Mara's missing marks

Plus: Meet Solly Malatsi, South Africa’s new tech minister.                                                                                                                                                                                                                                                                                                                                                                                                                 July 02, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUQ87SWvdIsg4K8gadRqKjYxErg9Q0a13EHxNU8lS5QkaW-3Ng6421BnEGhA3GVqp2AUyhPjz13pwk9IYupNCcc4F0v4HlJvC0y7Utg6zeTgVBWCxf1Mp7Z8te-uP-1Qjr68l5kQnyJoOUvcuGKJHKoueDaE4_jC40RZ_XVPc9_riuUi73P2oXG3o5MNW5fIPgiROcqGqv9CLtuueotUdmiJBeC5VsuoMtic8UVzFizSO3xucJ40Z8AgHbxIL5WazX/47p/cABFQvPRS0WIDhdVQcd6ig/h2/h001.93KbLyGCoYziAoLA4UbD1pR4M3J0_t5uGlb-SX6JtA0 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Today’s shoutout goes to Muhammad Lawal who, [on X yesterday](, said TC Daily has earned its keep in his inbox for another quarter! Thank you, Mohammed, and we’ll see you at the next quarterly review. If you, like Mohammed, have kind and good things to say about TC Daily, don’t keep them inside like you do with your raw thoughts about African presidents. Share them with us by responding to this email, or on X so the world can see. If you have anything not nice to say, take a leaf from The Boys’ Kimiko and 🤫 or respond to this email too. Thank you for complying 👍🏿. In today's edition - [Mara lost $16 million in a year amidst leadership fallout](#Story1) #Story1- #Story1[Lagos is bringing CCTVs to BRT buses](#Story2) #Story2- #Story2[NCBA Group acquires AIG Kenya](#Story3) - [Who is South Africa’s new tech minister](#Story4) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Crypto & Startups //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUQYdK2_ENjwouk1ikPPEdQ_kVGxgGTa5I0sVdAvSZxaI5r4szFDiZfm-7fgA-6kIC_Tm_AEIJGAzm8ORhfOTcVBVk5H02qK4yhUA3kKKcGN0XIReXapqAcyRpXNW1yCeA7JlkRAhJ5XHuw_ozLsQl-IGuCKWe0m5MvttV61Ss_SenoZY9EWuw3mfCxrKupHS23SIIMcnCMa5HXp8nKuroWm548jsQ48c8cb9TxPZb9YBajTD5wGffwV9LEZawM2Tg/47p/cABFQvPRS0WIDhdVQcd6ig/h8/h001.lgWBI_3QC7a75W8t1Y5kq-bmxYFis68aZhtWcsFvM8o Mara lost $16 million in a year amidst leadership fallout “Product shipping is a sign that a startup is alive.” - Vincent Li. I first heard about Mara in 2022, nearly a year after I started working at TechCabal as a newsletter writer, while my colleague showed off souvenirs he got from a Mara media parley. The power bank looked expensive. “What does Mara do?” another colleague asked. Although Mara had raised the largest seed funding for an African startup in 2022—$23 million—no one was quite sure what the company's product was. It was par for the course because Mara only launched its product—a crypto wallet—in February 2023. Despite taking two years and hiring some expensive talent to build it, the wallet fell short of customers' expectations, Chi Nnadi, Mara’s CEO said in an investor memo. “At least 75% of the 4 million verified users Mara reported it had were fraudulent accounts,” one former executive also said. Things continue to fall apart: Problems continued to compound. The company was burning a lot of cash and reported losses of $16 million in 2022. There were also conflicts among the company’s leadership team which eventually led to the resignation of Nnadi’s co-founders—Chinyere ‘Chi’ Nnadi, Lucas Llinás Múnera, Kate Kallot, and Dearg OBartuin. Now, Nnadi, the CEO, runs Mara by himself as Mara’s entire staff has been laid off too. Amid claims that he is evading a $3 million debt owed to Mara’s vendors, Nnadi has created another startup, “Jara” to replace Mara. If you are still curious about what Mara (now known as Jara) does, or about how it lost $16 million in 2022 as the leadership team fell apart, [read my report](. By Ngozi Chukwu. Process payments smoothly with Moniepoint And we'll have processed almost 5,000 more by the time you're done reading this. Your business payments can be one of them. Click [here]( to sign up. Transportation //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUQ87SWvdIsg4K8gadRqKjYxErg9Q0a13EHxNU8lS5QkaW-3Ng6421BnEGhA3GVqp2AUyhPjz13pwk9IYupNCcc4F0v4HlJvC0y7Utg6zeTgVBWCxf1Mp7Z8te-uP-1Qjr68l5kQnyJoOUvcuGKJHKoueDaE4_jC40RZ_XVPc9_riuUi73P2oXG3o5MNW5fIPgiROcqGqv9CLtuueotUdmiJBeC5VsuoMtic8UVzFizSO3xucJ40Z8AgHbxIL5WazX/47p/cABFQvPRS0WIDhdVQcd6ig/h14/h001.HXN_UBJvN-k7v5Z9yIXZx4p9QABYViObyyKLCvsm77Q