Funding

Verod-Kepple Africa Ventures (VKAV), a pan-African Venture Capital firm, just closed its first fund at $60 million. Led by investors like Nigeria’s SCM Capital, Taiyo Holdings, and C2C Global Education Japan, the fund will see investments in up to 21 high-growth startups across Africa. 

Per the firm, ticket sizes will range between $1 million and $3 million in startups across various sectors like fintech, mobility, e-commerce, and healthcare across Africa. So far, Verod-Kepple has already invested $17.5 million in 12 companies from countries like Nigeria, Egypt, and Kenya. 

Why is this good news? Considering the current investment downturn, Verod-Kepple Africa Ventures is stepping in to bridge the gap for startups needing capital to scale their businesses. Their focus on Series A and B rounds fills a void where local funding options are limited.

In an interview with Tech Crunch, VKAV partner Ory Okolloh said, “Over the last few years, we have seen a growth in pre-seed and seed funds, and we felt there are not enough funds at the growth stage of investing to get these companies to the next level in terms of scale, exits or even being around as sustainable profitable businesses,”

“Our focus is Series A and B but we have the ability to go earlier to pre-Series A if we think it is a good opportunity. We think there’s still a need for more growth-stage capital with locally based investors,” she said.

The firm’s portfolio presently includes high-hitters like Moove which recently raised $100 million in a Series B round, Moroccan B2B Chari, and fintech Ceviant.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Social Media

TikTok has revealed it took down 1.7 million videos posted by Nigerian users in the last quarter of 2023.

Why? According to the platform, these users weren’t following the rules. In its Community Guidelines Enforcement Report, Nigeria was placed among the top 50 countries with videos violating TikTok’s guidelines which include policies on safety, privacy and authenticity. The report by the company also states that the top 50 markets which violated its policies accounted for about 90% of all content removals. In total, TikTok removed 176.5 million videos globally. 

From October through the end of the year, the platform also took a firm stance against fake or spam accounts by removing 169 million fake accounts. The company also said it removed 1.03 billion likes from videos, along with 720 million fake followers and 4.9 billion fake follow requests, all of which were identified as originating from automated or inauthentic means, as per TikTok. About 1.2 million bot comments on content tagged with hashtags related to the Israel-Hamas war were also removed. 

It’s not the first time Nigeria’s been on TikTok’s feed: In Q3 2023, TikTok did something similar and removed 1.4 million videos from Nigerian users. During the evaluation period, 136.5 million videos were taken down from the internet worldwide. They were removed based on the violation of TikTok’s policies.

Despite this purge, TikTok’s popularity shows no sign of declining. The platform continues to be a favourite among social media users, particularly young people worldwide. As per a recent data.ai report, TikTok amassed $3.8 billion in consumer spending through the Apple App Store and Google Play Store in 2023, contributing to its total revenue reaching $10 billion.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Startups

Eight out of ten cars sold on the continent are used vehicles. Africa’s used car market is estimated to be worth $61.24 billion by 2029. Egypt and Morocco have been identified to be the biggest contributors to these numbers. However, countries like South Africa, Nigeria, and Kenya are among the continent’s top importers of used cars.

South Africa experienced a surge in the number of used vehicles sold in the past year, listing up to 100,000 new cars for sale, per data from AutoTrader. The country’s used-car market leader is on track for new heights. 

The road to IPO:  Launched in 2001, South African used-car platform, WeBuyCars, started as a family business. The vehicle trader now buys and sells about 13,500 vehicles monthly and has grown to be South Africa’s leading pre-owned vehicle trader, taking an estimated 10%-12% of the market share. 

The company is taking even bigger strides as it goes public.

On Tuesday, WeBuyCars raised R902.7 million ($49 million) ahead of its listing on Johannesburg Stock Exchange today. WeBuyCars listing comes on the back of a new listing wave on the South African bourse after the Johannesburg Stock Exchange deprioritized listing new companies. 

WeBuyCars stock will trade for R18.75 ($1) per share. The company issued 417,181,120 shares while its parent company, Transaction Capital, an investment holding company, sold 8.145 million WeBuyCars shares for about R152.7 million ($8.14).

