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E-payments in Nigeria rise by 40% from January to July 2022

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There has been 40% increase in e-payments in Nigeria between between January and July this year.

The Nigeria Inter-Bank Settlement Systems (NIBSS) made the revelation on Monday, that transactions worth N204.5 trillion were performed electronically between the period compared with N145.8 trillion recorded in the same period last year.

The NIBSS said the value of e-payment recorded was a reflection of the increase in the volume of deals within the period.

There has been a surge in the rate financial inclusion in Nigeria. The EFInA Access to Financial Services in Nigeria 2020 Survey shows that 51% of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile money, insurance, or pension accounts, up from 49% in 2018.

Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers.

The NIBSS Instant Payment platform (NIP) which is an account-number-based, online-real-time Inter-Bank payment solution volume rose to 2.7 billion in the seven months, showing a 42% increase over 1.9 billion recorded in the same period last year.

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South African home services startup, SweepSouth, secures $11m funding for further expansion

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Fast rising South African online home services startup, SweepSouth, has successfully raised US$11 million in funding to enable it expand and establish its presence in other African countries.

The CEO and co-founder of the platform, Aisha Pandor, said on Tuesday that “funding will allow the company further develop and grow its infrastructure and team in South Africa, roll out new services in existing markets, and pursue both greenfield expansions and acquisitions across the African continent and beyond.

“This new funding round is an important one for our team as we continue to scale in South Africa, and further grow our operations in Kenya, Nigeria, and Egypt.

“We’re excited to continue SweepSouth’s work in connecting customers with home service providers across the continent, building a platform that empowers domestic workers and local tradespeople,” Pandor told Disrupt Africa.

Founded in 2014 by Pandor and Alen Ribic, SweepSouth is an online platform providing on-demand home cleaning services, operating across various South African cities as well as in Kenya, Nigeria, and Egypt.

The funding round was led by Alitheia IDF, a gender-lens private equity fund, and also includes current investors Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management. New investors Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures, and E4E Africa also joined the round.

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YouTube paid $50 billion to creators, media outlets in 3 years, to pay them 45% Ad revenue

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Video streaming platform, YouTube, has revealed that it paid content creators, artists, and media companies over $50 billion over the last 3 years.

The Google-owned streaming service recently announced that it would introduce advertising on its video feature shorts and give video creators 45% of the revenue.

With 30 billion-plus daily views and 1.5 billion-plus monthly logged-in users, Youtube is introducing new ways for creators to earn revenue through Shorts, and re-imagining the music industry and creator dynamic by opening up ads monetization for those who feature music in their videos.  

YouTube’s Chief Product Officer, Neal Mohan, said: “YouTube’s first-of-its-kind, industry-leading Partner Program changed the game for long-form video. And now we’re changing the game again, this time by opening it up to Short-form creators and introducing revenue sharing to Shorts.

“This is the first-time revenue sharing is being offered for short-form video on any platform at scale, adding to the 10 ways creators can already earn revenue on YouTube. It’ll be available to all of those in YPP — including the new, mobile-first creators, who will be joining the program for the first time.”

Also speaking, Lyor Cohen, YouTube’s Global Head of Music, said: “Creator Music is the future. We’re building the bridge between artists and creators on YouTube to elevate the soundtrack of the creator economy; it’s a win-win-win for artists, songwriters, creators, and fans.

With Creator Music, artists have a new way to get their music out into the world; fans can now discover music they love on their favorite creator’s channels, and both creators and artists will have new revenue opportunities.

YouTube has 2.1 billion monthly active users based all around the world and the number shows no signs of slowing down, with the projected number of users increasing each year. In terms of daily active users, YouTube sees approximately 122 million users per day.

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