Nigeria’s tech giant, Zinox Technologies Ltd has announced the passing of one of its founding members, David Kan.
Investors King gathered that Kan died on Thursday, 19th May, 2022 at the age of 62. Until his death, he was one of the Board of Directors of Zinox Technologies and Chief Executive Officer (CEO) of Mustek Plc.
He was also a very close associate of the Chairman, Zinox Group, Leo Stan Ekeh, who expressed shock at his passing.
‘‘It is with a great sense of sadness and loss that I received news of the death of Mr. David Kan. He was a gentleman, a tech whiz kid, very knowledgeable and blessed with a good business brain.
‘‘David’s Mustek taught South Africa local content and was the main technology backbone during the apartheid regime when major tech companies terminated business relationships with South Africa as he comfortably filled the gap. He will be greatly missed,’’ Ekeh said.
However, the cause of his death was not revealed.
Meanwhile, Mustek has expressed sadness over Kan’s death, describing him as a “well revered icon and legendary figure in the IT business”.
“It is with profound sadness that Mustek Plc confirms that David Kan, our much loved and respected co-founder and CEO since the group’s inception in 1987, has passed away. We extend our most heartfelt condolences and sympathy to David’s family. Our thoughts are with them at this most difficult time,” a statement from Mustek read.
Kan, who started Mustek in 1987 after coming from Taiwan to South Africa, was a well-liked and respected businessman with a great sense of humour.
He grew Mustek into a R8-billion-revenue corporation with a profit of R292-million last year. He was a pioneer in the South African IT area, having led the establishment of the country’s first PC assembly plant.
Also, Mustek is one of the country’s leading assemblers and distributors of personal computers and related ICT equipment.
Alphabet Leads Blockchain/Cryptocurrency Investment
Alphabet has so far invested $1.5 billion in blockchain companies between September 2021 and June 2022
Google’s parent company, Alphabet, has so far invested $1.5 billion in blockchain companies between September 2021 and June 2022, the largest among global companies.
A recent report by Blockdata has shown. According to the report, Alphabet led funding rounds of blockchain/cryptocurrency companies with $1.506 billion invested in four rounds.
Blackrock, Morgan Stanley, Samsung, Goldman Sachs and others followed as shown in the statement below.
The report went on to say, “Forty corporations invested in companies in the blockchain/crypto space during this time. Samsung is the most active, having invested in 13 companies. United Overseas Bank came in next with 7 investments, followed by Citigroup with 6 investments, and Goldman Sachs with 5. In most cases, we cannot determine how much money these corporations have invested, as they participate in funding rounds with multiple or many other investors. As a proxy of this, we can look at the total funding amounts of the rounds they participated in.
“Based on this, the investors active in the biggest funding rounds are Alphabet ($1,506M in 4 rounds), Blackrock ($1,171M in 3 rounds), Morgan Stanley ($1,10M in 2 rounds), Samsung ($979M in 13 rounds), Goldman Sachs ( $698M in 5 rounds, BNY Mellon ($690M in 3 rounds), and PayPal ($650M in 4 rounds). The 40 companies invested approximately $6B into blockchain startups between September 2021 and June 2022.“
Further analysis of the data, revealed that banks have begun to increase their exposure and interest in crypto and blockchain companies, driven by an increase in client demand for crypto services.
Banks on the list of crypto investors are United Overseas Bank, Commonwealth Bank of Australia and BNY Mellon.
Call, Data Rate to Jump 100% as FG Imposes 5% Excise Duty on Telecoms
Call and Data rates could jump as much as 100% once the Federal Government implemented 5% excise duty on telecommunication services
Call and Data rates could jump as much as 100% once the Federal Government implemented 5% excise duty on telecommunication services, a source from the sector stated.
According to industry experts, the increment will not only impact subscribers but also increase tax burden on telcos which would translate into rise in tariffs.
This, experts explained would increase the total consumption tax on the sector from just the 7.5% Value Added Tax (VAT) to 12.5%, a situation they said would worsen Nigerians’ economic status given the ongoing happenings in the country.
If implemented, Nigerians are now expected to be paying as much as N40 a minute, up from N20 and could be paying up to N2,500 per gigabyte.
Last week, Isa Pantami, Nigeria’s Minister of Communications and Digital Economy, decried the new tax, threatening to take the Federal Government to court for overburden the industry with so much taxes at a time when the telecommunication sector and the entire Nigerian economy was not faring well.
He said: “The 5 percent excise duty will overburden the industry. As a Minister, I was neither consulted nor obtained a memo to that effect. Even the appropriate lawmakers that were supposed to be talked with have also told me they were not.
”Things are not done that way. Besides condemning the tax, we will take every lawful step to guarantee that the tax does not stand.”
However, Ahmed Zainab, Nigeria’s Finance Minister, had different excuse for going ahead with the new 5% excise duty. According to her, the new 5% excise duty was in line with 2020 Finance Act and was part of Federal Government efforts at augmenting the nation’s revenue, especially from the non-oil sector.
The National Association of Telecoms Subscribers and the Nigerian Telecommunication Consumer have joined Pantami and other Nigerians to kick against the decision they considered wicked and inconsiderate.
Chief Adeolu Ogunbajo, president National Association of Telecoms Subscribers (NATCOMS) also added his voice. He said the sector is barely holding its ground with the existing 7.5 percent VAT, additional 5 percent will sum the total VAT in the sector to 12.5 percent. This is a killer move on the sector, he said.
Soft POS User Base to Grow 475% Globally by 2027
The total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027
A new study from Juniper Research has found the total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027; rising from 6 million in 2022. This growth will be driven by Apple’s entrance into the soft POS space; enabling iOS users to access an affordable mobile POS solution.
Soft POS enables NFC enabled smartphones or tablets to accept contactless payments, without additional hardware.
1.2 Billion iOS Users Added to Soft POS Market
The research forecasts that Apple’s decision to enable third parties to develop soft POS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services; leading to innovative solutions for merchants. Furthermore, the research predicts Apple’s entry will provide 1.2 billion iOS users with soft POS capabilities; unlocking a previously untapped market.
Soft POS is the latest development from Apple within the payments space; building upon Apple Pay and Apple Pay Later. Soft POS vendors should leverage Apple’s payment ecosystem by developing innovative solutions such as integrated QR payment acceptance, using Apple Pay and Pay Later compatibility to attract a broader iOS user base.
Increasing Contactless Payment Adoption to Drive Soft POS Uptake
The research anticipates soft POS adoption being driven by the increasing use of contactless payments – with volumes expected to rise from 195 billion in 2022 to 408 billion by 2027. Therefore, consumers will come to expect contactless acceptance as standard; forcing smaller merchants to adopt contactless-capable POS solutions. Merchants are anticipated to embrace soft POS, based on cost savings achievable from eliminating the need for additional hardware, as well as mobility advantages over contactless POS.
This will be profound for small-sum and mobile merchants that must accept contactless transactions, but lack the need for high-cost dedicated terminals. As such, the research recommends soft POS vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs.
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