Business/Brands & Marketing
TECH ROUNDUP: PalmPay launches new savings plan, to accrue interest
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PalmPay is set to launch a savings service that includes a 20% annual interest savings plan
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CBN has introduced new transaction limits for contactless payments in the country
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Triple-A says over 22 million Nigerians currently own cryptocurrencies
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FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange
PalmPay is set to launch a savings service that includes a 20% annual interest savings plan available to all users this week. The company made the announcement in an event to celebrate the milestone of hitting 25 million registered users on its platform. The company is also celebrating its extensive network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Startup accelerator, Y Combinator, has disclosed the list of companies that generated the highest revenues in 2022. Senegalese fintech startup, Wave, stands out as the only African company among the 50 companies on the list. The company shares this privilege with prominent companies such as Monzo Bank, Coinbase, Zapier, Webflow, and Stripe. It is noteworthy that only 22% of these companies have offices located outside the United States.
Triple-A says over 22 million Nigerians currently own cryptocurrencies. The data which was released last week claims that over 420 million people all over the world currently use crypto. Per the Triple-A data, the average global cryptocurrency ownership rate currently stands at 4.2%. Asia has the largest portion of crypto users (260 million), followed by North America with an average of 54 million, Africa with 38 million, South America with 33 million, Europe with 31 million, and Oceania with 1.5 million.
inDrive has received an official license to operate in Kenya in what promises to increase competition in the ride-hailing industry with rivals including Uber, Little Cabs, and Bolt. inDrive charges five to 10% of the commission, depending on the market they operate in, while Uber and Bolt charge 18% down from 25% and 20%, respectively.
POLITICS
The Central Bank of Nigeria (CBN) has introduced new transaction limits for contactless payments in the country, effective June 27, 2023. These guidelines, outlined in the CBN’s document titled “Guidelines on Contactless Payments in Nigeria,” specify that contactless payments made through accounts or wallets in Nigeria will be limited to ₦15,000 per transaction and a daily cumulative limit of ₦50,000. The CBN aims to ensure that participants in contactless payment implement adequate risk management processes and adhere to relevant standards.
SOCIAL MEDIA
Activision Blizzard CEO Bobby Kotick told a judge on Wednesday that if Microsoft bought his company and blocked other gaming platforms from offering his blockbuster “Call of Duty,” it would alienate many of the 100 million people who play the game monthly and hurt its popularity. Meanwhile, the acquisition is facing government pushback in part over concerns that Microsoft may make the popular game exclusive to its Xbox console or otherwise limit its distribution. Kotick on Wednesday attempted to calm those fears, saying it is vital to offer the game across multiple platforms, including consoles, mobile phones, and personal computers.
WORLD NEWS
Apple’s stock climbed to an intra-day record high on Wednesday and was on the cusp of ending the session for the first time with a market capitalisation above $3 trillion. The iPhone maker’s shares rose as much as 1% to $189.90, their highest ever. With the stock last trading off that session high, up 0.4% at $188.81, the iPhone maker’s stock market value stood at $2.97 trillion, according to Refinitiv data.
Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday citing CEO John Ray. The company “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange,” Ray said, according to the Journal’s report. The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture, the report added citing people familiar with the discussions.
