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Investors & Start-ups | An Awkward Relationship

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founderinstituteGuest Post By Johnni Kjelsgaard the founder, GrowthAfrica in Nairobi. He originally shared this post at the Startup101, an training for startup founders by Founders Institute and GrowthAfrica.

 

What an Investor needs…

•A skilled & knowledgeable team – a broad array of competences: sales, technical, managerial/administrative… and a deep understanding of the market they are in/entering
•A committed & ambition team – must show that they have invested themselves and their resources into the project, and that they are still willing to make personal sacrifice to grow the start-up
•A validated idea – and if not validated, then a clear understanding of what primary and secondary research is needed and/or what a pilot can look like
•An expanding market with high entry barriers – entrepreneurs who truly understand the competitive environment they are in
•Well worked-through business and financial models with realistic assumptions

What an Investor really wants… 

Control (or influence)

Maximum Return on Investment

What an Investor really don’t like!

•Cocky, arrogant or aloof entrepreneurs – must be willing to listen
•Entrepreneurs who are not sure what they want or are looking for
•Statements like:
•“Our projections are conservative”
•“Experts say the market will be worth $300bn by 2015”
•“Safaricom will sign next week”
•“Key employees will join us as soon as we get funded”
•“No one else is doing what we are doing”
•“Several investors are doing due diligence”
•“Google & Facebook are too slow to be a threat”
•“Beta sites will pay to test our software”
•“Patents make our business defensible”
•“All we have to do is get 1% of the market”

An Investor will make you believe…

•“We can make a quick decision”
•“I liked your company, but my partners didn’t”
•“If you get a lead, we’ll follow.”
•“Show us some traction, and we’ll invest”
•“We’re ready to make follow-on investments”
•“We’re investing in your team”
•“We saw this coming, so we didn’t invest in B2C”
•“This is a vanilla term sheet” (sweet deal)
•“We can open the doors for you at major companies”
•“We like early-stage investing”

The Investor Matrix

Valuation & Term Sheet

The fine print

How do you value a company?

Essentially there are three methods:

1.Earning/Revenue multiples
2.Equity/Asset multiples
3.Discounted future cash-flow

A fourth – and for start-ups – more useful method is:

-“A role of the dice”

Investors’ Financial Expectations

-Investors need “multiples” to ensure the risk they take is worth-while
-The earlier the investment happens, the higher risk, hence the bigger multiples
-The investor must have a realistic opportunity to exit within 5 years (longer in reality!)
-Typically early stage investors look for 5-8X, meaning if you sell 10% of your company for USD 50,000; your company must in 5 years be worth USD 2.5-4m…
Your job is to convince him that is possible!

Term Sheet – the prenuptial…

A Term Sheet is essentially the investors way of protecting himself from being hurt in the relationship:

-Will define what he is investing in (sometimes specifically what his money must go towards)
-Will specify what access to information he has (all!)
-What controls he will have
-What you can and cannot do without his consent (e.g. changing strategy, increasing salaries, pay dividend, borrow money/indebt the company, buy large assets, hiring/firing of senior management)
-Conversion and exit triggers/arrangements.

******

Johnni has lived in East Africa since 1998. He co-founded an International IT company expanding from Uganda to Kenya, Bangladesh, Tanzania, Malaysia, Zimbabwe, Vietnam, Ghana & Nepal in under 3 years.

He founded GrowthAfrica in mid 2002 assisting International investors and companies identify and seize business opportunities across Africa, extending various consulting services.

GrowthAfrica has branched to include:

•Microfinance (GrowthAfrica Capital) – was exited end 2011
•Serviced Office Suites (10,000 sqf) & Shared Services (e.g. bookkeeping, para-legal)
•Investment arm (currently 8 active investments – 3 exits)
•Will expand to become a “real” fund (seed investment fund)
•Market research (official external launch January 2013)
•Incubation space & accelerator programmes – The GrowthHub™

 

Fourth Oil Well Discovered In Turkana, Kenya

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oil barrel

 

Ekales-1 wildcat, located between Ngamia-1 and Twiga South-1, is home to the newly discovered oil well which has a net oil pay of reservoirs of between 60 and 100 meters.

The oil exploring company, Tullow, said that the reservoir propertied at this location look the same as the ones the encountered previously.

The company also revealed that it had begun drilling at the Agete-1 well mid this month and it expected the third gear to be in operation in fourth quarter this year.

“This success at the Ekales-1 wildcat is further evidence of the exceptional oil potential of our East African Rift Basin acreage,” said Angus McCoss, the exploration director at Tullow Oil. “Having opened the first basin with the Ngamia-1 well last year, we are now increasing the pace of exploration in Kenya aiming for 12 wells over the next 12 months.”

The company also found 40 meters of oil in Etuko-1 in July. This well is estimated to have combined resources of 300 million barrels (mmbo).

Tullow said that a similar test done on Twiga-1 and Ngamia-1 have established that the two wells alone have potential of 250mmbo

The discovery comes after Africa Oil, Tullow’s prospecting partner, raised fivefold the estimated deposits in the Lokichar basin to 368 million barrels of oil.

“Based on the drilling and testing programme over the past year we have confirmed the South Lokichar Basin contains gross contingent resources of 368 million barrels of oil, an increase of 557 per cent,” said Africa Oil chief executive Keith Hill, earlier this month.

It is clear that Kenya will one day become a huge exporter of oil at this rate, which will result in employment creation, attracting more investors as well as economic growth.

Savannah Fund-Backed biNu Awarded by the United Nations

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biNu1biNu, a startup that transforms feature phones into smartphone-like devices, has received an innovation award from United Nations for bringing better quality life to people across the globe.

