Uncovering South Africa's finfluencers

Plus: IHS Towers market value dips by $6 billion.                                                                                                                                                                                                                                                                                                                                                                                                                 July 16, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUP932c7MyCppZeJ_1ng9LEWYKsS85CPRPiMwkQ2HaA7YwljHMwtxrGfT-Kt4cVgEPvnz3GmOAjb9LgjkvHHfdt8K8956w-xx14GqGaiuahf3VOPUiw9w7Vxes7M3F2BMhJ-BqUT8T_1xMVAWctvBaNqPeNf1N8Q6efb4YhJIDtcR9ZUOLh_Ac0Ilu025SWkv1NHvoCVlGHtNbB8YghuTUzlK8VfFzyTWhhr5rse8ySCx_AwEUOygxbNKsGNbIT9wjxjMm8Xs2Towu5e349hYCcw/483/4eH-1rztSSmgMJv-WVlk-w/h2/h001.4V1XO4MXmX7jrtl_0quPB1T2PPG_pPSfks1zOU6vp0U [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Heads up, Kenya, you may find it impossible to get rides using any of the ride-hailing services like Bolt or Uber. Ride-hailing drivers [are on a five-day strike]( to demand fair pay, and the removal of value-added taxes. This isn't the first time drivers have driven off the job. Frustrations have been boiling for years. Drivers in Kenya have gone on strike at least once a year [since 2016](, citing the same demands. These demands have almost always been denied because Bolt and Uber consider them self-employed, not regular employees. One solace came last year when the Kenyan transport authority ordered all ride-hailing services to reduce commission fees to 18%—with Bolt previously charging 20%, and Uber 25%. Will the government step in this time? [More in our coverage here](. In today's edition - [IHS Towers market value dips by $6 billion](#Story1) - [South Africa to monitor financial social media influencers](#Story2) #Story2- #Story2[Skincare marketplace Uncover raises $1.4 million](#Story3) - [HostAfrica acquires Kenya's deepAfrica](#Story4) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Markets //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUdJsFZiyF-ETOg4c8fzjXfIhQng8VowofYGCxPUmq3FiIGaHBbDdutNBFrKzW9Bi8RVAjRMn4nsXX3CT4RaM4TcTkavNImUFCxrg8_FU5mU-T5brc7dBVM8048FaqldI2B_rWHv0j-jKurFgn7gaVnCGqFaI2RfNx_Qu37hFp-6RnuZOq_uRlbE0kZXLGc7O8xRrtVvWLFZ6bkVEBZi0_i_Ew31mXOkRPiq8mOeZeJw3cCBWRsZMCtKQFpUCGcX6q/483/4eH-1rztSSmgMJv-WVlk-w/h10/h001.oB0dpcM1P_I9ZHjGnbSzp5bR-LkZ3i9eLobWK0tYDxw IHS Towers market value dips by $6 billion After the fanfare of a company's public listing event, the lonely work begins. Becoming a public company means more scrutiny and the pressure to deliver impressive quarterly results or risk backlash from impatient shareholders. Publicly listed African companies are familiar with this dance. Jumia and Swvl have had their stumbles and IHS, which was listed on the New York Stock Exchange in 2021 for an opening price of $21, has seen the impatient side of investors in the last three years. Lately, The tower company once valued at $7 billion is now worth $992.5 million. IHS which has 40,000 towers across 10 countries has taken a beating in its biggest market Nigeria. The West African giant’s inflation is at an 18-year high, and a decision to float the naira in 2023 has not brought the price stability policymakers hoped for. According to its financials, IHS [recorded loses of $1.9 billion]( in 2023 alone up from $470 million the previous year. These losses have mounted as alternative electricity sources needed to keep its base stations running in the country have become expensive. The retail price of diesel in Nigeria rose from ₦840.81 per litre in March 2023 to ₦1,341.16 per litre in March 2024. While IHS hopes to turn its fortune around, one company might be able to inspire it to find its footing again. Jumia which initially launched an initial public offering in 2019 at $14.50 a share saw its shares fall to about $3.36 last year. However, the company stock [is up 150%]( this year alone, trading at $13.37 on Monday. Read Moniepoint’s 2024 Informal Economy Report 90% of businesses in Nigeria's informal economy earn less than N500,000 in monthly profit. [Click here]( to explore the financial profile of Nigeria’s informal economy from