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In partnership with Lire en Français اقرأ هذا باللغة العربية TGIF It’s about that time when we ask you to go to the bottom of the newsletter and tell us how we’ve done with TC Daily this week. If you loved the editions, let us know by clicking “Loved It!” and if you think there’s something we can do better, let us know! Kenya wants social media platforms to have boots on the ground Who pays the price in the bank vs telco USSD face-off? World Bank pledges $500 million to Nigeria’s 90,000km fibre project Funding tracker World Wide Web 3 Events Regulation Kenya wants social media platforms to have boots on the ground Kenyan president HE William Ruto The hashtag #RejectFinanceBill2024 amassed over 6 million tweets during Kenya’s protests against the proposed finance bill in 2024. The bill, which sought to increase taxes across the board, sparked widespread public outrage. Kenyans relied heavily on social media to mobilize against the bill, sharing videos, photos, memes, and live streams, while also disseminating lawmakers’ and IMF officials’ contact details. This pressure, combined with mass protests across cities and towns, ultimately led to the bill being scrapped. In the wake of these events, the Kenyan government is pushing for tighter regulation of social media platforms, including a requirement for them to establish local offices. Officials argue that having a local presence would allow for better oversight, improve collaboration in tackling issues like cyberbullying, hate speech, and incitement to violence, and ensure platforms comply with tax and labour regulations. Proponents also highlight that such measures are increasingly standard in many countries, where local offices facilitate quicker responses to legal requests and help platforms tailor content moderation policies to local contexts. However, critics fear the move could give the government with greater control over social media, enabling censorship and stifling dissent. The precedent set by Nigeria offers a cautionary tale. In 2021, the Nigerian government blocked Twitter after it deleted a tweet by President Muhammadu Buhari for violating its policies. Twitter had become a key platform for political organising, especially during the #EndSARS protests. The ban was only lifted in 2022 after Twitter agreed to several conditions, including opening a local office, registering as a broadcaster, and adhering to national security guidelines. Many viewed these requirements as attempts to limit the platform’s role in facilitating political activism. Kenya now faces a similar balancing act: while addressing legitimate concerns around online harm and compliance, the government must also ensure its actions do not inadvertently suppress free expression or political dissent. Collect payments Fincra anytime anywhere Are you dealing with the complexities of collecting payments in NGN, GHS or KES? Fincra’s payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. Get started now. Banking Who pays the price in the bank vs telco USSD face-off? Image source: Faith Omoniyi/ TechCabal The Nigerian Communications Commission (NCC), the country’s communications regulator, has given telecom companies the go-ahead to cut off USSD services for nine banks over unpaid debts by January 27, 2025. The commercial banks are Fidelity Bank, First City Monument Bank, Jaiz Bank, Polaris Bank, Sterling Bank, United Bank for Africa, Unity Bank, Wema Bank, and Zenith Bank. Since 2019, banks have accumulated debts owed to telcos for USSD services. In November 2024, this amount reached ₦250 billion ($160 billion). Multiple lobbying by telcos has forced the NCC and other regulators to investigate the matter. With joint efforts with the Central Bank of Nigeria (CBN), the NCC has tried to rein in banks. In September 2024, it instructed banks to pay off their debts, but some refused to comply. As a result, the NCC and CBN issued a joint circular on December 20, 2024, stating that banks that refused to settle their debts by January 27, 2025, would be locked out of the USSD service, possibly shutting off millions of Nigerian retail banking customers—who use USSD for everyday banking—from critical mobile banking services. USSD