BD Insider 197: Nigerian Police ask residents to be wary of dating sites
Important warning: Nigerian Police urges caution on dating sites. Also, insights on Kenya's PAPSS membership and MTN's remittance play in South Africa.
Showmax Pro is no longer available as Showmax 2.0 prepares for its launch. Showmax has stated that they will reveal the updated pricing and features in the upcoming weeks.
As part of this transition, current Showmax Pro subscribers in South Africa will have the option to subscribe to the DStv Compact Plus Stream package at the same rate as their previous Showmax Pro subscription.
In other sub-Saharan African countries, existing Showmax Pro subscribers will be able to switch to the DStv Stream package, maintaining the same pricing as their previous Showmax Pro subscription.
Meanwhile, in today's letter, we will be covering:
- the latest entrant to the Pan African Payments and Settlement System
- Nigerian Police advisory on online dating
- MTN's remittance play in South Africa
And other noteworthy information like:
- the latest African Tech Startup Deals
- opportunities, interesting reads, and more
The big three!
#1. Kenya joins the Pan African Payments and Settlement System
The news: Moses Kuria, Kenya's Minister for Investments, Trade, and Industry, announced on Friday that the Central Bank of Kenya (CBK) has officially become a part of the Pan African Payments and Settlement System (PAPSS).
"This means that Kenyan companies can trade with their peers from other African Member States using our local Currencies, a major boost for the African Continental Free Trade Area," Kuria shared on X.
Know more: CBK becomes the 10th African central bank to join PAPSS. Other central banks already part of this platform represent countries such as Nigeria, Ghana, Liberia, Sierra Leone, Gambia, Zimbabwe, Djibouti, Zambia, and Guinea.
As per reports, other central banks have an extended window until the following year to become part of the platform.
Afreximbank asserts that PAPSS significantly reduces the cost and time associated with cross-border payments within Africa, promoting intra-African trade. Its full implementation is expected to yield annual savings exceeding $5 billion in payment transaction costs for the continent.
Zoom in: PAPSS facilitates seamless cross-border transactions in local currencies within Africa through three fundamental processes: instant payment, pre-funding, and net settlement.
"The interchangeability of African currencies is still very limited after decades of independence, meaning that intra-Africa trade too often relies on hard currencies, hampering the growth of intra-African trade and our continent’s economies," according to Dare Okoudjou, founder and CEO of MFS Africa.
"By making cross-border payments affordable and easier, PAPSS gives small and medium-sized enterprises, entrepreneurs, and traders easier access to the formal payment services that will help them grow their businesses," Okoudjou added.
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#2. Nigerian Police ask residents to be wary of dating sites
The news: The Nigeria Police Force (NPF) has issued a cautionary statement, urging Nigerians who utilise dating applications to exercise vigilance when interacting with individuals online and safeguard their personal information.
As conveyed by Olumuyiwa Adejobi, the spokesperson for the NPF, the police have recently come across an instance of sextortion, cyberbullying, character defamation, and blackmail. This incident serves as a stark reminder of the importance of exercising caution when venturing into the realm of online dating.
Why it matters: In September, Nigeria claimed the top spot worldwide in online searches for "online dating apps." This indicates that numerous Nigerian individuals are turning to the internet to seek romantic connections, albeit at the risk of encountering sextortion, which involves the threat of disclosing intimate or explicit images.
Adejobi emphasised the importance of users of these apps maintaining their privacy and promptly reporting any suspicious activities.
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#3. MTN is expanding into remittances and business payments in South Africa
The news: Pan-African telco, MTN has introduced remittance and business payment features within its MoMo app.
Know more: The remittance feature will allow app users to send money in real-time to recipients in over 10 African countries, with the condition that both sender and receiver are registered on the MTN MoMo app.
Bradwin Roper, the chief financial officer of the telco in South Africa, highlighted the business payments aspect, describing it as a virtual wallet enabling business owners to accept payments through the app or QR codes. This move aims to reduce the reliance on cash by South African "spaza" shops, which serve approximately 80% of the country's daily population, contributing to an industry worth around 178 billion rand ($9 billion).
Roper emphasised MTN's commitment to providing cost-effective banking alternatives through value-added platforms, making services more affordable and accessible for device users.
Zoom in: Additionally, MTN has launched point-of-sale devices that combine payments with various added services, such as airtime purchases, and introduced funeral insurance options, allowing customers to secure coverage for either six or twelve months with a single payment, eliminating the need for monthly debit orders until the insured individual's passing.
💰 State of Funding in Africa
Over the past six years, Techstars Toronto has invested in 100 startups worldwide, with Africa representing 40% of these investments. This translates to approximately $4.8 million in investments, based on their standard deal terms.
According to Techstars CEO Maëlle Gavet, Africa, and specifically Nigeria, has been a focal point for Techstars as a key market they aimed to be a part of. In their most recent selection of startups for their accelerator program, 10 out of the 24 chosen startups hail from Africa, predominantly from Nigeria and specialising in the fintech sector.
Later this week, we will provide you with a comprehensive report on venture capital activity across the continent for the last quarter. But before that, here is a brief summary of the funding raised by African startups during the last week of September.
📚 Noteworthy
Here are other important stories in the media:
- Klasha goes live in Sierra Leone: Nigerian fintech startup, Klasha has acquired a financial services license in Sierra Leone under the Regulatory Sandbox Program.
- An in-depth review of the iPhone 15 series: Jolomi explores the nuances of the latest iPhone devices, offering an unbiased assessment of their features and capabilities.
- Resignations at South Africa’s state logistics company: Two top executives have resigned from South Africa’s state-owned ports and rail company amid a deepening crisis that is proving to be a drag on Africa’s most industrialized economy, Semafor Africa reports.
- These eight podcasts give the latest updates on African tech: The tech ecosystem in Africa has experienced substantial growth in recent years. These podcasts offer valuable insights and discussions on the latest trends and happenings in the ecosystem. Happy listening!
💼 Opportunities
Jobs
We carefully curate open opportunities in Product & Design, Data & Engineering, and Admin & Growth every week.
Product & Design
- Moniepoint — Technical Product Manager, Lagos
- Branch — Product Designer, Nigeria
- Mastercard — Product Manager, Johannesburg
Data & Engineering
- Andela — Senior Data Scientist, Rwanda
- Kuda Bank — Data Analyst, Lagos
- Bamboo — Senior Software Engineer, Remote
Admin & Growth
- TikTok — Content Partnerships Manager, Lagos
- Microsoft — Customer Success Account Management, Lagos
- FairMoney — Sales Quality Manager, Abuja
Other opportunities
- Become the next YC-backed startup: Y Combinator is accepting applications from startups for the Winter 2024 funding cycle. The deadline for on-time applications is October 13.
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