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Why Nigeria’s ecommerce company Efritin went bankrupt

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According to developing news from Techpoint, it seems Efritin is shutting down operations.

This is not really news as most e-commerce companies in Nigeria are just bleeding cash with no viable business model in the midst of heavy recession which has affected people’s purchasing capacities.

Efritin is not closing shop because of  competition. Rather, it went bankrupt because Nigeria is not ready for e-commerce. Even Konga has lost more money than it made. Jumia is a shadow of itself. The problem cannot be fixed by marketing. This is a structural problem – without logistics and postal system, e-commerce, in Nigeria, has no long-term competitiveness capacity in a place where every street has a “shop”.

Until the Nigerian government invests in infrastructure like postal systems and transportation networks, few companies will come out of e-commerce profitably.

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Quantum Global, founded by Jean-Claude Bastos de Morais, buys Ghana’s Movenpick Ambassador Hotel Accra

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QG Africa Hotel LP, a Mauritius based investment fund managed by Quantum Global Investments Africa Management Ltd., has announced the acquisition of the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC). The transaction closed on 28 December 2016.

Quantum Global’s Group CEO, Jean-Claude Bastos de Morais, commented: “The acquisition of the Movenpick Ambassador Hotel Accra, one of sub-Saharan Africa’s most successful hotels, is a great testament to the strength of our Hotel Fund and its growing portfolio. The hospitality industry across Africa is an indicator of the vitality and attractiveness of key locations across the continent and we look to further take advantage of those opportunities and generate value added returns for our investors.”

Complementing Quantum Global’s already significant African investment portfolio, the value proposition of this transaction is underpinned by its status as one of the largest hotel and mixed use properties in West Africa, occupying an exceptional position in both business and touristic segments of the African hospitality market.

 

Note: The title of this post has been updated for accuracy.

Ingenico Group and Interswitch partner on multichannel payment solutions in Nigeria

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Ingenico Group has announced a strategic partnership with Interswitch Nigeria Limited, the leading transaction switching and electronic payment processing company in Nigeria.

‘As Nigeria enters a new era of payment, Ingenico Group and Interswitch are joining forces to better address the market challenges and eliminate the need for cash,’ commented Mitchell Elegbe, Group Managing Director and CEO at Interswitch. ‘We formed this partnership with Ingenico Group as they are a global leader in payments with great track record and a strong knowledge of our market characteristics and constraints. This agreement is a key milestone in our common strategy to better serve the Nigerian people.’

Since 2002, Interswitch has been promoting the seamless circulation of electronic money by building the payments infrastructure and bringing new products and services to millions of customers, both in corporate and consumer segments, spread all over the country. The integration of Ingenico Group technology with Interswitch’s switching and processing system will allow end-users to benefit from the next generation of payment technology and the smoothest and most secure user experience when initiating electronic transactions.

Three Ways Of Bringing Applications To Market

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Three delivery trends are reorienting the way enterprise IT management leaders bring applications to market: Agile development, composite applications and cloud computing. These trends share a single, primary aim, and it isn’t just cost reduction. The chief objective of these initiatives is better, faster outcomes. All three seek to strip the latencies from traditional delivery and provide results that are more aligned with, and more responsive to, the business.

If your enterprise is like most, you’re probably pursuing all three. But are you doing so in concert? Pursued together, these trends present certain harmonies that significantly magnify their benefits.

Composite and cloud development prize the durability of services, ensuring that components perform well while remaining secure and resilient. Because both cloud and composite facilitate the exposure of services and subcomponents for use by other applications, their shared priority is for components to remain trustworthy in a variety of different contexts.

Agile and composite align in their aim for modularity. They resist large and change-resistant monoliths—whether in terms of project plans or application architectures—in favor of discrete, bounded units that can be built, tested and delivered to production quickly.

Agile and cloud overlap in the aim of responsiveness to change. Agile projects are designed to anticipate rather than resist change and to be able to pivot accordingly. The “always on” aspect of the cloud can facilitate this aim by reducing or eliminating the time to provision application environments, a key source of latency and inter-departmental squabbles.

 

Editor’s Note: Adapted from HP sponsored Application Note

Forbes List of African billionaires living in Africa, Bill Gates tops all their collective networths

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Nothing surprising, as usual, as it has been a static list with the same old people for years. Wealth is not mobile in Africa for many reasons. One of the reasons is that you need a huge public sector connection to have a breakthrough in the continent. And once you are in, you make sure no one comes into the club.

Yet, the number of billionaires in Africa–and the size of their fortunes–continues to drop. On this year’s list, FORBES is only including African billionaires living in Africa, instead of featuring Africa’s 50 richest people. There are 21 billionaires on this year’s list, worth a combined $70 billion.

Notice that Bill Gates at $84 billion has more money than all the African billionaires combined.