Uncategorized - Afrikan Heroes

Canada-Africa Chamber President congratulates Ethiopian Airlines’ Samson Arega

August 12, 2023

The Canada-Africa Chamber of Business has congratulated the Ethiopian Airlines’ Regional Director for the USA, Samson Arega, following the awarding of an Honorary Doctorate Degree from Trinity International University of Ambassadors-Florida, as reported in the African Times USA.

‘During his tenure in Canada heading Ethiopian Airlines, Mr. Arega’s leadership was tremendous, deepening ties between Canada and African markets through aviation,’’ says Chamber President Garreth Bloor – making reference to Samson Arega’s keynote address (https://apo-opa.info/3QynxsU) to the Chamber’s three-day conference, prior to his move to US operations.

Bloor says the Chamber is pleased to increase its US presence, including, with an upcoming forum (https://apo-opa.info/3YvC3Dz) in Washington, DC next year and looks forward to welcoming Ethiopian Airlines.

Ethiopian Airlines’ Regional Director for the USA, Samson Arega

‘’Home to numerous accredited Ambassadors and High Commissioners to Canada, the US capital is also home to major global institutions and joint US-Canada partnerships with African countries.’’

‘’Supporters like Ethiopian Airlines, under the leadership of Samson Arega, ensure we can keep doing what we do as an organization: accelerating trade and investment through world-class networking and information-sharing events’’.

Samson Arega says he is ‘’humbled by multiple recognitions recently’’ and thanked The Canada-Africa Chamber of Business for its exceptional work.

‘’It’s an honor to be awarded the Honorary Doctorate Degree from TIUA School of Business in Florida, which recognizes individuals in Entrepreneurship & Business Administration,’’ he told followers on Twitter, adding that for ‘’the US Presidential lifetime achievement award, the investiture took place recently at the Georgia State Capitol House of Representatives, where I was also admitted as an honorary citizen of the State of Georgia by the Secretary of State of Georgia.

The award was presented at a grand event by the Georgia House Representative Dewey McClain of the 100th District. My heartfelt appreciation and thanks go to Chancellor Mohair, President of the University, and representative Dewey McClain of the 100th District, he added in a recent public message.’’

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

Bybit Introduces Elite Wealth Management for Enhanced Crypto Portfolios

August 10, 2023

One of the leading crypto exchanges, Bybit has announced the launch of its Wealth Management product. Designed to cater to the needs of discerning investors, Bybit’s Wealth Management offers personalized solutions and attractive returns with minimized risk.

Bybit’s Wealth Management aims to deliver consistent returns through cutting-edge strategies and robust risk management, regardless of market conditions. It features tailored products that address individual goals and risk tolerances, allowing investors to chart their unique paths to success.

Recognizing the importance of safeguarding capital, Bybit’s Wealth Management employs a low-risk approach, providing users with a secure environment for long-term growth. Launching in two phases, the Fund Pool is the first step, offering access to diversified assets managed by industry experts. Following this, Bybit will introduce Structured Products, expanding investment horizons for its users.

Bybit’s Wealth Management provides various asset growth methods, empowering investors to navigate the dynamic crypto market confidently. Wealth Management is an inclusive platform accessible to all users and also provides unparalleled benefits to high-net-worth individuals through its VIP system.

“We are thrilled to introduce Bybit’s Wealth Management, a product that embodies sophistication and prudence in the crypto investment space,” said Ben Zhou, co-founder, and CEO. “With tailored options, stable returns, and low-risk strategies, our Wealth Management product offers seamless access to the exponential opportunities in the crypto market.”

Bybit’s Wealth Management also opens doors for potential collaborations with institutions, inviting industry players to explore strategic partnerships and collectively contribute to developing the crypto investment landscape.

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

Rhodes Business School Partners Rhodes University on eLearnAfrica

Rhodes Business School , which is recognised as one of the leading business schools for its focus on sustainability and ethical leadership, has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE), to fulfil the School’s goal of enabling its AMBA accredited MBA to reach into Africa and beyond, like never before.

Professor Owen Skae, Director of Rhodes Business School, says that the eLearnAfrica supported VLE will be operational from 2024. “We are very excited about this as it means our MBA is now more accessible than ever”.