The company which will begin trading tomorrow, Friday, has set sights on new funding. Per reporting from TechCabal, WeBuyCars seeks to raise about R7.8 billion (~$420 million). Analysts expect WeBuyCars’ share price to rise to about R25 ($1.3) per share in the near future. However, critics are wary about the company’s IPO fortunes. Its earnings from the previous year dropped 14%. The company also had a surge in its cost-to-income ratio—a measure of how the company can convert revenue to profit. It remains to be seen whether these factors will dampen investor confidence in the company’s stock.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Funding

Conversations around carbon credits and carbon offset seem to be the hottest topics today.

Carbon credit and carbon offsets? For countries that emit large amounts of greenhouse gases (CO2 emissions), carbon credits represent the allowed amount of CO2 emission a company can have. Carbon credits on the other hand represent projects that reduce, avoid, or remove these greenhouse gases from the atmosphere. When you buy a carbon offset, it’s like paying for someone to clean up an equivalent amount of pollution you create. 

Africa, despite not being a major contributor to carbon emissions, has been the target of carbon offset by European counterparts, striking deals to mitigate their excess carbon emission and compensate Africans with deals such as investment in renewable energy projects amongst others. 

The news: SunCulture, a solar irrigation startup, is among the companies at the forefront of the conversation on how carbon offsets can be used for sustainable development in Africa. The company, which offers small-scale farmers solar-powered water pumps, has raised new funds to continue its mission. 

Netflix’s co-founder, Reed Hastings, and Eric Schmidt, the former chief executive officer of Alphabet Inc. alongside InfraCo Africa Ltd. and Acumen Fund Inc., participated in the $27 million funding round. 

Zoom out: While there might be concerns that some carbon offset deals might not be equitable, with some worrying that wealthier nations might simply be paying to pollute more elsewhere, without truly helping Africa achieve sustainable development. SunCulture’s deal promises farmers replacement of diesel-powered pumps, helping them increase yields in previously non-irrigated fields.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$70,610	+ 1.77%	+ 2.90%
Ether	$3,563	+ 0.74%	– 11.67%
Saga	$5.74	– 9.91%	– 1.51%
Solana	$172.95	+ 0.61%	+ 12.89%

* Data as of 06:40 AM WAT, April 11, 2024.

Events

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Everyone is rich, no one is happy. The pro golf drama is back
• Think Tesla is in trouble? Pity even more its wannabe EV rivals
• Air Peace accuses Gatwick Airport of deliberately obstructing its UK flight operations

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Economy

Nigeria is introducing a scorecard system to gauge the performance of its public officeholders. 

The news: In a recently released Central Delivery Coordination Unit (CDCU), the government hopes to offer its citizens a medium to measure and review the performance of public officeholders. The Bola Tinubu-led administration says it has a goal of “ensuring citizen-centric governance for accountability and transparency.”

Central Delivery Coordination Unit? The CDCU is the second iteration of two performance tracking platforms the government had earlier created in August 2022. Both platforms—Presidential Delivery Tracker (PDT) and the website of the Central Delivery Coordination Unit (CDCU)—were designed to help citizens track the government’s deliverables and performance on policies, projects, and programmes.

In its latest iteration of the CDCU, the government has launched an app alongside building a Delivery Reporting Framework and Template that mirrors international standards. 

Will this project hold water? Nigeria’s latest swing at open governance is not a first on the continent. Morocco’s revised constitution of 2011 outlined government goals in making information available to its citizens. Similarly, Kenya’s constitution—section 35—guarantees its citizens’ rights to government information. 

While the Nigerian government has implemented the tracker, questions in the hearts of the citizens will be whether the data captured is accurate and not manipulated. As the tracker brings to the fore the performance of public officials, citizens will also be eager to know if there will be consequences for public officials who consistently underperform according to the scorecard or whether the data be readily available and easily understandable for the public.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

AI

A week after Nigeria announced plans to develop its National AI strategy, Kenya is following suit. 

Let’s—pardon our AI—delve into it: In a recent kick-off meeting held on April 8, 2024, the Kenyan government, in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) known as “German Development Cooperation” in English, launched a project to formulate a National Artificial Intelligence (AI) Strategy. 

