BD Insider is back!
This is a blog copy of the 79th version of our weekly newsletter, BD Insider. Subscribers get to read it first and can take action based on it.
BD Insider is back!
It has been a while since we sent one of these out. We took time off to focus on the work at the blog. We also put things in place to make sure that when we did come back, we would do things differently and better.
A quick recap of some of the most important things that have happened in the last four months:
- Our last newsletter went out the week after the Nigerian Twitter Ban. Well, not much has changed on that end. 108 days later, Twitter is still baned in Nigeria. According to Netblocks, Nigeria has lost around $650 million from the ban.
Twitter’s share price, however, has increased by over 5% in that time, a whopping $2 billion added to the company’s market cap. “Nigeria is one of Twitter’s largest markets…yen yen yen”
- We started and ended our first-ever content series, themed Under the Hoodie. It was 20 weeks of speaking with 20 very talented operators within the tech ecosystem that are doing well. Our last edition had us speak with Victor Ekwealor, a former tech journalist and the current Head of Growth at Dash, about how his media career prepared him for tech.
- As Under the Hoodie rounded up, we began another series titled Zero to Scale, this time in partnership with OneRoute.io. This series focuses on the stories of African founders who have been able to scale their businesses. So far, we have hosted four founders on the series. You can read all the episodes here.
- The naira has also entered into free fall in the FX market despite the Central Bank Governor doing everything within his power to fight it, including issues a “come and beat me” challenge to a parallel rate publisher.
Now, let’s talk about the most interesting stories from last week.
Zero to Scale with the co-CEO at Printivo
In last week’s Zero to Scale episode, Temitope Ekundayo, the co-CEO at Printivo talks to us about how impressive customer service led to a strategic referral that started the scaling journey for Printivo.
According to Temitope, customer experience starts before the order comes in, and continues well after the purchase has been made.
Printivo?
It is a technology company that is providing print solutions for individuals and brand
What is Zero to Scale?
Zero To Scale is a new web series on our blog that focuses on the journeys of African founders and their startups from day zero until the day they achieve scale. The series is produced in partnership with Oneroute.io, an all-in-one tool for your customer communication needs.
Read this interview here
Chainalysis on the African crypto ecosystem.
Last Tuesday, Chainalysis, the New York-based blockchain data platform released a Geography of Cryptocurrency report focused on the African crypto ecosystem.
This report is an analysis of the volume and nature of transactions on the African continent between June 2020 and July 2021 done with the intention to highlight the growth of the ecosystem on the continent.
Few things we learnt from the report:
- In Africa, crypto growth and adoption is fuelled by retail players
From the report, it was revealed that Africa’s cryptocurrency market has grown by almost 1200% in the last year—more than any other region. Putting the local crypto ecosystem’s value at $105.6 billion at the time of these findings.
- Less than 1% of cryptocurrency received in Africa came from illicit sources
This is contrary to allegations from politicians and central bank governors that even led to the ban of the currency in Nigeria.
- Young Africans are getting money smart thereby using cryptocurrency to beat inflation.
Find more about this report here
Buy Now, Pay Later
It is a short-term financing that allows individuals to purchase items and claim immediate ownership by paying a portion of the cost now and spreading the balance over an agreed period. Since most merchants who offer this service do not charge interest on the purchase, it comes as a cheaper alternative to taking up loans to acquire the same item. Also, the allure of paying in instalments makes it a pocket-friendly option.
Okungbaye Ajibola wrote about everything in between this lastest era of consumer financing in Nigeria. You should read it.
Fundraising
Releaf secured $4.2 million to scale Nigeria’s oil palm sector with technological solutions
Prospa raised a $3.8m pre-seed round to offer software and financial services to Nigerian entrepreneurs and micro-businesses.
- Pezesha closed a seven-figure growth funding round led by GreenHouse Capital (GHC).
- Kenyan church-focused startup raised seed funding for expansion
- Egyptian health tech startup Sotech raised $1 million in pre-seed round
Things we found interesting
- What you need to know about the approval of 5G network deployment in Nigeria
- Under The Hoodie with Victor Ekwealor, Head of Growth at Dash.
Tech word for the week:
Product Market Fit – This means ‘being in a good market with a product that can satisfy that market.’
Product-market fit is a goal every startup must target. Unfortunately, most startups do not fully understand it, hence, they fail. It guides the activities of successful companies. They focus on meeting the needs of early adopters, gathering feedback, tweaking the product, and getting the interest of the market on the product.
Do you find this word interesting? Follow this link to learn more.
Job Opportunities
- uLesson is hiring an Android Engineer
- uLesson is hiring a Head of People
- Buycoins is hiring a Technical Product Manager
This is all for the week.
- Share this newsletter with someone curious about tech in Africa
- Turn on tweet notifications on our page, to stay tuned for the Zero to Scale
Stay safe, Johnstone.
