For most Nigerians, the first quarter of 2023 was like an aimless walk through a desert under the blazing midday sun. So much has happened since the year began. The first was an unusual fuel scarcity from November 2022 that found its way into the new year and ruffled things up a bit – like …
Leatherback offers African startups a lifeline amid global bank shutdowns
A few weeks ago, news broke that Silicon Valley Bank (SVB), the widely endorsed bank for most startups and venture capitalists, was shut down by the Federal Deposit Insurance Corporation (FDIC). What triggered the closure was a bank run that began after the bank announced that it lost $1.8 billion in the sale of treasuries …
Felicia Omari Ochelle, TechPR’s CEO, is helping technology companies tell compelling stories to a global audience
Africa has a population of over 1.4 billion people. Interestingly, it is the youngest continent in the world, with 60% of the entire population aged below 25 years. This makes it the hub of the future workforce and a hotbed for technological innovation. While many African governments grapple with poor unemployment rates, weak economies and …
Mastercard taps local partners to launch contactless payment in Nigeria
Mastercard, a global pioneer in payment innovation and technology in partnership with First City Monument Bank (FCMB) and Netplus, has launched a contactless payment solution that enables consumers, merchants, and financial institutions to process payments seamlessly using Tap on Phone. The launch of the payment solution will eliminate physical contact with a device at the …
Naira at growing risk of devaluation in coming weeks, Absa says
Nigeria will likely devalue its local currency by about 15% after President-elect, Bola Tinubu, is sworn in on May 29 to alleviate severe trade imbalances and dollar shortages, an analyst at Absa Group Ltd. said. Africa’s largest economy operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many …
Nigeria lags African peers in registering business
Blessing Adebanjo (not her real name) was wedged behind her computer with stacks of documents required to register a client’s business in a two-room apartment in Lagos, Nigeria’s commercial capital. Over a five-day period, Adebanjo, a lawyer, tried to register a company on the portal of the agency charged with regulating the formation and management …
Andela Rwanda launches apprenticeship program to connect Africa’s top organizations with talent
Andela, the global network for remote technical talent, has announced the launch of the Andela Rwanda Apprenticeship Program, a 12-week program that aims to introduce global organizations to the vast potential of up-and-coming Rwandese tech talent. The apprenticeship program offers companies the chance to build their team with graduate apprentices from the Andela Technical Leadership …
Autochek acquires a majority stake in Egypt’s AutoTager to strengthen Pan-African footprint
Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars, to deepen its presence in North Africa and support the company’s ongoing growth. AutoTager is a venture-backed startup …
How the naira scarcity drew attention to struggling Nigeria’s cinema culture
Cinema sales in Nigeria are struggling to bring home the bacon. According to reports, Nigerian cinemas recorded N441 million in ticket sales in March. The total admission of viewers into cinemas across the federation, for the period under review was 174,07. According to reports from the cinema exhibitors association of Nigeria, the recorded sales in …
Illicit trade crackdown can help pull debt-ridden African governments back from the brink
Amid significant global economic turbulence, all eyes last week were on the annual Spring Meetings of the World Bank and International Monetary Fund (IMF) held in Washington, D.C. between 10 and 16 April. High on the agenda were the deteriorating debt and climate finance crises facing the developing world. New research from ActionAid published alongside …