Wow! You've come a long way, and I'm glad you're here reading the final Techpoint Digest for the year.
We'll be in a new year in less than two days. While I don't believe anything changes, I relish the excitement of setting goals for the new year and seeing the "new year, new me" trend. It's fun, don’t you think?
Anyway, how was 2022, or has it been? For me, it was a year of learning the hard way.
I'm sad I had to, but it happened, and I won't make the same mistakes again. 😭😭 I also lost money and people. So, 2022 was "a lot".
But I'm glad I got my diagnosis this year because it has allowed me to be more productive. All thanks to Techpoint Africa, I've developed a few coping mechanisms! They've been helpful, and it's incredible to be working with such an organisation.
Of course, shout out to you, my amazing reader. I couldn’t have come this far without you. Thank you for reading and sharing with friends, family, and haters. 😂
Most importantly, I need your suggestions on how to improve Techpoint Digest for the coming year. So, what do you want to see that you haven't seen before? What fun games should I include? What other ideas do you have for making this newsletter more interesting?
Dear reader, I can't wait to see you in 2023! 😂😉❤💃🤗 I don't know if you'll get my newsletter on Monday, but if you don't, you'll get it on Tuesday. I love you. I know we can do much more in 2023.
Don’t forget to tell me how 2022 went for you by clicking the reply button.
Here’s what I’ve got for you today:
- What does 2023 hold for the African tech ecosystem?
- Nigerian Senate asks the CBN to postpone the deadline for withdrawing old naira notes
What does 2023 hold for the African tech ecosystem?
You’d agree that 2021 was a massive year for the African tech ecosystem; there were more disclosed funding rounds than we could keep up with.
Slowed down by travel restrictions caused by COVID-related lockdowns in 2020, it appeared investors sought to make up for lost ground in 2021.
The result was record-breaking investments in African startups. At the turn of the year, many expected that trend to continue, and early signs suggested that would be the case, with Africa the only region unaffected by the global VC downturn.
According to data from various sources, startups on the continent received more than $4 billion in investment in 2021, representing more than double the investments in 2020.
Many expected the trend to continue in 2022. Early indications suggested it would, with Africa being the only region unaffected by the global VC downturn.
However, few predicted the global economic crisis, and while it wasn’t immediately evident, it is now clear that African startups were equally affected.
As the year draws to a close and preparations for 2023 begin, Techpoint Africa spoke to some investors to get their thoughts and predictions on what the investing and startup landscape would look like next year.
Uwem Uwemakpan, VP of Fund Operations at Ingressive Capital, said that only a few people anticipated the impact of the global economic downturn on fundraising. He expressed disappointment with policies that harmed entrepreneurs and slowed innovation in certain sectors.
For example, the Central Bank of Nigeria (CBN) directed all banks to cease facilitating transactions for cryptocurrency companies.
They also shared which industries will see renewed interest. You can read it here: From continued capital crunch to shortage of IT talent, what does 2023 hold for African startups?
You can also watch it here: Five African startup investors share their expectations for 2023
Nigerian Senate asks the CBN to postpone the deadline for withdrawing old naira notes
The Nigerian Senate has asked the Central Bank of Nigeria (CBN) to postpone the deadline for withdrawing old naira notes from January 31, 2023, to June 30, 2023.
According to Senator Aliyu Wammako, "The timing needs to be extended to allow every Nigerian to play his/her own role. I support the motion that this withdrawal date is extended to June 30, 2023.”
A timeline of events: In October 2022, the apex bank initially planned to introduce the redesigned ₦200, ₦500, and ₦1000 notes starting December 15, 2022. However, it began issuing on November 23, 2022.
But how many of you have seen the new notes? I haven’t.
Sidebar: A few days ago, Techpoint Africa's Intelligence arm, Intelligence by Techpoint Africa, created a Twitter poll asking if you've seen the newly redesigned notes. You can vote here.
Back to the backstory: On December 6, 2022, the CBN introduced new withdrawal limits to take effect from January 9, 2023, with individuals withdrawing ₦100,000 ($135) and ₦500,000 ($676) per week over-the-counter, Point of Sale (PoS), or Automated Teller Machines (ATMs).
However, on December 23, 2022, it revised the limit. The new weekly withdrawal limit is now ₦500,000 ($676) for individuals and ₦10 million ($22,423) for organisations.
What I’m reading and watching
- What To Say to Someone Who's Depressed
- How BAD Is It When Something Goes Down the "Wrong Tube"???
- Should you bring a kid into this world?
- Why South Africa is still so segregated
- The Most Successful Scientific Theory Ever: The Standard Mode
- How drama therapy can help express emotion
- Misk Entrepreneurship has partnered with Plug and Play to launch the fourth cohort of Misk Accelerator 2023 where 20 startups will participate in the 12-week hybrid programme. Apply here.
- The New York Times is looking for a Researcher/Reporter in Dakar, Senegal. Apply here.
- Are you a corp member in Nigeria? Polaris Bank’s DigiCorper Programme 2023 is open. To learn data science, product management, product design, backend or frontend software development, or basic literacy skills, register here.
- The Eswatini Communications Commission (ESCCOM) has initiated a Girls in ICT’ Development Program, aimed at young ladies who are interested in pursuing an Information, Communications, and Technology (ICT) related profession. To apply, check this out.
- The United Nations is seeking an Associate Programme Management Officer. Apply here.
Enjoy the last days in 2022.
Victoria Fakiya for Techpoint Africa.