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ChatGPT maker OpenAI has raised $6.6 billion, valuing the company at $157 billion in the largest VC round ever. It will use the funds to advance its AI research.
With only 6 days left and a few tickets remaining, the Moonshot flash sale is closing soon. Grab tickets at 30% off and secure your seat at Africa’s biggest gathering of digital innovators and tech experts.
And here’s the best part—attending with friends and colleagues makes the experience even more powerful. You get to share insights, build ideas together, and expand your network as a team! It’s an experience that’s even better enjoyed when shared.
Get tickets here.
Ride-hailing
For gig drivers, bonuses are a lifeline
In the cutthroat world of ride-hailing, where gig drivers are constantly hustling to make ends meet, bonuses have become a crucial additional source of income. But these bonuses aren’t without strings attached. Drivers must complete 30–50 weekly trips to earn between ₦30,000 ($20) to ₦63,000 ($40) in bonuses.
They must also have a minimum quality score of 70 to qualify for the bonuses even when they meet the weekly trip targets.
These bonuses have become a lifeline for many drivers in the face of rising fuel costs and inflationary pressures. Desperate situations require desperate moves. These drivers now adopt creative measures to meet the targets including accepting fake short trips.
Yet, as drivers are learning to fly without perching, ride-hailing companies are learning to shoot without missing. They look out for fradulent trips to stay one step ahead.
While ride-hailing companies constantly update their algorithms to detect and prevent such fraudulent activities, in the end, it’s a stark reminder that the gig economy is a tough, unforgiving place. Survival may sometimes mean bending the rules.
Read Moniepoint’s Case Study on Funding Women
After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. Click here for a deep dive into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges.
M&A
Lesaka completes Adumo acquisition for $96 million
In 2023, Africa recorded over 387 mergers and acquisitions (M&A) deals worth $11.2 billion, with East Africa leading the way for the most deals. Yet, it was a slow year for M&A with a 38% value decline compared to 2022.
However, 2024 is already bucking that trend. The value of African M&A deals was $26.9 billion in H1 2024, doubling what was recorded in the whole previous year.
Some notable deals have come from South Africa. The latest is Lesaka Technologies, the NASDAQ-listed South Africa-based fintech company acquiring another fintech, Adumo in a cash and stock deal that stands at $96 million.
Lesaka paid $10 million in cash, and bought the remaining in stocks, providing stakeholders with an exit.
First announced in May, the deal was supposed to finalise for $85 million. However, a 27% increase in Lesaka’s share price since that agreed-upon $85 million took the deal to $96 million. This was because part of the value of the deal was paid in stock.
But Lesaka won’t mind this. Adumo is a strategic acquisition that will help Lesaka reach 1.7 million active consumers and 120,000 merchants in Africa.
While both companies didn’t disclose leadership changes, the new entity will hire 3,300 employees across South Africa, Namibia, Botswana, Zambia, and Kenya.
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, Fincra’s 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.
Telco
9Mobile’s network problems were due to fibre cuts
Why would you leave a SIM card in your mobile phone that provided poor network service for nine months, instead of simply switching to another network? For 9Mobile subscribers, it is a sentimental attachment to a network they once cared about. It is like continuing to love your football club when they don’t win trophies.
Subscribers of 9Mobile, dubbed the sickman of the telecom industry, have seen many months of below-par services. While they held on faithfully, they were not told the telco suffered fibre cuts—until now.
The telco recently changed ownership, from Emerging Markets Telecommunications Services Limited (EMTS) to Light House Telecoms. Apart from the ownership switch, little has changed in terms of capital investment. The number of fibre optic cables it has since its previous owner and UAE-based Etisalat left the company in 2018 is still the same as of 2022—4,650 km.
Thomas Etuh, founder of LightHouse Capital, parent company of LightHouse Telecoms, is raising money to fund the telcos’s infrastructure needs. Pending when he gets the money, 9Mobile subscribers would need more patience.
Introducing Pay with Pocket on Paystack Checkout
Paystack merchants in Nigeria can now accept payments from PocketApp’s 2 million+ customers. Learn more →
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$61,188 |
– 0.56% |
+ 3.29% |
| Ether |
$2,393 |
– 3.73% |
– 5.21% |
 Hamster Kombat |
$0.004754 |
+ 0.56% |
– 51.28% |
| Solana |
$142 |
– 3.28% |
+ 5.05% |
* Data as of 06:20 AM WAT, October 3, 2024.
Opportunities
- Here’s 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 you’re 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 fees—something that often blindsides house renters. If you’re renting a property in today’s Nigeria, you can pay up to 20% of your rent on extra fees but with Krent, you’ll 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.
- Niyo Fest, happening October 3-5 in Birmingham, is a celebration of tech, culture, and community. It connects underrepresented innovators with industry leaders, offering networking, workshops, and insights into AI, gig economy, idea funding, business strategy, branding, and more. Speakers like Vusi Thembekwayo, Mandy Nyarko MBE, and Peace Itimi will lead impactful conversations on growth and empowerment. It will be an opportunity to learn, network, and be inspired. Get your tickets here.
Issue virtual USD cards for you and your customers
Do you want to issue virtual USD cards for your customers and business expenses? Use Kora’s APIs to issue cards, customise your card program, and set your customers’ funding limit to your risk level. Get started here.
Written by: Faith Omoniyi, Frank Eleanya, and Emmanuel Nwosu
Edited by: Olumuyiwa Olowogboyega and Ganiu Oloruntade
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