CBN stops dollar cash payments for PTA, BTA 🏦 | OpenAI introduces Sora, its text-to-video AI model 🤖

In today’s menu 🥘

🏦 CBN stops dollar cash payments for PTA, BTA
🤖 OpenAI introduces Sora, its text-to-video AI model
💰 Moove secures $10 million in funding for expansion in India
💉The World Bank commits $120 million to support construction of Kenya’s first vaccine production facility

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

🏦 REGULATION

CBN stops dollar cash payments for PTA, BTA

The Central Bank of Nigeria (CBN) has introduced a significant policy shift, instructing authorized dealer banks to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash. Instead, these travel allowances must now be processed through electronic channels, which include debit or credit cards.

This directive, spearheaded by Dr. Hassan Mahmud, the Director of the Trade and Exchange Department, aims to enhance transparency and stability in the foreign exchange market while addressing forex malpractices.

The new policy reflects the CBN’s dedication to enforcing compliance and embracing electronic means for accessing travel allowances. This marks a pivotal shift in how foreign currency transactions are managed for travel purposes..........continue reading

TRAININGS
Powered by Tenth Code Media Limited

Tenth Code Media presents a diverse array of cutting-edge training courses, each meticulously crafted to propel you toward success in your chosen field. Dive into the realms of technology, business, and personal development with our learner-centric platform.

Whether you're a seasoned professional seeking to upskill or a newcomer eager to explore new horizons, our courses cater to all levels of expertise. Our industry experts and seasoned educators curate content that seamlessly blends theory with real-world applications, ensuring an engaging and practical learning experience.

Embrace innovation, interactive methodologies, and embark on a journey of continuous learning and professional growth with Tenth Code Media.

Discounts available
- Enjoy 8% discount if your register and pay before 5th of March, 2024
- Corporate discount of 5% exist for more than 4 participants

Current Trainings Available include:

1. New Product Development & Management Fundamentals - Physical Class Start Date - April 10, 2024; Virtual Start Date - April 20, 2024. 👉🏽 Register Now

2. Product Design Fundamentals. Virtual. Start Date - April 6, 2024. 👉🏽Register Now

3. Product Marketing Fundamentals. Virtual. Start Date - April 6, 2024. 👉🏽 Register Now

4. Data Analytics Fundamentals. Virtual. Start Date - 13th April, 2024 👉🏽 Register Now

5. Project Management Professional (PMP) Certification. Virtual. Start Date - 4th May, 2024 👉🏽 Register Now

6. Disciplined Agile Scrum Master Certification. Virtual. Start Date - March 30, 2024 👉🏽 Register Now

🤖 ARTIFICIAL INTELLIGENCE

OpenAI introduces Sora, its text-to-video AI model

OpenAI has just introduced Sora, its text-to-video AI model to rival the likes of Midjourney, Runway, Pika and even Google’s Lumiere figures.

According the AI company, “Sora can generate videos up to a minute long while maintaining visual quality and adherence to the user’s prompt.” Possessing a profound comprehension of language, Sora adeptly interprets prompts and crafts engaging characters that vividly convey a range of emotions. Additionally, it has the capability to generate multiple scenes within a single video, ensuring the faithful persistence of characters and visual style.

Currently, Sora is only available to “red teamers” for evaluating crucial domains for potential harms or risks. Additionally, OpenAI is providing access to a variety of visual artists, designers, and filmmakers to gather insights on enhancing the model for optimal assistance to creative professionals......continue reading

Jetstream Africa launches an AI platform tailored for African businesses

Jetstream Africa, a digital freight forwarding company based in Ghana, has unveiled an innovative platform called Jetvision.ai that harnesses artificial intelligence. This platform aims to heighten cross-border trade across Africa. This latest development enables local banks to employ Jetvision.ai in offering trade finance products to businesses that are considered financially reliable. This trade finance product offering will initially be available in the West Africa region and will progressively be expanded to other areas…..continue reading

💰 INVESTMENTS

Moove secures $10 million in funding for expansion in India

African vehicle financing startup, Moove, has secured $10 million in debt funding from sector-agnostic venture debt fund, Stride Ventures. Having entered the Indian market in 2023, the funding aims to solidify Moove’s presence there and extend its operations to new cities, including Delhi, Pune, and Kolkata. Currently, the company operates in Bengaluru, Mumbai, and Hyderabad.

Moove reveals that most of its vehicles in India are registered with Uber, and the cars it has financed have completed more than 30 million trips on the ride-sharing platform. The firm aims to expand its fleet to over 5,000 cars to boost its presence in India.......continue reading

SocialCrowd Raises $1.6m in Pre-Seed Funding for Innovative Performance Management SaaS Platform

Performance management startup SocialCrowd has secured $1.6 million in a pre-seed funding round led by Bread and Butter Ventures. Launched in 2020, SocialCrowd offers a Software as a Service (SaaS) platform that enables companies to set and track employee performance goals while providing rewards for achievements. Raphael Akinsipe, co-founder of SocialCrowd, described the platform as akin to Fitbit but tailored for the workplace…..continue reading

OTHER STORIES

• South African fintech company, iKhokha, distributes $105 million to SMEs…..read more

• Uganda plans to incorporate iris biometrics in national IDs to boost security and verification measures…..read more

• Jumia managed to cut its operational losses in Q4 achieving profitability still remains a challenge.….read more

• Firstmonie is leading the bank-led agency banking sector with transactions amounting to ₦1.1 trillion.…read more

• The World Bank commits $120 million to support construction of Kenya’s first vaccine production facility….read more