Tinubu’s plans for Nigeria’s tech ecosystem

Editor’s Note

Week 09, 2023
Read time: 5 minutes

This edition of TC Weekender comes bearing good news for all cash-strapped Nigerians, the plans the announced winner of Nigeria’s presidential election has for tech in the country, and Messi buying his World Cup-winning teammates gold iPhones.

Read on to stay informed about these and other exciting developments.

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Old notes remain legal tender After some intense theatrics, hair-pulling queues, and forking over ₦2,000 just to pocket ₦5,000 from POS dealers, the Supreme Court of Nigeria has finally killed the Naira redesign plan. Additionally, the court has decreed that the old ₦200, ₦500, and ₦1,000 bills shall maintain their currency status until December 31, 2023. Learn more.
	CBN lowers tenure limits at banks Nigeria’s Central Bank has made another head turning decision that is shaking up the banking industry. The apex bank has revised the tenure limit for execs and non-execs in banks. Now, bankers will only be able to serve up to twenty years on the board. Learn more.
	Tinubu’s plan for Nigeria At 4am on Wednesday, Bola Ahmed Tinubu was announced as Nigeria’s President-elect. Although doubts persist about the election’s credibility, it’s worthwhile to examine Tinubu’s blueprints for the tech ecosystem to gauge what’s in store if his win prevails. Learn more.
	Corporate shakeup in Safaricom Kenya’s top telco, Safaricom, has continued its corporate shakeup with the appointment of new board members. After replacing John Ngumi, who served as chairman for only six years, Safaricom has announced Karen Kandie and Ory Okolloh as new members of the telco’s board of directors. Learn more.
	MTN to disable non-RICA’d SIMs in SA Anyone who gets a new MTN SIM card in South Africa has to RICA (activate it with their personal details) within three days, or it’s hasta la vista, baby! This is to reduce the number of SIM cards that are in limbo and may also help the police to track criminals and crime witnesses faster. Learn more.
	Jumia’s now liable for bad goods The Common Market for Eastern and Southern Africa (COMESA) has been investigating Jumia’s terms and conditions since September 2021 and has now ruled that the company will no longer be able to avoid responsibility for goods sold by third parties on its platform. Learn more.

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	Messi gifts gold iPhones to teammates Lionel Messi has been making rounds with news of his £175,000 purchase of customised gold iPhones for his 2022 world cup-winning team. Talk about a golden touch on and off the field! Learn more.
	Payday looks to raise funding According to documents seen by TechCabal, Payday is looking to raise $1.5 million to expand its product and engineering team, and operations. Learn more.
	Showmax makes a comeback Multichoice, NBCUniversal, and Sky have announced a partnership which will see the relaunch of a new version of Showmax. The partnership will see Showmax streaming English Premier League matches. Learn more.
	MultiChoice to accelerate 11 startups The MultiChoice Africa Accelerator Programme has rounded up 11 startups from nine African countries that MultiChoice thinks are not just potential moneymakers, but also have the potential to solve real-world issues with their tech solutions. Which startups were chosen? Find out.
	Sasol to invest $53 million in greentech South African chemicals and energy company Sasol has announced that it has established Sasol Ventures to advance and fund its decarbonisation and 2050 net zero ambitions through venture capital. Read more.

Who brought the money this week?

South African e-health company, Envisionit, raised $1.65 million in an undisclosed round from New GX Ventures SA.
Hollydesk, a fintech company based in Egypt, raised $1 million in debt funding from undisclosed investors.
Morocco-based ed-tech company KoolSkools raised $960,000 in an undisclosed round from the Azur Innovation fund.
Nigerian blockchain company Wicrypt Network received $150,000 in grants from LEAP 2023 Rocket Fuel Pitch Startup Competition.a