Glo’s new glow

Today: Wasoko-MaxAB appoints a technical advisor.                                                                                                                                                                                                                                                                                                                                                                                                                 October 31, 2024 | [Read Online]( In partnership with [moniepoint logo] [Lire en Français]( [اقرأ هذا باللغة العربية]( Happy last day of October!☀️ TechCabal did some important reporting this month. We had a major showing in banking as we reported [issues with core banking software migrations]( across Nigerian tier-1 banks. We delved into details on [how much tier-1 banks spend]( on building their core banking software, the [struggles they face in migrating software](, and the effect on customers. We also covered how Sterling bank, which [custom-built its core banking software](, is now [pitching the technology]( to other banks and fintechs. South Africa’s 2024 M&A streak also continued after [Lesaka Technologies acquired Adumo](. The good people of Kenya again made it clear that they do not want anything to do with the man Adani, or his group company, as “Adani must go” chants [were heard during court trials]( for the contentious [JKIA lease deal](. The [Adani Energy partnership](, which was previously given a go-ahead, has also stalled. What will November bring? [today's edition image] - [Globacom appoints Ahmad Farroukh as new CEO](#Story1) - [Wasoko-MaxAB appoints technical advisor](#Story2) - [Access Bank gets first approval for NBK acquisition](#Story3) - [World Wide Web 3](#Story4) - [Events](#Story5) Telco Globacom appoints industry veteran Ahmad Farroukh as new CEO [This is how I win meme](Image Source: Zikoko Memes What do you do when your boat hits a rough patch? You call on a trusted captain to help navigate the storm. Nigeria’s third-largest telecom, Globacom, is currently weathering a storm and looking for great hands to steady its ship. The telco suffered a hack that locked its staff out of all communications channels. It also saw a 69% decline in its active customers. Yet, the telco is making a concerted effort to drive a turnaround. Last week, Globacom [appointed]( Ahmad Farroukh as its new CEO. Farroukh, who has over two decades of experience as a telco expert, has been called to steady Glo’s rocky boat. Farroukh’s telecom journey began in 1995 as CEO of Investcom Group in Lebanon. He later took on top roles at MTN Group, serving as CEO of MTN Nigeria from 2006 to 2010 and later as CEO of MTN South Africa in 2014. He also held leadership positions as CEO of Mobily in Saudi Arabia and most recently, at Smile Communications Nigeria. Farroukh holds a Master’s in Business Administration and Accounting from the Lebanese American University and is a Certified Public Accountant (CPA) from New York, USA. While Globacom is yet to make Farroukh’s appointment official, people familiar with the matter say the telco has notified the Nigerian Communications Commission (NCC), The company has also appointed a new board and has gotten approval from the regulator. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjxuB2mB-GF9Z5ibtZ7Ybqk0DV1auaB-sJJsavqkY7014NeA3frdP87VvhBfYlCXO85IxY21XIvGj74UR_recaWOfMpDXOBzt90tjykr-Ym6-CNJiN8gIgZvecYyIO7c2tSF-AcqCKaUf09H1zmJuNkFczgiATJ7bNWPY8CSWq8ui9WkXQMwus-UTRAz6rbPM-oHeZMaG21OKWRyiAagi45f5ConIIj5d7w30dsNHUE0mVgFyHBGbhDeDI4fbyUD_IfUM25301FeC1oET_XW5eD2WadeNcUwauw9KWUgZQ8hzyTJELEY2Gz67-ikjBdC7/4b2/E8cwdgGyTQG4_X-zMJbMmQ/h15/h001.SmuFDvwobeCm8FgJ4nQbfmsDIM12E2efvhIsWwGPQLE Read Moniepoint’s Case Study on Funding Women [Moniepoint image]( After losing their mother, Azeezat and her siblings struggled to keep Olaiya Foods afloat. Now, with Moniepoint, they’re transforming Nigeria’s local buka scene. [Click here for a deep dive]( into how Moniepoint is helping her and other women entrepreneurs overcome their funding challenges. Ecommerce Wasoko-MaxAB picks technical advisor as it achieves half-unicorn status [Baby Yoda meme](Image Source: Google Two months after finalising their landmark merger, Kenyan e-commerce firm Wasoko and Egyptian counterpart MaxAB have [tapped an auto executive]( Mo Elshenawy to advise the combined entity’s technical teams. Elshenawy is currently President and CTO of American self-driving car company Cruise. His expertise is expected to grow Wasoko and MaxAB’s new business units and position them to optimise AI-driven credit scoring and payments technology. Like other digital lenders, offering credit needs sophisticated algorithms that evaluate customer profiles before issuing loans. These algorithms, powered by artificial intelligence, will be key for the business’s future growth, the company [told TechCabal]( in August. The valuation of the merged entity has crossed $500 million, based on a financial report from VNV Global, one of its investors—suggesting a promising path to profitability. Although this valuation is still below Wasoko’s peak valuation of $650 million post-Series C funding in 2022, it shows the dip that saw Wasoko’s value drop to $260 million by 2023 as its core retail products business slowed. In October 2024, MaxAB’s co-founder and COO, Mohamed Ben Halim, left the company to pursue new unnamed opportunities, marking yet another change in leadership for the combined entity. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUH1Wqfs6cGw1YB6z_sAWZ5rZCVOeqmVe_wOw0_7TgtwdBiaPNS1l6_pnHBs0T_5rwueHQt9UULeILhIZxu-WBXOfrQbB3AF_cheUWXqpU-sqv1UKzZhDe2r3aSUzBCZiN0jjd14iE6Abd04Y0FllFEq-r8hbCA48p1CX-kHj5fGM7ByIOxDkds1bZ60cPQxGBNElWas5-8Jny5GdaNrxCYXwqmStyodPu6MfoEMjGA1Fxs03FFnw5usDRto70BgNyg8wf7rVcRDJZKfFpW61Gmnx6NASwQo9m5Yjh1vjz2V0/4b2/E8cwdgGyTQG4_X-zMJbMmQ/h23/h001.0D9tso9G3C2dW1-Y8HZsQEbOR65h8-e5A0GtlROhnK4 Issue USD and Euro accounts with Fincra [Fincra image]( Whether you run an online marketplace, a remittance fintech, a payroll, a freelance platform or a cross-border payment app, Fincra’s multicurrency account API allows you to instantly create accounts in USD and EUR for customers without the stress of setting up a local account. [Get started today](. Banking Access Bank receives approval for National Bank of Kenya acquisition [Access Bank meme](Image Source: Zikoko Memes Access Bank, Nigeria's biggest bank by assets, continues to make inroads into the East African market through acquisitions. The bank has [gotten the first approval]( from Kenya's Competition Authority (CA) to acquire tier-2 commercial bank, National Bank of Kenya (NBK). The deal, thought to be worth $100 million, will pull through after another approval from the Central Bank of Kenya (CBK). But there is a catch: Access Bank must retain 80% of NBK’s workforce after the acquisition. Given Access Bank's 316 employees in Kenya and NBK’s 1,384, this means that the former bank's employee headcount is expected to reach at least 1,423. With a sharp increase in personnel costs, Access will spend more in operating expenses. Beyond personnel costs, the acquisition could also place strategic pressure on Access Bank as it works to align NBK’s operations and corporate culture with its own. Maintaining a larger workforce may challenge its operational