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☂️ SA's Naked secures $38 million in Series B2 funding to drive AI and automation in insurance
🔋 Transgrid Enerco Limited to acquire 60% stake in Eko Electricity Distribution Company
📱Globacom CEO Resigns After Just One Month, Signaling Internal Challenges
💸 Safaricom's M-Pesa to integrate with Pesalink amid Central Bank's new payment system initiative
📱Trump signs executive order delaying TikTok enforcement action for 75 days |
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| | | | | ☂ INSURANCE | SA's Naked secures $38 million in Series B2 funding to drive AI and automation in insurance |  | Naked Team |
| South African insurtech company Naked has successfully completed a $38 million (approximately R700 million) Series B2 funding round. This round was led by global impact investor BlueOrchard and saw increased participation from existing investors, including Hollard, Yellowwoods, the International Finance Corporation (IFC), and Germany's development finance institution, DEG. | The newly secured funding will enable Naked to deepen its investment in automation and AI, expand its product offerings and market reach, and enhance advertising efforts to grow its customer base. Additionally, the funds will help meet regulatory capital requirements associated with the company's rapid growth....…continue reading |
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| | | | | 🔋 POWER | Transgrid Enerco Limited to acquire 60% stake in Eko Electricity Distribution Company | | Transgrid Enerco Limited, a newly formed alliance comprising North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF), has signed a share purchase agreement (SPA) to acquire a 60% equity stake in Eko Electricity Distribution Company (Eko DisCO), Nigeria's second-largest electricity distribution company. | The SPA was signed today, January 21, 2025, with the transaction expected to be finalized by April 2025. Earlier reports this month indicated that West Power and Gas Ltd (WPG), the parent company of Eko DisCO, was nearing the sale of its entire stake after the consortium of North South Power, Axxela, and Stanbic Infrastructure Fund emerged as the winning bidders. | The bidding process for acquiring Eko DisCO began a year ago. While the exact financial details of the deal were not disclosed, it is believed to be valued at over $200 million, according to news reports. This acquisition is seen as a strategic move, particularly because two of the companies in the Transgrid Enerco consortium—NSP and Axxela Limited—are already established players in the energy sector. NSP, which owns Shiroro Dam, will gain direct control and insight into Eko DisCO's operations, providing a clearer understanding of the company's cash flow distribution....…continue reading |
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| | | | | 📱TELECOMS | Globacom CEO Resigns After Just One Month, Signaling Internal Challenges |  | Ahmad Farroukh |
| Ahmad Farroukh, the newly appointed CEO of Nigerian telecommunications giant Globacom, has resigned after just one month in the role, sending shockwaves through the industry. While Globacom has yet to officially comment, reports suggest internal challenges may have contributed to his abrupt departure. | Farroukh, a seasoned telecom executive with a successful track record at MTN and Airtel, was brought in to revitalise Globacom's fortunes. However, his tenure was short-lived, raising questions about the company's internal dynamics. Known for its strong founder influence, Globacom operates under the close guidance of its chairman, Mike Adenuga Jr., which may have presented challenges for Farroukh's leadership style. Executives accustomed to greater operational autonomy in their previous roles may find it difficult to navigate such a hierarchical structure.....…..continue reading |
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| There's a reason 400,000 professionals read this daily. | | Join The AI Report, trusted by 400,000+ professionals at Google, Microsoft, and OpenAI. Get daily insights, tools, and strategies to master practical AI skills that drive results. | Sign up now for free and work smarter, not harder. | | | | | 💸 DIGITAL PAYMENTS | Safaricom's M-Pesa to integrate with Pesalink amid Central Bank's new payment system initiative | | Safaricom's M-Pesa is poised to join the Pesalink network, a move that could significantly reshape Kenya's digital payments landscape. In a proposal submitted jointly with the Kenya Bankers Association (KBA) to the Central Bank of Kenya (CBK), Safaricom aims to integrate M-Pesa, Kenya's largest mobile money platform, into the national interbank payment system, Pesalink, which already connects 39 banks across the country. | This integration is expected to dismantle the barriers between mobile wallets and traditional bank accounts, creating a more unified payments ecosystem in Kenya. It could make transferring money between mobile wallets and bank accounts faster and more seamless for millions of Kenyans, effectively bridging the gap between mobile money and the formal banking sector...…..continue reading |
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| | | | | 📱SOCIAL MEDIA | Trump signs executive order delaying TikTok enforcement action for 75 days | | President Donald Trump has signed an executive order that delays the enforcement of actions against TikTok for 75 days, aiming to restore the app's service in the United States. | The executive order directs relevant government agencies to work towards a resolution that ensures national security while allowing TikTok to continue operating. Specifically, the order instructs the U.S. Attorney General to refrain from taking any enforcement actions for a period of 75 days under the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), which had effectively banned TikTok in the U.S. as of Sunday, January 19. | The text of the executive order states, "During this period, the Department of Justice shall take no action to enforce the Act or impose any penalties against any entity for any noncompliance with the Act." Furthermore, it adds, "Even after the expiration of the above-specified period, the Department of Justice shall not take any action to enforce the Act […]"...…..continue reading |
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| | | | | OTHER STORIES | Egyptian fintech startup MoneyHash raises $5.2 million in pre-Series A funding to expand operations…….read more Meta, Google, TikTok, and X Commit to Fighting Online Hate Speech in Europe………read more Can AI Predict and Prevent National Grid Failures in Nigeria?…….read more Nigeria's top online savings and investing platform, PiggyVest, has revealed that, since its launch in 2016, it has paid out more than ₦2 trillion to its subscribers……read more
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| | | | | OPPORTUNITIES | 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
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