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Access Bank went shopping and is back with a new arrival. The Nigerian commercial bank splurged a whopping $36.7 million on Kenya's Sidian Bank.
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Access Bank CEO Roosevelt Ogbonna speaking on the matter said that “through this transaction and the subsequent merger with Access Bank Kenya, we will be well placed to promote regional trade finance and other cross-border banking services.”
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Kenya is setting a precedence with proposed regulation of M-Pesa, and other super-apps
- TikTok has included a screen time feature that helps users determine how long they spend on the app
- Nigeria’s Access Bank has cquired Kenya’s Sidian Bank for $36.7m
- Jumia to launch e-doctor service that will cost $1 monthly subscription for Nigerians
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Kenya is setting a precedence with proposed regulation of M-Pesa, other super-apps
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The Central Bank of Kenya (CBK) has outlined plans to regulate super-apps such as Safaricom’s M-Pesa and Craft Silicon’s Little, claiming that the platforms have the ability to account for more transactions than were previously handled by banks traditionally, Technext reports.
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Although the CBK has not indicated the shape that regulation of super-apps could take. It is, however, likely to feature the establishment of separate subsidiaries supervised and reporting to the regulator.
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These super-apps, which are becoming commonplace on the continent, feature apps from a variety of businesses, including banks, airlines, and utility companies, increasing their popularity among consumers looking for a one-stop app where they can complete all of their transactions at once.
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The M-Pesa app launched by Kenya’s biggest telecommunication company, Safaricom, for instance, has been downloaded more than five million times on Play Store.
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Other countries like Egypt (Halan), Algeria (Temtem), Uganda (Safeboda) and South Africa (MTN Group), play host to some of these apps.
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TikTok improved screen time feature helps you determine how long you spend on the app
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This is not the first time the social app has worked to improve the digital well-being of its users by helping with limits.
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In 2019, TikTok announced a screen time control function to enable users to set time limitations on how much time they spend on the app. In 2020, they introduced the Family Safety Mode, which allows parents to control their teen’s TikTok feed.
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Nigeria’s Access Bank acquires Kenya’s Sidian Bank for $36.7m
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Access Bank is reportedly set to acquire Kenyan Sidian Bank by buying out the entire stake of Centum Investment in the bank for $36.7 million (Ksh 4.3 billion). If the deal goes through, this will be the Nigerian bank’s second acquisition in the Kenyan market, TechCabal reports.
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According to The Standard, the deal will see Access Bank take over the 83.4% shares currently belonging to Centum and its subsidiary Bakki Holdco Ltd.
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Access Bank CEO Roosevelt Ogbonna said this deal will help Access to continue strengthening its presence in Kenya, a market the bank regards as key to its diversification strategy.
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“Through this transaction and the subsequent merger with Access Bank Kenya, we will be well placed to promote regional trade finance and other cross-border banking services,” he said.
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Jumia to launch e-doctor service that will cost $1 monthly subscription for Nigerians
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E-commerce firm, Jumia, is set to launch an e-doctor service that will allow Nigerians to access doctors remotely for a $1 monthly subscription, Nairametrics reports.
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To achieve this, the company, through its fintech arm, JumiaPay, is working with the Consultative Group to Assist the Poor (CGAP), a global partnership of more than 30 leading development organizations focused on financial inclusion to improve the lives of lower-income populations.
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JumiaPay is also partnering with a service provider, Meeting Doctor, to deliver this service. According to the company, Nigerians will be able to access this service through the JumiaPay app.
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This service will be riding on Nigeria’s robust mobile internet penetration. According to Nigerian Communications Commission (NCC), subscriptions for Internet in the country stood at 148 million as of April this year.
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Latest in funding
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Other stories we are following
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