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MTN Nigeria to merge financial services MoMo PSB, Yello Digital. 2 other stories and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today

1. MTN Nigeria to merge financial services MoMo PSB, Yello Digital

MTN Nigeria on Monday announced plans to merge Momo Payment Service Bank Limited and Yello Digital Financial Services Ltd.

Sources privy to the matter revealed this in a release.

Ripples Nigeria gathered that the company’s next annual general meeting, scheduled for April 18, 2023, will consider this motion.

“That the Company’s two subsidiary entities: (a) MoMo Payment Service Bank Limited (“MoMo PSB”); and (b) Yello Digital Financial Services Limited (“YDFS”) be restructured by way of a merger (the “Merger”) or such other method, subject to obtaining all requisite regulatory and corporate approvals…,” reads the statement.

A subsidiary of MTN Nigeria, Yello Digital Financial Services, provides financial services to the Central Bank of Nigeria’s (CBN) agency banking and super-agent operations.

MTN Nigeria Communications Plc’s payments division, Momo PSB, was launched in 2022, the same day rival Airtel Africa announced a similar move.

Tech Trivia: What type of message notifies an app that it must access data from virtual memory?

A. Page fault

B. Syntax error

C. Illegal operation

D. Interrupt request

Answer: see end of post

2. Tanzania-based digital banking platform, Credable, secures $2.5M seed

Credible, a Tanzania-based digital banking platform, has secured $2.5 million seed to expand market footprints.

Nadeem Juma, the startup’s chief executive who founded the startup with Jad Abbas and Michael Tarimo confirmed the funding in a statement on Monday.

READ ALSO:MTN Nigeria proposes new dividend plan for shareholders

The funding follows the pre-seed round of the embedded finance platform secured in early 2021 and led by The Continent Venture Partners (TCVP).

“The problem we’re trying to solve is that a huge population of underbanked customers need banking services to improve their livelihoods.

“They are in different channels that they use every day, like telco-led mobile money, e-commerce platforms, and gig economy apps,” the CEO explained.

The two-year-old fintech said it would you the funding to expand its market footprints to Nigeria and other countries.

3. Candela secures $20M to launch commercial hydrofoil shuttle

Swedish company Candela has secured another $20M to launch a new commercial hydrofoil shuttle.

Gustav Hasselskog, Candela’s founder and CEO confirmed the funding in a media release on Monday.

The investment is co-led by EQT Ventures and investor duo Joel Eklund (Fosielund Holding AB) and Svante Nilo Bengtsson (Marknadspotential AB), with participation from Ocean Zero LLC, among others

Ripples Nigeria gathered that the 30-passenger shuttle, P-12, is an electric-powered hydrofoil that effectively flies over the surface of the water on computer-guided underwater wings.

“We are now heavy into the process of finalizing the development and putting this ferry into production, which we think is going to be kind of a game changer in public transportation,” said Hasselskog.

The company says it is looking to build on this flexible approach to transport and it is currently developing its own software to enable real-time fleet routing.

Trivia Answer: Page Fault

A page fault occurs when a program attempts to access a block of memory that is not stored in the physical memory or RAM.

By Kayode Hamsat

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