Moniepoint says it processed over 5.2 billion transactions in 2023 — plus other stories

Here are the top stories in Africa and the Middle East region we are covering today.

• Palmpay users who do not revalidate their NIN/BVN risk account blockade
• Moniepoint processed over 5 billion transactions in 2023
• Armis set to acquire cyber startup Silk Security
• BIRD gave out $9.6M to 10 new Israel-US projects
• Pade allocated ₦11.473 billion in salaries for its clients in 2023

Palmpay users who do not revalidate their NIN/BVN risk account blockade

PalmPay, the Nigeria mobile payment app has just announced that users who have previously validated their BVN (Bank Verification Number) or NIN (National Identity Number) but have not revalidated it by January 31, 2024, will have their accounts blocked.

This step is part of PalmPay's commitment to comply with the Central Bank of Nigeria's (CBN) guidelines on strengthening Know Your Customer (KYC) procedures for Tier 1 accounts.

So, if you're a PalmPay user, make sure to revalidate your BVN or NIN details before the January 31st deadline to avoid any issues with your account.

Moniepoint processed over 5 billion transactions in 2023

Nigerian fintech company Moniepoint has been making waves in the financial industry since it entered the consumer banking arena to challenge OPay and PalmPay and acquired a Rwandan neobank in 2023.

In 2023 alone, the company says it processed an impressive 5.2 billion transactions, averaging 433 million transactions per month.

The total value of those transactions exceeded $150 billion, marking a remarkable 205% surge compared to 2022. During 2022, Moniepoint handled 1.7 billion transactions with a combined value surpassing $100 billion.

Armis set to acquire cyber startup Silk Security

Armis, a leading cybersecurity company, is reportedly on the verge of acquiring Israeli-American startup Silk Security for a sum estimated to be in the range of tens of millions of dollars.

According to reports, the deal is currently in advanced negotiations, and it's expected to be finalized soon. Armis, which disclosed a $100 million Annual Recurring Revenue at the beginning of last year, was acquired for $1.1 billion in January 2020 by Insight Partners and Google's investment fund, Capital G.

Silk Security has made a name for itself with its innovative platform for sustainable cyber risk resolution. The company raised $12.5 million in Seed funding last August.

BIRD gave out $9.6M to 10 new Israel-US projects

In a move that will undoubtedly spur further technological innovation and cooperation between Israel and the United States, the BIRD (Binational Industrial Research and Development) Foundation has just announced the approval of $9.6 million in funding for 10 new joint projects.

These ventures, which will receive a total of $24.5 million including private-sector funding, cover a wide range of sectors such as agritech, biotech, electronics, energy, foodtech, healthcare and life sciences.

The BIRD Foundation, established in 1977, brings its total funding for joint ventures to a staggering $390 million for over 1,000 projects in the past 46 years. The projects that have received funding in this latest round cover a variety of topics, including 3D digital pathology, building security solutions, genomic analysis for personalized medicine, and more.

Pade allocated ₦11.473 billion in salaries for its clients in 2023

Nigerian fintech startup Pade, which offers payroll and human resources services, has revealed that the company disbursed an impressive ₦11.473 billion in salaries for its clients in 2023 signalling a 41.1% average annual increase from the ₦7.245 billion that Pade disbursed last year.

This figure represents Pade's rapid growth and increasing importance in the Nigerian HR and payroll market. The company provides a range of services, including payroll processing, tax calculations, employee benefits management, and more, helping businesses across various sectors streamline their HR functions.

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