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Nigerian Fintech Fincra to Launch EUR Virtual Account Solutions

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Fincra, a prominent Nigerian fintech company, has announced the upcoming launch of its latest Banking as a Service (BaaS) product, the EUR Virtual Account. This innovative solution is designed to enable businesses across North and Francophone Africa to easily collect foreign currency payments, particularly in Euros.

The EUR Virtual Account will simplify the process for businesses to receive Euro payments through straightforward bank transfers. This service aims to benefit a wide array of industries, including traditional retail, e-commerce, hospitality, tourism, and professional services, helping them better serve their European clientele.

Wole Ayodele, the Chief Executive Officer (CEO) of Fincra, highlighted the growing demand among African businesses for reliable and cost-effective solutions to manage their international payments, especially in Euros. He stated:

“Businesses in Africa are increasingly seeking reliable and cost-effective solutions to manage their international payments, especially in Euros. Our EUR Virtual Account offers a cheaper alternative to card funding, simplifies Euro payment collections, and enables platforms to issue named Euro accounts to their customers. This makes it an ideal choice for businesses aiming to streamline their payment processes.”

The EUR Virtual Account will be part of Fincra’s comprehensive suite of payment solutions, which includes various tools designed to facilitate seamless transactions. These tools, under the Pay-In product line, allow businesses to accept payments through multiple methods, such as checkout systems and payment links. Fincra’s Pay-In solutions support payments via cards, bank transfers, and mobile money, providing businesses with versatile options to cater to their customers’ needs.

Currently, Fincra offers virtual accounts in several African currencies, including the Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), and Ugandan Shilling (UGX). The introduction of the EUR Virtual Account represents Fincra’s first foray into offering a currency solution outside Africa, specifically targeting the needs of businesses in North and Francophone Africa.

The EUR Virtual Account solution will be officially launched at GITEX AFRICA Morocco 2024, a prominent event that showcases digital transformation and technological advancements across the continent.

With this launch, Fincra aims to further expand its footprint in the fintech industry, providing innovative and practical solutions to facilitate international business operations and support economic growth in Africa.

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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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