TAP to go cashless🫰💵

Issue 143: Nigeria's long, difficult path to a cashless society.                                                                                                                                                                                                                                                                                                                                                                                                                 [Open in app]( or [online]() [TAP to go cashless🫰💵]( Issue 143: Nigeria's long, difficult path to a cashless society. [VENTURES AFRICA]( Mar 17   [Save](   [yellow vehicles during daytime]( Photo by [Sheyi Owolabi]( on [Unsplash]( Hello Venturer, If there is anything Nigerians are grateful for this week, it would be the review of the Naira redesign policy that invalidated the spending of two denominations - N500 and N1000 notes as legal tenders in the country. On Tuesday, the apex bank finally budged to the long-standing Supreme Court ruling on the validity of these notes till December 31, 2023. What I find most remarkable in the midst of the Naira scarcity is the resilience of citizens to innovate during a difficult time, validating the saying - “necessity is the mother of invention.” In this week's newsletter, we bring you stories of how Nigerians are innovating through and navigating the hard times. Generally, the crisis has laid bare critical problems plaguing the country's financial system, and shown how important it is to solve these problems in the shortest time. Adekunle Agbetiloye Staff writer, Ventures Africa. [Share VA's Newsletter]( What’s new? Amidst cash scarcity, Touch & Pay is making Lagos commutes hassle-free. Since the Central Bank of Nigeria redesigned the three highest banknote denominations in the country and put a time stamp on the validity of the old ones, Nigerians have had to deal with currency scarcity. The Naira redesign has stalled business activities across different states of the nation, with the informal sector bearing the most brunt because it is cash-reliant. TAP, a Nigerian fintech company has come with aid through its contactless Cowry card — an ingenious cashless solution that makes public transport more accessible and convenient. [Read more](. Côte d’Ivoire is the world’s highest taxed nation. In the annals of global fiscal regimes, Côte d’Ivoire stands out for its citizens’ exorbitant income tax burden. In the latest reckoning by World Population Review, the West African nation claims the dubious honour of levying the highest such rates on earth. [Read more](. Nigeria’s cash crisis is taking its toll on consumer spending. Cash is a vital component of daily life for many Nigerians. In the last few weeks, amidst several subsequent changes by the government on what denominations of the currency are to be considered legal tender, Nigerians have had to adapt to the new reality of a cash shortage in different ways, including how they spend their money. [Read more](. [Leave a comment]( The Distinguished Amala Date by Duroarts. MPJ: Durotimi Bolaji Idowu’s journey to becoming an international art illustrator. It is rare to find people who successfully translate a childhood passion into a profitable business. For Durotimi Bolaji Idowu (Duro Arts), art was a childhood passion and an escape from the boredom of studying a four-year course he detested. Beyond that, art is a fun way to live and earn a living. Here is Idowu’s pivot journal to becoming an icon in Nigeria’s art illustration space. [Read more](. How Vendease is helping restaurants and hotels in Africa purchase food supplies seamlessly. Nigeria and Africa’s food sector is heavily fragmented, making it arduous for restaurants and other food service businesses in its hospitality sector to access the supplies they need in a timely and efficient manner. Vendease, an agritech startup, has come to the rescue through its online marketplace that lets restaurants in Africa purchase supplies directly from farms and food manufacturers. [Read more](. 5 alternative payment options to cash in Nigeria. Although Nigeria has experienced an influx of digital payment methods in the past few years, even maintaining a stance as a fintech hub in Africa, cash remained the most preferred means of transaction. But the recent struggle with accessing cash has seen more people exploring other payment options. Some of these payment methods offer secure, fast, and convenient ways to pay for gifts, goods, and services. [Read more](. Cash scarcity in Nigeria: Electronic payment transactions declined by 5% in February. Across the country, the ripple effect of cash scarcity is evident. Although Nigerians have switched to using electronic payment channels for trading, the digital method has also been flawed by several failed electronic transactions. In its latest data, NIBBS say the value of electronic payment transactions in Nigeria declined by 5% in February. [Read more](. [Share VA's Newsletter]( Shutterstock There just might be a silver lining amidst the massive layoffs. Global trends often have a significant influence on the African tech ecosystem, largely because the bulk of venture funding comes from foreign investors, and a significant percentage of these funds is domiciled in offshore accounts. So as venture funding becomes more volatile globally, the budding African tech ecosystem gets its own share of the brunt, consequently forcing startups to downsize on the continent. [Read more](. WEI: Open banking in Nigeria, more trouble for Flutterwave, and nuclear power in Uganda. Nigeria became the first African country to implement open banking regulations, last week, when the Central Bank of Nigeria in collaboration with the Nigeria Inter-Bank Settlement System Plc (NIBSS), launched the new regulations aimed at enhancing innovation, competition and financial inclusion in the banking sector. [Read more](. [Pledge your support]( Holiday Jollof Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. [Click]( read. Our weekly collectibles - Enjoyed the movie Moana? Find out [How Pacific Islanders Helped Disney’s Moana Find Its Way](. - Ever heard of the sushi train tradition? Find out how a Twitter antic escalated so fast in [“Sushi terrorism”: Viral pranks have caused an all-out panic in Japan](. - Read about this surreal marketing by Surreal in [How a startup cereal brand, got Ronaldo, Dwayne Johnson, S. Williams, & M. Jordan to endorse their product on a budget](. #VANUGGET Thank you for reading VA's Newsletter. This post is public so feel free to share it. [Share]( Thanks for reading VA's Newsletter! Subscribe for free to receive new posts and support my work. [Pledge your support](   [Like]( [Comment]( [Share](   Read VA's Newsletter in the app Listen to posts, join subscriber chats, and never miss an update from VENTURES AFRICA. [Get the iOS app]( the Android app]( © 2023 VENTURES AFRICA 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Start writing]()