📱September 14 is ‘final deadline’ for NIN-SIM linkage in Nigeria

Today’s Menu ☕️

💰 Nigerian fintech Kredete secures $2.25 million to aid credit building and remittances for African immigrants
🏦 Samlam to acquire 25% stake in Africa Rainbow Capital unit
💸 Sasai Money Transfer Partners with Airtel Money to Expand Free Remittances Across Africa
📱September 14 is ‘final deadline’ for NIN-SIM linkage in Nigeria
💰Kenyan eCommerce startup Chpter secures $1.2 million in pre-seed funding

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📱TELECOMS

September 14 is ‘final deadline’ for NIN-SIM linkage in Nigeria

The Nigerian Communications Commission (NCC) has set September 14, 2024, as the final deadline for the National Identification Number (NIN) and Subscriber Identity Module (SIM) linkage exercise. The NCC, in a statement released last week, directed all mobile network operators (MNOs) to complete the verification and linkage of SIMs to NINs by this date. The commission warned that effective September 15, 2024, all SIM cards in Nigeria must be linked to a valid NIN to remain active.

The NCC reported that over 153 million SIMs have already been successfully linked to NINs, representing an impressive compliance rate of 96%. This marks a substantial increase from the 69.7% compliance rate recorded in January 2024. The commission’s insistence on the NIN-SIM linkage is part of a broader strategy to enhance the security of Nigeria’s digital economy and promote a more regulated telecommunications environment.....…....continue reading

🏦 ACQUISITIONS

Samlam to acquire 25% stake in Africa Rainbow Capital unit

South Africa’s leading insurance company, Sanlam Ltd., is set to make a significant investment by purchasing a 25% stake in African Rainbow Capital Financial Services Holdings, a company supported by billionaire Patrice Motsepe, and also Sanlam’s deputy chairman. African Rainbow Capital Financial Services Holdings has controlling interests in various financial entities, including the digital bank TymeBank.

The deal, valued at approximately 3.9 billion rand ($218 million), involves Sanlam’s Life unit acquiring a quarter share of African Rainbow Capital Financial Services Holdings. This holding company has stakes in several prominent businesses, such as TymeBank, AI Fund, CrossFin Holdings, and Ooba. The transaction will be structured through a combination of cash and share swap. Sanlam will pay 2.413 billion rand in cash and trade its 25% shareholding in African Rainbow Capital Financial Services Investments, which is valued at 1.492 billion rand, for a corresponding value of shares in the broader holding company....…....continue reading

💰 FUNDING

Nigerian fintech Kredete secures $2.25 million to aid credit building and remittances for African immigrants

Nigeria-based Kredete, a fintech startup that specializes in assisting African immigrants with credit score development and facilitating remittances, has successfully secured US$2.25 million in a seed funding round. This capital injection is set to bolster the company’s expansion efforts across Africa, where it has already established a presence in 20 countries.

Launched in 2023, Kredete offers a novel financial service that not only enables low-fee money transfers to over 20 countries but also allows these transactions to contribute to the user’s credit score in their new country of residence. Utilizing blockchain technology, Kredete provides an efficient and cost-effective method for immigrants to lay the groundwork for their financial stability abroad....…....continue reading

💸 MONEY TRANSFER

Sasai Money Transfer Partners with Airtel Money to Expand Free Remittances Across Africa

Sasai Money Transfer, a business under Cassava Technologies, announced that it has teamed up with Airtel Money to expand its Zero Fees initiative. This partnership aims to provide free remittance services to a broader range of African markets, starting with Uganda and potentially extending to high-traffic remittance corridors in Ghana, Malawi, Nigeria, Kenya, and Zambia.

Initially launched in May 2024 with Econet in Zimbabwe, Sasai Money Transfer’s Zero Fees initiative has eliminated remittance sending fees for users in the United Kingdom and South Africa. This service allows senders to transfer money to family and friends in Uganda without incurring any fees. Airtel Money Uganda ensures that recipients can also cash out their funds for free from their Airtel Money wallet, creating a seamless and cost-effective experience for both senders and receivers..…....continue reading

⚖️ COMPANIES

US Court Orders Former Tingo CEO, Dozy Mmobuosi, to Pay $250 Million in Fraud Case

A US federal court has ordered Dozy Mmobuosi, former CEO of Tingo Group, to pay over $250 million in fines and banned him from serving as a director of any public company. The judgment came after the US Securities and Exchange Commission (SEC) charged Mmobuosi and his companies, including two Nasdaq-listed firms—Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.—with fraud. The SEC accused them of inflating financial metrics to mislead investors globally.

Judge Jesse M. Furman of the Southern District of New York ruled against Mmobuosi and his companies after they failed to respond to the civil complaint. The SEC’s investigation revealed that Tingo’s claims of having over 9 million customers and substantial cash reserves were false. Shockingly, a reported cash balance of $461.7 million was found to be under $50. This exposed what the SEC described as a “staggering” level of fraud.……continue readling

💰FUNDING

Kenyan eCommerce startup Chpter secures $1.2 million in pre-seed funding

Chpter, an innovative e-commerce startup based in Kenya, has successfully secured $1.2 million during its pre-seed investment round. The company, which was initiated by the entrepreneurial minds behind the Y Combinator-supported Marketforce, aims to allocate the newly acquired funds towards enhancing its technological infrastructure and pursuing growth opportunities in the Egyptian and Nigerian markets.

Chpter generates revenue by charging businesses a monthly subscription fee and collecting a commission on transactions processed through its platform. Among its clientele are notable names such as Britam, an insurance company; Kicks Kenya, a footwear retailer; and Phoneplace, an e-commerce entity specializing in mobile phones. Currently, Chpter’s operations span across Kenya and South Africa……continue readling

🛒 ECOMMERCE

• NCC issues fresh quality of service KPIs for Nigerian telcos, to impose fines…...read more

• Standard Chartered and WomHub Collaborate to Kick Off Second Edition of Women in Tech Incubator Program…….read more

• 6th edition of MEST Africa Challenge now accepting applications with a spotlight on agritech innovators…read more

• Timbuktoo HealthTech Accelerator Program seeks applicants, offers $100K for healthcare innovation in Africa…..read more

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