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Editor’s Note
- Week 24, 2023
- Read time: 5 minutes
Hello ??
Here is a few of this week’s most interesting tech stories from accross the world this week.
Pamela Tetteh Editor, TechCabal.
Editor’s Picks
 | Meta’s case in Kenya drags onA June 2 court ruling found that Meta is the principal employer of 184 content moderators. Sama, its former content partner, is caught in the middle while Meta appeals the ruling. |
 | Globus Bank gets hackedThrough a sneaky USSD glitch, hackers wiggled their way into Globus Bank’s system and made off with ₦1.755 billion ($3.7 million) from unsuspecting customers’ accounts. |
 | 45 Fluterwave accounts frozen in KenyaNigerian fintech company, Flutterwave, has been sued by 2,468 Nigerian nationals in a Kenyan court, for allegedly being the medium through which they were defrauded of Ksh1.6 billion ($12.04 million). |
 | MTN caught in a crossfire in CameroonThe bank account of MTN’s branch in Cameroon, which contains 14 billion CFA francs ($22 million) has been seized in the middle of a fight that MTN has nothing to do with. Now it’s affecting all of MTN’s operations in the country. |
 | No dividends for Multichoice shareholdersThe dividends of Multichoice’s shareholders are taking a detour this year. The company is diverting all that money to funding of its streaming platform, ShowMax, because it believes that ShowMax can bring in blockbuster returns. |
 | Green city gets half of Kenya’s ICT budgetThe Kenyan government has allocated $110 million for the ICT industry. However, nearly half of that amount will be used to develop Konza, a green city outside Nairobi |
 | Kenyan Hustlers get more fundingStill on the subject of budgets, Kenya has allocated Ksh. 10 billion ($72 million) to Ruto’s Hustlers Fund. This fund was launched in 2022 to support Kenyan SMEs and has reportedly reached 16 million people so far. |
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 | Nigeria unifies exchange rateNigeria’s Central Bank (CBN) has floated the naira in a bid to loosen its control of the exchange rate, and eventually unify it. |
 | Proposed content creator tax down to 5%Cue the sigh of relief! Content creators in Kenya won’t have to pay 15% tax anymore. Just a week after President William Ruto issued his command to review Kenya’s proposed content creator tax, the tax has be cut down to 5% |
 | YouTube relaxes monetisation rulesYouTube is relaxing the rules for its partner program, so new creators can start earning as early as possible from their video-making careers. However, it is still not rosy for new content creators. |
Who brought the money this week?
- Nigerian communications-as-a-service startup, Termii, raised $3.65 million in pre-seed funding.
- Egyptian logistics company, Trella, received $3.5 million in an undisclosed funding round from private equity fund, Avanz Capital Egypt.
- South African agri-tech company, Maltento, raised $3.3 million in an undisclosed funding round from Sand River Venture Capital.
- Nigerian logistics company, Messenger, raised an undisclosed amount in pre-seed funding. The round was led by Nama Ventures, with participation from Aidi Ventures and other angels.
