This is coming more than a year after Bloomberg reported that the social audio app has laid off multiple employees as part of its broader restructuring... Popular social audio app, Clubhouse has announced its decision to lay off more than half of its employees. This decision was made public in an official blog post addressed to Clubhouse employees by founders, Paul Davison and Rohan Seth. This is coming more than a year after Bloomberg reported that the social audio app has laid off multiple employees as part of its broader restructuring and a rethinking of the audio app’s strategy. The social app, which was originally valued at $4 billion by investors like Andreessen Horowitz, Tiger Global, and Elad Gil, and was backed by more than $100 million in venture capital, adopted a different stance in the now common extensive layoff train. While its founders said this new layoff was a difficult decision to make, the social audio platform is searching for change and product evolution, especially as its numbers have been declining in recent years. Read also: Discord is gradually losing its nerd-community feel as ‘violence’ streams in from Twitter and Clubhouse In 2021, Clubhouse said that it saw a decrease of more than 60% from its high. The announcement went as follows, “Today we announced that we’re scaling back our org by over 50% and saying goodbye to many talented, dedicated teammates in the process. We’re deeply sorry to be doing this, and we would not be making this change if we didn’t feel it was absolutely necessary.” Building for hard times Clubhouse started in 2020, in the heat of the pandemic. The platform, which was created to be a medium for human connection via audio, more like live broadcasting, gained widespread adoption, particularly when the pandemic forced individuals, families, and friends to rely on digitization for constant communication. It had over 10 million users in February 2021, but with post-COVID and the world opening up, people moved on to actual contact, making it more difficult for individuals to find their friends on Clubhouse and fit extended discussions into their everyday routines. The founders claim that the team struggled to carry on with their current team size after the drop, but that was ineffective in part because it is challenging to share the strategy with cross-functional teams as well as the cons of working remotely. Unlike other business owners and tech companies, these co-founders did not mention the economy when they announced the layoffs. Instead, Clubhouse appears to be addressing the challenges that come with running a business internally and creating something that customers want externally due to overhiring and a remote work environment. Speaking on the hard decision made, the founders in the blog post said, In order to fix this we need to reset the company, eliminate roles and take it down to a smaller, product-focused team. We arrived at this conclusion reluctantly, as we have years of runway remaining and do not feel immediate pressure to reduce costs. But we believe that a smaller team will give us focus and speed, and help us launch the next evolution of the product. Read Also: The definitive guide to making podcasts in Nigeria, according to experts Support for the impacted employees According to the announcement, the company has put together a bouquet of support items for the affected employees. These include: Severance pay: Impacted employees will get severance packages including salaries for the rest of April, plus 4 months of additional severance for all departing employees. Equity acceleration: Acceleration programs will be put in place for impacted employees till their vesting period which is August 2023. Healthcare: Clubhouse will pay for COBRA through Aug 31, 2023, for impacted employees, providing full healthcare coverage till the end of the period. Work equipment: Impacted employees will be allowed to keep their company-issued laptops, to help them research and a...

According to LinkedIn, the “Digital Marketing Specialist” role is among the top 10 most in-demand jobs, with 860 000 job openings... The world of work has always changed and evolved in line with technological advances and major consumer shifts. Did you know, for example, that in Victorian Britain people were paid to wake factory workers up by tapping on their windows? Called knocker-uppers, they were a common sight until alarm clocks rendered them obsolete. In recent months you may have seen articles predicting that thanks to the rise of artificial intelligence (AI) tools such as ChatGPT, prompt engineering will become an important and necessary career skill in the near future. Some experts even suggest that the field, which boils down to giving AI tools the best possible inputs, is so critical that it may even become a career path in itself. But that’s just one example of where the world of work is headed. If you really want to future-proof yourself, it’s worth having a much broader view. And on that front, you could do a lot worse than keeping a close eye on the digital marketing sector. Related: “Digital Customer Experience can be an enabler of growth for Startups” – Collins Iheagwara, of Simpu on leveraging technology for improved customer delivery An industry unafraid of change Digital marketing has a long history of adapting and embracing big technological and societal shifts. From the early days of website banner ads through to innovative products on social media and streaming platforms, each advancement has required people in the sector to build up new skills to ensure that they’re providing the best possible service to their clients. That’s unlikely to change in the near future either. According to LinkedIn, the “Digital Marketing Specialist” role is among the top 10 most in-demand jobs, with 860 000 job openings. The fact that the most requested experience in digital marketing includes social media, content strategy, SEO, and analytics, also shows how broad the field has become. Even those specific areas of experience are changing all the time. Take online communities, for example, before 2016, when the likes of Facebook and Twitter were well established, no one had any expertise in marketing on TikTok. Today, the platform has more than a billion users and is an increasingly important part of any organisation’s digital marketing strategy. As a result, people in digital marketing have had to build up the skills necessary to market on the platform. The same is true for every new product a social media platform launches. Twitter, Snapchat, Instagram, and Spotify, are all unique in their form. It’s also worth remembering that a user’s experience on TikTok has nothing to do with their experience on Twitter. You seldom meet someone who understands all the platforms very well. Additionally, there are changes all the time, so to be successful in digital marketing you have to be able to learn new things and be flexible all the time. These are also the qualities that you need to succeed in the rapidly changing world of work. Read also: Ad Dynamo by Aleph Group launches free digital academy in Nigeria Acquiring the right skills So, how should you go about acquiring the skills necessary to thrive in the world of digital marketing and beyond? There is no doubt that formal certification can be incredibly helpful, especially when you’re starting out on your journey. It’s part of why we launched our free Digital Ad Expert community. The 12-week course covers the basics of strategy and analytics, as well as platform-specific advertising methodologies for all the major social media platforms. Once you have those basics in place though, self-exploration becomes critical. You have to be curious. You have to want to learn. You have to commit. By certifying yourself on all the platforms you can (this can usually be done for free). Learn things like Google Adwords, how to do marketing on Instagram, and as many other products as you can....

Metaverse Magna (MVM), an African gaming community that allows players to earn and get rewarded in crypto was incubated by Nestcoin and has raised $3.2M. Now it has a new CEO, Yemi Johnson, that’s transforming the company from a P2E gaming guild to a social gaming and eSport platform called Hyper. Metaverse Magna (MVM) began as a Play to Earn gaming guild in the 2021 crypto bull market that saw Play 2 Earn (P2E) games dominate the landscape. At its peak, MVM’s gaming guild had 1,200 scholars on play to earn games and brought in monthly revenues of ~$60K. As the crypto market turned bearish, Metaverse Magna (MVM) adapted its business model to fix the inherent tokenomics problems that had wrecked the economies of many P2E games while also talking to its users to understand what they disliked about P2E games. The result was Hyper. About Metaverse Magna (MVM)’s Hyper Metaverse Magna (MVM) operates gaming guilds and mobile games. Their first mobile game, Hyper, is a social gaming & eSports tournament app that allows players to compete with friends and other gamers in skill-based games for real-money rewards. Hyper is a social gaming & eSports platform that allows gamers to play fun, casual games in both free and competitive matches, and make money. Gamers love the product because: It contains a wide variety of casual games, with over 22 game titles available and 7 currently listed within the app. Unlike many hypercasual games on the app store and Play Store, there are no ads, which means there is no interruption to the gamer’s experience. Gamers can play for free and improve their skills, and our pairing algorithm on PvP games (player vs player games) matches players with similar skills together so that the match is fair. Gamers share in the company’s revenue. The money the company makes is distributed back to gamers as a reward for being active. Gamers appreciate that games are based on skill and that their ability to win is determined by their skill level. This is unlike sports betting, where players gamble on an unpredictable outcome. Hyper’s business model is sustainable and has produced unicorn-status startups in India, such as Dream11. Dream11 allows players to stake against each other in fantasy cricket. Yemi Johnson, the new CEO Yemi Johnson will lead Metaverse Magna (MVM) as the CEO. He joined Metaverse Magna (MVM) as its General Manager after exiting Reliance as SVP, Consumer Business, and Hotels.ng as COO. During this period, he grew MVM to its highest revenue months and oversaw the business’s pivot. Yele Bademosi, founder and CEO of Nestcoin, will serve on Metaverse Magna’s board. According to Yele Bademosi, “Nestcoin’s decision to spin out MVM showcases our dedication to promoting innovation and empowering emerging businesses that make crypto accessible. By giving MVM the autonomy to steer its own path, Nestcoin not only accelerates MVM’s progress but also fuels the expansion of the entire web3 ecosystem.” Metaverse Magna (MVM) still operates the gaming guild with little overhead and it is focused on Hyper which has users in Nigeria, Indonesia, and Brazil via a joint venture partnership with OFR (a VC fund) and DUX (A Brazilian gaming guild). MVM has 10 employees consisting of software engineers, designers, and business growth managers who all have a founding equity stake in MVM. Hyper is still in its beta but has over 6,000 sign-ups with a 50% stickiness rate. Here’s how you can access Hyper. Download Hyper on Android:/ Download Hyper on iOS (test link for reporters only. Do not share iOS test link publicly): Yemi Johnson had this to say about Hyper. “If Messi was born in the 1900s, he would never have made any money from football or be known for his talent. Fast forward 100 years later and Messi and many people earn a living from football. This same dynamic happened in console and PC gaming with no one caring about the top pro players in core games like FIFA and Call of Duty, and now millions of people care and th...

