The naira payout

Nigeria's Central Bank has now approved naira payouts for diaspora remittance                                                                                                                                                                                                                                                                                                                                                                                                                 July 13, 2023 | [Read Online]( Nigeria's Central Bank has now approved naira payouts for diaspora remittance In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h2/BbkiUekSnEqUtsLeRQohSZ_uYDTVX9NQIJ1HTU-JTcg [Lire en Français]( [اقرأ هذا باللغة العربية]( Happy pre-Friday ☀️ We’re taking suggestions on how to make our [Entering Tech Shorts]( better. Who should we feature next? What topics should we cover? Please leave us a review and [let us know what you think](. In today's edition - [CBN approves naira payout for diaspora remittances]( - [Egypt set to launch NExSat-1 satellite]( - [Nigeria and Google to delist loan apps]( - [Apple updates its App Store prices in Nigeria, Egypt and Tanzania]( - [The World Wide Web3]( - [Event: The Moonshot Conference]( - [Opportunities]( Economy //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxfpVtsd07sKEXa7xecTiRUf0uN8nbbLYb2DQC_Lt8XSs6BXQfCi0yb_kN3hmXPoCJJkYYOoBpmsTbq0T2N2DH1qrBHSN6zvW2k-LNi95VVOoQ/3xu/CcsGRMd8S6iCZfSqQFN44Q/h16/LUpWSlIXm-auyMNMzMRPOhW4805qTLjXyZtxgEeW-Ik CBN approves naira payout for diaspora remittances [Congratulations meme](Image source: Zikoko Memes Nigerians will soon be able to send money to beneficiaries abroad in naira. Yesterday, the country’s apex bank announced that it had [approved the payment]( of naira to beneficiaries of diaspora remittances. What it means: This means that banks and International Money Transfer Operators (IMTOs) can now pay their recipients in naira, ending a three-year ban. Part of the CBN’s circular said, “The Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.” In December 2020, the CBN banned banks and IMTOs from [paying recipients in Naira](. The policy also stated that only banks could transfer funds onward to recipients. In theory, the CBN policy ended the business model of many digital remittance companies that allowed Nigerians abroad to send money directly to the Naira accounts of recipients. This recent policy removal is another step towards loosening the strict control the CBN has exercised over FX rates in the last five years. It’s also great for customers who can now choose between receiving their funds in foreign currency, e-naira and the Naira. Customers who choose to receive their funds in Naira will be paid using the Investors & Exporters Window rate on the day of the transaction. Secure payments with Monnify Monnify has simplified how businesses accept payments to enable growth. We are trusted by Piggyvest, Buypower, Wakanow, Fairmoney, Cowrywise, and over 10,000 Nigerian businesses. Get your Monnify account today [here](. Space //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h24/49FpjMqRtdNx_iaT6dXg8-jPW_cXRwS2FyFZhFjy_Vc Egypt set to launch NExSat-1 satellite [On my way to the top meme](Image source: YungNollywood Egypt is leading the way in Africa’s space exploration. The Egyptian Space Agency (EgSA) has announced plans to launch the [NExSat-1 satellite](before the end of this year from China, after successfully completing all satellite launch-related tests in Germany. The satellite is part of the Egyptian government’s strategic initiatives to develop satellite technology. About NExSat-1: NExSat-1 is a 65kg remote sensing earth observation microsatellite that was built by the Egyptian National Authority for Remote Sensing and Space Sciences (NARSS) in collaboration with Berlin Space Technologies (BST). The satellite is said to be [45% locally engineered](, and according to EgSA CEO, Sherif Sedky, NExSat-1 has a [six-month lifespan]( and will be used for urban planning. There’s more: EgSA’s planned launch of NExSat-1 will follow the launch of [MisrSat-2](, another remote sensing satellite In October, also from China. Both satellites were originally scheduled to be [launched last year](. Zoom out: These consecutive missions represent significant achievements for the EgSA, showcasing its commitment to advancing its presence in space exploration and satellite-based initiatives, strengthening its position in the field. Consumer tech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h33/xfT1gBx-eBBd9_Ly7PG8P1usnNFS5lKCSQIIt78Xab0 Nigeria and Google to delist invasive loan apps [Jail GIF](Image source: GIPHY Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) is taking some serious action to protect customers from loan application bullies. [Per Techpoint,](they're even [teaming up with Google]( to permanently wipe out these troublesome apps from their app store. Why are they doing this? Well, it's all because of the relentless harassment and defamation that Nigerians have been enduring at the hands of these digital lenders. Some of these loan apps have stooped to unimaginable lows by gaining access to borrowers' private and intimate pictures. Some even send messages to the borrower's friends, threatening to expose these personal images unless the loan is repaid. The FCCPC is stepping up to the plate to ensure that Nigerians can breathe easy and borrow without fear. How so? Earlier in the year, the FCCPC mandated loan apps to register with it and [approved](about 173 apps to operate in the country. In April 2023, the Joint Task Force (JTF) and the FCCPC [collaborated to develop]( the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022. This collaboration aims to establish clear rules and guidelines to govern the industry, protect users, and hold loan apps to higher standards. Even the tech giant, Google, has jumped on board to combat loan app harassment. They [announced]( months ago that loan apps would not be allowed on their app store without regulatory approval. It's a strong stance that can ensure only compliant apps make