An Uber Moove?

Plus: Nigeria is limiting cash use for FX payments to $500.                                                                                                                                                                                                                                                                                                                                                                                                                 February 26, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h2/sgo183s3Gq_-6EtEXeGYvUvCdgm1W-9Z_3Dyi1bTix0 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Legend has it that if you open the spice cabinet of any well-meaning, chronically online Nigerian, you’re sure to find bottles of soy and oyster sauces. And even though soy sauces are traditionally used in East Asian cuisines, they’ve slowly influenced Nigerian plates…and food content creators are to blame thank. In the first edition of our latest vertical, The Algorithm, we take you behind the scenes on how these creators have spent the past four years [redefining the taste palettes of Nigerians](. In today's edition - [Uber eyes Moove with $100 million investment](#Story1) - [Nigeria limits cash use for FX payments](#Story2) - [Nigeria compenates customers of shuttered MFBs](#Story3) - [FATF grey lists Kenya for the first time in 10 years](#Story4) - [Cell C is set to pay its $15 million debt](#Story5) - [The World Wide Web3](#WW3) - [Job openings](#Opps) Investments //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h8/7ChrEorLdfoPxYin2TtAhMgdxoqbJKy45FU7MMKVU9E Uber eyes Moove with $100 million investment It feels like it was just last week we wrote to you about Nigerian fintech Moove [raising $10 million]( to expand further into India. Now, the company is mooving fast with an investment that could be worth 10x its last raise—and ⅓ of its total raise so far! The news: Ride-hailing giant Uber is exploring a potential investment of up to $100 million in the Nigerian fintech which specialises in vehicle financing for drivers in the gig economy. This moove, if finalised, would significantly boost Moove's valuation to $750 million, further solidifying its position as a major player in Africa's burgeoning tech scene. The potential investment, [according to Bloomberg](, is still currently under discussion, but it underscores Uber's growing interest in deepening its presence in Africa's booming ride-hailing market. In 2022, the platform [recorded its 1 billionth-ride]( milestone on the continent. While the company has invested in over [40 companies globally](, its potential investment in Moove could mark its first in Africa. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click [here]( to experience fast and reliable personal banking with Moniepoint. Economy //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKQDGLMwVKx09As59-naW4KiLOZJd3aBLQ9XyY3o1bBS1nthzEjxw-dxvpYUpCpuG7unJ6vCMXImYKOaciJ1aM2CEvgMzucGTo4dPGS5Crk6SNskV3dPjsVBlpC1pTNRVKiv6BBnoLTeoHkkUWVYKq87300Ip0MGXj82Q5-KKdWT6fe23HhcwPiHLSTBo6y_A4lLxDVjxom5G0NaCyHGPCxSACt1LSDrkt234a1FarFaM/446/5PS4b4adQSCXs0hUYHDJ2g/h17/14fHWxIyoDY3ykPv9e4pBJZftuiElVHHHduaubpNjQw Nigeria limits cash use for FX payments Cash is no longer king in the Nigerian forex market. In its latest attempt to save the naira from further depreciation against the greenback, Nigeria’s apex bank has [set a $500 limit]( on the purchase and sales of the dollar by cash. What this means is that if you want to buy or sell foreign currency exceeding $500 through a Bureau De Change (BDC) operator in Nigeria, you'll need to use digital payment methods like bank transfers or online platforms. The new rule bars BDCs across the country from dealing with cash transactions above $500 for the purchase or sales of foreign currency. The move is the latest in the cards of methods used by the apex bank in curtailing the naira’s depreciation. While the CBN has implemented various regulations for BDCs in the past, this particular approach is a novel and untested method. This month, the CBN also introduced [new tiers of licences for BDC operators]( in the country, increasing their share capital to ₦2 billion ($1.3 billion) and ₦500 million ($340 million) for Tier 1 and Tier 2 licenses respectively, way up from ₦35 million(~$24 million) previously charged for a general license. In addition to barring BDCs from engaging