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In Nigeria, food inflation has gotten so bad, its poorest citizens are resorting to buying slices of yam while its political elite continue to fight for their slice of the national cake. About 30 state governors spent $600 million in three months on refreshments—about enough money to buy bags of rice for 11 million Nigerians who cannot afford it.
Here’s a chart from The Big Daily that really puts inflation into perspective.
If you’d like to get more interesting insights on the Nigerian economy, The Big Daily is where you should be looking.
Layoffs
Copia Global lays off 1,060 employees
There are big questions over the future of Kenyan e-commerce startup Copia Global. Citing uncertainties, it considered options like large-scale layoffs or even shutting down entirely in May. Two weeks ago, Copia entered into administration and now, will be having conversations about its future.
Today June 7, at least 1,060 of its staff employment will be terminated.
In a short meeting, CEO Tim Steel, alongside the newly appointed administrators, told the remaining staff they were required to return company property like laptops and tablets today. Additionally, they were asked to sign termination letters today, officially ending their employment in Copia.
The company has agreed to pay a one-month severance package to its laid-off staff, including unpaid leave days as required by Kenyan labour law. But a major snag remains: no one knows when they will actually get the money.
This lack of transparency is understandably causing anxiety, especially considering the recent delay in May salaries, which employees just got this week. Per a TechCabal report, two Copia employees have refused to sign their termination letters until a clear payment schedule is established.
Just last Tuesday, Copia halted taking orders in six towns including Naivasha, Machakos, Meru, Embu, Kericho, and Eldoret and the staff in these areas were also reportedly sent on leave.
Echoing Kenn Abuya’s article where he noted signs of strain despite Copia’s claims of “cracking the nut of last-mile delivery”, the once well-funded company now struggles to stay afloat.
Moniepoint is Africa’s fastest-growing fintech
The Financial Times has ranked Moniepoint as Africa’s fastest-growing fintech based on its absolute and compound growth rate. Read more about it here.
Funding
Africa receives only 2% of global clean energy investment despite huge energy gap
Global investment in clean energy is projected to hit a whopping $2 trillion this year—double the amount being invested into fossil fuels.
While this is a major win for Mother Earth, a new report by the International Energy Association (IEA) found a bit of a bummer situation for Africa. The continent will receive only 2% of this amount, a mere $40 billion. This allocation stands in stark contrast to Africa’s immense energy needs as over 600 million people lack access to electricity, and around 1 billion struggle without clean cooking fuels.
While 83% of the global population lacking electricity reside in Africa, the World Bank and AfDB are aiming to cut that number in half by 2030. Their combined plan, estimated at $30 billion, will see the World Bank provide access to electricity to 250 million people, while the Africa Development Bank Group (AfDB) focuses on reaching 50 million.
The total amount of money expected to be invested in African energy in 2024 is around $110 billion (USD). Seventy billion will go towards traditional fossil fuels, while the remaining $40 billion will be used for cleaner energy sources.
China is expected to receive the largest investment in clean energy in 2024 with an estimated $675 billion, while Europe is set to account for $370 billion and the United States $315 billion
Africa currently lags behind the global average in energy investment. While the worldwide share of GDP dedicated to energy sits at 1.8%, African nations allocate only 1.2% of their GDP to this sector. This shortfall is further compounded by a significant funding gap.
The IEA new report estimates that Africa requires a yearly investment of $200 billion by 2030 to reach its energy and climate objectives. Unfortunately, the current reality falls far short, with only $25 billion secured annually.
Collect payments anytime anywhere with Fincra
Are you dealing with the complexities of collecting payments from your customers? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. What’s more? You get to save money on fees when you use Fincra. Get started now.
Fintech
KYC requirements to cost Fintechs over $1million
On Monday, June 3, Nigeria’s central bank lifted its six-week-long ban on customer onboarding by Nigeria’s top fintechs—Paga, OPay, Kuda, Palmpay, and Moniepoint.
Before the suspension of the ban, the apex bank, on May 20, 2024, shared a list of requirements for these fintechs to continue customer onboarding which include blocking peer-to-peer (P2P) crypto transfers and mandating physical address verification for customers of all tiers of accounts and POS agents who offer agency banking services.
With well over 1.5 million POS agents combined, these fintechs could be spending as much as $1 million to verify their physical addresses.
What were the most popular payment channels on Paystack in 2023?
Find the answer here 
paystack.com/2023
TC Insights
Funding tracker
This week, Moroccan agritech startup YoLa Fresh secured a $7 million pre-Series A funding round. The round was led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO, the Dutch entrepreneurial development bank.
Here’s the other deal for the week:
- Egypt-based prop-tech Birdnest closed an undisclosed round of pre-Series A funding from investors, including Beltone Venture Capital and CI Venture Capital.
- Zambian e-commerce startup Bosso raised $400,000 in a pre-seed round. Investors include Leonard by Vinci, Launch Africa Ventures, Renew Capital, Change-Com, and various angel investors.
Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. Before you go, our 2024 Nigerian Payments Report is out. Click thislink to download it.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$71,137 |
+ 0.50% |
+ 12.40% |
| Ether |
$3,816 |
– 0.99% |
+ 24.55% |
 Notcoin |
$0.020 |
– 0.93% |
+ 44.49% |
| Solana |
$171.85 |
– 0.69% |
+ 17.19% |
* Data as of 06:20 AM WAT, June 7, 2024.
Events
- TechCabal is set to announce its first set of speakers for the second edition of its Moonshot Conference which is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off.
- HR Crunch is an event for young professionals, fresh graduates, and entrepreneurs to gain insights from industry experts and network. The event features panel sessions centered around Fashion and Arts, Sports and Health, Media and Entertainment, and Recruitment Technology. All registrants can participate in interactive Q&A sessions, engaging games, and other inclusive activities. There are two ticket options available: attendees and job seekers. Both tickets offer the same perks, but job seeker tickets include access to a speed job interview, providing a unique opportunity for career advancement. Tickets are free at https://tix.africa/discover/hrcrunch.
Here’s what we’ve got our eyes on
Written by: Faith Omoniyi, Stephen Agwaibor & Towobola Bamgbose
Edited by: Muyiwa Olowogboyega
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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