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Good morning!
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It is easy to think that the Nigerian economy is on the brink of something, bad government policies aside. There are all these new tech companies pouring in. Media companies are raising money. A company like Eden Life is being billed as the next frontier of something.
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Investors are monitoring Afropolitan as a company that would be profitable in the nearest future, scrapping over 2 million dollars, even in a stage when it's still difficult to figure out what precisely the product is. And of course, the new venture studio by Opeyemi Awoyemi.
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These are events that the economy hasn't seen before. I can't help but wonder how these founders plan on integrating these new products into the Nigerian system. What will the repercussions be if what happened in the first quarter this year repeats itself in a few years from now?
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Herconomy has expanded into a fintech
- New data suggests that Twitter Blue is undisruptive
- FEC has approved MTN’s takeover of the N202bn Enugu-Onitsha road construction
- Jobberman and Whogohost co-founder, Opeyemi Awoyemi has launched a new venture studio company
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Herconomy expands into a fintech startup with new offerings for African women
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Herconomy is taking another big step: pivoting to a fintech company and discontinuing its former product and model, TechCabal reports. Herconomy’s former product achieved significant feats, including bringing together a vibrant community of women and offering them access to jobs, opportunities, and capacity-building workshops. Its business model relied on customers paying to access these perks.
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The founder Durosimi-Etti said she has wanted Herconomy to become a catalyst for the socioeconomic independence of women by actively helping them grow their wealth, manage their finances, and access capital for their businesses.
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As an MFB, Herconomy plans to onboard unbanked women (those without bank verification numbers) by opening tier 1 accounts for them and helping them to access all the perks of the Herconomy app, via a robust agent network. Offering credit to customers is also one of the company’s key ambitions, and according to the firm’s associate product manager, Opral Ogbuigwe, Herconomy will launch its credit offerings in 2023.
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Rahmat Lasisi, Herconomy’s CTO, said:
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Our mission is to empower women in Nigeria and beyond to be financially independent, thereby contributing to the socio-economic development of their ecosystem. This is in line with our vision to empower one million women by the year 2025.
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A word from our partners!
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Twitter Blue is not yet disruptive
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According to the latest insights from Sensor Tower, Twitter hasn’t seen a major spike in revenue intake, at least based on the overall app ranking data.
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Following the launch of tweet editing in Twitter Blue to users in Australia, Canada and New Zealand on October 4th, there was a bit of a jump, with Twitter rising up the app revenue ranks slightly in each region.
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Twitter then released tweet editing to US-based Blue subscribers on October 6th, which also resulted in a ranking boost, based on Sensor Tower’s highest-grossing apps rankings.
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MTN’s N202bn Enugu-Onitsha road construction
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The federal executive council (FEC) has approved the takeover of the construction work on the Enugu-Onitsha expressway by MTN Nigeria at about N202.8 billion, under the road infrastructure tax credit (RITC) scheme, TheCable reports.
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Babatunde Fashola, minister of works and housing, said last week while speaking with journalists after the council’s meeting, presided over by President Muhammadu Buhari.
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He said the approval was in line with the executive order 7 signed by Buhari in January 2019. He said the telecoms giant will complete the dualisation of the 110-kilometre road.
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See an excerpt from Fashola below:
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In 2019, January 25, specifically, you might recall that President Buhari approved executive order 7, which was the road infrastructure tax credit scheme, to allow the private sector to invest tax liabilities in advance in infrastructure.
And that policy has helped us to finance roads like or by Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, the Bodo-Bonni expressway in Port Harcourt, about a 1000 kilometres covering 21 roads under the NNPC investment. So, there is increased optic for that policy. So, today we have two more.
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A word from our partners!
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Jobberman and Whogohost co-founder's new startup
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Opeyemi Awoyemi, who co-founded the online jobs site Jobberman (which was acquired by ROAM Africa in 2016) and Whogohost, a bootstrapped hosting platform has launched a venture studio with Omolara Awoyemi: Fast Forward Venture Studio.
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The venture studio firm’s idea selection is grand–keen on those it believes can impact at least 10 million people and generate at least $10 million in annual recurring revenue in 3-5 years, per TechCrunch reporting.
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Awoyemi said of the move:
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We back entrepreneurs from day one, so almost exclusively, we’re the first money in the company. Lara and I are entrepreneurs that have scaled businesses in Africa, so we don’t see ourselves as only investors but also as builders.
We understand the market and believe that the best way to unlock some of these opportunities, even most people are not thinking about, is to put entrepreneurs at the centre. The ideas can come from us, but they are a dime a dozen; the real work is execution.
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Latest in funding
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Other stories we are following
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