TC Daily

TechCabal Daily, 854 – Nigerian regulator wants to vet social media ads

Olanrewaju Odunowo 3rd September 2019

BROUGHT TO YOU BY VERIFYME NIGERIA

03 – 09 – 2019

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VerifyMe Nigeria, a verification platform that enables seamless, real-time ID verifications backed by the Nigerian Identity Management Commission (NIMC), Bank Verification Number (BVN) and Federal Road Safety Commission (FRSC) Driver’s Licenses, has launched the first integrated ID Verification and KYC platform in Nigeria.

The MVP offers organizations a solution that takes away the problem of not knowing enough about their customers to approve them for services. Loan/service providers, employers and landlords can benefit from VerifyMe OneIdentity Report which delivers real time ID authentication with secure last mile verification checks that meet CBN tier 3 and international Anti-Money Laundering (AML) directive standards. It is supported by a guarantee of trusted and secure data, with built-in technology surveillance systems to prevent fraud during data collection.

Log on to www.verifyme.ng to verify an ID now.

Fintech startup, Esusu has raised $1.6 million in a funding round led by Acumen Fund. Sinai Ventures, Kleiner Perkins, Katapult Accelerator, Plug and Play Tech Center, Global Good Fund, Temerity Capital Partners, and some angel investors also participated in the round. The startup will invest the seed money in product development as well as to scale and expand its market share. The New York-based company was founded in 2016 and is currently led by Nigerian CEO/Co-founder Abbey Wemimo. Other co-founders include Samir Goel, Albert Owusu-Asare (CTO) and Robert Henning (CFO). Esusu provides a credit scoring and savings service (which include group savings) that is targeted towards low-income earners.

Nigeria’s archives are brittle and deteriorating! Records, documents and artefacts that date back to pre-colonial times are in danger of being lost if they are not preserved through digitization. Read all about it here in this TechCabal story by Wole.

Kenya’s Equity Bank has hired John Wilson to lead its digitization efforts and pan-African expansion. Wilson will take up the role of Chief Operating Officer at Equity Bank after spending 14 years at the World Bank’s International Finance Corporation (IFC) and International Bank of Reconstruction and Development (IBRD). Equity Bank is looking to expand to 15 African countries by 2024.

Join Chinedu Azodoh, Co-founder, Metro Africa Xpress (MAX.ng) at TC Townhall: Mobility on the 27th of September, 2019. At TC Townhall: Mobility, TechCabal is bringing together the most knowledgeable and influential entrepreneurs, investors and policymakers in the mobility industry. You can get tickets here and our 10% early bird discount offer is now available until September 9. To redeem the offer use the code TCMobility. Further discounts apply for companies/individuals buying at least 5 tickets. If you require the discount code for that, please fill this form.

Ecopia Tech, a company that uses satellite and aerial imagery to produce high definition (HD) data maps has raised $6.7 million from Sustainable Development Technology Canada (SDTC). The Canada-based company will use the funds to map an estimated 342 million buildings, 3.8 million linear kilometres of roads and 582 million hectares of forests in sub-Saharan Africa to help governments, NGOs, and businesses make better on-the-ground decisions including where to build new schools or where to distribute vaccines.

The Advertising Practitioners Council of Nigeria (APCON) has announced that social media adverts must be vetted by the organization’s Advertising Standards Panel (ASP) before they are published. The regulatory body in its announcement says all communication materials regardless of the medium are required to pass through it for vetting. Companies found guilty of flouting the code will pay a fee as a penalty. Critics say the move is motivated by a need to grow revenue rather than otherwise. It’s tough to see how the body intends to monitor defaulters without some help from telcos or publishers.

Doaa Aref and Rasha Rady, Founders of Egyptian health tech startup, Chefaa have won the Asia Africa Investment and Consulting (AAIC) award in Tokyo, Japan. The on-demand drug delivery startup was founded in 2017 and last month it raised a seed funding round led by 500 Startups with participation from Flat6Labs (follow-on investment) and a group of undisclosed angel investors. Asia Africa Investment & Consulting invests in the health sector primarily in sub-Saharan Africa. One of its latest investment is a $3 million funding round in Kenyan startup MyDawa.

Wallets Africa, a Nigerian fintech startup has launched Business Wallet Accounts that will allow businesses to manage bulk payouts, make expense payments and perform transfers via API. The feature will allow companies to link their business account with Google Sheets and perform bulk transfers to bank accounts. Wallets Africa was founded in 2016 and is led by John Oluranti Oke and Joseph Benson-Aruna. In March 2019, the startup raised an undisclosed seed round from YCombinator following its participation in the accelerator program.

Shareholders of South African fibre-optic network operator, Vox Telecoms, have bought out fellow investor Investec Ltd as part of a $130 million recapitalization of the company. The shareholders include FirstRand Ltd.’s RMB. Metier Private Equity Ltd. and the internet company’s management are also part of the transaction. Investec owns about a third of Vox, it was part of a group that bought the telco for about US$30 million in 2011. Vox is one of the leaders in South Africa’s nascent fibre-to-home market. It has completed about 40 acquisitions to build scale in the past few years.

Bye for now,

We’ll be back tomorrow.

– Olanrewaju

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TechCabal Daily, 854 – Nigerian regulator wants to vet social media ads

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