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Investment One to Drive Market Expansion with New Solution
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Investment One Financial Services through its Venture Capital subsidiary, Investment One Vencap Limited has taken a stake in Paycode, a rapidly growing fintech business focused on financial inclusion across Africa and the frontier markets to drive business expansion in the African market.
The South African-based Paycode is a provider of technology solutions that use biometric digital identity to guarantee proof of life and enable low-cost, last-mile delivery of basic financial services.
In a statement, it said the new solution will address three critical problems for the unbanked and underserved by providing low-cost solutions to those without formal identification in areas with little or no mobile or internet connectivity.
“However, enables access to basic financial services including cash pay-outs, mobile money, remittances, insurance, microloans, airtime, electricity and social grants by providing a platform that combines biometric digital identity and payments in one convenient platform, “the statement reads.
Commenting on the new development, the Chief Executive Officer, Paycode, Ralph Pecker, said, “We see Investment One as so much more than just an equity partner to Paycode. They are a significant and innovative player in the financial services sector of Nigeria, a key growth market for the organisation.
“We believe that having them on board will greatly accelerate our expansion objectives in Nigeria and that we, in turn, can provide an excellent return on their investment.”
Pecker said Investment One was particularly attracted by the technological USPs of Paycode, a valuation that focused on current revenues and users while reasonably discounting cash flows (in an environment where fintech valuations have noticeably sky-rocketed during 2021) and the scope for growth in Nigeria through projects already won.
“Investment One analysed Paycode’s future growth trajectory in Nigeria alone to draw conclusions about its relative value. Currently, most of Paycode’s active users are in Ghana, Zambia and Mozambique but the pipeline in larger countries, such as Nigeria and the DRC, is a key growth driver.
“Our investment in Paycode represents both drive to achieve excellent returns for our clients, but also our commitment to bringing financial services to excluded sectors in Nigeria. Paycode’s unique approach to solving the most complex challenges of the financially excluded fits perfectly with our own innovative DNA” said Investment One Group Managing Director, Nicholas Nyamali.
“With over six million card users registered, a partnership with Mastercard and a strong pipeline of fee-driven grant and social programmes under its belt, Paycode plans a Series A capital raise in the First Quarter of 2022.”
News
Meta Faces Lawsuit for Alleged Hiring Bias
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A federal judge ruled on Tuesday that Meta Platforms must face a lawsuit alleging that the parent company of Facebook and Instagram prefers hiring foreign workers to pay them less than American workers.
U.S. Magistrate Judge Laurel Beeler in San Francisco stated that three U.S. citizens who accused Meta of refusing to hire them despite their qualifications may proceed with a proposed class action.
The plaintiffs—information technology worker Purushothaman Rajaram and software engineer Ekta Bhatia, both naturalised U.S. citizens, and data scientist Qun Wang—claimed they applied for several Meta jobs between 2020 and 2024 but were rejected due to Meta’s “systematic preference” for visa holders.
Meta, in a statement, called the allegations baseless and vowed to vigorously defend itself.
In seeking dismissal, the Menlo Park, California-based company argued there was no proof of discriminatory intent or that the plaintiffs would have been hired if they were not U.S. citizens.
However, Judge Beeler cited statistics showing that 15% of Meta’s U.S. workforce holds H-1B visas, compared to 0.5% of the overall workforce.
She also referenced Meta’s October 2021 agreement to pay up to $14.25 million, including a civil fine, to settle federal claims that it routinely refused to consider American workers for jobs reserved for temporary visa holders.
“These allegations support the plaintiffs’ overall complaint that they were not hired because Meta favours H-1B visa holders,” Beeler wrote.
The government had sued Meta in December 2020, seven weeks before President Donald Trump ended his first White House term.
Daniel Low, a lawyer for the plaintiffs, expressed hope that the lawsuit would address the favouritism towards visa workers prevalent in the tech industry, stating that fully addressing the issue would require additional enforcement or legislative reform.
Beeler had dismissed an earlier version of the lawsuit, which named only Rajaram as a plaintiff, in November 2022.
A divided federal appeals court revived the case last June, citing a Civil War-era law, Section 1981 of the Civil Rights Act of 1866, which bars discrimination in contracts based on “alienage” and protects U.S. citizens from bias.
Many conservative groups have used this law to challenge workplace diversity initiatives, which Trump also opposes.
The case is Rajaram et al. v. Meta Platforms Inc., U.S. District Court, Northern District of California, No. 22-02920.
News
Mysterious Illness Kills 50 People within Hours of Symptoms, Doctors Raise Alarm
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A mysterious illness killed more than 50 people in the Democratic Republic of Congo (DRC), with most victims dying within 48 hours of showing symptoms, health officials have reported.
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Pic Credit: Daily Sabah
The outbreak, first reported on January 21, has resulted in 419 cases and 53 deaths.
The World Health Organization (WHO) has classified it as a significant public health threat, citing concerns over its rapid progression and fatality rate.
Suspected origin and early cases
Authorities believe the outbreak started in the town of Boloko, where three children reportedly ate a dead bat.
The children developed severe symptoms and died within two days.
Medical experts suspect the illness is a form of hemorrhagic fever, which can cause fever, internal bleeding, headaches, and joint pain.
“That’s what’s really worrying,” said Serge Ngalebato, medical director of Bikoro Hospital in the DRC, referring to the disease’s speed and severity.
Ebola, one of the most well-known hemorrhagic fevers, has not been detected in this outbreak, according to initial testing.
A second wave of cases emerged in the town of Bomate on Feb. 9. Authorities have tested samples from 13 patients, all of which returned negative results for Ebola and Marburg virus.
However, some samples tested positive for malaria.
The WHO reported that the fatality rate of the illness is 12.3%, significantly higher than the early fatality rate of COVID-19.
Experts warn that the outbreak could spread further due to the region’s remote location and fragile healthcare system.
News
NPC Warns Nigerians to Beware of Fake Recruitment Website
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National Population Commission (NPC), has alerted the public to a fraudulent website https://npc-career.allprogram.site/job created by individuals with malicious intent.
Erelu Taibat Yemi Oloruntoba, director, Public Affairs, NPC, said in a statement that the fake site falsely claims to facilitate recruitment for the 2025 Population and Housing Census, aiming to defraud unsuspecting citizens.
“We want to state unequivocally that the Commission is not currently conducting any recruitment for Ad-hoc staff related to the upcoming census. President Bola Ahmed Tinubu, GCFR, has stated that a committee will be established to align the census budget with the government’s present financial situation before issuing a proclamation for the conduct of the upcoming biometric Population and Housing Census,” the statement outlined.
It, therefore, warned Nigerians to be aware that when there is a date for the census and it becomes necessary for the commission to recruit ad hoc staff for the exercise, it will be officially announced through national media outlets, as well as the NPC’s verified social media platforms and website.
It urged the general public to disregard the fake website and its misleading information to avoid falling victim to scams.
The statement avowed that NPC is actively investigating the creators of this fake website, adding, “we encourage everyone to seek accurate information regarding the NPC’s activities from our official social media handles and website.”
According to the statement, NPC is committed to keeping the public informed about developments concerning the first biometric Population and Housing Census in Nigeria.
“We appreciate your support in ensuring a successful census exercise,” the statement said.
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