Zepz, formerly WorldRemit Group, raises $292 million, valuing the cross-border payments company at $5 billion

London, Nairobi...Zepz, formerly WorldRemit Group, has raised $292 million (approx. Sh 32 billion) in new primary Series E financing, achieving a valuation of $5 billion (approx. Sh548 billion). Zepz is a digital cross-border payments platform operating two market-leading brands (WorldRemit and Sendwave, acquired in 2021), with over 11 million users across 150 countries. The funding round will allow Zepz to maximise strategic flexibility and drive further growth The round includes new equity investors Farallon Capital among others, as well as backing from existing investors Leapfrog, TCV and Accel. Zepz is revolutionizing the P2P cross-border payments market, an estimated $1tn market opportunity which continues to be predominantly offline and is characterised by high prices and poor customer experience. Zepz reaches over 5,000 money transfer corridors, including emerging markets with high barriers to entry, establishing digital connectivity into geographies that had previously been underserved. WorldRemit and Sendwave brands offer a faster (85% of transactions settled in minutes) and more flexible (digital offering with multiple pay-in and pay-out options) user experience at fairer prices. This superior value proposition has enabled multi-year customer engagement on its platform - most users transact in a frequent, habitual manner - with Zepz’ average customer transacting c.4x per month on the platform. The funding round will allow Zepz to continue to invest in its technology, platform and customer proposition. Zepz sees significant growth opportunities both in its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further extending its platform to offer additional value-added services to its users. Breon Corcoran, CEO of Zepz said: “Today’s announced raise is another important step in the execution of our strategy. Following the acquisition of Sendwave we have made significant progress with the integration of the different businesses and are retaining both the Sendwave and WorldRemit brands. In that context we are proud to announce the rebranding of our holding Company to Zepz. The additional funds raised enable us to accelerate investment to prosecute our very sizeable growth opportunity whilst further strengthening our high-quality investor base and our mission to provide fair, fast, flexible payments for our customers”. In 2020, Zepz’ brands enabled over 4.5m monthly transactions on its platform generating almost $10bn of Gross Send Volumes and $338m of revenues.

Top 10 sources of diaspora remittances to Kenya

 If you asked the average Kenyan to name the country’s leading sources of forex, you would hear mention of tourism, tea, or horticultural exports. Few would mention diaspora remittances, even though money sent back home by Kenyans living and working abroad has now become the biggest source of forex in Kenya, surpassing traditional export earners like tourism.

Data from the Central Bank of Kenya (CBK) indicates that the total inflows in the 12 months leading to June 2021 totaled a record $3.38 billion (Sh365.6 billion), a 20.3 per cent jump compared to $2.81 billion (Sh303.9) billion same period in 2020. Using CBK data from the first five months of 2021, we look at the top 10 countries that account for the lion’s share of money sent back home. 

The U.S.  

The number one spot goes to the U.S. The intimidating long queues of people seeking travel visas at the U.S. embassy in Gigiri shows the strong lure of the American dream. There are an estimated 120,000 Kenyans in the U.S. They sent back home $839 million (sh91 billion) in the first five months of the year.  

An interesting fact is that Kenyan immigrants working in the US have in the past been ranked as the third most industrious foreigners. They scored 73.4 per cent to emerge third in the list of the hard working and most skilled immigrant groups in the US, according to a 2018 Bloomberg report. The research ranks Ghanaians and Bulgarians at positions one and two, with 75.2 per cent and 74.2 per cent, respectively.

The U.K. 

Kenya has a shared heritage with the U.K., given the colonial legacy of the European power. Many of the oldest companies and institutions in the country have their roots in Britain and it is no surprise that the island nation hosts a sizeable Kenyan community. Kenyans mainly go to the U.K. for work and study. Cumulatively they sent home $142.5 million (Sh15.4 billion) in the first five months of the year. 

