Connect with us

Technology

Agbero Demands N500 from Gokada, OPay and Max.ng Riders

Published

on

  • Agbero Demands N500 from Gokada, OPay and Max.ng Riders

A video circulating on social media highlighted some of the challenges faced by the new motorbike hailing companies operating in Lagos.

The video shows Area Boys, also know as Agberos, stopping riders of Oride, Gokada, and MAX.ng operating around Ojuelegba area of the state to demand N500 –Agbero daily ticket fee.

Olamide, a passenger of one of the riders, took to her twitter handle @olamideyelo after her encounter with the Area Boys, she said her motorbike was stopped and asked to pay N500 ticket fee, an amount he refused to pay considering they were charging traditional motorbike N100 for the same ticket.

“Agberos right now stopping oride, gokada and MAX.ng bikes in Ojuelegba. They want the riders to pay N500 for a N100 ticket,” Olamide Egbayelo stated.

She later blamed Lagos State Government for failing to manage or even eradicate these Agberos over the years. According to her, the state is not ready for business.

This new development may hurt business development in the start if not checked given the amount being invested by foreign investors into motorbike businesses in recent months.

OPay, the owner of Oride, just raised $50 million from Chinese investors to expand operations in Nigeria and across Africa. The same company is facilitating payments and service delivery across the nation with over 40,000 agents and daily transaction volumes of $5 million.

Similarly, MAX.ng raised $7 million investment fund to expand its operation to waterways and offer boat service to people in the state in an effort to ease traffic gridlock that has cost businesses and government over N6 trillion across all sectors.

Another motorbike hailing company, Gokada raised $5.3 million in the first half of the year to further deepen its presence in Lagos and Nigeria at large.

But with the intermittent harassment and obstruction of riders plying the state, these new startups my start losing customers as well as revenue as passengers are generally wary of the Agberos who can get really violent and wreak havoc at any time.

While these companies are creating jobs and empowering riders with relevant training to ensure they are employable, certain reports are saying Lagos State Government is not generating reasonable revenue from motorbike operators as most of them registered outside the state, Ogun State to be precise. Another issue that needs to be addressed by both the regulators and operators.

In fact, a recent report by The Nation revealed that riders of these motorbike-hailing companies were sometimes harassed by Vehicle Inspection Service (VIS) over outside of state registration. Suggesting this might be responsible for state government silence regarding the constant harassments.

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

E-commerce

Alibaba Faces Rare Downgrade as PDD Surpasses It in Market Value

Published

on

alibaba

Alibaba Group Holding Ltd. received an unusual downgrade from Wall Street on the same day it ceded its position as China’s most valuable e-commerce company to one of its primary competitors.

Morgan Stanley downgraded Alibaba’s American depositary receipts (ADRs) from overweight to equal-weight, concurrently lowering the price target from $110 to $90.

This marks the first downgrade for Alibaba’s US-listed shares since late June, according to Bloomberg data.

Analysts at Morgan Stanley, including Eddy Wang and Gary Yu, expressed concerns about Alibaba’s slower-than-expected turnaround and the uncertainty introduced by the decision to withdraw the spinoff of its cloud business.

In a report dated Thursday, they stated, “brings uncertainty to the value-unlocking from reorganization.”

Simultaneously, Morgan Stanley named PDD Holdings Inc. as its top pick in China’s e-commerce sector, citing its favorable positioning amid the growing trend of consumer price sensitivity.

PDD, an eight-year-old upstart recognized for its successful Temu marketplace, closed Thursday trading in the US with a market capitalization of approximately $196 billion, surpassing Alibaba’s value for the first time.

PDD has experienced a remarkable 80% surge in value this year, while Alibaba has faced a 15% decline in US trading.

Although Alibaba has been a dominant force in China’s online shopping landscape for over a decade, PDD has managed to attract customers with competitive pricing and expand its reach globally.

Morgan Stanley’s move to downgrade Alibaba and elevate PDD underscores the shifting dynamics within China’s e-commerce sector.

Despite this downgrade, brokers remain predominantly bullish on Alibaba, with 44 buy ratings and eight hold recommendations for its ADRs. In comparison, PDD has 52 buy ratings and three holds.

Continue Reading

Startups

Bolt Expels Over 5,000 Drivers in Kenya to Enhance Safety Measures

Published

on

Estonian ride-hailing giant Bolt has taken decisive action in Kenya by removing more than 5,000 drivers from its platform over the past six months.

This move comes as part of Bolt’s commitment to bolstering safety and ensuring compliance among its driver partners.

The company, operating in over 15 towns and cities in Kenya, has earmarked KES 20 million ($130,000) for investments in safety-related practices.

The decision to expel drivers follows recent safety concerns raised by the National Transport and Safety Authority (NTSA).

Bolt faced scrutiny and was asked to outline its strategy for addressing safety issues, including instances of physical assault on passengers and unauthorized sale of driver accounts.

The NTSA’s directive was a prerequisite for Bolt’s annual license renewal.

Linda Ndungu, Bolt Kenya’s Country Manager, emphasized the company’s commitment to user trust and safety.

Ndungu stated, “We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride.”

To enhance safety measures, Bolt is implementing internal measures such as random driver selfie checks, providing training for both riders and drivers, and enforcing strict compliance with swift consequences for violations.

Bolt has also introduced improved reporting tools to facilitate the reporting of safety concerns.

Bolt’s move is a response to recent driver dissatisfaction, attributed in part to commission rates exceeding the government’s recommended 18%, including booking fees.

The company aims to address these challenges and reinforce its commitment to safety and compliance within its platform.

Continue Reading

Fintech

Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy

Published

on

Grey Finance

Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.

This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.

The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

Idee ObongThe CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

Femi AghedoCo-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”

Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending