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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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MTN, Vodacom remain South Africa’s most valuable brands— Report

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A report released on Tuesday by global brand valuation consultancy, Brand Finance, has rated telecom giants, MTN and Vodacom, as the most valuable brands in South Africa.

According to the report, MTN is still the standout company, maintaining its position as the most valuable South African brand, despite experiencing an 8% decrease in brand value to ZAR68.2 billion.

Part of the report noted that the telecommunications company has significantly “expanded outside of its home market and has a stronghold in Nigeria, which is now MTN’s largest market in terms of both user base and revenue.”

“On the other hand, Vodacom’s brand value increased 10% to ZAR43.9 billion in 2024,” it said.

“This secures its second place in the ranking, while also narrowing the gap with leading competitor MTN.”

The Brand Finance research indicates that the influence of majority shareholder Vodafone has bolstered Vodacom’s brand and market standing.

Although Vodacom operates autonomously and is listed on the Johannesburg Stock Exchange, Brand Finance data reveals that Vodacom’s association with Vodafone enhances brand equity, cultivating recognition and trust.

“Amid the myriad of challenges that South African businesses are facing, our research highlights that now, more than ever, brand consistency is crucial in driving growth,” the report endorsed by Jeremy Sampson, Chairman, Brand Finance Africa, stated.

“For the past fifteen years, MTN and Vodacom have consistently maintained their positions as the top two most valuable brands and six of the top ten brands have stayed in the top ten.

“Leading brands like MTN, Vodacom, Standard Bank, and Absa have also nearly doubled their brand values since 2016.

“Time and time again, our findings underscore the critical need to prioritise brand investment as a strategic imperative, safeguarding companies’ brand as a valuable asset for the future,” it added.

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Nigerian healthtech startup Remedial Health launches app with digital POS, barcode scanner

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Nigerian healthcare startup, Remedial Health, has announced the launching of a new app with digital point of sales (POS) and barcode for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across Africa.

Co-founder and CEO of Remedial Health, Samuel Okwuada, who disclosed this in a statement, said the new “app comes with a digital POS terminal to support payment collection, virtual business accounts to receive payments.”

“It also has an in-built barcode scanner feature for recording product sales and store-switch functionality to enable the seamless management of multiple stores, as well as inventory management solutions for restocking and easily identifying short-dated products.”

Okwuada added that the app also offers comprehensive financial reporting to manage profit and loss, and data analytics to inform decision making.

“Neighbourhood pharmacies and PPMVs represent the frontline of healthcare delivery in Africa but they have historically been left to their own devices to figure out how to be efficient and profitable,” he said.

“Our mission is to empower these essential service providers with the tools they need to manage day-to-day operations and seamlessly run their practices effectively.

“We spent a lot of time interacting with our customers in the process of delivering this product and the feedback has been great.

“We are excited by the opportunity to get the app into the hands of pharmacies and PPMVs across the country to support their ongoing success, as well as the health and wellbeing of the nation.

“Our customers can also access same-day delivery and leverage inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities.”

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