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Heads up ☀️
Delivery times will vary for TC Daily over the next couple of weeks.
Over the next couple of weeks, a small percentage of readers will get TC Daily at the usual time—7 AM WAT—while the majority of our readers may receive it 3 hours later, around 10 AM WAT.
We apologise in advance, and we’ll work on getting back to a regular schedule soon
Telecoms
Safaricom enables payments with internet bundles
Safaricom customers can now use internet bundles for payments.
With this new development, millions of customers can use their internet data balance to pay for goods and services. This means customers can incur lesser charges with data payments, than traditional payment methods.
The new payment option: Introducing “Lipa na Data”, users with a data balance of 5GB and above can conveniently make payments at shopping outlets by dialling *544*34# and using Paybill or till numbers. If a user’s data balance is below 5GB, they will be notified that they are not eligible for the service.
Both Safaricom post-pay customers having a data balance of 5GB and above, and prepaid customers with no expiry bundles exceeding 5GB can access this service provision. For pricing, Ksh500 ($3.57) is equivalent to 7.7GB. This could mean that customers could pay more as 8GB of data on Safaricom presently costs Ksh1,000—although this option also includes 400 minutes of talk time or 1,000 SMSes.
Zoom out: The introduction of this service complements Safaricom’s existing range of payment plans within the M-Pesa e-wallet. These include direct payments from user deposits and the Fuliza overdraft service, used by customers facing insufficient deposits to cover their purchase costs.
You’ll be in good company
Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools.
Open an account today on moniepoint.com/ng.
Economy
CBN sets transaction limit on contactless payment
On Tuesday, the Central Bank of Nigeria set a transaction limit for contactless payments made through bank accounts and digital wallets.
In a circular, the apex bank also issued a guideline for contactless payments to banks, other financial institutions, and payment service providers.
Side bar: Contactlesspayments are exactly what they sound like. It’s using debit or credit cards to pay for stuff by simply swiping said cards next to the payment points. With contactless payments, you don’t need to use PINs or tokens, just swipe and go.
The transaction limits: The daily cumulative transaction limit is set at ₦50,000 ($65.08), with a single transaction limit of ₦15,000 ($19.56). Transactions surpassing these limits are classified as higher-value transactions and will require verification and authorisation, accordingly. Furthermore, existing know-your-customer (KYC) requirements and limits on electronic payment channels will be applicable for such transactions.
Any transaction that surpasses the designated daily cumulative limits must be conducted using contact-based technology.
Zoom out: By issuing the guidelines, the CBN looks to fulfil its mandate of ensuring the safety and stability of the Nigerian financial system, and fostering a robust and secure payment system.
Telecoms
Safaricom Ethiopia appoints new CEO
In more news about Safaricom, things are changing at Safaricom Ethiopia.
Anwar Soussa, the CEO of Safaricom Ethiopia, is leaving the company in July, after a two-year stint at the helm. Wim Vanhelleputte, from MTN Group, will take over his role in September, the company has announced.
Before his role at MTN Group, Vanhelleputte was CEO of MTN Uganda, from 2016. And before that, from 2009 to 2015, Vanhelleputte served as the CEO of MTN Côte d’Ivoire. He briefly joined Airtel Africa between 2015 and 2016, first as the regional director for francophone Africa, and later as the cluster CEO for Airtel DRC and Congo.
A necessary change? According to the company’s annual results, Safaricom’s Ethiopia expansion seems to be coming at the expense of the mobile network operator’s profitability. While its revenue saw an increase of 4.3%, its Ethiopian operations affected profitability, thanks to the costs associated with the market expansion.
The company’s Ethiopian operating costs stood at almost Ksh20 billion ($146 million), which represents over 27% of the group’s overall operating costs. While Safaricom’s Kenyan operations reported over Ksh110 billion ($804 million) in profits, Safaricom Ethiopia incurred over Ksh21 billion ($154 million) in losses.
Zoom out: Safaricom Ethiopia, which generated Ksh562.4 million (over $4 million) in revenue in the last financial year, started commercial operations in October 2022, after months of tests and customer onboarding. It has since grown its user base to over 4 million customers.
TC Insights
Funding Tracker
This week, Kenyan fashion e-commerce company, ShopZetu, raised $1 million in pre-seed funding. Chui Ventures led the round. Other participating investors included Launch Africa, Roselake Ventures, and Logos Ventures.
Here are the other deals this week:
- Tappi, a Kenyan e-commerce company, secured a $180,000 grant from Orbit Startups.
- Ghana-based web3 startup, Mazzuma, raised an undisclosed amount of venture funding from Adaverse.
- Zoie, a South African-based health-tech company, also closed an undisclosed amount in funding from 4DX Ventures and E Squared Investments.
That’s it for this week!
Follow us on Twitter, Instagram, and LinkedIn for more funding announcements.
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Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$30,950 |
+ 2.49% |
+ 11.43% |
| Ether |
$1,888 |
+ 2.62% |
– 0.52% |
 BNB |
$237 |
+ 2.27% |
– 23.78% |
| Solana |
$18.78 |
+ 17.13% |
– 10.99% |
* Data as of 05:40 AM WAT, June 30, 2023.
UK’s Financial Services and Markets Act 2023 has been passed into law. CoinDesk reports that the bill was approved by King Charles. The Act recognises crypto as a regulated activity and stablecoins as a means of payment under existing laws.
Meanwhile, Canadian lawmakers are calling for a national blockchain and crypto strategy. Per CoinDesk, the committee of lawmakers on industry and tech, yesterday, urged the Canadian government to recognise blockchain as an emerging industry with “significant” long-term economic and job creation opportunities.
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.
Job openings
- Crossover – Software Engineer, Trilogy – Lagos, Nigeria (Remote)
- getWorth– Full Stack Developer – South Africa (On-site)
- Code for Africa – HR Manager– Ghana(Remote)
- Luupli– Human Resources Assistant – Ghana (Unspecified)
- Raenest – Technical support Specialist, Senior Product Manager – Lagos, Nigeria (Remote)
There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs.
What else is happening in tech?
- Olu Akanmu, president and co-CEO OPay Nigeria to join DBN Techpreneurs Summit 2023.
- Nigeria’s increased electricity tariff will impact startup employees more than startups themselves.
- For South Africa’s female ride-hailing drivers, customers are the biggest hazards.
- Campaigners win appeal challenge over UK’s plan for asylum seekers in Rwanda.
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