Crypto

If you wager on the Nigeria-Binance saga becoming a Netflix series, this writer thinks you have a fair shot at winning. The plot thickens as Binance’s detained executive has been sent to the Kuje prison, one of Nigeria’s infamous prisons.

ICYMI: Last week, Binance wrote to Nigeria to release its detained executive, Tigran Gambaryan, who had been in detention since February. Gambrayan was charged by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission on four counts of money laundering charges and was also served tax evasion charges alongside Binance by Nigeria’s tax collector, Federal Inland Revenue Service. 

The news: Gambaryan who first appeared in court last week, yesterday, pleaded not guilty to the money laundering allegations. Gambaryan also asked not to be linked with charges of his colleague Anjarwalla who escaped the country.

The judge, Justice Emeka Nwite, was not convinced, however, rejecting his request not to be tried with Anjarwalla. 

What’s next?  Gambaryan will stay in Kuje jail until the judge decides on April 18 if he can get bail. The trial against him won’t start until May 2. 

Binance, since last week, has been clamouring for the release of its executive. “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a Bloomberg article.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Economy

The Reserve Bank of Zimbabwe, the country’s financial regulator, has explained that it expects online platforms to start processing transactions smoothly on Friday, April 12, 2024, as the country adjusts to the new currency, Zimbabwe Gold (ZiG). 

What happened? On April 5, 2024, the apex bank released a monetary policy statement to announce its gold-backed currency, the country’s latest attempt to staunch the inflation of its currency. 

Following this change, online payment platforms in the country were unable to process transactions with the Zimbabwean dollars, which was replaced by the ZiG. 

The effect of this switch: This switch caused some citizens to be temporarily unable to pay for things online. Banks and payment providers stated that they could not support payments because they had to recalibrate their systems to the new currency

Some citizens expressed facing difficulties in making online payments for goods and services. Banks and payment providers explained that they couldn’t facilitate payments because they needed to adjust their systems to accommodate the new currency.

The adoption of online transactions has been sluggish among Zimbabweans due to the county’s preference for cash-based transactions in more stable currencies such as the South African rand, Botswana pula, and US dollar. This preference stems from a distrust of having funds in bank accounts, fearing sudden government-mandated conversions to unstable currencies, as witnessed in the past.

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Streaming

Since 2020, French media giant Canal+ has been on a mission to acquire African pay-TV leader, MultiChoice. Its initial stake of 20.1% steadily grew to 35% in February 2024, which triggered a mandatory offer under South African law, forcing Canal+ to formally offer to buy MultiChoice’s remaining shares for R125 per share ($6.71). This valued MultiChoice at R55 billion ($2.9 billion).

Although an agreement hasn’t been reached, Patrice Motsepe, South Africa’s wealthiest Black man, got involved in the deal in March. This move is seen as a potential way to overcome South African regulations that limit foreign ownership of broadcasters to 20%, to ensure MultiChoice remains a South African entity.

Now, the long-running saga of MultiChoice’s ownership has finally leaped forward.

What’s new? MultiChoice has established an independent board— Standard Bank— to evaluate Canal+’s offer. This board will ultimately recommend whether shareholders should accept or reject the bid. While the offer is being considered, Canal+ hasn’t stopped acquiring shares. As of April 5, 2024, Canal+ held over 36.6% of MultiChoice, up from the 35% held in February 2024.

If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, they can delist MultiChoice from the Johannesburg Stock Exchange (JSE).

MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024.

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Banking

In Uganda, stricter capital requirements implemented in July 2023, forced some banks to downgrade operations. Guaranty Trust Bank Uganda, a subsidiary of a prominent Nigerian bank, was one such institution after it applied to become a credit institution due to challenges meeting the new capital buffer of $38.6 million in capital reserves.

The focus on strengthening financial institutions has now reached Nigeria, as the country’s apex bank, on March 28, increased the minimum capital requirements for banks to $364.56 million by March 31, 2026, to address rising macroeconomic challenges.

Unlike their Ugandan counterparts, Nigerian banks are taking the challenge in stride.

First Bank Holdings, for instance, is holding a shareholder meeting later this month to discuss raising an additional $231 million through public offerings, private placements, or rights issues in domestic or international markets.

Access Holdings, the parent company of Nigeria’s biggest bank by assets— Access Bank— isn’t sitting idle either. It previously announced plans to raise $1.8 billion to meet the CBN’s directive, and expand its operations over the next four years as it targets becoming one of the continent’s largest lenders. This capital raise will involve a combination of bond or share sales and a rights issue targeting existing shareholders.

