The Naira has a sidekick ₦🇫🇷₣
Issue #138
Hello Venturer,
Welcome to the end of another week. Although the struggle continues on Monday for many Nigerians, this weekend is a brief relief from their longstanding problem with fuel and the Naira scarcity. So big has the problem grown that the Naira scarcity has led some Nigerians to start trading in the CFA Franc. One of our stories today discusses this.
The scarcity is caused by the government's move to usher Nigerians into a long-awaited cashless economy. Many have argued it is a hasty move and that a slow transition into a cashless economy would have been better. This is true, seeing how technology has steadily transformed the Nigerian financial landscape with the rise of fintech startups. The transition was not sudden.
Even with its initial slow adoption, the fintech ecosystem has grown to become the most valued technology subsector in Nigeria and Africa at large. But beyond fintech, more interesting things are happening in Africa's tech ecosystem. And one of the most notable is that funding is becoming more decentralised across countries and tech sectors, which puts the ecosystem at a vantage point to maximise its potential of becoming a trillion-dollar ecosystem like its foreign counterparts. This week, one of our stories discusses this massive growth. Enjoy.
What’s new?
Disrupt Africa: Africa’s over $ 3 billion tech funding in 2022, and other key highlights.
Not only has the African tech ecosystem experienced tremendous growth in less than a decade, but it has also shown resilience in the face of multiple global crises. For the first time, 2022 was another record year for funding activity in the African tech startup ecosystem, with total investment passing $3 billion. Read more.
Five AI blunders that made people doubt its future.
It seems like the rise of artificial intelligence (AI) is all every tech enthusiast wants to talk about these days. Whether it’s about who would lose their jobs to automation or whether AI will rule us, the debates never end. There are still several (really concerning) edges to iron out. Read more.
African tech is struggling with a surge in digital fraud.
Because Africa’s technology sector is advancing, more people now rely on digital tools to manage their finances, communicate with others, and take care of their daily needs. But with this increased dependence on digital services comes a growing threat: digital fraud. Read more.
How sustainable is it to run a climate startup in Africa?
The African continent is the hardest hit by climate change globally. Yet climate startups are not well funded. And this could be because building and running a climate startup could be capital and requires a lot of patience from investors- which they may not have. Read more.
My Pivot Journal: How Chuka Ofili’s passion for gaming led him to become a full-stack engineer.
Chuka Ofili’s life has always revolved around technology, and it started with an infantile passion for gaming. Now a software and full stack engineer with a robust experience of over two decades, Ofili takes us on his journey of becoming. Read more.
Naira scarcity forces Nigerians to use the CFA Franc.
Nigerians are notable for innovating their way out of difficult situations- by every means possible. And spending the CFA Franc- another country’s banknotes- within the country is just one of those ways. Read more.
Twitter’s new ad revenue sharing for creators comes with a catch.
Twitter is the latest social media platform allowing creators to earn from adverts that appear on their timelines. The plan is simple, Twitter will use the revenue generated from the ads that appear on the creator’s reply thread to pay them. Read more.
Weekly Economic Index: Cash scarcity in Nigeria, the rise of Starlink, and the end of Tech Nation.
Banknotes are becoming so scarce that Nigerians now buy them at a premium. This crisis is happening because of the central bank of Nigeria’s new naira rollout. It was supposed to be a hard reset for Nigeria’s fiscal system that would ultimately reduce inflation and drive a cashless economy. But the move has only left people scrambling to get old and new notes. Read more.
Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click the image below to read.
Our weekly collectibles
Follow Ifeoma Nwobu as she takes us on a day in the life of a 23 year old tech founder in Nigeria.
Every week, fallen executives come together seeking sympathy and a second chance in life after white-collar crime.
They say good things come in pairs. Find out how two sisters monopolized the identical twins’ business.
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