TC Weekender: Nigeria limits money withdrawals

Editor’s Notice

Week 49, 2022
Learn time: 5 minutes

This week, the Nigerian authorities takes one other stab at pushing the cashless economic system agenda by imposing limits of particular person and company money withdrawals. Will it work, or is that this one other ill-advised transfer? Let’s wait to search out out. In different information, the Central Financial institution of Kenya reinstates fees on cellular cash transactions, Chipper lays off workers, the Nigerian authorities can be seeking to tax cryptocurrencies, and Aruwa Capital closes a record-setting $20 million fund. These and extra are on this version of the Weekender.

Blissful studying!

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Nigeria limits money withdrawals to 100k The Central Financial institution of Nigeria (CBN) has introduced limits to all money withdrawals by people and company organisations at ₦100,000 ($225) and ₦500,000 ($1,124), respectively, each week. Processing prices of 5% and 10%, respectively, might be utilized to any money withdrawals above the desired limits. Learn more.
	Kenya reinstates fees on cellular cash transactions The Central Financial institution of Kenya (CBK) eradicated the charges through the COVID-19 pandemic to encourage the utilization of cellular cash. The charges are again now, however they’re much decrease than they had been earlier than the pandemic. Learn more.
	Nigeria proposes taxing cryptocurrencies The Nigerian authorities introduced that if its proposed Finance Invoice 2022 is permitted, it is going to begin taxing digital property in 2023. Regardless of its rocky relationship with cryptocurrencies, the Finance Ministry didn’t exempt cryptocurrencies from being taxable digital property. Learn more.
	Hustler Fund raises information privateness considerations Not less than 3.5 million Kenyans have utilized for loans from the $410 million Hustler Fund however the challenge has raised information privateness considerations. For instance, when registering for a mortgage, the applicant has to supply their M-Pesa PIN, however isn’t given the choice to withhold consent for the usage of this PIN. Learn more.

	Chipper Money lays off workers Cross-border funds firm, Chipper Money has laid off over 50 workers throughout a number of departments. This information comes just a few weeks after it introduced its acquisition of Zambian fintech firm, Zoona. Learn more.

The Subsequent Wave Present

Within the 4th episode of TechCabal’s The Subsequent Wave present, the company discuss why Africa is changing into a number one vacation spot for worldwide recruiters, what this implies for the native expertise pipeline, the gaps that exist, and the untapped alternatives.

If you happen to missed the published on CNBC Africa, you’ll be able to catch it here.

	Moove secures $30 million debt financing Weeks after abruptly letting go a handful of workers, mobility startup Moove has secured $30 million in debt funding from an Islamic bond. That is the fifth increase Moove has had this yr. Learn more.
	Ex-Jumia CEO raises $8 million for brand new startup Kenyan social commerce startup Kapu, led by the previous CEO of Jumia Kenya, Sam Chappette, introduced an $8 million seed funding spherical. Kapu, which implies “giant basket,” desires to assist Kenyans get extra meals for much less. Learn more.
	Lipa Later acquires Sky.Backyard Sky.Backyard introduced that they might not must shut down as a result of they’d discovered a purchaser. This week, the Kenyan ecommerce startup introduced that it was acquired by the Purchase Now, Pay Later (BNPL) firm, Lipa Later. Read more.
	Orange launches digital centre in Guinea Orange has launched a digital centre for the event of digital expertise and innovation in Guinea. That is its thirteenth digital centre in Africa and the Center East, and it features a coding faculty, a digital manufacturing workshop referred to as a FabLab, and an Orange Fab start-up accelerator. Read more.
	Aruwa Capital closes $20 million fund Aruwa Capital, a female-founded early-stage progress fairness fund, introduced the profitable shut of its first institutional fund, exceeding its $20 million goal. This makes Adesuwa Okunbo Rhodes, the 32-year-old founder, the youngest solo common companion to boost a $20 million fund in Nigeria efficiently. Learn more.

Who introduced the cash this week?

Kenya’s social commerce firm Kapu raised $8 million in seed funding. The spherical was led by Large Ventures and Firstminute Capital.

Egyptian fintech firm OneOrder received $3 million in seed funding. The spherical was led by Nclude; different taking part buyers included MENA early-stage VC A15 and Supply Hero Ventures.

Synatic, a South-African information automation startup received $2.5 million in a seed funding spherical led by Allan Grey E-Squared Ventures and UW Ventures.

Egyptian ecommerce firm SideUp raised $1.2 million in seed funding from Launch Africa Ventures, 500 World, Riyadh Angels, Alex Angels, Al Tuwaijri Fund and Saudi angel investor Faisal AlAbdulsalam.