- South Africa-based vehicle rental startup, Planet42, has announced that it has closed a $100 million round to scale its operations across South Africa and Mexico.
More in #TCDaily.
- Over the last three weeks, making payments with Nigerian bank apps has felt like Russian Roulette.
So frustrated customers are using digital alternatives like OPay, Pocket and Vbank, and it may open the door for these companies to increase their market share.
- Barely three years old, Presto Eat has grown to become Libya’s leading startup. But why are venture investors seem to be steering away from investing in the logistics startup?
- Barely three years old, Presto Eat has grown to become Libya’s leading startup. But why are venture investors seem to be steering away from investing in the logistics startup?
- Emeka Nwachinemere's startup, Kitovu Technology Company, is currently enabling over 16,000 small-scale farmers across Nigeria make data-driven decisions.
- In today's edition of #EnteringTech🚀, Chiamaka Ewa (@ewamaka_) explains how customer support managers predict problems customers may have, and create solutions. CX, Chiamaka says, is a proactive role while customer service is more reactive.
- Planet42 employs proprietary algorithms and data points to score a customer’s risk level and generate an offer to buy a car from a dealership of choice within minutes. The startup claims to have almost a thousand car dealerships in its network which generates about 40% of its sales.
- Days after announcing a $530 million investment in Africa, ride-hailing company Bolt has laid off 24% of its Nigerian staff. About 17 of its 70 employees lost their jobs in what the company describes as a restructuring process.
More in #TCDaily.
- In this interview for TechCabal, Noel K. Tshiani,(@NoelTshiani) of Congo Business Network, interviews Fidèle Nsadi about his foray into the fintech space in Kinshasa.
- The recent Naira redesign in Nigeria has led to cash scarcity. So most Nigerians have had to rely heavily on internet transfers and POS transactions. But this has led to an increased rate of failed transactions. So here are ways to reduce failed transactions when making payments.
- TikTok launched an election hub for Nigeria's upcoming election. Three days to D-day, I decided to use it to see what it’s like. Here is how it went.
- Multinational ride-hailing company Bolt is doubling down on its Africa operations.
Yesterday, the company announced its intentions to invest €500 million ($530 million) in Africa over the next two years. More in #TCDaily.
- The food value chain is the beating heart of African economies. We see chances to “make bread” investing in companies that help people break bread.
- In October 2022, an independent panel released the report of a six-week investigation into the conduct of Eke Urum, the founder of Risevest, following allegations of workplace bullying and sexual harassment. While the committee recommended that Eke step aside as CEO of the company, three people…
- In this article contributed to TechCabal, Elizma Nolte, Meta's head of marketing for sub-Saharan Africa shares how businesses can work with creators to reach the right people.
- Co-Creation Hub (CcHub), an innovation lab headquartered in Nigeria, has announced the launch of an accelerator programme that will commit $15 million to support 72 startups in Nigeria and Kenya.
More in #TCDaily.
- In this edition of TC Weekender, we bring you news of losses and gains of big and small businesses, record-breaking 9-figure crowdfunding in Nigeria, Airtel’s plan to roll out 5G only for the rich in Kenya, and other stories.
- Private equity firms invest in private companies using capital from high net-worth individuals and institutional investors. In this article, we will explore six key concepts associated with private equity and explain them in easy-to-understand language. Read here now.
- Africa’s biggest innovation hub, CcHUB, is set to launch a $15 million ed-tech accelerator program to back and support 72 startups across Nigeria and Kenya in the next 3 years.
- Buying a used or refurbished laptop in Nigeria can be a cost-effective solution for those who want to save money on a new computer. However, there are many factors that can impact the performance and longevity of a used or refurbished PC. Read more here.
- Terraa’s product offering, a tech-enabled B2B platform and logistics infrastructure, enables farmers to earn higher incomes and access stable markets at better prices, while retailers benefit from competitive prices and a consistent supply of high-quality goods.
- Beyond his unmatched talent behind the mic, South African rapper Kiernan Forbes, famously known as AKA was a visionary artist who saw the value of digital channels in accelerating the growth of his music and business brands.
- In 2022, Jumia revealed it lost $207 million in 2022—$49.2 million in Q4 alone. The company also confirmed that it reduced its staff count in Dubai by 60%, and laid off 900 people in total in 2022.
