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Why the Rise of Technology Hubs is Facilitating Africa To Crucial Development

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Just like the saying goes: “Rome wasn’t built in a day”. You will agree to the lone fact that the revitalization of Africa’s economy has been attributed to the leading advance in technology. This crucial factor that has played a prime role in this development can be attributed to the rise of tech hubs, especially in Africa. This is eminent as it is on the rise especially in Nigeria and Africa at large. But then: What are tech hubs? How do they work? How can upcoming startups and developers benefit from this phenomena?

What is a Tech Hub?

Just like the computer network hub, a connection point for devices in a network (Webopedia, 2018), the term ‘tech hub’ is simply a physical space (can be remote), a city, a suburb (like computer village Lagos), or a collective suite of offices whose aim is geared to help technology stay companies succeed, and scale up. Tech hubs create an environment specifically targeting the up-build of young technology companies thrive by encouraging: incubation, fast tracking, helping such firms network and collaborate with like minded individuals or enterprises.

The major goal of a tech hub is to grow ideas.

What Do They Need?

For a tech hub to thrive there are a lot of impeding criteria that must be meet so as to establish its relative productivity. One basic factor is a steady supply of permanent and temporary suitable workers, a means of generating revenue, relatively high speed internet access, robust infrastructure, location, transport, relative proximity of access, friendliness of the hub, and total coordinated organization.

Where Are The Best Hubs Located?

Remember, that the best known tech hub is probably Silicon Valley, based in California USA. Here you can find the big boys (companies) in the tech industry: Facebook, Apple, Netflix, Intel, Tesla, and major startups many of these were founded here.

In Nigeria, there are a numerous tech hubs available. The full list is available here, Prosper Otemuyiwa’s really helped in making this task easy, they include some in pictures:

Focus Hub, Rivers State Nigeria.
Wennovation Hub, Oyo State Nigeria.
MAL Hub, Kwara State Nigeria.
Innovation GrowthHub Aba, Abia State Nigeria

How and Who Can Benefit From Tech Hubs?

While you might feel that only software and web developer are the most prime people to benefit from the establishment of tech hubs, you will be surprised to note that a lot of unskilled individuals are more likely on a ratio of 3:5 to gain immense experience from tech hubs.

Government agencies are really poised to gain knowledge, because tech hubs offer a wide angle of disseminated technologies, backgrounds, work groups, personalities and ideas. The core truth is that even companies seeking for skilled personnel’s to assist their companies can get a handful from reliable tech hubs across the continent.

So its a win-win. Tech hubs are for everyone, and by everyone. As the saying in the introduction of this article: “Rome wasn’t built in a day”, Nigeria has had a decent share of tech advancement due to the increase in tech hub, we have seen more open minded individuals come up in terms of technology challenges and even advocacy groups. The GitHub benchmark is a prime example of how poised and raging Nigeria and Africa is becoming towards the Open Source development and knowledge sharing. In it all, tech hubs are just like the library, you gain resources, experience and exposure.

So next time you think about a tech hub, what comes to your mind? Definitely, you will remark a tech hub as a ‘catalyst’ in crucial development. So find a tech hub around you and innovate!

Nigeria Is OPay Nation, The Fintech Raises Extra $120 Million

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Nigeria is an OPay nation and numbers cannot lie: “Nigerian payment and ride-hailing app OPay announced this morning it has raised $120 million in a Series B of funding just a few months after raising $50 million.” In short, OPay wallet which can function in its own banking ordinance, outside anything linked to the Central Bank of Nigeria, is a mortal threat to all banks in Nigeria. Yes, when a market woman finishes a day and hails a bike to deposit her money, and when she needs withdrawal, she hails another bike for cash. As she does that, the bike-agents, will debit or credit with SMS confirmations on the spot. No need for a bank trip and no need for CBN stamp duty deduction – OPay is running its own world and disintermediating the banking order. If you do not call that disruption, I do not know what else you have there to suggest!

Here are the stats of this company.