The innovation, dubbed ‘MY World Innovation Award’, was granted to the startup in what the UN terms as “biNu’s work towards creating the next set of Millennium Development Goals for the UN.”

biNu is said to have played an important role in a survey conducted by the UN towards formulating the goals, in which the startup’s technology was used to collect over 100,000 responses and 7,000 individual photos for the study.

“biNu is changing the lives of millions of people through connecting them, engaging them, and giving them fast easy access to information and services,” said biNu CEO Gour Lentell in a statement.

Lentell said that reaching people in some of the world’s most remote areas and enabling them to engage in a global conversation and have their opinions heard as part of the MY World Global Survey was incredibly rewarding.

“Being recognized for our efforts with the innovation award was unexpected but a great honor,” added Lintell.

Transparency International Zambia Wants Answers Over Cancelled Digital TV Migration Tender

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digital

Zambian Transparency International wants an explanation from the Zambian Government as to why the digital migration terrestrial system tender was cancelled.

Transparency International Zambia (TIZ) is part of the global anti-corruption organisation and it wants the government to report the root cause to avoid the same from recurring in the future.

The Executive Director of TIZ, Goodwell Lungu had this to say: “while the action that has been taken by the Zambian government to cancel the tender is commendable, leaving the perpetrators of such irregularities to go scot free may cause future potential procurement dangers as the perpetrators may opt to use the same weaknesses that led to the cancellation of the tender.”

Emmanuel Mwamba, the Permanent Secretary in the Ministry of Information and Broadcasting Service, had announced on Sunday that the tender had been cancelled; and it is alleged that this was done as a result of irregularities in the manner that the tender process was being handled.

The project includes forming provincial television stations, the supply, installation and commissioning of the digital terrestrial broadcasting system.

If this is the way a leader should act when they find out that someone is playing a dirty game on them, then we are yet to find out why they are leaders and why they get elected. Instead of investigating the Zambian government is cancelling the tender? Transparency International please insist on those answers because it is truly not there is something wrong somewhere.

Samsung Galaxy S4 Is Coming ‘Dressed’ In Gold

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s4

Samsung Galaxy S4 has two new colours added to the range which will be made available in the Middle East. The new Galaxy S4 Smartphones will now be available in gold with a brown trim, or in pink with a gold trim.

Surprisingly, this announcement was made after news on Apple’s latest device, the iPhone 5s, having sold out its gold variants.

Earlier in May the company made it known that the S4 has bettered 10 million units sold in less than one month after it entered the market.

Craige Fleischer, who was the Director of Mobile Communications at Samsung Electronics South Africa during that time, said that the South African market has played an important role in reaching the exceeding 10 million mark.

“I would like to thank the thousands of local consumers, as well as millions of global users, who have selected the Samsung GALAXY S4 as their device of choice and helped us in reaching this incredible milestone,” added Fleischer.

The Galaxy S4 has been a ground breaker for Samsung as is was able to generate sales in less than a month compared to the sales of the SIII reached the 10-million mark 50 days after its launch in 2012. The SII took five months and the GALAXY S seven months to reach 10 million.

We still do not know how much it will cost and also if or when the gold S4 will be made available to other markets.

It seems that Samsung are getting a little uncomfortable with their own skin, they will be introducing curved screens  next month with a little inspiration from LG  see: https://techmoran.com/samsung-to-launch-phone-with-bendable-screen/  now they have their S4 available in gold, inspired by Apple’s iPhone 5s, we hope this is something different from a self esteem issue.

Twitter Alerts: A New Way to get Credible Information During Disasters

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twitterTwitter has announced the launch of Twitter Alerts, a new feature aimed at helping its users get important information from credible organizations during emergencies, natural disasters or moments when other communications services are not accessible.

This could not come at a better time after Kenya witnessed one of the worst terror attacks since 1998, something that saw social media filled with all forms of rumors and incorrect information sending more panic to the population.

Well, this could be a thing of the past with Twitter Alerts, as users will now be able to sign up to receive notifications directly onto their phones whenever relevant bodies including emergency services providers, media houses and government departments push out a Tweet.

“To subscribe to these notifications, you can go directly to an account’s setup page, which you’ll find at twitter.com/[username]/alerts. ” Twitter said via a blog post.

Twitter added that the notifications will be delivered via SMS, and for those who use Twitter for iPhone or Twitter for Android, they will receive a push notification provided they are using Twitter for iPhone version 5.10 or higher or Twitter for Android version 4.1.6 or higher.

Africa will however have to wait a little bit longer, as the service is currently available only to a number of organizations in the U.S., Japan and Korea before roll out to the rest of the world.

Let us all hope that the likes of Kenya Police, Kenya Red Cross, Ministry of Interior and other emergency services providers will sign up for this service by completing an enrollment form to allow their followers receive credible information, and end this mayhem of unconfirmed reports during disasters as witnessed in the recent Westage mall attack.

Be Ready For The Ericsson Radio Dot System

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ericsson

Ericsson’s ‘oven’  is at work, and late next year the company will be introducing new small cell products that are small enough to fit in a person’s hand and at the same time provides enough indoor network coverage for a crowd.

The electronic company intends to launch a cellular radio, which is disk-shaped and will be named the Ericsson Radio Dot System.

The Radio Dot System idea came about after two years of research and development and integrates 14 copyrights. The device weighs 300 grams and as the company says, it brings about revolutionary antenna element or the “dot” which will deliver mobile broadband to users.

This is how it will work, dots are connected and powered by ordinary internet LAN cables (Category 5/6/7) to indoor radio units that link to a base station.

Ericsson Radio Dot System can be combined with Ericsson’s carrier Wi-Fi portfolio which will allow features such as real-time traffic steering.

The electronic company said that the product has already been gaining interest from AT&T in the USA.

