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💸 Moniepoint to launch “MonieWorld” remittance service

💸 Moniepoint to launch “MonieWorld” remittance service

Plus: 💼 Lipa Later enters administration

Innovation Village
March 28, 2025

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Today’s Menu ☕️

💸 Moniepoint to launch “MonieWorld” remittance service for UK to Nigeria transfers
💼 Lipa Later enters administration amid financial turmoil and failed fundraising efforts
📱Africa’s First Satellite-to-Mobile Phone Call: MTN and Lynk Global Make History in Vryburg
💰 NOSIBLE secures $1 million in pre-seed funding to revolutionize AI solutions for asset management
🚙 AvtoVAZ expands into Nigeria
📱Why USSD Codes Are Still Relevant in Nigeria Despite Smartphone Growth

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💸 REMITTANCES

Moniepoint to launch “MonieWorld” remittance service for UK to Nigeria transfers

Moniepoint, a prominent Nigerian fintech unicorn, is poised to introduce a new remittance product called “MonieWorld,” designed to facilitate money transfers from the United Kingdom to Nigeria. Currently in its beta testing phase, MonieWorld is expected to launch publicly soon, as confirmed by sources familiar with the development. This initiative aims to capitalize on the significant remittance flows from the UK to Nigeria, which the World Bank estimates reached an impressive £9.3 billion in 2023, making Nigeria one of the primary beneficiaries of these funds.

To create a MonieWorld UK account, users must meet specific criteria: they need to be residents of the UK, at least 18 years old, and possess a valid mobile number. The introduction of this remittance service aligns strategically with Moniepoint’s ongoing efforts to secure a commercial banking license from the Central Bank of Nigeria (CBN). This license, which could take up to a year to obtain, would enable Moniepoint to broaden its product offerings significantly, including international transactions and treasury operations—both of which are vital revenue streams for traditional banks........…continue reading

💼 FINTECH

Lipa Later enters administration amid financial turmoil and failed fundraising efforts

Lipa Later, a prominent Kenyan buy-now-pay-later (BNPL) fintech company, has officially entered administration as of March 24, 2025, following a protracted period of financial difficulties and unsuccessful attempts to secure additional funding. Joy Vipinchandra Bhatt from Moore JVB Consulting LLP has been appointed as the administrator to oversee the company’s affairs during this challenging phase.

This latest development marks the culmination of a tumultuous year for Lipa Later, which has faced significant challenges in attracting new investment since its last capital raise—a $3.4 million debt financing round completed in September 2023. The inability to secure fresh funding has severely impacted the company’s liquidity, leading to delays in salary payments to employees and outstanding debts to suppliers.........…continue reading

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📱TELECOMMUNICATION

Africa’s First Satellite-to-Mobile Phone Call: MTN and Lynk Global Make History in Vryburg

In a bold step toward bridging South Africa’s digital divide, MTN South Africa and Lynk Global, a low-earth orbit (LEO) satellite provider, successfully completed the continent’s first satellite-to-mobile device phone call on Thursday. The historic trial took place in Vryburg, a rural town in the North West province, and marks a significant milestone in the effort to connect even the most remote parts of Africa.

The trial was not just a technical demonstration—it was a proof of concept that satellite-based connectivity can complement MTN’s existing terrestrial infrastructure. The call tested both voice quality and SMS capabilities using a direct link between a regular mobile device and a LEO satellite. No additional hardware or special configuration was required........…continue reading

💰FUNDING

NOSIBLE secures $1 million in pre-seed funding to revolutionize AI solutions for asset management

A User using Nosible AI

South African AI startup NOSIBLE has successfully raised US$1 million in pre-seed funding to enhance its growth marketing initiatives, expand its sales operations, and expedite its go-to-market strategy.

Founded in 2020 by Stuart Reid, NOSIBLE is an emerging player in the AI sector, offering two primary products: a robust search engine API that delivers real-time and historical data insights for businesses, and nosible.ai, a consumer-oriented platform featuring highly specialized AI agents aimed at optimizing asset management tasks.

The startup aims to establish itself as the leading AI provider for asset managers. Its solution is uniquely optimized for disk usage and includes features such as native pre-filtering, compression, streaming, bulk querying, and real-time hyperparameter tuning. These attributes result in a solution that is 100 times more cost-effective than the current leading technologies in large-scale search. By recognizing search as a scaling law, NOSIBLE’s innovation enables smarter AI agents that can search 100 times more efficiently........…continue reading

🚙 AUTOMOBILE INDUSTRY

AvtoVAZ expands into Nigeria

AvtoVAZ, the largest automaker in Russia and predominantly owned by the Russian government, is embarking on an ambitious expansion into Nigeria as part of a strategic initiative to diversify its operations beyond its traditional market. This move is particularly significant as it marks AvtoVAZ’s most substantial entry into West Africa’s largest economy. The company aims to establish a spare parts hub and service center within the Lekki Free Trade Zone in Lagos, with plans to complete this project by the end of 2025.

In addition to the service center, AvtoVAZ is actively engaging in discussions with the Nigerian government to set up a local assembly plant. This initiative is crucial for the company’s long-term strategy in Nigeria, where the demand for new vehicles significantly exceeds the supply, particularly in the used car market.

The expansion into Nigeria is a direct response to the intensifying competition in the automotive sector, especially from Chinese manufacturers who are increasingly solidifying their foothold in Russia........continue reading