StartupsTechnology

TikTok partners with Think Wifi in South Africa to launch 50 new free WiFi hotspots

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September 12, 2022
Social media platform, TikTok, has partnered with Think WiFi, a free public WiFi company, to launch 50 new free WiFi hotspots in South Africa as part of a pilot programme. Why does it matter? There’s no doubt that the Internet provides endless opportunities for everyone. But Africa has the lowest number of Internet connections, with only 22 per cent of the continent having…
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EducationTechnology

Nexford raised $8 million in a Series A round

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September 12, 2022
Nexford University, an online university platform based in the United States, has raised $8 million in a Series A round. New Markets Venture Partners and Learn Capital co-led the round. Bisk Ventures, Global Ventures, Future Africa, AMK Investments, and the Future of…
FintechTechnology

Nigerian fintech startup, NowNow Digital Systems, has closed a $13M seed spherical to release new products

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September 8, 2022
Nigerian fintech startup, NowNow Digital Systems, has closed a $13 million seed round to scale and expand its service offerings across Africa. NeoVision Ventures led the round. Several other VCs and angels, including DLF Family Office and Shadi Abdulhadi, participated. It plans to use the funds to expand its platform, team, and marketing. It also intends to launch new products to complement…
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Economy

Insecurity, FX crisis cut capital inflows by 23%

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September 7, 2022
Insecurity and lingering foreign exchange crisis have forced the capital importation into Nigeria to decline further by 23 per cent, findings by The PUNCH have shown Capital Importation measures the aggregate of foreign investments into an economic entity within a given…
Banking

Currency in circulation devalues to N3.24tn

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September 7, 2022
Currency in circulation fell by N107.08bn from N3.35tn in April to N3.24tn in July, latest figures on currency from the Central Bank of Nigeria has revealed. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. The CBN recently warned Deposit…
Markets

Nigeria’s Pension Fund assets hit N14.36tr in July’

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September 7, 2022
Nigeria’s Pension fund assets rose to N14.36 trillion in July, this year, from N14.267 trillion the previous month. This represent N100 billion or 0.7 percentage growth in one month. This was made by in the National Pension Commission (PenCom) Pension Funds Industry Portfolio for the Period Ended July 31, 2022. The report showed that a total number of Retirement Savings Account (RSA) holders…
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Banking

Banks lend N3.38tn to firms at single-digit rate

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September 2, 2022
Customers accessed loans worth N3.38tn at single-digit interest rates under the Central Bank of Nigeria’s intervention funds as of the end of June. A member of the Monetary Policy Committee meeting, Aliyu Sanusi, disclosed this in his personal statement at the last MPC meeting. According to reports released by the CBN, “Analysis of the interest rate band reveals that 65.9 per cent of customers…
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