- November 10 2023
MultiChoice invests a further $27 million into Showmax relaunch
MultiChoice, the pan-African broadcaster that reported $131m in revenue in 2022, has invested R500 million (~$27 million) in Showmax, its streaming service, ahead of a late-2024 relaunch. This is according to a statement the company released on the Johannesburg Stock Exchange on November 9. Showmax 2.0 will launch on a specialised technology platform on the US streaming service, Peacock, according to the company’s filings. “It also incorporates the higher investment in Showmax, primarily related to dual platform costs that will normalise once customers have been migrated from the current platform to the new Peacock platform,” MultiChoice said. The company will pay R247 million (~$13 million) to license the use of that technology for seven years after Showmax 2.0 launch. Peacock, which will host ‘Showmax 2.0’, increases prices for the first time Increased investments into Showmax will reduce trading profit by as much as R1.3 billion (~$70 million) as the company releases half-year results next week, MultiChoice told its shareholders. Other expenses including a 16% increase in local content investment, also contributed to the trading losses. The company’s share price, which is down 43% year-on-year, fell by as much as 5% after the announcement. The company’s half-year results for the period ended September 30, 2023, will be released on November 15. MultiChoice share price has plunged by almost 50% in the last six months Key Takeaways MultiChoice invested a further R500 million (~$27 million) into Showmax revamp. The investment contributed to a projected R1.3 billion (~$70 million) loss in trading profit in the first half of FY2023. Showmax 2.0 is scheduled for launch in the second half of FY2024. In April, Multichoice announced a partnership with US media giant COMCAST, owners of NBCUniversal, and its UK counterpart SKY to create “Showmax 2.0”. Showmax 2.0 would be a new platform powered by Peacock—70% owned by MultiChoice and 30% (stake sold for $30 million) owned by the aforementioned UK and US partners. The first iteration of Showmax was launched in April 2015 and as the platform struggles to keep up with global players like Netflix, it hopes a revamped Showmax might accelerate that process. According to data from research firm Digital TV Research, Netflix is projected to clock seven million subscribers on the continent by 2028 while Showmax will reach just over 2 million. Multichoice relaunching Showmax through a partnership with NBCUniversal and Sky MultiChoice has big ambitions for Showmax 2.0. It states it wants to make Showmax the biggest streaming platform on the continent, forecasting $1 billion in revenue in five years, trading profit breakeven by 2027, as well as a 25% EBITDA margin, and 20% free cash flow margins, both at scale. Additionally, Multichoice has also bumped up its growth expectations of the platform by a multiple of three by 2032 and content production by a multiple of 10 by 2033. This is not the first time that MultiChoice has officially announced the impact of the Showmax 2.0 investment in its operations and shareholders. In its annual results released on 31 March, the company announced that it would withhold dividends to shareholders to make further investments into Showmax.
Read More- November 10 2023
Uganda joins East Africa’s push to attract tech investors
Uganda, the landlocked Pearl of Africa, held an investor summit today as it joins the race to be East Africa’s tech destination of choice. The summit was led by the Minister of Science, Technology and Innovation, Dr. Monica Musenero; the presence of President Yoweri Museveni, who announced a $150 million fund for science and technology and 10-year tax exemptions for innovative companies, signaled that a tech push is now government’s priority. “We are here to learn from you. Why aren’t you investing in Uganda?” asked David Gonahasa, founder of Tripesa and a champion of Uganda’s push for investment visibility. He posed his question to an impressive lineup of investors: Uwem Uwemakpan of Launch Africa, Tobi Oke of V8 Capital, Nela Duke Ekpenyong of Ingressive, Ryosuke Yamawaki, a Partner at Verod Kepple Capital Africa, and Eric Osiakwan of Chanzo Capital. Yewande Odumosu, fund manager at Hoaq Capital, Ruby Nimkar and Kunmi Demuren of Greentree Capital were also in the audience of some 200-odd people. With over 400 portfolio companies, these investors have only two Ugandan investments between them. While Tobi Oke said Uganda’s lack of visibility is linked to how little investors know about the country, Eric Osiakwan pointed out the need for Uganda’s homegrown investors to show leadership. Dr Musenero, the minister of science and technology, took notes on her tab as the investors spoke. “We want to make Uganda the best investment destination in the region,” the minister said after the investor panel. “My vision is to listen and capture.” Some of that listening and capturing began before this week’s conference. David Gonahasa shared that the idea for an investor summit was born when a Ugandan delegation attended the Marrakech edition of the GITEX conference in