Tech

Nigerian fintech startup, PennyTree, launches app to enhance improved retail banking

Published

2 years ago

January 7, 2023

Nigerian fintech startup, PennyTree, has lauched a new app that will provide retail banking services for individuals and merchants looking to scale and grow their business operations.

The redesigned app which was launched on Thursday in Lagos, according to co-founder, Abayomi Ogunjobi, is “a necessary solution designed to help individuals make the most of their finances and provide the needed financial and business advisory support to merchants finding their foot in their industries or looking to scale their operations.”

Ogunjobi explained that with the new PennyTree app, users can carry out regular banking activities like transfers to PennyTree users and users of other banks, lock their funds in secure savings wallets and earn returns, create business accounts for new or existing businesses and generate invoices and receipts for their customers.

“In the last five years, small businesses in Nigeria have contributed about 48 per cent of the national Gross Domestic Product (GDP) ” Ogunjobi said.

“A lot of these businesses are already thriving on their own and we believe that with the right support we can help them reach their potentials faster and even scale quickly.

“This is the next phase of the PennyTree journey. We want to help these businesses do more in terms of getting their stories out and getting the support they need to expand.

“”The new PennyTree app has new features to continue to support individuals who want to carry out basic banking activities and invest or save their money in a secure, safe and easy-to-use wallet,” he said.

Funded in 2021 by Ogunjobi and Ayo Ogunlowo, PennyTree has evolved with the mission to continue to support Nigerians looking to do more with their money.

“Now, the company is also committing to enabling businesses to grow more consistently and better manage their income,” Ogunlowo said.

Related Topics:Featured fintech PennyTree Startup

Click to comment

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

4 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation