Zoho maintains local currency payments over dollar in Kenya and Nigeria as inflation rises
For now, Zoho will continue charging customers in local currency in Nigeria and Kenya amidst surging inflation. Zoho, a global company that creates cloud-based business tools, said on February 29 that it would continue charging customers in Africa and the Middle East in local currency. The decision may boost profits as the company weathers inflation and currency depreciation in markets such as Kenya and Nigeria. “We are not going to change how we bill our customers at all,” Veerakumar Natarajan, country head, Zoho Kenya, told TechCabal. Zoho, however, cautioned that while its billing model will remain, there are possibilities for price adjustments in the future. With rising business costs, some companies have substantially reduced their expenses. However, per Zoho, which launched a local office in Kenya in May 2023, its partner network jumped by 212%, partly because customers continue to use its products since they pay in Kenyan shillings. “Customers are happy to stay with us because we charge in Kenya shillings. This is not the case with rivals, who bill their clients in US dollars,” Natarajan added. READ MORE: Nigerians feel the pinch as January headline inflation hits 29.90% and food prices soar Zoho said it uses a local currency billing strategy in key African and Middle Eastern markets. The approach allows clients in Nigeria, South Africa, Saudi Arabia, and Dubai to pay for Zoho’s customer relationship management software in their local currency. Natarajan said, “In Africa, our strategy is different because we charge in local currency and extend a discount as well.” When it set its price for Kenyan customers, the exchange rate was KES 100 to the US dollar. Currently, the currency has depreciated to KES 146 to the US dollar. According to Natarajan, the weakening Kenyan shilling may compel Zoho to revise its product prices upwards, but there are no such plans soon. For now, Zoho said it can offset the weakening Kenyan shilling by attracting more customers who pay in local currency. As the Kenyan shilling weakens, businesses are concerned about the safety of their dollar-based earnings. Fears include lower income, instability, and compromised livelihoods. Kenya Power, a power distributor, is facing KES 3.19 billion in losses and is considering switching to USD billing, raising concerns about the future of the local currency. READ MORE: Ethiopia’s inflation jumps to 28.7% as central bank acknowledges alleviation difficulties
Read MoreHow 2Africa Subsea Cable landing in Nigeria can propel regional ecosystem growth
This article was contributed to TechCabal by Uche Aniche. 2Africa project is a Subsea Cable connecting three continents and about 33 countries in Africa, including Nigeria. At 45,000km, it is the world’s longest submarine cable and is expected to connect about 1.3 billion people and deepen 4G and 5G Internet penetration to more remote locations. The subsea cable, owned by 2Africa Consortium —led by Meta— has now reached the shores of Nigeria through Lagos and Akwa Ibom states. The Akwa Ibom landing location which is managed by MainOne is at Ibeno and feelers suggest Rivers and Akwa Ibom states are the main focus for now. Doors are however open for other states in the region if enough interest is generated. Here are the top five ways I believe this represents a game changer for the extended business communities in general and the startup ecosystem within the regions in particular: Improved & Faster Internet Connection The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa. This will foster further growth of 4G and 5G and increase broadband penetration to millions of people and businesses across the continent. At 180 terabytes per second, this will deliver high-speed internet to homes, offices, government institutions, and others in the region. Speedup Economic Growth According to the International Telecommunications Union (ITU global study), it was estimated that on average, an increase of 10% in mobile broadband penetration yielded an increase of 1.5% in GDP. We expect this cable landing and subsequent last-mile distribution activities to further grow the economy of the regions in particular and Nigeria by extension. Talent Attraction & Rapid Growth of the Startup Ecosystem We expect more companies to set up in the region leading to more talents choosing to live and work here. This will have some ramifications for the economy of the region but more importantly, it would attract and deliver more experienced professionals to the startup ecosystem, some of whom could become founders or work in some of the innovative startups that call the region home. This would also attract more investors. Affordable Internet Access We expect increased competition to lead to affordable Internet access. The 2Africa Cable will bring the total number of cable landings in Nigeria to seven. However, it is the only subsea cable to successfully land on the southern coast of Nigeria designed to deliver more than the total combined capacity of all subsea cables currently serving Africa at a capacity of up to 180 terabytes per second (Tbps). Job Creation & Youth Engagement The Cable landing will create hundreds —and probably thousands— of direct jobs via the rise of last-mile Internet service providers that are required to get Internet connections direct to homes and offices. Many more direct and indirect jobs will be created through several new Internet-enabled businesses such as data centres, cloud companies, and outsourcing agencies, among others. Additionally, affordable Internet will lead to more engaged young people who will connect and plug into several Internet-based opportunities and commercial recreational activities such as e-sports and gaming. Uche is the Convener of #StartupSouth, an organization that promotes and advocates for the development of the startup ecosystem in the South-South/South-East region of Nigeria.
