Tech news update for the first week of April, 2024

Tech news update for the first week of April, 2024
MTN Nigeria’s Fintech Business Sees Modest Growth in Q1, Reaching N22.8 Billion

MTN Nigeria, the leading telecommunications company in the country, has announced a marginal increase in its fintech business revenue for the first quarter (Q1) of this year. The fintech arm of the company recorded a revenue of N22.8 billion, representing a modest growth from the previous quarter.

This increase is a positive sign for the company, which has been investing heavily in its fintech services, including mobile money, digital payments, and other financial solutions. The growth in fintech revenue is likely driven by the increasing adoption of digital financial services in Nigeria, as well as MTN’s expanding user base and improving network coverage.

The fintech business of MTN Nigeria has been a key area of focus for the company in recent years, as it seeks to leverage its vast customer base and extensive network to provide innovative financial solutions to individuals and businesses. With this modest growth in Q1, MTN Nigeria is well-positioned to continue its momentum in the fintech space and potentially explore new opportunities for expansion and innovation.


As the Nigerian fintech landscape continues to evolve, MTN Nigeria’s fintech business is likely to play an increasingly important role in shaping the country’s digital financial ecosystem. With its extensive resources and expertise, the company is well-equipped to drive growth and innovation in the fintech sector, and its Q1 results are a promising sign of things to come.

NAEC and ABU Collaborate to Harness Nuclear Power for Enhanced Electricity Generation in Nigeria

The Nigeria Atomic Energy Commission (NAEC) has embarked on a groundbreaking partnership with the Centre for Energy Research and Training (CERT) at Ahmadu Bello University (ABU), Zaria, to explore the potential of nuclear science and technology in strengthening electric power generation in Nigeria. This collaborative effort aims to leverage the vast capabilities of nuclear technology to address the country’s pressing energy needs.

The joint initiative seeks to develop innovative applications of nuclear technology in various sectors, including medical and human health, food and agriculture, water resources management, and energy sector applications. By harnessing the power of nuclear science, NAEC and ABU aim to create sustainable solutions for Nigeria’s energy challenges, promoting economic growth, and improving the quality of life for citizens.

Through this partnership, NAEC and ABU will combine their expertise and resources to conduct research, develop new technologies, and provide training and capacity-building programs for professionals in the energy sector.

This collaboration has the potential to position Nigeria at the forefront of nuclear technology adoption in Africa, driving progress and innovation in the energy landscape.

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Chowdeck Raises $2.5M Seed Funding to Optimize Operations & Expansion Efforts in Nigeria

Chowdeck, Nigeria’s innovative on-demand delivery service, has announced a significant milestone in its growth journey, securing $2.5 million in seed funding. This investment will be instrumental in optimizing the company’s operations, enhancing its technology infrastructure, and supporting its expansion into more cities across Nigeria.

The funding, led by a consortium of investors, is a testament to Chowdeck’s potential to revolutionize the logistics and delivery landscape in Nigeria. The company’s user-friendly platform and efficient delivery services have already resonated with customers, and this investment will enable Chowdeck to further improve its offerings and reach a wider audience.

With this funding, Chowdeck plans to enhance its technology infrastructure, expand its team, and enter new markets, bringing its innovative delivery solutions to more customers and businesses across Nigeria. This development is poised to have a positive impact on the country’s e-commerce ecosystem, supporting the growth of local businesses and improving the overall shopping experience for consumers.

As Chowdeck continues to innovate and expand, it is well-positioned to play a leading role in shaping the future of logistics and delivery services in Nigeria, and this seed funding marks an exciting new chapter in the company’s journey

Google Opens Applications for 8th Cohort of Google for Startups Accelerator Africa Program

Tech giant Google has announced the opening of applications for the 8th cohort of its prestigious Google for Startups Accelerator Africa program. This esteemed program is designed to support and empower innovative startups across the African continent, providing them with the resources and expertise needed to succeed in the competitive tech landscape.

The Google for Startups Accelerator Africa program is a 10-week equity-free accelerator program tailored for Seed to Series A startups based in Africa or developing Africa-centered solutions. The program offers a comprehensive package of support, including access to Google’s global network, mentorship from industry experts, and training on cutting-edge technologies like AI, machine learning, and cloud computing.

