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According to this Vanguard report, the top ten banks in Nigeria amassed N138bn in electronic payment charges from their customers in 2016. This rounds up to a 25% increase on the N109bn paid to these banks in 2015 in the form of card issuance fees, renewals, alerts, etc. On one hand this highlights the increase in the volume of digital transactions. Top bank executives also argue that the tweak in their business models from interest income to non-interest income made these developments inevitable. But then the President of the Bank Customers Association of Nigeria theorizes that if CBN-stipulated charges, like the new charges on ATM cards, are not regulated, they could negatively impact the adoption of internet banking in the long run by driving down digital patronage as banks look to further enrich themselves.
A venture capital firm based in Geneva and San Francisco, Zeno Ventures, has invested an undisclosed amount in Y-Combinator alumni, Tizeti, to extend their unlimited wifi service beyond Nigeria. Tizeti currently operates a the last mile delivery network that conducts internet connectivity from submarine cables to the customer through the company’s collection of solar powered Wi-Fi towers in central Lagos. The towers are essentially cost effective solutions, which translate to reasonable pricing, as they take advantage of the low operating costs of solar-based infrastructure and their plummeting prices in the global market.
Support for Local Content in Public Procurement by the Federal Government. That’s the title of the executive order that’s just been signed by Nigeria’s Acting President, Yemi Osinbajo, to offer preferences to local ICT suppliers/bidders/manufacturers when Nigerian government agencies and departments set out to procure technology products and services. It’s basically an offshoot of the ‘buy local’ initiative in a new, see-through dress – the goal is to have at least 40% of the procurement expenditure as locally manufactured goods or services from local providers.
Support for Local Content in Public Procurement by the Federal Government. That’s the title of the executive order that’s just been signed by Nigeria’s Acting President, Yemi Osinbajo, to offer preferences to local ICT suppliers/bidders/manufacturers when Nigerian government agencies and departments set out to procure technology products and services. It’s basically an offshoot of the ‘buy local’ initiative in a new, see-through dress – the goal is to have at least 40% of the procurement expenditure as locally manufactured goods or services from local providers.
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Other bits…
+ Uber has launched a boat transport service in Egypt known as UberBOAT, with ten docking stations currently available. Link
+ Two men have been arrested for allegedly hijacking and kidnapping an Uber driver in Johannesburg on Monday morning. Link
+ The Eskom board will be appearing in Parliament over the reinstatement of Brian Molefe as CEO. The DA has filed a court order to remove him from the role and nullify any benefits that come attached. Link
+ A new collaboration project between Neurala and the Lindbergh Foundation’s AirShepherd program has been announced and it will see the use of AI and drones to combat the poaching of elephants and rhinos in Africa. Link
+ This thread goes over a few arguments for and against MTN’s potential acquisition of Multichoice Africa. Is it a mismatch or a shrewd move that has expansion at its core? Link.
+ I found this new service, Household, that connects prospective customers with professional cleaners in Lagos. Link
+ Jumia Travel is launching a new loyalty program for loyal and returning customers. Link
+ V8 Africa is hosting a free social media marketing training for entrepreneurs in Lagos on the 26th of May. Admission is limited, so apply while you still can. Link
The Greentree Startup Lab is providing access to funding, governance structure, financial planning, legal advice, and technical support to innovative businesses to scale rapidly. So if you are interested, apply here.
Upcoming events and deadlines
Lagos: Work and Family Conference, May 24th. Link
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Lagos: V8 Social Media Marketing Training, May 26th. Link
Lagos: Code Pyramid Design Meetup, May 27th. Link
Deadline: Next Einstein Forum Ambassadors Programme Application, May 27th. Link
Abuja: The Abuja WeCode Hackathon, May 27th. Link
Lagos: ScholarX User Experience, May 27th. Link
Lagos: Startup Grind with Pradeep Pahalwani, May 27th. Link
Deadline. Fintech Hive Application, May 28th. Link
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