Read MoreinDrive introduces commission charge in Botswana as Bolt arrives
inDrive, the California-headquartered ride-hailing app, which launched in Botswana in 2019, has introduced a 10% commission charge for drivers in Botswana, effective from February 28. The introduction coincides with the launch of Bolt in the country on the same day, setting the ground for an interesting ride-hailing battle. According to the company, introducing the commission charge forms part of a strategy to make further investments in Botswana, which inDrive describes as a “top priority market”. “After operating without commissions for five years, this aligns with our strategic goals to provide fair urban mobility access to more customers in Botswana,” said Vincent Lilane, business development representative, at inDrive in Southern Africa. Since inDrive’s launch in Botswana in February 2019, drivers have been operating it commission-free. Drivers who spoke to TechCabal differed on the introduction of the commission fee. One driver, who has been using the service for almost two years, stated that the commission was not an issue as they knew about it beforehand. “They are a business too, so it makes sense for them to want to make money,” the driver said. However, another driver said it was unfair for inDrive to start charging commissions before addressing some issues drivers had earlier communicated. “inDrive has to put a minimum on what riders can offer for rides,” he said. “Some of these rides are so cheap, and we only accept them because of desperation.” inDrive’s model allows riders to set a price for a ride which a driver can accept or refuse. Since launching in Botswana five years ago, the service has had mixed fortunes. Although it has grown in popularity as an alternative to public transport, it has also faced allegations of driver misconduct and has encountered pushback from local public transport operators who accuse them of taking away their business.
Read MoreNigeria fines Binance $10bn amidst investigation of crypto exchange
Nigerian authorities have imposed a $10 billion fine on Binance, the global crypto exchange at the center of a crypto crackdown in the country, Premium Times reported on Friday morning. Authorities have accused Binance of benefiting from “illegal transactions,” the report quoted a presidential aide as saying. The fine comes barely 48 hours after news broke that security agencies detained two executives of the global crypto exchange. Both executives flew to Nigeria last week following a ban on their website and were arrested by the office of the National Security Adviser (NSA). While the NSA initially denied reports of any arrests, it later confirmed that it was investigating Binance but did not share any details of the investigation. On Tuesday, Olayemi Cardoso, the central bank governor, claimed “$26 billion has passed through Binance Nigeria from sources and users who we cannot identify.” There have been reports that the government has asked Binance for user data and details. It is unclear if the company has handed over the requested data. *This is a developing story.
