Blog - Afrikan Heroes

South Africa’s TUNL Secures $1M to Offer Transparent Shipping Solution

December 14, 2023

TUNL, a South African parcel shipping platform, recently secured $1 million in pre-seed funding from notable investors, including Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels. The investment aims to support TUNL’s expansion within its primary market, South Africa, and lay the foundation for its entry into other key African and emerging markets.

The platform, founded in 2022 by CEO Matthew Davey and COO Craig Lowman, addresses the challenges faced by e-commerce merchants dealing with exorbitant international shipping costs. TUNL’s strategic approach involves forming partnerships with major courier services like UPS and FedEx, negotiating favorable rates, and subsidizing shipping costs for small- and medium-sized enterprises (SMEs) by 50% to 75%. This commitment to transparency and cost reduction enables TUNL to empower businesses of all sizes, fostering international sales and growth.

Why the Investors Invested

Investors were compelled to allocate $1 million in pre-seed funding to TUNL due to a meticulous evaluation of the startup’s value proposition and the prevailing market dynamics. The decision to invest in TUNL can be dissected into several critical factors.

In the first place, the investors recognized the magnitude of the problem TUNL aimed to address — the exorbitant shipping costs for small businesses in emerging markets, especially South Africa. The fact that cross-border shipping challenges were costing African businesses an estimated $50 billion annually underscored the substantial market gap. Investors, driven by a keen sense of market potential, saw TUNL’s solution as not only innovative but also as a means to tap into a lucrative and underserved market segment.

Again, TUNL’s founders, Matthew Davey and Craig Lowman, demonstrated a nuanced understanding of the industry pain points. Davey’s firsthand experience as the managing director of a Dutch company importing South African engineering materials into Europe highlighted the inefficiencies and costliness of existing shipping processes. The investors likely found confidence in the founders’ ability to address a real-world problem with practical industry insights, increasing the likelihood of TUNL’s success in the market.

Furthermore, TUNL’s commitment to transparency and cost reduction in international shipping resonated with investors. The founders’ approach of forming strategic partnerships with established courier services, negotiating favorable rates, and subsidizing SMEs’ shipping costs by 50% to 75% showcased a business model that aligned with both ethical and profitable considerations. Investors saw the potential for TUNL not only to disrupt the existing market but also to create a sustainable and scalable solution.

Lastly, the investors’ decision was likely influenced by the impressive growth metrics and traction that TUNL demonstrated. The month-on-month growth rate of 35%, coupled with over 700 merchants joining its “shipping club” and facilitating the shipment of over 8,000 international parcels in 2023, provided tangible evidence of TUNL’s market acceptance and execution capabilities. Investors, being inherently risk-averse, found assurance in these concrete achievements, validating their choice to back TUNL with substantial pre-seed funding.

A Look at TUNL

Founded in 2022 by Matthew Davey and Craig Lowman, TUNL is a South African startup focused on revolutionizing cross-border shipping for e-commerce merchants. The company’s primary markets include the U.S., the U.K., Europe, and Australia, with two-thirds of its parcels destined for the U.S. TUNL competes with platforms such as ANKA, an Ivorian startup partnered with DHL.

The platform’s growth has been noteworthy, experiencing a 35% month-on-month increase since its launch. With over 700 merchants in its “shipping club,” TUNL has facilitated the shipment of over 8,000 international parcels in 2023, representing exports from South Africa worth R19.5 million. TUNL’s revenue model involves taking margins on orders placed through its platform, which caters to a diverse range of products, including backpacks, fashion footwear, arts and crafts, books, nanofiber materials, high-performance springs, furniture, musical instruments, and nonperishable products like cosmetics.

