SINGAPORE – Media OutReach – 5 September 2022 –Recently, RockFlow (https://rockflow.ai/ ), the one-stop investment platform for Gen-Z, has launched its latest innovative stock options product – Baby Bull & Baby Bear. The product signifies the fact that RockFlow has once again lowered the investment threshold, one solid step toward providing reliable and fun investment services for the new generation of investors.
SINGAPORE – Media OutReach – 5 September 2022 – Of Dreams & Knowledge (Asia), a provider of innovative health solutions, has launched MILESTONE®Food for your Genes in Singapore. With the entry of biofunctional foods, Of Dreams and Knowledge (Asia) hopes to kickstart a new wave in functional health with MILESTONE®Food for your Genes.
www.ofdreamsandknowledge.com
Fintech unicorn Flutterwave will approach the equity market in the U.S. to tap funding enabling it to break into new markets in Africa as well as widen its strides in countries it currently operates in, Bloomberg reported, citing an emailed statement from the start-up.
The move comes approximately a year and a half after the chief executive and co-founder, Olugbenga Agboola, first disclosedthe ambition to seek a listing in New York or a possible dual listing in New York and Nigeria.
Flutterwave, based in San Francisco, California, is Africa-focused and is considering flotation to be followed by listing on Nasdaq, Premium Times reports.
The firm announced Thursday it has received a switching and processing license from the Central Bank of Nigeria. That gives it permission to directly facilitate card transactions, operate agency banking, handle fund transfers between fintechs and banks, and conduct other payment services.
Still growing rapidly, and attracting outside venture capitalists intent on harnessing the potential of the tech ecosystem of Nigeria’s dominantly youthful population, start-ups in Africa’s biggest economy and most populous country are entering a new phase of capital raising by way of public offering.
Tizeti, an internet service provider startup whose operation is enabled by solar-powered towers, saidthis week it is setting sights on an initial public offering combined with debt to source $50 million for expansion into 10 more Nigerian states, Ghana and Ivory Coast.
It mirrors the Nigerian Exchange’s push to attract startups to a new board to be named “technology board” and fashioned after tech-heavy Nasdaq.
“In that board, there are lots of what you might call structural challenges, that will preclude tech companies from listing, which we look to address – things around the rules, the barriers, the entry for traditional companies, the governance requirements and the like,” NGX CEO Temi Popoola said in February.
The company has been in the eye of the storm in recent time following allegations of malfeasance including staff bullying in Nigeria, claims of involvement in money laundering in Kenya and indictment by the Central Bank of Kenya that it does not have a license to operate in the country. The company denies wrongdoing.
Nigerian fintech mobility startup Moove has announced its launch in London as part of its global expansion through a new partnership with Uber.
Moove has launched in Europe with a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee. The startup aims to be the largest EV partner on Uber’s platform in London with plans to scale to up to 10,000 vehicles by the end of 2025, creating sustainable earnings opportunities and contributing to the city’s net zero carbon emissions goals.
London is the global leader for Uber’s electrification efforts with over 6,000 EVs on the platform – the most of any Uber city. Moove says its London launch will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025. Moove customers can apply to use Uber’s £145 million Clean Air Plan to reduce the cost of their vehicle.
Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sector’, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.
Its alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 7 million trips in Moove-financed vehicles.
The company is now bringing its impact-led model to the UK, its first expansion into Europe and on the heels of its recent India launch, as part of its mission to close the finance gap for mobility gig workers globally.
In London, Moove’s innovative approach to vehicle financing is designed to empower its customers with access to brand new, zero-emission vehicles with an easy sign-up process as well as no credit checks, upfront costs, or deposit needed. Value-added services include regular maintenance, MOT and vehicle insurance as part of Moove’s dedication to improving safety standards through ongoing training and vehicle serving. The weekly fee also covers health insurance and Moove customers have access to a dedicated customer success team, a product offering not matched by any other company partnered with Uber’s Clean Air Plan.
In addition, Moove customers driving with Uber can reduce their weekly payments by using funds raised through Uber’s Clean Air Plan to help them meet the cost of switching to an EV. Uber’s Clean Air Plan has raised over £145 million, equating to approximately £3,000 per driver. Moove estimates that the 10,000 EVs it plans to finance by 2025 in London will contribute a reduction of around 63,000 megatonnes of carbon dioxide emissions per year.
