In partnership with |  |
| | | | | | Today's Menu ☕️
💸 Stanbic IBTC to invest ₦4 billion in fintech subsidiary Zest Payments
💸 Ivorian fintech Cauridor secures $3.5 million seed funding to boost African payment infrastructure
👨🏽 Ebun Okubanjo resigns as CEO of Bento Africa amid tax remittance allegations
🤖 SoftBank in negotiations to invest up to $25 billion in OpenAI, signaling major AI partnership
📱 TikTok Expands Kenyan Footprint with Aleph & Wowzi: A Game-Changer for Creators and Businesses
📱Airtel Africa's Revenue Soars 20.4% to $3.64bn in 9 Months |
| |
| | |
| | | | | If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa. | |
| |
| | |
| | | | | 💸 PAYMENTS | Stanbic IBTC to invest ₦4 billion in fintech subsidiary Zest Payments | | Stanbic IBTC Holdings Plc, the Nigerian subsidiary of Standard Bank Group, has announced plans to recapitalize its fintech arm, Zest Payments Limited, with an investment of ₦4 billion (approximately $2,480,040). This funding is part of a larger capital raising exercise aimed at securing ₦148.71 billion, with the allocation to Zest representing about 3% of the total amount being raised. | During a recent investor presentation related to the bank's rights issue, Kunle Adedeji, Acting CEO and Group CFO of Stanbic IBTC, detailed the financial strategy, stating, "Approximately 3.6% of the ₦148.71 billion, which amounts to five billion Naira, will be utilized to recapitalize two subsidiaries. Zest Payments will receive around four billion Naira, while one billion Naira will be allocated to our venture business.".....…continue reading |
| |
| | |
| | | | | 💸 PAYMENTS | Ivorian fintech Cauridor secures $3.5 million seed funding to boost African payment infrastructure | | Cauridor, an Ivorian fintech company, has successfully raised $3.5 million in seed funding to further develop its payment infrastructure, which facilitates the movement of funds for merchants, banks, telecom operators, and money transfer companies across Africa. This funding marks a significant step in the company's mission to streamline financial transactions within the continent. | Cauridor's platform is designed to support a variety of payment methods, including mobile wallets, bank transfers, and cash pickups. The company operates through a network of over 25,000 agents located in Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. These agents, typically small business owners equipped with point-of-sale (POS) devices, play a crucial role in the region's distribution system by enabling cash deposits, withdrawals, and bill payments.....…continue reading |
| |
| | |
| | | | | 👨🏽 PEOPLE | Ebun Okubanjo resigns as CEO of Bento Africa amid tax remittance allegations | | Ebun Okubanjo, the CEO of Bento Africa, a Nigerian payroll and human resource management platform, has resigned following serious allegations regarding the company's failure to remit collected taxes and pension contributions on behalf of its clients. In an email addressed to Bento's board of directors, Okubanjo announced his resignation and indicated a complete separation from the company by relinquishing his equity and debt holdings. This decision paves the way for a potential fresh start for both Okubanjo and Bento Africa. | In his resignation email, Okubanjo hinted at his plans to launch a new venture called Ada AI, which will serve as an AI-powered sales assistant. He expressed his frustrations with the challenges of scaling HR and payroll systems in Africa, stating, "If Africa adopts the Western style of taxation and remittances—these companies are gold mines. I use Gusto in the U.S. not because I want to, but because I have to. Until that happens—scale will be a challenge.".....…continue reading |
| |
| | |
| | | | | TRAININGS FROM TENTH CODE MEDIA | | Data is the lifeblood of modern organizations, driving decisions, strategies, and innovation. Come explore the fundamentals of data analytics, equipping you with the knowledge and tools to derive insights, solve problems, and support informed decision-making. | 👉🏽 Click here to register - (Starts 08 February 2025) |
| |
| | |
| | | | | 🤖 ARTIFICIAL INTELLIGENCE | SoftBank in negotiations to invest up to $25 billion in OpenAI, signaling major AI partnership | | SoftBank is currently engaged in discussions to invest as much as $25 billion in OpenAI, as part of a broader collaboration that could see the Japanese conglomerate allocate over $40 billion towards artificial intelligence initiatives in partnership with the Microsoft-backed startup, according to a report by the Financial Times. | If finalized, this investment would position SoftBank as OpenAI's largest single investor, surpassing Microsoft, which has been a key backer of the ChatGPT creator since its initial investment in 2019. This potential deal follows the recent announcement that both companies plan to jointly invest $100 billion in Stargate, a U.S.-based data center project for OpenAI, with the possibility of expanding that investment to $500 billion over the next four years......…continue reading |