“With the Radio Dot System we lower the threshold to building indoor coverage. The dot is the most cost-effective, no-compromise solution to the indoor coverage challenges expressed by our customers. It is ultra-small but can scale to virtually unlimited capacity; it is easy to install, future proof and it is 100 percent integrated with existing mobile networks,” said Johan Wibergh, the head of Ericsson Business Unit Network.

Technology just got smaller, it is said that with this gadget internet covers those hard to reach areas especially in most big building, may be the dungeon is in that category of ‘hard-to-reach’ places. It may be the answer to the mobile internet problem.

Motorola Solutions To Expand Across Africa With New Partnership

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Johan van Zyl - GM Danimex SA, Brauce Kau -  Regional  sales  Manager  at Motorola Solutions, Jytte Kaufmann Thomsen – owner and board member of Danimex International, Egon Bruun – Chairman of Danimex International, and Henrik Asbjørn of Danimex
Johan van Zyl – GM Danimex SA, Brauce Kau – Regional sales Manager at Motorola Solutions, Jytte Kaufmann Thomsen – owner and board member of Danimex International, Egon Bruun – Chairman of Danimex International, and Henrik Asbjørn of Danimex

Provider of mission-critical communication solutions and services for enterprise and government customers, Motorola Solutions said it expects to see growth in the sub-Saharan African region on the back of its new distribution partnership with Danimex Communications.

Motorola has appointed Denmark-based Danimex Communications as a distributor of its 2-way radio communications equipment and solutions in South Africa and the SADC region. The partnership is expected to deliver new markets and pan-African growth to Motorola Solutions.

Highlighting the distribution partnership at a channel partner briefing in Johannesburg this week, Danimex said its new subsidiary, based in Bryanston, would serve as a regional warehouse, support and service hub for its channel. Stock will therefore be available from warehouses in Johannesburg, Dubai and Denmark. Danimex also has regional support and service hubs in Nigeria and Kenya.

“The distribution agreement brings to the South African market an alternative, and presents new opportunities for us to grow our market share,” says Bruce Kau Regional Sales Manager Southern Africa.

Kau says Danimex brings to the table extensive experience in the pan-African market, and a strong legacy of support and service. “Business is no longer about dropping boxes – service, support and loyalty to clients are equally important now,” he says.

Danimex goes to market solely through its reseller partner channel, says Egon Bruun – Chairman of Danimex International. As such, its model focuses heavily on logistical and marketing support and training for its channel partners.

“As a communications product specialist with over 22 years’ experience across African markets and decades of experience with Motorola Solutions, Danimex is able to bring to the SA and SADC region much-needed expertise,” says Bruun.

Johan van Zyl, GM of Danimex SA, notes that the company’s model supports partners of all sizes and is looking to expand its partner channel. “The new distribution agreement therefore paves the way for even smaller resellers to resell Motorola Solutions’ award-winning products and broaden their business base,” he says.

 

 

 

 

Mombasa’s Travel Easy Kenya Set To Make Bus Ticketing Awesome

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mombasa photo.2Travel Easy Kenya, an application set to be launched in Mombasa wants to make bus travelling sane by introducing an online booking system for buses, taxis and cabs in the city.

Developed by Ahmed Mohamed BIT JKUAT, Yusuf Bhaiji, IT Manager at Captain Andys Fishing Ltd, Abdul Majid BIT Mt. Kenya and Huezija Dawood a high school student from Mombasa , the web-based app works simply.

One uses their social media accounts to log in, then choose the type of bus they want to travel with, choose the time and pay for the service.

Travel Easy Kenya, plans to integrate all the country’s bus booking systems so as the firms allow passengers to purchase tickets online from their system and then pay by mobile money. According to the founders, the system reduces the amount of time and money spend by passengers to move from bus company to bus company to find out about prices and schedules and also avoid the struggle that is associated with  booking buses and traveling.

“We were inspired by the craziness at bus stations during holidays. Its so hard to book a bus to go anywhere, said Yusuf Bhaiji, one of the co-founders. ” We came up with Travel Easy Kenya to end this menace.

“After logging in, you chose your destination, pick your preferred bus or cab company then proceeds to book by paying using M-Pesa or credit card. The system sends you an automatic email and SMS alert confirming your ticket is valid. At the end of the month, the bus and cab companies pay us our commission per ticket sold online.”

The team says their original market is Mombasa but they will expand across the country after roll out.

Mombasa has over 1.4 million people living there, majority of them from up-country. These travel home during holidays around the year. Many others still travel to the coastal town for their holidays burdening the city’s transport system even more. Travel Easy Kenya, when launched will help reduce that congestion at bus parking lots and significantly make the bus booking and ticketing convenient.

Kenyans Give Generously Towards Westgate Emergency Operations

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The WestGate Mall in Nairobi
The WestGate Mall in Nairobi

Kenyans have responded positively to an appeal by the Kenya Red Cross Society to raise funds for emergency rescue operations for the victims of Westgate Mall tragedy.

At least 100,000 Kenyans had sent a total of Ksh. 32 Million by mid day on Monday through mobile money M-Pesa PayBill number 848484, which was set up on Sunday by Safaricom Limited and by dusk the amount has risen up to Ksh. 45.9 Million. All the funds raised will go towards the Kenya Red Cross and humanitarian support service for the Westgate tragedy. As of 3pm today the contribution stands on 69 Million.

“In keeping with our commitment to positively impact the lives of Kenyans- we have set up a special Zero Rated PayBill Number 848484 to coordinate the fundraising effort towards the medical care and support of the victims of the Westgate Mall Tragedy. These funds will be administered by our partners; The Kenya Red Cross Society. I urge you to support this in any way you can,” said Safaricom CEO, Bob Collymore.

