Lumela,
Victoria from Techpoint here,
Here's what I've got for you today:
- Interswitch breaks into Nigeria's telecom market
- Simera Sense gets $14.75m
- Unlimit enters Tanzania, its third African country
Interswitch breaks into Nigeria's telecom market
Interswitch is making moves in Nigeria's telecom sector! The fintech giant snagged a Tier 5 MVNO licence for ₦500 million ($1.08 million) from the Nigeria Communications Commission in May 2023 through its subsidiary, Systegra Technologies.
This means the fintech can offer affordable 4G/5G services, even in rural areas, by piggybacking on existing telcos' infrastructure.
With a revenue of $42 million in the last financial year, Interswitch is eyeing a cost-effective virtual telecom model, merging payments and telecom services for B2B and consumers.
The telecom regulator started issuing MVNO licences in 2023 to bridge the digital divide, and 25 companies, including Interswitch, have hopped on the bandwagon.
Despite not having their infrastructure, these MVNOs offer services comparable to those of major players such as MTN and Airtel. The goal? Boost broadband penetration to 90% by 2025, though recent reports show a dip from 45.47% to 40.85% due to a population adjustment.
Simera Sense gets $14.75m
Simera Sense, a South African startup, has raised €13.5 million ($14.75 million) in funding. NewSpace Capital and Knife Capital led the charge on this investment.
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Simera Sense offers optical payloads for small satellite Earth observations. Think high-resolution cameras ready to roll for clients worldwide.
With this cash injection, it’s ramping up production, beefing up processing power, and even setting up a new facility in Europe, all while keeping its main base in South Africa.
Johann du Toit, the CEO and co-founder, said the investment will supercharge the company’s production, slash delivery times, and take its onboard data processing to the next level.
He also said the demand for satellite imagery is sky-high, and the company is ready to meet it head-on.
Simera Sense’s current production capacity is about 25 payloads a year, plus a bunch of test models. But it’s aiming big, looking to churn out 150 to 200 payloads annually in various setups.
And it does not stop there. It intends to double its team over the next few years, establishing relationships with European suppliers and increasing collaboration on product development.
But here's the kicker: it’s not just stopping at cameras. Simera Sense is tearing into onboard data processing like no one's business. And with this new funding, it plans to release even more advanced technology, such as short-wave infrared cameras.
Unlimit enters Tanzania, its third African country
A year after obtaining licences in Nigeria and Kenya, Unlimit has received the green light from the Bank of Tanzania to roll out its services in the second East African market.
The approval allows the fintech to provide several services in Tanzania, including business payments, merchant services, and outbound payments.
Peter Mlay, Head of Tanzania for Unlimit, expressed gratitude to the regulators and is now eager to onboard local and international merchants, businesses, and entrepreneurs.
The global fintech company, based in London since 2009, provides several financial services, including payment processing, banking as a service, and fiat solutions for cryptocurrency.
The company, which has 500 employees in 16 offices worldwide, wants to remove financial barriers, allowing businesses to operate seamlessly across continents.
Unlimit, formerly known as Unlimint, changed its name in May 2023 to align with its new positioning and mission.
Initially focused on payment processing, the company has evolved over its 14-year history, constantly expanding its capabilities and product offerings to meet changing market demands.
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What I'm reading and watching
- Code suggests that TikTok could be building an app for photos
- Why the political worldviews of young men and women are increasingly diverging | DW Analysis
- Neil deGrasse Tyson: How AFRICA Will Run The World (And Beat USA)
Opportunities
- Seedstars has announced INFUSE 2024, a global invitation for innovative applications aimed at fortifying health systems against climate threats and improving immunisation delivery. Apply here.
- Consensys is hiring a Software Engineer. Apply here.
- Nethermind is looking for a product manager. 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 Wednesday!
Victoria Fakiya for Techpoint Africa.
