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Silvertree Pumps $15m into African Firms

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Silvertree Pumps $15m into African Firms

By Modupe Gbadeyanka

Africa’s leading Internet Platform, Cape Town-based Silvertree Internet Holdings said it has injected over $15 million into African consumer-focused technology companies since inception in 2014.

The portfolio has achieved an average over 200 percent annual revenue growth, helped by fast-growing companies like car buying site carzar[dot]co[dot]za and meal-kit delivery company ucook[dot]co[dot]za.

To build on this success, Silvertree is excited to announce the appointment of Freddy Caspers as non-executive Chairman of the Board.

Mr Caspers has been one of the core team members behind the phenomenal success of Reckitt Benckiser (RB), as executive board member and CEO of Emerging Markets.

RB, a London-listed global FMCG company, owns brands including Durex, Dettol, Vanish and Finish. RB has been one of the biggest business success stories of the 2000s, building the ‘Apple of the FMCG industry’ and turning a provincial USD 1bn market capitalization business into a $75 billion global giant in less than 10 years.

Mr Caspers as CEO of Emerging Markets (including Africa) grew sales from $1 to $8 billion and profits 16 times while creating a shareholder value increase of over $20 billion during his tenure and managing a portfolio of companies with sales in over 100 countries and 25.000 people.

Silvertree said it believes the biggest opportunities for tech investment in Africa are in businesses driven by strong teams that are executing simple, proven models. Furthermore, a focus on all three long term value creation drivers Net Revenue growth, margins and cash allows the group’s operations to reach breakeven much earlier in their life-cycle.

Mr Caspers said, “I have great ambitions for Silvertree: to build it into the most successful internet technology company across Africa. Similarly to my approach at RB, exceptional people with a performance driven culture and executional excellence will be key to our value creation to transform economic growth across the region.”

Looking forward, Silvertree plans to invest over $10 million in the next 12 months into new and existing portfolio companies that make use of technology to reach consumers, with a focus on growth stage and buy-out opportunities.

Silvertree has a unique owner and operator approach with active and large investments and leverages best practices across their business portfolio as well as support from its global network.

Founder and MD, Mr Allerstorfer, added, “We want to partner with like-minded entrepreneurs looking to disrupt large and high margin industries in Africa. It is still day 1 of the Internet in Africa!”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Starlink is Now Available in Nigeria—SpaceX Confirms

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Starlink is now available in Nigeria

By Modupe Gbadeyanka

Nigerians and tech startup owners can now heave a sigh of relief as Starlink is now available in Nigeria, according to SpaceX.

The internet service provider is owned by a billionaire businessman and owner of Twitter, Mr Elon Musk.

The federal government held meetings with the management of the company to introduce its services in Nigeria. The network was earlier expected to commence its operations in the country last month.

However, after the wait, SpaceX has confirmed the availability of the Starlink network in the country and would be expected to take a huge chunk of the broadband market with competitors like MTN, Glo, Airtel, 9mobile, Smile, Spectranet, and Swift.

Nigeria is the first African country to receive Starlink service.

“Starlink is now available in Nigeria, the first African country to receive the service,” a message posted on the Twitter handle of SpaceX on Monday night stated.

Starlink, according to its profile on Wikipedia, is a satellite internet constellation operated by SpaceX, providing satellite Internet access coverage to 47 countries. It also aims for global mobile phone service after 2023.

With Starlink, users can engage in activities that historically have not been possible with satellite internet, as its high-speed, low-latency service is made possible via the world’s largest constellation of highly advanced satellites operating in a low orbit around the Earth.

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CBN Gives Interswitch Payments Service Holding Company License

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Interswitch

By Aduragbemi Omiyale

A Payments Service Holding Company (PSHC) license has been granted to Interswitch Group by the Central Bank of Nigeria (CBN).

This followed an earlier announcement by the CBN regarding new licensing categories for participants in the Nigerian payments system.

The integrated payments solution provider is among the first to receive this authorisation from the country’s apex bank.

According to the regulator, the PSHC regulation requires companies with existing or prospective operations across multiple license categories to set up a PSHC. The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are clearly delineated for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN.

A statement from Interswitch, a leading financial technology in Africa, outlines that Interswitch’s Group Holding Company retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.

The issuance of the PSHC licence coincides with Interswitch’s 20th-anniversary commemoration, which has seen the company cement its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa over the last 20 years.

It also serves to reinforce Interswitch’s progressive outlook as a frontier-driving company which keeps pushing boundaries to facilitate the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.

“Twenty years ago, we placed a bet on the latent potential we saw in the introduction of e-payment channels at the time, particularly ATMs for the delivery of cash just-in-time, and today, we are gratified to see how far the financial technology and payment systems in Nigeria have grown.

“On the back of our receipt of this additional license, we remain strongly committed to a close partnership with the Central Bank of Nigeria to facilitate the delivery of the Payments Vision (2025) and, of course, the National Financial Inclusion Strategy,” the founder and Group CEO of Interswitch, Mr Mitchell Elegbe, remarked.

He further reiterates Interswitch’s resolute focus on its over-arching mission to continue championing technology solutions that connect and empower individuals, businesses, and communities across the continent.

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Mafab Rolls Out 5G Services in Nigeria

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Mafab 5G Network

By Aduragbemi Omiyale

Another player has joined the 5G network space in Nigeria, and it is Mafab Communications Limited, which won the licence with MTN Nigeria Plc in December 2021.

After it obtained the licence from the Nigerian Communications Commission (NCC) for $273.6 million, it delayed its rollout, while its competitor, MTN, started in August in a few cities.

Business Post reports that Mafab on Tuesday held a ceremony at the International Conference Centre (ICC), Abuja, to commence operations in the country, promising to deepen broadband penetration.

“We are fully committed to bringing the benefits of 5G services to Nigerians and deploying a network that will drive economic development with increased broadband capabilities nationwide.

“I have no doubt that the service will help deliver improvements in the fields of education, business, smart cities and entertainment,” the Chairman of Mafab, Mr Mushabu Bashir, said.

It was gathered that Mafab would largely use existing infrastructure from IHS towers and, if need be, ATC Nigeria Wireless Infrastructure Solutions as well for its operations.

Recall that last month, the NCC again auctioned the 3.5GHz spectrum, which was won by Airtel Nigeria, which intends to launch its operations very soon.

It is not certain how much the Mafab 5G network services would cost. When MTN rolled out its 5G services last year, it sold the device for N50,000 and asked interested customers to pre-order the 5G router.

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