Newsletter 30102023

Newsletter 30102023: MarketForce exits 3 markets | X launches 2 new subscriptions

Another day, another week. Getting closer to the end of the year.
How far have you gone with the goals you set at the beginning of the year? Don’t worry. You still have two months till the end of the year.

One President that that doing a lot to increase trade in Africa is President Ruto of Kenya. Over the weekend during his keynote address at the Three Basins Climate Change Conference in Brazzaville, Congo, he stated that starting in 2024, “No African will need a visa to enter Kenya”. I hope other Presidents follow suit.

BUSINESS

MarketForce exits 3 markets: Focuses on Uganda and Social Commerce Spinout

In a significant shift, Kenyan B2B e-commerce firm MarketForce has shut down its operations in three of its five African markets. The company, however, remains poised for the introduction of a new social commerce venture.

MarketForce’s flagship application, RejaReja, primarily designed for informal retailers, will no longer cater to Kenya, Nigeria, Rwanda, and Tanzania. Instead, the platform, which facilitates easy ordering of fast-moving consumer goods directly from distributors and offers financial assistance, will continue exclusively in Uganda. ...…Continue reading

Sadly! WhereIsMyTransport shuts down due to a lack of funding

WhereIsMyTransport, an eight-year-old transportation data company based in South Africa, has announced that it is shutting down its operations due to unsuccessful attempts to secure new funding. Devin De Fries, the founder of this South African mobility startup, confirmed this decision in a LinkedIn post, attributing the closure solely to the inability to raise additional funds.

The company had previously successfully raised over $27 million in funding, expanded its reach to 140 locations across 22 countries, and employed around 200 people.

WhereIsMyTransport specialised in mapping both formal and informal public transportation networks, utilising the collected data to enhance the overall public transportation experience. Their goal was to create safer and more accessible commuting options. The startup also provided data licensing services to governments……Continue reading

SOCIAL MEDIA

X launches two new subscriptions; $16 per month and $3 per month

X, formerly known as Twitter, has launched two new subscriptions in an attempt to boost its revenue. These two new subscriptions are in addition to the current $8/month subscription service.

One of the new subscription services, called Premium+, costs $16 per month and it offers no ads in For You or Following and it offers the largest boost for your replies when compared to other existing subscription services. It also comes with revenue-sharing, along with access to other creator tools.

The second new subscription service is a “basic” plan and costs $3 per month. It carries the regular amount of ads but offers users a “small” visibility boost for their replies. Subscribers to this “basic” plan do not have the checkmark and do not have access to X’s media studio, but have the ability to edit posts and post longer text and videos.….Continue reading

Elon Musk Envisions X as Your Ultimate Financial Hub

Elon Musk, the billionaire owner of X, formerly known as Twitter, has ambitious plans for X, aiming to make it the epicenter of all monetary matters in our lives. During a recent all-hands meeting with X employees, Musk unveiled his vision for the platform, emphasizing its potential to redefine how we view and handle our finances.

According to a recording from the meeting, Musk’s intentions are grand. “Imagine a platform that encompasses every facet of your financial existence,” he expressed. He wasn’t merely referencing minor monetary transfers but highlighted a future where traditional banking could become obsolete. “You won’t even require a bank account,” Musk proclaimed…..Continue reading

OTHER STORIES

• Google expands its bug bounty program to target generative AI attacks. With concerns around generative AI ever-present, Google has announced an expansion of its Vulnerability Rewards Program (VRP) focused on AI-specific attacks and opportunities for malice. As such, the company released updated guidelines detailing which discoveries qualify for rewards and which fall out of scope..….Continue reading

• Global Automakers Rethink Electric Vehicle Strategies Amid Sluggish Demand. As the automotive landscape shifts towards sustainability, leading car manufacturers worldwide are revisiting their strategies around electric vehicles (EVs) due to unforeseen challenges in consumer demand. Recently, Ford disclosed its decision to delay $12 billion of investments aimed at enhancing its EV manufacturing capabilities. This setback includes halting the construction of an upcoming battery facility, marking the second such pause in just over a month…..Continue reading