Emefiele, DSS’s running battle paused as CBN gov resumes
Emefiele, DSS’s running battle paused as CBN gov resumes
The CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBBS), planned to unify payments in Nigeria and bring in the unbanked population
Greetings!
There’s no gain say the effect of startups on traditional businesses, operations and roles. For instance, the emergence of fintech like Paystack, Flutterwave - rumoured to be making its first international acquisition, and Mono spurred the recent high drive of many financial institutions to start rolling out more technical products to compete and get themselves a piece of the pie. In 2022, GT Bank launched Squad - to allow businesses to accept payment, which is also a product of Habari Pay. For the better part of its existence, Habari itself has struggled to find its place among the many markets it has tried to enter, eCommerce inclusive.
Not only fintech disrupting finance. You can find this happening in health - Helium Health, eCommerce - Konga (acquired by Yudala), logistics - Lori Systems, agriculture - Twiga Foods, property - Estate Intel, and as far as there’s an industry for it. One of the fascinating ones in my view is eCommerce where startups like Jumia, Konga, Mano and many others have thrived in. One amazing advantage of eCommerce in Africa is how it has been a propeller that affected many other sectors - like fintech and logistics, - two things that are highly needed for eCommerce growth. But, when eCommerce started in Africa, logistics was still a bit of a mess while payments were almost non-existent. In our recent article - The Edition, we looked at how technology, startups and policies are shaping the future of logistics.
Some have argued that fintech is the driving force of eCommerce. Whatever opinion you stand on, it is good to know that we are not where we used to be 10 years ago.
It is amazing how far we have come in Africa, disrupting the very industries that should be championing growth, even in the midst of growing partnerships.
This is the briefing by Samson.
Quick Stats.
In 2022, the revenue generated by online shopping in Africa was estimated to be around 37 billion U.S dollars, increasing from approximately 13 billion U.S. dollars in 2017. According to estimates made by Statista Digital Market Outlook, the e-commerce revenue in Africa would keep increasing between 2022 and 2027. In 2027, the e-commerce sector in Africa might reach a value of over 82 billion U.S. dollars.
In other news.
Emefiele, DSS’s running battle paused as CBN gov resumes
The battle between the Governor of the Central Bank of Nigeria, Godwin Emefiele, and the Department of State Services over a plan to arrest the CBN governor may have been put on hold as Emefiele resumes duty. The CBN governor on Monday resumed office at the CBN headquarters, after spending several weeks in the United Kingdom and the United States following reported plots by the DSS to arrest him. In a statement by the CBN Director of Corporate Communications, Mr Osita Nwanisobi; “The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has resumed duty after his annual vacation abroad. Mr Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023.” Punch
Access Bank Is No Longer Interested in Purchasing Kenyan Bank After ‘Certain Conditions Are Not Met
Access Bank Plc has announced that it would no longer be buying Kenyan-based lender, Sidian Bank Limited. The deal which was worth N15 billion hit a snag after Access Bank failed to reach a conclusive agreement with Centum Investment Plc, owners of Sidian Bank. Access Bank first announced plans to take control of the bank in June 8, 2022, proposing to take the entire 83.4% equity stake held by Centum in Sidian Bank Limited. Legit
Four charts that show African tech’s solid 2022
In 2022, African startups managed to sustain their upward trend as they accumulated more than $4.85bn by the end of December, a 4.75% increase from the same period last year. Although the growth is not as astonishing as in previous years – from 2020 to 2021, investment grew by 120% – 2022 is still another record-breaking year for the continent in terms of the amount raised, number of deals and number of investors. African Business
VerifyMe introduces it’s latest identity product for businesses
TechCabal caught up with Sarah Essien, COO of VerifyMe, after AFTSCapeTown, to discuss her experience and how QuoreID serves a critical role in accelerating the Fintech ecosystem. TechCabal
TeamApt rebrands as Moniepoint to help African SMEs grow
The rebranding of TeamApt to Moniepoint reflects the company’s mission to help businesses grow through access to digital payments, accessible credit and business management tools. In a statement released by the co-founder and CEO of Moniepoint Inc., Tosin Eniolorunda, he said, “When we started in 2015, we were started by providing products and financial infrastructures to banks and needed an apt team, hence the name TeamApt..” TechNext
Africa predicted to experience sustained funding slowdown in 2023
VCs now predict that the funding slowdown in Africa will be sustained in 2023 as investors continue to pull back, making it harder for new and existing startups to raise capital. “With the global economic slowdown trickling into 2023 due to inflationary pressures and tightening monetary policy, investors on the continent will maintain a judicious approach to investment and African startups will continue to find fundraising challenging,” said Bruce Nsereko-Lule, a general partner at Seedstars Africa Ventures. TechCrunch
What we are reading.
Kenyan fintech Kwara raises $3M seed extension, signs deal to reach over 4,000 credit unions
How Did Saudi Arabia and Kenya Dodge VC Funding Slowdown?
UNESCO: 86 journalists killed globally in 2022 — around 50% were off-duty
How fasting ‘once a week or a month’ can be beneficial for health
CBN Begins Implementation of National Domestic Scheme January 16, to Unify Payments in Nigeria
*Sponsor your posts here
About The Briefing.
The Briefing is a quick bite briefing of African tech and business activities trending. The writers’ opinion on one huge trending topic that matters, followed by “In Other News” and “What We Are Reading”
This Briefing by Sam.
For Adverts, send us an email - at giantaffairs@gmail.com OR call - 08074727030 | See Africa Tech Memo Ad Rate