TechCabal Daily – Nigeria’s CcHUB is raising $60 million to back African startups

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Uber has launched a job search platform called Uber Works. The app connects job seekers with employers who have available shifts to fill. Users can keep track of their work log and payments using the app. It also offers time management tools to track working hours as well as break periods. Currently, the platform is only available in Chicago and while the company is yet to announce where else they plan to take Uber Works, it will be  interesting to see it join a number of other such services here on the continent and how it may be adapted for this market.

Nigeria’s Co-Creation Hub (CcHub) is raising US$60 million for its Growth Capital investment arm to back startups across Africa in the wake of its expansion into Kenya with the acquisition of iHub. Startups in Rwanda and Kenya will be among the beneficiaries of the enlarged Growth Capital fund, as will those from other African countries. CcHUB is rapidly expanding its reach across the continent with its recent acquisition and a desire to deepen its support network for African entrepreneurs. According to CEO, Bosun Tijani, the hope is that the funding round will be closed in the next 12 months.

The Nigerian Senate has reportedly rejected the proposed 7.5% Value Added Tax (from its current 5% value) which was to take effect from January 2020 and is now gunning for a 9% tax on Communications Services including SMS, MMS, voice, data and PayTV. The senator sponsoring the bill, Ali Ndume, says that while the proposed 7.5% VAT will deepen financial inequality, the 9% Communications Service tax will distribute wealth in a manner favourable for everyday Nigerians. This is coming after a proposed 5% VAT on online retail transactions which the Federal Inland Revenue Service says it is considering rolling out in Q1 2020. Nigeria has a serious revenue problem and all of these efforts show its government is looking to grow its revenue base however it can.