May 2023. “Do we have something like GITEX in Uganda? Make it happen,” Gonahasa remembers the minister saying at the time. It’s a good start but still far from what the Ugandan Ministry of Science, Technology, and Innovations has in the works. “We may not start perfect, but we’re aiming for what will work best,” the minister told everyone in the crowd. The Ugandan team’s self-awareness is important because debuts like this week’s investor summit are never perfect, an investor who spoke to me on the sidelines said. That investor was making a quick stop from neighboring Rwanda, Uganda’s East African rival and host of Norrsken Africa Week, a gathering of the continent’s ecosystem players. While Uganda will eventually hope to upstage its landlocked neighbor, it can simply copy its blueprint by promising government support and tourist and investor-friendly policy to show that it is serious about a push into technology. If Uganda’s vision ever falters, it only needs to look at Rwanda’s results: Paystack announced its private beta there this week, months after Flutterwave set up its East Africa settlement hub in Kigali. The blueprint for how startups can think about relatively small markets like Rwanda and Uganda is talk for another day. Ultimately, one thing is clear: Uganda’s decision to throw its hat into the ring is the kind of healthy competition the region needs. It’s tempting to say the region needs another Kenya, but what each country brings to the table is unique. Uganda’s standalone offering will continue to be more explicit in the coming months and years.
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- November 10 2023
Emata’s collateral-free loans is helping smallholder farmers thrive in Uganda
Emata, the agro-financing startup in Uganda, is leveraging farmer cooperatives and whatsapp chatbot in Uganda to disburse collateral free loans to small holder farmers in the country. Emata, a two-year-old agro-financing startup for small-holder farmers in Uganda, launched with one goal in mind: to offer collateral-free loans to small-holder farmers. While the majority of Uganda’s seven million farmers live in rural areas, their outputcontributes 35% of the country’s export earnings. But agencies like the World Bank say that these farmers could be more productive and command better profits. One of the ways to ensure improved outcomes is access to loans. Emata’s founders, Lillian Nassanga, Dave Agaba, and Bram van den Bosch launched a study throughout rural Uganda to understand how farmers work, and realised that there was a huge financial gap for farmers in the region. Africa’s agricultural financing gap is about $240 billion, with Uganda’s estimated between $1.5 billion and $2 billion annually. “We realised that if farmers in Uganda and Africa are given the correct support and financing, they will be able to feed the world. This is not happening because banks are not offering loans to farmers, and that’s when Emata began,” Nassanga said. Emata started by issuingloans to dairy farmers before expanding into coffee and oil seed farmers. The startup relies on data obtained from cooperatives and farmer-based organisations to make loan decisions. “The first thing we do is to ask whether they [the cooperatives] have digital records of the farmers. The records allow us to understand how the farmer has performed over a period of time, how much the farmer has been yielding for the month,” Nassanga told TechCabal. “We combine this data with the farmers’ living expenses and weather data so we can understand what the farmer’s potential will be for the seasons coming.” Once Emata concludes this task, they apportion credit limits to each farmer. The credit limits determine how much loan a farmer can obtain. “No one farmer has the same limit. We reward loyalty over one-hit wonders because we want this smallholder farmer to grow,” she said. How Emata disburses loans Cooperatives are a way of life for smallholder farmers in Uganda. These farmers often lack the resources to access financial services, agricultural inputs, and marketing support on their own. Pooling their resources in these cooperatives—such as Kiruhura Dairy Cooperative, Rushere Dairy Farmers’ Cooperative Society, Kigezi Highland Tea Cooperative, and Nyabyeya Coffee Cooperative—allows the farmers to access better prices for agricultural inputs and higher prices for their crops. Emata leverages this farmer-cooperative relationship to disburse loans easily to the farmers. The farmers apply for loans through a cooperative agent. These agents then apply for loans on behalf of the farmers through Emata’s WhatsApp chatbot. The farmers receive the loans in their mobile money wallets—MoMo wallets are the most popular for these unbanked farmers. According to Nassanga, loan processes take up to 5–10 minutes. “We have a person trained to use our WhatsApp chatbot to request loans on behalf of the farmers. Once they put in information about the farmers, we look through the farmers’ data points and approve or deny the loans. Once the loan is approved, the agents get notified on WhatsApp, and the loans will be disbursed to the farmer.” Emata’s app & WhatsApp lending platform Due to