Moniepoint’s latest report. Creator Economy //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUP932c7MyCppZeJ_1ng9LEWYKsS85CPRPiMwkQ2HaA7YwljHMwtxrGfT-Kt4cVgEPvnz3GmOAjb9LgjkvHHfdt8K8956w-xx14GqGaiuahf3VOPUiw9w7Vxes7M3F2BMhJ-BqUT8T_1xMVAWctvBaNqPeNf1N8Q6efb4YhJIDtcR9ZUOLh_Ac0Ilu025SWkv1NHvoCVlGHtNbB8YghuTUzlK8VfFzyTWhhr5rse8ySCx_AwEUOygxbNKsGNbIT9wjxjMm8Xs2Towu5e349hYCcw/483/4eH-1rztSSmgMJv-WVlk-w/h17/h001.9bneCDO_0VwT8DrW87mGL8TBkUr5U_5yJfBifDW3nUw South Africa to monitor financial social media influencers Hiring a financial adviser is expensive, so most people settle for the next best thing: finfluencers. Finfluencers (financial influencers) are free, helpful and well, you can listen to them while you do the dishes. There's just one problem: not all of them are licenced to give financial advice. So South Africa’s financial institutions market regulator, Financial Sector Conduct Authority (FSCA), wants everyone to be careful when taking financial advice from finfluencers. While finfluencers have undoubtedly played a role in boosting financial literacy and market participation—with nearly half of [South African households]( now investing—the FSCA is concerned about the potential for misleading information and harmful investment advice. The play isn’t always profitable: Some finfluencers may prioritise personal gain over the best interests of their followers. This is particularly worrying given the high prevalence of investment scams in South Africa, with nearly [seven in ten people]( either falling victim or narrowly escaping them. And almost half of that number (Gen Zs) take financial [advice from these finfluencers](. In Nigeria, this has played out many times, with celebrities endorsing fraudulent investments, especially pyramid schemes. One example is Davido's Racksterli which garnered over 400,000 investors before it [crashed]( in 2021. Enter Big Brother, the FSCA: To address these concerns, the FSCA is stepping up its oversight on finfluencers. By [monitoring]( the content and investment recommendations made by these influential figures on social media, the regulator aims to protect consumers and maintain market integrity. While the FSCA recommends hiring a financial adviser instead to take you through your finances, it is understandable that only a few South Africans can foot the R2,000 ($110) monthly bill for this. Therefore, you should approach financial advice from finfluencers with caution. While they can be a valuable resource, conducting thorough research and considering multiple perspectives before making any financial decisions is crucial. Join Fincra at API Conference on July 20, 2024 Calling all devs!! This is your chance to dive deep into Fincra’s extensive suite of payment APIs and accompanying SDKs. Come and see how you can build your next big idea with easy-to-integrate APIs. [Reserve your spot here](! Funding //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU3W6YZdpAYbSDX_dscN8lw4F_smKZID1GVn7InrqsSZDobfkfb2d9nCd1OlG5w_xaUq-AuSc6yd6Q2EMU3hGBJzGj2kQVBSjJCYxRsQlptuxitmqMMEgJ8YghmWvOCryT2dg2zodVC8DCxPghQQhH5jwBWa4N5Y0wxTv9-ukchiy1xvTUrx_xXv21XUjEek9KU5O_aVgJyYaWb_phjFVP-Q/483/4eH-1rztSSmgMJv-WVlk-w/h27/h001.lgE-Org_54uj1edLRfc86Mbxk9k63lvnjV7yc26z4Mc Skincare marketplace Uncover raises $1.4 million COVID-19 didn't just change the way we worked, it also changed the way we approached skin care. As people spend more time at home, skincare routines have become a norm, leading to increased purchases of skincare and beauty products. While women are major users of skincare products, African women often complain of not finding products that suit their skin. Enter Uncover, a Kenyan beauty and skincare company which specialises in formulating tailor-made skincare products for Africans. The startup uses data from users on its app to create personalised skin care products by partnering with top labs across the world. “The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” Sneha Mehta, CEO of Uncover tells us. The startup [has raised $1.4 million]( in seed funding to expand into Ghana, and Uganda. Uncover will also use the fund to grow its e-commerce platform in the US. The startup claims to have over 200,000 users across Kenya, Nigeria, and the diaspora, and has grown its revenue 10x in the last 24 months since its last funding round. Uncover claimed it broke even in the past year and is on course towards profitability This is Uncover’s third funding round. [It raised $100,000 in a 2021]( pre-seed round from Antler VC and a $1 million seed round in 2022. In its latest funding round, Uncover provided exits for early investors through a secondary sale, according to its CEO. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. [Learn more on the Paystack blog →]( Companies //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUP932c7MyCppZeJ_1ng9LEWYKsS85CPRPiMwkQ2HaA7YwljHMwtxrGfT-Kt4cVgEPvnz3GmOAjb9LgjkvHHfdt8K8956w-xx14GqGaiuahf3VOPUiw9w7Vxes7M3F2BMhJ-BqUT8T_1xMVAWctvBaNqPeNf1N8Q6efb4YhJIDtcR9ZUOLh_Ac0Ilu025SWkv1NHvoCVlGHtNbB8YghuTUzlK8VfFzyTWhhr5rse8ySCx_AwEUOygxbNKsGNbIT9wjxjMm8Xs2Towu5e349hYCcw/483/4eH-1rztSSmgMJv-WVlk-w/h34/h001._7BA3UxREIfztal-01pYdM6xfJFOWe7-E-eoPmuYZqM HostAfrica acquires Kenya's deepAfrica HostAfrica, a leading South African web hosting provider has continued its [acquisition spree]( with deepAfrica, its third Kenyan purchase and eighth internationally since [acquiring Domain King]( in 2021. Now operating in Kenya, Ghana, Nigeria, Germany, the UK, and the USA, the company is solidifying its Pan-African footprint. Its acquisition of Kenya’s deepAfrica will expand its government reach. The latter company services a solid client base including Kenyan government agencies and corporations like [National Environment Trust Fund (NELFUND)]( and [Cooperative Alliance of Kenya](. HostAfrica's acquisition of deepAfrica includes the hosting businesses hostpoa.co.ke and Jijihost.com, along with the integration of deepAfrica's clients into its network. This strengthens HostAfrica's position and allows deepAfrica to concentrate on web design services. HostAfrica is based in Cape Town, South Africa, and has servers both locally as well as in Dusseldorf, Germany, Chicago and Los Angeles in the US, and in the UK. Services and support are offered in English. The company has built a [strong reputation]( in South Africa, earning praise for its exceptional customer support and impressive 99.9%+ availability. After a sixteen-year track record of supporting South African SMBs, HostAfrica is expanding its focus to government sectors. With its sights set on continental dominance, the company plans to acquire more local hosting businesses to build a Pan-African network. Move to the Cloud with Servercore Migrate your IT infrastructure from AWS, Azure, or Google Cloud to Servercore and get a special bonus: three times the amount of your previous cloud bills in credits to spend on Servercore Cloud. [Apply now to test our cloud platform](. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUP932c7MyCppZeJ_1ng9LEWYKsS85CPRPiMwkQ2HaA7YwljHMwtxrGfT-Kt4cVgEPvnz3GmOAjb9LgjkvHHfdt8K8956w-xx14GqGaiuahf3VOPUiw9w7Vxes7M3F2BMhJ-BqUT8T_1xMVAWctvBaNqPeNf1N8Q6efb4YhJIDtcR9ZUOLh_Ac0Ilu025SWkv1NHvoCVlGHtNbB8YghuTUzlK8VfFzyTWhhr5rse8ySCx_AwEUOygxbNKsGNbIT9wjxjMm8Xs2Towu5e349hYCcw/483/4eH-1rztSSmgMJv-WVlk-w/h44/h001.ELw7CPwipX9vx5_0x_VmUWgWQqgtLzUrPtePrbikUJg The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $64,074 + 1.95% - 3.20% Ether $3,442 + 3.20% - 3.38% Notcoin $0.016 + 8.29% - 17.01% Solana $158.31 + 4.34% + 10.28% * Data as of 06:35 AM WAT, July 16, 2024. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUDvDf_20X3fE62oAvNbZTmtIkAPgeF7d0GSkJvM6M-i9st3_pJwzNAKJ53Tev0HuloHJGX4HsZMvaMvig36p-6XCtrqh3RSCykhZzVVoqJy6BI2FuN0yYVFrKGYsVNLCnxKQLYo0JBK3S-4mHrznPnruu590ZAC_WXpYFhp4daa_c_tl61EoFVlhbzCZ5ohRhrEt8NhpTcetSR-gK-2ks5PJvzdVSCZz94ZyCWxYJFRJj1kDU7knpty5XfUkNtpKz/483/4eH-1rztSSmgMJv-WVlk-w/h47/h001.-AkMsJ-9wmFxBsWYX6qUruJd4RQAEzsF9pncIY8EJnM - 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](. Here's what we've got our eyes on - [Nigeria’s inflation quickens in June as pressure to cut interest rates mounts]( - [Ruto asks for prayers as Kenyan protests enter fourth week]( - [Trump chooses J.D. Vance as VP running mate]( - [Google is reportedly planning its biggest startup acquisition ever]( Written by: [Emmanuel Nwosu]( & [Faith Omoniyi]( Edited by: [Muyiwa Olowogboyega]( & [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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