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Africhange Secures IMTO License to Revolutionize Remittances to Nigeria

By
Ojukwu Emmanuel
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0

Africhange, a Nigerian remittance platform designed to make sending and receiving money across borders seamless, has made a significant stride in the Nigerian market with its subsidiary, Currenzo, securing an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN).

This milestone empowers Africhange to directly process remittances into Nigeria, eliminating intermediaries and offering faster, more affordable services to Nigerians both at home and abroad. By bypassing third-party involvement, Currenzo gains the authority to partner with local Nigerian banks, streamlining payment processes and significantly reducing costs.

The company has already forged partnerships with several banks in Nigeria and is actively seeking a reliable settlement partner to further enhance transaction security.

Founded in 2020, Africhange has rapidly gained traction, boasting over 200,000 users worldwide and facilitating over 2 million transactions across 100+ countries The company leverages blockchain technology and advanced solutions to provide cost-effective cross-border transactions and remittance services, catering to the needs of immigrant communities, especially those of African descent.

Speaking on the recent IMTO License, David Ajala, CEO of Africhange, emphasized the company’s commitment to simplifying international money transfers.

In his words,

“As an immigrant-founded company, we understand first-hand that sending and receiving money across borders is a key part of daily life for our users, who are immigrants of African descent. Securing the IMTO license allows us to offer a faster, more affordable way for people to support their loved ones back home. For Africhange, it means we’re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria. We’re excited about the doors this opens to bring greater impact to the lives of the communities we serve.”

Also commenting, Tega Gabriel, Head of Growth of Africhange said,

“This IMTO license acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators. Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria. As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.”

Africhange has continued to remain committed to ensuring the seamless transfer of funds for Africans across borders. In July 2024 the company launched operations in the United Kingdom to help users send money across borders, particularly between Canada, Nigeria, and Australia. This further solidifies the remittance platform’s position as a dominant player in the global remittance industry.

Africhange’s securing of an IMTO License, comes after the Central Bank of Nigeria (CBN), in February 2024  increased the IMTOs license application fee from ?500,000 to ?10 million, while announcing a new minimum operating capital requirement for IMTOs of $1 million for foreign companies.

Fast forward to May 2024, the CBN approved 14 new IMTOs. This move aims to increase the sustained supply of foreign exchange in the official market, reduce historical volatility in Nigeria’s exchange rate, and promote greater competition among IMTOs. It is however worth noting that the increased license of IMTOs has positively impacted remittance inflow into Nigeria, leading to a record $585 million remittance in August 2024.

CBN Governor Yemi Cardoso, revealed that this figure represents a 130% increase from the corresponding period in 2023, surpassing the previous record of $553 million in July 2024. Cardoso emphasized that this success is a direct result of Apex Bank’s deliberate efforts to liberalize IMTO licensing, encourage more operators, and facilitate interactions with IMTOs to ensure effective operations.

Jumia Q3 2024 Report: Records Strong Customer Growth Amidst Revenue Dip by 13%

By
Ojukwu Emmanuel
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0

Jumia, a leading e-commerce platform in Africa, announced its financial results for the third quarter (Q3) ended September 30, 2024, reporting a decline in revenue despite active customer growth.

The company’s Q3 2024 results revealed a 13% year-over-year revenue decline to $36.4 million, as the company grapples with stagnation despite attempts to weather tough macroeconomic conditions. The drop, largely attributed to currency depreciation in major markets like Nigeria and Egypt, has cast a shadow over otherwise promising operational gains.

Gross profit was $22.9 million, up 3% year-over-year or up 30% year-over-year on a constant currency basis, largely in line with the evolution of third-party sales. Gross profit as a percentage of GMV was flat at 14% when compared to the third quarter of 2023. The percentage of orders of physical goods benefiting from customer incentives decreased from 27% in the third quarter of 2023 to 26% in the third quarter of 2024.

GMV declined by 1% year-over-year to $162.9 million and Orders increased by 4% year-over-year. The decline in GMV was heavily impacted by currency devaluations, as on a constant currency basis GMV increased by 29% year-over-year.

Commenting on Jumia’s third quarter (Q3) report, the company’s CEO Francis Dufay howver expressed satisfaction with the company’s progress in strengthening its fundamentals despite revenue decline.

In his words,

“In the third quarter we continued to strengthen the underlying fundamentals of the business. We saw growth in both Quarterly Active Customers, up 1% year-over-year, and Orders, up 4% over the prior year, as we continue to focus on diversifying our supply and strengthening the Jumia value proposition. We are encouraged to see continued resilience in our usage and business fundamentals despite the significant first quarter currency depreciation headwinds in Nigeria and Egypt that continue to impact reported GMV and topline revenue.

“We undertook several major operational steps in the quarter, including improvements to our logistics network and the consolidation of our warehouse footprint to enable greater efficiencies and increase supply capacity. While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well to scale and drive profitable growth as we expand our footprint beyond the major cities.”

As the company moves forward, Dufay emphasized Jumia’s commitment to taking a disciplined approach to managing operations. He added that the proceeds from the recent capital raise, will help to accelerate the company’s growth trajectory.

In a bid to ensure profitability, Jumia has remained committed to accelerating its strategy in a disciplined manner that avoids excess spending which will position the business for profitable growth over the long term. The company undertook significant operational improvements, including logistics network optimization and warehouse consolidation.

Notably, Jumia recorded growth in orders which was driven by continued efforts to enhance and diversify its product assortment as part of the increased focus on the customer value proposition.

As a result of these efforts, Jumia is attracting what it believes to be a stickier and higher quality customer base as evidenced by a 304 basis point year-over-year improvement in repurchase rates with reference to the second quarter of 2024.

The company’s cohort analysis indicates that 39% of new customers, who placed an order for a product or a service on the platform in the second quarter of 2024, completed a second purchase within 90 days. This represents an improvement compared to 36% of new customers from the second quarter of 2023, who reordered within 90 days.

JumiaPay Transactions reached 3.0 million, an increase of 10% year-over-year mainly driven by increased penetration of JumiaPay on delivery in the third quarter of 2024.Ongoing efforts to streamline the user experience and the continued rollout of JumiaPay on delivery to increase cashless orders has positioned JumiaPay as an enabler of the Company’s e-commerce platform.

Jumia’s Strategic Initiatives

• Operational Improvements: Jumia is focusing on improving its logistics network and consolidating its warehouse footprint to drive efficiency and increase supply capacity.

• Market Optimization: The company has ceased operations in South Africa and Tunisia to allocate resources to markets with stronger growth potential.

• Profitability Focus: Jumia is committed to reducing losses and accelerating its path to profitable growth.

While these inititiatives will have a near-term impact on its operations and financial performance, the company believes that its efforts will position the business well to scale on a path to profitability.

As Jumia navigates economic fluctuations, it is keeping profitability in sharp focus. It remains focused on executing its growth strategy, while  reducing losses and accelerating its progress towards cash efficiency and profitable growth.

Furthermore, the e-commerce giant aims to further reduce cash utilization and increase orders and GMV in 2024, excluding foreign exchange impacts.

Where Are the Casino Bonuses? Why South Africa’s Betting Sites Don’t Offer Them

By
TI Partners
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0

You’ve seen the offers everywhere. Big, flashy casino bonuses promise free spins, deposit matches, and other tempting perks. But if you’re looking for those bonuses on South Africa’s licensed betting sites, you’ll be disappointed. Despite the growing popularity of online casinos, these sites aren’t offering casino bonuses to players. So, what’s going on?

The Legal Roadblock: Sports Betting vs. Online Casinos

In South Africa, there’s a clear line between sports betting and online casinos. Licensed betting sites can legally offer sports betting, but online casino games are a different story. The National Gambling Act makes it clear: licensed operators in South Africa can’t offer traditional casino games online. This naturally extends to the bonuses tied to these games.