Looking ahead, TUNL plans to leverage its seed funding to enhance sales processes and streamline onboarding for new merchants, emphasizing a self-service approach. The startup’s success is evident in the positive impact on merchants, with growing businesses attributing their transformations to TUNL’s ability to unlock international markets for South African products.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

South Africa’s Entersekt Strengthens Global Focus with Modirum 3-D Secure Acquisition

In a strategic move to enhance its financial authentication capabilities, Entersekt, the leading player in the field, has successfully acquired the Modirum 3-D Secure software business from Modirum, a renowned digital payment security provider. The acquisition, finalized for an undisclosed sum, marks a significant development in the ever-evolving landscape of financial technology.

Modirum, with a rich history spanning 25 years, has been a trailblazer in facilitating authenticated card-not-present payments. Its cloud-based 3-D Secure (3DS) technologies have been instrumental in authenticating digital payment transactions globally across various payment systems, issuers, and merchants. Entersekt’s acquisition of Modirum’s 3DS business is a strategic move to address the escalating challenges faced by financial institutions in combating fraud threats.

According to Julie Conroy, Chief Insights Officer at Datos Insights, financial institutions grapple with the complexities of using disparate authentication tools across various banking channels, leading to inconsistent user experiences and vulnerabilities in fraud prevention strategies. The integration of Entersekt’s authentication capabilities with Modirum’s 3DS products aims to provide consumers with a seamless, cross-channel user experience and robust protection against evolving fraud schemes.

With this acquisition, Entersekt is poised to expand its customer base significantly, securing over 2.5 billion transactions annually. This move not only affords Entersekt a compelling global footprint but also establishes a clear technological advantage with a solution spanning digital, payment, and data channels for issuers, acquirers, and merchants.

Schalk Nolte, co-founder and CEO at Entersekt, highlights the broader set of solutions and increased data sources resulting from the combination of Entersekt and Modirum. This strategic move allows Entersekt to scale globally, providing the financial world with a comprehensive, cross-channel platform for secure, frictionless, Context Aware™ Authentication of customers and payments.

Entersekt plans to integrate Modirum’s 3DS solutions into its Entersekt Secure Platform for transaction authentication, with the entire Modirum 3DS team joining the company. This acquisition is expected to accelerate product development, enhance Entersekt’s existing product offering, and reinforce the company’s ability to scale and support customers globally.

Moreover, Modirum’s impressive list of customers significantly boosts Entersekt’s market share of financial institutions offering 3DS, making the combined offering the most advanced solution available for financial institutions today. Kumbi Gundani, Head of Telecommunications, Media, and Technology at Standard Bank South Africa, expresses pride in supporting Entersekt’s acquisition, emphasizing the bank’s commitment to promoting African technology on the global stage.

Entersekt’s 13-year track record in helping financial institutions reduce fraud losses, increase revenue, maintain regulatory compliance, and deliver superior customer experiences positions it as a key player in the industry. The incorporation of Modirum’s expertise further strengthens Entersekt’s ability to offer advanced Context Aware Authentication, protecting digital payment transactions against continually evolving fraud threats.

Modirum, founded in 1997, has a global presence in over 50 countries, serving more than 100,000 merchants, hundreds of card issuer banks, and over 100 million cardholders. The alignment of Modirum’s 3DS solution and talented team under the unified brand, Entersekt, signifies a response to the market’s demand for an integrated digital payment security platform.

In the words of Modirum CEO Jari Heikkinen, “Entersekt delivers amplified strengths in both online payment and customer authentication through a single offering, breaking down silos and enabling higher transaction success rates, reduced false declines, and less fraud for financial institutions, ultimately improving the overall consumer experience.”

Entersekt’s strategic acquisition of Modirum’s 3DS business stands as a testament to the dynamic nature of the financial technology sector and sets the stage for a more secure and integrated future in digital payment authentication.

Fawry Partners with Hulul and WideBot to Boost SMEs Through Innovative Fintech Solutions

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Greenpeace Africa Responds to the Final COP28 Outcome

December 13, 2023

The Greenpeace Africa through its Executive Director Dr. Oulie Keita has welcomed today’s agreement at the end of COP28 saying that it represents a hopeful stride in our collective journey limiting warming to 1.5 degrees. However, its true value will be measured by the tangible actions it prompts, particularly in the communities that have long borne the brunt of climate change. These communities have clearly articulated their needs: a swift, just, and complete transition away from fossil fuels. We stand in solidarity with them in advocating for this essential shift.