With support from the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, the initiative, named “FAIR” which means “Forward Artificial Intelligence for All,” aims to leverage AI’s potential for driving Kenya’s digital transformation and achieving the Sustainable Development Goals. 

The effect of the launch of Kenya’s AI strategy: AI can positively impact various sectors in Kenya, such as health, education, finance, and security and forming a strategy which will include policy and regulation-making will reduce its excesses. 

Bodo Immink, the Country Director of GIZ said the project represents a significant step forward for Kenya in harnessing the power of AI for sustainable development and social inclusion. 

Prior to the launch, on March 26, 2024, the Kenya National Commission for UNESCO (KNATCOM), in partnership with UNESCO, hosted a Stakeholders’ Consultation Forum in Nairobi to address Kenya’s Readiness Assessment (RAM) on AI. 

The forum marked a significant step in Kenya’s dedication, alongside UNESCO’s 193 Member States, to champion ethical principles in AI development. 

The 2021 adoption of the Recommendation on the Ethics of AI has shown Kenya’s commitment to prioritising human rights and promoting inclusivity in the advancement and deployment of AI technologies.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Energy

Over the past ten years, SA has suffered load shedding which has seen citizens enjoy barely 10 hours of electricity per day. One of the culprits: data centres, which typically guzzle 12-20MW of power, creates a problem in the country as South Africa is known for its frequent power cuts.

To address this, Teraco, an African major data centre provider, announced plans in February 2024, to build a 120-megawatt solar farm in the Free State province to supply clean energy to its facilities across South Africa.

Africa Data Centres (ADC), another major player, has followed suit. It has partnered with its sister company, Distributed Power Africa (DPA) Southern Africa, to build a 12MW solar farm also located in the Free State province to power its data centres. 

The partnership, which is part of a 20-year power purchase agreement signed in March 2023, will ensure a steady supply of clean energy for ADC’s data centres, and is said to reduce reliance on South Africa’s national grid and transition to cleaner energy sources.

The rollout will occur in two phases. The initial phase prioritises supplying ADC’s Cape Town data centre, as a result of Cape Town having the necessary regulatory framework and infrastructure for power wheeling in place, ahead of Johannesburg and Tshwane (Pretoria). “Construction starts in the next three months, and we are looking to have 12MW available for the grid in the next 12 months,” said Finhai Munzara, chief financial officer at ADC.

Meanwhile, South Africa recently took a breather from load shedding. Between March 26 to April 5, 2024, Its citizens reportedly enjoyed a 10-day reprieve from load shedding, the longest stretch since December 2023. The Easter holiday weekend naturally led to lower power demand, and cooler weather also played a role as Eskom’s coal fleet performed surprisingly well, generating enough electricity to meet demand without resorting to blackouts.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Telecoms

In January this year, Nigeria’s mobile subscription numbers took a tumble due to the implementation of the mandatory National Identification Number (NIN)-SIM card linkage requirement by the country’s telecom regulator, to mitigate the use of unregistered SIM cards in the country. 

In December 2023, the total number of active subscriptions across four mobile networks—Airtel, MTN, Glo and 9mobile—stood at 224.4 million. However, January 2024 saw a drop to 218 million as subscribers scrambled to comply with the NIN-SIM directive.

MTN in particular, suffered a 2.8 million internet subscription loss leaving 67.8 million subscribers in January 2024, from 70.6 million subscribers in December—the most decline the telcom has seen since May 2023. 

Well, those numbers are starting to bounce back. As of February 2024, active mobile subscriptions in Nigeria climbed back to 219.7 million. The industry’s top dogs, MTN and Airtel, were the key drivers of this growth. According to NCC data, MTN, the market leader, added 1.1 million new subscriptions, bringing their total subscribers to 80.9 million. Airtel wasn’t far behind, adding 434,175 new subscribers and pushing their base to 63 million. Globacom, the third-largest operator, chipped in with a modest increase of 176,756 subscriptions.

The NCC’s directive for network barring of unregistered SIM cards remains in effect. This may lead to further fluctuations in subscription numbers in the coming months, as deadlines for NIN submission and verification have passed.

