Konnichwa,
Victoria from Techpoint here,
Here's what I've got for you today:
- LemFi resumes operations in Ghana after two months
- MultiChoice declines Canal+'s offer
- SafeBoda to launch SafeCar in Kenya
LemFi resumes operations in Ghana after two months
RightCard Payment Services Limited, a subsidiary of Lemonade Technology Inc., is back in business in Ghana two months after the Bank of Ghana declared the company illegal.
In November 2023, it had to put the brakes on when the Bank of Ghana listed it as one of the unapproved money transfer companies in the nation.
But now? RightCard announced that it had received approval from the Bank of Ghana.
LemFi, founded in 2020 by Ridwan Olalere and Rian Cochran, aims to improve the lives of immigrants.
How? It has a multi-currency account that allows you to send, receive, and hold money in the currency of your new home and your home country. You can send cash to over 30 countries!
So, what's the deal now? The remittance startup can now offer its services through two payment companies in Ghana: ExpressPay and BigPay.
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This time, the company says it is adhering to the Bank of Ghana's regulations and is not messing around with them.
Sidebar: In 2021, Lemonade Technology acquired Rightcard Payment Services in the UK.
In May 2023, Lemonade Finance announced it was rebranding to LemFi to offer international payments to everyone. But hey, what's in a name, right?
In August 2023, LemFi spills the beans on scoring a sweet $33 million in Series A funding to streamline the money-sending process for immigrants.
MultiChoice declines Canal+ offer
Do you recall Canal+'s $1.6 billion acquisition bid for MultiChoice last week?
Well, there’s an update. MultiChoice has declined Canal+'s $1.6 billion offer to acquire the South African payTV company.
When MultiChoice received the proposal, I'm sure it was like, "Nah, this deal doesn't cut it," because the Showmax owner said the French media company didn't value it highly enough.
Last Thursday, Canal+ revealed plans to take over MultiChoice, offering R105 ($5.6) per share, a 40% premium from MultiChoice's closing share price on January 31, 2024.
The French media company had been eyeing MultiChoice for a while and already owned a sizable stake (35.01%).
After a year of negotiations, Canal+ proposed a deal worth more than $2.4 billion for the 64.99% stake it does not currently own. But MultiChoice wasn't biting.
However, MultiChoice is not closing the door completely. If someone makes a reasonable offer with the right terms, the board will still consider it. Besides, the DStv and GOtv owner says as far as formal offers go, it is all about following the rules.
SafeBoda to launch SafeCar in Kenya
Remember this? SafeBoda to relaunch in Kenya three years after its exit
SafeBoda is returning to Kenya after a three-year hiatus, and it’s making a big splash.
It is expanding beyond providing motorcycle rides and launching SafeCar, a car-hailing service.
Why? I think it’s safe to say that the company doesn’t want to repeat past mistakes by branching out into a car-hailing service to boost profits.
This strategy has already proven successful in Uganda, where SafeBoda is taking on Uber. Consequently, it intends to replicate its success in the Kenyan market.
So, beginning February 8, 2024, anyone in Kenya can ride on SafeBoda and SafeCar. Safe, right?
But it won't be a cakewalk. In addition to upstarts like Fara's, it’ll face competition from industry heavyweights like Uber, Bolt, and Little Cab.
Not that SafeBoda is a newcomer to Kenya's ride-hailing scene. But it must show that it can compete in the fast-paced ride-hailing industry.
Zoom out: Kenya's e-mobility industry is booming, with more players going electric. SafeBoda may follow suit and add electric motorcycles and cars to their lineup, drawing inspiration from Uber's strategy.
With companies like Roam setting up shop in Kenya, SafeBoda might go electric. Thus, cross your fingers and keep an eye out for the business
What I'm reading and watching
- Facebook Turns 20: From Mark Zuckerberg’s Harvard Dorm Room to the Metaverse
- Is Being Fat a Choice? | Middle Ground
- Every Afterlife Theory Explained in 10 Minutes
What I'm reading and watching
- Facebook Turns 20: From Mark Zuckerberg’s Harvard Dorm Room to the Metaverse
- Is Being Fat a Choice? | Middle Ground
- Every Afterlife Theory Explained in 10 Minutes
Opportunities
- Application for the Innovest Afrika accelerator programme is open. Apply by February 14, 2024, here.
- Kenyan startups focused on embedded finance, future fintech, SME productivity tools, and content like local gaming and mobile advertising can apply for Safaricom’s Spark Accelerator programme. For more information, check this out.
- The International Center for Journalists (ICFJ) is looking for an editor to support the Arthur F. Burns Fellowship. Apply here.
- Application for the Meltwater Entrepreneurial School of Technology (MEST) Class of 2025 is now open. Check out the one-year, fully sponsored, graduate-level programme in tech entrepreneurship here before March 18, 2023.
- 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.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- 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 lovely Tuesday!
Victoria Fakiya for Techpoint Africa.