In June 2022, the CFTC charged Cornelius Johannes Steynberg for taking 29,421 BTC (worth more than $1.7 billion at the time... In this write-up, we provide a roundup of the major crypto stories from around the world this week that you will find useful. Lets go to it: A Court in Texas has ordered the chief executive of a South African firm to pay a whopping $3.4 billion for what the U.S. commodities regulator identified as the largest-ever fraud case involving Bitcoin. The CEO in question, Cornelius Johannes Steynberg, has been ordered to pay $1.7 billion in restitution to victims of the fraud scheme and pay another $1.7 billion as a civil penalty, a record for any Commodity Futures Trading Commission case, the regulator said in a statement on Thursday. Away from that. This week, blockchain platform, Solana has entered the AI space. In a tweet on the 26 of April, the company’s Foundation announced a $1 million fund for small-scale grants exploring the intersection of the Solana blockchain and AI. Bahamian Authorities strengthen crypto asset regulations On April 26, Bahama released a set of documents seeking to improve crypto-related laws in the wake of the collapse of the Caribbean-based cryptocurrency exchange FTX. Bahamas Securities Commission (SCB) executive director Christina Rolle said in a statement that the new bill, which includes measures for stablecoins, proof-of-work mining, and crypto-asset staking, “could be one of the most advanced digital asset legislations in the world.” “Operators of cryptocurrency exchanges must ensure that the systems and controls used in their activities are adequate and appropriate for the size and nature of their business,” the new law states in a document. It also introduced a “New Comprehensive Regulatory Framework for Stablecoins” that seeks to lock value in other assets such as fiat currencies following the collapse of Terra USD (UST) in 2022. Services such as derivatives, staking crypto assets, and non-fungible tokens (NFTs), which are classified as financial assets, will also be subject to regulation. Read Also: Nigerian crypto exchange, Roqqu secures license to operate in South Africa Microstrategy Founder Michael Saylor says Argentines need Bitcoin more than before Michael Saylor, the creator of Microstrategy, has stated that people in Argentina, which is experiencing high inflation, now “need Bitcoin.” While many Bitcoiners applauded Saylor’s suggestion, some critics argue that the top crypto asset’s volatility makes it an unsuitable substitute for the country’s faltering currency. As the Argentine peso continues its decline, which has seen it fall by more than 40% in the last year, Michael Saylor, the founder of Microstrategy, joined in, tweeting that citizens in the South American country now “need bitcoin.” However, some of Saylor’s Twitter followers, such as Manu Ferrari B, a self-proclaimed “liberty maximalist,” have stated that the BTC is too unpredictable to be a viable alternative to the sinking peso just yet. Read Also: Thodex’s Farul Fatih Ozer jailed in Turkey two years after allegedly fleeing with $2b South African Mirror Trading’s CEO fined $3.4B by the U.S Court A US court has ordered the CEO of bitcoin pool operator Mirror Trading International (MTI) to pay $3.4 billion in reparations and penalties, according to a statement issued by the country’s top commodities watchdog on Thursday. Steynberg was arrested in Brazil on 29 December 2021 — almost exactly a year after he first went missing. In June 2022, the CFTC charged Cornelius Johannes Steynberg with fraud, stating that the “controlling person” at MTI took 29,421 BTC (worth more than $1.7 billion at the time of acceptance) from 23,000 Americans for running an unlawful commodity pool operation. The amount is the biggest civil monetary penalty ever imposed by the Commodity Futures Trading Commission (CFTC), according to the regulator. MTI is undergoing liquidation in South Africa, according to the CFTC announceme...

Dropbox today joined the fray of tech companies announcing layoffs. The cloud storage giant announced today that it plans to cut 16% of its staff as it deals with slowing growth instead of hiring new talent to build its AI offerings on Thursday. The cuts amount to roughly 500 employees. Chief Executive Drew Houston told employees that while the company is profitable, it’s seeing a slowdown in growth because “the AI era of computing has finally arrived.” He added that the company’s core cloud business growth was slowing as challenges from the economic downturn put pressure on customers, making some of its profitable investments no longer sustainable. “Part of this is due to the natural maturation of our existing businesses, but more recently, headwinds from the economic downturn have put pressure on our customers and, in turn, on our business,” he said. “As a result, some investments that used to deliver positive returns are no longer sustainable.” The company said it had shifted some employees from one team to another to focus on its AI projects but would need more talent with a different mix of skill sets, particularly in AI and early-stage product development. “We’ve been bringing in great talent in these areas over the last couple of years and we’ll need even more,” Houston said in a memo to staff. “The AI era of computing has finally arrived . The opportunity in front of us is greater than ever, but so is our need to act with urgency to seize it.” These appear to be the first layoffs the company has made since January 2021, when it laid off 315 employees in the throes of the Covid-19 pandemic. At the end of 2022, the company had 3,118 full-time employees, of which 2,583 were in the United States. Shares of Dropbox were up 5% in Thursday’s premarket trading. Read also: Meta has AI to thank after posting $5.7bn profits in Q1 amidst layoffs More on Dropbox’s cut TechCrunch reports that the latest cut was announced to staff in a memo from CEO and co-founder Drew Houston and in an SEC filing. According to the SEC filing, the business would face layoff-related expenses of between $37 million and $42 million, which will be reported in Q2. It was noted that results for the first quarter, which will be released on May 4, will meet or beyond expectations. Ironically, even with the strong results that imply that Dropbox is profitable, Houston said the company is choosing to take a preemptive step to cut jobs and invest in new areas to keep up with the pace of change, given that growth is slowing. “While our business is profitable, our growth has been slowing. Part of this is due to the natural maturation of our existing businesses, but more recently, headwinds from the economic downturn have put pressure on our customers and, in turn, on our business. As a result, some investments that used to deliver positive returns are no longer sustainable,” he wrote. “Second, and more consequentially, the AI era of computing has finally arrived,” he continued. “We’ve believed for many years that AI will give us new superpowers and completely transform knowledge work. And we’ve been building towards this future for a long time, as this year’s product pipeline will demonstrate”, he adds. Houston is also on the board of Meta Platforms, which said on Wednesday AI was helping it boost traffic to Facebook and Instagram and earn more in ad sales. The fears that AI would lead to additional job losses are progressively coming true, and the most recent development will only reinforce those guts for businesses looking to reduce operating expenses.

