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.

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.

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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.

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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.

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.

• 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

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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.

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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.

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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.

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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.

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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.

• 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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If you wager on the Nigeria-Binance saga becoming a Netflix series, this writer thinks you have a fair shot at winning. The plot thickens as Binance’s detained executive has been sent to the Kuje prison, one of Nigeria’s infamous prisons.

ICYMI: Last week, Binance wrote to Nigeria to release its detained executive, Tigran Gambaryan, who had been in detention since February. Gambrayan was charged by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission on four counts of money laundering charges and was also served tax evasion charges alongside Binance by Nigeria’s tax collector, Federal Inland Revenue Service. 

The news: Gambaryan who first appeared in court last week, yesterday, pleaded not guilty to the money laundering allegations. Gambaryan also asked not to be linked with charges of his colleague Anjarwalla who escaped the country.

The judge, Justice Emeka Nwite, was not convinced, however, rejecting his request not to be tried with Anjarwalla. 

What’s next?  Gambaryan will stay in Kuje jail until the judge decides on April 18 if he can get bail. The trial against him won’t start until May 2. 

Binance, since last week, has been clamouring for the release of its executive. “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a Bloomberg article.

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.

The Reserve Bank of Zimbabwe, the country’s financial regulator, has explained that it expects online platforms to start processing transactions smoothly on Friday, April 12, 2024, as the country adjusts to the new currency, Zimbabwe Gold (ZiG). 

What happened? On April 5, 2024, the apex bank released a monetary policy statement to announce its gold-backed currency, the country’s latest attempt to staunch the inflation of its currency. 

Following this change, online payment platforms in the country were unable to process transactions with the Zimbabwean dollars, which was replaced by the ZiG. 

The effect of this switch: This switch caused some citizens to be temporarily unable to pay for things online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency

Some citizens expressed facing difficulties in making online payments for goods and services. Banks and payment providers explained that they couldn’t facilitate payments because they needed to adjust their systems to accommodate the new currency.

The adoption of online transactions has been sluggish among Zimbabweans due to the county’s preference for cash-based transactions in more stable currencies such as the South African rand, Botswana pula, and US dollar. This preference stems from a distrust of having funds in bank accounts, fearing sudden government-mandated conversions to unstable currencies, as witnessed in the past.

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Since 2020, French media giant Canal+ has been on a mission to acquire African pay-TV leader, MultiChoice. Its initial stake of 20.1% steadily grew to 35% in February 2024, which triggered a mandatory offer under South African law, forcing Canal+ to formally offer to buy MultiChoice’s remaining shares for R125 per share ($6.71). This valued MultiChoice at R55 billion ($2.9 billion).

Although an agreement hasn’t been reached, Patrice Motsepe, South Africa’s wealthiest Black man, got involved in the deal in March. This move is seen as a potential way to overcome South African regulations that limit foreign ownership of broadcasters to 20%, to ensure MultiChoice remains a South African entity.

Now, the long-running saga of MultiChoice’s ownership has finally leaped forward.

What’s new? MultiChoice has established an independent board— Standard Bank— to evaluate Canal+’s offer. This board will ultimately recommend whether shareholders should accept or reject the bid. While the offer is being considered, Canal+ hasn’t stopped acquiring shares. As of April 5, 2024, Canal+ held over 36.6% of MultiChoice, up from the 35% held in February 2024.

If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, they can delist MultiChoice from the Johannesburg Stock Exchange (JSE).

MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024.

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In Uganda, stricter capital requirements implemented in July 2023, forced some banks to downgrade operations. Guaranty Trust Bank Uganda, a subsidiary of a prominent Nigerian bank, was one such institution after it applied to become a credit institution due to challenges meeting the new capital buffer of $38.6 million in capital reserves.

The focus on strengthening financial institutions has now reached Nigeria, as the country’s apex bank, on March 28, increased the minimum capital requirements for banks to $364.56 million by March 31, 2026, to address rising macroeconomic challenges.

