Technology is the illwind that blew African banks

Increasingly mobile banking and e-wallets which most fintech businesses are offering  have been said to have a significant impact in helping to reduce banking logjam, offering a range of alternative payment methods as well as lending and savings services to formerly unbanked people.

A recent study by McKinsey and Company indicates that digital finance has the potential to reach over 1.6 billion new retail customers in emerging economies and to increase the volume of loans extended to individuals and businesses by $2.1 trillion.

However, the progress and ambition has been amidst some resistance from some countries to adopt new technologies.

For instance, Blockchain technology continues to face widespread resistance in a number of African countries despite potential benefits in the technology promises.

Information technology is an ill wind that blows nobody any good.  Although, increase technological support and collaboration with the tech community whilst deepening the Bank’s technological inclusion framework to improve its product offerings and services delivery experience.

The accuracy of that callous observation can be seen in the current labor mayhem trashing African banking sector. The pace of adoption of emerging technologies across regional countries has increased in recent years consequently impacting lives of end users. Through  technological adoptability at a large scale, the illegally-striking workers are doing not exactly what is needed to bring a positive correction to the fundamentals of the banking business in Africa.

In turn, the push for digitalisation and the growing adoption of new technologies into trade finance processes is expected to help alleviate some of the sector’s regulatory concerns, helping to increase efficiency and decrease costs. The continued overhaul of the trade finance sector will allow for banks in Africa to engage more efficiently with their clients, and allow them to process higher amounts of trade finance than ever before.

 

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ZayRide is expanding into West Africa

Ethiopia’s first app-based taxi service which launched in July 2016, is expanding to the Liberian capital, Monrovia.

ZayRide is a customer centric on-demand taxi service offering fast, convenient service throughout the local area.

        Zayride Logo.

According to QZ.COM,

E-hailing services like Uber and its rival Bolt (formerly Taxify) are yet to tap into Ethiopia even as they have introduced low-cost to premium products in smaller African nations including Uganda, Mauritius, and Ghana. The over 100-million people nation remains Africa’s largest untapped market, mainly because the government has for decades instituted a centralized economic model and restricted private sector operations to a few lines of activities.

Even with a fast-growing economy, the landlocked nation has remained poor and faces foreign currency shortages. Investors and global tech giants have also sidestepped Addis Ababa even though it’s home to the African Union and United Nations Economic Commission for Africa headquarters, boasts a new urban metro, and is undergoing massive construction of skyscrapers and roads undertaken by Chinese ucompanies.

Public buses in Addis Ababa.

The company has decided to expand into West Africa with the help of Liberian web solutions firm Hak Technologies. This is a major step by the taxi service unit to offer smart transportation option to people with the replacement of old cabs from the region.

Over the last few years, three taxi , the Ethiopian on-demand taxi service will introduce 200 cars by August this year, says founder Habtamu Tadesse.

The company also created a call center so that customers could call in case they didn’t “understand” the technology or during internet shutdowns.

ZayRide also had to design its platform to work with the slower internet speeds encountered by users, mainly by compressing the application size. 

 

 

 

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Edves to release AItend for Schools, an AI powered sofware

Dimeji Falana, the Edves CEO announced that AItend for Schools, artificial Intelligence school sofware is set to be release. Falana made the statement on his social media account on behalf of Edves,

With Computer Vision (AI), we can all see some deep things.

At Edves, we are making quick, deep and sensible use of Artificial Intelligence, and we shall release AItend for Schools to use in the next Academic session.

                    Edves Logo.

Edves is an edtech company based in Lagos Nigeria, the venture focuses on automation of brick and mortal School operations from Student enrollment, Fee Collection, Lesson Note up to Transcript Generation.

 

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EU Election Observation Mission to Nigeria acknowledge the 2019 general elections

The European Union Election Observation Mission presented  2019 general elections report in Abuja, yesterday.

According to the Mission’s report,

the elections held under former President Olusegun Obasanjo were marred by serious irregularities and frauds.

Also in 2015 general elections, the elections held under former President Jonathan

were marred by incidents of violence, abuse of incumbency at state and federal levels, and attempts at manipulation.

While in 2019, according to the European Union Election Observation Mission, Nigeria recorded significant improvement in the 2019 general elections that some of the items that were listed for recommendation in 2015 and have been implemented include: the development and maintenance of a functional voter register, the merger of the accreditation and voting processes for ease for voters, improving the sanction powers of INEC, increasing the number of polling units, immediate display of results in collation centres, more involved participation of civil society and citizen observation among others.