Read MoreMTN Nigeria reports ₦137 billion loss in FY 2023 as Naira devaluation shrinks margins
MTN Nigeria reported a loss for the full year 2023, its first in three years, after a Naira devaluation and rising cost of doing business ate into its margins. The telco reported a loss after tax of ₦137.0 billion in 2023 compared to profits of ₦348.7 billion in 2022. According to a full-year 2023 report released this morning, payment of tower lease cost—indexed to the US dollar but invoiced and paid in naira—comprised most of its foreign currency exposure in operating expenses. “In June 2023, the Central Bank of Nigeria (CBN) adopted a more liberal foreign exchange management system,” said Karl Toriola, MTN Nigeria’s CEO. “The cost of doing business in Nigeria, and for MTN Nigeria in particular, significantly increased the costs in relation to our tower leases.” Key takeaways MTN has 79.7 million mobile subscribers in FY 2023 Active mobile money (MoMo PSB) wallets increased by 163% to 5.3 million FinTech revenue grew by 2.4% MTN Nigeria operates in a high inflationary environment, further worsened by a currency crisis and rising energy costs. Nevertheless, MTN will expand its non-core services, such as Cloud, Unified Communications, and IoT applications, to capture future opportunities. This in addition to its growing 4G and 5G businesses. “We are actively engaging the regulators to resolve the USSD dispute with banks,” a statement from its financials read. Mobile services The telco’s financial statement also reported that its services revenue grew by 22.4%, driven primarily by data revenue growth of 39.8%. Voice revenue was up by 9.7%. The telco’s mobile subscribers increased by 5.3% to 79.7 million, underpinned by increased gross connections and churn management initiatives. Active data users grew by 12.7% to 44.6 million. Active mobile money (MoMo PSB) wallets increased by 163% to 5.3 million, powered by 326,000 MoMo agents, and 324,000 merchants in its ecosystem. TechCabal had recently reported that the MoMo service still requires more adoption. However, it announced a partnership with Mastercard yesterday to deepen that aspect. Nonetheless, its digital revenue arm saw a 69.9% increase to ₦37 billion, while its fintech revenue grew by 2.4%.
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👨🏿🚀TechCabal Daily – Spleet lays off staff
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy new month Get ready to mark your calendars for the biggest female-only party in Nigeria: HERtitude2024, hosted by our sister publication Zikoko! It’s happening on April 20, 2024, and it’s the perfect chance for women to celebrate and connect. Ladies, you do not want to miss out on the fun! Before you sign out for the week, grab your tickets now for the amazing women in your life. In today’s edition Nigerian telecoms to disconnect 12 million subscribers Spleet lays off staff Nigeria gears up for Abuja Tech City MoMo Virtual Cards are coming Funding tracker The World Wide Web3 Events Telecoms Nigeria orders blockage of unlinked SIMs In December 2020, Nigeria’s former minister of communications and digital economy Isa Pantami announced an integration policy to link SIM cards to the country’s National Identity Network NIN database. The goal was simple: to ensure the NIN was a robust identification system for its citizens. Think of it as the equivalent of a social security number in the US. The government also hoped that the move would make it easy to track offenders of phone-related crime cases like kidnapping and banditry. The move was however widely criticised by the citizens due to the inconvenience of linking their SIMs with the NIN and the almost impossible deadline of December 15, 2020, at which time telecoms would have to block all SIMs that were not registered with valid NINs. The government has however postponed this deadline multiple times. And now, it appears the government is ready to take action. Time’s up: Yesterday, the Nigerian Communication Commission directed all telecoms to block subscribers not yet linked to NIN. MTN, AIrtel and Glo are set to block about 12 million subscribers who are yet to comply with the Nigerian government directive. The NCC said it “was committed to protecting consumers’ rights while ensuring their satisfaction.” The NCC has made this promise before. In May 2023, the regulator directed all licensed mobile network operators (MNO) to use unified shortcodes—*310#—so users with multiple SIMs don’t need to have a headache memorising multiple short codes. It remains to be seen if the NCC—out of its sheer love for users—will approve yet another deadline for the NIN SIM linkage. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Lay offs Spleet to layoff staff Nigeria’s headline inflation rose to a near three-decade high of 29.92% in January. The inflation coupled with Nigeria’s depreciating currency has fastened its fangs on the purchasing muscles of its people of which 133 million are multidimensionally poor. Businesses and tech startups also bear the brunt, recording increases in operating costs and reduced profits. For property tech startup Spleet which allows monthly rental on its leased properties instead of a yearly rental charge, the inflation and devaluation are driving rental prices up by 2x. To cope with these new price changes, the proptech startup, on Thursday, said it was reducing operating costs and laying off some members of its workforce. Dig deeper here. Innovation Nigeria signs MoU to build Abuja Tech City By the close of 2022, the tech ecosystem in Lagos, Nigeria, had reached a valuation of $8.4 billion. Yaba, a suburb within Lagos, emerged as a prime location for numerous companies, including the pioneering startup incubator, CcHUB. Founded in 2010 by Bosun Tijani—now the minister of communications, innovation and digital economy—and his colleagues, CcHUB played a pivotal role in Yaba’s development. It gained momentum and collaborated with the government to install fibre optic cables in Yaba, which has now played a crucial role in creating what is arguably Africa’s most organic tech cluster, with CcHUB becoming Lagos’ leading tech innovation centre. Abuja gears up for tech city: In more technological advancements, Nigeria’s federal government has signed a Memorandum of Understanding with Domineum/Edenbase UK to develop a state-of-the-art tech hub—Abuja Tech City— in the capital city of Nigeria. The project seeks to replicate the success of London Tech City, valued at over £61 billion ($77 billion) in its fifth year of operation. Notably, the same consortium responsible for developing London Tech City will be behind the construction of Abuja Tech City. The Abuja Tech City project, originally conceived as Abuja Tech Village during the tenure of former President Olusegun Obasanjo, has received renewed attention under the current administration. A standout feature of the Abuja Tech City is its designation as a Free Trade Zone, offering a conducive environment for tech-driven startups, industries, and innovation initiatives, with a vision for a smart and green city. Clearing the Path for Progress: To pave the way for development, the government has directed illegal occupants to vacate the Pyakassa area of Abuja, where the Tech City will be built. The indigenous community had already received compensation in 2015, making the current step essential for taking full possession of the land and starting construction. Zoom out: Other regions are catching up. Kaduna, in the north, which boasts of CoLab, the city’s first tech hub, has also partnered with the state government to establish Kaduna Technology City. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Fintech Mastercard partners with MTN to launch MoMo Virtual cards Millions of Africans will enjoy greater access to digital payments thanks to a multi-market partnership between MTN Group, Africa’s largest mobile network operator, and Mastercard, a global payment processing company. The deal will introduce a prepaid virtual card specifically designed for MTN’s MoMo customers, enabling them to access over 100 million acceptance points globally. This initiative will impact MoMo’s active monthly wallets, totalling 60 million across its expansive presence in 13 African
Read MoreNigerian property startup Spleet lays off employees as inflation squeezes business
Spleet, a property tech startup that raised $2.6 million in 2022 from investors like MaC ventures and HoaQ Fund, will lay off an undisclosed number of employees as inflation and price increases from landlords it works with put the business under pressure. With 32 full-time employees, the layoffs will affect all employees not in core operations, one person familiar with Spleet’s business said. The company pushed back against this claim but declined to share specifics. “I cannot comment on the number of people that will be affected; we’re still in the middle of the process,” said Adetola Adesanmi, the company’s CEO. Founded in 2017, Spleet allows Nigerians to rent properties and pay monthly instead of the typical yearly rental charged in many parts of Lagos. The argument for property tech startups like Spleet is that monthly rental arrangements allow people to plan around their finances better. The asset-light model revolves around properties the company leases. “We’re letting go of some team members because when prices went up, landlords began renewing at 0.8 to 2.2x last year’s rent,” said Adesanmi. “Many of our tenants can’t afford that, and the best way to continue as a business is to lay off people.” The company told employees about the layoffs at an all-hands meeting on Tuesday, two people present at those discussions said. “There will be difficult decisions because of the present macroeconomic conditions,” one person at the meeting recalls the CEO saying. Another person also said the company’s revenues were under pressure last month, citing