Founded in 2000, Rhodes Business School’s Vision is to “transform business for a sustainable world” and its Mission is to “educate and influence responsible business practice, responsibly”.

According to Skae, “We learnt two things from teaching through the pandemic. Returning to the old ‘business as usual model’ of ‘chalk and talk’ is not going to happen like it used to. At the same time, running Zoom or Teams sessions and just displaying your power-point slides does not suffice. Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital’ is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution.”

The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students whilst creating a virtual classroom environment for academic staff to deliver effectively and efficiently, regardless of the mode of delivery.

”Getting the state-of-the-art VLE platform that was needed required partnering with someone who knows what they are doing. Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring. That partner is eLearnAfrica” Prof Skae said.

The VLE will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for. The partnership with eLearnAfrica brings immersion, flexibility and convenience.

The VLE-enabled MBA will allow the current four two-week block attendances (i.e. two blocks in Year 1 and two blocks in Year 2) to be reduced to one block in each year (i.e. one block in each of Year 1 and Year 2), for the invaluable face-face delivery mode.

The Rhodes Business School’s essence is “Leadership for Sustainability.” Leadership and sustainability principles underline all subjects in the curriculum. Emphasis is placed on business continuity and achieving a balance between economic, social and environmental sustainability. The School applies its unique 4E (Economy, Ethics, Ecology and Equity) model in its teaching and learning practice.

“Management Education is crucial to unlocking Africa’s vast potential. Our MBA strives to educate Africa’s future business leaders and managers that it ‘isn’t about how much money organisations make, but how they make their money’. Getting that right is critical to achieving the African Union’s Agenda 2063, whilst simultaneously meeting the Sustainable Development Goals and gearing up to take advantage of the African Continental Free Trade Area agreement. The favourable rand-dollar exchange is also a compelling reason to get full value for money in studying for a world class MBA”, says Skae.

The Rhodes MBA is a coursework degree comprising coursework and a research assignment. The degree is offered on a part-time, modular basis over two years. The admission requirements are, an Honours degree or Postgraduate Diploma, a minimum of three years’ work experience and an admission test such as NMAT, GMAT or GRE. Applications close on 31st October 2023.

Rhodes Business School, Rhodes University is located in the rural city of Makhanda (formerly Grahamstown) in the Eastern Cape province of South Africa. Its nearest large city is Gqeberha (formerly Port Elizabeth).

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

Ivory Coast’s Twende Raises $548K Pre-Seed to Propel African Bus-Ride Sharing Platform

In a significant stride towards revolutionizing transportation solutions in Africa, Twende has successfully raised €500,000 (approximately $548,000) in a Pre-Seed funding round. The funding round was bolstered by a group of investors including Côte d’Ivoire Business Angel Network (CIBAN) and prominent entrepreneur Fatoumata with Janngo.africa.

Twende, a startup co-founded by Maguelone Biau and Pietro Rancati in 2022, envisions a more efficient and sustainable commuting landscape within the next decade. Their strategic approach aims to address the daily commuting challenges faced by urban residents while also aligning with broader environmental sustainability objectives.

The infusion of €500,000 Pre-Seed funding arrives as a validation of Twende’s mission and strategic vision. This capital injection is set to fuel several key initiatives for the burgeoning transportation platform:

Milestone-driven Development: Twende plans to set achievable milestones that reflect their commitment to improving the commuting experience in African mega-cities. By employing technology and community engagement, the platform aims to offer an enhanced and convenient transportation option.
Enhanced User Experience: The funding will enable Twende to invest in refining the user experience. Through innovation and technology, they intend to create a transportation solution that prioritizes user safety, convenience, and overall satisfaction.
Scaling the User Base: Twende’s expansion strategy will be significantly supported by the funds raised. By extending their reach to a broader audience of commuters across African cities, they aim to make a meaningful impact on transportation challenges.
Product Market Refinement: Twende’s focus on achieving a strong product-market fit will be further intensified. The funding will provide them with the resources needed to fine-tune their services and cater to the specific needs of their user base.