Red Cross has been at the lead in providing humanitarian services which include mobilizing the public to donate blood, psychosocial support for the affected, evacuation services and emergency triage services.

The General Secretary of Red Cross, Abbas Gullet told the public that the organisation needs more than Kshs.80 million to facilitate these services.

“I would like to thank Kenyans for their overwhelming support-we have seen Kenyans come out in large numbers to donate blood and share the proverbial ten cents to help out a brother and sister in need. The Kenyan giving spirit never ceases to amaze me and I would like to call on all of you not to tire because the task ahead may be daunting but with your help, we will overcome. Further, I would like to reassure all Kenyans that we will account for every penny received towards this worthy cause. Please continue contributing. Asanteni sana,” Said the General Secretary.

Samsung To Launch Phone With Bendable Screen

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Samsung-logo-768x1366

 

Samsung has something up its sleeve, it is planning to introduce smartphones that come with curved displays in October; this new curved devices will be having plastic light-emitting diode (OLED) panels.

So far Samsang and LG are the ones who It has already begun manufacturing TVs with curved display.

This was said by Dj Lee, Samsung’s head of strategic marketing for mobile, during a launch of its Galaxy Note 3 tablet in South Korea.

“We plan to introduce a smartphone with a curved display in South Korea in October,” he said, although he declined to offer any more details.

The company once displayed sample products with bendy and extendable screens but they still lingers doubts on how the technology will be produced at low cost.

So will a curved screen improve the sales? Some analyst argue like Ben Wood from CCS Insight. It may look good, but seriously buying another Samsung Mega (in a different name) just because it is curved?  Who knows may be their market research states that people are now going for curve phones.

On the other hand it’s a little too early to judge, because digital technology is progressing towards curve, bendy and foldable screens and there could be another level of dynamism in the October-Phone. All this questions and speculations could be answered if we could get in touch with them, all the same, we are patient.

Nigeria’s Marketplace For Wedding Clothes Weddingdress.ng Set To Launch

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FacebookCoverPhoto (1)Nigeria’s Weddingdress.ng is a new listing service that connects buyers and sellers of new, sample and used wedding dresses to help make their wedding days a success.

 

Yet to go live, the service lists several wedding dresses and accessories, a list of users who can either be buyers or sellers on its platform. The portal expects to connect as many people as possible in Nigeria to either hire out or sell their wedding dresses. There are also buyers and those who want to rent the dresses, fast online and have them delivered to them

Ifeoma Nwakwesi, one of the guys behind the startup told TechMoran, “The service, set to be launched next month will help users hire out or sell their new or used wedding dresses.”
After every wedding, the couple is left with lovely wedding dresses which will never be used again. They might be kept as memories or used on any wedding anniversary-though rarely.
 Selling or hiring the gowns or dresses might be  the best option instead of them just sitting in the closet added Nwakwesi.
Buying a used wedding dress is also a way for one to save money then use the cash to supplement their budget.
We shall give you a full interview when the startup  goes public.

Nigeria’s Cross Rivers, Halogen Security & Firs Win Big For Using Interswitch’s Autopay System

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epaymentNigeria’s Cross Rivers State, Igabi LGA, Firs and Halogen Security, all nterswitch clients have won the Central Bank of Nigeria Payment System Awards, held at the Transcorp Hilton, Abuja.

Mr. Mitchell Elegbe, Group Managing Director and Chief Executive Officer, Interswitch Transnational, said: “We are absolutely delighted that four organizations that use our Autopay platform, have won awards at the CBN’s Payment System Awards. The cost of operating a cash-based system goes beyond financials; it also has to do with managing available human resources. The gains of adopting ePayment solutions are enormous and we are glad and encouraged by the growing level of adoption.

“We work with our customers to understand the varying business challenges, and then develop best of breed solutions that would address those challenges while also delivering the overall corporate objectives. So, these awards are a true reflection of our commitment to the success of our customers.

“This achievement would not have been possible without the support of our partner banks who have been strong advocates of our Autopay solution and with whom we will continue to work closely to drive forward the CBN’s cashless policy.”

 

All four have been recognized by the Central Bank of Nigeria (CBN) for adopting an end-to-end ePayment solution to run their businesses. The awards were given to organizations in recognition of the successful adoption and implementation of ePayment services by the CBN Governor, Mallam Sanusi Lamido Sanusi, CON at the maiden edition of the International Conference on Payment System.

Cross River State won in the State Category as the best state to have adopted end to end epayment solution and Igabi LGA (In Kaduna State) won in the Local Government Area Category. Halogen Security limited; a security company that provides total and integrated security solutions, won in the Small Business Enterprise (SME) category, while the Federal Inland Revenue Service (FIRS), was recognized in the Special Category.

Using  Autopay (an end-to-end ePayment solution from Interswitch), the firms have addressed various operational challenges that stem from the use of the conventional cash-based system. Autopay delivers higher operational efficiency by enabling immense savings on costs and time. In addition, human resources are able to focus on core business needs and less of payment processing.

Autopay, used by over 500 leading organizations has been designed to enable organizations initiate, pay and monitor payments electronically. Launched in 2003, Autopay automates payments across multiple banks such as staff salaries, allowances, travel expense, petty cash to vendor and supplier-related expenditure all irrespective of the beneficiary’s bank. It also supports both one off and recurring direct credit transactions.

 

 

Report: 250 Million People to Browse Adult Content via Mobile by 2017

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browsingA new report released by technology research company, Juniper Research, has predicted the number of people accessing adult content via mobile and tablet devices will hit half a billion people by 2017, representing a 30 percent increase from the current figures.

