- As President Tinubu looks to set up his cabinet, many tech players look forward to who becomes the next minister of communications and digital economy, mainly to drive the implementation of the Nigeria Startup Act.
- Contrary to recent claims, the South African National Space Agency (SANSA) has announced that it is not planning to send two female astronauts to the International Space Station (ISS) within two years.
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- Inq operates in 10 countries across emerging markets, but its goal in Nigeria is clear: use AI to make energy distribution in Nigeria more efficient.
- Nigeria’s Central Bank has raised the benchmark lending rate by 25 basis points to 18.75 per cent, from 18.5 per cent, in an aggressive push to contain the nation’s inflationary pressure. The acting CBN governor, Folashodun Shonubi, announced this today after the bank’s Monetary Policy Committee (…
- The CEO of Sterling One Foundation, Olapeju Ibekwe stated Africa Social Impact Summit was conceived to address Africa's developmental challenges to shape a better continent for the coming generation.
- The Nigerian health-tech startup Clafiya has raised $610,000 in a pre-seed round. The round saw contributions from investors like Norrsken Accelerator, Acquired Wisdom Fund, Hustle Fund, Voltron Capital, Microtraction, Ajim Capital, HoaQ, Bold Angel Fund & other angel investors.
- Worldcoin, the cryptocurrency token initiative co-founded by Sam Altman, one of the founders of OpenAI, has officially launched. The project is branding its service as a "digital passport" that will differentiate genuine humans from AI bots.
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- Kenyan Upwork freelancers should be prepared to start paying income tax on their earnings. The VAT rate in Kenya is set at 16% of the total service cost, subject to taxation.
- The African gig economy continues to thrive. In a twist of events, Africa's working-age population remains a prime target for globalised digital talent as Europe and America struggle with an ageing workforce and high labour costs.
- The company's managing director, Olaniyi Toluwalope said eTranzact processed over N50 trillion in value of total transactions in 2022, a significant increase from the N39 trillion processed in 2021.
- Nigerian insurtech startup, MyCover.ai, has secured the close of a $1.25 million pre-seed funding round. According to MyCover.ai, the funding will be used to expand the reach of its product, into other African markets.
- Platform Capital is launching its third edition of Africa Walk to counter negative stereotypes that deter investors from the African creative industry. It will take place in Nigeria and Senegal to show that language is a bridge, not a barrier.
- Kigali is arguably Africa's most ambitious ecosystem. But a deep level of government and "impact" support may undermine the country's tech hub goals. It needs to "enable" a culture of venture, not "engineer" it.
- A month after Senegal announced its readiness for 5G, Sonatel—Orange Senegal—has snagged the bid to provide the country's first 5G service. Sonatel reportedly bid $59.1 million for the licence, beating Free’s $5 million and Expresso’s $3.4 million bids.
- Kenya can exchange financial account information with 106 other countries via the OECD Common Transmission System. The institutions must provide details like names, addresses, jurisdictions, residences, & tax identification numbers for account holders.
- In a restructuring move, web3 startup Bundle Africa has shut down its exchange services after three years of operation. The company will shift its focus entirely to its peer-to-peer service Cashlink.
- Despite its impressive numbers in the beginning, user engagement on Threads has dropped. According to Similarweb, Threads’ daily active users fell from 49 million after its launch to 23.6 million users last Friday.
- SASSA generally recycles the trend of disbursing payments. But you may need to see when to expect the SRD grant to be available for withdrawal from the designated payment channels in August.
- With every click, search, and social media interaction, we leave behind a trail of digital footprints that can be tracked and monitored. Here, we explore various ways to safeguard your online privacy.
- According to a statement published on its website on Friday, the company said the decision was made by its shareholders in a bid to “restructure the business”. Instead, Bundle will now be focusing on Cashlink, its peer-to-peer platform.
- Smartphone vendors who have been skirting their tax obligations are about to hit hard times ahead. The days of enjoying lucrative business without proper taxation coming to an end.
- Jessica Uche recently started her journey as country director for Nigeria for global payroll systems Native Teams. Here's what Jessica thinks companies that are planning to expand into new countries should do.
