The Middle East and Africa (MEA) region is poised to have Mastercard’s new initiative focusing on digital payments and advancing financial inclusions for Uber across the region. As a regional first, the partnership with Mastercard will enable Uber to drive digitisation across their business operations, leveraging Mastercard’s single infrastructure to meet all types of payments needs across Uber Rides, Uber Eats, Uber Pass, and Uber for Business.
Amnah Ajmal, Executive VP Market Development of Mastercard
It is intended that the partnership will boost cashless payments, drive digital payment acceptance, reward loyalty, while supporting Uber’s continued social impact collaboration.
The Economy 2021 report released by Mastercard notes that the economic impact of COVID-19 has introduced permanent changes in digital consumer spending habits, growth of online banking, fintech disruption and opportunities to boost financial inclusion.Through the partnership, both companies can bridge the financial inclusion gap through a broad range of efforts.
“Mastercard continues to partner with digital players across the value chain to build a more connected world,” says Amnah Ajmal, Executive VP Market Development of Mastercard.
“Enabling secure, immediate movement of money for individuals in the gig economy workers and customers is especially vital as we support economic recovery efforts. Through our growing partnership, we are enabling the company’s long-term business growth as a result of improved operational efficiencies, driving greater financial inclusion and innovation across the region, and ultimately boosting the growth of the digital economy in MEA.”
Last year, Uber in South Africa launched a product called Uber Pass, which will now be available across most cities in MEA, with Mastercard becoming a key distribution partner to help drive adoption.
“This is the largest partnership for us across MEA, and we are proud to be working together to bring key financial solutions to driver-partners across MEA. Driver’s well-being is a top priority and putting opportunities they want within reach is important to us,” adds Tino Waked, Regional GM of Middle East & Africa.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The world’s largest mobile money platform, Safaricom’s M-Pesa Africa has appointed Sitoyo Lopokoiyit as its new Managing Director. He is a “mobile financial services expert who has directly managed mobile money in two of the largest markets in the world – Kenya and Tanzania,” reveals MyBroadBand. Lopokoiyit joined Safaricom in 2011 as head of M-Pesa strategy and business development. He then went on to Vodacom Tanzania in 2016 where he worked as the director of m-commerce, before re-joining Safaricom in 2018.
Sitoyo Lopokoiyit
It could be recalled that Kenyan Senators have been working towards breaking up Safaricom so M-PESA can be a separate entity to prevent what they call undue monopoly. They believe that Safaricom should split into two firms – Mobile Services and M-PESA. According to The Star, a split would see the mobile telephony service regulated by the Communication Authority of Kenya (CAK) and the M-Pesa division regulated by the Central Bank of Kenya (CBK).
A recent report by TechWeez revealed that senators believe there should be a level playing ground for the likes of Telkom and Airtel Kenya who operate at the mercy of Safaricom as they owe it billions of shillings.
“The market is not competitive any more. The other operators should be allowed to operate, by giving the dominant operator its right, but also allowing the others to operate, and allow innovation in the country,” says Senator Petronilla Were of the ICT committee.
Senator Irungu Kang’ata echoed this sentiment, saying “in Kenya, you have a situation where one single player dictates how much you are going to pay for data bundles, for calls and Short Message Service because it controls almost 90 per cent of the market”.
“In such a situation, I do not foresee any other entity growing. We are not going to create more jobs and innovation in that industry because of the dominance of one entity.”
Senator Enock Wambua urged Safaricom to confirm whether it is a communication company or a banking institution. “I would suggest that Safaricom is split into two. Safaricom the communication company, regulated by the Communication Authority of Kenya (CAK), and the M-Pesa division regulated by the Central Bank of Kenya.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The 3rd promotion of the 212Founders program has now been launched for startups in Morocco. Initiated by CDG Invest, the investment arm of the country’s Caisse de Dépôt et de Gestion (CDG) group, the program offers high-level support delivered by renowned entrepreneurs and mentors, with funding of up to 3 million dirhams ($335k) in seed and 10 million dirhams ($1.1m) in “Series A”.
