South Africa's new limits

Plus: Here's why Malawi's tech ecosystem deserves the spotlight.                                                                                                                                                                                                                                                                                                                                                                                                                 March 04, 2024 | [Read Online]( In partnership with Share this newsletter: //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h2/h001.nZpEoR-0dMNk4BaknW8hiWZRbJErHJ4cWH9GedIdHy0 [Lire en Français]( [اقرأ هذا باللغة العربية]( Good morning ☀️ Malawi's tech scene isn't perfect. It’s riddled with poor internet penetration at 24%, and complex regulations, but the country is still making this work. In fact, it’s one of the few African countries that’s actively working on a startup bill to help attract foreign investments. Here’s why Malawi's government is putting its money where its mouth is to [build a thriving tech hub](. In today's edition - [Nigeria suspends 4,000 BDCs](#Story1) - [Regulators in SA want new data rules](#Story2) - [South Africa’s business registry hacked](#Story3) - [Musk sues OpenAI](#Story4) - [The World Wide Web3](#WW3) - [Opportunities](#Opps) Regulation //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h8/h001.psSdFgLSOOIxHmaFcKChBCa7pxS6KlpTIRH-5m_I01Y Nigeria withdraws BDC operator licences BDC operators in Nigeria can’t catch a break just yet. Days after the Nigerian apex bank released a roaster of sweeping reforms against Bureau De Change operators in the country—which included setting a [$500 transaction cap on]( the purchase and sales of the dollar by cash, selling FX to qualified BDC, and [sending operators into hiding](—the apex bank isn’t finished just yet. Last week, the CBN [withdrew the licences]( of more than 4,000 BDCs, citing noncompliance with anti-money laundering and terrorism financing regulations, non-payment of required fees, and failure to render returns. The new reforms come days after the CBN [reversed its three-year ban]( on supplying FX to BDCs. Under the new guidelines, BDCs can only sell foreign currency to customers at a maximum markup of 1% on top of the price they paid the CBN. If this works, it could align the country’s official exchange rates with its black market rates. While the overarching aim of the multiple reforms is keeping the dollar at bay against the naira, the CBN says it hopes to “bring some sanity to an industry that arguably no longer serves the interests of those whom it was meant to protect.” 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. Regulation //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h17/h001.6Gylm6bmsxDbKN7N-O0LEPv_tCng_Cxefr7oUw57lwE ICASA proposes new rules for South Africa’s cellular networks Across social media, we've seen reports of internet users complaining about poor data plans. If it's not news about one network consuming more data than revealed, it's another network redefining what a 24-hour data plan means. The South African government wants to stop that, and it [proposed a rule in 2022,]( that says all data bundles must be valid for six months. However, concerns were raised by stakeholders regarding bundle expiry rules, out-of-bundle rates, and clarity on rollover and transfer provisions. Now, the Independent Communications Authority of South Africa (ICASA) has published [a revised draft amendment]( to its End-user and Subscriber Service Charter (EUSSC) Regulations, following concerns raised by stakeholders. The proposed amendments: Mobile network bundles will be used based on their expiration order, with those expiring earliest being utilised first. Unused data on medium-term—7-30 days—and long-term bundles—over 30 days— will roll over. Networks must also notify users at 50%, 80%, and 100% of their bundle usage. Additionally, mandatory mobile data rollovers for up to three months post-activation will be enforced, along with the validity period of bundles being extended if a network fault prevents use. Consumers can also transfer bundles between SIM cards on the same network. style="text-decoration: none; font-weight: 700 !important; font-style: normal !important; color:#14A673 !important;"Zoom out: The revised regulation is a positive development for South Africa's [45.34 million active internet users](, which includes approximately 26 million individuals utilising social media. It grants them greater autonomy over their data bundles. Cybersecurity //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h23/h001.B-_yeQMquOYuOziZW-uEVELvhgjqamcvzh3GKuqGk6g South Africa’s business registry, CIPC, hacked In South Africa, there's been a growing concern about cyberattacks on government entities. In 2020, the Ministry of Justice was hacked, and [R10 million ($536,000)]( was stolen from the Guardian’s Fund. In August 2023, the [Department of Defense]( was attacked in a cyber hack that leaked President Cyril Ramaphosa’s phone number. The trend isn’t dying down across the “[cybercrime hub of Africa]( The news: In the country’s latest hack, on February 29, 2024, the Companies and Intellectual Property Commission (CIPC), responsible for managing roughly 2.1 million active businesses and overseeing intellectual property rights, experienced a data breach compromising their personal information and that of their at least 500 employees. Although the full extent of the compromised data remains undisclosed, 2.6 million people are estimated to have been affected. What’s the CIPC doing about it? To prevent further damage, specific CIPC systems were immediately shut down, but it is still unknown the motive behind [the cyberattack]( and the responsible party. However, there are concerns regarding the exposure of sensitive information such as directors' and owners' details, as well as patent and trademark holders' data. Affected clients are urged to monitor credit card transactions closely and authorise only known and valid requests. 