| |
| | |
| | | | | 📱SOCIAL MEDIA | TikTok Expands Kenyan Footprint with Aleph & Wowzi: A Game-Changer for Creators and Businesses | | TikTok has announced strategic partnerships in Kenya with Aleph Holdings and Wowzi, aiming to bolster the nation's creative ecosystem and stimulate economic growth. This move underscores TikTok's commitment to enhancing its presence in Kenya's burgeoning digital landscape. | Aleph Holdings will assume responsibility for TikTok's sales and support operations in Kenya, providing businesses with direct access to the platform. This collaboration is expected to simplify advertising processes and offer localized support, enabling Kenyan businesses to optimize their marketing strategies on TikTok. Stephen Newton, Regional Managing Director for Sub-Saharan Africa at Aleph Holdings, highlighted the benefits of this partnership, noting that it allows businesses to transact in local currency and gain direct insights from TikTok. | Concurrently, Wowzi, a leading technology marketplace, has been appointed as TikTok's creator management partner in Kenya. This partnership aims to empower local creators by facilitating stronger connections with brands and agencies, thereby opening new avenues for creative expression and commercial success. Mike Otieno, Co-founder and President of Wowzi, expressed enthusiasm about the collaboration, emphasizing its potential to unlock valuable opportunities for Kenyan creators to thrive on the platform............…continue reading |
| |
| | |
| Start learning AI in 2025 | | Everyone talks about AI, but no one has the time to learn it. So, we found the easiest way to learn AI in as little time as possible: The Rundown AI. | It's a free AI newsletter that keeps you up-to-date on the latest AI news, and teaches you how to apply it in just 5 minutes a day. | Plus, complete the quiz after signing up and they'll recommend the best AI tools, guides, and courses – tailored to your needs. | Sign up to start learning. | | | | | 📱TELECOMS | Airtel Africa's Revenue Soars 20.4% to $3.64bn in 9 Months | | Airtel Africa has once again demonstrated its resilience and strategic agility by reporting a 20.4% increase in revenue for the nine-month period ending December 31, 2024. Despite economic headwinds and currency fluctuations across its markets, the telecom giant has managed to expand its subscriber base, enhance mobile money adoption, and optimize operational efficiencies, solidifying its position as one of Africa's leading telecommunications providers. | Airtel Africa's revenue surged to $3.64 billion, driven primarily by increased demand for mobile services and digital financial transactions. The company's mobile money operations have been particularly noteworthy, contributing significantly to its overall financial performance. | However, the revenue growth in constant currency masks a 5.8% decline in reported currency, largely due to currency devaluation across its operating markets. This highlights one of the key challenges facing multinational companies operating in volatile economic environments.....…..continue reading |
| |
| | |
| | | | | OTHER STORIES | National ID fraud cases reach 27% in Africa, according to SMILE ID report……..continue reading Nigeria launches "Service-Wise GPT" to enhance public service efficiency through AI……continue reading
|
| |
| | |
| | | | | OPPORTUNITIES | Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading Applications are now open for the Women Techsters Fellowship Programme, a free, one-year initiative designed to equip young girls and women with high-demand technology skills. Deadline = 31st January 2025……..continue reading The Lagos State Science Research and Innovation Council (LASRIC) calls on bold thinkers and trailblazers to apply for funding and support under its 2024 Innovation Initiative. Deadline = 31st January 2025…..continue reading Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading
|
| |
| | |
| | Did you enjoy this newsletter? Then why don't you forward the newsletter to at least 5 friends to read and subscribe. We'd love to have them aboard too. | Remember that over 7,000 people receive weekly. You can take advantage of this reach by advertising here. | You can reply to this email and send us your news tips, titbits. | Rowland Osahon
Innovation Village |
|