Twende Pre-seed — *Co-founders Maguelone Biau and Pietro Rancati. Credits: Twende*

Fayelle Ouane, spokesperson for CIBAN, expressed the network’s enthusiasm for this investment, stating, “Twende’s innovative approach addresses a crucial need in the market, and we believe their solution has substantial potential. Our investment reflects our confidence that Twende can expand its operations and bring positive change to commuters’ lives. As a gender-focused angel investment network, we are particularly proud to support a company co-founded by an exceptional woman.”

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CIBAN’s involvement underscores the synergy between their objectives and Twende’s mission. CIBAN, an influential angel investment network in Côte d’Ivoire, is dedicated to fostering entrepreneurship and innovation. The network’s emphasis on gender diversity aligns well with Twende’s commitment to inclusivity and equal participation.

The €500,000 Pre-Seed funding round marks a pivotal moment for Twende. With this financial boost, the startup is poised to make significant strides towards transforming transportation dynamics within African cities. The impact of their efforts is anticipated to transcend regional boundaries, shaping a more efficient and convenient commuting future for urban dwellers across the continent.

Apple Announces iPhone 15 Debut in September

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Russian Companies to Implement Carbon Offset Projects

July 28, 2023

As the Russia-Africa summit unfolds in St. Petersburg this week, discussions are actively addressing critical global issues, such as food security and climate change, which can only be solved through a collaborative effort by many countries.

Russian petrochemical company SIBUR presented its climate strategy at the Russia-Africa summit and emphasized the need for a cross-border carbon trading mechanism to achieve the global goal of reducing CO2 emissions.

SIBUR places sustainable development high on its agenda. The company produces PET granules for plastic bottles using post-consumer recycled plastics, installs renewable energy capacities at its factories, and uses environmentally friendly equipment. These efforts, along with SIBUR’s international verification of its climate projects, allowed the company to earn carbon offset credits in Russia.

Russia established the National Register of Carbon Units last year, enabling SIBUR to sell its carbon offsets domestically, creating an incentive for other companies to decarbonize their production processes. SIBUR strongly supports the idea of creating an international carbon trading market, which was discussed at COP-27 in Egypt and during the BRICS summits. SIBUR also supports the idea of mutual recognition of carbon unit registers in different countries and regions, which would facilitate the cross-border trading of emissions.

According to Elena Myakotnikova, Head of Climate Initiatives and Carbon Regulations at SIBUR, only a coordinated effort by many countries can help humankind reduce CO2 emissions and combat global warming. SIBUR has also planted 2 million trees in Russia as the company considers nature-based solutions to be another important tool for the compensation of CO2 emissions. The company hopes that the international community will follow its example in employing such approaches.

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

Centurion Law Group Announces Oneyka Cindy Ojogbo, Zion Adeoye as New Partners and Shareholders

July 27, 2023

A leading full-service pan-African law firm specializing in energy and natural resources, Centurion Law Group (https://CenturionLG.com), has announced the promotion of Oneyka Cindy Ojogbo and Zion Adeoye as the firm’s newest partners and shareholders. Representing the first Africa-focused firm to list on the German Stock Exchange, the promotion of Ojogbo and Adeoye serves as a testament to their leadership and proficiency within Africa’s legal field, as well as dedication to driving sustainable development across the continent.

Oneyka Cindy Ojogbo has been an integral part of Centurion’s success story, demonstrating exceptional legal acumen and a comprehensive understanding of Africa’s energy sector landscape. With a proven track record of providing strategic counsel to clients in complex energy transactions and projects, her promotion to partner is a reflection of both her dedication and expertise. A graduate of Columbia Law School, Ojogbo has direct experience counseling clients across power, energy and infrastructure sectors.

In 2019, she was appointed to lead Centurion Law Group’s Frankfurt office, a role that saw Ojogbo handle a growing portfolio of clients across Germany and Western Europe. Throughout her career, Ojogbo has advised clients, including Governments, financiers, project companies and sponsors on the life cycle of projects across multiple jurisdictions.

Her work has covered multiple sectors and tackled transactions of varying complexity. In 2020, Ojogbo was selected as an Advisory Board Member for the African Energy Chamber’s Regulatory Affairs Committee and was awarded the Private Practice Rising Star Award at the African Legal Awards. Shortly thereafter, she was promoted to Director at Centurion.

