TechCabal

In 2021, 93% of the funding in Africa went to male-led startups – a pretty shocking figure by any standard. This year has been different. We’ve seen more African female founders raise capital for their startups and get accepted into reputable accelerators. Swipe to read. Don't forget to tag other African female founders who are not on this list. * * * * * * #techcabal #africanwomenintech #womeninbusiness #womenintech #techwomenlagos #techcabalinterviews

Shoprite, South Africa’s largest retail group, has secured $205 million in green and “sustainability-linked” loans from two big banks—Standard Bank and Rand Merchant Bank (RMB). Shoprite got a record-breaking R2 billion ($176 million) loan from Standard Bank, a $47 million (R800 million) sustainability-linked loan, and a R700 million ($41.7 million) green loan from RMB. What are green and sustainability-linked loans? Green loans and sustainability-linked loans are given to businesses and institutions to incentivise the borrowers to achieve goals that reduce global warming. They are both slightly different from each other, though. Green loans have to be directly linked to green projects such as activities that reduce emissions of gases that cause global warming or increase energy efficiency. Sustainability-linked loans (SLLs) do not have to be used exclusively, if at all, for green projects. SLLs can be used for general corporate purposes as long as the company is achieving sustainability in some way to the satisfaction of the lender. What will Shoprite use this loan for? Shoprite will use the funding to do right by the planet. Last year, it increased the installed capacity of its solar-power system by 82% and reduced electricity consumption by 150 million kWh. It will use the funding to increase the energy efficiency and the capacity of its renewable sources of electricity. In that same year, it recycled 46,102 tons of cardboard from stores and distribution centres and diverted 10,241 tons of plastic waste from landfills. This year, it will ramp up its recycling efforts with the loan. These loans are as earth-friendly as they are groundbreaking. The R2 billion loan from Standard Bank is the bank’s biggest in the retail sector to date. The R700 million green loan is the first of its kind in the retail sector from RMB. Join over 80k tech enthusiast who wake up to our newsletter. Sign up with the link in our bio. #tcdaily #techcabal #shoprite

Last year, we had insightful conversations with founders of Paystack, Paga, Future Africa, and others. This year, The Future of Commerce will be giving you a more robust experience. You don't want to miss out on this. To save a FREE slot, register with the link in our bio. The Future of Commerce is brought to you by TechCabal in partnership with @moniepoint and sponsored by @dlocalteam

Binance has announced that its users will now be able to deposit and withdraw the South African rand (ZAR) to and from their Binance wallets. The announcement was made by recently appointed country manager, Hannes Wessel, who said the new addition will increase the adoption and mainstream accessibility of crypto in South Africa. The service will be rolled out in two phases. Phase 1, which went live yesterday, enables Binance users to deposit ZAR into their Binance wallets and convert ZAR to bitcoin (BTC), binance USD (BUSD), ether (ETH), tether (USDT), and binance coin (BNB). Phase 2 will include ZAR fiat withdrawals for all Binance users and will be launched on August 25 at 8 AM UTC. Click the link in our bio to read more. #techcabal #binance

How can we build a strong KYC framework to enable African fintechs achieve regulatory compliance? On the 2nd of September, join us on Inside Identity 5.0 (formerly Digital Identity Matters) where we will be discussing this with an interesting speaker line-up! Sign up here: bit.ly/iidsep2 or click on the link in our bio. ----- Inside Identity is brought to you by TechCabal and @verifymenigeria.⁠

In 2014, when building healthtech startups was not commonplace in Africa as it is today, Kaitouni co-founded DabaDoc with her brother Driss Drissi-Kaitouni in Morocco, with a vision to digitise the entire healthcare system. The company started with the basic entry point of booking an appointment with doctors, and was able to gain lots of traction within a short time. The following year, it expanded into Algeria and Tunisia, with over 2,000 patients actively booking appointments with doctors across 75 different medical specialties on its platform. DabaDoc was the right peg in the right hole, and all the available data points agreed to the fact. In North Africa, there’s only 1 doctor per 1,000 people. The ratio was even worse in Morocco; as of 2017, there were 7.2 doctors for 10,000 residents, one of the lowest ratios in the region. While being bootstrapped, the company experienced steady growth, acquiring users, expanding its reach across its 3 markets, and improving its technology. In 2018, however, AXA Assurance Maroc, invested in DabaDoc, making the insurance company its first institutional investor. at the time, the company had already recorded over 2 million appointments booked through its platform at that time. How did the startup achieve this milestone? Click on the link in our bio for more. #techcabal #dabadoc

