Victoria from Techpoint here,
Here's what I've got for you today:
- Wasoko and MaxAB to slash their workforce
- Glo users may soon be unable to call MTN lines
- Access Bank Zambia acquires Atlas Mara
Wasoko and MaxAB to slash their workforce
Wasoko, a Kenyan eCommerce startup, and MaxAB, an Egyptian business, plan to slash their workforce of about 4,000 employees by roughly 10%.
This news comes after the two eCommerce companies disclosed in December 2023 that they were in preliminary merger discussions to serve 65 million customers across eight African markets.
While Belal El Merghabel, MaxAB CEO, and Daniel Yu, Wasoko CEO, will continue to lead the new company, the latter said affected employees have been offered severance benefits in compliance with local laws.
Wasoko serves over 200,000 shop owners in major cities across Kenya, Tanzania, Rwanda, Uganda, Zambia, and the Democratic Republic of the Congo. MaxAB, on the other hand, serves over 150,000 shop owners in Egypt and Morocco.
Thus, the companies believe their merger of equals will enable them to build Africa’s most successful digital retail platform.
Wasoko and MaxAB, arguably Africa's largest tech merger, will have over 450,000 merchants as a combined customer base, providing essential goods to over 65 million local consumers in eight African countries.
Be the smartest in the room
What’s more, impacted workers can retain their stock options even after leaving Wasoko and MaxAB.
Glo users may soon be unable to call MTN lines
Starting January 18, 2024, Glo subscribers may be unable to make MTN calls but receive them.
Yesterday, the Nigerian Communications Commission (NCC) announced in a notice that it had partially approved Globacom's disconnection from MTN Nigeria due to unpaid interconnect fees.
The NCC states that the disconnection will remain in effect until the commission decides otherwise.
However, this isn’t the first time the NCC has partially disconnected a telecom operator. In 2019, the commission approved Globacom's partial disconnection from the Airtel network due to unpaid interconnect fees.
This news comes as Nigerian telcos seek federal government approval to raise tariffs to offset high operating costs. If approved, this could lead to subscribers paying a 10 to 15 per cent hike over the current tariffs.
Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), states that if current tariffs are not changed, the country's telecom sector may fail.
Although there are ongoing discussions about how the increase may affect subscribers, the NCC insists that telcos must provide reasons for the tariff hike.
Access Bank Zambia acquires Atlas Mara
Access Bank Zambia Limited has acquired African Banking Corporation Zambia Limited — trading as Atlas Mara Zambia — after receiving all necessary regulatory approvals.
Atlas Mara, a commercial bank in Zambia, is now a fully-owned subsidiary of Access Bank Zambia.
The two banks will carry on conducting business independently until all processes connected to integration are completed.
After the merger, the combined businesses' revenue will place them among Zambia's top five banks, with a chance to move up to the top three by 2027.
This move comes nine months after the Central Bank of Zambia granted Access Bank Zambia final regulatory approval to purchase Atlas Mara Zambia and incorporate it into its current operations.
Customers will have access to over 60 branches, 5 cash centres, 8 agencies, over 5,300 Tenga — Atlas Mara mobile money platform — Express Agents, and a nationwide network of more than 240 ATMs following the complete integration of the two banks.
Per a statement, corporate clients will gain from a combined balance sheet, a more extensive global reach, and easier access to loans, trade finance, treasury, and international payments through the expanded bank's current 21-market, three-continent distribution network.
Aside from that, stakeholders will gain from Access Bank's presence in the major trade corridors that link Africa to the UK, UAE, China, Lebanon, France, Hong Kong, and India.
Sidebar Alert: In March 2022, Kenya Commercial Bank (KCB) Group Plc completed the acquisition of Rwanda's most popular bank, Banque Populaire du Rwanda Plc (BPR), by Atlas Mara Limited.
In case you missed it
- Mastercard and Rawbank’s illicocash partner to launch virtual cards in the Democratic Republic of the Congo
- Nigerian fintech startup, Cleva, secures $1.5 million pre-seed to enhance international payments in Africa
- Ethiopia’s first VC-backed incubator, weVenture, plans to bolster early-stage startups
- Sub-Saharan Africa lost $1.74 billion in 2023 due to government-induced Internet shutdowns
What I'm watching
- OpenAI claims NY Times copyright lawsuit is without merit
- Why Everything Is A Scam (Except For Scams)
- Tinubu Suspends Minister Of Humanitarian Affairs From Office Over Alleged N585 Million Fraud
- DevHeit wants a remote full stack developer on its team. Apply here.
- Payaza Africa Limited is hiring an Associate Product Manager. Apply here.
- New Globe is looking for a Data Analytics Manager. Apply here.
- WOO Network is looking for a Senior Product Manager. Apply here.
- Sahara Group is hiring a Risk Data Analyst. Apply here.
- A company in the FCMG industry is looking for a Data Analyst. Apply here.
- Gruve wants a junior product manager on its team. Apply here.
- Do you live in Nigeria and work with a local or foreign company? Whether it's remotely, on-site, hybrid, full-time, part-time or as a freelancer, @TheIntelpoint is trying to understand the Nigerian workspace: how you work, and toxicity in the workspace among others. Please, fill out the questionnaire here.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a terrific Tuesday!
Victoria Fakiya for Techpoint Africa.