Join Verto as it explores Africa’s business landscape, master international pitches, navigate currency fluctuations, and forge strategic alliances for financial resilience. Register now.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$69,072	– 2.66%	+ 0.72%
Ether	$3,525	+ 7.85%	– 9.04%
Saga	$6.23	+ 6.80%	+ 6.80%
Solana	$171.53	– 3.56%	+ 21.81%

* Data as of 06:15 AM WAT, April 10, 2024.

Events

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Who calls the shots at Susa Ventures-backed Okra?
• Access, UBA and Zenith, total assets exceed ‘N20 trillion, form largest banking trio in Nigeria
• Elon Musk says his posts did more to ‘financially impair’ X than help it

Written by: Mariam Muhammad, Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Streaming

The Nigerian arm of pan-African TV broadcaster, MultiChoice, reportedly lost $16.2 million in a fraudulent currency exchange deal.

Per the proceedings at a UK court, the deal involved Akintunde Giwa, a currency exchange broker; JNFX Limited, a currency exchange firm; Ashay Mervyn, a representative of JNFX, and Frontier Financial Technologies Limited. 

How did it happen? According to Premium Times, court documents reveal that MultiChoice had long-standing dealings with Giwa and his companies to handle naira-to-dollar currency exchanges for its business. 

Giwa reportedly acted on Multichoice Nigeria’s behalf in arranging with JNFX, under 10 Multichoice contracts, to exchange naira into dollars. In 2021, MultiChoice Nigeria paid ₦7.9 billion to Giwa, who claimed to have forwarded the Naira payments to JNFX through Mervyn, a JNFX representative, to convert the payment into its dollar equivalent— $16.2 million. The payment was to be sent back to MultiChoice after being converted but MultiChoice Nigeria did not receive any payment from JNFX.

Court documents further seen by Premium Times showed that Mervyn allegedly instructed Giwa to send the Naira to a different company account— Frontier Limited— in Nigeria, where Mervyn is a director. 

A legal battle: Giwa took JNFX to court on the grounds that he was defrauded by JNFX, but JNFX denies responsibility as it claims Mervyn did not have the real authority to make these deals on its behalf. Mervyn and Frontier Limited are yet to respond to the court case, and Mervyn is also reportedly wanted by Nigerian authorities for alleged financial fraudulent activities with his whereabouts unknown.

What now? The UK court has ruled that JNFX was liable because Mervyn appeared to have the authority to act for them. Emails and job titles used by Mervyn were from a JNFX email address which convinced the court that Mervyn had the authority to represent JNFX. JNFX has also been ordered to pay Giwa back the ₦7.9 billion plus interest for the deception.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Economy

Zimbabwe is going for gold!

The Zimbabwean dollar—the official currency of Zimbabwe—is the worst-performing currency globally. Since the year began, the Zimbabwean dollar has shed 75% of its value. The country’s apex bank has taken multiple measures to douse the downfall of its currency, including multiple devaluations and a brief stint with a multicurrency system amongst others. These methods failed to deliver lasting results.

Now, the government is betting on a gold-backed currency to resuscitate its ailing economy. 

ZiG-Zag to stability? Christened “Zimbabwe Gold” or ZiG, the new currency replaces the Zimbabwean dollar, the RTGS. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. 

Zimbabwe’s apex bank has begun rolling out the new currency—which comes in denominations of between 1 and 200—and has mandated banks to convert existing Zimbabwe dollar balances to the ZiG. The bank is also making provisions for the introduction of coins.

Alongside Gold, ZiG will also be backed by other precious metals and foreign currency reserves—$100 million in cash and 2,522 kilograms of gold worth $185 million—held at the central bank. Zimbabwe’s apex bank has also mandated companies to pay at least half their taxes in the new ZiG currency.

This is not the first time Zimbabwe has changed its currency. After printing notes up to the tune of Z$10tn notes in 2008, which eroded the trust of its people and fueled inflation, the country introduced a new currency called the bond note— backed by the US dollar—in a desperate attempt to stabilise the economy. However, the bond note crashed.

While it remains to be seen how the ZiG will turn the tide for Zimbabwe, the success of gold-backed currencies globally is a mixed bag. Singapore’s gold-linked dollar has enjoyed a degree of stability. However, others, like Australia’s gold-standard experiment in the early 20th century, was abandoned due to limitations in managing economic growth.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Economy

How many IDs does it take to identify as a Nigerian citizen? The answer to that question may be varied depending on who you ask.

