Connect with us

Tech

Despite securing $4.8m debt funding, Nigerian fintech, OnePipe, lays off staff

Published

on

Despite announcing securing a $4.8 million credit facility last week, Nigerian fintech startup, OnePipe, has laid off dozens of its employees, while the executive team has accepted to take a pay cut.

The decision to lay off the staff, according to OnePipe CEO, Ope Adeoye, stems from the harsh business environment globally brought about by economic meltdown as a result of the Coronavirus pandemic and the Nigerian government policies.

Last week, the startup announced that it had secured a multimillion dollar credit facility from TLG Capital, a pan-African alternative investments firm, saying it will utiliize the funds to provide inventory finance to small shops, while at the same laying off an undisclosed number of team members to extend its runway.

Launched in August 2019, OnePipe aggregates APIs from banks and fintechs into a standardised gateway that is easy to integrate and makes partnerships seamless.

“TLG’s extensive experience structuring debt in Nigeria and their deep network across Africa, particularly in venture, made them the partner of choice as we look to scale,” Adeoye had said.

“TLG is our first debt partner and has been a powerful resource in planning our growth and balance sheet strategy.”

“Through this partnership, we’re looking to build the infrastructure to provide credit and payment services to the two-thirds of Nigerian business owners who don’t have access to effective and practical banking services,” Adeoye added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments 

Published

on

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

 

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Continue Reading

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

on

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

Continue Reading

EDITOR’S PICK

Metro9 hours ago

Zambian law association kicks over suspension of two members

The Law Association of Zambia (LAZ) has kicked against the suspension of two of its council members, Arnold Kaluba, the...

Sports9 hours ago

FIFA Ranking: Nigeria ends 2024 as fifth best team in Africa

Nigeria’s men’s football national team, the Super Eagles, ended the year 2024 as the fifth best team in Africa in...

Politics16 hours ago

Burkina Faso releases 4 French spies after Moroccan intervention

In a diplomatic spat over their imprisonment, France and Morocco announced Thursday that four French nationals detained in Burkina Faso...

Musings From Abroad16 hours ago

Blinken to reveal UN Sudan funding additions

Additional financing for humanitarian aid to Sudan and initiatives to strengthen civil society in the nation, where a conflict has...

VenturesNow17 hours ago

Tanzania tells IMF economy projected to grow by 6% in 2025

Tanzania’s economy is expected to grow by about 6% in 2025 from an estimated 5.4% growth in 2024, its finance...

VenturesNow17 hours ago

Nigeria to auction underdeveloped oil and gas fields in 2025

In order to meet the nation’s commitment to the UN Sustainable Development Goals, Nigeria will prioritize the development of natural...

Culture1 day ago

Ghana’s Supreme Court dismisses suit challenging anti-LGBT bill

Ghana’s Supreme Court has dismissed two separate suits challenging the legality of one of the proposed anti-LGBT legislations awaiting assent...

Tech1 day ago

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments 

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment...

Metro1 day ago

Zambian court orders ex-Defence minister to pay $899,970, K10m to govt

A Lusaka Magistrates’ Court has ordered jailed former Zambian Minister of Defence, Geoffrey Mwamba, to pay the government the sum...

Politics2 days ago

Ghana: President-elect Mahama appoints anti-corruption team

According to a statement released by his transition team on Wednesday, Ghana’s President-elect, John Dramani Mahama, has designated an anti-corruption...

Trending