Startups from 17 African countries, including Algeria, Botswana, Cameroon, Côte D’Ivoire, Egypt, Ethiopia, Ghana, Kenya, Morocco, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Uganda, and Zimbabwe, are eligible to apply. The program has already made a significant impact on the African startup ecosystem, with alumni companies going on to raise millions of dollars in funding and create thousands of jobs across the continent.

By opening applications for the 8th cohort, Google is reaffirming its commitment to supporting innovation and entrepreneurship in Africa and providing opportunities for startups to grow and thrive in the region. If you’re a startup founder with a vision for changing the world, this could be your chance to take your business to the next level with the support of Google for Startups Accelerator Africa.

OpenAI and Financial Times Announce Groundbreaking Partnership to Advance AI Capabilities

OpenAI, the pioneering artificial intelligence research laboratory, has entered into a significant partnership with the esteemed Financial Times (FT), a leading global financial news organization. This collaboration marks a major milestone in the development of AI technology, as OpenAI will leverage FT’s vast content archive to train its AI models and co-create innovative AI products and features.

Under the terms of the partnership, FT will license its extensive library of articles, analysis, and data to OpenAI, enabling the AI company to enhance its language processing capabilities and generate more accurate and informative text, images, and code. This agreement represents a substantial expansion of OpenAI’s access to high-quality content, following similar partnerships with the Associated Press, Axel Springer, Le Monde, and Prisa Media over the past year.

The partnership between OpenAI and FT has far-reaching implications for the advancement of AI technology, with potential applications in natural language processing, machine learning, and data analysis. By combining OpenAI’s cutting-edge AI capabilities with FT’s authoritative content, the two organizations aim to create new and innovative products and features that will transform the way we interact with information and make decisions.

This collaboration also underscores the growing recognition of the importance of AI in the media and publishing industries, as organizations seek to harness the power of AI to enhance their content, improve user experience, and drive business growth. As the partnership between OpenAI and FT continues to evolve, it is likely to have a significant impact on the development of AI technology and its applications in the media and publishing sectors.

Bill Gates Collaborates with Nigerian Government on Groundbreaking ‘One-Identity’ Platform

Bill Gates, the renowned founder of Microsoft, has announced a significant partnership with the Federal Government of Nigeria to develop a revolutionary technological platform dubbed the “one-identity” system. This innovative platform, built on the Modular Open Source Identity Platform (MOSIP), aims to integrate disparate data sets, harmonizing information and enhancing data management across various sectors.

The “one-identity” platform is designed to address the challenges of fragmented data, which often hinders effective planning, security, and resource allocation. By unifying data, the platform will enable the government to:

– Streamline data management

– Enhance planning and decision-making

– Bolster security measures

– Improve tax efficiency

– Ensure equitable distribution of digital benefits to all Nigerians

Gates emphasized the critical importance of data harmonization in unlocking the full potential of digital technologies and promoting inclusive growth. This collaboration marks a significant milestone in Nigeria’s digital transformation journey, poised to have a profound impact on the country’s development and prosperity.


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Microsoft Introduces Passkeys, Marking the Beginning of a Passwordless Future

In a significant move towards enhancing security and convenience, Microsoft has announced the rollout of passkeys for all consumer accounts. This innovation enables users to access Microsoft accounts without the need for traditional passwords, which have long been vulnerable to various forms of cyber-attacks.

Passkeys utilize public-key cryptography, linking a service and a user’s device to facilitate secure sign-ins to websites and services. This technology eliminates the risk of password-related security breaches, which have become increasingly common, with password attacks surging to an alarming 4,000 per second.

Microsoft’s decision to introduce passkeys acknowledges the inadequacy of passwords in protecting online accounts and personal information. By embracing passwordless authentication, Microsoft aims to provide its users with a more secure and seamless experience, paving the way for a future where passwords become a relic of the past.

With passkeys, users can enjoy enhanced security, reduced risk of phishing attacks, and the convenience of not having to remember complex passwords. As the digital landscape continues to evolve, Microsoft’s adoption of passkeys sets a new standard for online security and authentication, potentially revolutionizing the way we access and interact with online services.