Over the past seven years, Nigerians have had to fill their wallets with different cards just to prove their identity: A voter’s card, a driver’s license, a National Identification Number (NIN), a National passport, and the list goes on. Maybe the government thinks its citizens might be suffering from a collective case of identity crisis, with different government regimes brandishing new methods to identify them. 

Now the Nigerian government is planning to add another card to the overflowing stack in your wallet.

The news: Last week, the National Identity Management Commission (NIMC), said plans were underway for a new National Identity with payment functionalities. The NIMC is teaming up with Nigeria’s central bank, a domestic card scheme, AfriGo, and the Nigeria Inter-bank Settlement System (NIBSS) to launch the ID.

While the government is betting on the card to “facilitate financial inclusion for disenfranchised Nigerians, empower citizens, as well as encourage increased participation in nation- building”, it is not the first time Nigeria has tried to add a payment feature to its suit of IDs.

A payment or identity card?  In 2014, then-President, Goodluck Jonathan made an ambitious bet, launching a MasterCard-backed I.D. that served as both a debit card and a passport. However, seven years later, there is very little to be said of the project as new administrations have adopted other measures for identification. 

Reactions on social media reveal hesitation among Nigerians in adopting the proposed ID. A key concern is the card’s dual functionality—serving as both identification and a payment method. Many believe a national ID should focus solely on verification. 

For other Nigerians who might be looking to adopt the new ID, the NIMC has made it easy for holders of the NIN, without needing to provide additional data or undergo another biometric capture. Nigeria’s last attempt at a similar ID cost around $430 million and the new one is expected to fall within that ballpark.

As of December 2023, over 104 million Nigerians have registered for the National Identification Number (NIN), the most prominent form of ID. This represents significant progress, but it took nine years to reach this point. Will this new ID project take just as long, or can it be rolled out more efficiently?

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Telecoms

In a move to enhance connectivity and economic integration, the Republic of Benin and Ghana have announced plans to implement free roaming between their nations. The agreement, between Benin’s Electronic Communications and Postal Regulatory Authority (ARCEP) and Ghana’s National Communications Authority, is set to take effect on July 1, 2024, and will lower roaming costs for customers in Benin and Ghana.

What is roaming: Roaming refers to the ability of a mobile phone user to make and receive calls, send text messages, and access data services while travelling outside their home network coverage area. When a user travels to a location where their home network provider does not have coverage, the phone connects to an available network in that area, known as a “visited network” but it often comes with additional charges, known as roaming fees.

Why is this important? “I believe it would boost trade and economic activities, and in terms of the digital economy, it would open a lot of doors for more businesses to thrive, especially SMEs. When traders arrive in any country in West Africa, they can continue using their phones to do business- check prices, communicate with staff, suppliers, partners, etc- without bothering about higher costs,” Aliyu Yusuf Aboki, the executive secretary of West Africa Telecommunications Regulators Assembly (WATRA) said in an interview with Business Day. 

The move aligns with ECOWAS regulations established in 2017 to promote seamless communication within the region’s mobile networks. 

More roaming deals in Africa: According to a report from Telecomms Review, the African roaming tariff market, which includes the fees charged by communication service providers for using devices outside their network coverage area, is expected to reach $2.5 billion by 2027. This growth is estimated to have a steady annual increase of 5.5% until 2027.

The telecommunication regulatory bodies in West Africa have been taking proactive steps to enhance international roaming services. A November 2023 agreement between Senegal’s Regulatory Authority for Telecommunications and Post (ARTP) and Mauritania’s Regulatory Authority (ARE) signifies another effort to minimise cross-border interference and enhance network quality along their shared border.

Ghana and Togo, in March 2024, also forged a mutual free international roaming deal, aligning with ECOWAS regulations. This initiative aims to significantly slash call and data roaming charges, promising more affordable communication for users in these regions.

Join Verto as it explores Africa’s business landscape, master international pitches, navigate currency fluctuations, and forge strategic alliances for financial resilience. Register now.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$69,460	+ 0.00%	+ 1.49%
Ether	$3,423	+ 1.04%	– 12.41%
Ethena	$1.18	+ 2.38%	+ 70.91%
Solana	$176.42	– 2.40%	+ 20.15%

* Data as of 05:30 AM WAT, April 8, 2024.