Tiered requirements: The new capital requirements are tiered based on a bank’s operational scope. International commercial banks face the highest hurdle, needing to raise $364.56 million. Access Bank, with its international presence, falls into this category. National and regional banks have lower targets of $160.8 million and $40.2 million, respectively.

Join Verto as it explores Africa’s business landscape, master international pitches, navigate currency fluctuations, and forge strategic alliances for financial resilience. Register now.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$71,103	+ 2.22%	+ 2.25%
Ether	$3,395	+ 7.85%	– 6.45%
Ethena	$1.36	+ 17.19%	+ 97.77%
Solana	$177.84	+ 0.59%	+ 20.46%

* Data as of 06:21 AM WAT, April 9, 2024.

Events

• The second edition of TechCabal’s Moonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful conversations, then get an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024, in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• Bank of Uganda increases interest rates to curb inflation as shilling falls
• The next wave: African data protection laws need more oomph to match GDPR
• Africa Data Centres breaks ground on 12MW solar farm

Written by: Mariam Muhammad, Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

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• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Economy

Nigeria is bringing putting more passion in its energy sector. 

The country has a long history of poor electricity supply. This lack of power supply has affected the nation’s economy and small businesses alike, with most SMEs resorting to alternatives like gasoline-generating sets and solar generators to power their daily activities. Yet, the Nigerian government spends a huge amount of money—about ₦2.8 trillion ($2.1 billion) from 2015–2022—on subsidising electricity prices for its people, eating into allocations for building roads, and healthcare among others.

A recharged thinking: The government is now having a rethink and has removed subsidies for 15% of the population who consume 40% of the nation’s electricity. Only users on Band A—those who receive up to 20 hours of electricity per day—will be affected. At this stage, it is unknown if there are any planned upticks for the other bands. 

This change also comes as the country battles its ailing national grid which has already collapsed twice this year, and plunged the nation into darkness. In 2023, the grid collapsed over 13 times, and the only solution is to invest more in the sector.

What that means is that it will now cost almost three times as much to get electricity as the new electricity tariff has been raised from about ₦66 ($0.050) To ₦225 ($0.17) kilowatt per hour. This also represents a significant shift for small businesses on this band as they may have to raise prices to cope with the new change. 

A win for DisCos: While Nigerians may face the brunt of the new tariff hike, electricity distribution companies are in for a win. Since the Nigerian government broke its power firm into eleven distribution companies and six generations firms, these power companies have been hurting from losses incurred during their operations. The new move by the government to raise power tariffs has been long expected by the electricity distribution companies as they have clamoured in recent times for a need to increase their fees to help bolster their balance sheet.

Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here.

Crypto

The tussle between the Nigerian government and Binance is still on.

Five weeks after Nigeria detained Tigran Gambaryan, a former US Agent and executive of Binance, the crypto behemoth has asked the Nigerian government for his release.

ICYMI:  Gambaryan was detained alongside Nadeem Anjarwalla, Binance’s Kenya-based regional manager for Africa. Both executives had flown into the country to resolve the company’s restricted website access. Anjarwalla fled the country with a smuggled passport, according to the office of Nigeria’s national security adviser (NSA).

In a new statement released yesterday, Binance said Gambaryan, a former US Agent, “has no decision-making power in the company and should not be held responsible while discussions are ongoing between Binance and the Nigerian government”.

Human rights violations? Last week, both executives filed a human rights violation suit in Nigeria’s Federal High Court, asking the office of the NSA and Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) to release them, return their passports, and issue a public apology. 

Binance claims that Gambaryan—who leads Binance’s Financial Crime Compliance (FCC) team and was hired in 2021 to help fix the crypto giant’s complaint issue—has worked with Nigerian law enforcement in the past, providing information that helped tackle fraud and money laundering activities up to the tune of $400,000. The company said Gambaryan’s team facilitated multiple training sessions for Nigerian law enforcement on the role of exchanges in the digital asset ecosystem.

As Gambaryan approaches his sixth week in detention, it remains to be seen how the scuffle between Binance and the Nigerian government unfolds.

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Startups

In the past two years, startups in Kenya have faced the heat as the country’s apex bank shut them down left, right, and centre for lack of regulatory approval. 

