Share this newsletter:
Good morning☀️
Nigeria will start building assembly plants for electric vehicles in the near future. The country’s president, Bola Ahmed Tinubu, announced this when he inaugurated 50 four-seater electric taxis in the city of Maiduguri.
Big Tech
Google loses antitrust battle
Google has lost its antitrust trial against Epic, maker of the video game Fortnite. This ruling could change how Google manages its app store, Play Store.
What happened? In 2020, Epic Games accused Google of using its position as the dominant app store on Android to engage in anti-competitive practices. Google forced app developers to use Google’s payment system and charged them a 30% commission on in-app purchases.
Epic argued that this stifled competition and harmed consumers by limiting their choices and raising prices. Google defended itself, arguing that it needed to do so to maintain a secure and high-quality platform for users.
What did the jury decide? After hours of deliberation, the jury concluded that Google violated antitrust laws and engaged in anticompetitive conduct that harmed the video game maker. This is a major blow to Google and could force it to change its business practices in the Play Store.
Zoom out: While the court will decide the remedies needed to address Google’s conduct next year, this antitrust battle is not a first. Epic Games also filed a similar lawsuit against Apple’s App Store in 2020, alleging similar anti-competitive practices. However, in that case, the judge ultimately ruled in favour of Apple, finding that the company did not violate antitrust laws. The long-term impact of the jury’s decision on the mobile app market remains to be seen.
Access payments with Moniepoint
Moniepoint has made it simple for your business to access payments while providing access to credit and other business tools. Open an account today here.
Cryptocurrency
Egypt considers digital currency
Egypt wants to roll with the big boys.
The East African country is considering issuing a digital Egyptian pound that will allow residents to settle payments with their mobile phones. The Central Bank of Egypt is partnering with the International Monetary Fund (IMF) to make this a reality.
But why? The Egyptian digital pound, intended to be a digital equivalent of the traditional paper currency, offers a stable alternative to volatile cryptocurrencies like bitcoin. Also, using the digital pound could minimise the use of cash and facilitate faster electronic and cross-border payments. The introduction of the digital pound also aligns with Egypt’s goal of improving financial inclusion.
Egypt joins other African countries that have adopted digital versions of their currencies or are considering its adoption. Nigeria launched its e-naira in 2021, while Ghana launched its e-cedi last year. Others, like South Africa and Senegal, are piloting their own Central Bank Digital Currencies (CBDCs), while Kenya is testing a commercial digital currency through KCB M-Pesa.
Zoom out: While the Egyptian government has yet to issue digital currency guidelines, it remains to be seen if the digital pound will be fully utilised in the country as Nigeria’s e-naira failed to take off after implementation. According to Bloomberg, less than 0.5% of Nigerians are using the digital currency. Reports also suggest a slower-than-expected adoption rate of the e-cedi.
Introducing Virtual Accounts, with Paystack-Titan
Reliably accept 99% of your bank transfer payments in under 8 seconds with Paystack-Titan. Learn more →
Cryptocurrency
Google to allow crypto ads after five-year ban
Google is allowing a cautious re-entry into the crypto advertising landscape.
Starting in January 2024, the tech giant is lifting its ban on advertising for US-based cryptocurrency coin trusts, five years after it banned all crypto-related ads on its platform amid growing scam concerns. Further details regarding the rules and extent of this allowance will be disclosed in January 2024.
What is a crypto coin trust? It is a form of crypto investment that allows investors to trade shares in trusts holding digital currency.
Conditions to advertise: Google’s policy states that all advertisers must adhere to local laws for the regions or countries their ads target to ensure users have the necessary information to make informed financial decisions and protect them from harmful practices. Google also permits advertising for educational content on crypto, and for businesses that accept virtual currencies or sell mining hardware, provided they comply with existing Google Ads regulations. NFT-based games advertising in-game purchases are allowed, but limited to in-game exchanges.
However, direct marketing promoting buying, holding, or swapping cryptocurrency remains prohibited.
Zoom out: Google’s decision to reverse its crypto-related advertisement ban in January 2024 can be perceived by many as a strategic move to capitalise on the growing crypto market and boost advertising revenue, being that the crypto market has seen a notable 35% increase in total market capitalisation from October to November 2023.
How do Nigerians save and spend?
Did you know that 64% of Nigerians save a portion of their monthly income? Read PiggyVest’s first-ever savings report to see more about how Nigerians save and spend here.
Electricity
South Africa to build nuclear power
South Africa is working on a long-term fix to address its crippling nationwide blackouts.
The country’s electricity minister, Kgosientsho Ramokgopa, has announced a procurement process for an additional 2,500 megawatts (MW) of nuclear power to alleviate the severe electricity crisis that has hampered South Africa’s economy.
The first of the new nuclear units is anticipated to be operational by 2032 or 2033.
South Africa’s energy crisis: This year, Eskom reported a severe electricity crisis which is largely attributed to frequent breakdowns in Eskom’s ageing coal-fired plants. According to the South African Reserve Bank (SARB), persistent power cuts cost South Africa an estimated $47 million daily, impacting businesses like MultiChoice, which reported a $50 million loss.
Global support: To address the power crisis, the World Bank approved $497 million in financing in November 2022 to decommission and repurpose one of Eskom’s coal-fired power plants. Also, in October this year, the World Bank approved a $1 billion loan for South Africa’s energy reforms.
South Africa’s sole nuclear power facility, the 1,860-megawatt Koeberg plant near Cape Town, recently underwent maintenance, with one unit being restored in November. The second unit is currently offline for similar upgrades, highlighting the need for additional energy sources.
AI and Faith Summit
Join us for AI & Faith Summit 2023 on Dec 16! Explore the fusion of cutting-edge technology and timeless spirituality in this enlightening virtual event.
Cryptocurrency
Two South African crypto investment platforms merge with Austrian rival
Revix and BitFund, South African crypto asset investment platforms, have merged with Austrian counterpart Coinpanion to form an alternative investment platform called Altify.
They were supported by investors like Sabvest, CVVC, and Emurgo.
Led by Revix’s CEO, Sean Sanders, Altify will continue providing the crypto investment products from Revix, Coinpanion, and BitFund. Additionally, it will expand its offerings to encompass a diverse array of alternative investments beyond the stock market, including private credit, venture capital, real estate, and crypto assets, with further plans to introduce new alternative investment options in 2024.
Consolidation trends: In 2021, US-based cryptocurrency exchange Coinbase acquired trading execution platform, Routefire, for enhanced trade execution. Coinbase’s buying spree continued in 2021, with its acquisition of crypto builder, Bison Trails, in a deal reported to be above $80 million.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$41,235 |
– 0.01% |
+ 10.82% |
| Ether |
$2,187 |
– 1.50% |
+ 6.05% |
 Solana |
$67.66 |
– 2.90% |
+ 18.33% |
| Bonk |
$0.00001141 |
– 2.86% |
+ 394.68% |
* Data as of 00:03 AM WAT, December 13, 2023.
Effortlessly make global settlements in over 30 currencies across 120+ countries spanning four continents, delivering cost-effective and reliable solutions to your clients, suppliers, and customers. Get started today.
Job openings
- Biller Key Account Manager @Palmpay
- Chargeback Specialist @Palmpay
- NIP Fund Transfer Specialist @Palmpay
- Reconciliation Manager @Palmpay
- Settlement and Dispute Analyst @Payzeep
- Product Researcher @ NowNow
- Growth Marketing Specialist @Duplo (YC W22)
- Senior Product Manager – Onboarding and Identity (Lagos, Nigeria) @Kuda
- Finance Business Partner @Moniepoint
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?
Written and edited by –
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.