Unlike their Ugandan counterparts, Nigerian banks are taking the challenge in stride.

First Bank Holdings, for instance, is holding a shareholder meeting later this month to discuss raising an additional $231 million through public offerings, private placements, or rights issues in domestic or international markets.

Access Holdings, the parent company of Nigeria’s biggest bank by assets— Access Bank— isn’t sitting idle either. It previously announced plans to raise $1.8 billion to meet the CBN’s directive, and expand its operations over the next four years as it targets becoming one of the continent’s largest lenders. This capital raise will involve a combination of bond or share sales and a rights issue targeting existing shareholders.

Tiered requirements: The new capital requirements are tiered based on a bank’s operational scope. International commercial banks face the highest hurdle, needing to raise $364.56 million. Access Bank, with its international presence, falls into this category. National and regional banks have lower targets of $160.8 million and $40.2 million, respectively.

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

Coin Name	Current Value	Day	Month
Bitcoin	$71,103	+ 2.22%	+ 2.25%
Ether	$3,395	+ 7.85%	– 6.45%
Ethena	$1.36	+ 17.19%	+ 97.77%
Solana	$177.84	+ 0.59%	+ 20.46%

* Data as of 06:21 AM WAT, April 9, 2024.

• 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

• Bank of Uganda increases interest rates to curb inflation as shilling falls
• The next wave: African data protection laws need more oomph to match GDPR
• Africa Data Centres breaks ground on 12MW solar farm

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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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.

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.

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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?

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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.

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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.

• 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

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• TC Scoops: breaking news from TechCabal

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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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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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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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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.

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.

• 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

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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Nigeria is bringing putting more passion in its energy sector. 

The country has a long history of poor electricity supply. This lack of power supply has affected the nation’s economy and small businesses alike, with most SMEs resorting to alternatives like gasoline-generating sets and solar generators to power their daily activities. Yet, the Nigerian government spends a huge amount of money—about ₦2.8 trillion ($2.1 billion) from 2015–2022—on subsidising electricity prices for its people, eating into allocations for building roads, and healthcare among others.

A recharged thinking: The government is now having a rethink and has removed subsidies for 15% of the population who consume 40% of the nation’s electricity. Only users on Band A—those who receive up to 20 hours of electricity per day—will be affected. At this stage, it is unknown if there are any planned upticks for the other bands. 

This change also comes as the country battles its ailing national grid which has already collapsed twice this year, and plunged the nation into darkness. In 2023, the grid collapsed over 13 times, and the only solution is to invest more in the sector.

What that means is that it will now cost almost three times as much to get electricity as the new electricity tariff has been raised from about ₦66 ($0.050) To ₦225 ($0.17) kilowatt per hour. This also represents a significant shift for small businesses on this band as they may have to raise prices to cope with the new change. 

A win for DisCos: While Nigerians may face the brunt of the new tariff hike, electricity distribution companies are in for a win. Since the Nigerian government broke its power firm into eleven distribution companies and six generations firms, these power companies have been hurting from losses incurred during their operations. The new move by the government to raise power tariffs has been long expected by the electricity distribution companies as they have clamoured in recent times for a need to increase their fees to help bolster their balance sheet.

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The tussle between the Nigerian government and Binance is still on.

Five weeks after Nigeria detained Tigran Gambaryan, a former US Agent and executive of Binance, the crypto behemoth has asked the Nigerian government for his release.

ICYMI:  Gambaryan was detained alongside Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa. Both executives had flown into the country to resolve the company’s restricted website access. Anjarwalla fled the country with a smuggled passport, according to the office of Nigeria’s national security adviser (NSA).

In a new statement released yesterday, Binance said Gambaryan, a former US Agent, “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government”.

Human rights violations? Last week, both executives filed a human rights violation suit in Nigeria’s Federal High Court, asking the office of the NSA and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) to release them, return their passports, and issue a public apology. 

