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How Much Does iPhone 14 Cost in Naira

Apple’s latest product, iPhone 14 costs between N1,450,000 to N1,750,000.

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Apple iPhone 14

Apple’s latest product, iPhone 14 costs between N1,450,000 to N1,750,000.

On September 8, 2022, Apple released the latest edition of iPhone product, iPhone 14. The product was released in two different versions of iPhone 14 Pro and iPhone 14 Pro max. The renowned phone maker claimed that iPhone 14 comes with a rare and extraordinary camera to take the best photos and videos. 

Subsequently, after the product was released to the market, iPhone lovers have been trooping to stores to either purchase one or catch a glimpse of the stylish phone.

A check by Investors kings shows that iPhone 14 Pro is sold on Konga at a sum of N1,450,000 while iPhone 14 Pro max goes for N1,750,000. 

This means that it will take a Nigerian on the minimum wage of 30,000 at least four years to buy an iPhone 14 Pro if he saved all his salaries for the years. 

On average, it will take a Nigerian on a salary of N60,000 at least two years to purchase iPhone 14 Pro if he saved 100 percent of his salary for that purpose.

Although iPhone is the favourite phone brand among the Nigerian elite particularly musicians and politicians, it will however cost a fortune for an average Nigerian.

Therefore, a higher percentage of Nigerians do resolve to cheaper brands such as Tecno, and Infinix among others. 

According to StatCounter in its analysis of mobile phone market share in Nigeria for August 2022, Apple’s market share in Nigeria stands at 10.8 percent while Tecno which is the most dominant phone brand in Nigeria accounts for 24.53 percent of the market share.

Infinix followed with 21.41 percent of the market share while Samsung which is the closest rival to iPhone accounts for 11.8 percent of the market share. Itel has a market share of 4.78 percent while others (Unknown) phones account for 10.76 percent of the market share.

 

Fintech

Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations

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Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.

In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.

Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.

According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”

Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.

About Leatherback

Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.

For more information, please visit: http://www.leatherback.co

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Fintech

Carbon Acquires Vella Finance to Enhance SME Offerings

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Carbon - Investors King

Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).

The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.

Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.

Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.

Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.

Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.

Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.

Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.

The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.

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E-commerce

Alibaba Eyes Gulf Expansion, Seeks Partnerships in Saudi and UAE Markets

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Alibaba CEO Jack Ma gestures as he is introduced to participate in a panel discussion at the APEC CEO Summit in Manila

Alibaba Group Holding Ltd., the prominent Chinese e-commerce giant, is actively pursuing expansion into the Gulf region, notably in Saudi Arabia and the United Arab Emirates (UAE).

Alibaba’s president, Michael Evans, revealed the company’s strategy during a panel discussion at Dubai’s World Government Summit, highlighting a commitment to local partnerships as a key aspect of their approach.

Evans underscored Alibaba’s recent endeavors in Saudi Arabia, indicating a concerted effort to deepen its presence in the region’s burgeoning e-commerce landscape.

The move signifies Alibaba’s strategic pivot towards collaborative ventures following a period of strategic realignment prompted by government scrutiny and leadership changes.

The Gulf’s growing ties with China, driven by mutual economic interests and investment diversification initiatives, present an opportune moment for Alibaba’s expansion efforts.

However, geopolitical complexities, including heightened US scrutiny of China-linked entities, add a layer of challenge to Alibaba’s Gulf aspirations.

As Alibaba seeks to reclaim its leadership position in the global tech industry, the pursuit of partnerships in Saudi Arabia and the UAE underscores the company’s adaptive approach to international expansion.

The success of these ventures could potentially reshape the Gulf’s e-commerce landscape and deepen economic ties between the region and China.

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