  • OPay launched its mobile payment service in August 2018, with an initial focus on “the massive unbanked population of Nigeria.” Since May, OPay has tripled its active agents to over 140,000 and saw daily transaction volumes double to over $10 million per day.
  • OPay’s ride-hailing service has become the largest of its kind in Nigeria, seeing a more than tripling of daily rides over the past three months

Lagos-based OPay, which was incubated by Norwegian publicly traded internet company Opera, describes itself as a mobile wallet and motorbike ride-hailing provider. (Opera operates a web browser of the same name that is popular in Africa.)

OPay’s services range from mobile payments and transfers to ride-hailing and food/grocery delivery.

In a statement, the company said it plans to use its new capital to “further accelerate its expansion across its multiple verticals, as well as entering new African markets.”

OPay CEO Yahui Zhou said in particular the startup is eyeing expansion in its home country, South Africa, and Kenya, as well as “other African countries… where local regulation is supportive of scientific and technological entrepreneurship in the fintech space.”

“We see ourselves as a key contributor to expanding financial inclusion in Africa, and helping local businesses and workforces to thrive from opportunities created by new, digital business models,” Zhou added.

The Press Release

OSLO, Norway, Nov. 18, 2019 (GLOBE NEWSWIRE) — OPay, one of the fastest scaling growth companies in Africa, announced today that it raised $120 million of series B funding, less than 6 months after it announced its last funding round of $50 million in June. The company, which was incubated by Norwegian based, global consumer Internet company Opera (OPRA), is already Nigeria’s leading mobile wallet and motorbike ridesharing provider, and is rapidly expanding. Series B investors included Meituan-Dianping, DragonBall Capital (The Investment fund backed by Meituan-Dianping), GaoRong Capital, Source Code Capital, SoftBank Ventures Asia, Bertelsmann Asia Investments (BAI), Redpoint China, IDG Capital, Sequoia Capital China and GSR Ventures.

OPay is one of the fastest growing companies in Nigeria, providing consumers with a wide range of services including mobile payments and transfers, ridesharing and food delivery. The company plans to use the new capital to further accelerate its expansion across its multiple verticals, as well as entering new African markets.

“OPay will facilitate the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem that Africa has ever seen, paired with the inclusion of daily use services such as transportation and delivery. We see ourselves as a key contributor to expanding financial inclusion in Africa, and helping local businesses and workforces to thrive from opportunities created by new, digital business models. The capital raised will be allocated to African countries where local regulation is supportive of scientific and technological entrepreneurship in the fintech space,” commented Mr. Yahui Zhou, CEO of OPay.

OPay launched its mobile payment service in August 2018, creating an infrastructure on which the company is now adding new services. The agent-centric mobile payment operation focused on reaching the massive unbanked population of Nigeria. Since its Series A funding, OPay tripled its active agents to over 140,000 and saw daily transaction volumes doubling to exceed $10 million per day, furthering the company’s position as the largest mobile transaction provider in the country. Additionally, OPay’s motorbike ridesharing service has become the largest of its kind in Nigeria, more than tripling daily rides over the past three months, and the company recently launched additional services around food delivery and cashless payments for offline businesses. While still focusing on Nigeria, OPay has the ambition to expand across the African continent.

Mr. Zhou further commented, “OPay has become one of the most important providers of online consumer services in Nigeria, and is recognized widely among other players in the market. We are excited that GaoRong Capital, SoftBank Ventures Asia, BAI and Redpoint China are coming onboard in this round. The additional capital will allow OPay to speed up its expansion in mobile payment services and its growth in new verticals, Further, the strength of Opera’s brand and OPay’s emerging position will continue to benefit both companies and further escalate their ability to take leadership in several internet verticals across Africa.”

About OPay
OPay is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other important services in your everyday life. Millions of users in Nigeria rely on OPay to send and receive money, pay bills, obtain transportation and order food and groceries. OPay is focused on making opportunities accessible to everyone and delivering on the promise of financial inclusion in Africa today to safely connect people with the places, opportunities, and experiences that they truly care about.

About Opera
Opera is a leading global internet brand with an engaged and growing base of over 350 million average monthly active users. Building on over 20 years of innovation, starting with our browser products, we are increasingly leveraging our brand as well as our massive and highly active user base in order to expand our offerings and our business. Today, we offer users across Europe, Africa and Asia a range of products and services that include our PC and mobile browsers as well as our AI-powered news reader Opera News and our app-based microfinance solutions.
Opera is listed on Nasdaq under the OPRA ticker symbol.

