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Nigeria’s Juicyway raises $3 million to help businesses solve FX shortage problem

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Nigeria’s Juicyway raises $3 – Nigeria’s Juicyway raises $3…

Nigeria’s Juicyway raises $3 – Juicyway, a Nigerian cross-border…

Juicyway, a Nigerian cross-border payments startup that helps businesses get FX for international transactions, has raised $3 million in pre-seed funding. The company will use the funding to expand its marketing and business development teams, improve its technology, and scale its business in Nigeria, the US, the UK, and Canada.

P1 Ventures led the round with participation from Ventures Platform, Future Africa, Magic Fund, Microtraction, and angel investors Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.

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Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is a marketplace that allows businesses and individuals to convert local currency to dollars and vice versa. Juicyway serves both suppliers—businesses that are bringing foreign currency (like USD or CAD)—and buyers—businesses that need to buy the foreign currencies from them and make outbound transfers. It makes money from transaction fees and spreads from transactions on its platform.

Businesses come to us for two reasons; the first type of business wants to take local currency, convert it to US dollars, and make international payments via [our] banking partners [demand side]. The second type of businesses want to leverage the accounts we provide to bring money into the continent and convert it into local currency to make disbursements [supply side],” said Ife Johnson, Juicyway co-founder and CEO.

The company’s raise comes at a time when access to FX remains a challenge for Nigerian businesses dealing with frequent heavy international transactions. Juicyway is one of the many Nigerian upstarts pitching to solve the country’s cross-border payments problem.

Juicyway allows businesses to make cross-border payments using stablecoins—like Tether and USDC—positioning it as a hybrid decentralised finance (DeFi) and traditional finance (TradFi) payments startup. When a business onboards on Juicyway, they can choose to open a US Dollar (USD), Canadian Dollar (CAD), or a stablecoin wallet.

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When Customer A comes in and deposits naira to get dollars, and Customer B brings in dollars, they get matched on the platform and exchange liquidity without knowing it. This way, Juicyway is not a counterparty for the transactions.

Businesses can set the prices and order limits they want to sell their foreign currencies. Other businesses that need FX can buy the foreign currencies if they match the asking price. This market-influenced pricing system can allow businesses to get good FX deals.

“We saw a problem where every single time businesses needed to convert local currency to foreign currency, there just wasn’t a supply for that [foreign] currency that was near-instant, cheap enough, or compliant enough to solve their needs,” Johnson shared on the problem Juicyway is solving.

Juicyway has been operating in stealth mode since November 2021 when it first processed its first $9 payment. Since then, it claims to have processed $1.3 billion in total payment volume (TPV)—a metric that Juicyway considers as its North Star—for over 4,000 customers.

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The startup operates in four markets: Nigeria, the UK, the US, and Canada. Juicyway holds licences in all these markets: an International Money Transfer Operator (IMTO) licence in Nigeria, a Money Services Business (MSB) licence in Canada, and an Authorised Payment Institution (API) licence in the UK. It operates through partner banks in the US, where it has also received a phase 1 payments approval in Washington DC.

The company recently expanded its services to individuals, with Johnson saying they needed “critical mass” to test and expand their platform. Individuals needing to make international payments or receive forex supply can also onboard on Juicyway. The startup plans to grow its customer base in the coming months by increasing its marketing efforts.

“This is a platform that can handle one or two million people across the UK, Canada, and Nigeria—all existing in one platform—and make money move between one another either directly or indirectly,” said Johnson.

Johnson explained that the company operates in a niche market that benefits both remittance companies and market makers. For example, remittance companies like RemitChoice use the platform to sell liquidity and make disbursements, while businesses like IHS Towers use it for outbound payments.

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“We couldn’t be more excited to partner with Ife, Justin and Idris as they tackle one of the most critical challenges in finance. At P1 Ventures, we seek audacious and exceptional founders like them—visionaries who aim to redefine industries and empower emerging markets,” said Hisham Halbouny, co-founder and managing partner at P1 Ventures.