their way onto the platform. As of May 31, loan apps on the Play Store [reportedly]( lost their ability to access users' contacts or photos, an added layer of protection for users. However, despite these efforts, the FCCPC has uncovered a troubling fact: many of the loan apps causing distress to users are not found on Google. It's a sobering realisation that highlights the need for users to be vigilant and exercise caution. The FCCPC advises users to steer clear of apps downloaded using apk files or those that operate on platforms like WhatsApp, as these are often the ones employing such invasive measures. Zooming out: Loan app harassment is a growing epidemic affecting other nations as well. Take Kenya, for instance, where the government is also [cracking down](on non-traditional loan providers who misuse user data. They have introduced new regulations that require loan companies to re-register as legal entities. So far, only 32 loan apps have received approval, indicating the scale of the challenge. GrowthCon 1.0: Learn how to unlock 10X Growth Connect with growth leaders, operators, and enablers to explore proven tactics for driving sustained business growth in Africa at GrowthCon 1.0. Experience curated masterclasses, case studies, a growth hackathon and more. [Get your tickets]( now at 15% off. Use the discount code "TIX15"! Big Tech //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h46/Bc5HQHh5YsYv-96JxEVqg46KDFXMMvHd-sijsSDhCWE Apple updates its App Store prices [App Store image Image](Image source: Apple Apple is striving to make in-app purchases fair for everyone, including developers. On Monday, the company announced [adjustments to its pricing]( for apps and in‑app purchases (excluding auto‑renewable subscriptions) made through its App store. Why the price adjustments? Starting from July 25, prices in Egypt, Nigeria, Tanzania, and Türkiye storefronts will be updated. According to Apple, this is due to changes in tax regulations, adjustments in foreign exchange rates, and the introduction of Value Added Tax (VAT) in the aforementioned countries. The new price adjustments are expected to [impact]( both app developers and consumers in these markets. How the pricing works: Per the company, the prices of your app or in-app purchase will change depending on your primary storefront and the country you are in. If you choose Egypt, Nigeria, Tanzania, or Türkiye as your primary storefront, the price will stay the same in that storefront. However, the prices in other storefronts will be updated to match the prices in your primary storefront. In the event that your primary storefront is not in any of these four countries, the prices in Egypt, Nigeria, Tanzania, and Türkiye will increase to match the prices in your primary storefront. Furthermore, if your in-app purchase is an auto-renewable subscription or if you manually manage prices on storefronts instead of using the automated equalised prices, your prices will not be affected and will remain the same. Zoom out: The Pricing and Availability section of [App Store Connect]( has been updated to show upcoming price changes for your apps, in-app purchases, and auto-renewable subscriptions. You can still change the prices at any time. Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h53/pzeoXIlgFrUGPQSXn0sQGXSNenEYzDL3_sUlMiKDsf0 The World Wide Web3 Source: [Tc_insight] Coin Name Current Value Day Month Bitcoin $30,271 - 0.99% + 17.21% Ether $1,870 - 0.32% + 7.76% BNB $243 - 1.67% + 6.32% Cardano $0.28 + 1.02% + 4.72% * Data as of 21:20 PM WAT, July 12, 2023. Events The Moonshot Conference This is Moonshot by TechCabal. Moonshot is a conference that will bring together Africa’s tech ecosystem to network, collaborate, share insights and celebrate innovation on the continent. [Click here]( to join the waiting list to get more news and updates about this conference. Opportunities //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTXy9w8I_zIELgRe_S3coUxeu_x2uAuww1SA6h9jeCSw0aYHeATN0m4jrH0v-6sw8tXtrO4aSbE9jDiiWRifT9Vos0yKA9HqQGGsGl9hIdeyR/3xu/CcsGRMd8S6iCZfSqQFN44Q/h58/m0QSAlO0TX5K58uCJD9CUMYkHawevNlvovTSvyNiKKM - The AAAS Kavli Science Journalism Awards 2023 ($5,000 prize) is now open to applications from reporters doing work for independent news organisations around the world, with articles readily accessible to the public by subscription, newsstand sales or online access, with the submitted work available in English are eligible to [Apply by August 1.]( - If you are a young (no older than 24 years of age) and emerging photographer looking to embark on a career in the world of photojournalism, the Ian Parry Photojournalism Grant 2023 (up to £10,000) is open for Applications. [Apply by August 31.]( - Applications are open for the L’Oreal-UNESCO Young Talents for Women in Science Program - Maghreb 2023. Awarded doctoral and post-doctoral candidates will each receive an endowment of €10,000. [Apply by July 30.]( - Are you a startup founder looking to build your company? The ARM Labs Lagos Techstars Accelerator program is open for applications. Each company receives up to $120,000 in funding, and access to the worldwide network of investors, hands-on mentorship, and over $4M of perks. Join the 7,000+ founders who built their businesses with Techstars. [Apply by August 9](. What else is happening in tech? - [Kenyans are using Twitter to protest the high cost of living]( - [A bizarre security breach has scuttled crowdfunding efforts for Zimbabwe’s ChatGPT alternative]( - [Bangladesh’s historic heat wave is making work a living hell for IT workers]( - [AI is making politics cheaper, easier, and more dangerous]( Share 👨🏿‍🚀TC Daily You can win numerous gifts when you refer family and friends who you know will benefit from the TC Daily newsletter. You currently have 0 referrals, only 10 away from receiving Ebooks and Showmax Subscription Tier 1. [Tier 1]( [Click to Share]( Or copy and paste this link to others: Written by - [Ngozi Chukwu](, [Olumuyiwa Olowogboyega]( & [Mariam Muhammad]( Edited by - [Timi Odueso]( Want more of TechCabal? 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