The major contributors to climate change must be held accountable for their actions and are made responsible for the environmental damage they have caused. Unfortunately, this agreement falls short in outlining specific strategies for financing this energy transition and ensuring that historical polluters accept and act upon their responsibilities.

Africa is blessed with abundant renewable resources, like solar and wind energy. Our investments must pivot decisively towards these sustainable avenues. Our collective future, our people’s well-being, and our planet’s health depend on it. As we move forward, let us unite as a continent not in pursuing short-term profits but in a shared commitment to the best interests of our people, future generations, and the very Earth we inhabit.

Africa’s path to true liberation lies in achieving climate justice. Fossil fuels represent not just an environmental threat but a perpetuation of oppression, exploitation, and a form of neo-colonialism. Our continent endures the harshest impacts of the climate crisis, and it is incumbent upon our leaders to pursue solutions that address these challenges and seek restitution for the harm inflicted”

Kaisa Kosonen, Greenpeace International said: “The signal that the fossil industry has been afraid of is there: ending the fossil fuel era, along with a call to massively scale up renewables and efficiency this decade, but it’s buried under many dangerous distractions and without sufficient means to achieve it in a fair and fast manner.

You won’t find the words ‘phase out’ in the text, but that’s what the equitable transition away from fossil fuels in line with 1.5°C and science will necessitate, when implemented sustainably. And that’s what we’re determined to make happen, now more than ever. The outcome leaves poorer countries well short of the resources they will need for renewable energy transition and other needs. For the many goals of the agreement to be realised, rich countries will need to significantly step up financial support and make fossil fuel polluters pay. Only last year the fossil fuel industry made $4 trillion in profits, and they need to start paying for the harm and destruction they have caused.

This is not the historical deal that the world needed: It has many loopholes and shortcomings. But history will be made if all those nearly 130 countries, businesses, local leaders and civil society voices, who came together to form an unprecedented force for change, now take this determination and make the fossil fuel phase out happen. Most urgently that means stopping all those expansion plans that are pushing us over the 1.5°C limit right now.”

Ghiwa Nakat, Executive Director, Greenpeace MENA, added that “COP28 has sent an unprecedented signal to the world that the curtain has been raised for the end of the fossil fuel era. We commend the efforts of the COP presidency to conclude with a final acknowledgement of the need to transition away from fossil fuels and to mobilise climate finance with more than $700million pledged to the operationalised Loss and Damage Fund. But communities on the frontline of the climate catastrophe need more than this. They need to see an unwavering and resolute commitment to a rapid, equitable, and well-funded phaseout of all fossil fuels – together with a comprehensive finance package for developing countries to transition to renewables and cope with escalating climate impacts. We leave Dubai knowing that hope is still alive but our mission is far from over”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Africa to Accelerate Establishment of African Union Financial Institutions

The African Union is convening a consultative forum to assess the implementation of the African Union Financial Institutions (AUFIs). The meeting scheduled for 13- 15 December 2023 in Lusaka, Zambia will gather participants from the Ministries of Finance, Central Banks, African Union Organs and Specialised Agencies, Regional Economic Communities, Association of African Central Banks, African Securities Exchanges Association, and development partners will look into the economic and political challenges impeding the Member States ability to sign and ratify legal instruments establishing the financial institutions, constraints that restrain the continent to collectively pool their sovereignty in order to mutualise their efforts and resources for the establishment the AUFIs.

The forum will also formulate a strategy to generate the much-needed consensus and enhanced political will on key issues, and galvanize the momentum towards the establishment of the AUFIs.

