Fraudsters are exploiting a loophole in OPay and PalmPay's account creation processes, allowing them to open accounts using stolen identities without proper verification. This has led to significant financial losses for individuals, including high-profile victims. The Central Bank of Nigeria and NIBSS are scrutinizing fintech operations, but the effectiveness of current regulatory measures remains uncertain. The rise of digital payments has increased the potential for fraud, highlighting the need for more robust security measures.

Jumia is closing its food delivery service, Jumia Food, in several countries including Nigeria by the end of December 2023 to focus on its core physical goods business and Jumia Pay platform. Despite significant GMV, Jumia Food struggled with profitability. The African food delivery market faces challenges, with Bolt Food also exiting Nigeria and South Africa, while Glovo and Chowdeck continue to expand. The market is expected to grow, but profitability remains a complex issue.

Nigerian fintech giant Paystack received a switching and processing license from the Central Bank of Nigeria in April 2022, allowing it to directly route financial transactions between institutions. This development enhances transaction speed, security, and payment experience for African businesses. Paystack, co-founded by Shola Akinlade and Ezra Olubi, has expanded its operations to several African countries and recently launched new products like the Paystack Virtual Terminal and a direct debit digital solution in partnership with the Nigeria Inter-Bank Settlement System.

Uterine fibroids, benign tumors in the uterus, affect up to 80% of women during reproductive years, often causing severe symptoms. Current treatments like hormonal therapies and hysterectomy have significant drawbacks, including infertility. The study identifies Cysteine-rich intestinal protein 1 (CRIP1) as a novel marker for myometrial stem/progenitor cells (MyoSPCs), which are hypothesized to be the origin of fibroids. Using next-generation sequencing techniques, the research demonstrates that CRIP1+ cells exhibit stem cell properties and are located near vascular endothelial cells, a common stem cell niche. This discovery could lead to better understanding and treatment of fibroids, preserving fertility and avoiding invasive surgeries.

Africa faces severe climate challenges, with agriculture heavily impacted by increasing droughts, storms, and floods. Innovative companies like Etherisc, Itiki, Releaf, and ReelFruit are developing solutions to support farmers and reduce post-harvest losses. Google, under the leadership of Yossi Matias, is leveraging AI for climate crisis mitigation and adaptation, including flood prediction technology accessible to 80 countries. Collaborations with organizations like the World Meteorological Organization and the Red Cross enhance these efforts. Google's initiatives, including the Flood Hub platform, aim to provide actionable insights and support sustainable development in Africa.

Bosun Tijani, co-founder of CcHub, has been appointed as Nigeria's Minister of Communications, Innovation, and Digital Economy, bringing significant industry experience to President Tinubu’s cabinet. Tijani faces challenges including navigating Nigeria's bureaucratic system, managing expectations across the tech ecosystem, and overseeing key parastatals like the Nigerian Communication Commission and National Information Technology Development Agency. His ability to balance technological innovation with regulatory stability will be crucial for the success of Nigeria's digital economy.

President Bola Tinubu has nominated Bosun Tijani, co-founder and CEO of Co-Creation Hub, for a ministerial position, marking a shift towards tech industry leaders in Nigerian politics. Tijani's extensive background in technology and economics positions him as a strong candidate for the Minister of Communications and Digital Economy role, though he faces competition from Olubunmi Tunji-Ojo. The nomination highlights the growing importance of technology and innovation in Nigeria's development.

Maternal prenatal stress is linked to adverse pregnancy outcomes and long-term health issues in children. Using a mouse model, researchers found that stress-induced changes in placental function lead to sex-specific phenotypes in offspring. RNA-seq analysis revealed that the gene Dio2 was significantly downregulated in female placentas from stressed dams, correlating with reduced levels of bioactive thyroid hormone (T3) in both the placenta and serum of female embryos. This reduction was independent of the thyroid hormone levels in the mothers.

MoMo PSB, led by Eli Hini, aims to leverage MTN's extensive distribution network to provide financial solutions to underserved Nigerians. Since its launch in April 2022, MoMo PSB has seen significant growth, with 3.5 million active wallets as of Q1 2023. The company focuses on integrating with the Nigerian Interbank Settlement System to facilitate transactions between traditional bank accounts and mobile money wallets. Despite challenges like a financial fraud incident, MoMo PSB has maintained customer trust and aims to drive financial inclusion and digital payments in Nigeria. Hini emphasizes the importance of collaboration with banks, regulators, and other stakeholders to achieve a cashless society and enhance economic activity.

Nigeria's President Bola Ahmed Tinubu has signed the Data Protection Bill 2023 into law, establishing the Nigeria Data Protection Commission to oversee the protection of personal data. The bill mandates organizations to secure personal data, obtain explicit consent for data use, and report data breaches. It also restricts data transfer outside Nigeria without legal backing and imposes sanctions for violations. The bill aims to enhance privacy and data security for Nigerian citizens.

Nigeria has floated the naira, allowing market forces to determine its value, a significant shift from the previous fixed exchange rate system. This move, following the suspension of the CBN governor, is expected to impact various sectors, particularly financial services. Banks may face risks and opportunities, while fintech companies could see increased foreign investment and new product development. The naira float may also affect the cost of goods and services, with potential benefits if the naira stabilizes. The decision aims to reduce reliance on the parallel market and attract more dollars through official channels, though government transparency and investor confidence remain crucial.

