Economy
Flutterwave Acquires Disha to Drive Rapid Growth
By Modupe Gbadeyanka
The hunger to strengthen and drive rapid growth and bolster its payments checkout process has pushed Africa’s leading payments technology company, Flutterwave, to acquire Disha, a platform that enables digital creators to curate, sell digital content, portfolios and receive payments from their audience worldwide.
According to Flutterwave, by enabling creators to receive payments from anyone, anywhere in the world, this acquisition is expected to further grow the estimated over $100 billion global creator economy.
It said creators on Disha who already monitor performance with the platform’s analytics feature, embed social media pages, add call-to-action buttons, and more are expected to find it easier to access global markets.
This is because the transaction will improve the process of digital content creation for Disha users, which are over 20,000, enabling them to earn value for their creativity using the platform’s new payouts and collections solution.
Young people all over the world are seeking better ways to earn more value from their creativity. In a report by NDTV, Non-Fungible Tokens (NFTs), a new way of owning and selling digital arts, surged past $10 billion in Q3 of 2021.
This shows the large appetite of young people to create, own, sell or share various digital arts, creatives, and assets to a global audience— an industry Disha is well-positioned to support in the near future.
Flutterwave’s acquisition of Disha will help grow its base by providing users with the ability to make, receive and withdraw money from their Disha accounts in over 150 currencies and 34 countries across the world.
Commenting on the news, Olugbenga GB Agboola, founder and Chief Executive Officer of Flutterwave said: “At Flutterwave, we care about the creators on Disha who over the years have found a home for their craft. That is why we’re making this huge investment to continue to support their growth.
“Beyond Disha users, this is an exciting effort to equip the global creator community of about 50m individuals, with innovative tools to grow their craft. We are thrilled to be supporting Disha to provide new opportunities for freelancers and creators to showcase and receive value for their creativity, across the world.”
Commenting on the News, Rufus Oyemade, Software and Architectural Lead, Disha said: “Flutterwave’s acquisition will accelerate our path to being an important toolset for creators to showcase and get paid for their work from all over the world.
“The new payment feature will support creators who will, in turn, become key players in the global creator economy. Disha earlier used a US-based payment partner for collections, but now that we’re part of Flutterwave, it’s amazing how we can provide excellent global services from Africa.
“We’re excited to continue to provide creators and freelancers with tools that add value to their craft. We’ll be focusing on features and integrations that help creators easily schedule meetings and exhibitions, build sustainable income through subscriptions and leverage emerging technologies in the creator space.”
“I believe this acquisition will bring about only positive changes. With increased resources, expertise and customer service, Flutterwave will certainly make Disha stronger and more competitive in the market.” Evans Akanno, co-founder and former CEO of Disha said.
Disha was co-founded by Evans Akanno (ex CEO), Rufus Oyemade (ex CTO) and Blessing Abeng (ex CMO). Disha will continue to maintain its distinct and unique brand identity and operations, despite the acquisition by Flutterwave. Disha had earlier in February 2021, announced it was closing services.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange maintained its upward trajectory with a further 0.88 per cent rise on Wednesday, March 3.
The expansion increased the NASD Unlisted Security Index (NSI) by 36.94 points to 4,256.41 points from 4,219.47 points, and lifted the market capitalisation by N22.10 billion to N2.546 trillion from Tuesday’s N2.524 trillion.
The six price gainers were responsible for the growth achieved by the unlisted securities market yesterday, with MRS Oil Plc adding N20.00 to trade at N230.00 per unit versus the previous day’s N210.00 per share.
Further, FrieslandCampina Wamco Nigeria Plc surged by N11.07 to N128.83 per share from N117.76 per share, Lagos Building Investment Company (LBIC) Plc grew by 37 Kobo to N4.12 per unit from N3.75 per unit, First Trust Mortgage Bank Plc advanced by 19 Kobo to N2.11 per share from N1.92 per share, Acorn Petroleum Plc rose by 1 Kobo to sell at N18.75 per unit versus the preceding day’s N18.74 per unit, and Acorn Petroleum Plc also gained 1 Kobo rise to sell at N1.35 per share versus N1.34 per share.
It was observed that two securities were in red at midweek, with Central Securities Clearing System (CSCS) Plc down by N1.56 to N82.59 per unit from N84.05 per unit, and Industrial and General Insurance (IGI) Plc down by 2 Kobo to 47 Kobo per share from 49 Kobo per share.