In the report dubbed “Mobile Adult Content: Monetization, Technologies & Legislation 2013 – 2018”, Juniper research said that this increase is fueled by the increased penetration of smartphones and tablets, devices that are faster and more personal, as compared to desktops that were hitherto the main access points.

Adult content providers are also said to be shifting from producing desktop content into high-definition, niche-centric products that are optimized for mobile viewing, enabling more people access the content via their devices.

“Whilst Juniper expects the total number of users of both desktop and mobile adult content to remain broadly consistent, we expect to see continued migration to smartphones and tablets, as more enhanced, tailored content makes its way onto these personal devices,” reads part of the report.

Research conducted back in 2010 by Optnet showed that over 37 percent of the Internet is made up of pornographic content, suggesting that the number could be way higher at the moment going by the trend observed in the recent past.

After Entering Kenya Through NationHela, TimesOfMoney is Targeting Tanzania

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send-money-online

Mumbai based money transfer technology company TimesOfMoney are reportedly eyeing to enter the Tanzanian market to benefit from money transfer from Diaspora.

“We tied up with Diamond Trust Bank in Kenya recently to offer these services to NationHela users. Tanzania is the next key market where we would like to tie up with banks to offer our remittance services to people living in the diaspora and sending money back home to their families,” said Avijit Nanda, TimesofMoney Chief Executive Officer.

According to Tanzania Daily News, TimesofMoney will enable Tanzanians living abroad to send money to relatives and friends back home online, eliminating the pain of standing in queue at money transfer agents.

The country is estimated to have 2 million people living and working outside Tanzania who contribute up to US$75 million as per last year’s statistics.

Orange Money Takes Botswana Cashless With New Visa ATM Debit Cards

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visa

 

Orange Botswana  has partnered with Visa incorporation and other significant stakeholders to launch a plastic money card in the country to allow its subscribers to improve the delivery of appropriate and affordable banking services.

“Our latest innovation, Orange Money Visa service, is a world first and a breakthrough innovation which goes a step further in the financial inclusion,” said the CEO of Orange Botswana Elisabeth Medou-Badang.

She added that the country has about 50 percent of the citizens who do not have bank accounts and this will be a great avenue to tap into that population.

“Now Orange Money customers can get a debit card that allows ATM withdrawals from the over 300 VISA ATMs in Botswana and purchases at over 4,700 VISA point of sale machines. Even better, Orange Money customers can now also get a Virtual Visa card that enables them to securely buy online. This has opened up the world of secure internet transactions and ecommerce,” she explained.

Linah Mohohlo the Governor of Bank of Botswana had this to say: “After all, financial inclusion is about providing an opportunity for the unbanked and financially under-served members of the community, so they are able to participate in the formal financial system, thereby opening avenues for entering the economic mainstream.  The realization of the product is also testimony to what can be achieved through joint effort in promoting financial sector development.”

It the time of facing out liquid cash and Africa is not being left behind. It is easy to think that telecommunication companies are planning to take over the banking sector, in mean, look at Kenya Safaricom, its making the banking industry uncomfortable now Orange Botswana has made a stride, hoping to take over the 50 percent of the unbanked citizens.

Now everyone will have a plastic identity, and if not careful banks are set to loose a lot of clients to this, this is just a view. Who would not want to get the same services for a smaller price tag.

Africa’s AngelList VC4Africa Goes Premium With New Pro Accounts For Investors

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VC4ALogoAfrica’s investment community AngelList, VC4Africa,has today launched a premium service for investors dubbed Investor Pro Account, an annual membership to the VC4Africa platform.
 According to the firm, Investors with VC4Africa Pro Accounts get access to a dedicated account representative, the ability to follow hundreds of pre-screened ventures gaining traction in over 40 African markets, access to private venture documentation, alerts tailored to investment criteria, tools to network and pool resources with fellow investors, and more.

With a VC4Africa Pro Account investors can also network and pool resources with fellow investors in VC4Africa’s investor network. And through a strategic partnership with the accountancy firm BDO, the 5th largest tax consultancy worldwide, investors gain access to deal making support in 15 African countries.

Ben White, a Co-Founder of the VC4Africa said, “From day one we have been dedicated to putting in place world leading infrastructure for the African venture finance community. Increasingly we are able to support the growth and development of the entrepreneurs part of VC4Africa, now we have some powerful tools in place for investors”.

VC4Africa also said it had raised over USD $2 million in early stage funding and will continue to connect qualified investors from around the world with the continent’s most promising entrepreneurs. Seeking to offer the most robust platform for investing in African enterprises.

‘Everything we do is about lowering barriers to investing in the continent’s most promising entrepreneurs and we are well positioned to accelerating our efforts now,” Bill Zimmerman, fellow Co-Founder added.

With over 800 vetted profiles published to the website, VC4Africa has presented a number of cohorts of top entrepreneurs raising capital, and celebrated various community successes. The platform also added that entrepreneurs in Africa have raised over $2 million in funding and joint ventures and investments.

Last week VC4Africa announced the 10 entrepreneurs selected for its September Cohort, part of its virtual acceleration program, and this week another group of ventures launched their fundraising campaigns.

Currently over 30 promising businesses are dealmaking on the site. Angel investors and VCs that sign up for a VC4Africa Pro Account can follow the progress of more than 800 ventures gaining traction in 40 African markets, and have exclusive access to screened deal flow. eVentures Africa, Alitheia Capital, 4Di, Fanisi, Grofin and the TBL Mirror Fund among others are some of the popular investment firms on the platform.

Microsoft Teams Up With Qualcomm and Nokia To Give Developers Rare Programming Skills

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ms4A

The 4 Afrika initiative of Microsoft is currently running an immersion training session this week, which begun on Monday, for over 40 Developers from innovation hubs and universities.