Nigeria's President Bola Ahmed Tinubu signed the Student Loan Bill into law on June 12, 2023, to provide interest-free loans for Nigerian students, particularly those from indigent backgrounds, to ensure financial constraints do not hinder higher education. The Nigerian Education Loan Fund, established under the law, will be managed by stakeholders including the Central Bank of Nigeria and commercial banks. The funding sources include education bonds, taxes, levies, duties, profits from natural resources, and donations. The law aims to impact Nigeria's educational system and potentially the technology and finance sectors. Eligibility criteria for the loan include admission into higher education institutions and income thresholds. Repayment begins two years after completing the National Youth Service Corp program, with employers deducting 10% of salaries for the fund. The law does not specify penalties for defaulting on the loan, but legal actions will be taken to recover disbursed loans.

Revwit, a startup founded by Chinedu Ossai, is addressing the talent gap in Africa's burgeoning tech scene by providing specialized training in revenue generation. The company offers a digital learning platform and a matching platform to connect trained talent with startups. Revwit's curriculum is project-based and includes real-life case studies, focusing on hard and soft skills necessary for roles in sales, marketing, and operations. The company has been profitable since its inception, bootstrapped, and is now considering fundraising. Revwit's challenge lies in balancing employer expectations with budget constraints, and it aims to differentiate itself through technology, experience, and a unique approach to learning.

Young African Catalysts (YAC) is a new startup focused on developing the next generation of venture capital (VC) and startup talent in Africa. Co-founded by Luke Mostert and Karl Nchite, YAC aims to address the challenges faced by young professionals entering the VC space. The company has built a community of 50 Africa-focused funds and 60 members sharing deals, and is now moving towards upskilling individuals for various roles within the startup ecosystem. YAC is launching an eight-week Aspiring VC fellowship program to train young professionals in crucial VC skills. The company also plans to fund talent through its venture scouting wing and a new YAC fund. Despite the high cost of the fellowship, YAC aims to mitigate this by partnering with firms to sponsor talented students. The founders are focused on building a scalable network of young leaders in the startup ecosystem.

In Nigeria, despite the excitement around SpaceX's Starlink, local satellite Internet providers like Tizeti, in partnership with Eutelsat, are making significant strides in connecting rural and underserved areas. With a penetration rate between 38% and 55%, Nigeria faces challenges in Internet access, particularly in rural regions and among women. While mobile operators like MTN and Airtel expand 4G coverage, broadband penetration lags due to cost and regulatory hurdles. Satellite Internet, leveraging low-earth-orbit satellites, offers a promising alternative to traditional broadband, especially in areas without fibre infrastructure. Tizeti's partnership with Eutelsat aims to provide affordable Internet services across Nigeria, contrasting with Starlink's higher costs. The Nigerian Communications Commission data shows Tizeti as a significant player with over 18,000 subscribers. The future of Nigeria's Internet infrastructure may involve more cooperation among competitors to achieve digital inclusion.

AltSchool Africa has partnered with OpenLabs to democratize learning across Africa by launching an API that integrates its learning management system with existing educational institutions. This partnership aims to combine face-to-face and online learning, addressing challenges such as internet infrastructure and cultural preferences for traditional education. The initiative seeks to upskill the African workforce by providing quality education and certifications, leveraging existing knowledge infrastructures. The move is expected to diversify AltSchool Africa's revenue streams and significantly impact Africa's skilled workforce.

AltSchool Africa, in partnership with OpenLabs Ghana, has launched an API to democratize learning across Africa. This initiative aims to bridge the gap in the continent's tech talent pipeline by providing quality education and certification to entry-level talent. The partnership will leverage AltSchool's curriculum and LMS platform to serve students in Ghana, Liberia, and Sierra Leone, combining online and face-to-face learning. The API will allow universities and schools to integrate AltSchool's technology-focused curriculum, addressing challenges like internet infrastructure and cultural preferences for face-to-face learning. This move is expected to diversify AltSchool Africa's revenue streams and significantly impact Africa's skilled workforce.

Oo Nwoye, a prominent figure in Nigeria's tech industry, has launched Collate Africa, a platform aimed at improving election transparency. Partnering with Ozo Omosigho, Nwoye's initiative addresses the challenges of verifying election results in Nigeria, especially following the controversial 2023 Presidential elections. Collate Africa seeks to provide a centralized and transparent system for uploading and verifying election results, relying on registered voters from polling units across the country. The platform aims to complement existing solutions and promote accountability in the electoral process.

Vodafone Group has sold its 70% stake in Vodafone Ghana to Telecel Group, with Ghana's National Communications Authority approving the sale. The government retains a 30% minority stake. Vodafone, which entered Ghana in 2008, ranks second in the mobile market with over 7.5 million subscribers. The sale is part of Vodafone's strategy to streamline its African portfolio. Telecel Group, founded by Miko Rwayitare, operates in 15 African countries and has expanded into e-commerce and startups. The acquisition is expected to increase competition in Ghana's telecom sector.

