Nigeria's price for convenience is going up

Plus: South Africans are demanding the right-to-repair.                                                                                                                                                                                                                                                                                                                                                                                                                 May 07, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h2/h001.1MgWz7ig1HtQ7wHIqmAc2ciM0qieMx6dK4Urs4sTyXg [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ TechCabal is launching a podcast we hope will enhance conversations and improve insight into the people in the ecosystem. Please take a few moments to [take this survey](, and tell us what you'd like to hear on our podcast! In today's edition - [Nigeria enacts new cybersecurity levy](#Story1) - [Nigeria’s POS agents to register with CAC](#Story2) - [India and Ghana buddy up with payment integration](#Story3) - [South Africans demand right-to-repair](#Story4) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Regulations //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h8/h001.4Ov5kNRhTP2Br4ADCcNms-0RmSsU40IVCqazeX57Mks Nigeria enacts new cybersecurity levy Nigerian consumers will find themselves paying more for digital transactions in the near future. Why? The country has amended its cybersecurity law, and the amendment comes with a 0.5% “cybersecurity” levy. From May 20, all banks and fintechs in the country will have to charge a 0.5% levy on all digital transactions. The levy was announced in a [circular released by the apex bank](, the Central Bank of Nigeria (CBN), yesterday. Defaulters will pay for it: The new law also requires all banks and financial institutions to remit the levies to the government on the 5th of every month, or face fines not less than 2% of such company’s annual turnover. Salaries and loans are safe: Not all digital transactions will be taxed by this new cybersecurity levy. There are a couple of exemptions to Section 44 of the [Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024]( including salaries, loan disbursements and payments, intra-bank transfers, inter-bank transfers for customers with accounts at different banks, and social welfare payments like pensions. Will this deter digital transactions in Nigeria? Over the past year, due to cash scarcity, Nigeria has seen a boom in its e-payments sector. According to the NIBSS, the value of electronic payment (E-payment) transactions grew by 66% to ₦664.21 trillion ($464 billion) in 2023 from ₦387 trillion ($270 billion) in 2022. Across social media, critics now argue that this new levy—which will inevitably lead to an increase in bank charges for consumers—will deter the attainment of a cash-less economy. Some others, however, say Nigerians will adapt; It’s just 0.5% afterall, how much harm can it bring? Across Africa, [at least 8 countries]( including Ghana, Tanzania and Zimbabwe have similar levies on digital transactions. Read Moniepoint's case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We've found some insights into how they work, and we'd love to share them with you. [Dive in right away here](. Fintech //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h16/h001.1f216SuBN4pP4EfNVKtmUVrZ9--hghtqhpbx_VfecyM Nigeria’s POS agents to register with CAC Across Nigeria, POS agents are emptying queues at ATM stands. These POS agents—1.9 million of them—are spread across various neighbourhoods in the country, offering convenient access to cash withdrawals and a variety of other financial services. Owning POS terminals has also become a source of income for folks across the country, where levels of unemployment are at an alarming rate. More money, more problems: While POS agents have been a crucial contributor to financial inclusion in the 200 million populated country, they have also been prone to fraud incidents. Data from the Nigeria Inter-Bank Settlement System (NIBSS) says POS terminals accounted for 26.37% of fraud incidents in 2023. To curb this, the government in January [buddied up with]( the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to create a fraud flagging feature on POS terminals. The government is looking to add more layers of security and rein in fraud. The news: Per TechCabal, POS agents [must now register]( with the country’s business registry, the Corporate Affairs Commission (CAC). Before now, CBN regulation only mandated fintechs to provide the names, physical locations and telephone numbers of agents while onboarding. The rule change means that fintechs have their work cut out for them. It's an uphill climb to registration: Business registration is often a tedious task and might slow up the onboarding of new agents for these fintechs. However, a few fintechs like Moniepoint and Palmpay are staying ahead of the curve. In February, Moniepoint signed a deal with the CAC to help digitise the operations of over 2 million small businesses. Palmpay also [inked a similar partnership]( with CAC to register over 200,000 businesses. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. [Start now](. Fintech //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h24/h001.JClnqDOW1HLgdYO87Viov7eKwxe2RWzVk12NAMvDY-s India and Ghana buddy up with payment integration In 2016, India launched its revolutionary Unified Payments Interface (UPI). Think of it as the Beyoncé of money transfers—flawless, fierce, and gets the job done in seconds. The UPI allows for instant and low-cost money transfers between bank accounts. Before then, the country used a system called the [Immediate Payment Service (IMPS)](, which was a slower alternative to UPI. Before you wonder why you’re reading about India’s payment system, the country is offering its efficient payment system to our Ghanaian brothers. A Ghana-India partnership: Over the next six months, [India will integrate]( the Unified Payment Interface (UPI) with Ghana Interbank Payment and Settlement Systems to enable instant fund transfers for users in both countries. What’s in for both countries? India is the third largest investor in Ghana. Both countries enjoy a good relationship as trading partners. Bilateral trade between both countries stood at $2.87 billion in 2022-23. The move will allow [both countries settle bilateral trade]( payments in local currency, reducing dependence on the US dollar while strengthening the rupee. The linking of UPI with Ghana’s payment system is not a first. India has been lending a helping hand to other countries—France, the UAE, Sri Lanka, and Mauritius—in recent times. Accept fast in-person payments, at scale Spin up a sales force with dozens - even hundreds - of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. [Learn more →]( Consumer Tech //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h32/h001.n67Sg5eg6xIfGg5n-q3tXGhLrKiFL6ob-um8NVYOThI South Africans demand right-to-repair If you’ve ever wanted to repair your devices without visiting the originating store, then the latest South African fight is for you. South Africans are calling for a "right-to-repair" legislation for electronics. Huh? What’s that? WIPO describes [the right-to-repair]( as the notion that consumers should have the right to repair their lawfully purchased products directly, or by selecting a repair service of their choice. This means if you want to repair your iPhone, you should be able to repair it at any store, not just the Apple Store or “any designated or approved store” as Apple requires. Patricia Schröder, the spokesperson for Circular Energy, a company that oversees electronic and electrical waste in South Africa, [claims]( that consumers are forced to replace appliances entirely for minor malfunctions which is not sustainable. She says it is a planned cycle by manufacturers leading to situations where a washing machine might be discarded due to a single faulty chip. Save our pockets: In fact, across the world, the lack of the right-to-repair is estimated to [cost consumers €12 billion]( ($12.9 million) annually because it’s often cheaper to replace than to repair at approved stores. Just think of how much the screen of a Samsung Z Fold costs compared to a new phone. South African car owners have the right-to-repair: The right-to-repair exists in SA’s automotive industry, where right-to-repair principles have seen some progress as it [took effect]( in July 2023. The Competition Commission implemented guidelines allowing consumers more choice in where to get vehicles repaired. The big screen: Across the world, RTR is gaining the lead. Just last month, the European Union [enacted new laws]( that require manufacturers to fix all electronic devices they create even after third-party repairers have tampered with them. In the US, the state of New York also passed [the country’s first right-to-repair laws]( that will force all manufacturers, including Apple, Amazon and Google, to publicly release instructions and tools for repair for devices they manufacture. [Forbes says]( the new law will save New Yorkers over $300 a year. Expand your business to new markets with the Sabi Market app Set up your online store, reach new buyers, make and receive payments and manage your inventory in a few steps. [Click here to download the app](. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUjx5o8aWZynR_9QM_TNSZLyxspitUuPs1hHadJS_ctxgE2CvDSukPAgTrNViOah07NARQhAnwhPhzEvfV4HY18SNl_SPogG9m-9rVF6ved9dB312n0a7VOWe5LRVr4kWbEXEBwDs7CVzUkLlYdbiLifccdjQ-TR0g3UoDoBva6NWvmsQv8rkkhnr_QoFyVnecfCNW8tlLEFdiNVjTHm5pgNEHeMQwWx34c19M9nkjk-PhughGBlx25ofXorYsTZce/465/3fEIdzXrRPC5vjC3JjFpzA/h44/h001.tYu79flyKrCuB-wA4Mk4QYswps7bdd8sFDQCqik-Nec The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $63,364 - 1.42% - 8.76% Ether $3,059 - 3.31% - 9.81% Voxies $0.23 - 2.26% - 31.77% Solana $155.26 + 4.67% - 14.10% * Data as of 06:40 AM WAT, May 7, 2024. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUznumUISqEIEHoejMAg1nvoeEOue0REL5sdFJ8edc4O_kqjbgp2qgoJy5BZ3Q9l_7_A-NFDuiY4pG6KeKfsyAxdX6o7Fo06XFG3JS0h7bd8v6bp-nSiuIweSXM7pt6mxUIfKLs4SqAZFQMf_T81gHs-oS6ydreheMnGbSxZ4mRyy7vAM1vUouFSVhRB0r5SSAoGkd2eaiIjfMwYgxzhMgu_TJkNxTFxC_x4mirRE8EYjg2puVtgS5GHY33VUFznB4iTmfOjorlqcFxCeBKSd1fA/465/3fEIdzXrRPC5vjC3JjFpzA/h47/h001.aXkBTbIExIFeM5EhTe-MDj9vUnW6kBgeHCXQOdprXrI - Applications are open for the 5th edition of Wema Bank’s startup-focused tech competition, Hackaholics, themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”. The edition will be executed over six months, touring 10 universities across Africa and challenging the youths to pitch unique, innovative, and practical Digi-Tech solutions to positively impact the acceleration of progress, development, and prosperity in Nigeria and across the African continent. The best innovators in Africa will be awarded ₦70 million. [Apply here.]( - Applications are now open for the DAAD Leadership for Africa Master’s Scholarship Programme. The programme aims to support the academic qualification and advancement of young refugees and national scholars from Burundi, Kenya, Rwanda, South Sudan, and Uganda at higher education institutions in Germany. Applicants will get a chance to learn a German language course for 6 months before study begins, and a Tuition-free M.A. or M.Sc. degree programme at a public or state-recognized university in Germany starting September/October 2025. [Apply by June 7, 2024.]( - The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs. [Apply by May 19.]( Here's what you should be looking at - [The next wave: Should customers get angry when private companies increase prices?]( - [Unleashing Africa’s potential: Overcoming monetary barriers for intra-continental growth]( - [How five of the worst schools in Florida wound up in Pinellas County]( Written by: [Faith Omoniyi]( & [Towobola Bamgbose]( Edited by: [Timi Odueso]( Want more of TechCabal? 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