Meta, the parent company of Facebook and Instagram, has reported a profit of $5.7bn (£4.6bn) for the first quarter of this year, surpassing expectations for a period in which many jobs were cut at the big tech company. Recall that the company laid off 11,000 employees last year, citing the need for the company to become efficient again. Meta’s chief, Mark Zuckerberg, dazzled Wall Street with an earnings report that showed progress towards the “year of efficiency” and a return to growth, thanks to AI-powered content recommendations. It said artificial intelligence (AI) was “driving good results” across its business. “Our community continues to grow,” said chief executive Mark Zuckerberg. “We’re also becoming more efficient so we can build better products faster, and put ourselves in a stronger position to deliver our long-term vision,” he added. In its latest figures, the company’s revenue stood at $28.6bn, while the number of people on Facebook every month rose to just under three billion. Meta’s shares rose 11% on Thursday. If premarket gains hold, the company’s valuation will increase by over $60 billion. In the first quarter, Meta outperformed forecasts for profit and revenue, which increased for the first time in almost a year. This is the latest indication that American IT giants are emerging from a downturn that has resulted in tens of thousands of job losses. Did Meta’s layoffs pay off? In November last year, Meta made a historic layoff of about 13% of its workforce, the largest layoff in the company’s history. The aim was to turn 2023 into “a year of efficiency,” said Mr Zuckerberg. We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go. Meta CEO, Mark Zuckerberg Since then, the corporation has been one of the most aggressive US big tech companies in downsizing, eliminating more than 20,000 employees, or over a quarter of its overall workforce, in months. Analysts and industry experts have begun expressing confidence and high praise for the CEO, who has brought the company out of the slump it was headed with his bold and daring cost-cutting strategy. Ben Barringer, from investment management firm Quilter Cheviot, said: “You have to take your hat off to Mark Zuckerberg and Meta given the business transformation over the last six months. “The ‘year of efficiency’ Zuckerberg likes to talk about is bearing fruit. These results are a strong beat on the expectations and, given the improving macro backdrop, Meta should continue to recover well.” “The year of efficiency is off to a stronger-than-expected start for Meta,” said Insider Intelligence principal analyst Debra Aho Williamson. “In this economic environment – and after the disaster that was 2022 – 3% year-over-year revenue growth is an accomplishment,” she added. Meta’s AI drive One of the key factors driving the company’s impressive earnings is its use of AI in various aspects of its business. Meta’s AI-powered algorithms are used to personalize users’ newsfeeds, show them targeted ads and even moderate content on the platform. Meta sees “an opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful,” Mr Zuckerberg told investors. While offering a few details, he said it was “exploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multimodal experiences as well.” The company’s investment in AI has also led to new features like automatic translations and voice recognition, further improving the user experience. The company also intends to commercialise its privately-run generative AI, joining Google in finding practical applications for the tech – because the industry is awash with ...

The open-source and climate-neutral blockchain NEAR Protocol has officially gone live as a Blockchain Operating System (BOS), making Web3 usable for all. BOS is a revolutionary, industry-first category that establishes the NEAR Protocol as the entry point for browsing and discovering apps and experiences compatible with any blockchain. The BOS removes one of the main challenges of decentralization by allowing developers to deploy apps once and make them available everywhere while giving users an easy way to discover them. The BOS is accessible to everyone, regardless of their familiarity with Web3 technology. The statement seen by Technext explains that developers can quickly create apps on a decentralized front end using pre-existing components and a familiar coding experience. With just a few lines of JavaScript, developers can build on any chain. Because BOS is built for multi-chain compatibility, developers can deploy their apps anywhere and have them discovered everywhere. With the launch of BOS and thanks to the FastAuth feature, users will enjoy a seamless web2-style onboarding experience allowing for creating an account for any app on the BOS without the need for crypto. Additionally, the BOS includes universal search, gateways, and trust and safety features that guarantee a secure, efficient, and user-friendly Web3 experience. BOS also creates a way for enterprises to onboard to Web3 quickly. Because BOS is built on JavaScript, one of the most used coding languages, enterprises can build new technological capabilities, roll out new products and experiences, and create opportunities for new revenue without needing a specific Web3 development team or complex system integrations. Read also: Want to invest in April? Here are 3 cryptocurrencies to consider NEAR Protocol co-founder and CEO of Pagoda, Illia Polosukhin, welcomed the development, saying, “With the Blockchain Operating System, we’re empowering builders to create custom Web3 experiences with ease. This innovative technology opens up new avenues for collaboration as it is multichain and democratises access to all blockchains, making it more accessible than ever before. We look forward to the endless possibilities this technology will unlock and the transformative impact it will have on industries across the globe.” NEAR Protocol and its commitment to Web3 NEAR Protocol’s mission since its inception has been to onboard 1 billion users to a more free, fair, and open web. The first step in the journey was to focus on building a best-in-class L1 blockchain that was easy to build on and use. With the launch of BOS, anyone can create their frontends and customise them to work with the blockchain of their choice. This groundbreaking development means that builders from any ecosystem can easily create components with just a few lines of code and take advantage of fast onboarding to create new and custom Web3 experiences. This is an industry first. Adding composable frontends to the tech stack enables the NEAR Protocol to function as the Blockchain Operating System, allowing seamless, one-time onboarding for users and eliminating friction points such as creating new accounts for each experience. With over 1,800 components available, this technology will supercharge development, making it faster and more efficient. The launch of the BOS marks a new era in the evolution of Web3 and the creation of a more open web, and the NEAR Foundation is proud to lead the way. The BOS is now live and accessible on Near.org.

Uka Eje is the founder and CEO of ThriveAgric, a fast-growing agricultural tech company committed to ensuring food security by linking farmers to capital, data-driven best practices and access to local and global markets for their commodities. Founded by Uka Eje (CEO) and Ayodeji Arikawe (CTO) in 2017, ThriveAgric started as an agricultural technology startup that provided access to finance, premium markets, and data-driven advisory for smallholder farmers. It financed agriculture projects through crowdfunding. In the space of 3 years, ThriveAgric had grown to become a notable African Agritech startup, with backing from Y Combinator—one of the world’s most successful startup accelerators—in 2019. But not only that the company supports farmers, but it also gives individuals the opportunity to invest in agriculture without having to own a farm, land, or pre-existing knowledge of agricultural processes while empowering smallholder farmers to leverage its technology to access finance and improve productivity and sales to promote food security. However, for the founder of AgricTech, things haven’t always been rosy. As the founder of one of the most well-known agribusinesses to come out of Africa, Uka has risen above and overcome the various challenges thrown at him, including having to deal with investor backlash during the covid-19 pandemic for failure to meet payouts and having seen most of his products go to waste due to the restrictions of that phase. In a conversation with Technext, he details how the company navigated the COVID-19 pandemic and its effects on the company. How the employees stuck together and spoke to all the investors and the role of Adia Sowho in restructuring the company so that it can withstand future challenges could make up a book. In fact, in 2020, Uka had to step down from his role as the CEO in the interim while bringing in Adia Sowho, who helped navigate the business out of a perilous time. Since then, the company has surged in business operations, now successfully operating in 26 states of the country, helping to provide the majority of the crops used in households in Nigeria today. Read also: Remedial Health’s Samuel Okwuada is saving African lives by reshaping the pharmaceutical industry ThriveAgric’s onboarding process for farmers According to Uka, ThriveAgric’s model gives smallholder farmers access to finance, technology-base advisory and access to the market. But to do that, they group these farmers into clusters or mini-cooperatives to serve as cross-guarantee to themselves and administer them through contract field agents. “In the process of onboarding farmers, which actively started in 2017, we work with community agents on the field largely on contracts. We have about 1800 of them on the field. These agents work with the farmers and put the farmers in clusters or mini-cooperatives. These cooperatives are what we use through the agents to administer the loans and credits to the farmers. So we don’t give them cash; we give them input financing. These clusters of farmers managed by the contract staff cross-guarantee themselves because of the nature of the loans we give. Also, to get updates, we built something called the agricultural operating system (AOS). The AOS gives updates on every activity of the farmer, from when the farmer was onboarded to farm mapping to all the operational activity of the farmer to when harvest starts. All input administered is captured through the AOS, and that’s how we get to know the progress of every former on the platform. At the moment, we have been able to onboard half a million smallholder farmers in Nigeria. Although the progress is quite rigorous, we currently cover 2700 communities.“ The numbers so far For Uka, the company has made significant strides from what it was some years ago when it launched. In fact, in 2017/2018, when the company just started onboarding farmers into the platform, he claims the company was working with less than 1000 farmers. ...