Some of the involved institutions include Mlab in Kenya, HiveColab, Microsoft Innovation Centre and Outbox in Uganda /Microsift Innovation Centre in Dodoma and DTBI incubation Centre in Tanzania/ Students from Kigali Institute of Technology, Baraton University, Makerere University and Isalmic University in Uganda.

In the first set, the training involves a week’s, deep dive technical trainings on Windows Phone, Windows 8 and Windows Azure platform. These training will be delivered by experienced technical specialist.

“We will also have our partners Nokia and Qualcomm delivering sessions on various aspects of the development process to enrich the team’s experience and the type solutions that will; be produced through the program,” said the company.

The goal of this immersion program is to equip a special group of developers with the world-class technical skills needed to build highly relevant, immersive applications &cloud-based solutions.

This group of developers will be able to deliver awareness events, develop applications and can be hired/interned at start-ups and with our partners and customers.

“The immersion program also falls in line with the 4Afrika goal of empowering every African who has a great idea for a business or an application and to turn that idea into a reality which in turn can help their community, their county, or even the continent at large. The Microsoft 4Afrika initiative is built on the dual beliefs that technology can accelerate,” added the company.

Inadequate Infrastructure Stifling Innovation at the Coast

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nailabmsaTech entrepreneurs in Kenya’s coastal city, Mombasa cannot compete on the same grounds as their counterparts in Nairobi even with the great hunger for innovation.

Unlike Nairobi, Mombasa has no single hub exclusively for techies. The only association working with techies, the Mombasa Tech Community (MTC) is yet to find a home and occasionally meets in university halls or hotels.

Alifya Ganijee and Said Fuad Said, co-founders of the Mombasa Tech Community told TechMoran, “We have no physical venue of our own. Every time we have an event, the university gives us a venue.”

Apart from not having a physical location, the co-founders said lack of a reliable internet access and computers also deters tech entrepreneurship in the city compared to their friends in Nairobi.

“Techies in Nairobi have access to over five hubs, have reliable and high speed internet and are exposed to major hackathons and tech events over weekends. They even take it for granted, but what can our developers do without internet?” pondered Ganijee.

“You can see that most members in the teams are sharing computers. Computers are not that expensive. Camara, an NGO sells 15 computers at Ksh 125, 000, it must just be a culture. Some of them even have computers at home. I think there is need for more awareness than we think.”

Ganijee and  Said were speaking to TechMoran at the Mombasa Hackathon, an event they organized in partnership with The Nailab, The ICT Authority and JKUAT.

The Hackathon was held on September 21-22 at JKUAT Mombasa and was attended by over 100 developers. Mostly students from various universities across the coast.  The developers formulated ideas on day one, formed teams and began working on their ideas. The best idea or prototype will get virtual incubation from Nailab to build into a successful company, and will also win prizes.

MTC has had over 40 meetups, the meetups have been sponsored by a number of companies including Google, Camara, Firefox,Akirachix among others.

Ghana To Develop ICT Infrastructure In Future

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ict

Ghana’s ICT will receive a drastic make over as the Communication Minister, Dr. Edward Omane Boamah, has emphasized that the government is committed to make the ICT infrastructure and tools available to all the citizens of Ghana in the future.

The Minister said that the government knows the importance of ICT to the development of the country and creation of jobs as well as expansion of the larger economy.

He said: “Our commitment to universal access is unflinching and we are not wavering at all in that.”

ICT today cannot be ignored because this is where the life of development is, what the Communication Minister in Ghana should tell us is when this make over is set to start taking shape African leaders are known for their lip-service. He could also tell us what the plans involve so that people know what to expect.

It is wise if Ghana could think about doing this things fast enough because technological trends do not stay the same for a long time, we hope they get good advice.

Tribute To Idd Salim | Kenyan Coder, No-nonsense Blogger & Dear Friend

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salim-iddTechMoran has known Idd Salim for long, he was a fantastic guy.

We loved his sanity, and devotion to work and God. We admired his guts. He was the blogger we always wanted to become-writing and speaking and tweeting without fear or favour.

We once met him behind the iHub Cluster late last year and loved his skills and met him at events and in hubs coding all night. He was fantastic and we liked his personality, but his journey has come to an end.

The Kenyan born, bred and hardened IT professional,  Unix (FreeBSD) and Linux (Debian) systems admin and concepts creator passed on  last night St. Marys Hospital, Nairobi after a chest complication.

The passing on of the thinker, open-source evangelist and IT Security Consultant has left a gap among Kenyan tech community, who have lost a brother and a friend. And before he is laid to rest today at Nairobi’s Kariokor Cemetery, TechMoran would like to pass their condolences to friends and family and the entire Nairobi tech community, we shall all dearly miss him.

In one of his coding sessions through the night, Idd told TechMoran he was “working on something amazing, what we had never seen before.” We shall all wait till light shines again. Strangely, as if he knew it all, Idd’s Twitter handle had Disappearance Act.

May God rest his soul in eternal piece.

Image:BusinessDailyAfrica.

African Health Projects Get a Boost from mHealth Alliance and the Norwegian Agency

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mhealth

Several African countries will receive grants from the mHealth Alliance and the Norwegian Agency for Development and Corperation (Norad) to improve health care distribution through mobile phone services.

Kenya, Tanzania, Uganda, Senegal, Malawi , Zanzibar and Nigeria will benefit from the oncoming grants through various organizations in the countries.

These mHealth initiatives span from malaria control, reproductive health, management software for patients and providing crucial information to patients through the mobile phone.

In addition to catalytic funding, these competitive grants offer targeted technical assistance, provided by the mHealth Alliance and WHO. This assistance helps guide grantees through critical, yet challenging, processes along the path to scaling up, mHealth Alliance said.

