Article Summary Last month, Femi Otedola acquired a 5.52% stake in Transcorp Plc, making him the second-largest investor and setting him on the path to take over the company. But the acquisition set off a power struggle at Transcorp, with Tony Elumelu’s camp eventually securing
On Sunday, payments fintech Flutterwave denied a Techpoint report that hackers stole ₦2.9 billion of customer funds. In its response to the story, Flutterwave said it noticed unusual activities in its systems and told users to activate safety protocols. But it insisted that customers did not lose any funds.
After Silicon Valley Bank’s closure, nearly $175 billion of customer deposits are now under the control of the Federal Deposit Insurance Corporation.New Delhi: Silicon Valley Bank, known for lending money to some of the biggest technology startups, collapsed on Friday sending investors and depositors into a
All-in-one business platform Moniepoint (formerly known as TeamApt), today announces the appointment of Pawel Swiatek as Chief Operating Officer. Pawel joins the business from Capital One, where he served as Managing Vice President for over four years. At Capital One he was responsible for the
Since the Central Bank of Nigeria (CBN) announced restrictions on cash withdrawals for businesses and individuals in December 2022, POS agents feel targeted. To limit the use of cash by Nigerians, the CBN has ordered commercial banks to limit weekly cash withdrawals to £100,000 for
In early February 2023, hackers transferred over ₦2.9 billion from Flutterwave accounts. While police investigations are ongoing, Flutterwave is seeking to freeze accounts where some of the money was transferred. A motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda,
Benefits of a Cashless Policy 1. It has significantly improved the speed at which banking services are rendered. 2. It has reduced exposure to bacteria from the handling of naira notes from one individual to another. 3. There has been a significant increase in sales
2023 will be a tough year for fundraising, and I can speak from experience. In November 2022, we raised a $33m Series A from Radical Ventures and Temasek — and it was no walk in the park. We had lots of investors drop out, as
Jetstream Africa, a Ghanaian technology company operating in the logistics sector, has raised $13 million in equity and debt-funded pre-Series A. The equity round saw participation from French development institution PROPARCO through the Digital Africa Bridge Fund; ASC VC, a venture fund founded by executives
Releaf, a Nigerian agritech startup that supplies ingredients to consumer goods manufacturers and their food factories, has raised $3.3 million in a pre-Series A funding round. The funding round was led by Samurai Incubate Africa, who re-invested after leading Releaf’s seed round, with participation from