$500 million?!😳That's a lot of 💵.
Hello Venturer,
There is no doubt that technological advancements in recent years have made our lives easier and more efficient. Since “necessity is the mother of invention,” every technological innovation is created to address a specific need.
For example, technological advancements enable agent banking; banks can now bring financial services closer to the unbanked and underbanked members of society. All it takes is one individual, an agent banking smartphone application and a POS machine. Voilà!
Technological innovation is also at the root of blockchains and digital banking. Both offer convenience and enhanced security. They also have the potential to drive financial inclusion, open up new doors and benefit businesses (leading to a $500 million valuation).
Why this much talk on innovation and technology? Find out in our stories for the week.
Hadassah Egbedi
Editor, Ventures Africa
Kuda Bank’s $500 million valuation – What this means for traditional banks
The current $500 million valuation makes Kuda Bank the seventh most valuable bank in Nigeria. Kuda is more valuable than some older traditional banks, such as the over-a-century-old Union Bank, which has a valuation of N152.8 billion, and the 76-year-old Wema Bank, which has a valuation of N34.3 billion. Learn more.
Blockchain technology can boost the Nigerian economy by $29 billion in a decade
In recent years, blockchain technology has grown to be an exciting innovation, sparking increased interest in the transportation, gaming, and lottery industries. According to EFInA’s research, more focus on the technology can increase Nigeria’s GDP mainly by instilling trust in business, government transactions, and processes.
High digital presence among female entrepreneurs in Africa is an opportunity for broader SME recovery
The Mastercard MEA SME Confidence Index revealed that over 80 per cent of women entrepreneurs have digital readiness for their business compared to their male counterparts but yet so few have access to funding. Globally, women-owned businesses are well represented in the entrepreneurship space, yet it is estimated that they only access between two and 10 per cent of commercial bank finance. Learn more.
First Bank’s $100 billion loan to Firstmonie agents promotes business empowerment
In early April, the number of agents hit 100,000 and presently, there are 120,000 Firstmonie agents in the country. In 2020, these agents handled over 295 million transactions worth N6.65 trillion and opened over 196,000 accounts. In 2021, approximately 114,000 agents processed 647 million transactions totalling N13.66 trillion. Learn more.
Local investment is as critical as foreign investment for Africa’s long-term growth
Commentators in Europe and the US often describe the changes wrung by the Covid-19 pandemic as representing a ‘new normal’. The past year has been a boon for takeaway services, remote-conferencing platforms, and anything else that gets us what we want without leaving the house. Yet it’s in Africa where technology is making the biggest advances. Read more.
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Remember to stay safe!
