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Flutterwave raises $35 million to expand operations

Flutterwave has disclosed expansion plans to Francophone and northern Africa as it raises a $35 million Series B round.

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Flutterwave raises $35 million in series B funding , Nigerian female entrepreneurs, others to benefit from Flutterwave’s SME grant

Nigerian payment firm, Flutterwave has disclosed its expansion plans to Francophone and northern Africa as it raises a $35 million Series B round. The deal is in partnership with payment processing company, WorldPay and payment giant, Visa.

This disclosure was made by Flutterwave’s Chief Executive Officer and co-founder, Ologunro Agboola.

Flutterwave emerges Y Combinator’s African most valuable startup 

Why it matters: The funding, which was led by VC firms, eVentures and Greyrcoft would now allow Flutterwave invest in its technology and business development as well as grow market share in its existing operating countries. Other VC firms that participated include Green Visor and Africa fund CRE Venture Capital.

In addition, due to the partnership, Flutterwave would now be the payment provider for Worldpay’s clients worldwide. Visa, which is another major partner in the series B round, would have its products like Visa physical and virtual cards expanded on the Flutterwave network.

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Speaking on the Visa and Worldpay’s partnership, Agboola expressed his optimism and said,

“We are excited to be working with our newest commercial partners, Visa and WorldPay FIS, and investors to build the dominant payments platform in Africa. We don’t just want to be a payment technology company, we have sector expertise around education, travel, gaming, e-commerce, fintech companies. They all use our expertise.”

[READ MORE: Flutterwave emerges Y Combinator’s African most valuable startup)

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What you should know: The San Francisco and Lagos-based fintech startup was founded in 2016 by Iyinoluwa Aboyeji and Ologunro Agboola. It has so far processed 107 million transactions worth $5.4 billion up from 14 million transactions worth $1.5 billion it did in 2017.

Flutterwave’s first series A funding happened three years ago when a total of $55 million was raised. The startup allows clients to tap its APIs and work with its developers to customize payments applications. Some of its existing customers currently include, car hailing firm, Uber; Booking.com and e-commerce company, Jumia.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Hospitality & Travel

Aviation Unions threaten to shut airspace on Monday, as NLC insists on strike

All aviation workers are directed to withdraw their services at all aerodromes nationwide on 28th September 2020.

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Major aviation unions in Nigeria have threatened to shut the nation’s airspace in support of the Organised Labour nationwide industrial action expected to commence on Monday, September 28, 2020.

The unions are the National Union of Air Transport Employees, National Association of Aircraft Pilots and Engineers, Air Transport Services Senior Staff Association of Nigeria and the Association of Nigeria Aviation Professionals.

This was disclosed by the General Secretary of the National Union of Aviation Employees, Aba Ocheme, in a statement, according to Vanguard.

The unions reportedly asked their members to withdraw services from all aerodromes nationwide indefinitely.

He said, “As such all workers in the aviation sector are hereby directed to withdraw their services at all aerodromes nationwide as from 00hrs of 28th September 2020 until otherwise communicated by the NLC/TUC or our unions. All workers shall comply.”

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Meanwhile, the Nigeria Labour Congress on Friday also insisted that it will go on with its planned mass action scheduled for Monday, September 28.

In a communique by its General Secretary, Comrade Emmanuel Ugboaja, the NLC asked its members across the nation to come out in large numbers to protest the increase in fuel and electricity prices.

The order was given despite a fresh court order obtained by the Federal Government, barring the NLC and the Trade Union Congress from embarking on their planned strike scheduled to commence on Monday.

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Ugboaja explained that the NLC has asked all National Leadership of affiliates in Abuja to mobilise at least 2,000 of their members to Unity Fountain, Abuja for the mass rally which takes off at 7am.

Also, affiliates are expected to mobilise the same number of members to the NLC Sub-Secretariat, 29, Olajuwon Street, Yaba, Lagos, which is the take-off point for the Lagos action at 7am also.

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Business

It would be difficult to find loans to finance rail to Niger Republic – Cheta Nwanze

Finding loans to finance rail to the Niger Republic would be difficult, says Cheta Nwanze.

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It would be difficult to find loans to finance rail to Niger Republic- Cheta Nwanze

Cheta Nwanze, Lead Partner at socioeconomic research firm, SBM Intelligence, says that it would be difficult to find loan financiers for the proposed $1.9 billion rail project from Kano to Maradi in Niger republic.

Cheta, in an interview with Nairametrics on Friday, explained that it appears that Nigeria is more keen on the project than Niger Republic.

Back story: Nairametrics reported this week that the Federal Executive Council has approved the disbursement of $1.96 billion, for the railway line from Kano in Nigeria to Maradi in Niger Republic.

According to the report, the President is also expected to commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo, and Delta States.

“Nigeria is investing so much in this rail line, given that we are Niger’s 4th largest trading partner,” Cheta said.

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He added that Niger, although being landlocked already, has an existing infrastructure for its imports and export services, which is much better utilized than Nigeria’s export infrastructure.

“The majority of their imports from France, China, and the USA come in via the port of Lome, precisely because the port in Lome works, and the rail link in Togo is much better than ours.

“Nigeria, on the other hand, has let its Apapa port to become a wreck, while transportation between Lagos and Kano/Jibia is a nightmare, if we’re being charitable with words.”

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(READ MORE: Trade and Investments, a way out of Nigeria’s economic troubles – Fola Fagbule)

According to him, with the reality of the Apapa congestion and other factors, finding fund for such project, when debt to service ratio is high and amidst reduced oil revenue, will be difficult.

“With these realities in mind, I find it difficult to imagine who will extend such a loan to Nigeria, especially since, as far as all the information available to me indicates, Niger does not seem as keen on pushing this as Nigeria does,” he added.

However, the media aide to President Buhari, Garba Shehu, disclosed that the Federal Government is not constructing a rail line from Nigeria linking Kano-Dutse-Maradi into the Niger Republic, as it will only stop at the designated border point.

Maradi is 55km from the Katsina border Town of Jibia.

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Coronavirus

COVID-19 Update in Nigeria

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.

To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577  tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.

COVID-19 Case Updates- 25th September 2020,

  • Total Number of Cases – 58,062
  • Total Number Discharged – 49,606
  • Total Deaths – 1,103
  • Total Tests Carried out – 494,577

According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826),  Borno (741), and Bauchi (692).

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Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397),  Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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