- In July 2022, Union54 halted its services following an attempted $1.2 billion chargeback fraud which saw many African startups that previously used its card-issuing services rush to find alternatives.
- The just-appointed commissioner for Nigeria’s new data protection bureau, Vincent Olatunji, tells TechCabal how he plans to end data breaches in the country.
- From July 1, 2023, electricity distribution companies (DisCos) in Nigeria will increase electricity tariffs by over 40%, due to high exchange rates and inflation. Tech startups in Nigeria are expected to be affected less due to their remote work setting. However, remote workers will bear the brunt.
- Smile Identity has laid off eight employees in what it says is a move to achieve its profitability targets. The company confirmed to TechCabal that it laid off 10% or 8 employees early in June.
- There are currently 308 active tech startups in Kenya, employing over 11,000 people. However, only 50% of these startups have undergone acceleration/incubation.
- The Nigerian Communications Commission (NCC) recently unified USSD codes for various activities on all networks. This article provides a comprehensive guide on how to share data on MTN alongside other networks.
- Nigerian banks report remarkable revenue growth in Q1 2023, with ₦96.483 billion ($122,694,806) generated from electronic businesses. The adoption of fintech solutions resulted in a significant 23.84% increase from 2022.
More in #TCDaily.
- The digital registry, which is yet to go live for the public, allows judicial officers unrestricted access, and ordinary citizens, but after a formal request.
- Stack Overflow, which claims to register over 680 million page views monthly, was acquired by Naspers-owned Prosus in June 2021 for $1.8 billion, a deal both companies described as mutually beneficial.
- Kenya's Finance Bill has been passed into law, and with it, new provisions that mandate a 3% tax on all crypto transfers. Content creators will also pay a 1.5% tax on every payment they receive.
More in #TCDaily.
- Thirteen days after Heritage Bank dismissed rumours about an alleged ₦49 billion fraud, customers are still struggling to access their funds, and many may be ditching the bank’s services for alternatives.
- As Eskom’s struggles continue, South Africa seems to be seeking alternative energy sources to support the crumbling national grid. In April, the city of Cape Town also announced a $65 million solar PV and solar battery project to tackle loadshedding.
- In today's interconnected world, success for entrepreneurs relies on their ability to expand their horizons and tap into global markets. While virtual meetings on Zoom have become commonplace, nothing can replace the power of face-to-face conversations.
- TechCabal caught up with Excel@Uni and HealthDart to get their thoughts on being selected for the programme, the pain points their startups are addressing, how they plan to leverage being a part of the programme, and much more.
- Under the new brand, Solcon Capital will focus on international deep tech investments in generative AI and large language models (LLM), synthetic data and big data, cybersecurity, and quantum computing in South Africa, India, and Southeast Asia.
- After news broke of a shut down on June 27, co-CEOs of Eyowo, Yomi Adedeji & Omoseindemi Olobayo, have denied that the startup is closing shop. It is however laying off staff & shutting down a product.
More in #TCDaily.
- Digital bank Eyowo has denied a reports claiming that it is shutting down on June 27. The CEO and founder confirmed that instead, the firm is decommissioning a product and letting go of about 11% of its employees.
- New rules from the Central Bank of Nigeria say that financial institutions should collect and verify the social media handles of customers. The banks seem unsure of how to go about it.
- Lagos accounted for over 87% of total tech startup funding in Nigeria as of 2022. At GITEX Africa, Governor Babajide Sanwo-Olu revealed that the state is seeking to consolidate its status as the foremost tech ecosystem in Africa.
- Safaricom's M-PESA tops the mobile money market share at 96.5%. Airtel Money comes in second at just 3.4%, followed by Telkom Kenya's T-Kash at 0.1%.
- At launch, PAPSS introduced a new settlement model called the Commercial Bank Settlement Model, which allows commercial banks to open and fund their settlement accounts at Afreximbank and manage their liquidity as per their banking requirements.
- Last week, the Central Bank of Nigeria (CBN), released new regulations that make it mandatory for all financial institutions to use social media handles for KYC operations. This is despite the fact that barely 16% of Nigerians use social media.
- Some beneficiaries of the Google Black Founders Fund share with TechCabal why they applied for the fund and how the funding will make a difference. On Tuesday, Google announced that it had selected 25 African startups that would receive up to $150,000 in cash without any equity requirements in the…
- For small businesses already dealing with fuel hike and rising inflation, the proposed electricity tariff hike will mean an increase in their running costs.
- Toeing the steps of Apple, Samsung and other phone providers are defying the South Africa’s ICT regulator’s guidelines by selling phones without chargers in Kenya.
- As Flutterwave moves to capture a share of Egypt's cross-border remittances, the payment company hopes expanding and deepening its market coverage will also be a boost for its IPO appeal.
- Revio is a South African fintech startup looking to address digital payments failure on the continent. The startup has raised $1.1 million to expand its market presence.
- “When I was going through a hard time in my marriage and the death of my baby, TikTok really helped me. I found videos of mature people like me—even older—sharing their experiences and also sharing advice for people going through similar situations.”
- “When I was going through a hard time in my marriage and the death of my baby, TikTok really helped me. I found videos of mature people like me—even older—sharing their experiences and also sharing advice for people going through similar situations.”
- Kigali wants to establish itself as a leading technology centre for African companies. Flutterwave, like several of Africa’s biggest fintechs, is turning to the ambitious East African country to give their operations a surer footing.
- Kigali wants to establish itself as a leading technology centre for African companies. Flutterwave, like several of Africa’s biggest fintechs, is turning to the ambitious East African country to give their operations a surer footing.
- Flutterwave has entered into a five-year technological agreement with technology giant, Microsoft. The partnership will see the fintech company build a new generation of payment services on Microsoft Azure, powering payments infrastructure across the African continent and beyond.
- Flutterwave has entered into a five-year technological agreement with technology giant, Microsoft. The partnership will see the fintech company build a new generation of payment services on Microsoft Azure, powering payments infrastructure across the African continent and beyond.
- According to its latest financial results, South African retail giant Mr Price lost R1 billion ($54 million) in revenue. The company cites load-shedding as the major cause of the loss.
More in #TCDaily.
- According to its latest financial results, South African retail giant Mr Price lost R1 billion ($54 million) in revenue. The company cites load-shedding as the major cause of the loss.
More in #TCDaily.
- Crypto startup Pillow which enabled users in Nigeria and Ghana to save and invest crypto assets ceases operations, cites regulatory climate as the reason.
- Crypto startup Pillow which enabled users in Nigeria and Ghana to save and invest crypto assets ceases operations, cites regulatory climate as the reason.
- Mr. Price joins other publicly traded companies including Multichoice, Vodacom, Telkom, and MTN, who have blamed their suboptimal performances on loadshedding.
- Mr. Price joins other publicly traded companies including Multichoice, Vodacom, Telkom, and MTN, who have blamed their suboptimal performances on loadshedding.
- It was in the spirit of Aluta that Cyprian Igwe, a student union executive at UniAbuja sent a Whatsapp message disagreeing with the 50% hike in the University’s fees. The University responded with a rustication letter and accused Cyprian of circulating an “inciteful press release.”