The bank made the announcement in an email communication to customers on Wednesday, April 26, 2023... Customers of Guaranty Bank Trust Limited (GTB), a Nigerian commercial bank, will no longer be able to access its online services via the GTBank Mobile App from May 1, 2023. The app launched ten years ago has helped customers conduct digital services, including transfers, airtime purchases, and more directly from their bank account. This follows complaints by customers about the app’s performance across social media channels in recent months, with complaints ranging from inability to log in to transaction history disappearing. Buying airtime from Gtb and Access bank Mobile banking app or via USSD now seems to have a 50-50 chance of either you losing your money or not. Either it fails and you get debited or it shows successful Bisola (@PeperenpeIlorin) April 26, 2023 The bank made the announcement in an email communication to customers on Wednesday, April 26, 2023: ‘We are ending support of our very first Mobile App’, the bank urged customers to download a new banking app, GTWorld. All you need to know about GT World GTBank launched GTWorld, Nigeria’s first fully biometric mobile banking app capable of processing digital transactions, in May 2017. The app was designed to cater to all that’s vital to customers easily and seamlessly. As indicated in the press release that announced the app, it is built on the back of the bank’s customer-centric digital strategy. GTWorld is available for download from the Google Play Store for Android phones and the Apple App Store for iPhones. It has biometric authentication, such as finger pins and facial recognition, which pose as security pathways for customers, helping them access the bank when they want without any physical involvement. GTWorld also features an effortless switch to GAPS-Lite, the online banking platform for small businesses, which offers a flexible and secure channel to make payments and collections anywhere in the world. The rapid demonstration of growth in the technological ecosystem has warranted the penetration of smartphones in Nigeria. As a result, there has been a palpable growth in the adaptation of mobile banking solutions. Though the adaptation has been commendable, smartphone users have become more careful and sensitive to these mobile banking solutions’ security, ease, speed, efficiency, and cosiness. The mobile banking app provides customers access to more than 90% of the bank’s services on their smartphones, ensures additional security through biometric authentication, and ensures convenience through the Quick feature, which allows users to perform transactions without signing in, among other things. GTWorld enables clients to make payments and access in-branch services without visiting a branch like never before. Among the numerous novel features of the app is the ability to send money to people using their mobile phone numbers, take money from an ATM without a debit card, and conduct self-transfers without logging into the app. When set to GAPS-Lite, the software provides small business owners with real-time monitoring of all transactions and the ability to execute bulk transactions and one-time transfers to any account in the world. Commenting on the launch of the GTWorld App, Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, stated: “We are delighted to be at the forefront of digital banking solutions that are making banking faster, easier, and safer for our customers. The simplicity of GTWorld and innovations such as facial recognition and fingerprint also ensure that our customers enjoy a seamless experience anywhere, anytime, and anyhow that they choose to bank.” He added, “GTWorld also reflects our commitment to driving digital banking solutions that enable our customers to make financial transactions and position us at the centre of an ecosystem that offers them benefits beyond banking.” Read Also: 4 online platforms that can help you s...

The Kenya Copyright Board (KECOBO), Irdeto and Kenyan police have arrested the administrators of an illegal streaming company functioning in Kenya. The sting operation led to the arrest of Engineer Kelvin Kiplangat Sing’oei, the alleged mastermind and the confiscation of equipment that will be properly assessed by the CID Cyber Crime Unit, Techweez reports. Content piracy is a serious problem worldwide, according to the Partners Against Piracy (PAP) Association of Kenya, a multi-stakeholder coalition of like-minded groups in the creative industry working to eliminate piracy. Illegal streaming is expected to cost Kenyans more than KES 10 billion per year. The proliferation of high-quality content and improved streaming technology has made it easier for pirates to get and disseminate information unlawfully. This is a significant issue for material creators and distributors since it costs them money and can harm their reputations. People in Kenya illegally stream content for a variety of reasons. One reason for this is that it is frequently less expensive than paying for legitimate streaming services. Another advantage is that consumers can watch information on their own devices anytime they want. “Where producing African content for African audiences stops being profitable or worthwhile, production stops. So, the creative industries of Kenya and Africa will be the biggest losers,” said Mike Strano, Chair of PAP. “Also, if piracy succeeds, consumers will be reduced to making do with poor quality entertainment, old content, and content that does not fulfill the needs of their community or their culture.” Kenya’s fight against piracy The fight against piracy is a fight to keep the creative industries protected from losses. In Africa, there have been thousands of reports about the staggering rise of piracy over the years. Though the clamours are heard, there has been no total eradication of the perpetuation of this intellectual property theft. Kenya hopes to put up a fight against this vice, which has eaten deep into the fibre of Africa’s entertainment industry. Kenya’s government has taken steps to combat unlawful streaming. The government passed the Copyright Amendment Act in 2020, which makes streaming content without the authorization of the copyright holder unlawful. In addition, the government has collaborated with ISPs to prevent access to unlawful streaming websites. Despite the implementation of these regulations, unauthorized streaming remains a big issue in Kenya. It remains a problem many African countries are yet to find a proper solution for. “Internet streaming piracy is not only a criminal offense, but also poses serious risks to consumers who may have their personal data, including banking information, compromised by pirate operations”, Strano continued. “PAP Kenya would like to emphasize that engaging in internet streaming piracy is illegal, and like-minded stakeholders will continue to fight against this form of theft, leaving no stone unturned.” Read Also: Multichoice confirms Nigerians will pay more for DStv, GOtv subscription from May 1st Intellectual property theft cases in Africa In 2022, statistics revealed that African users went online in search of large volumes of pirated content, which is a severe blow to the preservation of Africa’s content-creation industries. According to Irdeto, a software security and media technology business, consumers in five main African territories made around 17.4 million visits to the top ten detected piracy sites on the internet. This traffic is part of the total of 345,4 million visits to piracy sites by global visitors from June to August of this year. Read Also: Spotify surpasses 500 million monthly active users for the first time During the study period, the most popular content piracy site tracked by Irdeto received 92.2 million visitors from Ghana, Kenya, Nigeria, South Africa, and Tanzania. With seven million visits, Kenya had the highest number of pirated material...

