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50% slash: Bolt bows to drivers’ pressure, increases fares following backlash
Bolt has reversed its recent fare reduction after facing strong backlash from drivers. Initially, the ride-hailing company slashed fares by up to 50%, claiming the move was aimed at increasing demand on the app. However, drivers protested, arguing that the lower fares made it difficult for them to earn a living. Following the backlash, Bolt…
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Madica invests $800,000 in four startups, expands footprint into North Africa
Madica, an Africa-focused early-stage investment firm, has invested $800,000 in four startups as part of its efforts to support high-growth businesses. This move aligns with a broader trend of investors prioritizing startups with strong revenue potential, following a 9% share of total venture funding going to early-stage African startups in 2024. The four startups receiving…
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Meta’s ‘performance terminations’ affected Nigerian employees
Meta has laid off 3,600 employees worldwide, with staff in Nigeria and other African offices impacted as part of its performance-based job cuts. Employees in Germany, France, Italy, and the Netherlands were exempt, while affected workers in Africa, Asia, and other parts of Europe will receive termination notices between February 11 and 18, 2025. A…
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Resilience17 Introduces Go Time AI, Empowering Emerging African AI Talent
Flutterwave CEO Olugbenga Agboola has introduced Go Time AI, an accelerator program under Resilience17, to provide funding and mentorship for emerging African AI startups. The initiative offers up to $200,000 in funding and access to essential cloud computing tools, API services, and structured mentorship. The program’s first cohort, launched in early 2024, includes five AI-driven…
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Ecobank and Xtransfer partner to streamline cross-border payments for African SMEs
XTransfer, a leading cross-border trade payment platform, has partnered with Ecobank Group to streamline international transactions for small and medium-sized enterprises (SMEs) across Africa. This collaboration aims to tackle challenges such as high transaction costs, foreign exchange complexities, and slow remittance processes. By leveraging Ecobank’s vast presence in 35 African markets, XTransfer will provide SMEs…
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Kenya’s New Licensing Rules Threaten Small Phone Vendors
Kenya’s Communications Authority (CA) has proposed new licensing fees for vendors and distributors of mobile phones, car trackers, and low-power communication devices, a move that could disrupt small businesses struggling with high taxes and low consumer purchasing power. Under the new rules: • Only licensed manufacturers and distributors can import and sell these devices. •…