Since licensed South African sites can’t legally offer casino games, they’re also unable to provide the bonuses that go with them. Think of it like trying to sell a car without wheels – the main attraction is missing. Casino bonuses are usually designed to draw players into games of chance, and without these games, there’s no reason to promote bonuses.

But What About Bonuses on Offshore Sites?

Here’s where things get interesting. South Africans have access to a wide range of offshore casino sites, often licensed in places like Malta or Curacao. These sites are legally based outside South Africa, allowing them to offer the full casino experience. This, of course, includes all those bonuses you won’t find on local sites. Free spins? Check. Deposit matches? Check. The offshore casinos have it all, but the South African government doesn’t endorse or support them. They operate in a legal grey area, where South African authorities typically don’t go after players who use them. Technically, these sites aren’t permitted to operate within South Africa’s borders.

For many players, offshore casinos offer a simple solution to the lack of bonuses on South Africa. They give players a way to enjoy online casino games with all the perks – and with the ease of depositing in South African Rands.

Why No Bonuses? Understanding the Government’s Perspective

You might wonder why the South African government is so strict about casino bonuses. There’s actually a logic to it. The government wants to protect players, especially given the addictive nature of gambling. The belief is that casino games are riskier and more addictive than sports betting. By keeping traditional online casino games and bonuses out of reach, they’re aiming to reduce the harm caused by these types of gambling.

Bonuses can encourage more play, and to the government, that means more potential for harm. Imagine someone who might be cautious about betting at first but gets drawn in by a shiny bonus offer. It’s easy to see how bonuses could lead players to gamble more than they planned. That’s a big reason why these bonuses are a no-go on South African betting sites.

Betting Sites Get Creative: Sports Promotions as a Substitute

Just because South African betting sites can’t offer casino bonuses doesn’t mean they don’t try to keep things exciting. To stay competitive, sites have turned to sports betting promotions, and only occasional free spins. While these don’t mimic the thrill of free spins or casino bonuses, they do give players some extra value on their sports bets.

Think of these offers as the “legal” version of a casino bonus in South Africa. It’s the betting sites’ way of giving players a reason to stick around, even without the usual casino perks. Promotions on big games or events, like free bets on football matches, still let players feel like they’re getting something extra.

Could Things Change? The Future of Casino Bonuses in South Africa

The demand for online casino games in South Africa isn’t slowing down. This raises the question: could the government change its stance? There’s interest in updating the legislation to other countries that have adjusted their framework. It’s possible South Africa might eventually take a similar approach.

For now, though, licensed South African betting sites have to play by the rules, which means no casino bonuses. If you’re hoping for that to change, keep an eye on the news – any shift in gambling laws could mean new options for players in South Africa.

The Bottom Line: Why Casino Bonuses Are Hard to Come By

If you’re a fan of casino bonuses and you’re wondering why South African sites don’t offer them, now you know – it’s all down to the law. With online casinos off-limits, the bonuses naturally go too. For players who want the full casino experience, offshore sites are an option, though they operate in a grey area.

South African betting sites are trying to keep players entertained with sports betting promos. While they’re not quite the same, they’re a legal way to add a bit of excitement. So, whether you’re sticking with local sites or trying your luck offshore, knowing the rules can help you make the most of your gaming experience!

Top 4 DeFi Cryptos Under $0.25 Set to Explode in the Next Bull Market!

By
TI Partners
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0

As the cryptocurrency market gears up for its next bull run, savvy investors seek undervalued DeFi projects that could generate massive returns. With decentralized finance gaining momentum, some promising DeFi cryptos are still trading under $0.25 and are well-positioned to explode in value. Among these is FXGuys, an emerging player that has caught the attention of analysts and investors alike.

