👨🏿‍🚀TechCabal Daily – Eskom is at risk of shut down

Power

Eskom’s emissions performance has taken a nosedive.

The South African power company has released more harmful particles into the air for each unit of electricity it produces. 

How? Disclosed in Eskom’s interim results for the six months ending September 2023, the amount of these particles has doubled compared to last year and is now at 0.92 kilograms per megawatt-hour, specifically pointing to three power stations—Kendal, Kriel, and Matla—as the main contributors to the problem as they account for almost half of all the harmful particles released.

As of September, 14 units within Eskom’s power generation system did not meet the average monthly limits for emissions set by regulations, putting 8,588 MW at risk of shutdown.

What’s Eskom doing about it? Eskom attributes the elevated emissions to ageing abatement equipment, poor coal quality, and insufficient maintenance, and is actively engaging with the National Environmental Consultative and Advisory Forum regarding appeals on minimum emissions standards, with engagements extended until August 2024. The forum will make recommendations to the department of forestry, fisheries, and the environment, with minister Barbara Creecy set to rule on the appeals.

Concerns about health impact persist, with Eskom previously identified as the world’s largest emitter of health-harming sulphur dioxide in 2021. The Centre for Research on Energy and Clean Air has again, in January, warned that air pollution from Eskom’s coal-fired plants could lead to 79,500 deaths by 2025.

The power company also has projects underway at Kendal, Lethabo, Duvha, and Matla, that aim to reduce emissions and enhance the efficiency of abatement technologies, with most projects expected to conclude by March 2025.

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Funding

Jenesys AI, a B2B invoice management and payments startup, has secured $1.1 million in pre-seed funding.

Founded by Nicolai Thomson and Oluwatosin Dairo, the company aims to redefine transactional accounting and compliance with AI, shifting human roles from operators to validators.

The investment was led by Twin Path Ventures and joined by Fuel Ventures, Antler, Hatcher+, and angel investors from the US, UK, and Nigeria.

AI-powered Jack takes the wheel: Jenesys AI’s copilot “Jack” handles invoice management, completing tasks like budgeting, bookkeeping, and compliance checks in less than 30 seconds before initiating domestic or global payments. This boosts cash flow efficiency and international supply chain payments.

Integrating AI into finance: Along with securing pre-seed funding, the AI bookkeeper startup has also acquired VAT Key, a Danish digital TaxTech company for a six-figure sum, and welcomed its founder, Jonathan Bredo, as strategy manager to head payments and compliance.

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Funding

Nigeria is actively investing in AI development and application.

Bosun Tijani, Nigeria’s minister of communication, innovation, and digital economy, has unveiled 45 startups and researchers chosen for the country’s first National AI Research Grant Scheme (NAIRS).

Each recipient was vetted by a panel of 25 AI experts and will receive a grant of $6,000. 

What’s the vision? Tijani says it is to allow the recipients to “explore further opportunities to deepen their work and build a sustainable AI ecosystem in Nigeria”. Among the 45 beneficiaries, 11 startups secured funding to cover crucial sectors such as health, agriculture, education, finance, governance, utility, and environmental sustainability.

Meet the startups: Lendsqr, Aurelius, Nurse Oge, Tamela, Quantum Innovative Tech Solutions Ltd, Life-Elixir Computers, Farmspeak Technology Limited, Gwin Technologies Limited, IDB Analytics, Edunetix, and Cardio Intel are the 11 startups chosen for NAIRS.

The grant scheme aligns with Nigeria’s broader engagement in the global AI landscape, as evidenced by its participation in the “Bletchley Declaration“, alongside two other African nations. 

Zoom out: Nigeria is actively developing its national AI strategy. Per Microsoft co-founder Bill Gates’ recent prediction for the future impact of technology on healthcare, education, and the workforce, Africa could see widespread AI adoption within three years.

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E-commerce

Bumpa, a Nigerian e-commerce company, has acquired Fyyne, a beauty marketplace. 

