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TGIF! βοΈ
With just 12 days and a few tickets left, Moonshot is now offering 30% off all tickets! Now is the perfect time to be a part of the conversation about Africaβs digital landscape and treat yourself to two amazing days of gaining valuable insights from industry experts, networking with potential partners and investors, and being a part of the groundbreaking innovations shaping the African digital economy.
Donβt miss out on this incredible opportunity! The clock is ticking!
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Banking
Zenith Bank to complete banking platform migration in October
What do you do when youβre the third biggest bank in Nigeria by assets, and your online banking services suffer because of a banking platform switch? You stop the migration process and continue only when everything is right.Β
Thatβs what Zenith Bank did when a glitch in its data migration process disrupted online banking services leaving customers unable to access their accounts. The bank will finalise the switch in October after resolving the problems.
Zenith is changing from Phoenix, a core banking software it previously used to Oracleβs Flexcube.
Switching from one banking platform to another is a difficult process that can get messy due to the huge amount of data housed on banking platforms.Β
The bank will also need to revalidate all the data it migrated to prevent human errors and check the functionality of the new banking platform before it can finalise the process. Anything can go wrong in these stages and might have caused Zenith to pause its migration.Β
This is the third banking platform switch that we are reporting in a month, a trend that has seen Sterling Bank and GTBank switch their banking platforms for varying reasons.Β
While GTBankβs banking platform change went smoothly, Sterlingβs left customers unable to access banking services.Β
Switching banking platforms happens for different reasons and while customers should not feel the change except for an improvement in banking services, Zenithβs 33 million customers were unable to use online banking services for weeks.Β
Read Moniepointβs Case Study on Funding Women
After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, theyβre transforming Nigeriaβs local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges.
Funding
Next Narrative Fund to splash $40 million on African FIlmmakers
Next Narrative Africa, a Nigerian media production company and Kenyan-based investment firm HEVA Fund have launched a $40 million fund to invest in African films with budgets between $1 and $5 million. The fund, Next Narrative Africa Fund, targeting a first close in Q1 2025 and a final close by the end of Q4 2025, will provide equity investments in some projects while offering grants for others.
Access to funding is a crucial challenge for Africaβs indie filmmakers, and while Netflix and Amazon Primeβs investment in African content is useful, it can hardly close the gap.Β
Equity financing could provide a solution. In 2023, the success of the βBlack Book,β a film produced by several recognisable names in Nigeriaβs tech ecosystem, showed whatβs possible in film investing.Β
Startup investing often requires a time horizon of seven to ten years, but moviesβwhich offer more modest returnsβcan return money to investors in under three years.
Issue USD and Euro accounts with Fincra
Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincraβs multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. Get started today.
Funding
MultiChoice & NBCUniversal invest further $164 million into Showmax
Showmaxβs pursuit of African streaming dominance has received a $164 million boost from parent companies MultiChoice and NBCUniversal. It brings the total amount invested in Showmax to $284 million.
In a trading update on the Johannesburg Stock Exchange (JSE) on Thursday morning, MultiChoice said the latest investment will finance Showmaxβs operating expenses and working budget. MultiChoice and NBCUniversal contributed according to their 70% and 30% shareholding respectively.
In November 2023, MultiChoice-owned Showmax surpassed Netflixβs subscriber count on the continent, with 2.3 million to Netflixβs 1.8 million.Β
To gain more ground, Showmax will continue its investment into content and technology. Its long term goal is $1 billion in revenue in five years, trading profit breakeven by 2027, a 25% EBITDA margin (Earnings Before Interest, Taxes, Depreciation, and Amortisation), and 20% free cash flow margins.
Introducing Pay with Pocket on Paystack Checkout
Paystack merchants in Nigeria can now accept payments from PocketAppβs 2 million+ customers. Learn more β
Insights
Funding Tracker
This week, Ghanaian cleantech Kofa secured $5m via an SPV from the Shell Foundation through its Transforming Energy Access (TEA) platform. (September 24)
Here are other deals for the week:
- Kwiks, an HRtech startup based in Morocco, raised $827k in funding from Azur Innovation Management (AIM). (September 23)
- Nigerian ed-tech startup Tespire secured an undisclosed amount of pre-seed funding. The investors were not named. (September 25)
Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Before you go, our State of Tech in Africa H1 2024 Report is out. Click this link to download it.
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$65,317 |
+ 3.01% |
+ 10.14% |
| Ether |
$2,646 |
+ 2.05% |
+ 7.15% |
 Sui |
$1.71 |
+ 0.24%% |
+ 104.12% |
| Solana |
$156.92 |
+ 5.91% |
+ 7.15% |
* Data as of 06:02 AM WAT, September 27, 2024.
Opportunities
- Hereβs an exciting opportunity for crypto innovators! Quidax in partnership with TC Battlefield has launched an exclusive award category to celebrate the most promising and innovative crypto startup in Africa. If youβre solving big problems with cryptocurrency, you stand a chance to win the $15,000 grand prize and other exciting rewards. Applications close next week so apply quickly!
- Introducing Krent, a property tech platform providing Nigerian renters and buyers with a transparent, stress-free, and cost-efficient solution. krent.space addresses many of the long-standing frustrations faced by renters, such as time-consuming property inspections, countless outrageous fees, and inefficient processes. The platform has completely removed inspection feesβsomething that often blindsides house renters. If youβre renting a property in todayβs Nigeria, you can pay up to 20% of your rent on extra fees but with Krent, youβll only pay an 8% admin fee, which covers agency fees and any other costs related to the property. Get started here.
- The Future of Capitalism Tech Startup Competition is offering $1 million to one lucky tech startup that can transform how businesses today operate. If your tech can save costs, boost efficiency, increase productivity or customer satisfaction, then apply by September 30 for a chance to win.Β
Issue virtual USD cards for you and your customers
Do you want to issue virtual USD cards for your customers and business expenses? Use Koraβs APIs to issue cards, customise your card program, and set your customersβ funding limit to your risk level. Get started here.
Written by: Muktar Oladunmade, Ephraim Modise, and Emmanuel Nwosu
Edited by: Olumuyiwa Olowogboyega
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