low digital literacy in some rural parts of Uganda, working with cooperatives has been a difficult task for Emata. “Sometimes, there is no digital record of these farmers, so we have to train the staff to input the data into the computer,” she said. Emata does not have a loan cap, but its minimum loan size is about $25. “Our loans are getting bigger by the day even as the farmers grow,” said Maren Hald Bjørgum, chief communications officer. Bjørgum did not disclose Emata’s interest rate but says the agro-financing firm’s interest rates are competitive. According to her, interest rates differ from partner to partner and from value chain to value chain according to the risk.” Loan tenure ranges from two weeks to nine months, and farmers repay at the end of the harvest. Farmers can also get increased loan prizes depending on their previous performance. “We match our loan periods for the start and end of each season; as long the model shows you can repay it, you will get a loan,” Bjørgum disclosed. According to Musoke, Emata has disbursed loans worth $1 million to farmers and hopes to double that in the coming year. The startup recently raised a $2.4 million seed round, a mix of $1.6 million debt and $800,000 equity funding, The startup plans to use the funding to deepen its offerings in Uganda—where it currently has no competitor—and expand into Tanzania. Emata has onboarded 56 partners, 40,000 farmers, per Musoke. “The structures we have developed here are easily transferrable to other markets,” she told TechCabal. Emata is hoping to strike partnerships with farmer based organizations for its next growth phase, according to Musoke. The agro-financing startup is in talks with dairy potato partners in Tanzania and Ethiopia and will enter the countries in the coming days, Musoke shared with TechCabal.
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- November 10 2023
TechCabal Daily – Flutterwave flies free in Kenya
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF If you struggled to use ChatGPT this week, it’s because the platform is under attack. Yesterday, OpenAI revealed that its viral chatbot is the target of a DDoS attack. So far, the company said no user information has been compromised, and it is working to mitigate the attack. The attacks are suspiciously coming in the same week that the company announced a GPT Builder that will let anyone build their version of ChatGPT. In today’s edition Flutterwave is exonerated in Kenya Bolt Food exits Nigeria Safaricom reaches 1.2 million M-Pesa users in Ethiopia Flutterwave receives licence in Malawi Funding tracker The World Wide Web3 Events Regulations Kenya withdraws case against Flutterwave Image source: YungNollywood Flutterwave has weathered the storm. A Kenyan high court has approved the withdrawal of the second and last case against the fintech. What happened? In August last year, the country’s Asset Recovery Agency (ARA)—an agency that investigates and recovers proceeds of crime—froze $3 million belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited on suspicion of money laundering and fraud. The ARA filed a suit requesting the withdrawal of the case but was denied in July when the high court judge asked for the reasons behind the ARA’s request to withdraw the case. However, the ARA withdrew the case after further investigations showed Flutterwave was not involved in money laundering and fraud allegations. ICYMI: This is Flutterwave’s second rodeo at fraud suspicion in the country. In July 2022, the ARA froze $52.5 million belonging to Flutterwave and six other companies on the account of money laundering. However, in March this year, the ARA formally withdrew the case. Zoom out: The development comes as the fintech pushes a move into the East African country, seeking to acquire a payments service provider and remittances licence from the Central Bank of Kenya (CBK). Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Exits Bolt Food bolts from Nigeria Image source: YungNollywood Bolt is shutting down its food delivery service in Nigeria. From December 7, 2023, Nigerians will no longer have access to the service. Why? The company announced its decision as a move to streamline its resources and maximise its overall efficiency. Bolt, which currently offers food delivery services in 16 countries and 33 cities across the world, launched Bolt Food in Nigeria in October 2021 after increased demand for food delivery services during the pandemic. Since its launch in the country, Bolt Food claims it has partnered with over 10,000 restaurants, delivered over 1 million meals, and onboarded 23,000 agents and 12,000 merchants. Zoom out: Food delivery businesses in Nigeria are facing stringent macroeconomic challenges which have affected their operations. Rising fuel prices, for example, have led logistics startups like Bolt to up delivery fees by 20-50%. The country experienced a 215% hike in fuel prices after its subsidy was removed in May 2023. Join the Paystack private beta Paystack has launched a private beta to offer payment tools to businesses in Côte d’Ivoire, Egypt, and Rwanda. Learn more about Paystack’s entry into 3 new markets → Mobile Money Safaricom