East Africa’s most profitable company, Safaricom and Vodacom, a South African communications operator have come together with a plan to purchase full intellectual property rights to mobile financial services platform, M-Pesa, from Britain’s Vodafone.
The US$13.4 million deal will allow both companies to make significant savings in royalties paid to Vodafone and expand the service to new African markets, said Bob Collymore, Safaricom’s CEO.
Safaricom currently pays 2 per cent of its annual M-Pesa revenue which currently stands at US$741 million to Vodafone while Vodacom, which owns 35 per cent of Safaricom, pays 5 per cent in an intellectual property fee to Vodafone from its M-Pesa business, which is mainly in Tanzania.
Vodafone currently holds a 5 per cent stake in Safaricom.
On-demand Online Shipping Platform, MVXchange Secures US$100K in Pre-seed Funding Round Led by Oui Capital
MVXchange, an on-demand online shipping platform has announced an investment of US$100,000 in funding. The Pre-seed round was led by
MVXchange’s technology-driven maritime platform matches vessel charter requests directly to offshore support vessels (OSVʼs) in the African oil and gas industry providing conveniently charter and management of offshore support vessels while reducing man-hours, saving cost and maximising performance.
The startup will use this funding to scale up its technology and acquire more enterprise users.
Nigerian Ride-hailing Motorbike Startup Gokada Raises US$5.3M Series A Funding
Gokada, a ride-hailing motorbike startup based in Nigeria has secured US$5.3 million in Series A funding led by Rise Capital and participation from Adventure Capital, IC Global Partners, Illinois based First MidWest Group and several local investors,
Gokada was founded in 2018 by Fahim Saleh and Deji Oduntan and has signed more than 1,000 bikes with rides approaching one million to date.
Gokada will use the financing to increase it’s fleet and ride volume, offer additional services to its drivers, hire local tech talent while exploring new verticals for business growth. Nigerian investor and Jobberman founder Ayodeji Adewunmi will join also Gokada as co-CEO.