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Facebook to Open Office in Lagos, Nigeria 

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Social Media Giant Facebook Will Open a New Office in Nigeria

Facebook Inc, the world’s biggest social media company, on Friday announced it will open a new office in Lagos, Nigeria. The second of such in Africa.

According to the company, the office will be home to various facebook teams,  servicing the African continent in Sales, Partnerships, Policy, Communications as well as Engineers.

The new office is expected to be operational in the second half of 2021 and will be the first in Africa to house a team of expert engineers building for the future of Africa and beyond.

Speaking on the new office, Ime Archibong, Facebook’s Head of New Product Experimentation, said: “The opening of our new office in Lagos, Nigeria presents new and exciting opportunities in digital innovations to be developed from the continent and taken to the rest of the world. All across Africa we’re seeing immense talent in the tech ecosystem, and I’m proud that with the upcoming opening of our new office, we’ll be building products for the future of Africa, and the rest of the world, with Africans at the helm. We look forward to contributing further to the African tech ecosystem.”

The investment of the new Facebook office follows the 2018 opening of NG_Hub, its first flagship community hub space in Africa in partnership with CcHub, and the 2019 opening of a Small Business Group (SBG) Operations Centre in Lagos, in partnership with Teleperformance. Providing outsourced support to all English-speaking advertisers across Sub-Saharan Africa, the SBG office supports Small Medium Businesses (SMBs) through its Advocacy, Community & Education (ACE) programme, as well as its Marketing Expert sales programmes – all aimed at enabling SMBs to accelerate the growth and development of their businesses.

Our new office in Nigeria presents an important milestone which further reinforces our ongoing commitment to the region”, commented Kojo Boakye, Facebook’s Director of Public Policy, Africa. “Our mission in Africa is no different to elsewhere in the world – to build community and bring the world closer together, and I’m excited about the possibilities that this will create, not just in Nigeria, but across Africa.

Since the opening of its first office in 2015, Facebook has made a number of investments across the continent, aimed at supporting and growing the tech ecosystem, expanding and providing reliable connectivity infrastructures and helping businesses to grow locally, regionally and globally. This includes the recent rollout of its SMB Grants programme in Nigeria and South Africa, aimed at supporting over 900 businesses by providing a combination of cash and ad credits to help small businesses as they rebuild from COVID. The development of 2Africa, the world’s largest subsea cable project that will deliver much needed internet capacity and reliability across large parts of Africa, as well as its ongoing training programmes across the continent which support various communities including students, SMBs, digital creatives, female entrepreneurs, start-up’s and developers.

Nunu Ntshingila, Regional Director, Facebook Africa, said: “We’re delighted to be announcing our new office in Nigeria. Five years on from opening our first office on the continent in Johannesburg, South Africa, we’re continuing to invest in and support local talent, as well as the various communities that use our platforms. The office in Lagos will also be key in helping to expand how we service our clients across the continent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

E-commerce

Amazon Generates over $800,000 in Revenue per Minute, a 44% Increase in a Year

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Online retail giant Amazon is one of the biggest beneficiaries of the coronavirus pandemic due to the high demand for online shopping. Consequently, the company has registered a staggering amount in revenue per minute.

Data acquired and calculated by Finbold indicates that the eCommerce firm generated $837,350 in revenue per minute for Q1 2021, representing a growth of 44.04% from the $582,200 recorded during the same period in 2020.

Among seven selected top tech companies, Apple (NASDAQ: AAPL) recorded the second-highest revenue per minute at $691,200, a drop of 1.96% from Q1 2020s $708,300. Google’s parent company Alphabet revenue per minute stands at $351,850, a 10.86% growth from last year’s $317,600.

As of Q1 2021, Microsoft revenue per minute was $321,840 an increase of 24.32% from $255,400 recorded during a similar period in 2020. Social media platform Facebook revenue per minute grew by 44.99% from Q1 2020s $20,193 to $136,900 for this year’s first quarter.

Elsewhere, electric vehicle manufacturer Tesla’s (NASDAQ: TSLA) revenue was $80,170 as of Q1 2021, to represent a growth of 71.42% from Q1 2020s $46,200. Lastly, streaming giant Netflix’s Q1 2021 revenue per minute was $55,250 a growth of 33.33% from last year’s $44,500.

