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Now, for up to 15 minutes, you can edit any text you send on WhatsApp—just about enough time to rethink all your ill-timed ILYs.
Cybersecurity
Nigerian orgs pay for data privacy violation
In today’s episode of costly lessons, 100 banks and institutions in Nigeria have paid over ₦200 million ($289,885) as penalties for violating the data privacy of Nigerian citizens, per The Nation.
Data privacy violation? The Nigeria Data Protection Commission (NDPC) didn’t name the institutions involved. However, it did disclose that the violations included banks wrongly capturing customers’ data, resulting in customers being unable to access funds or experiencing unauthorised deductions from their accounts. Some others like universities and insurance companies were also found guilty of enabling data breaches details of which the NDPC didn’t specify.
There’s more. The NDPC has also urged every institution to get a data protection officer who will prevent future breaches or risk getting penalised according to the country’s new data protection law.
What new law? Nigeria’s president, Bola Ahmed Tinubu, has signed the Data Protection Bill 2023 into law. The bill provides a legal shield for personal data of Nigerians online and offline. It will also provide guardrails regulating how personal data is processed.
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.
Funding
25 African startups receive $4 million in Google grants
Google is granting equity-free funds to startups in Europe and Africa through its Black Founders Fund (BFF).
This year’s cohort showcases remarkable diversity, with 25 out of 40 startups originating from Africa, and an impressive 72% of them being led or co-founded by women.
What is the BFF? The BFF provides cash awards—without giving up equity in return—and hands-on support to help Black entrepreneurs to build and grow their businesses in the US.
Google’s BFF grants 25 African startups $4 million in funding and support. Each startup will receive up to $150,000 cash, $200,000 Google Cloud credits, mentorship, and valuable connections.
Who’s in BFF: Nigeria leads with 10 grantees, Kenya with five and South Africa with three. Ghana, Uganda, Côte d’Ivoire, Rwanda, and Senegal each have one grant recipient, completing the list. Herconomy,Tushop, Excel At Uni, and TruQ are a few of the selected startups. See the full list here.
The funding will enable companies to expand, create jobs, and seize new business opportunities.
Fintech
Pesapal appeals $561,500 tax case with the KRA
Pesapal has lost to the taxman, but it isn’t ready to give up.
Kenyan payment company Pesapal will appeal a Kenyan court ruling that says that the company owes Ksh46,598,267 ($332,488) and Ksh32,329,913 ($230,680) in taxes and penalties.
Why? Pesapal is saying that it doesn’t owe the Kenya Revenue Authority such money. In the high court, Pesapal may argue that its services are distinct from that of traditional financial institutions and that its services fall within the scope of services exempt from VAT.
Is this true? The VAT Act clearly defines what constitutes financial services. Whether Pesapay’s payment services align with the parameters established by the VAT law remains to be seen and will be determined at the high court. So keep your eyes peeled, as we’ll bring you the news as soon as it lands.
Mobility
Indefinite strike looms for Nigerian Uber and Bolt drivers
Yesterday, e-hailing drivers in Nigeria announced that they could be driving off into the sunset soon.
The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON) threatened an indefinite strike as a result of the app-based companies’ failure to negotiate and comply with its demands.
What are the demands? The drivers have requested a reduction in the companies’ 20% commission, along with a minimum 200% fare increase by ride-hailing companies. They are also demanding an end to driver deactivation when refusing to work due to low fares and unprofitability. Additionally, the union aims to gain recognition of AUATWON as the representative body for their interests.
ICYMI: On June 7, ride-hailing drivers in Nigeria began a warning strike due to a dissatisfaction with Bolt and Uber’s insufficient response to the hike in fuel prices within the country. Following the strike, a seven-working-day ultimatum was issued to suspend the strike and allow for dialogue between both parties, but all efforts to reach an agreement proved abortive.
Yesterday, the seven-working-day ultimatum expired.
Zoom out: According to sources from the AUATWON, the Ministry of Labour and Employment, labour representatives and ride-hailing companies made a commitment to meet and involve drivers in meaningful engagement yesterday. However, the meeting never happened and it was postponed till June 26. The chairman of the media and publicity committee of the union, Jossy Olawale, says that the result of the meeting will determine their next line of action.
Win $50,000 as an Ecobank Fintech Fellow
Calling all Africa-focused Fintechs ready to scale! Apply for the Ecobank Fintech Challenge 2023 for a chance of to win $50,000 and become an Ecobank Fintech Fellow to leverage Ecobank’s 35 African markets to expand..
Apply at https://bit.ly/EFC23TC by July 21, 2023
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$28,765 |
+ 6.66% |
+ 5.97% |
| Ether |
$1,815 |
+ 4.81% |
– 0.09% |
 BNB |
$251 |
+ 3.33% |
– 19.16% |
| Solana |
$16.79 |
+ 1.73% |
– 17.22% |
* Data as of 06:10 AM WAT, June 21, 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
- 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?
- With no connection to the global crypto company, how did Binance Nigeria Limited get registered?
- Nigerian engineering students’ favourite teachers are Indian YouTubers.
- Unilever commissions a $3.5 million warehouse in Nairobi to serve East African market.
- From riches to ruin: Tragic tale of booming Kenya firms burst in iceberg of debt.
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