| | | | | Today's Menu ☕️
💸 Nigeria ends 13-year partnership with Remita, transitioning to new treasury management system
💰 Anthropic secures $3.5 billion in funding to advance AI development and expand global reach
📋 PaySpace rebrands as Deel Local Payroll following $100 million acquisition by Deel
💵 IFC commits $6 million to Ventures Platform Pan-African Fund II to boost early-stage tech startups in Africa
🎬 Canal+ extends acquisition deadline for MultiChoice amid regulatory challenges in South Africa |
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| | | | | 💸 PAYMENTS | Nigeria ends 13-year partnership with Remita, transitioning to new treasury management system | | The Federal Government of Nigeria has officially ended its long-standing partnership with Remita, a payment solutions provider that has facilitated government financial transactions for the past 13 years. This decision represents a significant setback for System Specs, the parent company of Remita, which processed approximately $30 billion annually in 2016 from transactions involving merchants, billers, multinationals, small and medium-sized enterprises (SMEs), and various levels of government. | The government will transition to a new system called the Treasury Management and Revenue Assurance System, which is set to go live today, according to a memo signed by Oluwatoyin Madein, the Accountant General of the Federation. To ensure a smooth transition and avoid a complete overhaul, the phasing out of Remita will occur in two distinct phases. | The first phase began on the 4th of March and focuses on payments and collections in Naira, as well as tax remittances. The second phase is scheduled to commence on June 1, 2025, and will encompass the collections and payments menu for foreign exchange (FX) components, along with integration into the Enterprise Resource Planning (ERP) systems of various ministries.......…continue reading |
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| | | | | 💰FUNDING | Anthropic secures $3.5 billion in funding to advance AI development and expand global reach | | AI startup Anthropic announced on Monday that it has successfully raised $3.5 billion in its latest funding round, achieving a post-money valuation of $61.5 billion. This significant Series E funding round was led by Lightspeed Venture Partners and saw participation from a diverse group of investors, including Bessemer Venture Partners, Cisco Investments, D1 Capital Partners, Fidelity Management & Research Company, General Catalyst, Jane Street, Menlo Ventures, and Salesforce Ventures. | With this latest investment, Anthropic's total funding has now reached an impressive $18.2 billion, according to data from Crunchbase. | Anthropic says the new capital will be used to advance the development of next-generation AI systems, expand its computing capacity, enhance research in mechanistic interpretability and alignment, and accelerate its international expansion efforts....…continue reading |
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| | | | | 📋 BRANDING | PaySpace rebrands as Deel Local Payroll following $100 million acquisition by Deel | | PaySpace, a prominent leader in payroll technology across Africa and the Middle East, has officially rebranded as Deel Local Payroll, powered by PaySpace, following its acquisition by the global payroll giant Deel in 2024. The acquisition deal was reportedly valued at around $100 million, marking a significant milestone for both companies. | This rebranding represents more than just a change in name; it signifies Deel's strategic initiative to consolidate its payroll operations and expand into new markets by leveraging PaySpace's robust technological infrastructure and regional expertise. Under the new branding, PaySpace's platform, now integrated into Deel's global ecosystem, continues to deliver the powerful payroll solutions it is known for, while also offering enhanced flexibility and a broader global reach......…continue reading |
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| | | | | 💵 INVESTMENTS | IFC commits $6 million to Ventures Platform Pan-African Fund II to boost early-stage tech startups in Africa | | The International Finance Corporation (IFC) has made a significant commitment of up to $6 million in equity investment to the Ventures Platform Pan-African Fund II (VP II). This venture capital fund is dedicated to supporting early-stage technology-enabled startups across Africa, with the primary goal of enhancing access to seed-stage financing and providing value creation services for digital entrepreneurs throughout the continent. | The management of VP II will be handled by Ventures Platform GP Limited, a firm based in Nigeria, which is led by experienced partners Kola Aina and Dotun Olowoporoku. While the fund will strategically deploy capital across various African markets, Nigeria will remain a central focus of its investment efforts........…continue reading |
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| | | | | 🎬 MEDIA | Canal+ extends acquisition deadline for MultiChoice amid regulatory challenges in South Africa | | Canal+, the French media conglomerate, has announced a significant development regarding its planned acquisition of South Africa's leading pay-TV broadcaster, MultiChoice. The company has extended the deadline for this acquisition by an additional six months, pushing the anticipated completion date to October 8, 2025. This extension is primarily due to the ongoing need for regulatory approvals, which are still pending. | The delay stems from the stringent regulations outlined in South Africa's Electronic Communications Act (ECA), which imposes strict limitations on foreign ownership within the broadcasting sector. Specifically, the ECA restricts foreign entities from holding more than 20% ownership in local broadcasting licenses. This regulatory framework presents a considerable challenge for Canal+, which aims to integrate MultiChoice into its expanding portfolio across the African continent..….continue reading |
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| | | | | OTHER STORIES | Namibia explores CBDC to enhance cross-border payments and financial inclusion…….continue reading GHIB and BII join forces to address Africa's trade finance shortfall with $50 million facility……continue reading FMO launches $4 million fund to empower African early-stage startups through localized investment strategies…....continue reading
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