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M-KOPA Makes List of TIME100 Most Influential Companies in The World For 2023

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Kenyan-based Fintech startup that provides connected asset financing solutions for underbanked customers, M-KOPA, has been listed by TIME, in its 2023 list of the TIME100 most influential companies in the world.

The Fintech startup was listed among other top remarkable companies across the globe, after TIME solicited nominations across sectors, and pulled its global network of contributors and correspondents, as well as outside experts.

Then TIME editors evaluated each, on key factors, which include ambition, successful impact, and innovation.

Speaking on the recently published TIME100 companies list, TIME Chief Executive Officer Jessica Sibley said, “The annual TIME100 companies list demonstrates that businesses can be change agents. From artificial intelligence to fashion, this list spotlights the innovative companies and visionary leaders that are shaping the world”.

M-KOPA was listed in the TIME100 Pioneers category alongside other companies such as ZeroAvia, Ameelio, Graphika, and several others, which signifies the company’s recognition for its remarkable and significant impact on global energy access and financial inclusion.

M-KOPA’s recent feature in TIME100’s most influential companies, coming after the startup in May 2023, was ranked in the 50th position in the Financial Times (FT) ranking of Africa’s fastest-growing companies in 2023.

M-KOPA financial offerings are designed for the realities of the financially excluded, tested and improved through a decade of experience, and proven through the successful repayment of millions of customers.

The asset financial provider was founded in 2010 with the idea of combining the power of digital micropayments with GSM connectivity to make life-enhancing assets more accessible. Since then, it has built one of the world’s most advanced connected financing platforms, deploying $1 billion in products and credit to the financially excluded.

M-KOPA’s business revolves around using debt to finance customers’ purchase of products and services it sells, such as smartphones and solar power systems, as well as loans and health insurance across four markets: Kenya, Uganda, Ghana, and Nigeria.

With its flexible credit model, the business allows individuals to pay a small/deposit for the two products above and pay off through micro-installments, helping build their credit history over time. Default rates are a little above 10%.

Last year, the startup claimed to have provided over $600 million in cumulative credit for its underbanked customers via a network of over 10,000 agents.

In 2023, M-KOPA revealed it has reached a total of 3,000,000 customers, and in May last month, it snapped up $250M+ debt, and equity for its asset financing platform.

M-KOPA’s remarkable success in Kenya, saw the startup expand to other neighboring countries such as Tanzania and Uganda where it strategically partnered with local mobile network operators to reach a wider customer base.

Given its success in East and West Africa, where it has sold over a million solar home systems and helped avoid 2 million tonnes of carbon dioxide emissions, M-KOPA has set its sights on South Africa, where the company is ready to open a pilot operation in the next few weeks.

The startup is poised to continue to drive positive change in the energy and financial sectors, with a mission to upgrade lives by making high-quality solutions affordable to everyone.

Crypto Bull Market Back as Bitcoin Trades Above $30,000

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The crypto bull market is back with a vengeance. After a prolonged period of consolidation and correction, the prices of major cryptocurrencies have surged to new highs, breaking through multiple resistance levels and attracting new investors. Bitcoin, the leading cryptocurrency by market capitalization, has been trading above $30,000 in the past day with Ethereum consolidating around $1800 per Ether and stablecoins maintaining its 1:1 peg against the US dollar.

After BTC dropping below this recent new ATH in April, bitcoin has continued to be facet against inflations, centralized control and manipulations. This current new height in prices has sparked renewed optimism among some investors and analysts that the crypto bull market is back on track. Major reasons for boost in market conditions not far from inflation ravaging countries and the increased adoption and participation of big US asset management companies like BlackRock, Citadel Securities amongst others.

The macroeconomic and geopolitical uncertainties that increase the demand for alternative assets and hedge against inflation and currency devaluation. For example, the past Covid-19 pandemic, the US-China trade war, and the rising tensions in the Middle East have fueled the appetite for crypto as a store of value and a medium of exchange.

These factors, along with the growing awareness and education of the general public about the benefits and potential of crypto, have created a positive feedback loop that reinforces the upward momentum of the market. However, this does not mean that the crypto market is immune to volatility and risks. There are still many challenges and obstacles that could derail or slow down the bull run, such as:

The regulatory and legal uncertainties that could hamper or restrict the adoption and innovation of crypto. For example, China has banned crypto mining and trading activities, while the US Securities and Exchange Commission (SEC) has delayed the approval of several Bitcoin exchange-traded funds (ETFs). The technical and operational issues that could compromise the functionality and security of crypto. For example, network congestion, hacking attacks, bugs, and human errors could result in loss of funds, downtime, or reduced performance.

The psychological and behavioral factors that could influence the market sentiment and price movements. For example, fear, greed, FOMO (fear of missing out), FUD (fear, uncertainty, and doubt), hype, rumors, and manipulation could cause irrational or emotional reactions among investors and traders. Therefore, it is important for crypto enthusiasts to be well-informed, cautious, and disciplined when participating in the market. While the long-term outlook for crypto is optimistic, there will be inevitable ups and downs along the way. The key is to have a clear vision, a solid strategy, and a diversified portfolio that can withstand the market fluctuations.

