- WhatsApp has a knack for 'borrowing' features from other chat apps, and this time around, it has launched Channels, a familiar feature in rival apps.
- As part of an ongoing dispute with business magnate Ahmadou Baba Danpullo, and South Africa's First National Bank (FNB), MTN's Cameroon operations are being threatened by the seizure of its bank accounts containing $22 million.
More in #TCDaily.
- Three reliable sources told TechCabal that though the CBN requires a deposit of N35 Million among other fees to grant a BDC license, people who own multiple licenses are selling theirs off. TechCabal understands that the price is down to ₦15 million today and will likely plummet further.
- The evolution of digitalization is changing how multinationals operate and relate with foreign governments. It is raising questions about taxation in the digital economy. There have been debates over the last few years about how the standard international tax system needs to properly capture the…
- The CBN's latest move in floating the naira and allowing banks to sell forex at market rates would drive a lot of movements. Several analysts agree that this bullish run could last five days before investors look to take profit.
- Some creators are happy about YouTube's changes to YPP. They can now monetise their content early in their YouTube careers without amassing a big following.
- Under the new brand, the firm will focus on international deep tech investments in generative AI and large language models (LLM), synthetic data and big data, cybersecurity, and quantum computing across South Africa, India, and Southeast Asia.
- In a move away from a fixed foreign exchange policy, Nigeria's Central Bank has loosened control of rates in what appears to be a managed float. TechCabal confirmed from one of Nigeria's leading banks that the USD is now exchanging for N699 (buy rate) and N700 (sell rate).
- Eyowo has restored interbank transfers for its users through a partnership with Providus bank. The fintech has also expressed interest in partnering with more commercial banks but this questions its goal of financial inclusion.
- On its financial results booklet, Multichoice mentions DStv, its core product, only seven times, compared to the twenty times it mentions Showmax, perhaps pointing to how much the company is betting on the success of the platform as the last straw to keep the company from going under.
- According to Multichoice Group’s annual financial results for the year, the company’s profits declined by over 200%, going from a R2.8 billion ($150 million) profit in the last financial year to a R2.9 billion($155 million) loss.
More in #TCDaily.
- LagRide drivers pay a N700,000 downpayment with the balance spread over the next four years in N9,000 weekly repayments. The drivers say the repayments are excessive.
- Learning tech skills in indigenous languages can potentially increase access to digital education. Olalekan Adeeko, a teacher-turned-TikToker is making this happen.
- In this edition of Tech Edge, Noel Tshiani (@NoelTshiani) interviews Marc Tshibasu on the major needs of startups in Kinshasa and how the tech ecosystem is evolving in the country.
- TechCabal can exclusively report that the Uber has increased its base fares on Uber X from N850 to N1200. Today's increase is a result on the fuel subsidy removal and the increase in the price of fuel
- According to Telkom’s Q3 results for the period ending December 2022, the company incurred over R150 million in additional costs to tackle loadshedding.
- Last week, the International Finance Corporation (IFC) announced that it would invest Ksh21.8 billion ($156.9 million) in Safaricom, in exchange for 7.25% of the company’s equity.
IFC will also loan Safaricom a further Ksh13.9 billion ($100 million). More in #TCDaily.
- Our primary newsletter, TC Daily, is spotting a fresh look!
Here’s a quick breakdown of everything our 150,000 subscribers will get in their inboxes, from share buttons and a Web3 segment, to a referral programme.
- On June 2, a Kenyan Employment court said social giant Meta, is the principal employer of 184 content moderators fired in January. Meta will now appeal the ruling while arguing the court has no jurisdiction to hear the case
- After a midweek protest across Nigeria last week, ride-hailing drivers return to work today. Today's resumption will happen despite drivers saying ride-hailing companies have not met their demands.
- Termii, a YC-backed startup, has the goal of reimagining communication between African businesses and their users—and it has just raised $3.65 million to achieve this.
- Nigerians would pay more taxes if @NGRPresident @officialABAT insists on growing Nigeria's Gross Domestic Product (GDP) an average of 6% in the next four years, analysts from audit advisory firm, @KPMG_NG have warned
- Nigeria's Securities and Exchange Commission has directed Binance Nigeria Limited to immediately stop soliciting Nigerian investors in any form whatsoever.
- resident Tinubu suspended the CBN governor in a move reminiscent of Sanusi Lamido’s removal as CBN governor in 2014. Once again, the move has thrown up questions about whether the President has the power to suspend the CBN governor.
- Emefiele’s suspension comes 11 days after the inauguration of Nigeria’s new president and has been directed to hand over affairs of the CBN to Folashodun Shonubi, deputy governor, Operations Directorate.
- Co-founder and CEO of RavinAI, Eliron Ekstein stated that the demand for AI vehicle inspection was the reason for the decision to enter the South African market.
- In recent years, international streaming platforms have placed Nigerian films in front of global audiences, yet filmmakers still grapple with piracy and a local audience that cannot afford their films.
- Nigerian fintech, Tingo Group, says the allegations made by Hindenburg research group are false and a deliberate attempt to damage its reputation. The company has also appointed an International law firm, White & Case LLP, to manage the situation.
- Earlier this week, Kenyan agritech Twiga Foods revealed that it laid off its entire internal sales team—about 211 people—in 2022. The startup, however, defended it saying that it is converting the salespeople to “free agents”.
More in #TCDaily.
- TechCabal spoke to Diana Orembe and Otaigo Elisha, co-founders of NovFeed, to learn more about the product, their success in the competition, as well as their thoughts on the state of agritech in Africa.
- This ban follows violent activities over the past few days which saw some Bolt and Uber vehicles burnt by taxi drivers who accused the operators of stealing their customers in the malls.
- With Inventory gone, offices deserted, digital infrastructure down, and bank accounts inoperative, tech operators in Sudan only have hope—and some plans—as their strategy
- Per its financial statements, Unity bank's total assets were ₦510 billion in 2022, while its total liabilities were ₦785 billion. KPMG auditors highlighted it as a "growing concern."
- The Nigerians Communications Commission (NCC) has granted licences to 25 companies to offer telecom services under the Mobile Virtual Network Operators (MVNO) framework.
More in #TCDaily.
- Medius, the Swedish business expense management company, plans to acquire Tunisian-born Expensya for an undisclosed sum. A source with knowledge of the deal says Medius could pay up to several hundred million for Expensya.
- Tingo Group, a NASDAQ-listed agri-fintech company accused of being an "exceptionally obvious scam" by the Hindenburg research group, has said it will publicly address the allegations today. The group shared this in its 2023 special meeting of shareholders today.
- Twiga Foods, a B2B platform that connects farmers and food vendors, has confirmed that it no longer has an in-house sales team after a cost-cutting move it implemented last year. The October 2022 layoffs affected 211 people.
- NIBBS will reduce the processing fee for transactions on NIBBS Instant Payment (NIP) on July 1. Despite this, experts say banks won't reduce transfer fees for customers. The big reason: profits.
- In May 2022, David Abu (@DavidAbu_) and Gift Ojeabulu (@GiftOjeabulu_) set out to host #DataFestAfrica22, an event for data professionals in Nigeria. Now, the event has evolved into a community helping data enthusiasts scale, network & find job opportunities.
- @MTNNG Mobile Money (MoMo) began exactly May 2022. Now in June 2023, exactly a year and a month later, it is yet to be adopted by #Nigerians on the street. #MTNMoMo @MTNza
