Today: Ethiopia floats currency. July 29, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU0RtW4shEmtDGxi945UJODP863jl7p0VpQN_oCZgvtfoWoF3lyfLqFck-aA8-WwUFBIv86rhCgOSs80G8e_aDn66ohM-_lEElkUI6U8uVxbCNXNVq2aepxKs1jDh44Iv_8gVF8T4dYmaW5ePnjeq8iis2TpZeoaVdHS7_l32bqQhSW8nQe-TAPikgJ_1Y7ocIqT0effDU3QAaSzxy7Yo5tL2xkgsj6-l_l1e1jNalHAQ/48g/l3FMItQZQTuyBoqMu6rN-Q/h2/h001.Lj6DpYA7M-oIgAN2i3ScbfUsr7SpsnjSX64s6pJZrfk [Lire en Français](
[اÙرأ Ùذا باÙÙغة اÙعربÙØ©]( Good morning âï¸ Last week, we launched a new column, Myth Busters, to investigate the infamous tech lores that often burn across social media. In the first edition, Ganiu tells us if Nigeriaâs apex bank is really trying to loot all the monies in the 19 million dormant bank accounts across the country with a rehashed guideline. [Find the answer here](. In today's edition - [Nigerians face barred SIMs as registration deadline approaches](#Story1)
- [How the CBN's wonky 2022 policy created a big win for POS agents](#Story2)
- [Ethiopia floats its currency](#Story3)
- [AI's promise in Africa](#Story4)
- [The World Wide Web3](#WW3)
- [Events](#Opps) Cybersecurity //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU0RtW4shEmtDGxi945UJODP863jl7p0VpQN_oCZgvtfoWoF3lyfLqFck-aA8-WwUFBIv86rhCgOSs80G8e_aDn66ohM-_lEElkUI6U8uVxbCNXNVq2aepxKs1jDh44Iv_8gVF8T4dYmaW5ePnjeq8iis2TpZeoaVdHS7_l32bqQhSW8nQe-TAPikgJ_1Y7ocIqT0effDU3QAaSzxy7Yo5tL2xkgsj6-l_l1e1jNalHAQ/48g/l3FMItQZQTuyBoqMu6rN-Q/h8/h001.L5GUQJbfdWko6kVZ7xS68dvRjyrohsKsim2MLibi4Uk Nigerians face barred SIMs as registration deadline approaches In December 2021, the Nigerian government set [a tight goal](: it would enrol 100 million Nigerians on its national identification programme by 2025. At the time, only 70 million Nigeriansâless than 50% of the countryâs populationâwere enrolled in the programme which supposedly [kicked off in 2015](. Two years later, in December 2023, the number of enrollees [hit 104.16 million](, a small growth considering the identity management agency had plans to register at least 2.5 million enrollees per month. One incentive, announced in February 2020, that has pushed registrations so far is linking NINs to SIM cards. The [government's rationale]( is that by connecting SIM cards to the national identity database, it becomes easier to identify individuals using these phone numbers. Moreover, if the Nigerians using the 224 million or so SIM cards active in the country needed NINs to operate these cards, registrations would be driven up. Since postponing the initial December 2020 deadline for registration, the finish line for the NIN-SIM linkage has been pushed back at least ten times to give the countryâs 200 million-plus citizens enough time. This, inadvertently, led to a sense of complacency among many Nigerians. With the latest deadline set for July 31, 2024, several MTN users in Nigeria woke up to barred lines on Sunday, three days early. Some, like [this user](, claim to have completed the NIN-SIM linkages. At the expiration of the last deadline, [over 40 million]( SIMs were barred across the major telcos in the country. While MTN has yet to make a statement, it informed users of steps to take to reactivate their barred lines [via its X page](. Read Moniepointâs 2024 Informal Economy Report
Did you know that only 2.8% of informal businesses are started out of passion? [Click here]( to find out the motivation of businesses in Nigeriaâs informal economy. Banking //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUigZFOmTxGxOfH5vnEqWd1v_s3dXIWCJiROPnXJ43CW8wHpTepSM1UkRm0BdCkak0Q6oYfevBpnfGjFTn8CRdQEes0IOY-zwmdgtT54FIDiohzuOAeotU_kXUU-yxX3UYAUPSpjE_7jnaUpaPQ6nl30DkIFi6-iljyuVn9WMH5pNhuJdqnMomUwDdmmDomZFveTEgdGYLPjrjU-9SWFkkdA/48g/l3FMItQZQTuyBoqMu6rN-Q/h20/h001.vRvGlNSB6_zk3oD5RtM5HSzYrFPfsodpU6zsD4NM4hU How the Central Bankâs wonky 2022 policy created a big win for POS agents âThe law of unintended consequences, often cited but rarely defined, is that actions of peopleâand especially of governmentâalways have effects that are unanticipated or unintended.â When Nigeriaâs former Central Bank chief Godwin Emefiele announced a hasty plan in October 2022 to phase out the countryâs â¦200, â¦500, and â¦1,000 notes in six short months, one justification was the âsignificant hoarding of banknotes by members of the public.