Share this newsletter:
Good morning ☀️
Here’s your reminder that you can win Showmax subscriptions, merch, shopping vouchers and more if you refer TC Daily to your network.
All you have to do is share the unique link in the referral section of this newsletter.
Telecoms
Airtel Nigeria launches 5G
Airtel Nigeria has joined the 5G gang.
Airtel has launched its 5G network in four states in Nigeria—Lagos, Ogun, Abuja, and Rivers states, per Nairametrics. The network operator is the third-largest in the country, following MTN and Globacom. It bought the 5G spectrum and additional spectrum for its 4G in January from the Nigerian Communications Commission (NCC) for $316.7 million.
What does this mean? According to Airtel, 5G is 20–30 times faster than 4G. So, Airtel’s customers, about 27.1% of Nigeria’s population, can download HD movies, and 4K videos in just a few mere seconds. And gamers can play high graphic games with much less lagging. At least theoretically.
Late to the party? Airtel is joining the race towards 5G network deployment in Nigeria, months after MTN and Mafab Communications did. Both Mafab and MTN announced that they had purchased theirs in February last year. In September of that same year, MTN commercially launched its 5G service. Mafab Communications launched its own in January. MTN, on the other hand, has reportedly rolled out 588 5G sites and brought the 5G network to 5G-enabled smartphones.
5G-enabled phones? Yes, not all phones or iPhones can tap into the 5G spectrum. You can find out if your phone can by checking its mobile data settings.
Moniepoint ranked 2nd fastest-growing African company
Moniepoint is Africa’s second-fastest growing company, as shown in FTs latest report. We also processed 1 billion transactions worth $43 billion in Q1 alone.
Economy
Nigeria’s central bank relaxes limits on domiciliary accounts
If your wallet is feeling a little funny, it’s probably because it has heard the news.
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to allow customers to withdraw or transfer up to $10,000 every single day! Per Techpoint, it has also removed the restrictions on deposits into domiciliary accounts.
There are strings attached: With all of these changes are coming more responsibilities for banks. For example, the CBN requires banks to provide returns containing the purpose of the transaction.
A wind of change: It’s just one of the many changes that have been swirling around like a tornado ever since President Bola Ahmed Tinubu took the stage. The government has floated the naira and reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window. This will allow banks to sell dollars at any price a customer is willing to buy, just like the Bureau de Change does. Outside banking, Tinubu’s government has also pulled the plug on fuel subsidies, sending the price of fuel soaring.
Cybercrime
Nigerian fintech, Glade, loses $214,000 to hackers
Glade has joined the list of Nigerian financial service providers that have had a not-so-merry encounter with hackers. This time, $214,000 was lost.
According to insiders familiar with the matter, the breach happened sometime in 2022, and the perpetrator of the sneaky act was a former company employee who is currently on the run.
How did it happen? The company’s CEO, Liyi Victor, confirmed the breach and stated that the perpetrators hacked the company’s backend infrastructure and made away with the funds. The case has since been reported to law enforcement agencies.
A leadership challenge? The startup also bade farewell to its co-founder, Temitope Hundeyin, who left the company after the breach happened. Hundeyin voiced her frustration with being sidelined in the management of the business. In response, Victor defended his decision to part ways with Hundeyin, highlighting the company’s need to adopt leaner operations as the rationale behind his choice.
Despite Victor’s assertions, a current employee who asked to remain anonymous revealed, “Liyi runs Glade all by himself. He answers to no one and even gets into brawls with investors.”
A series of hacks: Last month, crypto startup, Patricia, lost a whopping $2 million to hackers in 2021. There were also reports of a hack at another Nigerian bank, Globus. Other companies hacked include MTN’s MoMo, and fintech unicorn Flutterwave.
Cybersecurity
France aids South Africa in battling cybercrime
South Africa and France have partnered to improve the Special Investigation Unit’s (SIU) ability to investigate and address cybercrime effectively.
Justice Minister Ronald Lamola and French Minister for Europe and foreign affairs, Catherine Colonna, signed the partnership on Monday.
Measures taken: The agreement sets the stage for the establishment of an anti-corruption academy in Tshwane, which will address the requirements of the SIU, as well as law enforcement and anti-corruption agencies within the Southern African Development Community (SADC), both in Commonwealth and non-Commonwealth nations.
Zoom out: South Africa leads the continent in the number of cybersecurity threats identified in the country, according to INTERPOL’s 2022 African Cyberthreat Assessment Report. In 2022, the country had 230 million threat detections in total. In second place was Morocco at 71 million.
By joining forces, the partnership is expected to enhance South Africa’s skills and capabilities in dealing with cybercrime within the country.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$26,951 |
+ 1.99% |
+ 0.33% |
| Ether |
$1,731 |
+ 0.38% |
– 4.67% |
 BNB |
$242 |
– 0.38% |
– 21.87% |
| Solana |
$16.04 |
+ 3.30% |
– 20.85% |
* Data as of 05:25 AM WAT, June 20, 2023.
The UK’s crypto and stablecoins law has been approved by the House of Lords. CoinDesk reports that the Financial Services and Markets Bill which stands to recognise crypto as a regulated activity is entering its final stages of deliberation in the UK. If passed, the bill will also recognise stablecoins as a means of payment under existing laws.
Founder of Terraform Labs Do Kwon has been sentenced to four months in jail in Montenegro where he was captured weeks earlier. CoinDesk reports that the founder was sentenced on forgery charges after he was arrested in possession of two Costa Rican passports, two Belgian passports, and two identity cards belonging to him and another Terra executive, Han Chang-Joon.
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
- 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 IBM Hyper Protect Accelerator 2023. Startups will receive connections, 1 year of mentorship, training, advice, exposure and access to $120,000 in IBM cloud credits, up to $10,000 per month for the first year. Apply by June 30.
- The window for applications for the TWBS-ICCBS Postdoctoral Fellowship Programme 2023 (Stipend available) is now open to scientists from developing countries (other than Pakistan) with a maximum age of 45 years, who wish to pursue postdoctoral research. Apply by June 30.
- Applications are open for the Google Women Techmakers Ambassador Program 2023. If you are 18 years or older, you stand a chance to network with over a thousand Ambassadors worldwide, lead and organise events in your tech community with support from Google, and receive exclusive access to Google-led talks and workshops. Apply June 30.
What else is happening in tech?
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.
- TC Weekender: weekly roundup of the most important tech news out of Africa.
- Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 12 PM WAT.
- In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you.
