Stears takes a new turn 

October 5, 2023
4 min read

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According to the South African Banking Risk Information Centre's (Sabric) most recent statistics on banking fraud, in 2022 cybercriminals stole over R740 million from unwary users through digital banking fraud.

In 2022, reported incidents of digital banking fraud increased by 24% over the previous year. This coincides with most banks reporting a significant rise in customer use of online banking services.

For instance, in the first half of 2023, the number of active Nedbank Money app users increased by 23% to 2.2 million. Per Absa, during the same time, its 3.5 million digitally active customers increased 10%.

Here's what I've got for you today:

  • Stears takes a new turn
  • Netflix to discontinue free plan in Kenya

Stears takes a new turn


Stears, a Nigerian data and intelligence company, is launching new services and changing its business model.

The company is now transitioning from providing data solutions for consumers to those for businesses.

Stears will discontinue its individual subscription feature but current ones will remain active until they expire.

Michael Famoroti, Bode Ogunlana, Abdul Abdulrahim, and Preston Ideh founded Stears in 2017 to solve Nigeria's lack of information and data-driven insights.

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Since then, Stears has served as a go-to resource for information for Nigerians with its analysis and offerings, including a COVID-19 case monitoring platform and Nigeria's first real-time election database.

Yvette Dimiri, Director of Stears Insights, stated that user feedback prompted the change in the business model.

In October 2022, Stears — one of the 60 startups selected for the Google for Startups Black Founders Fund 2022 batch in September 2022 — raised a $3.3 million seed round.

Consequently, the company plans to offer organisations new intelligence solutions, including market sizing estimates, predictive forecasts, consumer indices, and extensive macroeconomic datasets.

The company will keep publishing articles, which are its main product. It also has plans to expand into countries in East and West Africa.

Netflix to discontinue free plan in Kenya


Starting November 1, 2023, Netflix will discontinue its free plan in Kenya, terminating members' access.

Because the cancellation occurs automatically, members do not need to take any additional action. Users who wish to continue using the service must upgrade to one of Netflix's other plans.

Netflix says users can upgrade for as low as KSh200 monthly to access all shows and movies, more features, and the option to watch on their phones, TVs, or laptops.

Launched in December 2021, the free plan allowed Kenyans to watch ad-free Netflix content from the convenience of their smartphones without having to pay for the service upon registration.

In related Netflix news, the streaming giant reportedly intends to increase membership fees, starting with Americans and Canadians.

In case you missed it

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What I'm reading and watching


  • Google has announced the opening of applications for the Hustle Academy Fund strictly for Nigerian SMEs. Apply by October 12, 2023, here.
  • Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
  • Afrifursa is hosting its annual tech event, Afri Future Tech Summit, in Toronto, Canada, from October 14-16, 2023. At the event, you will gain access to the most innovative companies and tech leaders from across Africa and Canada. Register here.
  • The International Organisation of Employers (IOE) and Seedstars have launched the fourth edition of The Migration Challenge. The programme seeks global tech startups, particularly those in Northern Africa, the Middle East, and Central and Eastern Europe, to develop innovative standard migration procedures that benefit migrants, companies, and governments. These solutions should also address migration caused by the climate and support green transitions with migrant workforces. Apply here by October 6, 2023.
  • Apply for the Design and Digital Marketing School Lagos Program if you want to learn skills in Graphic Design, Product Design, and Digital Marketing for 7 weeks, starting Monday, October 9, 2023. Apply here.
  • Are you an MVP-stage impact-driven founder shaping the future of healthcare? Apply for the Halcyon Fellowship by October 21, 2023 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 Thursday!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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