212Founders program
The 212Founders program aims to bring out global startups from Morocco. Whether they are established entrepreneurs, experienced employees or young graduates wishing to embark on entrepreneurship, the program is open to all high-potential entrepreneurs with at least an MVP (minimum viable product).
Since its launch in September 2019, the program has supported 45 startups through two promotions. It favors teams with complementary profiles and capable of carrying out a project related to their area of expertise. The selected startups must also display an international ambition, while demonstrating the innovative nature of their project.
Like the first promotions, the new cohort of startups will benefit from support at every stage of the journey. Indeed, the projects selected by 212Founders will benefit from a comprehensive support and funding program that meets the highest international standards. An entrepreneur-friendly financing mechanism has been put in place for this. It comes in two phases: a seed phase, called Seed, where each startup can benefit from an envelope of up to 3 million dirhams, followed by the Series A phase, which represents the growth phase of startups.
To support selected startups, this program has provided for a mentoring system led by experienced entrepreneurs and sector experts. As a reminder, 212Founders has supported, to date, two promotions of startups operating in various sectors of activity such as mobility, education, logistics, Market-places, hotels, tourism and SaaS (software as a service).
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Ampersand Rwanda Ltd, a Kigali-based e-mobility startup and Africa’s first electric motorcycle venture, has just received a $3.5 million investment from the Ecosystem Integrity Fund (EIF). The deal is the first time a venture capital group has invested in an e-mobility project in Sub-Saharan Africa, and it marks a turning point in global electric transportation.
“We’re thrilled to have EIF on board for this historic investment. We now have the momentum to scale our operations to electrify all of East Africa’s 5 million taxi motorcycles by 2030. EIF’s support further dispels the myth that electric transport will happen in rich nations first and trickle down to developing countries later, second-hand,” says Josh Whale, Founder/CEO of Ampersand.
“This investment shows that E-mobility in 2021 is just as much about motorbike taxi drivers in east Africa as it is about the launch of the large electric SUVs, pickups, and sedans around the world,” he said.
Emmanuel Hakizimana, Ampersand’s Country Director and Electrical Engineer, (left) and Josh Whale, Ampersand’s CEO, in Rwanda for the e-Moto trials ahead of the commercial launch in late 2019. Image courtesy: Ampersand
Here Is What You Need To Know
The EIF’s investment follows the startup’s acceleration through StartupBootcamp and early-stage financing from FactorE Ventures in 2018; as well as generous support from the Rwanda Green Fund, USAID’s Development Innovation Ventures, Shell Foundation, the UK FCDO’s Frontier Technology Livestreaming fund, the New Zealand Government, and a loan from Blue Haven Initiative’s Catalytic Fund.
With the investment, Ampersand will be expanding its operations into neighbouring countries, beginning with Kenya, where there is a sizable demand.
Based in San Francisco, United States, Ecosystem Integrity Fund (“EIF”) is an early growth stage investor in companies contributing to environmental sustainability.
“We have confidence in the Ampersand team, and we believe the time is right,” said James Everett, Managing Partner of EIF. “We are very excited to partner with Ampersand as the company scales in Rwanda and expands across East Africa. We believe that electrifying 2 and 3 wheeled vehicles in developing countries represents one of the low hanging fruits for climate change mitigation globally, and can have a profound positive impact on urban air quality.”
A Look At What Ampersand Does
Launched in 2019, and headquartered in Kigali, Rwanda, Ampersand manufactures and finances electric motorcycles (‘emotos’ or ‘e-bodas’) that are less expensive, cleaner, and more efficient than the 5 million petrol motorcycle taxis that are currently in use across East Africa. Ampersand also owns and operates a network of battery swap stations, which allow drivers to change batteries faster than they can fill up their gas tank. The motorcycles are assembled in Rwanda using parts imported from a variety of sources.
The startup’s fleet of 35 drivers and e-motos has travelled over 1.3 million kilometres since its commercial launch in May 2019, and over 7000 drivers are on the waiting list.
“We design and build the battery packs ourselves. Our fleet of connected batteries, vehicles and network of swap stations is also run on a proprietary software platform, which we created ourselves in Rwanda,” Josh said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
An Egypt focused fund for North African based startups has attracted about one billion Egyptian pounds raised by Sawari Ventures with aim to ramp up investments in startups across the North Africa region which analysts described as a giant leap for the fund launched in 2018 as the Sawari Ventures Fund I. VCs that participated in the fund includes the CDC Group (which committed $12 million), European Investment Bank, Proparco, and the Dutch Good Growth Fund. The fund’s newer investors include Egyptian banks like the National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. Misr Insurance Group, based in Cairo and Kuwaiti company Ekuity are also in the mix.
Ahmed El Alfi, Hany Al-Sonbaty, and Wael Amin, Sawari Partners
Sawari was founded by Ahmed El Alfi, Hany Al-Sonbaty, and Wael Amin in 2010. Egypt, Morocco, and Tunisia are the firm’s focus countries. The firm’s portfolio includes Swvl (the bus-hailing startup that raised $42m in 2019), Instabug, Elves, and MoneyFellows, a rotational savings app that closed a $4m Series A last year.
In addition to these, Sawari is focused on fintech, health, and education. But the company also sees “unique opportunities in SaaS products, semiconductors and IoT,” according to a company spokesperson’s statement. A breakdown of Sawari’s investment in its new fund shows that 10% will be passed through Flat6Labs, Sawari’s seed-stage-focused firm. Through Flat6Labs’s offices in Cairo and Tunis, Sawari will provide seed capital to at least 140 startups in the region and follow-on investments in up to 60 companies.
The remaining 90% will go into 20 to 25 growth-stage companies across Egypt, Tunisia, and Morocco. The median ticket size for these investments will be between two and three million dollars. Not to be outdone, another VC firm will also be offering ticket sizes of up to $2 million to startups within the North Africa region. Algebra Ventures, a firm based in Egypt plans to raise a $90 million fund. They plan to close the first round of that target by the third quarter of 2021.
According to a company statement, Algebra raised a $54 million fund in 2017 and deployed it in about 21 startups. The company says its 6 most established startups are valued at $350m. Their portfolio includes Eventtus, a digital event management startup, a trucking marketplace called Trella, and Goodsmart, a grocery shopping app.
With its new fund, the company will pursue fintech, agritech, edtech, logistics, and healthcare opportunities. The firm plans to establish itself among “exceptional” seed level founders “and “expand our participation on the Series B level, too,” according to Karim Hussein, who co-manages the firm with Tarek Assad, his co-founder.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Egyptian fintech ecosystem has witnessed a very commendable step as leading fintech Paymob which raised $3.5 million in 2020, to improve its capacity and acquire more merchants to use its payments services was in the news this week for raising an additional funding, bringing the startup to a formal Series A close of $18.5 million.
The round was led by Global Ventures, a venture capital firm that invests mostly in Middle East and North African startups but also has Nigerian healthtech Helium Health in its portfolio. FMO, which is the Dutch entrepreneurial development bank, and A15 (an Eyptian investment fund) also participated in the deal. The raise is possibly the largest-ever Series A by a fintech in Egypt. Islam Shawky, the co-founder and CEO of Paymob, said the new funding is an indication of the startup’s “next phase of growth,” noting that the opportunity for digital financial services in North Africa is promising.
Islam Shawky, the co-founder and CEO of Paymob
“The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this,” Shawky said, according to Menabytes.
“This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. All our existing investors have increased their holdings, and we thank them both for their support and the confidence they have in our business model and track record of execution,” he added.
