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Nigerian fintech startup, Moniepoint diversifies into personal banking

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Nigerian fintech startup, Moniepoint has announced a diversification into the personal banking market with the launch of its consumer app and debit cards.

According to Ope Adeyemi, SVP for Channels and Sales Tools at Moniepoint, the platform which was founded in 2019, decided to enter the personal banking space so as to provide its customers with a wider range of streamlined services.

“With the entry into the personal banking market, millions of customers will enjoy seamless and reliable payments with Moniepoint Microfinance Bank debit cards, at the over 1.5 million businesses who currently use our platform,” Adeyemi said.

“The app will enable users to make transfers, pay bills and buy airtime, while the debit cards can be used at ATMs, POS terminals, and online, while merchants will also benefit from seamless transactions when customers use Moniepoint cards.

“Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services.

“We have always been committed to providing financial happiness, so it was a natural next step when dealing with so many businesses, to also offer our reliable services to their customers and employees.

“By taking this step, we are determined to power the dreams of millions of people across the continent,” he said.

Adeyemi added that the company’s new personal banking solution will offer reliable debit cards to over 33 million Nigerians who currently use its terminals monthly, with an easy dispute resolution system that ensures funds reversal for failed card transactions.

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Cut to undersea cable causes internet disruptions across East, Southern Africa

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Internet services across East and Southern Africa have suffered outages following undersea submarine cable cuts on Sunday.

According to the Group CTIO at Liquid Intelligent Technologies, Ben Roberts, in a post on X on Monday, the faults have been reported in the Eastern Africa Submarine Cable System (EASSy) and the Seacom cables.

Though details of the fibre cut are still unclear, Roberts said three crucial submarine cables in the Red Sea, the Seacom, EIG, and AAE1, suffered cuts and remain unrepaired, leading to the widespread outage.

“We have experienced an outage on one of the undersea cables that deliver internet traffic in and out of the country,” Roberts said.

“We have since activated redundancy measures to minimise service interruption and keep you connected as we await the full restoration of the cable. You may, however, experience reduced internet speeds,” he added.

Four of the nine subsea cables that connect countries like South Africa to the rest of the world were reported as damaged due to incidents on either side of the continent.

In Kenya, this latest outage seems to have affected service providers like Safaricom, Airtel and Telkom Kenya. Safaricom said has since activated redundancy measures to minimise service interruption and keep users connected, according to reports.

Other East African countries affected by the cut are Tanzania, Burundi, Uganda, and Rwanda.

This is the second time Africa has experienced a major fibre cut this year. In March, a suspected underwater rock slid off the coast of Cote d’Ivoire resulting in several submarine cables being offline which affected over 13 West African countries with greater impacts felt in Nigeria, Ghana and Senegal.

The affected cables included Africa Coast to Europe (ACE),
SAT-3 – Submarine Atlantic 3/West Africa Submarine Cable, WACS – West Africa Cable System and MainOne.

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Oracle to increase research, development investments in Morocco

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Global IT vendor, Oracle, has announced plans to expand its research and development (R&D) capabilities in Morocco by growing its local workforce to 1,000 information technology (IT) professionals.

Safra Catz, CEO of Oracle, who made the announcement on Friday, said the investment in the North African country will accelerate the development of Oracle’s cutting-edge technologies that help solve customer challenges worldwide.

“Oracle’s R&D center in Casablanca has already played a critical role in creating technical breakthroughs, enhancing cybersecurity, and delivering impactful new AI capabilities,” said Catz.

“By expanding our R&D presence in Morocco, we can further tap its deep talent pool to accelerate development of solutions that help our global customers grow their businesses and win in their industries,” he added.

Ms. Ghita Mezzour, Morocco’s Minister of Digital Transition and Administration Reform who signed the Memorandum of Understanding (MoU) on behalf of the government, said:

“This ambitious project falls within the strategic and comprehensive Royal Vision of His Majesty King Mohammed VI who called on encouraging Moroccan youth innovation and creativity.

“At this cutting-edge center, young Moroccans will be at the forefront of designing and developing innovative solutions, covering the latest technologies such as artificial intelligence, big data, cloud computing and cybersecurity.

“These solutions will be deployed on a global scale, thus strengthening Morocco’s positioning as a regional digital hub.”

Oracle’s expansion follows the opening of its Morocco Development Center facility at Casanearshore Park in Casablanca, where researchers use Oracle’s cloud, AI, and machine learning technologies to tackle the most pressing challenges facing business, science, and the public sector.

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