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Opay, Flutterwave Lead Africa in New Global Fintech Unicorn Ranking



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A recent ranking of fintech unicorn companies globally reveals Opay, Flutterwave and Interswitch as top fintech companies in Africa with market valuations of $2bn, $1bn and $1bn respectively.

The ranking was supplied by CFTE, a digital learning platform with exclusive insights from leaders in the technology space.

The ranking accommodated companies that are both publicly listed and companies that are privately owned with Egypt-based company, Fawry (listed) – ranked above OPay in the report.

A number of listed companies are also notably spread across the list with Visa and Mastercard – both listed – leading with $419bn and $323bn respectively.

The only companies with African origin that are not listed companies are OPay, Flutterwave and Interswitch – all of which are Unicorns in the paytech sector of fintech.


Valuation: US$2+ billion

OPay became a Unicorn in 2021 after SoftBank’s Vision Fund 2 led a US$400 million funding round in the company. The funding pivoted the startup’s valuation to US$2 billion. This investment was also SoftBank’s debut investment in Africa.

The paytech startup provides mobile money solutions with physical debit cards, POS machines, and offline banking solutions and savings facilities.


Valuation: US$1+ billion

Although based in San Francisco, this paytech company primarily serves Nigeria and some African countries. Flutterwave became a unicorn after raising US$170 million in a Series C that took place in March 2021. The funding round came pivoted valuation to US$1 billion. In February 2022, the company closed another funding round in Series D with $250m.

The startup has also announced a number of partnerships including partnerships with MTN Group, 9PSB, and Currencycloud.


Valuation: US$1 billion

The digital payments company became a unicorn after Visa secured a minority stake in the company in 2019. This transaction pivoted valuation to $1bn.

According to the company, the deal was valued at $200m for 20% equity in the company. Interswitch first had an Initial Public Offering plan in 2016 and another in 2020 which never closed.

Listed Company

Fawry (Egypt)

Valuation: US$2+ billion

Because it is a listed company, Fawry can’t claim the unicorn status as only startups with $1+bn can claim the title. However, in the Middle East and North African (MENA) region, it is considered as one.

Fawry offers a wide range of B2B and B2C payment services, and trades on the EGX with a market cap of about US$1.5 billion as of 6 October 2021.


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



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.

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OpenAI Reshapes Leadership Amid Employee Threats: Sam Altman to Return as CEO



Sam Altman

OpenAI has announced the reinstatement of Sam Altman as its Chief Executive Officer and the appointment of a revamped board following the controversial decision to oust Altman, which had triggered the threat of mass resignations among the workforce.

The company, known for its advancements in artificial intelligence, revealed that the new board would be chaired by Bret Taylor and feature esteemed members such as Larry Summers and Adam D’Angelo.

The details of this restructuring are currently in the works, as stated in a message posted on X, the platform formerly known as Twitter.

Altman, who was dismissed on Friday due to disagreements with the board regarding the pace of artificial intelligence development and monetization strategies, had been engaged in negotiations to return to his role.

However, talks hit a roadblock on Sunday, partly due to Altman’s insistence, alongside others, for the resignation of existing board members.

This development led to the board appointing Emmett Shear, former CEO of Twitch, as the new leader, and Altman subsequently secured a position at Microsoft Corp. to lead a new in-house AI team.

The reinstatement of Altman, coupled with the appointment of a high-profile board, reflects the complexity and internal strife within OpenAI.

The company, renowned for its cutting-edge work in AI research, appears to be recalibrating its leadership to align with its vision and navigate the evolving landscape of artificial intelligence.

Altman, expressing his commitment to OpenAI’s mission, stated, “I am excited to be back at OpenAI and am energized by the possibilities that lie ahead for us. Together with the talented team and the new board, we are poised to continue our groundbreaking work in AI and its ethical applications.”

As OpenAI endeavors to move forward, the reshuffling of leadership underscores the challenges and dynamic nature of the AI industry, where visionary guidance is crucial for addressing both technological advancements and ethical considerations.

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EFCC’s Leatherback Investigation is Unfounded and Without Merit, Here’s Why



The Economic and Financial Crimes Commission (EFCC) is tasked with the investigation of all financial crimes, but declaring Ibrahim Ibitade, the CEO of Leatherback wanted, feels like a rather strange route to take in its quest to ensure it stays true to its course. 