>>>BUY $FXG TOKENS HERE<<<<

1. FXGuys ($FXG) — The Best DeFi Token Under $0.25

FXGuys stands out as a Top PropFi Project and a unique contender in the DeFi space. It is currently priced at just $0.03 during its Stage 1 presale. The project sold 68,000,000 $FXG tokens in its private round, raising over $1,000,000, so it’s clear that FXGuys has strong backing. What sets FX Guys apart is its robust Trade2Earn program, which rewards users with $FXG tokens for every trade made on the platform. This incentivized system has boosted trading volume and increased interest in the platform.

FXGuys also offers an impressive Staking feature, allowing token holders to stake their $FXG and receive up to 20% profit and revenue share from broker trading volume. Combined with its Trader Funding Program, which gives top traders the chance to access up to $500,000 in trading capital, FXGuys is poised to attract retail and institutional investors. As the best proprietary trading firm contender, it could easily dominate the DeFi scene in the next bull market.

Why FXGuys is Poised to Explode:

  • No Buy/Sell tax and No KYC decentralized trading, making it user-friendly and accessible.
  • Same-day fiat and crypto deposits/withdrawals in over 100 local currencies.
  • Backed by its own custom trading platform, offering flexibility with platforms like MT5, Match-Trader, cTrader, and DXtrade.

2. TRON (TRX) — A Steady DeFi Contender

TRON (TRX) is another solid DeFi crypto trading under $0.25. It has been one of the pioneers in bringing decentralized applications (dApps) to the forefront of crypto technology. With a strong network supporting content creators and developers, TRON aims to decentralize the web. As it expands its DeFi capabilities, TRON could see a significant surge, especially with its increasing presence in the futures prop firms market.

3. Stellar (XLM) — Empowering Cross-Border Transactions

Stellar (XLM) has long been a favourite for those looking to improve cross-border payments. Stellar’s blockchain enables fast and low-cost transactions, making it an attractive option for decentralized finance solutions. With ongoing partnerships with global financial institutions, Stellar remains one of the most underrated DeFi cryptos under $0.25. Its position in the funded prop firms market is becoming increasingly significant.

>>>BUY $FXG TOKENS HERE<<<<

4. Kaspa (KAS) — A New Player with Potential

Although newer to the scene, Kaspa (KAS) is quickly making waves as a promising DeFi crypto under $0.25. Its high scalability and rapid transaction speeds have positioned it as a viable competitor in the DeFi ecosystem. Kaspa’s unique consensus model allows for more efficient decentralized networks and could grow rapidly as best DeFi projects look for innovative technology solutions. If Kaspa continues to evolve, it has the potential to outperform many of its peers in the next bull market.

Conclusion: FXGuys Leads the Pack

While TRON, Stellar, and Kaspa all promise DeFi cryptos under $0.25, FXGuys is undoubtedly the standout project. Its Trade2Earn system, Staking, and Trader Funding Program offer unparalleled opportunities for active and passive investors. As FX Guys continues to gain traction, its current price of $0.03 during the presale stage offers a massive opportunity for early adopters.

As the next bull market approaches, investors looking for the best DeFi projects should closely monitor FXGuys. With a strong foundation, innovative features, and the potential for exponential growth, FXGuys could be the top DeFi project that sees explosive returns by 2025.

 

To find out more about FXGuys follow the links below:

Website | Whitepaper | Socials | Audit

 

Exclusive FXGuys Promo Code:

USE PROP10 FOR 10% BONUS

Hot News, How to make money online, AEON MINING teaches you how to make $1,000 a day

By
TI Partners
-
0

Hot News, How to make money online, AEON MINING teaches you how to make $1,000 a day

AEON MINING is an innovative cloud mining company that has raised $100,000,000 in the current contract pre-sale. AEON MINING has won praise in the crypto community for its appeal, and the pace of pre-sale fund raising is accelerating. AEON MINING aims to bring greater efficiency to the industry through contract cloud mining. As a utility tool for users, AEON MINING is the only company that allows users to earn Bitcoin mining income through remote mining. This simple way allows users to enjoy the passive income of Bitcoin mining.

