Вітаю,
Victoria from Techpoint here,
Here's what I've got for you:
- MTN MoMo PSB faces leadership shake-up
- House rent in Lagos could go up by 60%
- Sendsprint acquires Nobel Financial
MTN MoMo PSB faces leadership shake-up
There’s been a shake-up at MTN’s MoMo Payment Service Bank (PSB). Eli Hini, the CEO, and Elsa Muzzolini, the Chief Commercial Officer, have both left the company.
Muzzolini, who joined MoMo PSB in 2022, resumed as the CEO of M-PESA Ethiopia, Safaricom’s mobile money arm, on July 15. However, Hini, who left in June 2024, hasn’t announced his next move yet.
Their exit comes at a crucial time for MTN Nigeria, which is heavily investing in its fintech unit to boost wallet usage and app adoption after facing losses in its telecom business.
Phrase Lubega, the group executive for fintech commercial operations, is stepping in as acting CEO, pending CBN approval.
Remember this? MTN Nigeria bought out Acxani Capital Limited, a minority shareholder in MoMo PSB, paying ₦6.95 billion for the stake to strengthen MoMo PSB’s operations and prepare it for future growth.
House rent in Lagos could go up by 60%
If you live in Lagos and your landlord just increased your rent, I'm sorry to break it to you, but it is about to go up again by 60%.
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Why? Remember the news about the Lagos State government's plan to create a monthly rent payment platform? Well, that platform will charge you a 5% transaction fee, and what is five multiplied by 12?
The platform is part of the state's plan to increase its internally generated revenue from ₦1.25 trillion in 2022 to ₦5 trillion in coming years.
The rent payment platform on its own, is expected to generate ₦2.5 billion yearly!
The government figured that if 100,000 Lagosians (minus me) pay their rent monthly and they charge 5%, they will make a steady revenue. However, that is not the only platform the state wants to build, and the funny thing is that it might start competing with Nigerian proptech startups. If you're curious, Bolu has the details here.
Sendsprint acquires Nobel Financial
Sendsprint has snagged Nobel Financial Inc. in a deal with a secret price tag.
Founded by ex-Flutterwave exec Damisi Busari in 2022, Sendsprint made a splash with its $5 flat fee for transfers.
They promise to get your money where it’s going in just 30 minutes and now operate in Nigeria, Ghana, Kenya, South Africa, and the UK. With this new acquisition, they’re expanding into 16 states in the US.
Busari’s excited about this move, saying, "The US is a huge opportunity for us, and we’re thrilled to bring our unique tech and understanding of the African market to make this a success."
Remittances to Africa have been booming, hitting $100 billion in 2022. The US-to-Africa money transfer scene is crucial, especially with more Africans living abroad and better financial stability in the diaspora.
But sending money back home is still pricey, with fees sometimes hitting 15%. That’s where new startups like LemFi, Sendsprint, and TransferGo come in, offering more affordable solutions.
Sendsprint’s already teamed up with over 3,000 African retailers, including big names like Shoprite and Jumia, letting users send gift cards to their loved ones.
With Nobel Financial’s acquisition, Sendsprint will also boost its regulatory game. Scott McClain, Nobel’s Chief Compliance Officer, is joining Sendsprint along with his team, though they didn’t say why they’re only keeping McClain from the executive team.
In case you missed it
- dLocal and iTransfer want to simplify cross-border payments in Nigeria
What I'm watching
- The Paradox of Good People - George Orwell's Warning to the World
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Have a terrific Thursday!
Victoria Fakiya for Techpoint Africa.
