- NCC Awards N65m to 11 Varsities for Technology Research
The Nigerian Communications Commission has awarded N65m grant to 11 universities to carry out technology research that would lead to technology products.
The Executive Vice-Chairman, Prof Umar Danbatta, who made the presentation to the researchers whose proposals were accepted by the regulatory agency in Abuja on Tuesday, said that the commission was expecting prototypes to be commercialised from the exercise. Our correspondent also learnt that the process of commercialising electronic walking stick which resulted from the past research grants had reached advanced stages.
In an interview with our correspondent on the sidelines of the award ceremony, Danbatta vowed that the products from the research efforts would not be allowed to suffer in the shelf as had been the lot of many research endeavours in the country.
Danbatta said that any prototype emanating from the effort that was rated high would be translated to a product through necessary collaborations.
According to the NCC boss, the commission’s objective is to tap the capacity in the universities to solve some problems in the telecommunications industry as well as life challenges that can be tackled through new technologies.
He said, “We hope that working together, these proposals will bring about prototypes that we will be able to commercialise not in the too-distant future in order to revitalise the manufacturing sector of the economy.”
Nigeria’s Fintech Startups Raised $122 Million in 2019
Financial Technology Startups in Nigeria Raised $122 Million in 2019
Financial Technology (fintech) startups in Nigeria raised a combined $122 million in 2019, according to the Nigerian Stock Exchange (NSE).
Mr. Olumide Bolumole, the Divisional Head of Listings Business, NSE, disclosed this while speaking on the fintech industry and its growth in recent years.
“The Fintech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019.
“At the exchange, we recognise the opportunity to provide a platform where players in the Fintech landscape can have easier access to right-sized capital to fulfil their organisational objectives.
“The NSE is, therefore, committed to developing multiple solutions to address the needs of the Fintech community in Nigeria such as the provision of the NSE Growth Board.
“The exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector,” he said.
However, with just about 200 fintech companies in Nigeria, the sector is still young and just emerging with room for growth, considering the fact that most Nigerians are still unbanked.
Fintech Companies Raised $554 Million in Investment Last Week
Financial Technology Firms Raised $554 Million Investment Capital Last Week
Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.
A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.
Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.
Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.
Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.
On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.
Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”
Snapchat Adds 39 Million Daily Active Users YoY Representing 18% Growth
Snapchat Daily Users Increase by 39 Million YoY, a 18 Percent Increase
Data presented by Buy Shares indicates that Snapchat daily active users have grown by 39 million on a Year-Over- Year basis. The addition represents a growth of 18.57%.
Pandemic spurs Snapchat’s DAU growth
During Q3 2019 the daily active users stood at 210 million while the figure was 249 million as of Q3 2020. Between Q3 2018 and Q3 2020 Snapchat’s daily active users have grown by 33.87%.
After witnessing a rise in daily active users the numer slumped between Q1 2018 and Q4 2018 with a percentage drop of 2.61%.
The research also overviewed Snapchat’s number of daily active users based on regions. As of Q3 2020, North America recorded the highest number at 90 million, a growth of about 7% from a similar period last year.
Commenting on the recent surge in Snapchat’s daily active users, Buy Shares researcher Justinas Baltrusaitis said:
“After taking a dip in users around 2018 Snapchat began witnessing a steady rise from the end of last year. The platform’s 2020 numbers have been boosted by the coronavirus pandemic.During the health crisis, most people were confined to their homes and turned to social platforms like Snapchat for entertainment.”
Europe has 72 million active daily users as of Q3 2020, a growth of 10% from Q3 2019. Elsewhere during Q3, 2020 the rest of the world had 87 million daily active users.
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