Flutterwave and Chipper Cash, for example, went through a rough patch after the Central Bank of Kenya (CBK) directed all banks to stop dealing with the company for being unlicensed. Other digital lenders also faced the same problem. In defence, the startups argued that the apex bank’s licensing procedures were sluggish, with some processes extending beyond three years.

It seems LemFi might have broken the spell, as the startup, yesterday, announced that it had received regulatory approval from the Central Bank of Kenya less than a year after entering the Kenyan market. 

In June 2023, the fintech entered the Kenyan market via a partnership with PesaSwap that allowed users send Kenyan shillings to other currencies. The fintech, at the time, also noted that Kenyans using its services would not have to pay any transfer fees.

Now, with the announcement of its regulatory approval, the startup says it will work with another Kenyan startup, Wapi Pay, to reach its goal of providing “seamless remittance services to 500,000 Kenyans in the diaspora.”

A Ghanaian re-entry: The news also comes two months after the fintech resumed activities in Ghana following a three-month suspension of its activities in the country. In November, the Central Bank of Ghana named LemFi as one of the startups operating without regulatory approval in the country. The fintech promptly engaged the Ghanaian government and restored it FX services in the country. 

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Funding

In news about funding, private equity firm Adenia Partners has announced the close of its latest—and largest—Africa-focused fund. 

Per TechpointAfrica, the Adenia Africa Fund closed at $470 million led by investors like the European Investment Bank and the World Bank’s International Finance Corp which contributed $300 million to the pool. 

The fund will target growth opportunities in high-potential sectors across the continent, including fintech, telecom, and healthcare.

Investment strategy shift: The firm also announced an increase in the average investment size per company. Alexis Caude, Managing Director at Adenia, said the firm will now deploy an average equity cheque of $40 million per target. This shift in strategy reflects Adenia’s focus on acquiring controlling stakes (51% to 100%) in its portfolio companies.

In its previous funds, the company has invested in healthcare and agritech businesses across the continent including Kenya’s Quick Mart, South Africa’s The Courier Guy and Ghana’s Cresta. 

It also recently expanded its offices to Nigeria where it hopes to tap into the investment opportunities available. So far, Adenia has raised over $800 million across five funds since its founding in 2002.

This is a reprint. This article was originnaly published in July 2023.

GDM Group & Eko Innovation Centre announce MarkHack 3.0! Calling startups in AI, blockchain, VR to shape Africa’s media future. Network & win accelerator access. Apply now.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$65,542	– 0.75%	+ 3.47%
Ether	$3,293	– 0.10%	– 4.94%
Wormhole	$1.16	– 15.24%	– 15.99%
Solana	$182.82	– 2.70%	+ 39.21%

* Data as of 06:52 AM WAT, April 4, 2024.

Opportunities

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about KES 2.92million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs . Apply by May 19.

Here’s what you should be looking at

• Central Bank of Kenya maintains interest rates at 13% as inflation eases
• US blames corruption for slowing investments in Nigeria and Kenya in trade report
• South Africa passes digital nomad visa law amid public concerns
• Benjamin Oyemonlan is creating a protean payment platform at Platnova
• MTN sees decline in internet subscription over NIN-SIM compliance

Written by: Towobola Bamgbose & Faith Omoniyi

Edited by: Timi Odueso

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• The Next Wave: futuristic analysis of the business of tech in Africa.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

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Fintech

Nigeria’s Data Protection Commission (NDPC) had a busy 2023. Asides earning over ₦400 million ($287,044) in revenue for the year, it also investigated three big companies—Opay, Meta and DHL—amongst others, for data infractions.

Now, the Nigerian digital lending sector is under the NDPC’s scrutiny. The watchdog is investigating 400+ cases where lenders accessed borrowers’ private information without consent—a violation of the Nigeria Data Protection Act (NDPA) of 2023.

What has the NDPC found? Its investigation reveals that loan apps are “overly intrusive,” collecting unnecessary data despite Google’s policy changes which restricted loan apps on its Play Store from accessing users’ photos and contacts in April 2023. The NDPC now seeks to restrict or ban phone numbers used by lenders for such breaches.

To address this issue, the NDPC has adopted a multi-faceted strategy: teaming up with regulators and platforms to deny access to lenders misusing data. The NDPC is also drafting the Nigeria Data Protection Act-General Application and Implementation Directive (NDPA-GAID) to address data ethics and hold third-party platforms accountable for breaches.

Additionally, the NDPC will work with the Federal Competition and Consumer Protection Commission (FCCPC) to ensure lenders obtain data protection clearance before operating.

