The Lagos Startup Expo is in seven weeks, and I’d love to have you there.
This event will bring together several startups, entrepreneurs, investors, industry professionals, tech enthusiasts, and other stakeholders for a day filled with opportunities to innovate, network, and grow. You certainly don't want to miss it.
Along with networking with like-minded business owners, financiers, and mentors, you'll experience new products and services from exhibitors and sponsors and benefit from special offers.
You will also get the chance to provide product feedback to startups and collaborate with them. At two of our previous events, two people I know met their employers.
There is no excuse for you not to attend the Lagos Startup Expo since it is free and open to everyone. Reader, don’t sleep on this!
Plus, there's a VIP ticket which will give you access to additional perks at the event, including a masterclass with industry leaders that will offer in-depth training and insights on key topics essential to the success of any startup.
Here's what I've got for you today:
- 9 questions about open banking in Nigeria answered
- South Africans to enjoy free WiFi in minibus taxis
- Shuttlers' $4m financing
- Kenya's plans to reduce traffic accidents
9 questions about open banking in Nigeria answered
On March 2023, the Central Bank of Nigeria issued operational guidelines for open banking.
Nigeria is the first African country to do so, paving the way for what many believe will catalyse improved financial services.
In Nigeria, open banking is a relatively new phenomenon. The Open Technology Foundation was established in 2017 by a group of professionals in the financial sector to promote open banking in the country.
Their efforts resulted in the CBN releasing the regulatory framework for open banking, culminating in its approval in March 2023.
Outside financial circles, there is little information about open banking, but it would impact businesses and people.
If you have as many questions about open banking as I do, Chimgozirim has some answers.
For instance, if you’re wondering what open banking is, it lets customers grant third-party providers access to their financial data and transactions. Imagine that, like many Nigerians, you have bank accounts with more than one bank but need a loan from a lending startup.
Under open banking guidelines, you can allow these five banks to share your financial data with the lending startup so they can make a decision.
Most data types, including any financial information an organisation has about you — such as your credit history, transaction history, and other financial information — that participating institutions hold can also be shared with outside parties.
Chimgozirim chatted with Yvonne-Faith Elaigwu, a Trustee at Open Banking Nigeria, to discuss the potential effects of open banking in the nation. Find out what that means here: 9 questions about open banking in Nigeria answered
South Africans to enjoy free WiFi in minibus taxis
Vodacom Business and Netstar, a vehicle tracking and telematics company, have partnered with a free in-taxi connectivity service, WiTaxi, to provide free WiFi service to thousands of minibus taxis across South Africa.
The Netstar telematics devices installed in Toyota minibus taxis which also function as WiFi routers support the WiFi networks. The gadgets are already in 3,200 vehicles and can be installed in up to 48,000 taxis.
During their daily commutes, passengers can browse for free on their devices. The service allows commuters to use up to 1GB of data daily if they are willing to view 15-second advertisements.
According to Grant Fraser, Netstar Group Managing Director, the initiative would revolutionise the travel experience for drivers, passengers, and operators.
Per Fraser, “South Africa’s taxi industry is responsible for more than 60% of daily commutes, making it an integral part of the country’s transport sector and a significant economic player.”
Vodacom plans to launch a rewards programme linked to this network through its app, VodaPay, to give commuters access to vast network content.
The company claims it will help facilitate cashless transactions, allowing travellers to finish their daily tasks while earning rewards.
What's more, the in-transit connectivity will address road hazards like potholes, traffic, and accidents, according to Vodacom and Netstar.
Shuttlers' $4m financing
Nigerian mobility startup, Shuttlers, has raised $4 million in a new funding round to improve its technology and increase hiring in the customer service, marketing, and sales divisions.
Verod-Kepple Africa Ventures (VKAV) led the round with participation from returning investors like VestedWorld, ShEquity, CMC 21 & Alsa, and EchoVC.
The funding will also help the company to develop the infrastructure to support its mass transit operations, enable employee transportation for more businesses, and boost market share as it expands to five new cities in Nigeria.
Damilola Olokesusi (CEO) and other co-founders launched Shuttlers in 2016, enabling individuals and corporate passengers to book rides via its app.
Shuttlers focuses primarily on corporate trips and commutes. It allows employees to reserve seats that follow predetermined and scheduled routes.
It offers employers options to pay the full fare for their staff or split it with employees. Also, affiliated customers can pay the full fees. The prices range between ₦850 ($1.96) and ₦1300 ($2.60).
According to Olokesusi, approximately 260 buses run 300 routes daily in Lagos and Abuja.
The company says it sells over 9,000 tickets daily to individual and corporate passengers and, according to its website, has recorded 3 million trips.
Shuttlers claims to contribute to lowering pollution and traffic by assisting commuters in easing the stress of driving to work or using disorganised public transportation. It claims to have cut commuters' carbon emissions by 85%, or about 4 million pounds of carbon dioxide.
Kenya's plans to reduce traffic accidents
Kenya plans to use monitoring equipment to determine the speed of vehicles on roadways to reduce traffic accidents.
Following an increase in accidents on the road, Transport Cabinet Secretary (CS), Kipchumba Murkomen, gave the National Transport and Safety Authority (NTSA) the go-ahead to install traffic and speed cameras all over the highways.
On Kenyan roads, more than 3,000 people die every year. Over 75% of victims in traffic accidents are young adults looking for jobs.
According to Murkomen, despite numerous initiatives to address the carnage on the roads, several lives were still lost each day due to careless driving. So, the roads division will increase the number of privately owned motor vehicle inspection facilities.
The NTSA will collaborate with Kenya Rural Urban Roads (Kura) to make it simpler to implement the intelligent traffic system (ITS), allowing the construction of a traffic management centre (TMC) and the installation of ITS infrastructure, including CCTV cameras, at 81 junctions throughout Nairobi.
He also ordered that a transport data centre and a road transport dashboard be made operational.
Besides, Murkomen directed the NTSA to create an accident reporting platform so that people could notify emergency and medical services in the event of an accident. He instructed NTSA to work with medical experts and the Insurance Regulatory Authority (IRA) to establish an accident and emergency mutual aid system. This will guarantee that accident victims receive the necessary medical attention, such as ambulance services.
In case you missed it
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What I'm reading and watching
- Startup CEO Charged With Fraud After Allegedly Faking User Base to Secure $175 Million From JPMorgan
- PayPal adds Apple Pay support for small merchants using Advanced Checkout
- This Is How You Become More Articulate
- Don't Force Anything - Alan Watts
- RelianceHMO is looking for a Technical Product Manager in Lagos, Nigeria. Apply here.
- RelianceHMO is hiring a User Experience Researcher in Egypt. Apply here.
- VEED is looking for a Digital Marketing Analyst to join them remotely. Apply here.
- Givebutter is hiring a Data Analyst. Apply here.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a wonderful Wednesday.
Victoria Fakiya for Techpoint Africa.