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Supported By
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Good morning!
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This week will no doubt be about Payday. The company issued an alert before the weekend to customers that its support will be limited because of the elections in Nigeria.
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Now the elections are over and new customers who had requested USD accounts, are already mounting on Twitter demanding their USD accounts. It's not yet clear if the company that has gained mass appeal by offering better exchange rates has found a new partner after Silvergate Bank shut down last week. But it has repeated that new USD accounts are in the offing for customers.
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What is clear however is that only one slip up and the company could run into problems especially as it's trying to raise funds, when investors are sceptical of companies they put their money.
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How this week goes will tell.
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If this newsletter was forwarded to you, click here to subscribe now.
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Bold asks drivers to consider branding their cars with its logo
- Payday and Grey customers have lost their USD accounts
- WeWork said it had reached a deal with SoftBank
- MTN is planning on merging Momo and Yello Digital Financial Services
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Ecosystem
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- MTN Nigeria has proposed merging its two finance subsidiaries, Momo Payment Service Bank Limited and Yello Digital Financial Services Limited, Technext reports. The company said the proposed merger would “hold the Payment Service Bank license granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities.”
- Bolt said in a message to drivers that it would pay them extra to brand their vehicles with its logo, Technext reports. "We are looking for drivers who are interested in advertising our brand on their vehicles. In exchange, you will receive weekly compensation for displaying our logo while you go about your normal driving routine," the message reads.
- Payday and Grey customers lost their USD accounts after Silvergate Bank was shut down last week. While Payday said that transactions made to customers' accounts will be reversed back to the sender, new users trying to open USD accounts over the weekend said they haven't gotten a new account with a new bank. Both companies said that are looking for new partners to offer USD accounts.
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Payments in Africa is complicated, Kora makes it easy. Build your custom payment experience with Kora. Accept payments in NGN, KHS, GHS and USD, make payouts and get access to same-day settlement anywhere in the world. Africa is waiting.
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Policy
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- INEC officials insisted they would not upload results on the BVAS at the polling units during the state elections on Saturday, further heightening the claim for many that the independent body is not to be trusted.
- Nigeria’s 3.2% GDP growth projection stands threatened mainly by the lack of cash and e-transaction malfunctions, but also by political unrest, economic experts told Nairametrics.
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Social Tech
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- YouTube has lifted the restrictions on former US president Donald Trump’s account it placed, following the Jan. 6 insurrection at the U.S. Capitol in 2021. The decision means that Trump’s accounts on three major platforms from which he was suspended or restricted are now restored, CNBC reports.
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Global News
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- WeWork, the office space company, said it had reached a deal with SoftBank and other investors to significantly reduce its debt and secure new financing. The agreement would cancel or convert into equity about $1.5 billion of the company’s debt, reducing WeWork’s total debt to less than $2.4 billion, the company said. In addition, the company will have until 2027 to repay $1.9 billion of its remaining debt, or two years later than those debts are currently set to mature, the NYT reports.
- Emmett Shear, the chief executive of Twitch, said that he was resigning, ending a 16-year tenure for the co-founder of the platform, the New York Times reports. “Twitch often feels to me like a child I’ve been raising as well. And while I will always want to be there if Twitch needs me, at 16 years old it feels to me Twitch is ready to move out of the house and venture alone,” he said.
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Latest in funding
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Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing security.
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Other stories we are following
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