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
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
After years of resisting advertisements on its streaming platform, Netflix is introducing commercials to its service. Netflix co-CEO Ted Sarandos confirmed on Thursday that the company would begin testing an ad-supported, lower-priced subscription tier. The streaming company is speaking to multiple potential partners to help ease its entrance into the
Africa is one of the poorest continents in the world. However, African entrepreneurs have been tenacious and persistent to the very core in building startups that offer highly unique services. There has been an amazing wave of innovation in the industry with startups like Chipper,
The importation business in Nigeria is lucrative because many products in the country are imported. Even the simplest of items such as toothpicks and candles are still imported into Nigeria. Nigeria imported items worth a total of $55.4 billion in 2020. Although there was a significant
What are the drivers of the decline in oil production? Production has been declining since 2012. It’s a combination of a lot of factors. I think insecurity of assets is top on the list – and insecurity of life. Secondly, the maturity of the fields. Thirdly,