Paystack, a leading player in Africa’s B2B payments, has launched Zap, a consumer-facing app designed to make transactions faster, simpler, and more reliable. Founded by Shola Akinlade, Zap targets users already embedded in the traditional banking system, focusing on speed and reliability rather than offering a comprehensive financial ecosystem. Zap promises transactions completed in under 30 seconds, though tests showed occasional delays beyond this mark. It supports 23 traditional banks, excluding fintech entities like Opay and PalmPay. One of its standout features is the ability to facilitate payments from foreign accounts to Nigerian banks, a feature lacking in many local fintech solutions. However, Zap faces several challenges. The app requires users to link existing bank accounts, which may deter those who prefer one-click account opening features. Additionally, it lacks support for microfinance platforms, limiting its appeal to the underbanked population. The app also has tiered transaction limits, with Tier 1 accounts capped at a daily transaction limit of ₦50,000 and a balance limit of ₦200,000. Upgrading to higher tiers requires additional KYC documentation, which could deter casual users. Zap differentiates itself from competitors like Opay and PalmPay by focusing solely on bank transfers rather than offering a full financial ecosystem. This approach appeals to professionals managing multiple accounts but may limit its appeal to those seeking comprehensive financial services.
TikTok founder Zhang Yiming becomes China’s richest person
Zhang Yiming, the founder of ByteDance, the parent company of TikTok, has emerged as the country’s richest person. His net worth is now estimated at $57.5 billion, according to the Bloomberg Billionaires Index. This milestone marks a notable achievement for Zhang, who has surpassed Zhong Shanshan and Ma Huateng to claim the top spot. Zhang’s success is largely attributed to ByteDance’s substantial growth, particularly with TikTok’s global popularity. Despite ongoing challenges in the U.S. over national security concerns, TikTok continues to thrive, contributing to Zhang’s wealth. ByteDance’s global revenue increased by 30% last year, reaching $110 billion, further solidifying Zhang’s position as a leading figure in the tech industry. Zhang’s journey from founding ByteDance in 2012 to becoming China’s richest person is a testament to the power of strategic vision and technological innovation.
IBEDC denies sacking 3,000 staff, vows legal action against false reports
The Ibadan Electricity Distribution Company (IBEDC) has categorically denied allegations that it laid off 3,000 employees, emphasizing that its total workforce is approximately 2,500, making such a mass dismissal impossible. The company has vowed to take legal action against those spreading these false reports, which it believes are part of a deliberate attempt to tarnish its reputation. IBEDC is currently engaged in discussions with the Oyo State branch of the Nigeria Labour Congress (NLC) to resolve issues related to third-party outsourcing practices. Despite these efforts, protests have been staged by the NLC, demanding the reinstatement of workers allegedly dismissed by IBEDC’s outsourcing agents. The company appreciates the Federal Ministry of Labour’s role in facilitating these discussions and has urged the NLC to remain patient and avoid disrupting operations, which could impact electricity supply in Oyo State. IBEDC remains committed to service excellence and operational transparency.
Airtel Africa supports Nigeria’s digital transformation with N1 billion grant for 3MTT program
The Federal Government of Nigeria has received a N1 billion grant from Airtel Africa Foundation to support its ambitious 3 Million Technical Talent (3MTT) initiative. The program, spearheaded by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, is part of President Bola Ahmed Tinubu’s strategic plan to position Nigeria as a global leader in technology and innovation. Announcing the grant on Wednesday, Dr. Tijani expressed gratitude to Airtel Africa Foundation for its contribution, noting that the funds will be used to train and empower over 25,000 Nigerians with high-demand technical skills. These include digital marketing, data analysis, project management software, cloud platforms navigation, UX/UI design, and other tech-related competencies. “This grant will cover hands-on training, community engagement, and job placement initiatives aimed at enhancing Nigeria’s digital workforce in alignment with President Tinubu’s Renewed Hope Agenda,” Tijani said. “We are committed to bridging the digital divide and ensuring that Nigerian youths are equipped to lead in the global digital economy.” Dr. Segun Ogunsanya, Chairman of Airtel Africa Foundation, highlighted the organization’s dedication to supporting Nigeria’s economic growth through technology and skill development. “Our N1 billion support is a strategic investment in Nigeria’s future workforce and prosperity,” Ogunsanya stated. He emphasized that the 3MTT program is a bold step toward transforming Nigerian youth into leaders in the digital revolution. The Airtel Africa grant marks the second major funding boost for the 3MTT program since its inception in 2023. In November 2023, telecom infrastructure company IHS Towers committed another N1 billion to establish learning communities across Nigeria. This funding also included salaries for 37 community managers for three years. The program initially launched with 30,000 participants, 1% of its target, and later expanded to include an additional 270,000 individuals in its second phase. To achieve its goal of training three million Nigerians, the initiative is being executed in phases with collaboration from government agencies, educational institutions, private sector players, and development organizations. The 3MTT program is central to the government’s vision of building a robust digital economy. By equipping citizens with critical skills that leverage technology across various roles, the initiative seeks to unlock new opportunities for employment and innovation while driving economic growth. This partnership highlights Airtel Africa’s commitment to uplifting communities through technology while aligning with Nigeria’s broader economic development goals. As Dr. Tijani noted: “Together, we are working to position Nigeria as a key player in the global technology landscape.”
Data cost hike threatens young entrepreneurs as Senate demands review
The Senate has urged the Ministry of Communications, Innovation and Digital Economy to engage with telecom providers and review the recent surge in data costs. The resolution comes in response to a sharp increase in internet prices, which has seen data costs rise by up to 200% in some cases. Senator Asuquo Ekpenyong (APC-Cross River) brought the issue to the forefront during Wednesday’s plenary session, sponsoring a motion titled “Urgent Need to Address the Increased Cost of Data Services in Nigeria.” Ekpenyong highlighted the significant financial strain this price hike has placed on Nigerians, particularly young people who rely on the internet for their livelihoods. “Many young Nigerians have embraced the digital economy, leveraging online platforms for freelancing, remote work, digital marketing, and social media management,” Ekpenyong stated. “The sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.” Senate President Godswill Akpabio expressed support for the motion, noting its potential to benefit young entrepreneurs. “This motion, when implemented, would assist young entrepreneurs. It will not only enable them to remain in business but also ensure they have affordable prices that will generate revenue and profits for them,” Akpabio said. The Senate’s resolution goes beyond just reviewing data costs. It also calls for: Development of a policy framework for affordable internet services in Nigeria Establishment and support of tech hubs across the country, providing free or subsidized internet access for young entrepreneurs, students, and innovators Investigation into the factors driving high data costs and recommendations for a sustainable, business-friendly telecommunications sector MTN Nigeria has raised its 1.8GB monthly plan to ₦1,500, up from ₦1,000 for a 1.5GB plan. Similarly, the cost of sending text messages has increased across all networks from ₦4.00 to ₦6.00 per SMS. As the Ministry of Communications engages with telecom providers, many Nigerians, especially those in the burgeoning digital economy, will be eagerly awaiting the outcome of these discussions and hoping for more affordable internet access in the near future.
First bank challenges court decision in GHL debt recovery case
The Federal High Court has ruled that the ongoing dispute between First Bank of Nigeria and General Hydrocarbons Limited (GHL) is a case of debt recovery rather than a maritime claim. This decision comes despite First Bank’s efforts to prevent what it described as a “fraudulent attempt” to sell crude oil stored on the FPSO Tamara Tokoni. The court also noted that an ex parte order to arrest the cargo had expired, as such orders are only valid for 14 days unless renewed. However, First Bank insists that the crude oil remains under arrest and has filed an appeal against the ruling. The bank has also sought an injunction to prevent GHL from dealing with the cargo pending the appeal’s outcome. In another related case, a Federal High Court in Port Harcourt dismissed First Bank’s suit against GHL, citing a lack of jurisdiction and labeling the case as an abuse of court process. This decision paves the way for arbitration at the Lagos Court of Arbitration, where GHL is seeking hundreds of millions of dollars in damages from First Bank for alleged breaches of obligations. First Bank has expressed strong disagreement with the rulings, stating that it will pursue every legal means to protect its stakeholders’ interests and prevent fraudulent debtors from evading their obligations. The bank maintains its respect for the judiciary but views the decisions as miscarriages of justice.