These are the tech-related news that you have missed over the previous week.
- Glade CEO addresses alleged breach of funds
- Piggyvest reveals Japa is one of the top 3 savings goals for Nigerians
- Report shows Northern Nigerian startups receive fewer investors than other regions
- Bolt Kenya drops booking fees while it awaits licence renewal update from NTSA
- MTN Nigeria records a 21.76% increase in revenue within nine months of 2023
Glade CEO addresses alleged breach of funds
In 2022, Glade, a startup aimed at offering banking services for Small and Medium-sized Enterprises (SMEs) by providing multiple currency bank accounts, experienced an internal breach, resulting in a huge loss for the firm.
After the termination of Temitope Hundeyin’s contract as COO of Glade, news about Liyi Victor, the CEO, being aware of all the moves and decisions made before the internal breach of the company surfaced on the internet.
The CEO of fintech startup Glade, Liyi Victor, has been accused of failing to alert the investors of the breach.
According to Liyi, the reports claimed that Glade lost $214,000 due to a security breach in its system by an unknown person(s). However, the money lost was much lower than what was reported.
Piggyvest reveals Japa is one of the top 3 savings goals for Nigerians
Piggyvest, West Africa’s biggest digital savings platform, has released its report showing that emigration plans, otherwise known as ‘Japa’, are the top 3 of Nigerians’ savings goals.
According to the report, Japa is the third most common goal for all Nigerians, as everyone is saving to find greener pastures in another country.
Another critical factor most Nigerians use Piggyvest to save for is the black tax. The report stated that more than 3 in 10 Nigerians owed a debt to their families, friends, loan apps, banks, and more.
Report shows Northern Nigerian startups receive fewer investors than other regions
Startups located in the northern part of Nigeria have lamented about their ill luck when it comes to receiving grants and funding from VCs due to their geographical base.
According to the research, out of 188 startups in the North, only 5.9% have received grants and funding from interested investors.
The Nigerian tech ecosystem spreads far and wide, pulling international investors into its hemisphere. Between 2015 and 2022, the Nigerian tech space boasted over $2 billion gathered from over 400 tech startups.
The lack of funding proves to be the most challenging obstacle faced by startups in Northern Nigeria, as most startups in Lagos State have easy access to funds and investors.
Bolt Kenya drops booking fees while it awaits licence renewal update from NTSA
Bolt Kenya’s operating licence will be decided today as the Kenyan branch of the e-hailing taxi chose to drop its booking fee pending the approval of its licence update by the National Transport and Safety Authority (NTSA).
Bolt Kenya alerted the public of the letter to the industry by the NTSA regarding the illegal 5% booking charges on its platform, which it has since halted.
“The licence renewal process is currently in progress with constant engagement and collaboration with the National Transport and Safety Authority, and it is expected to be finalised by Monday, October 30, 2023, as per a letter by NTSA to Bolt,” the hailing service said.
After Kenya’s Ministry of Transport ordered the immediate commission reduction to 18% in 2022, Bolt and Uber chose to launch booking fees for its Kenyan users.
MTN Nigeria records a 21.76% increase in revenue within nine months of 2023
MTN Nigeria recently revealed its revenue increased by 21.76% to ₦7.7 trillion within the first nine months of 2023 despite recording a 45.22% decline in profits.
According to the brand’s CEO, Karl Toriola, this was due to harsh operating conditions and persistent increases in inflation that harmed consumer spending.
He cited other issues, namely naira devaluation and removal of fuel subsidy, as reasons why the telecommunication company recorded a significant drop in profits.