Thursday, 15 December 2022

Partners

Good morning!

It's Dennis here.

There have been many conversations on the internet about how to solve the problems that have plagued women in not just tech but the workplace writ large.

There is a part of it that is meaningless corporate virtue signalling and solidarity announcements on the internet. That is for others to debate.

I am more interested in if it solves the problem or not. Case in point, Klasha's new policy to give women time off work during their menstrual cycle.

How will giving women more reasons not to come to work, solve the problem of women not having opportunities for career advancement? Research shows that one of the reasons men overtake women in the corporate world is that they are more likely to have to take time off work, either it's putting the kids to bed, or just wanting to get home on time because the world is unsafe for them.

Men have been able to use this in modern society to retain the power imbalance. By giving women days off or as the policy says "five menstrual leave days," I am curious about what will happen when a promotion opens.

Will the woman who takes 5 days off every month, and then takes two months off for maternity leave, and then other days of showing up late to work because; she had to stay with the kid who just fell sick or attend early morning prayer sessions at church, still stand a chance against her male colleague who had shown up to work every single working day of the year even at Klasha?

Just wondering.

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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.

Summary of the news

SEC charges Sam Bankman-Fried with fraud
Klasha said it will introduce a five menstrual leave days policy for female staff
Equinix said it will invest $160 million in a South Africa Data Centre
Visa said it will invest $1B in Africa over the next five years
Egypt's Suplyd has raised $1.6 million

SEC charges Sam Bankman-Fried with fraud

The securities and exchange commission (SEC) has indicted the former CEO of FTX, Sam Bankman-Fried, for fraudulent acts which involved tricking customers and hiding the details about the exchange’s diversion of customers’ assets to Alameda Research LLC, Technext reports.

The charges levelled against Sam Bankman-Fried on Tuesday indicate that he generated over $1.8 billion from equity investors since 2019 by pitching FTX ceaselessly as the best, most secured and appropriate interface for storing, trading and purchasing crypto tokens.

The charge also added that Bankman-Fried spent years planning to keep the investors and customers unaware as he transferred their funds to Alameda Research LLC, his privately-held crypto hedge fund.

The charge also said that he did not disclose the special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited “line of credit” funded by the platform’s customers, exempting Alameda from specific key FTX risk mitigation measures.

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Klasha to give female staff 5 menstrual leave days

Klasha, a cross-border commerce technology company with offices in San Francisco and Lagos, has actioned a new menstrual leave policy for its female employees. For a technology business operating in Nigeria, this is a first, according to TechCabal.

In addition to the statutory annual and sick leaves to which Klasha employees are already entitled, the policy provides five menstrual leave days for female employees. According to Klasha, as the year progresses, it will evaluate the policy’s effectiveness and modify the number of leave days.

Klasha has made this change to empower its female employees who make up to 50% of its permanent team. Klasha also wants to set an example in the fight against societal taboos associated with menstruation and ignorance of the challenges they pose to women.

CEO of Klasha, Jess Anuna, said in a press statement:

At Klasha, we understand that we must make room for women’s biological needs as a part of everyday business. Rather than leave the subject as an unspoken taboo, we want to build a culture of trust, truth, and acceptance.

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Equinix to invest $160m in SA-based data centre

Equinix, the US data centre company, plans to invest $160 million in the construction of its first African data centre in Johannesburg, South Africa. Per a Techpoint reporting, the facility is expected to be operational by mid-2024, according to Equinix EMEA president Eugene Bergen.

The move follows Equinix’s acquisition of Nigeria’s MainOne in 2021, valued at $320 million. MainOne, known for its landmark submarine cable, and an impressive slate of data centres in West Africa, was Equinix’s Africa entry point. It, however, seems South Africa was its main target.

Per Bergen, South Africa was a “big target” for the company as it is the most developed economy in sub-Saharan Africa. “We are focusing on getting into Africa, and we are looking at another five or six countries to enter,” he added.

Equinix is hoping to take advantage of the growing number of young Africans with access to the internet, which is boosting the industry. With its South African data centre, the company aims to serve large enterprises, including banks, content and media companies, and hyper-scalers operating in the country and across the continent. Equinix is seeking anchor customers that it could potentially follow to other African countries, Bergen said.

Visa to invest $1B in Africa over the next five years

Global payments giant Visa says it will invest $1 billion by 2027 to expand its investments in Africa amidst a digital payments boom on the continent, TechCrunch reports.

Visa chief Al Kelly announced this pledge on Wednesday during the U.S.-Africa Business Forum, a sub-event in the broader U.S.-Africa Leaders Summit, a three-day event where U.S. President Joe Biden invited heads of state and senior government officials from Africa to discuss several issues ranging from food security to climate change.

See an excerpt from Al Kelly's statement below:

Visa has been investing in Africa for several decades to grow a truly local business, and today our commitment to the continent remains as firm and unwavering as ever.

Every day, Visa supports digital commerce and money movement in every country across the continent, and Africa remains central to Visa’s long-term growth plans. We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitization and to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.

Per the statement, the pledge will further scale Visa’s operations in Africa and deepen collaboration with strategic partners, including governments, financial institutions, mobile network operators, fintechs and merchants.

Egypt's digital restaurant supply chain startup Suplyd closes $1.6M funding round

Suplyd, an Egypt-based startup that digitizes supply chain operations for the MENA region’s hotels, restaurants, and catering (HORECA) industries, has closed $1.6 million in a funding round with Endure Capital, Seedstars, Camel Ventures, Falak Startups as participants, the company said in a press release sent to Technext Thursday.

The company will use the fund to expand on its goal of empowering the supply chain of Egypt's F&B sector by providing intuitive digital solutions that would bridge the gap between restaurant operators and suppliers.

Gohar Said, CEO of Suplyd said:

I have been in the restaurant industry for almost 12 years, and the supply chain is a nightmare for most of the operators. To make up for all the inefficiencies you are always forced to either accept the fact that some of your menu items are not available or procure your requirements from the nearest market at a higher cost. After opening my restaurant in early 2021, I talked with Karim and Mahdy and all it took was one simple question: what if technology took over?

Tarek Fahim, General Partner at Endure Capital, commented:

Eating out is a major part of social life in the Middle East, but the supply chain that enables restaurants to serve customers is highly fragmented. We are thrilled to support the team and the platform Suplyd is building to digitize the supply chain for restaurants, improving efficiency and reducing food waste in our communities.

Patricia Sosrodjojo, Partner at Seedstars International Ventures said:

We are excited to partner with Suplyd to drive innovation in Egypt’s F&B procurement. The F&B supply chain remains highly fragmented with unreliable and costly delivery, especially for smaller restaurants. Suplyd aims to revolutionize the food supply procurement process, enabling restaurants to improve their bottom line and grow their operations. With their extensive experience, the Suplyd team is well-positioned to create real impact for the F&B sector of Egypt.

Ahmed Hazem, Managing Director at Falak Startups said:

Every sector in every vertical is getting its own share of disruption one way or another, not by one solution, rather a variety. Our bet, in this case, is no exception to our logic, bet on the most capable team tackling the problem, in this case the brilliant co-founders behind Suplyd. We have high expectations and a ton of trust in this team.