The dynamics in the global economic and financial structures continue to present challenges that threaten the macroeconomic stability, economic growth, and sustainable development in Africa. The continent has taken on various economic and political integration initiatives, such as trade promotion, acceleration of inclusive growth and sustainable development to minimize the impact of the resulting instability. While trade integration has received significant attention and made great strides over the years, financial integration has progressed slowly.

In 2009 and 2014, the legal instruments for the establishment of the African Investment Bank (AIB) and the African Monetary Fund (AMF) were adopted respectively. However, none of the financial institutions has reached the requisite number of ratifications to enter into force. The inadequate funding for establishing the African Union Financial Institutions has been detrimental to the operationalization of the African Monetary Institutes, which is the first step toward the establishment of the African Central Bank (ACB). The urgency to expedite the establishment of the African Union Financial Institutions has been underscored by the changing global economic landscape due to the COVID-19 pandemic, climate change and insecurity which also calls for the revision of the legal instruments establishing the AU Financial Institutions.

Although challenges exist, there has been notable progress in the establishment of the AU Financial Institutions. Below are some of the notable progress;

In February 2020, the African Union appointed Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, as the Champion of the African Union Financial Institutions. The Champion provides political leadership and awareness to accelerate AU Financial Institutions.

In February 2022, the Assembly of Heads of State and Government adopted the macroeconomic convergence criteria of the African Monetary Cooperation Program and mandated the AU Commission and the Association of African Central Banks (AACB) to monitor the implementation of the macroeconomic convergence criteria and report annually. In August 2023, the Assembly of Governors requested the AU Commission and AACB Secretariat to activate the Peer Review Mechanism for monitoring the implementation of the macroeconomic convergence. As such, the Secretariat was formed in October 2023 to oversee this work.

The 6th Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration held in July 2023 recommended to the AU Commission to submit the revised statute of the African Monetary Institute to the AACB Assembly of Governors for consideration and endorsement. Following the Governor’s endorsement, the document has since been transmitted for the consideration and endorsement of the policy organs of the African Union.

Launch of the Africa Exchanges Linkage Project (AELP). The African Union Commission and the African Securities Exchanges Association (ASEA) signed the Memorandum of Understanding (MoU) in July 2022. The collaboration aims to scale up the AELP and transform it into a Pan African Stock Exchange (PASE). The AELP was launched in November 2022. So far, there are nine ( 9) participating Securities Exchanges: The African Union Commission will play an active and central role encouraging more countries to participate in the AELP, a path towards establishing PASE.

The progress made however remains insufficient to establish the AU Financial Institutions within the required timeframe. Member States are encouraged to take ownership and extend the political will to accelerate the implementation process. The establishment of African Union Financial Institutions can contribute significantly to the economic development, stability, and prosperity of the continent. The benefits include among others:

Economic Stability: The institutions can contribute to stabilizing the economic environment by providing mechanisms for fiscal and monetary coordination among Member States.

Increased Trade and Investment: By fostering financial integration, the institutions can facilitate cross-border trade and investment, which can lead to economic growth and sustainable development.

Reduced Dependency on External Sources: African Union Financial Institutions can reduce the continent’s reliance on external financial aid and loans, allowing for greater economic self-sufficiency.

Risk Mitigation: The institutions can help manage financial risks associated with currency fluctuations, inflation, and other economic challenges through mechanisms such as currency reserves and stability funds.

Infrastructure Development: The institutions will play a crucial role in financing large-scale infrastructure projects that benefit the entire continent, such as transportation networks, energy grids, and telecommunications.

Promoting Financial Inclusion: The institutions will ensure financial services are accessible to a larger portion of the population, promoting inclusive growth and sustainable development.

Crisis Response and Resolution: The institutions will serve as a platform for Member States to jointly respond to financial crises, providing a unified approach to problem-solving. The African Monetary Fund provides for the establishment of an African Financial Stability Mechanism that can cushion the continent in case of crises.

