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NITDA wants to support Nigerian startups
The National Information Technology Development Agency (NITDA) has created a 10-member committee to advise the government on how to support the tech ecosystem and startups affected by the pandemic. The committee is chaired by Tomi Davies, the president of the African Business Angels Network (ABAN). Other members include Iyin Aboyeji (co-founder of Andela and Flutterwave), Bosun Tijani (CEO of CcHub), Kola Aina (Founder of Ventures Platform), Juliet Anammah (Chairperson of Jumia Nigeria), among a few others. |
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| Coronavirus is blocking Helios Towers’ expansion
African tower company, Helios Towers is facing some delays in its expansion plans. After raising $364 million through an IPO on the London Stock Exchange last October, the company revealed plans to expand to three new African countries. Helios currently has over 6,800 towers in five African countries. But it plans to buy 2,500 towers in the next five years. So far both expansion plans have started off slow due to the pandemic. Its CEO, Kash Pandya, said talks are happening, “but for any real M&A to happen you need things like on-the-ground site surveys.” |
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| Data protection takes the backseat
After nearly seven years, South Africa’s data protection law, Protection of Personal Information Act (POPI Act), is only partially active. It should have been fully active by April 1, 2020. This didn’t happen. The government shifted the activation because of the virus. So far the country has recorded over 1,500 cases, the highest in Sub-Saharan Africa. The government is using cellphone data to track the spread of the virus and contact folks that may have been infected. In the post-2016 world where people are more concerned about their data, this practice should have raised eyebrows. But we live in unusual times so few are making a fuss. A number of governments are using similar approaches, including in Europe where data privacy became a political issue.
These are desperate times. Data privacy can take the backseat for now. |
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| How can startups avoid the worst of the pandemic?
COVID-19 is biting the global economy hard. The pandemic is disrupting economies and, due to its sudden emergence, it has made it difficult for companies to put together a proper crisis plan. At a recent virtual conference organised by StartupSouth, investors and founders share ideas on how best to navigate the pandemic uncertainty. TechCabal’s Kay Ugwuede has all the details. |
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| For ambitious founders striving to build their companies in these unforeseen circumstances, access to capital is critical. Join Endeavor Nigeria and Eghosa Omoigui for a session on Optimising Capital Through the Crisis. Register for the webinar. |
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| Ethiopia gives telcos a shot at mobile money
Ethiopia has opened its mobile money market to non-finance institutions. This is the latest move by the government to liberalise certain sectors. By opening up the mobile money market, telcos and others can offer lending, saving and insurance services to the country’s 100 million people. But the licence requirement is a tough one. It requires $1.5 million minimum capital and companies must be owned by Ethiopians or people of Ethiopian descent. This shuts out foreign companies like MTN and Safaricom from making a smooth entry. |
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| As Coronavirus cases continue to grow in Africa, Zikoko, our Sister publication under Big Cabal Media, has put together a microsite — coronafacts.africa — that provides accurate information and free downloadable resources for the general public to help understand and keep up with the Coronavirus pandemic. Visit https://www.coronafacts.africa/ to check it out. |
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| #TCInsights: As Nigeria and the rest of Africa continued to discover more coronavirus cases, startups and VCs began to step up to either support the fight against the virus or create solutions to help stop its spread. Health Logistics startup, LifeBank created a national register of ventilators and worked with partners to open a mobile testing centre. On its part, Hotels.ng began working with hotels to convert them into isolation centres. CcHub, Ventures Platform and AfriLabs are some of the investors/ESOs supporting the fight against the pandemic.
Are you an investor or founder interested in getting access to free and premium TC Insights reports and analysis? Please fill in this form to let us know your interests. Also, get all TechCabal reports, including our latest the Nigerian Women in Tech report, here. |
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| 5G is the cause of COVID-19? Nah
Misinformation is on the rise in Nigeria and other places as people begin to feel the worst of the pandemic anxiety. For example, during the weekend, misinformation spread from different sources claiming 5G is the cause of COVID-19. In the midst of this, scammers are trying to take advantage of people’s anxiety to defraud them. In this article, I share how the trio of fake news, scams and ponzi schemes are already causing trouble. |
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Other things we are reading:
+ Nigeria’s lockdown is hurting logistics businesses
+ Google commits $6.5 million to fund Africa Check, others against coronavirus misinformation
+ Tala launches Ksh 605 million ($5.7 million) fund to support Kenyans in the COVID-19 crisis
+ SA’s Custostech lays off staff after VC sues startup for $4.5m over failed investment bid |
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That’s it for now,
Please, be wary of misinformation.
– Abubakar
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