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Motor Africa, OnePipe Partner to offer a unique blend of credit and payment services to mobility entrepreneurs in Nigeria

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Motor Africa, a mobility & IOT infrastructure startup in Nigeria, and OnePipe, a fintech infrastructure provider, have launched a lending as a service (LaaS) proposition to help mobility entrepreneurs gain access to working capital in the form of an overdraft to finance car repairs, purchase genuine spare parts, vehicle and personal insurance, smart phones, and cash for personal and family welfare support needs.

L-R: Akin Olunloye, Solutions Delivery, OnePipe; *Babatunde Gbadamosi, Team Lead Motor Africa; Yvonne-Faith Elaigwu, Financial Services, OnePipe; Sylvester chude, Co-founder /CEO Motor Africa}

The technology, which generates analytical telemetry and remittance income data, assists registered lenders in making informed lending decisions while also managing seamless credit repayments.

Motor Africa, a trade name of envio Logistics Inc., has activated more than 2,000 vehicles already on its platform and is now poised to enable those vehicle owners (who currently use the platform to lease their cars to verified drivers on e-hailing services and local transport services) have access to credit services.

This service manages driver repayments to the vehicle owner and provides car maintenance oversights at partnered workshops.

Sylvester Chude, co-founder and CEO of envio Logistics Inc, who has been an active participant in the mobility industry, stated that cooperating with OnePipe will facilitate automatic payout settlements to vehicle owners and lending partners.

According to Chude, “commercial transportation is a crucial service for the growth of any economy, and the role of technology and innovation is essential for its success in Africa.” Commercial mobility in Africa is estimated to be $150Bn market according to an article by the AfDB and was expected to grow at 8.5% between 2018 and 2023

The OnePipe CEO and founder says that working with Motor Africa will assist in addressing the challenges African mobility entrepreneurs experience when trying to get working capital financing.

The Motor Africa technology, which is available on the Google Play store and Apple Appstore, allows for mobility entrepreneurs to register their vehicles, pay a vehicle and activation fee of N15,000, and have their overdraft wallets instantly credited with N600,000 prior to the vehicle being displayed on the mygarage platform to verified drivers.

The platform is also open to fleet operators who have previously leased cars to drivers providing various mobility services.

In addition, Chude confirmed that the objective of Motor Africa is to facilitate the participation of financial institutions and individuals in funding the car supply gap in order to increase mobility in Africa.

The lending as a service infrastructure, which utilizes hybrid telemetry IOT systems, enables lending partners to create loan products with interest rates and repayment terms, as well as manage credit requests, automatic underwriting, cash disbursement, and repayment collection.

The intelligent repayment collection service enables credit subscribers to make repayments via bank transfer to a dedicated repayment wallet before due dates, failing which the system will automatically disable the engine of the collateralized vehicle and share the geo location with Motor Africa recovery agents in the event of a repayment default.

The Motor Africa service is recommended for hosts leasing out cars for e-hailing services or local last-mile transport services, drivers seeking cars on short-term lease or hire purchase, and financial institutions offering drive-to-own services or lending.

Motor Africa is now offering its services in Lagos, Abuja, Ibadan, Benin, and Portharcourt, and aims to announce further locations in the second quarter of 2023.

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Bolt Hosts Second Edition of ‘Bolt Driver’s Football League’ to Foster Unity and Inclusion

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Bolt, a leading ride-hailing platform, continues to strengthen its bond with driver-partners by hosting the second edition of its ‘Bolt Driver’s Football League’ in Lagos on Wednesday.

The second edition tournament, themed “Fostering Unity and Inclusion”, aimed to enhance the relationship between Bolt and its driver-partners. The event underscored the platform’s commitment to the well-being of its drivers, recognising the essential role they play in the ride-hailing ecosystem.

Organised in partnership with the Lagos State Ministry of Transportation, OneHealth by AXA, Oraimo, and Mycovergenius, the event was a resounding success.

Bolt driver-partners from various locations across Lagos participated enthusiastically in the mini football tournament. The event featured knockout matches between four teams formed by the drivers, showcasing their sporting skills in a spirit of camaraderie and healthy competition.

