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Good morning!
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We did it, guys! We held the largest blockchain event in Africa. Did you miss it? See all that went down here. And thanks for being a part of it.
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In some lukewarm news, Uber said it will be hiking its fares by 18% in Lagos. Its base fare will now increase from ₦340 ($0.78) to ₦450 ($1.04). The minimum fare will also increase from ₦600 ($1.38) to ₦650 ($1.50), while the per minute fare will go from ₦14 ($0.03) to ₦16 ($0.03).
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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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- Uber said it will hike fares in Lagos by 18%
- Nigeria ranks 86th in the world by the Digital Quality of Life Index
- Flutterwave's Olugbenga Agboola calls for better regulation in new Op-Ed
- Highlights from Technext Coinference 2.0
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Uber fares in Lagos are about to increase by 18%
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On Monday, October 3, 2022, ride-hailing company, Uber revealed that it was increasing its fares for the UberX and UberX Share in Lagos in an email to drivers, Techpoint Africa reports.
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Per the email, the price update goes into effect today, October 3, 2022, and is the result of “changing economic conditions, including increased fuel cost.”
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Due to the changes, the base fare will increase from ₦340 ($0.78) to ₦450 ($1.04). The minimum fare will also increase from ₦600 ($1.38) to ₦650 ($1.50), while the per minute fare will go from ₦14 ($0.03) to ₦16 ($0.03).
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Uber’s decision to increase its fares may come as a surprise to users but is in line with its activities in other countries where it has operations. In August 2022, Bloomberg reported that Uber was increasing its fares in London by 5%, with plans to do the same in other cities across the United Kingdom.
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A word from our partners!
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Fincra offers several different flexible payment solutions for global businesses. Businesses across multiple sectors can easily accept online payments via cards, bank transfers and Pay with PayAttitude giving customers the convenience and flexibility they want.
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Fincra also has POS Terminal, which provides various payment collection options like Pay with Transfer and Pay with Card for in-person transactions.
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Nigeria ranks 86th in the world by the Digital Quality of Life Index
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From its 82nd position in 2021, Nigeria is now ranked 86th in the world regarding digital well-being out of 117 countries—that is 92% of the global population, according to the Digital Quality of Life Index (DQL), Benjamin Dada reports.
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Out of the five fundamental digital life pillars, Nigeria’s worst score is for internet affordability (ranking 114th globally), and the best is for e-security (66th). Nigeria’s e-infrastructure services come 86th, while e-government and internet quality rank 95th and 99th, respectively.
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In the face of waging inflation, fixed broadband internet has become less affordable worldwide for the second year in a row, prying the global digital divide even further.
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The DQL study is conducted by the cybersecurity company Surfshark. It evaluates countries based on five fundamental digital wellbeing pillars: internet quality, e-government, e-infrastructure, internet affordability, and e-security.
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Out of all index pillars, Nigeria's weakest spot is internet affordability, which needs to improve by 13970% to match the best-ranking country's result (Israel).
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Flutterwave's Olugbenga Agboola calls for better regulation in new Op-Ed
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In an opinion piece published on Nairametrics yesterday, Olugbenga Agboola, the founder and CEO, Flutterwave who has been at the centre of workplace improprieties controversies calls for digital financial inclusion in Africa.
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In the piece, he also argues in favour of Flutterwave's decision to include the eNaira as a payment option on its platform, even after a series of reports show that the product has performed underwhelmingly.
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He calls for more commonsense regulations that foster the growth of startups in Nigeria.
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There is growing evidence that the promise of digital financial inclusion in enhancing economic growth and reducing poverty is immense. Because of fintech, more people and small businesses have access to accounts, transactions, and credit. The development of digital savings, cross-border transfer solutions, and insurance also offers the promise of more income and jobs.
An example is our recent mass hiring of 200 graduate trainees in Nigeria for our inaugural Graduate Trainee Programme. Examples such as these are only the tip of the iceberg of the value the fintech ecosystem could create.
Exactly a year ago, Nigeria made headlines for being the first African nation to introduce a digital currency, the eNaira. Issued and distributed by the CBN, the eNaira enables seamless financial transactions, improves monetary policy, and boosts cross-border trade and financial inclusion – and, more recently, joined the robust list of payment options available on Flutterwave.
Fintech is still relatively new globally, and the sector is even younger in Nigeria. As a result, players in the space experience teething challenges further worsened by the characteristic fast pace of digital innovation, which regulation can struggle to keep up with. But despite these obstacles, Nigerian innovators have remained resilient, continuing to build and strive until we figure it all out.
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A word from our partners!
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For an exclusive 8-week mentorship program for you to take the next step in your Web3 Development Journey, register for the Polygon Bootcamp Africa Class of 2022 slated to hold this September.
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Technext Coinference highlights
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At the Technext Coinferenece 2022 held yesterday in Lagos yesterday, key industry stakeholders and enthusiasts held a series of debates on the future of the blockchain in Africa.
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The panellists tackled regulations in the crypto space, the future of decentralised finance, opportunities for Africa with Web 3 and how NFT is disrupting the industry.
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Nollywood star and social media influencer, Akah Nnani speaking in a session on digital currency said:
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Right now, you have an amazing opportunity to get into the space. When everywhere is red is the best time to invest. I’ll consider it fate and life-giving us another chance to have a wealth transfer."
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“DeFi solves the problem of financial inclusion in the African economy," Obi Emetarom co-founder and CEO of AppZone said on a panel on the future of DeFi in Nigeria.
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But Bundle CEO, Emmanuel Babalola cautioned that despite its potential, DeFi can’t eliminate traditional banks.
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"Research and understand the tech stack you want to build a career in, then focus on it," Seun Lanlege said on another panel.
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"You cannot be fully involved in tech with basic knowledge. You need to develop a deeper knowledge of your craft to start creating relevant tech solutions," Famous Ehivhioya of YouVerify said in another session.
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Latest in funding
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Other stories we are following
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