Binance claims that Gambaryan—who leads Binance’s Financial Crime Compliance (FCC) team and was hired in 2021 to help fix the crypto giant’s complaint issue—has worked with Nigerian law enforcement in the past, providing information that helped tackle fraud and money laundering activities up to the tune of $400,000. The company said Gambaryan’s team facilitated multiple training sessions for Nigerian law enforcement on the role of exchanges in the digital asset ecosystem.

As Gambaryan approaches his sixth week in detention, it remains to be seen how the scuffle between Binance and the Nigerian government unfolds.

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In the past two years, startups in Kenya have faced the heat as the country’s apex bank shut them down left, right, and centre for lack of regulatory approval. 

Flutterwave and Chipper Cash, for example, went through a rough patch after the Central Bank of Kenya (CBK) directed all banks to stop dealing with the company for being unlicensed. Other digital lenders also faced the same problem. In defence, the startups argued that the apex bank’s licensing procedures were sluggish, with some processes extending beyond three years.

It seems LemFi might have broken the spell, as the startup, yesterday, announced that it had received regulatory approval from the Central Bank of Kenya less than a year after entering the Kenyan market. 

In June 2023, the fintech entered the Kenyan market via a partnership with PesaSwap that allowed users send Kenyan shillings to other currencies. The fintech, at the time, also noted that Kenyans using its services would not have to pay any transfer fees.

Now, with the announcement of its regulatory approval, the startup says it will work with another Kenyan startup, Wapi Pay, to reach its goal of providing “seamless remittance services to 500,000 Kenyans in the diaspora.”

A Ghanaian re-entry: The news also comes two months after the fintech resumed activities in Ghana following a three-month suspension of its activities in the country. In November, the Central Bank of Ghana named LemFi as one of the startups operating without regulatory approval in the country. The fintech promptly engaged the Ghanaian government and restored it FX services in the country. 

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In news about funding, private equity firm Adenia Partners has announced the close of its latest—and largest—Africa-focused fund. 

Per TechpointAfrica, the Adenia Africa Fund closed at $470 million led by investors like the European Investment Bank and the World Bank’s International Finance Corp which contributed $300 million to the pool. 

The fund will target growth opportunities in high-potential sectors across the continent, including fintech, telecom, and healthcare.

Investment strategy shift: The firm also announced an increase in the average investment size per company. Alexis Caude, Managing Director at Adenia, said the firm will now deploy an average equity cheque of $40 million per target. This shift in strategy reflects Adenia’s focus on acquiring controlling stakes (51% to 100%) in its portfolio companies.

In its previous funds, the company has invested in healthcare and agritech businesses across the continent including Kenya’s Quick Mart, South Africa’s The Courier Guy and Ghana’s Cresta. 

It also recently expanded its offices to Nigeria where it hopes to tap into the investment opportunities available. So far, Adenia has raised over $800 million across five funds since its founding in 2002.

This is a reprint. This article was originnaly published in July 2023.

GDM Group & Eko Innovation Centre announce MarkHack 3.0! Calling startups in AI, blockchain, VR to shape Africa’s media future. Network & win accelerator access. Apply now.

Coin Name	Current Value	Day	Month
Bitcoin	$65,542	– 0.75%	+ 3.47%
Ether	$3,293	– 0.10%	– 4.94%
Wormhole	$1.16	– 15.24%	– 15.99%
Solana	$182.82	– 2.70%	+ 39.21%

* Data as of 06:52 AM WAT, April 4, 2024.

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about KES 2.92million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs . Apply by May 19.

Here’s what you should be looking at

• Central Bank of Kenya maintains interest rates at 13% as inflation eases
• US blames corruption for slowing investments in Nigeria and Kenya in trade report
• South Africa passes digital nomad visa law amid public concerns
• Benjamin Oyemonlan is creating a protean payment platform at Platnova
• MTN sees decline in internet subscription over NIN-SIM compliance

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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Open banking, which permits banks to voluntarily share users’ data with fintechs, has been a long-battled phenomenon between Nigerian banks, regulators, and fintech startups.

