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Zazuu, a payment marketplace for remittance services, has shut down.

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Zazuu, a London-based fintech that built a marketplace for African remittance companies and raised more than $2 million, has shut down, citing a lack of funding.

Zazuu, the fintech marketplace for cross-border payment networks in Africa that raised over $2 million from investors like Launch Africa and Founders Factory, has shut down after failing to raise funding. “We explored every option before making this decision,” the company said in a LinkedIn post announcing the closure.

Zazuu was founded by Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO), and Tola Alade (CDO) in 2018 and raised a $200,000 seed round from Launch Africa and ODBA in August 2021. A year later, the company raised $2 million from Launch Africa, Founders Factory Africa, ODBA, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Africa has the highest rate for remittance services for any continent; the average rate for sending money to the continent from Europe hovers around 9% and could be as high as 22% in some instances. Zazuu, which started as a simple Facebook and Telegram chatbot informing users of daily FX rates, evolved into a full-blown aggregator that listed more than 17 Africa-focused remittance providers on its platform before its closure.

The startup operated on the belief that a marketplace where customers could choose the cheapest remittance option could help lower prices by bringing transparency and increasing competition. Akinwunmi told TechCabal in March 2022 that Zazuu had the lowest rate anyone transferring money to Africa could get on the platform, at 1.5%. The startup also said that almost a hundred thousand users had used its Search and Compare service, which customers used to compare prices to find the best rates for sending money to Africa.

Adewunmi told TechCabal in May 2022 that one of the challenges Zazuu faced in its earlier stages was explaining to customers and potential partners what they were trying to build. He added that another challenge Zazuu faced was licensing requirements and the costs attached to them.

Zazuu’s shutdown is another in a series of startups shutting down this year as funding dries up for Africa’s tech ecosystem. By the end of October, African startups had raised less than $2.8 billion this year, which represents less than half of the $6 billion raised last year. Lazerpay, a crypto startup that shut down in April, also blamed a lack of funding for its closure. WhereIsMyTransport, a South African mobility startup, also shut down in October, citing an inability to raise new funding.

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Lagos broadcast stations decry union violence, 48-hour shutdown

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The management of Lagos State Government-owned broadcast stations has condemned the recent violent actions by striking union members, which disrupted operations and forced the stations off-air for 48 hours.

In a statement issued on Tuesday by the Head of Service, Establishments and Training, Afolabi Ayantayo, it was disclosed that the affected stations—Lagos Television, Radio Lagos/Eko 89.7FM, and Traffic Radio—were attacked on Monday by workers allegedly affiliated with the Nigeria Labour Congress, the Radio, Television, Theatre, and Arts Workers Union, and the Nigeria Union of Journalists.

The statement noted that striking workers reportedly vandalised studio doors, assaulted on-air presenters, switched off transmitters, and severed cables in an attempt to enforce the strike.

“The stations—LTV, Radio Lagos/Eko 89.7FM, and Traffic Radio—were forced off-air for 48 hours by workers who destroyed studio doors and assaulted presenters. They switched off transmitters and severed cables in unprecedented acts of violence, captured on video. Many workers were also whipped for refusing to join the strike, which aimed to pressure the government into placing about 400 workers on the civil service payroll,” the statement read.

Describing the incident as unprecedented, the station managers expressed their disappointment with the unions’ approach.

“Despite the State Government’s open communication channels, the leadership of NLC, RATTAWU, and NUJ chose the path of violence—both in words and actions,” the managers said in the statement.

They further described the strike as not only an attack on the broadcast stations but also a show of disrespect towards state authorities.

“The strike, which the managers have described as an attack and a sign of disrespect for the authorities, has raised doubts about the leadership of the NLC, RATTAWU, and NUJ in Lagos being committed to an amicable resolution of the crisis.”

The statement added that the union leaders have been invited to another meeting scheduled for Wednesday, 15 January 2025, to discuss the issues in dispute.

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CBN Fines Zenith, First Bank, Globus Bank, Others N1.3 Billion For Not Dispensing Cash

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The Central Bank of Nigeria (CBN) has fined nine deposit money banks in Nigeria a sum of N150 million each, amounting to N1.350 billion for failing to dispense cash through their Automated Teller Machines (ATMs) during the yuletide season.

According to the apex bank, the sanctioned banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and two others.

This is according to a press statement on Tuesday by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

The statement read “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.

“Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

 

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Police uncover two gun manufacturing factories in Benue, arrest suspects

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Operatives of the Benue State Police Command have uncovered two gun manufacturing factories in Guma and Kwande local government areas of the state.

This was disclosed in a statement released on Tuesday by the state Commissioner of Police, Mr Steve Yabanet.

The CP noted that through credible information about criminals manufacturing arms at Mbaafa, Adikpo, Kwande LGA, detectives were deployed to the areas for investigation.

According to him, on January 11, police stormed a gun factory at Mbaafa and arrested one Friday Aduduakamve and Iorwashima Iornyume, aka AK-35.

The CP said that the operatives searched the factory and recovered nine fabricated pistols and one yet to be completed AK-47 rifle, amongst others.

He said that the team also uncovered another gun manufacturing factory in Daudu, Guma LGA, where more arms were recovered.

“As police detectives began intelligence gathering on criminal activities in Daudu, information was received that one Meme Ihoon, 50 years old, was responsible for all short arms being used by kidnappers, armed robbers, and cultists in Daudu.

“During the investigation, the said suspect was arrested on January 10; six dane guns and three long pipes used for fabricating guns were recovered from his house.

“The suspect confessed to having been producing and selling arms. Investigation is ongoing to arrest other criminals connected with the case,” the police spokesman said.

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