AEON MINING’s business model is based on the Bitcoin mining ecosystem, giving it the potential to grow into one of the largest crypto applications.

Catalog

AEON MINING Will it be the killer app the crypto industry craves??

Bitcoin prices have been volatile recently, reflecting the relative immaturity of the market and its highly speculative nature. What the crypto industry needs is a product that inherently does something useful and creates value. AEON MINING is providing real value by opening up Bitcoin mining opportunities to consumers interested in participating in the network that could become the currency of the future. AEON MINING prides itself on being one of the first decentralized applications that will transform the cryptocurrency market from an immature speculative market to a “value-driven” industry, providing products that people want to use, and will play a very important role in this transformation.

AEON MINING Make cloud mining easier and more efficient

The advantage of AEON MINING is that you can start cloud mining without having to buy a mining machine or start your own business, so the initial cost is extremely low. In addition, there is no need to understand the complex Bitcoin mechanism, making it an easy-to-use product for beginners. It is economically superior to conduct contracted cloud mining because it is pay-as-you-go. AEON MINING is a good fit for smart contract technology, which aims to automate business processes that support products and services through code. The smart contracts at the core of the AEON MINING system handle all cloud data, mining allocations, and mining cycles set by users on a dedicated dashboard.

AEON MINING Supporting the Bitcoin network in a transparent and efficient manner

AEON MINING offers an easy-to-use, transparent and efficient contract that has the potential to revolutionize the cloud mining space. It enables smooth Bitcoin mining, increases the network’s hash power (computing speed), and helps make it more secure and decentralized. When Bitcoin first began to change the world’s currency, AEON MINING used a laptop to mine digital currency, allowing individuals to participate in mining like never before. AEON MINING’s contracted cloud mining is a business model with many benefits and little competition. The project has successfully raised over $100,000,000 in funding and has strong momentum that has the potential to shake up the Bitcoin mining space.

AEON MINING Powering the financial future with clean energy

AEON MINING uses clean energy to drive the financial future, relying on recycled renewable energy such as solar and wind power to fuel their new energy cloud mining operations, greatly reducing mining costs and integrating surplus electricity into the grid.

AEON MINING How security and reliability contracts work?

New users are given $10 immediately after registering, which further encourages their participation. AEON MINING protects user funds and personal data through strong security measures (including DDoS and SSL protection systems), while providing comprehensive 24/7 online support.

A highlight of AEON MINING is its unique affiliate program, which provides a lifetime bonus of 3%-4.5% for each referred user. The founder said: “The referral link they provide will become a lifetime referral for new users who register through them. As a referrer, users will receive purchase referral rewards.

The contract price is $10 and the contract period is 1 day. It provides a risk-free opportunity to explore the world of mining, with a fixed income of $10 principal + $0.6 profit.

The contract price is $100 and the contract period is 2 days. It is designed for experienced users, with a fixed income of $100 principal + $6.6 profit.

The contract price is $500 and the contract period is 5 days. It is tailored for BTC enthusiasts, with a guaranteed fixed income of $500 principal + $30 profit.

The contract price is $1000 and the validity period is 15 days. It successfully uses BTC’s stable computing power, and the fixed income is $1000 principal + $198 profit.

The contract price is $3000 and the contract period is 20 days. It aims to extend the mining cycle, with a fixed income of $3000 + $846 profit.

The contract price is $5000 and the contract period is 30 days, allowing you to maximize your income with a fixed income of $5000 + $2265 profit.

Each contract is carefully planned to meet the needs of different investors, further ensuring the inclusiveness of the platform. Users can easily monitor their mining activities and withdraw earnings, ensuring a seamless mining journey from start to finish.

AEON MINING’s progressive approach will redefine the cryptocurrency mining industry and bridge the gap between the complex world of cryptocurrency mining and the average person. This revolution ensures that digital currency mining is no longer limited to a privileged few, but becomes a profitable venture for everyone.

Click here to learn more about Bitcoin AEON MINING

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