Сәлеметсіз бе,
Victoria from Techpoint here,
Here's what I've got for you today:
- Drivers vs. Moove: Who pays for inflation?
- Beyond 9-5: The startup work reality
- FIRS goes digital: e-Invoice arrives
Uber drivers vs. Moove: Who pays for inflation?
Nigerian Uber drivers on the Uber Go platform are on edge after reports surfaced that Moove, the company financing their Suzuki S-presso cars, plans to raise their weekly remittances.
Currently, drivers pay ₦56,400 weekly for their cars on a hire-purchase agreement, excluding Uber’s 25% commission. Though the exact amount hasn’t been confirmed, Moove has reportedly been calling drivers to explain the increase, citing rising operational costs.
Sources suggest that Moove is rethinking its business model due to inflation, which has affected the initial repayment agreements. With interest rates now unsustainable, the company is worried about potential losses and may look to shorten drivers' repayment periods as a solution.
Drivers have long complained about the restrictions they face under Moove. They are limited to working only on Uber, blocking them from using other ride-hailing apps like Bolt or InDrive to boost their income. Plus, they can only operate in certain areas of Lagos, which further impacts their earnings.
This isn’t the first time Moove drivers have protested. Back in February 2023, they voiced their frustrations over the hike in vehicle costs from ₦8 million to ₦12 million and an increase in daily remittances to ₦14,400. With another potential hike on the horizon, many drivers are bracing for more tough times.
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Beyond 9-5: The startup work reality
Imagine starting your day at 6:30 a.m., barely stepping away from your screen until 2 p.m. for a quick bite, and sometimes pushing until 7 p.m. to finish up. For many working remotely at Nigerian startups, this is a typical day.
While official working hours are usually set from 8 a.m. to 4 p.m., the reality is often much different. Most employees, especially at startups, find themselves working far beyond these hours.
The funny part? Employers likely know it—many of them are pulling even longer hours themselves. It’s just the norm in the fast-paced world of startups.
Many startup employees would struggle to answer how many hours they’re expected to work in a week without checking their contracts. For those expected to put in 40 hours, like this content marketer, they’re easily doing 48 to 50 hours weekly, excluding weekends. In short, overtime is happening, but without the perks.
Overtime refers to working beyond the agreed hours in your contract, generally over the standard 8-hour day or 40-hour week. In Europe, workers are gaining the right to disconnect after office hours, avoiding work emails and calls, and even suing employers who demand extra work. It’s a movement that’s making waves and catching the attention of workers globally.
As for Nigeria, the Labour Act is somewhat vague. While it calls for fair compensation for overtime, much of the responsibility is left to the employment contract. Startups, however, often operate in a grey area, with many wondering if these rules even apply.
Want to dive deeper into this? Check out Oluwanifemi’s story for more insights.
FIRS goes digital: e-Invoice arrives
The Federal Inland Revenue Service (FIRS) is rolling out a new digital tool called the FIRS e-Invoice to improve tax administration in Nigeria.
Dr. Zacchaeus Adedeji, the FIRS Executive Chairman, shared this news at an event organised by the Lagos Chamber of Commerce and Industry.
The e-Invoice system will help with real-time validation and storage of transactions, covering business-to-business, business-to-consumer, and business-to-government dealings.
This move is part of a larger plan to modernise Nigeria’s tax system. The goal is to make the process more efficient, transparent, and compliant with the Tax Administration and Enforcement Act of 2007.
Adedeji stressed that while the tax environment is changing, technology is key to creating a fairer and more sustainable system.
FIRS is also undergoing internal changes to support growth, including offering tax incentives to local industries and simplifying processes for small businesses. They’re aiming high with a target of ₦19.4 trillion in tax collection for 2024, a big jump from their previous goal of ₦7.5 trillion.
However, FIRS has struggled with its budget targets. In the first four months of 2024, they fell short of their oil tax collection goal by ₦1.69 trillion, collecting only ₦1.63 trillion instead of the planned ₦3.32 trillion.
Despite these setbacks, the FIRS is pushing forward with its initiatives and seeking support to help build a stronger economy.
In case you missed them
- Kenyan-based Uncap launches $33 million fund to support early-stage SMEs in Africa
- UK Government invests up to $2.5 million into Ghana and Nigeria's science, technology, and innovation
- Egypt's SETTLE raises $2 million in pre-seed funding to enhance B2B payment automation
What I'm watching
- You DON’T Descend From All Your Ancestors
- Before The Book of Genesis: The Real Story of Creation
Opportunities
- Reliance Health is looking for a remote Product manager. Apply here.
- Heroshe is hiring a Senior Backend Developer. Apply here.
- 3Pillar is recruiting a Mid Fullstack NodeJS Engineer. Apply here.
- Paradigm is looking for a remote Full Stack Software Developer. Apply here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