records 1.2 million M-Pesa users in Ethiopia Image source: Reuters Safaricom is adding M-PESA customers faster than you can say “mobile money”. The telecom announced in its 2023/2024 half-year results that it has registered 1.2 million M-Pesa customers in Ethiopia since its launch in the country. More numbers: Safaricom also noted that it had onboarded 23,000 M-Pesa agents and 12,000 merchants on its platform. The telecom revealed that its recorded transaction volume has grown to KES43.7 billion ($287.97 million) since its launch. Although Safaricom officially opened shop in Ethiopia in 2022, it didn’t launch its M-Pesa service until August this year. In May 2023, Safaricom Ethiopia reported revenues of KES1.8 billion ($16.2 million), with service, voice, data, and messaging accounting for KES600 million ($5.4 million), KES100 million ($900,000), KES400 million ($3.6 million), and KES3.9 million ($36,000), respectively. Zoom out: Safaricom, which provides services to more than 51 million customers across seven countries in Africa, says that it will deepen financial inclusion and promote a cash-lite economy in Ethiopia. Fintech Flutterwave scores international transfers license in Malawi Image source: Zikoko Memes In more news about Flutterwave, the African payments company has secured a licence to process payments in Malawi, including remittances. Malawi’s remittance market has grown exponentially since 2016, presenting a growth opportunity for the $3 billion-valued African fintech. The International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi allows the company to process international payments from the Malawian diaspora into the country. Opportune time: Over 200,000 Malawians work and reside outside the country, presenting an opportunity for Flutterwave to enter the international remittances market which has grown by 300% since 2016 and now represents 2% of the country’s $13.2 billion GDP, according to the World Bank. The remittance service will be offered through the company’s Send App, the international payments app that was relaunched in August. Send App allows users to transfer funds from over 34 countries worldwide, including the US and Canada. Egypt and Sénégal were also recently added to the network. Zoom out: Flutterwave has achieved a slew of licences over the past year including a switching and processing one in Nigeria, a payments service provider one in Egypt, and an electronic money issuer one in Rwanda. Do more with Bitnob Grow your product offerings and revenue with Bitnob APIs, offering seamless access to payouts, virtual cards, and crypto wallets. Sign up here today. TC Insights Funding tracker This week, Ivorian-based startup, StarNews Mobile, secured $3 million in funding led by Janngo Capital. The round also included investment from three French professional footballers. Here are the other deals for this week: Egyptian e-commerce startup Awfar secured an undisclosed amount in funding from Saudi Arabia-based venture studio, Value Maker
Read More- November 9 2023
Bolt Food pulls the plug on Nigeria operations
The food delivery service which launched in 2021, has cited strategic reasons for shutting down in the country. Nigerians will no longer be able to place food orders on the Bolt Food app as Bolt is shutting down its food delivery service in the country from December 7, 2023. The company announced its decision as a move to streamline its resources and maximise its overall efficiency. Bolt, which currently offers food delivery services in 16 countries and 33 cities across the world, launched Bolt Food in Nigeria in October 2021 after increased demand for food delivery services during the pandemic. Since its launch in the country, Bolt Food claims it has partnered with over 10,000 restaurants, delivered over 1 million meals, and onboarded 23,000 agents and 12,000 merchants. When Bolt Food launched, its significant competitors were Jumia Food and Gokada before new competitors like Glovo, Chowdeck, and Buyfood appeared in the $834.7 million Nigerian food delivery market. While Bolt Food’s decision to exit was blamed on a need to streamline resources, its competitor, ChowDeck, a Y Combinator-backed Nigerian food delivery startup, recently crossed ₦1 billion ($1.2 million) in monthly order value. ChowDeck’s CEO, Femi Aluko claims that Chowdeck’s growth in October was organic. Food delivery businesses in the country are facing stringent macroeconomic challenges which has affected their operations. Rising fuel prices have led Logistics startups like Bolt to up delivery fees by 20-50%. A rising inflation rate also means that these logistics companies will have increased operation costs. Aside from these macroeconomic conditions, poor road networks make it difficult and time-consuming for delivery riders to get around which ultimately leads to delayed deliveries and customer dissatisfaction. Also, the food delivery market in Nigeria is becoming increasingly competitive, with new players entering the market all the time. Sometimes inaccurate map locations affect food deliveries and notorious traffic congestion in places like Lagos adds to the list of hurdles faced by this food delivery service.