Ladi Delano, co-founder and co-CEO at Moove, said: “We are proud to have built a business in Africa to now be able to scale our model here in Europe, which is something that no other African fintech company has done before. This also marks a milestone of firsts for us; as we are excited to be launching with our first 100% EV fleet. We are thrilled to be expanding our partnership with Uber to drive our commitments towards the electrification of mobility.”
Andrew Brem, general manager at Uber UK, said: “Our aim at Uber is to become a 100% electric platform in London by 2025 and we understand that drivers need access to financing if they want to make the transition to an electric vehicle. Moove’s model will help more Uber drivers switch to pure electric faster, to reduce their running costs and help clean up London’s air. With demand from riders higher than ever, our partnership with Moove will benefit drivers and riders alike.”
Earlier this year, Uber expanded its EV-only product Uber Green to the whole of London allowing millions of riders in the capital to book an EV on-demand for the same price as an UberX. EV drivers also benefit from a 15% boost in earnings for Uber Green trips, as well as savings on fees and running costs compared to petrol and hybrid vehicles.
Moove aims to solve many of the pain points facing its customers when switching to an electric car over a petrol or diesel-powered vehicle. One of the key barriers to buying an EV, aside from price, is concerns about charging infrastructure and fear of not being able to access charge points.
To simplify the charging experience, Moove has launched the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers called Moove Charge™. Moove Charge enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 6,600 slow, fast and rapid charge points.
The app, which comes with an RFID electric car charging card, is a seamless all-in-one solution that aggregates charge points from 15 charge point network partners providing a cost saving of approx. 12% of average annual EV charging costs. Additional functionalities include the ability to search for charge points by vehicle compatibility, speed and availability and a dynamic spending cap feature, which helps Moove customers to better control their costs and cash flow. Altogether, this provides a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times for Uber’s growing customer base.
MTN recently announced that it had begun its pilot test of 5G in Nigeria, cementing its status as the true telco leader in the country and generating significant buzz among tech enthusiasts.
A week into the official announcement, the telco giant already has over 190 active 5G sites across the federation and is set to go public with its 5G offer later this year.
After catching up with MTN at its head office in Falomo, Lagos, TechCabal revealed some further findings about MTN’s 5G offer in Nigeria.
Where can people access 5G in Nigeria?
5G can be found in any accredited site across the 7 states it has launched in. These states are Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri. More sites are also being worked on within these states.
Will 5G consume excess data?
5G will invariably require more data for the seamless experience it provides, but it won’t be anything overboard from the experience of existing 4G subscribers. For example, when watching a Youtube video on a 4G network, 4k is the maximum resolution that can be obtained. With 5G, the resolution doesn’t increase beyond 4k, and the data expense will also stay the same. However, doing a speed test with a 5G network will cost more data, as 5G networks can transfer more data in the speed test process.
How can people access 5G in Nigeria?
There are two major ways to connect to 5G if you’re in Nigeria: By using an MTN 5G router, or by using an MTN 4G sim (they are also 5G enabled) on a phone that is both 5G-compatible and 5G-enabled.
5G-compatible phones are built with the 5G network technology, enabling them to access 5G networks where available. Amongst others, recent Samsung, iPhone, Redmi, Xiaomi, Nokia, and Huwaei models are 5G compatible.
5G enablement, on the other hand, is the backend integration of the phone models into MTN’s 5G network, enabling these phones to access MTN’s 5G services within the accredited sites nationwide. MTN is presently working on integrating iPhone and Samsung phones into its network, which means that users of these devices are not yet able to access the 5G network via their sim cards directly.
The MTN 5G router is the second option and is a non-restrictive way for everyone to access 5G in Nigeria. Users can buy the device from MTN’s website, and if they’re within a 5G site, they can use any device to connect to the 5G network through WiFi.
However, some pilot testers of this 5G router noted varying experiences. While one 5G-compatible phone user experienced an internet speed of 1,400 Mbps, another user with an older phone model recorded a reduced speed of 40Mbps. Members of MTN’s technical team told TechCabal that a phone’s specification also contributes to their experience of the 5G network.
Beyond mobile devices, what’s the use of 5G?
The applications of 5G in Nigeria go way beyond mobile. An MTN official said that the company is planning a formal launch event soon where the wonders of 5G will be seen. According to him, the private event will feature holographic remote performances and other out-of-the-ordinary demonstrations that will leverage MTN’s 5G network.
“5G is technology at an advanced level. It is not the AntiChrist or the end of the world. As a matter of fact, research on 6G is already being done in some quarters. Imagine our world when these things become commonplace,” he said.
