Read this email in French.
Editor’s Note
- Week 24, 2023
- Read time: 5 minutes
Hello 👋🏾
Here is a few of this week’s most interesting tech stories from accross the world this week.
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
|
Meta’s case in Kenya drags onA June 2 court ruling found that Meta is the principal employer of 184 content moderators. Sama, its former content partner, is caught in the middle while Meta appeals the ruling. Learn more. |
|
Globus Bank gets hackedThrough a sneaky USSD glitch, hackers wiggled their way into Globus Bank’s system and made off with ₦1.755 billion ($3.7 million) from unsuspecting customers’ accounts. Learn more. |
|
45 Fluterwave accounts frozen in KenyaNigerian fintech company, Flutterwave, has been sued by 2,468 Nigerian nationals in a Kenyan court, for allegedly being the medium through which they were defrauded of Ksh1.6 billion ($12.04 million). Learn more. |
|
MTN caught in a crossfire in CameroonThe bank account of MTN’s branch in Cameroon, which contains 14 billion CFA francs ($22 million) has been seized in the middle of a fight that MTN has nothing to do with. Now it’s affecting all of MTN’s operations in the country. Learn more. |
|
No dividends for Multichoice shareholdersThe dividends of Multichoice’s shareholders are taking a detour this year. The company is diverting all that money to funding of its streaming platform, ShowMax, because it believes that ShowMax can bring in blockbuster returns. Learn more. |
|
Green city gets half of Kenya’s ICT budgetThe Kenyan government has allocated $110 million for the ICT industry. However, nearly half of that amount will be used to develop Konza, a green city outside Nairobi Learn more. |
|
Kenyan Hustlers get more fundingStill on the subject of budgets, Kenya has allocated Ksh. 10 billion ($72 million) to Ruto’s Hustlers Fund. This fund was launched in 2022 to support Kenyan SMEs and has reportedly reached 16 million people so far. Learn more. |
Next Wave
Want to stay ahead of curve and get futuristic analysis of the business of tech in Africa? Then Sign up to the Next Wave Newsletter to get started.
Sign up now.
|
Nigeria unifies exchange rateNigeria’s Central Bank (CBN) has floated the naira in a bid to loosen its control of the exchange rate, and eventually unify it. Learn more. |
|
Proposed content creator tax down to 5%Cue the sigh of relief! Content creators in Kenya won’t have to pay 15% tax anymore. Just a week after President William Ruto issued his command to review Kenya’s proposed content creator tax, the tax has be cut down to 5% Learn more. |
|
YouTube relaxes monetisation rulesYouTube is relaxing the rules for its partner program, so new creators can start earning as early as possible from their video-making careers. However, it is still not rosy for new content creators. Learn why.. |
Who brought the money this week?
- Nigerian communications-as-a-service startup, Termii, raised $3.65 million in pre-seed funding.
- Egyptian logistics company, Trella, received $3.5 million in an undisclosed funding round from private equity fund, Avanz Capital Egypt.
- South African agri-tech company, Maltento, raised $3.3 million in an undisclosed funding round from Sand River Venture Capital.
- Nigerian logistics company, Messenger, raised an undisclosed amount in pre-seed funding. The round was led by Nama Ventures, with participation from Aidi Ventures and other angels.
What else to read this weekend?
- As war rages in Sudan, small startups are helping people find food, money, and flee.
- WhatsApp Channels arrive fashionably late to the chat apps party.
- Nigeria’s new president has approved a new law which provides a legal framework for data protection.
- As LagRide drivers push for lower daily repayments, it’s time to ask if vehicle financing is right for Nigeria.
Written by: Ngozi Chukwu & Written by: Hannatu Asheolge
Edited by: Pamela Tetteh
18, Nnobi Street, Surulere, Lagos, Nigeria
