TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»End of the line for M4Jam

    End of the line for M4Jam

    News By Agency Staff15 March 2016
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    digital-death-640

    South African Internet micro-jobbing service Money for Jam (M4Jam) has ceased trading after failing to make a profit, the company’s CEO Andre Hugo has said.

    M4Jam was launched in 2014 on instant messaging service WeChat and it enabled users to perform “micro-jobs” to earn money.

    The M4Jam business model was further based on taking a licence fee from clients on every successful completed job.

    The startup’s representatives said last year that the service surpassed 70 000 users.

    WeChat Africa, a Naspers and Tencent joint venture, also invested into the social jobbing platform.

    But despite these developments, M4Jam still ran into problems and it issued a notice to its users on Monday that urged them to cash out before 31 March.

    “M4JAM was unable to achieve profitability within the investment time frame,” Hugo said via e-mail.

    “As a result, the board has decided to cease trading and sell the assets to interested parties over the course of the next month.

    “We are in the process of meeting with a number of interested parties currently. If we are successful the business will be restructured. If not the business will be closed. Therefore we are urging jobbers to cash out their wallet balances,” he said.

    The risk that M4Jam could shut down permanently is also a possibility, Hugo said.

    “Yes, this is a real possibility if we are not able to find additional investors before the end of the month,” he said.

    “While WeChat Africa is willing to make select early-stage equity investments into promising start-ups with potentially interesting use cases for the WeChat Africa platform, WeChat Africa is not a venture capital fund that can provide multiple rounds of equity funding to portfolio companies,” Hugo said.

    It’s unclear as to when exactly M4Jam started to experience financial problems as Hugo last year said that the business was “profitable from day one”.

    In the meantime, job listings on M4Jam’s WeChat app have also been taken down with a message on several pages in the app saying “there are no campaigns with jobs available for you.”

    Hugo said that “corporates who have posted jobs will be refunded for unfulfilled jobs at the date of closure.”

    Fin24

    Andre Hugo M4Jam WeChat
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleMore questions than answers on SA Connect
    Next Article Top SA engineer passes away

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.