Saudi Arabia

The Kingdom of Saudi Arabia depends heavily on migrant workers to drive its economy. Many Kenyans have moved to the oil rich state in search of greener pastures in recent years. The country also serves as an international religious site, hosting millions of Muslims each year for the annual Hajj celebrations at Mecca, which is considered a holy city in Islam.  Kenyans working in Saudi Arabia sent home $59.6 million (Sh6.4 billion) between January and May this year. 

Germany

Germany is another important source of remittances for Kenya. Despite the language barrier, the European country hosts a significant number of Kenyans who immigrated to the country for work and study. As one of the most powerful countries in the European Union, Germany continues to lead Europe in terms of accommodative immigration policy, allowing many foreigners to leave and work without fear of deportation. Kenyans in Germany sent back $45.9 million (sh4.9 billion) in the first five months of 2021.

Australia

Australia, the country that is an island and a continent at a same time, has always been an attractive destination for Kenyans. Those that migrate there mostly do so for study and careers in respectable fields like medicine and engineering among others. Most Kenyans in Australia live in the urban areas of Sidney and Melbourne as most of the country is desert-land with harsh conditions. Kenyans in Australia sent home $43 million (sh4.6 billion) in the first five months of the year. 

Canada

Canada enjoys the reputation of having one of the most relaxed and welcoming immigration policies among western countries. The Canadian government has been intentional about attracting skilled migrants and students given the country’s small and ageing population – its citizens number 39 million in 2019, roughly the same size as the State of California. Notable Kenyans in Canada include firebrand lawyer Miguna Miguna. Kenyans in Canada sent back $40.4 million (Sh4.3 billion) between January and May this year. 

Qatar

Another Gulf state with a sizeable migrant population is Qatar. Like Saudi Arabia, Qatar depends on migrant workers to drive its oil rich economy, creating opportunities for people looking for opportunities to work abroad to move there. Kenyans living in Qatar sent home $29.5 million (sh3.2 billion) in the first five months of the year. 

Switzerland

Fewer countries offer a higher quality of life for residents and migrants alike than Switzerland. Known for its fine watches, mountainous terrain, and long history of non-involvement in armed conflict, Switzerland offers one of the best lives abroad. Workers are guaranteed high wages, quality health insurance and good pensions.  The few Kenyans living there were able to send home $20.3 million (sh2.2 billion) between January and May this year. 

United Arab Emirates

Sharon Kinyanjui, Director Europe, Middle East,
and Africa Receive Markets at WorldRemit.

Perhaps the most popular of the Gulf states owing to the profile of Dubai as an international holiday and business destination, the United Arab Emirates (UAE) hosts a sizeable Kenyan population. UAE is also considered more tolerant than other gulf states. Kenyans in the UAE sent home $19.8 million (Sh2.1 billion) in the first five months of the year.

Tanzania

Among African countries, Tanzania tops the list of top sources of remittances, having displaced South Africa which for a long time accounted for most money sent into Kenya. Our neighbors to the South sent back $18.4 million (Sh1.9 billion) in the first five months of the year. 

While this list may change for the remainder of the year, it is unlikely that the U.S. will lose its top spot. Industry experts also observe that technology and affordability are set to accelerate remittances, which defied the effects of Covid-19 in 2020. The uses of remittances are also expected to remain unchanged, with education and healthcare taking the lion’s share. 

“Affordability and convenience remain the top priorities for most people sending and receiving money across borders. Over the past year, we’ve focused on meeting these priorities and ensuring an affordable service for our customers,” said Sharon Kinyanjui, Director Europe, Middle East, and Africa Receive Markets at WorldRemit.”  “Education is likely to remain a key use of remittances, and this will only increase with the packed school calendar post-covid,” she added.

Digital payments new norm during Ramadan

Ramadan is a time of reflection and togetherness. The pandemic has not changed this experience but shifted it to the online world. Digital Ramadan is now the norm and digital payments have played a key role in facilitating this. 

