Tech

Nigerian fintech Thepeer shuts down after failing to secure funding

Published

8 months ago

April 8, 2024

Nigerian fintech, Thepeer, has shut down its operations after failing to raise the needed funds to scale up its services.

The startup which was founded in by the duo of Kosisochukwu Chike Ononye and Michael Okoh in 2021, was a leading provider of APIs that allow fintechs and other businesses to embed different sets of financial products into their applications and websites.

Thepeer which took the Nigerian tech ecosystem by storm after securing a $2.1 million seed fund in June 2022, announced that it is closing down and will return its remaining capital to investors after failing to scale up.

“We embarked on a mission to create something unprecedented, a unique method for transferring money between digital wallets and making payments for goods and services directly from these wallets,” the statement issued by Ononye said.

“Yet, we soon realised that exceptional technology alone wasn’t sufficient.

“Our unique service had its challenges, the first being compliance issues that hindered us from launching key wallet providers or maintaining their services.

“Additionally, the overall acceptance of wallets as a viable payment option didn’t grow as rapidly as we had hoped; this meant we had to spend a lot of time and resources educating people about what we do.”

Ononye added that the challenges faced by the company meant it needed to “make a decision to either do a hard pivot, an M&A deal, or return capital to investors.”

“After carefully weighing our options, we decided that returning the remaining capital to investors was the best decision,” he said.

“We could not align our product with the market’s needs at our current size and scale,” Ononye added.

He stated that Thepeer will now be placed on maintenance mode, while the founders will work to maintain the platform for as long as possible until they discover a new home for it.

Related Topics:Featured fintech Funding Thepeer

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

3 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

1 day ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.