Capacity Building and Knowledge Sharing: The institutions will facilitate knowledge transfer and capacity building in areas of financial management and governance, benefiting Member States in the long term. Increased Influence on Global Financial Stage: A unified financial institution can give Africa a stronger voice in international financial organizations, allowing it to better shape global economic policies.

The meeting will be held at the Intercontinental Hotel, Lusaka, Zambia and will be broadcast live on AU digital platforms. Twitter. Facebook and Livestream. A recording will also be availed on AU YouTube channel.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Continued Reforms to Boost Macro-Economic Stability in Zimbabwe

Zimbabwean central bank governor John Mangudya

Zimbabwe’s economic growth is projected to slow to 3.5 percent in 2024, a decrease from 4.5 percent in 2023, as agricultural output is expected to suffer from depressed global growth and the predicted erratic and below-average rainfall caused by the El Niño weather pattern, according to the fourth World Bank Zimbabwe Economic Update (ZEU) launched today.

According to the report, titled Electrifying Growth Through Reliable and Universal Energy Access, Zimbabwe’s economy has seen a strong rebound since the COVID-19 pandemic, making it one of the fastest-growing economies in the Southern African Development Community (2021, 2022, and, so far, in 2023). In previous years, Zimbabwe faced increased global turmoil, while expansionary monetary policy has put initial pressure on inflation and the exchange rate. Yet, since June 2023, the Government proactively tightened monetary policy to bring down inflation and the parallel market premium. It also extended the use of US dollars as legal tender until 2030, further reducing policy uncertainty.

The ZEU finds that while Zimbabwe’s economic outlook appears moderate, it reflects continued global headwinds, structural bottlenecks, weather-related shocks, and price and exchange rate volatility. Prolonged global turmoil could result in a slowdown in global output, reduced trade and investment, increased volatility in commodity prices, and supply disruptions. Moreover, fiscal pressures may result in an expansionary economic policy. This could increase economic volatility, impacting private sector activity and growth. Climate change shocks may also lower economic output, particularly in the agriculture sector. Continued economic reforms will be essential to mitigate these risks, including fiscal adjustment and rebuilding foreign exchange reserves.

“To sustain economic growth, Zimbabwe must continue tackling its macroeconomic challenges. Addressing price and exchange rate volatility and public debt arrears will support economic growth and job creation. This will help the country address the poverty, vulnerability, and food insecurity rates, which remain high,” said World Bank Country Manager Eneida Fernandes.

The ZEU’s special chapter on the energy sector shows that, despite some recent achievements, the electricity sector still faces major challenges, with power outages of 12–14 hours a day. The report estimates that power shortages cost the country a total of 6.1 percent of GDP per year, comprising 2.3 percent of GDP in generation inefficiencies and excessive network losses, and 3.8 percent of GDP on the downstream costs of unreliable energy.

The ZEU provides the World Bank’s perspective on recent economic developments and outlook and discusses macroeconomic issues facing the country. The ZEU features a special chapter on the energy sector, which looks at recent developments and ways to attain the country’s target to ensure reliable energy and expand electricity services to most of the population by 2030. Economic Updates are a standard World Bank tool for macroeconomic and fiscal monitoring, the 2023 ZEU reviews developments in 2023 and emerging trends in 2024.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Copia Global Secures $20 Million for African E-commerce Dominance

Copia Global recently secured $20 million in a Series C extension round, with significant contributions from Enza Capital, co-founded by John Lazar, the former CEO of Metaswitch. Other major participants include LGT, Goodwell Investments, DFC, DEG, Elea, Perivoli Foundation, and Sorenson Foundation. The investment aims to support Copia Global, a Kenyan e-commerce and fintech platform targeting mid- and low-income African consumers in rural areas. The platform employs a network of over 50,000 local agents, facilitating access to goods and services. Copia has experienced annual growth of 100%, emphasizing scale and swift expansion.

Reasons for Investment

The investors, including Enza Capital, have strategically positioned their capital for several compelling reasons.

