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Binance is illegal in Nigeria

By Ngozi Chukwu Jun 10, 2023

Image source: Techcabal

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Editor’s Note

Week 23, 2023
Read time: 5 minutes

Hello hello everyone 👋🏾

While you settle in for the long weekend, read a few of this week’s most interesting tech stories from the home front and abroad

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Binance is illegal in Nigeria In a circular published yesterday, Nigeria’s Securities and Exchange Commission directed Binance Nigeria Limited to immediately stop soliciting Nigerian investors in any form whatsoever. Learn more.
	Is Tingo a scam? Tingo appears to be tango-ing in a web of lies. Hindenburg research group accused the NASDAQ-listed agri-fintech company of being an “exceptionally obvious scam.” Learn more.
	Twiga prunes its staff Twiga Foods is saying “Go big or go home.” Last year, the agritech fired 211 full-time salespersons and replaced them with “free agents”. There are also 2000 people waiting in line to replace these free agents if Twiga fires them for underperforming. Learn more.
	MTN is set to go off-grid Telecom operator MTN is looking for a way out of South Africa’s load shedding as the country’s power instability is taking a toll on its business. Now the yellow telco is preparing to go green with off-grid renewable energy. Learn more.
	Mara’s second layoff After a 21 million dollar fund raise, Web3 startup Mara has laid off its staff for the second time. This new wave of layoffs comes six months after it let go of nearly half its staff last year. Learn more.
	Bolt offers the drivers on strike more cash Fuel prices are touching the sky in Nigeria, and Bolt drivers have gone on strike to compel Bolt to increase its minimum fee to ₦2000. However, Bolt refused. Instead, it is offering them a bonus of ₦6,000 with terms and conditions to stop the strike. Learn more.
	Chipper Cash lays off COO In its third round of layoffs so far, Chipper Cash let go of more of its workforce last week, and this time, even the COO was affected. So far, the fintech has laid off over 150 staff members in a bid to restructure and focus on core products. Learn more.

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	Tinubu suspends CBN governor Eleven days after his inauguration, Nigeria’s president, Bola Ahmed Tinubu, has suspended the governor of the country’s apex bank, Godwin Emefiele. Learn why.
	Nigerian banks get a discount Nigeria’s Inter-Bank Settlement System (NIBSS) has reduced the cost of transactions for Nigerian banks. However, this reduction in fees will not be extended to the bank customers. Learn more.
	Jumia goes offline Jumia is going offline in rural areas. On its 11th anniversary, the ecommerce company announced that it will be expanding its offline sales model (J-force) to rural areas in Uganda. Learn more.
	Another pricey Apple Apple unveiled a mind-blowing mixed reality and 3D camera headset this week. It costs $3499, so don’t start digging into your couch cushions for loose change. Good thing it won’t come out till 2024; you can start saving now. Read more.

Who brought the money this week?

This week, Helium Health, a Nigeria-based health tech company, received $30 million in Series B funding in a round led by AXA IM Alts.
Nigerian logistics company Haul247 raised $3 million in seed funding. The round was led by Alitheia Capital, with participation from Investment One.