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Nigerian Fintech Startup, Theeper, Ceases Operations After Raising $2.1 Million

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Theeper, a Nigerian fintech startup, has announced its decision to shut down its operations nearly two years after raising $2.1 million in a Seed round. The founders of the company cited compliance issues and slow acceptance of wallets as viable payment options in Nigeria as the main reasons behind the decision.

The founders, Kosisochukwu Chike Ononye (CEO) and Michael Okoh (CTO), expressed their regrets in a statement released on Monday, noting that despite their mission to create innovative methods for transferring money between digital wallets and making payments directly from these wallets, they faced significant challenges.

Compliance issues hindered the company from launching key wallet providers or maintaining their services. Additionally, the overall acceptance of wallets as a payment option did not grow as rapidly as anticipated, leading to the need for extensive efforts in educating users about their services.

Faced with these challenges, the founders explored options such as a hard pivot, mergers and acquisitions, or returning capital to investors. Ultimately, they decided that returning remaining capital to investors was the best course of action.

The decision to wind down operations means that Theeper will be placed on maintenance mode temporarily while the platform is maintained until a new home for it is discovered. Despite the setback, the founders expressed gratitude for the journey and the support received from investors.

Theeper initially launched its beta in April 2021 with the aim of enabling users to send money directly between different fintech platforms, bypassing traditional bank accounts. The company later expanded its offerings to include solutions for businesses, such as Direct Charge and Checkout.

The startup had shown promising growth, achieving an average transaction growth of 161% month-on-month by the time of its $2.1 million Seed round closure in June 2022. However, challenges in educating users about the need for wallet interoperability and convincing them to adopt their solution posed significant hurdles.

Despite hints at expansion to other African countries like Kenya, South Africa, and Egypt, Theeper struggled to overcome the barriers posed by compliance issues and slow market acceptance.

Overall, Theeper’s decision to wind down operations reflects the challenging landscape faced by fintech startups in Nigeria and underscores the importance of addressing compliance issues and market readiness when launching innovative solutions.

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Technology

OpenAI’s Sam Altman Acknowledges DeepSeek as Major AI Rival

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By Emmanuel Ogbodo

OpenAI CEO Sam Altman has praised Chinese startup DeepSeek as a serious competitor in the global AI race, citing its ability to deliver high-quality AI at significantly lower costs.
In a post on X, Altman highlighted DeepSeek’s R1 model, lauding its performance and affordability.
DeepSeek’s open-source V3 model has disrupted the industry, achieving results comparable to OpenAI’s advanced systems for a fraction of the cost.
The startup’s rapid rise has unsettled U.S. tech markets, triggering a selloff in shares of Nvidia, Microsoft, and Meta.
DeepSeek’s R1 app has even overtaken ChatGPT as the top-rated free app on Apple’s App Store.
While acknowledging the competition, Altman assured that OpenAI remains focused on innovation, promising groundbreaking advancements in upcoming releases.

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News

Nigeria’s First AI University to Open in Lagos

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By Our Correspondent 

Nigeria is set to open its first artificial intelligence (AI), university in Epe, Lagos, marking a significant milestone in advancing AI education across Africa.

Named Wini University, the institution aims to equip young Nigerians with advanced AI skills, addressing unemployment and positioning the continent as a hub for technological innovation.

Inspired by the first AI university in Qatar, Wini University aspires to attract top-tier academics and innovators from around the globe.

The project, initiated in 2016 by a visionary collaboration between Nigerian and Boston-based experts, has undergone years of planning, securing National Universities Commission (NUC), interest, and building stakeholder support.

Wini University is envisioned as Africa’s first AI-focused institution and the foundation for an AI-powered Silicon Valley on the continent.

It aims to foster a thriving community of academics and students passionate about leveraging AI and quantum computing to drive progress in Africa and beyond.

Beyond academics, the university seeks to transform Lagos into Africa’s innovation hub, where technology is harnessed to solve real-world challenges.

The curriculum will include cutting-edge fields such as blockchain, cloud computing, generative AI, data science, and machine learning, preparing students to lead in the global AI market.

This bold initiative underscores the growing importance of AI, echoing Russian President Vladimir Putin’s 2013 declaration that dominance in AI would define the next global superpower.

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Abuja Reports

CNG Conversion Will Cut Costs, Boost Local Content, PiCNG Boss Assures

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By Ade Iyamoye

The CEO of the Presidential Compressed Natural Gas (CNG), Initiative, Engr Michael Oluwagbemi, has assured Nigerians that the government’s CNG conversion program will significantly reduce transportation costs while fostering local content development in the sector.

Speaking during an exclusive interview, Oluwagbemi outlined ambitious plans to expand the adoption of CNG-powered vehicles nationwide.

He revealed that over 10,000 commercial vehicles in Abuja and Lagos are targeted for conversion within the next 10 weeks under the “10 for 10” program, with projections to increase this figure to 250,000 vehicles within a year.

“We are starting with critical urban centers like Lagos and Abuja to achieve the critical mass needed to lower transportation costs,” he said.

To sustain the initiative, Oluwagbemi emphasized the importance of local content, noting that over 80% of the program’s spending so far has been directed toward Nigerian companies.

He also highlighted growing investments in local manufacturing of CNG kits, cylinders, and vehicles.

“This program has created over 9,000 jobs and attracted $470 million in investments, with more opportunities on the horizon,” he added.

The CEO acknowledged the challenges of scaling up, such as increasing conversion centers and training technicians.

Plans are underway to double the current 193 conversion centers to 500 by year-end, with a capacity to convert 250,000 vehicles annually.

Additionally, partnerships with state authorities aim to implement CNG policies at the local level, with Abuja poised to become a model for full adoption of CNG-powered taxis.

Oluwagbemi commended President Bola Ahmed Tinubu for prioritizing energy transition policies and urged Nigerians to embrace the program.

He assured that ongoing investments in refueling stations and modular refilling units will ensure adequate CNG supply across the country.

“CNG conversion is not just about reducing costs; it’s about driving local capacity and positioning Nigeria as a leader in energy transition,” Oluwagbemi said.

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