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Zazuu, a payment marketplace for remittance services, has shut down.

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10 months ago

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Zazuu, a London-based fintech that built a marketplace for African remittance companies and raised more than $2 million, has shut down, citing a lack of funding.

Zazuu, the fintech marketplace for cross-border payment networks in Africa that raised over $2 million from investors like Launch Africa and Founders Factory, has shut down after failing to raise funding. “We explored every option before making this decision,” the company said in a LinkedIn post announcing the closure.

Zazuu was founded by Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO), and Tola Alade (CDO) in 2018 and raised a $200,000 seed round from Launch Africa and ODBA in August 2021. A year later, the company raised $2 million from Launch Africa, Founders Factory Africa, ODBA, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Africa has the highest rate for remittance services for any continent; the average rate for sending money to the continent from Europe hovers around 9% and could be as high as 22% in some instances. Zazuu, which started as a simple Facebook and Telegram chatbot informing users of daily FX rates, evolved into a full-blown aggregator that listed more than 17 Africa-focused remittance providers on its platform before its closure.

The startup operated on the belief that a marketplace where customers could choose the cheapest remittance option could help lower prices by bringing transparency and increasing competition. Akinwunmi told TechCabal in March 2022 that Zazuu had the lowest rate anyone transferring money to Africa could get on the platform, at 1.5%. The startup also said that almost a hundred thousand users had used its Search and Compare service, which customers used to compare prices to find the best rates for sending money to Africa.

Adewunmi told TechCabal in May 2022 that one of the challenges Zazuu faced in its earlier stages was explaining to customers and potential partners what they were trying to build. He added that another challenge Zazuu faced was licensing requirements and the costs attached to them.

Zazuu’s shutdown is another in a series of startups shutting down this year as funding dries up for Africa’s tech ecosystem. By the end of October, African startups had raised less than $2.8 billion this year, which represents less than half of the $6 billion raised last year. Lazerpay, a crypto startup that shut down in April, also blamed a lack of funding for its closure. WhereIsMyTransport, a South African mobility startup, also shut down in October, citing an inability to raise new funding.

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Just In: Opay Begins Charging Of N50 Electronic Transaction Fee On Every 10k And Above….

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11 hours ago

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September 7, 2024

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Opay digital banking platform is set to apply a transfer fee of N50 for transactions exceeding N10,000 and above.

 

OPay has introduced a new fee for electronic transfers into both personal and business accounts, in accordance with the regulations set forth by the Federal Inland Revenue Service.

 

 

Beginning September 9, 2024, there will be a one-time charge of N50 for transfers of N10,000 or more.

 

 

” On Saturday, the digital platform communicated to its valued customers via a text stating the reason for the deductions even though people are still struggling to survive.

 

In it’s statement, is says:

 

“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service

regulations.”

 

 

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Our petrol to hit filling stations in 48hrs- Dangote

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4 days ago

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September 3, 2024

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Businessman, Aliko Dangote, has revealed that petrol produced from his 650,000 barrels per day refining facility will hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited are formalised.

Dangote said this on Tuesday during a press briefing announcing the formal production of petrol at the refinery.

“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said.

Asked to speak on the pricing of the product from his refinery, Dangote said, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”

Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility sited in Lagos with 350,000 barrels a day.

The refinery, which was initially troubled by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol.

Dangote also added that the introduction of naira for crude will reduce the demand for foreign exchange by 40 per cent.

“I want to thank President Bola Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round tripping,” he stated.

He added that it would become possible to track loaded trucks, hence making it easier to compute the national
consumption.

 

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‘Eko Cares’: Grateful Beneficiaries praise Lagos Governor’s economic hardship alleviation initiatives

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5 days ago

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September 3, 2024

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Encomiums have continued to pour in on the Executive Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, for the sustainable implementation of the ‘Eko Cares’ initiatives aimed at mitigating the current economic challenges experienced not only in the state, but across the country.
The ‘Eko Cares’ Initiatives, launched in April this year by Governor Sanwo-Olu, is the umbrella signature for several poverty-alleviating campaigns by the Lagos State Government, namely: ‘Alafia Eko’, ‘Ounje Eko’ Sunday Market, ‘Eko Fund Me’, ‘Alaafia Eko’, ‘Owo Isowo Eko’, and ‘Edinwo Owo Oko Eko’, all focused on lessening the burden of more than 500,000 Lagos households amid the current economic hardship in four critical sectors including transportation, education, health and agriculture.
These interventions are in line with the Lagos government’s undertaking to better the lives of its citizens in the 20 LGAS, and 37 LCDAs.
The Permanent Secretary, Lagos Health District 1, Dr. Funmilayo Bankole and other health practitioners who coordinated the campaigns in different locations noted that the ‘Alafia Eko’ is aimed at ensuring the health and wellbeing of Lagosians. “What we do here is to screen Lagosians for silent killers such as hypertension, diabetes, etc., and prevent these conditions from causing complications”, she said.
At the’ Alafia Eko’ intervention held in Mushin LGA, one of the beneficiaries, Mr Tajudeen Adebowale, expressed excitement, saying, “We are very happy about this initiative. May God continue to bless the governor to do even more, especially programmes like this healthcare initiative”.
Another beneficiary at the Meiran intervention outreach, Alhaja Ajani Badru could not hold back her joy saying, “We are grateful to Governor Sanwo-Olu’s administration for the free healthcare brought to us. Medications these days are very expensive and today, we got sufficient treatment at no cost”. Another beneficiary, Mr. Adekojo Samuel expressed similar sentiments, thanking the Governor for the eye tests, drugs, and eye glasses received.
Another beneficiary at the Isolo outreach, Mr. Iyanu Temituro said: “The programme is excellently beautiful, organised, and the medical personnel were very approachable. I’m enjoying two medical services for stooling and blood pressure”.
Mr. Abiodun Ayodele, a beneficiary from the Surulere outreach was also full of commendations. “I appreciate what the Lagos Governor has done. See the lots of drugs they gave me; at the same time, I got brand new eye glasses”.
Other beneficiaries from Apapa LGA were also full of praise for the Governor, dedicating songs in Yoruba to Governor Sanwo-Olu, describing him as a promise keeper. Among them were Mrs. Tawa Yusuf and Mrs. Oloofa Bola who got free eye glasses.
Others were Mrs. Aremu Lateefat, Mr. Rasheed Raheem, and Mrs Saratu Ishola, who all got free drugs and medicals. They described the health initiative as a huge achievement and a big relief for them.
On the success of the programme, Dr. Saheed Tajudeen, a volunteer at the Igbogbo, Ikorodu outreach expressed excitement with the turnout for ‘Alafia Eko’ initiative. “Lots of people in the community don’t usually visit our Primary Health Centre, and Lagos State has deemed it fit to bring medical care to their doorsteps. This is laudable”, he said.
Other locations visited in this phase of the ‘Alafia Eko’ health initiative include Ikorodu North LCDA and Ikotun LCDA.
‘Eko Cares’ is supervised by the Special Dispensation Advisory Committee on Social Interventions (SPEDAC), a non-partisan body set up to advise the government on the various initiatives lined up to help the poor weather the current economic hardship in the country.

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