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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 on

A 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 hacked

Through 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 Kenya

Nigerian 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 Cameroon

The 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.

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No dividends for Multichoice shareholders

The 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 budget

The 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 funding

Still 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

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Nigeria unifies exchange rate

Nigeria’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 rules

YouTube 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. 

Written by: Ngozi Chukwu & Written by: Hannatu Asheolge

Edited by: Pamela Tetteh

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