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- November 9 2023
Flutterwave obtains international transfers license in Malawi
Flutterwave has been granted a license to facilitate remittances into Malawi. The country’s remittances market makes up 2% of its GDP according to the World Bank. Flutterwave, the African payments company, has secured a licence to process payments into Malawi, including remittances. Malawi’s remittance market has grown exponentially since 2016, presenting a growth opportunity for the $3 billion-valued African fintech startup. The International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi allows the company to process international payments from the Malawian diaspora into the country. Over 200,000 Malawians work and reside outside the country, presenting an opportunity for Flutterwave to enter the international remittances market which has grown by 300% since 2016 and now represents 2% of the country’s $13.2 billion GDP, according to the World Bank. According to data by the World Bank, remittances into Malawi have grown by 300% compared to 2016. (Image source: World Bank) “We are grateful to the Reserve Bank of Malawi for placing their trust in us and we look forward to this amazing journey, delivering the best possible financial services to the people of Malawi,” Flutterwave CEO Olugbenga “GB” Agboola said Thursday. The remittance service will be offered through the company’s Send App, the international payments app that was relaunched in August. Send App allows users to transfer funds from over 34 countries worldwide, including the US and Canada. Egypt and Sénégal were also recently added to the network. With the country’s national currency in freefall, these figures are expected to increase as a wave of migration sweeps through Malawi and other African countries. Around 28% of the country’s adult population is thinking “a lot” about relocating abroad, according to Afrobarometer. This week alone, the country’s central bank devalued the currency by 30%, stating that “supply-demand imbalances in the currency market and arbitrage opportunities had resurfaced.” Malawi’s payments market is expected to widen in the coming months as the country issues new licenses to fintechs and other companies looking to roll out services in the country. On November 2, the central bank issued a list of over 20 companies that had been granted numerous licenses under the act. Although the communication did not specify which of those had been granted specifically the international money transfer license, it seems Flutterwave can expect some competition as it enters the Malawi market.
Read More- November 9 2023
WeWork SA eyes expansion amid bankruptcy filing by franchiser
WeWork South Africa is accelerating its expansion plans as the rise in popularity of hybrid work sees a boost in demand for flexible office spaces. WeWork Inc. filed for bankruptcy this week, however, WeWork South Africa has told TechCabal that it is planning an expansion both within the country and across the continent. The company, which is 100% owned by real estate investment company Sisebenza, holds the exclusive WeWork franchise license for South Africa, Nigeria, Kenya, Ghana, and Mauritius. WeWork Inc. launched operations in South Africa in 2019, opening three locations across the country. According to Andrew Robinson, co-founder of Sisebenza, the company offloaded the South Africa operations to Sisebenza on March 1, 2023. The terms of the franchise agreement included Sisebenza opening more locations within South Africa and the aforementioned countries. “Our operations have been going well over the last eight months. We are reaching record occupancies in our three locations in South Africa,” Robinson told TechCabal. “This month, we are opening a 250-desk operation in Cape Town.“ WeWork SA’s expansion drive Robinson further added that WeWork South Africa’s expansion drive was motivated by the wave of returning to the office following the remote work epoch driven by COVID-19 lockdowns. Another factor was the emergence of hybrid work which has boosted the demand for flexible office spaces. “To service this demand, we are currently doing due diligence on several pieces of real estate throughout South Africa. We have also started to develop our roadmap into Africa and we are very excited about that,” added Robinson. Additionally, the pan-African expansion will be spearheaded by South African companies looking to enter the markets in which WeWork South Africa has franchise rights in. “Our growth in South Africa and into the continent is going to be fueled by our current members in South Africa who are looking to open up their operations in places like Lagos and Nairobi. And for us, that’s incredibly exciting,” concluded Robinson. Data real estate analytics firm KnightFrank in their 2022/23 Africa Report [pdf] shows that vacancy rates for office spaces in South Africa reached a 17.9% all-time high in Q1 2022. Flexible work hours as well as the delayed impact of new post-COVID occupational strategies were cited as the main reasons for the plunging vacancy rates. Despite this, KnightFrank expects this trend to stabilise and gradually slow down “in the short to medium term as business confidence returns and more companies return to offices on a full-time basis.” For WeWork South Africa, the focus is on the flexible office space sector which Robinson estimates makes up only 1% of current commercial real estate in the country and predicts to grow to 2% and 6% in the short and medium terms respectively. The shift towards a hybrid work model is driving the demand for ‘space-as-as-service’, according to some experts, which in turn drives demand for flexible offices. Ironically, according to the Financial Times, a shift from in-office work to hybrid work, which impacted occupancy rates on the company’s leased properties, was one of the main reasons for WeWork’s fall from grace and eventual bankruptcy. Whether WeWork South Africa, which views a shift to hybrid work as more of an advantage, will escape the same fate remains to be seen.
