Hello,
Victoria from Techpoint here,
Here's what I've got for you today:
- Elon Musk eyes Liberia for Starlink expansion
- How Kuda balances innovation and compliance
- Sycamore bags a cool $100K
Elon Musk eyes Liberia for Starlink expansion
The Liberian government is thinking about getting Starlink satellite Internet service. President Joseph Nyuma Boakai, Sr. recently had a virtual chat with Elon Musk about it.
Both leaders emphasised the transformative potential of technology, particularly in advancing access to these critical sectors, especially in rural Liberia.
Following their discussion, President Boakai extended an invitation for Musk and his team to visit Liberia, underscoring a commitment to ongoing dialogue and potential collaboration, potentially bringing Starlink services to the country.
Meanwhile, Liberia is undergoing significant changes in its telecommunications sector.
New regulations are being introduced to support fintech companies, aiming to foster innovation and competition in a market historically dominated by a few major players.
These reforms are designed to level the playing field, enabling smaller startups to enter and thrive in the mobile and Internet services arena.
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This regulatory shift is expected to empower Liberian entrepreneurs, particularly those developing mobile financial solutions, by providing fair access to essential telecom resources.
It marks a pivotal moment in Liberia's tech evolution, coinciding with Musk's interest in expanding Starlink across Africa. Together, these developments promise a dynamic transformation in Liberia's tech and telecom landscape, paving the way for broader connectivity and innovative services.
How Kuda balances innovation and compliance
Kuda has always taken a proactive stance with regulators, aiming to stay engaged and ahead of the curve.
The neobank views regulation as a tool to enhance trust and stability in the financial system, bridging the gap between their services and customers.
They regularly update themselves with new releases, circulars, and policies and have established an internal compliance program to ensure adherence to both new and existing regulations.
Despite bringing significant innovation to Nigeria's financial services, Kuda sometimes faces constraints due to regulations. Nevertheless, their team has been successful in balancing innovation with regulatory requirements.
When asked about the recent pause in customer onboarding, Kuda’s team expressed surprise but noted it wasn’t entirely unexpected. They understand the fintech industry's broader context, where fraud cases have led to stricter measures.
While it was surprising given Kuda's own efforts, it aligns with the industry's overall situation.
Now, with the recent lift on the ban for new customer onboarding, Musty Mustapha, CTO and Co-founder of Kuda, discusses how the company navigates regulations in Chimgozirim's latest here.
Sycamore bags a cool $100K
The Nigeria Sovereign Investment Authority (NSIA) just announced Sycamore, a lending fintech startup, as the big winner of the second edition of the NSIA Prize for Innovation. Sycamore bagged a cool $100,000!
But they weren't the only ones celebrating. Kunda Kids and PaveHQ also took home prizes, winning $70,000 and $50,000 respectively, making the total prize pool a whopping $220,000.
The winners were chosen from pitches by ten finalists out of a pool of 25 startups, judged on market potential, team strength, traction, and solution competitiveness.
Sycamore, founded in 2019 by CEO Babatunde Akin-Moses, is a peer-to-peer lending platform that connects lenders and borrowers, offering risk assessment, commercial lending, and asset financing services.
Kunda Kids, based in London, Lagos, and Kampala, creates African-inspired digital content for children. PaveHQ is an international education and career platform that helps with university placements and more.
Despite initial doubts about applying due to past disappointments, Sycamore’s CEO decided to go for it.
Aminu Umar-Sadiq, MD & CEO of NSIA, highlighted that the NSIA Prize for Innovation recognises the impact of tech on socio-economic development and global opportunities, promoting homegrown talent.
This year, the programme saw registrations from over 7,000 startups across Nigeria, up from 2,000 entries last year.
In Nigeria, Sycamore is operating in a crowded field, with 284 licensed loan apps as of May 2024. Authorities are tightening regulations to curb unregistered apps dodging compliance.
In case you missed it
- Copia’s co-founder Tracey Turner faces new ventures after the eCommerce startup shutdown
- Court dismisses ARCON’s ₦30 billion lawsuit against Meta after regulator's discontinuance
What I'm watching
- The Lost Gospel of Jesus' Betrayer - What is the Gospel of Judas?
Opportunities
- Are you a tech professional in Africa? Take a few minutes to fill this questionnaire about your job among others. You also stand a chance at winning 100 Euros.
- Ventures Platform has over 100 job openings across its portfolio companies. Apply here.
- Bubusplug is organising a one-day hybrid event for jobseekers in collaboration with the Young African Leaders Initiative(YALI) Lagos Network July 27, 2024. Apply here.
Have a lovely Tuesday!
Victoria Fakiya for Techpoint Africa.
