- MTN is considering halting its services in some parts of Africa
- Netflix bows to Showmax as it becomes the leading streaming platform in Africa
- Shekel Mobility acquires $7 million in funding to assist the African car industry
- Bad business for Bolt Food as it plans to exit Nigeria
- Flutterwave acquires transfer licence in Malawi
MTN is considering halting its services in some parts of Africa
One of the biggest African Telecommunication companies, MTN, is considering leaving three countries in Africa.
According to Business Insider Africa, the mobile service operator with branches in 19 countries, including the Middle East, might shut down its services in Liberia, Guinea-Bissau, and Guinea-Conakry.
This decision is expected to reduce the number of operating countries to five in each region (West and Central Africa).
Although there have been no official statements as to why MTN might be considering cutting off its services from these countries, it is speculated that the recent financial records have proven that MTN is currently dealing with multiple challenges in these two regions.
Netflix bows to Showmax as it becomes the leading streaming platform in Africa
The globally preferred and largest paid streaming platform, Netflix, has recently found its desirability by its users dwindling, especially in the African region.
Netflix has often taken the lead among streaming platforms, as it controlled 40% of the African streaming market in 2021, but is no longer the holder of such a position as it now bows to Showmax.
According to data by Omdia Research, Netflix now accounts for 35%, while Showmax holds the top position with 40%. Showmax now boasts over 1.8 million subscribers in Africa.
Shekel Mobility acquires $7 million in funding to assist the African car industry
Shekel Mobility, a fintech specialising in auto dealerships, has acquired $7 million ($3.2 million in equity and $4 million in debt) in its bid to aid the growing African car market.
The funding was made by Heirloom VC, Maiora Capital, Rebel Fund, PageOne Lab Inc, Phoenix Investment Club, Pioneer Ventures, Unpopular Ventures, Ventures Platform, Y Combinator, and more angel investors took part in this round along with Fluna, VFD Microfinance Bank, Zenith Bank, and Zedvance also participated in the debt round.
According to the World Economic Forum, there is an estimated demand for 2.4 million cars in Africa and 300,000 commercial vehicles yearly due to the increasing disposable income; however, Africa’s car ownership is around 45 cars per 1000 people.
Bad business for Bolt Food as it plans to exit Nigeria
After two years of activity in Nigeria, Bolt Food has decided to close the curtain after only managing 5% of the booming Nigerian economy, which is lower than expected when it began two years ago.
According to reports, Bolt Food will quit its services in Nigeria on December 7, despite its heavy investments upon entry into the Nigerian market.
“Over the last three years, we have heavily invested in these markets, investing in low commissions to increase selection and incentives to encourage customers to move to Bolt Food. Unfortunately, in Nigeria, these investments haven’t been successful and have only achieved less than 5% market share,” Bolt’s Communications Manager, Femi Adeyemo, said.
Flutterwave acquires transfer licence in Malawi
Flutterwave, an African payments firm, acquired an International transfer licence in Malawi.
Flutterwave has now been permitted to execute remittances into Malawi, as the country’s remittances contribute 2% of the GDP.
The country’s remittance market has since 2016 risen to great heights, recording a $3 billion-valued African fintech startup.
According to the World Bank, over 200,000 Malawians work and live outside the country, allowing Flutterwave to enter the Malawian international remittances market, bringing in 300% since 2016 and representing 2% of the country’s $13.2 billion GDP.
Ayomitide Adeyinka is a content writer, crypto journalist and editor with a Bsc in Political Science. He is also an egalitarian.
