- There are plans to roll out the world's fastest social media app, TikTok, in Africa
- The app, since its development in China, has already been used in Kenya for "creator sessions" and meet-ups
- Globally-known brands such as NBA and the Washington Post have relied on TikTok for creative ideas to help with brand exposure
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TikTok, described as the fastest social media app in the world, is set for a full rollout in Africa.
It has also been ranked as the third most popular social media app among Nigerian users on Google Play
YEN.com.gh understands that the app is picking ideas from YouTube and Instagram before it is launched.
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From 2019, the Chinese app has been organizing “creator sessions” and meet-ups in Kenya.
In October of the same year, TikTok teamed up with Chinese phone maker Transsion’s Infinix brand in the same country.
Per a qz.com report, they rolled out a hashtag #WeAreHot to boost a new phone model and also raise awareness of the app.
TikTok is currently ranked as the third most preferred social media app by Nigerians on Google Play Store and the sixth most preferred app among Kenyans on the same platform.
The app has been described as an important platform for brands that seek to monetize user attention.
Big brands such as the NBA and Washington Post have relied on TikTok for creative ideas to help with brand exposure.
In other news, the Bank of Ghana has announced an extension of the deadline for meeting the minimum capital requirement by mobile money operators.
As a result, the mobile money operators have until December 2020 to settle the GHC20 million required by the central bank.
According to the head of the Payment Systems Department at the central bank, Dr. Settor Amediku, the Bank of Ghana has endorsed the conversion of 50% of all verifiable assets to cover 50% of the minimum capital requirement.
This, he explained, is a measure adopted only for financial technology (fintech) companies. Per a report by Business Insider, the Bank of Ghana, in announcing the directive, explained that the measure is in line with the need for a legal and regulatory framework for an organized payment system.
It added that in reaching the decision, it considered the size, nature and characteristics of each financial technology company.
READ ALSO: Ghana's cedi and 5 other currencies ranked as the best in Africa
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