efficiency and pose a financial strain on Access Bank, which may need to optimise costs in other areas to offset this new expense. While Access Bank is not new to expansions or having a large workforce, there is an undeniable backing that its new ventures get from the parent bank. It's a long-haul game for Access Bank as it is acquiring NBK—a bank that is evidently larger than its Kenyan subsidiary but also more distressed. NBK has struggled to shore up its capital base to CBK’s requirements in the past. It is also struggling with a [high 25.3%]( in non-performing loans. Yet, Access Bank appears willing to pour financial resources into its soon-to-be Kenyan acquisition until the bank can begin ekeing out profits on its own. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU-KwjNxlPrMTpiw4m1hstI3T7kz6GDrHOiLWFwdN08bdLfAhOh9piVWtilfj9VAdpIlELndyrCGCj21xkPx22vV01hZZVoEDVM9pHCj4bW3sUpFQCZKoMva5HlO2zEirg5wvCoCLymKunjF-ElXfbzYgD1oQQRNwcex-MQ4ZXUuGwvyubQmxR5tT4CtFbblHsJiEdkUe_vDRB4ojWE--rp7zTibbqM4NHENTEPagisJbSMEjgLA8EWMXw0CE1m2hQ/4b2/E8cwdgGyTQG4_X-zMJbMmQ/h31/h001.ki7TKYCLETS0wnbClbJsxoqEVCpEN2YWwm6qpFeXQOQ Introducing Paystack Transfers in Kenya 🇰🇪 [Paystack image]( Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) [Learn more →]( CRYPTO TRACKER The World Wide Web3 Source: [CoinMarketCap logo] Coin Name Current Value Day Month Bitcoin $72,200.16 - 0.22% + 13.27% Ether $2,644.65 + 0.09% + 0.25% AI Companions $0.09404 - 16.90% - 14.37% Solana $175.32 - 3.27% + 12.61% * Data as of 06:00 AM WAT, October 31, 2024. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUJzefIroPLSWbe6LGlVtSM3EIOGkiSPLlGjCyl3D2Oc8suvZcmFALTZjTjn13xAFeLpf9H0m0DUjp9h1VIydorAk3hX1dTnuRoia6nhEvQJ8AkZVGVEPKIM4dxdx2w21Gwb-WRTuqSkNnn8JFjwDkqg7ul4DYjoRI70B7-uXuzICgbypWZIhiMVhELQj5Jj3HsDwFqaX3GE9ekTDK6sAcnT1vXsSuFovtkvEqiuQcAKrJplH1nPunul95BM5m48P-dz71dSO1aqn-4m7ELmWJBA/4b2/E8cwdgGyTQG4_X-zMJbMmQ/h36/h001.QJ-egxmxJ7Gd75fv-iOenGB5LImSLsDaJnbiAeADUa0 Events - The Africa Startup Festival will take place on November 16, 2024, in Lagos, Nigeria, gathering entrepreneurs, investors, and innovators to explore the continent’s startup landscape. This year’s speaker line-up will include media and venture analysts like Oyin Solebo, Satoshi of Verod Kepple Africa Ventures, Bernard Ghartey of Norrsken22, and Nigeria’s innovation commissioner, Olatubosun Alake. There will be workshops, keynotes, and networking sessions for participants, founders, and investors to uncover business deals in Africa, and the talent building them. [Get tickets](. - The Ibadan Startup Festival, scheduled for November 29-30, will gather founders, investors, and ecosystem leaders to discuss innovation and entrepreneurship in Africa. Supported by the Oyo State Government, it offers workshops, panels, and networking to drive sustainable tech growth across the continent. [Register here](. Issue virtual USD cards for you and your customers [Kora image]( Do you want to issue virtual USD cards for your customers and business expenses? Use Kora’s APIs to issue cards, customise your card program, and set your customers' funding limit to your risk level. Get started [here](. [in other news image] - [Reddit is profitable for the first time in 19 years]( - [Europe and China’s EV trade war is starting to escalate]( - [East Africa leads Africa’s economic growth despite public discontent]( - [Meg Whitman’s mission in Africa: American tech over Chinese]( Written by: Faith Omoniyi, Kenn Abuya, and Emmanuel Nwosu Edited by: Olumuyiwa Olowogboyega 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 10 AM 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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