TechPression

Category: Science

  • FSB celebrates 50 years anniversary, honours SMEs

    FSB celebrates 50 years anniversary, honours SMEs

    The Federation of Small Businesses (FSB) is marking its 50th anniversary by honouring the achievements and contributions of small businesses and self-employed individuals across the UK. 

    The FSB Celebrating Small Business Awards 2024 are free to enter and open to all, regardless of whether they are FSB members or not. The deadline for applications is fast approaching, with a closing date of Sunday 11 February 2024.

    The Awards Categories and Benefits

    The FSB Awards recognise excellence and innovation in 12 different categories, ranging from sustainability and family business to diversity and inclusion and service excellence. There is also a new category for franchise business this year. The winners will be announced at the start of March, with local networking events taking place to celebrate those shortlisted for the UK Final. The UK Final will be held at the iconic Winter Gardens Empress Ballroom in Blackpool in May, where all shortlisted will get a free ticket to attend. The headline sponsor for the FSB Awards 2024 is Tyl by NatWest, a payment service provider that helps small businesses accept card payments and access insights and support.

    The FSB Awards are not only a chance to showcase the success and innovation of small businesses, but also an opportunity to network, gain exposure, and attract potential investors and customers. According to the FSB, there are 5.5 million small businesses in the UK, employing 16.7 million people and contributing £2.3 trillion to the economy. They are the backbone of the UK’s economic recovery and resilience, especially in the wake of the Covid-19 pandemic and Brexit challenges. The FSB Awards aim to celebrate their vital role and inspire more people to start and grow their own businesses.

    Read also: Mastercard, Alerzo partner to digitize Nigerian SMEs

    Tips and Stories from Previous Winners

    To help aspiring applicants, the FSB has hosted a webinar on how to be an award-winning business and why it matters. The webinar featured previous winners who shared their stories, tips, and impacts of winning an FSB Award. Some of the speakers were:

    Gbemi Shitta, founder of Sweet Dough Things, a bakery that specialises in Nigerian-inspired doughnuts and pastries. She won the Exporter of the Year Award in 2023, after expanding her business to the US and Canada. She said that winning the award boosted her confidence, credibility, and visibility, and helped her secure more orders and partnerships.

    Gordon Quinn, co-owner of Badachro Distillery Ltd, a craft gin distillery based in the Scottish Highlands. He also won the Exporter of the Year Award in 2023, after growing his international sales to over 20 countries. He said that winning the award gave him recognition, validation, and motivation, and helped him increase his brand awareness and customer loyalty.

    Imran Anwar, founder of Alt Labs Agency, a digital marketing agency that helps small businesses grow online. He won the Largest Small Business of the Year Award in 2023, after scaling his business from a one-man operation to a team of over 100 people. He said that winning the award gave him a competitive edge, a sense of achievement, and a platform to share his story and inspire others.

    Liz Drury, founder of Liz Drury Voiceovers, a voiceover artist who provides narration for various media projects. She won the Self-employed/Freelancer of the Year Award in 2023, after diversifying her services and reaching new markets. She said that winning the award gave her credibility, exposure, and opportunities, and helped her attract more clients and referrals.

    Donna Ali, founder of BE.Xcellence CIC, a social enterprise that provides training and mentoring for women from diverse backgrounds. She won the Diversity and Inclusion Award in 2023, after empowering over 500 women to start or grow their own businesses. She said that winning the award gave her recognition, confidence, and support, and helped her expand her network and impact.

  • Snapchat to reduce workforce by 10%

    Snapchat to reduce workforce by 10%

    Snap Inc., Snapchat’s parent company, has announced a staff reduction in an effort to streamline operations and create a more agile organisational structure. 

    A Form 8-K filing with the US Securities and Exchange Commission revealed the decision, which details plans to cut the global headcount of Snapchat’s parent company’s full-time employees by about 10%.

    Revealed on February 5, 2024, the reorganisation effort exemplifies Snap Inc.’s goal of directing its assets towards its most important objectives and setting itself up for long-term success and innovation in the ever-changing digital market. The decision is made in response to the evolving market conditions and the company’s strategic need to improve operational efficiency and scale.

    Snap Inc. expects to pay between $55 million and $75 million in pre-tax charges due to restructuring-related expenses, severance, and other factors, as stated in the filing. The bulk of these costs are expected to come to fruition in the first quarter of 2024, with an estimated $45 million to $55 million representing future cash expenditures.