The Angolan government has announced an $89 million national cloud project aimed at constructing two data centres and modernising an existing one, all connected by a fibre optic ring. This initiative, expected to be completed by Q1 2024, aims to provide high-speed Internet connectivity and unify data from all ministerial departments. The project will also enhance data security and increase the availability of electronic services. Angola's investment in technology infrastructure is part of a broader trend in Africa, which has the lowest number of data centres per Internet user globally. The project follows the launch of the Angosat 2 satellite and the North Submarine Cable System, further extending the country's network infrastructure.

Nigeria's ICT Minister, Isa Pantami, and the President claimed Nigeria achieved 100% broadband penetration, attributed to Starlink's launch. However, the article clarifies that Nigeria has not reached full broadband penetration, which is the extent of broadband internet service access and usage. The Nigerian Communications Commission (NCC) reported a 47% penetration rate as of December 2022, which drops to around 42% when considering the population size. Starlink provides satellite broadband coverage, but its high cost limits widespread adoption. The Nigerian government aims for 70% penetration by 2025, and the article criticizes the misleading statements for potentially harming Nigeria's digital economy perception.

Nigerian startups are advised to brace for increased operational costs in 2023 due to Nigeria's economic challenges and a changing global venture capital landscape. Inflation in Nigeria hit 21% in 2022, and currency devaluation has made dollar acquisition difficult. The funding environment has also tightened due to global uncertainties. Startups are expected to face higher costs in salaries, benefits, rent, utilities, equipment, internet, server, cloud services, and marketing. Companies like Airtel and Jumia have different spending patterns, but both will be affected by the economic situation. Experts suggest that startups should adapt by reviewing expenses, considering remote work, and focusing on core customer value to navigate the tough year ahead.

Nigeria's mobile Internet space, led by MTN with a 43% market share, is experiencing significant growth, driven by the telecommunications industry's contribution to the digital economy. Despite the presence of four major operators—MTN, Airtel, Glo, and 9mobile—competition remains limited, with MTN and Airtel leading in data revenue. The Nigerian Communications Commission's data shows a high number of Internet subscriptions, but discrepancies exist in the number of unique users. The article calls for increased competition to foster innovation and reduce data costs, highlighting the need for more accurate data representation and the impact of technological advancements like 4G and 5G on accessibility.

Africell has received a licence to operate its mobile money service, Afrimoney, in Angola, joining Unitel in the market. The licence was issued by the Banco Nacional de Angola in October 2022, and Africell is currently in a six-month testing phase, aiming for a full launch in April 2023. The Angolan telecom sector, previously dominated by a single player, is experiencing significant changes with Africell's entry. The market potential is high, with 14 million Angolans having access to cell phones and a substantial number able to access the Internet. Africell's CEO, Ziad Dalloul, sees this as an opportunity to introduce innovations and additional services like entertainment and education.

Telecel Group has been approved by the National Communications Authority to acquire Vodafone Group's 70% stake in Ghana Telecommunications Co. The acquisition marks Telecel's expansion into West Africa, contrasting with Vodafone's recent struggles, including layoffs in the UK and a lackluster performance in Ghana since its $900 million investment in 2008. Telecel, rebranded in 2017 and active in over 15 African countries, is expected to challenge the dominant MTN Ghana, which is currently disputing a $773 million back-tax bill issued by the Ghanaian government.

Africa is not yet ready for 5G technology due to market factors such as population distribution, urbanization, and GDP per capita. Despite some African countries issuing 5G licenses and telcos marketing it aggressively, the continent lacks the necessary infrastructure and device ecosystem to support widespread 5G adoption. Experts argue that while Africa cannot afford to be left behind in the global 5G race, significant investments in infrastructure and phased rollouts are required. The potential benefits of 5G in Africa include contributions to the economy and advancements in various sectors, but the current readiness remains limited.

Airtel Nigeria has acquired a new 5G spectrum and additional 4G spectrum for $316.7 million, enabling the rollout of 5G and expansion of 4G services in Nigeria. The 5G spectrum consists of 100 MHz in the 3.5 GHz band, while the 4G spectrum includes 2x5MHz in the 2.6GHz band. The Nigerian Communications Commission awarded the 5G license to Airtel after it emerged as the sole bidder. With Internet users in Nigeria at 38% of the population, Airtel sees an opportunity for growth. Airtel Africa's CEO, Segun Ogunsanya, believes 5G is crucial for Nigeria's digitalization. Airtel will compete with MTN Nigeria and Mafab, with MTN already facing challenges in 5G implementation.

A journalist shares his experiences and reflections on working in Nigeria's tech space, including his participation in a journalism fellowship and his journey at a media startup, Techpoint Africa. He discusses his approach to productivity, his writing process, hosting the first Techpoint Africa podcast episode of 2023, and planning for upcoming events. The author also talks about reading Cal Newport's 'Deep Work' and starting 'So Good They Can't Ignore You', applying the concepts to his work.

Techstars Toronto announced the graduation of ten African startups from its 2022 Winter cohort, bringing its total African portfolio to 29. These startups span various industries, including finance, logistics, and education, and have collectively raised over $10 million since their inception. Notable companies include GIGXPAD, Glover Technologies, Klas, Raenest, Fez, Renda, Simpu, LaborHack, and Mamy Eyewear. Each startup addresses specific challenges within their sectors, leveraging Techstars' mentorship and network to scale their businesses. The article highlights the potential impact of these startups on the African market, emphasizing both opportunities and challenges. The sentiment towards the startups and Techstars is overwhelmingly positive, focusing on their innovative solutions and growth potential.

