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Nigeria’s Fintech Startups Raise $400m in 2019 -CBN

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  • Nigeria’s Fintech Startups Raise $400m in 2019 -CBN

Nigeria’s Financial Technology (fintech) companies raised a combined $400 million in 2019, according to the Central Bank of Nigeria (CBN).

The governor of the central bank, Godwin Emefiele, who disclosed this said the apex bank issued 15 super-agent licenses and three payment service bank licenses to drive financial inclusion initiative in the banking sector in 2019.

Emefiele said, “In an effort to build a more inclusive financial system and to improve the efficacy of monetary policy tools, we provided 15 super-agent licenses as well as three Payment Service Bank licenses to telecommunications and fintech companies.

“These measures are aiding in the development of a robust payment infrastructure and an expansion of agent locations across the country. As a result of our policy measures, in 2019, over $400m have been invested in fintech companies, focused on supporting improved payment services in Nigeria.”

The two leading fintech startups in terms of amount raised in 2019 were OPay that raised a combined $170 million and PalmPay that just raised $40 million from Chinese investors and about to roll out its application on over 20 million Tecno phones across Africa.

According to Emefiele, with new entrants entering the payment services space, more Nigerians would have access to effective banking services.

The governor said going into 2020, the central bank plans to maintain stable foreign exchange policy despite foreign reserves dropping to $39 billion.

He said in an effort to improve access to finance and credit, the central bank would improve access to credit for Small and Medium Enterprises and farmers, deepening intervention efforts through the Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme and the Real Sector Support Funds, among others.

Emefiele, during the weekend, had said over $60 billion transacted through the Investors and Exporters’ forex window since it was established in April 2017 has helped stabilised the Naira.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Jeff Bezos Sets a New Record as Net Worth Hits $172bn

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Jeff Bezos

Jeff Bezos Breaks His Own Record, Now Worth $172bn

Jeff Bezos, the Chief Executive Officer and Founder of Amazon Inc, on Wednesday broke his own record to set a new all-time record of $172 billion net worth.

Bezos’s previous record was $167.7 billion attained in September 2018. However, the billionaire broke the record on Wednesday after Amazon shares gained 4.4 percent to close at $2,878.80 per share.

Jeff Bezos companies

This is despite the billionaire parting with 19.7 million Amazon shares in July 2019 as part of his divorce settlement to his wife, Mackenzie Bezos.

Mackenzie Bezos’s 19.7 million shares now worth around $56.9 billion, making her the second richest woman and the thirteenth richest person in the world.

Jeff Bezos’s net worth has now risen by $57.4 billion from the year-to-date, according to Bloomberg Billionaire Index.

Jeff bezos Net worth

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Opay Pauses Some Business Operations as COVID-19 Bites

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OPay Halts Some Business Units Amid COVID-19 Pandemic

Opay, a seamless mobile money service provider, has announced it would be putting some of its business units on hold as COVID-19 pandemic bites.

In a statement released by the Chinese owned mobile money start-up on its official twitter page @OPay_NG, the company said “We can confirm that some of our business units including the ride-hailing services, ORide, OCar as well as our logistics service OExpress will be put on pause.”

This, it said was largely due to the tough business environment brought about by COVID-19 pandemic, the lockdown and government ban of motorbikes in Lagos.

The statement read “Globally, ride-sharing businesses have been heavily impacted by the pandemic. But several months ago, foreseeing this issue, OPay had already taken preemptive steps to restructure our business focus away from rides. It is worth to note that this final restructuring has minimal impact on OPay as a whole business.”

“It is important to clarify that ride-sharing had always been only one part, and not a major part of OPay’s diversified business in Nigeria. In fact, OPay had been investing more and seeing accelerated growth in its commitment to Nigeria’s financial and technology inclusion.

“During the pandemic, we have seen continued demand for our offline mobile money agency, and online digital payment, which remains the core of our business.

“From January to April 2020 for example, we witnessed a 44% growth of offline and online transaction value even in the midst of pandemic and lockdown. This is a testament to the high demand for flexible and easy financial services by Nigerians. OPay remains one of the most well-funded and profitable mobile money platforms in Nigeria, and we will continue to do more for our customers.”

Below is the company’s official statement as published on Twitter.

Opay Statement

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Facebook, Google Earn 80% of Annual Digital Ads Spend – Report

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Facebook, Google Earn 80% of the £14bn Spent on Digital Ads in 2019

A recent report from the United Kingdom’s competition watchdog has shown that Facebook and Google earned 80 percent of all the money spent by advertisers on digital platforms in 2019.

In the 440-page report, the Competition and Markets Authority (CMA), UK said Google and Facebook market positions are having a “profound impact” on newspapers that now receive almost 40 percent of all visits to their sites through the two platforms.

“This dependency potentially squeezes their share of digital advertising revenues, undermining their ability to produce valuable content,” the watchdog said.

This is coming two weeks after Investors King called on the Federal Government of Nigeria to protect Small and Medium businesses against Facebook and Google activities or watch the nation’s SMEs die. Investors King had posited that “Nigerian startups can not compete with Facebook and the recent tax announced by the Federal Government through the ministry of finance would not be enough to stop these giant tech companies from taking advantage of Nigeria’s young growing market.

According to the CMA report, out of the £14 billion spent on digital advertising in the United Kingdom in 2019, Google with more than 90 percent share of market search earned £7.3 billon while Facebook with more than 50 percent of display market earned £5.5 billion. Representing 80 percent of the total digital ads spent in 2019.

While the report admits that the two platforms help small businesses reach customers and are valued by users, it also said they have “developed such unassailable market positions that rivals can no longer compete on equal terms”.

Andrea Coscelli, Chief Executive at CMA, said: “What we have found is concerning – if the market power of these firms goes unchecked, people and businesses will lose out.

“People will carry on handing over more of their personal data than necessary, a lack of competition could mean higher prices for goods and services bought online and we could all miss out on the benefits of the next innovative digital platform.

“Our clear recommendation to government is that a new pro-competitive regulatory regime be established to address the concerns we have identified and regulate a sector which is central to all our lives.”

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