On Saturday March 30th, Flutterwave announced its latest technology — GlovePay — which enables Nigerians to pay for goods and services through mere handshakes; literally.
According to Flutterwave, the technology is actually a wearable glove, which comes in handy under three familiar circumstances-
- When users cannot find their ATM cards to make payments because they forgot them,
- When PoS machines are down and cannot accept payments, and
- When users do not have “change”.
The company says the gloves are available to the first 1000 people to create new accounts on their website. In any case, the gloves will eventually be given for free to all customers.
“We’re excited to unveil an amazing technology that’s the result of years of painstaking work. Say hello to #GlovePay.
“”I don’t have change,” “I forgot my ATM card,” “Our PoS is down,” are now outdated sentences. If you have our glove and the merchant has one, all you need to do is shake hands and payment is done. Amazing, right?”
They think it’s April Fool stuff: Because this technology seems too good to be real, Nigerians are calling it Flutterwave‘s version of April Fool. This is because even though Flutterwave tried to explain (with the use of a YouTube video) how this so called technology works, it really did not explain its actual feasibility.
Lol.. is this an April Fools’ joke?
— Joshua, The Creator 👻 (@JoAccord) March 31, 2019
Important questions were raised: It is easy to be carried away by the euphoria of this technology. After all, it’s like the thing of which Hollywood SCI-FIs are made of. But when you calm down for one second and think about, you begin to raise many questions.
First of all, if GlovePay is going to be distributed for free by Flutterwave, then how is the company going to make money from it?
Most importantly, when paying with GlovePay, how will the technology know how much exactly to deduct from customers’ accounts?
Other people gave more reasons why the invention simply can’t work in Nigeria – According to one comment on the Twitter thread, Nigerians are too fetish (not sexual wise) to be shaking everyone just for the sake of payment.
Believe it or not, the average Nigerian is fetish. The idea of shaking every Tom, dick and Harry just because of payment won’t really sit well with most.
Now, let’s talk about that iPhone X this keke driver is using 😂
— Mist’ Uche (@ManLikeMarv_) March 31, 2019
More reasons why GlovePay is “unrealistic”
- When happens when there is an epidemic like Ebola?
- Why should any sane person forget to take along their ATM cards but remember to wear a glove meant for payment?
- What happens when the glove gets dirty or is stolen?
So I’ll forget atm at home but remember to take or wear glove outside, inside this hot Lagos. 🙄
— ÒÓNI OF LAGOS😷 (@Mr_Rotimi) March 31, 2019
Why so serious……….
Glove payment has so many downsides including stolen gloves, dirty gloves among others….it's so so not secure…..lol.
— Dess (@afrocryptoman) March 31, 2019
What happens when there's Ebola?
— ⭐️Tillionaire⚡️ (@mrtoluabiodun) March 31, 2019
What do you think? Is this for real or is it a dead idea?
Lol Dead on Arrival.
— ÒÓNI OF LAGOS😷 (@Mr_Rotimi) March 31, 2019
US imposes $15,000 visa bond on 15 African countries, others
The US has issued a visa rule requiring tourist and business travelers in some countries to pay a bond of up to $15,000 in addition to the visa fees.
The outgoing administration of US President, Donald Trump, on Monday, November 23, 2020, issued a new temporary visa rule that requires tourist and business travelers from 15 African countries and others to pay a bond of up to $15,000 in addition to the visa fees, which ranges from $16 to $300, in order to visit the United States.
According to TheCable, the US State Department said the visa bond pilot programme, expected to take effect from December 24 and end on June 24, 2021, is targeted at countries whose citizens have higher rates of overstaying B-2 visas for tourists and B-1 visas for business travelers.
The Trump administration said the six-month pilot program aims to test the feasibility of collecting such bonds and will serve as a diplomatic deterrence to overstaying the visas. Hence, overstay places significant pressure on Department of Justice and Department of Homeland Security.
The visa bond rule will permit U.S. consular officers to request tourist and business travelers from countries whose nationals had an overstay rate of 10% and above in 2019 to pay a refundable bond of $5,000, $10,000, or $15,000.
The countries whose tourist and business travelers fall into this category and subjected to the bond requirements are 24 countries, including 15 African countries. While these nations had higher rates of overstays, they sent relatively fewer travelers to the United States.
The countries include Afghanistan, Angola, Bhutan, Burkina Faso, Burma, Burundi, Cape Verde, Chad, the Democratic Republic of the Congo (Kinshasa), Djibouti, Eritrea, the Gambia, Guinea-Bissau, Iran, Laos, Liberia, Libya, Mauritania, Papua New Guinea, Sao Tome and Principe, Sudan, Syria, and Yemen,
Nigerian travelers escaped paying the temporary visa rule, as their overall score was below the threshold of 10% and above overstaying rate.
Senate approves issuance of N148bn promissory notes to Bayelsa, 4 others
Promissory notes worth N148,141,969,161.24 has been approved by the Senate as refund to Bayelsa, Cross River, Ondo, Osun and Rivers States
Promissory notes worth N148.141billion have been approved by the Senate as a refund to Bayelsa, Cross River, Ondo, Osun, and Rivers States for projects executed on behalf of the Federal Government.
The approval which was given by the Senate at the plenary on Tuesday, 24th November 2020, came after the presentation of a report by the Committee on Local and Foreign Debts, led by Senator Ordia Clifford (PDP-Edo).
According to a news report by NAN, this is a go-ahead to the Federal Government, who had sought the approval of the Senate for issuance of promissory notes for a refund on federal projects executed by State governments.
The request was contained in a letter addressed to President of Senate, Dr. Ahmad Lawan by President Muhammadu Buhari, and read at plenary. The Senate referred the matter to the Committee on Local and Foreign Debts for further legislative input.
Senator Ordia Clifford, while presenting the report of the committee, said the Permanent Secretary, Federal Ministry of Finance; Federal Commissioners of Finance and Works in the five states, had briefed the committee on details of the projects.
He said the Committee was presented with documents relating to the approvals of the Federal Government through the Federal Ministry of Works and Housing for the execution of the projects and certificates of completion, amongst other documents.
At the plenary today, Senator Ordia moved the motion that the Senate approves the Committee’s recommendations by approving the issuance of the promissory notes to the State governments.
According to him, the amount due to the five states is N148.14billion.
- Bayelsa was allotted N38.40billion
- Cross River was allotted N18.39billion
- Ondo was allotted N7.82billion
- Osun was allotted N4.57billion
- Rivers was allotted N78.95billion
What they are saying
The President of the Senate, Ahmad Lawan, disclosed that records showed PDP states had the highest refund, he said: “If you look at the list of states, only two are APC states and they have the least in terms of refund, this is fantastic and a mark of leadership by the Federal Government. This shows tolerance and leadership by this administration.”
Interswitch Group becomes Finastra’s lead technology partner in Nigeria
nterswitch Group has unveiled a consolidated partnership with Finastra, one of the world’s most influential Fintechs.
In a bid to further develop its market and expand, Interswitch Group has unveiled a consolidated partnership with Finastra, one of the world’s most influential Fintechs.
This is according to a verified post by Interswitch Group on Linkedin, as seen by Nairametrics.
What this means
The strategic partnership enables Interswitch to become Finastra’s lead technology partner and will avail the latter the opportunity to bring the broadest set of financial software solutions to financial institutions in Nigeria and across Africa, in conjunction with Interswitch’s strong understanding of the local banking and payments landscape, as well as the ability to deploy solutions across these markets.
Some of Finastra’s financial software solutions that will be incorporated into Interswitch’s digital solution include: Fusion Kondor and Fusion Trade Innovation, which will consolidate Interswitch’s position as a hub for financial solutions, including treasury and trade solutions.
What they are saying
Commenting on the partnership, the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, was quoted by Tech economy saying: “Our partnership with Finastra is consistent with our strategic growth plan and we both share the vision of deepening access to financial services by providing world-class technology and innovative solutions.
“The partnership enables Finastra to seamlessly deploy its technology in this market. For Interswitch, we will be leveraging our proven success and expertise in delivering transaction banking solutions to support Finastra in localizing and implementing their technology in this region.’’
On the other hand, the Head of Partner Ecosystem MEA & CIS at Finastra, Hamid Nirouzad, said: “Interswitch has a proven track record of delivering solutions to commercial banks, as well as, a strong understanding of the local banking landscape across Nigeria and sub-Saharan Africa.
“Finastra is committed to providing its solutions to financial institutions across the world, and partnerships such as this will result in successful projects, with rapid delivery at a reasonable cost.”