8 JULY, 2021
IN PARTNERSHIP WITH
Good morning ☀️ ️
“Instagram is no longer a photo sharing app…the number one reason people use Instagram [apart from research] is to be entertained.”
– Adam Mosseri, head of Instagram
Heads up, Instagram is about to experiment with new features, especially showing you things from people you may not be following yet.
In today’s edition:
- Ghana Chronicles
- How Lagos plans to reduce corruption behind traffic jams
- Daystar Power secures $20 million from IFC
- Tix closes six-figure pre-seed funding
What’s with the hype about Mobile Money?
This question has been on my mind for a while. Almost everywhere I turn in Ghana, I see a sign that says you can pay with mobile money. I’ve always wondered why people can’t just use their mobile banking app or USSD to pay.
Maybe it’s because I’ve never had any cause to use mobile money even though it exists in Nigeria. I’ve just seen it as a great option for the unbanked.
To satisfy my curiosity, I asked around. Many people told me interbank transfers aren’t as seamless in Ghana as they are in Nigeria. For instance, a friend told me that she can’t transfer money from her Stanbic app to another bank, another told me his Fidelity bank app can do that but it’s not seamless.
A large number of people didn’t even know what the bank app could do since they’ve never even used it.
So for many people, the alternative is to go to the bank, queue up and perform the transaction. Sounds like stress.
I’ve always known mobile money was big in Ghana, but I never considered that it was partly because the other banking platforms didn’t work as well as they should, compared to Nigeria. I doubt mobile money can gain a stronghold in Nigeria like it has in Ghana. I also doubt the banking platforms can displace mobile money in Ghana – but time will tell.
Let’s take a break from talking about different meals for a day.
At first I didn’t think much about this sticker/stamp on top of drinks until I saw it many times. This is just the Ghanain government being deliberate about tax collection on drinks.
Breakfast with Idris Bello of Lofty Inc and Moulaye Taboure of Afrikrea was quite a learning experience. Taboure shared the story of Afrikrea starting in 2015 in Abidjan, Côte d’Ivoire as a marketplace for African-based and inspired clothing, accessories, arts, and crafts. It has gone on to power commerce and exports in Africa.
Kosmos Innovation Center
I visited Kosmos Innovation Center (KIC), a project by Kosmos Energy, an American upstream oil company, to incubate and fund agritech companies. It first started as a CSR program and is now a stand-alone entity. One thing that’s obvious when you step into the big compound is the bold inscription, ‘Fire in the belly.’ A reminder that they want to work with founders and teams who have a powerful sense of ambition or determination. It’ll be great to see many more energy companies investing in startups.
Claron Medical Centre
The last stop was at Claron Medical, where I got some insights into the healthcare space in Ghana.
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Here’s how Lagos plans to reduce corruption behind traffic jams