eSIMs are coming to Egypt

Plus: Ethiopia and UAE are swapping $817 million.                                                                                                                                                                                                                                                                                                                                                                                                                 July 17, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h2/h001.m2AE4GW9WSVbdPgIGkrJQ8LTWtcURT0wK2tZLuf7LT0 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Nigeria's red-hot neobanks are booming, but they can't reach everyone without a secret weapon: banking agents. These agents are like walking branches, bringing financial services directly to communities. But it's not just about convenience—agents are making a killing selling debit cards with a 90% profit margin! This unique partnership is crucial for both sides, but is it sustainable? Dive deeper and see [why Nigerian neobanks and banking agents need each other to thrive](. In today's edition - [Is Maxoko here yet?](#Story1) - [Egypt to introduce e-SIMs in two months](#Story2) #Story2- #Story2[South Africa is getting smarter IDs and passports](#Story3) - [Ethiopia and UAE sign local-currency swap worth $817 million](#Story4) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) M&As //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h8/h001.XyBbmqkbpz67NpsHRwtB8iMaZm33dCgzdFtWgsib3IQ Are we going to finally see the Wasoko and Max AB merger? Mbappe has finally been unveiled as a Real Madrid player. Over the years there has been uncertainty over the move, with football fans across the world constantly monitoring the news in every transfer window to see if the deal had happened. You’ll certainly feel the same way if you’ve been following the news about the proposed merger between two of Africa’s largest e-commerce startups, Kenyan’s Wasoko and its Egyptian counterpart, Max AB. We first published [news of the merger in December 2023](. After a reported fallout between both companies, talks about the merger are starting to pick up again. Yesterday, [one publication reported]( that Wasoko and Max AB merger could happen in a few weeks. The merger which will create a new entity named Maxoko has a clear promise: creating an e-commerce leader with sufficient runway. If finalised, the merger will be one of the biggest on the continent, and the new entity will have over 450,000 merchants serving over 65 million consumers in eight African countries. The deal which was expected to have finalised by Q1 2024 stalled due to extended due diligence, [per TechCrunch](. Wasoko [also refused to share]( its merger plans with employees for over six months, fearing that leaks could jeopardise the deal. While other parts of the deal have been agreed (Wasoko will own 55% of the new entity, and 45% will go to MaxAB, overlapping areas of both businesses have been streamlined through layoffs), only one question remains: when will “Maxoko” finally be unveiled? Read Moniepoint’s 2024 Informal Economy Report 90% of businesses in Nigeria's informal economy earn less than N500,000 in monthly profit. [Click here]( to explore the financial profile of Nigeria’s informal economy from Moniepoint’s latest report. Telecoms //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h17/h001.LYAAY40xW23xm9IFoOwoItzblGdMOyKalxijepjjJhk Egypt to introduce e-SIMs in two months eSIMs have [been around]( since 2016. When it was introduced, it was touted to replace physical SIM cards quickly. This prediction is yet to come to pass. As of 2023, there were [only 986 million eSIMs connected](, with most in European and American countries. However, like most new technologies, eSIMS only made its way into Africa [in 2019](. In fact, Airtel only launched its eSIM service in 14 countries in February 2023. But it's not all gloom. Egypt has [announced]( that it will join 18 other African countries to provide eSims to mobile subscribers. Egypt’s minister of communications, Amr Talaat, noted that government-owned Telecom Egypt and other telcos plan to launch eSIMs by Q4 2024. The only thing left is the approval of the government regulator, the National Telecom Regulatory Authority (NTRA). One e-SIM to access them all: Egypt’s eSim plan is unique because it will allow interoperability with all four major telcos operating in the country. Talaat says that these e-SIMs will allow smartphone users to switch between telecom operators without needing to remove or exchange SIM cards in their phones. This is bound to increase competition for the telecoms market in Egypt. Users will likely see a drop in data prices as the four major telecoms strive for user attention. Switching costs become lower. Furthermore, Egypt is set to launch a mobile 5G network after Telecom Egypt, in partnership with Nokia, [obtained the country’s first 5G licence](. This is timely as the 5G network, used in e-SIMs, will offer faster internet speeds. Join Fincra at API Conference on July 20, 2024 Calling all devs!! This is your chance to dive deep into Fincra’s extensive suite of payment APIs and accompanying SDKs. Come and see how you can build your next big idea with easy-to-integrate APIs. [Reserve your spot here](! Economy //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h27/h001.b9DNwURmmDOT1NKy2pCH1ejS27dBN8zo0WIQT8ZC1Xg South Africa is introducing new smart IDs South Africans are getting “smarter” Smart ID cards to strengthen their fight against passport fraud which has haunted the country since 2022. “Lebogang Ndlovu from Bangladesh,” is an inside joke for the [scam that rocked South Africa]( in 2022. A Pakistani citizen, Arfan Ahmed, was caught issuing fake South African passports to Pakistani and Bangladeshi citizens to travel to South Africa. Corrupt officials