in street trading, the CBN also compelled a mandatory [source of funds disclosure]( for individuals selling $10,000 or more to BDCs. Compared to international practices, some might argue that the CBN’s limitation on cash transactions for foreign currency exchange is uncommon. While many many countries regulate BDCs and money laundering activities, switching to digital transactions at a $500 cap limit is brow-raising. The blame game: The Nigerian government continues in its search for ways to bring the naira back on track. If Twitter chatter is to be believed, one of the ways it plans to do this is by cutting off BDCs whom the government has often blamed for its ailing currency and black market disparity. Regulation //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h23/HL57yxfxTE1eIV92PS16IvshKSMobccv36aeIHAZtjs Nigeria compenates customers of shuttered MFBs In May of last year, Nigeria's Central Bank (CBN) revoked the licences of [132 microfinance banks](. The reasons the apex bank cited included inactivity, insolvency, failing to render returns, and a host of other stuff. For the thousands of Nigerian customers across these apps, this meant they lost access to every single dime locked tightly in the MFBs. Our reporting has now uncovered a new fact: the Nigerian Deposit Insurance Corporation (NDIC), the Nigerian agency that protects deposit banks, [stepped in]( to offer some relief to the customers of the affected microfinance banks. Here’s what you need to know: As per notices released in [May and August]( 2023, depositors with proof of claims can receive up to ₦200,000 ($242 at the time) per account. Customers with larger deposits, however, will have to wait for the NDIC to liquidate the banks’ assets and distribute the remaining funds as "liquidation dividends." While banks like Eyowo Microfinance Bank have been applying to get their licences back, Eyowo restored interbank transfers through[a partnership with Providus Bank]( in June 2023. This offered a glimmer of hope for its customers to gain access to their funds, but not for long, as the app became inaccessible weeks later. It’s going to take a while: As compensation efforts continue, the fate of many banks hangs in the balance. While the NDIC is exploring alternatives like shareholder investment, success isn't guaranteed. Liquidation looms for most affected banks, and while [Nigerian corporate laws]( require that liquidation be completed in 12 months, the same Act also allows the process to exceed the given time as long as the public is notified. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. [Create a free account and start collecting NGN payments with Fincra](. Economy //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h33/YmTIqedO3p_FiO3ZXUlPvUmKEJMRBcdMsRe5vkv_4L8 FATF grey lists Kenya for the first time in 10 years Despite Kenya’s [pursuit for a higher rating]( after a review that deemed them "partially compliant" with the global standards on anti-money laundering and terrorism financing, the East African country has found itself on the Financial Action Task Force's (FATF) grey list again. This comes four months after Kenya became Eastern and Southern Africa's anti-money laundering leader. The East African country [landed on the FATF’s grey list]( for weak anti-money laundering controls, joining 23 other nations under heightened scrutiny. The task force has asked Kenya to supervise crypto assets, improve the quality of financial intelligence and increase the prosecution of money laundering cases. What’s an FATF grey list? It's a list of countries with deficiencies in money laundering and terrorist financing. This means Kenya might be subjected to stricter financial scrutiny from the global economy, forcing critical changes to its financial system to reduce the risk of being a haven for dirty money. With Kenya’s robust $20 billion crypto market, in early February 2024, the Blockchain Association of Kenya (BAK) introduced its first-ever [Virtual Assets Service Provider (VASP) draft Bill](, which proposes a comprehensive framework encompassing licensing, consumer protection, anti-money laundering, and a regulatory sandbox. However, its efforts didn't reduce its prospects of joining the FATF’s grey list. This isn’t Kenya’s first FATF rodeo. In 2010, the East African country was put on the grey list but was taken off the list [in 2014]( after the FATF review found that Kenya had