June Digest

Welcome to yet another edition of the Workpay monthly global newsletter. June traditionally marks the end of the fiscal year for many companies, which is why most financial reports, external audits, and federal tax filings are based on a fiscal year running from July through June.?

Speaking of tax filings (for Kenyans), have you filed your 2023 taxes? Here’s a detailed guide on what to expect and how to proceed if you haven’t.?

For others, June marks the end of Q2, providing an opportunity to benchmark performance against set objectives for employees and organizations. Adding to the intensity of June, massive protests have erupted in the Kenyan region as citizens demonstrate against the proposed finance bill.

In all of this, we hope everyone is staying safe as we look forward to a swift resolution to the ongoing demonstrations.

Now, let’s review the latest updates within Workpay and across the continent.

Updates from Inside Workpay

Workpay Founders Participate at the Acadian LP and Founder Annual Meeting

Our founders participated in a two-day summit in San Francisco, alongside industry leaders from ADP, Lattice, Workday, and Cornerstone OnDemand, among others. The event, known as The Acadian LP and Founder Annual Meeting, convened HRTech founders and investors, providing an opportunity for mutual learning. This gathering facilitated the renewal of longstanding connections and the creation of new relationships.

Across Africa

Kenya’s Forex Reserves Hit 2 Year High

Kenya’s forex reserves shot up 18.7% to US$ 8,321 million, enough to cover 4.3 months of import cover from US$ 7.012 million, the highest in two years. This continues the shilling’s bullish trend with investors portraying improved confidence buoyed by the Eurobond settlement. Read more on Kenya Wall Street

Nigeria Aims for the Stars: First Nigerian Citizen Set to Journey into Space

In a groundbreaking collaboration, the Space Exploration & Research Agency (SERA) and Nigeria’s National Space Research and Development Agency (NASRDA) have joined forces to send the first Nigerian citizen into space. This historic partnership marks a significant leap forward in Nigeria’s space exploration. Read more on Tech in,Africa

Meta to Downsize Lagos Office Following Recent Nigerian Team Layoffs

Meta, the parent company of Facebook, Instagram, and WhatsApp, plans to downsize its office space in Lagos following global layoffs in mid-2023 that impacted its Nigerian team. According to individuals familiar with the situation, about 35 employees were affected by these layoffs. Read more on Tech in Africa

South Africa Ends 13-Year Wait by Legalizing Ride-Hailing Services

In a significant development long anticipated by the industry, President Cyril Ramaphosa has officially signed the amended National Land Transport Act (NTLA) into law. This decision opens the door for ride-hailing services such as Uber and Bolt to apply for operating licenses. Read more on Tech in Africa

MultiChoice Group Faces $217 Million Annual Loss Amid a Drop of 8.1 Million Subscribers in Nigeria

South African pay-TV group, MultiChoice, reported total annual losses of R4 billion ($217 million) on revenues of R56 billion, driven by macroeconomic challenges. These challenges might lead shareholders to consider if ownership by Canal+ could offer some relief. Read more on Tech Cabal

Central Bank of Kenya (CBK) to Issue Payment License To Fintech Startups?

The Central Bank of Kenya (CBK) plans to issue payment licences to fintech startups soon, an important softening of an earlier stance that will open up East Africa’s largest payments market. Flutterwave and Chipper Cash are two fintech companies hoping to be granted those licences. Read more on Tech Cabal

A Nook Into Our Blog

Leveraging OKR to Your Organizational Advantage

OKR is a goal-setting method where objectives are ambitious and qualitative goals that a company or individual strives to achieve. Key Results on the other hand are specific, measurable milestones that track progress toward these objectives. This framework is popular among various organizations, including Google, Intel, and many startups, as it helps focus efforts, drive accountability, and foster innovation. Here's how you can use this goal-setting approach to transform your organization

How Workpay Empowers International Non Profit Organizations (NPOs)

While NPOs play a crucial role in addressing health, food, and sensitive issues in Africa, many struggle to establish local offices, especially those based outside Africa and Asia. However, with our EOR services, NPOs can effortlessly expand their workforce while remaining compliant. This enables them to carry out their vital work without the concern of regulatory violations.. Click here to read more on our blog

Sports Updates

Euro 2024 Updates

The Euro 2024 tournament, which began two weeks ago, has now reached the knockout stages. Starting tomorrow, the 29th, the qualified nations will continue their quest for the trophy as the round of 16 matches commence. Get more updates of the EURO 2024 championship on the BBC here

Copa America Updates

The 2024 Copa America is heating up! South America's top nations including Brazil and Agentina are battling it out in thrilling matches, showcasing incredible talent and fierce rivalries. Who will claim the coveted title? Stay tuned on Marca for all the updates, excitement and unforgettable moments!