Tech

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

Published

3 weeks 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

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Tech

Angola inaugurates new satellite control centre for ANGOSAT-2

Published

12 hours ago

January 28, 2023

Akanimoh Etim

Angola has inaugurated its first satellite control centre with the main task of monitoring the activity of the country’s satellite, ANGOSAT-2.

While inaugurating the Centre on Friday at the Funda area of Luanda, the southern African country’s capital, President João Lourenço said the fully equipped centre with technical and technological means will be maintained by its technical experts with the help of Russia after the launch of the ANGOSAT-2 in October last year.

“With the launch of this satellite and its commissioning, Angola will win in all services, so we will improve our telecommunications and our social communication and will also benefit from this important project,” President João said.

“Therefore, further investments to ensure that our telecommunications contribute to the development of the country and the services of our economy, not just of Angolan society, will continue to be made.

“It has been said here that in terms of fibre optics and therefore cable transmission and investment that we are making today to connect Angola to the neighbouring country, specifically the DRC,” the President added.

The Satellite Mission and Control Center, according to local media, is an intelligent infrastructure with multiple engineering advantages, capable of guaranteeing the tracking, monitoring and operation of satellites.

Angola had, in December 2017, launched its trial satellite ANGOSAT-1 alongside the Russian rocket, but it was soon to be lost after it had lost control as soon as it entered orbit.

Tech

Egyptian e-sports platform, GBarena, buys Tunisia’s Galactech, for $15m

Published

1 day ago

January 27, 2023

Akanimoh Etim

Egyptian e-sport startup, GBarena, has acquired the Tunisia-based online tech platform, Galactech, in a swap deal worth $15 million.

GBarena which is the leading Middle Eastern e-sports platform, gounded in 2016 by Mustafa Zaza and Bishoy Mesdary, in its bid to create an online gaming community the connects gamers with tournament organisers and customers, said in a statement on Friday that its quest to provide its customers with a platform where they can manage their tournaments through fully automated processes informed its decision to acquire the Tunisian firm.

Galactech, founded in 2019 by Houcem Maiza and Houssem Zouaghi, has over 200,000 active users and with the acquisition,will support GBArena’s plans to expand into the GCC, including Saudi Arabia, Dubai, Tunisia, and the Middle Eastern esports industry.

The acquisition marks a milestone transaction for GBarena in anticipation of closing its Series A later this year, with participation from investors in the US, Singapore and the MENA region.

“Our goal has always been to provide our users with an unparalleled e-sports experience, no matter where they’re located in the world. With our acquisition of Galactech, we can now ensure that our users from North Africa will have access to identical features and content they have come to expect from us while providing them with extensive opportunities for growth and development within the esports community,” CEO Samer Wagdy said.