The crypto bull market is back, but it is not a one-way street. It is a dynamic and complex phenomenon that requires constant analysis and adaptation. As long as we stay vigilant and prepared, we can enjoy the ride and reap the rewards. But is this rally sustainable or is it just a temporary bounce before another downturn? We will examine some of the factors that could influence the future direction of bitcoin and other cryptocurrencies.

For example, MicroStrategy, a business intelligence company, announced that it had purchased an additional 13,005 bitcoins for about $489 million in cash, bringing its total holdings to 105,085 bitcoins. This shows that some companies are still bullish on bitcoin as a store of value and a hedge against inflation.

Another factor that could boost bitcoin is the increasing regulatory clarity and innovation in the crypto space. For instance, El Salvador became the first country to adopt bitcoin as legal tender, which could pave the way for more countries to follow suit. Moreover, several countries, such as China, Japan, and Sweden, are experimenting with their own digital currencies, which could increase the demand for crypto as a medium of exchange and a unit of account.

However, there are also some challenges and risks that could hinder the growth of bitcoin and other cryptocurrencies. One of them is the environmental impact of crypto mining, which consumes a lot of energy and generates carbon emissions. This has led to some backlash from environmentalists and regulators, who have imposed bans or restrictions on crypto mining in some regions. For example, China cracked down on crypto mining activities in several provinces, causing a drop in the global hash rate and network security of bitcoin.

Another challenge is the high volatility and unpredictability of crypto prices, which makes it difficult for investors and traders to assess the value and risk of their holdings. Crypto markets are often influenced by various factors, such as news events, social media sentiment, market manipulation, and technical analysis. These factors can cause sudden and sharp price movements, which can result in significant losses or gains for investors.

Therefore, it is hard to say with certainty whether the crypto bull market is back or not. Bitcoin and other cryptocurrencies are still in their early stages of development and adoption, and they face many opportunities and challenges along the way. The future of crypto will depend on how well it can overcome these challenges and leverage these opportunities to create value for its users and society.

FTC Sues Amazon Over Deceptive Prime Sign-up

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Amazon is facing a fresh suit from the Federal Trade Commission, accusing the e-commerce giant of duping millions of consumers into signing up for its mainstay Prime program.

The suit, which was filed on Wednesday, also alleged that Amazon sabotaged attempts of consumers to opt out of the program.

According to the agency, Amazon’s actions violated the FTC Act and the Restore Online Shoppers’ Confidence Act by using so-called dark patterns, or deceptive design tactics meant to steer users toward a specific choice, to push consumers to enroll in Prime without their consent.

“Amazon tricked and trapped people into recurring subscriptions without their consent, not only frustrating users but also costing them significant money,” FTC Chair Lina Khan said in a statement.

Amazon spokesperson Heather Layman described the allegation as “false on the facts and the law.”

“The truth is that customers love Prime, and by design we make it clear and simple for customers to both sign up for or cancel their Prime membership,” Layman said. “As with all our products and services, we continually listen to customer feedback and look for ways to improve the customer experience, and we look forward to the facts becoming clear as this case plays out,” Layman said in a statement.

Since March 2021, the FTC has been investigating the sign-up and cancellation procedures of Amazon’s Prime program, per CNBC. The relationship between Amazon and the FTC became strained when the agency requested that CEO Andy Jassy and founder Jeff Bezos testify regarding the practices of the Prime program. Amazon argued that the request was excessive and burdensome, but the FTC rejected their argument.

Amazon’s Prime program, established in 2005, has grown into one of the most popular subscription services worldwide, boasting over 200 million members globally and generating billions of dollars for the company. Membership, priced at $139 per year, provides various benefits such as free shipping and access to streaming content.

In the lawsuit filed in the U.S. District Court for the Western District of Washington, Amazon’s leadership is accused of deliberately hindering or rejecting changes aimed at simplifying the cancellation process for Prime. These changes were considered detrimental to Amazon’s financial performance.

The FTC complaint states that Amazon made it challenging for consumers to make purchases on its platform without Prime. Furthermore, a transaction completion button did not clearly indicate that users would also be enrolling in Prime for a recurring subscription.

The complaint also alleges that the cancellation process was intentionally complicated to dissuade users from ending their Prime membership. The FTC cited a report by Insider, claiming that Amazon internally referred to this process as “Iliad,” referencing Homer’s epic poem about the Trojan War.

This complaint marks the third case brought against Amazon by the FTC within the past month. In late May, Amazon agreed to pay over $30 million to settle cases involving privacy breaches in its Alexa and Ring units. While the company disagreed with the FTC’s claims, it chose to settle in order to move forward and resolve the matter.

On Wednesday, Amazon’s shares closed slightly lower.

Backlash Trails Nigerian Govt’s Plan to Review Salaries of Public Officers by 114%

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The Nigerian government’s plan to review the salaries of political, judicial, and other public officers by 114% has resulted in a heavy backlash. The backlash is being buoyed by current harsh economic realities orchestrated by President Bola Tinubu’s policy changes.

On Tuesday, the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), Muhammadu Shehu, confirmed, during the presentation of reports of the reviewed remuneration package to Kebbi State governor, Dr. Nasir Idris, in Birnin Kebbi, that the salaries will be reviewed upward.

Shehu, represented by the Federal Commissioner, Rakiya Tanko-Ayuba, said the move was in line with the provision of Paragraph 32(d) of Part 1 of the Third Schedule of the 1999 Constitution of the Federal Government (as amended).

“It empowers the Revenue Mobilization, Allocation and Fiscal Commission to determine the remuneration appropriate for political office holders, including the President, Vice President, Governors, Deputy Governors, Ministers, Commissioners, Special Advisers, Legislators, and the holders of the offices mentioned in Sections 84 and 124 of the Constitution of the Federal Republic of Nigeria,” he was quoted by NAN as saying.

The event was a continuation of the one-day zonal public hearing on the review of the remuneration package simultaneously in all the six geo-political zones of the country on 1st February 2023.

Shehu said the remuneration review is long overdue, referencing the last review which was carried out in 2007, culminating in the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.) (Amendment) Act, 2008.

“16 years after the last review, it is imperative that the Remuneration Packages for the categories of the office holders mentioned in relevant Sections of the 1999 Constitution (as amended) should be reviewed,” he added.

According to the chairman, the commission has reviewed the remuneration packages as contained in these reports based on a combination of subjective and objective criteria obtained from analysis of macro-economic variables particularly the Consumer Price Index (CPI) among others.

He said that having considered the impact of the review on the economy, the remuneration of the political, public, and judicial office holders in the country was adjusted upward by 114%.

However, the move is coming at a time when Nigeria is facing a heavy economic downturn, following policy changes that involved the removal of petrol and electricity subsidies and the floating of the naira.

The policy changes were implemented without provisions to cushion their economic effects. The government is still working with Civil Society Organizations to develop a framework for the increment of the N30,000 monthly minimum wage.

Against this backdrop, the RMAFC’s decision to conduct an upward review of the salaries of public office holders is seen as a slap on the face of Nigerians.

Shehu said during an interview with AriseTV on Wednesday, that the 114% review has become necessary because CPI has gone up by more than 300% since 2007, when it was last reviewed.

He added that considering the current economic situation, the review has been narrowed to the basic salary of public officers. The chairman explained that concerning allowances and fringe benefits, the commission recommended that the existing allowances be maintained at the current levels since that would translate to higher provisions in actual amounts when applied to the reviewed annual basic salary.

However, his explanation has failed to calm the avalanche of protest trailing the review as it is generally seen as an indication of the government’s insouciance towards the plights of Nigerians.

“Raising the minimum wage of poor workers should come first before that of the elites holding public offices. With this 114% increase, a Federal Legislator will earn about N2million monthly salary and N25 million monthly running cost for his office. Money derived from the removal of subsidies should be spent wisely,” former Senator, Shehu Sani said.

Change Your Attitude At Work, You’re Nobody’s Kid

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I reported at 7.30am and it was the first day at work in the bank’s headquarters. Quickly, they told me to go home and return at 4.30pm for a night shift. On that night, the first ever experience of working at night, I slept off, and slept off. The lead engineer that night reported me to the boss in the morning. The next day, I also slept off, but a small sleep off. On the 3rd day, there was a message, and that message was unambiguous – it is either you figure out how to be awake or you can return home to sleep as much as you want! Yes, it is now business.

People, this night shift was an uncommon job: from 6pm, you would be required to initiate scripts in Oracle, maintain HP 9000 server series running on UNIX / Linux and print cabals in more than 13 dot matrix printers. If you make a mistake, the next day, the bank would be unable to open for operations for customers because End of Day has not been completed! In other words, the branches will tell customers that “system is down”. It was not a network issue. What happened most times was that two graduates did not complete those demanding routines.

When the message came, right there, I learnt that your colleague is not necessarily your friend, and companies cannot be families, no matter how you want to paint it. “Pally, if you do not handle your sleep, I will request for you to be replaced in my shift”, I told a fresh graduate who joined and was to work under me, now a” boss”. He could not believe it. I reminded him that losing your job is not the issue, the issue is that those policemen can lock us up if both of us sleep overnight and unable to get this done (sabotage to the bank); so, are you ready to work? He got the message, and froze sleep to earn his pay!

But it was a great experience, picking graduates out of NYSC and handing over huge responsibilities – and in the process PAYING THEM SO MUCH money that you may say is immoral. Yes, they paid really well with generous bonuses which made newbies like us lobby to work on Christmas, New Year and all holidays because money rained. Three months into a job, you could buy a really nice car and a good flat in Ikeja.

But never fall to any illusion because if you stop delivering value, the penalty is ferocious; you are cut-out. At one time my job was to cut people out of the bank system, and whenever you get the list, you remind yourself that “this is a workplace, and will never be a family home”. Change Your Attitude At Work, You’re Nobody’s Kid. If they pretend it is a family, just pray there is no bad quarter while you are there.