in the government arranged for South African locals to sell their identity to these foreigners. The crackdown led to the arrest of the culprits and the sacking of 12 government agents. The case resurfaced again in June last month after Ahmed was sentenced to 18 years [imprisonment]( for allegedly bribing government officials. Now, passports are getting smarter: Following the development, newly appointed Democratic Alliance (DA) Home Affairs minister, Leon Schreiber, says South African smart IDs and passports will be [encrypted with additional security features]( to prevent identity theft and ensure the biometric data and photograph of the passport handler matches. In his address, Schreiber said, “Both the passport and smart ID card will be refreshed and updated in order to enhance the security features of these documents, with the aim of building trust by more countries and organisations worldwide.” Smart IDs were introduced in 2013 to replace the old green ID books. But it seems the development has only compounded the woes of South Africans. The country could learn a thing or two from Ethiopia's Fayda ID which [hasn't reported]( a passport fraud case since 2016. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. [Learn more on the Paystack blog →]( Economy //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h36/h001.lBueiVtMtkUZF4EU_SRR0o-52KoNrhKpv1-xVtBnJGA Ethiopia signs local-currency swap worth $817 million with UAE Trade by barter is an old economic concept, but its principles still apply today. Just as villagers once swapped goods like vegetables for bread, currency swaps enabled countries to exchange their currencies to facilitate international trade. Think of it like a simultaneous exchange of loans in different currencies. Country A lends euros to Country B. Country B promises to pay back the euros, plus interest. At the same time, Country B lends dollars to Country A. Country A also promises to pay back the dollars, plus interest. Yesterday, the United Arab Emirate and Ethiopia signed one of such deals, [a local-currency swap]( agreement worth around $817 million The agreement comes as Ethiopia seeks ways to pay off its debts. Last year [the country defaulted]( on a $33 million interest payment on a $1 billion Eurobond that matures later this year. The country is currently negotiating a [$10.5 billion aid package]( with the International Monetary Fund (IMF) to boost its ailing economy. The currency swap agreement with the UAE will allow both countries to local currencies worth 3 billion Emirati dirham ($817 million) and 46 billion Ethiopian birr ($795 million), according to a joint statement. Both countries will also use their respective local currencies to settle cross-border transactions. As part of the agreement, Ethiopia and UAE [will also link]( their instant payment systems, national card switches UAESWITCH and ETHSWITCH, and messaging systems. Move to the Cloud with Servercore Migrate your IT infrastructure from AWS, Azure, or Google Cloud to Servercore and get a special bonus: three times the amount of your previous cloud bills in credits to spend on Servercore Cloud. [Apply now to test our cloud platform](. Editor's Note The chart in our digital lending data story on Monday, July 15th erroneously showed that Carbon raised funding between 2021–2022. It didn't. The company's last known fundraise was in 2019. We regret this error and have now updated the chart/dataset. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU554tt6qN2cloGUGqo6WE6CscAuaGeT2J1AoBN3YbUU6B6qWhPycFXVheFR22hRDpgJA3U0mQDdORh75q85-hH8TVK_Lx6i-zV8gH_TesCW568TgE9L_auqKokFvwzcMf5rId68ifxNdO5YpykRYExCqAO_myRtmwB5p9uXV9ECsz5f6LNtIxFjoqNOb-gdKl8Jzjv9VWVRB-Kl8Yn0znp6n7K1e_mUM-Nfx49bwft6c/484/KQgwL-3wSoSfrGnVb3-3Hw/h45/h001.OTlz9JlrGxo7sSbg6LgydYNB0fWMANnelYss1dsVrhA The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $65,661 + 3.41% - 0.96% Ether $3,502 + 2.61% - 1.87% Notcoin $0.016 + 3.46% - 7.66% Solana $161.62 + 3.59% + 9.31% * Data as of 06:55 AM WAT, July 17, 2024. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUDvDf_20X3fE62oAvNbZTmtIkAPgeF7d0GSkJvM6M-i9st3_pJwzNAKJ53Tev0HuloHJGX4HsZMvaMvig36p-6XCtrqh3RSCykhZzVVoqJy6BI2FuN0yYVFrKGYsVNLCnxKQLYo0JBK3S-4mHrznPnruu590ZAC_WXpYFhp4daa8PBhL1DP5tMhyIkLVyAHb6Ii6LU5akDKT3V8IdD9Aa6j0UieDVdpNOvuXMy5qnabI/484/KQgwL-3wSoSfrGnVb3-3Hw/h48/h001.7nVJhJ92kHMH3W4y82RCIUNaYeAdThWFwRBwlJkGg_s - The Africa Prize for Engineering Innovation is open to African innovators creating engineering solutions to local challenges. Innovators from sub-Saharan Africa should pitch viable engineering products or services that will have social or environmental benefits to the continent. [Apply for the chance to get up to $25,000 in funding](. - The Future of Capitalism Tech Startup Competition is offering $1 million to one lucky tech startup that can transform how businesses today operate. If your tech can save costs, boost efficiency, increase productivity or customer satisfaction, then [apply by September 30]( for a chance to win. - Applications are now open for the 5th cohort of Microsoft’s GrowthX Accelerator Programme. AI Startups can apply to join the eight-week incubator that will provide $25,000 worth of azure credits, mentorship from some of the biggest tech corporations and investor readiness lessons. [Apply by September 2, 2024](. You should definitely read these 👇🏾 - [Want your rice with a side of ads? Chowdeck is working on an ad product]( - [Seychelles, South Africa rule Africa’s blockchain roost with 95% of funding]( - [Food delivery apps are saving $100,000 yearly by choosing cheap communication apps]( - [Swedfund grants Access Bank Nigeria $30 million loan to support SMEs]( - [Next Wave: AI is not a product]( Written by: [Emmanuel Nwosu]( & [Faith Omoniyi]( Edited by: [Muyiwa Olowogboyega]( & [Timi Odueso]( Want more of TechCabal? 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