Whether it's shopping online for gifts, sending money to family and friends for celebrations or making donations to charity and causes we care about, digital payments have become a key part of how millions around the world celebrate Ramadan.

Mr. Daniel Lutaaya

“We expect this trend to intensify, especially for customers sending remittances to Africa,” said Sharon Kinyanjui, the Director of EMEA Receive Markets at WorldRemit. “The number of receive customers opting for digital payout methods such as mobile money has been on an upwards trend.” 

Mr. Daniel Lutaaya, a former boxer currently working in trading and marketing in the UK, says digital remittances have changed how he and his Kenya-based family celebrate holidays and important family functions.  

“During this time of the pandemic, I am planning to be close to my family, especially my wife Zaina Muhamed and immediate family members who I have not managed to visit in over a year. My daughter also recently finished studying at the United States International University, Nairobi, Kenya, and we are grateful for this milestone,” he said.

Mr. Lutaaya, who runs Diaspora Trading Services, a UK based trading and marketing firm, says digital remittances have become a key part of his life. “I send money back home every month, sometimes even on a weekly basis. I do it digitally and it is also received digitally,” he said, adding that this has saved time and money compared to when remittances were done through paperwork and agents. 

The former professional boxer, who plied his trade in the UK before an injury forced him to hang his gloves, said many migrants have increased support for their families and loved ones over the past year. “Now I am an entrepreneur, having studied media and event management program at the University of West London. I take pride in being able to support and stay connected with my loved ones through my business,” he said. 

Last year, Kenyans abroad sent back a record Ksh.341 billion representing an equivalent Ksh.932 million every day, according to data from the Central Bank of Kenya (CBK).

At WorldRemit, we understand the importance of sending money during this season and offer a number of International money transfer options including:

●Bank transfer

●Airtime top-up

●Mobile money

●Cash pick-up

Ramadan Kareem.

 

For more information, visit: www.worldremit.com 

 

Software Update Brings Powerful Galaxy Note10 Features to the Galaxy S10

The Galaxy Note10 and Note10+ are packed with powerful tools designed to help users unleash their creativity and be more productive. Now, with an update set for release Samsung Electronics is introducing many of those same bar-raising innovations – including features like AR Doodle, a built-in video editor and Link to Windows integration – to the Galaxy S10e, S10, S10+ and S10 5G.²

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Once Galaxy S10 users download the update, they’ll notice that their smartphone’s pro-grade camera has become even more powerful. The update expands the camera’s Night Mode to include support for the front-facing camera as well – offering users more freedom to snap vivid shots after dark. It also introduces enhanced Super steady video stabilization, as well as support for dynamic Galaxy Note10 functions like AR Doodle and Live Focus video recording. The former lets users enhance their videos with fun, augmented-reality drawings and messages, while the latter lets them apply bokeh effects (including blur, big circle, color point and glitch) to videos recorded with the front or rear camera.

Once Galaxy S10 users capture a memorable clip, the camera’s new, Gallery app-accessible video editor offers all the tools they’ll need to turn it into a shareworthy video. This versatile feature makes it easy to edit videos like a pro, and features simple tools for trimming clips, stitching them together, adjusting playback speed and more. You can even use the function to add subtitles and background music to clips to make your content more unique.

The update also incorporates support for Samsung DeX for PC. Once users download the app from SamsungDeX.com, they’ll be able to launch Samsung DeX on their PC or Mac simply by connecting their Galaxy S10 to their computer via USB cable. Link to Windows support has also been added, which means that Galaxy S10 users will be able to wirelessly connect their phone to their Windows 10 PC and easily view its contents, send and receive messages, and sync recent photos directly from their computer.

Apps that Galaxy S10 users rely on every day, including Samsung Pass and Messages, have also been made more versatile and convenient. Now, Samsung Pass’s setup has been simplified, making it easier for Galaxy S10 users to utilize their device’s advanced biometric technologies to log in to apps and websites quickly and securely. In the Messages app, new icons for adding photos and videos have been positioned to the left of the text window to offer users easy access to the files they need. 

