iAfrikan Daily Brief - George Soros, Nigerian Senate & Nigerian Communications Comission, Garmin & MTN Ghana And MMM Nigeria
Wednesday, 14 December 2016
George Soros Backed LeapFrog Investments Raising $800 Million To Invest In Afrikan Banks And Payment Companies
LeapFrog Investments, a proivate equity company which counts George Soros among its investors, is in the process of raising $800 million for one of its latest funds. In turn, Leapfrogg is looking to invest in African banks, insurance brokers and payment companies as a way to "tap into rising demand among low-income consumers." Overseas Private Investment Corp., an American development financing division of the USA government, approved a $200 million investment in Leapfrog's latest fund. According to Leapfrog, George Soros invested in LeapFrog’s first fund through his Soros Economic Development Fund because "the financial-services market is under-served, she said." It will be interesting to observe how their war chest helps them navigate the the different financial regulations in different Afrikan countries but regulations also will present investment opportunities as is the case in Kenya where insurance companies are now required to hold more cash.
Nigeria's Data Price Floor Back As Senate Says Communications Commission Acted In The Interests Of The Country
Credit: Nigerian Senate
Here we go again. This is now a telecoms regulation ping-pong game in Nigeria as the Nigerian Senate has now made an about turn and said that the Nigerian Communications Commission (NCC) acted in national interest on the issue of data price increase. Beyond making the statement on the data price increase in Nigeria, the senate comittee went on to commend the work done by the NCC in sanitizing the telecoms industry mentioning examples such as the multi billion dollar MTN Nigeria fine. We wait to see what the next steps are on this.
Garmin Partners With MTN Ghana
Garmin announced that they have partnered with MTN Ghana and have launched a range of wearable tech watches into Ghana to encourage people to "live a more active lifestyle."
“Our Garmin watches are supported by various mobile devices operating on Android, iOS or Microsoft platforms giving all customers the chance to get fit and healthy while staying connected.” Said the Business Development Manager for Garmin, Mike Clarke. MTN offered a FREE 3 month 900MB data bundle deal for customers purchasing any one of the 6 Garmin products on offer from one of MTN ‘s pinnacle stores; Accra Mall, Osu High Street Mall, Osu Supreme store, West Hills Mall, Achimota Mall, Junction mall, Neiyaso Kumasi store, Takoradi main and MTN Accra Main store.
As It Happened In South Africa, So Shall It Be In Nigeria
Credit: MMM Nigeria
Some Nigerians are distraught right now because of a controversial Ponzi scheme known as Mavrodi Mondial Moneybox (MMM) Nigeria. The scheme offered customers a perpetual return on the money that they would deposit. The whole thing is rather unclear, with its website declaring it 'a community of ordinary people, selflessly helping each other, a kind of the Global Fund of mutual aid.'The scheme was considered a financial saviour for many when it launched in the country a few months ago, but it has since declared that all activities and accounts on its platform would be frozen for a month.A similar "stunt" happened with MMM South Africa earlier in 2016, up to this day, all MMM South Africa are still Frozen.