The Central Bank of Nigeria (CBN) has approved Abeg App, a Piggytech Global Limited product, as a Mobile Money Operator in Nigeria.
Abeg Technologies Limited, a division of Piggytech Global Limited, has been given approval in principle (AIP) by the Central Bank of Nigeria (CBN) to operate as a mobile money operator in Nigeria.
The announcement marks an important breakthrough in the company’s effort to facilitate frictionless payments and online commerce across the nation because the platform is now the first social commerce platform in Nigeria to gain the CBN’s AIP for an MMO licence.
“We’re tremendously happy that PocketApp has been given approval in principle as a Mobile Money Operator in Nigeria“, said Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited in response to the decision. “As we continue to develop and broaden the scope of our social payments, social commerce, and other digital financial products to serve millions of Nigerian microentrepreneurs, we will work closely with the Central Bank to fulfil all of its requirements in order to obtain the complete operating licence.”
Additionally, Abeg is fully changing its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).
The platform’s new name alludes to its expanded user-buying and selling capabilities via virtual “pocket stores” and supports its entry into a social commerce market projected to reach US$23.8 billion in Nigeria alone by 2028.
The Central Bank of Nigeria (CBN) sent PocketApp an AIP dated April 25, 2022, for a licence application to operate as a mobile money company. This is the first step toward ultimate clearance for the Piggytech subsidiary, provided that certain requirements outlined by the CBN are met.
Affirming its support for the Federal Republic of Nigeria and the CBN’s financial inclusion mission, PocketApp promises to keep facilitating transactions for our teeming youth population while also saving them money and expanding their options for receiving payment.
The company will be able to conduct the following activities thanks to the Mobile Money Operator licence: Wallet Creation and Management, E-money Issuing, USSD, Agent Recruitment and Management, Pool Account Management, Non-Bank Acquiring as Permitted by the CBN, Card Acquiring, and any other activities that may be Permitted by the CBN.
According to Patricia Adoga, COO of PocketApp, when discussing the company’s development over the past 18 months, “we have been focused on establishing the basic infrastructure that will enable secure social commerce and payments at scale. We think that a more reliable environment will be better for social commerce. In order to safeguard consumers and sellers and add many more features to our payment infrastructure, we incorporated escrow. This ensures a seamless buying experience on the app.”
In 2021, the Abeg App was released and since its launch as PocketApp, the payments app has amassed nearly 2 million users. The business initially began as a platform for transferring and receiving payments. Since then, it has expanded into a complete social commerce platform, bringing together shoppers and merchants across Nigeria and Africa.
Uber has reached a significant milestone by clocking one billion rides across all of its African markets per reports.
Uber announced today that it has completed 1 billion rides across all of its African markets. According to the company’s press release, this feat equates to more than 10 billion kilometres travelled.
This achievement for Uber comes nearly a decade after the mobility tech company established itself on the continent in Johannesburg, South Africa. It has since expanded into seven additional African countries: Nigeria, Ghana, Egypt, Kenya, Tanzania, Uganda, and Ivory Coast.
According to Lorraine Onduru, the company’s spokesperson and head of comms for East and West Africa, in a statement. “Since entering the market in 2013, we have created over 6 million economic opportunities in over 50 cities across SSA that we are present in.”
Uber has expanded to over 30 cities in its major markets in the last year, including 21 in South Africa — its most dominant market — four in Kenya and Nigeria, and two in Ghana.
Uber Eats, its food-delivery arm, has also been expanded across a few South African cities and Nairobi, Kenya, as part of the company’s growth strategy. Uber Eats debuted in South Africa in 2016 with only 1,000 restaurants. It now serves over 8,000 merchants in 36 cities across South Africa and Kenya.
“Since entering the market in 2013, we have created over six million economic opportunities in over fifty SSA cities that we are present in,” Uber’s Head of Communications for East and West Africa, Lorraine Onduru, said in a statement. We take delight in constructing locally while utilizing global skills. Because each country’s demands are distinct, we take the time to learn about them so that we can respond and adapt accordingly.”