“During the two-year grant period, grant winners will have the opportunity to not only receive technical assistance but also to collaborate and share lessons learned with each other and the previous rounds of grantees. The shared learning will, in turn, contribute to the global mHealth community’s understanding of best practices for scaling up mHealth.”

“In 2013 we received more qualified, promising proposals than ever before, and we are delighted to be awarding grants to 10 recipients, two more than in previous years,” said Helga Fogstad, head of Global Health section at Norad.

“This is a reflection of the momentum of mHealth for maternal and child health around the world, and Norad is committed to helping further this momentum by supporting mHealth programs to reach national scale and positively impact the health of millions in hard to reach areas.”

Businesses Losing Out Due to Poor Mobile Commerce Integration

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Image from masterthenewnet.com
Image from masterthenewnet.com

A new report by SAP indicates that most businesses are losing out on potential business as their mobile presence in not felt, with a growing demand for mobile commerce.

The research carried out in 17 countries including South Africa show an unmet demand for mobile commerce, with more than eight out of 10 consumers asking for more mobile interactions with banks, telcos, retailers, utilities and other businesses

“Consumers are now ready and demanding more mobile commerce services, and they also expect to engage with their mobile phones more simply and effectively,” said Anthony Reynolds, senior vice president, Worldwide Mobile Sales and Solutions at SAP.

The African continent, fondly known as a mobile first continent, is expanding its access to the internet through mobile phones more than any other means.

There are going to be over 1 billion mobile phone users in Africa with majority being smartphones and feature phones which have access to mobile internet.

“While progress is being made, companies must make a collective effort to provide consumers ease of use and benefits for mobile interactions and transactions, such as available technology, security and incentives,” Reynolds said.

“On its current trajectory, mobile occupies a tempting combination of an all-in-one communication channel, loyalty card, cash, location tracker and credit card, offering brands and companies the opportunity to connect to consumers either exclusively via mobile or as part of a multi-channel mix.”

How To Send Money To Westgate Relief Using Airtel

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airtel (1)If you are an Airtel Kenya subscriber and want to send in your support for relief services at the Westgate mall, follow the instructions below.

·         Go to Airtel Money menu and select Paybill.

·         Select “Other” then type in RedCross  (one word with no space in between)as the business code.

·         Put in amount you would like to donate followed by your PIN

·         Finally, type in “Westgate” as the reference.

Multichoice Has Its Ghana Subscribers Paying Online

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multichoice

 

Subscribers of Multichoice in Ghana now have a new and easy way of getting their Dstv and GOtv subscriptions paid as Multichoice Ghana Limited and eTranzact Ghana Limited have launched an online payment platform, Easy Pay.

Easy Pay platform, conveniently enables the user to make their monthly payment online for a range of services at any time, by using their mobile phones, the internet or an eTranzact Point of Sale device.

DStv and GOtv subscribers who also have accounts with Ghana Commercial Bank, Access Bank, First Atlantic Bank, Bank of Africa, First Capital Plus, Women’s World Banking, Midland Savings and Loans, Energy Bank, Zenith Bank and UBA, can make payments directly from their bank accounts using the mobile banking service by their various banks.

The other option is purchasing an Easy Pay card from the eTranzact Office in Accra or any of the Multichoice offices in Accra, Kumasi and Takoradi and pay their DStv and GOtv subscriptions via the internet.

The General Manager of Multichoice Ghana Limited and Director of GOtv Ghana Limited, Cecil Sunkwa-Mills, had this to say: “Multichoice is committed to ensuring that it provides easy and convenient payment options for DStv and GOtv subscribers to always stay connected and enjoy the best television experience provided by DStv and GOtv.”

The Chief Operating Officer of eTranzact, George Babafemi, noted that his outfit is excited to work with Multichoice as a payment aggregator across Ghana.

“This partnership is expected to make subscription payment a delightful experience for customers who will for the first time have the rare choice of Secured Internet Payment by using the eTranzact cards and other cards accepted on the eTranzact Payment Portal,” he said.

He added that all payments made through this platform are instant and he encouraged banks and other agents to seeking to collect subscriptions on behalf of Multichoice to do so by partnering with eTranzact.

The Updated Surface Tablets, Microsoft’s New Reason To Boast

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 s2

Microsoft has updated its Surface tablets, the Surface 2 and the Surface Pro 2, which now have faster processors, higher spec’d cameras, display screens and not leaving out the expanded portfolio of accessories.

The major improvements include the processing power as well as the battery life and to the kickstand, now with dual angles, which Microsoft says will make each experience a comfortable one.

Other enhancements are seen in Windows RT and Windows 8.1 Pro which make the two Surface tablets more powerful and customizable.

So this is the catch:

Surface 2

 – It is powered by NVIDIA Tregra 4 processor it makes the apps run faster and smoother

 -The battery life will serve you for up to 10 hours, things are made easier and possible by the fast processor.

 -It has 10.6 inch ClearType Full HD display and it renders 1080p video

 -Has an upgraded USB 3.0 for faster file transfers

 -Frontal rear camera has 3.5 MP and the rear camera is 5 MP

 -It is also thinner than its predecessor and is available in 32GB and 64GB

 Surface Pro 2

– Just like a laptop, it is capable of running all Windows software as well as apps from the Windows Store

-It is powered by a fourth generation Intel Core i5 processor

-increased performance and up to 60 percent longer battery life than its predecessor Surface Pro

-it is offered in 64GB and 128GB configurations, with 4GB of RAM and 256GB and 512GB configurations with 8GB of RAM

 

Sales of this gadgets will start later next month, the Surface 2 will start at $449 while the Surface Pro 2 will start at $899.

