Mobility company that offers vehicles for hire, micro-mobility, car sharing, and food delivery services Bolt, has partnered with Veriff, a global identity verification service company to facilitate the detection of fraudulent behavior of drivers.
Having operations in more than 45 countries across the globe, Bolt sought for a partner who could verify driver’s documentation quickly and accurately in accordance with various local regulations, which the company deemed fit to partner with veriff.
Founded in 2015, Veriff is an industry leader in online identity verification, that businesses to build trust with their customers. Its intelligent decision engine analyzes thousands of technological and behavioral variables in seconds, matching people to more than 11,000 government-issued IDs from over 190 countries.
Following its partnership with Veriff, the global identification service company through its AI-based driver’s license verification will ensure that drivers on the ride-hailing platform are using a valid license, and are the actual owners of the car documents.
Speaking on the recent partnership with Veriff, Director of Carsharing Operations at Bolt Lukas Yla said, “Properly onboarding our users is a key component in offering a safe and reliable service. Veriff is helping us verify users in a quick and efficient way, making Bolt Drive safer for our customers, other traffic participants, and pedestrians.”
Also commenting on this partnership is founder and CEO of Veriff Kaarel Kotkas who said, “Mobility operations should be a seamless experience without the need to sacrifice the safety of the drivers or riders. At Veriff, as drivers and consumers ourselves, we understand that.
“Our intuitive user experience makes onboarding simple, providing users with real-time feedback to get verified on the first try, without sacrificing accuracy in identity fraud prevention. We are proud to continue our partnership with a fellow Estonian-led company, and to support Bolt in its next phase of global growth.”
Drivers on the Bolt platform has on several occasions been reported of actions that are not in line with the company’s policies.
For instance, some of the drivers on the platform have been reported as illicitly selling their accounts to third parties, putting passengers at risk.
Bolt’s strategic partnership with Veriff will no doubt beef up security on its platform to prevent fraudulent behaviors of drivers which will ensure safety of its customers and could also give it a competitive edge over its rival Uber.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
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Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria
Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.
The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.
Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.
While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”
For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.
Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.
A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.
This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.
Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.
Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.
The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.
This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.
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