Paymob says its digital wallet service for businesses currently owns 85% market share in Egypt as the country’s top payments facilitator. The startup reports good news from the effect of the 2020 pandemic, growing monthly revenue more than 5 times and total payment volume of more than $5 billion from over 35,000 local and international merchants. Outside Egypt where it also offers offline Point of Sale products, Paymob has locked down customers in Kenya, Pakistan and Palestine. It plans an entry into Saudi Arabia this year and other parts of the Middle East.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Three organizations have teamed up to tackle the growing insecurity in the Gulf of Guinea which has had negative impacts on trade and other economic activities within the West and Central African territorial waters. The International Maritime Organization, IMO, the Economic Community of West African States, ECOWAS and The Gulf of Guinea Commission, GGC are currently mulling plans to tackle the menace of pirates and other maritime crime in the Gulf of Guinea.
Disclosing this at the ongoing Global Maritime Security Conference taking place in Abuja, Secretary-General of the International Maritime Organization, IMO, Mr. Kitack Lim said that Inter-Regional Coordination will provide a framework for strategic action against piracy and armed robbery at sea.
Secretary-General of the International Maritime Organization, IMO, Mr. Kitack Lim
Lim also called on participants not to lose sight of a new maritime security threat of cyber security to shipping adding that the topic should be part of the issues that must be addressed.
Lim who was represented by Assistant Secretary-General, Mr. Lawrence Barchue noted that maritime security is interagency, regional and international cooperation and development of national and regional maritime security strategies.
He said.“In dealing with physical security such as piracy and armed robbery, the increasing threat of cyber security should not be ignored and this has now joined the list of topics being addressed by IMO.
“More recently, the focus of piracy has turned to the African coasts, after significant rise in such activities off Somalia and now the Gulf of Guinea.
“IMO has development guidance on the suppression of piracy for use by both government and ship/operators, which has been supplemented by industry-developed “Best Management Practices’. “Guidance has also been issued on investigating piracy incidents, which calls on using privately contracted armed guard security personnel, leading to international standards being developed by the International Organization for Standardization, ISO.
“However, the security landscape continues to change, which emerging issues that include challenges posed by the embarkation and carriage of armed guards, their weapon and equipment ; more widespread terrorism and violent extremism, the increasing urgent need to address destructive and unsustainable levels of illegal, unreported and unregulated fishing as well as trafficking in weapons, drugs, people and illegal wildlife products.
”IMO’s approach is to assist its member states in enhancing their ability to address maritime security challenges, focusing on what the maritime industry, both the shipping and port sectors, can do to protect themselves and for the government to provide the overarching security framework for global maritime trade.
“The Yaounde Code of Conduct which was signed by 22 West and Central African States in June 2013, provides the framework for intra-regional commitment for increased cooperation and capacity building to combat piracy and strengthen the region’s maritime security as well as to tackle maritime crime in its widest sense.
“In furtherance to, IMO continues to support the effort of the Economic Commission of Central African States, ECCAS, Economic Commission of West African States, ECOWAS and the Gulf Guinea Commission, GGC, towards the development and adoption of a comprehensive Joint Regional Maritime Strategy, to effectively fight piracy and related transnational criminal activities in the Gulf of Guinea.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Few months after the Central Bank of Nigeria barred banks from allowing cryptocurrency-related transactions in the country, the Securities and Exchange Commission (SEC) has warned capital market operators to stop giving support to online investment trading platforms providing access to foreign securities in Nigeria. SEC said that those securities were not registered in Nigeria, and platforms providing access to them were acting in contravention to existing laws warning capital market operators in partnership with the platforms to desist from providing brokerage services for foreign securities.
Analysts say that this apparent move by the SEC to bar fintechs from selling, issuing or offering for sale foreign securities not listed on any exchange registered in Nigeria will negatively impact thousands of Nigerians who have lately been drawn by technology to investing in foreign securities.
Platforms like Bamboo, Trove, and Risevest that offer Nigerians access to stocks, bonds and other securities in both local and international markets have in recent years grown in popularity in the Nigerian fintech space, especially amongst young people. The investment platforms have worked with local and foreign brokerage firms to provide the services, in a way sidestepping the difficult task of obtaining SEC approval.
