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Mercury Bank Blocks Accounts Linked to Nigerian Startups, Others

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American financial technology company, Mercury, has announced plans to terminate the accounts of businesses based in several countries, including Nigeria, effective from August 22, 2024.

This decision comes as part of revised eligibility criteria for opening accounts, recently updated by the company.

In a list posted on its website, Mercury has identified 15 African nations among 37 countries worldwide where it will no longer offer services. Countries such as Russia are also included in this list. Additionally, Mercury will cease serving companies whose founders hold passports from countries like Belarus, Cuba, Iran, North Korea, Syria, Ukraine, and Venezuela.

Affected customers received emails notifying them of the upcoming account closures. Mercury expressed regret for any inconvenience caused and assured support during the transition period, stating:

“We support U.S. companies founded by people across the globe as well as founders and venture capital firms. However, we currently can’t open accounts for founders living in the following countries and regions…”

Customers have been advised to take necessary actions before the August 22 deadline, after which access will be limited to viewing account documents.

The company did not provide detailed reasons for these changes in eligibility criteria. Oo Nwoye, a prominent voice in the Nigerian tech community, expressed concerns on social media about the potential impact on fintech startups in the country, tweeting, “Hopefully it doesn’t affect all those our Multi Currency startups.”

This move is not the first time Mercury has taken action against African tech startups. Founded in 2017, Mercury serves over 100,000 businesses, with a significant portion being startups.

In a previous incident in March 2022, the company faced scrutiny over its practices concerning foreign account openings through its partner, Choice Bank. The FDIC raised concerns about accounts being opened in countries deemed legally risky, prompting Mercury to shut down accounts of numerous African tech startups, including many from Nigeria.

At the time, Mercury did not provide clear explanations for its actions nor did it issue warnings to the affected startups until concerns were publicly raised within the African tech ecosystem. CEO Immad Akhund later clarified that the company was adhering to internal procedures in compliance with regulatory standards.

Mercury’s decision underscores ongoing challenges faced by international startups navigating U.S. banking regulations, impacting businesses across diverse global regions.


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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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VCON 2024: QNET Boosts Wellness Products with Cutting-Edge Technology

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QNET, a leading brand in the global direct selling industry, has disclosed significant improvements to its health and wellness products, leveraging the latest advancements in technology.

This development was announced at the ongoing V-Malaysia Conference (VCON) at the Penang Spice Convention Center, Penang in Malaysia, marking QNET’s 26th anniversary and the beginning of a new business model to foster entrepreneurship, self-reliance, personal development, and contribute to the economic growth of communities.

With 8000 people from 30+ countries in attendance, including Nigeria, the company’s representatives demonstrated how the improved health and wellness products enhance the overall health benefits and user experience, which further highlighted QNET’s commitment to innovation, well-being and genuine products and services.

According to Techeconomy.ng, QNET has integrated advanced biotechnology and nanotechnology into its nutritional supplements and personal care products which were unveiled at the conference themed: ‘Unstoppable’.

Read Also: V-Convention Underscores QNET’s Commitment to Transparency and Accountability – Biram Fall

These upgrades are designed to improve bioavailability, ensuring that essential nutrients are absorbed more effectively by the body.

Some of the improved products QNET unveiled at V-Malaysia 2024 are; EDG3 Plus, Amezcua Bio Disc 3, Amezcua Chi Pendant 4 and Amezcua E-Guard X, while its lifestyle products include the Home Pure Nova and Home Pure Zayn.

EDG3 Plus is a mixed-berry flavored powder supplement that contains amino acids that the body uses to produce glutathione. Glutathione is said to protect DNA from free radicals, fight pathogens, and pollutants.

On the other hand, the Amezcua Chi Pendant 4 is a wearable wellness device designed to balance a wearer’s energy field and promote overall health.

While Amezcua products are not intended to diagnose, treat, cure, or prevent any disease, they are designed with Amezcua’s proprietary pendant technology to maintain specific frequencies that harmonize the wearer’s biofield.

The pendant is said to, among other things, support against stress, protect from electronic pollution, promote quality sleep, and enhance productivity and creativity.

Read Also: QNET Reaffirms Commitment to Adhere to Ethical Practices, Local Laws & Regulations

The Amezcua Bio Disc 3 is a product that is said to restructure water molecules and increase energy levels.

During the demonstration session, the QNET team said Amezcua Bio Disc 3 is part of a holistic approach to pain management that also includes the Bio Light 3, which is designed to provide natural pain relief.

According to QNET, the enhanced product line will[D2] , help boost energy levels in the body thereby improving mental clarity, physical endurance and overall wellness. The company’s focus on research and development ensures that its products are not only scientifically backed but also align with modern health trends.

During a media chat, Mr. Trevor Kuna, the chief marketing officer (CMO) of QNET, said that with a local presence in 30 countries and a multilingual global support centre servicing 12+ languages across 14 hubs worldwide, QNET ensures seamless experience for its vast network of distributors and customers.

