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Happy pre-Friday ☀️

Cancel culture is just for show, and Netflix’s password-sharing crackdown might be proof of this. 

Instead of losing subscribers, the platform gained over 5.9 million subscribers from April to June 2023—right after it stopped users in several regions from sharing passwords.

Mobile Money

Safaricom is expanding to South Asia

M-PESA Image
Image source: Safaricom

In the spirit of partnerships, Safaricom has joined forces with TerraPay, a global payments infrastructure company, to expand M-PESA to South Asia.

Through this partnership, M-PESA customers can effortlessly send and receive money to over 200 million individuals in Bangladesh and Pakistan, with upcoming plans to expand further into India and Nepal.

How does it work? Using the M-PESA Global service, M-PESA users can conveniently send funds to individuals in Bangladesh and Pakistan, either to their mobile numbers or bank accounts. The service is accessible through the M-PESA Super App or by dialing *334# and selecting M-PESA Global in the “Send Money” menu.

TerraPay joins a list of over 35 partners under the M-PESA Global service, enabling seamless money transfers and payments across over 170 countries.

Zoom out: With this partnership, Safaricom is further expanding into the remittance market, aiming to offer customers secure, transparent, and efficient payment options globally.

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.

Policy

IMF backs Kenya’s new taxes with $966.8 million

Offer you a large sum of money GIF
Image source: Zikoko Memes

The International Monetary Fund (IMF) has given Kenya’s new taxes a $966.8 million (Ksh136.7 billion) thumbs up 👍 .

But the president’s opposition party and many Kenyans are protesting the taxes because they are going to worsen the raging cost of living crisis.

What taxes? Kenya’s new Finance Act of 2023 is introducing new housing levies and a hike in taxes on fuel which will increase the already high cost of essential goods and services. But the government insists that these taxes are necessary because it is running out of cash and needs to salvage the economy.

And the IMF agrees? Yes, the IMF supports the thinking of the government and is putting its money where its mouth is. Per the Standard, the IMF signed off a new $966.8 million (Ksh136.7 billion) loan to reduce the impact of the bad economic environment while the government tries to fix things. 

How bad are things? Things are so bad that Kenyans are protesting against these taxes. The new taxes and hikes will leave them with significantly less disposable income. This loan is designed to help the country in the long run, but it is expected to subject hard-pressed Kenyans to tougher economic times before things get better.

How so? The government will have to cut public spending, and this could include cutting off public jobs amid a raging unemployment crisis.


Fintech

Nigeria and Egypt’s central banks sign MoU

The Central Bank of Nigeria has recently signed a Memorandum of Understanding (MoU) for Fintech collaboration with the Central Bank of Egypt. 

In a tweet Nigeria’s apex bank named this partnership the “Nigeria-Egypt FinTech Bridge”. The signing took place during the Seamless North Africa 2023 conference in Cairo days ago.

What is the goal of this agreement? According to the Central Bank of Nigeria, this agreement is expected to accelerate financial inclusion, enhance payment systems, deepen cross-border regulatory collaboration, and information sharing. 

The collaboration between the two central banks holds promise for a more connected and progressive financial landscape in the region.


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 here!

Fintech

Apple Pay now available in Morocco

Surprise! GIF
Image source: Tenor

On Tuesday, Apple Pay launched in Morocco

, providing a convenient payment option for customers.

With this launch, Morocco becomes the second African country, after South Africa, to have access to Apple Pay services.

What is Apple Pay? Apple Pay is a mobile payment and digital wallet service developed by Apple Incorporation. It allows users to make payments in stores, within apps, and on the web using their iPhone, iPad, or Apple Watch.

Banks support Apple Pay. The Crédit immobilier et hôtelier(CIH) Bank, one of Morocco’s largest banks, has announced in a tweet that it now supports Apple Pay. Another major bank that supports Apple Pay in Morocco is Crédit Agricole Group of Morocco (CAM) Bank. 

Zoom out: With Apple Pay, you can easily add your Mastercard credit cards and bank cards to the Wallet app. Then, you can use your iPhone or Apple Watch to make secure payments at contactless payment points.


Crypto Tracker

The World Wide Web3

Source:

Tc_insight

Coin Name

Current Value

Day

Month

Bitcoin $29,965

– 0.75%

+ 11.12%

Ether $1,894

– 1.16%

+ 9.47%

BNB

$241.48

– 0.73%

– 0.48%

Cardano $0.32

+ 2.53%

+ 25.65%

* Data as of 05:35 AM WAT, July 20, 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

  • The SaaS Accelerator Programme: Africa 2023 has opened applications for its accelerator programme to enable early startups in Africa to receive funding. Selected startups will receive up to $70,000 in funding. Apply by September 7.
  • Wise Guys SaaS Accelerator Program is looking to help SaaS startups level up through tailored guidance and support from world-class mentors and experts. Apply before September 7.
  • 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.

Written by –

Ngozi Chukwu & Mariam Muhammad

Edited by –

Timi Odueso

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