Tech

Africa-focused payment platform, Zazuu shuts down operations

Published

1 year ago

November 19, 2023

Africa-focused payment platform, Zazuu has announced shutting down its operations due to its inability to secure a growth funding round.

The fintech founded in 2018 by four Nigerian entrepreneurs, Kay Akinwunmi, Korede Fanilola, Tosin Ekolie, and Tola Alade, posted on LinkedIn that it was closing down its operations.

“To our friends and supporters, we have some difficult news to share. Zazuu will be closing its doors,” the company said in the statement.

“When we started Zazuu, our mission was to make international money transfers fair for Africans. With the support of our investors and team, we made huge strides securing regulatory approvals, building our products, and laying the groundwork for future growth.”

The fintech added that due to a tough funding climate, it failed to secure a growth funding round despite exploring every option.

“Massive thanks to our brilliant team, our customers who stuck with us, our investors, and partners who bought into our vision. Your belief in us kept us going.

“Sure, it stings. We explored every option before making this decision,” the company said in the LinkedIn post announcing the closure.

“But we’re walking away with our heads high, proud of what we built and the lessons learned. We’re still all about making financial services fair and accessible for all. We are so grateful to have shared this experience with you,” the statement said.

Zazuu had made history in June when it became the first fintech marketplace for cross-border payment networks in Africa to raise over $2 million from investors like Launch Africa, Founders Factory Africa, ODBA, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Zazuu started out as a simple Facebook and Telegram chatbot informing users of daily FX rates, before evolving into a full-blown aggregator that listed more than 17 Africa-focused remittance providers on its platform before its closure.

Related Topics:Featured fintech Payment Platform Zazuu

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Tech

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

Published

2 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

3 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