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Senegal’s fintech Kori Tech develops e-wallet to ease transactions across Africa

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Senegalese fintech, Kori Tech, has developed an e-wallet known as “KoriPass” with features linked to physical payment accessories like bracelets, stickers, or keychains, to help ease the process of making transactions across Africa.

Co-founder and CEO of the fintech, Nazib Ba, who unveiled the new offering on Tuesday, said Kori Tech “aims to solve a significant gap in the market concerning the inefficiencies and challenges associated with cash transactions, particularly in sectors like small retail and transportation.”

According to Ba, “KoriPass will allow users to make micro-payments at their favourite merchants, quickly and without contact, thanks to physical devices, such as bracelets, stickers, or keychains, equipped with NFC and QR code technology.”

“While there are existing payment solutions, KoriPass stands out with its unique approach leveraging NFC technology for faster transactions, change management, and reduced waiting times,” Ba said.

KoriPass is an electronic wallet associated with physical payment devices. Users without smartphones can visit a KoriPass merchant, open an account, link their preferred accessory, and fund it with cash, or else fund their wallet via the app.

“Merchants, on the other hand, do not require multiple accounts as one KoriPass merchant account allows acceptance of all mobile money providers in Senegal.”

Ba added that the early uptake of KoriPass has been promising so far with steady growth in merchant adoption and user engagement.

“The platform has seen a growing number of merchants integrating KoriPass into their businesses, attracted by its simplicity, speed, and efficiency in handling transactions,” he stated.

“KoriPass is currently operating in Senegal. The company has ambitious expansion plans to enter new markets, with a focus on francophone countries in West Africa like Ivory Coast, Benin, and Togo.”

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Again, Starlink raises prices of its services in Nigeria

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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.

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Safaricom Ethiopia launches 4G network in Gambella

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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.

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