Good morning!
Bitcoin has entered the six-figure territory!
Over the weekend, Bitcoin soared past the $100,000 mark and reached $106,000! This historic surge is due to growing institutional investments, easing inflation in the US, and renewed optimism over regulatory clarity.
Adding to the excitement, US President-elect Donald Trump unveiled plans for a U.S. Bitcoin Strategic Reserve, signalling a potential shift in crypto policy.
Is this the start of a new bull run, or just a temporary surge? Buckle up, crypto enthusiasts!
Fintech
MTN’s MoMo eyes banking licence in South Africa
MTN’s mobile money service, MoMo, is eyeing greater autonomy in South Africa.
The company is aiming to secure a banking licence from the South African Reserve Bank (SARB) to operate independently. Currently, MoMo relies on African Bank as its sponsor.
SARB is developing a regulatory framework to enable fintechs and non-banking entities to directly access the national payment system. This move is designed to promote financial inclusion for the millions of South Africans who remain unbanked.
A banking licence would empower MoMo to offer more comprehensive and affordable financial services. While the service already supports basic transactions like payments and transfers, a full banking licence would allow it to expand its offerings.
Already, MoMo South Africa has garnered significant traction, with 11 million registered users and 3 million active ones. The service has also been at the forefront of financial innovation, becoming the first non-banking entity to offer PayShap, a real-time payment service. Additionally, its partnership with MasterCard has enabled the launch of MoMo virtual cards across 13 African countries.
Read About Moniepoint’s Impact on Pharmacies
Do you remember what you bought the last time you visited a pharmacy? Data from Moniepoint’s pharmacy case study reveals it was likely a painkiller. Click here to discover how Moniepoint is enabling access to healthcare through payments and funding for community pharmacies.
Startups
Tizeti set to become the first Nigerian startup to list on NGX
Since the revision of listing rules to include startups, the Nigerian Exchange (NGX) has struggled to attract startups to its platform.
Earlier this year, the CEO of NGX, Jude Chiemeka, mentioned that a few startups were considering listing on the exchange.
The startup-starved NGX is poised for a breakthrough as Tizeti, a Y Combinator-backed internet service provider, is planning to go public. This comes two years after Tizeti initially announced its intention to become a publicly traded company.
Listing on the NGX will help Tizeti access more investors, raise funds in naira, and reduce the pressure to deliver high returns due to naira devaluation.
The company—which reportedly has generated over $7.8 million in revenue—will be the first Nigerian startup to list on the NGX. “We have started that journey but are focused now on the launch of our fibre broadband service. We will share more information on the IPO shortly,” Temitope Osunrinde, Vice President for Marketing at Tizeti Networks told TechCabal without sharing the timeline for the IPO.
Many Nigerian startups are reluctant to list on the NGX, citing inefficiencies in the marketplace for raising capital despite its great run in 2023. Some African startups opt to list on foreign exchanges such as the New York Stock Exchange or NASDAQ despite the higher cost of listing. This preference is attributed to access to a broader investor base, global visibility and better automation that makes it easier to manage listings and transactions. However, these ventures have yielded limited success stories.
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Economy
Nigeria to fine banks for selling new notes
What’s a Nigerian party without newly minted notes? Well, Nigerians may need to find new ways to get the party going without newly minted notes as the CBN is imposing fines on banks caught selling newly minted banknotes.
A new circular from the central bank says it will impose a ₦150 million ($97,000) fine to deposit money banks caught selling newly minted bank notes.
Since Nigeria’s cash shortage began in 2022, after an ill-timed currency redesign, Nigerian partygoers began sourcing freshly minted notes from POS agents and cash hawkers who buy them from banks and resell at a markup. However, the CBN believes these POS agents and cash hawkers are exacerbating the country’s cash crisis.
One publication recently reported that POS agents were selling newly minted notes in busy Lagos markets, exacerbating the dire situation.
The ₦150 million fine ($97,000) is the CBN’s second attempt to fix the country’s cash crisis which has seen users heavily reliant on POS agents for cash. The CBN released a toll-free line for users to report bank branches with empty ATMs.
Although some banks have started adhering to the Central Bank of Nigeria’s (CBN) guidelines, it’s unclear whether imposing fines on banks will tackle the root cause that motivates cash-intensive businesses to sell their banknotes to POS agents.
Introducing Paystack transfers in Kenya 
Paystack merchants in Kenya can now send single and bulk transfers to any Kenyan bank or MPESA account (including customer wallets, Paybills, and Tills) Learn more →
CRYPTO TRACKER
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$104,778 |
+ 2.33% |
+ 14.43% |
| Ether |
$3,962 |
+ 1.59% |
+ 26.56% |
| Dogecoin |
$0.40 |
+ 1.31% |
+ 7.40% |
| Solana |
$221.49 |
+ 0.33% |
+ 0.31% |
* Data as of 06:30 AM WAT, December 16, 2024.
Jobs
- PressOne Africa – Growth and Sales Operations Manager – Lagos, Nigeria
- Condia – Sales and Partnership Associate – Remote (Nigeria)
- Moniepoint – Growth Product Partner – Lagos, Nigeria
- 54 Collective (Radease) – Growth Manager – Hybrid (Lagos, Nigeria)
- Renmoney – Chief of Staff – Lagos, Nigeria
- Interswitch Group – Data Engineer, Mobile App Developer – Hybrid (Lagos, Nigeria)
- Fairmoney – Data Engineer – Remote (Lagos, Nigeria)
- Duplo – Senior Product Manager, SaaS, Risk & Compliance Manager – Hybrid (Lagos, Nigeria)
- Reliance Health – Content Strategist – Remote (Lagos, Nigeria)
- Darey.io – Quality Assurance Specialist – Lagos, Nigeria
There are more jobs on TechCabal’s job board. If you have job opportunities to share, please submit them at bit.ly/tcxjobs.
Written by: Towobola Bamgbose and Faith Omoniyi
Edited by:Timi Odueso
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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