Visa plans to invest $1 billion over the next five years in Africa to capitalise on the emerging economy’s rapid growth in digital payments, the company disclosed at the ongoing US-Africa Leaders Summit in the United States.
Investors King learnt that US President, Joe Biden is hosting dozens of African leaders for a three-day event, which started on Tuesday in Washington, D.C.
Speaking at the event, Visa Chairman and CEO, Alfred F. Kelly, Jr. noted that the investments will further scale Visa’s operations in Africa and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintech, and merchants.
Kelly added that Visa has been in Africa for decades strengthening its business with local partners. “Visa has been investing in Africa for several decades to grow a truly local business, and today our commitment to the continent remains as firm and unwavering as ever,” he said.
Also speaking on the development, Visa regional president for central and eastern Europe, Middle East and Africa, Andrew Torre stated that Africa is one of the company’s latest growing regions.
Visa, which is the world’s largest payments processor, “has added over 50% more employees in the continent since the end of 2019, with the vast majority during the pandemic”, he noted.
Similarly, Vice President for Sub-Saharan Africa (Visa), Aida Diarra said ” Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants, and businesses realizing the benefits of secure and convenient digital payments to fuel commerce and money movement.
Over the past years, Visa has continued growing our investment in Africa, through new offices, innovations and solutions, and programs that are directly supporting financial inclusion. The investment pledge outlines our long-term commitment to Africa and the work we will do to help advance the financial ecosystem.”
With a population of more than 1.4 billion people and a significant shift towards digitisation, Africa portrays an investment destination for fintech companies.
Risevest Acquires Chaka: A Fintech Merger Set to Revolutionize Nigeria’s Investment Landscape
Founders of Risevest and Chaka Optimistic About Synergies in Pioneering Fintech Merger
Months of behind-the-scenes negotiations have culminated in a groundbreaking acquisition that promises to reshape the fintech landscape in Nigeria.
Risevest, the innovative fintech startup, has officially acquired digital trading pioneer Chaka in a deal that founders Tosin Osinbodu and Eke Urum describe as both strategic and exciting.
A Transformative Partnership
Speaking on the acquisition, Tosin Osinbodu, the founder of Chaka, and Eke Urum, the visionary mind behind Risevest, confirmed the successful conclusion of the acquisition on a Tuesday morning.
Osinbodu expressed his enthusiasm for the future, saying, “We’re excited, especially from the perspective of people; high level and strategically, this deal makes sense.”
He further added, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.”
While financial details of the transaction remain confidential, both companies have reassured that Chaka and Risevest will continue to operate as separate entities.
According to Eke, “Chaka’s ownership and cap table will get updated, but everything else remains; the team stays the same.”
Both companies plan to collaborate closely to enhance their respective product roadmaps, reflecting a commitment to growth and innovation.
A Perfect Match
Insiders suggest that this acquisition was a natural fit due to the complementary licenses held by both Chaka and Risevest. Although neither founder offered comment on this particular aspect, it provides a glimpse into the strategic rationale behind the merger.
Chaka, founded in 2019, positions itself as an “investment passport” for users. Through the Chaka app, users can invest in shares of publicly traded companies in Nigeria and the United States with investments as low as $2. Also, fractional shares are available, making investing more accessible than ever.
Chaka’s journey has been marked by challenges, including a temporary setback in December 2020 when the Security and Exchange Commission (SEC) suspended its operations in Nigeria. The SEC’s ban stemmed from a perceived lack of licensing. However, through dialogue with regulators, Chaka became the first trading startup to secure a digital sub-broker license in March 2021.
The Road to Merger
Eke Urum, the founder of Risevest, shared with TechCabal the fascinating story of how this groundbreaking merger came to fruition. It all began with a mutual investor who floated the idea earlier in the year. Informal discussions commenced in March 2023, with both founders quickly finding common ground and even joking about their hypothetical collaboration as co-founders in an alternate reality.
Eke stated, “The first conversation we had about this was: this is where Chaka is trying to go; I wonder if this could happen. Investors on both sides have also always been aware. To my knowledge, all investors bought in when we spoke to them about this deal.”
Tosin Osinbodu concluded, “Knowing how much we have put in, the investors understand that we’re committed to it. I think the investors are really glad about this outcome and what the future holds.”
A New Era in Nigerian Fintech
The Risevest-Chaka merger not only marks a significant moment in the history of Nigerian fintech but also signals a commitment to growth, innovation, and expanding access to investment opportunities for Nigerians.
