MULTICHOICE MOVES TO FINTECH
The big screen isn’t enough for South Africa-based broadcasting company MultiChoice Group.
Yesterday, the company announced its foray into fintech with the launch of Moment, an integrated payment platform for Africans.
According to the company’s statement, “Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker and more affordable in any manner that their buyers or suppliers prefer”.
A joint venture: MultiChoice is not going for the moment alone, though. MultiChoice is sharing the spotlight with two other investors, London-based fintech Rapyd and California-based VC firm General Catalyst.
While Moment’s short-term goal is to consolidate the $3.5 billion MultiChoice processes annually, the platform’s long-term goals are to provide payments infrastructure for millions of small businesses on the continent, and turn 90% of Africa’s cash transactions digital.
“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries. Moment fulfils our strategy to expand our ecosystem by investing in adjacent businesses that provide scalable services, underpinned by technology,” said MultiChoice CEO Calvo Mawela.
Zoom out: Since the proliferation of streaming services in South Africa, MultiChoice has struggled to retain relevance, losing thousands of subscribers to the likes of Netflix and Disney+. This has led to a revenue loss that has pushed the service to increase its subscription fees across several countries. A new fintech app could be what it needs to bounce back on its feet.
MONIEPOINT RANKED 2ND FASTEST-GROWING AFRICAN COMPANY
Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone. Read all about it here.
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NIGERIA’S NEW PRESIDENT WANTS A UNIFIED EXCHANGE RATE
Nigeria, yesterday, swore in its sixth democratically-elected president, 70-year-old Bola Ahmed Tinubu.
It’s only been a day but Tinubu, who entered into power amidst claims of rigging, already has huge plans. In his inaugural speech, the president announced that he would implement a unified exchange rate in the country.
What does that mean? People buying forex in Nigeria have three exchange rates: the official exchange rate given by the Central Bank of Nigeria (CBN), a weaker one for investors and exporters known as the NAFEX window, and the black market rate at a 75% increase of the CBN rate.
It means that while YouTube Premium supposedly costs ₦1,100—about $2.40 at the CBN rate of ₦460/$1—Nigerians pay about ₦1,800 at the black market rate because the country has a forex scarcity.
While the president has not expanded on what he meant, we can infer that he wants to unify all these rates and ensure that all Nigerians have access to forex at the same rate.
No more fuel subsidy: In his inaugural speech, the president also announced the end to the country’s fuel subsidy regime. Since 1970, Nigeria has subsidised the price of fuel for its citizens, costing the government millions yearly.
Last year, the government spent around $10 billion subsidising petrol alone. This is not the first time a subsidy removal has been proposed with several attempts thwarted in the past. In April 2023, the federal government suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.
GHANA LAUNCHES NEW CYBERSECURITY PLATFORM
Ghana needs scammers to go.
This week, the country’s central bank, the Bank of Ghana, announced the launch of a new cybersecurity platform: the Financial Industry Command Security Operations Centre (FISOC).
How it works: Per the Bank, FISOC is now integrated with all 23 commercial banks which the Bank of Ghana regulates. The platform will be used to send these banks reports and alerts on cybersecurity threats, so they can act fast.
So basically an alarm? More or less. The platform will help banks coordinate cybersecurity efforts within Ghana’s financial institutions.
The platform was built by a Ghanaian company, Virtual Infosec Africa (VIA).
Zoom out: While cybercrime is on the rise in several other African countries like Nigeria and South Africa, Ghana ranked as the eighth most cyber-secure country on the continent in 2022, an increase from 2021’s 10th position.
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THE WORLD WIDE WEB3
|
|
|
|---|---|---|
|
Bitcoin |
$27,699 |
+ 0.47% |
|
Ether |
$1,891 |
+ 2.32% |
|
BNB |
$312 |
+ 0.95% |
|
Cardano |
$0.37 |
+ 0.36% |
|
|
Source:
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* Data as of 21:00 PM WAT, May 29, 2023.
Yesterday, bitcoin rose by 3.2% and reached a two-week high at $28,000. Per Bloomberg, a deal raising the US debt ceiling has boosted investor sentiment in the cryptocurrency.
Indian crypto exchanges are in survival mode as they try to extend their runways. CoinDesk reports that several Indian cryptocurrency startups like WazirX and CoinSwitch are in cash chokeholds that have them desperately cutting costs, conducting layoffs and rebranding themselves.
EVENT: THE MOONSHOT CONFERENCE
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Written by – Timi Odueso
Edited by – Kelechi Njoku
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