The company will be looking to raise again in the next 18–24 months.

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NucleusIS Africa acquires Rigo Microfinance Bank

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NucleusIS Africa acquires Rigo – NucleusIS Africa acquires Rigo…

NucleusIS Africa acquires Rigo – Africa’s fast growing technology…

Africa’s fast growing technology company completes 100% acquisition of Rigo Microfinance Bank, making it one of the biggest healthcare finance technology companies in Africa. NucleusIS Africa Limited, Africa’s fastest-growing technology company, has announced its acquisition of Rigo Microfinance Bank Limited. This landmark takeover is expected to strengthen NucleusIS Africa’s ability to deliver cutting-edge healthcare financing services across the continent.

 

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Speaking on the acquisition at press time, Mr. Femi Niyi, Board Chairman of NucleusIS Africa Limited, expressed optimism about the expanded opportunities this acquisition creates. “This acquisition aligns perfectly with our vision of transforming healthcare financing in Africa. Combining our innovative solutions with Rigo Microfinance Bank’s financial services infrastructure will enable us to address critical healthcare challenges more effectively,” he said.

The acquisition underscores NucleusIS Africa’s mission to close the healthcare funding gap through technology-driven solutions. By integrating Rigo Microfinance Bank’s established financial infrastructure, the company aims to broaden its reach and enhance its ability to offer seamless, customized financial services to healthcare providers and patients.

Industry experts believe this acquisition positions NucleusIS Africa as the leading force in healthcare finance innovation across Africa. NucleusIS Africa will be able to better support medical service providers and expand access to essential healthcare services for more Africans.

 

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With the added capacity, the company plans to introduce new financial products designed to support healthcare providers, facilitate patient financing, and significantly improve access to quality healthcare services.

The move is a strategic step toward reshaping Africa’s healthcare financing landscape.

 

The acquisition of Rigo Microfinance Bank Limited marks a new chapter in the company’s mission to create sustainable healthcare solutions through financial empowerment.

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NucleusIS Africa Limited, founded in 2021, is a Nigerian Tech Company leading groundbreaking innovation to enhance healthcare access in Africa, through technology and finance driven solutions. The company’s flagship platform automates health insurance operations, connecting insurers, healthcare providers, and individuals across Nigeria and Ghana.Within the last few years, the organization has onboarded over 700,000 insured individuals, while partnering with major health insurance providers.

NucleusIS has also introduced a groundbreaking credit product – Provider Advance, that has transformed the financing landscape for healthcare businesses.  Pharmacies, hospitals, laboratories, and other providers can access collateral-free business loans in as little as 48 hours, eliminating the traditional financing hurdles of collateral requirements and lengthy turnaround times.

Within the last few years NucleusIS has demonstrated its commitment to supporting the healthcare industry, having disbursed over  ₦10 Billion in loans to healthcare businesses across Nigeria.

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Fuel hike, bad roads behind onion shortage – Anambra traders

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Fuel hike, bad roads – Fuel hike, bad roads…

Fuel hike, bad roads – Traders and buyers at…

Traders and buyers at Eke Awka Market, in Anambra State’s capital, have attributed the scarcity of onions to rising fuel prices and the country’s poor road network.

A News Agency of Nigeria (NAN) survey conducted on Tuesday revealed that onions, a key condiment used to spice food, have become increasingly difficult to find and afford.

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Obigaeli Nwokoye, a petty trader dealing in onions, explained that a few weeks ago, there was no onion available in the entire market due to bad roads. She added that suppliers from the northern part of the country faced delays, as the high cost of fuel and poor road conditions hindered transportation and logistics.

“Drivers coming from Kano face major challenges, which delay their deliveries to Awka.

“The government should address these issues and give special attention to food transporters to ensure a steady supply of food items.”

Mrs Chioma Okeke, another seller, shared that the price of a bag of onions had skyrocketed to ₦370,000, compared to ₦258,000 in November. She further noted that the price had steadily increased throughout the year, from between ₦70,000 and ₦90,000 in January to ₦110,000 to ₦170,000 around August/October.

