📱Meta fined $841 million by EU

Plus: MTN South Africa's 5.5G trial successful

Innovation Village
November 15, 2024

Today’s Menu ☕️

Meta Fined $841 million by EU for Antitrust Violations on Marketplace
Access Bank UK Announces Majority Stake Acquisition in Mauritius-Based AfrAsia Bank
Natsave and Airtel Money unveil Fikiliza overdraft service to enhance financial inclusion in Zambiawg
MTN South Africa successfully concludes Africa’s first 5.5G network trial

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📱 SOCIAL MEDIA

Meta Fined $841 million by EU for Antitrust Violations on Marketplace

Meta Platforms has been hit with a substantial fine by the European Union (EU), amounting to €797.72 million (around $841 million), due to alleged breaches of EU antitrust regulations involving Facebook Marketplace. The EU Commission’s case against Meta centers on claims that the tech giant used its social network’s vast reach to give Facebook Marketplace an unfair advantage over competing classified ad services in the European Economic Area (EEA). The Commission argues that by embedding Marketplace within Facebook’s platform, Meta distorts competition, giving it a significant edge that other online classifieds services cannot compete with.

The investigation, launched in 2022, focused on Meta’s alleged abuse of its market position. The Commission suggests that Meta used the inherent structure of Facebook to automatically expose users to Marketplace, whether they sought to engage with it or not, effectively capturing a user base for its classifieds service. Additionally, the Commission raised concerns that Meta’s advertising terms created barriers for competitors, limiting their reach on Facebook and Instagram, thereby reinforcing Facebook Marketplace’s dominance in online classifieds...……continue reading

🏢 ACQUISITION

Access Bank UK Announces Majority Stake Acquisition in Mauritius-Based AfrAsia Bank

Access Bank UK, a subsidiary of Access Holdings, has announced its plans to acquire a majority equity stake in AfrAsia Bank, which is Mauritius’ fourth-largest bank by total assets. This acquisition is a key component of Access Bank’s broader strategy to strengthen its presence across Africa through targeted acquisitions. This strategic move aims to expand Access Bank UK’s personal and corporate banking services into Mauritius, a nation where the financial services sector contributes 13.1% to the Gross Domestic Product (GDP).

Established in 2007, AfrAsia Bank is headquartered in Port Louis, Mauritius, and also has a representative office in Johannesburg, South Africa. The bank specializes in corporate banking, private banking and wealth management, global business banking, and treasury and markets services. It is authorized and regulated by the Bank of Mauritius and the Financial Services Commission. As of June 30, 2024, AfrAsia Bank reported total assets exceeding $5.7 billion.....……continue reading

📱TELECOMS

MTN South Africa successfully concludes Africa’s first 5.5G network trial

MTN South Africa, in collaboration with Huawei, has successfully concluded Africa’s inaugural 5.5G network trial at its headquarters in Johannesburg. Renowned for its advancements in 5G technology, MTN is now spearheading the introduction of 5.5G in Africa. This next-generation technology promises to deliver faster and more intelligent connections, propelling the continent into a new digital era.

The 5.5G technology trial showcased several remarkable features, including 10-gigabit speeds, increased connectivity for Internet of Things (IoT) devices, reduced latency, energy-efficient networks, and advanced autonomous systems for simplified network management. In practical terms, this translates to internet speeds reaching up to 10 Gbps, a tenfold increase in IoT connectivity capacity, and significantly lower lag times, all while consuming less energy....……continue reading

FINANCIAL INCLUSION

Natsave and Airtel Money unveil Fikiliza overdraft service to enhance financial inclusion in Zambia

Natsave and Airtel Money have announced the launch of the Fikiliza overdraft service, a new initiative aimed at boosting financial inclusion in Zambia. This service provides instant credit to Airtel Money users, addressing the needs of unbanked populations and aligning with Zambia’s growing mobile money sector, which accounted for 56% of all retail payments in 2023.

The partnership between Natsave and Airtel Money is part of a broader trend where financial institutions collaborate with telecom operators to expand digital financial services in Africa. The Fikiliza service enables Airtel Money users to access instant overdraft facilities directly through their mobile wallets. This feature is particularly beneficial for individuals and small business owners who may lack access to traditional banking services, providing them with a convenient and secure means to obtain short-term credit...……continue reading

📱APPS

Nigerian wealth management startup Bamboo unveils new remittance app

Nigerian wealth management startup, Bamboo, has introduced a new fee-free remittance application named “Coins By Bamboo,” designed to facilitate seamless financial transactions from Canada to Nigeria. Founded in 2019 and a proud alumnus of Y Combinator, Bamboo is an innovative investment platform that equips Africans with the tools to build wealth from the ground up. The platform offers real-time access to global markets, primarily focusing on enabling Africans to purchase shares from companies listed on the US stock market.

Expanding its suite of services, Bamboo has now launched a remittances app called “Coins by Bamboo.” Supported by the Canadian Money Service Business (MSB) license, this new app is available for download on both Google Play and Apple stores. It is designed to enable Nigerians living abroad to send money to their loved ones in Nigeria more quickly, securely, and cost-effectively, all from the convenience of their mobile devices...……continue reading