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Nigerian fintech Africhange launches in the UK

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Nigerian global remittance services provider, Africhange, has launched its operations in the UK which will enable diaspora Nigerians have easier and faster access to sending cash to their loved ones back home.

David Ajala, the founder and CEO of Africhange, who made the announcement, said starting with the UK-Nigeria corridor and expanding to include Ghana and Kenya before the end of the year, Africhange’s new Authorised Payment Institution License would underpin the delivery of a range of payment solutions, including remittance services for UK users.

“Africhange’s entry into the UK market represents a significant milestone in our mission to deliver the best possible global payments experience for Africans in diaspora,” Ajala said.

“Despite the significant inflows of remittance to the continent, the cost of sending money means a significant percentage of those funds don’t get to the recipients and we want to change that.

‘’We have big plans and we are looking forward to expanding our services, reaching more customers and ensuring that everyone can benefit from seamless and cost-effective international money transfers.”

He stated that with Africhange, Nigerian students enrolled in UK universities can now get discounted exchange rates on top of the market-leading rates available to the general public.

“Africhange is also planning to introduce its innovative loyalty program, Afripoints, which allows users to earn cash rewards for sending or receiving money through the platform.

“With Afripoints, users are able to accumulate points for every transaction, which can be withdrawn as cash or spent as discounts on transactions.

“This program is already available to users in Canada, Australia, and Nigeria, and will soon be launching in the UK.

“Africhange currently supports remittance services across more than 100 corridors globally, with more corridors across Africa, Europe, Asia and the Americas to come, as well as a broader range of payment and financial services for users.

“Users can send money across the world in real-time, with competitive rates ensuring that more money reaches the recipients.

“The company supports money transfer services from Canada, Nigeria, Australia and the UK to various countries across the world, with a range of currencies including US Dollars (USD), Canadian Dollars (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Kenyan Shillings (KES), Ghanaian Cedis (GHS), Indian Rupees (INR), Australian dollars (AUD), British Pound Sterling (GBP) and more.”

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SA’s e-health startup RecoMed partners Discovery Vitality to simplify flu vaccinations

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South African e-health startup, RecoMed, has struck a partnership with Discovery Vitality to simplify bookings for flu vaccines and Vitality Health Checks.

RecoMed is a technology-driven online healthcare marketplace and booking platform that seamlessly connects practitioners, patients, and other stakeholders in the healthcare ecosystem.

According to its profile, patients can easily book appointments with a diverse selection of healthcare practitioners in their area quickly and privately from a phone, tablet, or PC, 24/7.

Vitality, on the other hand, is the largest global platform for behaviour change, underpinning the insurance products of leading insurers worldwide, impacting 30 million lives in over 40 markets.

Sheraan Amod, CEO at RecoMed who issued a statement on the partnership, said the collaboration between Discovery Vitality and RecoMed has reimagined bookings and efficiencies for independent members and corporates.

“This collaboration showcases Discovery Vitality’s commitment to supporting and empowering their members,” Amod said.

“Members can easily manage their family’s health within a simple system that allows them to stay ahead of their Vitality Health Checks, and the benefits this delivers, as well as to protect themselves ahead of flu season.

“As South Africa has entered the flu season, it’s important that we make it as easy as possible for our members to find an approved Discovery Vitality partner at a convenient location for their flu vaccine and Vitality Health Check.

“Moving the booking journey onto this accessible, digital platform has allowed our members to simply click and book vaccines and Vitality Health Checks without waiting in a queue or spending time navigating long lists.

“The collaboration has allowed for Discovery Vitality to radically modernise and speed up access to healthcare providers for these essential services while transforming member experiences,” he added.

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d.light closes $176 securitized financing for off-grid solar in Kenya, Tanzania, Uganda

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Global provider of household products and affordable finance for low-income households, d.light, has announced closing $176 million in securitized financing for off-grid solar in Kenya, Tanzania and Uganda.

According to the CEO of the firm, Nedjip Tozun, the new financing was provided by social impact-focused asset management company, African Frontier Capital.

Tozun, in a statement, said the will use the facility “to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.”

He stated that the facility is multi-currency and will enable access to reliable, renewable energy for an estimated six million people across the three countries over the next three years.

“With this new facility, d.light has now closed securitized financing with a total combined purchasing value of USD$718 million across five separate facilities since 2020,” the CEO said.

“This new facility is another landmark step in d.light’s mission to provide people with affordable energy that is also clean, safe and sustainable.

“It lets us expand our reach so that millions of off-grid families across Kenya, Tanzania and Uganda can experience the benefits of solar energy.

“Facilities like this make possible our pioneering PayGo consumer financing model with which we are able to offer solar home systems and high efficiency appliances to the people that need them most in a way that is affordable and sustainable.”

“With this new facility, d.light has for the first time in its history receivables-based financing facilities in each of our PayGo markets – Kenya, Uganda, Tanzania, and Nigeria.

“These facilities allow d.light to remain consistently cash flow positive and remove the requirement for further external equity fundraising to fund our growth.”

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