Good morning 
According to the National AI and Big Data Strategy Report, only seven African countries have developed national AI plans, and none have formal AI regulations.
Later today, by 4 PM WAT, I’ll be having a conversation with three AI experts on why that is, and how we can bridge the gap by building AI models with African data.
On the panel are Zain Verjee, Co-founder of The Rundown; Megan Yates, Co-Founder of Zindi, and Clinton Oduor, ML Engineer, & Head of Data Science, Amini.
Register to join us for what’s sure to be an insightful fireside conversation.
Internet
Starlink is now live Botswana
It would seem Starlink is hogging all the media headlines this week. Today marks the satellite ISP’s third appearance in TC Daily.
But following the kerfuffle with Safaricom planning to slow down its operations in Kenya, and cutting off 12,700+ South African users, the satellite internet service provider (ISP) has caught a break in other countries. Starlink is now live in Botswana, three months after securing a licence.
Yet, this was a hard-won victory. Starlink was previously denied an operating licence in Botswana in February 2024 over missing information in its application, despite claims from the government disputing this.
African countries want stricter regulations for foreign satellite internet companies. Due to its competitive advantage in speed and bringing arguably superior technology in low-orbit satellites compared to cell towers, African governments are cautious of handing Starlink free rein to cannibalise local ISPs and mobile network providers in their countries.
Botswana’s ISP market is competitive. Mascom, the leading ISP in the country, controls 43% of the market share. Orange and BTC follow closely at 39% and 18% respectively. In terms of the quality of broadband service, Starlink will have an advantage. The average internet speed in Botswana is 21 megabytes per second (MBPS). Starlink reaches 250 MBPS.
Starlink’s licence in Botswana also gives it another advantage in distribution. Local ISPs rely on multi-level resellers. However, Starlink only sells its hardware through authorised distributors, which gives it control over the distribution value chain and reduces middleman fees.
But Starlink will be betting its last-mover advantage on its technology. Botswana joins eight other African countries that have authorised Starlink to operate in the continent.
Read Moniepoint’s 2024 Informal Economy Report
Did you know that 57.7% of the business owners in Nigeria’s informal economy are under 34 years old? Click here to find out more about the demographics of Nigeria’s informal economy.
Manufacturing
Bamburi Cement receives new $197.2 million acquisition offer
In a surprising twist, Savannah Clinker has made a $197.2 million bid for Bamburi Cement, just weeks after the Kenyan cement giant accepted an offer from Tanzania’s Amsons Group.
The counter-offer, at $0.54 per share, represents a 53.34% premium over Bamburi’s current share price. It could complicate the sale of the company, which was already in the works after Holcim, a Swiss construction materials giant, approved Amsons’ bid.
Savannah Clinker is owned by Benson Ndeta, a director of Savannah Cement, a company that recently entered administration. Unlike Amsons, Savannah Clinker has indicated that it does not intend to delist Bamburi from the Nairobi Securities Exchange.
The competing bid could set the stage for a heated battle between the two companies as they vie for control of one of Kenya’s most valuable assets.
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Manufacturing
Egypt in talks with India to set up new carbon black plant
Did you know that the rubber in car tires is strengthened by a tiny, black powder called carbon black? It’s a versatile material used in everything from tires to paints and even electronics. The global carbon black market size is worth $12.8 billion and governements across the world, including Egypt, have been ramping up plans to get a slice of the market.
On Tuesday, Egypt began talks with an Indian carbon black manufacturer to establish a $60 million production plant in the country. While the government kept the name of the Egypt manufacturer under wraps, discussions were held with a top carbon black manufacturer.
If the talks goes through, the carbon black manufacturer will be the second Indian manufacturer to set up a carbon black plant in the country after Birla Carbon, a leading India-based global producer, which has a manufacturing facility in Egypt.
Paystack Virtual Terminal is now live in more countries
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Economy
Nigeria plans FATF Greylist exit by 2025
Nigeria was listed by the Financial Action Task Force (FATF) in February 2023, as one of the countries with weak anti-money laundering (AML) policies in the world.
The country has historically struggled with untraceable money. It lost $217.7 billion to illicit financial transactions between 1970 and 2008. While that number has slowed, the country still accounts for 30.5% of illicit financial outflows from Africa.
Since being placed on the FATF greylist, Nigeria has worked closely with the FATF to improve its anti-money laundering and counter-terrorism financing (AML/CFT) policies. It has complied with 32 of the FATF’s 40 recommendations.
Femi Gbajabiamila, chief of staff to the Nigerian president, has promised to secure Nigeria’s removal from the FATF Greylist to enable it to do business with other countries without scrutiny. The chief has vowed to do so before May 2025.
So far, Nigeria has tightened customer due diligence processes in traditional finance, and also plans to regulate cryptocurrency—one channel it has previously said is notorious for hiding money.
Yet, Nigeria still has its work cut out to regulate designated non-financial businesses and professions (DNFBPs), like real estate agents, lawyers, and accountants that may be involuntarily involved in these acts due to their trade and financial activities. The FATF says little to no work has been done to fix this blindspot.
While relevant regulators like the Special Control Unit on Money Laundering (SCUML) and the Economic and Financial Crimes Commission (EFCC) have made initial policy reviews on these DNFBPs, there needs to be awareness creation on how to spot potential money laundering activities, how to conduct due diligence, and ensure tighter compliance checks.
Whether this is feasible in the nine months that Gbajabiamila is proposing remains to be seen. The next FATF review is in November 2024.
Dive In Festival 2024: A Global Call for Change
Join the Dive In Festival 2024 on Sept 24 in Nigeria and Namibia! This global event features industry leaders, discussions on sustainability, and opportunities to connect with a community driving change. Register Now to join the conversation!
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$59,184 |
– 0.21% |
– 11.34% |
| Ether |
$2,528 |
– 7.86% |
– 23.87% |
 Toncoin |
$5.55 |
+ 4.80% |
– 30.85% |
| Solana |
$143.40 |
– 2.68% |
– 21.88% |
* Data as of 06:15 AM WAT, August 29, 2024.
Events
- Resilience17 (R17) is launching an AI Accelerator to help ambitious globally focused teams build and launch AI products. The Go Time AI Accelerator is open to Nigeria-based companies. The accelerator offers up to $200k total investment with an initial $25k upfront (via SAFES with a $2.5m valuation cap), expert mentorship from industry veterans and technical gurus, technical and business growth support, access to API & Cloud credits, housing credits, delicious team meals, and a vibrant workspace in Victoria Island, Lagos. Apply by September 13.
- The Africa Prize for Engineering Innovation is open to African innovators creating engineering solutions to local challenges. Innovators from sub-Saharan Africa should pitch viable engineering products or services that will have social or environmental benefits to the continent. Apply for the chance to get up to $25,000 in funding.
- 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.
Written by: Faith Omoniyi, Stephen Agwaibor & Emmanuel Nwosu
Edited by: Olumuyiwa Olowogboyega & Timi Odueso
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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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