Netflix vs Showmax…

Hello Africa! Your favorite reporters are here.

Reporting live from the news desk here at AfriRadar, the mic is pumped up and we are ready to gist.

There’s a halo on Fintech today but there’s a surprise kind of news in the end.

• Let’s start with the good news Paycorp Group wants us to share!

It’s quite simple really!

Once upon a time, Paycorp did not have an ATM-like app but now, CryptoExpress is here.

With CryptoExpress, users can withdraw their cryptocurrency as cash. Paycorp is a South African startup, so, the cash is in South African Rand.

You can use CryptoExpress at 3000 ATM machines in the country. With the app, users can even locate nearby Cash Express ATMs.

The app has been in testing since April this year and is now available on iOS and Android.

Cryptocurrency includes Bitcoin, ether and stablecoins like USD coin and tether.

To use the service, users have to convert their cryptocurrency through the app. Next, you have to authorize the transaction and then wait for CryptoExpress to send you a withdrawal voucher PIN. After this, you can get your cash by entering your mobile number as well as the withdrawal voucher PIN at any Cash Express ATM.

This is amazing news for Paycorp.

• Moving on to what Paystack has for us.

It appears Paystack wants to focus on Africa.

Let’s clear this out first – Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi. The vision was to solve the problem associated with online transactions in Africa.

Akinlade made a tweet recently that they had been hiring great talent regardless of their location in the last three years.

The new development is this: Paystack wants to prioritize locating team members within the markets they serve, that is, Africa. So, Paystack is laying off about 33 employees in Europe and United Arab Emirates. They are doing this to localize costs and get closer to their customers.

Don’t feel bad yet! Affected employees will get severance packages, which include four months’ salary, accelerating equity vesting, and three months of health insurance.

Before we move on, let’s have a few highlights on the progress Paystack has made in the past month.

✓In October 2023, they launched Paystack Virtual Terminal, a product that enables physical stores to accept and confirm bank transfers.

✓On November 2, 2023, they announced that they had obtained the required licenses to do business in Egypt and Rwanda. On the same day, they also announced that they would be partnering with financial institutions in Cote D’Ivoire.

✓On November 9, 2023, that is, about a week ago, they launched a direct debit product that would allow Nigerian businesses to charge customers’ bank accounts directly.

That’s all we’ll be saying about Paystack.

• Now to the SURPRISE headline

This one is about Netflix

Some two years ago, Netflix was queen… especially in Africa.

Then we got news that Netflix, that once had 40% of the streaming market in Africa, had been dethroned.

How did this happen? Well, it’s simple. Amazon Prime and Showmax really upped their games.

Tables have turned and now our very own Showmax has captured 40% of the streaming market in Africa, leaving Netflix with just 25%.

It’s really nice seeing Africa rising up.

According to Marc Jury, CEO of Showmax, the streaming platform experienced a 26% year-on-year growth in paid subscribers in the last four years as it doubled down on local content production. The company also dedicated $1 billion to content production and acquisition on the continent in the financial year ending in 2023.

Showmax now has 1.8 million subscribers🤭

Africa is proud!

Stay tuned for more news.

AfriRadar.