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Naira, which depreciated significantly above N700/$1 in the previous week retracted its movement...
02/08/2022

Naira, which depreciated significantly above N700/$1 in the previous week retracted its movement...

The exchange rate between the naira and the US dollar appreciated to N669/$1 on Tuesday morning from N692.25/$1 recorded on Monday, 1st August 2022. This is

NIGERIA TO INCREASE COST ON CALLS AND SMS’
02/08/2022

NIGERIA TO INCREASE COST ON CALLS AND SMS’

NIGERIA TO INCREASE COST ON CALLS AND SMS'

Kenya’s Central Bank says Flutterwave and Chipper Cash are unlicensed to operate,reports Techcabal
28/07/2022

Kenya’s Central Bank says Flutterwave and Chipper Cash are unlicensed to operate,reports Techcabal

CBK’s governor, Patrick Njoroge, made this known during a Monetary Policy Committee (MPC) meeting earlier today.

Merge will improve Ethereum’s transaction speed by 769,000%.
28/07/2022

Merge will improve Ethereum’s transaction speed by 769,000%.

The report mentions that South Africans primarily use crypto as an alternative investment, while Nigerians use it mainly...
27/07/2022

The report mentions that South Africans primarily use crypto as an alternative investment, while Nigerians use it mainly for savings.

Moove plans to start with 5,000 electric vehicles in India
26/07/2022

Moove plans to start with 5,000 electric vehicles in India

Elon Musk’s electric vehicle company sold 75% of its BTC in the second quarter. The company’s overall profitability was ...
26/07/2022

Elon Musk’s electric vehicle company sold 75% of its BTC in the second quarter. The company’s overall profitability was impacted by inflation and the competition for battery cells. Tesla’s decision to offload most of its Bitcoin (BTC) treasuries netted the company a hefty profit in the second quarter, even as crypto prices plunged into a bear market. In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, …...

https://techshank.xyz/tesla-made-64-million-from-bitcoin-sale-reports-cointelegraph/news/

Elon Musk’s electric vehicle company sold 75% of its BTC in the second quarter. The company’s overall profitability was impacted by inflation and the

Kenyan startups raised $1.935 billion in funding between 2019 and May 2022 Kenyan startups raised $1.935 billion in fund...
28/06/2022

Kenyan startups raised $1.935 billion in funding between 2019 and May 2022 Kenyan startups raised $1.935 billion in funding between 2019 and May 2022, making the ‘Pride of Africa’ the dominant destination for tech investors in Eastern Africa. This is just as the region (Eastern Africa) raised $2.3 billion in the same period under review, based on a new report by ...

https://techshank.xyz/kenyan-startups-raised-2-3-billion-in-three-years/news/

In 2022, the region has had a solid beginning. Startups in the region have already raised nearly $850 million (as of May 31), which is already more (50% more actually) than they had raised in the whole of 2021. The vast majority of the funding raised in Eastern Africa goes to Kenya – $784 million.

MTN drags 18 banks to court over N22.3 billion ‘erroneous’ transfer Barely a month after launching its mobile money paym...
28/06/2022

MTN drags 18 banks to court over N22.3 billion ‘erroneous’ transfer Barely a month after launching its mobile money payments service bank, MoMo, it’s reporting a ₦22.3 billion ($53.7 million) mobile money fraud by 18 Nigerian banks. According to a lawsuit dated May 30, MTN claims that the amount was transferred in error to 8,000 accounts maintained by the 18 banks’ customers....

https://techshank.xyz/mtns-momo-alleges-53-million-mobile-money-fraud-by-18-nigerian-banks/news/

MTN drags 18 banks to court over N22.3 billion ‘erroneous’ transfer

The Fintech space has seen a continuous increase in funding and the funding seems to be an inspiration to other individu...
27/06/2022

The Fintech space has seen a continuous increase in funding and the funding seems to be an inspiration to other individuals with finance-oriented solutions to just do it. How many Fintechs companies does Nigeria have? Statista reports that, in 2021, 144 fintech startups existed in Nigeria. The country has, in fact, some of the highest amounts of fintech startups in Africa....

https://techshank.xyz/are-there-really-too-many-fintech-companies-in-nigeria/news/

The Fintech space has seen a continuous increase in funding and the funding seems to be an inspiration to other individuals with finance-oriented solutions

Netflix's first-quarter revenue call in April revealed slowing revenue growth. The company lost 200,000 U.S. subscribers...
25/06/2022

Netflix's first-quarter revenue call in April revealed slowing revenue growth. The company lost 200,000 U.S. subscribers in that quarter, marking its first decline in customers in over a decade.

https://techshank.xyz/netflix-lays-off-another-30-staffs-as-company-struggles/news/

Netflix's first-quarter revenue call in April revealed slowing revenue growth. The company lost 200,000 U.S. subscribers in that quarter, marking its first

Telegram’s Premium tier is now available globally for $4.99/€5.49 per month. Users who want to upgrade to Premium will h...
23/06/2022

Telegram’s Premium tier is now available globally for $4.99/€5.49 per month. Users who want to upgrade to Premium will have to update their Telegram app to version 8.8 and then head over to app settings and select the new Telegram Premium option.

https://techshank.xyz/telegram-launches-new-premium-subscription-based-service/technology/

The move comes as the company seeks to monetize a good part of its userbase, which recently reached a milestone of 700 million monthly active users.

