Author: Akin Naphtal

The Nigeria Data Protection Commission (NDPC), at the 45th Anniversary of the Chartered Institute of Directors Nigeria, has campaigned for a sustainable digital economy based on trusted use of data. The NDPC Head of Legal, Enforcement, and Regulations Department, Babatunde Bamigboye Esq., represented the NDPC National Commissioner/CEO, Dr Vincent Olatunji, at a panel session. The National Commissioner highlighted the strides achieved by NDPC towards Nigeria’s Digital Economy landscape, particularly in the area of data processing value chain. Whilst assuring stakeholders of the government’s effort in creating a stable business environment, he applauded Nigeria’s President Bola Ahmed Tinubu for signing the…

MTN Uganda, partnered with Sense International, has successfully launched the Digital Access Program at Ngora School for the Deaf in Eastern Uganda through its corporate social responsibility arm, hashtag#MTNFoundation. The school, which caters for 101 pupils, is one of the three specialist schools for the deaf in Uganda, making this initiative a significant action towards digital inclusion for students with hearing challenges. The new computer lab, worth Shs 124 million, has state-of-the-art technology, including 10 computers, a projector, printer, sound amplifiers, power backup, and a one-year maintenance plan. The lab has specialized software that ensures a suitable and accessible learning…

OpenAI, the parent company of ChatGPT, has announced the departure of CEO Sam Altman, citing Altman’s “lack of candor” in communications and doubts at his ability to lead the company forward as the primary reasons behind the decision. This move follows Altman’s recent announcement of a new feature allowing users to build their own versions of ChatGPT. OpenAI’s decision to part ways with Altman comes at a time when ChatGPT has experienced unprecedented success, amassing over 100 million active monthly users within its first quarter. The announcement has left both the tech community and the public in disbelief. Altman reportedly…

Nigerian fintech giant, Flutterwave, has developed a product named “Swap”, backed by the Central Bank of Nigeria (CBN), in its bid to revolutionise the way Nigerians access foreign currency, and address key challenges in the current FX landscape. Flutterwave’s Swap is the result of a partnership with Wema Bank, one of Nigeria’s leading commercial banks, and Kadavra BDC. The collaboration aims to leverage the strengths of each entity, with Flutterwave utilising its International Money Transfer Operator license, Kadavra contributing its BDC license, and Wema Bank providing comprehensive support throughout the process. Addressing FX Market Challenges Acting governor of the CBN,…

Safaricom Ethiopia, has reported KES 7.2 million ($43,368) in M-PESA revenue just three months after its launch in August 2023, having garnered an M-PESA customer base of 1.2 million users, with 67% actively utilizing the mobile money product. The success includes the registration of 22,700 M-PESA agents, facilitating transactions amounting to 2 million in volume, and valued at KES 43.7 billion ($287 million). In contrast, M-PESA in Kenya, operational since 2007, showed a 16.5% year-on-year revenue growth, reaching KES 66.23 billion ($436 million). This growth was supported by a 12.0% year-on-year increase in average revenue per user (ARPU) to KES…

Ghana’s Central Bank has taken regulatory action against eight money transfer organisations (MTOs) by barring them from offering remittance services without the required regulatory approval. The barred companies include LemFi, Wise, Transfer Go, PayPal’s Xoom, SendValu, Boss Revolution, Aza Finance, and Supersonicz, according to a notice from the bank. The Central Bank’s notice serves as a warning to the public, commercial banks, dedicated electronic money issuers (DEMI), and enhanced payments service providers (EPSP) to avoid transacting with the aforementioned companies. The bank’s decision is backed by Section 3.1 of Ghana’s Foreign Exchange Act, 2006 (Act 723), which prohibits dealing in…

Kenyan digital payments service provider, SasaPay has been named Africa’s Best Emerging Digital Payment Provider of the Year at the 8th Edition of the Africa Digital Economy Awards (ADEA), held on 10th November in Nairobi. The award, presented by organiser of ADEA, Digital Economy magazine, serves as a tribute to SasaPay’s dedication to fostering innovation, inclusivity, and sustainability within the digital economy. Chief Operating Officer of SasaPay, Daniel Njoroge, appreciated the recognition, stating, “this is a testament to our commitment to revolutionising digital payments and fostering financial inclusion. We are dedicated to providing innovative solutions that cater to the diverse…

Pan-African fintech firm, Cellulant, has broadened its reach by securing a Payment Service Provider and Payment Facilitator license in Egypt, allowing Cellulant to empower both global and regional merchants in Egypt, and manage B2B and B2C payments across local and international transactions. Cellulant’s versatile solutions support a range of payment methods, including mobile money, wallets, cash, cards, and direct bank transfers, encompassing various currencies to cater to diverse customer needs. In recent years, the fintech has heavily invested in its real-time payment solutions, incorporating features such as checkout, in-store payments, payouts, payment links, and a robust business dashboard. These services…

California-based mobility platform, inDrive, has unveiled its New Ventures Investments arm, backed by a dedicated fund of up to $100 million, focusing on venture funding and mergers and acquisitions (M&A) as it moves to fuel innovation within the startup ecosystem. Veteran entrepreneur and investment expert, Andries Smit, has been appointed as the Vice President to lead the New Ventures unit, bringing his expertise to guide inDrive’s investment strategy. Key Investment Criteria: In addition to financial metrics, inDrive’s New Ventures will prioritize investing in startups that have a positive impact on communities, by helping them address societal injustices and enhancing the…

Deputy Governor of Nakuru County, David Kones, has urged county departments to adopt the Geographic Information System (GIS) technology for making informed and evidence-based decisions in project implementation. While celebrating GIS Day, the county’s planners, surveyors, and geo-spatial planners showcased various technologies under Kones’ leadership. Kones said that the system could guide policymakers, planners, and the community on land use needs such as where to build schools and health centres. The GIS community of professionals and students celebrates the advancement of GIS technology every year on GIS Day. They showcase the diverse applications of spatial technology in storing, visualising, analysing,…