    Read also: Snap announces layoffs amidst competition, market challenges

    Why workers were laid off

    Snap Inc.’s employee reduction initiative is subject to local law requirements and consultation processes in each country where the company operates. This reflects the proactive approach the company takes to optimising resources. To be sure everything is in order according to the rules and regulations, the execution schedule might end up running into the second quarter of 2024 or later in some places.

    Along with the filing, Snap Inc. reaffirmed its commitment to maintaining the highest corporate governance and stakeholder engagement standards, highlighting its emphasis on open and honest communication and accountability. The company stressed that the charges related to the restructuring are based on several assumptions and might end up being different from the estimated figures provided in the filing.

    Snap Inc.’s decision to reduce its workforce demonstrates its firm commitment to creating value in the long run and maintaining its position as a world leader in digital media and technology. Snap Inc. aims to strengthen its position for future success by improving its competitive agility through reorganising its resources and focusing on strategic growth areas.

    Along with the workforce reduction initiative, Snap Inc. reaffirmed its goal of fostering an environment that encourages innovation and collaboration. The company emphasised the significance of developing and retaining talent to drive long-term business success and operational excellence. As the digital ecosystem continues to evolve, the company’s primary goal is to provide its worldwide user base with simple and straightforward experiences.

    ‘Microsoft Teams’ partners Snapchat Lenses

    Snapchat in Africa

    The biggest concentration of Snapchat users on the African continent was in Northern Africa. The social media site had nearly 29 million users as of July 2022. After that, about 11 million people lived in Western Africa, while six million lived in Southern Africa.

    A survey that looked at the distribution of users of instant messaging applications in South Africa by province in 2021 found that 36% of Snapchat users were from Gauteng. North West had about 25% of all users, which was the second-highest percentage.

    There are about 12 million Snapchat users in Nigeria. Among them, women make up 51.5% and men 46.7%. In Nigeria, 10% of internet-enabled adults use Snapchat.

    The number of daily active users on Snapchat increased by over 50 million from the same quarter in 2021 to 347 million in Q2 2022, according to Statista. Additionally, Snapchat’s total advertising reach of over 617 million people is illuminated by Data Reportal. Because of this, it is now one of the world’s top ten social networks. Put another way, it’s a platform that marketers can’t pass up. This is true all over the world, including Africa.

  • Car without rear window debuts in the UK

    Car without rear window debuts in the UK

    The automotive industry has always been a hotbed of innovation, constantly pushing the boundaries of design and functionality. One of the most recent breakthroughs that has left car enthusiasts buzzing with excitement is the introduction of the first car without a rear window on British roads. This groundbreaking development challenges traditional design norms and opens up new possibilities in the realm of automotive engineering.

    The Pioneer: Unveiling the Visionary Vehicle, 

    The Swedish-made polestar 4 car’s manufacturer, is owned by Volvo. The pioneering car making waves is the Eclipsar EV, a sleek and futuristic electric vehicle crafted by a forward-thinking automaker. 

    Breaking away from the conventional design, the Eclipsar EV bids farewell to the rear window, a feature that has been a staple in automobiles for decades. The vehicle’s exterior seamlessly blends aerodynamics and aesthetics, creating a unique silhouette that sets it apart from its counterparts.

    Read also: Uber Commences Electric Car Services

    Innovative Engineering: The How and Why

    Removing the rear window was no arbitrary decision but a result of meticulous engineering and design considerations. The Eclipsar EV employs advanced sensor technologies and camera systems to compensate for the absence of a traditional rear window. These cutting-edge features not only enhance safety but also contribute to the vehicle’s overall aerodynamic efficiency, boosting its range on a single charge. Polestar 4 has been out in China since December 2023 and there have been no discouraging words.

    Safety Redefined: Adapting to the Future

    Concerns about safety naturally arise when considering a car without a rear window. However, the Eclipsar EV has not compromised on safety; instead, it has redefined it. The integrated sensor and camera system provide a comprehensive view of the surroundings, eliminating blind spots and enhancing overall visibility. The vehicle’s onboard artificial intelligence continually analyzes data, providing real-time feedback to the driver and ensuring a safe driving experience.

    The Future of Design: Rethinking Aesthetics

    The Eclipsar EV challenges traditional notions of automotive aesthetics. The absence of a rear window allows for a radical redesign of the car’s exterior, creating a sleek and futuristic profile. The minimalist approach not only serves functional purposes but also reflects a shift towards a more avant-garde and environmentally conscious design philosophy.

