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Nigeria-based Non-cash Remittance Platform Raise US$7 Million

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Money Transfer - Investors King
  • Nigeria-based Non-cash Remittance Platform Raise US$7 Million

SureRemit, a non-cash remittance platform majority-owned by Nigeria based Fintech holding company, GreenHouse Capital, has raised US$7 million on the initial coin offering (‘ICO’) market, with Nigeria as an emerging market in Blockchain technology and Cryptocurrency adoption.

Several prominent cryptocurrency investors including Hashed, South Korea’s largest cryptocurrency fund participated in the round. Recall that Hashed has previously backed several notable blockchains and blockchain-enabled projects including Airswap, Ethereum, and Simple Token.

The fund’s decision to join in SureRemit’s pre-sale ICO signals growing interests in the potential for cryptocurrency to further alleviate remittance challenges in emerging markets where recipients remain largely disconnected from financial markets.

SureRemit is a non-cash remittance platform using blockchain technology to help immigrants earmark and send funds home. Using a digital voucher platform and the network of local merchants across African and other emerging markets, SureRemit offers an affordable, non-cash alternative for sending money to family and friends at home. SureRemit charges users 0% transaction fees, making it a cheaper option than Moneygram.

The platform also gives the sender visibility and control over what the remittances can be put towards by specifying use-cases: digital vouchers from specific local merchants can be purchased and settled instantly on the SureRemit platform. Whether funds are used for utility bills, medical treatment, or groceries, SureRemit ensures that sending a few hundred dollars to the family is no longer subjected to fees of 7.45% — the global average.

Using blockchain, SureRemit can bypass the traditional banking system and connect customers directly to local merchants, who pay a small commission fee on each transaction.

This development builds on GreenHouse Capital’s focus on identifying new ways for blockchain and cryptocurrency to transform African markets. In collaboration with current and prospective portfolio companies and public institutions, GreenHouse Capital plans to harness blockchain technology to accelerate Africa’s growth via the ICO market.

“The implications of growth capital outside of equity financing is huge. It means SureRemit can scale its operations without additional capital from existing shareholders. SureRemit is just one of our 10 fintech enabled portfolio companies that can potentially leverage blockchain to address a specific market gap, particularly in Africa. We’re happy to take the lead on blockchain and cryptocurrency implementations on the continent,” says Kelechi Nwokocha, a member of the investment team at GreenHouse Capital.

GreenHouse Capital emerges as a pioneer in blockchain solutions for Africa. Since spinning off from Venture Garden Group in 2016, GreenHouse Capital has amassed investments in 14 leading technology companies, including mobile lending company Mines.io, human ATM network provider ESL, and Appzone, a noted African banking platform provider.

In 2017, portfolio companies Flutterwave and Helium Health raised millions of dollars in growth capital from international investors including Greycroft Partners, PayPal, and Y Combinator.

GreenHouse Capital is excited by the opportunity for SureRemit to leverage the ICO market to fund future growth. The company foresees blockchain becoming a conduit to tackling Africa’s significant infrastructure challenges.

Whether for payments, power, or identity, GreenHouse Capital envisions blockchain’s decentralized system as a critical tool for addressing some of Africa’s greatest market gaps.
SureRemit is re-engineering Africa’s remittance market and highlights the wide array of potential applications of blockchain to drive Africa’s development.

This ICO raise is arguably the most successful offering in Africa to date and will likely propel future offerings on the continent.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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