With their shared vision and diverse strengths, these two fintech powerhouses are set to navigate the evolving financial landscape together, potentially setting new industry standards and inspiring collaboration across the Nigerian tech ecosystem.
London Fintech Owner Faces Extradition to Belgium Over Alleged Money Laundering for Drug Traffickers
A London-based fintech owner accused of aiding drug traffickers in laundering hundreds of millions of euros through a cryptocurrency exchange platform must be extradited to Belgium to face criminal charges, a London judge ruled.
Caio Marchesani, the owner of Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority, is alleged to have facilitated the hoarding of significant amounts of cash for Sergio Roberto De Carvalho, a Brazilian previously described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022.
Marchesani is also accused by prosecutors of managing cryptocurrency accounts for Flor Bressers, a Belgian national known as the “finger cutter.”
Marchesani, who was apprehended at Heathrow Airport in May, has seven days to appeal against the extradition order, according to the London judge’s decision on Tuesday.
Following the ruling, both Marchesani’s lawyer and the prosecution declined to comment.
In a statement filed in court last month, Marchesani maintained his innocence, stating, “I have not been involved in money laundering the proceeds of drug sales for the alleged organized criminal group.”
His legal representatives at Mishcon de Reya had previously argued that the prosecution’s case contained “false, vague, ambiguous, or inaccurate particulars.” They emphasized that none of the allegations against Marchesani were related to his business interests in the UK.
The efforts to extradite Marchesani are part of a broader investigation that began three years ago after the Dutch government seized more than 12 tonnes of cocaine, valued at over €260 million ($278 million), at Europe’s busiest port, Rotterdam. Authorities traced the seized drugs back to Bressers and De Carvalho, eventually focusing on Marchesani after a breakthrough in decoding encrypted communications.
Prosecutors acting on behalf of Belgian authorities alleged, “He is a shadow banker who receives money, either in cash, cryptocurrency, or both, and moves it around at the will of the criminal organization to disguise its origins,” during an earlier hearing.
A trial involving 30 defendants in the case, including Bressers, commenced in Belgium earlier this month but was immediately postponed, as reported by local press outlets.
A pre-recorded message from Trans-Fast Remittance stated that their payment service is currently offline but aims to resume services soon. Companies House filings from August indicate that another owner has been added to the registry.
Flutterwave, Africa’s Leading Payments Technology Company, Celebrates the Success of its Graduate Trainee Program
Flutterwave, the foremost payments technology company in Africa, proudly announced yesterday that it has successfully onboarded nearly 85 percent of its 200 Graduate Trainees following a year of intensive training.
In a recent statement, the company emphasized its unwavering commitment to nurturing young talent while maintaining its reputation as an exceptional workplace that fosters career growth opportunities in the technology sector.
Launched in August 2022, the Flutterwave Graduate Trainee Program was a 12-month-long paid initiative tailored for recent graduates with limited or no prior work experience but boundless aspirations.
The program’s primary objective was to establish a network of emerging talent, equipping them with both technical and soft skills, along with practical experience, through engagement with a global organization boasting over 750 employees worldwide.
The program’s adaptability, including accommodating the unique needs of recent graduates, such as aligning with their National Youth Service Corps (NYSC) obligations, underscores Flutterwave’s commitment to its customers, young talent, and the community.
Speaking on the successful culmination of the program and the abundant growth opportunities available to employees at Flutterwave, Mansi Babyloni, Flutterwave’s Global Chief People Officer, said, “We are excited to have fulfilled our mission of providing 200 exceptionally bright young graduates with the opportunity to learn on the job and kick-start their careers in the tech industry early in life. As 170 of them transition from Graduate Trainees to full-time employees after completing 12 months of on-the-job training and shadowing, a world of opportunities awaits them. I am thrilled that they can now navigate their career paths within our newly launched career progress framework, which epitomizes boundless potential. Today, they hold roles as Analysts and Engineer 1s; tomorrow, they could be VPs and CXOs. At Flutterwave, anything is possible. I extend my best wishes to all 200 Graduate Trainees, even those who have pursued other opportunities; the world is your oyster!”
Bode Abifarin, Chief Operating Officer at Flutterwave, said, “We’re thankful for the successful completion of the Flutterwave Graduate Trainee Program. We thank the People Team and all the Graduate Trainee Managers that helped coach, mentor and train our GTs to propel their growth into Analysts and Engineer 1s. This is in line with our mission to create endless possibilities for all; truly, their careers have taken off and there’s no limit to what they can achieve going forward.”
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