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Again, Nigeria’s interbank electronic payments rise in August with transactions worth N33.2 trillion

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Nigeria’s interbank electronic payments have hit an all-time high e-payments value recorded in August with transactions worth N33.2 trillion.

According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), the transactions were performed through the Instant Payment platform (NIP). This brings the total value of e-payment deals in the last 8 months to N238.7 trillion

The NIBSS in August announced that there has been a 40% increase in e-payments in Nigeria between January and July this year.

The volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

There has been a surge in the rate of 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 banks, a microfinance bank, mobile money, insurance, or pension accounts, up from 49% in 2018.

The recent increase in electronic transactions is an indication that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

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South African calling app startup, Talk360, gets $7m seed funding following new backing

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South Africa’s international calling app, Talk360, a Voice over Internet Protocol (VoIP) startup, has secured an additional US$3 million in seed round funding, taking its total seed round to US$7 million after its first funding in May.

Talk360’s latest investors include lead angel investor, HAVAÍC, Allan Gray E2 Ventures (AGEV), Kalon Venture Partners, E4E Africa, Endeavor, and Tjaart van der Walt and Coenraad Jonker.

The app which enables people around the world to make reliable and affordable calls to any landline or mobile phone worldwide, co-founded in 2016 by South African venture builder, Dean Hiine with Dutch entrepreneurs Hans Osnabrugge and Jorne Schamp, provides phone calls to any offline landline or mobile phone in the world.

Earlier in May, the startup had secured a US$4 million seed round, which has now grown to $7 million with the additional $3m it secured on Monday

Hiine who spoke on the new investment, said the funds will help the company “grow its market share in South Africa, drive its growth on the rest of the continent and launch its market first pan-African payment platform in 2023.”

“Our mission is to bridge distance and connect lives by offering reliable, affordable, and easy-to-use digital services, delivered in a localised manner to all communities, particularly emerging countries, so they can connect to the world,” Hiine said.

“But we’re not just solving socio-economic issues: we’re also offering micro-entrepreneurship and income generating opportunities to our growing network of agents across the country,” he added.

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(VIDEO) 25-year-old Togolese inventor constructs 4-wheel-drive from recycled materials

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A 25-year-old inventor in Togo, Sourou-Edjareyo Malazouwe, has entered the history books after he constructed a 4×4 car using locally made recycled materials.

Malazouwe, who described himself as a self-taught engineer with a passion for sport cars, told journalists on Friday during an exhibition of the 4-wheel drive that he embarked upon the venture of making the car himself because he could not afford to buy one.

“I finished secondary school in 2016 and after that, I started my own business, selling and repairing mobile phones and computers. It’s because of that that I could afford to build this car,” he said.

He said he started work on the last year ago in his workshop in the Forever district of the capital, Lomé, and the first model named ‘RAF-X Raptor‘, has been out on the road for some time now.

“I used a lot of recycled parts. I paid for a few new ones. In this box you can see parts from Titan buses, from motorcycles, from cars, it depends. I get the parts from everywhere which is how I manage,” he said.

“There are plenty of people who are impressed by the car and I have received several orders for one, but I am currently working on fixing some probems with my garage,” he added.

Malazouwe’s efforts have not gone unnoticed as he was invited in May to meet with Togo’s Prime Minister, Victoire Tomégah-Dogbé Dogbé.

After the meeting, Dogbé tweeted that she was amazed and charmed by Malazouwe’s genius.

“I told him how proud we were and reiterated the government’s commitment to support him,” she wrote.

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