Konnichwa,
Victoria from Techpoint here,
Here's what I've got for you today:
- Nigeria's Prembly merges with Kenya's Peleza
- Top 5 hacks and fraud cases in Nigeria
- Shoprite enters the eCommerce market
Nigeria's Prembly merges with Kenya's Peleza
Prembly, a Nigerian company known for customer identity solutions, has merged with Kenyan startup Peleza to create the Prembly Group.
Peleza has been using Prembly’s tech for the past year and a half. They’re keeping quiet on the money side of things for now.
Prembly started back in 2015, focusing on identity verification and security, while Peleza, also from 2015, handles background checks for businesses. Prembly scored $2.8 million in funding in 2022. Peleza works with big names like Bolt, Uber, and FedEx in East Africa.
The new Prembly Group wants to grow in East Africa by using Peleza’s know-how and improving how it serves customers. According to Marita Mutemi, CEO of Peleza, this merger expands their reach globally.
Lanre Ogungbe, co-founder and CEO of Prembly, believes this move makes them Africa's top identity management provider. Ogungbe takes charge of Prembly Group, while Mutemi becomes CFO and CEO of Prembly East Africa.
About 100 people are affected by the merger, with ten jobs going due to overlap, but they’re getting severance pay. They chose Prembly Group as the new name to build on their strong brand and rep in compliance and digital security.
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Next up, they’re planning to blend the the Know Your Customer or Business (KYC/B) tech platforms from both companies after the merger.
Shoprite enters the eCommerce market
Shoprite has launched an online shopping and bulk delivery service tailored for small businesses and spaza shops in South Africa. This marks its entry into eCommerce through Cash & Carry, their wholesale arm.
Customers can now browse a wide range of goods at competitive prices on a fully automated online platform, with free delivery within a 50km radius.
According to a statement, spaza shops and smaller retailers face significant challenges like high transportation costs, difficulty meeting demand, overstocking, and cash flow issues. Shoprite aims to address these by offering multiple payment options including credit cards, EFT, and cash upon collection.
Mark Cotton, Head of B2B eCommerce at Shoprite, highlighted that the new digital platform streamlines purchasing and delivery, reducing inventory storage needs and freeing up cash flow for business owners.
This move aligns with Shoprite's strategy to enhance customer experiences and expand its market presence in South Africa's booming eCommerce sector.
Top 5 hacks and fraud cases in Nigeria
Financial institutions in Nigeria lost a whopping ₦17.6 billion ($11.2 million) to fraud in 2023, according to the Nigeria Inter-Bank Settlement System's (NIBSS) 2023 Annual Fraud Landscape report.
The report revealed that fraud losses have been climbing steadily over the past five years. For instance, the losses jumped from ₦2.96 billion ($1.8 million) in 2019 to ₦11.61 billion ($9 million) in 2022. From 2019 to 2023, the total fraud losses skyrocketed by 496%, reaching ₦17.6 billion.
NIBSS pointed out that not all fraud incidents were reported through the Industry Fraud Reporting Portal by financial institutions. Out of 95,620 cases reported, a massive 92% (88,112) came from deposit money banks, while the remaining 8% (7,509) were reported by other financial institutions.
However, only 37% of financial institutions followed the rules and reported fraud incidents, while 64% didn't comply, violating the "CBN circular on the Establishment of Industry Fraud Desks."
It's clear that financial security is a huge issue for banks in Nigeria. For a detailed look at the top 5 hacks and fraud cases in Nigeria between 2023 and 2024, check out Bolu's article for more information.
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Opportunities
- EarlyNode is looking for a Technical Writer. Apply here.
- Paystack is hiring for several roles in Kenya, South Africa, Nigeria, and Ghana. Apply by July 7, 2024 here.
- Ventures Platform has over 100 job openings across its portfolio companies. Apply here.
- Moniepoint is hiring for 70 positions in the United Kingdom and several Nigerian states, including Lagos, Abia, and Anambra. Check them out here to apply.
- 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 beautiful Thursday!
Victoria Fakiya for Techpoint Africa.