    Environmental Impact: Driving Green

    As an electric vehicle, the Eclipsar EV contributes to the global effort to reduce carbon emissions and combat climate change. The innovative design not only serves as a testament to technological progress but also emphasizes the importance of sustainable transportation in the automotive industry.

    YuLife, UK insurtech startup, expands to South Africa

    Challenges and Considerations: Navigating the Road Ahead

    While the Eclipsar EV represents a leap forward in automotive innovation, it also poses challenges and considerations. Questions about maintenance, repair costs, and public acceptance loom on the horizon. As these visionary vehicles make their way onto British roads, it remains to be seen how well they will be received by the general public and whether the infrastructure can support their unique features.

    A Glimpse into Tomorrow

    The introduction of the first car without a rear window in the UK marks a significant milestone in the evolution of automotive technology. The Eclipsar EV not only challenges conventional design norms but also paves the way for a more sustainable and futuristic driving experience. As these innovative vehicles become more prevalent on British roads, they offer a glimpse into a tomorrow where cars not only take us from point A to B but also redefine the way we think about transportation.

  • Facebook celebrates 20th anniversary 

    Facebook celebrates 20th anniversary 

    Facebook celebrates its 20th anniversary on Sunday, February 4, the day that Mark Zuckerberg, then an undergraduate at Harvard University, and three roommates created the social media platform.

    Over 271 million people in Africa use Facebook as of 2022, out of a total of over 2 billion active users every day. According to Statista, a research platform, the number is expected to surpass 377 million by the year 2025.

    Back in 2004, Facebook was not available to anyone outside of Harvard. In the months and years that followed, the site’s user base grew to include college students, high school students, and working professionals with company email accounts.

    Facebook widened its membership net in 2006 because many of its original users had outlived their initial demographics.

    Read also: Facebook now supports multiple profiles

    The competitiveness of Facebook

    Even though MySpace and other similar networks had been around before Facebook, the 2004 launch of Mark Zuckerberg’s site proved how quickly a platform like Facebook could gain traction.

    Thanks to features like the ability to “tag” individuals in photos, it gained one million users in under a year and surpassed MySpace in four years.

    As the 2000s came to a close, it became par for the course for teenagers to bring along digital cameras on night outs and tag their friends in dozens of photos. One of the main attractions for early adopters was the activity feed, which was updated frequently.

    After briefly seeing a dip in daily active users at the end of 2021, Facebook has continued to grow and surpassed one billion users per month by 2012.

    The company has maintained and even grown the number of Facebook users by expanding into countries with less internet connectivity and providing free internet. By the year’s end of 2023, Facebook boasted 2.11 billion active users daily.

    To be honest, Facebook’s youth appeal has declined in recent years. However, it has brought in a new age of online social activity and is still the most popular social network globally.

    Some see Facebook and its competitors as tools that facilitate connection. For some, they are destructive, addictive substances.

    How Facebook birth Meta

    As a result of Facebook’s phenomenal success, Mark Zuckerberg established an unparalleled technological and social media empire with an unparalleled user base and influence.

    In 2021, Facebook rebranded itself as Meta after acquiring and rapidly expanding a number of promising startups, such as Oculus, WhatsApp, and Instagram.

    The company claims that over three billion people worldwide use Meta products daily.

    Oculus, a virtual reality company, was acquired by Facebook for $2 billion, Instagram for $1 billion, and WhatsApp for $19 billion. As if that weren’t bad enough, Meta has been accused of emulating its competitors when it couldn’t acquire them.

    In a move reminiscent of Snapchat’s prominent Stories feature, Instagram introduced Reels to counter TikTok’s dominance in the video-sharing app market, and Meta attempted to mimic X, formerly known as Twitter, with Threads.

    Rising levels of competition and stringent regulations have elevated the significance of tactics to an all-time high.

    Concerned about Meta’s potential market dominance, UK regulators prevented it from owning Giphy in 2022, forcing the company to sell the service at a loss.

    Meta updates Facebook business page

    What the future holds for Facebook

    Mark Zuckerberg’s ability to maintain Facebook’s relevance is evident in the site’s rise and continued dominance. Many media outlets doubted the platform’s viability for its 20th anniversary when it was celebrating its 10th.

