Editor’s Note
- Week 48, 2022
- Read time: 5 minutes
Amidst the news of fishing out phishing scams, more layoffs and startups exiting markets, a few silver linings peek: Zambia says y’ello to 5G, SA regulates crypto exchanges, Abuja gives Nigerian telcos a huge discount and Kenya recognizes smartphones as legitimate work tools for journalists.
These, and more interesting stories from the tech ecosystem are in this week’s edition of TC Weekender. Happy reading!
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
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SafeBoda retreats from NigeriaSafeBoda has left the shores of Nigeria. Despite its impressive launch in Ibadan, the ride-hailing startup is leaving the country because the Nigerian market has become “unprofitable”. This is the second time SafeBoda is exiting a market—it left Kenya in 2020. Learn more. |
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Swvl exits PakistanAfter three years of operation in Pakistan, mobility company, Swvl, has closed down its Pakistan offices. Pakistan is the Dubai-and-Egypt-based company’s second-largest market, but it appears this exit is part of its plans to turn cash-flow-positive before 2023. Learn more. |
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NopeaRide leaves KenyaElectric mobility startup, NopeaRide, has ended its journey in Kenya. The startup pioneered electric mobility in the country and also operated the largest electric vehicle charging network in East Africa. It is shutting down due to the inability to secure more funding. Learn more. |
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Nigeria Startup Act declares NASIF a scamNational Startup Investment Fund (NASIF) has been discovered by the Nigeria Startup Act team as a phishing scheme set up with criminal intent. The Startup Seed Investment Fund proposed by the Act is still in development, and the NASIF advertised on websites like Nairametrics, Legit.ng, and others is not supported by the Nigerian government, the Nigeria Startup Act, the Bank of Industry, or the African Development Bank. |
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Vendease lays off 9% of staffNigerian food procurement startup, Vendease, has eased 9% of its 300 employees out of its company. While most startups are trimming their workforce in response to the economic downturn, Vendease insists that its layoffs were due to the low performance of the employees. Learn more. |
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Abuja 90% discount for telecomsNigeria’s capital, Abuja, is giving telecommunications companies a 90% discount on the right-of-way fee. Telcos that wish to install broadband infrastructure in areas with none will only have to pay ₦14.50 ($0.033) per meter, instead of ₦145 ($0.33). This will take effect on December 1, 2022, and last for two years. Learn more. |
TC Insights: State of Tech Report
We are rapidly approaching the end of the year’s final quarter. It is useful to think back on how the previous quarter played out before you start evaluating how Q4 went for the tech ecosystem.
Our Q3 2022 Report is a great way to start.
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MTN wins $4 billion bribery caseSpeaking of telecoms, MTN has won a longstanding $4 billion lawsuit that Turkish telecom, Turkcell, filed against it. Turkcell had accused MTN of using bribery to win a license for a 49% stake in operating Iran’s first private cell phone network. Learn more. |
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MTN Zambia launches the country’s first 5G networkThere’s more positive news from MTN. The telco giant launched the first commercial 5G network in Zambia this week. This groundbreaking success came after running trials in the south-central African country over the past 11 months. Learn more. |
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Twiga gets a $2.5 million loanTwiga Foods is set to receive Ksh300 million ($2.45 million) from Kenya’s Hustler Fund, valued at over Ksh50 billion ($408 million). The fund disburses loans at an 8% annual rate—the lowest in the country. It hopes to use Twiga Foods’ microfinance system, Soko Loan, to extend loans to its customers. Read more. |
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SA regulates crypto exchangesSouth Africa has recognised crypto asset service providers (CASPs) as “accountable institutions”. This legislation allows the ministry to regulate CASPs in order to deter or prosecute unlawful activities. Read more. |
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Kenya recognises smartphones as journalism toolsThe Media Council of Kenya (MCK) will now recognise smartphones as appropriate media tools for use by credentialed journalists. This will protect journalists in the country who are sometimes physically abused by public officials for using phones to perform their duties. Learn more. |
Who brought the money this week?
- Solarise, an energy leasing company based in Kenya, raised $33.4 million in debt funding. The round was led by the Facility for Energy Inclusion (FEI). Other participating investors include Oikocredit, the Lion’s Head managed fund and AfricaGoGreen Fund.
- Cameroonian crypto and savings platform Ejara, received $8 million in series A funding.
- Nigerian restaurant management platform, Orda has raised $3.4 million in a seed round. The round was led by Quona capital and the FinTech Collective.
- Badili a Kenyan-based smartphone re-commerce platform, raised $2.1 million in pre-seed funding from Venture Catalysts, V&R Africa, Grenfell holdings, SOSV, family offices and angel investors from Kenya, Nigeria, South Africa and India.
TC Game: Unscramble “billions”
How many words can you create from billions without repeating a letter? Find out!
Top Tweet of the Week
What else to read this weekend?
- INEC airlifts 176846 voter accreditation machines.
- Survey finds that 74% of SA employees would like to see robots deployed in production.
- Meta is slapped with a $275 million fine.
- Multichoice expands accelerator.
- Milken Institute & Motsepe Foundation announce a $2 million green energy competition.
- Liquid Intelligent Technologies commences operations in Nigeria.
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Written by: Ngozi Chukwu
Edited by: Pamela Tetteh
18, Nnobi Street, Surulere, Lagos, Nigeria