In addition to the football matches, the event offered a safe and enjoyable playground for the children and families of the drivers. They spent the Democracy Day holiday engaged in games, activities, and entertainment, making the event a memorable occasion for all attendees.

Giving the opening remarks, the Director of Public Transport and Commuter Services (PTCS), Engr. Olusoji Adebayo said, “I would like to thank Bolt for organising this brilliant initiative.

“It is indeed an opportunity for Bolt drivers to meet and relate with transport regulators in an atmosphere that encourages cohesion and exchange of ideas, challenges and solutions that is peculiar to Bolt drivers in Lagos State.

“I hereby express my sincere appreciation for the efforts of the Bolt team for organising this event which is important to portray and ensure an attitude of excellence and professionalism among the e-hailing operators in Lagos State.”

Speaking at the event, Yahaya Mohammed, Bolt’s Country Manager said, “We believe in fostering a strong sense of community and building meaningful relationships with our drivers. Through initiatives like this, we are not just a ride-hailing platform; we are a supportive and vibrant community that values the contributions of our drivers.

“Together, we are driving towards a future of excellence in service and driver empowerment. I am thrilled to witness the incredible comradeship and passion displayed by our drivers today. This event exemplifies Bolt’s unwavering commitment to driver engagement and satisfaction”

Weyinmi Aghadiuno, Acting Head of Regulatory & Policy Africa at Bolt, expressed enthusiasm about the event, saying, “We are thrilled to host this novelty football competition as a way to bring our driver community together in a spirit of unity and inclusion.

“Our drivers are the backbone of our service, and this event is our way of showing appreciation for their hard work and dedication. By creating opportunities for our drivers and their families to connect and engage in a fun, relaxed setting, we aim to strengthen the bonds within our community and celebrate the diversity that makes us stronger.”

The event concluded with the presentation of medals and trophies to the top three teams, along with outstanding prizes for participants. The winning team received a cash prize of N500,000 plus an additional N200,000 from the Lagos State Ministry of Transportation.

The runner-up team was awarded N350,000 plus an additional N150,000 from Oraimo, while the third-place team received N250,000. In total, the cash prizes amounted to 1.3 million naira. Additionally, exciting prizes were won by female drivers and other attendees during the raffle draw.


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UEFA EURO 2024: PalmPay Partners iLOT, BetWay, BetCorrect, AccessBet and BetKing, Unveils Bet and Win Big Promo

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This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.

From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

How to Play and Win

  1. Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
  2. Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
  3. Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.

The bigger your accumulated deposits, the bigger your share of the cash prizes..

For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.


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Ultimate Brand Faceoff as CVA 2024 Voting Closes 30th June

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Consumers show their loyalty for their preferred Brands in the ongoing voting for brands based on market experiences that is scheduled to close on 30th September 2024. In over 40 categories listed based on consumers nomination, Brands are contending for the top spots based on consumer preference.

The ongoing voting process is transparent and can be seen by anyone as the data is available on the consumer value awards website. In the telecommunication category (MNOS), MTN takes the Top spot having 46% of consumers vote in the category, Spectranet leads the Internet Service Provider Category with 80% of votes.

In the Table Water Category CWay overtakes Eva water who was the leading brand in the last month with Cway now having 37% of the vote in the category. This shows how competitive the voting is.

Some other brands have also moved up to be in the top spot in their categories, brands like fearless with 55% of vote in the Energy Drink category, Reload Multivitamin with 64% of vote in Multivitamin Infant category, cowbell with 55% vote in the Milk Skimmed Powdered category among others.

Akonte Ekine, Chief Executive Officer BrandXchange and Convener Consumers Value awards said the consumers are validating brand promises and it is a reward for promise kept hence the badge of honour from the Consumers which shows brand appreciation and a call to brand to wake up to the challenges of the economy and innovate to attend to the rising cost of living.

He commended the consumers for participating in the vote and call on more consumers to vote for brands as the closing date of 30th June is fast drawing near.


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