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🪙 Court freezes N548.6m belonging to crypto users |📱Samsung Electronics to Cut Up to 30% of Jobs Globally

🪙 Court freezes N548.6m belonging to crypto users |📱Samsung Electronics to Cut Up to 30% of Jobs Globally

Plus: Paymob Secures $22 Million in Series B Extension Round

Innovation Village
September 12, 2024

Today’s Menu ☕️

🪙 Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users over Naira fluctuation allegations
💵 Paymob Secures $22 Million in Series B Extension Round to Fuel MENA Expansion
🏦 Nigerian Investment Startup, Rise Completes Acquisition of Kenyan Stock Trading Platform Hisa
☀️ Namibia to build largest solar plant with Chinese partners amid regional renewable energy push
📱Samsung Electronics to Cut Up to 30% of Jobs Globally in Key Divisions

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🪙 CRYPTOCURRENCY

Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users over Naira fluctuation allegations

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, based on their alleged role in naira fluctuations.

The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

This development is part of a broader prosecutorial and legal campaign by federal government agencies to address alleged foreign exchange violations and tax evasion by foreign cryptocurrency platforms……..continue reading

💵 PAYMENTS

Paymob Secures $22 Million in Series B Extension Round to Fuel MENA Expansion

Paymob, a leading fintech player in the MENA region, has successfully secured $22 million in a Series B extension round, bringing its total Series B funding to an impressive $72 million.

Since the initial Series B round in 2022, where the company raised $50 million, Paymob has experienced significant growth in its core market of Egypt, seeing a remarkable 6x increase in revenue. The extension round further enhances the company’s financial standing, allowing it to continue its ambitious growth strategy across the MENA region. With this funding, Paymob is not only poised to strengthen its leadership in Egypt but also to scale its operations in newly entered markets like the UAE and Saudi Arabia.

The company’s app, which launched in 2023, now supports nearly 350,000 merchants across MENA, representing a 3.5x increase in its merchant base. Paymob’s acceptance suite has also expanded to include 50 different payment methods, available through its gateway, POS terminals, and Paymob app, making it one of the most comprehensive offerings available..…....continue reading

🏦 ACQUISITION

Nigerian Investment Startup, Rise Completes Acquisition of Kenyan Stock Trading Platform Hisa

Nigerian investment startup Rise has further solidified its presence in the African fintech landscape with the successful acquisition of Kenya’s stock trading platform, Hisa. This strategic move marks Rise’s second acquisition in less than a year, following its takeover of another digital trading platform, Chaka, in September 2023. The deal not only strengthens Rise’s position as a major player but also underscores the growing trend of cross-border consolidation in the sector.

The acquisition of Hisa, which facilitates stock trading for Kenyan investors, grants Rise immediate access to the Kenyan market without the need for new licenses, as Hisa already holds the necessary regulatory approvals. This strategic move allows Rise to tap into the burgeoning Kenyan investment scene, which has seen a surge in interest in recent years, driven by increased smartphone penetration and a growing middle class.…....continue reading

☀️ SOCIAL MEDIA

Namibia to build largest solar plant with Chinese partners amid regional renewable energy push

NamPower, the national power utility of Namibia, has entered into a significant agreement with two Chinese companies, China Jiangxi International Economic and Technical Cooperation and Zhejiang Chint New Energy Development, to establish a solar power facility worth N$1.6 billion ($89 million). This venture marks the construction of the largest solar power plant in Namibia, with a capacity of 100 MW at Rosh Pinah. The project, set to span 18 months, aims for the commencement of commercial operations by the second quarter of 2026.

The establishment of this solar power plant is a strategic move towards enhancing Namibia’s energy independence, mitigating future hikes in electricity tariffs, fostering economic development, and advancing environmental conservation efforts.

This initiative gains added significance in light of Namibia’s current dependency on electricity imports from neighboring countries, including Zambia, Zimbabwe, and notably South Africa, from whom Namibia’s power purchase agreement with Eskom is due to expire in 2025.……continue reading

📱 ELECTRONICS

Samsung Electronics to Cut Up to 30% of Jobs Globally in Key Divisions

Samsung Electronics, the global leader in smartphones, TVs, and memory chips, is set to reduce its workforce by as much as 30% in some overseas divisions. According to a Reuters report, the South Korean tech giant has instructed its subsidiaries worldwide to make substantial cuts, targeting a 15% reduction in sales and marketing personnel and up to 30% in administrative staff. These reductions will impact employees across key regions, including the Americas, Europe, Asia, and Africa, and are expected to be completed by the end of the year.

Samsung has confirmed that workforce adjustments are indeed happening but described these changes as part of routine operations aimed at enhancing efficiency. While the company declined to provide specific details about the scope of the layoffs, it clarified that no production staff would be affected. With Samsung employing over 267,000 people globally, including 147,000 in international operations, the cuts will primarily affect sales, marketing, and administrative staff..…...continue reading