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Paving the Way for EVs: How Greener Cars Will Change Road Trips and Infrastructure

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Adoption of electric vehicles (EVs) is set to pick up in South Africa in years to come, driving changes to filling stations, road trips and how people pay to power their vehicles.

This is according to Payment24, specialists in fuel and fleet management systems, who say EVs have been slow to take off in South Africa, but that uptake is set to grow as the upfront cost of these vehicles drops and as more infrastructure becomes available to support them.

Payment24 CEOs Shadab Rahil and Nolan Daniel note that the logistics of running EVs will mean that people will plan their trips around where they can charge their vehicles, and there will be changes in the way filling stations will entertain customers while they wait to charge their cars, and how people will pay for their power.

Slow start

According to Green Cape’s Electric Vehicles Market Intelligence Report released this year, of the passenger car sales in 2019, petrol vehicle sales accounted for 299,048; diesel vehicle sales for 55,563; and there were only 72 plug-in hybrid EV sales, 154 battery EV and 181 hybrid EV sales.

Rahil and Daniel say that EV uptake in South Africa has been slow partly because the lowest-cost EVs available in South Africa are priced at around R600,000, and due to limited numbers of public charging points – particularly outside of the major metros. Daniel says: “Range anxiety has also been a factor, with concern about what should happen if a battery runs out of power during a trip. But battery technology has improved dramatically, so EVs can now be charged overnight at home, or at a high-capacity public charging station in around 20 minutes, which would power a vehicle for 100km or more. For most people, a 100km range is ample for the day.”

He says installing a public charging point can cost in the order of R1 million, making many fuel stations and other public facilities loath to make the investment when there are limited numbers of EVs on the road. With between 250 and 300 public charging stations across South Africa at the moment, there is currently around one charging station for every four EVs in the country, reports Green Cape which is one of the highest ratio of Chargers vs EV’s in the world.

EV uptake set to boom

However, EV prices are dropping and more vehicle manufacturers are entering the EV market, bringing more choice to South Africans. This charge could be lead by Chinese manufacturers who can provide affordable EVs to the African markets in near future. More EVs on the road will drive the installation of more charging stations outside of the major metros, making longer trips in EVs more feasible, and changing the face of the traditional South African road trip. “Charging EVs will definitely change the fuel station experience,” he says. “Where people could fill up with liquid fuel and be in and out in 5 minutes, with an EV they would be there for far longer – waiting their turn to charge, and actually charging their vehicles. This will drive a change in what fuel stations offer their customers in terms of refreshments and entertainment.”

EV uptake is already causing oil companies to move to broader energy provision, and is also likely to increase demand for high capacity power, creating new opportunities for small scale energy producers.

Strong business case for EVs

Rahil notes that once the initial costs of an EV have been overcome, there is a compelling case for EVs: “Not only is the technology eco-friendly, but the running costs are significantly lower for EVs than ICE vehicles. It’s almost a 1:5 ratio of EVs to ICE vehicles, with power costs as low as 25c per km for an average EV. From a maintenance perspective, EVs have significantly fewer moving parts, so maintenance is a lot cheaper. We expect to see strong adoption among consumers, fleet owners, public transport and logistics companies.” He notes that EV trucks will have significantly larger battery capacity than consumer vehicles, making electric power a compelling proposition for courier and logistics firms, who will likely embrace electric and hybrid power for everything from delivery scooters to large trucks.

Paving the way for seamless integrated payments

Says Rahil: “Payment24 is already working towards integrating EV charge point payments with fuel payments so that fleet owners and fuel stations will be able to manage all EV and ICE (internal combustion engine) payments on a single platform. This has become a must-have in North America and Europe, and will become increasingly important in South Africa in years to come.”

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 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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