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- Daniel Yu of Wasoko and Belal El-Megharbel of MaxAB hope to merge by Q1 of 202 will create a category king in Africa's growing market for tech-enabled wholesale commerce.
- Nigeria’s Central Bank has removed a two-year restriction on cryptocurrency transactions as it introduces stringent customer KYC and anti-money laundering checks. The CBN banned banks from crypto-related transactions in 2021, citing money laundering and terrorism financing concerns.
- "Many people speculated N1000 as the point of doom when it comes to our exchange rate, and not enough people considered it could get worse." 23 tech leaders share lessons from 2023
- There are cases when reporters, not understanding that their craft is built on intellectual honesty, try to pass off AI-generated content as their own.
- On Wednesday, Peace Itimi, host of Founders Connect, unveiled a documentary centred around the evolution of the Nigerian tech ecosystem over the last 15 years.
- Over a million videos from the Nigerian TikTok community were removed in Q3 2024 for violating TikTok’s policies by engaging in adult nudity, bullying, and hateful behaviour, among others.
- "Many of us already struggle due to the current commission structures," Kwame, an Uber driver told TechCabal. "Adding another layer of tax on top of fuel costs and car maintenance is like adding more to our problems."
- Nairaland, a popular Nigerian online forum and the country’s seventh-most-visited website, is back up two days after it was blacklisted by Cloudflare, an American content delivery company and Nairaland’s host. The platform is now back online to serve its community of three million users.
- Cowrywise, the YC-backed Nigerian fintech app that aggregates mutual funds for retail customers, has laid off 10% of its staff across marketing, engineering and customer success teams.
- Nomba lays off employees after winding down the retention team, according to reliable sources. This also follows a hiring freeze across the company.
techcabal.com/2023/12/20/nomba-lays-off-employees/
The company says the layoffs were minimal and performance-based.
- The Joint Admissions and Matriculation Board (JAMB) has announced updates, new fees, dates, and schedule for its 2024 computer-based examination. Read full story here:
- Can Aduna Capital’s $20m fund bring northern Nigeria’s tech ecosystem into the foray?
By Ephraim Modise
Link: techcabal.com/2023/12/20/aduna-capital-fund/
- One factor inhibiting more investment in African startups is global investors’ expectations of preferential rights in their investments, memorialised through contracts and revisions to emerging companies’ organisational and governance documents.
- Nairaland, a popular Nigerian online forum and the country’s seventh-most-visited website, is in blackout mode after Cloudflare, an American content delivery company, yanked its server offline on Monday.
- Sandbox’s platform will allow companies to find vetted product management talent across different skill levels with ease across Africa.
techcabal.com/2023/12/19/sandboxs-platform-wants-to-connect-product-managers-with-employers/
- An online scam offering expensive items for sale at a hard-to-believe discounted price of 40 Pula is gaining popularity in Botswana, racking up victims in the hundreds. The scam targets people through sponsored ads on Facebook and Instagram
- “We have been proactively holding debt restructuring discussions with our creditors through constructive dialogue,” said Tesh Mbaabu, Marketforce's founder and CEO. “Regrettably, Pezesha chose to prematurely file court proceedings.
- Cash-strapped, Twiga raised $35 million in convertible bonds from Creadev and Juven, two private equity investors who had previously invested in Twiga.
- America's Securities and Exchange Commission (SEC) has announced that it will bring charges against Dozy Mmobuosi, the CEO of Tingo Group, for fabricating financial statements and other documents of three of Tingo Group's subsidiaries, Tingo Mobile and Tingo Foods PLC.
- "Nowadays, everything is about technology and most jobs will be generated by the tech industry, so we didn’t want the girls to be left behind. This is how and why we started.”
- Cash-strapped, Twiga raised $35 million in convertible bonds from Creadev and Juven, two private equity investors who had previously invested in Twiga.
- Can M-PESA swipe away distrust?
techcabal.com/2023/12/18/👨🏿🚀techcabal-daily-m-pesa-goes-plastic/
The mobile money platform is rolling out physical cards into the country’s cash-loving retail sector.
- M-PESA, the ubiquitous mobile money platform used by 32.1 million Kenyans and over 60 million customers across eight African markets, is taking a pivotal step into payments.
- South Africa had the most representation in the top 10 most-streamed movies in Africa with eight representations, while Nigeria had two with Shanty Town and Far From Home, which were ranked 750 and 2088, respectively, on Netflix’s global scale.
- Mansa, a US-based free streaming platform for black content, has partnered with Big Cabal Media, the parent company of TechCabal to advertise its tech conference, Moonshot.
- In November, Nigerian households felt the pinch as consumer prices rose for the eleventh consecutive month this year, adding pressure on the central bank to hold a rate hike meeting
- In recent months, Opay'a lax KYC standards have drawn increasing criticism following rising concerns over financial fraud in the country. Now, checks by TechCabal show that OPay continues to allow new users to sign up to its platform without proper verification.
- E-commerce giant, Jumia shuts down food delivery service in seven African markets, citing increased competition and rising operational costs as a reason for closure.
- Being a communication professional in tech is not the most popular skill out there, but is a surefire way of entering into tech. Here's how Joyce Imeigha thinks newbies can navigate this career path.
- Techstars, one of Africa’s most active startup investors, has unveiled 12 startups in its second cohort for its Lagos-based accelerator programme. The startups will receive $120,000 in funding and up to $400,000 in support.
- MTN Nigeria's switch to American Tower Corp sparks dispute with IHS Towers, raising concerns for telecom services in Nigeria. Government threatens sanctions to ensure network stability.
- Flutterwave, the African fintech giant widely believed to be considering an Initial Public Offering (IPO) on the NASDAQ, has named five new executives across its risk, compliance, and expansion departments
- In a chat with Tomiwa Aladekomo, CEO of Big Cabal Media, the minister disclosed that Algeria has a goal to build a strong and interconnected startup ecosystem across Africa.
- With South Africa getting closer to issuing its first operational licences to financial service providers, African financial institutions are racing to introduce innovative cryptocurrency services - including those allowing for direct purchase of goods and services and conversion to hard cash.
- Google has lost its antitrust lawsuit against Epic Games, the maker of the video game Fortnite. The jury found that Google violated antitrust laws and might have to change its Play Store rules.
- LagRide needs to reexamine its playbook.
techcabal.com/2023/12/12/👨🏿🚀-techcabal-daily-lagos-lagride-under-fire/
Drivers allege that LagRide’s partners are demanding unrealistic returns from the drivers.
- The startup visa will “facilitate the free movement of startups on the continent” and “help to boost the mobility of young entrepreneurs on the continent."