Connect with us

VenturesNow

Paystack secures $8 million Series A funding round

Published

on

Nigerian fintech startup, Paystack has just announced a Series A funding round to the tune of $8 million.

Being a payment platform that it is, thousands of businesses are integrated with Paystack’s API. With the new round, which surprisingly is backed by American payment company Stripe, Paystack will have the enablement to connect more businesses across the country.

Specifically, its focus is on integrating the wide range of options that are appealing to Nigerians when it comes to making and accepting payments.

There are other strategic investors in this Series A round and they include the likes of Visa, Chinese online giant and parent of WeChat, Tencent and a plethora of other companies.

Read also: Tanzanian company sees opportunity in waste management

In December 2016, Paystack secured seed investment of $1.3 million from investors across the globe, including SPARK. It turns out Tencent also participated in that round.

Having come a long way from that once a baby company that got $120,000 from Y Combinator, Paystack is building a global and truly digital company from Nigeria.

VenturesNow

Nigeria’s apex bank, CBN, introduces new cash withdrawal policy but legislators aren’t impressed. Here’s why

Published

on

The lower chambers of Nigeria’s legislative house, the House of Representatives have asked the Central Bank of Nigeria (CBN) to suspend the implementation of the new cash withdrawal policy.

The new policy put limits cash withdrawal limits for individuals and corporate organizations.

Nigeria’s apex bank on Tuesday in a new circular placed limits on over-the-counter cash withdrawals, Automated Teller Machine (ATM) withdrawals, and point of sale (PoS) withdrawals.

The CBN directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

In response to the new policy, the legislatures summoned the CBN Governor, Godwin Emefiele, to appear before the new policy takes effect on January 9, 2023.

The upper chamber of the Nigerian legislature, the senate had also expressed concerns about the policy, with the Senate President, Ahmed Lawan, cautioning the apex bank not to jump into the policy at once as many Nigerians will be affected.

Honourable Mogaji argued that small businesses are drivers of Nigeria’s economy and most small business owners transact their businesses, trade, and transactions in physical cash and are in most cases, not inclined to the use of electronic banking system as most of them are either illiterate, half-educated or not learned at all.

He said, “These set of Nigerians who are the drivers of Nigeria’s economy will be seriously negatively affected and their business and source of livelihood may be seriously impaired with these new directives of CBN.

“The new policies rolled out by CBN will hurt the already dwindling economy, and further weakens the value of Nigeria as Nigerians may resolve to use dollars and other currencies as a means of trading and thus further de valued Naira and weakens the economy.”

Nigeria has been on a recent trend of monetary policy in a bid to rescue its struggling economy. Nigeria’s apex bank recently announced plans to introduce new designs of the N200, N500, and N1,000 notes this month.

Meanwhile, the inflation rate in Nigeria has continued to rise and hit a new 17-year high of 21.09% in October 2022, marking a 0.32% points increase from 20.77% recorded in September. Will the latest reign of monetary policies help manage the growing inflation rate? The jury is out on that.

Continue Reading

VenturesNow

South Africa’s coal exporter, Thungela Resources, expects doubled profit for 2022

Published

on

One of South Africa’s main coal exporter, Thungela Resources (TGAJ.J) on Thursday revealed that it expects its full-year profit to double.

The projection comes as demand and higher prices for the fossil fuel offset the negative impact of poor rail performance on its export shipments.

The company said its headline earnings per share (HEPS) – the most common profit measure in South Africa – is expected to be at least 131 rand ($7.65) in the year to December 2022, 97% higher than last year’s 66.57 rand.

The benchmark coal prices averaged $276.57 per tonne for the year to date, compared to $124.11 per tonne last year,

Although its export performance suffered as a result of problems at state-owned rail and port operator, coal prices had been driven by demand, especially from Europe, whose energy supplies have been disrupted following major fuel exporter Russia’s invasion of Ukraine.

“Poor rail performance impacted our ability to move coal to port, with a concomitant impact on export sales,” Thungela said.

“The poor performance was further exacerbated by a 12-day strike by Transnet employees in October 2022, as well as a severe derailment on the coal corridor in early November which took 10 days to clear.”

South Africa Coal Production was reported at 234.495 Tonne mn in Dec 2021. The records shows a decrease from the previous number of 245.818 Tonne mn for December 2020.

Continue Reading

EDITOR’S PICK

Politics12 hours ago

Tanzanian president, Samia Hassan, positions to become party, CCM’s chairperson. Will she get it?

Tanzania’s president, Samia Suluhu Hassan is in a firm position to grab the heart of her political party, Tanzania’s Chama...

VenturesNow12 hours ago

Nigeria’s apex bank, CBN, introduces new cash withdrawal policy but legislators aren’t impressed. Here’s why

The lower chambers of Nigeria’s legislative house, the House of Representatives have asked the Central Bank of Nigeria (CBN) to...

Musings From Abroad13 hours ago

Months after acquisition, Tata Group to spend $400 million to refurbish Air India

Following the acquisition of Air India by the conglomerate, Tata Group, the airline will spend more than $400 million to refurbish...

VenturesNow14 hours ago

South Africa’s coal exporter, Thungela Resources, expects doubled profit for 2022

One of South Africa’s main coal exporter, Thungela Resources (TGAJ.J) on Thursday revealed that it expects its full-year profit to...

Metro15 hours ago

Nigerian Army denies Reuters reports of forced “abortion programme” for Boko Haram victims

The Nigerian Army has debunked a report by international media outfit, Reuters, which indicted the military authorities of forcefully terminating...

Culture16 hours ago

Restaurant owned by Nigerian named among top 200 in South Africa

A restaurant owned by a Nigerian entrepreneur, Ken Ayere, in South Africa, Hombaze African Cuisine, has been named in the...

Tech17 hours ago

Mastercard Foundation launches $200 million fund to support female-centric African SMEs

The Mastercard Foundation Africa Growth Fund (MFAGF), has announced the launching of a $200 million funding initiative for female-centric Small...

Sports17 hours ago

Cameroon keeper Onana throws more jibes after World Cup controversy

Cameroon’s first choice goalkeeper, André Onana, has thrown more jibes on the country’s football authorities following a controversy that rocked...

Musings From Abroad2 days ago

25 far-right group supporters arrested as Germany foils coup attempt

Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from...

Politics2 days ago

South Sudan’s ruling party endorses President Salva Kiir for next election

The ruling party in South Sudan has endorsed President Salva Kiir as its candidate in the country’s delayed election scheduled...

Trending