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Business News

Corporate News Roundup: Telcos reveal plans to disrupt Financial Inclusion

Corporate News roundup is a weekly roundup of corporate news and action that took place the previous.

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tech Startup funding, Partech African fund, Business, Corporate News Roundup

Welcome to Corporate News roundup for the week ended October 20, 2018. Corporate News roundup is a weekly roundup of corporate news and action that took place the previous.

You can get this delivered straight into your mailbox every week by subscribing to our newsletter.


Telcos in Nigeria, under the auspices of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), inaugurated the Telecommunications Financial Inclusion Committee, laying down a roadmap for “deepening financial inclusion and financial literacy across Nigeria.”

In what sounded like a major move to disrupt the financial services sector, the group said that its mandate is to drive an awareness programme that will deepen financial literacy across the country within the next three months, to leverage the committee’s assets in order to deliver the promised access to financial services to 90 million Nigerians over the next 30 months.

Through a combined mobile base, integrated identity systems, and distribution network, and to work in collaboration with other stakeholders and engage proactively with the government to ensure that the telecommunications sector contributes its quota to the national goal of attaining 80 per cent total financial inclusion and 70 per cent formal financial inclusion by 2020.

They also said that in the short term, they aim to deliver financial services to about 35 million Nigerians and increase financial literacy and awareness within 12 months. Considering the database and reach these guys have, the banking sector and other smaller players looking to push for financial inclusion should gear up for the mother of all competitions.


Last week, we mentioned that a Euromonitor report gave Transsion Holdings, maker of Tecno mobile phones, the largest market share in the country. During the week, Transsion claimed that its itel Mobile phone brand commands 25.8% of the retail volume market share, making it number 2. They also claimed that Transsion Holdings has remained a dominant force within the Nigerian mobile phone industry with a retail market share of 75.2 percent, taking an increase from 73 percent in 2017. It will be hard to argue this one.


Facebook announced during the week that it will be working with Africa’s first independent fact-checking organisation, Africa Check and AFP, to curb the menace of fake news in Nigeria. It explained that “Local articles will be fact-checked alongside the verification of photos and videos. If one of the fact-checking partners identifies a story as false, Facebook will feature it lower in News Feed, significantly reducing its distribution.”

In related news, WhatsApp reported that it banned about 100,000 accounts in Brazil ahead of its runoff elections. According to WhatsApp, “We have cutting-edge technology to detect spam that identifies accounts with abnormal behaviour so that they can’t be used to spread spam or misinformation,” a WhatsApp spokesperson wrote in an email.

“We are also taking immediate legal measures to prevent companies from sending mass messages via WhatsApp and have already banned accounts associated with those companies.” Brazil has about 120 million WhatsApp users. Facebook even setup a “war room” to spot and bring down fake news. Nigeria’s upcoming election anyone?

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Flutterwave’s co-founder, Iyinoluwa Aboyeji, announced during the week that he has stepped down from his role as the Chief Executive Officer (CEO) of Flutterwave Inc. Aboyeji disclosed this in a statement on his Twitter account. “Today will be my last day at Flutterwave. After much thought and prayer, I decided to step down from my role as CEO and focus on giving back to the startup community I owe so much of

my success to.” Insiders in the tech community believe that this decision has been in the offing for a while now, suggesting that Gbenga, rather than Iyin has been the main decision-maker in the burgeoning startup. Flutterwave was founded by Iyinoluwa Aboyeji and Olugbenga Agboola.

Just as the tech community was digesting news of Iyin’s resignation, Flutterwave Inc announced the completion of its Series A Extension round of financing. Investors from this round of investment include Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others. Flutterwave has now raised over $20 million to date, and its largest investors include Green Visor Capital and Greycroft Partners.

Stanbic 728 x 90

According to a statement by the firm, in a restructuring exercise, the current Green Visor Capital Chairman & General Partner and former Chairman & CEO of Visa, Joe Saunders, has joined the Flutterwave Board of Directors while Flutterwave Co-Founder, Olugbenga Agboola, would replace Iyinoluwa Aboyeji who, like we earlier mentioned, has stepped down as the CEO.


AppZone, a banking and payment service provider for microfinance banks in Nigeria, emerged winner of the “Best Microfinance Technology Solutions Provider” at the 2018 National Association of Microfinance Banks Conference and Awards. The organizers claim that AppZone won the award for its foremost product, BankOne, which is a tech platform that manages the entire operations involved in the delivery of financial services to individuals and micro businesses in the informal sector.

AppZone claims that its BankOne app is being used in over six countries and has over 350 Microfinance banks on its platform. AppZone was cofounded by Obi Emetarom, Emeka Emetarom and Wale Onawunmi in 2008. The company also offers several Fintech related services.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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