Another MTN official further explained that MTN’s 5G network could power smart home devices, enable seamless gaming experience, contribute to advanced telesurgery and content streaming, and power economic activities across multiple sectors like agriculture. He further encouraged players in such markets to take advantage of MTN’s novel 5G network.
The barometer for world food commodity prices declined for the fifth consecutive month in August, as quotations for most benchmark items dropped, according to a new report released today by the Food and Agriculture Organization of the United Nations (FAO).
The closely watched FAO Food Price Index averaged 138.0 points in August, down 1.9 percent from July although remaining 7.9 percent above its value a year before. The Index tracks monthly changes in the international prices of a basket of commonly traded food commodities.
The FAO Cereal Price Index decreased by 1.4 percent from the previous month, a drop driven by a 5.1 percent decline in international wheat prices that reflected improved production prospects in North America and the Russian Federation as well as the resumption of exports from the Black Sea ports in Ukraine. Rice prices on average held steady during the month, while quotations for coarse grains increased marginally, by 0.2 percent, as firmer world maize prices due to hot, dry growing conditions in the European Union and the United States of America were offset by lower barley and sorghum prices.
The FAO Vegetable Oil Price Index decreased by 3.3 percent from July, reaching a level slightly below that of August 2021. World soy oil prices rose moderately due to concerns over the impact of unfavorable weather conditions on production in the United States of America, but the gain was more than offset by lower quotations for palm, sunflower and rapeseed oils, reflecting increased availabilities of palm oil from Indonesia, due to lower export taxes, and a gradual resumption of sunflower oil shipments from Ukraine’s ports.
The FAO Dairy Price Index decreased by 2.0 percent in August, while remaining 23.5 percent above its August 2021 value. World cheese prices increased for the tenth consecutive month, while those of milk eased amid expectations of increased supplies from New Zealand, even as production tracks lower in Western Europe and the United States of America.
The FAO Meat Price Index declined by 1.5 percent from July, but it remained 8.2 percent higher its value a year ago. International quotations for poultry meat fell in August amid elevated global export availabilities, while world bovine meat prices declined on weak domestic demand in some leading exporting countries. Pig meat quotations rose.
The FAO Sugar Price Index decreased by 2.1 percent to its lowest level since July 2021, triggered mainly by high export caps in India and lower ethanol prices in Brazil.
FAO also today issued its updated cereal production forecast for 2022, with a significantly lower outlook. Global cereal production is anticipated to decline by 38.9 million tonnes, or 1.4 percent, from the previous year, according to the new Cereal Supply and Demand Brief.
The bulk of the downward revision concerns coarse grains, with maize yields in the European Union expected to drop 16 percent below their five-year average level due to the exceptional hot and dry weather conditions.
By contrast, FAO raised its forecast for world wheat production from its last report in July to 777 million tonnes, a negligible drop from 2021, on the back of expected record harvests in the Russian Federation and conducive weather conditions in North America. Global rice production is expected to drop by 2.1 percent from its all-time high reached in 2021.
World cereal utilization for 2022/2023 is now pegged at 2 792 million tonnes, while global cereal stocks at the close of the 2023 seasons are expected to contract by 2.1 percent to 845 million tonnes. As a result, the world cereal stocks-to-use ratio is expected to fall slightly from 30.9 percent in 2021/22 to 29.5 percent, a level FAO notes is still relatively high form a historical perspective.
World trade in cereals is predicted to decline by 1.9 percent in 2022/2023 (July/June) from the year-earlier period, to 469.6 million tonnes.
Many entrepreneurs who have just started their businesses often overlook the importance of marketing their products or services and rely on word of mouth.
While this may be true, especially for some businesses who rely only on word of mouth as a marketing tool, entrepreneurs who are serious about growing their businesses need to go back to the drawing board and come up with a marketing strategy that will help them attract more customers and increase sales.
When entrepreneurs market their businesses, they often assume that it’s only about putting their brands on social media platforms like Twitter or Instagram, without necessarily having a comprehensive marketing strategy and plan in place.
Four tips for developing a business marketing strategy:
Marketing strategy – as part of your marketing strategy, develop a marketing plan that aligns to your business objectives. For example, if your plan includes a social media plan or campaign – depending on the depth and frequency of your planned activities, you can then decide to appoint a social media manager or manage the activities yourself in alignment with the business’ broader marketing activities. It’s more than just randomly posting on Twitter and Instagram as and when you deem relevant.
Competitive advantage – it’s important to know and understand your competitors, determine your unique selling point, and what you can deliver to satisfy your customer needs. For example, when running a bakery, you could offer your customers discounts, such as muffins when buying three coffees.