This deals looks a little better than others but we are yet to try, these are good gadgets to keep us talking for a while as competitors  fold their sleeves and begin on a new gadget to rock the air waves.

Shocking:Westgate Mall Attack Facebook Page Opened Eight Days Before Real Attack

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WestGate Mall Attack Intelligence Feeds1Terrorists planned long ago to take down Westgate Mall, even starting a Facebook page for the public eight days before the real attack.

The shocking page, started September 13 and with no address or location on it might have been opened by the terrorists or an affiliated Kenyan or just anyone to drive public activity and confuse intelligence into the attack and probably cause terror and fear among Kenyans. The Westgate Mall siege was carried on September 21, a few minutes to noon.

The terrorists propaganda page claims it was”Providing the secret eye. Collecting Info From Kenyans Online And Sharing.Views Not Independent.”

It adds, “We have a system we call open source intelligence collection system where we collect all terrorist feeds and digets them into a database. Every info posted online by terrorists or that refers to terror is picked and we conduct-onspot intel charting and analysis. Its only after connecting the info to terror groups and sympathizers online that we post info.”

WestGate Mall Attack Intelligence FeedsThe page again terrifies its followers by adding that it had captured tweets such as , “5th and 7th mujahideen squads from tanzania
and uganda expected to carry out attacks in the next 24 hours! # westgate # AlShabaab Expanded Eye our fighters had intense training at black water facility in north carolina! and were expecting more! #westgate # AlShabaabcrawler.”

The page also said,”Al Shabaab turns to Communicating via E-mail as @Twitter engages them in an online war suspending all accounts with “HSM”.”

Our questions at TechMoran and as Kenyans remain unanswered. Could be a Kenyan somewhere trying to increase hits to his or her Facebook page or is it run by Al-Qaeda insiders? After a close scrutiny, we realized Facebook had no history on name change and the page’s URL remains the same.

Another Terrorism blog goes ahead to name the perpetrators and their places of origin but we rather ask Kenyans to keep off this dirty tricks.  Did the terrorists start the page days before the raid? Or is it just a hooligan  out to garner likes to his/her page then change its name? Are the master-minders walking free among us?

 

 

Orange Gives Volunteers Free High Speed Internet & Opens A Toll-Free Orange Money Account For Westgate Relief

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orange-logo

 

Orange Kenya has given free high-speed internet connectivity to the Kenya Red Cross Emergency Response Centres at the Visa Oshwal Centre, the Aga Khan and MP Shah Hospitals in Nairobi to allow for reliable, effective and faster communication as part of the Westgate relief initiatives.

The firm has also said, it has set up a toll-free Orange Money account “Orange CSR operational account” (Business No. 222222) to be used by its subscribers to make contributions towards those affected by the Westgate Mall hostage siege.

 

“These initiatives are part of our solidarity with Kenya and Kenyans as we try to cope with the challenges brought about by the terror attacks at the Westgate Shopping Mall last Saturday,” says company CEO Mickael Ghossein.

 

For the purpose of this campaign – that is raising money in support of the victims of the Westgate siege – the Orange Money Bill Reference is “Westgate”

 

Process:

 

  • Select “Orange Money
  • Select “Payments
  • Select “Pay Bill
  • Enter “Business Number” {222222}
  • Enter “Bill Reference” {Westgate}
  • Enter “Amount” {XXXX}
  • Enter “PIN”
  • Confirm

 

An SMS confirming payment will be sent to the customer. Regular updates on the contributions will be disseminated to the public.

 

Pluto, The Egyptian Tablet, Is Now In The Market

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 tablet

The Arab Organization for Industrialization (AOI) in conjunction with the Egyptian Government and Intel will bring forward the first ever tablet to be assembled entirely in Egypt and has an Intel processor, the Pluto.

The greatest hope in this launch is that it will bring a desire into other African countries into developing local technology and help to create the next advances by sourcing ideas from the locals and using the available manpower.

The tablet will be available in the market by the end of the year. NordixEgypt is now in charge of the supply, marketing, distribution and sales of the tablet.

The tablet has Andriod applications, and is said to offer fast web browsing, multimedia capabilities and will cost EGP 1,777, which is about $258, and will offer consumers fast web browsing, multimedia capabilities and Android applications.

“The Intel Atom processor offers impressive battery life, and always-on technology in sleek designs that are lighter, more responsive and enable a multitude of options for mobile users,” Intel said of the new product.

The company thought that new means of producing and creating an affordable tablet to the Egyptians will be a greater deal as the current one is still out of reach  because of its cost.

It is true that the cost of the tablet can be its major down fall if they do not come up with something to neutralise it. It is easier to trust the popular brands especially when it comes to gadgets and costs, this is what is killing African innovations

BlackBerry to be Acquired by Fairfax For $4.7 Billion

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BlackBerry-Logo-Mobile-2012Troubled Canadian Smartphone maker, BlackBerry®, is set to be acquired by Fairfax Financial for $4.7 billion a deal that will see the company go private.

BlackBerry® Limited announced in an official statement that it had “signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence”.

If the deal goes through, Fairfax, currently the largest shareholder in the phone maker company with 10 percent shareholding, will offer a buying price of $9 per share to the shareholders. This is however subject to BlackBerry® conducting a 6 weeks due diligence period in which they will “actively solicit, receive, evaluate and potentially enter into negotiations” with other potential buyers.

The acquisition offer comes a few days after the company announced 4,500 job cuts internationally in a bid to cut loses. The company has also projected that it is expecting to make a loss of up to $1 billion after its new handsets performed dismally in sales.

BlackBerry® was introduced back in 1999, going ahead to revolutionize the mobile industry, growing steadily to a valuation of $80 billion in 2008.