Planet42 a South Africa-based startup that launched in 2017 has raised over $150 million, offering a new kind of financing for cars... After years of an uninterrupted reign of an economy without formal credits for the middle class and those below in African economies and other emerging markets, a new wave of tech companies have been rising up offering especially to the young population access to monthly payment products. These days anyone with access to the internet and a stable income can buy anything from a car to Starlink on credit because of these companies. But even as they present a myriad of products, there still remain blue ocean spaces in the credit and financing world in these markets yet to be field. Planet42 a South Africa-based startup that launched in 2017 has raised over $150 million, offering a new kind of financing for cars. It’s unlike Autochek, which helps people buy cars and pay in instalments, or Moove, offering Uber drivers cars that they can pay for over a period of time. Just like these companies Planet42 comes to Africa bearing paths for their customers to own cars, but it sharply breaks away on how customers can do that. On its website, it calls itself a rent-to-buy subscription company. Its business model is that customers come to them to rent a second-hand car for a period of time, pay monthly, and then after some months they get the option to buy the car through their financing services. How Planet42 Does it Since the company started in South Africa the executive said that it has bought over 16,000 cars in the country through partnerships with small-scale car dealerships with 20 to 100 cars in their lots, and also larger brands of car dealerships. In Mexico, a market it just entered, it has acquired over 1,300 cars. “We buy second-hand cars. Most of these cars are like ten years old. We rent those cars to our customers on a subscription basis, with an option to buy the car if the customer wishes,” one of the co-founders and the CEO Eerik Oja told Technext. “The distinction with most credit finance companies that you might have heard is that our customers are not using these cars to earn a living. They are not Uber cars. Our customers use these cars to just drive to work, drop their kids at school, buy groceries, and visit grandma. We buy real cars for real people,” he added. Though these economies are still in the early stages of being accustomed to credit, the fall of their currencies against the dollar and heavy customs duties placed on cars makes the business less accessible to the huge swathe of customers who might have had access to it just some six years ago. Eerik says that the problem that Planbet42 aims to solve is deeply relevant in these markets. “The pain that we are solving for them [Planet42’s dealer partners] is that most of the customers that come to their lot, they have to turn them away because the banks refuse to finance them. the banks in Africa and other emerging markets are very conservative,” he said. Planert42 is also banking on the faulty public transport system to drive its product home. In these markets, public transport can be ridiculously slow, contributing to a rising crime rate, and making the need for mobility more than just a needless luxury. Eerik Oja says that the recklessness of public transport drivers as well is another reason for people in these markets will want to own cars given the opportunity. “You can make the argument that a personal car is a needless luxury in London because public transportation works so well, and it’s actually slower to use a personal car,” he said, but not in emerging markets. “The public transportation system is not very efficient. It’s slow. it’s unreliable. It’s dangerous, especially for women. So having your own personal car really means freedom. You get to work even for a better job that may be farther from your home. So you see it really unlocks personal mobility,” he added. The idea is that by building a business on the ban...

MultiChoice, the South African media conglomerate that operates DStv and GOtv, recently announced an increase in subscription rates for its Nigerian audience. The increase is set to take effect from the 1st of May 2023. Although the growth in the subscription rate is not specific to Nigeria, it does seem higher compared to other African nations, with up to a 16% increase. Several African nations, like Kenya and South Africa, have seen their own uptick, according to MultiChoice. For instance, the business announced a 5% rise in DStv subscription prices in Kenya and a 3–10% increase in South Africa. Although the company has given several reasons for the increase, including economic challenges, the rising cost of content acquisition, and inflation, this new increment has received mixed reactions from Nigerian subscribers. Social media platforms have featured many expressing their dissatisfaction and disappointment. Can we all just agree to boycott Multichoice and their products (DSTV and GOTV)? The increment in tariffs is getting too much. After every market day, they increase price while showing same movie over and over and over again till you know the next scene word for word. Can we? Lola Okunrin (@lollypeezle) April 25, 2023 Many people have voiced their complaints on social media, and some have even called for a boycott of the company’s services. According to others, the increase is unjustifiable, considering the nation’s current economic predicament. Many Nigerians struggle to make ends meet due to high prices, a depreciating currency, and increased unemployment. A comparison between Nigeria, South Africa, and Kenya For Nigerian subscribers DStv Packages Nigeria old price Nigeria new price Price difference Premium ₦21,000 ₦24,500 ₦3,500 Compact + ₦14,250 ₦16,600 ₦2,350 Compact ₦9,000 ₦10,500 ₦1,500 Confam ₦5,300 ₦6,200 ₦900 Yanga ₦2,950 ₦3,500 ₦550 Padi ₦2,150 ₦2,500 ₦350 For South African subscribers DStv Packages South Africa’s old price South Africa’s new price Price difference Premium R839 (₦20,963) R879 (₦21,962) R40 (₦1,000) Compact + R549 (₦13,717) R579 (₦14,467) R30 (₦750) Compact R429 (₦10,719) R449 (₦11,218) R20 (₦500) Family R309 (₦7,720) R319 (₦7,970) R10 (₦250) Access R120 (₦2,998) R129 (₦3,223) R9 (₦225) Easy View R29 (₦724) R29 (₦724) 0 For Kenyan subscribers DStv Packages Kenya’s old price Kenya’s new price Price difference Premium 8,900 KES (₦30,165) 9,500 KES (₦32,199) 600 KES (₦2,034) Compact + 5,500 KES (₦18,641) 5,900 KES (₦19,997) 400 KES (₦1,356) Compact 3,000 KES (₦10,168) 3,300 KES (₦11,184) 300 KES (₦1,016) Family 1,600 KES (₦5,423) 1,750 KES (₦5,931) 150 KES (₦508) Access 1,150 KES (₦3,897) 1,250 KES (₦4,236) 100 KES (₦339) When the three tables are compared, it becomes clear that even though Kenya appears to be paying more when converted to naira, the Nigerian audience is more severely affected by the increased rate plans for all of its services. For South Africa, being the home to the multimedia company, its increased tariff charges are still the lowest among the three. There are several reasons that could have affected the disproportionate dispersion of subscription charges among the three countries but does it still mean that the new charges should be this high in Nigeria? Apart from the general reasons MultiChoice has given over the years, here are some reasons why the subscription fee varies Cost of living: Given that Kenya is undoubtedly more expensive than Nigeria, Kenya’s average cost of living ($653) is lower than Nigeria’s average cost of living ($1019). However, Nigeria is cheaper than South Africa. Compared to Nigeria’s minimum wage of ₦30,000, Kenyan’s minimum wage is roughly 15120.00 KES (more than ₦50,000). For South Africa, the minimum wage is 23.19 per hour and if calculated with 40 hr/wk, the monthly minimum wage will be at ZAR 3,680 (more than ₦92,000). Local Market Competition: South Africa might just be on the lucky side with this one as there is stiff competition in the c...

