TechCabal Daily – Nigeria removes deadline for old notes submission
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy pre-Friday It’s Spotify Wrapped season—the time of the year when the music streaming app tells you how bad your taste in music is. This year, in addition to showing users their top songs and artists, Spotify is also assigning users cities based on their listening habits—we hear most Nigerians have been assigned Ibadan. To find your Spotify Wrapped, open your app and it should be staring you in the face. If not, go to the top menu, scroll left, and you’ll see a Wrapped button. In today’s edition Nigeria removes deadline for old notes submission Ronaldo sued for Binance promotion Bolt expels 5,000 Kenyan drivers Starlink is still illegal in South Africa 8 startups selected for Grindstone Africa accelerator programme The World Wide Web3 Opportunities Policy Nigeria’s Supreme Court removes deadline for submission of old naira notes GIF source: Tenor Nigerians can now rest easy. The Nigeria Supreme Court has ruled that the old naira notes will remain legal tender in the country until further notice. ICYMI: In October 2022, former CBN Governor, Godwin Emefiele, announced the apex banks’ plan to redesign and circulate a new series of three banknotes—₦200, ₦500 and ₦1,000—and gave the country three months to submit old banknotes. The short notice triggered a cash scarcity that crippled its economy. However, in March 2023, the Supreme Court ruled that the CBN didn’t provide adequate notice to the public and ordered that the old version of the notes remain as legal tender alongside the new notes until December 31, 2023. Ten days later, the CBN discontinued its naira redesign policy. Despite the governor’s reassurances about sufficient cash availability, the country still experienced a challenging shortage of cash. As the deadline drew closer, the federal government filed for an extension to the December 31 deadline a few days back, citing concerns about a potential economic crisis if the old notes were demonetised. Now, the apex court has ruled today that the notes will remain legal tender and be accepted for transactions until further notice, cancelling the December 2023 deadline. Access payments with Moniepoint Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here. Crypto Ronaldo sued for Binance promotion GIF Source: Tenor Cristiano Ronaldo has bagged a lawsuit for promoting an NFT product on the world’s largest cryptocurrency exchange, Binance. Investors who filed the lawsuit claimed Ronaldo used his robust social media following—850 million followers across social media—to promote investments in unregistered securities on the crypto exchange. The plaintiffs claimed to have suffered losses from the promotion. A missed goal: The football star entered a multi-year contract with Binance in 2022 to create a series of NFT collections for sale on the company’s platform, among many other things. The allegation comes shortly after Ronaldo shared updates on social media about making new content for the crypto exchange platform. Binance, which has had a rocky few months, is again the subject of scrutiny. The crypto exchange was forced to replace its CEO Changpeng Zhao who admitted to facilitating transactions with sanctioned groups and encouraging US users to obscure their locations. Binance was fined of up to $4 million for the violation. The company is also expected to make a complete exit from the US. Lights out: Ronaldo’s case is not the first of celebrities accused of their promotion of products. In 2021, Kardashian was sued for promoting the cryptocurrency EthereumMax without disclosing that she had been paid to do so. The lawsuit alleged that Kardashian’s promotion had caused investors to lose millions of dollars. The reality TV Star later agreed to pay $1.26 million to settle the charges after the US Securities and Exchange Commission found her guilty of not disclosing she was paid to promote the cryptocurrency asset. Mobility Bolt expels 5,000 Kenyan drivers in six months Image Source: Bolt Over the past six months, Bolt has expelled 5,000 Kenyan drivers who failed to comply with safety regulations or have been involved in safety-related issues. The Estonian ride-hailing company discontinued affected driver accounts following a recent directive from the National Transport and Safety Authority (NTSA). What directive? In October, the NTSA asked Bolt to present a comprehensive plan addressing safety concerns raised by riders and drivers over the years, including issues regarding illegal commission charges, and also terminate its booking charge— a service fee levied directly to passengers using its platform, which sparked disagreements between drivers and customers. The directive was a pre-requisite for Bolt to renew its annual licence. To meet this requirement, Bolt developed a safety plan and also terminated the controversial booking charge. The ride-hailing company also invested KESS20 million ($130,000) toward safety-related practices in Kenya. What practices? Bolt’s safety measures include a random driver selfie check, rider and driver training programmes, and strict compliance enforcement with immediate consequences for violators, including permanent suspension from the platform. The company has also enhanced reporting tools to facilitate the reporting of safety concerns. The ride-hailing company has met NTSA’s primary demands and its operating licence has been renewed for the next financial year. Checkout the Paystack Changelog Paystack enabled single and bulk transfers to M-PESA Consumer Wallets for merchants in Kenya. See what Paystack has been up to in 2023 → Policy ICASA warns against using Starlink’s services in South Africa Image source: YungNollywood The Independent Communications Authority of South Africa (ICASA) has again, issued a warning, against the illegal use and provision of Starlink satellite broadband services within the country. This warning comes days after Starlink’s rival, OneWeb, launched its broadband service in South Africa. Notably, Starlink has been unable to secure an operating licence in South Africa due to its refusal to surrender a 30% stake in its service to historically disadvantaged groups. Although the service isn’t “officially” available in South Africa, ICASA is aware of the offering of satellite internet services using Starlink terminals in
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