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Nigerian-based Kobo360 raises US$1.2 million seed round

Nigerian-based logistics startup Kobo360 has raised $1.2 million in pre-seed funding round soon after being accepted into the YCombinator class of 2018

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Nigerian-based logistics startup Kobo360 has raised $1.2 million in pre-seed funding round soon after being accepted into the YCombinator class of 2018.

The round was led by Western Technology Investment and Nigeria’s Verod Capital Management.

Kobo360 has developed an Uber-like app that connects Nigerian truckers to companies with freight needs. The startup intends to use the funds to pay drivers online immediately after completing a successful haul.

Within just 4 months since their launch, Kobo360 reportedly processed orders worth an estimated $2.8 million. The company reportedly coordinates 5,000 trips a month, has served 324 businesses and moved north of 37 million kilograms of cargo since 2017. It currently has 5,480 active drivers using the platform.

Kobo360 is looking to launch its app in Hausa and Pidgin by August this year. It also plans to add 20,000 trucks on its platform and expand to Togo, Cote d’Ivoire, Ghana, and Senegal.

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Tanzanian Central Bank reduces economic liquidity to curb rising inflation

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The Tanzanian Central Bank on Saturday said one of the measures it has taken to slow down rising inflation in September and October is to reduce the liquidity in the economy.

A statement published by the east African country’s apex bank’s Monetary Policy Committee (MPC), said inflation in the country has been on the rise since the beginning of the year, rising from 4.6% on August from a previous 4.5% in July.

MPC said while the country’s economy was facing a range of challenges, including weak global growth, high commodity prices, tight financial conditions and the recurrence of COVID-19 in some countries, it was necessary to reduce the liquidity to stabilise the economy.

“In the context of high inflation and commodity prices, which has contributed to rising inflationary pressures in the country, the MPC approved for the bank to continue with gradual reduction of liquidity in September and October 2022.

“The policy decision aims at reducing inflationary pressures, while safeguarding economic activities,” the statement said.

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Air traffic controllers in West, Central Africa suspend strike for negotiations after 48-hour disruption

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The industrial action by air traffic controllers in West and Central Africa has been suspended.

The unions announced the suspension after a 48-hour strike having disrupted flights across the region and left hundreds of passengers stranded at airports.

According to a statement by the Union of Air Traffic Controllers’ Unions (USYCAA), the decision to suspend its strike notice for 10 days immediately so as to allow for negotiations.

“Air traffic services will be provided in all air spaces and airports managed by ASECNA from today Saturday, September 24, 2022 at 1200 GMT,” the statement said.

One of the stranded passengers, Nsoh Brinston, lamented on how the strike would make him spend more than his budget on his intended travel to Kigali, Rwanda.

“I will have to spend more than I intended due to the cancelled flight. I will have to do another COVID test which costs 30,000 CFA francs ($45),” he said.’

Also, eight flights scheduled to leave the commercial hub of Abidjan on Saturday were cancelled in Ivory Coast.

Industries like aviationtelecom operators have all their operations disrupted across Africa lately largely as part of the fallout of the Russian/Ukraine war which has caused a hike in aviation fuel.

It is yet to be seen if the negotiations between air traffic controllers and government authorities will birth lasting solutions to the challenge which now cuts across the continent.

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