Would President Tinubu Fulfill His Promises To Startups?

🌟 Welcome to Your Midweek Update from StartupsVibes! 🌟

As we step into the midweek hustle, let’s take a moment to catch up on what’s buzzing. If you’ve been wondering about the ongoing protests in Nigeria and their impact on the startup scene, you’re not alone. While the noise from the streets is gradually fading, the ripple effects are still being felt. But fear not—our startups are navigating through these times with resilience and innovation.

It’s been an eventful few days since Sunday, and there’s a lot to unpack. From pivotal moments to emerging trends, we’ve been keeping a keen eye on the action to bring you the freshest updates. As we gear up for the big stories dropping this weekend, we’ve put together a quick rundown of the most exciting developments you might have missed.

So relax and let’s look into the latest and greatest in the world of startups. Here’s to making it through the week with a burst of inspiration and insider knowledge! 🚀✨

Happy reading!

VIBES LIST

Editorial - Would President Tinubu Fulfill His Promises To Startups?
Interview: MonITNg Is Advocating For Nigerians Against the Government
Mobuis Motors To Shutdown
MTN Now 100% Owners of MoMo
Chicken Lovers, We’ve Got Good News
Event: Founders Opinion With Otoloye, CEO of Wajusoft

#EndBadGovernanceProtest: The Tinubu Address and Promise to Startups

On Sunday, amidst a wave of nationwide protests and hunger strikes, President Bola Ahmed Tinubu took to the airwaves to address the nation. He urged the youth to pause their demonstrations and laid out a series of promises aimed at tackling the pressing issues of bad governance and economic hardship.

Here at StartupsVibes, we dove into Tinubu’s speech to see how his promises could shape the future for startups. And guess what? The President has big plans for the startup ecosystem!

Here’s the scoop:

• Funding Boost: Tinubu is set to roll out increased funding for startups, fueling innovation and growth.

• Regulatory Streamlining: Expect simpler, more business-friendly regulations to help startups thrive.

• Enhanced Security: Improved security measures are on the way to ensure a stable environment for businesses.

Tinubu’s promises aren’t just about giving startups a boost; they’re also aimed at creating jobs and driving economic recovery. But how feasible are these promises?

The Reality Check: While the increased minimum wage and essential commodity distribution are welcome, they only scratch the surface. Nigeria’s high unemployment rates, inflation, and security issues present significant hurdles that will need to be addressed to truly transform the business landscape.

Stay tuned as we keep an eye on these developments and what they mean for you and your startup!

How MonitNG is Empowering Nigerian Communities with Data and Transparency

We are thrilled to share our latest conversation with Uadamen Ilevbaoje, the visionary Founder and CEO of MonitNG. This groundbreaking civic tech company is transforming the landscape of government transparency and civic engagement in Nigeria.

In this insightful interview, Uadamen reveals:

• The Inspiration Behind MonitNG: Discover what sparked the creation of this innovative platform and how it aims to bridge the gap between citizens and government institutions.

• Challenges and Triumphs: Uadamen shares the hurdles faced during MonitNG’s launch and the strategies used to overcome them.

• Impactful Work: Learn about the significant strides MonitNG is making to enhance accountability and foster better governance through data and transparency.

Uadamen’s deep expertise in civic technology is driving real change and empowering Nigerian communities. Don’t miss this chance to hear directly from a leader who is redefining how technology intersects with civic life!

Read the full interview here and get inspired by MonitNG’s incredible journey!

Mobius Motors to Shut Down Amid Financial Woes

Mobius Motors, the Kenyan manufacturer known for its rugged, affordable SUVs, has announced it will cease operations under the Insolvency Act. The company has struggled with significant financial difficulties, including issues with paying suppliers and employees, leading to its decision to liquidate. A creditors' meeting is scheduled for August 15, 2024, at the Mobius Factory in Nairobi, where KVSK Sastry is expected to be appointed as the liquidator.

Founded by British entrepreneur Joel Jackson, Mobius aimed to provide durable, low-cost vehicles for SMEs and remote areas. Despite raising $56 million and launching models such as the Mobius I, II, and III, the company couldn’t overcome competition from imported second-hand vehicles and high debt levels. These challenges ultimately led to its financial downfall.

The closure of Mobius Motors underscores the difficulties faced by local manufacturers in East Africa’s automotive market and raises questions about the support for domestic industries. The situation also highlights the impact of global competition and the challenges for venture-backed startups in developing economies.

