Business

Stripe Acquires Paystack

Stripe Acquires Paystack

Business, FinTech, Mobile, Startups
Payment processing giant Stripe has acquired Nigerian startup Paystack in a $200M+ deal. Stripe seeks to expand into the African Market in its bigger strategy announced earlier this year to expand its API- based payment processing services to more regions.   Paystack, like Stripe offers online payment integration services using APIs to facilitate transactions. To date, Paystack has approximately 60 000 customers ranging from small businesses, fintechs to large corporations. The acquisition makes it the biggest startup acquisition in Nigeria as well Stripes biggest acquisition to date. Valued at $36 Billion, Stripe is actively expanding its global presence through acquiring smaller companies in different regions. In the last 2 years, stripe has expanded its operations t...
Dubai tech payment firm ‘Mondia Pay’ eyes Kenya

Dubai tech payment firm ‘Mondia Pay’ eyes Kenya

Business, Technology
Mondia Pay, Mondia’s digital payment entity, announced it recently onboarded a series of new clients and is fast becoming the preferred digital payment solutions provider for telecom operators across Africa. “The African operators we are talking to are all seeing an increase in payment purchases for digital services and they are keen to get ahead of the curve to capitalise on this opportunity,” said Mondia Pay founder-chief executive Simon Rahmann. The Dubai-based digital payment provider Mondia Pay has initiated talks with local telecommunication operators, setting its eyes on the lucrative intra-Africa e-commerce business. The firm, handling 1.3 billion accounts in 48 countries in partnership with 80 telco operators, said Kenya, Mozambique, Ethiopia, the Democratic Republic of C
Africa’s COVID-19 numbers hit 700,000; deaths near 15,000

Africa’s COVID-19 numbers hit 700,000; deaths near 15,000

Business
Highest Covid-19 cases recorded in South Africa Africa’s caseload has crossed the 700,000 mark as of today. Half of the cases are recorded in South Africa where there are over 350,000 confirmed cases. As of last Friday (July 17), the WHO Africa region reported that there had been a 27% increase in the number of confirmed cases of COVID-19 in the region. 10 countries account for 88% (440,672) of all reported COVID19 cases in the African Region: South Africa, Nigeria, Ghana, Algeria, Cameroon, Côte d’Ivoire, Kenya, Senegal, Ethiopia & DRC, a WHO Africa situation report noted. “Sub-Saharan Africa hosts more than 26% of the world’s refugees and around 19 million internally displaced people. It is in the interest of peace, international security and equity that all countries &am
Ecobank Group named Africa’s Best Bank for Corporate Responsibility by Euromoney

Ecobank Group named Africa’s Best Bank for Corporate Responsibility by Euromoney

Business
The leading pan-African banking group, Ecobank, has won the coveted prize of Africa’s Best Bank for Corporate Responsibility in the Euromoney Awards for Excellence 2020. Euromoney recognises Ecobank’s focus on sustainability and partnerships and its core capabilities in delivering positive social and environmental outcomes across Africa. 'The Ecobank Foundation is doing amazing work in delivering on its commitment to improve the quality of life of people across the African continent. The Foundation should be rightly proud of its ceaseless impact and the real difference that it is making in numerous parts of the continent. Through the Foundation, our Group leverages its resources and capabilities to contribute to the economic and social development of Africa.' Ade Ayeyemi, CEO of Ecoban
Safaricom Launches Android TV Box for Internet Streaming

Safaricom Launches Android TV Box for Internet Streaming

Business, Internet
Safaricom has announced the launch of an Android TV Box as part of a strategy to bring its Home Fibre service to more homes. “Our Home Fibre service has been well received as it offers unlimited internet connectivity for the entire family in an affordable, monthly, package. The TV remains central to home entertainment and the lack of a feature to directly stream content from the internet has previously been a challenge for potential Safaricom Home Fibre customers. The Android TV Box now empowers customers to connect any TV to the internet opening up a world of endless entertainment options for the family,” said Peter Ndegwa, CEO, Safaricom. The TV Box equips any TV with the capability to stream content from YouTube, Netflix, ShowMax, Hulu, Sling and other Android TV Applications.
Business Trends That Will Emerge Out Of COVID-19

