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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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