Author: Akin Naphtal

International transportation network company, Bolt, has announced that as of December 7, 2023, Nigerians will no longer have access to its Bolt Food platform, as the company seeks to optimise resources and enhance overall efficiency. Bolt’s decision to withdraw from the Nigerian market reflects the challenging macroeconomic landscape that facing food delivery businesses in the country. Fuel price hikes have significantly impacted the sector, prompting logistics startups like Bolt to implement increases in delivery fees ranging from 20% to 50%. Nigeria’s fuel price surge, which reached a staggering 215% after President Bola Tinubu’s removal of subsidies in May 2023, has…

For its fifth showing, the Next Fintech Forum (NFF), among the largest fintech events in Francophone Africa, has been scheduled for 16th and 17th November at the Radisson Blu Hotel in Abidjan, Cote d’Ivoire. The forum, themed “Fintech and Commerce: How Fintech will shape commerce in Francophone Africa,” aims to attract innovators, big tech companies, and investors, to francophone Africa while fostering the development of Digital Financial Institutions (DFIs) to enhance financial inclusion. Speaking on the theme, founder and director of Next Fintech Forum, Alex Sea, stressed the goal of creating an inclusive and multi-stakeholder environment for reflection. “We want…

Nigerian fintech giant, Flutterwave, has been granted an International Money Transfer Operator (IMTO) licence by the Reserve Bank of Malawi, allowing Flutterwave to process international payments into Malawi while focusing primarily on remittances. Malawi’s remittances market has grown steadily since 2016, and currently constitutes 2% of the country’s GDP, according to data from the World Bank. With over 200,000 Malawians residing and working abroad, the market presents Flutterwave an opportunity to tap into the expanding international remittances sector. Flutterwave CEO, Olugbenga Agboola, has expressed gratitude to the Reserve Bank of Malawi for granting the IMTO licence, stating, “we are grateful…

The US arm of the Industrial and Commercial Bank of China (ICBC) has fallen victim to a ransomware attack which disrupted trades in the US Treasury market on Thursday 9th November, joining the string of victims targeted by cybercriminals in recent months. The attack was confirmed by ICBC Financial Services, the US unit of China’s largest commercial lender, with the unit adding that investigations were currently underway to discover the attack’s origin. The disruption, which experts say was caused by cybercrime gang, Lockbit, marks a concerning trend of increasing boldness by ransomware groups targeting even major financial institutions. Lockbit, known…

YouTube’s recent decision to ban ad blockers on its platform has sparked backlash from privacy advocates in Europe who claim that the move violates the region’s data protection laws. A privacy expert, Alexander Hanff, has filed a complaint with the Irish Data Protection Commission (DPC), arguing that YouTube’s adblocker detection system is a form of spyware that requires user consent. Adblockers are software tools that prevent websites from displaying ads to users, thus improving browsing experiences and protecting user privacy. However, YouTube, which relies on ads for its revenue, has been cracking down on adblockers by blocking access to its…

Kenya’s Cabinet Secretary for the Ministry of Information, Communication and the Digital Economy, Hon. Eliud O. Owalo has been adjudged the Digital Economy Personality of the Year at the 8th Africa Digital Economy Awards (ADEA) 2023, held on 10th November, at the Emara Ole Sereni Hotel in Nairobi, Kenya. The Digital Economy Personality of the Year is in recognition of his impeccable role in driving digitalization in Kenya as well as his role as CS for the Ministry of Information, Communication and the Digital Economy which has birthed several initiatives and innovations making Kenya a digital hub in the continent. Hon…

In a bid to re-enter the Chinese market, Meta Platforms has reportedly entered a deal with Chinese technology company, Tencent Holdings, to introduce a new, affordable virtual reality (VR) headset in China. This marks the Facebook and Instagram parent company’s return to a market where it had taken a 14-year hiatus, a repor by the Wall Street Journal said. The Wall Street Journal also cited sources saying Tencent will be the exclusive seller of Meta’s new VR headset in China, with sales expected to commence in late 2024. The deal presents Meta with an opportunity to compete with TikTok owner,…

The eighth edition of the Africa Digital Economy Awards (ADEA) is set to be held tonight at the Emara Ole Sereni Hotel in Nairobi, Kenya, marking its first-ever showing in Kenya, and outside of West Africa. Themed “Celebrating Digital Excellence,” ADEA 2023 seeks to honour Africa’s digital champions, innovators, creatives, and inventions that have significantly shaped the digital growth and security of the continent’s digital economy. Powered by Digital Economy Magazine, a publication of ISO-certified InstinctWave Group, the awards event acknowledges and celebrates the transformative impact of digital innovations across multiple African sectors. ADEA also aligns with the African Union’s…

The Ministry of Communication and Digitalisation, in partnership with the Ministry of Environment, Science, Technology & Innovation (MESTI) and GIZ Ghana, has inaugurated the Ghana Digital Innovation Week (GDIW) at the Accra International Centre. The Deputy Minister, Ms Ama Pomaa Boateng, who spoke on behalf of the Sector Minister, Ursula Owusu-Ekuful, thanked all partners for their dedication to the growth of the GDIW since its inception in 2021, noting that the event was here to stay. Ursula Owusu-Ekuful stated that she was “profoundly inspired by the wave of technological advancements and the growing culture of innovation in our nation. Our…

In a bid to foster digital literacy and innovation among the Nigeria youth, the Federal Ministry of Communications, Innovation & Digital Economy (FMoCIDE) has unveiled a partnership with the Raspberry Pi Foundation to introduce Code Clubs across Nigeria. Tailored for students aged seven to 17, these Code Clubs are envisioned as a network of additional programming clubs designed to cultivate a new generation of savvy and inventive minds in Nigeria’s digital space. In a press release on Tuesday, 8th November, FMoCIDE revealed that the initiative will commence from 17 knowledge exchange centres and is poised to expand across all six…