significant revenue dropoffs that TechCabal could not immediately confirm. In Nigeria, soaring inflation and massive currency devaluation is pushing property owners who partner with Spleet to demand more value for their property. Some of these properties are in prime areas of Lagos and already come at a steep cost relative to the city’s average monthly income. The property tech sector in Nigeria enjoyed attention and funding from 2018, with players like Fibre, Spleet and Muster pioneering a pay-per-month model they claimed would revolutionise Nigeria’s housing market and solve a worrying housing deficit. Yet, Nigeria’s real estate market has resisted disruption, with some of those startups eventually closing their doors. The website of Fibre, the pioneer startup that sent termination notices to tenants in 2021, is no longer reachable. “We still have a business,” Adesanmi said, refuting any insinuation that the company may be winding down. *This is a developing story
Read MoreAfrica’s mobility startups: Electric and global ambitions fuel funding surge
This article was contributed to TechCabal by Conrad Onyango via bird story agency. In 2021, Nigerian mobility startup Metro Africa Xpress (MAX) became Africa’s most-funded startup in the electric vehicle (EV) space after netting a $31 million round to expand into Ghana and Egypt. In 2023, Nigerian mobility startup Moove more than doubled that, netting $76 million in funding for its global expansion. Now, Uber is reportedly looking to back Moove with an additional US$100 million in a funding round that could take Moove’s total funding since it was founded, to US$335 million. According to a Bloomberg report, that would boost Moove’s valuation from US$650 million to $750 million and take it closer to becoming a mobility unicorn (a startup with a value of over $1 billion). So far in 2024, a $24 million in funding clinched by Kenya-based electric mobility standout Roam is the largest funding round in the sector. The funding is a blend of $14 million in equity and $10 million in debt, from the prestigious US government’s Development Finance Corporation (DFC). Roam said it will leverage the new funding to expand its production of locally designed and manufactured electric motorcycles and buses. “As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers,” said Roam’s Chief Finance Officer, Rajal Upadhyaya. While some of Africa’s mobility startups are planning to bolster their offerings to include electric vehicle production, fleet purchase and financing, others are setting their sights on regional and overseas expansion to tap into a multi-billion dollar market being driven by rising demand for cheap, low-emissions transport. A recent raise of $10 million in new debt by Nigeria’s Moove was to fuel its overseas expansion in India, the mobility company said. The vehicle financing startup said the funding would strengthen its India presence by allowing it to expand operations to three additional Indian cities – Delhi, Pune, and Kolkata. The startup entered the Indian market in 2023, following a strategic partnership with Uber that targets the introduction of 25,000 electric vehicles in the Indian market. The company currently operates in Bengaluru, Mumbai, and Hyderabad in India and boasts a presence across nine markets in Africa, Europe, Asia, and the Middle East. Another Nigeria-based mobility operator, Shekel Mobility, recently announced securing $7 million in funding to propel its growth and expansion plans. Shekel is a B2B auto dealers’ marketplace that enables users to find, finance, and sell cars. The startup has an ambitious transaction goal of $10 billion annually, by 2025. Over its 20 months of operations, the startup said it has facilitated more than $56 million in auto dealer transactions and supported over 1,400 dealers. “We have positioned ourselves as a transformative force in the African automotive market. This infusion of $7 million in fresh funding is poised to enhance our financial services, expand into new markets, and sustain our impressive growth trajectory,” Shekel said in a statement. With Francophone Africa continuing to attract foreign startup investments, Senegalese startup, Mbay Mobility has also thrown its 10-year rollout plan into the mix. The startup, which began piloting electric vehicles in 2022, announced in January it was actively seeking funding to purchase a fleet of 33,000 electric taxis for rollout in Accra, Dakar, and Abidjan. The startup has yet to disclose its funding target. Earlier this year, Oliver Wyman, a global management firm, in a report titled ‘Shared Mobility’s Global Impact’ projected Africa’s shared mobility market size would grow from $4.2 billion in 2023 to $7.8 billion by 2030. Growth in the market will come from ride-hailing, e-bike and scooter rentals and car-sharing, driven by Africa’s fast-growing urban population on a continent with the world’s largest population under the age of 30.