Uber Nigeria Introduces Daily Earnings for Drivers, Enhancing Financial Flexibility

In a move aimed at improving the financial stability and flexibility of its drivers, Uber Nigeria has announced a significant update to its payment system. As of now, drivers in Nigeria will be able to access their earnings on a daily basis, a marked departure from the previous weekly payment schedule.

This change is designed to help drivers meet their financial obligations in a timelier manner, reducing the need for cash advances or other financial instruments. By providing daily access to earnings, Uber aims to empower its drivers with greater control over their finances, enabling them to better manage their expenses, save money, and invest in their businesses.

In addition to the daily earnings feature, Uber is introducing several new features to enhance the driving experience. These include the upfront destination and upfront fares feature, which gives drivers more visibility over a trip request’s destination and expected fare. This added transparency enables drivers to make more informed decisions about which trips to accept, helping to increase their overall earnings and reduce uncertainty.

With these updates, Uber demonstrates its commitment to supporting the financial well-being and success of its drivers in Nigeria, recognizing the critical role they play in the platform’s operations and growth. By providing more flexible and transparent payment options, Uber aims to foster a more sustainable and equitable partnership with its drivers.

Renda Secures $1.9 Million Pre-Seed Funding to Revolutionize Logistics in Nigeria and East Africa

Renda, an innovative logistics startup based in Nigeria, has successfully raised $1.9 million in pre-seed funding, comprising $1.3 million in equity and $600,000 in debt financing. This significant investment was led by Ingressive Capital, with notable participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures.

This funding milestone marks a crucial step in Renda’s mission to transform the logistics landscape in Nigeria and East Africa. The startup plans to utilize the funds to enhance its cutting-edge technology, expand its operations to more cities, and strengthen its market presence.

Renda’s innovative approach to logistics has already gained traction, and this investment will enable the company to further optimize its services, improve efficiency, and drive growth. With a focus on reliability, speed, and customer satisfaction, Renda is poised to make a significant impact in the region’s logistics industry.

The funding round demonstrates investor confidence in Renda’s vision and potential, and the startup is well-positioned to capitalize on the growing demand for efficient logistics solutions in Nigeria and East Africa. As Renda continues to innovate and expand, it is likely to play a key role in shaping the future of logistics in the region.

Kaduna State Cracks Down on Tax Defaulters, Seals Six Telecommunication Masts

In a bold move to enforce tax compliance, the Kaduna State Internal Revenue Service (KADIRS) took decisive action on Thursday, sealing six telecommunication masts across the state’s metropolis. The masts, belonging to major telecom operators, were shut down due to outstanding taxes totaling a staggering N5.8 billion.

The affected masts include:

– MTN servers at Tafawa Balewa road

– MTN servers at Surami road

– MTN servers at Etsu road

– Globacom server at Shehu Laminu road

– A general mast (ATC) at Unguwan Rimi, Nagwamatse road

This crackdown by KADIRS sends a clear message to all tax defaulters in the state, emphasizing the importance of fulfilling their tax obligations. The move is expected to generate significant revenue for the state government, which can be channeled into developmental projects and public services.

By taking a firm stance against tax evasion, Kaduna State is setting a precedent for other states to follow, promoting a culture of tax compliance and accountability. The telecom operators affected by the shutdown are expected to settle their outstanding taxes to restore services and avoid further penalties.


BuuPass Expands its Reach with Strategic Acquisition of QuickBus

In a significant move to bolster its presence in the digital travel solutions market, BuuPass, Kenya’s leading intercity multimodal travel solutions provider, has successfully finalized its acquisition of QuickBus, a prominent player in the bus ticketing service industry in Nigeria and South Africa.

This strategic acquisition will enable BuuPass to expand its operations into new markets, leveraging QuickBus’s extensive network of 5,200 intercity routes across Nigeria and South Africa. The deal, whose financial details remain undisclosed, is expected to significantly enhance BuuPass’s user base, increasing its active user accounts to 650,000 monthly users.

By integrating QuickBus’s expertise and resources, BuuPass will strengthen its position as a leading digital travel solutions provider, offering a more comprehensive range of services to its customers. The acquisition is expected to drive growth and innovation in the industry, enhancing the overall travel experience for users across the region.

With this expansion, BuuPass is poised to become a dominant player in the digital travel solutions market, capitalizing on the growing demand for efficient and convenient travel options in Africa.

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