- Thepeer, a three-year-old startup that raised a $2.1 million seed round in June 2022, has shuttered its business and will return its remaining capital to investors after failing to scale.
- In today’s edition: Inflation deflates in Kenya and Uganda || AFC secures $1.6 billion || NITDA warns Nigerians about QR scams || Microsoft to build $100 billion AI data centre
- Uganda’s annual inflation rate for March 2024 fell slightly to 3.3%, down from 3.4% in February 2024. This remains below the Bank of Uganda’s (BoU) target of less than 5%. The development comes after the BoU maintained the central bank rate (CBR) at 9.5% in February 2024, in a bid to manage…
- Skit-making is almost synonymous with comedy in Nigeria today. What started as a niche industry is now the third-largest entertainment industry in the country, worth about ₦50 billion ($34 million).
- Access Holdings wants to raise from its shareholders via a rights issue money to fund its ambitious growth plans as well as meet up with a new capital requirement by the Central Bank of Nigeria....
- In today’s edition: Nigeria plans to limit data collection by digital lenders || Detained Binance executives sue Nigerian agencies || Meta caught spying on Snapchat, YouTube and Amazon || Funding tracker
- MultiChoice owns SuperSport which bids for broadcast rights of CAF competitions; Patrice Motsepe heads CAF. How could his participation in Canal+'s bid for MultiChoice impact the deal?
- Startups that provide financing services to individuals planning to buy a vehicle are devising new strategies to stay profitable as the Nigerian economy continue its downward spiral...
- In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday ☀️ LinkedIn is trying out TikTok-style videos. It’s not set in stone yet, but the company has confirmed that users will be seeing short-form video feeds in the near future. The app joins a string…
- Equity Group, a Kenyan bank with assets worth over $10 billion across East Africa, has reported a 6.5% decline in net profits for the year ended December 31, 2023, due to bad loans.
- Hydrogen, the fintech arm of Access Corporation, Nigeria's biggest bank by assets, declared profits of ₦161 million at the end of 2023; the first—since its launch in 2022.
- Patrice Motsepe, president of the Confederation of African Football and South Africa’s richest black man, is in talks to join Canal+’s bid for MultiChoice.
- Kenya Airways has been in the red since 2012. However, in 2023, it recorded the first operating profit in nearly seven years on the back of higher revenues after passenger traffic grew 35% year-on-year.
- In today’s edition: Nigerian Islamic policing authority bans TikToker from social media || BasiGo gets $3 million in funding || SA fines TransUnion || Canva acquires Affinity to compete with Adobe
- Who calls the shots at TechStars-backed GetEquity?
This TechCabal org chart details the leadership structure of the startup: techcabal.com/2024/03/26/who-calls-the-shots-at-techstars-backed-getequity/
- The Central Bank of Nigeria has raised the benchmark lending rate by 200 basis points to 24.75%, making it the tenth consecutive hike since May 2022.
- In today’s edition: Nigeria charges Binance with tax evasion || MTN exits two African markets || Access Holding, Coronation Group partner with M-Pesa || Nigeria plans to exit FATF’s grey list
- This move will allow MTN to focus on Ghana, Cameroon, and Cote d'Ivoire, stronger markets in the West and Central Africa region which collectively contribute huge amounts to the group's revenue
- Moonshot by TechCabal returns in October! Moonshot is the conference that brings together Africa’s tech ecosystem in person to network, collaborate, share insights, and celebrate innovation on the continent. At TechCabal, we believe that there is value in bringing together the brightest problem…
- The crypto exchange was accused of non-payment of value-added tax and company tax, and failure to file tax returns, according to a charge filed before a Federal High Court in Abuja.
- Access Holdings, led by Aigboje Aig-Imoukhuede is pushing for the biggest share of the remittance market in East and West Africa with help from Safaricom and M-Pesa....
- In today’s edition: Ethiopia’s largest commercial bank loses $40 million in glitch || Nigerian content creators can now make money on Instagram and Facebook || Meta and SA partner to fight electoral misinformation || ICASA to reduce call costs in SA
- “If I don’t take the low-paying jobs, others will, and there’s no guarantee that I’ll get the higher-paying ones either. In the time I’d wait for one $100 job, I could have completed four $20 jobs or two $50 jobs.”
- Congolese fintechs are partnering with the government to create a framework that aims to increase financial inclusion, ensure information-sharing within the industry and increase access to investment opportunities.
- Meta Platforms will allow content creators in Nigeria to make money through ads and other features, in a move it hopes will keep the country’s top content creators on its platforms.
- Telkom will sell off its tower and mast assets in South Africa housed under its subsidiary Swiftnet for R6.75 billion (~$356 million) to TowerBidco, a newly created entity.
- Moove said a plan to implement geofencing in its Nigerian market is responsible for the perceived scarcity of the Suzuki S Presso it uses on the Uber platform.
- Nigeria plans to replace 40% of all cars on its roads with Electric Vehicles by 2033, in a drastic move. India on the other hand has what stakeholders feel is a better idea.
- Across Nigeria, remote workers and businesses continue to struggle with bad internet service due to subsea cable cuts of the nation's major internet service provider.
- With a price-to-book value of 1.25x, Access Bank is valuing NBK at around $100 million. However, the final acquisition figure could still be markedly different from that estimate.
