Good morning!☀️
As we wind down the year, let’s take a moment to celebrate a decade of our parent company Big Cabal Media!
For 10 years, we’ve been telling stories that matter, pushing boundaries with innovative content, and making a real impact on the tech, culture, and business landscapes.
This journey has been shaped by incredible people, unforgettable moments, and a unique magic that truly makes BCM the culture. Catch a glimpse of these moments here.
Big Tech
DRC files criminal complaints against Apple
While many marvel at the latest iPhone, the reality for some children in the Democratic Republic of Congo (DRC) is starkly different. They toil in dangerous mines, extracting the minerals—tin, tantalum, and tungsten—that power those devices. The DRC’s rich deposits of these crucial metals, used in computers and mobile phones, have unfortunately made the region vulnerable to unregulated small-scale mining, often with devastating consequences for local communities.
Over the past two years, individuals have lobbied for peace by calling for the “cancellation” of companies involved in unethical mining in the DRC. Earlier this year, human rights firm International Advocates sued tech giants Apple, Google, and Dell for allegedly profiting from child labour in their supply chains.
Now, the Congolese government is demanding justice, filing criminal complaints against Apple for its alleged role in this exploitation.
The government has filed criminal complaints against Apple and its subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain. In the legal action filed on Monday, the DRC accused Apple’s French and Belgian subsidiaries of covering up war crimes, money laundering, handling stolen goods, and misleading consumers about the ethical sourcing of its products
These mines are operated by armed groups who keep the mines running through child labour. Buying from them means fueling the cycle of 40,000 children working in mines and pushing more children into similar conditions. It will also mean funding conflicts against the Congo government and revenue loss for the country. In March 2024, the UN reported that the number of internally displaced people in DRC had reached 7.2 million with more than 80% of displacements caused by armed attacks and clashes, all related to illegal mining.
While Apple maintains it is committed to ethical sourcing, pointing to its annual conflict minerals report and supplier audits, the filed complaints negate the iPhone maker’s stance. Congo’s legal team alleges that Apple benefits from minerals extracted through illegal mining operations in the country and then launder them through complex global supply chains, making the tech giant complicit in human rights abuses.
How does this implicate Apple? Companies like Apple are required under international laws to conduct due diligence. To be clear of these charges, Apple will need to prove the origins of its minerals. Additionally, it must prove it doesn’t purchase minerals that have been illegally extracted in Congo and subsequently laundered through legal supply chains.
Read About Moniepoint’s Impact on Pharmacies
Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies.
M&As
South African Host Africa to acquire GO54
In March 2024, WhoGoHost, a Nigerian web hosting company that provides domain solutions, rebranded as GO54 in an attempt to expand across the continent.
Before the rebrand, GO54, in September 2023, acquired SendChamp to deepen its business offering to customers.
Yesterday, in a surprising turn of events, Nairametrics reported that South Africa-based digital infrastructure company, Host Africa, is set to acquire GO54, placing a dent on the company’s plan for continental expansion. Acquiring GO54 which has built relevance in Nigeria as the go-to domain registrar will enable Host Africa to gain entry into the Nigerian market.
This isn’t Host Africa’s first rodeo into the Nigerian market. The South African country acquired two Nigerian hosting companies Naijawebhost and DomainKing, one of the largest Nigerian shared web hosting companies in 2021 and 2024 respectively.
Host Africa has also been on a journey towards continental denomination. The company has snapped up acquisitions across East Africa including Kenyan hosting company Sasahost.
While GO54’s acquisition is still subject to regulatory approval, the company’s consistent revenue growth, diversified customer base, and expanding product portfolio make it a good buy for Host Africa, which is seeking more expansion across the continent. When the acquisition is completed, GO54 offers the South African company predictable cash flows and sustainable growth potential.
Get Fincra’s Embedded Finance and BaaS Report 2024 for FREE
Fincra in collaboration with The Paypers have released the Embedded Finance and Banking-as-a-Service Report 2024. This report examines the key challenges and innovative solutions defining the future of seamless cross-border payments and remittances across the continent, among other topics, with key experts.
Investments
Zoho to invest $30 million in Zambia
A TechCabal article in 2023 predicted that Zambia might be the next tech hub given its high internet penetration and the entry of various tech startups into the country. Zambia has been making strides to live up to these expectations with growing investments in technology infrastructure.