Business Trends That Will Emerge Out Of COVID-19

Business
There will be a significant change noticed in the trends and practices in business management in 2020 and the years to come because of the COVID-19 Crisis. These trends will impact growth to a great extent and therefore you will need to know the drivers to ensure that your business moves in the right direction. Here are a few  clear trends that will emerge and impact the growth of a business in the coming months: There will be an increase in the adoption of new technology like remote workforce monitoring and employee engagement applications. Therefore, anything that you plan to do in 2020 for your business should be made keeping these technologies in mind, because it will not only increase your productivity level but will also ensure business growth. There will be a lot of use o
Kenya to resume International flights from August 1

Kenya to resume International flights from August 1

Business
The move comes after three months of suspension of all travels in and out of the country. President Uhuru Kenyatta on Monday announced that all international flights shall resume from August 1. The President also announced the resumption of local flights from July 15 under strict guidelines in the country's planned phased reopening. Airlines grounded their passenger flights early this year following restriction measures including inter-states border closures to tame the spread of coronavirus globally. The national carrier, Kenya Airways is among the airlines affected by the global restrictions, it has joined other airlines in unveiling far-reaching measures such as laying off employees to stay afloat. "This will be in strict conformity with all protocols from the Ministry of H...
COVID-19: Kenya Airways loses $100 million in revenue

COVID-19: Kenya Airways loses $100 million in revenue

Business
Kenya Airways has lost an estimated $100 million in revenue as a result of the coronavirus pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday. The coronavirus crisis has hit the global aviation industry hard, with Africa carriers alone expected to lose $6 billion this year in revenue. “Our estimate is since January to date we have probably lost in terms of revenue about $100 million,” Kilavuka said, adding that figure was expected to grow to between $400 and $500 million by the end of the year. Kenya Airways, in which Air France-KLM holds a small stake, was struggling long before the outbreak, posting 2019 losses of nearly 13 billion Kenyan shillings ($122 million) compared to 7.56 billion the previous year. The government has been working on a plan to re
DCA Group Hosts ‘The Impact of COVID-19 on SME Financing in Africa’ WebForum

DCA Group Hosts ‘The Impact of COVID-19 on SME Financing in Africa’ WebForum

Business
The COVID 19 pandemic has had and is predicted to have a strong effect on labour markets worldwide and in particular, Africa, where more than 70% of the workforce is in self-employment or works in micro, and small enterprises. This will also disrupt many existing value chains that most likely would, in turn, lead to loss of income and sharp increases in unemployment. In addition, most of the SMALL MEDIUM ENTERPRISES (SMEs) especially in the developing countries are often run by women, operate in saturated sectors in the informal economy and most lack social protection. SMEs will, therefore, be the first to suffer devastating consequences of the economic downturn. Re-starting the economy and creating jobs will be key once the immediate health crisis is over. DotConnectAfrica hosted an
CBK extends it’s COVID-19 emergency measures on mobile money Transactions to December

CBK extends it’s COVID-19 emergency measures on mobile money Transactions to December

Business, Mobile
Good news for M-Pesa users as CBK extends deal to December CBK (Central Bank of Kenya) has extended the waiver on mobile money transactions under Sh 1,000 for another six months after the initial 90-day period lapsed. The emergency measures had been effected in March this year, and will now extend to December 31, to combat the spread of the nobel Coronavirus. In a statement, CBK says the measures, which include the elimination of charges on transactions of up to Sh1, 000, have been effective and will remain in force. CBK said it had noted that the measures were timely and highly effective in facilitating official and personal transfers at a time of great need. Following the March 16 announcement by CBK of measures to facilitate increased use of mobile money transactions instead o...