MTN is very likely to sell its $243 million Jumia stake
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Internet censorship concerns in South Africa
in partnership with FLUTTERWAVE & STARTUP GUIDE 06.08.2020
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Welcome to TC Daily! In today's digest: MTN is considering the sale of its Jumia stake, South Africans are worried about a new bill that could stifle free speech and a special about how simple digital tools are helping women have doctors' ears.

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MTN ASSET SALES

Following a 142% rise in Jumia's shares, MTN is reportedly looking to sell its stake in the e-commerce giant. The telco has been disposing of non-core assets as part of its strategy "to reduce debt and drive future growth". Asides Jumia, it has also marked its stake in IHS Towers as a non-core asset. MTN has a 29% stake in IHS Towers and its Jumia asset is valued at $243-million. Reports about MTN selling its Jumia asset have been around for some time. In 2018, before Jumia's IPO and shortly after the IPO, there were news reports that the telco was considering selling off its stake in the e-commerce company. It has not happened so far. However, it seems like a perfect time to sell in light of Jumia's stock market woes in the past year and given that it briefly regained unicorn status in July. Another major backer, Rocket Internet sold its Jumia stock in April. MTN recently made about $802 million from selling some of its assets including its towers holdings in Ghana and Uganda which it sold to American Towers. It is now seeking an operating license in Ethiopia, where the government currently dominates the telecoms market. It is one of the largest markets yet to liberate its telecoms industry that is now planning to do so.

FEMALE HYSTERIA IN MEDICAL SCIENCE

Doubt is something women encounter often in consultation rooms. There's a long winding history of dismissing their physical ailments as a by-product of a psychological affliction that has not really gone away. The 4th and 5th-century studies of Plato and Hippocrates attributed women’s illnesses to a “wandering womb” that traversed a woman’s body wreaking havoc on her organs. By the 19th century, driven by theories postulated by scientists like Freud, hysteria had become a predominantly female malady with more theories arguing that it was indeed a psychological rather than a physical one. “I remember the very first time I went to the hospital in Bradford,” Journalist Nana Aisha Salaudeen told TechCabal. She was experiencing a sharp pain in her abdomen at the time. “The doctors were dismissive and asked if it wasn’t because I was drinking too much water. I would know if I was drinking too much water,” Salaudeen added. She would later return to the same hospital with data collected from a simple habit tracking tool about how often she urinated. This time, she finally captured a doctor's attention and got a proper diagnosis. In this piece, Kay shares Salaudeen's story, highlighting the struggle women face getting doctors to listen and how simple digital tools can help.

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FUNDING

Ghanaian-based tech talent network, Africa Foresight Group (AFG) has raised $700,000 in seed funding. The round was led by Consonance Investment Managers and GFH Holdings. AFG will use the money to aid its Africa expansion plans. AFG was founded in 2016 and it provides a platform that offers access to freelance management consultants. Led by an all-women management team, its proprietary technology platform matches teams with open project opportunities, manages performance data, and supports the invoicing and payments process, amongst others. Today, AFG has more than 100 consultants in its network and has completed over 140 engagements within the past four years.

In another funding news, this time from South Africa, AI and data annotation startup, Enlabeler has closed an undisclosed funding round. It got the money from Entrepreneurs for Entrepreneurs (E4E), a new VC fund run by a group of SA entrepreneurs. Enlabeler provides live image annotation, audio transcription, and local language services with the help of human labelers. The one-year startup currently has 250 labelers and its ability to quickly create more jobs for locals has been touted as a key strength. Outside South Africa, it is also present in Kenya and has plans to expand across the continent. The money it just received will help the young startup to take off properly.
INTERNET CENSORSHIP
South Africans are worried that a draft Films and Publications Amendment Bill published by its ICT ministry could stifle free speech on the internet. The bill requires content creators to register and classify their content with the Film and Publications Board (FPB). Creators will pay a fee to classify their content. The key concerns with the bill are that the rules could also be applied to user-generated content and social media posts. It is unclear what the film board considers to be commercial content. The implication is that a Youtuber will be required by law to classify their content with the film board before publishing it. President Cyril Ramaphosa first signed the amendment bill into law in October 2019 but it had not come into effect yet. It was hoped that an updated version would provide exemptions for user-generated content but that didn't happen. Some legal experts are now recommending legal action; challenging the bill in the constitutional court.
EVENT
Digital Africa is holding the 8th edition of its annual conference & exhibition from August 25-27, 2020. The virtual conference will feature industry experts who will discuss what’s next for the technology sector in Africa. Confirmed speakers include Prof. Joe Amadi-Echendu, Professor, Engineering & Technology Management, University of Pretoria; Prof. Yemi Osinbajo, Vice President of the Federal Republic of Nigeria; Karima Rhanem, Chief Executive Officer, Africa My Home, Morocco, and Dr. Isa Pantami, Hon. Minister of Communications & Digital Economy. Visit www.digitalafrica.com.ng to learn more and register.
TC LIVE: THE STATE OF TECH
Tomorrow, Friday, August 7th, we are starting a new TC Live event series titled The State of Tech. The series will dig deep into the startup ecosystems and communities across the continent, outside Nigeria, TechCabal's HQ location. For the first episode, we are interviewing, Malinzi Kisadha, Country Manager at Eywa Miles, a tech-enabled transport company. Before Eywa Miles, Kisadha was Founder at Digest Africa, a leading provider of data and insights about African VC and startups. Kisadha is one of the most knowledgable persons about tech in Uganda and in the region. Kisadha will answers questions about building a tech business in Uganda. Register here to attend the event.
WHAT ELSE IS HAPPENING?
That's It,

See you tomorrow.
- Olanrewaju

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