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Last Thursday, a patch of virtual land in the blockchain-based online world Decentraland sold for more than $900,000. It’s the most expensive purchase of an NFT land to date.
Certainly, the frenzy around NFTs hasn’t died down.
In today’s edition:
- A new hurdle for Nigerian Fintechs
- Another attempt to regulate social media
- Social media bill through the backdoor
- Facebook’s role in Ethiopia’s elections
- TC Insights
A new hurdle for Nigerian Fintechs
Financial technology businesses in Nigeria will be facing a new hurdle soon.
What’s the hurdle?
Nigeria’s Securities and Exchange Commission (SEC) has hinted that starting from Q3 2021, fintech platforms with no defined framework will have to go through an incubation program – Regulatory Incubator program – to legitimately operate.
How will it work?
Once the program kicks off in Q3 2021, fintech companies in Nigeria will have to fill a Fintech Initial Assessment (FIA) form to determine if they are excluded from the process. At the end of the 12-month program, startups are either directed to continue operating as a registered entity or terminate their operations.
Zoom out: There are already existing CBN guidelines covering mobile money operators, e-payment channels, USSD services, international money transfer, remittance and similar services. Looks like new fintech startups – API and investment platforms – that don’t yet have guidelines are the target.
It’s also not clear how this incubation program is different from the Central Bank of Nigeria’s regulatory sandbox — a platform that allows fintech companies to test their products and get regulatory approval before launching.
Read more: From Q3 2021, Nigerian fintechs without defined regulations must undergo incubation before operating
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Facebook’s role in Ethiopia’s election
Social media bill through the backdoor
It’s been two weeks since the Nigerian government blocked Twitter’s operations, now it’s taking it a notch higher.
The federal government has asked the House of Representatives to enact a law that will empower the Nigerian Broadcasting Commission (NBC) to control all forms of internet broadcasting and social media.
The request was made on Wednesday by the Minister of Information and Culture, Lai Mohammed, during a public hearing organised by the house committee on information, national orientation, ethics, and values on a bill to amend the NBC Act.
The NBC already controls television and radio broadcasting in Nigeria, based on provisions in Section 2(b) of the NBC Act. Now he wants to extend it to other online media/broadcasting services.
In Lai Mohammed’s words: “I want to add here specifically that internet broadcasting and all online media should be included in this because we have a responsibility to monitor contents, including Twitter.”
Before Lai Mohammed’s proposal, the broadcasting regulator had asked all social media platforms and service providers in the online broadcasting space in Nigeria to apply for a broadcast licence.
Zoom out: Media stakeholders at the public hearing kicked against the inclusion of online media under NBC’s mandate, asking the panel to instead make the commission more independent of the Minister of Information. It’s said to be an attempt to push the social media bill, this time through the backdoor.
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TC Insights: Stake by Stake
What else we’re reading
Written by – Daniel Adeyemi
Edited by – Edwin Madu
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