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- November 9 2023
Exclusive: Paystack deepens its payment play with direct debit
Paystack, the Nigerian fintech giant, is launching a direct debit product in partnership with NIBSS, which operates Nigeria’s instant payments infrastructure. Paystack, the Stripe-owned fintech, is launching a direct debit product that will allow Nigerian businesses to charge customers’ bank accounts directly. Direct debits are useful for recurring payment activities, like a DStv, Tizeti, Netflix, or Spotify subscription, allowing these services, with the user’s consent, to debit the consumer’s bank account without requiring debit card information. This approach helps merchants and other services reduce costs related to card transactions and reduce other frictions related to card payments. Direct debits are also useful for lending services, enabling them to automate loan repayments on their due dates with the approval of customers instead of waiting for a manual bank transfer process. Direct debits have existed in the Nigerian financial services industry for years, but they require an in-person visit to the bank to manage the process. Several companies have long talked about how a digital alternative could help boost recurrent revenue while ensuring that customers don’t suffer service disruption if they miss their subscription payment due to forgetfulness or card network challenges. Paystack says it worked with the Nigeria Inter-Bank Settlement Scheme (NIBSS)—which operates the country’s instant payments infrastructure—to connect nearly two dozen banks for direct debits. The partnership allowed Paystack to leapfrog the hurdles and time it takes to manually integrate with each bank and will help reduce the processing time to set up each consumer to mere seconds. “Everything from the acquisition of a switching license to infrastructure improvements to deep product investments in bank transfers all laid the groundwork for us to finally be able to offer a robust direct debit experience,” Paystack told TechCabal. Paystack’s direct debit feature ties closely to the company’s recent push to develop fintech products on top of consumers’ bank accounts. This approach cuts out debit cards, which have long played the role of middleman between merchants and consumer payments. Outside of cash, debit cards, provided by card networks in partnership with banks, allow merchants to universally collect payments from customers and complete the final settlement on the backend. However, card transactions, with its pool of fintech participants, carry additional costs to merchants and users, causing the final transaction amount to rise slightly above the original price of the service. In recent months, Paystack has been looking to go direct to help businesses and consumers complete payments solely from a bank account or an equivalent mobile money wallet. And this move beyond web-only collection is paying off, the fintech explained. In 2017, Paystack introduced “pay with bank transfer,” which allows customers to complete transactions without using a debit card. This method of payment has ballooned, rising from under 13% of the company’s total transaction activity in 2021 to 34% since the start of 2023. This growth in the bank transfer payment channel is driving Paystack’s broader focus on non-card alternatives. The company rolled out a new virtual account partnership with Titan Trust Bank to reduce the latency of bank transfers. In October, it followed this up with the launch of virtual POS terminals, a new web product that allows merchants to accept payments with bank transfers for multi-person businesses. The direct debit feature, with a focus on bank accounts, ties closely with Paystack’s recent strategy. Meanwhile, direct debit services have been gaining adoption in Nigeria in the last few years. The total value of direct debits has grown to N26.4 trillion, an exponential growth compared to N1.8 trillion in 2020, one year after the Central Bank of Nigeria (CBN) started tracking data on these transactions. Paystack, which was acquired by Stripe in 2020 for $200 million, says Nigerian users can link their bank accounts to a merchant’s business upon request. The fintech will complete a one-time transaction to authenticate the bank account and secure consent from customers. After the bank transfer is confirmed, a merchant can begin to process payments, either recurring or one-time. Users will also have access to an online portal through which they can manage all their direct debit mandates with Paystack merchants. This is only the second time that Paystack has built an end user-facing product after a portal where customers could complain about failed transactions was released. The BackEnd: Direct debits that “bounce” are a problem, but what’s a fair penalty?