Despite the company’s cooperation in an ongoing fraud investigation, the Agency went ahead to declare Ibitade wanted on Thursday afternoon via Instagram. The post stated that the 31-year-old is wanted in connection with allegations of conspiracy and obtaining money under pretense.

The Leatherback CEO has reacted to the wanted notice by refuting claims that he is in hiding and questioning the agency’s conduct. In his words, “If a commercial bank in Nigeria issues an account to an individual or a business and that business goes to defraud other people, will you declare the CEO of the commercial bank wanted?”

Ibitade’s company is a digital bank that issues accounts in Dollars, Pounds, and about 14 other currencies, helping merchants and individuals facilitate cross-border banking and payment needs in several countries. 

He revealed that Leatherback has consistently cooperated with the EFCC, attending every meeting with the EFCC team. The company had been duly represented by its head of compliance in the Lagos and Abuja offices of the EFCC. According to him, the team has spent 35 of the last 60 days at the EFCC office, addressing all inquiries that have been raised. 

Leatherback has actively supported the EFCC investigation by providing over 2,000 printed documents for extensive clarification. In addition to the cooperation with the Agency, Leatherback launched an internal investigation and took proactive steps by filing a Suspicious Activity Report (SAR) in both the UK and Nigeria.  

In spite of Leatherback’s continuous willingness to cooperate and prove its innocence in the face of these fraud allegations, EFCC has continued to come after the company and CEO.

But how did we get here? 

The EFCC began investigating fraud allegations a few months ago involving SDQ Facilitators, an account holder with Leatherback, with no special relationship beyond regular account services provision.

Leatherback, which currently has over 50,000 users across its 12 countries of operations, issued an NGN and USD account to a user called SDQ Facilitators. The account exchanged Naira deposited in their account for USD, which they could then initiate a payout to the final beneficiary from their USD account. 

In September 2023, Leatherback was notified by the EFCC that the account maintained by SDQ facilitators had been used to possibly perpetuate fraudulent activities. Leatherback immediately started providing the authorities with all the required information to aid their investigation.

The company’s findings show that SDQ Facilitators began processing a significantly high volume of transactions from May to August. SDQ Facilitators’ transactions were found to closely mirror those processed by Hekima International, a previous account holder onboarded onto Leatherback in the latter part of 2022. This suggests that Hekima may have redirected some of its clients to SDQ Facilitators.

The internal investigation turned up a few victims who revealed that they were introduced to SDQ Facilitators by a Hekima associate when they were unable to process their transactions on the platform.

Leatherback delisted Hekima International in June 2023 from its platform and restricted account access due to risk and compliance concerns. This decision was prompted by Hekima International receiving third-party USD funds from a flagged sender in the USA.

SDQ Facilitators took over from Hekima with Fx transactions until early August, when Leatherback received a notification from its bank that it had suspended all USD transactions for about two weeks. This interruption exposed the fraudulent practices of SDQ Facilitators, who had been utilizing client funds for other transactions while awaiting new funds.

Leatherback inundated with requests from clients unknown to them, sought to confirm the status of transactions completed through SDQ Facilitators. In the subsequent weeks, it became evident that SDQ Facilitators had fraudulently collected funds from third parties, unknown to Leatherback, under the guise of assisting with settling USD payments. 

Following the EFCC investigations and clarification efforts by Leatherback, an internal investigation uncovered the following facts: 

  • Almost all of Hekima’s transactions shifted to SDQ facilitators after Hekima’s account was delisted. 
  • Victims confirmed that Hekima’s associate, Olugboyega Agbede, introduced them to SDQ Facilitators after Hekima could no longer assist with processing their transactions. 
  • Ade Mosuro, a non-executive director at Hekima International, introduced victims to SDQ Facilitators after confirming they could no longer process transactions through Hekima International. 
  • Victims, including Al-Pasie and Nolt Finance, were introduced to SDQ facilitators by both Ade Mosuro and Olugboyega Agbede. 
  • These victims were among the most active trading clients with Hekima when it had an active account with Leatherback. 

These findings prove that Leatherback had no direct involvement with SDQ Financials and was unaware of the account holder’s fraudulent transactions. The investigation continues to unravel intricate connections and patterns associated with this complex financial situation.

It is important to note that it feels like a futile effort to declare the head of a company that has so far been very cooperative when in fact the real perpetrators of the crime walk free. Leatherback remains unfazed amidst the ongoing controversy and is committed to clearing its good name. 

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