Përshëndetje,
Victoria from Techpoint here,
Here's what I've got for you today:
- SA’s ride-hailing LULA acquires Zeelo
- Building the first Igbo AI model
- OKX to pull out of Nigeria by August
SA’s ride-hailing LULA acquires Zeelo
LULA, a ride-hailing platform for corporate commuters, has snapped up the South African arm of Zeelo, a US-born staff bus-sharing startup. The specifics of the cash-only deal are still under wraps.
LULA plans to use Zeelo's network of over 18,000 riders to expand across South Africa. Before the acquisition, Zeelo had racked up more than two million rides annually.
Zeelo, which stepped into the South African market in 2019 and raised a total of $33.6 million by August 2023, is shifting focus to its markets in the US, UK, and Ireland.
Sam Ryan, Zeelo's Founder and CEO, admitted it was tough to leave the region but expressed excitement about transitioning customers and suppliers to the LULA platform.
Transportation is the biggest work-related expense for South Africans, with workers spending an average of R2,180 ($121) on cars and R960 ($53) on taxis each month. Platforms like Uber for Business, MoveInSynch, and LULA help employers reduce these costs for their employees.
Following the acquisition of Zeelo, LULA, which has over 1,000 registered drivers and shuttle fleet operators in five South African cities, aims to boost its market share.
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Founded in 2018 by Velani Mboweni (CEO) and Xabiso Nodada (Head of Product), LULA claims to have completed up to 700,000 rides for more than 380 businesses.
LULA doesn't own its vehicles. Instead, it partners with individual drivers and shuttle fleet operators, similar to Bolt and Uber, taking a commission of 20% to 40%. Mboweni believes that the revenue from the Zeelo operation will help LULA become cashflow positive, paving the way for further expansion.
Building the first Igbo AI model
Artificial intelligence is advancing rapidly, with models like ChatGPT-3.5 and GPT-4 making waves, but Africa hasn’t kept pace. Despite some policies and initiatives in countries like Nigeria, progress has been slow.
Enter Ijemma Onwuzulike, an American-born innovator who created IgboSpeech, the first Igbo voice-to-text AI model.
While chatting with Bolu, she shared that her motivation was to make speaking Igbo as casual as speaking Spanish or French. She wanted to spark interest in learning Igbo, leading her to dive deep into language patterns and research. Inspired by platforms like Duolingo, she saw the potential to create an Igbo API, a digital dictionary of sorts.
Building the Igbo API in 2020 was no small feat. Onwuzulike faced challenges with inconsistent Igbo dictionaries but persevered to create a robust system. The API now boasts over 5,000 words, nearly 30,000 sentences, and numerous audio recordings, definitions, and proverbs.
This API is already integrated with Nkowa Okwu, an Igbo language learning platform Onwuzulike founded. It showcases her tech prowess and dedication to promoting the Igbo language.
So, who exactly is Ijemma Onwuzulike, how did she build the model, and what’s next for her innovation? Find out more in Bolu’s article here.
OKX to pull out of Nigeria by August
OKX, a global cryptocurrency exchange and web3 services provider, announced it's pulling out of Nigeria on August 16, 2024, due to new local laws and regulations.
This comes a few weeks after Nigeria's Securities Exchange Commission mandated crypto exchanges to set up local offices in the country.
From August 16, Nigerian users won't be able to open new positions or access most services on OKX, except for withdrawals and closing/redemption of open positions.
The crypto exchange advised users to review their accounts and follow four key steps: close any P2P, margin, perpetual, futures, and options positions; close any USDT, DAI, and EURT spot orders; redeem all assets from Grow products like Earn, Loan, and Jumpstart; and transfer assets out of their OKX account to a preferred wallet.
After August 16, users won’t be able to deposit or transact. However, their funds will remain secure and accessible until August 30, 2024. After that, they’ll need to contact OKX customer service for any account-related actions.
OKX stressed the importance of withdrawing or transferring funds before the deadline to avoid further restrictions.
OKX isn't alone in facing regulatory challenges in Nigeria. KuCoin recently told its Nigerian users that it would start charging a 7.5% VAT on top of the usual 0.1% transaction fees.
Earlier in May 2024, KuCoin suspended all P2P NGN services and Fast Buy services with naira cards to comply with regulations.
Binance is also feeling the heat. After halting P2P services, it stopped all NGN services in March 2024. Binance is now embroiled in legal issues with Nigerian authorities over money laundering and tax evasion charges.
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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 terrific Thursday!
Victoria Fakiya for Techpoint Africa.
