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Nigerian fintech startup, Kudi, changes name, becomes Nomba

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Nigerian fintech startup Kudi, will henceforth, be known as Nomba, as it transitions into an omni-channel payment platform which will provide enabling tools for businesses to grow.

The company, in a statement, said its change of name was necessitated by the expansion of its range of services to provide easy-to-use business tools for all kinds of businesses to accept, process and manage payments online and offline.

Co-founder of the the platform, Yinka Adewale, while expressing their delight in the way it has grown since its inception in 2017, said Kudi has enabled “underbanked and unbanked Nigerians to access basic financial services such as money transfers, bill payments and cash withdrawals through its agent network.”

“To further drive the expansion, the company has appointed two key new executives, Jeffrey Williams as vice president of business, and Toluwani Ijogun as vice president of brand, marketing and communications.

“Since our launch in 2017, our technology and insights have enabled merchants to earn and build successful businesses, transforming their own lives and that of others.

“Today, complimentary regulatory frameworks and well-thought-out partnerships with financial institutions have synergised to create an enabling environment for fintechs to chart the future of payments, making access to digital payment solutions ubiquitous,” said Adewale.

“These tools will offer more businesses of all sizes across Africa a distinct gateway into the digital economy, while enabling them optimise their operations.

“Over the next six months, Nomba plans to extend the penetration of its POS terminals across the country, giving more businesses access to technology that delivers real-time oversight of all business transactions whether they are a one-man business or a corporate, all on one dashboard.

“It also plans to expand its product offerings into invoicing, payroll management and other tools that boost the productivity of businesses,” he added.

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MTN launches 5G network in Zambia

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Pan-African mobile operator, MTN, has officially launched its 5G network in Zambia, after beginning a test run in January, making the country the third in Africa after previous launches South Africa in June 2020 and in Nigeria in September 2022.

The 5G services which will run commercially in six Zambian cities, according to MTN Group’s President and CEO, Ralph Mupita, will help transform businesses and livelihoods in the southern African nation.

“5G can transform business and livelihoods beyond simple connectivity, with the potential to unlock many new use cases. In Zambia, we see great opportunities across many sectors, and in the mining industry in particular,” Mupita said at the launch on Friday.

MTN Zambia CEO, Bart Hofker, said the 5G services had been activated to cover about 65% of the population in the cities of Lusaka, Kitwe and Ndola, and parts of Chingola, Solwezi and Kalumbila, which translates into about 15% of the overall population of the country.

“We plan to reach 100% 5G coverage in Lusaka, Kitwe and Ndola by the middle of 2023, while gradually expanding the 5G network to other locations,” Hofker said.

MTN’s 5G is a fifth-generation mobile network technology which offers faster speeds, lower latency, better security and stability and the ability to handle high-volume connections and mobile data. It can connect virtually everything, including machines, vehicles and robots,” he added.

The launching of the network in Lusaka, the country’s capital, was witnessed by Zambian President, Hakainde Hichilema, along with top government ministers and representatives of the telecoms regulator and the Central Bank governor

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Nigerian fintech startup, Pivo, secures $2m seed funding to expand offerings

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Nigerian fintech startup, Pivo, has successfully secured a $2 million seed funding to expand its existing offerings for its customers as well as build new ones to improve transaction management and payment reconciliation for supply chains.

The company started in 2021 by Ijeoma Akwiwu and Nkiru Amadi-Emina is targeted at businesses that deal with import, export, manufacture, distribution and retail of FMCG, logistics and haulage, and clearing and forwarding.

Pivo which began with three main products, Pivo Capital, Pivo Finance, and Pivo Plus, offers access to insurance, corporate compliance and tax regulation support.

The company, in a statement on Friday by Amadi-Emina, said the $2 million seed funding round which comes from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures, will be used to upgrade existing products and build new ones as the company plans to establish its presence outside Nigerian to East Africa, and grow its team.

“After our pre-seed raise of US$550,000 early in Q1 of this year, we launched a new product, Pivo Business, with features that supply chain SMEs can use to achieve better cash flow,” Amadi-Emina said.

“The transaction volume of Pivo Business accounts grew by over 400 per cent between April and September. With this funding, we intend to build on existing products and develop solutions for supply chain anchors,” she added.

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