Multichoice releases first annual financial statement since IPO, SurRemit expands to 13 countries, and Disrupt Africa releases new fintech report.
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Multichoice Group has released its first annual report as a public company for the year ending in March 31, 2019. The report is nearly all positives and it showed that DStv, its crown jewel, continues to attract new customers. DStv gained 1.6 million new users to bring total number of subscribers to 15.1 million. Multichoice’s digital services, ShowMax and DStv Now, are also booming. According to the company, the number of active users on both services has doubled year on year. But that’s how far the good news lasts though. The report highlights that DStv has continued to lose premium subscribers for the second year running. Without disclosing the figures, the company said its annual return per user dropped from R335 to R322. So even though the service seems stable and is scoring new users fast, declining premium users could have bigger impacts on long term revenue growth. And this something its investors might want to keep an eye on.
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Nigerian fintech startup, SureRemit has announced it is expanding into Australia. The startup which uses blockchain technology to reduce the cost of global remittance transfers, announced its Australia expansion yesterday via Twitter. This follows earlier expansions into the US, Austria, France and Italy in the last few weeks. In fact, the company has expanded to at least 13 countries in June 2019 alone.
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Six African innovators have been named winners of the Commonwealth Secretary-General’s Innovation for Sustainable Development Award. They include: Elizabeth Kperrun (Nigeria), Rosette Muhoza (Rwanda), John Oroko (Kenya), Chukwudi Anyanaso (Nigeria), Peter Rubashumira Tibigambwa (Uganda) and Franca Ma-ih Sulem Yong (Cameroon). As winners, they each received £2000 prize money alongside a trophy and a certificate.
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| South African company, Naspers has joined Facebook to launch Libra, a new cryptocurrency. The blockchain-enabled currency will allow Facebook users receive and send money as well as pay for services at low fees. The social media company is looking to double down its payments services ambitions by partnering with many firms. And Naspers is one of 28 firms throwing their weight in support of the currency new currency. Other companies backing the currency include three of the world’s biggest fintechs: PayPal, Mastercard, Visa and Stripe. Techcrunch provides a deep article about the new crypto asset. |
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| Disrupt Africa has published a comprehensive report about Africa’s fintech industry. Disrupt Africa shares that collectively, African fintechs have raised nearly $320 million since 2015. It also reveals that funding for fintechs in big countries like Kenya, Nigeria and South Africa is in decline. And it spotlights the rising trend of startups focused on more than one type of financial service. |
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| Explore-AI, the consulting arm of South Africa’s Explore Data Science Academy (EDSA) has secured a major a major data analytics contract from Britain’s Thames Water. Now, Thames Water is a huge water utility company that operates in the UK and provides over 2 billion litres of water daily to London and a few other cities. However, the company is looking to use new sensor technologies to gain new water supply insights and develop better approaches to customer needs. Explore-AI’s expertise in the data science domain is pivotal in this matter, and Thames Water wants to tap into it. |
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That’s it for now,
We’ll see you tomorrow
– Abubakar
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