Kenya Beats Nigeria to Startups Funding in H1 of 2024

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Kenya Beats Nigeria to Startups Funding in H1 of 2024
Another Crypto Exit - OKX Discontinues Service in Nigeria
Meta Rolls Out New Features For It’s Social Media Apps
MultiChoice: From Subscription Price Hike to N100M for #BBNaija9
Nigeria’s Internet is the 7th Fastest in Africa. True?
Event Of The Week: The ETF Weekly Webinar

Kenya Beats Nigeria to Startups Funding in H1 of 2024

Kenya has emerged as the leading destination for startup funding in Africa for the first half of 2024, surpassing Nigeria. According to data from various reports, Kenyan startups attracted a total of $244 million, representing 32% of the total $780 million raised across the continent. In comparison, Nigerian startups secured $172 million, making up 23% of the total funds raised​​.

Despite the overall decline in startup funding across Africa, which saw a 57% drop from the first half of 2023, Kenya's performance stands out. This shift highlights Kenya's growing reputation as a hub for innovation and entrepreneurship, particularly in sectors like clean energy and digital finance. Notably, Kenyan startup M-Kopa secured a significant $51 million funding round, bolstering the country's lead​.

Nigeria, traditionally a powerhouse in African startup funding, has seen a decrease in its share, although it still ranks second. This change underscores the dynamic and competitive nature of the African startup ecosystem. Other countries in the "Big Four," including Egypt and South Africa, also contributed significantly, with $101 million and $85 million respectively.

The majority of the funding in the first half of 2024 was directed towards the transport and logistics sector, followed by fintech. Despite the dip in overall funding, the increasing share of debt financing indicates a strategic shift among startups and investors in response to global economic uncertainties.

This impressive performance by Kenya not only reflects the country's strategic positioning as a gateway to East Africa but also its robust tech ecosystem, particularly in Nairobi, often referred to as "Silicon Savannah"​​.

OKX Discontinues Service in Nigeria Amid Regulatory Scrutiny

OKX, a prominent cryptocurrency exchange, has announced its decision to cease operations in Nigeria. The move comes in response to recent changes in local laws and heightened regulatory scrutiny. Starting August 16, 2024, Nigerian users will be unable to open new positions or access services on the platform, except for withdrawals and the closing or redemption of open positions.

The decision was driven by ongoing assessments of policies in the markets OKX serves. Users are advised to review their accounts and withdraw their assets by August 30, 2024, to avoid potential restrictions on remaining balances. After this date, any account-related actions will require contacting customer service​​.

This development follows broader regulatory actions in Nigeria, where the Central Bank has been actively monitoring cryptocurrency transactions. Financial institutions have been directed to identify individuals and entities transacting in cryptocurrencies, specifically targeting platforms like Bybit, KuCoin, OKX, and Binance. The Central Bank aims to mitigate economic issues attributed to speculative trading and unregulated crypto activities​.

For further assistance, OKX users are encouraged to contact the exchange's support team to ensure a smooth transition and secure their assets before the service discontinuation.

Meta Rolls Out New Features for Its Social Media Apps

Meta has introduced exciting new features for WhatsApp and Instagram aimed at enhancing user experience and creativity on its platforms.

WhatsApp: Favorite Filter WhatsApp has launched a new "Favorite Filter" feature, making it easier for users to find their most important conversations. The filter options include All, Unread, and Groups, helping users quickly access specific types of chats without scrolling through their entire inbox​.

Instagram: Multitrack Audio for Reels Instagram has added Multitrack Audio to its Reels editing tools, allowing creators to layer multiple audio tracks within a single reel. This feature, part of a broader update to Reels, includes new editing capabilities like splitting clips, adjusting speed, and replacing segments without altering the overall timeline. These updates aim to provide more flexibility and creativity in content creation​.

These updates reflect Meta's ongoing commitment to improving user engagement and creativity across its platforms.

MultiChoice: From Subscription Price Hike to N100M for #BBNaija9

MultiChoice, the parent company of DStv and GOtv, has announced a subscription price hike, citing economic challenges such as the high cost of electricity, generator operations, and difficulties in accessing foreign exchange. This marks the third price increase for its services since last year, with the latest hike being approximately 25% to 26% across various packages​.

Despite the court order from the Federal Competition and Consumer Protection Tribunal (FCCPT) in Nigeria to halt these increases, MultiChoice has reverted to previous prices temporarily but plans to challenge the ruling. The company has been grappling with financial losses attributed to the devaluation of the Naira and power supply issues in South Africa, contributing to a net loss of 1.32 billion rand ($72.4 million)​.

Interestingly, while MultiChoice faces these economic hurdles, it is also investing heavily in entertainment. The company has allocated 100 million Naira for the upcoming Season 9 of Big Brother Naija (BBNaija), demonstrating its commitment to maintaining a strong entertainment lineup despite financial challenges​.

THE DEBATE: Nigeria’s Internet is the 7th Fastest in Africa. Do you agree?


In the recently released Worldwide Broadband Speed League 2024 report by Cable.co.uk, Nigeria has been ranked 7th in Sub-Saharan Africa for internet speed.

The claim that Nigeria's internet is the 7th fastest in Africa has been argued as not entirely accurate based on the most recent data. According to the Speedtest Global Index by Ookla, Nigeria ranks 23rd in Africa and 146th globally in terms of internet speed, with an average download speed of 24.22 Mbps. This puts Nigeria significantly behind the top five African countries, which include South Africa, Burkina Faso, Ghana, Gabon, and Ivory Coast, all boasting much higher speeds​. This was reported by Business A.M. Live.

Kenya, for instance, has a faster mobile internet speed ranking, having moved up five positions to 87th globally, while Nigeria only improved by one position to 92nd​ (Ventures Africa)​​ (Top Africa News)​. Despite these improvements, both Nigeria's mobile and fixed broadband internet speeds still lag behind many other African countries that have invested more aggressively in their internet infrastructure​ (Nation)​.

In conclusion, while Nigeria has made some progress, it is not currently among the top contenders for the fastest internet speeds in Africa. Investments in infrastructure and regulatory improvements are needed to elevate Nigeria's standing in the continent's internet speed rankings.

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