- Netflix's password-sharing block has reached the continent. Starting this week, South Africans can no longer share passwords with anyone outside their households. The paid-for-sharing option, however, is not yet available in the country.
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- Tighter funding cycles for startups are forcing them to be prudent, thus creating opportunities for solutions that promote internal fiscal discipline through spending management software. There is a big market for whoever can pull this off. It’s not a problem that is unique to startups. Many…
- Nigeria's Data Protection Commission (NPDC) will blacklist companies that have refused to comply with its data protection regulations. Its commissioner, Dr. Vincent Olatunji, in an exclusive interview on the sidelines of its workshop held in Ikeja yesterday
- As President Tinubu assembles his cabinet, some stakeholders in Nigeria’s tech ecosystem are being considered for key positions. It holds promise for Nigerians who have advocated for the appointment of industry-specific experts to key roles.
- Since digital remittance startups often don’t have multiple products or services, they can take advantage of their narrow focus to improve their offerings at speeds the banks can’t match.
- President William Ruto and his Kenya Kwanza team had promised to be cautious about international loans. But they have veered sharply off course, borrowing KES 1.2 trillion in the past eight months.
- There's a dominant notion that iPhone batteries don't last long compared to Androids. But here, we'll discuss five practical ways to preserve your iPhone battery life.
- The International Monetary Fund (IMF) has approved a $1 billion loan for Kenya. The loan is set to help reduce the impact of the bad economic environment, but many Kenyans believe it will just make things more expensive.
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- Peacock, the platform on which Showmax 2.0–slated to be launched by March 2024—will be hosted, has raised subscription prices effective from next month. The new pricing applies to new and existing users and is the first price hike Peacock's launch in 2020.
- Starlink has launched in Kenya, offering broadband via satellite signals. It aims to benefit rural areas, but its high cost makes it impractical for many. While Safaricom plans to compete with satellite internet services, local ISPs remain a reliable choice. Starlink has finally launched in Kenya.…
- Not every business needs VC funding. But if you must raise, your business must be VC back able. This simply means you must be able to grow at the rate of 10 times or more. The money being raised is not free money.
- As Multichoice’s woes continue, French broadcasting giant Canal+ has increased its stake in the company to 31.7%. South African law mandates that when a shareholder reaches a 35% stake in a listed entity, they are to make an offer for a takeover.
- Report by fintech arm of the country's central bank, highlights how reforms, local capital and bank-to-fintech partnerships have gifted fintechs in Egypt a tailwind.
- Starlink has finally debuted in Kenya at Ksh6,500/month ($45.9) with a one-time hardware cost of Ksh92,000 ($649.72). The service will, however, face competition from Safaricom which plans to launch satellite internet services.
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- A vice chairman of the union, Ifako-Ijaiye, David Ademola, told TechCabal that today’s increase will further eat into their margins. "Buying fuel at ₦500 per litre was not favourable before."
- To address the increasing food inflation, President Bola Ahmed Tinubu has proposed a National Commodity Board. A commodity board is not a novel idea, but it is a poor choice of weapon against the soaring prices of food in Nigeria.
- The CBN’s Monetary Policy Committee (MPC) will meet on July 24-25 to deliberate on interest rates. Experts who spoke to TechCabal predict that surging prices may force the apex bank to raise the Monetary Policy Rate (MPR) to 19.5%.
- While Silicon Valley remains the heart of innovation and venture capital activities in the United States, a vibrant yet under-appreciated treasure trove of potential awaits discovery in another continent: the thriving tech ecosystems in francophone Africa.
- Nigeria's inflation rate has soared to 22.79% year-on-year. This is a significant jump from the 18.60% recorded in June 2022. On a month-on-month basis, the figures rose to 2.13% from 1.94% in May 2023.
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- Despite pushback from the CBN, fintech, and customers, PoS operators will implement a price hike this week. Will the business model survive the price increase?
- TechCabal Insights presents trends and events in African tech during the second quarter of the year: Sectoral funding, expansions, acquisitions, regulations, and more. In our analysis of trends and events in Q2 2023, we provide a glimpse into the major moves and the occasional rocky road in the…
- A new law in Uganda has introduced an income tax of 5% on all non-resident individuals who earn income by providing digital services to customers in Uganda.
