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In today’s edition:
- Nigeria releases guidelines for new digital currency
- Kenya is bringing wildebeests to TikTok
- Sabi onboards 150,000 businesses onto its platform
- Algeria has finally depleted its leaded petrol reserves
NIGERIA RELEASES GUIDELINES FOR NEW DIGITAL CURRENCY
Nigeria’s apex bank, the Central Bank of Nigeria, has released new guidelines on how e-Naira, a state-backed digital currency, will be regulated, designed, and issued.
In July, months after banning cryptocurrency trading, the bank, through its governor, Godwin Emefiele, announced plans to launch a state-backed digital currency.
CBDCs v. Cryptos
Now I know what you’re thinking: why are they creating something they’ve banned?
Digital currencies or Central Bank Digital Currencies (CBDCs) are different from cryptocurrencies. Cryptocurrencies like Ethereum, Bitcoin, or Dogecoin aren’t regulated by central authorities but CBDCs are regulated by states.
They’re basically the digital formats of any country’s currency, without exchange rates. This means the paper tender is equal to the digital tender.
Only two countries have successfully CBDCs: the Bahamas launched the sand dollar in October 2020, and China launched the digital yuan earlier this year.
Egypt, South Africa, Morocco, and Kenya are exploring the technology’s feasibility, but only Nigeria and Ghana have plans to pilot official digital currencies this year.
How will the e-Naira work?
The digital currency will be accessible to both bank and non-bank account holders.
CBN will institute a three-tier consumer wallet system for Nigerians who are interested in acquiring the currency.
The Tier 1 wallet is open to anyone without a bank account, with an opening requirement of a National Identification Number.
Tier 2 wallet users require a Bank Verification Number to access transfer limits of ₦200,000 ($478) daily and a balance of ₦500,000 ($1,196).
Finally, Tier 3 wallet holders can transact up to ₦1,000,000 ($2,329) daily with the cumulative balance set at ₦5,000,000 ($11,961). At least a BVN is needed to get this wallet category.
An interesting development, however, is the non-interest-bearing status of the digital currency: there won’t be any charges when users send money from their wallets to their bank accounts, or when they make withdrawals.
Read more: Nigeria’s central bank issues e-Naira guidelines, charges, and transaction limits
KENYA IS BRINGING WILDEBEESTS TO TIKTOK
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SABI ONBOARDS 150,000 BUSINESSES ONTO ITS PLATFORM
Sabi sabis the work.
Today, the B2B marketplace announced a milestone: they have successfully onboarded 150,000 small business owners onto their platform.
Sabi optimises Africa’s informal trade sector by providing merchants and resellers with business tools and services that help them reach new customers, improve cash flow, and streamline logistics.
Who is Sabi?
If you haven’t heard a lot about them, it’s because they’ve been running in stealth mode.
Founded in 2020, Sabi is a women-led startup co-founded and run by CEO Anu Adasolum, former COO of Rensource and Ademola Adesina, founder and CEO of Rensource.
The startup ensures merchants have easy access to the services they need to grow their businesses. Sabi accelerates the velocity of trade in this sector by curating a list of B2B solutions providers and consolidating them into a single network.
Sabi merchants can manage their profiles conveniently via offline and online channels. They can access sales and inventory management tools, buy and sell products, track business performance, and access financing, all in one platform.
How did they get 150,000 small businesses?
They’ve been doing a few key things quietly.
Sabi says they have over 10,000 agents across Nigeria who have helped them acquire users in different sectors including agriculture, FMCG, electronics, and financial services.
Despite being operational in Nigeria for under a year, Sabi merchants have recorded over $1.2 billion worth of sales via MyShop, its ERP tool, and are on track to transact over $80 million annualized on MerchBuy, its B2B marketplace, in 2021.
They also recently closed an undisclosed seed round led by CRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital.
Damilare Dosunmu has more in B2B platform Sabi reaches 150,000 merchants in Nigeria while building under the radar.
Time to take control of your investing journey.
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Algeria has finally depleted its leaded petrol reserves
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What else we’re reading
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Written by – Timi Odueso
Edited by – Koromone Koroye
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