Tapping into Expanding Consumer Spending

The investment hinges on a keen anticipation of the forthcoming surge in African consumer spending, poised to exceed $2 trillion. Copia’s target demographic — the mid- and low-income consumers in rural areas — aligns seamlessly with this anticipated growth. The sheer scale of approximately 750 million potential consumers in Copia’s crosshairs provides investors with a compelling prospect to tap into a burgeoning market.

Operational Resilience and Fulfillment Network

Beyond financial figures, investors are attracted to Copia’s operational resilience, exemplified by its robust fulfillment network comprising over 50,000 local agents. This on-the-ground presence positions Copia uniquely to address the nuanced challenges faced by consumers in rural areas, from choice limitations to issues of price and reliability. The strategic emphasis on hyperlocal strategies resonates with investors seeking ventures with a granular understanding of diverse markets.

Strategic Alignment and Professional Relationships

Investors, particularly Enza Capital and John Lazar, are not just putting their money into a venture; they are leveraging strategic alignments and established professional relationships. Lazar’s long-standing rapport with the Copia team adds an additional layer of confidence, affirming the strategic vision and execution capabilities of the platform.

Profitability Focus

The recent shift in Copia’s focus, from expansive growth to a targeted pursuit of profitability in Kenya, reflects a nuanced understanding of market challenges. Investors appreciate Copia’s adaptive approach, acknowledging the global capital market’s shifts and its impact on business models. The commitment to achieving profitability in Kenya before scaling up internationally aligns with investors’ expectations for a sustainable and measured growth trajectory.

A Look at Copia

Founded a decade ago, Copia is a Kenyan e-commerce and fintech platform targeting mid- and low-income consumers in rural areas. The platform was established by founders with a vision to address challenges in accessing goods and services faced by consumers in these regions. Copia’s primary markets are in Kenya, where it operates through a network of local agents.

The startup, despite recent changes in expansion plans, maintains a focus on achieving profitability in Kenya. Copia’s approach involves leveraging local agents and logistics, providing a variety of goods to consumers who face challenges in traditional access methods.

The platform’s shift towards digitization reflects a response to increased smartphone penetration, aiming to tap into a market with significant potential. Once achieving profitability in Kenya, Copia plans to extend its operations to 14 other strategically identified countries.

John Lazar, now on Copia’s board, intends to contribute his tech operator experience and investor network to support talent acquisition, sales strategies, and provide insights to the executive team.

Copia Global Copia Global

Emerald Africa Makes Two New Investments in East African Startups

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Fawry Partners with Hulul and WideBot to Boost SMEs Through Innovative Fintech Solutions

In a move set to reshape the landscape for small and medium-sized enterprises (SMEs) in Egypt, Fawry, a pioneer in electronic payments and banking technology, has entered into a strategic cooperation agreement with Hulul, backed by WideBot, the leading Arabic-focused conversational AI chatbot building platform in the MENA region.

Under this groundbreaking collaboration, Fawry will integrate its cutting-edge electronic payment systems with Hulul’s services, leveraging AI-driven chatbots to catalyze digital transformation for SMEs. The aim is to empower emerging institutions, particularly small and medium-sized businesses, by providing them with innovative fintech services. This strategic move is poised to fortify their positions within the Egyptian market.

The core of this collaboration lies in Fawry’s commitment to furnish Hulul’s network of SMEs with the latest in fintech innovation. Through an automated chat feature relying on AI, Fawry will create a seamless payment link, facilitating secure electronic transactions. This initiative is anticipated to expedite the digital transformation journey for these enterprises, bolstering their competitiveness and operational efficiency.

The collaboration seeks to combine Fawry’s expertise in payment solutions with Hulul’s advanced AI-driven digital transformation services. This partnership aspires to revolutionize SME operations in the digital realm, offering them comprehensive tools to drive growth, enhance efficiency, and elevate customer experiences.