Elon Musk loses $12.3bn Tesla shares are now down 28% since Musk launched his bid to buy Twitter on Apr. 14
23/05/2022

Elon Musk loses $12.3bn

Tesla shares are now down 28% since Musk launched his bid to buy Twitter on Apr. 14

WHATSAPP OPENS ITS APIWhatsApp has launched a new developer tool, WhatsApp Cloud API, to help all businesses integrate W...
23/05/2022

WHATSAPP OPENS ITS API

WhatsApp has launched a new developer tool, WhatsApp Cloud API, to help all businesses integrate WhatsApp business into their backend.

The WhatsApp Business API has been around for a while. Launched in 2018, it was WhatsApp’s first revenue-generating product, allowing pre-approved businesses to respond to client messages. 

Sidebar: An API is an application programming interface that allows different computer servers to speak to one another. It’s how you can use different applications on Slack, or how you can add Zoom meetings to your Google Calendar. With WhatsApp Business API, it allows verified businesses to integrate WhatsApp with their websites so clients can order, raise inquiries, or just contact businesses using WhatsApp. It’s also different from the WhatsApp Business app which can only be used by 1 user. The WhatsApp Business API can be used by several users in a business. 
Before last week, businesses that wanted access to WhatsApp’s Business API would have to apply for it through one of WhatsApp’s partners, and the thorough process could take anywhere from days to weeks. 

Last week, Meta CEO Mark Zuckerberg announced the launch of WhatsApp Cloud API, a free version of the Business API that is now available to all businesses, big and small. 

The CEO also announced new Premium features coming to the WhatsApp Business app. This includes the ability to manage chats across 10 devices, and customisable click-to-chat links. 

Source:

Nigerian government approves tax relief, other incentives for startupsThe Federal Executive Council has approved a plan ...
21/05/2022

Nigerian government approves tax relief, other incentives for startups

The Federal Executive Council has approved a plan to incentivise and further harness Nigeria’s digital innovation and entrepreneurship ecosystem, during its meeting on 18th May, 2022.
This followed the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, a statement issued by Dr Femi Adeluyi, Technical Assistant (Research & Development) to the Minister, said.
To further strengthen the ecosystem, the Federal Executive Council approved the following recommendations, in line with the Executive Order 003 and Presidential Order 005.
The first is that the Federal Ministry of Finance, Budget and National Planning and the Nigerian Investment Promotion Commission (NIPC) should prioritise the granting of Tax Reliefs and other Incentives such as the Pioneer Status Incentive (PSI) Scheme to the technology and innovation ecosystem.
The second is that the Nigerian Copyright Commission, the Trademarks Registry, and the Patents and Designs Registry should work with the National Information Technology Development Agency (NITDA) in developing an Intellectual Property (IP) framework for the technology and innovation ecosystem within two (2) months; and the third is that the Bureau of Public Procurement (BPP) should work with NITDA to develop a framework that will ensure the involvement of technology innovation startups in government procurement processes to encourage ideation, innovation and design of solutions to solve development challenges within two (2) months.
The Nigeria Startup Bill (NSB) was earlier approved by the Federal Executive Council and forwarded to the National Assembly and the process is about 90% complete. The approval of the incentives at the Council will consolidate the gains recorded for far in the NSB process.
The implementation of the National Digital Economy Policy and Strategy (NDEPS) emphasises the importance of the innovation and startup ecosystem to the development of an indigenous digital economy. The Ministry will continue to position Nigeria to develop this ecosystem in order to transform Nigeria.

Credit:

SOUTH AFRICA’S GOVERNMENT-OWNED APP STOREThe South African government has launched its app store, DigiTech, to showcase ...
20/05/2022

SOUTH AFRICA’S GOVERNMENT-OWNED APP STORE

The South African government has launched its app store, DigiTech, to showcase homegrown applications. The purpose is to encourage public and governmental adoption of South African-developed applications.

The launch of the store coincided with World Telecommunication and Information Society Day. Several apps highlighted on the launch of the store perfectly reflected this year’s theme which emphasises how technology can assist people to remain fit—”Digital technologies for older individuals and healthy aging”. 

What kind of apps are in the store?

Currently, it offers apps such as Senso, a sound assistance app for deaf people; Boxfusion, an automated administrative tool; and Cattle Watch, an application that visualises geo-location of livestock to farmers. There are 24 other applications in the app store.

There are already plans for expansion 

The founding department of DigiTech, the Department of Communications and Digital Technologies (DCDT), is already thinking big. Reportedly, it will announce the platform’s expansion into Botswana, Namibia, Madagascar, and other countries across sub-Saharan Africa in September 2022.