Events

• Come and get an exclusive scoop into the State of Tech in Africa in Q1 2024. On April 12 by 11 AM (WAT), TechCabal will launch its SOTIA report which spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. You don’t want to miss this. Register here now to make sure!
• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Huawei Cloud to empower 100 Nigerian startups to boost cloud market
• Entering Tech #61: How to become a data professional
• Ethiopian Securities Exchange exceed capital-raising target
• Microsoft to face competition probe in South Africa

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa.

• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

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Crypto

The scuffle between the Nigerian government and Binance is becoming hard to keep up with. 

Two days ago, Binance asked the Nigerian government to let its people go. Tigran Gambaryan, who has been detained for about five weeks since flying into the country to resolve Binance’s restricted website access made his first appearance in court yesterday after being charged with a tax evasion charge. 

ICYMI: Gambaryan was charged alongside Binance’s Kenya-based regional manager for Africa, Nadeem Anjarwalla, who fled Nigeria on March 22, by Nigeria’s tax agency, the Federal Inland Revenue Service. Gambaryan, the former US agent will reappear in court on April 19 after a Nigerian High Court adjourned the case till then.

The FIRS also charged Binance for failing to register with it, alongside four other charges: nonpayment of corporate income tax and value-added tax, failure to file tax returns, and cooperation in helping users of its website avoid paying taxes. A Nigerian high court, yesterday adjourned the company’s tax evasion court case till April 8.

An impending suit: Gambaryan, who is yet to get the final ruling on his tax evasion case, is the subject of a potential money laundering charge by Nigeira’s anti-graft agency, the Economic and Financial Crime Commission (EFCC).

It appears there is no love lost between Gambaryan, leader of Binance’s Financial Crime Compliance unit and the EFCC who claimed to have buddied up to fight fraud and money laundering activities in the country. Premium Times, yesterday reported that the EFCC planned a money laundering charge against Gambrayan, but the anti-graft agency faced a stern battle with Gambrayan’s lawyer who argued that Binance, the company, should be the target of the money laundering lawsuit, not Gambaryan himself.

Gambrayan’s lawyer based his argument on the fact that only the representative of a company in Nigeria could be charged individually for a suit. He argued first that Binance had no physical presence in Nigeria and that Gambaryan did not qualify as an agent of Binance in Nigeria.

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Mobility

Startups across the continent are justling for a top spot in Africa’s nascent electric vehicle (EV) industry. Last year, Possible EVs set up shop in Nigeria to produce up to 10,000 EVs annually. Spiro, an e-mobility company, also signed a $63 million debt financing to fund two electric motorcycle assembly and battery manufacturing plants in Benin and Togo in 2024. Roam, an EV company recently introduced Kenya’s first locally manufactured electric bus.

And now, Kenya is setting the stage to attract more EV manufacturers into the country.

The news: Yesterday, Kenya launched a national e-mobility draft policy to promote the local manufacturing and assembly of electric vehicles (EVs).

The policy, done in collaboration with the state’s trade and investment ministry, will help facilitate the production of EV components and support local battery manufacturing, recycling, and repurposing efforts. 

The big picture: While the new policy will help reduce Kenya’s reliance on petroleum for its mobility needs and save on petroleum import bills, the e-mobility draft policy is also coming at a time when electric buses are becoming a part of the daily lives of Kenyans. Roam’s electric buses now serve as commute vehicles for Kenyans. The company is also planning to introduce electric buses for Nairobi’s bus rapid transit (BRT) system.

Ride-hailing companies are also in the mix. Uber partnered with Greenwheels Africa to make electric motorbike rentals available in the country. Similarly, Bolt recently invested KES100 million ($770,000) to integrate e-mobility solutions into its services in Kenya. 

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AI

Yesterday, Nigeria’s minister of communications, innovation and digital economy, Bosun Tijani, faced a bit of fire on social media.