â âStatistics show that over 85%of currency in circulation are outside the vaults of commercial banks,â Emefiele said at the time. No one was sure why that was a bad thing, but it sounds pretty serious when you attach 85% to anything. Yet, two years and one cash crunch later, the unintended consequence of Emefieleâs abrupt currency changeâa court ruling extended the timeline to one yearâis that more Nigerian businesses bypass commercial banks for banking agents, a.k.a POS agents for money deposits. Itâs creating a second cash at Nigeriaâs commercial banks. The banks are responding by setting daily withdrawal caps for customers. Hereâs Muktar Oladunmade from his Saturday article: âWe cannot give out more than â¦100,000 for each customer. Sometimes we open with only â¦600,000 or â¦1,000,000, and we have to make sure people get cash when they come to the banks, so we ration it,â a banker told TechCabal. âThe central bank delivered cash to their Ojodu branch only twice last week,â that person added. Muktarâs argument goes something like this: the POS agents got creative during the 2023 cash crunch, but some of the ways they got access to cash remain relevant now. What business wants to go to the bank and face possibly long queues if they can make their deposits at the POS agent two doors down for free? Read [Muktarâs article here](. Collect payments anytime anywhere with Fincra
Are you dealing with the complexities of collecting payments from your customers? Fincraâs payment gateway makes it easy to accept payments via cards, bank transfers, virtual accounts and mobile money. Whatâs more? You get to save money on fees when you use Fincra. [Get started now](. Economy //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU0RtW4shEmtDGxi945UJODP863jl7p0VpQN_oCZgvtfoWoF3lyfLqFck-aA8-WwUFBIv86rhCgOSs80G8e_aDn66ohM-_lEElkUI6U8uVxbCNXNVq2aepxKs1jDh44Iv_8gVF8T4dYmaW5ePnjeq8iis2TpZeoaVdHS7_l32bqQhSW8nQe-TAPikgJ_1Y7ocIqT0effDU3QAaSzxy7Yo5tL2xkgsj6-l_l1e1jNalHAQ/48g/l3FMItQZQTuyBoqMu6rN-Q/h26/h001.tKyy9t0wAZJGAT7QoOlo_vQjeu7yqEsfjexmieIn6dU Ethiopia floats its currency Last week, Ethiopia signed a local currency swap worth $817 million with the UAE as it seeks to pay off its debts. In 2023, the country defaulted on the interest paymentâ$33 millionâon a $1 billion Eurobond that matures later this year. The country [is also currently negotiating a $10.5 billion]( aid package with the International Monetary Fund (IMF) to boost its ailing economy. Ethiopia [will now float its currency](, the Birr, as it seeks to remedy its economy. The move is part of a broader macro-economic reform whose objective is to âcorrect foreign exchange distortions and solve the structural balance of payments deficit problems.â Sidebar: Countries float their currencies to let their currencies find their true value which is determined by supply and demand in the foreign exchange market. A floating currency can help absorb shocks to the economy. For example, if a country like Ethiopia experiences economic downturns or changes in demand for its exports, the currency can depreciate, making exports cheaper and imports more expensive, thus helping to restore balance. Ethiopia's previous exchange system caused a dollar shortage which was needed for imports and repatriation of profits for foreign investors. Ethiopia follows in the footsteps of Nigeria which [floated the naira]( when President Tinubu assumed office. The naira has lost 70% of its value since then and spent brief stints as the world's worst-performing currency. 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 â]( Insights //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU0RtW4shEmtDGxi945UJODP863jl7p0VpQN_oCZgvtfoWoF3lyfLqFck-aA8-WwUFBIv86rhCgOSs80G8e_aDn66ohM-_lEElkUI6U8uVxbCNXNVq2aepxKs1jDh44Iv_8gVF8T4dYmaW5ePnjeq8iis2TpZeoaVdHS7_l32bqQhSW8nQe-TAPikgJ_1Y7ocIqT0effDU3QAaSzxy7Yo5tL2xkgsj6-l_l1e1jNalHAQ/48g/l3FMItQZQTuyBoqMu6rN-Q/h34/h001.n9ICtS0SXa5_TgWGd8lYFA9iPwhriO6xPh1pu83mui4 AIâs promise in Africa Four months ago, both Kenya and Nigeria announced [the development of national AI strategies](. For Kenya, the initiative is aimed at leveraging AIâs potential in driving Kenyaâs digital transformation and achieving the SDGs. In Nigeria, tech minister Bosun Tijani noted that the National AI strategy would âimprove lives and foster economic growth.â So far, only seven African countriesâBenin, Egypt, Ghana, Mauritius, Rwanda, Senegal, and Tunisiaâhave developed national AI programmes, and several more like Nigeria and Kenya have plans in place. Nothing much has been heard about these plans since then, but Africaâs tech ecosystem is holding hope on the promise of AI for the continent. [Lady Marieme](, founder of iamtheCode, for example, believes AI can be a game-changer for Africa, particularly in healthcare and education. She envisions AI-powered chatbots offering on-demand medical advice in rural areas, where access to healthcare is limited. AI can also enhance diagnostic accuracy, leading to earlier disease detection and improved treatment plans. Beyond healthcare, Marieme sees AI as a tool for educational transformation. Personalized learning, powered by AI, can