💰 LemFi expands remittance services with $53 million in new funding

Today’s Menu ☕️

💰 LemFi expands remittance services in Asia and Europe with $53 million in new funding
☁️ AWS to accept Naira payments, enhancing competitive edge in Nigerian cloud market
🧬 Nigeria and U.S. sign $2 million agreement to expand fibre optic network by 90,000 kilometres
🚙 Nigerian drivers advocate for government regulation of the gig economy
💰 South Africa’s The Awareness Company Secures $1.6 million to lead AI-driven operational sustainability

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💰 FUNDING

LemFi expands remittance services in Asia and Europe with $53 million in new funding

LemFi, a company specializing in cross-border payments, has secured $53 million in new funding to accelerate customer acquisition and expand its presence in additional countries. Since its inception in 2020, LemFi has experienced rapid growth by facilitating money transfers for diaspora communities in North America and, more recently, Europe. These communities send money to emerging markets across Africa, Asia, and Latin America.

The four-year-old fintech now boasts over one million active users who utilize its multi-currency accounts to transfer money to friends and family in countries such as Nigeria, Kenya, India, China, Pakistan, and 15 others. Recently, LemFi expanded into Europe through a partnership with embedded finance provider Modulr. This collaboration will help LemFi initiate operations until it secures its license next month, following the acquisition of a Republic of Ireland-based firm. With this expansion, LemFi—whose revenue is derived from transaction fees and foreign exchange spreads—now operates in 27 send-from markets and 20 send-to countries..….…continue reading

☁️ CLOUD COMPUTING

AWS to accept Naira payments, enhancing competitive edge in Nigerian cloud market

Amazon Web Services (AWS), the global cloud computing leader supporting numerous Nigerian startups and commercial banks, has announced that it will now accept payments in Naira, in addition to seven other local currencies for its European customers. This strategic move is anticipated to significantly reduce cloud costs for many Nigerian companies that host their services in AWS’s European region due to geographical proximity.

This development comes at a pivotal time when local cloud providers have been gaining traction by offering pricing in local currencies as an alternative to AWS and Azure. In a statement released on Monday, AWS explained that this change will help customers avoid foreign exchange costs and payment friction...….…continue reading

TRAINING FROM TENTH CODE MEDIA

2-day training on New Product Development & Management Fundamentals

Join a 2-day training on New Product Development and Management to master the skills needed to innovate, launch, and manage successful products in today’s competitive market. Click here to register and attend the training.

Date: 5-6 February, 2025

 🧬 INFRASTRUCTURE

Nigeria and U.S. sign $2 million agreement to expand fibre optic network by 90,000 kilometres

Nigeria is poised for a substantial enhancement in its digital infrastructure following the signing of a $2 million grant agreement between the U.S. and Nigerian governments to expand the country’s fibre optic network by 90,000 kilometers. This initiative, funded by the U.S. Trade and Development Agency (USTDA), highlights the growing economic and technological collaboration between the two nations and aligns with Nigeria’s National Broadband Plan for 2020-2025.

The project aims to improve internet access, create jobs, and strengthen Nigeria’s digital economy. With Internet penetration in Nigeria remaining uneven, particularly in rural areas, the new fibre optic infrastructure is expected to bridge the digital divide by providing reliable Internet access to underserved regions. This initiative supports Nigeria’s broader digital transformation goals, which include fostering a sustainable and inclusive economy...…..continue reading

🚙 RIDE-HAILING

Nigerian drivers advocate for government regulation of the gig economy

Nigerian drivers for ride-hailing platforms such as Bolt and Uber are calling on the federal government to establish nationwide regulations to replace the unfavorable and varied state-level policies currently in place. These drivers, represented by the Amalgamated Union of App-based Transporters of Nigeria (AUATON), argue that state-imposed rules, including licensing fees and mandatory trip data sharing, are undermining their livelihoods.

Ride-hailing companies emphasize the independence of their drivers, which complicates the creation of a unified regulatory framework. AUATON has been actively advocating for the rights of drivers. In June 2024, the union participated in a nationwide strike organized by the Nigerian Labour Congress, expressing their dissatisfaction with economic policies that negatively impact gig workers....…..continue reading

💰 FUNDING

South Africa’s The Awareness Company Secures $1.6 million to lead AI-driven operational sustainability

South Africa’s The Awareness Company, a software-as-a-service (SaaS) startup that specializes in transforming business data into actionable insights for operational efficiency and sustainability, has successfully secured US$1.6 million in seed funding. This capital injection is aimed at enhancing the company’s marketing and sales initiatives, as well as advancing the artificial intelligence (AI) capabilities of its product offerings.

Founded in April 2018, The Awareness Company was established by a team with a background in research, development, and innovation within the public sector. The startup leverages data-driven storytelling to empower individuals, communities, and organizations to operate more efficiently and make a greater impact.

The company’s flagship technology, HYDRA, integrates AI, the Internet of Things (IoT), and data analytics to deliver solutions across various sectors, including agriculture and conservation, safety and security, and smart infrastructure for buildings and cities.....…..continue reading

 OTHER STORIES

• Novastar Ventures invests $3.5 million in Sistema.bio to expand renewable energy solutions for African farmers.…….read more

• Ethiopia accelerates expansion of EV charging infrastructure to promote sustainable transportation……read more

• Microsoft forms CoreAI division to accelerate AI infrastructure and software development.…..read more

• CMA launches investigation into Google’s market dominance and AI search practices…..read more

OPPORTUNITIES

• The Lagos State Science Research and Innovation Council (LASRIC) calls on bold thinkers and trailblazers to apply for funding and support under its 2024 Innovation Initiative. Deadline = 31st January 2025…..continue reading

• Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

• Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading

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