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](. AI //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h32/h001.0iuNi0DW43aRk-UnJR57uY_u-1UCMLXA67BZ2qhhsv8 Elon Musk in legal wrangle with OpenAI OpenAI, makers of ChatGPT, in 2015 started as a non-profit research company focused on developing safe and beneficial artificial intelligence. Its founders—Elon Musk, Sam Altman and Ilya Sutskever—launched the company with one goal in mind: to develop super-intelligence for the good of all. Fast forward to 2018, and Microsoft waltzes in [with a cool $1 billion](, a move that would alter the direction of the company. While the cash flow was sweet, it raised eyebrows, particularly from Elon Musk who raised concerns about the company’s impending profit motives. Musk would later leave the company’s board in 2018 due to these concerns. By 2023, months after the release of ChatGPT, OpenAI switched gears from its initial non-profit mission and began pursuing profitability. This got Musk more infuriated, making him increasingly critical of the company—and the dangers of AI and artificial general intelligence. Now, the billionaire [wants to settle the dispute]( in court. In the lawsuit, Musk pushes for two key actions: OpenAI must make all research and technology public, and for Altman to relinquish any profits gotten from claims of “unfair” business practices. Additionally, Musk is suing for breach of contract, breach of fiduciary duty, among others. The dispute is coming at a time when OpenAI is looking to raise new funds. Microsoft, which has invested about $13 billion in OpenAI, is also a spectator in this legal wrangle which is just one of the many suits against Open AI. Since the release of ChatGPT, several suits have been filed including one from The New York Times which claims OpenAI used several of its articles to build its chatbot. If his lawsuit against OpenAI succeeds, Elon Musk, a former investor in OpenAI, says he will donate the damages to charity which is likely as the billionaire donated [$5.74 billion in charity in 2021](. Accept fast in-person payments, at scale Deploy your in-person point-of-sale solution to hundreds of sales agents, in seconds. [Learn more →]( Crypto Tracker //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGENiBnMw13k66-yrDlLxWU9Xuply09L5vqOQCV7AghDv0MsFZW4E4OKc-slTLbapFkPXw68--Si-EirZbZLac5FyhdLmjIMHu1_zhLyfVvNGbOAvs4Z_6xEoEyX9DwYlgSwf8_n1KcWpMMMsd0deW5iu2ZhkfD8ArMiLqzrpaJqYQ2e6758Bg8yZurU0r4rR1XSTDgm8NDOcAWM10q8QFJRsztify5eVLm5c2PttFEo7uqK9joJdt9CohMmGUEGc4/44d/pfxlBP8STT6mFtJcZYZuag/h40/h001.4eGZwL6bxSM0nsXG0weP9x391c2D_SpCf7slEIrMO4M The World Wide Web3 Source: [OneLiquidity logo] Coin Name Current Value Day Month Bitcoin $63,214 + 1.96% + 46.50% Ether $3,482 + 2.12% + 51.32% Solana $131.25 + 1.62% + 31.21% MAGA $9.42 + 25.53% + 629.11% * Data as of 11:45 PM WAT, March 3, 2024. [OneLiquidity GIF]( Experience the best rates and enjoy swift 6-24hrs delivery times. Elevate your business with OneLiquidity–[get started today](. Opportunities //link.mail.beehiiv.com/ss/c/u001.3gD7PSbuofKNJf4aviiyABEwLaotY-cnTvL9XkLJeecz8HFi5aIcJRlOHNPACAGtlq5KbbmzlzCpN5GuBGOUoSMHEQdMvCCErcPqfkCTamGYF45Ewe1gZrbszU7pco_kkpAGqDQF5Zdr-UQ7Aiz6VYkHWvgGmNFwjc-mYOqTwLcvWE6Tmm4lP9D5yZaJ8E4m2czr5rmfPkNHq6e12QPbOQyYhQ9s9ZAOZgxc2KBKPXhOIUAtjF8U65od9KZnW2WH_tqKrNpa68jsfqkUbGHcndeBCasekBjhmN_oSn7dGGY/44d/pfxlBP8STT6mFtJcZYZuag/h45/h001.p5N5JBzyoyRY5Am8jt4RJGjf6b9UGk2xk-lPuAhepGk - The National Information Technology Development Agency (NITDA) and Tech4Dev have opened applications for the DigitalforAll Challenge 2.0. The program, which is divided into three categories: Young Learners (Ages 12-18); Youth Category (Ages 19-45); and Civil Servants, will reward winners and runners-up in each category with cash prizes. the winner from each category will receive ₦10 million cash, while the first runner-up will get a consolation prize of ₦7.5 million. The second runner-up for each of the categories will receive ₦5 million. [Apply here](. - Applications are now open for the 2024/2025 PTDF Overseas Postgraduate (Masters & PhD) Scholarship Scheme. The award includes the provision of flight tickets, payment of health insurance, payment of tuition and bench fees (where applicable), and the provision of allowances to meet the costs of accommodation and living expenses. [Apply by March 18.]( - The 2024 OWSD Early Career Women Scientists (ECWS) Fellowship Programme ($50,000 award) is open for application. The fellowship programme supports early-career women scientists to lead important research projects in those countries which have been identified as especially lacking in scientific and technological resources. [Apply by March 14.]( What else is happening in tech? - [How 2Africa Subsea Cable landing in Nigeria can propel regional ecosystem growth]( - [Nigeria fines Binance $10bn amidst investigation of crypto exchange]( - [How Filmmakers Mart is changing filmmaking in Africa by solving production problems]( Written by: [Mariam Muhammad]( & [Faith Omoniyi]( Edited by: [Timi Odueso]( Want more of TechCabal? 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