Kenya probes TikTok

Per a petition, TikTok is threatening Kenya's moral values & should be prohibited.                                                                                                                                                                                                                                                                                                                                                                                                                 August 16, 2023 | [Read Online]( Per a petition, TikTok is threatening Kenya's moral values & should be prohibited. In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcN35ZeP5T-uzMq-MQDjrN_ob5Hib8sjlC_7zi27f42iiUSDdK-jtrjbWYib4AckTucYxZz2pLASApJnc-VgLJYVE80H4Ta4XB4SG4zUUsx9w/3ys/hsXsZVoBTQ6gEk460Ag63A/h2/bZnlO_qmPgyXMriYCz8gdcwamEgF-AnP2EU6al2g3FU [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Kenyan lawmakers are probing TikTok. A private citizen “Bob Ndolo” reportedly [petitioned the lawmakers]( to look into the social media platform because it's “a threat to the cultural and religious values of Kenya”. Ndolo told lawmakers that if TikTok is not banned in Kenya, it could lead to a decline in academic performance, and mental health issues amongst youth. Kenya’s Public Petitions Committee will now review the issue and report back in 60 days.🤞🏾 In today's edition - [Telecom Egypt records $217 million profit]( - [Jumia records lowest losses in 4 years]( - [CBK increases Airtel Money’s limits]( - [MTN wants to sell 30% of its fintech arm]( The World Wide Web3]( - [Event: The Moonshot Conference]( Telecom //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxfkEDcd8yIp8k2xClxyF0RMQhzROgZMarw-jaLCsfC3f5qZSbmf8vYW-LiCrIkH16_km5S4eqIJRjI87wg5gbwa/3ys/hsXsZVoBTQ6gEk460Ag63A/h16/0SeF7mACBBILjliKTfJhsE6F5p_gvedCBGotOWhCsFI Telecom Egypt records $217 million profit in H1 2023 [Telecom Egypt Building](Image Source: Capacity Media. Telecom Egypt has released its [financial report]( for H1 2023. The company [recorded a net profit]( of E£6.7 billion ($217 million) in H1 of 2023, a growth driven by its 75% year-on-year growth in wholesale revenue and strong retail performance. The financial results: Per [the report](, Telecom Egypt’s total revenue grew to E£28.1 billion ($909 million), a 38% growth compared to H1 2022. There was also an increase in its customer base across the board. It reached 12.6 million mobile customers during this period—a 7% year-on-year growth. The number of fixed voice subscribers and fixed-broadband internet customers increased by 5% and 8% respectively. The company's EBITDA for the first half of the year reached E£11.96 billion (~$387 million), marking a significant 48% increase from the previous year's E£8.06 billion ($278 million). The company also achieved a high margin of 42.5%, compared to the previous margin of 39.5%, which was attributed to an improved revenue mix. ICYMI: In May,[Egypt sold a 9.5% stake in Telecom Egypt]( for $121.6 million as part of a move to raise revenue from privatising state-owned firms to meet a series of foreign debt obligations. Until the recent sale, the government held 80% of the Egyptian Stock Exchange-listed company, with the rest in free float. Zoom out: Telecom Egypt owns 45% of Vodafone Egypt, the largest mobile network operator in Egypt by active subscribers, with a 42% market share in the mobile carrier space. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today [here](. E-commerce //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxfkMNrqnudSV2YdcfeLUUj-jqD1O_6x_Br058jV5nY_QvLepmFI77Xw6OU_vA1qP8NClI4s5FHmfIzt5j13ycrV/3ys/hsXsZVoBTQ6gEk460Ag63A/h26/ngSdAayLBE4rqB8gVu88TFm1FgGRMI3rVc_u018VwMM Jumia records lowest losses in 4 years [I will survive GIF](GIF source: HelloGiggles Jumia is still on a long road to profitability. The company’s [Q2 financial report]( shows a reduction in losses—the lowest reported in four years. Its operating losses slowed to $23.3 million thanks to a massive reduction in sales and advertising expenses. While Jumia spent $22.2 million on advertising in Q2 2022, it spent only $5.8 million in Q2 2023. Its general and administrative expenses and technology expenses were also lower compared to Q2 2022. The company said, “Usage performance continued to be affected by the difficult operating environment with record levels of inflation impacting consumers’ spend as well as sellers’ ability to source goods.” Hit with a blow: Jumia was affected by worsening macroeconomic conditions in Nigeria, one of its biggest markets. Nigeria’s inflation rate has remained [above 20%]( throughout the year, driven by high food prices. Critical but complex reforms such as the removal of fuel subsidies continue to put a strain on the purchasing power of consumers. Yet, the struggles go beyond Nigeria.