⚖️ CAC Issues 3-Month Ultimatum to Delisted BDCs

Today’s Menu ☕️

⚖️ CAC Issues 3-Month Ultimatum to Delisted BDCs to Avoid Dissolution
🔘 Galaxy Ring: The Ultimate Wearable for a Healthier, Smarter You
🤖 Bolt South Africa Enhances Safety with New Rider Profile Photo Feature
💵 Six Promising African Startups Selected as Finalists for the ‘Meet the Tôshikas’ Investment Readiness Program”

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⚖️ REGULATION

CAC Issues 3-Month Ultimatum to Delisted BDCs to Avoid Dissolution

The Corporate Affairs Commission (CAC) of Nigeria, in a move to enforce regulatory compliance and maintain financial sector stability, has issued a stern warning to 4,173 Bureau De Change (BDC) companies whose operating licenses were revoked by the Central Bank of Nigeria (CBN). The ultimatum, delivered in a public notice on Wednesday, mandates these BDC firms to rebrand and change their registered names within three months, or face dire consequences.

Failure to comply with this directive, the CAC declared, will result in the cancellation of their certificates of incorporation and the subsequent dissolution of the companies. This decisive action highlights the government’s resolve to uphold regulatory standards and combat illicit financial activities within the foreign exchange market.

The CBN’s decision to revoke the licenses of these BDC operators earlier this year was attributed to their non-compliance with various regulatory guidelines, including failures to renew licenses within stipulated timeframes, submit accurate returns, and adhere to anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) regulations..…....continue reading

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🔘 DEVICES

Galaxy Ring: The Ultimate Wearable for a Healthier, Smarter You

Samsung's highly anticipated Unpacked event took place in Paris, France, on Wednesday, and it did not disappoint. Among the exciting announcements, one product stole the show: the Galaxy Ring. This innovative wearable device marks a significant departure from traditional smartwatches, offering a sleek and compact design that packs a punch.

The Galaxy Ring boasts a lightweight and stylish design, available in two colors: Silver and White. This wearable device prioritizes sleep tracking, heart health monitoring, and overall wellness insights, seamlessly integrating with Samsung Health. Users can access personalized recommendations based on their collected data, making it an invaluable tool for those seeking to improve their health and wellbeing

Preorders for the Galaxy Ring are currently open on Samsung’s website, with shipping starting on July 24, 2024. Please note that the Galaxy Ring can only be purchased in the United Kingdom, Germany, and France. The price tag for this innovative wearable is set at $399, placing it firmly in the premium wearable category.…....continue reading

🚗 RIDE-HAILING SERVICE

Bolt South Africa Enhances Safety with New Rider Profile Photo Feature

Bolt South Africa has taken a significant step towards improving safety for its driver-partners by introducing a rider profile feature. This new feature allows riders to add a photo of themselves to their Bolt profile, which aims to ensure safer and more secure rides for both drivers and passengers.

With the introduction of the rider profile photo feature, drivers can now view the rider’s photo during pick-up and throughout the trip. This additional identification step is crucial for ensuring that drivers pick up the correct person, thereby enhancing safety measures. In cases where incidents occur, this feature also helps in holding riders accountable for their actions. ...…....continue reading

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🧑🏽‍💻 STARTUPs

Six Promising African Startups Selected as Finalists for the ‘Meet the Tôshikas’ Investment Readiness Program”

The “Meet the Tôshikas” initiative has recognized six African technology startups as finalists in a program that aims to immerse Japanese investors in the vibrant startup ecosystems of Africa, while also guiding the selected African startups on a journey to become investment-ready.

This program is an endeavor of the United Nations Development Programme (UNDP), facilitated through its Africa Sustainable Finance Hub (ASFH) and supported by Japan’s Ministry of Economy, Trade and Industry (METI). The program’s primary objective is to attract Japanese venture capital interest to the African continent. The inaugural edition of “Meet the Tôshikas” will be hosted in three African countries: Zambia, Angola, and South Africa, with the UNDP collaborating with Double Feather Partners to design and implement the program.

Initially, 30 startups—10 from each participating country—were chosen to engage in intensive bootcamps. From this group, six startups—two from each country—have been selected to participate in a bespoke three-month program tailored to enhance their investment readiness. In addition to receiving hands-on support, these startups will each be awarded a catalytic grant of US$20,000 and will have the opportunity to showcase their businesses during a one-week investor roadshow in Tokyo....…....continue reading

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