In a recent development, Safaricom, Kenya’s leading telecommunications provider, has introduced a significant policy change impacting its widely used mobile money service, M-PESA. The company has decided to restrict customers from sending money to unregistered individuals on the M-PESA platform, thereby extending this restriction to unregistered users on Airtel Money and T-Kash as well. T-Kash,…
In a groundbreaking move, the Central Bank of Nigeria (CBN) recently lifted the ban on transactions between banks and crypto exchanges, signaling a new era of possibilities for the country’s crypto enthusiasts. After nearly three years of regulatory uncertainties, Nigerians can now seamlessly buy and sell crypto using their bank accounts. This development has sparked…
Starlink, Elon Musk’s ambitious low-orbit satellite service, has hit a roadblock in its quest to extend its reach to every corner of the globe. The Botswana Communication Authority recently rejected Starlink’s application to operate in the African nation, casting uncertainty over its planned launch in Q4 2024. Starlink submitted its application in May 2023, but…
Airtel Africa, a prominent telecommunications firm operating in 14 African countries, has reported a staggering 99% decline in profits for the last fiscal year. The primary factors contributing to this financial setback are significant currency devaluations in key markets, including Nigeria, Malawi, Zambia, and Kenya. The company’s profits plummeted to $2 million, a stark contrast…
In recent weeks, the high cost of cloud computing has been a thorn in the side of African startups, prompting heated discussions about the need for homegrown solutions. The discontent among founders and operators reached a crescendo last week, with social media flooded by complaints about the financial burden posed by international cloud services. This…
Amazon Prime, the global streaming giant, is undergoing significant restructuring, resulting in staff layoffs and a reduction in local content production in Africa and the Middle East, as reported by Variety. The streaming platform, ranking as the third largest in Africa, is realigning its business strategy to prioritize the European market. In an email to…
The trajectory of X, formerly known as Twitter, has undergone a significant shift, witnessing a remarkable 71% decrease in its value since Elon Musk’s acquisition in late 2022. This downturn has raised concerns and prompted a closer examination of the dynamics surrounding Musk’s involvement with the social media giant. Fidelity, a prominent investment group, conducted…
In a groundbreaking move, Nigeria has finalized a $3.3 billion “pre-export finance facility” (PxF) with a significant interest rate of 11.85 percent per annum. The loan, facilitated by the Nigerian National Petroleum Company (NNPC) and arranged by Afrexim Bank, spans five years and comes with a unique repayment structure. The details of this financial arrangement,…
Aliko Dangote, the prominent Nigerian industrialist and the richest man in Africa, has experienced a notable adjustment in his wealth valuation, primarily attributed to the devaluation of the naira by the Central Bank of Nigeria (CBN). In dollar terms, Dangote encountered a loss of $3.61 billion throughout the year, marking a shift in his financial…
President Bola Tinubu has unveiled a significant milestone in the recently approved 2024 budget, allocating N100 billion for school feeding programs nationwide. The announcement came during the official signing of the 2024 appropriation bill at the State House in Abuja. In his address, the president emphasized that this allocation is designed to act as a…