- On a divisional level, inflation was majorly driven by food at 11.81%, followed by, housing, water, electricity and fuel (3.81%), clothing and footwear (1.74%), and transport (1.48%), amongst others.
- Naira cards are making a comeback. Last week, Wema Bank became the first Nigerian bank to increase the international spending limit on its naira cards. This comes two years after a forex shortage caused banks to reduce or stop international spends on naira cards.
- Teniola Adedeji and Funmilola Aderemi, friends for two decades, partnered two years ago to co-found Pharmarun. Recently, they secured $10,000 in equity-free funding at Pitch2Win 2023. Here's a glimpse of what their upstart is about.
- Nigeria's House of Representatives has asked the Central Bank of Nigeria (CBN) to press the pause button on their plans to make social media handles a mandatory ID for know-your-customer (KYC) operations.
- In a conversation with TechCabal, the CEO of My 1Health, Ryan Marincowitz, revealed the startup is looking to expand its reach to Ethiopia and South Sudan.
- Alat, Nigeria’s first digital bank, has leveraged the country’s recently unified exchange rate to reverse a policy on Naira cards that limited international spending.
- At Eden Venture Group, we use the internet to foster community, which is an essential feature of empowerment. Women’s voices need to be heard on the internet and we need to be included in various online spaces.
- Access Bank has completed negotiations to acquire the sub-Saharan subsidiaries of Standard Chartered Bank for an undisclosed sum. With this move, Access Bank’s pan-African drive sees another boon: an acquisition that could make it one of the continent’s topmost banks.
- It is unclear whether the two new funds will replace Spark Venture Fund, a $1 million fund that invests in late-seed to early-growth stage tech startups in Kenya.
- Jamit has appointed its first chief brand officer: Koromone Asabe-Yobaere. But before she joined the audio entertainment company as co-founder, Koromone served as managing editor for TechCabal. Here's what she's taking from her old role into her new one.
- Flutterwave has partnered with the International Air Transport Association (IATA) to enable airlines to process payments from local markets in Africa through various channels. This could address the issue of slow fund repatriation from flight tickets sold in local African currencies.
- Nigeria’s social media KYC requirement is not getting any likes. Earlier this week, the House of Reps halted the implementation of an earlier CBN directive to use social media handles for know-your-customer (KYC) operations.
More in #TCDaily.
- The rapid rise to power of Africa's tower industry is only a few years old, but cracks are already appearing. Here's all you need to know about the latest quarrel.
- From conversations with six GTBank customers, TechCabal learned that many customers cannot log in to the new app. With no explanation from the bank, GTBank customers have been targeted by fake helpcare accounts on Twitter.
- While 160 companies are listed on the NGX, market experts say that the gains have been mainly driven by seven companies. With H1 financial results on the way, there’s a sense that NGX's good run may come to an end.
- Nigeria’s plan to make its eNaira mainstream has not recorded much success. From the unbanked to the banked, Here's why Nigerians are not adopting the country’s blockchain money.
- Yesterday, fintech unicorn Flutterwave announced the launch of Tuition, a new payment product that will allow African users to pay school fees within Africa and overseas using local currencies.
More in #TCDaily.
- As the VC funding crunch continues, investors seem to be focusing their attention on making early-stage bets, with 57% of all investment into the continent going to early-stage startups, a 5% increase compared to 2022 figures.
- Democratic Republic of Congo, with a population of over 100 million, offers immense potential for international investors. The country boasts not only a dynamic and diversified domestic market but also creative, innovative and ambitious entrepreneurs.
- But the primary problem with the use of contactless payments is the risk of fraud arising from the absence of authorization, meaning a serious cause of concern for banks and financial institutions involved.
- The African francophone startup ecosystem has a lot of catching up to do when compared to English-speaking countries. Can a copycat approach help close this distance?
- On Friday, Nigerian startup, Medsaf, sent TechCabal a “cease and desist” letter, requesting that our story on Medsaf, be taken down. Our story contains allegations that Medsaf employees were owed salaries for months and another allegation of financial misappropriation. We stand by our reporting and…
- Nigerian healthtech startup, Medsaf has laid off all its full-time employees. Former employees allege that their salaries and benefits remain unpaid.
- By asking Oyedele to lead the group that will likely have the most direct influence on federal taxation policy, Tinubu is signalling a willingness to listen to tax policy experts. Having expert advice on the menu is always good, but it does not guarantee that the government will act on recommended…
- Regardless of YCombinator’s reasoning for putting out such a list for the first time ever, the fact that such a leading global investor is a sign of wind of change is blowing through the VC industry and whether African startups like it or not, they will have to adapt to the new modus operandi.
- The regulatory clampdown on the recent price increase has raised uncertainty and apprehension among operators who are now faced with the prospect of significant changes to their business operations.
- Through its partnership with African Export-Import Bank, Fiducia is providing financing to SMEs in Africa through factoring and actively raising awareness about its benefits among African businesses.
- Airtel Kenya's 5G is based on a sub-6 GHz frequency band, meaning connections can travel longer distances and penetrate obstacles like buildings/walls more effectively.
- Nigerian healthtech startup, Medsaf has laid off all its full-time employees, TechCabal can exclusively report. The company’s chief operating officer (COO), Rotimi Lawal, told employees on Slack that Medsaf had to reduce its workforce
- Jumia urgently needs to become profitable across its 11 African markets. To drive this, the company is looking to rural markets where ecommerce potential is untapped. How will this strategy play out?
- The NSFAS plays a vital role in providing financial assistance to eligible students in South Africa. See how to check your NSFAS status after application here.
- The iPhone 15 series is seemingly close to release, with promising rumours regarding new features and upgrades. Here is all we know for now about the new series and likely release time.
- Eleven months after Union 54 halted operations amid an attempted $1.2 billion chargeback fraud, the Zambian fintech startup is launching ChitChat. ChitChat is a social commerce platform and is the result of a collaboration between Union 54 and Mastercard.
- Tunga, a Nigerian talent firm, has entered a partnership with the Netherlands to train software developers and connect them with employers across Europe in a project called Tech Impact Africa (TIA).
More in #TCDaily.
- In a hyper-connected world, a crisis can escalate quickly and cause significant reputational damage. Media-savvy startups are better equipped to handle these situations.
- Showmax’s success is tied to exclusive streaming of content from SKY and COMCAST and third-party providers like HBO. With HBO now partnering with Netflix, some of this content may no longer be exclusive to Showmax in Africa.
- Kyosk has entered the African fresh produce market with its Farm & Fresh business line. This follows its acquisition of KwikBasket, a player in agricultural distribution.
- The Netherlands has eyes on Africa and its software developers. The relationship is symbiotic: Europe needs more developers; Africans need better pay. The Netherlands’ Tunga is the upstart coordinating a handshake.
- Kenya's biggest telecoms operator, Safaricom, has launched a new service that enables customers to pay for products and services using their internet data balance.
- The feeling within the union is that ride-hailing companies have long scuttled their attempts at collective bargaining and are displeased with the decision of the drivers to unionise. The union is important because drivers have been denied rights to decision-making.