“I am truly humbled by the honor of this promotion,” says Oneyka Cindy Ojogbo. “I am grateful for the opportunities it brings and excited to embark on this new chapter, serving our clients with the highest level of excellence and commitment.”

Zion Adeoye is the Managing Director at Centurion Law Group, having demonstrated a relentless pursuit of excellence and made outstanding contributions to the firm’s growth. As a seasoned attorney with extensive experience in energy law, he has played a pivotal role in securing favorable outcomes for clients across the continent.

Adeoye holds an LLB from Nigeria’s University of Ibadan, an LLM from Columbia University, New York and an MBA from the University of Dundee, Scotland. He is a member of the Nigerian Bar Association and the Association of Independent Petroleum Negotiators. Before joining Centurion in 2017, he served in various roles at the Nigerian Petroleum Development Company Limited, KPMG Nigeria, Terra Cotta Legal, Olaniwun Ajayi LP, Templars Law and Transnational Energy Group, and has been instrumental in the reform of oil and gas legislation across several African markets. Adeoye was additionally awarded an ESQ 40 under 40 Lawyer Award at the Nigerian Rising Stars Awards for shaping the future of the legal profession in the country.

At Centurion, Adeoye served as a key advisor in various oil and gas investments and has been involved in major transactions that have shaped the firm’s success. His appointment as Managing Director in 2020 was not only a testament to his contributions and commitment to the firm, but also in the belief that Adeoye will lead Centurion to realizing its goal of becoming the premier legal firm in Africa.

“I am honoured to be part of this distinguished group shaping the future of African legal practice and humbled by the partnership appointment. I look forward to even greater accomplishments with the firm,” states Zion Adeoye.

“I am thrilled to announce Oneyka Cindy Ojogbo and Zion Adeoye as partners and shareholders at Centurion Law Group. Their exceptional dedication, expertise and commitment to excellence have been pivotal in the firm’s success, and we look forward to their continued contributions to our clients and the growth of the African energy sector. They represent the future of the firm and I am confident that their work will further cement Centurion’s position as the leading legal powerhouse in Africa,” states NJ Ayuk, Founder and CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber.

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

EdVentures and Value Maker Studio Join Forces to Support Educational Startups in Egypt

July 20, 2023

EdVentures and Value Maker Studio (VMS) have entered into a strategic partnership aimed at providing support to startups and entrepreneurs in Saudi Arabia and Egypt. EdVentures, which operates as the investment arm of the Nahdet Misr Group, is a specialized capital company focusing on education technology. Their range of services includes incubation, acceleration, and investment for emerging companies involved in the fields of education, culture, and innovative educational solutions.

Through this collaboration, Value Maker Studio will facilitate access to and expansion within the Kingdom of Saudi Arabia for entrepreneurs from North Africa and the Middle East. They will offer various facilities such as financing, technical services, financial and legal management, human resources, employment services, and more.

The primary objective of this alliance is to support a larger number of startups and entrepreneurs in the educational technology sector. EdVentures will utilize its incubation and acceleration programs to assist these individuals, while VMS, leveraging its extensive network, will enhance the success potential of startups. Furthermore, VMS will provide essential guidance and advisory services to help startups grow and thrive.

In recognition of their successful initiatives, Holon IQ has selected nine companies supported by EdVentures as part of the top 50 edtech startups in the Middle East and North Africa for 2022. These companies include iSchool, Akhdar, COLNN, OTO, Entreprenelle, Career 180, EYouth, Sprints, and Jeel.

MySol Grid Zambia Secures $7.5 Million to Bring Off-Grid Solar Electrification to Zambia

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

MyCover.ai Raises $1.25M in Pre-Seed Funding to Transform Africa’s Insurance Market

MyCover.ai, a Nigerian insurtech startup, has recently secured $1.25 million in pre-seed funding. The investment round was led by Ventures Platform, a Pan-African venture capital fund, with participation from Founders Factory Africa and follow-on investor Techstars.