It could be recalled that late last year, the SEC tackled Chaka, another investment platform it accused of engaging in investment activities, including providing a platform for purchasing shares in foreign companies such as Google, Amazon, and Alibaba, outside the Commission’s regulatory purview and without requisite registration.
Addressing the issue, SEC said, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission.
“The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public. Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth.
“The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Securities and Exchange Commission (SEC) in Nigeria, which regulates securities and investments, has officially terminated all partnerships between online stock trading companies and licenced stockbrokers in Nigeria for the purpose of trading unregistered international stocks. The commission issued a statement in which it ordered all stock market operators (including brokers) who partner with online trading platforms to stop doing so.
Securities and Exchange Commission Nigeria
The new order follows a recent court case against Chaka Technologies Limited, a local fintech startup that provides digital platforms for the selling of bonds, stock, and other assets of corporations and other organisations..
“The attention of the Securities and Exchange Commission…has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission,” the statement from the commission reads.
“The Commission categorically states that by the provisions of Sections 67–70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public. Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth,” it adds.
A Crushing Blow To Startups Trading In Foreign Shares
The SEC’s latest strike, as compared to applicable Nigerian rules, is unsurprising, but it is fraught with suspense.
It is illegal for anybody to operate in the Nigerian stock market as an analyst or specialist or in any other capacity or carry out investments and securities business unless they are licenced with the Securities and Exchange Commission, according to Section 38 of Nigeria’s Investments and Securities Act, the country’s main legislation on securities and investments.
But despite the provisions of the above regulation, the Nigerian Stock Exchange (NSE), which is governed by the Securities and Exchange Commission (SEC), issued draft rules on broker-fintech partnerships in July 2020.
According to the rules, any brokerage firm registered with the NSE who wishes to collaborate with a fintech business to offer products and services via an online portal must formally obtain approval prior to executing the arrangement.
The rules were possibly inspired by the absence of a clear regulatory framework governing such collaborations between fintechs and brokerage firms.
However, notwithstanding the NSE’s rules, the SEC ambushed Chaka Techologies from facilitating dealing on shares of international companies such as Google, Amazon, and Alibaba, with a restraining court order.
“The Commission is concerned that without proper regulation, the genuine aspirations of market innovators and investors could be subverted through the activities of unscrupulous actors who would try to exploit the growing popularity of Fintech investment options, to the detriment of the investing public,” SEC noted in a statement that followed.
One way of providing clarity on the differences between the proposed rules introduced by the Nigerian Stock Exchange and the Securities and Exchange Commission’s action against Chaka Technologies is that while both the NSE and the SEC’s actions contemplate the possibility of a fintech-broker partnership for purposes of trading only on stocks listed in Nigeria, NSE’s rules only concern themselves with trading on stocks listed on the exchange.
Again, all of the SEC’s moves have expressly been to disallow the trading of unregistered foreign stocks within the territories of Nigeria no matter what platform was used for the trading operations.
“The objective of the proceedings,” SEC said in its statement on Chaka’s ordeal, “is to ensure that all investment activities and market players are duly regulated by the Commission, in line with the requirements of the law.”
Source: Disclosures from Bamboo, Chaka, Risevest, Trove, NSE
For its part, Sections 67–70 of the Investments and Securities Act prohibit anyone from inviting members of the public to buy or sell shares of a company unless it is a public company that has obtained the SEC’s approval prior to making any such invitations. This is reinforced by Section 54 of the same Investments and Securities Act, which requires the registration of all securities issued by a public company as well as all securities or investments issued by a collective investment scheme with the commission.
The provisions of Rules 414 and 415 of the SEC Rules and Regulations, on the other hand, have the direct effect of requiring any international issuer of securities in Nigeria to apply for registration of its securities with the SEC. But the commission may exempt a foreign issuer from registration on grounds of public interest and agreement between Nigeria and the issuer’s country; or if the issuer’s country is a member of the International Organization of Securities Commissions (I.O.S.C.O.). But it must equally be noted that the such exemptions will not prevent the foreign issuer from reporting to the SEC from time to time.
