TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Google, Yellow Card, Coinbase, Bolt, Duolingo, FriendyM, Seedstars Africa Ventures, Lokalee, Baims, Cleva, Nigeria Immigration Service (NIS), Twiga Foods, inDrive, some of the names that made the headlines this week.

Ride-hailing giant, Bolt, has implemented a novel feature in its application to dissuade users from partaking in offline journeys and making payments outside the platform.

Also, The Nigeria Immigration Service (NIS) has launched an automated passport application process aimed at streamlining and expediting passport acquisition for Nigerian citizens.

Let’s get into details

Ride-hailing giant, Bolt, has implemented a novel feature in its application to dissuade users from partaking in offline journeys and making payments outside the platform.

The update presents a cancellation option for riders encountering situations where drivers propose offline trips and request payments external to the app.

In response to this issue, Bolt’s riders in Kenya can now opt to cancel a trip by selecting the specific circumstance of ‘driver asked to pay off-the-app’.

Google is in the midst of substantial layoffs, impacting hundreds of employees in various departments, including digital assistant, hardware, and engineering.

This restructuring move, according to the company, is part of its ongoing cost-cutting efforts, driven by heightened competition in the artificial intelligence (AI) sector.

The affected workforce includes those dedicated to the voice-based Google Assistant and the augmented reality hardware team.

Yellow Card, a fintech player, has partnered with Coinbase, the U.S. cryptocurrency exchange, with the goal of streamlining and broadening access to USDC (USD Coin) and other digital assets throughout the African continent.

The Integration of the Yellow Card Widget into Coinbase’s platform claims to enable seamless access to Yellow Card’s extensive payment network spanning 20 African countries.

This collaboration signifies a significant advancement in reshaping the accessibility and utilization of digital assets across the region.

The Nigeria Immigration Service (NIS) has launched an automated passport application process aimed at streamlining and expediting passport acquisition for Nigerian citizens.

The unveiling of the innovative system took place after a live demonstration hosted by the Minister of Interior, Hon. (Dr.) Olubunmi Tunji-Ojo, in Abuja on Saturday.

During the technical session, Minister Tunji-Ojo emphasized that the new system aligns with President Bola Ahmed Tinubu’s Renewed Hope agenda, aiming to redefine how citizens enroll and obtain international passports.

Duolingo, an Educational technology App has initiated a workforce reduction, affecting approximately 10% of its contract employees, as part of a strategic shift towards intensified integration of artificial intelligence (AI).

Although not exclusively tied to technological transformations, the language learning company concluded the layoff of certain contractors at the close of 2023.

Ripples Nigeria gathered that the move was to align with its commitment to implementing AI-centric enhancements in content creation and dissemination.

FriendyM, the autotech firm based in Egypt, has secured a $2 million investment.

Established in 2016 by Abdelrahman Elgamal, the platform claims to offer a range of car services such as maintenance, expense tracking, and concierge services.

The Founder and CEO, Abdrlrahman Elgamal, confirmed this in a statement seen by Ripples Nigeria on Thursday January 11, 2024.

Seedstars Africa Ventures has announced securing a $30M capital injection from EIB Global, associated with the European Investment Bank.

The raiser, according to analysts, represents a crucial milestone as the venture firm’s inaugural pan-African capital fund receives its first significant institutional investment.

This financial boost follows an $8 million backing from LBO France, the fund’s anchor investor and on track to finalize its fund within an impressive range of $80 million to $100 million.

Lokalee, the Dubai-based traveltech startup, has announced securing a $5.6 million in a pre-Series A funding round.

The funding, according to the startup, was spearheaded by Crown Private Fund, and saw the participation of three strategic investors boasting a wealth of experience in both hotel and technology sectors.

Established in 2019 by Samir Abi Frem, Lokalee operates as a B2B platform facilitating hotel guests in exploring and booking accommodations along with associated amenities.

Kuwaiti education technology firm, Baims, has closed an $11 million deal to acquire Orcas, its Egyptian counterpart, establishing a comprehensive 100% ownership and solidifying its influence across the region.

Founded in 2017 by Bader Al-Rasheed and Yousef Alhusaini, Baims specializes in delivering online pre-recorded courses to university and high school students in Saudi Arabia, Kuwait, Bahrain, and Jordan.

This strategic move integrates Orcas’ personalized tutoring services into Baims’ existing platform, aiming to create a synergistic and adaptable educational experience for learners throughout the MENA region.

Cleva, a Nigerian fintech startup specializing in offering a banking platform for Africans to receive international payments through USD accounts, recently secured $1.5 million in pre-seed funding.

The investment drive was led by 1984 Ventures, an early-stage venture capital firm based in San Francisco. Key contributors included The Raba Partnership, Byld Ventures, FirstCheck Africa, and various angel investors.

Notably, renowned accelerator Y Combinator participated in Cleva’s pre-seed round, marking the company’s inclusion in the accelerator’s winter 2024 batch.

Twiga Foods’ founder and long-serving CEO, Peter Njonjo, has stepped down from the company’s board, one month after his departure as chief executive.

His resignation marked the end of his influential decade-long leadership at the forefront of Kenya’s agritech firm.

This development comes amidst Twiga grappling with a series of operational hurdles, including staff layoffs, deferred payments to suppliers, and delayed salaries for workers.

Ride-hailing firm, inDrive, has launched a new financial service to support drivers, aiming to establish a safety net for drivers navigating the challenges inherent in developing markets.

Mark Loughran, inDrive’s President and Deputy CEO since last summer, stated that the move is a catalyst for bolstering financial stability among the drivers using its platform.

Speaking on the development, Loughran noted that the new service provides access to financial services such as small-term loans, particularly crucial for individuals lacking banking credibility, offering them viable alternatives for financial support.

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