Zoom out: The Nigeria data protection framework empowers NDPC and the National Information Technology Development Agency (NITDA) to fine entities violating the Act, with penalties directly linked to the severity of data protection breaches. Fines range from ₦2million ($1,435) to ₦10 million ($7,176), or 2% of the company’s annual gross revenue of the preceding year. In August 2021, NITDA fined Soko Loan ₦10 million ($7,176) for illegal data tampering with users’ private data.

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Crypto

After Nigeria restricted users’ access to the website of Binance, the global crypto exchange, two of its top executives—Tigran Gambaryan and Nadeem Anjawarlla, regional manager for Binance in Africa—flew into the country to resolve the dispute. On arrival into the country, the office of Nigeria’s National Security Adviser (NSA) seized the travel documents of both officials, detaining both executives without any criminal charge.

Both executives remained in detention for more than two weeks before Anjarwalla, fled the country using a smuggled passport. Gambaryan, the remaining Binance employee left in detention is now looking for respite.

Tigran Gambaryan has filed a lawsuit against the NSA and the Economic and Financial Crimes Commission (EFCC) for violating his fundamental human right to liberty by detaining him and seizing his travel documents.

Per Gambaryan’s lawsuit, the seizure of his travel documents and detention violated Section 35 (1) and (4) of Nigeria’s Constitution, which safeguards the freedom of movement for all persons. The suit aims to halt the detention of Gambaryan for investigations related to Binance. The former crypto-focused US Federal Agent is seeking release from detention and return of his travel documents. Gambaryan also wants a public apology from the NSA.Gambaryan’s case has been adjourned to April 8, 2024.

In other news, Nadeem Anjawarlla also filed similar charges against the NSA and the EFCC. However, lawyers representing Anjawarlla have bailed out of the case, leaving him without legal representation. Anjawarlla’s case has been adjourned till he gets legal backing. 

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Regulation

Curiosity isn’t just for cats anymore. 

In a bid to outlive its competitors, Meta has discovered a newfound interest in what other social media platforms are up to. 

The news: New court documents show that Meta, owners of Facebook, Instagram, and WhatsApp, has been spying on Snapchat’s web traffic.

How? The court document revealed that in 2016, Meta—then Facebook—launched a secret project, stylised “Ghostbusters”, to acquire, decrypt, transfer, and use private, encrypted in-app analytics from Snapchat, YouTube, and Amazon.

Mark Zuckerberg was at the helm of the plan. Court documents show that Zuckerberg, Meta’s leader, via an email correspondence with three other top executives, launched a query into Snapchat’s numbers and users’ activities due to how fast the company was growing and the difficulty in getting its metrics. At the time, Snapchat had grown from 100,000 daily active users about a year after its launch in 2011 to 158 million by 2016, with Facebook at 1.86 billion users. 

Javier Olivan, now Facebook’s COO, was sold on the plan as well. Together with Guy Rosen, CEO of Onavo, a web analytics company owned by Meta, they cracked the code and figured out a way to extract users’ data from Snapchat. Meta intercepted users’ data from their phones before it reached Snapchat’s servers, a technique known as SSL bumping. 

Meta continued spying on Snapchat users’ data from June 2016 until early 2019. Spying on Snapchat wasn’t enough. Meta also engaged the tech in spying on competitors, YouTube and Amazon between 2017 and 2018, extracting useful decision-making information in the process. 

Meta now faces a lawsuit for “anti-competitive conduct and exploiting user data through deceptive practices.”

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

TC Insights

Dodai, an Ethiopian electric vehicle manufacturing company, secured $4 million in Series A funding from Nissay Capital, Musashi Seimitsu, and Inclusion Japan. (Mar 24)

Here are other deals for the week:

• Egyptian AI-focused edtech startup Sprints.ai closed a $3 million bridge fundraising round led by Disruptech Ventures, with EdVentures, CFYE, and others joining the investment. (Mar 26)
• Right Now Response (RNR), a South African breakdown management platform for truck fleet managers and OEMs, raised $634k from HAVAIC. (Mar 26)

Before you go, our State Of Tech In Africa Report for Q4 2023 is out. Click thislink to download it.

Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$71,006	+ 2.57%	+ 13.90%
Ether	$3,575	+ 2.02%	+ 6.19%
Tether USDt	$1.00	+ 0.03%	– 0.06%
BNB	$584.99	+ 1.81%	+ 41.02%

* Data as of 12:26 AM WAT, March 29, 2024.

