????????‍????TechCabal Daily – Nigeria puts more passion into the energy sector

by MMC
0 comment

Happy pre-Friday ☀️

Yesterday WhatsApp was unavailable for two hours in downtime that should have happened to Slack… or Google Meet… or Microsoft Teams, if your company likes that kind of weird stuff.

The downtime affected all Meta products that were affected by the issue, but the company has not yet revealed what is happening.

This is the first major WhatsApp outage since 2022, but it’s the second biggest Meta outage in five weeks after another problemon March 5, removed Facebook, Threads and Instagram but left WhatsApp intact.

Nigeria increases electricity tariffs

Nigeria is bringing more passion into its energy sector.

The country has a long history of poor electricity supply. This lack of electricity supply has affected both the country’s economy and small businesses, with most SMEs resorting to alternatives such as gasoline generators and solar generators to power their daily operations. Yet the Nigerian government spends a lot of money…approximately ₦2.8 trillion ($2.1 billion) from 2015 to 2022 – by subsidizing electricity prices for its population, cutting allocations for road construction and health care, among others.

A Recharged Reflection: The government is rethinking its policy and has removed subsidies given to 15% of the population who consume 40% of the country’s electricity. Only A-band users, i.e. those who receive up to 20 hours of electricity per day, will be affected. At this point, it is unclear whether increases are planned for other groups.

The move also comes as the country struggles with its struggling national grid, which is already down. collapsed twice this year, and plunged the nation into darkness. By 2023, the network has collapsed more than 13 times and the only solution is to invest more in the sector.

What does it mean is that it will now cost almost three times more to obtain electricity, the new electricity tariff having been increased by approximately ₦66 ($0.050) to ₦225 ($0.17) kilowatt per hour. This also represents a significant change for small businesses in this bracket, as they may have to increase their prices to accommodate the new change.

A victory for DisCos: While Nigerians stand to be the worst hit by the new tariff hike, electricity distribution companies stand to gain. Since the Nigerian government broke his electricity company Divided into eleven distribution companies and six generations of companies, these electricity companies suffered losses incurred during their operations. The government’s new move to increase electricity tariffs has been long awaited by electricity distribution companies, who have recently been calling for the need to increase their tariffs to help strengthen their balance sheets.

Read Moniepoint’s case study on family businesses



Family businesses are omnipresent and shaping our world in unexpected ways. We’ve discovered some information about how they work and we’d be happy to share it with you. Dive right in here.

Binance wants Nigeria to release detained executive

The fight between the Nigerian government and Binance continues.

Five weeks after Nigeria arrested former US agent and Binance executive Tigran Gambaryan, the crypto giant has requested his release from the Nigerian government.

ICYMI: Gambaryan was arrested alongside Nadeem Anjarwalla, Binance’s regional director for Africa based in Kenya. The two executives had visited the country to resolve the issue of restricted access to the company’s website. Anjarwalla fled the country with a smuggled passport, according to Nigeria’s office of the National Security Advisor (NSA).

In a new statement released Yesterday, Binance said Gambaryan, a former US agent, “has no decision-making power in the company and should not be held accountable while discussions are ongoing between Binance and the Nigerian government.”

Human rights violations? Last week, the two leaders filed a complaint for human rights violations before the Federal High Court of Nigeria, asking the NSA office and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), to release them, return their passports and issue a public apology.

Binance claims that Gambaryan, who leads Binance’s financial crime compliance (FCC) team and was hired in 2021 to help resolve the crypto giant’s complaint issue, worked with the forces of the Nigerian order in the past, providing information that helped combat fraud and money laundering activities. to the tune of $400,000. The company said Gambaryan’s team facilitated several training sessions for Nigerian law enforcement on the role of exchanges in the digital asset ecosystem.

As Gambaryan approaches his sixth week in detention, it remains to be seen how the fight between Binance and the Nigerian government will play out.

No hidden fees or charges with Fincra



Collect payments via bank transfer, cards, virtual account and mobile money with Fincra’s secure payment gateway. What else? You save money for your business when you use Fincra. Start now.

LemFi obtains authorization to operate in Kenya

Over the past couple of years, startups in Kenya have faced heat as the country’s central bank shut them down left, right and center for lack of regulatory approval.

