All about Business.
Minly, an Egyptian media and entertainment startup, has announced the acquisition of Oulo, a Dubai-based celebrity shoutout platform focusing on the Levant region, as part of its MENA expansion. Minly, which was co-founded last year by Mohamed El-Shinnawy, Tarek Hosny, Bassel El-Toukhy, Tarek ElGanainy, and Ahmed Abass, allows users to purchase personalised video messages and…
Bento, Nigeria’s digital payroll and human resource management platform, is expanding to Ghana, Kenya, and Rwanda, with plans to open offices in six more African markets over the next year. Bento’s next phase of growth will take it to Egypt, South Africa, Uganda, Tanzania, Angola, and Ethiopia by the end of next year. Bento is…
Long before tech startups democratized stock market investing, anyone looking to invest in the stock market needed a substantial amount of money. However, with the entry of startups such as Risevest, Bamboo, and Chaka, this has changed. Nigerians could now buy stocks with as little as $10 (5,000) for the first time. Despite the fact…
According to the latest Sensor Tower report, global consumer spending on apps is expected to reach $133 billion in 2021. This implies a 19.7 percent year-over-year (YoY) increase from $111.1 billion in 2020, nearly matching the 21 percent YoY increase in consumer spending in 2019. TikTok will be the most profitable app in the world…
Conciliating innovation and regulation is perhaps the single most significant source of concern for tech titan leaders and startup founders worldwide. This is more common in Africa, where regulatory cultures frequently stifle innovation. For example, in Nigeria’s fintech space, innovation has accelerated in recent years, with at least three unicorn startups launched during this time…
Over the last year, there have been several changes in the economies and structures of African countries. Due to the COVID-19 epidemic, several people were forced to stay at home and go primarily cashless. Africa’s Fintech stepped in to help, providing Africans with cutting-edge technologies that allowed them to access the best financial services available….
Despite the fact that SMEs contribute significantly to the Nigerian economy and account for 48 percent of the country’s national GDP, as well as 96 percent of businesses and 84 percent of employment, it is still difficult to launch a startup in Nigeria. There are, however, some SME-friendly tools and solutions that can alleviate some…
Twitter announced the acquisition of Slack competitor Quill on Tuesday in order to help the social networking company improve its own messaging tools. The acquisition comes as Twitter recently appointed a new CEO, Parag Agrawal, to replace co-founder Jack Dorsey, who stepped down from the helm last week. Agrawal, who previously served as chief technology…
Wages for formal-sector employees in Nigeria are paid monthly; however, wages for informal-sector employees are paid daily. When salaried employees are unable to make ends meet between paydays, they now have three options: borrow, take out a loan, or request a salary advance. However, most loans have exorbitant interest rates, and salary advance schemes can…
Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company, today announced its expansion into Africa through its intended acquisition of MainOne a leading West African data center and connectivity solutions provider, with a presence in Nigeria, Ghana and Côte d’Ivoire. The acquisition is expected to close in Q1 of 2022, subject to the satisfaction of customary closing conditions including…
Laurin Nabuko Hainy is the co-founder and CEO of FairMoney MFB, Nigeria’s largest digital bank. FairMoney recently announced at its inaugural Investors’ Conference in Lagos that they have disbursed over N71 billion in loans so far in 2021, more than doubling the amount in 2020, in order to drive financial inclusion in Nigeria. Laurin discusses…
Consumer data is priceless, especially in today’s rapidly changing business landscape. Gathering customer insights and using them to make well-informed, forward-thinking business decisions is what separates mediocre brands from those that continue to pivot and innovate. By enabling companies to better understand who they are targeting, how and where to reach existing and prospective customers,…
MarketForce, a Kenyan B2B retail and financial services distribution startup, has expanded into five more African markets to grow RejaReja, its retailer’super app’ that allows informal merchants to order and pay for inventory digitally, accept payments for utility bills, and access financing for their businesses. After successful pilot programs, the startup has announced the expansion…
Mastercard and Meta are collaborating to support the digitization and growth of SMEs in the MEA (Middle East and Africa) region by hosting a training webinar with industry experts and a masterclass on how to manage uncertainty with renowned author and academic Nathan Furr, Associate Professor of Strategy at INSEAD. SMEs face numerous challenges, including…
On Monday, Alibaba announced a reorganization of its international and domestic e-commerce businesses, as well as the appointment of a new chief financial officer. The changes come as Alibaba faces multiple headwinds, including increased competition, a slowing economy, and regulatory scrutiny. In order to become more agile and accelerate growth, Alibaba announced the formation of…