is especially important for older Nigerians and people in rural areas who rely on basic phones without internet access. If banks end up clearing their debt to telcos, the NCC plans to transition to using an end-user billing process where customers pay telcos directly for USSD services, bypassing banks—which seem to want no part of it—in the future. While this will curb any debt issue, it raises questions about how this process will work and how much financial information, if any, will be shared with telcos. Internet World Bank pledges $500 million to Nigeria’s 90,000km fibre project Minister of Communications, Technology, and Innovation Bosun Tijani The World Bank has pledged $500 million to Nigeria’s ambitious 90,000km fibre optic project by Q3 2025. This contribution, while significant, covers only part of the $3.2 billion required for the project. On Tuesday, the US signed a $2 million grant. At the same time, a coalition of development finance institutions (DFIs), including the Islamic Development Bank and the African Development Bank, have also expressed financial commitment. Since taking office, Minister of Communications, Technology, and Innovation Bosun Tijani has prioritised building a national fibre backbone to extend high-speed internet access, particularly to underserved rural areas. Expanding the network to 125,000km would address longstanding infrastructure gaps and improve digital connectivity across the country. The ministry has continued attracting financial backers, showing growing confidence in the ambitious fibre project. However, these pledges remain theoretical. Without solid proof-of-work, it could stall momentum. Another key area Minister Tijani still has to address is the fragmented state policies around the implementation of the backbone project, as well as the alignment of telcos, government, and other parties involved. The funding commitments are a progressive sign, but whether Nigeria and Minster Tijani can reach their goals will depend on resolving these micro issues. Given the funding momentum, it is hard to bet against the success of the project—but not necessarily on the time it would take for Nigeria to achieve this. Initially a two-year project, it
Read MoreKenya will now require social media companies to set up physical offices in the country, the Ministry of Interior and National Administration said on Thursday after a meeting with stakeholders in the telecommunication and social media sectors. This move suggests tighter social media regulation in the East African country. “(We) arrived at a consensus on the need to curb misuse of technology and social media, including harassment, hate speech and incitement to violence, including enhancing physical presence of key operators,” the ministry said in a statement. The call to regulate social media comes six months after young people in Kenyan led widespread protests against President William Ruto’s administration over the now-withdrawn 2024 Finance Bill which introduced new taxes on essential commodities such as edible oil and sanitary pads. Social media platforms like TikTok and X played a crucial role in amplifying the protests, allowing Kenyans to livestream demonstrations to a wider audience beyond the physical locations. The hashtag #RejectTheFinanceBill2024, gained traction on X, with over 4 million impressions in the first few days of the protests. Tens of Kenyans lost their lives during the demonstrations, believed to be the longest-running protest in the country’s history. While subsequent protests were less intense than those in July 2024, Kenyans have turned to social media platforms, particularly X, to voice their frustrations with the government over cost of living and economic hardship. Some citizens used AI tools to create provocative images, some of which politicians called offensive. One of the most controversial trends featured images of Ruto depicted in a coffin. During Thursday’s meeting, Principal Secretary for Internal Security Raymond Omollo addressed concerns over social media misuse. Despite being one of the few African countries where citizens widely use social media without restrictions, over 80 abductions have allegedly targeted online government critics since June 2024.
