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Supported By
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Good morning!
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Welcome to a new dispensation of being busy watching and fighting over Big Brother Naija. The showrunners knew what was needed and they went for it. The live 24-hour show, which had been gradually losing its grip on the culture is back and bigger.
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I can tell you now, this new season will be well-watched. All the faves are back as cast for a rematch called Big Brother Naija: All-Stars. Nemesis, frenemies and foes all united last night for the show. Already people who left Twitter protesting the reign of Elon Musk are back for the banter.
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Twitter and Big Brother Naija are obviously joined together at the hip. But this year, the stakes are drastically uneven. Users with strong takes that don't have Twitter Blue will struggle to be heard this time around as Twitter will not prioritise their tweets.
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This is where the showrunners have to play a role in offering a balanced perspective via its chyron of what fans have to say. Else, the season could be the one that will finally break the camel's back.
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I did a deep dive into what this new season bodes in the age of Elon Musk. Read it here.
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If this newsletter was forwarded to you, click here to subscribe 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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MyCover.ai's cutting-edge embedded insurance API simplifies underwriting and product design, streamlines the claims process, and makes insurance products more accessible to end users!
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It also helps you generate extra revenue while providing your customers with comprehensive insurance coverage and protection.
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Summary of the news
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- Bundle has shut down
- Kasha has raised $21 million in a Series B funding round
- CoinDesk is closing in on a deal to sell for $125 million
- Elon Musk said that Twitter will change its logo from the bird to something related to the letter “X."
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Ecosystem
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Bundle comes to an end: Nigerian P2P crypto platform, Bundle has shut down after three years of operations, the company said in a statement. The company will now focus on its other product Cashlink, which it said has crossed 3 million transactions.
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Sign-ups on Bundle have been suspended and the company said users should withdraw their assets within the next 60 days after which deposits and swaps will be turned off.
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“Irrespective of this early exit, Bundle Africa has made its mark on the African continent, providing our users with a best-in-class experience for crypto, making it easier and safer to access crypto services. Our users can withdraw their funds into any wallet. Over the next 60 days, we will provide our users and stakeholders with unparalleled support as we transition to Cashlink and other services,“ CEO, Emmanuel Babalola said. (Technext)
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- A Kenyan High Court has declined a motion by Kenya's anti-graft agency, ARA to withdraw its case against Flutterwave. The judge said funds in Flutterwave accounts earlier suspected by the ARA to be proceeds of crime will remain frozen. (Techpoint Africa)
- Kasha, a Rwandan digital retail and last-mile distribution platform for women’s health needs has raised $21 million in a Series B funding round. The new investment will be used to help the startup expand its health access platform across Africa. (Technext)
- Ubuntu Towers Uganda has undergone a brand makeover, renaming itself TowerCo of Africa Uganda. This was preceded by Ubuntu’s sale of its majority stake (90% shares) to TowerCo of Africa in 2021. TowerCo Uganda says will continue improving connectivity in the country. (Technext)
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Policy
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Sycamore fights FCCPC: Sycamore says that the Federal Competition and Consumer Protection Commission's accusations that it's engaged in illegal practices are inaccurate. The FCCPC had said that it was part of the digital money lenders that misused customers' private data.
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Sycamore claims the FCCPC did not carry out a thorough investigation and establish a proper channel of communication with them before moving ahead to link them with the Get Loan app, which they claim was an impersonator. According to the statement, the only app it owns and operates with is the ‘Sycamore’ app.
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“Sycamore Integrated Solutions Limited (SycamoreNG) categorically denies that it is involved in the practice that has been alleged and is not, in any way involved or, in any manner or form, with the app, “Get Loan” which we only became aware of, following the report in the news by the FCCPC.”
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“We state unequivocally that Sycamore Integrated Solutions Limited has no affiliation with the entity “Get Loan” and their actions are in no way associated with our company. The only app owned by us is “Sycamore.” (Technext)
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- Nigeria's government has mooted plans to reduce the number of taxes from 52 to 10 and also change the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS) which will harmonise all tax collection activities of the Federal government. (Nairametrics)
- Meanwhile, FCCPC has delisted two registered digital loan apps Getloan and Camelloan, from the Google Play Store for harassing Nigerians. It stated that it came to this decision after investigating the apps. (Technext)
- The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over “the failure to delete the patently unlawful provisions in the Central Bank of Nigeria (Customer Due Diligence) Regulations directing banks to obtain information on customers’ social media handles for the purpose of identification.” (Nairametrics)
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Social Tech
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Apple update: Apple plans to let you buy in the Apple Store and have things shipped to you, using its in-store EasyPay system, starting in August.
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"We want all our customers to leave the store with exactly what they came for. And this will be easier with EasyPay Online Ordering, launching in early August. With a single bag transaction, you’ll have the option of different fulfilment methods, like shipping or personalizing a product," Apple said. (Bloomberg)
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- Elon Musk said that Twitter will change its logo from the bird to something related to the letter “X." This he said will embody the imperfections in us all that make us unique. “And soon we shall bid adieu to the Twitter brand and, gradually, all the birds,” he tweeted. (Technext)
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Global News
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FTX versus SBF: FTX has filed a lawsuit against its co-founders, the former CEO Sam Bankman-Fried, and Zixiao “Gary” Wang alleging misappropriating customer funds on a “continuous basis to finance luxury condominiums, political and ‘charitable’ contributions, speculative investments and other pet projects.”
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This is part of its bid to recover over $1 billion that was allegedly misappropriated under SBF's leadership. Former Alameda Research CEO Caroline Ellison and former FTX engineering director Nishad Singh are also defendants in the suit.
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FTX says that they breached their fiduciary duties. “They abused their control over FTX and its related companies to commit one of the largest financial frauds in history,” it said. (Technext)
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- CoinDesk is closing in on a deal to sell itself to a syndicate of investors for $125 million. This comes after its parent, DCG suffered from the bankruptcy of its Genesis Global Capital lending arm following an industry-wide downturn last year. (Technext)
- The Securities and Exchange Commission subpoenaed e-commerce software startup Bolt and sent a notice to co-founder and former CEO Ryan Breslow last year over their past statements to current and potential investors, according to an April 2023 letter from a lawyer representing two of Bolt’s major investors. (Information)
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Latest in funding
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Other stories we are following
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