More green backs for Kenya

Kenya signs $60 million deal with the US                                                                                                                                                                                                                                                                                                                                                                                                                 September 25, 2023 | [Read Online]( Kenya signs $60 million deal with the US In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h2/O-1CIwKNrc7jYKMRX1gzD--CaS8ar6q09sCtP-Tt6W8 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning! Take a moment to send love and light to the people in South Africa who have been enduring escalating power outages and the mounting chaos surrounding the selection of a new CEO of Eskom, the country’s electricity provider. After whittling down 150 candidates to three, Eskom board’s chosen CEO candidate was rejected. Find out [why](. In today's edition - Kenya signs $60 million deal with the US - Nigeria pushes for tech startups listing on NGX - Starlink’s African challenge - The World Wide Web3 - Event: Moonshot Conference - Job opportunities Mobility //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h8/kDhowsY8nMtoDX-GjWvXebQPeIszp9YBh_T5iS3RDpo Kenya signs $60 million deal with the US [Ruto and the US embassy representatives](Image source: The US embassy in Kenya The United States Millennium Challenge Corporation (MCC) has [inked]( a $60 million deal with Kenya. This agreement, known as the "Kenya Urban Mobility and Growth Threshold Program," will support four mobility projects: the Integrated Transport Planning project, the First and Last Mile Connections project, the Detailed Land Use project, and the Bus Rapid Transit (BRT) project. If this feels like déjà vu, you might be recalling the time in March when the European Union (EU) and Kenya entered a Ksh 50 billion ($378 million)[financing agreement]( to integrate zero-emission electric (BRT) buses into the public transport network in Nairobi, the capital city. Much like that agreement, this recent deal with the US will also finance the purchase of climate-friendly vehicles powered by electricity, hybrid, and biodiesel for the BRT network. This announcement comes on the heels of the African Climate Summit, recently held in Nairobi. During the week-long summit, Kenyan President William Ruto [showcased](electric vehicles by driving an electric car, accompanied by an all-electric fleet for his motorcade consisting of electric motorcycles from local electric mobility startups. Kenya is going green fast. The country is committed to transitioning fully to zero-emission vehicles by 2040. So it has been welcoming a lot of mobility startups that are providing motorcycles, cars, shuttles, and buses. This includes Roam, Ampersand, Spiro, KiriEVs, and others. There are also [charging stations](, and battery swap stations popping up across the country. Later in the year, the Kenyan government is set to publish an e-mobility policy that will set the framework for the development of the required infrastructure. Zoom out: Some other East African countries are taking this zero-emission challenge just as seriously as Kenya. Rwanda for instance has tax breaks for purchases of electric vehicles. However, [per Ventures Africa](, South Africa is the current leading market for EVs in the continent. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. [Download the app](. Markets //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h19/wTgXhrGE6TSQh5qR8nfICMzjWhotEqGWcnfmlAEz9iE Nigeria pushes for tech startups listing on NGX [NGX ](Image source: TechCabal The Nigerian government, through the Ministry of Communications, Innovation, and Digital Economy, plans to team up with the Nigerian Exchange Limited (NGX) to [encourage](startups to go public on the new NGX Technology Board. Sidebar: [The NGX Technology Board]( is a board on the Nigerian Stock Exchange tailored for tech-based companies to list and raise capital from retail and institutional investors.Like the foreign board, National Association of Securities Dealers Automated Quotation (NASDAQ), The board was introduced months ago to give tech startups access to the exchange with less stringent requirements. The board also aims to replicate the conditions that attract Nigerian tech companies to foreign initial public offerings (IPOs) and, in doing so, provide entry and exit opportunities for local investors. However, local startups still prefer foreign exchanges. This preference is due to these exchanges offering access to foreign retail and institutional investors who often have a larger investment appetite. For example, startups like OPay and Flutterwave are seeking [listings]( in foreign markets while primarily operating in Nigeria and other African markets. The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, called for more investments in these startups, saying Nigeria has been too cosy with oil, and it's time to spice things up and boost productivity in other sectors. He stated that his ministry will work to make this happen by creating fintech-friendly regulations, facilitating access to funding, improving digital infrastructure, and supporting the export of tech products and services—all factors that will enhance startups' scalability and profitability. The NGX has also promised to further soften listing rules and improve the board for startups. Unlock your startup potential Grow your networks, gain visibility, and secure funding for your early-stage tech startup. Apply for this year’s MEST Africa Challenge #pitchcompetition and unlock the next stage of your startup’s growth. Apply by 9th October 2023. [Apply today!]