CCTV cameras are coming to BRT buses in Lagos State Big Brother is coming to Lagos, but not in the way you might expect. While Nigeria's popular reality TV show "Big Brother Nigeria" has been keeping viewers glued to their screens, the Lagos State Government (LASG) is borrowing a page from an Orwellian surveillance playbook for a more serious purpose. Two years after the tragic death of twenty-year-old Bamise Ayanwole sparked criticism and [demand for improved safety measures](, Lagos is finally answering the call. Who’s watching? The state government will install CCTV cameras on all Bus Rapid Transit (BRT) vehicles across the city which [200,000 commuters]( in Lagos depend on for their daily commute. The installation of CCTV cameras is more than a technological upgrade. It will aid automatic incident detection in cases when mishaps happen, dispatching the Lagos Transport Police to areas where these incidents happen. The government is still tinkering: Last month, the government announced its plan to install CCTV cameras at bus stops and taxi parks over the next two years, and offer danfo drivers in Lagos a chance to upgrade their run-down buses for newer models, as part of its new Transport Policy. With the introduction of 2,000 compressed natural gas (CNG) buses announced in April, these changes signal LASG’s commitment to its plan to provide access to affordable, environmentally sustainable transportation, and regain public trust in the BRT system. As Lagosians prepare for this new era of monitored public transport, one thing is clear: the eyes of the city will be watching, not for entertainment, but for the safety and peace of mind of its citizens. Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. [Get started today](. M&As //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUs9dx8nb-XZqHocMX3isfzceNJkjoApXASi2Z-Z4IXHShfiWDRFOooYpr-FczeRa1i8mMhuUZ5peMk3LFBg55tMJSCMpOGlwM-GXdOG5LUaU4OAoVWrZkWijLUTkP2PWRA0W9PUHdyTytTQRQjIYrRx1LHGNRCUgGkA22lNZtwni2ky58Xcdt7GLqNJ2L7T7dQ_a4AF_A2RoRJxOn51Mr3BF37b04n2Z7KOvl6qCPFsc/47p/cABFQvPRS0WIDhdVQcd6ig/h21/h001.1deD-7vJAq2enq-781gNpK7JTzeYQNjhKtV8IthQTUo NCBA Group acquires AIG Kenya NCBA Group, Kenya's fourth-largest bank, [has acquired AIG Kenya](, the local subsidiary of American International Group (AIG), for an undisclosed amount. This move strengthens NCBA's position in the Kenyan financial sector and aligns with its strategy to become a one-stop shop for all financial needs. What you need to know: Acquisition talks with NCBA, which held a 33.3% stake in AIG Kenya as of 2022, have been in talks for months. While the final amount is unknown, one publication, last September, estimated that it would cost [the NCBA KES2 billion ($13 million)]( to buy the 66.7% shareholding it needed for the acquisition. The acquisition grants NCBA full control of AIG Kenya, increasing its presence in the Kenyan insurance market (currently at 2.14%). This strategic move comes amidst a trend of Kenyan banks venturing into the insurance sector due to low market penetration which is currently 3% in Kenya. Kenya's largest bank Equity Group, for example, announced its entry into the general and health insurance market earlier this year. Looking ahead: The Kenyan insurance industry is valued at $2.3 billion, offering significant growth potential. NCBA aims to leverage its existing customer base and AIG Kenya's expertise to unlock deeper insurance penetration within Kenya and the broader East African region. What do you want to see from Paystack in 2024? Paystack would love to hear from you! Let us know what improvements or new features you’d like to see from Paystack in 2024. [Share your wishlist here →]( Feature //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUQ87SWvdIsg4K8gadRqKjYxErg9Q0a13EHxNU8lS5QkaW-3Ng6421BnEGhA3GVqp2AUyhPjz13pwk9IYupNCcc4F0v4HlJvC0y7Utg6zeTgVBWCxf1Mp7Z8te-uP-1Qjr68l5kQnyJoOUvcuGKJHKoueDaE4_jC40RZ_XVPc9_riuUi73P2oXG3o5MNW5fIPgiROcqGqv9CLtuueotUdmiJBeC5VsuoMtic8UVzFizSO3xucJ40Z8AgHbxIL5WazX/47p/cABFQvPRS0WIDhdVQcd6ig/h28/h001.ttWW2VtwUZKy3udAEWHsNzZTyU3qN5Ny2c7MvyIrobE Who is Solly Malatsi, South Africa’s new tech minister? South African President Cyril Ramaphosa has appointed Solly Malatsi, a member of the opposition Democratic Alliance (DA), as