Here are other metrics the company reported in its growth report:
The most popular time users request Uber rides is 2 PM.
The most popular day users request Uber rides is on Friday.
The most popular drop-off destination is the OR Tambo International Airport in Johannesburg.
The most popular ride option is UberX (from a list that includes Uber Go, Uber Moto, Uber Boda and Uber Poa).
The average trip time recorded on Uber is 24 minutes, and the longest recorded trip was over 492 km.
Over the years, Uber has disrupted local cab industries while creating over 50,000 driver jobs. But within this time, Uber has faced stiff competition from Bolt in its major markets, which has led to price wars that still affect drivers’ earnings today.
Due to new competition from Bolt, the business slashed fares in Kenya by nearly half in 2016. Despite the fact that it prompted Uber drivers to file a civil suit against the company and Uber BV, a former Uber executive in charge of launching new products in East Africa and negotiating partnerships with third-party companies said that Uber had intended to lower UberX commuter charges in Kenya even more.
The company scrapped the idea in January 2018 and instead launched Chap Chap, a lower-cost service; but, it wasn’t enough to stop the civil suit, which is still ongoing despite talks about Uber opting for arbitration.
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Dash, a Ghanaian fintech startup, has been ordered by the Bank of Ghana to cease operations due to unapproved licences.
The Bank of Ghana has ordered Ghanaian fintech company Dash to cease operations. The fintech startup has been growing since securing a $32.8 million seed round of funding with its main goal being the creation of a unified alternative payment network for individuals in Africa by leveraging on the continent’s Mobile Money network.
With the funding, Africa will be able to interoperate its digital payment networks and build intermediary services for mobile payment wallets along the lines of Mastercard and Visa.
But the Bank of Ghana (BoG), in a letter dated March 9, 2022, ordered Specktra Technologies to stop using its Dash App, the payment platform service, because the central bank had not granted regulatory authority.
The regulator stresses that before the company can start operating in the country, it must receive the required approvals. All other Fintech companies who engage with Dash App have also beeninstructed to suspend operations.
Dash Operations
The central bank said in the letter that it had come to its attention that through the Dash App, Spektra Technologies was offering services such as Wallet Creation, Cross Border Payment, Holding of Float Balance, as well as Bill and Utility Payments without the requisite approval.
The Head of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, said in an interview that the move was to protect consumers and to keep the system safe.
Customer Protection
“We have consumers to protect and a sector to keep safer to ensure that consumers are protected”, he said. “Payment Service Providers are required to obtain the appropriate regulatory approval from the Bank of Ghana under Section 7 (1) of the Payment Systems and Services Act, 2019, (Act 987) prior to operating a payment service in Ghana,” he added.
The Bank of Ghana also reminded the company that “offering payment services in the country without a license is an offence under Section 9 (1) of Act 987.
Before founding Dash in 2019, Prince Boakye Boampong and Jesse Ghansah, the current CEO of Float, co-founded OMG Digital, a YC-backed Ghanaian media startup, in 2016.
About Dash App
Operational in Kenya, Ghana, Nigeria and expanding to South Africa, Tanzania, Uganda and more borders in the future, Dash App’s goal is to usher the continent into a healthy financial lifestyle and one that removes barriers and enables wealth creation. Dash works seamlessly with existing payment systems and fits into different lifestyles.
Following a pre-seed round from Micro-traction and 4DX Ventures in 2018, Sendbox’s total investment raised has now reached $2 million with participation from Flexport and YC Combinator as part of its 2021 winter cohort. The fresh funds will be used to extend the company’s activities in other West African countries, enhance product development, and hire new personnel.
Sendbox is creating the operating system for e-commerce in Africa, starting with logistics and fulfilment. The startup, which was founded in 2018, offers small-scale merchants selling on e-commerce and social media platforms economical access to local and worldwide shipping alternatives.
Sendbox is a single site to manage both local deliveries and international shipments to the EU, UK, US, and Canada. It is accessible to iOS and Android users, via a web application, on WhatsApp, Facebook, Instagram, and other e-commerce platforms, and through developer APIs.