Digital shift spurs growth in revenue per minutes

The report explains how the seven selected companies benefited from the coronavirus pandemic to record the high revenue per minute. According to the research report:

“The revenue for the companies shows the gains made during the coronavirus pandemic. The health crisis pushed more activities online and these companies were well-positioned to benefit as they sold services people needed. Big tech firms have earned a reputation of being in the right place at the right time. Notably, the pandemic accelerated digital transformation in education, health care, remote work, and e-commerce, boosting the companies profitability.”

With the tech companies dominating, questions on the market monopoly are still lingering.

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E-commerce

Amazon Web Services Quarterly Revenue Jumped by 32% YoY to $13.5B

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As one of Amazon’s strongest-growing business segments, Amazon Web Services witnessed a surge in revenue in the last year.

According to data presented by BuyShares, AWS generated cloud computing and hosting revenues of around $13.5bn in the first quarter of 2021, a 32% jump year-on-year.

AWS Annual Revenue Rose by 30% YoY Amid Pandemic

One of the most used ways for companies to utilize cloud computing is to take advantage of the various “as-a-service” options. These services provide business organizations with access to computing power, software, and other cloud-related functions without the need for in-house hardware.

Although cloud computing revenues had been increasing significantly even before the pandemic, the COVID-19 accelerated the growth of the entire sector as companies across the globe started searching for a way to secure business continuity amid the lockdown.

As the market leader, AWS had a tremendous role in that growth. In the first quarter of 2019, AWS quarterly revenue amounted to nearly $7.7bn, revealed the Amazon financial report. Over the next twelve months, this figure jumped by 33% YoY to $10.2bn in Q1 2020. Statistics show that AWS quarterly revenue continued growing throughout 2020 and hit $12.7bn in the last quarter of the year.

This figure increased by another $758 million in the next three months, with quarterly revenue rising to $13.5bn in the first quarter of 2021.

Statistics also show that AWS annual revenue jumped by 30% amid the pandemic, rising from $35bn in 2019 to $45.3bn in 2020.

80% of Business Organizations Use Amazon Web Services in 2021

According to the 2021 Flexera State of the Cloud Report, 50% of technical professionals from industries worldwide stated their organization was running a significant workload on Amazon Web Service. Another 30% said they were using AWS apps to some extent, while 13% were either experimenting or planning to utilize them in 2021.

Microsoft’s Azure ranked as the second most popular cloud platform service, with 76% of respondents running its applications. Google Cloud and Oracle Infrastructure Cloud followed, with 49% and 32% share of respondents, respectively.

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Mauritanian Bank for International Trade Launches Digital Bank, Masrvi, Powered by TagPay

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The Mauritanian Bank for International Trade (BMCI) has partnered with TagPay to roll out its digital bank Masrvi, aimed at providing digital, value-added financial services to its customers.

Powered by TagPay, Masrvi was launched at the end of April and responds to Mauritanians’ banking needs by providing secure and accessible banking services, across the country through mobile networks, whilst offering convenience. Masrvi enables BMCI to provide its customers with secure, simple, fast, and easy-to-access banking products and services that can be tailored to their needs, all with a convenience that traditional banks cannot match.

Moulay Abbas, President of BMCI says: “By leveraging TagPay’s next-generation Core Banking System and their teams’ project expertise, we were able to launch our digital bank, Masrvi, in record time. Within a month of launching, we have a network of 52 branches and more than 200 partner-businesses that accept Masrvi and the numbers continue to grow. Thanks to the proven robustness, agility, and short time-to-market of this solution, we will be able to rapidly grow our customers. This will help strengthen Masrvi’s product line and enable us to offer a full range of banking and financial products in the very short term.”

Commenting on the successful launch of Masrvi, Yves Eonnet, CEO of TagPay said: “By using TagPay’s next-generation Core Banking System, the Masrvi solution is leveraging an innovative and intuitive technology platform that offers a full range of banking functions. Thanks to its open architecture, flexibility, and scalability, the solution will allow the rollout or update of features the digital bank wishes to market. Certainly, Masrvi will promote financial inclusion and integration in Mauritania.”

Anyone with a cell phone, regardless of their wireless carrier, can download the Masrvi application. This enables them to open a digital bank account and conduct several types of transactions such as withdrawing, depositing, and transferring money, paying bills and retailers, and recharging phone credit.

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