Privet,
Victoria from Techpoint here,
Here's what I've got for you today:
- Flutterwave discontinues Barter
- CBN partners Gluwa to promote adoption of the eNaira
- Airtel Tanzania instals 30 new towers
Flutterwave discontinues Barter
Flutterwave is discontinuing Barter, its virtual card service, three weeks after announcing that Disha, a no-code platform, would be temporarily closed on March 31, 2024.
Why? The company cited changing customer needs and market trends for the platform's closure tomorrow, March 12. It turns out that Barter accounted for only 1% of Flutterwave's $2 billion transactions.
The fintech is shifting its focus to the big leagues: enterprise and remittances. Setting its eyes on the moolah, it wants to double down on these segments.
Forget the small fry; it wants to dominate Africa's $54 billion remittance market. So, if you are a Barter user, get your cash from the app pronto!
No one's quite sure how well its remittance products, Send App and Swap, are doing, but it's giving it a shot.
This move follows a year-long hiatus to revamp its offerings. Barter, the OG letting Nigerians flex their international payment muscles back in 2017, had its fair share of drama.
Be the smartest in the room
Give it a try, you can unsubscribe anytime. Privacy Policy.
In 2022, it went MIA for several weeks due to an "update" fiasco with its card partner, Union 54. That partner, by the way, was hit with a $1.2 billion chargeback fraud attempt.
CBN partners Gluwa to promote adoption of the eNaira
The Central Bank of Nigeria (CBN) and Gluwa, a blockchain company, have teamed up to boost the use of Nigeria’s digital currency, eNaira.
Gluwa's got big plans to get millions of Nigerians on board with eNaira by using its Credal technology to build up credit reputations for users.
The partnership will focus on making it easier for fintech lenders to process loans by allowing direct eNaira transfers to customers. Besides, it uses advanced encryption to ensure that everything is completely secure.
It also wants to establish eNaira as the go-to record for all loan transactions, ensuring accuracy and transparency.
Gluwa plans to implement a secure authentication mechanism using encryption to provide users with a safe and compliant way to access financial services.
This news comes after Binance pulled the plug on all its services in Nigerian currency.
Now, about the eNaira itself. It launched in October 2021. But it's been a bit of a slow burn.
In 2023, the International Monetary Fund (IMF) dropped a research paper spilling the tea on how poor eNaira's been doing in terms of adoption. As it turns out, the numbers aren't too impressive.
Consequently, the Nigerian government pushed for eNaira-based payment of salaries and school fees.
Airtel Tanzania instals 30 new towers
Airtel Tanzania revealed last week how the company has been expanding its coverage in rural areas.
The telco has already built 30 new towers as part of a plan to build 758 more in the countryside, thanks to a partnership with the government's Universal Communications Service Access Fund.
Dinesh Balsingh, Airtel Tanzania MD, also had a bone to pick with the government, requesting that taxes on mobile devices be reduced so that more people could connect. He believes that having more phones and better connections will significantly improve everyone's lives.
He gave a nod to the government for ditching airtime taxes and slashing fees for setting up stuff like fibre cables last July. However, he did not reveal how far Airtel's network now reaches.
In October 2023, the Tanzanian government and Airtel Tanzania signed an agreement to install 758 communication towers. The goal? Ensure that at least 85% of people use the Internet by 2025.
Airtel Tanzania, of which the government owns 49 per cent, has been expanding its reach, now covering up to 80 per cent of rural areas. And it’s gone big on 4G, covering 90 per cent with that sweet, fast tech.
The telco has reportedly been busy ever since the Tanzania Communications Regulatory Authority gave the thumbs up to run the 2Africa submarine cable in August 2022.
In 2023, it rolled out two big projects: the 2Africa submarine cable and Airtel's 5G network.
Last week on Techpoint Africa
- “A large volume of P2P takes place on WhatsApp and not even Binance.” - Adebayo Juwon, ex-FTX employee
- South African regulator yet to reveal the extent of cyberattack on database
- Blockchain group says Nigeria's actions may push crypto and virtual asset activities underground
- Canal+ has until April 8 to buy MultiChoice
- Fintech expert weighs in on the CBN's plans to combat PoS fraud in Nigeria
- RemotePass gets $5.5 million in Series A to scale in Africa
- French VC firm, Ring Capital launches Africa-focused fund
- BRKZ eyes MENA expansion with $8 million Series A funding
- MDaaS raises $3 million pre-Series A to improve healthcare access in Nigeria
- 11 ways to detect AI-generated content
- Bolt helps driver partners earn more in SA, offers discounts in Nigeria
- 19 new digital credit providers obtain operating licences in Kenya
- Is Binance leaving Nigeria?
- European firms back TowerCo of Africa with $40 million to boost Uganda mobile network coverage
- Moroccan fintech startup tookeez secures $1.5 million for technical development
- 19 new digital credit providers obtain operating licences in Kenya
- Bolt helps driver partners earn more in SA, offers discounts in Nigeria
What I'm reading and watching
- Red Sea cable cut by anchor from Houthi ship attack, says internet firm
- Ghana’s president delays decision on controversial anti-gay bill
- Ghana parliament passes anti-LGBTQ bill • FRANCE 24 English
- Is "Japa" the solution to Nigeria's economic struggles?
Opportunities
- Consensys is hiring a Software Engineer. Apply here.
- Nethermind is looking for a product manager. Apply here.
- Have you ever invested in a crowdfunding platform like Farmcrowdy before? If yes, kindly take a few minutes to answer 8-10 questions 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 productive week!
Victoria Fakiya for Techpoint Africa