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Latest MTN MoMo Uganda withdrawal charges 2024
Mobile Money (MoMo) in Uganda provides a convenient and accessible means for individuals to send, receive, and manage money using their mobile phones. Among the various services offered by MoMo, withdrawal charges play a crucial role in determining the cost associated with accessing cash from one’s account. In this article, we delve into the withdrawal charges applicable to MTN MoMo users in Uganda, providing a clear understanding of the tariffs involved across different transaction amounts. Overview of MTN withdrawal charges Uganda MTN MoMo Uganda imposes withdrawal charges based on several factors, including the amount being withdrawn, the destination of the funds (such as other networks or bank accounts), and the method of withdrawal (agent or ATM). These charges are structured to ensure transparency and facilitate seamless financial transactions for users. Let’s break down the withdrawal charges according to the specified parameters: 1. Amount (UGX) This column represents the range of transaction amounts for which withdrawal charges apply. 2. Withdrawal charges for sending To MTN or Other Networks (UGX) Indicates the charges for sending money to MTN or other networks. 3. Sending To the Bank (UGX) Specifies the charges for sending money to a bank account. 4. Agent Withdraw (UGX) Denotes the withdrawal charges associated with withdrawing funds from an authorized MTN MoMo agent in Uganda. 5. ATM Withdraw (UGX) Represents the charges for withdrawing money from an ATM. 6. Senkyu Points Refers to the loyalty points earned through transactions. 7. Withdraw Tax (min) (UGX) / Withdraw Tax (max) (UGX) Specifies the minimum and maximum withdrawal tax applicable. 8. Payments To Various Services Indicates the charges for payments to specific service providers, including Azam TV, Ready Pay, school fees, Solar Now, UMEME, NWSC, DStv, StarTimes, NSSF, and Multiplex. 9. Voucher/Unregistered User Specifies the charges for transactions involving vouchers or unregistered users. Key highlights alongside MTN MoMo withdrawal charges in Uganda Taxes are automatically deducted from the user’s account during withdrawal transactions, ensuring compliance with regulatory requirements. Users enjoy free access to their MoMo accounts while roaming, as well as access to account statements via the MoMo App. Account limits include a minimum transaction amount of UGX 500, a maximum transaction limit of UGX 5,000,000, and a maximum account balance of UGX 20,000,000. Several services such as changing MoMo PIN, checking account balance, accessing mini statements, registering for MoMo on SIM, depositing MoMo, and purchasing airtime or bundles incur no additional charges. Users are advised against paying any agents for transactions, as fees are automatically deducted from their MoMo accounts. Final thoughts on MTN MoMo Uganda withdrawal charges 2024 Understanding MTN Uganda withdrawal charges is essential for users to make informed decisions regarding their financial transactions. By comprehensively examining the tariffs associated with different transaction amounts and destinations, users can optimize their use of MoMo services while minimising costs.
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👨🏿🚀TechCabal Daily – Canal has no Choice
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday And our condolences to MTN users in Nigeria—including this writer—who, yesterday, found that the network was never where we go. The telecom, which holds the majority market share—about 38.7%—experienced an outage which left some of its 76.7 million subscribers unable to connect to the internet or make calls for over four hours. The telecom says the outage was due to damages to its fibre optic cables which it is “working hard to resolve”. For now, it seems that the service is slowly being restored to users whose not-so-patient bones are yellowing with distrust. In today’s edition Binance executives arrested in Nigeria Canal+ to make offer for MultiChoice Maliyo Games launches Disney’s first African game Bolt launches in Botswana The World Wide Web3 Opportunities Crypto Two Binance executives arrested in Nigeria Nigeria’s crypto industry is facing a significant regulatory upheaval. Last week, Binance, the world’s largest cryptocurrency exchange, restricted the sale of USDT—a stablecoin pegged to the US dollar—and imposed a fixed buying price of ₦1,802 ($1.12), reportedly under directives from the Central Bank of Nigeria (CBN) and other governmental entities, amidst a depreciation of the naira. Yesterday, the most recent development revealed the arrest of two Binance executives in Nigeria this week. Why? According to Premium Times, the executives flew to Nigeria after their website was blocked to negotiate with the government. Although