Commenting on Sendbox’s fundraising and growth ambitions, Emotu Balogun, CEO and Co-Founder of Sendbox said, “No matter where in the world customers are, we want African SMEs to be able to reach them.”
He continues, “Deliveries in Lagos, Abuja, Port Harcourt and Ibadan have made up a large proportion of business for our domestic merchants. On top of that, affordable access to the UK, EU, US, and Canada has created an opportunity to sell products to hundreds of millions of previously unreachable buyers. With this fundraise our aim is to support more and more SMEs and help them grow both locally and internationally, scaling alongside them as we connect African merchants with a global community of consumers.”
“African e-commerce is accelerating faster than anybody could have imagined a decade ago, and it needs smart solutions to ensure that logistics and fulfilment capacity doesn’t lag behind,” said Walter Baddoo, Co-Founder and General Partner at 4DX Ventures.
“Not only were we impressed by Sendbox’s 300% year-on-year growth since launch, but we’re seeing the market potential balloon with over 40 million Nigerian SMEs and a projected industry value for social and e-commerce reaching $45 billion on the continent by 2025.”
Prolific mobile penetration on the continent, the rise of social media and knock-on impacts from the COVID-19 pandemic have shifted additional momentum towards e-commerce and social commerce, doubling monthly revenues for Sendbox since March 2020. Made in Africa products are now in higher demand across local and international markets.
With 200 million Instagram users and 1 million Instagram businesses in Nigeria alone, Sendbox is well-positioned to serve this growing market and multiply its merchant count over the coming months.
Over 10,000 Nigerian SMEs have used Sendbox to send 200,000 products, saving on average 30-40% on each item by eliminating the need to interact with various logistics providers. The company also provides a solution for merchants who lack the huge volume required to qualify for cheap delivery prices through its delivery management platform, which aggregates logistics providers and allows tracking.
The company’s next stage of development will focus on financing and payments, followed by e-commerce and marketplace integrations across West Africa and beyond.
A social commerce platform that connects people to sell, resell and buy products or bookings, Reselr has launched its services in Nigeria.
reselr.com is a new online platform that makes it easy to sell anything you have quickly and securely. From one-time individual sales to full-time sales support for businesses of varying sizes, reselr.com is the e-commerce platform for you.
Powered by social commerce, reselr.com not only helps retailers but also positions publishers –website and blog owners, to effectively earn from bookings and get paid from product promotions.
Starting a business or topping up on your monthly income has never been easier. No investments or capital are needed. All you have to do is download the reselr.com app, and start sharing and selling.
According to the geniuses behind the platform, Onyeka Orji and Jite Ovueraye, their mission is to re-imagine buying and selling in ways that build a more connected and interactive world in the post-COVID era.
“Following the global pandemic, businesses have been seeking means to bounce back. Widespread unemployment has also got people constantly searching for ways to make money, whether as a main-hustle or as a side-hustle,” said Orji.
“reselr.com has been built in such a way that it helps businesses sell more by connecting their products and, or, bookings to people who are willing to resell those products or bookings to their individual contacts and followers to earn profits. Our Resellers can set their own profits on each item, and their customers can place orders on the Resellers’ web stores.”
Ovueraye added: “One cool thing that we have just built into reselr.com is that all customers placing orders on Resellers’ web stores can choose to send the bill of their orders to their friends or family to pay for them, be it a product, a hotel room booking, a reservation, etc.
For example, a customer can send an order to a friend or split it amongst a few friends to contribute payments for his or her order.
“There is currently no one doing this at the moment, and we are proud to be the pioneers of this incredible way to socially drive payments of goods and services online.”
Designed with a user-friendly interface, businesses can list their products or bookings, and become suppliers by visiting the website, reselr.com/become-a-supplier. Individuals can also become resellers and earn money online by visiting the website, reselr.com, and downloading the app.
