👨🏿‍🚀TechCabal Daily – Nigeria removes deadline for old notes submission | TechCabal

Nigeria’s Supreme Court removes deadline for submission of old naira notes

Nigerians can now rest easy.

The Nigeria Supreme Court has ruled that the old naira notes will remain legal tender in the country until further notice. 

ICYMI: In October 2022, former CBN Governor, Godwin Emefiele, announced the apex banks’ plan to redesign and circulate a new series of three banknotes—₦200, ₦500 and ₦1,000—and gave the country three months to submit old banknotes. The short notice triggered a cash scarcity that crippled its economy.

However, in March 2023, the Supreme Court ruled that the CBN didn’t provide adequate notice to the public and ordered that the old version of the notes remain as legal tender alongside the new notes until December 31, 2023. Ten days later, the CBN discontinued its naira redesign policy. Despite the governor’s reassurances about sufficient cash availability, the country still experienced a challenging shortage of cash.

As the deadline drew closer, the federal government filed for an extension to the December 31 deadline a few days back, citing concerns about a potential economic crisis if the old notes were demonetised.

Now, the apex court has ruled today that the notes will remain legal tender and be accepted for transactions until further notice, cancelling the December 2023 deadline.

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Ronaldo sued for Binance promotion

Cristiano Ronaldo has bagged a lawsuit for promoting an NFT product on the world’s largest cryptocurrency exchange, Binance.

Investors who filed the lawsuit claimed Ronaldo used his robust social media following—850 million followers across social media—to promote investments in unregistered securities on the crypto exchange. The plaintiffs claimed to have suffered losses from the promotion. 

A missed goal: The football star entered a multi-year contract with Binance in 2022 to create a series of NFT collections for sale on the company’s platform, among many other things. The allegation comes shortly after Ronaldo shared updates on social media about making new content for the crypto exchange platform. 

Binance, which has had a rocky few months, is again the subject of scrutiny. The crypto exchange was forced to replace its CEO Changpeng Zhao who admitted to facilitating transactions with sanctioned groups and encouraging US users to obscure their locations. Binance was fined of up to $4 million for the violation. The company is also expected to make a complete exit from the US. 

Lights out: Ronaldo’s case is not the first of celebrities accused of their promotion of products. In 2021, Kardashian was sued for promoting the cryptocurrency EthereumMax without disclosing that she had been paid to do so. The lawsuit alleged that Kardashian’s promotion had caused investors to lose millions of dollars. The reality TV Star later agreed to pay $1.26 million to settle the charges after the US Securities and Exchange Commission found her guilty of not disclosing she was paid to promote the cryptocurrency asset.

Bolt expels 5,000 Kenyan drivers in six months

Over the past six months, Bolt has expelled 5,000 Kenyan drivers who failed to comply with safety regulations or have been involved in safety-related issues.

The Estonian ride-hailing company discontinued affected driver accounts following a recent directive from the National Transport and Safety Authority (NTSA).

What directive? In October, the NTSA asked Bolt to present a comprehensive plan addressing safety concerns raised by riders and drivers over the years, including issues regarding illegal commission charges, and also terminate its booking charge— a service fee levied directly to passengers using its platform, which sparked disagreements between drivers and customers. The directive was a pre-requisite for Bolt to renew its annual licence. 

To meet this requirement, Bolt developed a safety plan and also terminated the controversial booking charge. The ride-hailing company also invested KESS20 million ($130,000) toward safety-related practices in Kenya.

What practices? Bolt’s safety measures include a random driver selfie check, rider and driver training programmes, and strict compliance enforcement with immediate consequences for violators, including permanent suspension from the platform. The company has also enhanced reporting tools to facilitate the reporting of safety concerns.

The ride-hailing company has met NTSA’s primary demands and its operating licence has been renewed for the next financial year. 

