TC Daily

TechCabal Daily – OPay claims it now processes 60% of mobile money transactions in Nigeria

12th June 2020

Fintech says it now has 15 million users
in partnership
with
FLUTTERWAVE & DAN HOLDINGS		 12.06.2020
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PARTNER CONTENT

Medplus – A wholesale & retail pharmacy that not only sells locally manufactured & imported drugs but also your everyday essentials. Now you can order your COVID-19 essentials & have it delivered to you in one click.
MOBILE MONEY
In an exclusive interview with TechCabal, OPay’s Nigeria Country Manager, Iniabasi Akpan explained that while the different verticals attracted users to the app, more customers now use the app for other things especially payments. “In about a year, we went from around 100,000 users to over 5 million. That’s significant,” Akpan said.

Besides its core payment business, OPay has had a rough 2020. The motorcycle ban in Lagos for passenger transport and the pandemic have negatively impacted its business. While the ban affected its bike-hailing service, the pandemic disrupted its car-hailing business, gambling payments and the release of new products

The company now claims that payments grew over 400% in April 2020 compared to a year ago. Transaction volume, it says, has surged by 40% since January and some of this
recent growth has been fuelled by the pandemic. With its latest growth, OPay claims it now accounts for over 60% of mobile money transaction value and volume in Nigeria.

In contrast, Paga, a leading mobile money provider founded in 2009 has 15 million users in Nigeria. Although TechCabal was unable to verify some of its claims, OPay’s growth hack of building verticals around its core payment service appears to be paying off. It is now looking to Nigeria’s
eCommerce market for more growth amidst its current challenges.
RENEWABLE ENERGY
Sub-Saharan Africa’s economic development is irrevocably tied to its ability to solve its basic electrification problem; the region will not grow for as long as 500 million people do not have stable electricity.

Utility-scale power generation remains an important part of the solution, but off-grid renewable energy has a special role to play in lighting Africa. Due to their modular and inexpensive nature, off-grid renewables have begun to thrive in Sub-Saharan Africa.

The growth of off-grid renewables has been driven by a range of commercial and situational factors including technological innovation, supportive government policy and market size.
Understanding the reason these technologies have thrived more in some places than others is key to building the future of electrification in Sub-Saharan Africa.

In our latest report, the Future of Energy in Sub-Saharan Africa, created in partnership with Stears Data we provide an in-depth analysis of the patterns & drivers of off-grid renewable electrification in Sub-Saharan Africa.

The report will help investors, operators, and policy-makers to better understand the conditions that precede and promote the rapid adoption of off-grid renewables and where they can be found on the continent. It also highlights the key operators; entrepreneurs and investors in the sector as well as funding trends.

There is currently a discount offer of over 30% on this report, get it here.
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Download Telechat – a privacy focused and Blockchain enabled social messaging and payments
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PAY TV

In its latest financial report, Multichoice says it has signed partnerships with Netflix and Amazon that will allow it to integrate their services into its new Explora decoder. MultiChoice CEO Calvo Mawela said the company is reaching out to all the streaming platforms around the world with the aim of providing their content to DStv subscribers.

Content from these streaming platforms is expected to be aggregated and sold to subscribers in the form of DStv bouquets.
Multichoice is looking to position itself as “super aggregator” of content. “We have always seen ourselves as a one-stop-shop where you can get content from all content
producers in Africa and around the world,” Mawela explained.

But DStv’s ambitions in Nigeria might hit a major wall if the new broadcast code by the regulatory commission goes into effect. The new code will prevent pay-TV and streaming platforms from making content exclusive and compel them to sub-license content at prices that it will regulate.

While the National Broadcasting Commission (NBC) says its aim is to encourage competition in the movie industry, operators in the sector feel the impact will be the opposite. IrokoTV’s Jason Njoku has pointed out that it could destroy the pay-TV market in Nigeria. Moviemaker Naz Onuzo highlighted that the inconsistencies and confusion in the new code will make it largely unenforceable.

THE FUTURE IS FEMALE
C. Moore Media International Public Relations has announced the launch of The Future is Female mentorship program. The program aims to provide the underserved market of African female founders of early-stage start-ups with the PR and communications insights, knowledge, and skills needed to gain visibility and grow their business.

If you are an African women based on the continent or in the diaspora, apply here before June 29. Learn more about the program here.
INNOVATING JUSTICE
Applications are open for the 2020 HiiL Innovating Justice Challenge. Startups building sustainable, scalable solutions to pressing justice needs can apply for a chance to join HiiL’s Justice Accelerator and win 10,000 EUR in equity-free funding. Applications close on August 5th.
That’s all we’ve got,

We’ll see you next week.
– Olanrewaju

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