Hulul, a subsidiary of WideBot Artificial Intelligence, has positioned itself as a critical player in supporting SMEs to navigate the complexities of digital transformation. With an impressive customer base of 35,000 and having processed over a billion messages, Hulul’s services reach more than 60 million customers in over 40 countries. The platform boasts a market presence that spans 20 regional and global partners.

Heba El-Awady, Chief Business Officer at Fawry, expressed the company’s commitment to fostering startups and small businesses across various industries. She emphasized the provision of innovative payment technology services aimed at propelling growth, aligning with the dynamic entrepreneurial landscape in Egypt, and ultimately contributing to the advancement of the Egyptian economy.

Mohamed Nabil, CEO and co-founder of WideBot, expressed pride in the collaboration with Fawry, highlighting their joint efforts to usher in comprehensive changes to the business flow systems of small, medium, and emerging companies. Nabil emphasized the innovative combination of the latest financial technology and artificial intelligence tools, designed to offer an unparalleled experience through secure and innovative services and solutions.

This strategic partnership between Fawry, Hulul, and WideBot is poised to reshape the digital landscape for SMEs, driving economic growth and innovation within the Egyptian market.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Nigerian Wins Commonwealth Sustainable Energy Transition Award

December 12, 2023

Michael Chiangi Gbagir, a Nigerian national has won the Commonwealth Sustainable Energy Transition’s Best Educator Award for his initiative ‘EcoPower Adventure’, which engages different communities through interactive learning activities, such as energy scavenger hunts.

The Commonwealth Secretariat announced the award winners at a high-level event, hosted in partnership with the governments of Fiji and Zambia during the United Nations Climate Change Conference (COP28) in Dubai this week.

Additionally, Bangladesh’s Areebah Armin Ahsan and Pakistan’s Sarah Shahbaz Khan received awards for their outstanding short stories: ‘Tragedy to Triumph: Biogas in Daria Nagar’ and ‘Mud-coated Walls and Sandy Dunes’, respectively.

In the category of the best technical solution, Uganda’s Michael Okao, Darius Ogwang and Joshua Elem were recognised for their solar concentrator that harnesses renewable energy for clean cooking.

The event also saw the launch of a new report, which shows that young people, who are among those most at risk of the impacts of climate change, are not accessing the funds they need to tackle the challenges posed by global warming.

The joint report by the Commonwealth Secretariat and YOUNGO, the children and youth constituency of the United Nations Framework Convention on Climate Change (UNFCCC), analysed 100 climate finance initiatives targeted at young people.

While it shows an increase in youth-focused climate finance, funds are mainly disbursed in small amounts, hindering large-scale youth-led climate action. In addition, the audit information provided by funders lacked full transparency, especially about beneficiaries and what projects were funded.

In response, the report calls for a fit-for-purpose approach to deploying climate finance for youth-led actions to remove existing barriers and ensure young people receive a fair share of support.

The proposed solutions include targeted reporting, a streamlined process for accessing funds with a focus on clear eligibility criteria, increased private sector support and new innovative financing sources.

Climate finance, a core part of the Paris Agreement, is provided to help developing countries cut greenhouse gas emissions and adapt to the impacts of climate change.

Speaking at the event, the Commonwealth Secretary-General, the Rt Hon Patricia Scotland KC, said that “Young people, who make up 60 per cent of Commonwealth citizens, are on the frontline of the climate crisis, living mostly in areas prone to extreme weather events.

“As a result, many are facing job losses, displacement, health issues and educational setbacks. In the face of adversity, the resilience of young people shines through as they harness their drive and talent to lead on powerful climate solutions.”

She added that “This report reveals the dire need to scale up financial support for young people and prevent them from being stuck in the vicious cycle of chasing funds. We must work together with young people to address the barriers they face in accessing climate finance and support them in scaling contributions to meeting climate targets. This is essential to our belief that youth-led action is integral to our pursuit for a sustainable future for all.”