[Ghana’s inflation]( rate also hit 43%, while Egypt’s rose to around 35%. Across all of Jumia’s markets, the average inflation rate is 14%, and currency depreciation in nine of its ten markets shows the difficulty of its goal of moving towards profitability. Zoom Out: Overall, the task of figuring out profitability during one of the worst economic periods hangs heavily on the company’s neck. Late last year, it [overhauled its board](, and co-CEOs Jeremy Hodara and Sacha Poignonnec stepped down as the company renewed its focus on profitability. Discover Trends with Smile Identity [Download]( the Smile ID State of KYC in Africa Report on the latest trends in identity verification across Africa, highlighting the power of biometric verification and document verification in combating fraud. It is a must-read for any business looking to acquire users across Africa and keep up with fraud trends. Fintech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxec5thhszODgQPDQHrjGzQasyDpdP9nFIalJ78PruKjtlVfUMF3dtYoOLiNrF5Hl4KtV88cY-mooGGjYRIkEpecVpiLNSeE_STukqeRbCx9VA/3ys/hsXsZVoBTQ6gEk460Ag63A/h36/kcUMajuRn74k8xPRhhhuRmsUBhf991nF2WvE0pTSFlk CBK increases Airtel Money transaction limit [Not for children GIF](GIF Source: 4GIFs Yesterday, the [CBK granted Airtel Money approval]( to increase its transaction limits. This follows Monday’s announcement where M-PESA was allowed to [increase its transaction limits]( from KES150,000 ($1,043) to KES500,000 ($3,477) per day. Now, Airtel Money has joined the approval list. Its customers can now hold up to KES500,000 ($3,477) in their wallets, and conduct transactions of the same amount daily. Similar to M-PESA, the limit per transaction for Airtel Money will be KES150,000 ($1,043) which will allow customers to conduct multiple transactions up to the daily limit of KES500,000 ($3,477). Airtel Money states that the increase will “provide them with the flexibility to conduct larger transactions and manage their finances more effectively”. Zoom out: Both Airtel Money and M-PESA are popular in Kenya. However, [M-PESA remains a dominant force]( with a market share of 96.5% in the mobile money space. Airtel Money comes second with a modest 3.4%. Fintech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcN35ZeP5T-uzMq-MQDjrN_ob5Hib8sjlC_7zi27f42iiUSDdK-jtrjbWYib4AckTucYxZz2pLASApJnc-VgLJYVE80H4Ta4XB4SG4zUUsx9w/3ys/hsXsZVoBTQ6gEk460Ag63A/h43/ioQYbPWSNVw6zLjxY4ZKjWal0ET3QsyM7exgLxs61KM MTN wants to sell 30% of its fintech arm MTN is up for sale. If you read yesterday’s newsletter you’d know that Mastercard [agreed to buy a minority stake]( in MTN’s fintech arm. Now, the telecom has announced that it is [looking for more investors]( to buy as much as 30% of its fintech segment. They are particularly on the lookout for strategic investors. source: YungNollywood Strategic investors? Yes. This means that investors have to bring more than just money to the table. For example, Mastercard has an international payment infrastructure that MTN needs to facilitate cross-border payment. In 2021, the payment processor partnered with MTN's MoMo to enable MTN users send money to international merchants without needing a bank account. On Monday, MTN signed a memorandum of understanding with Mastercard for a strategic investment that will see the telecom using Mastercard’s technology to offer even more services. Zoom out: MTN isn't the lone ranger in this telecom adventure. Before hopping on the MTN investment train, Mastercard had already hitched a [$100 million ride]( with Airtel's fintech business in 2021. More recently, Airtel [announced a partnership]( with Mastercard that will improve its mobile money transfers. Nonetheless, MTN seems focused on the prize. The fintech arm has unyoked its wing from the telecom mothership so that it can travel lighter as it works to convert the telecom's 60 million users to mobile money customers. They've bagged themselves a [mobile banking licence]( in Nigeria, their biggest market by far. So far, up is the way to go for MTN’s MoMo. Save costs with QoreID Seamless customer onboarding made easy! Onboard users instantly and save costs with CBN compliant regulations. To learn more, visit [www.qoreid.com]( or book an instant demo at sales@qoreid.com Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxcN35ZeP5T-uzMq-MQDjrN_ob5Hib8sjlC_7zi27f42iiUSDdK-jtrjbWYib4AckTucYxZz2pLASApJnc-VgLJYVE80H4Ta4XB4SG4zUUsx9w/3ys/hsXsZVoBTQ6gEk460Ag63A/h54/m3GKzgQwKsk3ZFGdTnyqTP7pHCLiY4AnHi11GI0XBQE The World Wide Web3 Source: [Coin Market Cap logo] Coin Name Current Value Day Month Bitcoin $29,184 - 0.57% - 3.33% Ether $1,824 - 0.87% - 5.24% CyberConnect $4.91 + 172.42% + 172.42% Worldcoin $1.59 - 10.59% - 4.32% * Data as of 06:00 AM WAT, August 16, 2023. Events Get early-bird tickets for the Moonshot Conference! Early-bird tickets are still selling out fast for Moonshot by TechCabal! If you're an international fan eager to be part of this incredible event, the time has come for you to secure your seat and get an exclusive discount. Be part of the gathering of the most audacious players in Africa's tech ecosystem and get your early-bird ticket now. [Get your ticket today](. Share 👨🏿‍🚀TC Daily You can win numerous gifts when you refer family and friends who you know will benefit from the TC Daily newsletter. You currently have 0 referrals, only 10 away from receiving Ebooks and Showmax Subscription Tier 1. [Tier 1]( [Click to Share]( Or copy and paste this link to others: What else is happening in tech? - [The Next Wave: How much digitisation will be enough for B2B e-commerce in Africa?]( - [TikTokers are documenting—and monetizing—anti-government protests in Kenya]( - [Kippa’s founder and president, Duke Ekezie is on a journey to solve pressing business problems with technology]( - [Nigerian tech workers are going remote, and pricing out locals in smaller cities]( [Mariam Muhammad](, [Faith Omoniyi]( & [Ngozi Chukwu]( Edited by - [Timi Odueso]( Want more of TechCabal? 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