Zoom out: The referral for prosecution comes just days after competition regulators from five African countries, including South Africa, signed a memorandum of understanding aimed at working together to prevent barriers to the emergence and expansion of African digital platforms.
International Payments Players Set Their Sights on Africa.Africa is poised to experience the next great wave of innovation, and a “who’s who” of multinational payments giants is piling in to make it happen. The continent’s 1.4 billion inhabitants and GDP of $2.7 trillion is a vast market ripe for payments digitization.
The company plans to use the new funds to bring more retail stores onto its platform and expand its BNPL product across Africa. Several consumer BNPL products have emerged across Africa in the past year, including from digital bank Carbon and BNPL provider Zip (through its recent PayFlex acquisition).
‘Green’ energy targets Greenland: Billionaire-backed KoBold Metals begins mining operations in Greenland to secure minerals for EV batteries. But the advent of new battery technologies might make the venture unnecessary.