Last week, Nigera's National Broadcasting Commission (NBC) revoked the licences of 50 TV and radio stations including Africa Independent Television (AIT) and Silverbird Television (STV) over a collective debt worth ₦2.6 billion ($6.1 million). According to NBC DG, Balarabe Shehu Ilelah, some of the defaulting stations have been accruing debts since 2015. The DG also mentioned that the NBC had earlier published a list of erring broadcasting stations in May, and granted them two weeks to pay off the debts and renew their licences. Three months on, some stations are yet to adhere to NBC’s guidelines. In fresh proceedings, the NBC has now revoked the licences of the stations pending payment of the ₦2.6 billion debt. While the NBC initially gave all the stations 24 hours to shut down operations, it extended the deadline to Tuesday, August 23. The agency also gave a 30-day deadline for all affected stations to renew their licences or face further penalties. To get more updates like this, join over 80k tech enthusiast who read #tcdaily newsletter. Sign up with the link in our bio. #techcabal.

Eleven months after a rocky launch, Nigeria’s Central Bank Digital Currency (CBDC), the e-naira, has recorded ₦4 billion ($9.3 million ) in transactions. According to the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over 200,000 transactions valued at ₦4 billion have been made on the platform. The e-naira app has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets, and 17,000 merchant wallets. But it’s not enough for Emefiele and the CBN. After completing the first [launch] phase of the CBDC, the Nigerian government plans to get 8 million active subscribers in a second implementation phase that includes launching USSD transactions. Most digital currencies are unavailable to Africans because they require smartphones and internet access. Nigeria’s internet penetration rate is at 37.3% while less than 40 million have smartphones. This means over 100 million Nigerians are excluded from digital initiatives like the e-naira. With USSD though, things will change. CBN plans to achieve its 8 million target by allowing more Nigerians—especially those without access to digitisation—to access the e-naira. Over the next couple of weeks, Nigerians can create, fund, and use e-naira wallets by dialling *997#. While Nigeria is the first African country to launch CBDC, other African countries have plans in motion, and are using the CBN’s successes and failures as guidelines. Kenya, Madagascar, Eswatini, Rwanda, Ghana, Morocco, and Tunisia have already instituted plans to launch CBDCs, which are in various stages of development. #techcabal #enaira

If there’s anything the Nigerian government has done well this year, it’s creating a disabling environment for predatory digital lenders. Earlier this year, three governmental agencies shut down six digital lenders for mishandling and violating users’ private data. This year, Nigeria's National Information Technology Development Agency (NITDA) slammed micro-loan platform Soko Loan with a ₦10 million fine for invasion of privacy. Looks like Soko Loan didn’t learn its lesson. Last Thursday, the Federal Competition and Consumer Protection Commission (FCCPC) conducted a raid on Soko Lending Limited. According to vice-chairman Babatunde Irukera, “Soko Lending appears to be the most consequential digital money lender with multiple apps and brand names covering a significant share of the digital/online lending market, and one of the most prolific actors in violating consumer privacy, fair lending terms and ethical loan repayment/recovery practices.” The agency has also gotten orders to stop any of Soko’s activities that bypass Nigerian regulations. It also ordered fintechs and telcos to stop processing payments and providing operational support to illegal digital lenders. Find out more when you click on the link in our bio. #techcabal #tcdaily #digitallendersinnigeria

How is technology transforming the future of work in Africa, and how can talent and business leaders adapt to these changes? Join us for a conversation on this at 11 AM (WAT) this Friday where Timi Odueso, reporter at TechCabal will speak with a panel of experts skilled in hiring and managing talent. Sign up here: bit.ly/tcliveaug26 or click on the link in our bi #technology #innovation #talent

Last week, Apple announced that two security vulnerabilities in its software could be—and has been—exploited by hackers. The plot security holes could allow hackers gain remote access to users’ devices. If you haven’t already, download the latest iOS 15.6.1 update on your iOS devices so hackers don’t see all the resignation letters you never sent. 💀 Go to iPhone Settings ➡️ General ➡️ Software Update to download and install iOS 15.6.1. The update is approximately 300 MB, and takes about 30 minutes to complete. Pro tip: Update during work hours so you have an extra 30-minute break. If Tim has cooked up new excuses for you, who are you to deny them? 😉 Subscribe to our newsletter so you don't miss information like this. LINK IN BIO. #techcabal #tcdaily

"How to become a developer and land your first job in 25 minutes." Okay King