutions division to expand its reach and simplify cross-border money transfers for its users.

Under the agreement, LemFi will gain access to new markets like China, India, and Pakistan, and Visa’s Cross-Border Solutions will become LemFi’s primary partner for processing these international transactions. Additionally, over 250,000 LemFi users in the UK and broader Europe, Middle East, and Africa (EMEA) region will now have access to Visa debit and prepaid debit cards. 

For existing customers, the partnership ensures continuity. LemFi will continue to provide e-payments and foreign exchange services for its users. This means UK residents from various African nations can continue relying on LemFi for the remittance of funds.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Moove, the Nigerian vehicle financing platform, secured $100 million in Series B funding this week in a round led by Uber, with participation from investors, including sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. 

Here are other deals for the week:

• Nigerian blockchain-powered fintech Zone raised $8.5 million in a seed round led by TLcom Capital and Flourish Ventures. 
• South African BNPL startup, Float, raised $11 million from Standard Bank. 
• Kenyan insurtech startup mTek secured $1.25 million from Verod-Kepple Africa Ventures and Founders Factory Africa. 
• Tunisian AI startup Clusterlab raised $600k pre-seed from Karim Beguir and regional angel investors. 
• Egyptian healthtech Pharmacy Marts secured an undisclosed six-figure bridge round from Acasia Ventures. 

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Coin Name	Current Value	Day	Month
Bitcoin	$65,396	– 3.34%	+ 25.45%
Ether	$3,487	– 0.05%	+ 19.35%
Tether USDt	$0.9999	– 0.06%	– 0.01%
BNB	$553.35	– 0.30%	+ 48.02%

* Data as of 10:45 PM WAT, March 21, 2024.

Experience the best rates and enjoy swift 6-24hrs delivery times. Elevate your business with OneLiquidity–get started today.

• Kuda – Android Engineer – Cape Town (Hybrid)
• Remotepass – QA Engineer – Nigeria (Remote)
• MaxAB – Group Product Manager – Egypt
• Flutterwave – Product Manager – Lagos
• MainOne – Product Manager– Lagos
• GoLemon – Quality Control Specialist – Lagos

There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs. 

Here’s what you should be looking at

• Startups, remote workers seek normalcy after internet disruption
• Microsoft agreed to pay Inflection $650 mln while hiring its staff, source says
• US sues Apple for illegal monopoly over smartphones

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com

As far as ambition goes, Nigeria’s largest commercial bank by asset, Access Bank, is one to be reckoned with. The bank in recent times has been deepening its roots across the continent and beyond. 

Now, the bank is making a bold move to solidify its East African presence.

The news: Yesterday, Access HoldCo signed an agreement to acquire Kenya’s National bank. The acquisition, touted to cement Access’ East African presence is the company’s second acquisition in the Kenya. The Nigerian lender bought Transnational Bank Ltd. in 2019.

Why Kenya? When compared with Nigeria, Kenya has a more developed lending sector, and its economy is expected to grow at a quicker rate than Nigeria’s, making it an appropriate location for the lender to extend its footprint.

Before the acquisition of NBK, the company has demonstrated its voracious appetite for acquiring banks within the continent. 

In July 2023, Access HoldCo, its parent company, reached an agreement with Standard Chartered Bank for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its consumer, private and business banking business in Tanzania. The bank received regulatory approval to conduct business in Asia, in December 2023, joining the ranks of South Africa’s TymeBank on the continent. In February,, the bank acquired Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission. 

The bank says is sticking to its ambitions of doubling its assets outside NIgeria by 2027.

Give it a shot like she did . Click here to experience fast and reliable personal banking with Moniepoint.

Founded in 2016, DocFox carved a niche for itself by tackling the bane of banker’s existence: the account opening process. The company provided automated onboarding solutions for commercial and business banks, reportedly boasting over 450 customers across three continents.

DocFox’s ambition, however, isn’t limited to regional dominance. 

The news: In a move to enhance its cloud banking suite, nCino, a US-based cloud banking solution has acquired DocFox for $75 million. The acquisition is expected to close in March 2024.

nCino helps financial institutions modernise their operations, making it easier for businesses and individuals to onboard, secure loans, manage accounts, and navigate the loan lifecycle. Merging with DocFox will create a single platform for banks to manage the entire client lifecycle, from information gathering to due diligence.

For DocFox, the $75 million price tag will propel its solutions onto a global stage, giving it the resources and reach to empower banks worldwide.

Many justice systems around the world have traditionally been bogged down by mountains of paper—case files stacked high, endless reams for printing documents, and a complex process for navigating legal battles. This reliance on physical records can lead to inefficiency, delays, and difficulty for citizens seeking justice. 

In Kenya, a new chapter is about to begin. The East African country is using tech to improve how justice is delivered in the country.