Poised to be a game changer in Nigeria’s financial space, open banking allows convenience for users as sharing of users’ account data could allow them to manage their finances in one place, let digital lenders make informed decisions for borrowers, and make for a seamless experience for both businesses and users.

However, Nigeria’s central bank has delayed releasing guardrails to regulate the industry, thereby slowing the adoption of open banking. Yet, open banking startups like Okra and Mono have forged on in the industry, allowing startups to connect to user bank accounts, verify identities in real time, and initiate payments directly within their applications.

Now, Mono is taking things a notch higher.

A Mastercard marriage: Yesterday, Mono announced it was tying the knot with global payment giant Mastercard to enable payments directly into bank accounts without cards or USSD codes.

The bigger picture: Mono has been on a major drive to increase its revenue and inch toward profitability. Before the partnership with Mastercard, Mono partnered with Flutterwave, Nigeria’s payment behemoth, to allow merchants to receive payments via an account-to-account (A2A) option which it calls DirectPay. Mono claims to have made transactions worth over ₦5 billion ($3.8 million) through this payment since it launched in 2022.

The new partnership with Mastercard aims to increase that number. The partnership allows Mono to facilitate more transaction volumes through the Mastercard Payment Gateway System which is available to merchants across countries—Kenya, Ghana, South Africa, and Nigeria—where Mono currently operates.

What’s in it for Mastercard? Mastercard has been trying to diversify beyond non-card payment options on the continent in recent times. It has partnered with several payment providers to explore alternatives in mobile money wallets, contactless payments, and QR payments. The new partnership with Mono further aligns with this goal.

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Kenya’s tourism industry is one of its biggest cash cows for foreign income, earning about $2.13 billion from it in 2022. The East African country also expects an uptick in the number of tourists by 2026—with 2.4 million visitors up from 2.1 million in 2021. With a growing middle class and increasing disposable income, Kenyans are also increasingly exploring their own country. 

Travel startups across the country are lining up to benefit from this. One of those startups is Triply, the latest member of the Y Combinator 2024 winter batch.

The news: Triply, a Kenyan fintech that helps travel businesses collect payments has been selected for Y Combinator’s winter 2024 batch. Triply is the latest African startup in the cohort after Cleva, the cross-border payment service, and Miden, the API startup.

Small businesses account for 90% of Africa’s travel industry. However, due to inadequate payment infrastructures, these businesses are unable to receive payments; as a result, they frequently have to use manual payment methods, which reduces the efficiency of their booking systems. 

Launched in 2021 by Peter Wachira and Collins Muthinja, Triply helps travel businesses collect payments and automate their operations. The startup also advertises these businesses on its marketplace to help match the needs of Kenya’s local travel market which is projected to grow by $749,000 in 2027. 

With Y Combinator’s backing and a booming domestic travel market, Triply is well-positioned to empower small travel businesses and become a key player in Kenya’s flourishing tourism industry.

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A new lawsuit is accusing Meta of giving Netflix special access to users’ private messages for nearly a decade. This alleged partnership, according to the class action lawsuit, helped Netflix tailor content for its viewers.

The lawsuit claims Facebook and Netflix had a close relationship, with Netflix receiving special access to user data through an “Inbox API” agreement. This would have allowed Netflix to see private messages related to what users were watching on its platform.

In exchange, Netflix would reportedly provide data on how users interacted with its service.

Meta says no: Meta, of course, denied the claims, stating the agreement only allowed users to message their Facebook friends about what they were watching on Netflix within the Netflix app.

If you think this might violate privacy agreements, you’re wrong. 

