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Nigeria’s regulators are set to close the year with a bang that will send shockwaves across the country’s payment ecosystem.
The Nigerian Inter-Bank Settlement System (NIBSS), which facilitates instant electronic payment, has directed banks, mobile money operators, and all payment service providers to stop letting users deposit money into fintech platforms that are only licensed for transfers and not to hold deposits. This may affect popular companies like CrowdForce and Nomba. Read all about it here.
E-commerce
Twiga Foods and Incentro dispute over $3 million cloud services contract
Kenyan e-commerce platform, Twiga Foods and Incentro, a Google Cloud reseller, are entangled in a legal battle over a $3 million cloud services contract.
The Kenyan court in Nairobi has given both parties five months to resolve the dispute arising from unpaid invoices and a bonus delay totalling $450,000, as claimed by Incentro. However, Twiga claims the owed amount is only $94,000.
What dispute? The conflict emerged as Twiga transitioned from high growth to profitability, leading to payment delays on its three-year cloud services contract with Incentro. The $3 million contract at the heart of the dispute committed Twiga to using Google Cloud Services over three years through Incentro.
In October, Incentro reportedly sought $261,878 in owed bills from Twiga, a claim now exceeding $450,000. This includes a $92,000 bonus from Google, withheld due to Twiga’s delayed work sign-off. The contract’s intricacies involve Incentro’s obligation to pay Google Cloud’s Africa distributor, DigiCloud, the $3 million balance unless Twiga and Google Cloud cancel the contract.
Who do we believe? Twiga, still using Google services but not through Incentro, is in talks with Google Ireland Limited. Twiga CEO, Peter Njongo, stated that the company has paid a 50% deposit of the amount it believes is owes, yet Incentro claims non-receipt of the transfer.
The court, after an initial missed deadline for invoice reconciliation last week, is set to hear the case on March 13, 2024.
Zoom out: Amidst this, Twiga Foods announced last week that it raised “significant capital” from existing investors, to settle its debts with 100 vendors.
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Media
YouTube launches YouTube Music and YouTube Premium in Kenya
Music lovers in Kenya can now enjoy ad-free music and background play with the launch of YouTube Music and YouTube Premium in the country.
The services, which offer a premium music and video experience, are now available for subscription in Kenya, joining Ghana, Egypt, Nigeria, South Africa, Senegal, and Algeria where YouTube Music and YouTube Premium are available.
Pricing and plans: In Kenya, YouTube Music (Individual) is priced at KES 419, while the YouTube Music Family plan costs KES 669. For an all-inclusive package, the YouTube Premium Bundle is your go-to at KES 499, while the Premium Family plan is available at KES 949.
YouTube Premium is all of YouTube and YouTube Music without interruptions. This means that Premium subscribers can now enjoy uninterrupted video playback without ads, continue listening to audio content even when the app is minimised, and download videos for offline viewing. They will also have access to a premium version of YouTube Music, allowing them to listen to music offline and without ads on the standalone YouTube Music app.
Is it truly ad-free, tho? There have been rants about how YouTube has been unfriendly to its users by filling the platform with too many ads, pushing them to use ad blockers. The platform is now filled with pre-roll and mid-roll ads, making it hard to watch anything without interruptions. Per The Verge, the platform “launched a global effort” in October to encourage users to allow ads or try YouTube Premium. But the video-sharing platform is reportedly not letting people pay for YouTube Premium either.
Sidebar: This announcement comes shortly after another subscription service,Netflix, ended its free plan in Kenya, which aimed to convert its free plan users into paying customers.
YouTube Music faces competition from key players like Spotify and Boomplay, both of which are already established in Kenya. Spotify entered the Kenyan market in February 2021, while Boomplay marked its entry into East Africa by establishing a Kenyan office in August 2016.
Introducing Discount Codes
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Telecom
MTN COO to step down
There is a new boss in town!
Jens Schulte-Bockum, MTN’s chief operating officer, will step down at the end of his tenure in March 2024. Schulte-Bockum became COO of MTN in 2017.
During his tenure, Schulte-Bockum worked on the group’s digital services platform, the Ayoba super app, and the API marketplace capability Chenosis. Schulte-Bockum who was formerly at the helm of Vodafone Germany will take up a non-executive director position on the boards of MTN South Africa, MTN Nigeria, and Bayobab.
Who is the new COO? Schulte-Bockum will be replaced by Selorm Adadevoh, the current CEO of MTN Ghana. Adadevoh previously held key positions in Digicel Group—CEO, COO, and global director for mobile financial services—Millicom, and Tigo in Ghana.
Lights out: The key leadership appointment marks a new era for MTN. Headquartered in South Africa, the telco was considering closing shop in three African markets—Liberia, Guinea-Bissau, and Guinea-Conakry—last month. MTN noted that these countries made paltry contributions in revenue—1.6%—to the telco giant. The telecom only holds a small portion of the market share in each of these nations.
Bluechip Data and AI Summit
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Funding
Tappi secures $1.5 million funding
Tappi, an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses, has raised $1.5 million in a pre-seed round.
Who participated in the round? Mercy Corps Ventures and Chui Ventures led the fund round, with participation from Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, and Reflect Ventures. Other angel investors and advisors from global tech companies, including Google, Salesforce, and Zendesk participated in this funding round.
Tappi will use the new funding to double down on its current markets and focus on talent acquisition and overall brand building.
Building for SMEs: SMEs are the lifeblood of the African economy, contributing about 50% to the continent’s GDP and employing over 80% of the workforce. However, these businesses are rife with numerous challenges, which may include digitising their businesses to leverage profits in the digital age.
Tappi simplifies the process of creating and managing an online business profile, enabling SMEs to showcase their products and services, engage with customers, and accept payments.
Airtime for ads: Oftentimes, small businesses encounter bottlenecks when trying to pay for ads with their credit cards. To solve this problem, tappi partners with mobile network operators to ensure that small business owners can purchase ads using airtime.
Lights out: Tappi joins the list of startups providing solutions to small businesses on the continent.
AI and Faith Summit
Join us for AI & Faith Summit 2023 on Dec 16! Explore the fusion of cutting-edge technology and timeless spirituality in this enlightening virtual event.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$43,760 |
– 1.14% |
+ 24.57% |
| Ether |
$2,233 |
– 2.06% |
+ 17.29% |
 Holo |
$0.002036 |
+ 14.88% |
+ 29.05% |
| Terra Classic |
$0.0002201 |
– 2.69% |
+ 225.26% |
* Data as of 00:01 AM WAT, December 7, 2023.
Effortlessly make global settlements in over 30 currencies across 120+ countries spanning four continents, delivering cost-effective and reliable solutions to your clients, suppliers, and customers. Get started today.
Job Openings
- Head of credit operations @Traction Apps-Lagos, Nigeria
- Business development manager (B2B) @Quadcode– Remote
- Sales lead – PSSP & PTSP @Paymi Solutions– Abuja, Nigeria
- Sales executive @MKopa – Ijebu Ode, Nigeria
- MFS project manager @Ericsson– Lagos, Nigeria
- Financial data analyst @ Quadcode– Remote
- Business development representative @FacilitaPay– Lagos, Nigeria
What else is happening in tech?
Written and Edited by: Mariam Muhammad, Faith Omoniyi, Ngozi Chukwu & Kelechi Njoku
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