Connect with us

Tech

Internet Speed: Google’s second subsea cable in Africa arrives in Lagos, Nigeria

Published

on

Nigeria has something to cheer about after news broke that American tech company, Google snubbed Africa’s largest economy to establish its first Africa product development centre in Nairobi, Kenya.

The tech giant announced on Thursday, the arrival of its subsea cable, Equiano, in Lagos, Nigeria.

The announcement was made by Google’s West Africa Director, Juliet Ehimuan-Chiazor, who revealed that the cable landed in Lagos, Nigeria today, making it its second successful landing in Africa after it reached Togo last month.

The Director further explained that the arrival of the cable became necessary as internet penetration in Nigeria remains despite the country being Africa’s largest economy. She noted that “landing this cable comes as part of critical stages leading up to its deployment later this year”

“Nigeria is sub-Saharan Africa’s largest economy. Still, the share of people using the internet stood at approximately 35% as of 2020 – double what it was in 2012. Across much of the country, people lack affordable, reliable & quality access, which limits their ability to benefit from, and contribute to, the digital economy.” Ehimuan remarked.

“Since 2017, the Nigerian government has been actively working on its digital transformation programs as part of plans to grow its domestic sectors.

“These initiatives have proven pivotal to the success of many industries in the country, especially the start-up space. In the last five years, start-ups in Nigeria have produced five unicorns (start-ups valued at over a billion dollars). Businesses are also benefiting significantly from the usage of internet platforms, with total e-commerce annual expenditure predicted to climb to $75 billion by 2025, up from its current projection of US $12 billion.

“With Equiano (the subsea cable), we look forward to being an even more integral part of the digital transformation journey in Nigeria.” She concludes.

News about the Nigerian government’s willingness to collaborate with Google broke last week as a government agency, the Nigerian Communications Commission (NCC) expressed determination to work together with Google Global Services Nigeria towards advancing the actualization of national targets for ubiquitous broadband access, in furtherance of Nigeria’s digital transformation policy.

Tech

Nigerian fintech startup, CredPal, secures more funding from Cairo Angels syndicate

Published

on

A Nigerian fintech startup, CredPal, has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund, to expand its “buy now, pay later” incentive to customers.

Launched in 2018 by the duo of Fehintolu Olaogun and Olorunfemi Jegede, CredPal has placed itself as one of Nigeria’s most preferred consumer credit platform that gives buyers the freedom to “buy now and pay later” and helps merchants acquire more customers to increase their sales.

According to Disrupt Africa, the Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, with the company announcing in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and to scale across Africa.

While speaking on the new funding, Olaogun said:

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit.

“My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together.”

The Cairo Angels is Egypt’s first formal network of angel investors, and since its formation has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.

Continue Reading

Tech

Nigerian auto tech startup, Autochek, partners with Kenya’s Pezesha to provide asset financing to African SMEs

Published

on

Nigerian auto-tech digital solution startup, Autochek, has entered into a partnership with Kenyan fintech, Pezesha, to provide asset financing to Africa Small and Medium Enterprises (SMEs).

According to Autochek Kenyan Country Manager, Bilhah Muriithi, the company aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, with the hub starting with Nigeria and Ghana.

“Autochek has been focused on financing retail customers, we are excited to partner with Pezesha whose key focus is on enabling SME lending.

“Autochek will continue to invest in the market while exploring new partnership opportunities to deliver solutions for driving positive change in the automotive industry in Kenya and beyond,” said Muriithi.

Autochek, Muriithi said, plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

Having expanded to Kenya late last year, the partnership between Autochek and Pezesha will enable SMEs to acquire auto assets for ease of business operations and growth.

Pezesha was founded in 2016 and has created a holistic digital financial infrastructure that connects small and medium-sized businesses to working capital offered by banks, MFIs, and other financial institutions or networks.

Continue Reading

EDITOR’S PICK

Culture31 mins ago

Nigerian singing sensations, Wizkid, Tems, win 2022 BET Awards

Nigerian music stars, Ayo Balogun and Temilade Openiyi, popularly known as Wizkid and Tems respectively, were the biggest African winners...

Metro2 hours ago

Nigeria: Zamfara state government wants gun licenses for residents over insecurity

The Commissioner for information in one of Nigeria’s Northern states, Zamfara state says residents in the state can start approaching the police command...

Metro4 hours ago

Ex-Liberian rebel warlord charged in US over attempt to obtain citizenship fraudulently

A former commanding general of the Armed Forces of Liberia (AFL), a notorious rebel group during the West African country’s...

Politics16 hours ago

18 years after suspension, Zimbabwe lobbys for readmission into Commonwealth

Southern African Zimbabwe has continued with lobbying for readmission 18 years after it was thrown out of the body over...

Politics17 hours ago

Malian military leader signs election law that will allow him contest in 2024: Is this deja vu?

Leader of the Malian military junta, Col. Assimi Goita, has signed a new law which will pave the way for...

Politics18 hours ago

South Africa: President Cyril Ramaphosa arrives Germany for G7 Summit

South Africa’s president, Cyril Ramaphosa arrived in Munich, Germany on Sunday for the G-7 summit. According to the South African...

Metro18 hours ago

Spanish PM, Pedro Sanchez, blames ‘Mafia’ for human trafficking after African migrants’ deaths at Morocco/Melilla border

Spanish PM, Pedro Sanchez, blames ‘Mafia’ for human trafficking after African migrants deaths at Morocco/Melilla border The Prime Minister of...

Metro18 hours ago

South Africa: Eskom announces ‘Stage 4’ power cuts

South Africa’s state-owned power utility, Eskom says it will continue with “Stage 4” power cuts until Wednesday. The power rationing has been through 3...

Metro19 hours ago

Tragedy as 22 die in South African night club

At least 22 people have died from exposure to poisonous substances in a popular nightclub in East London, South Africa....

Sports20 hours ago

African soccer stars who flopped in the English Premier League

When English Premier League giants, Arsenal, paid French club Lille, a whopping £72 million which was a club record, for...

Trending