The European Union recently passed the Digital Services Act (DSA) in an effort to regulate the behaviour of top tech firms operating in Europe. The 19 initial companies chosen include five Alphabet subsidiaries, two Meta platforms divisions, two Microsoft companies, Twitter, and Alibaba’s AliExpress, which will be subject to the historic EU online content restrictions, according to EU industry chief Thierry Breton. Google Maps, Google Play, Google Search, Google Shopping, and YouTube are among the 19 firms, as are Facebook and Instagram from Meta, the Amazon Marketplace, and the Apple App Store. The other companies include Twitter, Wikipedia, Zalando, Booking.com, Pinterest, Snap Inc.’s Snapchat, TikTok, and AliExpress from Alibaba. “We consider these 19 online platforms and search engines have become systematically relevant and have special responsibilities to make the internet safer,” Breton told reporters. As per Reuters, the DSA requires the companies to do risk management, conduct external and independent auditing, share data with authorities and researchers and adopt a code of conduct by August. The DSA aims to increase user protection, promote fair competition, and ensure transparency in the digital market. Also, it says the companies will have to do more to tackle disinformation, give more choices to users and ensure stronger protection for children or risk fines of as much as 6% of their global turnover. Breton singled out Facebook’s content moderation system for criticism because of its role in building opinions on key issues. Twitter and TikTok also showed up high on Breton’s radar. “Now that Facebook has been designated as a very large online platform, Meta needs to carefully investigate the system and fix it where needed ASAP.At the invitation of Elon Musk, my team and I will carry out a stress test live at Twitter’s headquarters in San Francisco,” he said. This article will discuss what Nigeria and Africa can take from the recent EU’s Digital Services Act. Read also: Nigerian government blocked over 1.2m attempted cyber attacks during 2023 elections What does the DSA do exactly? In a clear context, the DSA aims to promote transparency in the digital market, requiring big tech firms to provide clear and comprehensive information about their practices, including how they use data and algorithms. It aims to create a safer digital space where users’ fundamental rights are protected and to establish a level playing field for businesses. This is an essential aspect of regulating the behaviour of big tech firms as they often operate in an opaque manner, making it difficult for regulators to assess the impact of their practices. If there is something notable that the DSA introduces, it is, perhaps, rules that make it easier for users to access and control their data. This includes the right to data portability, which allows users to transfer their data from one service provider to another, and the right to be forgotten, which allows users to request the deletion of their personal data. These measures are crucial in protecting user privacy and promoting user autonomy. It introduces a new regulation system for digital services, which places more responsibility on big tech firms to police their platforms for illegal content, such as hate speech and terrorist propaganda. This is a significant development, as it shifts the responsibility for content moderation from the government to the tech firms themselves. The DSA aims to promote fair competition by preventing big tech firms from using their market power to suppress competition. This includes new rules that prevent big tech firms from favouring their products and services over their competitors. This is essential in promoting innovation and ensuring that smaller players in the digital market have a fair chance of success. Read also: AfDB approves $525k grant to create a digital hub for African fintechs What Nigeria could take from the DSA In a growing digital world wher...

...as Tinder introduces AI to users' verification process Tinder, one of the most popular dating apps in the world, has started using AI for its photo verification, which has allowed the app’s users to prove to others they’re neither a bot nor a catfisher. Tinder’s AI system compares the photos on a user’s profile with those on their government-issued ID, such as a driver’s license or passport. The user’s account is flagged for further review if the AI system detects discrepancies between the two images. This is a huge advancement in terms of protecting users’ security on the site. In the past, users would pose for images of themselves on the dating app to become verified and receive a blue check. This made it relatively easy for users to create fake profiles and impersonate others. This led to many cases of fraud and harassment, which the online dating platform now plans to prevent with AI verification. Tinder is now enhancing this procedure by requiring a video selfie instead of a photo. Additionally, users will soon be able to limit their chats to only other members who have completed the Photo Verification process. The company says the changes are a part of Tinder’s work to make the app safer for its members. Read also: WhatsApp introduces Account Protect, Device Verification security features How Tinder Plans to Make it work As per TechCrunch, the company is working with a third-party partner to manage the video selfie verification process rather than running it in-house but declined to name the vendor. It says that the user will first need to respond to a series of video prompts. The AI will then use these responses to determine whether the person in the video and the person in the profile photo the user wants to verify are the same. Users wishing to be Photo Verified or who want to keep their current verification will need to record a video selfie as the improvements roll out on Wednesday. The possibility to submit photographs will no longer be available thanks to this feature. According to the company, existing Photo Verified users will soon start getting notifications in the app to update to the most recent version of Photo Verification if they want to preserve their blue checkmarks on Tinder. This solves the issue of inactive Tinder users returning to the app only to find their confirmed photographs are now years old and ensures that members are certified through the more comprehensive video selfie feature. Later on, it says it will roll out additional features that let users limit who they may see in their suggestions by using their Message Settings and changing the service to videos rather than photographs. Additionally, it would enable users to request photo verification from their matches before sending them a message. According to Tinder, members between the ages of 18 and 25 have a 10% better probability of matching if they have their photos verified. Limiting communications to only “Photo Verified Members” will be available in the “coming months,” according to Tinder, while the Photo Verification feature will go live today for all of the app’s users globally. Read also: LinkedIn launches 3 free verification features to confirm users’ identity What AI Brings to Online Dating and Verification The rise of Artificial Intelligence (AI) has had a significant impact on various aspects of our lives, and dating is no exception. Online dating has been on the rise for years, and it’s no surprise that AI is now being used to make the process more efficient and safer. One of the most significant challenges of online dating has always been verifying individuals’ identities. Many people have fallen victim to phishing, blackmail, and even kidnapping on some occasions. This is where AI comes in. With the help of advanced algorithms and machine learning, online dating platforms can now verify the identity of their users more efficiently. In addition to verifying identities, AI can improve the matching process on dating apps....

Smile Identity, a KYC compliance and ID verification platform that helps fintech and businesses across Africa automate identity verification has recently announced its acquisition of Inclusive Innovations, the parent company of Appruve, a Ghana-based identity verification startup. By acquiring this company, Smile Identity aims to improve its identity verification services, making it simpler for companies operating throughout Africa to bring on new clients while guaranteeing that their identities are verified smoothly and securely. Although the acquisition’s terms and conditions have not been made public, TechCrunch reports that the purchase amount was not more than $20 million, with a bigger portion being paid in stock Speaking on this acquisition move, Smile Identity, in a statement seen by TechCrunch, said, It is actively fulfilling regulatory requirements to finalize the transaction for the [Inclusive Innovation] affiliated entities in Africa.This strategic acquisition will expand Smile Identity’s footprint across Africa and solidify its position as the continent’s leading identity verification and digital KYC provider. The KYC verification platform has already built a network of clients in the African fintech industry but with this acquisition comes a wide expansion ground for its services, particularly in West Africa, where Appruve has a strong presence. The acquisition will also enable Smile Identity to integrate Appruve’s technology into its platform, making it even more robust and effective in detecting and preventing identity fraud. Smile Identity hopes that the acquisition will help it expand its suite of APIs, which includes mobile money, data, and anti-fraud checks, allowing it to “cover over 1 billion Africans, the African diaspora, and 100 million African businesses, supporting over 230 documents and data types with integration options for every device and operating system combination in Africa.” Read Also: Top cybersecurity predictions for African businesses in 2023, according to experts About Smile Identity Founded in 2017 by Mark Straub and William Bares, Smile Identity started with a goal to provide identity verification services that are accessible, affordable, and secure to everyone, particularly those living in emerging markets. As a major player in Africa’s ID verification and KYC compliance industry, it has worked with popular clients including ChipperCash, Paga, PayStack, Opay, Kuda, etc. The platform uses facial recognition technology, biometrics, and data integration to verify people’s identities, allowing businesses to onboard new customers in a matter of minutes. By leveraging machine learning algorithms, Smile Identity can detect and prevent identity fraud, making it an invaluable tool for businesses operating in high-risk environments. Since its inception, Smile Identity has raised over $35 million in seed funding rounds, with its latest raise of $20 million in Series B, which was backed by investors such as Costanoa Ventures, Future Africa, and Norrsken22, among others, About Aprruve Appruve, on the other hand, was founded in 2018 to provide digital identity verification services to businesses in Ghana and across West Africa. The startup works with an API that allows businesses to verify the identities of their customers using data from multiple sources, including national ID cards, passports, and utility bills. Speaking on the acquisition and the impact Appruve will have on Smile Identity’s services, Paul Damalie, the founder and CEO, said, These are relevant localized data that have long been left out of the bigger pool of KYC and fraud prevention. It’s these capabilities, experience, and know-how that we are bringing on board, working together with Smile, which just launched an AML product, to build a fully comprehensive product and solution for the market. Appruve has also developed a fraud detection system that uses machine learning algorithms to detect and prevent fraudulent activities. ...