Gozem, the ride-hailing app offering transportation services via motorcycles, tricycles and cars in West and Central Africa, has today taken one step further towards becoming Africa’s all-inclusive super app. With the launch of e-commerce delivery services, users in Lome and Cotonou can not only use Gozem to move around in their cities but can also order groceries, gas canisters, and other items directly via the Gozem app and have them delivered to the desired location.
Cars45 provides an end-to-end digitised customer journey for buying, selling and swapping cars in Africa. Its technology-enabled platform makes it easier to trade cars in Africa and it also provides access to finance, insurance and other value-added services.
Ten entrepreneurs have been shortlisted for the Africa Netpreneur Prize Initiative (ANPI) final, a philanthropic initiative spearheaded by the Jack Ma Foundation.
The finalists were chosen from nearly 10,000 applicants from 50 African countries.
After months of judging and deliberation, the finalists were shortlisted and will now go on to pitch their business directly to four finale judges – Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba Group – during a televised finale event called “Africa’s Business Heroes”.
The winners will receive a share of the $1 million USD grant prize pool.
The grand finale event will take place in Accra, Ghana on 16 November 2019. The diverse group of 10 finalists represents a range of industries and experiences.
Mumm is a virtual cafeteria for businesses, harnessing the power of shared economy through technology, cloud kitchens and an online marketplace for home-based entrepreneurial cooks. Waleed is a seasoned entrepreneur with 12+ years in food tech.
He is also the former founding managing director of MIT Technology Review-Middle East and a member of the Advisory Committee of the World Economic Forum’s Global Shapers Community.
Thrive Agric is an agricultural technology-enabled company that works with smallholder farmers to enable them with greater access to finance, as well as improve their income and harvest distribution.
Today, Thrive Agric works with 22,000 farmers in Nigeria, but the company is aiming to build the largest network of farmers in Africa. They are on a mission to “build an Africa that feeds the world and Itself.” Ayodeji is an accomplished software engineer and serves as both co-founder and CTO for Thrive Agric.
Temie Giwa-Tubosun, founder and CEO, LifeBank (Nigeria)
LifeBank is a medical distribution company that uses data and technology to help health workers discover critical medical products. The company has saved over 5,300 lives in Nigeria.
Founder Temie has over 10 years of health-management experience with Department for International Development, the World Health Organization, the United Nations Development Programme and Lagos State. In 2014, BBC listed her as one of the 100 women changing the world. She was also recognized by Quartz and the World Economic Forum.
J-Palm Liberia (JPL) was founded with the goal of making premium consumer goods while creating income-earning and employment opportunities through sustainable palm-oil production. When JPL was first founded, palm oil kernels had been going to waste in Liberia, but founder and CEO Mahmud Johnson found a way to innovate productive uses for this overlooked natural resource.
Today, JPL has created a range of beauty and clean-energy products, built a robust network of partnerships across the country, and helped to create jobs for hundreds of Liberians. Mahmud holds a degree in economics from Dartmouth College and is a 2017 recipient of the Order of the Star of Africa conferred by the President of Liberia.
Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y (Rwanda)
UZURI K&Y is an African-inspired eco-friendly shoe brand established in Rwanda. Kevine is the co-founder and CEO of UZURI K&Y, and she is passionate about ending global waste while also leveraging her creativity to create employment opportunities for her community.
UZURI has made a direct impact on more than 750 people through employment and skills training. In addition to obtaining her degree in creative design, she has participated in numerous entrepreneurship programs to enhance her skills in business development. In 2017, she was recognized as the winner of the Made in Rwanda Enterprise of the Year.
Water Access Rwanda pioneered INUMA™️, a Safe Water Micro-grid that reclaims broken boreholes and transforms them into state-of-the-art solar-powered water kiosks and pipelines.
The water is sold for $1/1000 litre and creates off-farm jobs for youth. Currently, Water Access Rwanda employs 68 people, and allows 47,612 customers to access water daily across 86 stations. Christelle is a mechanical engineer and was named INCO’s woman entrepreneur of the year in 2019, among other high-profile awards.
