Unlike last week where the tech space was occupied with equity raisers and new product launches, this week under review came with a new shade -from massive social media engagements to support the ongoing agitation and protest by young Nigeriansagainst police brutality, to the proposed hike in fare prices by ride-hailing companies.
However, the week also recorded a number of wins by some sector players as Nigeria’s Chaka alongside 2 other African startups made Seedstars’ Demo Day listing, going on to see the money startup participate in the forthcoming accelerator programme.
Below is a digest for the week, highlighting the major tech build up.
Tech meets banking
Nigerian online savings startup Cashbox recorded a significant milestone, with its outstanding record of accruingUS$2.5 million from about 100,000 users. Analysts noted that the startup was able to pull such stunt courtesy of its adopted venture model, helping people easily save money irrespective of their income or social class.
It is therefore expected that the Cashbox would improve saving habit of more Nigerians considering its level of trust, banking on the testimonies from existing users.
Representing Nigeria away
Nigeria’s Chaka as well as 2 other African startups have been selected to participate in Seedstars’ International Demo Day slated for October 14. Putting Nigeria in a high reckoning profile, the Nigerian money startup, Chaka, will not only stand a chance to pitch at this year’s virtual Demo Day, but alsocompete alongside 17 others, including two Kenyan startups, Fuzu and Pezesha.
The development has courted the attention of high ranking techsector players and icons as the Demo Day event is a part of the Seedstars International Growth Programme, a three-month-long virtual post acceleration programme that has been designed to assist startups.
The Uber saga
Having been leveraging tech as a ride-sharing company, the Uber’s pronouncement of a proposed hike in fare prices becomes another interesting highlight of the week. The car hailing company had accused the government of levying outrageous taxes and dues on its operators, stiffening its growth and chances of contributing to the development of the metropolitan ambition of Lagos, for instance.
Analysts understand that any discomfort on these players would be meted on citizens as the case of hike in price, defeating the belief and expectation that tech was a succour for the populace.
Nigeria’s ImaliPay was in the news as it launched new AI-powered financial products. Reviews noted that the new products offered promotions around inclusion of gig economy platforms and workers across Africa.
With the new launch, ImaliPay will offer both new and existing gig workers or freelancers the ability to seamlessly save their income and receive in-kind loans through a buy now, pay later model tied to their trade.
Twitter week-long trending hashtags
Topping the trend bar all week long, attracting international attention; the #EndSars and #EndPoliceBrutality campaigns by young Nigerians and celebrities alike have occupied the social media landscape.
The campaign broke out after several videos were posted online exposing SARS harassment and extortion. Earlier in the week, musical artist, Naira Marley engaged the Police IG on a live Instagram session, reaching thousands of followers. Soon, the campaign continued on Twitter, recording thousands of follow-up tweets calling for the banning of the SARS unit.
These stories, and many others, made headlines during the week.Join us next week for another edition of TechNigeria.
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