On March 11, 2024, Chief Justice Martha Koome launched a Nationwide E-Filing, Data Tracking Dashboard, and Causelist Portal dubbed “All Courts Go Digital,” to revolutionise the Kenyan legal system.

All Courts Go Digital: Starting July 1, 2024, the new system will streamline case management with e-filing, eliminating the need for physical documents. This not only reduces paper waste but also allows for efficient tracking through an e-filing data tracking dashboard that will monitor case progress, identify reasons for delays across courts, and help with strategic planning by highlighting trends in caseloads. The Causelist portal will also allow lawyers and anyone involved in a court case to easily see which cases are being heard each day. 

The new initiative will improve transparency and accessibility by offering a central location to find daily court schedules.

E-filing is gaining traction: South Africa’s court system also utilises an online case management system, which includes some e-filing capabilities including access to upcoming hearings, filed and served documents, and court notifications. Additionally, the platform allows secure document exchange and sharing with other parties in the case.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Telkom Kenya has hit a rough patch in the last couple of months.

Between March 2022 and June 2023, the telecom lost 1.62 million subscribers due to a crackdown on irregularly registered SIM cards. To worsen matters, it lost another 800,000 subscribers due to unpaid leasing fees—$51.7 million—to American Towers Corporation (ATC), which forced the shutdown of 246 Telkom towers. 

A bid to recover financial ground: Now facing a dwindling subscriber base of 1.3 million, Telkom is in discussions to sell its Kenyan mast and tower business, Swiftnet—reportedly valued at $332 million— to private equity firm Actis LLP.

The potential deal could provide much-needed financial relief for Telkom Kenya, grappling with a shrinking subscriber base and network issues. The deal would also include a smaller, local partner which, at this point, remains unnamed. 

This development follows Telkom’s announcement in November 2023, that it was in exclusive negotiations with a “reputable private equity firm” to sell Swiftnet. The unnamed firm was leading a consortium that included a Black economic empowerment partner.

Tower spin-offs: Many mobile network operators (MNOs) follow a similar path by divesting their tower infrastructure and entering into “sale-and-leaseback” agreements. One such example is MTNs deal with IHS Holding Ltd. In 2022, MTN sold over 5,700 of its tower sites in South Africa to IHS Holding Ltd, a telecommunications infrastructure company, in a sale-and-leaseback deal.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Africa’s remittance market is estimated to grow to about $2.68bn in 2028, and many fintech startups on the continent are riding the wave and tapping into that potential. 

LemFi, a Nigerian fintech which allows people to receive and send money to 12 countries globally, expanded into Tanzania and China this year. Similarly, Pryme received a European banking licence to allow it offer its services to the 12 million Africans living in Europe. 

Onafriq and Safaricom are teaming up to be the latest players in that space

News: Ethiopia’s National Bank has approved Safaricom’s Payment Instrument Issuer Licence that would allow it to receive foreign income via M-PESA, its mobile money platform. 

Ethiopians abroad sent $4.2 billion in remittances home in 2022, accounting for roughly 5% of GDP. The country aims to double that figure within five years, and the new Safaricom-Onafriq partnership is seen as a key driver. Safaricom boasts a vast mobile money network, M-Pesa, widely used in East Africa. This extensive network could simplify receiving remittances for Ethiopians, eliminating the need for traditional bank accounts.

The move is the latest in the cards of Onafriq which recently rebranded as MFS AFrica. The fintech obtained three licenses from the Bank of Uganda (BoU) one year after it acquired Beyonic, a Ugandan-based digital payments services provider for enterprises operating in Ghana, Tanzania, Kenya, and Rwanda.

Coin Name	Current Value	Day	Month
Bitcoin	$67,719	+ 5.83%	+ 30.01%
Ether	$3,498	+ 6.16%	+ 16.92%
Tether USDt	$1.00	+ 0.10%	+ 0.05%
Solana	$189.68	+ 9.40%	+ 76.28%

* Data as of 10:55 PM WAT, March 20, 2024.

Experience the best rates and enjoy swift 6-24hrs delivery times. Elevate your business with OneLiquidity–get started today.

• Ride-hailing platform, Bolt has launched an Accelerator Program for its drivers and riders in Kenya. The program will see the company invest €20,000 (about Ksh2.92million) in seed fund to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March 30. 
• Applications are open for the Access Bank Youthrive Program for Nigerian MSMEs. The program is a collaboration between the bank and the Vice President’s office, dedicated to empowering individuals and MSMEs. With a focus on capacity development, financial empowerment, and business exchange, the program aims to impact 4 million youths over the next four years. Apply here.

Here’s what you should be looking at

• DOB Equity shakeup: Co-CEOs step down in leadership overhaul 
• TechStars-backed GetEquity is raising $1 million to add bonds and fixed-income assets
• tappi partners MTN to help Ivorian businesses create online presence
• Nigeria’s 8 subsea cables spur new investment in hyperscale data centres

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

To advertise with us send an email to

ads@bigcabal.com