 

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Aspiring Entrepreneurs should  finish  degree before starting up a venture -Isaac Sesi, Co-Founder and CEO at Sesi Technologies

Isaac Sesi is a Ghanian born entrepreneur, engineer and a software developer passionate about leveraging technology to solve some of Africa’s most pressing problems, especially in the field of agriculture while inspiring young Africans to be innovative and solve problems too.  Sesi holds a degree in electrical and electronic engineering from KNUST, a Tony Elumelu Fellow, Next Einstein Forum finalist and  World Summit Awards National Winner. He currently, lead a team of 11 at Sesi Technologies where they are developing affordable technologies to help farmers and agribusinesses along the Agric value chain to  increase productivity and reduce losses. For now, the startup is focusing on FarmSense and GrainMate and putting the relevant structures in place to help scale up production. In the past, he have co-founded two other startups namely; Invent Electronics and GravyCode.

Here, are his advice to African future entrepreneurs;

Upcoming entrepreneurs, should not fall for the college dropout misinterpretation. They should should not drop out of school yet.

The “You don’t need a degree to be successful because Bill Gates and Mark Zuckerberg dropped out of school and made it“ narrative is a common example of Survivorship Bias which is causing many young people to make unwise decisions.

Sesi embrazing nature

The people who push this narrative focus only on the achievement, leaving out the unique details surrounding those achievements.

The disproportionate focus on the stories of the Gates and Zuckerbergs who survived without considering the stories of those who didn’t paints an incomplete picture. For every Zuckerberg who drops out and makes it, there are probably 99 other dropouts who do not make it.

A university degree does not guarantee a successful life but, it does open up opportunities for you and give you a better shot at life.

If you live in Africa, where the systems are such that you need a degree to even get one foot at the door, then getting your degree is even more important.

So, if you do find yourself in the university and you have ambitions to start your own business, unless you have a very compelling reason to drop out, finish your degree and then you can go live out your startup dream.

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Eleva8or: The Virtual Accelerator Platform   for Emerging Markets

Eleva8or helps early stage startups prepare for the journey of investment. Offering a wide range of simplified, automated & easy-to-use tools such as:Pre-Revenue Valuation, Founders’ Equity Distribution,Term Sheet Wizard, Due-Diligence Checklists,Cap Table Builder, Pitchbook Samples and Auction Gateway.

According to the company’s website , the Basic Cap Table For First Time Founders is detailed below,

So your in an emerging market and have already struggled to launch your startup and now it’ time to think about your capitalization table.

In simple terms the “cap table” is a record of ownership. The cap table provides an analysis of the founders’ and investors’ percentage of ownership, equity dilution, and value of equity in each round of investment.

There are hundreds of examples on how to format a cap table.  In all cases excel is likely the best and easiest way to create and maintain a cap table:

  • Names (and sometimes contact details) of the shareholders are in the left most column
  • Capital contributions and units in the subsequent columns to the right
  • Co-founders and groups of investors, from earliest to most recent, are sequenced top to bottom separated by rows clarifying the class of stock and option holders.

Looks simple enough (we have  provided an example of a simple cap table below which can be viewed – it details 3 Co-Founders who contributed capital and are being transparent by sharing the liquid cash contributions, however often the co-founders do not need to share such details, the cap-table further shows an investment by 5 investors of varying amounts).

Keep in min the above is a first round cap table – managing the cap table can be chaotic, confusing and frustrating especially when bringing on more investors in future rounds. But if you’re a first time founder, all the more reason to get the structure right the first time from the get-go.  As your company continues to grow and evolve, the cap table will help you keep track of who owns what.

When first structuring your cap table, there are certain terms and formulas that are important to understand such as

  • Pre-Money Valuation: Value of your company determined prior to investment (in term sheet discussions)
  • Price-Per-Share: Pre-Money Valuation/Pre-Money Shares
  • Post-Money Valuation: Pre-Money Valuation + Total Investment Amount
  • Post-Money Shares: Post Money Valuation/ Price-Per-Share
  • Investor Percent Ownership:Investor Shares / Post-Money Shares

Always good to keep the cap table as simple and straightforward as possible to prevent any mishaps or confusion over stock ownership.

c-table

eleva8or’s online toolbox includes a fully-automated cab table builder (shown below), which you can easily use to gradually build yours as your startup grows.

Other benefits from the platform are support for startups and the support for investors;

  • Support for Startups:

Seeking investment for a new startup is no easy feat basically you would be asking people who don’t know you very well to entrust you with their hard-earned cash on a business that most likely doesn’t yet exist!

This is not impossible either, as you probably hear about people raising large amounts of funding all the time from the news and social media – so there must be an art to doing it. Eleva8or has recently published a complete, simplified guide to startup funding outlining all the main documents and activities required to get a startup ready for investment.

  • Support for Investors:

The company offer a steady deal flow of top-vetted startups from across all emerging markets who have been subject to out stringent screening and preparation process and deemed

“investment ready”.