The second time’s the charm: This isn’t the first time Meta’s been accused of giving other platforms access to users’ DMs. In 2018, a New York Times investigation revealed that Meta—then Facebook—had given several companies including Amazon, Netflix, Spotify and Sony, the ability to read and even delete Facebook users’ DMs.

At the time, Meta also denied the claims, stating, “None of these partnerships or features gave companies access to information without people’s permission.” 

The company was not fined for this as it did in fact, not violate user agreements. It has however faced over $1 billion in fines over the past five years for data privacy violations across the world.

At this time, it remains unclear whether the latest class action lawsuit will result to more fines for the big tech company.

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In recent years, African countries have embarked on foreign exchange reforms aimed at fixing inefficiencies within their FX markets and stemming the decline in foreign currency reserves. The Nigerian government, for instance, announced significant changes to its FX market structure, dislodging a multi-market system that had been in existence for over six years. One of the changes involved consolidating various FX windows into the Investors & Exporters (I&E) platform, enabling market forces to determine unified exchange rates between buyers and sellers.

Before the reform, the FX market had been characterised by disparities between official and parallel market rates. Between 2019 and January 2023, the rate in Nigeria surged from ₦362 to ₦1,455, marking more than a 300% increase.

However, as the FX space gradually transformed, it also had a ripple effect on the cross-border fintech sector. Startups that facilitated FX trading and cross-border payments found themselves at a crossroads as the changes had earlier prompted local banks to halt international payments conducted on naira cards. This has left consumers and businesses turning to alternative means of making payments for services across streaming platforms, online courses, tuition fees, and so on.

Amidst the constraints with traditional banks, fintech innovation is redefining product offerings with virtual bank accounts and dollar cards. This affords consumers seamless means of making international payments by streamlining the process and eliminating the need to source dollars from the black market.

Nevertheless, the attraction of cross-border payment convenience does not come without trade-offs. The exchange rates offered by these platforms often surpass those presented by official channels like the I&E window, primarily attributable to the limited accessibility fintechs have to official FX sources. In a bid to counterbalance this limitation, they resort to using parallel market rates, which further widens the discrepancy.

But can cross-border fintechs still sustain their appeal if banks embark on a trajectory of offering lower exchange rates and more accessible FX options? More than ever, fintech companies must continue to recalibrate their strategies, ensuring that their value proposition remains attractive even in periods when traditional banks will begin to level the playing field.

This is a reprint. This article was originnaly published in July 2023.

GDM Group & Eko Innovation Centre announce MarkHack 3.0! Calling startups in AI, blockchain, VR to shape Africa’s media future. Network & win accelerator access. Apply now.

Coin Name	Current Value	Day	Month
Bitcoin	$66,267	– 0.71%	+ 6.89%
Ether	$3,312	– 1.52%	– 3.60%
Ethena	$0.80	+ 16.77%	+ 16.77%
Solana	$187.99	+ 2.32%	+ 44.82%

* Data as of 06:10 AM WAT, April 3, 2024.

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about KES 2.92million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March .
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs . Apply by May 19.

Here’s what you should be looking at

• Infinix redefines fast charging and battery management with the launch of the NOTE 40 series
• Nigerians switch to other p2p options after Binance clampdown
• Baobab Network acquires Reflector to support portfolio companies’ marketing efforts

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

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Thepeer, a Nigerian API startup that aimed to connect wallets across African fintechs, has shut down after failing to gain traction.

In a blog post published yesterday, the company announced its shutdown citing compliance issues and an overall unacceptance of wallets as a viable payment option as key hurdles they faced. 

The company, which raised $2.1 million in its first formal venture capital financing, shared it needed to make a key decision either to do a hard pivot, an M&A or return capital to investors. “After carefully weighing our options, we decided that returning the remaining capital to investors was the best decision,” co-founders Chika Ononye and Trojan Okoh wrote. 