The Lesson From the Story of Keke Queen – An interview with Okeyi Ojotule Comfort

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What a man can do, a woman can do, if not better. It is no longer a new thing to see women doing the jobs regarded to be meant for men. After all, everyone can do anything as long as the heart is set on it.

I had a discussion with my good friend, Comfort. She talked about her experience on the Lagos road where she saw a beautiful lady running a ”Keke Napep” business. Comfort sees it as an opportunity for everyone in the country to stand up and do something, especially fresh graduates.

The situation in the country is no longer a joke, the truth remains, Nigeria needs help. Our fresh graduates must definitely stand up to the current situation in the country and pick up whatever job they can find. The story of this Keke Queen is truly an inspiration for many.

Can you tell us more about yourself?
My name is Okeyi Ojotule Comfort.  A graduate of Theater Arts from Kogi State University, Kogi. I served in the Ministry of Culture and Tourism and I have vast interest for the media which includes both print and the mass media.

That’s really great. What do you do currently?
I’m an event manager for a sound and entertainment company – ”The prestigious Shuga Entertainment.”

Where is the company located?
At Ojodu Berger, Lagos State.

I saw your comment on one of my posts about “Keke Queens”. Can you share more about that?
I have been hearing about female tricycle riders until I saw one in October 2018, while I was in another Keke.

I was so excited to see this. Although I was unable to drop that day, I managed to trace her to the place where I saw her the next day. I was directed to her house and I did meet with her.

She welcomed me and we had a great conversation. She talked about her business. It was indeed an interesting one.

After meeting with her, I said to myself that every woman who is into the Keke Riding Business must really have an interesting story.  Since then, It has always been in my heart to do a documentary that will tell the whole world their courageous story because driving Keke is not an easy thing to do. It is mostly regarded as a job for the men.

There I tagged her the “Keke Queen”.

Do you mean she drives keke to earn a living?
Yes, she does.

What did you actually learn from her that has triggered this passion for Keke in you?
The courage to make that decision.

That type of courage is rare and sometimes in life, you just have to take that risk. She told me how she was mocked. She shared how she was in debt.

She told me she didn’t even learn how to ride it before it was leased to her, and she had to pay a certain amount of money in a week.

Her first day at work, she was scared. So many mixed feelings were bottled up. So many unanswered questions.

But despite this, she took the risk and today, she earns a living from it and also contributes to solving transport issues in Lagos state.

That takes a whole lot of guts. Would you ever have done the same?
Yes,  it definitely takes a lot of guts. I learnt from her story and I can do the same now if I find myself in a situation that would warrant that.

We are in a society where women are sometimes restricted from doing some tasks. What do you see to that?
I’m a strong advocate for equal opportunities. The excuse for restricting me shouldn’t be because of my gender, but because I am incapable.

Have you ever had any experience of such at work?
No. I haven’t.

Let’s hope you won’t experience such at your place of work. How many years did it take you to get a job after graduation?
2 months.

What’s your advice for every job seeker out there?
Don’t just pick up anything because you want something. It should be something you enjoy doing.

Finally, don’t give up on your search. You may get frustrated along the line, but never give up. The job that meant for you will come.

And lastly, what will you say to a young girl reading this interview?
Being a young girl in a Nigeria society, be it a student or a job seeker comes with its challenges. They expect you to follow the give and take rule that have already established.

They want you to give out your body in exchange for whatever you want. It occurs most times. But, hey, stay put. Don’t give up. Do not succumb. Do not let them say “she’s just a woman or just a girl”.

Be ready to work your way to success. Don’t stick to the status quo. Don’t let them marginalize you. Bring out the best in you. Together we all can change the world.

Thank you, Comfort. It has been a wonderful time chatting with you. You are indeed a great woman on a great mission. I wish you success in your endeavours.
You are as well Chinedu. It’s a rare privilege and I’m grateful. Thank you for granting me audience.