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- November 9 2023
The best smartphone so far in 2023
In the ever-dynamic landscape of the smartphone world, where each new release is akin to a gladiatorial battle for supremacy, 2023 has witnessed an epic clash of titans. Brands like Apple (iPhone), Oppo, Vivo, Tecno, Xiaomi, and the illustrious Google Pixel stepped into the arena, bearing their sharpest innovations and mightiest features. But after scrutinising every contender, enduring endless debates, and banters, there can be only one victor. And the top accolade in the realm of 2023 smartphones belongs to none other than the Samsung Galaxy S23 Ultra! This smartphone redefines the way we experience smartphone photography and comes packed with a host of upgrades that position it at the forefront of the premium flagship league. Let’s take a closer look at what makes the Galaxy S23 Ultra truly shine this year. A camera to marvel at The android device has several perks making it worthy as the best smartphone so far in 2023. But the standout feature of the Samsung Galaxy S23 Ultra has to be its impeccable 200MP camera system. But it’s not just about the megapixels; this camera can merge 16 pixels into one, resulting in brighter, more detailed, and simply stunning shots. What’s more, you have the flexibility to capture in full 200MP mode, allowing for extensive cropping and reframing options. When compared to other flagship devices such as the Pixel 7 Pro and iPhone 15 Pro Max, the Galaxy S23 Ultra emerges as a pace setter in the camera department. This smartphone delivers exceptional performance, whether you’re shooting in bright daylight or challenging low-light conditions. Form meets function: Design and Display Another reason this device deserves to be crowned as the best smartphone so far in 2023 is its build. The Galaxy S23 Ultra’s design is not just stylish; it’s incredibly practical too. The rear cameras are more prominent, and the display is notably flatter, which enhances the usability of the S Pen. While the curved display adds to the premium feel, it’s important to note that it can pose challenges when trying to access items at the display’s extreme edges. Samsung has also made the device more durable, incorporating Corning Gorilla Glass Victus 2 for added protection against scratches and accidental drops. This phone is available in four elegant colors: Phantom Black, Green, Cream, and Lavender. Among these, the green option stands out as a vibrant and unique choice. Moreover, Samsung’s commitment to sustainability shines through with the incorporation of recycled materials into the phone’s design. Display excellence The Galaxy S23 Ultra boasts one of the finest smartphone displays in the market. With its 6.8-inch QHD OLED screen, it delivers vibrant colours and a high resolution, making it the ideal canvas for consuming content. The display’s 120Hz refresh rate ensures smooth visuals and adapts to the content you’re viewing. Remarkably, the Galaxy S23 Ultra’s display performs impressively both indoors and outdoors, offering excellent brightness and wide viewing angles. It provides the perfect stage for showcasing your photos and videos, especially with the support of its stunning 200MP camera. Best smartphone cinematic experience: Video Performance When it comes to video, the Galaxy S23 Ultra doesn’t disappoint. It offers enhanced video stabilisation and supports 8K video recording at 30 fps. The phone’s video quality is top-notch, producing smooth footage with vibrant colours. What’s more, the 10x optical zoom feature further elevates your video capabilities, allowing for closer and more detailed shots. When stacked up against rivals like the iPhone 14 Pro Max and Pixel 7 Pro, the Galaxy S23 Ultra emerges as a strong contender, providing competitive video quality and additional zoom options. It’s a top choice for content creators and videography enthusiasts. Unmatched performance Beneath the hood, the Galaxy S23 Ultra is powered by the exclusive Snapdragon 8 Gen 2 for Galaxy chipset. This processor boasts higher clock speeds and delivers the world’s fastest mobile graphics in a smartphone. Benchmarks clearly demonstrate that the device outperforms competitors like the iPhone 15 Pro and Pro Max when it comes to graphics. However, this phone isn’t just about benchmarks; it excels in real-world usage as well. It breezes through tasks, whether you’re multitasking or running demanding applications. Gaming on the Galaxy S23 Ultra is an absolute delight, offering stunning graphics and responsive controls. Battery that stays The Galaxy S23 Ultra packs a 5,000mAh battery, and when combined with the efficiency of the Snapdragon 8 Gen 2 chip, it delivers remarkable battery life. In our rigorous battery test, the phone lasted for over 12 hours, solidifying its position as one