I hope emerging and existing entrepreneurs in tech related businesses will benefit a lot from the Eleva8or platform.

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Koosha Azim: New Editor-in-chief of Think Media Nigeria from California

The management of Think Media Nigeria has welcomed Koosha Azim of San Francisco Bay Area, California as he officially joins the Nigerian digital innovator’s team.

Think Media Nigeria pioneer, Oyebamiji Adesoji Usman disclosed this information yesterday on his Twitter page:

Koosha Azim will now head the tech start-up operations as the Editor-in-chief in the United State of America.

Think Media NG; thinkmedia.com.ng aims at distributing information by empowering Africans through free tech news/content, webinars, conferences and events with tech professionals within the young continent. For the past year, this site has accumulated many African writers and is building a community around the viewership.

The Rupsure CEO makes a great statement on this development on his official website: kooshaazim.com

 I joined this initiative (as of June 2019) to bring my writing and management skills to the benefit of the African people. I have spent my life in a saturated tech bubble that is the San Francisco Bay Area, so investing time supporting a developing region is my pleasure. Africa has a plethora of potential tech entrepreneurs, and I hope I can link Western business minds to the bright future of Africa, particularly Nigeria.

As editors of this platform, Nurudeen Adeyemi, Oyebamiji Adesoji Usman, Fawaz Olamide and I seek to impact hundreds if not thousands of future African success stories.

We hope that Koosha Azim’s new engagement will help mentor and breed more techpreneurs in an emerging economy like Africa.

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Yet another huge diamond find in Africa

Lucapa Unearths 130ct. Diamond in Angola: The 130 carat diamond is the 13th +100 carat diamond recovered to date and the second recovered so far in 2019. This recovery, together with the continued recovery of other large special white and fancy coloured diamonds continues to highlight the very special nature of the Lulo diamond concession.

The 130 carat diamond adds to the current inventory of high-value large Special run-of-mine diamonds, including top colour white diamonds, weighing 128 carats and 62 carats, as well as a number of fancy pink coloured diamonds.

The majority of the diamond inventory is scheduled for sale this quarter by the alluvial mining company, Sociedade Mineira Do Lulo, however, some diamonds may be extracted and held for tender at a later date.

Lucapa is a growing diamond company with high-value mines in Angola and Lesotho, along with exploration projects in Angola, Australia and Botswana.

Lucapa’s vision is to become a leading producer of large and premium-quality diamonds – from both alluvial and kimberlite sources – in Africa and other known diamond provinces around the world.

Read more via https://lnkd.in/dSjgtxU

 

Mark-Anthony Johnson

 

 

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The National Home-Grown School Feeding Programme in Nigeria (Part 2)

 

Nigeria is fast on its way to becoming the leader in Africa in the National Home-Grown School Feeding Programme, by feeding over 9.7 Million pupils and still counting.

As of today, 103,992 cooks are on the government payroll, feeding 9,714,342 pupils in 53,715 government primary schools around 31 States. These children are able to eat a balanced diet, towards improving their learning outcomes and the government was able to spend less on nutritious meals by sourcing for all ingredients directly from the farmers, without using middlemen, in which the government is spending about N70 to feed a child under the programme.

Every six months, the government deworms the children benefiting from the programme, to reduce the frequency of infections, likewise, small farmers are smiling to the banks through the programme because the government source from farmers least seven million eggs every week, over 600 cattle, 83 metric tonnes of fish and lots of fruits and vegetables.

The government might be feeding more children in Kaduna State this year as the Kaduna State Government and World Bank have concluded plans to enrol no fewer than 145,000 out-of-school children and almajiris into primary schools across the state by September, out of the 727,000 out-of-school children in Kaduna State.

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Nigeria installed 10 Megawatts (MW) Independent Power Plant for the Nnamdi Azikiwe International Airport, Abuja

 

The federal government has installed a 10 Megawatts (MW) Independent Power Plant for the Nnamdi Azikiwe International Airport, Abuja to complement the power needs of the airport, the power plant was a response to the deficiency identified with the new international terminal of the airport, in which the government engaged the independent power provider to address the challenge.

The plant consisted of eight generators, generating one megawatt of electricity each and the plant is powered by MTM Engine which is one of the most efficient engines in the world and will ensure 100% power supply to the airport, the plant would meet the power need of the new terminal to make it run efficiently and independent of Abuja Electricity Distribution Company (AEDC).

As the government is upgrading the airports across the country, then we should look forward to having a national carrier, I totally disagree with those who argued that Nigeria doesn’t need a national carrier or until Nigeria have facilities before thinking of a national carrier. The newly built terminal 3 at the Kotoka International Airport in Ghana was flooded with rainwater on Monday, despite that Ghana wants to acquire aircraft from either Airbus Company or Boeing and then followed by the registration processes.

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