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July 21, 2022

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Good day , 

Victoria here,

Netflix reported a 970,000 subscriber loss in the second quarter, exceeding expectations of a 2 million loss.

Although the quarter ended with a net loss of subscribers, the streaming behemoth expects to add 1 million subscribers in the third quarter.

Remember that Netflix addressed slow revenue growth in the second quarter, blaming it on competition, account sharing, and other factors like slow economic growth and the Ukraine war.

While the streaming service has not commented on the recent drop in subscribers, experts believe it is due to the proliferation of streaming services. As more studios introduce their streaming platforms, like HBO Max, Disney+, Hulu, and Amazon Prime Video, Netflix's library of movies, series, and even games will be limited.

For context, listen to today’s podcast here.


Today, I’ll be discussing:

  • Eunice Ajim’s guide on choosing a cofounder
  • Kenya's battle with cross-border fintechs
  • Africa's first Cyber Security Fusion Centres
  • CFAO Motor’s partnership

Unrelated, but if you've been reading Techpoint Digest in Spam, please click the three dots in the upper right corner and select "Report not spam."

Eunice Ajim’s guide on choosing a cofounder

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Chimgozirim's latest story is about Eunice Ajim's advice on choosing a co-founder. But before you read that, I'd like to mention something interesting about Eunice.

First off, Eunice is an Ajim Capital Founding Partner. In 2012, while studying for a Bachelor of Mathematics and Statistics in Louisiana, she started a hairstyling business with little help from her family to pay her bills.

You could say she is neither mediocre nor unintentional.

Like many people, she didn't feel she was in the right place even after landing her first job at Apple right out of college. And after a year at Apple, she said, "Man, I really hate working in corporate America." If you're like her, raise your hands. 😂

Basically, working at Apple was not innovative; she wanted to try new things.

So, with a background in data science, she built dataGig, a data science marketplace. And a year later, she decided to raise some funds from investors, but she met an investor who admired what she was doing.

Meeting the investor prompted her to shut down dataGig eventually, and she collaborated with the investor to launch OpenTeams.

Eunice immersed herself in OpenTeams. And the company fared better, raising more than $3 million from investors, but she soon discovered other problems. You must read it for yourself.

Back to my introduction, she offered startup founders advice to help them in their journey, especially regarding fundraising and finding a co-founder. Enjoy your morning tea with this: “The wrong co-founder will bring your startup to the ground” – Eunice Ajim of Ajim Capital

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Kenya's battle with cross-border fintechs

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Globally, money laundering regulations are stringent, and laws must be updated regularly.

According to the United Nations, people attempting to conceal the origin of illegally obtained funds by using foreign banks or legitimate businesses as a front generate approximately 2-5% of the world's GDP (800 billion to $2 trillion).

Customers of financial institutions might use a loophole to facilitate their criminal process, or a company or its founder may be directly involved in money laundering activities.

Consequently, financial institutions place a premium on know-your-customer (KYC) requirements when opening an account. Because of the risk of financial loss, organised crime, and terrorism, the financial sector is one of the world's most heavily regulated.

Despite strict regulations governing financial institutions, money laundering continues to drain an estimated $1.6 trillion annually from the global economy.

Traditional financial institutions have long struggled to keep up with the dynamism of fraudsters constantly inventing new ways to launder money, but research shows that fintechs face greater risks.

In the past two weeks, three Nigerian fintech startups — Flutterwave, Korapay, and Kandon Technologies — were charged with money laundering and fraud in Kenya.

In East Africa Weekly, Emmanuel examines Kenya's battle with B2B cross-border fintechs over money laundering allegations. You're probably munching on something right now; enjoy that with this: Kenya’s grapple with cross-border fintech companies over money laundering could get messier

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Africa's first Cyber Security Fusion Centres

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Liquid Cyber Security, a Cassava Technologies company, launched the first of its matrix of Cyber Security Fusion Centres yesterday, July 20, 20222, in Johannesburg, South Africa.

According to the company, the launch of the Fusion Centres demonstrates its commitment to investing in South Africa to provide world-class services to local businesses.

Businesses and governments in Africa will access Liquid's network of Security Fusion Centres located in key markets.

Liquid plans to respond to threats using a strategic, tactical, technical, and operational threat intelligence approach, allowing teams to make informed decisions while mitigating the threat for customers.

These centres will provide threat intelligence and consolidate the existing Liquid Cloud Operations and Liquid Network Operation Centres, ensuring customers have comprehensive end-to-end security support across cyber security, cloud, and networks.

For more information, read here: Liquid Technologies launches Africa’s first Cyber Security Fusion Centres in South Africa

CFAO Motors partnered with ETAP

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CFAO Motors, the sole distributor of Suzuki cars in Nigeria, has partnered with ETAP, an insurtech startup, to provide seamless insurance access with every new vehicle purchased through the Suzuki network in Nigeria.

CFAO Motors, a division of the CFAO Group, meets the mobility needs of professionals and individuals. It offers a multi-brand offering in all mobility-related sectors and provides automotive products like two-wheelers, marine engines, handling equipment, tyres, and spare parts.

ETAP, founded by Ibraheem Babalola, digitises the insurance purchasing and claiming process. It also develops solutions and incentives to improve Africa's automotive experience.

This new collaboration with ETAP is part of a CFAO initiative by Suzuki to integrate more technology solutions into the driving experience, from sales to after-sales, and to improve the automotive value proposition for its drivers.

Consequently, ETAP will add Suzuki's repair shops to its partner repair centres for ETAP customers' claims repairs and other after-sales services.

Drivers can earn Safe Driving Points through ETAP's "Shared Value Insurance" model, which can be exchanged for shopping vouchers for fuel, concert tickets, and at popular retail outlets, cinemas, and other exciting experiences.

What I'm reading and watching

Opportunities

  • Applications for the Snapchat 523 Program 2022 are now open. The Black Creator Accelerator will provide a $10,000 monthly stipend to 25 aspiring Black creators to pursue creative endeavours and connect them with opportunities to create long-term, full-time careers. Apply here.
  • PwC is looking for a Knowledge Zone Associate. Apply here.
  • Brimble is looking for a Frontend Engineers. Apply here.
  • Klas is currently hiring software engineering interns. Send your CV here.
  • Google is hiring a Software Engineer. Apply here.
  • Chimoney is hiring a senior Software Developer in Nigeria. Apply here.
  • Anyone interested in data analytics can apply for internships and scholarships here.
  • Meta is hiring product designers. Apply here.
  • Simpu is looking for a business strategist. Check it out here.
Have a terrific Thursday!
victoria_3

Victoria Fakiya (@latoria_ria)

 

A writer with ADHD who is interested in mental health and how technology is improving the lives of Africans with mental disorders.

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