What does this mean for customers? In the statement, the company hopes to explore future possibilities for Thepeer and the platform will be in maintenance mode in the interim. The company stated it will prioritise keeping it functional for as long as possible while they identify a new and exciting home for Thepeer.

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Nigeria’s financial system has experienced an uptick in fraud since 2020. Financial institutions in Nigeria have revealed that since 2020, fraud has cost them ₦159 billion ($201.5 million). 

BusinessDay revealed in September of last year that Fidelity Bank suffered three attacks that cost them ₦2 billion ($2.5 million). Access Bank, Nigeria’s biggest bank based on customer deposits, filed a lawsuit in June to collect ₦3 billion ($3.8 million) that had been fraudulently withdrawn, according to court documents that were posted on social media and independently verified by TechCabal. The bank filed a second lawsuit in July to recoup an additional ₦5 billion ($6.3 million) that scammers had taken illicitly from its coffers. 

Now, Nigeria’s largest commercial bank is counting its losses in full.

A ₦6.15 billion fraud: Per TechpointAfrica, Access Bank, Nigeria’s largest commercial bank by assets lost about ₦6.15 billion ($4.6 million) to fraud and forgery in 2023. This accounts for a 327% uptick of monies lost—₦1.44 billion—in the previous year. 

Per the bank’s financial report, fraudulent transfers and withdrawals were the biggest driver of losses, accounting for 70%. Embezzlement—cash theft, suppression, pilferage, dry posting, electronic fraud, and USSD—contributed to the remaining portion of losses.

Access Bank’s findings reveal that 6,771 electronic fraud attempts were made worth ₦2.69 billion. The bank only lost about ₦92.2 million in those attempts. Last year, TechCabal reported on how several Nigerian banks were having internal conversations to rein in fraud. These banks often struggle with information sharing and lack of coordination on financial fraud investigations by local law enforcement agencies.

Global audit and consultancy firm Deloitte has become the first company to secure a securities investment advisor licence in Ethiopia. 

This new development is a result of Ethiopia launching its own Securities Exchange slated for the third quarter of this year 

Side-bar: A well-regulated stock exchange acts like a growth engine. It fuels savings by offering a secure and potentially profitable avenue for investment. This pool of savings then flows towards the most productive companies, propelling their growth and job creation. 

Why Ethiopia? The Securities Exchange boosts transparency by requiring companies like Deloitte to provide audit and consulting services. These companies will regularly publish audited financial information that will be made accessible to all. This empowers even smaller investors with the same level of insight previously enjoyed only by large players. 

Additionally, a thriving stock market attracts professional analysts who dissect and interpret this information, providing even more informed decision-making for investors.

Brook Taye, the director-general of the Ethiopian Capital Markets Authority, believes that having Deloitte licensed as an investment adviser will help speed up the process of growing Ethiopia’s stock exchange market and that with the company’s expertise, they can make things happen faster and better. 

Deloitte will be able to help businesses get ready to sell shares on the exchange. The first company to sell shares will likely be Ethio Telecom, a state-owned phone company. Ethiopia expects more Kenyan companies to get involved in their stock exchange as well.

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Last September, Google sent out an email to users announcing plans to shutter its podcasting service, Google Podcast. The news particularly came as a shock to many users and to this writer who found the app very easy to use. Google accompanied the email with tools on how users can migrate their current subscriptions on the app to YouTube Music or export a file that can be uploaded to other apps. 

Google announced yesterday that users in the US would not be able to use the Google Podcast app after today, April 2nd, 2024, per TechCrunch. Additionally, Google announced that after June, users of the app will not be able to export or relocate their subscriptions. 

Why is Google podcast shutting down? Google’s shutdown of a vertical is not new—remember Google’s inbox that was morphed into Gmail or Google’s play services that was moved into Youtube Music.

While the shutdown of Google Podcasts, with over 500 million downloads, might surprise some, it signals a strategic shift for creators globally. Google is doubling down on its video-first approach by integrating audio and video podcasts directly into YouTube Music.