The company also boasts of six global logistics hubs and more than 50 product stockists globally, “further solidifying our international footprint”, he said.

He described Africa as an important market for QNET, He said QNET is contributing towards community development and empowerment of entrepreneurs to make extra income through direct selling on the continent.

According to Kuna, QNET’s business model does not support a ‘get-rich-quick’ mentality, rather a resilient spirit to remain ‘unstoppable’ despite challenges.

Read Also: QNET Unveils Amezcua Bio Light 3 & Bio Disc 3 for Peak Athletic Performance

He said the company will continue to partner with local authorities to weed out people who do not comply with the company’s ethical marketing policies. This, he said, will ensure only genuine Independent Representatives (IRs) of QNET get to promote QNET products to the public.

“QNET is a global direct selling company that sells products and services in areas such as health and nutrition, personal care, home and living, travel and luxury, and education. QNET’s business model aims to foster entrepreneurship, self-reliance, personal development, and contribute to the economic growth of communities”, he explained.

VCON also witnessed the unveiling of QNET’s Watch and Jewellery brand “Bernhard H. Mayer’s” Serendipity Collection, featuring jewellery made from sustainable materials and the Limited-Edition Wave Rider watch, highlighting QNET’s commitment to sustainable luxury.


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100Pay Expands Crypto Adoption with $200K Startup Fund

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100Pay, one of the leading players in the crypto payments industry, has announced a significant step forward in promoting cryptocurrency adoption across Nigeria with the launch of a $200,000 startup fund.

In addition to the funding, the platform also unveiled its new 4,000-square-meter headquarters in Port Harcourt, signaling a major step in its expansion plans across Africa.

The initiative, according to the crypto firm, is designed to support businesses and startups focused on integrating crypto payments into their operations, particularly through 100Pay’s innovative PAY Checkout platform.

The company said in a statement that the $200K fund aims to empower startups driving crypto adoption through PAY checkout, enabling them to access resources and support needed to implement crypto transactions in physical stores, e-commerce platforms, and mobile apps.

Some of the startups that already benefited from the fund include Everest Mobility, a ride-sharing platform; Cloudnotte, an edutech firm dedicated to making education more accessible; and Meedleman, an escrow service designed to protect freelancers and ensure timely payments.

According to 100Pay, its PAY token, which offers users discounted crypto payments, is central to this program, providing businesses with a seamless way to accept digital currencies straight to their local bank accounts.

“With over 20,000 businesses already onboard, we’re focused on making crypto more accessible for Nigerian businesses,” said Brainy Josh, CEO and founder of 100Pay.

“Our $200K startup fund is a key part of that vision, giving businesses the tools and support to attract crypto-savvy customers,” Josh remarked.

Josh revealed that the company’s infrastructure enables payment acceptance in over 20 cryptocurrencies.

He highlighted the platform’s capability for swift conversions from USDT and PAY tokens to Naira, thereby eliminating the need for peer-to-peer transactions.

He also disclosed that 100Pay’s infrastructure is driving HXAfrica, a Security and Exchange Commission-licensed housing exchange. According to him, HXAfrica simplifies real estate investment through tokenization.

The CEO disclosed that it is partnering with Nano Apps, a cross-platform app store, to support app developers within its ecosystem.

“We are also forming strategic partnerships with major tech and retail brands, including LG, Samsung, Hisense, and BRUHM.”

The company is also working with top e-commerce platforms, ride-sharing services, and utility payment apps to integrate its PAY Checkout system.

In terms of expansion, 100Pay is also creating job opportunities, with over 50 new hires and plans to add 1,000 jobs in the next 24 months, the CEO said.

“The company’s Port Harcourt headquarters is home to a growing team of engineers and customer support specialists,” he stated.


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Leverage technology to drive Nigeria’s STI, NOTAP DG urges stakeholders

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Dr Obiageli Amadiobi, Director General of the National Office for Technology Acquisition and Promotion (NOTAP) has admonished stakeholders in the Science, Technology and Innovation (STI) ecosystem to leverage on technology and Intellectual Property Rights (IPR) to drive to foster Nigeria’s STI commercialisation.

Speaking at a press briefing to commemorate the ‘African Day for Technology and Intellectual Property,’ Amadiobi said Technology and Intellectual Property Rights system have long been recognized as the foremost important factor in nation building and wealth creation.

She said, “Ideas and knowledge are increasingly becoming veritable instruments in international trade relations as codified in the Trade Related Aspects of Intellectual Property (TRIPS) under the World Trade Organization (WTO) agreement to which Nigeria has been a signatory since January 1, 1995.”

According to the NOTAP boss, the commemoration demonstrates the great importance which the African nations place on Science, Technology and Innovation as an engine that drives development.


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