As Dudu Mokholo, CMO: Samsung Central Africa, explained, the Galaxy S10’s update reflects Samsung’s commitment to offering more users access to exceptional innovations. “At Samsung Electronics, we’re constantly exploring ways to offer Galaxy device users the best possible smartphone experience, and this software update is an extension of that commitment,” said Dudu. 

Two million primary school going children enrolled in hygiene program

In the past five years, over two million primary school going children have undertaken the Dettol sponsored hand-washing hygiene program countrywide. 

The announcement was made earlier on today during the commemoration of the 11^th Global Handwashing Day held at Railway Training Institute School in Nairobi County. 

The program which was launched five years ago to commemorate this day is geared towards reducing sanitation-related ailments among school-going children across the country.

Celebrated globally, on October 15^th every year, the handwashing day promotes the vital importance of proper hand washing with soap in the prevention of diseases.

Speaking during the celebrations, RB Africa Expansion Director Health, Dele Adeyole said, “This year’s theme is “Clean Hands for All”, and aims at fostering inclusivity for all when addressing handwashing disparities.”

“The theme is anchored on Sustainable Development Goal 3 which reflects on Good Health and Well Being, SDG 6 on Clean Water and Sanitation and SDG 10 on Reducing Inequalities,” he explained. 

According to the United Nations children's agency UNICEF, hand washing with soap, even before preparing food, is rarely practiced in many developing countries - leading to the rapid spread of deadly bacteria, diarrhea and pneumonia in young children.

Every year, preventable diseases like diarrhoea and pneumonia claim the lives of 2.8 million children across the globe before they reach the age of five. The first 28 days of a child’s life are the most critical.

In Kenya, more than 34,000 newborn babies die each year within their first month of life – a figure that translates to more than 90 deaths per day. A 2017 study by the International Journal of Community Medicine and Public Health reveals that diarrhea is the fourth most common illness seen in health facilities in Kenya and accounts for one in five of all hospital admissions. 

It is the fourth overall most common cause of death among children under five years of age in Kenya, with a case fatality of up to 21%. 

The study further notes that hygiene interventions including hygiene education and promotion of hand washing can reduce diarrhea cases in Kenya by up to 45 per cent.

On his part, the Nairobi County, Water, Sanitation and Hygiene Coordinator, Erick Inda called upon private sector players and county governments across the country to scale up efforts in creating continued awareness on sustainable personal hygiene and its significance in improving educational outcomes in schools.

“This year’s theme “Clean Hands for All” is so timely for all of us to highlight the importance of hand-washing for particular segments of our society, including childcare workers, health professionals and those without consistent access to clean water.”

In Kenya, Dettol has reached over 2 million mothers in both the government and private health sector, teaching them these basic hygiene habits and sampling soap to them. Additionally, Dettol has over the years focused its investment in school hygiene programs, targeting children in both urban and rural areas

Galaxy Note10 features simple, eco-friendly packaging that utilizes sustainable materials in place of plastics and vinyl

Striking a perfect balance of power and pocketability, the Galaxy Note10 and Galaxy Note10+ pack an array of bar-raising performance technologies and productivity tools into a slim, nearly bezel-less design that’s as stunning as the devices are powerful.
Yun-je Kang, Senior Vice President and Head of Samsung Electronics’ Design Team, summed up the philosophy behind the flagships’ design. “These days, our smartphones are always in our hands, and they’re becoming items that express our individuality and preferences,” said Kang. “From the beginning, we worked hard to achieve a design that reflected a deep understanding of how consumers use their smartphones today.”
Let’s examine how Samsung optimized the Galaxy Note10’s form factor to offer Millennial and Gen Z users a more immersive and productive smartphone experience.

