A star’s exit

Today: Egypt gets a 'B' rating.                                                                                                                                                                                                                                                                                                                                                                                                                 November 04, 2024 | [Read Online]( In partnership with [moniepoint logo] [Lire en Français]( [اقرأ هذا باللغة العربية]( Happy new week! ☀️ Before you dive into today's edition, please take a minute or two to move TC Daily from your Promotions folder into your Main/Primary folder so you don't miss any of our important coverage. On mobile, click the button on the top-right corner and select "Move", and on desktop, just drag and drop this email. Thank you! [today's edition image] - [Techstars Lagos shuts down](#Story1) - [Egypt gets a 'B' rating](#Story2) - [Piggyvest report says Nigerians are feeling the squeeze](#Story3) - [World Wide Web 3](#Story4) - [Jobs](#Story5) Venture Capital Techstars Lagos shuts down [Techstars Lagos](Techstars Lagos with portfolio companies/Image Source: Techstars Lagos Last week, Techstars, one of the world’s most active accelerators [shutdown Techstars Lagos](. Launched in 2022 in partnership with ARM Labs, Techstars Lagos aimed to support and accelerate the growth of early-stage technology startups in Nigeria. It invested $2.4 million across 24 companies including CDCare, Jump n Pass, and GetEquity, with each startup receiving up to $120,000 in funding. Despite its modest pace of dealmaking, it's calling a close to its time in Lagos. Depending on who you speak to, there are two theories for why Techstars Lagos is closing. The first is that its partnership with ARM abruptly ended. It is unclear what the terms of the partnership were so this theory is a little shaky. The other theory is that Techstars is tweaking its strategy. "We are focusing on the biggest tech ecosystems and phasing out some accelerator programmes in a few smaller venture markets," the company said in a February interview. That move may be tied to a need to improve cost discipline. Techstars made a loss in 2023 and laid off 7% of its workforce as part of possible moves to rein in cost. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU85IeyN3LuKfnJglwSEBw-FCGd43H7zdx31fy9RRJmpsbgPWqvqt9K4yTdasaYMbo1bMgzsaGRUqLXJ8slMZk4_sgjEXXe0qyvTxcbZ6F5uhHJEAYOCiaKVx3g_hU1zQgxfnnqxAR-hLE77Fbh1ij3WIN5CGHtv5Y3zQdmfWodZyzdGxI513vxpd66IkjtlD5B9xcdu1uyRZL8p7YBpKOLbolZ_QTfcVb2EHadV2gwcFYDNSfqrfHa29zrZ87v2fl/4b6/ImHTwYSyQCGP4YB8_aqr2Q/h6/h001.AYMr2QLGwGSqcFaciFiqBadaw1lPCyec9WLvnUe6EQ0 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. Economy Egypt rated as having a stable investment outlook [Egypt president](Egypt president Abd el-Fattah el-Sisi/Image Source: Times of Israel Fitch Ratings, one of the world’s top credit rating agencies, has [raised Egypt’s credit status]( from a ‘B-’ to a ‘B’ rating. According to Fitch, this is a ‘stable’ outlook for Egypt’s economy. The rating, which is usually relied upon by investors to buy bonds and make lending decisions to a country, was due to several state-backed projects which stabilised growth in the country. Inflation in Egypt has also moderated in 2024, offering some relief to the country’s economy. Getting a credit upgrade like Egypt will lower the borrowing cost for any country, yet, it doesn’t automatically mean they’re off the hook. For Egypt, which suffered a debt crisis in 2023 after going on a borrowing spree, the fundamentals—like its [high debt-to-GDP]( ratio, reliance on imports, and its limited foreign cash reserves—still show the underlying issue for the country. Egypt has also been impacted by regional conflicts that have reduced tourism activity and tanked the earnings by [at least 25%](. In 2024, Egypt has shifted its strategy to power projects and attracting foreign direct investment (FDI) through its partnerships with companies like Siemens and Huawei. Inflation in Egypt has slowed from 35.7% to 26.4% since the start of the year, likely impacting the country’s [consumer price index]( (CPI), which tracks the price changes of consumer goods. The CPI itself declined from 29.8% to 26.4% between January and September 2024. This has freed up disposable income for consumers that spend money on activities that bring back money to the government. The upsides seem high for investors, as Egypt has shown more commitment this year to avoid a default. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUHHBfpwV7czB-9P5tD14WwGyRo_OFwhZwD0iw5C5UF-iGQssGUcXUT3TAfzsU7pf3Jj8z59XAmzI8MEFYnSQacRgSyaanai2yXVkEMaUuUuRT05-GEU1vIkWihi3i_xKqc34-s_VQ7rGacBYz3z6jU_TySiHZfWy24v2bPC1VA3Esi7eoKbjrAy8em04JcmDSxJEkgBbFIQ4Rt9tBkMd5Bp1TpzNEFLTpasqqVDh96vcPkV7jfGUET9GIuD83T129M20IAuLd4xPkwQIov2Opvg/4b6/ImHTwYSyQCGP4YB8_aqr2Q/h16/h001.4l4LI3lNkyVP4K9gqXkJgJBhPApS9Y7754rpT9Vsx4Q 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](. Economy Piggyvest report says Nigerians are feeling the squeeze [Piggyvest](Image Source: Wunmi Eunice/TechCabal In 2023, Piggyvest shared a savings report that surveyed 100 respondents. That survey and the subsequent report aimed to show how Nigerians are spending, managing and saving money. This year, the savings report is more ambitious, surveying 10,000 people and showing us that things have gotten a lot more dire. Data analysts may argue that the sample size could be bigger and may ask questions of the methodology, yet the report throws up some useful insights. The report revealed that only 1 in 100 Nigerians spends ₦1 million ($609) or more in a month. Additionally, the report claimed that nearly 65% of Nigerians earn less than ₦100,000 ($61) a month. With headline inflation squeezing pockets, it's no surprise that Nigerians aren't saving as much as 2023. [Read the report here](. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUt1JGDkrg2ZTDRxqGjluQ67jzOAw8DnEOotub6gA_ujcvM_V-HWu5GB91Giu1fmFfbl-Q4pTc5q9V-Ed2SxxoFyDAEd7k28FqXxAayU8BtvOCbaycOZFvtcPC7MGOIXDJQ7xTSdN6Hk_rTBxkRj5DLx4Fo_bmBzGjS04C9Ut-3e9kmi3FLZ_ZNlqicdcgoZQurwnevpdu8aZVcwejFi6Sfz3umni2Q-e9RVzljVvdRFgm0G_GSMmukayVIwkWukQl/4b6/ImHTwYSyQCGP4YB8_aqr2Q/h23/h001.tnzrJ9YEiiNHAaX4DmG1oNa_swvBKZIzaVsTW6kdNlE CRYPTO TRACKER The World Wide Web3 Source: [CoinMarketCap logo] Coin Name Current Value Day Month Bitcoin $69,034.51 + 0.56% + 11.42% Ether $2,468.29 + 0.47% + 2.57% Grass $1.66 + 15.97% + 104.97% Solana $167.57 - 0.46% + 14.08% * Data as of 06:00 AM WAT, November 4, 2024. //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUHHBfpwV7czB-9P5tD14WwGyRo_OFwhZwD0iw5C5UF-iGQssGUcXUT3TAfzsU7pf3Jj8z59XAmzI8MEFYnSQacRgSyaanai2yXVkEMaUuUuRT05-GEU1vIkWihi3i_xKqc34-s_VQ7rGacBYz3z6jU_TySiHZfWy24v2bPC1VA3Esi7eoKbjrAy8em04JcmDS4SdnH-6yrnKL7wX9UbNUIysFNsRIjiC7bkVnAIVWulnHX6FvpXZOizTcP21nzZahTP67y5XQyQJmxKpShk9OBw/4b6/ImHTwYSyQCGP4YB8_aqr2Q/h26/h001.xgDYJx_UJxBN_a2ne7ae06vO_kN7Scc6vnBcWRB3mDE Jobs - Platos Health - [Product Marketing Manager]( - Lagos, Nigeria - Flutterwave - [Backend Engineer](, [Frontend Engineer](, [Compliance Officer]( - Hybrid (Lagos, Nigeria) - Jobberman Nigeria - [Digital Marketer]( - Lagos, Nigeria - KPMG Nigeria - [Strategy Consultant]( - Abuja, Nigeria - Renmoney - [Growth Manager](, [Head of Legal & Compliance](, [Head of Contact Centre]( - Lagos, Nigeria - Nosmas - [Full stack Developer]( - Lagos, Nigeria - Earnipay - [Digital Marketing Specialist](, [Content Marketing Specialist]( - Hybrid (Lagos, Nigeria) - Paystack - [Finance and Strategy Specialist]( - Lagos, Nigeria - Norebase - [Finance Lead]( - Remote (Nigeria) - Startbutton - [Digital Marketing Associate]( - Hybrid (Lagos, Nigeria) - Qore - [Product Manager]( - Lagos, Nigeria Get 60% off Google Workspace for a Year [Kora image]( Start on Google Workspace with a [60% discount on your monthly subscription]( and pay in Naira when you pay through Mercurie. 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