Why? The minister had announced, on Wednesday, that the country will collaborate with 120 researchers, startups and stakeholders to create a plan for implementing AI across the country. These experts would come up with this framework at the National Artificial Intelligence Strategy Workshop scheduled to be held from April 15 to 18, 2024 in Abuja. 

So why is Tijani facing fire? According to social media, AI is the least of Nigeria’s problems. One poster said, “We don’t even have the basic infrastructure to build AI frameworks on.” Another tweeted, “How do you start researching AI when you don’t have electricity? How will you power the AI?”

Nigeria’s tech minister, however, had some answers: Per Tijani, the aim is to co-create a multi-year strategy and action plan for research and AI adoption in the country and a framework for AI adoption in the country. 

“The need to coordinate and harness the power of AI for national development is a critical element in our journey towards the use of technology to accelerate productivity in our country,” he stated. Tijani emphasised that this was an opportunity to leverage AI, noting its transformative impact on agriculture, education, healthcare, and productivity.

The minister highlights that one of the earliest initiatives from the start of his term in office was to properly define and outline a comprehensive Artificial Intelligence Strategy for Nigeria.

This isn’t the first time Tijani’s AI ambitions have rubbed Nigerians the wrong way: Earlier in February, after Tijani spoke about Nigeria’s future with AI, Printivo founder Oluyomi Ojo noted, in a tweet, “If as a nation you can’t feed your 200m people and keep lights on. You have no business discussing AI. You can’t AI your way out of multi-dimension properly. We can have pockets of talents or small wins here and there but ain’t no way AI will drive your economy.”

Other experts, however, think Nigeria is ripe for AI: “AI development is happening around the world in real-time. If Nigeria does not take its place, it will be left with the crumbs,” said Kehinde Olateru, CEO and Co-Founder of Zero Complex AI, in an interview with TechCabal last month. 

One report by Diplomacy states that the AI industry is growing across Africa with over 2,400 companies specialising in AI, 41% of which are startups and estimates indicate that the technology could contribute $1.5 billion to the continent’s GDP by 2030. Globally, an increasing number of governments are releasing national AI strategies, setting objectives to capitalise on the technology’s opportunities while addressing its challenges. Already, Egypt, Mauritius and Rwanda have published national AI strategies. 

Despite the proliferation of artificial intelligence (AI) in Africa being on the rise, the readiness of countries on the continent is below the global average with “21 out of the 25 lowest scores belonging to Sub-Saharan African countries” according to the Government AI Readiness Index 2022 by Oxford Insights.

As per the Index findings, Mauritius emerges as the leading African government prepared for AI, securing a score of 53.38 out of 100 and claiming the 57th spot globally. Following closely, Egypt ranks second in Africa and 65th worldwide, surpassing South Africa, Tunisia, Morocco, Kenya, Rwanda, Seychelles, and Nigeria. Botswana rounds out the list of the top 10 African countries poised for AI readiness.

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TC Insights

BURN Manufacturing (BURN), a renewable energy company based in Kenya, raised over $12 million in carbon financing via private equity. The funding round was led by Key Carbon Ltd. and backed by Cartesian. 

Here are other deals for the week:

• Zeepay, a Ghana-based fintech, closed a $3 million equity investment from Verdant Capital Hybrid Fund. 
• Kenyan electric bus startup BasiGo secured $3 million worth of equity funding from CFAO Group. 

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click this link to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$67,932	+ 3.46%	– 0.19%
Ether	$3,282	– 0.03%	– 11.59%
Wormhole	$0.99	– 13.20%	– 27.81%
Solana	$177.26	– 2.32%	+ 43.94%

* Data as of 05:45 AM WAT, April 5, 2024.

Events

• Come and get an exclusive scoop into the State of Tech in Africa in Q1 2024. On April 12 by 11 AM (WAT), TechCabal will launch its SOTIA report which spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. As a stakeholder in Africa’s Tech Ecosystem, these insights will help you position strategically and uniquely to harness the innovative progress within this sector. You don’t want to miss this. Register here now to make sure!
• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Nigeria’s stock exchange buys stake in Ethiopia’s first-ever bourse
• Bank of Tanzania raises interest rate to 6% amid steady inflation
• Huawei takes on big cloud providers with $10m credits to Nigerian startups
• How to solve the problem of financial inclusion in Nigeria

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

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