made progress by introducing laws to identify and freeze terrorist financing. Now, the East African country joins South Africa, Cameroon, Namibia, and Nigeria on the grey list. Accept fast in-person payments, at scale Delight your customers by allowing frontline staff and sales agents confirm bank transfers instantly, via WhatsApp alerts. [Learn more →]( Telecom //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h42/KugCR6RhERcOhqhEEXeIxQ5hIEjyQm72FdYjDiH0uPA Cell C to pay outstanding spectrum bill South African telecom Cell C says it is ready to pay its debts. What debts? The mobile operator [bought 10MHz of data bandwidth]( for R288 million (~$15 million) but has had trouble paying for it due to its current financial difficulties. In January, Cell C considered [downsizing its workforce]( to improve operational flexibility and reduce costs. This followed adjustments to senior management positions earlier in the year to align with a new organizational structure. Cell C's customer base also witnessed a sharp decline, shrinking from approximately 2,600 in June 2022 to just 900 by September 2023. This represents a staggering 36% decrease in just 15 months. In a bid to address its financial challenges, last year Cell C streamlined its operations by letting go of its costly radio access network—an expensive part of a telecoms network that connects end users— outsourcing it to Vodacom and MTN. Blue Label Telecoms, Cell C's largest shareholder also made capital injection into the company, to keep the company afloat. Now, the shareholder wants more and is eying a potential acquisition. Blue Label [intends to increase]( its shares by 4.04% in the telecom which would bring its total stake in the company to 53.54%. Crypto Tracker //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqhY04wDXGi6QZid7E-ArqeKcoSV_hpc7qinuYMDgHkE9jmKSOTQN75WTI5Rqfn7qcjPBO9m9MOOSV7rAjKFJAp8NX8XbRKUVhrIhcKZNpwKl5CMnuBNfHwn76rtqkMQB2UIX0o0Wp8FSV9unbb5L6W83Oj_4QI3O4CFz2Pa_JgYkT3hDz333QqJO4cgFJJ-QDba9dMbSTly_FpdHRoMSAtYvURb1FQqVQq-elhflmlmkQ/446/5PS4b4adQSCXs0hUYHDJ2g/h48/io17iHm7HsfWE9YTkvcO2fc6CpvlllIhuG_1eUJMn_g The World Wide Web3 Source: [OneLiquidity logo] Coin Name Current Value Day Month Bitcoin $51,493 - 0.12% + 23.04% Ether $3,101 + 2.84% + 36.36% COTI $70.22 + 3.28% + 117.71% Worldcoin $9.01 + 0.37% + 273.07% * Data as of 05:40 AM WAT, Febraury 26, 2024. [OneLiquidity GIF]( Experience the best rates and enjoy swift 6-24hrs delivery times. Elevate your business with OneLiquidity–[get started today](. Job openingss //link.mail.beehiiv.com/ss/c/_p8mO7pBiG6zFvckPDjzaZkxNnUja96KSCTzHXx2gCinQbxw_qdxxuopG-d0baJxAdN5L7OHU5ZQxpp-wRCFTTl1JvJ3F5nCZ871T1mivqiwZQbjDFgF12BnOzfMaWsaZdj8SkHComkzi11kaViqho7FghHyMzxItkuEImjwCata8TXw047-kweBN9bQ2EUEKSnIKBmExzTP443kphEoXvQGjOgP1HpXRjifNVJnII8yRqyH4gIcJZpYWHvdYwL1ftY82LAIL2kgOBnnN5i_hA/446/5PS4b4adQSCXs0hUYHDJ2g/h53/Tqqo4oLRXM5mt-zdD8besh6VAokGaP6UqivB42xs1HY - Big Cabal Media - [Social Media Intern](, [Senior Events Associate]( - Lagos, Nigeria - Adeo - [Marketing Personnel]( - Ghana (Remote) - Flutterwave - [Frontend Engineer](- Nigeria - Credpal - [Mobile App Developer]( - Lagos, Nigeria - Vodacom - [Executive Head: Cybersecurity]( - South Africa (On-site) - MRI Software -[Data Analyst]( - South Africa (Hybrid) - Fairmoney - [Lead Product Designer]( - 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](. What else is happening in tech? - [Kippa users demand access to data as the fintech quietly pivots]( - [Build real businesses, VCs tell founders at Techstars Demo Day]( - [South African shops accuse Shein and Temu of dodging tax]( - [Kenya leads global interest in Worldcoin despite ban]( Written by: [Mariam Muhammad]( & [Faith Omoniyi]( Edited by: [Timi Odueso]( Want more of TechCabal? Sign up for our insightful newsletters on the business and economy of tech in Africa. - [The Next Wave](: futuristic analysis of the business of tech in Africa. - [Entering Tech](: tech career insights and opportunities in your inbox every Wednesday at 3 PM WAT. - [In a Giffy](: business decisions powered by data-driven insights and analysis you can trust. - [TC Scoops](: breaking news from TechCabal P:S If you’re often missing TC Daily in your inbox, check your Promotions folder and move any edition of TC Daily from “Promotions” to your “Main” or “Primary” folder and TC Daily will always come to you. 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