Events

• The second edition of TechCabal’sMoonshot Conference is set for October 9–11, 2024, at the Eko Convention Centre, Lagos, Nigeria. Moonshot will assemble Africa’s biggest thinkers, players and problem solvers on a global launchpad for change. If you want to join the stakeholders in Africa’s tech ecosystem for three days of insightful getting an early-bird ticket at 20% off. 
• Nigeria’s biggest women-only festival, Hertitude, is back for a third time. For those new to the scene, Zikoko brings all the girls to the yard every year to let their hair down, form bonds and celebrate what it means to be a hot babe. It’s happening on April 20, 2024 in Lagos and will feature everything from talent shows and karaoke sessions to spa services, live music performances and an afterparty. Click here to get tickets.
• Attention all music lovers! On Saturday, May 11, 2024, Zikoko wants you outside for a day of link-ups, games, drinks and live performances at Muri Okunola Park, Lagos. Strings Attached is an opportunity for friends to reconnect, lovers to bond and individuals to make friends and build community. To get a free ticket, download the Onebank by Sterling App and sign up using ZIKOKO as the referral code. You’ll get your ticket in your email once tickets are available. Click here to get the app.

Here’s what you should be looking at

• CBN withdraws Cellulant’s mobile money licence as company focuses on payments solutions
• Inflation is forcing auto financing startups to rethink financing strategies
• The Washington’s Post first AI strategy editor talks LLMs in the newsroom
• Women founders and venture capital—some 2023 snapshots

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

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.
• Entering Tech: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT.
• In a Giffy: business decisions powered by data-driven insights and analysis you can trust.
• TC Scoops: breaking news from TechCabal

ADVERTISE

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Crypto

Weeks after facing regulatory scrutiny in Nigeria marked by website bans, executive detentions, accusations of illegal activity, and an attempt to mend fences with Nigerian authorities, Binance has found itself in more trouble.

The crypto exchange and its two detained executives—Tigran Gambaryan and Nadeem Anjarwalla—are facing tax evasion charges in Nigeria. These charges allege failure to register with tax authorities, non-payment of taxes, and potentially aiding users in tax evasion.

In a dramatic twist, one of the company’s detained executives, Anjarwalla, managed to abscond from Nigerian custody. 

The office of Nigeria’s National Security Adviser (NSA) confirmed that Anjarwalla, Binance’s Africa regional manager, reportedly escaped during a religious observance and allegedly boarded a Middle Eastern airliner using a smuggled passport. Following Anjarwalla’s escape from custody, Nigerian authorities have arrested the personnel responsible for his custody. Security agencies are also working with Interpol to place Anjarwalla on a watchlist and apprehend him.

To address a potential website block by the Nigerian government, Anjarwalla and Gambaryan travelled to Nigeria in February 2024. Upon arrival, they were detained as part of a crackdown on foreign exchange speculation. A condition for their release was for Binance to provide the info of Nigeria’s top 100 crypto users. 

Binance, which noted that it would comply with authorities, also claimed that it has responded to over 626 information requests—since 2020—that have assisted the government’s investigations into financial crimes such as scams, fraud, and money laundering. 

An unending scrutiny: Last week, TechCabal reported that Nigeria’s Central Bank conducted a 3-day analysis on peer-to-peer trading on Binance, between February 19 to February 21, confirming suspicions that some traders manipulated prices to benefit from the resulting arbitrage opportunity. A large number of Nigerian retail traders were placing significant buy orders for USDT, but ultimately not completing the purchases.

Authorities believe these fake buy orders artificially inflated the demand for USDT. This, in turn, is suspected to have contributed to the rapid devaluation of the Nigerian Naira against the US Dollar.

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Fintech

MTN is seeking a new round of investments in its fintech arm. 

CEO Ralph Mupita told investors on a call that MTN was seeking a second round of minority investment in the fintech. The telecom is looking to raise about R35 to R39 billion (approximately $1.8 billion) to boost the business whose transaction volumes grew by a ~32% last year

MTN’s mobile money arm has 72.5 million active users of its mobile money services, driven mostly by the continent’s young savvy tech population. 

Two African exits: The company’s 2023 financials also showed a complete exit from Guinea-Bissau and Guinea-Conakry. 

In Q3 2023, Mupita had told investors that the telecom might exit the two countries, and Liberia, as the markets represent some of its smallest across West and Central Africa with all three contributing just 1.2% to MTN’s revenue in 2022. Across both Guineas, the telecom controls a secondary chunk of the market share, about 30%, beaten out by Orange Mobile which controls over 60% of the market share in both countries. 