Yesterday, the volume of trades went up by 86.2 per cent to 2.6 million units from 1.4 million units, but the value of transactions deflated by 31.4 per cent to N64.1 million from N93.4 million, and the number of deals declined by 22.0 per cent to 46 deals from 59 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 36.4 million units valued at N2.2 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.8 million units transacted for N480.4 million.
Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units traded for N480.4 million, and CSCS Plc with 36.4 million units worth N2.2 billion.
By Adedapo Adesanya
For the 11th straight trading session, the Naira closed lower against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 4.
At the official market, it lost N2.80 or 0.2 per cent against the greenback to close at N1,387.09/$1, i contrast to the N1,384.29/$1 it was traded a day earlier.
It also depreciated against the Pound Sterling in the same market window at midweek by N12.88 to quote at N1,855.10/£1 versus Tuesday’s rate of N1,842.22/£1, and weakened against the Euro by N9.08 to N1,615.27/€1 from N1,606.19/€1.
The Nigerian Naira depreciated against the US Dollar yesterday at the GTBank forex counter by N12 to sell for N1,385/$1 compared with the previous day’s N1,373/$1, and tumbled by N5 in the parallel market to close at N1,390/$1 compared with the preceding day’s N1,385/$1.
The exchange rate has been trending downward for almost two weeks, though it has been resistant to being in panic mode because it is still within its projected N1,350 to N1,450 per Dollar band.
Nigeria’s gross external reserves climbed to $49.693 billion from $49.604 billion, based on the latest data from the Central Bank of Nigeria (CBN).
Meanwhile, the cryptocurrency market recovered after weeks of consolidation, but traders remain divided over whether the move marks a genuine breakout or another trap for late buyers.
Analysts have pointed to heavy overhead supply and positioning in derivatives markets as potential risks, with some suggesting a rally could only attract sellers rather than confirm a sustained recovery.
Dogecoin (DOGE) gained 8.3 per cent to trade at $0.0962, Ethereum (ETH) appreciated by 7.9 per cent to $2,122.87, Bitcoin (BTC) added 6.3 per cent to sell for $72,438.50, Solana (SOL) improved by 6.2 per cent to $90.37, and Cardano (ADA) jumped 5.1 per cent to $0.2733.
Further, Ripple (XRP) rose by 4.9 per cent to $1.41, Binance Coin (BNB) soared by 3.2 per cent to $652.64, and Litecoin (LTC) surged by 2.7 per cent to $56.09, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Crude oil prices were largely unchanged on Wednesday as escalating US and Israel strikes against Iran widened regional tensions and halted shipping through the Strait of Hormuz.
Brent crude was at $81.40 per barrel, while the US West Texas Intermediate (WTI) crude gained 10 cents or 0.1 per cent to trade at $74.66 per barrel.
Despite not much movement in midweek, analysts say prices remain elevated as markets grapple with the prospect of a prolonged war and lingering supply disruptions.
The US government has signalled a four- to five-week campaign, but Iran is seeking to regionalise the conflict, and the crucial Strait of Hormuz chokepoint is effectively shut.
The New York Times reported that operatives from Iran’s Ministry of Intelligence signalled openness to the US Central Intelligence Agency to talks on ending the war.
On Wednesday, US Defence Secretary Pete Hegseth said America was winning the war against Iran and that the US military could fight as long as needed.
While all other options are being explored, forces from both the US and Israel have struck targets across Iran, prompting Iranian retaliatory strikes against energy infrastructure in a region that accounts for just under a third of global oil production.
Iraq, the second-largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), has cut output by nearly 1.5 million barrels a day due to storage limits and the lack of an export route.
The US said it was working on plans to secure the Strait of Hormuz to ensure safety for oil tankers amid the war with Iran.
President Donald Trump on Tuesday said the country’s Navy could begin escorting oil tankers through the strait if necessary. He added that he had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.
Meanwhile, countries and companies have begun seeking alternative routes and supplies of crude. India and Indonesia said they were looking for other supplies, while some Chinese refineries were shutting or moving up maintenance plans.
The Energy Information Administration (EIA) said on Wednesday that crude stocks rose by 3.5 million barrels in the last week to their highest in three and a half years.
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