Carry1st, one of Africa’s leading mobile game publishers, today announced a partnership with PayPal and Chipper Cash, a cross-border payments company recently valued at $2 billion, to enable people across Africa to purchase virtual goods and services online in an easy and secure manner. Following these collaborations, consumers across Africa will be able to purchase…
Square is changing its name to Block as it expands beyond its credit card reader business and focuses on blockchain technology. According to the company, the new name, which will take effect on December 10, “acknowledges the company’s expansion” and “creates an opportunity for further growth.” Block will continue to trade on the New York…
MTN Nigeria, Nigeria’s largest telco, has announced that beginning on Wednesday, 1 December 2021, retail investors will be able to purchase up to 575 million shares held in MTN Nigeria at 169 per share, which is lower than its stock market share price. This public offering is consistent with MTN Group’s commitment to gradually reduce…
Fixit45, a Nigerian autotech platform, has announced the acquisition of Parkit, a platform that provides a wide range of auto care services. The move, according to the startup, was made to help it fulfill its commitment to facilitate value-creating interactions among stakeholders in the automotive industry. Following the acquisition, Fixit45 will now focus on repairs…
MediSpark, a Nigerian startup, bills itself as the “Truepill for Africa,” and the business is hard at work developing an ecosystem of APIs and SaaS solutions to synchronize data across Africa’s disparate healthcare systems. Ugo Nwokoro and Gbenga Oyeniyi, who have known and worked together since 2016, created MediSpark. Nwokoro and his family have been…
Prof. Pat Utomi, a political economist and management specialist, and professionals in the integrated marketing communication industry have urged businesses to reconsider their strategies and business models, as well as work within legal frameworks, in order to weather the volatility of the Nigerian economy. This was revealed by experts during the second edition of Brandcomfest…
With its upgraded Airtel Africa Developer Portal, Airtel Money, the mobile money platform, is driving greater efficiency for businesses to engage in seamless mobile money activity. The portal integrates remote payments with Airtel Money wallets using several Open APIs and solutions to provide greater ease of access to Airtel Money services across multiple business sectors…
Dayo Koleowo’s career path has taken him from construction to food delivery to venture capital, but he believes the lessons he has learned will serve him well as he backs innovative African tech startups with early-stage VC firm Microtraction. Koleowo studied Quantity Surveying at university and went to work in the public sector preparing bills…
The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has questioned the Central Bank of Nigeria’s recent actions in imposing a new ban on user accounts linked to crypto-related activity. In a news release, the blockchain collaborative body criticized the Central Bank of Nigeria’s recent “overreach.” Remember that the CBN ordered banks to stop processing cryptocurrency-related…
According to Cellulant, the growth seen in Kenya is reflective of the payments landscape in the rest of Africa, with a noticeable shift in consumer behavior. As more consumers prefer digital platforms as their primary payment method, digital payments have evolved from a nice-to-have for businesses to a requirement. According to Faith Nkatha, Cellulant’s Kenyan…
Black Friday sales are a fantastic experience for both shoppers and retailers. Shoppers receive massive discounts on products, while retailers smile from ear to ear as a result of massive sales. According to an online poll, the average customer is prepared to spend N62,250 during this year’s Black Friday sales. This is approximately 58 percent…
With the holiday season quickly approaching, South Africans and consumers worldwide may find fewer gift options on store shelves as a result of product shortages and delays caused by pandemic-related closures of ports and factories. According to a new global Oracle retail consumer research study, more shoppers are concerned that supply chain and delivery delays…
Mobile FinTech Tingo has announced its collaboration with the decentralized cloud computing network Cudos to tackle the poverty premium through mobile monetization applications which will lead to the empowerment of over 9 million Nigerians, enabling them to earn an income from their smartphones. The significance of this collaboration extends to the whole industry as Cudos…
Cellulant, a leading Pan-African payments firm, has teamed with Lake Harvest, one of Zambia’s leading fish distributors, to enable mobile payments using the Tingg one-stop digital payment platform in all of their shops. Lake Harvest has prioritized taking all types of mobile money to provide their consumers with a seamless payment experience as consumer shopping…
The United Nations Development Program (UNDP) Accelerator Labs and AfriLabs announced their partnership and the way forward with live and virtual events hosted by AfriLabs as part of Unified Outreach 2021. Year on October 29, 2021. AfriLabs Executive Director Anna Ekeledo and UNDP Nigeria Accelerator Lab Focal Point Senior Advisor William Tsuma attend a private…