Dr. Tosan J. Mogbeyiteren, founder, Black Swan (Nigeria)
WeMUNIZE by Black Swan Tech Ltd is helping to solve Nigeria’s public-health challenges by deploying an automated scheduling, GPS-enabled software-as-a-service that uses a combination of digital record keeping and community engagement to increase birth registration and early childhood immunizations.
Black Swan is working with USAID Nigeria to expand WeMUNIZE coverage in northern Nigeria. Tosan is a public-health specialist with more than 13 years of experience in deploying technology to solve development challenges in Nigeria.
DrugStoc is a cloud-based pharmaceutical IT and logistics platform focused on eliminating counterfeit drugs, expanding access to pharmaceutical products and improving transparency in pricing for healthcare providers and the product supply chain.
Chibuzo is a health economist and medical doctor with over 12 years of experience in the health sector. He has worked with the World Health Organization, the World Bank, and the International Finance Corporation.
Nawah-Scientific is the first private research center in the MENA region focused on natural and biomedical sciences that offers analytical and scientific services online and on-demand.
Dr. Sakr has 13 years of pharmaceutical experience, has worked as an adjunct assistant professor of entrepreneurship at Zewail City of Science and Technology, and holds scientific and business awards for innovative product design.
Moulaye Taboure, co-founder and CEO, Afrikrea (Cote D’Ivoire)
Afrikrea.com is the leading “Made of Africa” fashion, art and handicraft online marketplace. The marketplace has processed more than $4 million in sales across 101 countries and supports merchants from all over the world.
After growing up in Mali and working for companies like PricewaterhouseCoopers and Alstom, Moulaye now dedicates his time to building the global infrastructure for African culture.
WATCH: Jack Ma’s Call for Applicants to Africa Netrepneur Prize
Nigerian fintech startup Kuda — a digital-only retail bank has raised $1.6 million in pre-seed funding led by Haresh Aswani.
Kuda, Nigeria’s first digital-only bank with a standalone license, has raised $1.6 million in pre-seed funding led by Haresh Aswani, as reported on Wednesday, Sept 11, 2019.
Ragnar Meitern and other angel investors also participated in the funding round. Aswani told the news outlet that he will also be on Kuda’s board. Unlike other FinTech startups, Kuda was granted a banking license from the Nigerian Central Bank.
“Kuda is the first digital-only bank in Nigeria with a standalone license. We’re not a mobile wallet or simply a mobile app piggybacking on an existing bank,” noted Kuda Co-founder Babs Ogundeyi.
Ogundeyi, who previously held a financial advisory role with the Nigerian government, co-founded Kuda in 2018 with Musty Mustapha, a former Stanbic Bank software developer.
“We have built our own full-stack banking software from scratch. We can also take deposits and connect directly to the switch,” Ogundeyi added, referring to Nigeria’s Central Switch, which speeds settlements and information.
In the coming months, Kuda will add savings and P2P payments along with the no-fee checking accounts and debit cards it offers now. “You can open a bank account within five minutes, do all the KYC in the app, and you get issued a new bank account number,” Ogundeyi said.
Now in beta mode, Kuda will use the funds for new tech and a live launch by fourth-quarter 2019. “It’s Nigeria for right now, but the plan is to build a Pan-African digital-only bank,” Ogundeyi said.
Nigeria is Africa’s most populous country with 190 million people, and is also Africa’s largest economy. Tech innovation is on the move in the country, with increased attention from Big Tech companies like Google and digital startups like Chipper Cash, a no-fee, cross-border payment company that launched there earlier this month.
Google recently announced a new addition to Google Maps in Nigeria that will speak in a local voice. New features were also introduced specifically for the region in an attempt to attract more Africans to the service.
The Government of Ghana has reached an agreement with Ethiopian Airlines to relaunch its national airline with a 49% stake going to the investors.
Addis Ababa-based Ethiopian Airlines has reached an agreement with the government of Ghana, foreshadowing the setup of a new national airline in Accra.
Africa’s largest airline is advancing this partnership in line with the West African country’s nonstop efforts to rejuvenate its aviation sector, and the East African country’s relentless developments to expand its services across the continent’s aviation space.