The funds raised will be utilized to enhance the company’s internal operations and technical capabilities. MyCover.ai plans to invest significantly in its proprietary technology and strategically expand its operations into other African markets.

Why The Investors Invested

The decision to invest in MyCover.ai is based on compelling factors that demonstrate the startup’s potential for success.

Untapped Market Potential: Africa’s insurance market is projected to grow at a CAGR of 7% between 2022 and 2028, with an estimated value of $120 billion. However, the current insurance penetration on the continent is less than 3%, indicating a vast untapped market. MyCover.ai’s innovative solutions have the potential to address this gap and significantly increase insurance adoption, thereby capturing a significant share of the expanding market.
Addressing Market Challenges: MyCover.ai recognizes the existing pain points in Africa’s insurance industry, including limited access, inadequate coverage, unaffordable products, and poor customer experiences. By offering an open insurance API and streamlining underwriting, product development, distribution, and claims processes, MyCover.ai aims to overcome these challenges and provide a comprehensive solution. The investors view this approach as crucial to driving insurance penetration and fulfilling the market’s unmet needs.
Disruptive Technology: MyCover.ai’s proprietary technology and infrastructure play differentiate it from other API-driven insurtech startups. The company’s AI-powered claims management solution, combined with its personalized insurance offerings, enhances the customer experience and aligns with market preferences. The investors recognize the value of this technological advantage and believe it positions MyCover.ai for sustainable growth and competitive advantage in the insurance sector.
Collaborative Approach: Unlike insurtech solutions that focus on specific areas of insurance penetration, MyCover.ai takes a collaborative approach. The startup offers a suite of services that cover the entire spectrum of challenges faced by the underserved market. By facilitating partnerships with insurance distributors and empowering businesses across various sectors to embed insurance products, MyCover.ai creates a network effect that benefits both consumers and industry stakeholders. The investors perceive this collaborative model as a key driver for the startup’s scalability and market expansion.
Strong Track Record and Growth Potential: MyCover.ai has already demonstrated its viability and market traction. With over $1 million in gross written premiums, partnerships with 30 insurance distributors, and thousands of policies processed, the startup has established a solid foundation for growth. The investors are impressed by the company’s revenue doubling in 2022 and its ambitious plans to replicate this growth in the coming years. They recognize MyCover.ai’s potential to become a leading player in the Nigerian and broader African insurance markets.

MyCover insurance — *Credits: MyCover.ai*

A Look at MyCover.ai

MyCover.ai was founded in 2021 by co-founder and CEO Adebowale Banjo, along with CPO Alexander Igwe-Ifendu and CTO Fred Ebho. The startup’s primary markets are in Nigeria, with plans to expand into other African markets strategically. MyCover.ai offers an open insurance API that integrates with insurance companies, including Hygeia, Leadway, Sovereign Trust, AIICO Insurance, and Allianz.

The startup’s API allows various businesses, such as fintechs, proptechs, e-commerce companies, telcos, logistics and mobility/ride-hailing platforms, and BNPL (Buy Now, Pay Later) platforms, to embed personalized insurance products into their platforms. This enables third-party logistics platforms, for instance, to offer on-demand goods in transit coverage for their fleet and provide health insurance and personal accident coverage for their riders.

In addition to its API products, MyCover.ai has a B2B platform called MyCoverGenius. This platform allows entrepreneurs and small and micro-businesses to purchase insurance products from MyCover.ai, covering their staff and assets. The startup aims to improve customers’ insurance experiences by offering personalized products based on lifestyles and specific needs.

MySol Grid Zambia Secures $7.5 Million to Bring Off-Grid Solar Electrification to Zambia

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

MTN South Africa Plans to Win at Mobile Money

July 18, 2023

The newly appointed CEO of MTN’s financial services unit in South Africa, Bradwin Roper, has big plans for the company’s fintech offering, called Mobile Money (MoMo). This includes exposing an application programming interface, or API, to allow third-party developers to build on the platform. Details of the API and how it will work will be announced in the coming weeks, said Roper.

Roper, who was previously CEO of FNB’s telecommunications business, FNB Connect, told TechCentral in an interview on Wednesday that this, the third iteration of MoMo South Africa, offers more functionality to users while delivering increased value through lower costs.

If we can solve for trade workers, we can capture a big part of the informal market…

MTN South Africa is stepping up its focus on MoMo, even launching its own Android-powered point-of-sale device for merchants. This comes as the service reaches its eight millionth registered user – MTN won’t disclose how many of these users are active, though across all its markets in Africa, the figure for active users, measured on a 30-day basis, is 69 million.

“MoMo South Africa is in a rebirth. This is our third go at it. Previously, anyone who has tried to show up in the mobile money space has found it difficult because the banks here are sophisticated. But we are now embarking on a sophisticated play with MoMo.”

The service is being pitched particularly – but not exclusively – at the estimated 4.7 million people active in South Africa’s informal sector, who contribute 5-6% to GDP, Roper said. Almost a quarter of this market is made up of informal merchants.

“If we can solve for trade workers, we can capture a big part of the informal market and solve for private household workers and nuances around agriculture as well,” said Roper.

Part of MTN’s ambition is to reduce South Africans’ reliance on cash. Roper said that research conducted by BRM Statistics shows that 35% of transactions by value in South Africa are still cash based, down from 57% in 2017, while card transactions have risen from 38% then to 56% now. This is largely due to work done by South Africa’s big banks, including through the development of e-wallets, Roper said.

Key to MoMo’s strategy is delivering value to customers who would otherwise be charged for services such as loading money or buying airtime and electricity, all of which are free on MoMo. Use of the service is also zero-rated, but only on the MTN network (subscribers to other networks can still use MoMo, but will pay for the data they use).

“Is MoMo a charity? No, we are a modernised fintech, developed with open APIs and partnering with a range of partners without legacy incumbent systems. MoMo has been built on fresh architecture in an ‘agile’ development manner. We vend prepaid electricity and Lotto and we get a commission on those,” said Roper on one of the ways MoMo makes money.

Although withdrawing money from a MoMo wallet attracts a fee, converting MoMo credits to vouchers for purchases at Shoprite Group supermarkets (including Checkers), Pick n Pay, KFC, Nando’s and Spur is free, with more partnerships in the pipeline. MoMo also works with Zapper QR codes, allowing users to scan a code at the point of sale to purchase goods.

Many informal traders either work in remote areas or move around a lot in their businesses. Carrying cash is dangerous, and Roper hopes that moving more merchants, and their clients, to MoMo will help reduce those risks. But a reliable internet connection is critical for accepting electronic payments.

MoMo solves this problem by offering a dual-Sim, Wi-Fi-capable point-of-sale terminal at a lease cost of R200/month. The service leans on MTN’s network to offer zero-rated connectivity, while the additional Sim slot ensures connectivity even if MTN is unavailable. Traders can use real-time reporting features on the terminal, too, to keep abreast of their transactions.

“If you want to be a fintech in South Africa, you cannot ignore the POS device. It’s a ticket to the game,” Roper said. “One of the things I am hoping to solve is the residual 35% still using cash. It’s been quite sticky.”

While MoMo South Africa’s value proposition is enticing, stiff competition from the banking sector will keep Roper and his team on their toes. Start-ups such as Yoco and iKhokha, along with social media firms like Meta Platforms – the parent of Facebook and WhatsApp – and rival telecoms operators are also muscling into the market.

But a growing subscriber base, coupled with the impending launch of API tools, suggests that MTN is heading in the right direction with the relaunched MoMo.

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

FNB Appoints New CEO for FNB Connect

July 17, 2023

The virtual network operator business arm of First National Bank, FNB Connect has appointed a new Chief Executive Officer in the person of a company insider Sashin Sookroo . Sookroo replaced Bradwin Roper in the role. Roper recently joined MTN South Africa as head of financial services.

“Sashin’s comprehensive experience in financial services, technology and payments, coupled with his deep understanding of the FNB culture, positions him to lead FNB Connect,” said Lytania Johnson, CEO of FNB’s personal segment, in a statement on Friday.

Sookroo has worked for FNB for the past 14 years, in which time he was “instrumental in driving innovation across different business areas, including the EFT product house and core banking”, FNB said.

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