Packaging That Puts the Planet First
When developing new Galaxy devices, Samsung prioritizes enhancements that make its powerful innovations simpler and more sustainable. Sustainability has never been more important to consumers – particularly Millennials. In fact, according to a recent Nielsen report, up to 73 percent of Millennials say they’d be willing to pay extra for sustainable goods.

Like the Galaxy S10 before it, the Galaxy Note10 features simple, eco-friendly packaging that utilizes sustainable materials in place of plastics and vinyl, and was designed with a focus on consuming fewer resources. Now, each smartphone and its components are fitted into a sturdy pulp mold rather than being packaged separately.

Other environmentally friendly adjustments include Samsung’s decisions to use FSC (Forest Stewardship Council)-certified paper when producing the Galaxy Note10’s packaging and manuals, replace plastic ties with paper alternatives, and utilize 20 percent recycled plastic when crafting the devices’ chargers.

In addition to utilizing more environmentally friendly materials in its products and packaging, Samsung continues to explore innovative ways to reduce electronics waste through initiatives like the Galaxy Upcycling program. By championing the benefits of upcycling, which involves finding new and useful applications for old technology, the company’s efforts are not only helping to save more devices from ending up in landfills; they’re also spurring the development of dynamic technologies with potential applications in the worlds of healthcare, education and more.
As Kang explained, sustainability remains a guiding focus when designing new Galaxy innovations. “Sustainability is an important value in Galaxy device design,” said Kang. “Going forward, Samsung will continue to pursue sustainable innovation – not only by simplifying products’ designs, but also by removing unnecessary elements, and by replacing materials with more eco-friendly alternatives.”


Sleek and Slim, with an All-New S Pen

The Galaxy Note10 features a streamlined form that’s comfortable to grasp and looks as if it were chiseled from a single piece of glass. Simple but solid, the smartphones’ monolith-like frame supports a nearly bezel-less display, which offers multitasking Note users more room to do what they do best.
The smartphones’ brilliant Cinematic Infinity Display gracefully flows over the edges, blurring the line between body and display. Centered at the top is the in-display cutout for the front-facing camera. In addition to lending the screen a balanced aesthetic, the lens’s placement opens the door for users to enjoy a wide range of fun and inventive wallpaper designs that utilize the camera in creative ways.

In addition, the Note series’ signature feature, the S Pen, has been updated with a redesign and a slew of convenient enhancements, including support for multiple hues in Samsung Notes. Now, when using Samsung’s powerful notetaking app, users can easily save a preferred pen color and style as their favorite pen, load it with the touch of the S Pen’s button, and start writing and drawing to their heart’s content. Moreover, the S Pen’s seamless integration into the Galaxy Note10’s body enhances the devices’ unibody aesthetic.
The S Pen itself is comfortable in the hand, and an absolute pleasure to use. Samsung eliminated as many unnecessary elements as possible when refining the S Pen’s design, resulting in a sleek and sophisticated form. The S Pen’s Samsung logo and metallic section – fixtures of previous S Pens’ designs – have also been removed to enhance the tool’s elegant aesthetic.

To make users’ experience even more satisfying, Samsung also equipped the new S Pen with the ability to recreate the actual sounds that pens and other utensils make when writing or drawing. So scribbling a note on the Galaxy Note10’s display sounds just like scribbling on paper. And each time the user places the S Pen back in their device, they’ll hear a slight click, like the sound that a cap makes when it’s placed on a pen.

More Choices and Colors
The introduction of the 6.3-inch Galaxy Note10 and the 6.8-inch Galaxy Note10+ marks the first time that a Galaxy Note will be available in two sizes. Offering the newest Note in a compact form factor – alongside a model similar in size to previous editions – enables smartphone users who prefer a smaller screen to experience the signature Note features that make these devices so special.
The Galaxy Note10’s gorgeous design is complemented by a selection of three likewise stunning color options: Aura Glow, Aura White, and Aura Black. The latter two hues are exquisite in their luster, as is the iridescent Aura Glow, which reflects a rainbow of colors depending on the angle of the light, in what amounts to an eye-catching visualization of the smartphones’ ability to streamline a wide range of user interests. Additional color options – available in select markets – include the equally beautiful Aura Red, Aura Pink and Aura Blue.*

To offer users more ways to make their smartphone their own, the Galaxy Note10 also features a wide-ranging accessory selection that includes stylish covers of various colors and materials. Choose the Clear View cover for a practical look, or the Leather Cover for a more classic aesthetic.