According to the Ethiopian Reporter, the coming airline will be home-based, and Ghana, as well as its private sector, will have a minimum of 49 percent stake in the development.
Ethiopian Airlines will hold the balance of the percent interest in the new national facility. Tewolde Gebremariam, the CEO of the aviation company, said that the final agreement was signed last week.
Other contenders that had put forward proposals included Turkish Airlines (TK, Istanbul New) and Air Mauritius (MK, Mauritius).
A burgeoning economy and abundance of resources in the nation, among other positive factors, contribute to making Ghana a hot spot in the continent.
September 2015, Ghana opened the Terminal 3 of the Kotoka International Airport, after relevant tests and simulation exercises have been completed. The launch of the ultra-modern terminal saw the arrival and departure of hundreds of passengers, many of whom described the flights as smooth and stress-free.
While Ghana has made significant changes at Take me, Wa and Ho airports as of recent, the new state-owned development is expected to operate domestically, regionally and internationally flight-wise.
The airline’s name is yet to be revealed; the deal is undoubtedly a significant move that expands the continent’s aviation space, where Ethiopia currently holds large market shares in state-owned airlines through buy-ins.
The sources say, under the agreement signed last week, Ethiopian Airlines will hold a 49 per cent stake in the new entity, while the Government of Ghana (GoG), will hold the rest of the shares; invest initially in the new enterprise,https://t.co/69hEL7bRnI
Ethiopian Airlines has a 49 percent stake in Malawian Airlines, the East African nation’s national carrier, and a 45 percent stake in Zambia’s national airline.
The agreement with Ghana is a testament to the fact that the airline wants to reposition itself in the growing competitive aviation reality if Africa, where non-African airlines hold the highest number of passenger traffic.
Ghana International Airways – formerly called Ghana Airways – came to a halt in 2010 due to mismanagement. After a related USD 160 Million debt and rumoured management hitches, Ghana’s government seems not to want to be a victim of its past by gearing for a new national carrier with better plans.
A Mega Discount Online Store in Ghana has introduced a new retail shopping experience for shoppers in Ghana.
An e-commerce retailer in Ghana, Mega Discount Store that specializes in providing a large range of high-quality accessories home appliances, for mobile phones and electronic devices at competitive prices have expanded its collections range and introduced a new ordering and delivery system for shoppers in Ghana.
Ordering a product on Mega is an easy process: You see it, place an order & get delivered on time. Mega offers 2 shopping systems: Cash on Delivery (24h delivery) & Pre-Order (10 days delivery – upfront payment) for items not available in the local warehouse, shipped & delivered directly to customers.
Mega offers several payments method: Cash on Delivery, Mobile Money & Paypal. Customers can reach customer support service 24 Hours a day by messenger or what-app chat from the homepage.
Mega warrants all sold products and provide an after sale return policy stated on their home page. The Mega team have reported that more and more Ghanaians are shopping from the comfort of their homes of all kinds of items.
Online Affiliate Marketing Program
As an online store & retailer Mega provide as well an ”Online Marketing Affiliate Program” where any individual can join and work as an online sales executive and make money online by promoting Mega products on social media and earn a commission in return. (coming soon).
When asked about the ”Online Discount Store” business concept, we were told Mega regularly do ”Fire Sales” with up to 50% discounts, hence the name, that last for just 24 hours. Customers get instant notifications by SMS when the sales are on! A new section is also being introduced for stocks liquidations.
Customer Satisfaction Guarantee
Mega-gh.com is determined to ensure customer satisfaction at all times, If you are unsatisfied with your product within 1 day after purchase, simply email us and an exchange or refund can be arranged. For more information, please refer to our Returns & Refunds Policy.
Mega is determined to ensure customer satisfaction at all times during the shopping process.
Pan-African e-commerce company Jumia filed for an IPO on the New York Stock Exchange today, per SEC documents and confirmation from CEO Sacha Poignonnec to TechCrunch.
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