TechCabal Daily – Yoco launches online payments following drop in in-person payments

Despite much chatter about 5G and a number of conspiracy theories, the technology is still far from going mainstream in Africa. Only two countries, Lesotho and South Africa have rolled out the broadband and it isn’t even widespread in those countries.

2G, a much older broadband, and 3G have continued to dominate the African market. In 2016, 70% of the continent’s mobile connections was 2G, while 3G was 28%. After many years,
4G adoption is only still in its early stages on the continent.

So when will 5G become a thing in Africa? Abubakar explores answers in this TechCabal article.

SA-based POS payments provider, Yoco has launched a suite of online payment solutions to support small businesses through the coronavirus pandemic. The Yoco online payment suite enables merchants to securely accept
online payments, as well as easily track and reconcile all invoices and payments whether in-person or online. The three online payment solutions launched by the company which now boasts a customer base of 80,000 small businesses include Payment Page, Gift
Vouchers, and Payment Request.

Founded in 2013 and with about $23 million in its arsenal, Yoco is known for in-person payments. Its first product in 2015 was a card reader that helped small businesses accept card payments and manage their day to day activities. The new suite of online payment solutions was necessitated by a 90% decrease in in-person transactions since the coronavirus lockdown in South Africa began, according to a survey conducted by the company.

Edtech startup, uLesson has secured additional seed funding from US-based Founder Collective. The latest investment is part of the $3.1 million seed funding round it raised in 2019, according to an announcement by the company. It will use the money to expand its content library and accelerate its push for providing high-quality, affordable and accessible education for learners.

uLesson was officially launched in March 2020 and is founded by serial entrepreneur, Sim Shagaya. The startup provides curriculum-relevant video content via smartphones that allows learners to
use the product without concern for internet limitations and cost.

Owing to the coronavirus pandemic and resultant lockdowns, there’s been a surge in digitalization and spotlight on some sectors including health, education and e-commerce.

Following the first edition of our Building in Tough Times series which featured Sim Shagaya, we’re hosting an interview with experienced investor, Eghosa Omoigui, Founder, EchoVC. Eghosa will speak about the investment
opportunities that exist and his thesis for the future. The interview will hold on Friday, August 24 at 11 am. Limited slots are available. Click here to register.