- Week 09, 2023
- Read time: 5 minutes
This edition of TC Weekender comes bearing good news for all cash-strapped Nigerians, the plans the announced winner of Nigeria’s presidential election has for tech in the country, and Messi buying his World Cup-winning teammates gold iPhones.Read on to stay informed about these and other exciting developments.
Pamela Tetteh Editor, TechCabal.
Old notes remain legal tender
After some intense theatrics, hair-pulling queues, and forking over ₦2,000 just to pocket ₦5,000 from POS dealers, the Supreme Court of Nigeria has finally killed the Naira redesign plan. Additionally, the court has decreed that the old ₦200, ₦500, and ₦1,000 bills shall maintain their currency status until December 31, 2023.Learn more.
CBN lowers tenure limits at banks
Nigeria’s Central Bank has made another head turning decision that is shaking up the banking industry. The apex bank has revised the tenure limit for execs and non-execs in banks. Now, bankers will only be able to serve up to twenty years on the board.Learn more.
Tinubu’s plan for Nigeria
At 4am on Wednesday, Bola Ahmed Tinubu was announced as Nigeria’s President-elect. Although doubts persist about the election’s credibility, it’s worthwhile to examine Tinubu’s blueprints for the tech ecosystem to gauge what’s in store if his win prevails.Learn more.
Corporate shakeup in Safaricom
Kenya’s top telco, Safaricom, has continued its corporate shakeup with the appointment of new board members. After replacing John Ngumi, who served as chairman for only six years, Safaricom has announced Karen Kandie and Ory Okolloh as new members of the telco’s board of directors.Learn more.
MTN to disable non-RICA’d SIMs in SA
Anyone who gets a new MTN SIM card in South Africa has to RICA (activate it with their personal details) within three days, or it’s hasta la vista, baby! This is to reduce the number of SIM cards that are in limbo and may also help the police to track criminals and crime witnesses faster.Learn more.
Jumia’s now liable for bad goods
The Common Market for Eastern and Southern Africa (COMESA) has been investigating Jumia’s terms and conditions since September 2021 and has now ruled that the company will no longer be able to avoid responsibility for goods sold by third parties on its platform.Learn more.
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Messi gifts gold iPhones to teammates
Lionel Messi has been making rounds with news of his £175,000 purchase of customised gold iPhones for his 2022 world cup-winning team. Talk about a golden touch on and off the field!Learn more.
Payday looks to raise funding
According to documents seen by TechCabal, Payday is looking to raise $1.5 million to expand its product and engineering team, and operations.Learn more.
Showmax makes a comeback
Multichoice, NBCUniversal, and Sky have announced a partnership which will see the relaunch of a new version of Showmax. The partnership will see Showmax streaming English Premier League matches.Learn more.
MultiChoice to accelerate 11 startups
The MultiChoice Africa Accelerator Programme has rounded up 11 startups from nine African countries that MultiChoice thinks are not just potential moneymakers, but also have the potential to solve real-world issues with their tech solutions. Which startups were chosen?Find out.
Sasol to invest $53 million in greentech
South African chemicals and energy company Sasol has announced that it has established Sasol Ventures to advance and fund its decarbonisation and 2050 net zero ambitions through venture capital.Read more.
Who brought the money this week?
- South African e-health company, Envisionit, raised $1.65 million in an undisclosed round from New GX Ventures SA.
- Hollydesk, a fintech company based in Egypt, raised $1 million in debt funding from undisclosed investors.
- Morocco-based ed-tech company KoolSkools raised $960,000 in an undisclosed round from the Azur Innovation fund.
- Nigerian blockchain company Wicrypt Network received $150,000 in grants from LEAP 2023 Rocket Fuel Pitch Startup Competition.a
TC Game: SheerLuck Holmes
Are you a master decoder, or are you really good at making lucky guesses? Play this game to decode messages.
What else to read this weekend?
- Centre Stage: Feyikemi Akin-Bankole and Simi Badiru
- Investor Uwem Uwemakpan on building stuff people believe in
- SA’s tech startup ecosystem is slowing down: Can a Startup Act resurrect it?
- Rivet raises $500K to empower creators and artists
- How to become a product marketer
- Nigeria placed on FATF grey list
- South Africa has been grey-listed by the FATF: What does it mean?
- Next Wave: Africa’s election season comes with risk investors cannot ignore
Written by: Ngozi Chukwu
Edited by: Pamela Tetteh