What is, however, unclear from the above laws is whether the SEC has the authority to regulate voluntary subscriptions by Nigerians of publicly traded shares on foreign stock exchanges through online platforms located outside the country; or even within the country, if the platforms’ target markets include individuals residing in foreign countries other than Nigeria.
Currently, users who sign up to buy and sell stocks on Chaka, Bamboo, and Trove (some of the country’s most common stock trading platforms) deposit their funds directly with SEC-licensed dealing members. Source: Disclosures from Bamboo, Chaka, Risevest, Trove.
At best, what the SEC’s latest statement would achieve is to discourage any local collaborations between fintechs and brokers which have the ability of lending some form of legitimacy to the operations of the fintechs as regards trading in international stocks.
And without this legitimacy, the credibility of the stock-trading platforms will be severely harmed.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
At a time when ride-hailing drivers have decided to wage wars against industry giants such Uber and Lyft over the legal construction of their working relationships, Yassir Maroc has decided to collaborate with Moroccan comedian Rachid Rafik to pay tribute to its delivery men and thank them for their daily efforts.
“Aware of the risks they run and the difficulties they encounter on a daily basis, Yassir Maroc wished to pay tribute to its delivery men, by producing video clips which will be dedicated to them and which will be broadcast on the social networks of the startup,” the company said in a statement.
How Would The Plan Work?
Starting from April 7, 2021, Yassir Maroc’s deliverymen would be able to see videos across the startup’s website, praising their efforts.
The videos to be championed by Moroccan comedian Rachid Rafik, is aimed at stressing the fact that despite the risks of contamination by Covid-19 or even bad weather, such as the floods that Morocco had recently, delivery people continue to transport groceries and meals.
“Delivering meals to your home is not an easy job. The delivery people are under constant pressure, and we are fully aware of this,” noted the general manager of Yassir in Morocco, Rachid Moulay El Rhazi, quoted in the press release.
“However, these delivery people have been on the front line since the start of the pandemic,” he observed, explaining that “this is the reason why we wanted to thank them and pay tribute to them through video clips in collaboration with comedian Rachid Rafik that will be broadcast soon.”
Currently, more than 642 delivery people work with Yassir Maroc and are spread over 5 cities namely Casablanca, Rabat, Tangier, Agadir and Marrakech. And since Yassir Maroc aims to be a startup that promotes entrepreneurship, all delivery men doing business with Yassir Maroc have the status of self-employed.
Learning The Hard Way
Attention to ride-hailing drivers shifted after the recent UK supreme court’s ruling reclassifying drivers as workers and not independent contractors or self-employed. Uber recently unveiled a $250 million stimulus package aimed at retaining as well as attracting new employees, as a result of the post-pandemic driver shortage.
“The $250 million driver stimulus will go directly to drivers who start driving again as well as new drivers who join Uber,” company spokesperson Kayla Whaling said. “The money will take the form of special bonuses and new guarantees. It will be in place for the next several months.”
Indeed, at a time when there are pent-up emotions against the entire gig economy model, it is only expected that startups device strategic means of engaging all stakeholders.
A Look At What Yassir Maroc Does
Founded in 2017, Yassir was quickly presented as a serious threat to Uber in the Middle East and North Africa. Yassir is currently present in 30 cities spread over 3 continents (Africa, Europe, and North America). The number of its users amounts to more than 1,500,000 people and has 10,000 partners. In Morocco, the Yassir company operates in five cities and plans to expand its activities to several areas.
Although an American company, each Yassir subsidiary works independently in its territorial management and in accordance with the laws and regulations in force in each country where it operates. However, it collaborates with the other teams of the Yassir network. The teams that each subsidiary has are 100% local and multidisciplinary.
In April 2019, Yassir occupied the 3rd place in the list of the 100 most promising startups in the Arab world at the World Economic Forum.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