A sustainable approach to doing business, the Samsung way.

The Samsung Delight Store on Kenyatta Avenue, Nairobi

Samsung optimizes costs and promotes synergy to ensure economic sustainability, mandates adherence to international regulations and transparency for social sustainability and insists on only working with certified Eco-Partners the world over. The company works relentlessly to help its suppliers achieve growth according to the belief that Samsung’s success is rooted in the competitiveness of its suppliers at every level.

Selection of Suppliers
Samsung evaluates prospective suppliers based on criteria that include EHS (environment, health and safety), labor and human rights, and Eco-Partner standing. After a company passes the initial screening, in-house experts in each category are deployed to conduct on-site assessments of the prospective supplier. Companies are required to comply with regulations regarding the handling of chemicals of concern, bans on discrimination and inhumane treatment and social and environmental impact, among others.

An open-sourcing program is used to allow companies to apply to become Samsung suppliers. The International Procurement Center (IPC) and Global Supplier Relationship Management System (G-SRM) accept submissions from organizations that want to propose use of their components or materials for Samsung products. Samsung’s IPCs are additionally present in strategically significant locations all over the world to monitor regional technology trends and identify potential suppliers. These methods allow Samsung to ensure that its supply chain remains competitive, as well as sustainable.

Once new suppliers are brought on-board, Samsung looks to heighten transparency by disclosing its list of suppliers with their consent. From there, procurement operations are managed by an integrated procurement system. The company requires suppliers to adhere to the Samsung Supplier Code of Conduct, which ensures that they operate in accordance with local laws and regulations, while helping them maintain responsible management of their working environments.

Supplier Evaluation
Samsung performs in-depth supplier evaluations annually. During these evaluations, suppliers’ competitiveness and ability to maintain sustainability are measured using eight evaluation criteria: technology, quality, responsiveness, delivery, cost, EHS, finance, and law. Several methods are employed in the evaluation of suppliers, including on-site inspection and the review of previously uploaded data. Evaluations are carried out on an ongoing basis throughout the year, allowing suppliers to monitor their performance along the way. In 2018 Samsung evaluated 91% of its total suppliers, with those who had been registered with the company for less than a year excluded from evaluation. The company also requires all primary suppliers to complete annual self-assessments according to 85 criteria set out by the RBA (Responsible Business Alliance), of which Samsung is a member.

Samsung also conducts both on-site and third-party audits of its suppliers. On-site audits are led by RBA auditors, and conducted by dedicated teams who interview suppliers’ employees and examine their workplaces. After the audit is carried out, Samsung devises final improvement tasks, which are expected to be completed within 30 days. Applying the same criteria as the RBA, Samsung achieved a compliance rate of 91% for on-site audits in 2018, and the company is making further efforts to continue lifting that number. Also in 2018, Samsung drastically increased the number of third-party supplier audits, especially in the Southeast Asian region, where some concerns around working environments had been raised. Despite the significant increase in the number of third party audits in 2018, compliance rates were relatively consistent with those from 2017, implying that efforts to improve suppliers’ working environments had been successful.

Samsung charges first-tier suppliers with the evaluation of their relevant sub-suppliers, making them responsible for evaluating working conditions and ensuring compliance. Samsung has developed and distributed a safe management guidance to first-tier suppliers that assists them in evaluating the environmental and health and safety performance of lower-tier suppliers. First-tier suppliers are held accountable for ensuring a safe working environment at lower-tier suppliers and honestly reflecting the outcome of evaluations.