the new Minister of Communications and Digital Technologies. The ruling party, [ANC’s loss of its parliamentary majority]( in the recently concluded elections on May 29 signalled South Africans are demanding change and accountability from their leaders. ANC secured only 40.18% of parliament votes in that election, well behind the 50% needed to form a government, and needing multi-party coalition partners to form a Government of National Unity (GNU). A decade’s worth of experience: Malatsi brings a wealth of experience to his new role. He has been a Member of Parliament since 2014 and previously served as the DA's national spokesperson. Throughout his career, Malatsi has been an advocate for digital transformation in South Africa. He has consistently pushed for policies to improve broadband access, particularly in underserved rural areas, and has championed initiatives to boost digital literacy across the country. And a laden sector: However, Malatsi inherits a tech sector facing significant challenges. South African citizens still [lack reliable internet access](. Additionally, the state-owned telecommunications company, Telkom, has faced ongoing financial difficulties and efficiency issues. South African Post Office and the South African Broadcasting Corporation (SABC) are also facing financial ruin, with the latter operating at a loss of R608 million ($33,000,000) last reported—despite previous bailout sums received from the government running into billions of rands. Analysts hope Malatsi's appointment will help resolve these crises with legacy, state-owned companies, and finalise South Africa’s spectrum policy regarding artificial intelligence and satellite technologies, ushering in previously shut-out players like Starlink. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUtpZibQZ3YRclRHgaL1FEvKmydz_S0LOMdebFcqRmEr27aqlAJ2evWEDf_JtmvNf9dvgDuODNIMBP5HFEe6ZxC4Gge3snfZuXNyokwk5n3nPgGDx2x6BUhwukH5-r4EU9EbiLrxUK91bVvNpKwJiGOZk1yg3QzhERU8yrolw5qXJkmja-zH7NemIkjFiqTpMyB3KTNq24kA1dWhjCQGLhI16Ep0tEpjtD7A_hVkp23TA/47p/cABFQvPRS0WIDhdVQcd6ig/h33/h001.59IdCar0tmswhpKQjkkI7UENsMALPCF81wzTbZQ2bk4 The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $63,031 - 0.50% - 7.03% Ether $3,456 - 0.80% - 9.25% Super Trump $0.10 - 5.65% - 52.02% Solana $148.99 + 0.54% - 10.27% * Data as of 06:30 AM WAT, July 2, 2024. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUDvDf_20X3fE62oAvNbZTmtIkAPgeF7d0GSkJvM6M-i9st3_pJwzNAKJ53Tev0HuloHJGX4HsZMvaMvig36p-6XCtrqh3RSCykhZzVVoqJy6BI2FuN0yYVFrKGYsVNLCnxKQLYo0JBK3S-4mHrznPnruu590ZAC_WXpYFhp4daa-dJ8FHNBLIAfrewJPjl7n1H3lTRCv7qEuND0WiNoSxRtIEJxEvc51HSDGEaB1qOWI/47p/cABFQvPRS0WIDhdVQcd6ig/h36/h001.V1GLmE0IA33akzVvn2sBQIlgpqtHKwAnAdkuxsdvdtw - The Africa Prize for Engineering Innovation is open to African innovators creating engineering solutions to local challenges. Innovators from sub-Saharan Africa should pitch viable engineering products or services that will have social or environmental benefits to the continent. [Apply for the chance to get up to $25,000 in funding](. - The Future of Capitalism Tech Startup Competition is offering $1 million to one lucky tech startup that can transform how businesses today operate. If your tech can save costs, boost efficiency, increase productivity or customer satisfaction, then [apply by September 30]( for a chance to win. - Applications are now open for the 5th cohort of Microsoft’s GrowthX Accelerator Programme. AI Startups can apply to join the eight-week incubator that will provide $25,000 worth of azure credits, mentorship from some of the biggest tech corporations and investor readiness lessons. [Apply by September 2, 2024](. - The WASCI Next Generation Technology Internship is open to young graduates in Nigeria and Ghana who want to use tech to solve social problems. The six-month programme will see 3 interns work in civil society organisations. [Apply by July 12](. Here's what we've got our eyes on - [Uganda hikes import duty on EVs from zero to 25%]( - [Centre Stage: Ruby Igwe wants to train the next generation of Africa’s tech changemakers]( - [Ghana is getting a $360 million payout from the IMF]( Written by: [Faith Omoniyi]( & [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. - [TC Scoops](: breaking news from TechCabal P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. 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