Tech

Nigerian remittance fintech, Chipper Cash, reportedly put up for sale

Published

2 years ago

March 16, 2023

A Nigerian remittance fintech company, Chipper Cash, is reported up for sale following the closure of the US-based Silicon Valley Bank (SVB), which is expected to affect a lot of tech companies around the world.

A report by major tech news outlets in Nigeria on Thursday noted that the company, which is one of the best-performing fintechs in Africa which was valued at $2 billion in late 2021 after a $100 million Series B funding by SVB, has hit bad times in recent times and is considering a sale.

The fintech firm also had the backing of crypto trading firm FTX, but now, analysts suspect the downward spiral of these financiers has affected Chipper’s balance sheet, one report said.

However, the CEO of Chipper Cash, Ham Serunjogi, has downplayed the impact of the sale claims, saying that it has normal for the startup to receive requests for mergers and acquisitions.

“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees. That being said, we have never sought to be acquired,” Serunjogi said in a statement.

He assured customers of the remittance company that the collapse of SVB will not have a significant effect on the operations of Chipper Cash.

“We had a very limited amount of money, only about $1 million, held in our SVB account at the time the bank was taken over by the California regulator.”

“What is happening now doesn’t change that. Additionally, SVB wasn’t the only investor in that round.”

“Five years ago, when I was trying to open Chipper’s first bank account, SVB was the only bank that would accept us. I know there are countless other startups all doing very important work who would say the same thing,” Serunjogi reiterated.

Related Topics:Chipper Cash Featured fintech Silicon Valley Bank

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Tech

Again, Starlink raises prices of its services in Nigeria

Published

3 days ago

December 28, 2024

Isaac Dachen

Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

Tech

Safaricom Ethiopia launches 4G network in Gambella

Published

4 days ago

December 27, 2024

Isaac Dachen

Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.