    Whoever thinks it will never work will think twice before asking when it could end. The truth, though, is that over the next two decades, it will face an enormous challenge in retaining its status as the most popular social network.

    Not only is the industry experiencing its usual rapid evolution, but Meta is also making strong efforts to base its operations on the concept of the Metaverse.

    Meta also values artificial intelligence highly. As a result, Facebook is no longer the company’s primary focus. Considering its evergreen appeal, it is debatable whether the world is.

  • Konga wins Top Retailer Award at HP Retail Bootcamp

    Konga wins Top Retailer Award at HP Retail Bootcamp

    Konga, the dependable online marketplace, has proven itself once again, this time taking home the trophy for Top Retailer in the Supplies Category at the just-ended Retail Bootcamp put on by Hewlett Packard. 

    The Radisson Blu Anchorage Hotel in Victoria Island, Lagos, was the venue of the two-day event, which provided a lively setting for networking, information sharing, and thought-provoking conversations.

    Attendees of the HP Retail Bootcamp were able to network with influential figures in Nigeria’s retail scene and discuss potential new approaches to enhancing the country’s retail sector.

    The fact that Konga has been named the Best Retailer in the Supplies Category is evidence of their unwavering commitment to providing excellent service, new ideas, and happy customers. Konga, a key partner of HP, is reshaping the retail industry and establishing new standards for success by utilising innovative technology, strategic alliances, and a focus on customers.

    Read also: Konga Travels Unveils Flexible Flights Payment Plan

    The benefit of this award

    According to Konga CEO Nnamdi Ekeh, the company was truly humbled to be named the Best HP Supplies Retailer at the Retail Bootcamp 2024. He claims that they have consistently gone above and beyond for their customers and given them access to a wide variety of affordable, authentic HP supplies, which is why they have been honoured with this award. The company expresses its appreciation for HP’s confidence in them and pledges to continue working towards a stronger partnership that benefits both parties and their customers.

    In addition to the recognition and prizes, the HP Retail Bootcamp 2024 provided a one-of-a-kind chance for professionals in the field to network, exchange stories, and gain knowledge from one another. The event had fascinating networking sessions, hands-on workshops, and interesting presentations. Dinner, entertaining activities, and a wealth of other memorable experiences were all provided to eventgoers.

    Konga introduces Live auction

    The much-anticipated Konga Live Auction will take place at 2 pm on February 5, 2024, and every month after that, beginning on the first Monday, to the delight of shoppers. With this sale, Konga is demonstrating its commitment to offering steep discounts on a variety of products to its customers.

    Fans of Konga’s Live Auction have been around for a while. There has been tremendous excitement at past editions, with hundreds of people bidding on a wide variety of products, from necessities like L’Oréal cosmetics to desirable electronics like Apple iPhones, Samsung devices, Haier Thermocool, and iTec Power products. 

    Konga has decided to make the Live Auction a regular part of their monthly schedule due to the tremendous demand from customers for this one-of-a-kind shopping experience.

    Fans and bidders alike can look forward to an exciting and participatory livestream of the auction on Facebook, Instagram, and KongaTV’s YouTube channel.

    Konga to introduce 24-hour buyers and sellers TV channel 

    In its pursuit of the e-commerce revolution in Nigeria and abroad, Konga has reached a major milestone with the Live Auction. Konga maintains its position as an industry leader by consistently delivering exceptional service and pioneering new methods for online shopping.

    The monthly Live Auction on Konga begins at 2 pm on February 5, 2024, and shoppers are encouraged to take advantage of the chance to win incredible deals on their favourite products. Get ready for an exciting hunt for amazing deals on the largest variety of products every Monday with Konga’s Live Auction.

  • Elon Musk, X owner pleads with advertisers to return

    Elon Musk, X owner pleads with advertisers to return

    Elon Musk, the owner of X, formerly Twitter, is pleading with advertisers to return to the platform, even though it has been in the news recently for the wrong reasons. 

    The CEO, Linda Yaccarino, stressed X’s dedication to putting child safety online first in a letter sent to both current and past advertisers.

    Elon Musk, the company’s owner, said that advertisers’ worries about the platform were insignificant at the time of this plea. 

    After participating in a congressional meeting on online safety, Yaccarino told lawmakers that X supported their plans for online safety bills.

    Read also: U.S. Senator warns Elon Musk over Twitter’s issue

    The report was the first to report the news. The message is meant to set X apart from other social networks whose leaders are more carefully approaching upcoming rules.

    X has had trouble stopping the spread of harmful and insulting content on its platform, even though it says it is entirely different from Twitter’s predecessor.

    Recent events, like managing upsetting pictures related to the conflict between Israel and Hamas and the blocking of searches for Taylor Swift’s name because of deep fake content, have made these problems worse. 

    Back story 

    X, which used to be called Twitter, is now trying to fix things with advertisers after Elon Musk’s rude answer to them in November. CEO Linda Yaccarino is in charge of these efforts.

    The CEO’s strategy aligns X with planned legislation by portraying it as a platform for child internet safety. 

    After Musk’s contentious comments, Walmart became the first major firm to pull its ads from X. Walmart’s exit from X after Musk’s recent complaints are noteworthy. 

    Disney, IBM, and Sony have also pulled their advertising from X, making it harder for the platform to retain business agreements.

    After these problems and advertisers pulling their ads, X knows how important advertising is to its income.

    Twitter to bring back end-to-end encryption to secure DMs

    As Yaccarino knows that marketers are essential to the platform’s financial stability, he is using his outreach efforts as a strategic move to change X’s image and rebuild trust with business partners. 

    The main thing that X is doing as it deals with these problems is working hard to change its image by focusing on its dedication to keeping people safe online and following the rules set by the government.

    The results of these initiatives will dictate X’s course as it tries to regain trust, mend fences, and get the ongoing backing of important advertising partners.

  • 7 companies likely to fund African startups in 2024

    7 companies likely to fund African startups in 2024

    The African tech ecosystem faced a tough year in 2023, with funding dropping by almost half compared to 2022, according to Intelpoint.

    Many growth-stage startups struggled to raise capital, leading to layoffs, closures and fire sales. However, some investors remained bullish on the continent’s potential and launched new funds or increased their activity. Here are some of the companies that are likely to finance African tech startups in 2024, according to various sources.

    Read also: SoftBank to lead funding for Nigerian tech startups 

    Catalyst Fund

    Catalyst Fund is an inclusive fintech accelerator and fund that supports early-stage startups in emerging markets, including Africa. The fund hit the first close of a $40 million fund in 2023, backed by JP Morgan, UK Aid and Rockefeller Foundation. Startups that address the resilience and financial health of underrepresented populations, such as low-income consumers, women, and small businesses, are the focus of Catalyst Fund.

    Saviu Ventures 

    Saviu Ventures is a venture capital firm that invests in African tech startups at the seed and pre-seed stages. The firm was founded in 2019 by Benoit Delestre, a former executive at Orange and MTN. Saviu Ventures has a portfolio of 12 startups across fintech, e-commerce, health tech and edtech sectors. In 2024, the company intends to invest in 15–20 additional businesses, with an average ticket value of $100,000.

    TLcom

    TLcom is a pan-African venture capital firm that invests in tech-enabled businesses across various sectors, such as fintech, agritech, mobility and e-commerce. The firm has offices in Nairobi, Lagos and London, and has backed startups such as Kobo360, Twiga Foods, uLesson and Okra. By 2024, it hopes to have invested $3 million on average in 10 to 15 more firms.

    Sony Ventures

    Sony Ventures is the corporate venture arm of Sony Corporation, the Japanese electronics and entertainment giant. The firm launched a $100 million fund in 2023, dedicated to investing in African tech startups. Sony Ventures is interested in startups that leverage technologies such as artificial intelligence, blockchain, cloud computing and internet of things. The organisation has already made investments in two African startups: the finance unicorn2 MNT-Halan and the AI startup Instadeep.

    Verod Capital

    Verod Capital is a private equity firm that invests in high-growth companies in West Africa, with a focus on Nigeria and Ghana. The firm has a sector-agnostic approach, but has a preference for consumer, financial services, technology and education sectors. Verod Capital announced a $200 million fund in 2023, its third and largest fund to date. On average, the firm invests $10 million to $30 million in each deal.

    Enza Capital

    Enza Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on fintech, health tech, edtech and e-commerce sectors. The firm was founded in 2019 by Michael Oluwagbemi, a serial entrepreneur and angel investor. In 2023, Enza Capital secured $50 million for its first fund. Since then, it has sponsored firms including 54gene2, Chipper Cash, Kuda, and Flutterwave.

    EU invests in African tech startups through Seedstars

    Aduna Capital

    Aduna Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on francophone markets. The firm was founded in 2020 by Karim Sy, a social entrepreneur and founder of Jokkolabs, a network of innovation hubs in Africa. Since then, the company has sponsored businesses including StarNews Mobile, a mobile television network, and Afrikrea, an e-commerce platform for African fashion. 

    These are just some of the companies that are expected to finance African tech startups in 2024. With the growing interest and activity of investors in the continent, there are surely more opportunities for entrepreneurs to access capital and scale their businesses. Stay tuned for more updates on the latest funding news and deals in the African tech ecosystem.

  • MTN commits $215 million to Benin telecom Infrastructure

    MTN commits $215 million to Benin telecom Infrastructure

    MTN Group has revealed its intention to invest $215 million in the Republic of Benin over the course of the next three years.

     MTN’s commitment to upgrading telecom infrastructure and improving connectivity in the West African nation is highlighted by this major financial pledge, which was made during a high-profile leadership visit to Cotonou for the purpose of highlighting the company’s commitment.

    Leadership Engagement and Strategic Commitment

    The announcement was made during a visit that included Ralph Mupita, President and Chief Executive Officer of MTN Group, Amadou Raimi, Chairman of MTN Benin, Ebenezer Asante, Senior Vice President for Markets, Uche Ofodile, Chief Executive Officer of MTN Benin, and Nompilo Morafo, Chief Sustainability and Corporate Affairs Officer of MTN Group. 

    During the visit, the delegation and President Patrice Talon emphasised the strategic significance of the investment in the Republic of Benin.

    Read also: Tax infraction charges against MTN Ghana amount to $773m

    More Comprehensive Plan and Vision

    This substantial financial investment is in line with the more comprehensive plan that MTN Group has devised to strengthen the region’s telecommunications infrastructure and to contribute to the progress of technology in the area. It is anticipated that the investment will improve connectivity, encourage economic growth, and enable the creation of employment possibilities in Benin.

    Mr. Ralph Mupita, the Chief Executive Officer of MTN Group, emphasised the company’s dedication to being a constructive influence in African markets. According to him, “We are grateful for the warm reception received in Benin, where we have trialled 5G services and see opportunities to progress this.” Not only does the MTN Group intend to improve the infrastructure of the telecom industry as part of the investment, but it also intends to build a cutting-edge office for its subsidiary, MTN Benin.

    MTN Benin, commemorating its quarter-century milestone with around eight million customers, sees this investment as a tribute to the company’s long-term commitment to the growth of the country. The company’s development goals are also related to this investment. As a result of the MTN delegation’s dedication, President Patrice Talon conveyed her appreciation to them and stated her excitement about the possibility of future partnership.

    In addition to expanding the infrastructure of the telecom industry, MTN Group has stated that it is committed to the growth and improvement of the vocational skills of young people in Benin. The company’s objective is to get into partnerships with the government and other stakeholders in order to participate in a variety of projects that are designed to encourage the development of talent and expertise within the nation.

    MTN Benin is interested in exploring chances to develop and execute 5G services further, and this visit comes at a vital time for the company as it searches for these prospects. It is anticipated that the deployment of 5G services will make a substantial contribution to the technical growth of the nation, which will represent a transformative step in the digital infrastructure of the country.

    Globacom, MTN tussle sparks controversy 

    Economic Impact and Job Creation

    The investment of $215 million is expected to significantly influence Benin’s telecommunications sector, which will contribute to the expansion of the economy and the recruitment of new workers. MTN Group is strengthening its commitment to fostering innovation, connectivity, and socio-economic development throughout the African continent through this investment. This commitment is being strengthened as MTN Group continues to solidify its position as a leading provider of telecoms services in Africa.

    The MTN Group’s strategic investment in Benin reflects its mission to be a catalyst for positive change, harnessing its technology capabilities to empower communities and advance Africa’s digital future. In conclusion, this investment embodies the MTN Group’s vision.

  • UN calls for transition from fossil fuel to clean energy

    UN calls for transition from fossil fuel to clean energy

    In a landmark initiative, the United Nations (UN) commemorates the first International Day of Clean Energy on January 26, 2024. The focus of this inaugural day is to raise awareness, engage global citizens, and encourage leaders to embark on a just, inclusive, and equitable transition towards clean energy solutions.

    Aiming for a Sustainable Future

    The essence of this day lies in the imperative shift toward renewables and energy efficiency, offering sustainable solutions to combat the climate crisis and ensure environmental cleanliness. This call to action gains significance as 675 million people still lack access to electricity, while 2.3 billion people rely on traditional fuels like wood and dung, contributing significantly to respiratory diseases, especially in low and middle-income countries.

    António Guterres, the UN Secretary-General, emphasised the transformative potential of clean energy. “Clean energy is the gift that keeps giving,” stated Guterres. He highlighted its multifaceted benefits, from purifying air and meeting energy demands to ensuring affordable power for billions, with the ambitious goal of universal electricity access by 2030. Guterres urged for an urgent and fair transition from fossil fuels to clean energy to avert climate chaos.

    Read also: African Energy Chamber (AEC) of Commerce request Investment in Energy

    Global Commitments and Urgent Actions

    Acknowledging the recent commitment by countries at COP28 to triple renewable energy capacity by 2030, Secretary-General Guterres stressed the inevitability of phasing out fossil fuels. He called for decisive action by governments, especially the major emitters, to lead the transition. Guterres underscored the need for increased climate finance and the formulation of new national climate plans by 2025 to ensure a just transition to clean power.

    Achim Steiner, Administrator of the UN Development Programme and Co-Chair of UN-Energy, highlighted the disparities in access to finance for developing and emerging countries. He called for a radical rethinking of the just energy transition to address these inequities, emphasising the necessity of systemic changes on the ground, including transformations in institutional and governmental structures.

    Damilola Ogunbiyi, Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, urged governments, businesses, and organisations to leverage Energy Compacts. These compacts, with over 200 registered since 2021, have garnered over $1.3 trillion in voluntary commitments for investment and finance through 2030. Ogunbiyi stressed their significance in registering or reinforcing energy commitments on the global stage.

    Immediate Milestones and Global Stocktake

    Li Junhua, UN Under-Secretary-General for Economic and Social Affairs and head of the UN-Energy Secretariat, emphasised the upcoming milestones in delivering on energy commitments. A global stocktake in April, convened by the President of the United Nations General Assembly, and the Summit of the Future in September will serve as crucial moments for countries and stakeholders to intensify their actions.

    The International Day of Clean Energy

    Established by the UN General Assembly, the International Day of Clean Energy aligns with Sustainable Development Goal 7, recognizing clean and affordable energy as essential for achieving SDGs by 2030 and meeting the climate goals of the Paris Agreement. As the global community observes this groundbreaking day, the focus remains on collective efforts to usher in a clean, sustainable, and inclusive energy future.

    Clean Energy and Its Environmental Impact

    Clean energy is an eco-friendly power derived from renewable sources with minimal environmental impact. Distinguishing itself from traditional energy sources, clean energy encompasses renewables and energy efficiency measures, fostering a future devoid of air pollution.

    While often used interchangeably, clean energy and green energy have subtle distinctions. Clean energy broadly refers to energy with minimal environmental impact, including renewable and energy-efficient sources. On the other hand, green energy specifically derives from natural sources, emphasising its eco-friendly nature.

    Renewable energy, a core component of clean energy, stems from constantly replenished sources. Unlike finite fossil fuels, renewable resources like wind and solar energy provide a sustainable alternative. However, not all renewable sources align with green energy principles. For instance, hydropower, while renewable, may face criticism for its environmental repercussions during dam construction.

    UN to empower women, youth in agritech

    The pinnacle of clean energy lies in the synergy of green and renewable energy sources, exemplified by solar and wind energy. This harmonious blend ensures sustainable power generation without compromising environmental integrity.

    The primary allure of clean energy lies in its environmental advantages. By reducing reliance on fossil fuels, clean energy mitigates the risk of environmental disasters such as fuel spills and gas leaks. Diversifying energy sources across different plants enhances energy security, meeting global demands.

    Clean energy fosters economic growth through various channels. The reduction in air pollution, a byproduct of clean energy adoption, yields health and economic benefits. Additionally, the shift to renewable resources eliminates the need for extracting and transporting traditional fuels, resulting in inherent cost savings.

    The transition to a clean energy landscape not only reduces environmental impact but also stimulates industrial growth. Job creation flourishes in the development, manufacturing, and installation of clean energy resources. This not only addresses environmental concerns but also fuels economic development.

    Clean energy stands as a cornerstone in shaping a sustainable global energy future. By intertwining green and renewable energy sources, it offers an environmentally conscious alternative. The environmental, economic, and societal benefits of embracing clean energy underscore its significance in steering the world towards a more sustainable and resilient future.

  • South Africa sounds alarm on MMM Krypto, citing potential risks

    South Africa sounds alarm on MMM Krypto, citing potential risks

    The Financial Sector Conduct Authority (FSCA) of South Africa has raised alarm on the public involvement in MMM Krypto, a mutual aid fund, citing potential risks. 

    The FSCA reveals that MMM Krypto might be offering financial services to the South African public through social media platforms like YouTube, TikTok, and Facebook, accompanied by enticing promises of monthly returns ranging from 24% to 36%. The regulatory body expresses concern about the unrealistic returns presented by MMM Krypto and stresses that any entity providing financial products or services in South Africa must obtain authorization from the FSCA.

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    Referral to National Consumer Commission

    MMM Krypto, allegedly a rebranded version of the notorious Ponzi scheme MMM, lacks the necessary licensing under South African financial laws. The FSCA has referred MMM Krypto to the National Consumer Commission for further investigation. Emphasizing the importance of public diligence, the FSCA urges individuals to verify the authorization of entities offering financial services and to exercise caution when engaging with investment schemes.

    MMM Global’s Resurgence as MMM Krypto

    Originating in the 1990s in Russia, MMM Global gained infamy as a global financial scheme operating in 110 countries. Renowned for its pyramid structure and enticing promises of high returns, MMM Global faced legal scrutiny and controversies. Despite its closure after the death of founder Sergei Mavrodi in 2018, the scheme has resurfaced as MMM Krypto.

    South Africa (2015-2016)

    MMM Global entered South Africa in 2015, offering a 30% monthly return. The National Consumer Commission identified it as a potential pyramid scheme, leading to frozen accounts and subsequent economic losses for participants.

    Nigeria (2015-2017)

    In Nigeria, MMM targeted the unemployed, amassing 2.4 million participants by late 2016. Accounts were frozen in December 2016, causing panic and official warnings.

    Zimbabwe (2015-2016)

    MMM operated in Zimbabwe, offering a 30% monthly return. The Reserve Bank’s warning triggered frozen accounts and economic instability.

    China (2013-2016)

    China experienced the rise and fall of MMM, leading to a government ban in January 2016 due to its identification as a pyramid scheme.

    Ghana (2016)

    MMM extended its reach to West Africa, entering the Ghanaian financial landscape in 2016.

    Kenya (2016-2017)

    In Kenya, MMM offered a 30% monthly interest rate, leading to warnings from the Central Bank in 2016 and 2017.

    Brazil (2015)

    MMM established itself in Brazil, enticing participants with a lofty 50% monthly interest rate.

    Other Countries (2016)

    MMM operated in various countries, including India, Thailand, Philippines, Japan, Australia, Turkey, and Indonesia, until 2016.

    MMM Global’s Rebranding: The Birth of MMM Krypto

    MMM Krypto emerges as a reincarnation of MMM Global, operating under a new guise with enticing promises of monthly returns ranging from 24% to 36%. The FSCA’s warning highlights concerns about the scheme’s operations in South Africa and stresses the need for proper authorization from regulatory authorities.

    MMM Krypto’s recent event in Durban, South Africa, where it lured investors with promises of 30% monthly returns, has raised alarms. The FSCA advises the public to exercise caution, verify the licensing status of entities offering financial products, and scrutinize the advice a license authorizes a financial services provider to offer. Warning signs on MMM Krypto’s website align with common characteristics associated with cryptocurrency scams, including sloppy design and security concerns.

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    The Unfolding Scenario and Future Implications

    As MMM Krypto follows in the footsteps of its predecessor, MMM Global, the allure of fast money and the lack of cryptocurrency regulation create a fertile ground for such schemes. The cycle of enticing promises, financial instability, and rebranding persists. 

    While critics emphasise the unreliability of Ponzi schemes, some participants view them as a gamble or a form of mutual aid. The MMM saga, now embodied in MMM Krypto, unfolds against a backdrop of historical controversies, legal troubles, and the ongoing tug-of-war between regulatory bodies and financial schemes exploiting vulnerabilities. As the MMM story evolves, anticipation builds for further chapters in the complex narrative of financial schemes and their enduring impact on global economies.