Moove, a Nigerian-born mobility fintech, has raised $30 million in its fourth funding round of 2022, bringing its total for the year to $181.8 million. The funding, arranged by Franklin Templeton Investments, aims to support Moove's plan to build the largest EV ride-hailing fleet in the MENA region. The funds will be used to scale to 2,000 EVs in the UAE, reducing carbon emissions and enhancing the ride-hailing experience. Moove also plans to roll out its EV charging app, Moove Charge, in the UAE. Despite recent layoffs, Moove has seen significant growth and expansion, including launches in Europe and India.

Kenya’s Asset Recovery Agency has cleared Nigerian fintech Kora of money laundering charges, allowing the company to continue its Pan-African expansion plans. Kora CEO Dickson Nsofor expressed optimism about the future, emphasizing the company's goal to eliminate financial barriers across Africa. The article highlights the challenges faced by Nigerian fintechs in Kenya, the fragmented nature of Africa's payment systems, and the importance of regulatory developments for financial inclusion.

Nigeria has been re-elected to the International Telecommunications Union (ITU), a key regulatory body under the United Nations that sets policies for global technologies. The ITU, which has 193 member countries, plays a significant role in regulating technologies like radio, television, satellite, telephone, and the Internet. Nigeria's re-election highlights its growing influence in the ICT sector, although the country faces challenges in balancing technological advancements with regulatory measures. The article also discusses the geopolitical implications of ITU's policies, particularly the contrasting approaches of Western countries and China towards Internet governance. The new ITU Secretary-General, Doreen Bogdan-Martin, is expected to influence future policies, especially concerning Internet shutdowns and digital freedoms.

Urban migration in Africa is outpacing infrastructure development, leading to increased urban slum populations. Internet access is becoming as essential as electricity and healthcare, with companies choosing locations based on connectivity, which could reduce unemployment. Starlink, a SpaceX subsidiary, plans to launch in Nigeria by Q4 2022, offering potential connectivity in underserved areas and competition for Nigerian telcos. However, concerns include environmental challenges, signal blockage by trees and weather, and affordability. Starlink's success could decentralize economic hotspots, improve access to quality healthcare and education, and reduce urban migration.

Y Combinator, a US-based seed-stage accelerator, has significantly influenced the African startup ecosystem since its inception in 2005. It has provided funding and a high-value network to numerous African startups, including notable successes like Wave and Flutterwave. The accelerator's requirement for startups to incorporate in Delaware has led many African companies to register outside the continent, impacting their operational dynamics. While YC's influence is profound, it is not the sole driver of success, as other incubators and media also play crucial roles. The article highlights the importance of strategic participation in accelerators and the broader implications for African startups.

Y Combinator has significantly influenced the African startup ecosystem, particularly in Nigeria, where 53% of YC-backed African startups are based. Since Paystack's entry in 2016, YC's focus on Africa has grown, leading to substantial investments in various sectors including Financial Services, eCommerce, Agriculture, Healthcare, and Mobility & Logistics. Financial Services startups have attracted the most funding, driven by the need for improved financial inclusion and better payment solutions. Despite challenges in sectors like Education, Media, Telecoms, and Energy, YC-backed startups are making strides, with notable successes like Paystack, Flutterwave, and Wave achieving significant valuations. The article highlights the ongoing efforts and potential of these startups to address critical issues in the African context.

Google has launched the Equiano submarine Internet cable in Lagos, Nigeria, in partnership with the West Indian Ocean Cable Company (WIOCC). The cable, named after abolitionist Olaudah Equiano, promises to significantly enhance Internet speeds and reduce data costs in Nigeria. Juliet Ehimuan, Director of West Africa at Google, projects a $10.1 billion increase in Nigeria's GDP and the creation of 1.6 million indirect jobs. The success of this initiative depends on collaboration with various stakeholders to address infrastructure challenges. WIOCC is also building a Tier 111 data centre in Lekki, Lagos, to support this effort. The Lagos State Government's dig-once policy is expected to facilitate the expansion of fibre networks across the city.

The Central Bank of Nigeria continues to reduce the limit on international transactions, affecting subscription payments and benefiting the black market. Nigerian proptech startup Rent Small Small has been criticized for failing to deliver on its promises, highlighting the challenges in addressing Nigeria's housing issues. Meta is preparing for Kenya's upcoming elections by enhancing ad transparency and verification to combat misinformation. Egyptian fantasy football startup Eksab has raised $3 million to expand across MENA and Africa, tapping into the continent's passion for football. The article also touches on the potential of Web3 and Elon Musk's consideration of a new social media platform.

March is a significant month historically and for Africa's tech ecosystem. African startups face challenges in securing tech talent, with international companies being major competitors. The Africa Developer Ecosystem Report 2021 highlights a shortage of senior developers. Y-Combinator has significantly influenced African startups, with several now featuring on its list of most valuable companies. MTN Group has entered the Metaverse by purchasing digital land, aiming to enhance customer engagement. The article also mentions various opportunities and job openings in the tech sector.

Airtel Africa has made a strategic hire by appointing Bayo Adekanmbi, a former MTN executive, as its Vice President to lead strategic initiatives and sustainability efforts. This move is seen as a significant step in Airtel's efforts to compete with MTN in Nigeria's telecom market. Meanwhile, South African fintech startup Stitch has raised $21 million to develop its API infrastructure, aiming to enhance financial connectivity across Africa. Additionally, Nigerian healthtech startup Remedial Health, backed by YCombinator, has secured $1 million to digitize pharmacies and combat counterfeit medical products. The Nigerian government has partnered with the European Union to invest in digital transformation initiatives, including digital infrastructure and governance.

The article discusses the future of investment platforms in Nigeria, highlighting Bamboo's recent $15 million funding round and its plans for expansion. It also covers Sidebrief's efforts to simplify continental expansion for African startups and the rise of high-growth VC funds, particularly Norrsken Foundation's $200 million fund aimed at supporting African startups. Regulatory challenges faced by investment tech platforms in Nigeria are also mentioned, along with the involvement of prominent investors and founders in these initiatives.

Oxfordbuildbay, a Nigerian real estate tech startup co-founded by Stephen Nwachukwu and Olamilekan Adeniji, aims to make land ownership more accessible and affordable for Nigerians. The company offers a payment plan allowing individuals to own land with daily payments as low as ₦250 over two years. Despite challenges such as regulatory failures and dealing with traditional landowners (omo oniles), Oxfordbuildbay has successfully onboarded users through aggressive offline marketing and partnerships. The startup, supported by Oxford International Group, has optimized its process to cater to both tech-savvy and less tech-savvy users, ensuring transparency and eliminating hidden charges. With 20,000 consistent customers, Oxfordbuildbay plans to expand its offerings across Nigeria and other African countries.

54Gene, a health technology company, is working to ensure that Africa's genetically diverse population is adequately represented in global medical research, aiming to improve diagnostics and treatment outcomes. Delali Attipoe, COO of 54Gene, discusses the company's role in personalized medicine and its participation in Techpoint Build, where they will share their story and impact on healthcare. The company also aims to address the lack of advanced healthcare infrastructure, the need for more in-continent clinical research, and capacity building for medical professionals in Africa.

Techpoint Africa announced the judges for the Techpoint Awards 2021, celebrating the Nigerian tech space. The judges include Jessica Hope, founder of Wimbart, Dayo Koleowo, Managing Partner at Microtraction, and Damilola Teidi, Director of Startup Support at Co-creation Hub. The awards, with various categories, will be judged by these external judges and an in-house editorial team, with winners to be announced at a dinner ceremony on January 23, 2022.

Bitmama, an African cryptocurrency exchange, aims to cultivate a crypto culture that extends beyond trading. In anticipation of Techpoint Build on January 22, 2022, COO Akinbola Asalu discussed the company's operations, partnerships, and the Bitmama Credit Programme, which educates people about blockchain. CEO Ruth Iselema will engage in a session titled 'Crypto beyond trading' at the event.

Float, a Ghanaian fintech, raised a $17 million seed round to support small and medium enterprises (SMEs) in Africa, with Tiger Global and Jam Fund leading the equity and Carius leading the debt financing. The article also discusses Asaak's efforts in asset financing and the launch of MoroccoTech, a national brand to promote Morocco's digital sector, which follows a record-high $29 million in funding for Moroccan startups in 2021. The article touches on the challenges of SME lending in Africa and the potential for digital transformation in Moroccan ecosystems.

The article discusses predictions for the Nigerian fintech sector in 2022, highlighting potential market disruptions, new unicorns, and significant acquisitions. Key points include the expected dominance of MTN's PSB, the entry of global players like WhatsApp into the payment space, and potential acquisitions by Visa and Mastercard. The article also touches on regulatory challenges, the rise of open banking, and the shift towards P2P FX transactions. Adedeji Olowe, a Trustee of Open Banking Nigeria, provides these insights, emphasizing the competitive and rapidly evolving nature of the fintech landscape in Nigeria.

Techpoint Africa reflects on a significant year for Africa's tech industry, highlighting the emergence of five unicorns, including Flutterwave and OPay. The fintech sector, particularly in Nigeria, saw substantial growth, with nearly $800 million raised. Key regulatory developments include Ghana's proposed e-payment levy and Kenya's new law regulating digital lenders. The African Development Bank's $170 million loan aims to support Nigerian startups. Looking ahead, the evolution of the Internet to Web3 and the potential impact on existing companies is discussed, alongside predictions for Nigeria's fintech space in 2022.

In 2021, Nigerian fintech saw significant growth, with local investors increasingly participating in funding rounds. Key developments included MTN and Airtel receiving PSB licences, the rise of agency banking, and the continued dominance of Paystack and Flutterwave. Predictions such as Visa and Mastercard acquiring Nigerian fintechs did not materialize, but the sector showed resilience and innovation. The article highlights the importance of financial inclusion and the potential for future growth in Nigeria's fintech landscape.

Recent investments have revitalized Africa's eCommerce industry, focusing on B2B models rather than traditional B2C marketplaces. TradeDepot, a Nigerian B2B eCommerce startup, raised $110 million to expand its Buy Now Pay Later services, connecting manufacturers like Unilever and Nestle to retailers. Other B2B startups like Sabi, Alerzo, and Omnibiz have collectively raised $164.5 million in 2021. Despite the potential, challenges such as low internet adoption and unregistered businesses persist. The Ekiti State government has partnered with CcHub to launch a governance innovation hub, and Nigeria's SEC highlights financial exclusion among young adults.

Herconomy, founded by Ifedayo Durosinmi-Etti, has successfully raised $600k in pre-seed funding, with 90% coming from its community. The platform, which started as an Instagram page providing grant and scholarship information, has grown into a fintech company offering financial services, job boards, and discounts on various brands. Herconomy aims to empower women across Africa through capacity-building workshops and savings features. Despite challenges in finding tech talent and building the app, the community has grown to over 15,000 members. The startup plans to focus on improving its savings product and marketing efforts.

Nigeria's financial services industry has seen significant growth in 2021, with Kredi Bank emerging as a notable player. Founded by Afolabi Abimbola and Samuel Orji, Kredi Bank aims to provide a comprehensive suite of financial services including savings, spending, investing, borrowing, and insurance. The startup has already gained over 8,000 users during its pilot phase and is preparing for a full launch. Kredi Bank differentiates itself by targeting the mid to lower market and offering a one-stop-shop for financial solutions. The company has also seen strong growth in its B2B payment services. Future plans include expanding its customer base in Nigeria, launching new products, and potentially expanding to other African markets such as Rwanda.

Nigeria's financial services industry has seen significant growth in 2021, with Kredi Bank emerging as a notable digital banking startup. Founded by Afolabi Abimbola and Samuel Orji, Kredi Bank aims to provide a comprehensive suite of financial services including savings, spending, investing, borrowing, and insurance. The company has already gained over 8,000 users during its pilot phase and is preparing for a full launch. Kredi Bank differentiates itself by targeting the mid to lower market and offering a one-stop-shop for financial solutions. The company is also leveraging its payment infrastructure to support other fintech startups. Despite challenges in securing talent, Kredi Bank has maintained a strong workplace culture and is poised for growth, with plans for continental expansion starting with Rwanda.

Kifta Technologies, a Nigerian-founded company, develops advanced defense and security technologies, including UAVs, UAS, and smart glasses. Despite significant challenges such as unreliable power and lack of local talent, the company has built a team of experts and created innovative products for various sectors, including police, military, and agriculture. The company primarily operates on a B2B model, focusing on African businesses but also attracting international clients. Kifta plans to expand its offerings and raise funds to support its growth, including a drones-as-a-service platform for logistics. The company faces difficulties in gaining traction in Nigeria due to regulatory and logistical challenges but remains committed to contributing to the country's technological advancement.

Techpoint Africa is hosting its second award ceremony, the Techpoint Awards 2021, to celebrate startups, entrepreneurs, investors, and innovation in Nigeria. The event will take place on January 22, 2022, in Lagos, Nigeria. The article outlines the nomination process, categories, and criteria for the awards, emphasizing the impact of startups and tech companies operating in Nigeria from January 2021 to date.

PaySika, co-founded by Roger Noel Nengwe and Stezen Bisselou-Nzengue, is a neobank aiming to provide banking services to the unbanked in Francophone Africa. The startup has raised $350,000 in pre-seed funding from investors in France, England, and Nigeria. PaySika leverages existing mobile money infrastructure and offers banking services through popular messaging apps like Facebook Messenger, WhatsApp, and Telegram. The company has over 20,000 pre-registrations and plans to expand its services to include savings accounts and offline transactions. Despite regulatory challenges, PaySika is gaining traction and aims to democratize access to digital payment services in the region.

Google announced significant initiatives for Africa, including a $50 million venture fund for black-led startups, small business loans, and the launch of the Equiano subsea Internet cable to increase Internet capacity. The cable, stretching from Portugal to South Africa, aims to reduce Internet prices, increase speeds, and create jobs. Despite existing underused capacity, Google projects future demand will justify the investment. Past projects like Loon and free wifi initiatives were shut down, but partnerships with CSquared and Liquid Intelligent Technologies show promise. Google's long-term bet on Africa's digital transformation is substantial, with a $1 billion investment over five years.

Tizeti, a Nigerian telecom startup, is testing next-generation WiFi technology, WiGig or 60 GHz WiFi, which could deliver Internet speeds up to 1Gbps, significantly surpassing Nigeria's average. The technology, which operates on the less congested 60GHz frequency, could enable high-resolution video streaming, IoT, and autonomous vehicles. Tizeti's CEO, Kendall Ananyi, and CTO, Ikenna Uche, announced the tests at the NextGen event, with commercial availability expected by November 2021. The company, which uses solar energy to power its towers, has grown since its 2014 launch, participating in Y Combinator and raising funding rounds. It has partnerships with Kudi and Aella Credit and aims to keep prices affordable while expanding its user base in Nigeria and Ghana.

Jumia, the Africa-focused eCommerce giant, reported an operating loss of $51.6 million in Q2 2021, a 24.7% increase from the previous year, attributed to aggressive marketing and sales expenses. Despite a slight increase in active users and orders, the company's Gross Merchandise Volume (GMV) declined by 11%. JumiaPay transactions grew by 12%, but total payment volume decreased. The company plans to continue investing in sales, advertising, technology, and staff costs in the second half of 2021, aiming for long-term growth.

MainOne's new data centre in Appolonia City, Greater Accra, Ghana, aims to enhance connectivity and support the digital economy. The facility, launched by MDXi, offers advanced features and open access connectivity options, potentially boosting Internet speeds and localising traffic. Ghana's digital initiatives and the presence of tech giants like Google and Twitter underscore the country's growing tech ecosystem. The data centre is expected to create jobs, enhance capacity development, and support businesses, contributing to Ghana's economic growth.

Classifieds marketplace Jiji has acquired Cars45 for an undisclosed amount, marking its entry into transactional marketplaces. Cars45, founded by Etop Ikpe, has had various owners and significant investments, including from Frontier Cars Group and OLX Group. The acquisition is expected to enhance Jiji's position in Africa's eCommerce market by integrating Cars45's inspection centers, improving user experience, and addressing trust issues. Jiji's CEO, Anton Volyansky, hinted at potential future acquisitions to further expand their market presence.

BrandMobile Africa has launched Kuuzza, a decentralized sales platform designed to connect businesses with motivated sellers, allowing for seamless expansion without middlemen. Kuuzza offers a risk-free, profitable business model for young Nigerians, integrating retail, tech, and logistics to ensure customer satisfaction. The platform allows resellers to sell products without upfront costs and earn points redeemable for various rewards. The launch event highlighted the platform's potential to empower African businesses and individuals, with positive feedback from vendors and project managers.

TECNO is set to release the Phantom X, a premium smartphone designed to complement a high-end lifestyle. The brand emphasizes bold and extraordinary innovation in design and technology. Pre-orders for the Phantom X come with various benefits, including gifts like a Gimbal Stabilizer and a Designer Backpack, as well as a flexible payment plan. The pre-order period runs from June 23 to June 30, 2021.

Every serious business should have an online presence, and social media platforms like Instagram and WhatsApp offer cost-effective alternatives to traditional websites. WhatsApp Business, with its Catalog feature, and Instagram's Shopping feature (though not available in Nigeria), can be linked using Later's Linkin.bio to create a seamless online store experience. This guide provides step-by-step instructions for setting up an online store on WhatsApp and linking it to Instagram, helping small businesses in Nigeria reach new customers and facilitate direct purchases.

Minly, an Egyptian startup, has raised $3.6 million in seed funding to connect fans with celebrities, with participation from notable investors. Google introduces a new feature to warn users about unreliable sources in search results, initially available in the US. The article also highlights the significant impact of the COVID-19 pandemic on MSMEs globally, with a focus on Nigeria's contributions to GDP and employment. Additionally, MTN plans a substantial investment to enhance broadband access in Nigeria.

Nigerian MSMEs, which account for 96% of businesses and contribute up to 50% of the GDP, face challenges exacerbated by the pandemic. Despite government relief policies, many MSMEs remain informal and skeptical of government support. The pandemic prompted some business owners to reconsider their models, with a shift towards online presence and formal registration. The UN's World MSME day highlights the role of MSMEs in sustainable recovery, emphasizing the need for resilience and inclusiveness. Business owners suggest that recovery efforts should address infrastructural issues and provide digitalization support.

Non-fungible tokens (NFTs) are rapidly gaining popularity and transforming the digital art world, with notable examples including Beeple's $69 million NFT sale and Kings Of Leon's NFT album release. Binance, a leading blockchain ecosystem, is hosting an African NFT creator panel discussion featuring prominent figures like M.I. Abaga and Osinachi to promote NFT awareness and accessibility. The event will cover NFT basics, individual journeys into crypto, and how to buy and sell NFTs. Binance's NFT Marketplace is highlighted for its liquidity and minimal fees.

The article highlights the journey of Emmanuel, an AC technician in Ile-Ife, Nigeria, who has successfully scaled his business, Ipese Oluwa Technologies, using technology and online platforms for advertising. It discusses the challenges he faced, the tools he uses, and the importance of World Refrigeration Day in raising awareness about the refrigeration industry. The article also provides insights into the market for air-conditioners in Nigeria and the significance of local assembly. Emmanuel's dedication to his craft and his use of modern tools and online resources are emphasized as key factors in his success.

LafargeHolcim, in partnership with 14Trees and the Colonial Development Corporation, has opened the world's first 3D-printed school in Malawi, aiming to address infrastructure challenges since the country's free primary education reform in 1994. The school's walls were printed in just 18 hours. Assistive technology is highlighted as a significant aid for individuals with learning disabilities in Africa, where there is a lack of data and awareness about the condition. Google has postponed its plan to block third-party cookies in Chrome until 2023, pending engagement with the UK's Competition and Markets Authority. The delay is to ensure a smooth transition for the advertising industry and publishers. Additionally, MTN plans to invest $1.5 billion to enhance broadband access in Nigeria.

Facebook announced new eCommerce updates, including augmented reality and artificial intelligence features to enhance the shopping experience across its platforms. The company aims to capitalize on the rise in online shopping due to COVID-19 lockdowns. Facebook Shops will soon be integrated into WhatsApp, allowing users in select countries to use the messaging app as an online store. These updates will enable users to try on clothes virtually and receive product recommendations, while also allowing Facebook to collect more user data.

TECNO is set to redefine and relaunch PHANTOM as a flagship sub-brand targeting the high-end smartphone market. The first device under this new brand, PHANTOM X, will feature several industry firsts, including a 3D borderless screen and a curved glass surface etched texture. This move marks TECNO's ambition to compete with market leaders in global emerging markets and cater to high-end consumers seeking innovative and premium smartphones.

The first 3D-printed school, a collaboration between Holcim and CDC Group, has been inaugurated in Malawi's Salima district, completed in just 18 hours. This innovative approach aims to address the significant infrastructure gap in education, with potential expansion plans in Kenya and Zimbabwe. While 3D printing offers a faster and cost-effective solution to building schools, concerns about its health impacts remain. The initiative is seen as a potential game-changer for education in Africa, though cautious optimism is advised.

Harambee Youth Employment Accelerator has acquired the South African recruitment platform Giraffe, integrating its user base into the SA Youth Initiative. Giraffe, founded by Anish Shivdasani and Shafin Anwarsha, connects job seekers with positions in various sectors and has raised significant funding. Harambee, a not-for-profit social enterprise, aims to address South Africa's high youth unemployment rate by providing training and job opportunities. Despite these efforts, youth unemployment remains a critical issue, with President Ramaphosa promising further support for youth employment initiatives.

Wimbart has launched the third edition of its PR Office Hours programme, aimed at equipping early-stage African tech startups with essential PR tools. The programme, in partnership with Ventures Platform and Techpoint Africa, will offer selected startups comprehensive PR training and individual sessions to address their specific communication challenges. The initiative underscores the importance of integrating PR into the growth strategies of tech startups, especially in the current challenging environment. Key stakeholders, including Jessica Hope, Kola Aina, and Múyìwá Mátùlúkò, emphasize the value of strong communication skills for attracting customers, investments, and talent.

MTN, a South Africa-based telecommunications company, plans to invest $1.5 billion over the next three years to enhance broadband penetration in Nigeria. This initiative aligns with Nigeria's national broadband plan, aiming to increase coverage from 45.09% to 90% by 2025. The announcement was made by MTN Group President Ralph Mupita during a visit to Nigeria, where he met with key government officials. The investment is expected to improve internet affordability and infrastructure, despite existing challenges such as low purchasing power and unfavorable policies.

Chaka, a Nigerian investment-tech startup, has become the first to receive a digital stock trading licence from the Nigeria Securities and Exchange Commission, allowing it to operate directly as a broker. Facebook announced eCommerce updates, including augmented reality for ads and the ability to promote products on Facebook Shops via WhatsApp. Airtel Uganda has separated its Airtel Money service from its telecom business in compliance with Uganda's National Payment Systems Act. The trend of separating financial services from telecom businesses is noted across several African countries.

Infinix, a rapidly growing mobile phone brand in Africa, may soon release a new phone with a 160W charging capacity, as suggested by a leak from the XDA blog. The leaked images show a phone with a unique design, including a 3D glass display and multiple cameras. While details about the phone's internal hardware and name remain unknown, it is speculated that the 160W charger could be for this device. Infinix recently launched the Note 10 Pro, featuring a MediaTek Helio G95 chipset and a 90Hz LCD screen, indicating their continued innovation in the budget flagship segment.

The article discusses the commencement of the African Continental Free Trade Area (AfCFTA) Agreement, which aims to create a single market for goods and services across 55 African Union member states. Initially set for July 2020, its implementation was delayed due to the pandemic and is now expected to begin in January 2021. The AfCFTA is anticipated to boost intra-African trade, increase production of African goods, and potentially lift millions out of poverty. However, challenges such as inadequate infrastructure, policy harmonization, and territorialism among member states may hinder its effectiveness. The agreement is seen as a long-term vision, with the need for improved governance and infrastructure being critical for its success. Opportunities for startups, particularly in fintech and logistics, are highlighted, with technology playing a key role in the agreement's implementation.

The article discusses the challenges faced by eCommerce companies in Africa, with a focus on Nigeria. It highlights the failure of some companies like DealDey and the struggles of others like Konga and Jumia. Despite these challenges, there is a renewed drive in the sector, as evidenced by successful funding rounds for companies like TradeDepot and Foodlocker. The article delves into the persistent problems of inadequate addressing systems, unreliable logistics, and regulatory hurdles. It mentions NIPOST's partnership with What3words and the introduction of Google's Plus Codes as potential solutions, but notes that many companies still rely on traditional methods like phone calls and WhatsApp to ensure deliveries. The article also touches on the issues with payment systems, suggesting a lack of trust in online payments and the need for financial services to improve their offerings. The piece is investigative, covering the business and technology aspects of the eCommerce sector in Africa.

The article discusses privacy concerns related to the caller ID app Truecaller, particularly focusing on the differences in privacy policies for EU and non-EU users, and the investigation by the National Information Technology Development Agency (NITDA) into potential privacy violations. A developer, referred to as Angry Wizard, alleges that Truecaller uploads users' data to a third-party server owned by CleverTap without proper consent and uses an insecure method for data transfer. Truecaller's Director of Communications, Kim Fai Kok, denies these allegations, stating that no user data is publicly accessible and that all actions comply with their privacy policy. The journalist's own investigation found that links to user data were briefly accessible, raising questions about Truecaller's data handling practices.