One such development is Indian tech giant Zoho Corp. which has partnered with Zambian firm, Loita Business, to invest $30 million in Zambia.
Zoho, a cloud software provider with 29 years of experience, has been operating in Zambia for over four years. Now, with this significant investment, the company aims to solidify its presence in the Zambian market and ultimately establish itself as a dominant player across the African continent.
The investment programme is set to be launched during the inaugural Zambia Digital Week 2025, in collaboration with the Ministry of Technology and Science of Zambia, among others. The fund will be used to help Zambia achieve its digital transformation goals. It will also help promote technology adoption, drive digital transformation, and reduce technical barriers for SMEs and the enterprise business community.
“We aim to continue leading the way in the MEA to make Africa our No. 1 market in the region while allocating necessary resources to help achieve the government objective of having a fully digitalised, upper-middle income economy”, Andrew Bourne, Regional Manager, Zoho Africa said.
As part of Zoho’s expansion plan, it engages in different partnerships and positions itself as a cheaper alternative to Google and Microsoft.
Introducing Paystack transfers in Kenya 🇰🇪
Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more →
Companies
Tyme Bank becomes Africa’s latest unicorn
Yesterday, Africa minted its ninth unicorn.
Two months after Nigeria’s fintech, Moniepoint achieved a billion-dollar valuation, South Africa’s digital lender, Tyme Bank, achieved the same status after it raised a $250 million Series D round.
Tyme Bank, which previously planned to raise a $150 million Series D round per our reporting, raised its latest round at a $1.5 billion valuation. The funding round was led by the parent company of Latin America’s biggest bank, Nu Holdings, which contributed $150 million to the round.
Launched in 2019, Tyme Group operates through a hybrid model of online and physical banking, offering checking and savings accounts, debit cards, and buy-now-pay-later credit. Tyme Bank, which is present in South Africa and the Philippines, will use part of the funding to expand into Vietnam.
Nu Bank’s participation in the deal signals the bank’s expansion push into emerging markets like Africa. Nu Bank with over 100 million users is facing intense competition from rival Neon and C6 Bank and is looking for ways to diversify its revenue stream and replicate its success in other emerging markets. This isn’t Nubank’s first rodeo in investing in companies outside of Latin America. In 2021, the Brazilian fintech invested in the Indian neobank Jupiter. The bank believes these emerging markets have a large number of people without bank accounts and a growing middle class that’s ready to use digital financial services.
The latest raise may be Tyme Bank’s last as it plans to IPO later in 2028.
Save Big On BudPay’s December Deals for SMEs
Payments are crucial for every business. Whether you’re just starting or have been operating for a few years, BudPay has an exclusive opportunity for you! From December 1st to 31st, enjoy exclusive rates. Sign up for BudPay’s December Deal for SMEs! Visit budpay.com to get started.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$103,951 |
– 2.56% |
+ 14.55% |
| Ether |
$3,848 |
– 4.09% |
+ 23.54% |
| XRP |
$2.50 |
+ 0.67% |
+ 117.58% |
| Solana |
$217.34 |
+ 1.87% |
– 10.61% |
* Data as of 06:30 AM WAT, December 18, 2024.
ight=”auto” style=”vertical-align: middle;”>
Jobs
- PressOne Africa – Growth and Sales Operations Manager – Lagos, Nigeria
- Condia – Sales and Partnership Associate – Remote (Nigeria)
- Moniepoint – Growth Product Partner – Lagos, Nigeria
- 54 Collective (Radease) – Growth Manager – Hybrid (Lagos, Nigeria)
- Renmoney – Chief of Staff – Lagos, Nigeria
- Interswitch Group – Data Engineer, Mobile App Developer – Hybrid (Lagos, Nigeria)
- Fairmoney – Data Engineer – Remote (Lagos, Nigeria)
- Duplo – Senior Product Manager, SaaS, Risk & Compliance Manager – Hybrid (Lagos, Nigeria)
- Reliance Health – Content Strategist – Remote (Lagos, Nigeria)
- Darey.io – Quality Assurance Specialist – Lagos, Nigeria
There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs.
Written by: Towobola Bamgbose and Faith Omoniyi
Edited by:Timi Odueso
Want more of TechCabal?
Sign up for our insightful newsletters on the business and economy of tech in Africa.
- The Next Wave: futuristic analysis of the business of tech in Africa.
- Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 10 AM WAT.
- TC Scoops: breaking news from TechCabal
P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you.
Read more
