TechCabal Daily – West Africa’s first digital census

From Supa Strikas to Startups, Tomi Davies’ approach to Angel Investing

Everytime I’m at the checkout line at Shoprite and I see a copy of Supa Strikas on the magazine shelf, it reminds me of my teenage years. 

Back then I looked forward to every new issue. Whoever owned the latest edition was the coolest kid on the block until the next one came out.

Well, I got to speak to one of the brains behind this comic: Tomi Davies. 

Backstory: In 2001, Tomi Davies backed his first company — Strika Entertainment. At the time, he didn’t have a name for what he was doing; he was just helping friends. 

He’d later learn that what he was doing was called angel investing — an individual providing financial backing for small startups or entrepreneurs, typically in exchange for equity in the company.

With this knowledge, he co-founded the Lagos Angel Network in 2012, and a few years after, the African Business Angel Network (ABAN).

We spoke about a range of things:

On ABAN

Through his work at ABAN, the network has exponentially increased the amount of Angel investors in Africa. In 2015 there were 5 angel networks on the African continent, today there are 49 angel networks in 33 African countries.

Why Angel Investing and not Venture capital?

“I live through my portfolio. That’s what keeps me alive, that’s what keeps me fresh. I like the flexibility of choosing what to invest in and following up with the founders.”

In this edition of Ask an Investor, I switch from talking to VCs and share the story of Tomi Davies who is leading the charge of Angel investors in Africa. 

Facebook is testing “Sabee”, an educational app for Nigerians

West Africa’s first digital census

Ghana has started its long-awaited fully-digital national census; the first-ever in West Africa. This comes after a trial was conducted in select districts nationwide back in 2019.

The country’s last census was in 2010 and it put the population at 24.6 million. The country has, every 10 years since 1981, conducted the Population and Housing Census (PHC) but was forced to postpone the 2020 census due to the outbreak of the Covid-19 pandemic.

Now the government has gone digital, using tablets and satellite images to improve the reach of field agents and ensuring the whole population in Ghana is counted on census night.

Zoom out: The census will also play a major role in the nationwide rollout of biometric identity cards launched by President Nana Akufo-Addo in 2017. The new ID card requires a digital address code, many of which will be generated by enumerators during the census.

In other related news: With Nigeria’s general elections just two years away, the country’s electoral commission has begun preparations. Here’s how you can register.

Elo Umeh on what it takes to make a successful acquisition

In 2016, Nigerian-based enterprise marketing technology firm, Terragon, acquired Alcatel Lucent’s mobile advertising assets across 16 francophone African countries. That acquisition didn’t meet Terragon’s expectations.

By the second time Terragon decided to make an acquisition, they had partnered with their target company for about 18 months. Terragon employees and management team members made several visits to the target company in India to ascertain that there was a cultural fit. Those trips and the 18-month partnership, were pivotal to the success of the Bizense acquisition. Bizense is a Singapore-based mobile marketing company with an office in India. Terragon acquired the company in 2018.

In this article, Mobolaji recounts the major highlights from this conversation on what it takes to make a successful acquisition.

Nigeria’s Cowrywise secures licence from the SEC

Last week, it was Chaka. This week it’s Cowrywise.

Cowrywise, a Nigeria-based wealth management startup, has received a licence to operate as a Fund/Portfolio Manager from the country’s capital markets regulator, the Securities and Exchange Commission (SEC).

What this means

The license means Cowrywise’s operations now fall directly under the regulatory scope of the SEC and should help improve trust with potential users. Before now, the startup used a trustee structure to offer investment opportunities, in partnership with regulated investment management companies like Meristem.

Big Picture: Cowrywise is the first fintech to get a licence in the fund/portfolio management category. Chaka, on the other hand, got a Digital Sub-Broker licence. These developments point to an improving relationship between the Nigerian capital markets regulator and the several fintech players that provide investment services in the country.

Read more: Nigeria’s Cowrywise secures licence from the SEC

How to protect your customers from cyber fraud

“You’re as secure as your weakest link,” said Adeoluwa Akomolafe, CISO at Wema bank when discussing how companies should address vulnerabilities in their online security.

One way to strengthen weak links is to put legal frameworks in place to protect your company, especially if you’re collaborating with others. You should also understand your technology assets and not put all the pressure on your customers.

If you’re curious about how you can ingrain cybersecurity into your company culture and make your technology processes air-tight, then you should watch this TC Live episode. The panelists answer these questions and many more.

This episode was brought to you in partnership with Ava Security and Urban Ubuntu.

If you would like to know how Ava Security’s products work and how they can be useful to your organization, you can book a special demo here.

You can also get regular updates on cybersecurity news directly from Urban Ubuntu’s CEO by taking a minute to subscribe to this mailing list.

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