Last Week Review: November 6 - November 12, 2023

Google Rolls Out New Search Generative Experience (SGE) in Sub-Saharan Africa:

• Google introduced Search Generative Experience (SGE) in Sub-Saharan Africa as an opt-in experiment in Search Labs.
• SGE provides users with an AI-powered overview of key information at the top of search results, helping users find answers quickly.
• The experience is currently available in English and will expand to more languages and regions in the future.
• Google aims to show more links from a wider range of sources, enhancing content discovery.
• Search ads will still appear in dedicated slots, maintaining ad transparency.

Flutterwave Obtains IMTO License in Malawi, Expanding Cross-Border Remittance Services:

• Flutterwave, a leading payments technology company, secured an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi.
• The license allows Flutterwave to process international remittances into Malawi, providing competitive rates, faster transfers, and 24/7 customer support.
• The move aligns with Flutterwave's commitment to regulatory compliance and supports Malawi's goal of fostering financial inclusion and digital economic growth.

Bolt Food to Exit Nigerian Market:

• Bolt Food, the food delivery arm of Estonian ride-hailing company Bolt, announced its exit from the Nigerian market on December 7, 2023, citing "business reasons."
• Intense competition and rising fuel and food costs contributed to the decision.
• The impact on consumers, restaurants, and delivery drivers was discussed, emphasizing potential challenges and opportunities in the evolving food delivery market.

Gozem's Acquisition of Moneex Signals Super App's Ambitions in Fintech:

• Gozem, a Francophone Africa super app, acquired Beninese fintech startup Moneex to launch its mobile money solution, Gozem Money, in Togo and Benin.
• Moneex's expansion from cryptocurrency-based remittances to multi-currency accounts aligns with Gozem's commitment to providing essential digital services across Africa.
• Gozem, originally a ride-hailing app, has evolved into a multi-vertical super app offering various services in multiple African cities.

How to Book Train Tickets Online for Lagos-Ibadan in 2023:

• The Nigeria Railway Corporation (NRC) introduced an e-ticketing platform for the Lagos-Ibadan train route in 2023.
• Key details highlighted, including the booking process, ticket prices, payment methods, and precautions against fraud.
• Acknowledgment of challenges in the e-ticketing platform, with ongoing efforts to enhance the online booking experience.

Nigerian Startups Awabah, Dataleum, Zuri Health, and Emergency Response Africa Triumph at Global Startup Awards Africa:

• Nigerian startups received awards in various categories at the Global Startup Awards Africa (GSA Africa) Summit in Addis Ababa, Ethiopia.
• Recognition for innovation and impact, showcasing the vibrant tech ecosystem in Nigeria.
• The GSA Africa initiative, launched in 2021, aims to highlight and connect startups across the continent.

AI's Role in Crafting a Transparent Business World:

• Exploration of how artificial intelligence (AI) transforms transparency in organizations.
• The analytical power of AI, fostering mutual accountability, AI in human resources, compliance, financial transparency, and the potential future integration with blockchain are discussed.
• Ethical considerations are emphasized, including the balance between transparency and privacy, algorithmic fairness, and AI's role in setting new standards for transparency.

Fez Delivery Unveils Eco-Friendly Electric Bikes for Last-Mile Services in Nigeria:

• Fez Delivery introduced a fleet of electric bikes, "FEZ ECO," for eco-friendly last-mile delivery services in Nigeria.
• The move aligns with Fez Delivery's commitment to sustainability and addresses the demand for environmentally friendly delivery solutions.
• The benefits of FEZ ECO bikes are highlighted, including cost savings, zero-emission transportation, improved maneuverability, and real-time tracking.

Green Digital Utility Startup Rejects $1.5 Million Loan Due to Unfriendly Terms:

• WiSolar, a green digital utility startup, declined a $1.5 million loan from the Industrial Development Corporation (IDC) of South Africa.
• Reasons for rejection included misaligned stakeholder interests, patronizing relationships, excessive disclosure requests, indifference to other stakeholders, and lack of value-added contributions.
• WiSolar emphasized the importance of funding aligned with mission and values, cautioning entrepreneurs against accepting funding that compromises their vision.

Nigeria Opens Savings Bond Sale with Higher Returns:

• The Debt Management Office (DMO) initiated the subscription for two-year and three-year Federal Government of Nigeria bonds for October with interest rates up to 13.4%.
• Subscription period from November 6th to November 10th, 2023.
• Investors are encouraged to contact authorized agents and bonds traded on the NGX.
• The benefits of investing in the Savings Bond outlined, include safety, competitive returns, flexibility, and liquidity.