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Bolt Bags €20 Million From World Bank’s IFC to Expand Operations in Emerging Economies

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Bolt, the leading European mobility platform, announced new funding of €20 million received from World Bank’s IFC.

“We’re delighted to announce that we’ve received €20 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group”, Bolt said.

The investment came less than three months after the Estonian company raised €150 million in a round led by D1 Capital Partners.

Through this investment, Bolt will continue to develop mobility solutions that create earning opportunities, stimulate entrepreneurship and improve access to transportation in emerging economies. One of the shared goals of Bolt and the IFC is to empower women and improve their access to mobility.

According to Stephanie von Friedeburg, IFC Senior Vice President of Operations,  “Technology can and should unlock new pathways for sustainable development and women’s empowerment.”

“Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets.”

Recently, Bolt introduced a women-only ride-type in South Africa for her customers to address safety needs, enable women passengers to connect with women drivers, improve women’s mobility and access to earning opportunities.

Markus Villig, CEO of Bolt, said the goal of the company and its partnership with IFC is to Provide strategic value to emerging economies

“We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe.

“Together with the investment from the European Investment Bank last year, we are proud to have sizable and strategically important institutions backing us and recognising the strategic value Bolt is providing to emerging economies.”

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Minister Bosun Tijani Leads Global Effort to Safeguard Undersea Cables Amidst Disruptions

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Minister Bosun Tijani of Nigeria’s Ministry of Communications and Digital Economy has initiated a global collaboration.

The minister took to social media to announce plans aimed at enhancing the protection of undersea cables, emphasizing the critical role these cables play in the digital economy.

Tijani’s proactive stance comes in the wake of undersea cable cuts that have impacted countries across West Africa, including Ghana, Togo, and Senegal.

Recognizing the urgency of the situation, Tijani underscored the need to review international laws and forge partnerships with regional and global bodies to safeguard this essential infrastructure.

Acknowledging the disruption faced by affected nations, Tijani assured stakeholders that the Nigerian Communications Commission (NCC) is actively engaged in resolving the issues.

His initiative marks a significant step toward ensuring the resilience and reliability of undersea cables, which serve as lifelines in today’s interconnected world.

In light of the disruptions, various sectors, including banking, telecommunications, and financial services, have encountered operational challenges.

Sarafadeen Fasasi, President of the Association Of Mobile Money and Bank Agents In Nigeria, highlighted the significant impact on financial transactions and reconciliation processes, causing headaches for businesses and customers alike.

While the cause of the cable cuts remains under investigation, efforts to restore services are underway.

However, authorities in Ghana estimate that full service restoration may take up to five weeks.

Meanwhile, stakeholders are hopeful that Minister Tijani’s global collaboration will expedite solutions to safeguard undersea cables and mitigate future disruptions, ensuring uninterrupted connectivity essential for economic, academic, and social activities.

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MTN Nigeria Grapples with Network Disruptions from Overseas Cable Damage

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MTN Nigeria is currently contending with network disruptions stemming from damage to an overseas undersea cable, causing widespread inconvenience for its customers.

The telecommunication giant confirmed the issue in a statement, acknowledging the connectivity disruptions experienced by its subscribers.

Reports indicate that the glitch has affected both voice and data services, resulting in communication disruptions for millions of subscribers across the country.

Subscribers have expressed frustration on social media platforms over the prolonged network outage, with complaints ranging from failed call attempts to concerns about the failure to receive bank alerts.

MTN Nigeria assured its customers that it is actively working to resolve the issue and restore services as quickly as possible.

The telecom operator emphasized the critical importance of consistent internet and communication services, pledging to swiftly address the disruptions.

Efforts are underway to reroute traffic through alternative network paths and expedite the repair process for the damaged cables in collaboration with consortium partners.

Despite the challenges, MTN Nigeria remains committed to minimizing service interruptions and maintaining connectivity for its customers.

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Moniepoint Inc Vows to Drive Financial Inclusion Amidst National Development Agenda

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Given the critical importance of financial inclusion to national development and building a sustainable economy, Group CEO Moniepoint Inc, Tosin Eniolorunda has reaffirmed his organization’s resolve in increasing financial inclusion and driving the adoption of technology by the underserved consumers in the country.

The Moniepoint boss was speaking on the sidelines of the 16th edition of Leadership Newspapers Conference and Awards where Moniepoint Inc received an award as the Fintech Company of the Year. The event, which took place at the Congress Hall of the Transcorp Hilton Hotel, Abuja also coincides with the 20th anniversary of founding of the Leadership Group. The selection of the award recipients followed a critical review of their various contributions to the growth and development of Nigeria, as laid down by the founding chairman of the LEADERSHIP Newspaper Group, the late Sam Nda-Isaiah.

The prestigious Fintech company of the year award recognizes Moniepoint’s innovative efforts to increase access to financial services for underserved and unbanked populations across Nigeria. Through its nationwide network of point-of-sale terminals and digital payments platform, Moniepoint has empowered millions of Nigerians, including petty traders and roadside businesses, to participate in the digital economy.

“We are immensely proud to receive this recognition from Leadership,” said Tosin Eniolorunda. “From the start, our mission has been to democratize financial services and create equal opportunities for every Nigerian to thrive. Powering dreams and ensuring that the large majority of our people irrespective of where they live experience financial happiness is our reason for being. This award validates our commitment to driving genuine financial inclusion in tandem with the government’s mandate and we are spurred to do more in terms of leveraging innovative solutions and technology to create more value for Nigerians.”

In her welcome remarks, Chairman, Leadership Newspapers, Zainab Nda-Isaiah signposted the role of the awards in recognizing individuals and organizations who are taking bold strides towards creating a more peaceful, stable, and prosperous nation. While paying homage to the legacy of the legendary and visionary Founder and her late husband, Sam Nda-Isaiah, she noted that awards spotlighted those considered deserving and exemplary in their various categories.

“We may not be where we would like to be, but these men and women are making strides in the direction that we hope will lead us to a nation of peace, stability, and the possibility of prosperity for all who dare to seize it”, Nda-Isaiah said.

Keynote presenter, Prof. Kingsley Moghalu, who was speaking to the theme, “An Economy In Distress: Which Way Forward?”, made a case for fixing the fundamentals and advised that the current economic crisis must not be allowed to go to waste.

“There is no better time to fix these challenges than now. The CBN’s policy actions are well intended and will serve to stabilize the macroeconomic environment. We must fully understand the causes that have led us to where we are and ensure that they are fixed by deploying real strategies.” He canvassed for property rights, innovation and access to capital as core pillars for a successful and productive economic growth.

Prominent personalities at the event include, Minister of Information and National Orientation, Mohammed Idris Malagi who represented awardee for Person of the Year, President Bola Ahmed Tinubu; presidential candidate of the Labour Party, Peter Obi, who received the Politician of the Year award; Governors Fr Hyacinth Iornem Alia of Benue State; Dikko Umaru Radda of Katsina State; Seyi Makinde of Oyo State and Mohammed Umar Bago of Niger State; Managing Director/CEO of First City Monument Bank Plc, Mrs. Yemisi Edun who received Banker of the Year Award and Salisu Auwalu, a keke rider from Kano who returned a  bag containing 15m naira  left in his tricycle,  received an award as outstanding Young Person of the year.

It will be recalled that in 2023, Moniepoint MFB received the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company. Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards. Group CEO, Moniepoint Inc, Tosin Eniolorunda was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria’s economy.

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