CBN Sets ₦100,000 Daily Cash-Out Limit

Today’s Menu ☕️

💵 CBN Sets ₦100,000 Daily Cash-Out Limit to streamline agency banking
🏦 Ethiopia Lifts Banking Restrictions, Approves Foreign Bank Entry to Boost Economy & Financial Sector
🤖 ChatGPT Now Available by Phone and WhatsApp: Expanding Access to AI Conversations
🏙️ Kenya Partners with Private Sector for Massive 100,000km Fiber Optic Project

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💵 BANKING

CBN Sets ₦100,000 Daily Cash-Out Limit to streamline agency banking

The Central Bank of Nigeria (CBN) has unveiled new policy directives aimed at enhancing Nigeria’s cashless economy by regulating cash-out transactions conducted by Point of Sale (POS) agents. Effective immediately, the policy sets clear limits on daily and weekly withdrawals to streamline agency banking operations, reduce fraud, and promote electronic payment adoption.

Signed by Oladimeji Yisa Taiwo for the Director of the Payments System Management Department, the directive establishes a ₦100,000 daily cash-out limit per customer. Additionally, each POS agent is restricted to a ₦1,200,000 cumulative daily limit for all cash-out transactions. Weekly cash withdrawals for individual customers are capped at ₦500,000 across all banking channels.

These measures reflect the CBN’s ongoing drive to create a more secure, transparent, and efficient financial ecosystem. With POS services becoming a cornerstone of financial access for millions of Nigerians, the central bank aims to address operational inconsistencies and mitigate fraudulent practices that have plagued the sector....……continue reading

🏦 BANKING

Ethiopia Lifts Banking Restrictions, Approves Foreign Bank Entry to Boost Economy & Financial Sector

Ethiopia’s parliament has enacted a law permitting foreign banks to operate within its borders, marking a significant shift in the nation’s economic landscape. This legislation, passed on December 17, 2024, is a cornerstone of Prime Minister Abiy Ahmed’s broader strategy to liberalise Ethiopia’s economy and attract foreign investment.

The legislation outlines several avenues for foreign banks to enter the Ethiopian market:

• Establishing Subsidiaries: Foreign banks can set up fully or partially owned subsidiaries.

• Opening Branches or Representative Offices: This allows for direct banking operations within the country.

• Acquiring Stakes in Local Banks: Foreign entities can purchase shares in existing Ethiopian banks, with foreign ownership capped at 40%.

Additionally, the law mandates that foreign nationals and foreign-owned Ethiopian organisations cannot collectively own more than 49% of a local bank’s subscribed shares, ensuring that a minimum of 51% remains under Ethiopian ownership....……continue reading

🤖 ARTIFICIAL INTELLIGENCE

ChatGPT Now Available by Phone and WhatsApp: Expanding Access to AI Conversations

OpenAI has expanded access to its AI language model, ChatGPT, by introducing new features that allow users to interact via phone calls and WhatsApp messaging. Currently available only in the United States, this initiative aims to make ChatGPT more accessible, especially to those who may not have access to traditional internet-based platforms.

As part of its “ship-mas” campaign, OpenAI has launched a toll-free phone service, enabling users to call ChatGPT at 1-800-CHATGPT (1-800-242-8478). This service offers up to 15 minutes of free interaction per month, providing a convenient way for individuals to engage with AI technology without the need for internet access. The phone service utilizes OpenAI’s Realtime API, ensuring real-time responses to user queries.

In addition to the phone service, OpenAI has integrated ChatGPT with WhatsApp, allowing users to communicate with the AI model through the popular messaging platform. This integration leverages GPT-4o mini via the WhatsApp API, enabling users to send messages and receive responses directly within WhatsApp. This feature is particularly beneficial for users who prefer using messaging apps over traditional web interfaces...……continue reading

🧬 INFRASTRUCTURE

Kenya Partners with Private Sector for Massive 100,000km Fiber Optic Project

Kenya’s digital transformation received a significant boost as the government announced plans to deploy 52,000 kilometers of fiber optic cable nationwide. This initiative, unveiled by Eng. John Kipchumba Tanui, Permanent Secretary of the State Department of ICT and Digital Economy, is part of a broader strategy under the Kenya Digital Economy Acceleration Project (KDEAP) to enhance connectivity and drive socio-economic growth. Complementing the government’s efforts, the private sector is expected to contribute an additional 48,000 kilometers, pushing the total deployment to an unprecedented 100,000 kilometers.

The “private sector” in this context refers to ICT companies, internet service providers, and telecommunications firms operating in Kenya that are expected to play a significant role in funding and deploying the additional 48,000 kilometers of fiber. Key players in Kenya’s private sector include Safaricom, Telkom Kenya, Liquid Intelligent Technologies, and Wananchi Group, among others. These organisations are anticipated to collaborate with the government to expand broadband infrastructure, aligning with national objectives outlined in the Kenya Digital Economy Acceleration Project (KDEAP)...……continue reading

OTHER STORIES

• Nigeria to launch the recently introduced contactless renewal of international passports in four states of the federation in January 2025.……read more

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