The terms of the deal were undisclosed. 

Fynne? Launched in 2020, the startup provides tools that black barbers and hairstylists need to run their businesses. In January 2022, Fyyne launched a new app that allows users to easily find, book, and pay for hairstyling services from black hairstylists while enabling independent black hairstylists and barbers to promote their skills and make money.

Terms of the deal: The move comes one year after Fyyne launched its beauty tech platform and secured undisclosed pre-seed funding. Fyyne will continue to operate as an independent platform, while Bumpa will take over its technology, customer base, and some team members.

As part of the deal, two co-founders of Fyyne, Olugbenga Olubanjo and Al-Ameen Ogundiran, will leave the company, while the third co-founder, Jeffrey Fasegha, will transition into an advisory role and remain involved in the business’ day-to-day activity. Bumpa will announce Fyyne’s new CEO in the coming days. 

Fynne is the latest addition to Bumpa’s Portfolio. Bumpa, often likened to Shopify, allows merchants to set up and run e-commerce stores using their smartphones. The startup’s platform enables clients to manage inventory, accept payments, handle bookkeeping, fulfil orders, track sales, request dispatch delivery, and engage with customers. Last year, Bumpa raised $4 million in seed funding to support its growth.

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Innovation

Over the past few days, many Nigerians have shared on X gory tales of different fake product variations they have used, including drinks, packaged foods, medications, and toiletries.

However, in a move to counter the widespread use of fake drugs in the country, the National Agency for Food Drug and Administration Control (NAFDAC) has launched the “green book”—a database of registered and approved drugs for sale and distribution.

The Green book:The Green Book, which currently has about 6,432 registered pharmaceutical products, will serve as a repository of information on pharmaceutical products, allowing citizens to verify the authenticity of medications from their mobile phones easily. According to NAFDAC, the book aims to “improve consumer safety and transparency”.

Starting January 2024, Nigerians will be able to verify any medication on NAFDAC’s Green Book through their smartphones.

Zoom out: Nigeria has a long-standing battle with counterfeit drugs: four out of ten packs of medicine sold are counterfeit. These counterfeit drugs compromise the treatment of diseases and endanger lives.

Several attempts have been made by upstarts like Remedial Health to address this by regularising the drug supply chain and sourcing drugs directly from the manufacturers. The new development by NAFDAC provides a new way of eliminating the effect of these counterfeit medicines.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$43,556	+ 2.75%	+ 16.05%
Ether	$2,189	+ 0.43%	+ 7.89%
BONK	$0.000018773	– 0.14%	+ 374.15%
Solana	$81.56	+ 12.20%	+ 43.65%

* Data as of 00:04 AM WAT, December 21, 2023.

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Opportunities

• Deji Alli ARM Young Talent Award (DAAYTA) 2024 for Innovative Nigerian startups (₦12,000,000 in funding) is open for applications. DAAYTA is an ARM initiative, in partnership with TechnoVision’s TVC Labs, that aims at providing young Nigerians with an opportunity to develop innovative startup ventures that add economic value to Nigeria. Apply by January 16.
• Applications are open for the World Press Photo Contest 2024 for Photographers Worldwide (5,000 euros cash prize). The Contest recognises and celebrates the best photojournalism and documentary photography produced over the last year, selected by an international independent jury. Apply by January 11, 2024.
• Applications are open for the Mastercard Foundations Scholars Program 2023/2024 at the Carnegie Melon University Africa. The programme provides generous financial, social, and academic support for students whose talents and promise exceed their financial resources. Apply by January 15, 2024.

What else is happening in tech?

• Clickbait cash grab: Batswana fall victim to “40 pula” online scam
• Former Absa workers cry foul over shrinking pension returns
• Can Aduna Capital ’s $20m fund bring northern Nigeria’s tech ecosystem into the foray?

Written and edited by –

Mariam Muhammad, Faith Omoniyi & Kelechi Njoku

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