Flutterwave Launches eNaira Payments for Nigerian Businesses; Google's Appeal of EU's Record Fine Nets 5% Reduction

Flutterwave Launches eNaira Payments for Nigerian Businesses; Google's Appeal of EU's Record Fine Ne ...

PayTech Flutterwave of Nigeria has shown its support for the eNaira today in Europe, the Middle East, and Africa, and Google's appeal of an EU fine results in a 5% reduction.

Patreon shutters two EU offices and reduces 17% of its personnel.

According to a Bloomberg report, entertainment subscription platform Patreon will eliminate around 17% of its employees and close two offices in Europe.

According to CEO Jack Conte's statement, the closures will impact 80 employees in the operations and finance divisions, as well as others. The closed offices will be in Dublin and Berlin.

Conte said the reason for this was largely down to "changes in the technology industry and the economy" in the last nine months.

Google's appeal of a record fine from the EU results in a 5% reduction.

The highest court in Europe ratified with antitrust authorities in the European Union and upheld the majority of the record $4.33 billion fine imposed against Google for favored its own Android operating system in an effort to outbid the competition.

According to a court filing Wednesday (Sept. 14), Google's appeal to overturn the decision resulted in a 5% reduction in the fine, about $215 million.

The General Court affirms in large part the Commission's decision that Google imposed unlawful limitations on Android mobile devices and mobile network operators in order to strengthen its dominant position in search engines.

The General Court considers it appropriate to fine Google €4.125 billion, with its reasoning differing in some ways from that of the Commission.

The Android case, which focused on Google's influence on the smartphone ecosystem, was the biggest of three antitrust penalties that the European Commission has imposed against Google since 2017.

Ebanx Brings Digital Payments Tools to Africa

FinTech Ebanx, a global payments company, is expanding beyond its Latin American roots for the first time and bringing its digital solutions to Africa.

Ebanx was founded in Brazil and has expanded to 15 Latin American countries in the last decade. It is now focusing on Africa, which it believes is the next great growth frontier for digital payments and the digital market.

"This is the moment for Africa, and it's somewhat similar to the landscape in Latin America back in 2012, when Ebanx first began its journey by offering global merchants access to sell more goods and digital services to Latin Americans via local payment methods," Joo Del Valle, the CEO and co-founder of Ebanx, said in a press release.

Citigroup's EMEA hiring spree continues.

Barry Weir, a 20-year JPMorgan executive, will join Citigroup's U.K. deals department. The new hire comes amid a worldwide hiring drive at the bank in recent months, with a number of announcements indicating the company's ambitious employment plans.

Weir, who will join Citigroup's investment banking division as a managing director, had previously headed various JPMorgan sector teams, including industries, energy, metals and mining, and real estate.

Flutterwave accepts eNaira payments for Nigerian businesses.

Flutterwave announced that merchants who use the platform can now accept eNaira payments from their customers, in what will be regarded as a victory for Nigeria's central bank digital currency (CBDC).

Merchants who have enabled the eNaira payment option on their dashboard can now use it for their customers. Users can either scan QR codes or create one-time tokens using the app.

Although there are 55 million bank accounts in Nigeria, as List23 reported earlier this year, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that only 700,000 customers have opened an eNaira wallet since they were launched in 2021.

Concerns About Lost Fee Income Increasingly, Nigerian lenders are slowed to adopt CBDC.

The CBN will likely be ecstatic by the news that one of the country's largest payment service providers is offering support for the CBDC following the eNaira's slow initial adoption.

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