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Nigeria fintech startup, OnePipe, raises $4.8m in drive to reach more SMEs

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Nigerian fintech startup, OnePipe, has announced securing a $4.8 million debt funding facility from TLG Capital in a bid to drive the company’s inventory finance solution for Small and Medium Enterprises (SME’s) in the country.

The founder and CEO of the fintech, Ope Adeoye, who made the disclosure on Tuesday, said the company hopes to use the capital raised to expand its business beyond the West African country.

“Through this partnership, we’re looking to build the infrastructure to provide credit and payment services to the two-thirds of Nigerian business owners who don’t have access to effective and practical banking services.”

One of the best run fintech’s in Nigeria, OnePipe empowers small companies and businesses to integrate financial services within their value chains by incorporating various solutions such as auto-reconciliation with every payment.

The company currently has three flagship solutions PaywithTransfer, Pay4me, and Benefits, according to Adeoye.

Giving a breakdown of the various arms of OnePipe, he said the PaywithTransfer solution is integrated with a payments service that includes virtual accounts, cards, and more.

“The Pay4me solution, on the other hand, offers various forms of credit for customers, including inventory finance, asset finance, and short-term cash loans,” he said.

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Kenyan President, Ruto orders review of proposed tax on digital content creators

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President Williams Ruto of Kenya has ordered for a review of a proposed 15% tax on digital content creators enacted by his predecessor, Uhuru Kenyatta which was captured in the Finance Bill for 2023.

The controversial proposal which raised a lot of dissent in the country, would see local content creators, including bloggers, YouTubers, and social media influencers, paying a 15% tax, with many saying it will amount to double taxation.

The proposal was approved in 2021 by then President Kenyatta who gave the green light to the Value Added Tax (Digital Marketplace Supply) Regulations, 2020 draft.

The bill defined digital marketplace supply as any supply of a service made over a platform that enables the direct interaction between buyers and sellers of services through electronic means.

According to the proposed Finance Bill, “the scope of digital content monetization has now been expanded to include payment gained from advertisements on websites, social media platforms, and other outlets, brand sponsorships, and affiliate marketing.

“Others include subscription services where the audience pays a regular fee to view the content, crowdfunding for a creator and membership programs.

“A person who is required to deduct the digital asset tax shall, within twenty-four hours after making the deduction, remit the amount so deducted to the Commissioner together with a return of the amount of the payment, the amount of tax deducted, and such other information as the Commissioner may require.”

But while speaking during the National Drama Festival at the State House in Nairobi on Friday, Ruto ordered Parliamentary Finance and ICT Committees to rethink the clause on taxing content creators.

“I know there is a proposal in this year’s budget on digital content, and creators are making a statement,” President Ruto said.

“I have told the ICT and Finance committee to work on it. Let’s them give a bit more space,” he added.

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Mastercard teams up with Ghana Cybersecurity agency in fight against fraud

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Global payment platform, Mastercard has entered into a partnership with the Ghana Cyber Security Authority (CSA) in a bid to fight cyber fraud in the West African country.

The partnership which was sealed with the first-ever Fraud and Cyber Security Forum in Ghana, held during the week, and brought together key players in the Ghanaian tech ecosystem, including financial institutions, regulators and fintech, who examined the latest fraud trends and address crucial aspects of cybersecurity in Ghana.

The forum covered the latest attack methods utilized by cyber criminals, the assets they target, and the motivation behind such attacks, with a specific focus on the financial services sector.

Mastercard Country Director for Ghana, Bossman Kwapong, in his keynote address, said with the increased adoption of digital services, new payment flows, and connected supply chains, cyber risk was one of the top risks faced by organizations.

“It is essential that this risk is well understood and managed by organizations to protect themselves and their customers,” he said.

“The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common.

Mastercard recognizes the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.

“We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.

“As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers,” Kwapong said.

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