This move aligns with the ever-increasing consumer demand for video content. People are spending more time watching videos online, and Google is positioning YouTube Music as a one-stop shop for both audio and video experiences.

How do I migrate my subscriptions? Simply open the Google Podcasts app, head to the Home tab, and look for the Google Podcasts app shutdown notification. Click on it to initiate the export process. Under “Export Subscriptions,” choose “Export to YouTube Music.” You’ll be directed to the YouTube Music app, where you can select your Gmail account. Once confirmed, your subscriptions will start transferring – sit back and relax, as it may take a few minutes for everything to move over from Google Podcasts to YouTube Music.

If, like this writer, you prefer audio-only podcasts, here are some alternative platforms to consider: Pocket Casts, Castbox, Spotify, Podbean, and Anchor.

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Coin Name	Current Value	Day	Month
Bitcoin	$69,229	– 2.29%	+ 12.20%
Ether	$3,367	– 6.65%	– 2.05%
dogifwhat	$3.91	– 12.81%	+ 133.28%
Solana	$184.23	– 9.24%	+ 41.40%

* Data as of 05:52 AM WAT, April 2, 2024.

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about KES 2.92million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March .
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs . Apply by May 19.

Here’s what you should be looking at

• The Next Wave: Data overtaking calls isn’t a bad thing
• Google agrees to destroy browsing data collected in Incognito mode
• Banking sector recapitalisation: Much ado about retained earnings

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

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• 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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In the ever-changing economy of East Africa, Uganda and Kenya are confronting inflationary challenges with resolve.

A central solution: Uganda’s March 2024 annual inflation rate dipped marginally to 3.3%, a notch below the Bank of Uganda’s 5% target. This slight decrease in inflation was made possible because the Central Bank of Uganda kept its Central Bank Rate (CBR) steady at 9.5%. This helped to keep the core inflation rate stable at 3.4% for several months in a row.

Despite the decline in inflation for some goods, the overall inflation rate rose to 5.5% compared to last year. 

Kenya also witnessed a downtick in its year-on-year inflation to 5.7% in March 2024, attributed to the Kenyan shilling’s resilience against the US dollar, trading at KES132 ($1). However, this doesn’t translate to relief for everyday Kenyans. The cost of essential goods and services like transportation, housing, and food remains high, constituting over 57% of expenditure weights, as per the Kenya National Bureau of Statistics.

In fighting inflation, Kenyan’s Central Bank and other East African central banks are raising interest rates. In February 2024, the CBK increased the interest rate from 12.5% to 13%, their biggest jump in over a decade. This means Kenyans might pay more for loans like mortgages or car loans. The bank hopes this will slow down inflation and bring price increases closer to their target of 5%.

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When it comes to powers raising money, businesses have a variety of options. They often turn to debt instruments like bonds, selling shares of ownership (equity), or even short-term loans from a bank. However, when businesses need bigger sums of money, they adopt a more powerful tool: syndicated loans. 

Side bar: Think of a syndicated loan as a group project for lenders. A bunch of banks or other financial institutions team up to provide a single, large loan. This lets the borrower access a hefty sum of money while spreading the risk among the lenders.

That’s exactly what the African Finance Corporation (AFC) just did! Launched in 2007, the AFC is a pan-African development financial Institution that provides funds for Africa’s infrastructure deficit across six industries: Power, Transport and Logistics, Natural Resources, Telecommunications and Heavy industries.

A $1.16 billion loan: Lenders from across the Middle East, Europe, and Asia have all joined forces to provide the AFC with a $1.16 billion, its largest debt facility yet. First Abu Dhabi Bank PJSC, Mashreqbank PSC, MUFG Bank, Standard Chartered, Industrial and Commercial Bank of China, Société Générale, Bank Muscat, and Intesa Sanpolo Bank Luxembourg S.A all took part in the deal.

So, what will the AFC do with all this cash? The AFC is on a mission to bridge Africa’s infrastructure gap. This loan will fuel crucial projects across the continent, from building vital transportation links to developing clean energy solutions. By investing in these areas, the AFC aims to unlock Africa’s economic potential and create a brighter future for all.

Nigeria’s IT bulldog, the National Information Technology Development Agency (NITDA), has issued yet another warning. Early in March, the agency raised an alarm about a sneaky malware program called “Ov3r Stealer” that targets Facebook accounts and extracts sensitive information. 

This time, the agency is warning Nigerians about a rise in QR code scams. 

What’s happening? NITDA warns that fraudsters are now using these codes for phishing attacks, payment redirection, and even data theft. The agency is now urging Nigerians to exercise caution when scanning QR codes.

 QR code is a technology which gained popularity due to the COVID-19 pandemic. Although it was celebrated for its rapidness and convenience in accessing information and services, QR Codes have regrettably morphed into a technology exploited by fraudsters for fraudulent acts. Keepnet Labs reported that  QR code phishing emails saw a significant surge between June and August of 2023. Security systems identified 8,878 of these incidents, with June being the peak month at 5,063 reported cases. Only 36% of these incidents were accurately identified and reported by the recipients.

The Hoxhunt Challenge, a flagship project designed to quantify human cybersecurity risk across the world’s biggest industries conducted a test in 125 countries and reported that 22% of phishing attacks used QR codes in October 2023. 

Zoom out: NITDA also stressed the importance of verifying the authenticity of QR codes and their associated links before scanning. Additionally, NITDA recommends using trustworthy QR code scanning applications equipped with robust security measures and maintaining up-to-date antivirus.

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.

Microsoft is taking its AI race seriously.

Although the company cannot keep up with the pace of building AI models as quickly as OpenAI, it recently buddied up with the ChatGPT maker and poured about $13 billion worth of investments into it. 

Last month, however, Microsoft made a step in plugging that hole. The company appointed Mustafa Suleyman, co-founder of AI startups DeepMind and Inflection, as head of its consumer AI business, the unit responsible for Copilot, a chatbot similar to ChatGPT. Suleyman’s hire alongside the appointment of most of Inflection’s 70 employees will give Microsoft a new edge in building its own unique set of sophisticated generative AI models. 

No stop in sight: According to The Information, Microsoft is reportedly working with OpenAI to launch a data centre that will house an AI supercomputer “Stargate” with millions of specialised server chips to power OpenAI’s artificial intelligence. Microsoft will also fund a huge part of the project which is estimated to cost about $100 billion.

What’s in it for Microsoft? While the data centre will power ChatGPT, Microsoft will gain access to OpenAI’s proprietary technology and the sole right to resell it to its cloud clients, including Morgan Stanley. Microsoft also included OpenAI’s tech in its latest AI Copilot features for Teams, Office, and Bing.

The “Stargate” project, set to be launched by 2028, is in its preliminary stages of discussion, plans could change depending on how both companies perceive the deal. The data centre is said to be one of the biggest data centres by cost and could cost 100 times more than some of the world’s largest data centres. 

Microsoft is also said to be working on a smaller, fourth-phase supercomputer for OpenAI that will be launched around 2026.

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

Coin Name	Current Value	Day	Month
Bitcoin	$70,402	– 1.37%	+ 13.22%
Ether	$3,528	– 2.15%	+ 4.49%
dogifwhat	$4.37	+ 1.70%	+ 267.87%
Solana	$198.68	+ 1.28%	+ 54.11%

* Data as of 06:55 AM WAT, April 1, 2024.

• 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 getting 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 women-focused startup Herconomy?
• How CAF president Patrice Motsepe could impact Canal+’s bid for MultiChoice
• Nigeria tells banks to raise minimum capital to $359 million 
• OpenAI’s voice cloning AI model only needs a 15-second sample to work

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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