Africa’s Flutterwave acquires Railsr, a UK fintech company
Utụtụ vọ,
The AI company, OpenAI, plans to launch a premium paid version called ChatGPT Professional.
OpenAI made ChatGPT freely available in November 2022. However, reports indicate that the company is already considering various methods of monetization.
The AI company has created a Google Forms waiting list for interested parties.
OpenAI says those who complete the form may be selected to pilot ChatGPT Professional.
However, the company claims that it is currently experimenting with the program and that it will not be made globally available “at this time.”
Important: Pitch Friday is tomorrow Friday the 13th. January 2023. Fill in this form to present an idea or start-up. Register here to participate. The venue is 43b Emina Crescent, Allen, Ikeja and the time is 4pm WAT.
Here’s what I have for you today:
- Invisible Disabilities in a Nigerian Workplace
- The implications of the Mental Health Act 2021
- How to protect yourself from a crypto exchange collapse
- Flutterwave acquires Railsr
- Telkom ends calls with Rain
Invisible Disabilities in a Nigerian Workplace
Living with an invisible disability can be difficult because people may not always believe you when you tell them you have a condition that limits or challenges your movements, senses or activities.
Here’s an example: In November 2022, I traveled for a friend’s wedding. The night before she started the “Victoria said she’s autistic” conversation with me and another friend of ours.
She doesn’t think I’m autistic because she has an image of what an autistic person looks like.
Although I was not surprised, the discussion was draining. I tried to explain how difficult school was for me and how challenging work could be. But she chose not to listen.
But our mutual friend tried to get her to see my point. Still not convinced, she was like, “Is that why you shake? Does your autism make you shake?” While I thought that question was funny, I answered in the affirmative.
In his latest post, Oluwanifemi spoke to professionals with invisible disabilities in the workplace.
An invisible disability, also known as a hidden disability or non-visible disability (NVD), is a non-visible physical, mental or neurological condition.
For example, autism, attention deficit hyperactivity disorder (ADHD), dyslexia, glaucoma, depression or diabetes are not immediately apparent. But that doesn’t mean they don’t affect people’s abilities.
Oluwanifemi’s piece goes deep into the struggles of people with invisible disabilities in Nigeria. It examines how they navigate work and what employers can do.
You can watch it here: Living with an invisible disability in a Nigerian workplace
Alternatively, you can read a summary of the piece here: Inside the lives of professionals living with invisible disabilities in Nigerian workplaces
The implications of the Mental Health Act 2021
Last week, on January 5, 2023, Nigerian President Muhammadu Buhari signed the Mental Health Bill 2021 into law.
Why does it matter? Nigerians have been under an “outdated and inhumane” law called the Lunacy Act of 1958 for a long time.
For context, the Insanity Act allows police officers and court officials to forcibly incarcerate people with actual or perceived mental illness for months or years because they believe someone showing signs of a mental illness is insane.
This may explain the stigma attached to mental illness and discrimination against people with mental illness, and why mental health resources, staff and care are very scarce in Nigeria.
But all these are about to change with the Mental Health Act 2021. It states that every Nigerian can and should receive mental health care with the same dignity and respect as other medical cases.
Nigeria now recognizes mental illness as an illness that anyone can have due to a disturbance in cognition, emotional regulation or behavior.
The law defines and protects the rights of Nigerians with mental illness. It provides equal access to treatment and care, counters stigma and discrimination, and sets standards for psychiatric practice in Nigeria, among other provisions.
If you want to know more about what the Mental Health Act 2021 means for you as a Nigerian or for healthtech startups in the country, please read: Mental Health Act 2021: What does it mean for Nigerians and healthtech startups?
How to protect yourself from a crypto exchange collapse
I don’t understand the fascination with something as volatile as cryptocurrency. Even after the recent FTX collapse, I have a few acquaintances who aim to invest more money in crypto in 2023.
But if you invested last year and the fall of FTX has weakened your faith in centralized exchanges (CEX), you are not alone.
Bolu understands your anguish and has provided information on how to protect yourself from a potential collapse in 2023.
Before we get there, you need to understand that CEX is essential to crypto. Although Bolu has used decentralized exchanges (DEX), most of his crypto transactions happen on CEXs.
But what is the difference between CEX and DEX? The difference between a centralized and decentralized exchange is that the former is an intermediary between you and the blockchain, while the latter offers direct interaction.
An easy way to understand this is to know what crypto wallets are. A wallet is an essential part of any crypto activity and its primary function is to store cryptocurrencies.
Third parties such as Binance, Quidax, Coinbase or Bundle provide a centralized wallet. These companies interact with the blockchain on your behalf by carrying out your instructions.
To use such wallets, you create an account just like any other fintech application, complete with KYC protocols, username and password.
On the other hand, a decentralized wallet is connected directly to the blockchain and requires no KYC. Instead of a username and password, you get an address and a private key.
In his latest article, Bolu shows how you – trader or crypto enthusiast – can use CEX and DEX favorably in 2023.
Read it here: How to protect yourself against a crypto exchange collapse in 2023
Flutterwave acquires Railsr
African fintech startup Flutterwave is reportedly planning to acquire Railsr, a UK fintech company, along with some of Railsr’s existing shareholders.
Railsr, formerly known as Railsbank, specializes in embedded finance solutions including banking, credit cards and digital wallets.
The company has raised over $187 million in equity funding from prominent investors, including Visa.
In early 2022, it was reportedly seeking a $100 million investment, and in October 2022, it closed a $46 million Series C funding round.
In addition, the company has made some significant acquisitions, including the German company Wirecard in August 2020.
However, the economic downturn has affected Railsr, causing it to lay off several unspecified employees and reduce operations.
Northern Borealis, a Cyprus-based shipping company, also sued PayrNet, a Railsr subsidiary, for failing to pay out money from its account.
Flutterwave helps merchants accept payments online and at the point of sale in several ways.
If this deal goes through, it will be Flutterwave’s second publicly disclosed acquisition since the company paid an undisclosed sum in 2021 to acquire its creator platform, Disha.
Telkom ends calls with Rain
South African telecommunications company Telkom has announced that it has ended talks with Rain, a mobile communications company in the country, about a potential acquisition.
On 30 September 2022, Rain formally proposed to Telkom to buy it with newly issued shares.
However, Telkom has said: “After initial discussions, but prior to due diligence, the parties have decided that a suitable transaction is not possible at this time.”
Remember we saw a series of conversations between Telkom, Rain and MTN.
In July 2022, MTN and Telkom said they were in preliminary talks about a possible merger.
However, Rain told the press in August that it had submitted a proposal to Telkom.
But Telkom denied receiving the proposal and the Takeover Regulation Panel instructed Rain to withdraw its statement, claiming it was made without permission.
A month later, Rain withdrew the announcement of the Telkom merger offer and issued a duly approved formal proposal.
MTN, on the other hand, walked away due to Telkom’s discussions with Rain.
In case you missed it
What I read and watch
Possibilities
- If you are a product designer and a researcher looking for (remote) jobs and internships in the US and Canada, please check this out.
- If you are a software engineer, creative designer, product manager, design researcher or a technician looking for an internship role, please check out this website.
- Check out more design internship roles in the US here.
- Enyata is hiring a product designer. Send your portfolio and CV to [email protected].
- The American company Outliant is looking for a Contentful Full-Stack developer to work remotely with them. Search here.
- Flutterwave is hiring a product designer. Search here.
- If you are a student, you can now apply to the Rice Business Plan Competition 2023 for Student Startups. To apply, check this out.
- The Africa Incubation Blockchain Program is a 4-month intensive program designed to help participants develop and launch their blockchain projects. Search here.
- Misk Entrepreneurship has partnered with Plug and Play to launch the fourth cohort of Misk Accelerator 2023 where 20 startups will participate in the 12-week hybrid program. Search here.
Have a wonderful Thursday.
Victoria Fakiya for Techpoint Africa.
