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  • July 9 2024

👨🏿‍🚀TechCabal Daily – Nigeria wants to create its own blockchain

In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning You can still get an early bird ticket to the second edition of TechCabal’s Moonshot Conference!  From October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria, you can join Africa’s biggest thinkers and players like join Iyin Aboyeji, Wiza Jalakasi, June Angelides, Kola Aina on a global launchpad for change. If you want to join these stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket to Moonshot 2024 at 20% off. In today’s edition OPay gets order to recover $456,00 from customers NITDA wants to create its own blockchain technology to secure data Niger Telecoms to reach remote areas with 16 new sites Norfund to invest $20 million in fintech The World Wide Web3 Opportunities Cybercrime OPay gets order to recover $456,000 from customers Speed in Nigerian banking was an evolution to solve that pesky trust problem you’ve read about somewhere. Instant transfer, for instance, was a boost for business, cutting down wait time and ensuring that sellers didn’t need to hold your shirt as you concluded a transaction. But even instant transactions were not fast enough to solve the trust problem in all instances. In many informal transactions, cash remained king, as transfers sometimes took 30 minutes or even hours to reach the recipient. One could sit in a restaurant, hours after demolishing eba and vegetable soup, but be held in a soft hostage situation because the restaurant owner hadn’t received the payment transfer. Solving that problem needed tremendous speed. And players like OPay, Moniepoint and Palmpay soon figured it out. If customers can receive payments in seconds or minutes, that’s how you truly solve for trust in the most sceptical Nigerian. But speed has a tradeoff. When you move fast, you break things. For Opay, this break came in the form of a technical glitch that allowed some customers to shop online for months without getting debited. These customers racked up a ₦714 million bill ($456,000) and many have refused to pay. While OPay has gotten a court order to begin recovering the funds in most value, you get the sense that there’s a bigger story here. While we’ll share that story tomorrow, catch up on our reporting here. Process payments smoothly with Moniepoint And we’ll have processed almost 5,000 more by the time you’re done reading this. Your business payments can be one of them. Click here to sign up. Crypto NITDA wants to create its own blockchain technology to secure data “Nigerium” is a hypothetical element with atomic number 444 and the symbol “Ngr”. Thanks to the National Information Technology Development Agency (NITDA), it is also a proposed blockchain technology for Nigeria—like Ethereum. To hear NITDA tell it, Nigerium is a critical element in Nigeria’s digital future. NITDA says the blockchain smart contract will be the backbone of a new, secure digital identity system. It’s envisioned to not only protect citizens’ data but also streamline government services. The move to blockchain technology will ensure that the data of Nigerians is immutable, transparent, and secure from unauthorised access or manipulation, preventing embarrassment like the last data debacle. NITDA will argue precedent to pull from. China launched RealDID in 2023 to verify the real-name identities of its 1.4 billion population.  The success of Nigerium will hinge on robust cryptographic protocols, scalability to handle millions of identities of Nigerians, and most crucially, public trust. But let’s not get ahead of ourselves. Building a national blockchain is no small feat. It’ll take brains, resources, and a heap of political will.  Issue USD and Euro accounts with Fincra Create and manage USD & Euro accounts from anywhere. Fincra allows you to issue accounts to your users, partners & customers to collect payments without the stress of setting up and operating a local account. Get started today. Internet Niger Telecoms to reach remote areas with 16 new sites In 2016, Niger merged its public telephone and mobile communications companies into one entity—Niger Telecoms—to expand its market share in the mobile communications market. Fast forward to 2024, and Niger Telecoms is still playing catch-up with other telecoms in the country, holding a mere 6% market share. But don’t count it out just yet.  Niger Telecoms has just planted 16 new telecom sites in the Maradi region, part of a larger plan by the National Agency for the Information Society of Niger to connect 1.4 million people living in 2,111 communities with mobile and broadband internet services over the next six years. Each site is a complex hub of pylons, power systems, and networking equipment, capable of transmitting voice calls, routing data, and connecting the unconnected to the digital world. For farmers, it could mean real-time access to market prices. For students, it’s a gateway to online education.  It’s a critical initiative in a country where almost 1 in 3 citizens, especially those in rural areas, face difficulty accessing mobile networks. These new towers aren’t just infrastructure—they’re lifelines. The battle between the Nigerien government and mobile network operators (MNOs) is a constant dogfight, as the latter have been fined more than 4.3 billion CFA francs ($7.1 million) for failing to meet quality of service standards—including failing to provide network access to rural Nigeriens. The potential payoff is enormous: With this development, increased connectivity could spur economic growth, improve education and healthcare outcomes in rural areas, and even enhance governance through better communication between citizens and authorities. It’s a step towards mobile inclusion that could help Niger leapfrog stages of development. Paystack Virtual Terminal is now live in more countries Paystack Virtual Terminalhelps businesses accept secure, in-person payments with real-time WhatsApp confirmations and ZERO hardware costs. Enjoy multiple in-person payment channels, easy end-of-day reconciliation, and more. Learn more on the Paystack blog → Funding Norfund to invest $20 million in fintech “Banking the unbanked” may have firmly entered the realm of cliches, but financial inclusion is still a problem to be

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