Read MoreThis article was contributed by Dickson Nsofor, CEO Kora, and Solomon Amadi, SVP of Payments at Moniepoint as part of the Emerging Trends in Cross-Border Payments: A Growth Guide for Stakeholders report authored by Aroghene Ndulu and Paschal Okeke. The “Japa” trend is one of the significant drivers of cross-border payments at the moment. With more people moving abroad, especially to the Western world, there’s a growing need to send and receive money back home. Another key trend shaping the cross border payments ecosystem in Africa is the rise of mobile money platforms like M-Pesa and Momo, which are helping unbanked populations send and receive payments across borders. Nigeria’s economy is also pushing businesses to look beyond local markets. FX gains are becoming more appealing, and earning in stronger currencies is now a priority. Exporters, for example, ship goods to other African countries and beyond, while importers bring in funds. This has increased the demand for cross-border payment systems that handle these transactions. For businesses, operating across borders isn’t just about trade; it’s a way to grow. Expanding internationally gives them access to new customers and more revenue opportunities. Fintech companies are stepping up with APl-driven platforms that provide cheaper and more efficient payment solutions, disrupting the traditional banking model. And let’s face it, a business that can succeed in multiple markets is far more attractive to investors. How is blockchain impacting cross-border payment solutions on the continent? Blockchain technology is still in its early stages regarding cross-border payments in Nigeria and much of Africa. A few local companies, like Zone, are experimenting with blockchain to facilitate transactions, but the overall impact on cross-border payments is minimal. The reasons are clear: adoption and penetration are low due to regulatory uncertainties, negative perceptions, and a lack of widespread advocacy for blockchain-driven solutions. Blockchain is making cross-border payments in Africa faster, cheaper, and more secure. In the past, payments had to go through multiple banks and intermediaries, which caused delays and extra fees. But with blockchain, transactions happen directly between two parties in real-time, eliminating the need for these intermediaries. This is a big deal for African businesses and individuals who rely on fast and affordable payments. Plus, blockchain keeps every transaction on a secure, tamper-proof ledger, which makes fraud much harder. Over time, blockchain will help African countries rely less on foreign currencies and make it easier to trade using local currencies. The role of mobile money Mobile money has transformed access to financial services for people without traditional banking, allowing them to send and receive money directly through their phones. This has brought millions into the financial system. However, its impact varies across countries due to differing regulations. For example, in Kenya, M-PESA allows telcos to store customer funds, which makes them integral to the financial ecosystem. But this comes with risks; if a platform like Safaricom’s M-PESA were to face disruptions, it could cripple Kenya’s economy. On the other hand, Nigeria has taken a more cautious approach, with regulations that prevent telcos from storing funds. This helps avoid over-dependence on any single platform and safeguards competition from fintechs. Intra-African payments are another area where mobile money plays an important role. It can facilitate cross-border transfers, but issues like transaction limits, payment tracking, and data privacy must be regulated first. Telcos collect extensive user data, which could create an unfair advantage if left unchecked. Ultimately, mobile money simplifies transactions and ensures people can send and receive money effortlessly. While it’s unlikely to dominate Nigeria’s financial system the way M-PESA does in Kenya, it will remain a vital transaction option. For customers, the priority is convenience, whether through telcos, banks, or fintech. The goal is to make payments faster, safer, and more accessible. AfCFTA and cross-border payments African cross-border payments will change significantly under the African Continental Free Trade Area (AfCFTA). The agreement opens the door to a more extensive customer base and growth opportunities for businesses already in the payments space. It also encourages the use of local African currencies, which could reduce Africa’s heavy reliance on international currencies like the US dollar. However, If we can develop systems to exchange African currencies directly, without the restrictions many African countries currently face, we could see significant innovations in how payments are made across Africa. This shift could also help stabilise and increase the value of local currencies by creating more demand for them in regional trade. The ultimate goal is to make cross-border payments more manageable and reduce dependency on foreign currencies, which can weigh down trade due to currency conversion costs and rate fluctuations. If it works as intended, AfCFTA will simplify trade and boost intra-African commerce and innovation in the payments ecosystem. Future innovations Al will play a huge role in shaping the future of payments in Africa. With advanced fraud detection and smarter risk management systems, transactions are likely to become faster and more secure. Digital currencies, including cryptocurrencies and central bank digital currencies (CBDCs), also have the potential to reduce transaction costs and speed up cross-border payments by cutting out the need for foreign exchange. Contactless payments will transform how people pay in Africa in the next few years. Imagine being able to use your Nigerian card in Morocco without any hassle. That’s the kind of simplicity we need. The rise of virtual cards will help push this forward. They’re cheaper to get, you don’t have to worry about losing them, and they’ll make payments faster and more secure. Pair that with contactless technology, making it much easier for people to pay without thinking twice. You can download the full report here. _________ Dickson Nsofor is the founder and CEO of Kora, a pan-African payment infrastructure company established in 2017. He has over a decade of experience in Internet and mobile technology companies, where he honed his skills in IT, business analysis, and project management. He has contributed to organisations such as the United Nations and Humaniq, focusing on improving processes and implementing innovative solutions
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