Free online marketing tools – there are many online tools that SMEs can use to learn more and or market their businesses, often at no cost.
Return on investments – in addition to the marketing activities that will be implemented, it is important to use the right tools to accurately measure and determine the return on investment. This will help the business owners to determine whether their marketing activities have helped to deliver on their strategy
Lastly – the importance of fully understanding your competitors, customers, market and landscape in which you operate and matching that with an adequate marketing plan that will help the business to reach its objectives – cannot be overemphasized.
Africa-focused e-commerce firm Jumia Technologies has partnered with drone-delivery startup Zipline to deliver household items to remote areas of Ghana.
The venture will combine San Francisco-based Zipline’s automated, on-demand delivery system with Jumia’s distribution network to enable customers from remote and rural areas to order and receive electronics, cosmetics, fashion and other products.
Jumia, an online marketplace for vendors and food sellers, with associated services including logistics and payments, was the first Africa-focused tech startup to list on the New York Stock Exchange in 2019. It has a current market capitalisation of $741m, according to Refinitiv data.
The new venture is part of Jumia’s plan to reach its growing customer base in such areas, whichmake up about 27% of the company’s deliveries, a Jumia spokesman told Reuters, adding he could not immediately give financial details of the project.
“This will… provide much-needed access to rural and remote areas where conventional delivery services have challenges,” said Apoorva Kumar, Jumia Group chief operating officer.
Beyond medical supplies
Drone deliveries of medical supplies and vaccines picked up pace during the Covid-19 pandemic as countries and companies rushed to find innovative ways to reach people when movement of goods was restricted.
Many companies are now looking beyond medical needs, with Amazon.com Inc, United Parcel Service Inc and FedEx Corp all working on several pilot programmes to deliver household goods and other services to customers.
Zipline currently offers drone delivery of blood, vaccines and other medical equipment in Ghana, Rwanda, Nigeria and the United States, with its most recent foray into Japan.
After a successful pilot programme and testing in Ghana a few months ago, Jumia and Zipline plan to expand into Ivory Coast and Nigeria, they said in a statement, but gave no timeframe.
Jumia operates in 11 African countries and has more than 30 warehouses and 3,000 drop-off and pick-up stations in its logistics network.
UK-based identity tech start-up, OneID®, has gained full ACCS accreditation, meaning its ground-breaking technology is certified to authenticate the age of over 40 million people online in the UK, helping to keep both businesses and consumers safe when operating online.
The ACCS accreditation corroborates that OneID®, as an Age Check Provider, can effectively identify appropriate levels of assurance to users of their Age Verification products.
OneID® is pioneering solutions to digital identity across its Age Verification, Verified ID and Verified Sign up and Sign in products. There is an ever-increasing demand for sophisticated digital identity technology, particularly in the UK, as The Online Safety Bill highlights the urgent need for age regulations to be put in place to protect the young and those vulnerable to abuse online.
Age verification technology can mitigate the vulnerability of young online users to protect them from a multitude of risks such as social media abuse and being able to purchase knives, blades, alcohol, or corrosive substances online.
Within the need for more secure digital identity verification is the requirement to curb the risk of mis-selling to underage buyers online. It is illegal to sell vapes, alcohol and knives, blades, or corrosive substances to anyone under the age of 18 in the UK.
It is the seller’s responsibility to ensure that they avoid mis-selling to underage users and can face fines and/or prosecution of they fail to do so effectively. Using OneID®’s products is one-way retailers can avoid mis-selling to underage buyers and can help them to avoid fines and prosecution in court.
Vijay Nagarajan, who is Head of Business Strategy and Performance at OneID®, commented: “OneID®’s certification with ACCS is another step closer to achieving our dream of keeping our customer’s information safe online, delivering a social purpose of safeguarding their information and respecting our customer’s privacy.”
OneID®’s innovative technology has already gained multi-sector interest and the firm has recently partnered with brands such as DocuSign and Sports Alliance.
Aside from ACCS certification, OneID® is also certified to give Primary Authority assured advice which was developed by Milton Keynes Trading Standards as part of a Primary Authority coordinated partnership with OneID®. This will be issued to OneID® customers when they adopt their age authentication services.
The combination of the PA-assured advice around the certified OneID® service puts retailers selling age-restricted goods online in a very strong position to adhere to all relevant laws.
OneID® was built with the social purpose of creating trust online at the heart of what it does and these accreditations are reflective of that.
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