“From November to December, the price jumped to between ₦250,000 and ₦300,000.”

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Mrs Doris Beluchukwu, a buyer, expressed frustration at the soaring prices and scarcity.

“Onions that used to cost ₦100 or ₦200 are now priced between ₦500 and ₦2,000,” she said.

She also urged the government to ensure its food regulatory agencies functioned effectively, as some of the food shortages might be artificial.

“Government needs to act quickly to ensure a steady supply of basic food items to markets across the country,” Beluchukwu added.

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Free Slots: An accessible way to enjoy casino games

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Free Slots: An accessible – Free Slots: An accessible…

Free Slots: An accessible – According to statistics, the…

According to statistics, the revenue in the online gambling market is projected to reach 97.15 billion USD in 2024. This represents a revenue change of 14.1%. As more and more people want to enjoy the fun of the casino, it makes sense for online casinos to offer some games for free. In this article, we’ll tell you all about free slots and how you can access them for casino fun.

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How Free Slots Work

Essentially, free slots are slot machine games that don’t cost you anything to play them. This means you can enjoy them as much as you want without worrying about spending any money. There are many benefits to this, of course. You can find your favorite games and enjoy them without the gambling element and you can try out new games to see if you like them before spending any of your hard-earned cash. 

The games you can play will vary from site to site, just like their paid versions. You’ll get access to all of the common features like bonus rounds, free spins, and the progressive jackpot element if there is one. However, because you’re playing for free, anything you win will also be virtual, so there’s no chance of winning a payout—unless you’re using free spins from a no-deposit bonus, for example. 

The Benefits of Free Online Slots

Free online slots have their advantages. Here’s a summary of why many people enjoy them:

  • It’s risk-free entertainment: You can play the games to your heart’s content without the fear of losing money being there. 

  • Skill development: For slots that are more strategic or challenging, free slots and demo versions mean you get to practice your gameplay and familiarize yourself with the rules. 

  • Work out how much you’d like to play with: When you play a game for free, you can test out its volatility and RTP (return to player) to see if it’s worth the risk of betting higher or whether you should stick to small amounts. 

  • Diverse game selection: Free slots are available in a wide range of themes and styles. There are thousands of different ones available so you’ll always find something you enjoy.

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Key Features to Look For in Free Slots

Ultimately, what you look out for depends on the individual, but some things will make the free slot experience better. This includes:

  • The graphics and sound: This enhances the gaming experience and some games are much better than others. 

  • Return-to-player (RTP) percentage: Playing free slots allows you to test out games with different RTPs to see if you like playing them and they’re worth the risk if the RTP is lower. 

  • Mobile compatibility: Trying out a game on a mobile device for the first time can be a bit hit-and-miss. Using a free version means you can see if it works well before spending your money. 

Tips For Finding the Best Free Online Slots

To find the best free slots, you’ll need to look around. Some online casinos don’t allow you to play their games for free until you register while others are happy to let you try them out before you sign up. 

Looking at online reviews by other players is also useful as you won’t then waste time playing games you know aren’t great. Also, there are plenty of sites that aren’t casinos that allow you to play games by top developers in demo mode. 

The Potential Problem of Free Slots in Online Gaming

Realistically, software developers allow you to play their games for free because they want you to enjoy them. Online casinos offer free games to entice you to join and spend real cash. If you know this and are a responsible gamer, there’s no reason why you can’t have fun playing this way. All reputable sites have responsible gaming tools so if you do decide to stop playing the free versions, be sure to join a site that is licensed and reputable, then you have protection against problem gambling. 

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Conclusion

Free slots have so many advantages and as long as you’re aware of the potential downside and are a responsible gamer, there’s no reason why you can’t continue to enjoy free slots for as long as you want. These are an entry point into the world of online casinos but they can just be where you stop too. Free slots are a relaxed way of learning about casino gaming mechanics and can help you unwind. 

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