Minister Khumbudzo Ntshavheni, calling for support of the local products on the platform, said, “What is not created in Africa cannot be consumed by the African market.”

While that is contradicted by Africa’s consumption of foreign tech products ranging from entertainment to finance, crypto, e-commerce, and more, he does make a good point.

Homegrown tech solutions can uniquely address our needs in the African context and add more socioeconomic value to the continent.

Credit:

The Federal Government has clarified it has no plan of banning or suspending the operations of social media giant, Faceb...
19/05/2022

The Federal Government has clarified it has no plan of banning or suspending the operations of social media giant, Facebook, unless it continues to promote the incisive activities of the outlawed Indigenous People of Biafra (IPOB).

Minister of Information and Culture Lai Mohammed stated this while addressing State House Correspondents after the weekly virtual Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

‘Nigeria is 97% ready for full implementation of 5G plan’- DanbattaThe Executive Vice Chairman of the Nigerian Communica...
18/05/2022

‘Nigeria is 97% ready for full implementation of 5G plan’- Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Danbatta has said the commission is almost fully ready to deploy 5G network in the country.

The Vice Chairman said this in the course of his presentation in Lagos on Thursday during the annual African Tech Alliance Forum (AFRITECH) 2021. The title of his presentation was “NCC as a Digital Transformation Crusader and Nigeria’s in-Road to 5G Deployment”

Danbatta, represented by NCC’s Director of Spectrum Administration, Engr. Oluwatoyin Asaju, stated that the pandemic caused a lot of activities to shift online and so there was a need to boost network capacity. He added that the readiness of the regulatory authority for 5G network had gone up to 97%.

How to spot an investment scam1. Too good to be trueIf  it is too good to be true then the chances that it is a scam are...
18/05/2022

How to spot an investment scam

1. Too good to be true

If  it is too good to be true then the chances that it is a scam are very high.

RUN! In this instance, listen to the part of your instinct that says ‘do not do it’. Save your money instead.

2. Ridiculous Return on Investment (ROI)

If you come across an investment opportunity that promises you 80% ROI, it is definitely an investment scam. The highest percentage any genuine investment should offer is probably 20% ROI and it has to be on a long term basis.

Any business that promises you 60% ROI every month is a scam, as they are counting on your greed and ignorance and your desire for quick wealth. Avoid investments that promise a heavy and quick return on investment. it is a scam.

3. Celebrity/influencers don’t confirm the business

There are people, especially here in Nigeria, who seem not to realise that when a celebrity or their favourite influencer makes a video of a product or some business or investment, it is a paid advert.

The target is the huge following of the celebrity or influencer. They hope to sell to followers who believe the influencer is the ultimate determiner of the legality of an investment or a business.

4. Signup commissions after investment

If they promise commissions to customers who can introduce other people to invest, turn around, as no legitimate investment schemes offer commissions to investors for referrals.

So, whenever you come across “bring three people and get 40% commission” or “invest and stand a chance to win a car” or “everyone is investing” or “only ten spots left, invest now and stand a chance to win an all-expense-paid trip abroad”, please turn around.

5. Not registered with regulatory bodies

Fake investment schemes are usually not registered with regulators or the appropriate agencies.

Before you invest in an investment scheme, ensure they are fully registered by the relevant authorities. In Nigeria, the Securities Exchange Commission is the body that oversees investment companies.

To check if the company is registered with SEC visit their website http://www.sec.gov.ng, to verify the company you are about to invest with is registered.

Bitcoin Not Good For Payments Says Sam Bankman-FriedTo pay or not to pay, that is the question.It is the question that h...
16/05/2022

Bitcoin Not Good For Payments Says Sam Bankman-Fried

To pay or not to pay, that is the question.

It is the question that has always been plaguing bitcoin holders as they struggle with reconciling Bitcoin as a store of value and Bitcoin as a means of payment.

FTX CEO Sam Bankman-Fried came out clearly in favor of the former in an interview with the Financial Times. He said that Bitcoin has no future as a payments network due to its inefficiency and high environmental costs. According to SBF, proof-of-stake blockchains are better suited as payment solutions since they are cheaper and less power-hungry.

However, Bankman-Fried also said that Bitcoin has potential as "an asset, a commodity and a store of value." He reaffirmed this stance in a tweet.

A few weeks ago, SBF famously tried to explain yield farming and compared it to being a Ponzi scheme.

Even though SBF did not take the Lightning Network into account, his comments are backed up by some data. For example, only 40% of Salvadorians use the country's Chivo Bitcoin Wallet, even though BTC has been legal tender in El Salvador for several months. Indeed, many investors prefer to hold on to their coins, which is why the HODL mentality is particularly strong in the Bitcoin community.

Bankman-Fried's comments come shortly after news broke that he acquired a 7.6% stake in the trading app Robinhood. The company's stock bounced on the news. The FTX CEO also has close ties to Solana — a layer-one blockchain with high transaction speed that may be better suited to being a payment network were it not for its repeated outages.

Credit: CoinMarketCap

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