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Moniepoint $110m raise I Momo PSB launches cross-border remittances

Moniepoint $110m raise I Momo PSB launches cross-border remittances

Plus: Brazil sues Meta and TikTok for over $500 million

Innovation Village
October 30, 2024

Today’s Menu ☕️

💰 Moniepoint secures $110 million to expand digital payments and banking solutions
💸 MoMo Users Can Now Send Money to 13 African Countries, Receive from 6
💻 NASENI and Imose Technologies Launch Made-in-Nigeria Laptop
🌾 Sistema.bio acquires Inclusive Energy to enhance operations with advanced digital monitoring
💳 Orange Money wallet holders in seven African countries to gain access to digital payments
⚖️ Brazil sues Meta and TikTok for over $500 million for failing to protect minors

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💰FUNDING

Moniepoint secures $110 million to expand digital payments and banking solutions

Tosin Eniolorunda and Felix Ike

Moniepoint, Africa’s fastest-growing fintech company, has successfully secured US$110 million in equity financing to support the aspirations of millions of businesses and their customers across Africa and the diaspora. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, formerly known as TeamApt, has established a remarkable track record in serving customers throughout Africa. Initially, the company focused on providing infrastructure and payment solutions for banks and financial institutions.

Over time, Moniepoint has evolved into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion, all while maintaining profitability.

The Series C investment round was led by Development Partners International’s African Development Partners (ADP) III fund, a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital, a leading African private equity firm. Existing investor Lightrock, a global impact firm, also participated in the round. This new capital injection follows a successful period for Moniepoint, marked by significant operational and financial milestones....……continue reading

💸 REMITTANCES

MoMo Users Can Now Send Money to 13 African Countries, Receive from 6

MoMo PSB, the fintech subsidiary of MTN Nigeria, has launched outbound and inbound remittance services, enabling users to send and receive money instantly across 19 African countries. This expansion marks a significant step towards greater financial inclusion and seamless cross-border transactions within the continent.

Nigerian users can now send money directly to 13 countries, including Benin Republic, Cameroon, and Côte d’Ivoire, via the MoMo app or USSD channels. Funds are automatically converted to the recipient’s local currency at a competitive exchange rate, with a minimal 3% transaction fee for the sender. Recipients receive the funds instantly with no extra charges.

MoMo users can also receive money from six African countries: South Africa, Rwanda, Uganda, Zambia, the Democratic Republic of Congo, and Mauritius. This bidirectional flow of remittances facilitates personal transactions, supports businesses, and strengthens economic ties across Africa...……continue reading

💻 DEVICES

NASENI and Imose Technologies Launch Made-in-Nigeria Laptop

National Agency for Science and Engineering Infrastructure (NASENI) has partnered with Imose Technologies Ltd to launch a new line of laptops and tablets manufactured in Nigeria. This initiative aims to provide affordable and accessible computing solutions for Nigerian consumers while strengthening the country’s digital landscape and promoting technological self-sufficiency.

The statement from NASENI’s Deputy Director of Information, Chima Akwaja, introduced the new line of devices, marketed under the NASENI brand name. The lineup includes the NASENI Zedon X-Pro laptop, a 14-inch device with a Core i5 processor, and a 10.5-inch tablet, both designed to cater to the needs of students, professionals, and everyday users..........continue reading

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🌾 AGRITECH

Sistema.bio acquires Inclusive Energy to enhance operations with advanced digital monitoring

Sistema.bio, a Nairobi-based biogas technology company, has announced the acquisition of Inclusive Energy (IE), a digital monitoring platform for solar and biogas systems. This acquisition comes less than two weeks after Sistema.bio secured $15 million to scale its clean energy technology across Africa. The acquisition significantly enhances Sistema.bio’s capacity to deliver high-impact biogas solutions with advanced digital Monitoring, Reporting, and Verification (MRV) capabilities.

This will benefit farmers globally by providing improved service and long-term support. The integration of IE’s technology will also facilitate remote diagnostics, usage analytics for carbon reporting, and data insights for predictive maintenance. This enables the company to better support farmers and partners with a real-time monitoring system for biogas digesters, utilizing intelligent sensing and communication tools.…….continue reading

💳 INNOVATION

Orange Money wallet holders in seven African countries to gain access to digital payments

Orange Middle East and Africa (OMEA) has entered into a strategic partnership with payments giant G to expand access to mobile financial services across Sub-Saharan Africa. This collaboration, hailed as one of the largest of its kind in the region, aims to enable Orange Money wallet holders to make digital payments through Mastercard’s extensive global merchant network by 2025.

The rollout of this partnership will initially cover seven countries: Cameroon, the Central African Republic, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone. This initiative is part of a broader effort to enhance financial inclusion and support digital transformation across the continent. In addition to this partnership, Orange Money has previously collaborated with Cellulant in September 2022 to facilitate card-to-wallet transfers in Botswana.…….continue reading

⚖️ REGULATION

Brazil sues Meta and TikTok for over $500 million for failing to protect minors

Meta and TikTok are once again facing legal challenges for allegedly failing to protect minors and limit their usage on their platforms. The Collective Defense Institute, a consumer rights group in Brazil, has filed two lawsuits against Meta, TikTok, and Kwai (another short video platform from China), seeking a total of three billion reais ($525.8 million).

The lawsuits cite numerous studies that highlight the risks associated with social media use. They demand that Meta and the other companies issue clear warnings about the potential negative impact of platform addiction on minors’ mental health. Additionally, the lawsuits call for the implementation of detailed data protection mechanisms..…….continue reading