bridge the educational gap in underserved communities. AI-driven tutoring systems and educational apps can provide much-needed support to students. To overcome challenges like infrastructure and affordability, Marieme emphasizes the importance of digital literacy, expanded connectivity, and affordable devices. She also calls for increased investment in local AI innovations and public-private partnerships. While Africa has been slower in adopting AI compared to other regions, there are promising examples. Rwanda's AI policy and the growing number of AI startups in East and West Africa demonstrate the continent's potential. However, for AI to truly benefit Africa, several factors need to be in place. First, governments must prioritise AI in their development agendas and allocate sufficient resources for research, development, and implementation. Second, there needs to be a focus on building a skilled AI workforce through education and training programs. Third, robust data infrastructure is essential for AI applications to thrive. Furthermore, addressing ethical concerns around AI is crucial. Issues such as data privacy, bias, and job displacement need to be carefully considered and managed. The potential of AI for Africa is immense. It can address pressing challenges in healthcare, education, agriculture, and other sectors. By investing in AI, African countries can leapfrog traditional development paths and create a more prosperous and equitable future for their citizens. As Lady Marieme puts it, "AI has the potential to be a game-changer for Africa, but its successful implementation requires a concerted effort from governments, the private sector, and civil society." The journey has just begun, but the potential rewards are enormous. Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUfqtAMw8n5Ur0S1MuaJy0q4UINaRiLrIoCesyE3MOqSd7pL7mZZ3vKsJJAyz4MkQ8Gw32kSodgNyFZHANS0BJ9AHdjRpb96Ck5cJo-4aPHydvbdkvXHWOckwcJViE7tx9-IaoGoA8yCMGXJkpRbZfdl3CXRSjj1dcIDbd2ou6E9aNWh5OsYGzf-uT-_6K10I38CgdHzns7ZeUgYcIJxRPqA/48g/l3FMItQZQTuyBoqMu6rN-Q/h39/h001.Vh9GK_hvBgqDM8pr9lHIta1sqZqMnCZikwk4WutCUwA The World Wide Web3 Source: [Coinmarketcap logo] Coin Name Current Value Day Month Bitcoin $69,348 + 2.57% + 14.27% Ether $3,342 + 3.90% - 1.13% Notcoin $0.013 + 1.36% - 3.93% Solana $193.06 + 5.40% + 36.65% * Data as of 06:00 AM WAT, July 29, 2024. Events //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWUDvDf_20X3fE62oAvNbZTmtIkAPgeF7d0GSkJvM6M-i9st3_pJwzNAKJ53Tev0HuloHJGX4HsZMvaMvig36p-6XCtrqh3RSCykhZzVVoqJy6BI2FuN0yYVFrKGYsVNLCnxKQLYo0JBK3S-4mHrznPnruu590ZAC_WXpYFhp4daa_OVFYP6rGGHBN-RuG3Q2ioP4OpOKHcdDU0dKUR_hjqY13tXTVME_cy05V8lnvUL3M/48g/l3FMItQZQTuyBoqMu6rN-Q/h42/h001.uN8ms7O9wm58OZ5Xwm2yp83816h68OLnrnJIfUm3xUE - You can still get an early bird ticket to the second edition of TechCabalâsMoonshot Conference! From October 9â11, 2024, at the Eko Convention Centre, Lagos, Nigeria, you can join Africaâs biggest thinkers and players like Iyin Aboyeji, Wiza Jalakasi, June Angelides, Kola Aina on a global launchpad for change. If you want to join these stakeholders in Africaâs tech ecosystem for three days of insightful conversations, then [get an early-bird ticket to Moonshot 2024 at 20% off](. - Join the 24 Fintech Africa Roadshow Webinar! We're excited to invite you to our upcoming webinar on Monday, July 29th at 3:00 PM WAT. Discover opportunities for African technology companies at the 24 Fintech Summit, happening from September 3 â 5, 2024, in Saudi Arabia. Speakers include leaders from the fintech industry, providing insights on global fintech trends and opportunities. Don't miss out on this chance to connect and learn. [Register Now](. - Join Career Brunch 2024 on August 17, 2024, in CcHUB with successful professionals from diverse fields and beyond for an exclusive (physical) career hangout for all professionals. Whether you're a 9-5er, entrepreneur, founder, or young and upcoming professional looking to climb the career ladder, scale your business or transition, Career Brunch has something for you. This is your golden ticket to connect with industry leaders and professionals from MTN, CcHUB, McKinsey, Spotify etc., gain invaluable insights, and supercharge your career trajectory. Get your ticket at [www.tix.africa/thebrunch](. You should definitely read these ðð¾ - [Kenyaâs ride-hailing drivers caught in the crossfire of cheap rides and rising costs](
- [Wasoko ex-employees discontinue wrongful termination suit](
- [UX isn't given enough credit as a Fintech Superpower]( Written by: [Emmanuel Nwosu](, [Mobolaji Adebayo]( & [Faith Omoniyi]( Edited by: [Muyiwa Olowogboyega]( & [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa.
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