EMEA Daily: Meta May Have to Pull Platforms in EU; UK to Investigate 3 Retailers for Making Misleading Sustainability Claims

Meta May Have to Pull Platforms in EU

Meta Platforms reiterated its warning that it may have to pull its popular Facebook and Instagram services from the European Union if a new transatlantic data transfer pact doesn’t materialize. Meta could face a ban on its practice of exporting user data to the United States for which it is currently under scrutiny by Ireland’s data protection watchdog. The issue surrounds EU-U.S. data transfers that take place under standard contractual clauses (SCCs).

‘Eco-Friendly’ Claims Under Fire as UK Launches Probe of 3 Retailers

The United Kingdom’s Competition and Markets Authority (CMA) is launching an investigation into three fashion retailers for making misleading claims about their sustainability practices. ASOS, Boohoo and George at Asda have come under scrutiny. An initial review by the agency “identified concerns around potentially misleading green claims,” such as companies marketing their products as better for the environment without providing much evidence. The agency noted that products in certain lines from each retailer that purport to be sustainable may contain as little as 20% recycled fabric.

Nigeria’s Underbanked Gig Workers Flock to One-Stop-Shop Financial Platforms

In emerging markets across Africa, gig platforms have boosted employment and continue to expand economic opportunities for millions of self-employed workers, freelancers and independent contractors. But many of these workers are underbanked, with limited access to credit or savings products. In an interview with PYMNTS, Tatenda Furusa, co-founder of ImaliPay, discussed the ever-more sophisticated tech stack that African gig workers are using to access the financial tools they need for their businesses.

Kenyan Central Bank Blocks FinTechs Flutterwave, Chipper

The Central Bank of Kenya has directed Kenyan Commercial Banks, Microfinance Banks and Mortgage Companies to “immediately cease and desist from dealing with Flutterwave and Chipper” because they are not properly licensed. Chipper Cash and Flutterwave both provide digital payment and mobile money solutions for African businesses and consumers. In recent years they have risen to prominence thanks to large investment rounds which have made them two of the continent’s most valuable FinTechs.