ICASA warns against using Starlink’s services in South Africa

The Independent Communications Authority of South Africa (ICASA) has again, issued a warning, against the illegal use and provision of Starlink satellite broadband services within the country.

This warning comes days after Starlink’s rival, OneWeb, launched its broadband service in South Africa.

Notably, Starlink has been unable to secure an operating licence in South Africa due to its refusal to surrender a 30% stake in its service to historically disadvantaged groups. Although the service isn’t “officially” available in South Africa, ICASA is aware of the offering of satellite internet services using Starlink terminals in the country. Now, the regulator has again, issued a warning and outlined legal consequences for unauthorised use of Starlink services in the country.

What are the consequences? Those who do not have a license to provide electronic services could be fined up to R5 million ($267,116) or 10% of their annual turnover for each day the offence continues. ICASA also highlights that unauthorised equipment could interfere with other connectivity equipment and could also potentially explode and put customers in harm’s way.

Zoom out: In Africa, Starlink’s services are available in Nigeria, Kenya, Mozambique, Rwanda, Malawi and Zambia. The service is set to launch in several other countries including Uganda, Tunisia, Ghana and Egypt inclusive which are scheduled for 2024 releases. 

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Eight startups selected for Grindstone Africa accelerator programme

Grindstone Africa, an accelerator that cultivates high-impact entrepreneurship, has chosen eight Southern African startups to participate in its latest programme.

The selected startups include:

• Vambo Technologies, a startup that allows users to interact with AI in their native tongue. Their website allows users to have meaningful conversations, request information, and receive contextually relevant responses in their preferred African language
• iTorho, a marketplace that connects small businesses, freelancers, and professionals.
• Paragon Impact, a sustainability tech and impact advisory firm that guides organizations through the complex path to sustainability with innovative solutions.
• Deaftouch, a social impact startup, that offers accessible communication solutions tailored to the needs of the deaf and blind communities.
• Supribuy, an e-commerce platform offering e-commerce and retail services. 
• Diginexus, an ed-tech platform that teaches software engineering skills to students. 
• Esinam Global Business Services, a management consulting startup, that offers tailored management consulting solutions to public and private organizations.
• Chaperone, a fintech in Lesotho that offers electronic payment instruments, such as prepaid cards, virtual cards, and mobile wallets.

Zoom out: The Grindstone Accelerator programme will assist the selected startups to gain new skills, overcome obstacles, access market opportunities and help them become more investable, sustainable, and exit-ready. Previous recipients of the accelerator include Botlhale AI, LawyeredUp, Fleet IT, Cartrun, and Sticitt, among others.

The World Wide Web3

Coin Name	Current Value	Day	Month
Bitcoin	$38,094	– 0.27%	+ 10.59%
Ether	$2,036	– 0.90%	+ 13.21%
Chainlink	$14.51	– 0.53%	+ 29.28%
PythNetwork	$0.39	– 7.74%	– 39.51%

* Data as of 06:20 AM WAT, November 30, 2023.

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• Applications are open for the Next Generation Social Sciences in Africa: Doctoral Dissertation Research fellowship 2024(up to $15,000). The Social Science Research Council offers fellowships to support the completion of doctoral degrees and to promote next-generation social science research in Ghana, Kenya, Nigeria, South Africa, Tanzania and Uganda. The fellowships support dissertation research on peace, security, and development topics. Apply by February 11, 2024.
• The citizens of Commonwealth countries in Africa can now apply for the Commonwealth Africa Cyber Fellowship Programme 2024. Selected experts will serve as fellows for a year, and get exclusive access to academic research opportunities, networking events and annual conferences, with a focus on enhancing cybersecurity policies and institutions across Commonwealth countries in Africa. Apply by December 10.
• Applications are open for the Mastercard Foundations Scholars Program 2023/2024 at the Carnegie Melon University Africa. The program provides generous financial, social, and academic support for students whose talents and promise exceed their financial resources. Apply by January 15, 2024.

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