On Monday, June 7, 2021, US-based ride-hailing platform, Uber, announced the official launch of UberX Hourly in Nigeria.
With this new feature, riders can stop at multiple locations to carry out activities without requesting several rides.
What this means is that you can book a ride to an event centre but also stop by the pharmacy to get drugs or the supermarket to grab a few things with the same ride. Of course, you can’t do all that with the initial amount paid.
How it works is, on the Uber app, you can order a ride as usual, but this time, you’d select an Hourly Driver. Then, put in your destination and send your driver an in-app message to discuss how much time you think you might spend on all trips. Upfront charges are based on the minimum per hour, and consequently, per minutes.
This launch follows a warning strike action carried out by Bolt and Uber riders under the Professional E-hailing Drivers and Private Owners Association (PEDPA) in April and a 13% increase in fares in Lagos in May.
Before now, UberX Hourly was only available in Africa in Tanzania’s largest city, Dar Es Salaam. According to Uber’s Country Manager for Nigeria, Tope Akinwumi, the warm reception of the product by both riders and users in that city reflects its viability and scalability in Nigeria..
Even if there is some excitement about the feature in the country, the drivers’ concerns haven’t been addressed. Time will tell how affordable UberX Hourly will be.
MoneyHash raises undisclosed pre-seed round
Egypt-based fintech startup, MoneyHash, raised an undisclosed pre-seed investment on Monday, June 7,2021. The round was led by COTU ventures, a leading seed-stage venture firm in the Middle East.
Other investors in the round include Kepple Africa Ventures, Nigeria-based early-stage VC, Ventures Platform, and some angel investors.
The startup is currently building an API to help businesses access all payments and fintech services across the Middle East region. This will help eCommerce merchants provide users with a seamless experience during checkout and create a compact user database.
Founded by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash launched in December 2020. The app is currently running a private beta mode. The funding will be put towards a public launch, product development, and team growth.
It goes to say that more startups realise the necessity of fintech platforms in the Middle East and North Africa (MENA) region. This should be no surprise as it’s a region where only 40% of the population have access to bank accounts. The fintech and digital banking scene is plagued with issues like lack of a unified data system and payment integration; startups like MoneyHash are looking to provide viable solutions to these problems.
Source: Techpoint
