CBN to Enforce 0.005% Cybercrime Levy on E-Transactions

Today’s Menu ☕️

🧑🏽‍💻 CBN to Maintain 0.005% Cybercrime Levy on Electronic Transactions Amid Controversy
📱YouTube Hype: Empowering Emerging Channels to Grow and Connect
🧱 EMURGO joins forces with Antler’s Ibex to accelerate Web3 innovation and fintech expansion
💰Egyptian B2B Payment Platform SETTLE Raises $2 Million to Drive Digital Transformation
📱Instagram Introduces Teen Accounts: A Safer Experience for Teens with Parental Guidance

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🧑🏽‍💻 SOCIAL MEDIA

CBN to Maintain 0.005% Cybercrime Levy on Electronic Transactions Amid Controversy

The Central Bank of Nigeria (CBN) has reaffirmed its stance on enforcing the controversial 0.005% cybercrime levy on electronic transactions as outlined in its recently released 2024-2025 fiscal policy guidelines. This decision aims to strengthen Nigeria’s cybersecurity infrastructure, though it continues to generate heated debate among Nigerians.

According to the regulatory body, “the CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”vv

It would seem that, in an effort to address public concerns, the CBN has reduced the levy from 0.5% to 0.005%. This is obviously a significant change from the rate initially proposed in May 2024. Despite this reduction, the levy remains contentious as it directly impacts all electronic transactions processed by banks and financial institutions in the country.…....continue reading

📱SOCIAL MEDIA

YouTube Hype: Empowering Emerging Channels to Grow and Connect

YouTube has introduced a new feature called Hype, designed to help emerging creators gain traction by connecting them with new audiences. For videos released within the last 7 days from creators with under 500,000 subscribers, users can now “hype” them, taking support beyond just likes and shares.

The more hype a video receives, the higher it climbs on a new weekly leaderboard, featuring the top 100 hyped videos. This platform is changing how viewers interact with content, providing both fans and creators with exciting new opportunities..…....continue reading

🧱 BLOCKCHAIN

EMURGO joins forces with Antler’s Ibex to accelerate Web3 innovation and fintech expansion

EMURGO, a trailblazer in blockchain technology and a key founding entity of the Cardano blockchain, has forged a strategic partnership with Ibex, the corporate innovation division of Antler, a globally recognized early-stage investment firm. This collaboration is aimed at propelling Web3 innovation and accelerating fintech development, with a particular focus on the African continent.

Ibex emerges as Antler’s latest venture, crafted as a specialized innovation and investment hub. Its mission is to revolutionize how corporations engage with technological advancements by cultivating synergies with burgeoning startups..…....continue reading

💰 FUNDING

Egyptian B2B Payment Platform SETTLE Raises $2 Million to Drive Digital Transformation

SETTLE, an Egypt-based B2B payment platform, has raised $2 million in a pre-seed funding round led by Shorooq Partners, with additional support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This investment will accelerate SETTLE’s expansion into global markets and enhance its platform to help CFOs and business owners make data-driven financial decisions in real-time.

Currently in its pre-launch phase, SETTLE has processed over E£50 million in transactions during testing across various sectors, including construction, energy, and contracting. Founded in 2023 by Mostafa Mobarak and Kamil Sayour, the platform aims to simplify financial operations for businesses, streamlining payments and providing real-time cash flow insights.

The new funding will support SETTLE’s efforts to revolutionize B2B payments in Egypt, a market that has been slower to adopt digital financial solutions compared to the B2C sector. The platform’s vision is to provide a fully digital and automated approach to B2B payments, offering businesses an efficient way to manage their finances.…....continue reading

🪙 CRYPTOCURRENCY

Donald Trump rolls out new Crypto project – World Liberty Financial

On Monday, Former President Donald Trump announced his new cryptocurrency venture, World Liberty Financial, during a live-streamed interview on the social media platform X. However, the announcement came amid an unsettling backdrop: Trump’s first public remarks about an apparent assassination attempt against him that occurred just the previous day.

Although Trump did not delve into specific details about World Liberty Financial during the interview, the venture is expected to function as a borrowing and lending service focused on trading cryptocurrencies. Digital currencies like Bitcoin offer the promise of decentralized trading over the internet, bypassing traditional banking systems. Most exchanges charge fees for transactions, making this venture a potential game-changer in the financial landscape.…....continue reading

📱SOCIAL MEDIA

Instagram Introduces Teen Accounts: A Safer Experience for Teens with Parental Guidance

Instagram has launched a new initiative aimed at making social media safer and more positive for teenagers. The “Instagram Teen Accounts” are designed to offer a tailored experience for teens, guided by parents, with built-in protections that limit who can contact them and what content they can view. This move addresses ongoing concerns from parents about their teens’ safety and well-being in the online space.

Instagram recognizes that parents want their teens to connect and explore their interests safely without encountering inappropriate or harmful content. This reimagined experience includes stricter default settings and safeguards that provide parents with peace of mind. For teens, there’s an added bonus—a new feature that lets them select topics they want to explore more in their feeds, enhancing the fun and positivity of their online interactions......……continue reading

OTHER STORIES

• TymeBank secures $9.5 million investment as deposits surge by 59% and merchant credit advances……read more

• Autochek Kenya and Turaco collaborate to provide flexible payment options for motor insurance…..read more

• Nigerian fraud detection startup Regfyl secures $1.1 million for team expansion and compliance product development…..read more

• Sultan Ventures acquires Egypt’s Acasia Group, broadening its presence in the MENA Region..….read more

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