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Good morning 🌞
“This is great.”
That is what Jack Dorsey, co-founder of Twitter and former CEO of Twitter, tweeted about the new Twitter Blue for Business that rolled out on Monday.
Twitter Blue for Business is a new way for businesses to link any number of their affiliated individuals, businesses, and brands to their twitter accounts. Accounts linked to the businesses will get a small badge of the company’s profile picture next to their blue or gold checkmark.
On the news about Elon Musk stepping down from his CEO position at Twitter, it seems like he had made up his mind about it even before he asked for a public vote. Reports say Musk has been searching for a successor and it seems to be taking a long time. Well, it does make sense, considering how much is at stake.
CRYPTO MARKET
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|
|
|---|---|---|
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Bitcoin 
|
$16,859 |
+ 0.08% |
|
Ether
|
$1,215 |
+ 0.38% |
|
BNB 
|
$247 |
– 0.23% |
|
FTX Token
|
$0.87 |
– 5.78% |
|
|
Source: CoinMarketCap
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* Data as of 05:06 AM WAT, December 21 , 2022.
WORLD BANK APPROVES $311 MILLION FOR RESPITE
Image source: The Africa Report
Yesterday, the World Bank approved $311 million for the new Regional Emergency Solar Power Intervention Project (RESPITE).
What is RESPITE?
Regional Emergency Solar Power Intervention Project (RESPITE) is a project aimed at rapidly increasing the grid-connected renewable energy capacity of the participating West African countries—Chad, Liberia, Sierra Leone, and Togo.
This financing will support reforms in power distribution and transmission throughout the four nations. It will fund the installation and operation of about 106 megawatts worth of solar photovoltaic battery and storage systems and 41 megawatts worth of hydroelectric capacity growth.
The project also includes a $20 million grant to help facilitate future regional power trade and strengthen the institutional and technical capacities of the West Africa Power Pool.
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VISA PROPOSES AUTOPAYMENT SOLUTION FOR ETHEREUM
On Monday, global payment company Visa released a concise and well-illustrated paper explaining how it can set up automatic recurring payments for self-custodial wallets on the ethereum blockchain. Ethereum is the second largest network, but it is not yet capable of making such automated payments. Traditional payment technologies like Visa already facilitate recurring payments for bills like utility bills, subscriptions, loan repayments, etc. Considering the increasing adoption all over the world, blockchain networks should have this capability too.
How can Visa make it possible on ethereum?
An internal hackathon at Visa sparked the novel solution which leverages a concept known as “account abstraction”.
Sidebar: Account abstraction is the process of customising certain elements of smart contract accounts, from fee payment methods to transaction approval mechanisms in ways that make it easier for users to interact with the blockchain.
Ethereum’s main network does not support account abstraction yet, so according to the paper, Visa implemented its solution on StarkNet, a secondary layer blockchain built on ethereum. While concrete accounts check whether a transaction comes with a correctly signed signature for a given address, StarkNet’s abstract accounts simply check that the transaction comes from a given address.
Visa’s solution for self-custodial wallets brings ethereum users closer to being their own bank. The payments company claims it wants the chance to actively participate in technical advancements, taking place in the cryptocurrency ecosystem. The payments business is certain that it can assist networks like ethereum in scaling.
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LAMI TECHNOLOGIES OFFERS BODA BODA RIDERS INSURANCE
Image source: Captital News
Almost two million Kenyans are employed in the motorbike taxi industry, locally termed boda boda. These motorbikes are a cheap and fast means to move around in Kenya’s buzzing cities, but they’re largely unregulated and uninsured.
The government is still figuring out the regulatory bit, but a new partnership between Boda Boda Integrated Management Services (IMS) and Lami Technologies, a Kenyan insuretech startup, could bring insurance to the millions of boda boda trips in the country.
What’s the IMS?
It’s a regulatory attempt by the Kenyan government to bring some sanity to the boda boda industry in Kenya. Former President Uhuru Kenyatta set up the institution in 2017 to keep tabs on all boda boda operators nationwide and reduce the rampant cases of crime associated with boda boda drivers.
According to the IMS website, the organisaton uses road safety technologies to “ensure that boda boda riders are safe, secure, orderly, reliable, and can be converted into a sustainable sector of public transport in Kenya”.
What will the partnership do?
The partnership will enable IMS to access affordable insurance products that have been tailor-made to its needs by Lami’s site of products. The IMS then intends to reach two million boda boda drivers with the digitally distributed insurance offerings.
TC INSIGHTS: GROWTH HANDBOOK
Are you an early-stage startup trying to hack growth?
TechCabal Insights has created a handbook to help you on your growth journey. It contains useful insights from experts that touch on key areas such as building a growth strategy, maximising online and offline channels, building a strong community, and others.
In this handbook, we share some top tips and best practices for startups looking to scale their growth efforts and effectively reach their audience.
To get a sneak peek into the handbook, click here.
You can also pre-register here to get paid access once it goes live.
EcoFlow, a portable power, and renewable energy solutions company is seeking distributors in Ghana for its industry-defining portable power stations, smart solar technology, and the world’s first portable home power station with an expandable ecosystem.
EcoFlow was founded with a mission to empower people and communities around the world through portable, clean, reliable power for lasting impact and dethrone the traditional gas generators through innovation.
The first products from EcoFlow’s powerful lineups to be revealed in Nigeria will consist of:
RIVER Pro is a flexible and portable device with a quiet operation that does not run on gasoline or fuel.
DELTA features a first-of-its-kind two-way inversion technology that converts AC to DC power and vice versa with a 6x AC Outlet and charges safely from 0-80% in under an hour with the X-Stream Fast Charge.
DELTA Max unit packs a 2kWh capacity that is expandable up to 6kWh with DELTA Max Smart Extra Batteries, X-Stream technology, and the ability to power most home appliances including heavy-duty devices up to 3400W.
Those interested in becoming a distributor of Ecoflow products, should contact sales.rest@ecoflow.com or to learn more visit: www.ecoflow.com
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IN OTHER NEWS FROM TECHCABAL
Don’t get stuck using your phone this holiday
3 nice and cheap Android phones with great battery life.
African telcos target minors with new mobile money solutions.
OPPORTUNITIES
- African startups are invited to apply for the Making More Health Business Accelerator, a structured business growth programme targeted at social entrepreneurs with innovative solutions in the health sector. Apply by January 13.
- The GROW Impact Accelerator is now accepting applications from agtech startups offering solutions to the problems facing the processing, packaging and transportation of food. Apply by January 30.
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Written by – Ngozi Chukwu & Caleb Nnamani
Edited by – Kelechi Njoku
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