their identities remain undisclosed, one is reportedly American and the other British-Pakistani. Talks with Nigerian authorities hit a deadlock as the executives refused to meet certain demands. What demands? The Nigerian authorities reportedly requested transaction data involving the Nigerian Naira on the Binance platform in the last seven years and also the removal of specific Nigerian-related data from the platform. However, the Binance executives insisted they would only comply after they were escorted to their respective countries’ embassies. Following their refusal, the government reportedly obtained a court warrant to detain the officials for at least 12 days, and the EFCC took over the investigation while they were held at a guest house near the office of the National Security Adviser. Central Bank continues to tighten grip: Adding to the anxiety, on Tuesday, during a monetary committee meeting, Yemi Cardoso, Nigeria’s CBN governor, disclosed that “illicit flows” totaling $26 billion had traversed through Binance Nigeria from unknown sources and users. The governor also hinted at stricter regulations and upcoming actions from security agencies. In response to recent regulatory scrutinies, some crypto exchanges have suspended USDT and USDC stablecoins purchases. Regulators also blocked access to the websites of exchanges like Coinbase, Quidax, and Binance. These restrictions are coming at the wrong time as cryptocurrencies—which several Nigerians have used to fight inflation—are resurging with bitcoin at a three year high at $62,000. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Streaming Canal+ gets greenlight to make offer to MultiChoice shareholders On February 6 2024, MultiChoice, Africa’s leading pay-TV company, turned down a bid from its biggest shareholder, Canal+, to acquire the remaining shares it didn’t already own. Canal+ offered R105 ($5.65) per share, but MultiChoice deemed this price too low and rejected the offer. At the time, Canal+ had 32.6% of MultiChoice’s shares. Now, the French broadcasting company has increased its ownership stake in MultiChoice to 35%, triggering a mandatory offer requirement under South African regulations. The news: The South African Takeover Regulation Panel (TRP) has ruled that according to the Companies Act of 2008 and JSE Listings Requirements, Canal+ must make a formal offer to buy shares of MultiChoice that it does not already own. The TRP also ruled that MultiChoice’s public disclosure of Canal+’s initial offer was unlawful but MultiChoice plans to appeal this decision. What does this mean for Multichoice? The takeover panel ruling could lead to a bidding war which Canal+ is likely to win, as its parent company, Vivendi, isn’t new to takeover battles. In October 2015, Vivendi acquired minority stakes in gaming firms Gameloft (6.2%) and Ubisoft (6.6%), eventually increasing ownership to 10% in both. Vivendi then executeda hostile takeover of Gameloft, obtaining over 30% before persuading other shareholders to sell. By June 2016, Gameloft had become a Vivendi subsidiary. If history is any pointer, Canal+’s moves could lead to a takeover of MultiChoice. The company has increased its focus on Africa in the past decade and has grown from 1 million African subscribers in 2016 to 7.6 million in 2023. Gaming Maliyo Games and Disney launch Rising Chef Yesterday, Disney’s first animated series set in Nigeria, Iwaju, premiered on the Disney+ streaming channel. Set against the vibrant backdrop of Lagos, Nigeria’s economic capital, the series tells the story of Simisola Gbadamosi, a young girl on the cusp of adulthood. Iwaju paints a futuristic picture of Lagos, imagining the usually trafficked roads and crowded markets with flying cars and other future tech stuff. Economics of scale: While Iwaju is not Disney’s first foray into African storytelling, accessibility concerns remain. Last year, it released Kizazi Moto, an animated sci-fi anthology that didnt gain much traction on the continent because people couldnt watch it. Currently, the Disney+ app is only available in South Africa. This limited reach raises concerns about the accessibility of these African stories for the very audience they represent. It’s also investing in gaming: In more news about Disney in Africa, Maliyo Games, a leading African game developer, yesterday, announced a partnership with Disney Games for the launch of its new mobile game, Rising Chef. Think of it as the African version of Cooking Fever, the fast-paced cooking simulation set in Nigeria’s local “Mama Put” and “Bukka” restaurants with players serving up hot plates of national Amala and Jollof Rice. The game also features characters from the Iwájú series as patrons. The game was reportedly developed by Maliyo’s team of developers who were trained
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