Collins Nzovu, Zambia’s Minister of Green Economy and Environment, said: “The future belongs to the children, and we should do everything possible to ensure we leave a liveable climate for them. We realise we need to pass the baton of leadership to the youth. We are increasing our support to the youth to take leadership which demonstrates our unwavering support for the Commonwealth Year of the Youth.”

The minister urged youth to use their energy, presence, connections and innovation to drive the change needed to save the planet.

In his remarks, Naipote Tako Katonitabua, Fiji’s Ambassador to the United Arab Emirates, said: “The world is facing unprecedented impacts of climate change the global stocktake has shown us how far behind we are in our climate ambitions.”

“We need dramatic actions to benefit our climate and we need them now,” he added. “Youth inclusion at all levels in climate action including at political level is necessary to ensure the sustainability of our efforts.”

The ‘Availability of Climate Finance for Youth’ report will inform the Commonwealth Secretariat’s ongoing work, especially its Commonwealth Climate Finance Access Hub, which has supported small and vulnerable countries to access about $322 million of climate finance for projects to mitigate and adapt to the impacts of climate change.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Researchers Worry About Growing Use of Apps That Undress Women in Photos

Apps and websites that use artificial intelligence to undress women in photos are soaring in popularity, according to researchers. In September alone, 24 million people visited undressing websites, according to the social network analysis company Graphika.

Many of these undressing, or “nudify”, services use popular social networks for marketing, according to Graphika. For instance, since the beginning of this year, the number of links advertising undressing apps increased more than 2 400% on social media, including on X and Reddit, the researchers said. The services use AI to recreate an image so that the person is nude. Many of the services only work on women.

These apps are part of a worrying trend of non-consensual pornography being developed and distributed because of advances in AI — a type of fabricated media known as deepfake pornography. Its proliferation runs into serious legal and ethical hurdles, as the images are often taken from social media and distributed without the consent, control or knowledge of the subject.

One image posted to X advertising an undressing app used language that suggests customers could create nude images and then send them to the person whose image was digitally undressed, inciting harassment. One of the apps, meanwhile, has paid for sponsored content on Google’s YouTube, and appears first when searching with the word “nudify”.

A Google spokesman said the company doesn’t allow ads “that contain sexually explicit content. We’ve reviewed the ads in question and are removing those that violate our policies.” Neither X nor Reddit responded to requests for comment.

Non-consensual pornography of public figures has long been a scourge on the internet, but privacy experts are growing concerned that advances in AI technology have made deepfake software easier and more effective.

“We are seeing more and more of this being done by ordinary people with ordinary targets,” said Eva Galperin, director of cybersecurity at the Electronic Frontier Foundation. “You see it among high school children and people who are in university.”

Many victims never find out about the images, but even those who do may struggle to get law enforcement to investigate or to find funds to pursue legal action, Galperin said.

In November, an American child psychiatrist was sentenced to 40 years in prison for using undressing apps on photos of his patients, the first prosecution of its kind in the US under law banning deepfake generation of child sexual abuse material.

TikTok has blocked the keyword “undress”, a popular search term associated with the services, warning anyone searching for the word that it “may be associated with behaviour or content that violates our guidelines”, according to the app. A TikTok representative declined to elaborate. In response to questions, Meta Platforms also began blocking key words associated with searching for undressing apps.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

End-to-End Encryption Comes to Facebook Chats

Meta Platforms has started to roll out end-to-end encryption for all personal chats and calls on Messenger and Facebook. The end-to-end encryption feature will be available for use immediately, the social media giant said, but it may take some time for all Messenger accounts to be updated with default end-to-end encryption.

Messenger previously had the option to turn on end-to-end encryption, allowing a message to be read only by the sender and its recipients, but with this change messages would be encrypted by default, Meta said. Meta, whose WhatsApp platform already encrypts messages, has said encryption can help keep users safe from hackers, fraudsters and criminals.

End-to-end encryption has been a bone of contention between companies and governments. The British government had urged Meta in September not to roll out encryption on Instagram and Facebook Messenger without safety measures to protect children from sexual abuse.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry