Emmanuel and Chimgozirim here.
Today we're discussing:
- New or not so new logistics regulations
- Uber, Lagos, and lost items
- The race to build Africa’s crypto infrastructure
- Future Africa’s 2021 investment so far
New? logistics regulations in Nigeria
The Nigerian government has approved what seems to be new regulations for the Nigerian Postal Service (NIPOST). It also approved a rulemaking process which, it states, would establish NIPOST as a regulator in the logistics sector.
The rule is termed: The Courier and Logistics Services (Operations) Regulations and will provide a regulatory framework for Nigeria’s logistics sector.
Is this familiar? Yes. In 2020, NIPOST released a regulation with the same name but to huge backlash and outrage. The regulations increased licencing fees for logistics operators, and they were also required to remit 2% of their revenue to the NIPOST.
Despite the fact that NIPOST regulations are subject to Ministerial approval, Dr Isa Pantami, Nigeria’s ICT minister feigned ignorance at the rules and ordered NIPOST to back down.
What has changed? The government only stated that it has approved new regulations, but no details have been revealed yet. Have the controversial provisions been removed? How will this impact the logistics sector?
Let’s dive into this rabbit hole later today. It should be interesting.
What have you lost lately on Uber?
Have you been in the city of Lagos on a typical Monday morning? You would likely find it doused with the smell of vehicle exhaust and the desperation of commuters.
You think you’re lucky: You ordered an Uber so you don’t have to jump Danfos (commercial yellow buses), but guess what, no one is safe. You would still have to chill in hot traffic.
No surprise then when Uber stated that Lagosians are the most guilty of forgetting items at the end of their trips. And it happens the most on, you guessed it, Mondays and Sundays.
Some of the items forgotten include the regular culprits like keys and wrist watches but also things you wouldn’t expect anyone to forget like cameras and laptops.
Thankfully, you could retrieve these items….hopefully.
Check back later today to find out what other items people left behind.
Future Africa's 2021 investment
Nigeria’s Future Africa fund says it has invested $3 million in 13 African startups so far in 2021, double the investments made in 2020. Founded by serial entrepreneur, Iyin Aboyeji in 2020, Future Africa is on a mission to provide early-stage funding for African innovators.
More funding for female-led startups: Earlier this year, Iyin stated the firm’s desire to invest at least $1 million in female founders. Going by the announcement, it would seem that the goal has been reached. While they declined to mention all startups that have been funded, of the four mentioned, we can confirm that Lami has a woman on its founding team.
Can you take advantage of this? For a yearly subscription fee of $1000, individuals can take part in funding Africa’s future where they can invest a minimum of $5000 yearly. Limited Partners can invest up to $25,000 yearly.
We go into more detail here.
More African founders are getting involved in providing early-stage funding for African entrepreneurs. Piggyvest co-founder Odunayo Eweniyi and Endeavor Nigeria MD, Eloho Omame recently launched a fund for female founders. Iroko TV founder Jason Njoku has also been involved in providing funds for entrepreneurs through SPARK and later Investzilla.
Africa’s crypto Infrastructure
Not long ago, I had a series of interviews with several crypto startup founders. At the time, it seemed like every time I checked my inbox, there would always be a crypto startup pitching a story. To be honest, it felt strange and intriguing.
Those series of interviews helped me understand the space and gave birth to some interesting stories. Like how Nigerian youth dominate the crypto surge, how the Nigerian government could leverage it for growth, how to think about regulations, and several exciting use cases for crypto.
A clear pattern: A major gap we noticed was a clear dearth of blockchain, and by extension, crypto infrastructure.
For crypto startups to thrive, there has to be a technology infrastructure powering it, and most of them starting out have to get liquidity (enough cash to power through the early stages).
Quidax, one of Nigeria’s earliest exchanges, launched in 2017 at a time when crypto was only a whisper and a tale for most Nigerians.
We had a chat with CEO Buchi Okoro on the company’s journey which started from building trust in WhatsApp groups to creating an exchange that currently averages nearly a billion dollars worth of yearly transactions.
In case you missed it
Homzmart raises $15m
Seriously, Egyptian startups need to show everyone the secret. This is the third funding round of over a million dollars in the MENA region this week. Co-founded by Mahmoud Ibrahim, COO of Daraz and Ibrahim Mohamed, former Head of Logistics, Jumia, the startup has secured $15 million to build its furniture marketplace. There's more.
Egypt-based last-mile delivery company, Bosta, raises $6.4m Series A. Read
Safaricom’s end of fiscal year report shows an increase in Internet data revenue. Read.
What else we’re following
NASS To Repeal NIPOST Act. Read.
On Gojek’s gamified platform, the rules change, and the drivers lose. Read
Google wants to bring Android apps to your car. Read