of the top performers in the market. When you switch to 60Hz mode, the device even manages to surpass 13 hours, further enhancing its endurance. While the phone’s battery life is indeed exceptional, it’s worth noting that its charging speed could see some improvements. It ships with a 45W fast charger, which is effective but falls short of the faster charging options available on some other devices. S Pen and One UI 5.1: Enhancing user experience The Galaxy S23 Ultra continues to support the S Pen, making it a valuable tool for note-taking, drawing, and fine photo editing. The integration of the S Pen with the device’s display significantly enhances its usability. Additionally, the Samsung Notes app now allows for collaboration, enabling multiple users to edit a note simultaneously. Running on top of Android 13, the device features One UI 5.1, bringing several improvements, including enhanced usability and new features. This software perfectly complements the device’s powerful hardware, providing a smooth and user-friendly experience. Final thoughts on the best smartphone so far in 2023 In 2023, the Samsung Galaxy S23 Ultra unquestionably reigns as the ultimate flagship smartphone. With its groundbreaking 200MP camera system, exceptional performance, and stunning display, it represents the zenith of smartphone brilliance this year. The camera innovations, coupled with improvements in battery life, make it a standout choice, especially for those who are passionate about photography. While it does come at a premium price, the Samsung Galaxy S23 Ultra undoubtedly justifies the investment
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- November 9 2023
How to book train online for Lagos, Ibadan, 2023
In an effort to modernise rail travel in Nigeria, the Nigeria Railway Corporation (NRC) has introduced an e-ticketing platform for the Lagos-Ibadan train route in 2023. This innovative system aims to streamline the booking process, making it convenient for passengers to secure their train tickets. In this article, we’ll guide you through the steps to book your train tickets online for the Lagos to Ibadan route and vice versa in 2023. Things to note if you want to book the Lagos, Ibadan and Abeokuta train online: Please bear the following in mind when trying or looking to book your train ride between Lagos, Ibadan and Abeokuta online: You can only book a day ahead. Business class tickets are ₦6500 for both children and adults. First-class tickets are ₦9000 for both children and adults. Standard tickets are ₦3000 for children and ₦3600 for adults. Keep your transaction emails or messages secure and ready for presentation/verification at the train station. You can book both morning and evening trips. On-the-Ground experience The introduction of the e-ticketing platform has not stopped payment at the train station. However, cash payments are no longer accepted and you can only pay using bank transfer or your ATM card. Accessing the e-ticketing platform to book trains online for Lagos, Abeokuta, Ibadan 1. Visit the website To begin your journey, access the official e-ticketing platform at www.nrc.gsds.ng. Please ensure you are on the correct website to avoid scams. 2. Registration Passengers are required to register on the platform using their National Identification Numbers (NIN). This step is essential for security and identification purposes. Booking your online Lagos, Ibadan or Abeokuta train ticket 3. Sign In After successful registration, sign in to the platform using your email address and password. This will grant you access to the booking system. 4. Select your journey Choose your departure and arrival stations. You can book a one-way or round-trip ticket. 5. Provide passenger details Enter the necessary passenger information, including names, contact details, and any other required information. 6. NIN requirement It’s important to note that your NIN is also required during the booking process. 7. Select train and seats Pick your desired train and seat(s) based on availability and your preferences. 8. Payment Once you’ve selected your train and seats, proceed to the payment step. The website will redirect you to a Flutterwave payment portal, where you can use your debit card to complete the transaction. Final thoughts on how to book train online for Lagos, Ibadan It’s vital to remain cautious while using the e-ticketing platform. Fraudsters are on a rampage trying to use faux or cloned NRC websites to swindle intending users of the new train station platform. The official website for booking train tickets is https://nrc.gsds.ng While there have been some initial challenges reported by passengers, it is hoped that these issues will be resolved to provide a more seamless and efficient online booking experience for all travellers.
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