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Nigeria: JET Motor Company has created an electric vehicle that can go 300km with a charge



Nigeria has finally caught up to the rest of the world with the latest automobile trend of electric cars as an indigenous company called JET Motor Company manufactured the nation’s first electric vehicle called JET EV. According to Naija Stories on Twitter on Wednesday, July 22, the prototype of the machine was taken on a 300km test drive from Lagos to Benin.

Before the test drive, the manufacturer got a fund backing of $9 million (N3,487,500,000) backing from Canadian-based Africa Development Capital, Techpoint reports.

Founded in 2017 the company’s director of sales and marketing, Rupani Sanjay, said that the buses can be customized into whatever purpose like a tour bus, cargo, medical, school bus, etc.

“We wanted to create a global product that is built to last. We were obsessed with getting it right because, if our vehicles can work well on Nigerian and African roads, they can succeed anywhere in the world,” he spoke about the manufacturing process. The sales director went further to say that the plan of the company is to build the Tesla of Africa, adding that they plan to introduce other types of vehicles like SUVs and sedans by 2022. Sanjay added that the vehicle can cover a distance of 300km on a single charge.

A collage showing the electric vehicle. Photo source: Twitter/Niaja Stories
Source: Twitter


All you need to know about bitcoin



What is Bitcoin and Who created Bitcoin ?

Bitcoin is a cryptocurrency, a form of electronic cash. According to Wikipedia, it was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. It is powered through blockchain technology.

Is Bitcoin real money?

Bitcoin is not a money that the government declared to be a legal tender i.e. it is not fiat money and does not have ties to any government. It is a cryptocurrency and can be used as payment or for investing purposes. Many mainstream companies and even some governments accept Bitcoin as payment.

To buy bitcoin in Nigeria at an affordable rate,


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Breaking: Stripe Acquires PayStack For $200M+



stripe and paystack logo

Paystack, a startup out of Lagos has just been acquired by Stripe. PayStack, like Stripe, provides a way of integrating financial payments services online or offline transaction by the use of an API. Earlier this year, Stripe announced that they had gotten extra funding worth $600 million and that a major reason they got the funding was to expand its API-based payments services into more regions.

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Paystack has more than 50,000 customers that is made up of large organizations, small businesses, educational institutes, online betting companies etc. While there is plan for PayStack to continue operating independently, the terms of the deal with Stripe were not disclosed. Paystack CEO Shola Akinlade in an interview said the deal will give the company a lot more fuel (that is, investment) to build out further in Nigeria and expand to other markets.

This acquisition is the biggest startup acquisition in Nigeria till date, as well as that of Stripe. This is different from other Stripe acquisitions as this acquisition expands the company global footprint. Stripe is currently valued at $36 billion and regularly tipped as an IPO candidate and has added more than 15 countries to its platform in the last one and a half year.

Akinlade, PayStack co-founder and Ezra Olubi PayStack Chief Technology Officer believes Stripe will help their company reach its mission faster and that it is a natural move. Paystack had been on Stripe’s radar for some time before the acquisition.

Stripe’s co-founder and CEO Collison, said this is an enormous opportunity and that when they invest in startups do not tie down those startups with complicated strategic investments and that they try to understand the broader ecosystem and keep their eyes pointed outwards and see where Stripe can help them. Stripe CEO also said a lot of companies are heavily influenced by Stripe

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Instagram brings shopping to Reels and IGTV



Instagram has announced that it will be expanding its shopping service across IGTV and Reels to its users globally.

The feature is ideal for creators and influencers who use their accounts for business purposes to direct their fan s to their online stores. With the feature, users can tag specific products in their videos, which are then available to purchase from within the app.

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Instagram says, later this year, it will be testing the shopping feature on Reels, its newest feature.

“Digital creators and brands help bring emerging culture to Instagram, and people come and get inspired by them. By bringing shopping to IGTV and Reels, we’re making it easy to shop directly from videos. And in turn, helping sellers share their story, reach customers, and make a living,” said Instagram COO Justin Osofsky, in a statement.

Facebook has been making shopping an increasingly central part of Instagram, Early this year, the company made in-app checkout available to all US businesses and has said it plans to redesign its app with a dedicated shopping section and allow influencers to sell products in live video.

Shopping was first made available in normal feed posts, Stories since 2018 on Instagram’s Explore section, a personalized shopping channel.

Last year, the company introduced Checkout, a way users can transact within the app. In the future, Instagram says its shoppable IGTV videos will be made discoverable on Instagram Shop, as well while also exploring more features to add on.

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