Human evolution is fueled by technological progress and innovation. This is why different innovative startups have driven Africa’s recent advancements. Globally, African entrepreneurs and innovators have taken a leading role in recent years, placing the continent at the centre of that emerging digital space with the many startups birthed on problem-solving ideas. However, Africa as a continent is still ripe with opportunities for entrepreneurs looking to start a tech startup. With a population of over 1.3 billion people and increasing internet users, a vast market is waiting to be tapped. This article will explore some of these ideas and provide insights on how they can help tech founders build successful startups. Read also: Here are some ideas for solving the open market payments collection problem in a cashless Nigeria Virtual lab/eLearning platforms The EdTech space in Africa is perhaps one of the industries that have received considerable attention given the platforms that have emerged to remedy the problems with formal learning, which the covid-19 pandemic highlighted. Virtual classrooms and online meeting platforms like Zoom, Google Meet and the like have thrived recently. Edtech platforms have begun exploring ways to take education beyond the four walls of a classroom and also help provide a better learning experience. However, one major problem educational institutions face in Africa is the unavailability of practical learning laboratories, which are useful for practical learning and follow-up. Now, this may sound ridiculous, but with the emergence of sophisticated AI tools, Virtual learning can even go beyond accessing a few books and learning materials to provide real-time 3D labs for classrooms. Virtual labs are interactive, digital simulations of activities that typically take place in physical laboratory settings. Virtual labs simulate the tools, equipment, tests, and procedures used in chemistry, biochemistry, physics, biology, and other disciplines. Tech has revealed that there are currently no boundaries to what is achievable with its infusion. Nonetheless, the scalability of this kind of innovation is even more plausible, considering the obvious partnerships and stakeholders at play. Some other ideas that could be explored in the Edtech industry in Africa are virtual classes with the possibility of local language transmission. This help solves the problem of accessibility and language as a barrier to learning. Travel and Tourism platforms At first, when you look at Africa’s enormous potential in tourism and travel destinations, you would think numerous tech platforms are offering end-to-end services for people looking to visit the continent. But on a second look at the internet, you would find agencies only facilitating a section or part of a tourist travel experience. While this is not a criticism of the already established players in the industry right now, be it agencies or companies, an infusion of tech could even improve the industry if it is used to provide a better travel experience for tourists. Say, for example, that there is a platform which facilitates travel experience from the point of getting a Visa to arriving at a destination in a country of choice in the continent, and then helps with the arrangement around transportation, accommodation and logistics, as well as possible sites for tourism. Of course, it might be difficult to achieve with just a single platform, but there is the possibility that it works too. Also, what if there was a platform that integrates these various services into a singular consumer interface platform? This reduces the multifacetedness of the process and provides a simple and hassle-free process for people to move between borders. Just to bring you back a bit, this article does not dispute the fact that there are players in these industries right now, it only seeks to portray the many other possibilities that founders could leverage to build that next startup. Agribu...

Spotify, the popular music streaming platform, has announced that its monthly active users (MAUs) have surpassed 500 million globally. This impressive milestone has exceeded the company’s estimates, demonstrating the platform’s enduring popularity and potential for growth. According to IBES data from Refinitiv, monthly active users increased to 515 million in the first quarter, surpassing Spotify’s projection and analysts’ prediction of 500 million. The majority of the company’s revenue, which comes from premium members, increased by 15% to 210 million, above projections of 206 million. Its premium subscriber forecast of 217 million for the current quarter also beat expectations of 212 million. The company sees monthly active users of 530 million for the second quarter. Despite facing tough competition from rivals such as Apple Music, Amazon Music, and Tidal, Spotify has managed to maintain its leading position in the music streaming market. In Q4 2021, the company reported a 31% year-over-year increase in MAUs, bringing the total number to 345 million. The company also reported a 24% increase in premium subscribers, reaching 155 million. The latest announcement of reaching 500 million MAUs is a pleasant surprise, as Spotify had estimated its MAU growth to reach around 485 million. This demonstrates the company’s ability to attract new users and retain existing ones despite the ongoing competition in the market. Spotify’s user base has grown steadily since the platform was first launched in 2008. The company now operates in over 170 countries and offers a vast selection of music, podcasts, and other audio content. The platform has also introduced several innovative features, such as personalized playlists, algorithmic recommendations, and social sharing options, that have helped to differentiate it from its competitors. Read also: Spotify makes organizational changes, fires 600 employees Spotify’s numbers analysed Spotify outlined goals to reach 100 billion in annual revenue and one billion customers by 2030 last year. Additionally, it guaranteed that its costly expansion into podcasts and audiobooks would provide substantial profits. In addition to posting a larger loss than anticipated, the company’s quarterly revenue of 3.04 billion euros ($3.35 billion) fell short of analyst expectations of 3.08 billion euros. The gross margin decreased from 25.3% a year ago to 25.2% this quarter. Spotify’s current-quarter revenue forecast of 3.2 billion euros also missed expectations of 3.26 billion euros. However, one key factor contributing to Spotify’s recent success in adding more active users is its user-friendly interface and personalized recommendations. The platform uses sophisticated algorithms to suggest new music based on the user’s listening habits and preferences. This feature has made it easier for users to discover new music and artists, which has helped increase engagement and retention. Another contributing factor is Spotify’s commitment to providing diverse audio content. The platform has made significant investments in podcasting in recent years and has become a major player in this space. The company has also introduced features such as live audio and exclusive shows, further expanding its offerings and catering to different interests and preferences. Spotify’s growth prospects remain bright, with the company investing heavily in innovation and expansion. It has plans to expand into new markets, such as Asia and Africa, where there is significant potential for growth. The company is also exploring new ways to monetize its platform, such as through advertising and new subscription models. However, Spotify’s growth may face some challenges in the future. The music streaming market is becoming increasingly competitive, with new players entering the market and existing ones expanding their offerings. In addition, the company faces pressure from artists and labels to increase its payouts, which could affect its profitabi...

Last week, short clips branded EDashMan, of the global music sensation Drake (and that is putting it mildly) singing covers of Nigerian hit wonders Burna Boy, Asake and Wizkid started trending on social media. The clips had come from the deep cult corners of the internet where rising musicians, producers and managers waiting for their big break gather around to exchange cryptic banter and trade insider gossip about the umpteenth gatekeeper of the music world that had done them dirty. The inhabitants of these corners largely spend their time posting and reporting their works, debating internally with themselves what might go viral on TikTok or what could be so bad it might end up a good subject of a Naija PR post asking followers to guess the celeb years later after fame had met them. It was from this circle that the little-known producer who goes by EDashMan had been bombarding the internet with his AI-generated covers laced with familiar melodies by Drake. By Sunday, he had attracted over 500k views on TikTok alone. EDashMan’s journey in music and AI Growing up, he was a bit of what you might call the music guy with dexterity with drums, piano and guitar. “I used to play the drums, piano and guitar but stopped after school,” he told Technext via email. Then he found himself in the labour market where his skills with musical instruments are not the first items on the calling cards. So he decided that he would spend his time making beats. “I felt like it would have been a waste to completely stop after all that time so I wondered how I could somehow merge everything together, and that’s when the idea of producing popped into mind. Since then I’ve never looked back,” he said. He studied computer science, so when the AI craze started, it was right up his alley. When contentions started about how AI would affect music and music-making processes, he threw his hat into the ring with his covers. “AI has always been a huge interest to me,” he said. Then he dropped his first cover. It was Kanye West singing Gabzy x Melvitto – 4 Nothin’. “I just couldn’t believe what I was hearing,” he said. @itsedashman Replying to @30billion🩹🤎 #aidrake #aicover #sungba #funnyvideos #nigerianmemes #fyp #viral #blowthisup ♬ Sungba (feat. Burna Boy) (Remix) – Asake Kanye West, who now goes by Ye, was not a good choice. In EDashMan’s words, it was “so bad that I scrapped it.” Then he tried Drake with Burna Boy. It wasn’t up to his standard but he posted them anyways. “I didn’t think much of it though. I felt like it could potentially go viral but I was honestly just posting for the fun of it,” he said. Then they went viral. “The views started rising slowly and I didn’t think it would go far but then it started jumping like crazy.Next thing I know it’s all over Instagram and Twitter,” he added. What are his secrets? How does he make these covers? He won’t say. In part, he says he wants to protect his secrets, keep viewers coming to him for one, where fans hold vigils in his TikTok comment section waiting for the Drake covers of Omah Lay. But he also says it’s part of standing in solidarity with “the community.” “I’m just respecting the wishes of the community,” EDashMan said. “Right now we’re witnessing the worst of AI. Developers are still working on it and the public will know how to do it when the developers are happy with the results. The average person may find it quite difficult to work with,” he added. How Malik Afegbua is reimagining African storytelling with AI-generated art As AI-generated covers have gained more popularity, debates about copyright laws and the dangers of unbridled artificial intelligence activities have taken centre stage in the music world globally. The TikTok user Ghost Writer posted a song he produced, Heart on My Sleeve, made with AI-generated vocals of Drake and The Weeknd. The song has been streamed almost 20 million times. It has resulted in critics of AI calling for stricter restrictions on the use of AI. The music ga...

