Carbon is bringing back its card services

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November 15, 2024
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5 min read
Carbon

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Victoria from Techpoint here,

Here's what I've got for you today:

  • Carbon is bringing back its card services
  • Access Bank UK to buy majority stake in AfrAsia Bank, Mauritius
  • MultiChoice and Canal+ push ahead with buyout deal

Carbon is bringing back its card services

Carbon

Nigerian digital bank Carbon is restarting its card services this month after a six-month pause, having previously shut down its debit card offerings in June 2024. 

This break came just two years after Carbon initially launched cards as a key part of its transition from a lender to a full digital bank, aiming to add convenience for customers with quick access to funds. 

However, rising costs with its international card provider, along with a delivery system that wasn’t as seamless as they’d like, led Carbon to reevaluate and temporarily step back.

Now, with a refined card distribution process, Carbon is ready to offer cards again, addressing some of the pain points from its previous setup. Given the rising dollar costs of issuing Visa and Mastercard options, many Nigerian fintechs, including Carbon, have been looking at more cost-effective alternatives. 

Options like Interswitch’s Verve and the CBN’s Afrigo card are increasingly popular as they provide more affordable, locally tailored card solutions. 

While Carbon hasn’t specified which provider it’s using for its new card offerings, this comeback reflects its aim to keep services accessible and retain customer loyalty by making everyday banking smoother.

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Access Bank UK to get majority stake in Mauritius' AfrAsia Bank 

Access Corp

Access Bank UK, the British arm of Access Holdings, has announced a major move to purchase a controlling stake in AfrAsia Bank, Mauritius’s fourth-largest bank by assets. 

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This acquisition marks a significant step in Access Bank’s expansion strategy, strengthening its footprint across Africa with targeted acquisitions in financial hubs. 

Mauritius, with financial services making up about 13.1% of its GDP, offers a prime base for Access Bank to broaden its personal and corporate banking services and boost trade finance opportunities.

AfrAsia Bank, based in Port Louis, has been a key player since its 2007 launch, specialising in corporate and private banking, global business banking, and wealth management, with a representative office in Johannesburg. 

With assets totalling over $5.7 billion as of mid-2024, it’s a natural choice for Access Bank to establish a strategic presence in Mauritius, enhancing cross-border transaction capabilities across Africa.

Access Bank’s CEO, Roosevelt Ogbonna, expressed excitement about using Mauritius as an international hub, stating this acquisition aligns with the bank’s mission to support regional business, trade, and financial inclusion.

This deal comes on the heels of several recent acquisitions by Access Bank across the continent. In October, it received clearance from the Kenyan competition regulator to buy National Bank of Kenya from KCB Group, worth about $100 million. 

Earlier this year, Access Bank acquired African Banking Corporation in Tanzania, ARM Pensions, and Megatech Insurance Brokers Ltd. It even secured a provisional banking licence in Namibia this October, solidifying its commitment to a strong African presence and tapping into new opportunities driven by the African Continental Free Trade Area (AfCFTA). 

Through these acquisitions, Access Bank is diversifying its services and positioning itself as a go-to institution for cross-border finance across Africa.


MultiChoice and Canal+ push ahead with buyout deal

MultiChoice's building

Canal+ is pushing forward with its bid to take over MultiChoice, now just waiting on approval from South Africa’s regulators to seal the $3 billion deal. 

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The process has hit some snags, though, due to local restrictions on foreign ownership. Canal+ has built up to a 45% stake in MultiChoice over the past couple of years, but they’re still ironing out some legalities.

If this merger goes through, it could shake up Africa’s media scene in a big way. Canal+ has a solid library of international content and a strong streaming infrastructure, while MultiChoice is known for its African-centric shows and solid local following. 

Together, they’d be competing on a more level playing field with global heavyweights like Netflix and Disney+. 

And with MultiChoice currently facing a subscriber drop — Nigeria alone saw a loss of 243,000 subscribers — they’re clearly hoping a partnership with Canal+ can help them regain ground and attract more viewers across the continent.

MultiChoice’s CEO, Calvo Mawela, is confident, seeing the merger as a chance to bring top-tier content and tech to a massive combined audience of over 50 million subscribers. With this alliance, they’re eyeing a revenue boost to hit $1 billion by 2030. 

The two companies are now just waiting to hear back from regulators and are hopeful they’ll get the green light soon, paving the way for a new era in Africa’s streaming market.


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Have a fun weekend!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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