A higher calling: This move will allow MTN to focus on Ghana, Cameroon, and Cote d’Ivoire, stronger markets in the West and Central Africa region which collectively contribute 18.6% to the group’s revenue, over other West and Central African (WECA) countries that contribute 7.3% to the firm.

Fintech

Two weeks after Aigboje Imoukhuede returned as CEO of Access Holding, the company revealed its intentions to procure Kenya’s National Bank. 

In its relentless pursuit of regional expansion, Access Holdings has announced a new partnership with Safaricom, Coronation Group, and M-Pesa Africa, to dominate the remittance market in East and West Africa.

Forging regional dominance: To ease money transfers across Africa, the first phase of the partnership will target remittance powerhouses: Nigeria, Kenya, Ghana, and Tanzania. It combines Access Holdings’ massive reach of over 60 million customers, Coronation Group’s tech muscle, and M-Pesa’s dominance in Kenya’s mobile money—96.5% share—to create a smoother remittance experience.

Regulatory approval from Kenyan authorities is pending before the collaboration can take full effect.

Zoom out: The remittance market in Africa is experiencing significant growth, with Nigeria and Kenya ranking as the first and third-largest recipients of diaspora remittances in sub-Saharan Africa, according to the World Bank. In 2023 alone, Nigeria received 38% of the total $58 billion remittance inflow to the region.

Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now.

Economy

Nigeria is among the global hotspots for money laundering and terrorism financing. Last year, the Financial Action Task Force (FATF), the global watchdog for money laundering and terrorist financing groups, placed Nigeria on its grey list. 

A grey list? Countries in the FATF’s grey list are countries that have weak controls on financial crime, where it is easy to launder money and finance terrorism. The FATF closely monitors these countries and works with them to improve the weaknesses of their laws. Last year, the FATF added Nigeria, Turkey, the United Arab Emirates, South Sudan, and Haiti to its grey list.

While the grey list is a marker of loopholes in financial crime laws, over 73% of countries marked in the list have been removed upon improvement of their laws. Africa’s largest economy also seeks to redeem itself from the list.

The news:  Nigeria’s financial intelligence unit (NFIU) and its Economic and Financial Crimes Commission (EFCC) unit are buddying up to provide new strategies that will help get the country out of the FATF’s grey list. 

The FATF gave Nigeria a 19-item list of weaknesses to resolve in its financial crime regulation before May 2025, or face the risk of being blacklisted to a “black list”.

The country in recent times has been tightening its Anti-Money laundering policies. Earlier this month, Nigeria’s apex bank released new anti-laundering and terrorism financing regulations, revoking licenses of more than 4,000 Bureau De Change operators. The CBN also implemented a fraud flagging scheme for point-of-sale (POS) terminals across the country.

Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → 

Crypto Tracker

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$70,608	+ 4.82%	+ 37.01%
Ether	$3,632	+ 4.78%	+ 17.01%
Book of Meme	$0.014	+ 4.26%	+ 1439.46%
Solana	$192.41	+ 4.23%	+ 86.82%

* Data as of 11:35 PM WAT, March 24, 2024.

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Opportunities

• Ride-hailing platform, Bolt has launched an Accelerator Programme for its drivers and riders in Kenya. The program will see the company invest €20,000 (about Ksh2.92 million) in seed funds to support business plans developed by Bolt drivers and couriers or their family members that link to sustainable transport. Apply by April 4.
• The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” Initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March 30.
• Applications are open for the Access Bank Youthrive Program for Nigerian MSMEs. The program is a collaboration between the bank and the Vice President’s office, dedicated to empowering individuals and MSMEs. With a focus on capacity development, financial empowerment, and business exchange, the program aims to impact 4 million youths over the next four years. Apply here.
• The 2024 African Business Heroes Competition is open for application. It aims to identify, support, and inspire the next generation of African entrepreneurs who are making an impact in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Finalists get grant funds of up to $300,000, global recognition and exposure and targeted and practical training programs. Apply by May 19.

Here’s what you should be looking at

• Next Wave: Showmax is promising, but it needs to fix a few technical basics
• SWIFT to launch platform to connect central bank digital currencies
• Florida has approved a bill banning access to social media for kids

Written by: Mariam Muhammad & Faith Omoniyi

Edited by: Timi Odueso

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