It is quite difficult to manage finances in this part of the world, especially as the country is hard enough, but it is not always impossible. Saving money protects you in a financial emergency, helps you pay for large purchases, reduces your financial stress, and gives you greater financial freedom. But what happens when a currency decline affects your savings? It is common knowledge that the Naira, the currency of Nigeria, has long struggled against other foreign currencies. Earlier this year, one dollar was worth about ₦800. Also, there was the issue of the Naira scarcity that Nigerians endured. Many Nigerians are already increasing their financial stability and independence by saving in US Dollars. The US Dollar has been among the strongest, most widely used, and most traded currencies on the foreign exchange market. Here are four online platforms that allow Nigerians to save money in dollars. This article discusses their process, interest rates, pricing rates, withdrawal method, and ease of use. Read Also: The Truth About Saving in US Dollars Piggyvest Piggyvest is one of Nigeria’s most popular online saving and investment platforms. The app first launched as Piggybank, a savings-only platform and rebranded later to “PiggyVest,” offering direct investment opportunities to users in addition to savings. These investment opportunities allow its users to save in dollars and naira. Registration: Users will need to download the app and set up an account to save money in dollars. Your BVN is required during the account creation process for verification purposes (you cannot use the same BVN for several accounts). After completing that, you log in and click the “savings” icon on the homepage to access a variety of savings choices, including a PiggyFlex account. Interest rate: Your PiggyFlex account must already be credited before you may make any cash investments. Choose $Flex Dollar next; this choice enables you to save, invest, and transfer money in dollars with up to 7% annual interest and no fees for funding, transfers, or withdrawals. To proceed with this option, select “Fund my Flex Dollar”, enter the desired purchase amount, and then select “Preview” to see the conversion to naira. Users can purchase as low as $1, which is a terrific starting point. So, after seeing the current price in naira, you confirm your purchase and credit your Flex Dollar account by choosing your PiggyFlex wallet account as your funding source. Now you’re ready to start spending and saving in dollars. Withdrawal: You can send money to another user on PiggyVest with a minimum of $5 and a maximum of $1000 using their phone number, email address, or #piggylinkID. Withdrawals can be made anytime. Rise Registration: This is another popular app that helps you invest in dollars. To use the app, you must register and create an account. While the process might seem a little stressful, especially as it requests more specific information like ID, password, biometrics, and pin, this is very important for maximum security. Once you have signed in, you will see your total balance and an “add money” section below it on the homepage. Select which currency you will wish to save in. There is the option of Nigerian Naira, US Dollar, and Crypto. In this case, the dollar is our preferred currency. You must fund your wallet with your Naira debit/credit card. There is a funding limit of $50, but for users who wish to transact more, you might need to verify your email address to fund above $50 and guess what? Verification is also needed when you want to withdraw your transactions. This is probably why it did not ask for an email verification in the registration process. For every $1 transaction made, the app charges $0.04 for a processing fee, so for a $50 transaction, it would cost $1.9 for a processing fee. During the payout, it automatically converts the amount you wish to buy to Naira. Withdrawal: The app allows you to withdraw as many times as you want, so there is...

South Africa’s commercial capital, Johannesburg, remains Africa’s wealthiest, according to the World’s Wealthiest Cities Report 2023. Nigeria’s commercial capital, Lagos, is Africa’s fourth wealthiest city, trailing behind Johannesburg, Egypt’s Cairo, and another South African city, Cape Town. According to the report released by Henley and Partners, which features exclusive data highlighting the world’s wealthiest and fastest-growing cities, no African city was found among the top 50 wealthiest cities of the world. The list, dominated by cities from around Europe, North America and Asia, is characterised based on the most millionaires, centimillionaires, and billionaires and is also accompanied by global and real estate insights from leading academic and industry experts. According to the reports, New York City is the world’s top city with the most millionaires in 2023. Also, seven of the world’s top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights. Read also: African Blockchain firms raise whopping $474m in 2022 Africa conspicuously absent Africa is the second largest and second most populous continent in the world, yet its cities are conspicuously absent from the list of the world’s wealthiest cities. This can be attributed to several factors, including historical colonization and economic exploitation, political instability, inadequate infrastructure, and poverty. According to the list, only two billionaires and thirty centimillionaires are found in Johannesburg, the wealthiest city in South Africa. On the other hand, Cairo, which is renowned for its historical history and trade prowess, has five billionaires and twenty-seven centimillionaires. The fact that 3 out of the 4 nations indicated above had negative growth rates for high-net-worth investors is likely the clearest indication that Africa lacks the necessary investment. High-net-worth investors have increased by -40%, -25%, and -30% in Johannesburg, Cairo, and Lagos since 2012, indicating that activity in these locations has been low compared to the rest of the world. With its size and population, Lagos, Nigeria’s commercial and technological hub, only has three billionaires and 16 centimillionaires. While only 11 centimillionaires live in Nairobi, the capital of Kenya, with no billionaires. Only Cape Town and Nairobi saw their investment portfolios rise throughout the period under consideration. The number of HNWIs in the four cities cited was 14,600 in Johannesburg, 7400 in Cairo, 5400 in Lagos, and 4700 in Nairobi. Despite its vast natural resources and potential for economic growth, Africa faces significant challenges in achieving sustainable development and creating wealth for its cities. In this context, it is crucial to examine the reasons why African cities have been left behind in the global economic landscape and explore potential strategies for overcoming these challenges. Creating wealth in African cities requires a multifaceted approach that addresses various challenges and takes advantage of available opportunities. And just like the list reveals, an economy that not only encourages foreign direct investment but one that actively creates wealth with the needed form of regulation, free market, and increased ease of doing business. Not to mention, there is the need for Africa to invest in its infrastructural landscape, promote a digital economy, challenge the rest of the world or at least seek to compare in terms of intensive and intentional investment in its human capital. More on the wealthiest cities list As mentioned earlier, new york leads the list with about 58 billionaires and 724 centimillionaires. The city boasts over 340,000 high-net-worths-investors, with a subsequent growth rate of 40% of those investors from 2012 to 2022. Tokyo, the Bay Area, London, Singapore, Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney ...