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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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South Sudanese telcos increase tariffs as exchange rates soar

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Telecommunication companies in South Sudan have been forced to increase their tariffs as a result of a hike in the official exchange rate.

Local media reports that the likes of MTN South Sudan, Zain South Sudan, and Digitel Holdings have jointly announced a tariff adjustment in response to an increase the official exchange rate following an agreement between the National Communications Authority (NCA) and the Bank of South Sudan (BOSS) to align telecommunications service prices with the official exchange rate.

The adjustment will occur in three phases from October to December 2024 with the first change taking effect on the night of October 18, followed by subsequent changes on November 18 and December 18, 2024.

In a joint communique, the telcos confirmed that notifications about the initial adjustment were distributed via various channels and the decision was made after considering the potential impact on customers and the telecom sector.

“Since the first phase began, operators have increased the cost of internet and mobile airtime subscriptions by 600 South Sudanese pounds,” a media platform reported.

“Thus, subscribers now pay SSP1,565 for 100 MB with Zain, SSP1,790 with MTN, and SSP1,835 with Digitel, rather than the previous SSP900.

Meanwhile, another report has also indicated that the parliament will address rising telecommunications tariffs once the committee investigating alleged malpractices within telecommunications companies has submitted its findings.

According to one lawmaker, these practices have significantly raised the cost of communication services in the country, affecting the general public.

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Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

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Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.

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