CBN Issues 30-Day Ultimatum for PSPs to Comply with New PoS Rules

Today’s Menu ☕️

💵 CBN Issues 30-Day Ultimatum for PSPs to Comply with New PoS Rules
🦻🏼FDA Approves Apple AirPods Pro as Over-The-Counter Hearing Aids
🚙 Uber-backed Nigerian startup Moove eyes U.S. market for expansion
💸 You can now send money to loved ones in Malawi using Send App by Flutterwave
🪙 Zimbabwe embarks on crafting its first cryptocurrency regulations

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💵 PAYMENTS

CBN Issues 30-Day Ultimatum for PSPs to Comply with New PoS Rules

The Central Bank of Nigeria (CBN) has introduced new regulations for Payment Service Providers (PSPs) to improve the monitoring and routing of Point of Sale (PoS) transactions across Nigeria. This directive, issued on September 11, 2024, is part of the CBN’s broader efforts to strengthen Nigeria’s electronic payments system and diversify the Payment Terminal Service Aggregator (PTSA) structure.

In the newly released circular, signed by Oladimeji Yisa Taiwo of the CBN’s Payments System Management Department, all PoS transactions from merchant and agent locations must now be routed through any CBN-licensed PTSA. This includes transactions from both physical and electronic PoS terminals. The change aims to decentralize PoS transaction routing and reduce the reliance on a single aggregator for managing such transactions, thereby promoting competition and improving operational efficiency.……..continue reading

🦻🏼HEALTHTECH

FDA Approves Apple AirPods Pro as Over-The-Counter Hearing Aids

Just a few days after Apple introduced the Innovative Hearing Aid Capabilities of the Airpods Pro, the U.S. Food and Drug Administration (FDA) has authorized Apple’s Hearing Aid Feature (HAF) as the first over-the-counter (OTC) hearing aid software device. This development allows the second-generation AirPods Pro to function as hearing aids for individuals with mild to moderate hearing loss, making advanced hearing support more accessible to a wider population.

The FDA’s approval marks a significant step in healthcare innovation, leveraging a widely used consumer product to address a prevalent health concern. The Hearing Aid Feature (HAF) will enable compatible versions of the AirPods Pro to amplify sounds and improve hearing for individuals aged 18 and older. By allowing the AirPods Pro to serve as clinical-grade hearing aids, Apple not only broadens the functionality of its popular earbuds but also reduces the stigma and costs associated with traditional hearing aids...…....continue reading

💸 REMITTANCES

You can now send money to loved ones in Malawi using Send App by Flutterwave

Flutterwave, a leading African payment technology company, has announced the official launch of its remittance platform, Send App, in Malawi. The service is designed to provide faster, easier, and more affordable cross-border money transfers, offering a vital solution for Malawians both at home and abroad.

With Send App, users can receive money on mobile apps and web platforms, making it accessible to a wide range of customer segments in the country. The app offers favorable exchange rates, round-the-clock in-app support, and access to a dedicated customer service team. Send App is built on Flutterwave’s robust security infrastructure, ensuring that customer data and funds are protected by the same high global standards used for businesses served by the company.

Flutterwave’s move into the Malawian market comes after obtaining the International Money Transfer Operators (IMTO) license from the Reserve Bank of Malawi. This license enables Flutterwave to expand its services, allowing individuals in the Malawian diaspora—particularly in the UK, US, and Europe—to send money seamlessly to any bank in Malawi through the Send App..…....continue reading

🪙 CRYPTOCURRENCY

Zimbabwe embarks on crafting its first cryptocurrency regulations

Zimbabwe is taking a pivotal step towards embracing cryptocurrency by working on its inaugural set of crypto regulations, marking a notable shift from the Reserve Bank of Zimbabwe’s (RBZ) 2018 decision to prohibit banks from engaging in cryptocurrency transactions.

In a move to establish a regulatory framework for the crypto industry, the government’s National Risk Assessment Coordination Committee (NRACC) initiated consultations with key stakeholders in the crypto community in May 2024. These discussions, aimed at shaping the future of cryptocurrency regulation in Zimbabwe, concluded in June.

The anticipated regulations, which could potentially include the issuance of licenses to crypto exchanges, are seen as a means to legitimize the burgeoning industry.

In response to the government’s initiative, individuals with knowledge of the situation have revealed that crypto entities have been encouraged to form advocacy groups. This strategy is aimed at facilitating direct communication with regulators, thereby simplifying the process of developing scalable products within a legal framework, as opposed to circumventing existing laws due to the absence of supportive regulations..……continue reading

🚙 ELECTRIC VEHICLES

Innoson debuts its first electric vehicle manufactured in Nigeria

Innoson Vehicle Manufacturing Company (IVM), a Nigerian automobile manufacturer, has recently made headlines by introducing its inaugural electric vehicle (EV) at its production facility in Nnewi, Anambra State. The announcement was made public by Cornel Osigwe, who holds the position of Head of Communications and Corporate Affairs at Innoson. Osigwe excitedly shared his experience of test-driving the vehicle through a Facebook post, stating, “I just test drove the first Innoson electric vehicle produced in Nnewi. We are just starting.”

The revelation comes ten months after the company had vocalized its ambition to enhance the production of indigenous vehicles and had hinted at the establishment of an EV manufacturing plant. Osigwe, in a video, showcased himself test-driving the EV, marking a significant milestone for the company. Previously, Innoson’s Chairman, Innocent Ifediaso Chukwuma, had been reported to have finalized the groundwork for creating an electric vehicle production hub...…...continue reading

OTHER STORIES

• Uber-backed Nigerian startup Moove eyes U.S. market for expansion…..read more

• TLcom Capital to Host Sixth Annual Summit for Female Tech Founders in Nairobi……read more

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