Money in Africa
Dey play… It’s a new month in the year 2023 coupled with the currency, fuel wahala in Nigeria but we don’t bring you bad vibes. Just gist that’ll inspire you to go get it😉
Starlink in Nigeria, finally
Elon Musk’s satellite company, SpaceX, has offices started selling and distributing its services in Nigeria with its hardware and subscription plan costing N274,098 and N19,260 per monthly, respectively.
The selling point of Starlink is its speed; according to the company's website, Nigerians using Starlink would experience download rates of 50–200 Mbps. Customers in Nigeria have confirmed the speed, claiming that after the initial test, it increased to roughly 240Mbps.
Below is a speed test of it in a remote village in Ogun, Nigeria
Shipping times are currently estimated to be one to two weeks from order.
Tech Nation shuts doors to UK’s tech ecosystem
A global network for aspiring tech entrepreneurs, Tech Nation, a non-profit organization provides growth programs and visas for top international talents to relocate to the U.K with their families is shutting down due to a shortage of funds.
They have supported the UK's tech economy for the past 10 years and the UK government had supported the organization, but is now sponsoring a different initiative run by Barclays Bank.
On March 31, 2023, Tech Nation will shut down while it looks for alternative sources of revenue. They released a statement addressing their next plan moving forward.
What’s stopping you from starting a YouTube channel
These guys are making big bank. Take a look at the top earners on YouTube in Africa, Creative Crafts in Five Minutes earning about $8,776,820, followed by our own MarkAngelo Comedy earning $4,176.426. That’s just Africa, look up the comprehensive list for other continent top earners.
So get your cameras ready, video editing apps and upload something today in your niche. YouTube also now monetising shorts, so even if it’s a short video of an ant picking sugar upload. You never can tell what will bring income today
12 startups got into ARM accelerator program
The inaugural class of the three-month ARM Labs Techstars Lagos Accelerator, which focuses on early-stage African fintech and proptech startups, has 12 startups from around the continent.
Ten firms from Nigeria and two from Kenya make up the first cohort; 50% of the CEOs are women.
Each of the chosen startups will receive up to $120,000 as well as access to Techstars' extensive network of 7,000+ mentors, 20,000+ investors, alumni, and corporate partners. They will also receive specially curated startup programming.
The pioneer batch, which started in December 2022, has met with more than 100 speakers and mentors, including Tunde Kehinde, co-founder and CEO of Lidya, Bode Abifarin, COO of Flutterwave, Fara Ashiru Jituboh, founder and CEO of Okra, and Amandine Lobelle, COO of Paystack. On March 16, 2023, the demo day will take place in Lagos.
List of the 12 startup in its 1st cohort
alphabloQ
peppa.io
CDCare
Cladfy
Flick
Keble
Keza Africa
Salad
Sidebrief
Towntalk
Vittas
Oystr Finance
Nigeria No. 1 in the world in crypto ownership and usage
According to recent analysis by Trading Browser, Nigeria has the most cryptocurrency owners and users worldwide.
In 2022, 45% of the population in Nigeria would either use or own cryptocurrency, according to the survey. Over 90 million individuals in the nation use cryptocurrencies, which is over 1.5 times as many as live in the UK.
Over 34 million people adopted cryptocurrencies in Nigeria between 2019 and 2022, a 17% rise in ownership and use overall from 28% to 45%.
From the image above, Thailand's second-place finish. Over 30 million people, or a staggering 44% of the population of the Southeast Asian nation, report using or holding cryptocurrencies. Turkey, a country spanning two continents, placed in third because more than 33 million of its 40 percent population will own and use cryptocurrencies in 2022.
MNT-Halan, latest unicorn in Africa
This time it’s Arab money investing in Africa.
An Egyptian firm called MNT-Halan that combines financial and e-commerce services has been valued at $1 billion thanks to a $400 million funding. The company has now joined the list of unicorn startups in Africa, which also includes Senegalese Wave and Nigerian Flutterwave.
The specifics of this transaction shed light on what might be a response to the question of why the North African startup ecosystem hasn't yet made extensive use of its connections to the Gulf region. It's possible that North Africa, starting with Egypt, is witnessing the first manifestation of the Arabian Growth Fund insurgency.
Six monarchies in the Gulf region—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)—control a significant portion of the region's riches.
Let's examine the investment more closely. First, a $260 million stock deal and a $140 million debt are included in this round. And as part of the equity transaction, Abu-Dhabi-based Chimera Investment paid $200 million for 20% of the company. Due to the fact that growth rounds like this have always been driven by western investors, this investment is a first for both the area and Africa as a whole.
Various Gulf investment holdings have been active in Egypt during the past few months. For instance, the Public International Fund (PIF), a $620 billion sovereign wealth fund of Saudi Arabia, and ADQ, an investment and holding business established in Abu Dhabi and also led by Sheikh Tahnoon, are actively setting up shop in Egypt. They've begun hiring top local talent, and have made investments into big scaleups like Fawry and a state-owned company called E-finance.
Startup stakeholders in Egypt are thrilled about the entry of the gulf deep-pockets because they think their funds, which are primarily invested in private equity, will flow over into the ecosystem for venture capital. Pumping money into the VC market seems natural when taking into account that these sovereign funds, sitting atop a $3.3 trillion treasury, are under pressure to deploy capital, according to Bloomberg.
Job haunting???
We are landing that tech role this year and this how we’re doing it
Search for the company's email address on Google or on social media. Send an email, be clear and concise about who you are and the value you can bring to the company. Remember to attach your CV and let them know how they can contact you for a conversation.
Some companies have forms in the career section for those who are interested in working with them. You'd fill a form with your details and the kind of job you'd like at the company. When there's a vacancy, you'd be one of the first people they'd contact.
The LinkedIn profile of most companies shows the current employees. Send a message to the operations/ HR personnel. If there's an email address, send an email. Introduce yourself, say why you're reaching out, the role you're interested in and how you would be an asset.
Attend tech events to meet with potential employers. Meet the team members and pitch yourself. Talk about the skills you have and how you can be valuable to the company. Get their contacts too and follow up.