Flutterwave and Chipper Cash, for example, went through a difficult time after the Central Bank of Kenya (CBK) ordered all banks to stop dealing with the company because it did not have a license. Other digital lenders have also faced the same problem. In defense, startups argued that the apex bank’s approval procedures were slow, with some procedures taking more than three years.

It seems that LemFi has broken the spell, as the startup, yesterday, announced that it had received regulatory approval from the Central Bank of Kenya less than a year after entering the Kenyan market.

In June 2023, fintech entered the Kenyan market through a partnership with PesaSwap which allowed users to send Kenyan shillings to other currencies. The fintech also highlighted at the time that Kenyans using its services would not have to pay any transfer fees.

Now, with the announcement of its regulatory approval, the startup says it will work with another Kenyan startup, Wapi Pay, to achieve its goal of providing “seamless remittance services to 500,000 Kenyans in the diaspora “.

A Ghanaian return to school: The news also comes two months after the fintech resumed operations in Ghana after three months of operation. suspension of its activities in the country. In November, the Central Bank of Ghana named LemFi as one of the startups operating without regulatory approval in the country. The fintech quickly engaged the Ghanaian government and re-established its foreign exchange services in the country.

Accept fast, in-person payments at scale



Grow a sales force with dozens, or even hundreds, of virtual terminal accounts in seconds, without having to manage physical hardware. Learn more →

Adenia Partners closes $470 million fund

In financing news, private equity company Adénia Partners announced the closing of its latest and largest Africa-focused fund.

According to TechpointAfrica, the Adenia Africa Fund closed at $470 million led by investors like the European Investment Bank and the World Bank’s International Finance Corporation, which contributed $300 million to the pool.

The fund will target growth opportunities in high-potential sectors across the continent, including fintech, telecommunications and healthcare.

Change in investment strategy: The company also announced an increase in the average investment size per company. Alexis Caude, chief executive of Adenia, said the company would now deploy an average equity control of $40 million per target. This change in strategy reflects Adenia’s focus on acquiring majority stakes (51% to 100%) in its portfolio companies.

In its previous funds, the firm has invested in healthcare and agritech companies across the continent, including Quick Mart in Kenya, The Courier Guy in South Africa and Cresta in Ghana.

It has also recently expanded its offices to Nigeria, where it hopes to exploit available investment opportunities. So far, Adenia has raised more than $800 million across five funds since its inception in 2002.

This is a reprint. This article was originally published in July 2023.

Win with MarkHack



GDM Group and Eko Innovation Center announce MarkHack 3.0! Calling on AI, blockchain and virtual reality startups to shape Africa’s media future. Network and gain access to the accelerator. Apply now.

The World Wide Web3

Source:

Logo Coinmarketcap

Name of the scene

Current value

Day

Month

Bitcoin $65,542

– 0.75%

+ 3.47%

Ether $3,293

– 0.10%

– 4.94%

Wormhole

$1.16

– 15.24%

– 15.99%

Solana $182.82

– 2.70%

+ 39.21%

*Data as of 06:52 WAT, April 4, 2024.

  • Carpooling platform, Bolt launched an acceleration program for its drivers and riders in Kenya. The program will see the company invest €20,000 (approximately KES 2.92 million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members who are linked to transport sustainable. Apply before April 4.
  • THE African Business Heroes Competition 2024 is open to applications. It aims to identify, support and inspire the next generation of African entrepreneurs who are impacting their local communities, working to solve the most pressing problems and building a more sustainable and inclusive economy for the future. Finalists receive grants of up to $300,000, global recognition and visibility, and targeted, hands-on training programs. Apply before May 19.

Here’s what you should watch

Want to learn more about TechCabal? Sign up for our insightful newsletters on business and the tech economy in Africa.

  • The next wave: futuristic analysis of the tech business in Africa.
  • Getting into technology: Technology career news and opportunities in your inbox every Wednesday at 3:00 p.m. WAT.
  • In a Giffy: business decisions based on data-driven insights and analytics you can trust.
  • TC Scoops: latest news from TechCabal

P:S If you often miss 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 .

You may also like

Leave a Comment

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign