UPDATED: You may no longer be able to use your bank s USSD service in Nigeria techpoint.africa - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techpoint.africa Daily Mail and Mail on Sunday newspapers.
Innoson’s reported acceptance of crypto payments
Clubhouse’s first anniversary
The fate of USSD in Nigeria
On March 12, 2020, the Association for the Licensed Telecommunications Operators of Nigeria (ALTON), an umbrella body for the likes of MTN, Glo, Airtel and 9Mobile, released a statement that it would withdraw USSD services from Nigerian banks.
Advertisement
Why? Nigerian banks apparently owe the mobile network operators a whopping sum of ₦49 billion ($102.4 million), and both parties have been unable to come to a reasonable agreement. It gets even more baffling when you consider the telco’s report that banks owed them ₦17 billion ($41 million) in August 2020.
Shares
Nigerian cleantech startup, Havenhill Synergy Limited, has raised $4.6m from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NDIF) to aid the construction of 22 smart solar mini-grids in Nigeria.
Founded in 2010 by CEO Olusegun Odunaiya, Havenhill focuses on improving access to electricity in rural areas using mini-grids. The company also offers renewable energy services for businesses in Nigeria’s industrial and commercial hubs.
Havenhill’s solar mini-grid solution promises to connect up to 70,000 people as well in establishments in various communities to clean and reliable energy.
In a statement, the NDIF asserts that the recent funding round was in line with the Nigeria Electrification Project.
What Nigerians should expect as Teju Ajani joins Apple as country head techpoint.africa - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techpoint.africa Daily Mail and Mail on Sunday newspapers.
Apple’s first Nigerian appointment
Bolt’s play for Nigeria’s food delivery market
Flutterwave becomes a unicorn
The big news: Africa-focused fintech company, Flutterwave has raised $170m Series C.
The Series C round was led by New York-based private investment firm, Avenir Growth Capital, US hedge fund, and investment firm, Tiger Global.
Advertisement
Impressive milestones: Apparently, Flutterwave reaped the rewards as COVID-19 moved several Africans towards digital payments.
Here’s a quick summary of its milestones since its 2016 launch:
Live in 20 African countries
Infrastructure reach to 33 countries
Processed 140 million transactions worth $9 billion
290,000 business users
226% growth in compound annual growth rate (CAGR)