Just Arrived Lagos – Unbounded By Promise

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I arrived Lagos few hours ago and want to appreciate all citizens of our amazing nation Nigeria. This should be my 13th visit this year (another coming in Dec).  I thank all of you because in 2019 I did not have to buy any of my international tickets; there are many companies, local and foreign, that make me feel great. And our business numbers show strength: 2019 is the best year ever across all metrics. We see clarity on this economy, and have a working framework on how to unlock value, focusing on the segments we can enable leverageable growth. #BelieveInNigeria

From Capitalism to Talentism; Inventive Society to Innovation Society [Video]

 

Nigeria, Niger and Benin Republic Reach a Consensus to Reopen the Borders

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The Nigerian closed borders appear to be close to its reopening. The Nigerian Minister of Foreign Affairs, Geofrey Onyeama, said a consensus has been reached to that effect by the three neighboring countries, Nigeria, Niger, and Benin Republic.

A four hour meeting held last week gave birth to the hope that the borders will be opened under the watch of joint border patrol. The communiqué of the meeting revealed that the countries have agreed on a provision of such a measure of security around the border areas, as the solution to many of its problem which smuggling and human trafficking are paramount.

Onyeama disclosed that a meeting has been billed for 25 and 26 of November, where the security personnel designated by each country to make up the joint patrol team will deliberate on the modalities to be implemented in order to minimize, or if possible, halt smuggling activities completely.

He said there have been some measures agreed upon which includes establishment of a committee by the three countries that is made up of ministers of Finance, Trade, Foreign Affairs, Customs, Immigration and National Security Adviser. They must work together to contain the prevalence of smuggling.

“Also, the establishment of Trade Facilitation Committee among the three countries, comprising ministers of Finance and Trade in order to promote intra-regional trade among the three countries as well as put in place sanctions against smuggling of goods and to ensure persons from the three countries enter/exit each other’s states with valid Ecowas recognized travel documents through recognized control posts,” he said.

The Minister explained that the Committee will do more. He said they will formulate inter alia measures and actions that would facilitate and improve other measures already taken to curtail smuggling of rice and other contraband goods.

Other challenges regarding goods and services that are not approved in the Ecowas Trade Liberalization Scheme (ETLS), were also discussed besides the issue of free movement of people with valid Ecowas means of identification and the operation of illegal warehousing along the border lines.

“The meeting acknowledged smuggling of goods as well as human trafficking as a collective violation of Ecowas protocols on ETLS and free movement that pose severe economic and security threats to intra-regional trade and free movement. Border closure always has an impact at the end the day, it is about the mischief we are addressing.

“The mischief in our case is in the area of food security and also security itself through smuggling of small weapons and light arms and human trafficking. The mischief we are addressing is much more important than the cost. The costs are high, the benefits are high,” he said.

The impact of the border closure is telling terribly on both countries that the need to act fast in addressing the challenges that resulted in the shutdown cannot be over-emphasized. apart from hunger emanating from high cost of food items, businesses within the countries in West Africa have suffered massive losses estimated at over N5 trillion.

While Nigeria is exerting the big brother muscle over the other countries, its businesses are suffering even more. Exporters in Nigeria are expressing fear that they may not stay in business if this situation continues for long. Land borders command the highest percentage of intra-African trade and provide cheap alternative for SMEs that operate beyond borders. So the longer the borders stay closed, the higher the price businesses have to pay.

The Nigerian Bureau of Statistics (NBS) reported year on year headline inflation at 11.61 percent in October 2019, from 11.24 percent in September, the highest in 18 months. Food inflation came at all time high at 14.09 percent in October, from 13.51 percent in September. The major contributor to these increases is the closed borders. Apart from the claim by the Nigerian Custom Service that it is generating N5 billion daily, courtesy of the closed borders, it has been losses on all sides.

There have been reports of heavy smuggling activities in the Nigeria-Niger border that are orchestrated by the customs and security agents who are supposed to be the watchdog. It is perceived as an indication that closure will not solve the problem of smuggling in the borders.

While there has been applause about the proposed multi-national joint task-force that will patrol the borders and effect the needed security that will tame smuggling and human trafficking, there is also concern that eventually, corruption will get in the way and things will go back being business as usual.