MTN Nigeria Acquires Full Ownership of MoMo PSB

MTN Nigeria has finalized the acquisition of the remaining minority shares in MoMo Payment Service Bank (MoMo PSB) from Acxani Capital for ₦6.95 billion, transitioning the fintech solution into a wholly-owned subsidiary. This transaction, disclosed on the Nigerian Exchange (NGX) website, reflects MTN Nigeria’s strategic move to consolidate its control over MoMo PSB, initially licensed by the Central Bank of Nigeria (CBN) in 2022. The agreement also included a broader financial restructuring, leading to a ₦12.97 billion reduction in MTN’s “Other Reserves” and a total expenditure of ₦16.35 billion.

By the end of Q2 2024, MoMo PSB reported substantial growth with 5.5 million active wallets, up by 701,000 from Q1, and revenue for the first half of 2024 reaching ₦48.6 billion, an 11% increase from ₦43.6 billion in H1 2023. The company's airtime lending service, Xtratime, played a significant role in this growth. Additionally, the number of MoMo agents surged to 239,000, marking an increase of about 498,000 agents within six months, while transaction volume saw a 33.4% year-on-year rise.

Despite a 72% decline in cash held for customers from ₦7.6 billion at the end of 2023 to ₦2.15 billion in mid-2024, MoMo PSB maintained a liability of approximately ₦26.6 billion to MTN Nigeria, with ₦11.2 billion paid during the half-year. The acquisition is expected to enhance MTN’s ability to leverage MoMo’s growth trajectory, further boosting its financial technology offerings and market presence in Nigeria. The steady increase in active wallets, agents, and transaction volumes underscores MoMo’s significant potential in the Nigerian fintech landscape.

Chowdeck and Chicken Republic Forge Exclusive Partnership

🍗 Exciting News for Chicken Lovers in Lagos and Ibadan! 🍗

Get ready, Lagos and Ibadan! Chowdeck and Chicken Republic have teamed up for an exclusive partnership that’s about to make your lunch breaks a whole lot tastier. From now on, the only place you can get your favorite Chicken Republic meals delivered is through the Chowdeck app. This is no ordinary partnership—it's a match made in foodie heaven!

🎉 What’s the Buzz About? 🎉

You might have caught the sizzling excitement online when Chowdeck and Chicken Republic slashed the price of their famous Refuel Meal to just ₦1,000. That was just a teaser for what’s coming! With this new deal, Chowdeck becomes the go-to delivery service for Chicken Republic’s menu in both cities. Say goodbye to those long lines and hello to a world where deliciousness is just a few taps away.

📈 What Does This Mean for You? 📈

Expect a delivery experience that’s smoother than ever! This partnership means you’ll enjoy Chicken Republic’s finger-licking meals at unbeatable prices, all delivered straight to your door. With Chowdeck’s fast-growing delivery network and Chicken Republic’s beloved menu, your mealtime just got an upgrade.

🚀 Voices from the Top 🚀

Kofi Abunu, the CEO of Food Concepts PLC (the masterminds behind Chicken Republic), is thrilled about this collaboration. “Our fans in Lagos and Ibadan are in for a treat,” he says. Meanwhile, Femi Aluko, CEO of Chowdeck, is equally excited. “We’re bringing together our delivery prowess with Chicken Republic’s awesome food to make your dining experience extraordinary,” he promises.

🌟 Looking Ahead 🌟

This partnership isn’t just about tasty meals; it’s part of Chowdeck’s grand plan to expand its reach. With past collaborations like Shoprite under their belt, Chowdeck is proving that innovation and strategic alliances can truly enhance the food delivery game. So, buckle up for a flavorful journey with Chowdeck and Chicken Republic—your next meal is just a click away!

Stay tuned and hungry, Lagos and Ibadan! 🍴✨

Event: The Engineers To Founders (ETF) Weekly Webinar

📣 Exciting Announcement from the Engineers To Founders Forum (ETF)!

The Engineers To Founders Community is excited to announce and invite you to an insightful conversation with Otoloye, the visionary CEO of Wajusoft! 🚀

Wajusoft, under Otoloye's leadership, has transformed from a modest development shop into a dynamic startup that now serves companies across nearly every continent. Headquartered in the US, Wajusoft's rapid evolution is a testament to Otoloye's resilience, innovation, and strategic brilliance.

Join the Founders Opinion to gain insights from Otoloye's remarkable journey and discover the strategies that have propelled Wajusoft to global success. Don’t miss this opportunity to be inspired by one of the leading minds in the industry!

Stay tuned for more details and prepare to be inspired! 🌍✨

For more details and to register, visit StartupVibes. Don't miss out on this chance to transform your engineering skills into entrepreneurial success!