( TC Insights //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h28/xZ6fv3Kjhv0UBqH1CK59BQOkNlHEihPKzQMVdQckHsI Starlink’s African challenge East Africa's [private equity]( market has experienced significant growth in recent years. How so? Per the East Africa Venture Capital Association (EAVCA), a total of 478 deals worth $8.6 billion closed over the past decade. The region also recorded a jump in exit activity in FY 2022, marking the highest numbers in a decade. Furthermore, there have been [51 private equity exits]( out of 427 investments in the region. The financial services sector recorded 14 exits, while the healthcare and energy sectors had nine and seven exits, respectively. Among the countries, Kenya led with 36 exits, followed by Uganda with eight, and Rwanda with three. Tanzania and Ethiopia reported two and one exit, respectively. [TC Insights graph]Image source: TC Insights However, these figures may not capture all exits, as some are not officially reported or disclosed. The data also doesn't account for investments exited via forced liquidation. Looking ahead, it's expected that 2023 will have even more exits, and these are important for fund managers who want more money from organisations that support development (development finance institutions). Zoom out: Private equity investors mainly exit through three avenues: selling to trade players, secondary buyouts, and management buyouts (MBOs). The surge in exits is a promising sign for the coming five years as investments made in the past seven years reach maturity, and fund cycles conclude. In January 2023, Starlink, the satellite internet service owned by Elon Musk's SpaceX, commenced operations in Nigeria, marking a significant milestone as the first African country to receive the service. Since then, it has expanded its reach to four additional African nations, including Rwanda, Mozambique, Mauritius, and Sierra Leone, with [plans to launch in nineteen more African countries]( by 2024. Mobile [internet penetration]( in Africa remains at 43%, below the global average of 66%. Starlink’s emergence in Africa heralded promises of broader connectivity with download speeds up to 220Mbps. However, real-world performance is subject to variables such as latency and weather conditions. Recent Q2 data from Ookla, an internet and connectivity intelligence firm, paints a nuanced picture of Starlink's global performance. Starlink has demonstrated promising download speeds in Africa, but its upload speeds present a mixed scenario. Starlink's median upload speed of 13.72Mbps in Nigeria surpasses the combined average of 10.6Mbps from other providers, enhancing its value proposition. Conversely, in Rwanda, Starlink's upload speed lags behind other ISPs, averaging just 6.88Mbps compared to 10.05Mbps. Ookla observes that Starlink's upload speeds generally [align with the company's expectations](, falling within the 5 to 20 Mbps range. This area remains a focal point for improvement if Starlink aims to solidify its presence in Africa. Whether Starlink is poised to become the preferred internet provider for Africans seems unlikely in the near term. Ookla noted, "Satellite-based services can play a crucial role in bridging the digital divide by extending internet reach beyond existing fixed networks, especially in areas where fiber deployed isn’t commercially viable, offering competitive speeds. “However, its high equipment cost might limit Starlink's customer adoption in the near future. Instead, the operator can address enterprise customers as the satellite already serves a range of enterprise verticals, such as banking, logistics, and transport.” As Starlink continues its expansion across Africa, its performance metrics indicate both promise and challenges. Its ability to address issues like upload speeds and cost-effectiveness will be crucial in determining its long-term impact on internet accessibility in Africa. Get all our reports [here]( and watch [videos]( from our events. Got any research requests? Send them to us [here](. US-West Africa Tech Challenge Working at the intersection of tech and challenges of disinformation? Tune in to the U.S.-West Africa Tech Challenge this Thursday, September 28. The event will also announce up to three organizations that will receive funding totaling $250,000 USD to help advance their work addressing disinformation and extremism. Find more information [and register here!]( Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h41/NHGU8JSYePRGFJOGO9yacCf6zfnL5z_hXnnU3meuyZw The World Wide Web3 Source: [Tc_insight] Coin Name Current Value Day Month Bitcoin $26,466 - 0.38% + 1.45% Ether $1,586 - 0.29% - 3.95% BNB $209 - 0.41% - 3.62% Cardano $0.2447 - 0.44% - 7.78% * Data as of 12:16 AM WAT, September 25, 2023. Events The Moonshot Conference Tickets are still selling out fast for the gathering of the most audacious players in Africa's tech ecosystem. You and your friends can get an exclusive discount to secure your seats if you haven’t yet. [Get your ticket today](. Job opportuinities //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxdEazvqvmx8YW-Rv-yJQEy-SHX8gtdU4rIXamtOYnq7xxOvAbWNvxIMDBnV3adY-zqZvf_nIsILzIhXXF10uC6jP1pbfvXUJHzHlIBKI9cbZL4j93-a_Xc5AyDP3nT_hsxeYdJrz9l-GYe3s2YMC1fV/3zw/fYe4IKDVRAitZhlitJwrdw/h46/0mYuyMcyRY3BM_WB4MYI1idR-gVKL2ZIn142KKPg27c - Datafin Recruitment - [Digital Marketing Manager](- Cape Town, South Africa (On-site) - Wasoko - [Senior Product Manager]( - Nairobi, Kenya (unspecified) - uLesson - [Digital Marketing Manager]( - Abuja, Nigeriqa (Unspecified) - Consensys- [Technical Writer]( - South Africa (Remote) - Tushop - [Senior Backend Engineer]( - Nairobi, Kenya (On-site) - SUMMIT Africa Recruitment -[Product Manager]( - Cape Town, South Africa (Hybrid) What else we are reading - [A look at Payaza’s payment solution for African entrepreneurship]( - [What a Brazilian steakhouse says about the tech economy]( Written by - [Ngozi Chukwu]( & [Stephen Agwaibor]( [fb]( [tw]( [ig]( [yt]( [in]( Update your email preferences or unsubscribe [here]( © 2023 👨🏿‍🚀TC Daily 18 Nnobi Street Surulere, Lagos 101212, Nigeria [[beehiiv logo]Powered by beehiiv](