More in #TCDaily.
- In 2021, over 80 financial institutions across the globe paid $2.7 billion in fines relating to anti-money laundering (AML) failures, at an average of $34,151,237 per firm. These companies have something in common: a flaw in their customer verification process which can be manipulated for fraud…
- This article was submitted to TechCabal by Nicolas Teisserenc. Nicolas runs Poinciana, a communications consultancy specialising in Africa Over the last decade, fintech has become perhaps the most exciting industry in Nigeria. Hundreds of companies have popped up, attracting up to two-thirds of all…
- African e-commerce company, Jumia has released its earnings report for Q4 2022 and the full year 2022. With revenue of $66 million for Q4, the company made a full year loss of $207 million and a Q4 loss of $49.2 million, and it projects that it will reduce its losses even further in 2023 to […]
- Most investors were aware that the company was struggling, but some insist that they were not carried along in the decision to sell. Despite all the back and forth, only one thing is certain: every investor will walk away with zero returns.
- The supervisory board of the ecommerce company, Jumia, has now appointed Francis Dufay as the company’s CEO. Dufay was announced as the acting CEO after the exit of Jeremy Hodara and Sacha Poginonnec as Co-CEOs. The exit of both CEOs came after a decade where Jumia was pressed to move towards…
- Monieworx, a crowdfunding platform regulated by Nigeria's SEC, has pooled ₦100m in investments for three SMEs, setting a precedent for crowdfunding startups in the country
- Nigeria’s President Muhammadu Buhari in a national broadcast on Thursday morning directed the Central Bank of Nigeria to release old N200 notes into circulation. “To further ease the supply pressure, particularly on citizens, I have given approval to the CBN that the old N200 bank notes be released…
- South African insurtech startup Naked has raised $17 million in a Series B round. The startup wants to use the new funding to expand into new markets, grow its team, and invest in technology.
More in #TCDaily.
- When shopping for a new laptop, there are several important factors to consider to ensure you get the best possible device for your needs and budget. Here are nine things to keep in mind when buying a new laptop in Nigeria.
- The program first opened the first Kenyan centre of excellence at the University of Nairobi in March 2022. Overall, online and in-person Coding for Employment programs have reached 152,000 youth across the continent.
- Over 264,000 workers across 1,400 tech companies have been laid off since The Great Layoffs began in 2022. But should that stop more people from launching their tech careers?
Read this edition of #EnteringTech🚀.
- Telkom unbundled Openserve into a standalone subsidiary in September 2022 in a move that CEO Serame Taukobong described as intended to “promote and drive autonomous ability and market visibility [for Openserve].”
- To honour our commitment to the startup ecosystem in Africa, TechCabal is launching an exciting new video series called "My Startup in 60 Seconds", a one-minute video show where startup founders share the unique problems they are solving for Africa.
- According to the Financial Sector Conduct Authority (FSCA)’s 2022 Financial Sector Outlook [pdf] study, about 60% of South Africans alluded to having an insurance product, and penetration of insurance, measured using premiums as a percentage of GDP, was 13.7% in 2020 —one of the highest in the…
- In addition to its presence in East, West and southern Africa, Smile Identity also plans to enter Francophone and Arab-speaking markets through localised sales and support.
- Tridiv Vasavada, Chief Technology Officer, Wasoko, submitted this guest article to TechCabal According to Boston Consulting Group (BCG), Africa’s informal retail sector accounts for more than 70% of food, beverage, and personal care products provided to consumers across the continent. However,…
- Amid profitability issues, South African telco Telkom has announced layoffs. This week, the company revealed that it's embarking on a restructuring process that will affect 15% of its 11,000 workers—about 1,650 people.
More in #TCDaily.
- In a statement on the Johannesburg Stock Exchange news service, the company stated that the process will impact all business units and subsidiaries and is intended to ensure the sustainability of the group.
- Hires ex-Swvl leader as Country Manager Nigerian-born Treepz, a ride-hailing company that allows users to rent buses, SUVs and trucks, has expanded into Kenya. With this expansion, Treepz is now available in Nigeria, Ghana, Uganda and Kenya. Founded in 2019, Treepz operates a vehicle rental service…
