FG, CBN deny plans to convert $30bn dom deposits to naira 💵 | Amazon unveils Rufus 🛒

In today’s menu 🥘

💵 FG, CBN deny plans to convert $30 billion domiciliary deposits to Naira
🤖 Amazon unveils Rufus, an AI-powered shopping assistant
📲 Safaricom discontinues M-PESA transactions to unregistered individuals
👨🏻‍💻 Opportunities

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

💵 REGULATION

FG, CBN deny plans to convert $30 billion domiciliary deposits to Naira

The Federal Government and the Central Bank of Nigeria (CBN) have denied that there are plans to convert $30 billion domiciliary deposits to naira.

This is a reaction to reports that the Federal Government and the apex bank were considering converting domiciliary accounts to naira as part of measures to solve the foreign exchange (forex) crisis and stop the crash of the Naira.

This disclosure is contained in a statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on Saturday, where he said there was no iota of truth in the report, dismissing it as falsehood.......….continue reading

📲 FINTECH

Safaricom discontinues M-PESA transactions to unregistered individuals

Safaricom, the premier telecom provider in Kenya, has announced a policy change preventing M-PESA users from sending money to unregistered individuals. This shift impacts not only the users of M-PESA, Safaricom’s mobile money service, but also those utilizing Airtel Money and T-Kash, which is run by Telkom, Kenya’s third-largest operator.

Until now, M-PESA had permitted its customers to transfer money to unregistered Safaricom customers. Those without M-PESA registered accounts are deemed as unregistered.

While the rationale behind the change hasn’t been explicitly stated by M-PESA, it’s speculated to be a security measure as unregistered SIM cards can be used to move mobile money in an untraceable manner......continue reading

🤖 ARTIFICIAL INTELLIGENCE

Amazon unveils Rufus, an AI-powered shopping assistant

Last week, Amazon announced the launch of Rufus, a new AI-powered assistant designed to enhance shoppers’ buying experience. Rufus enables users to search for products and ask questions in a conversational manner, such as “What are the differences between trail and road-running shoes?” or “Compare drip and pour-over coffee makers.”

Amazon touted Rufus as significantly improving how conveniently customers can find and choose the most suitable products for their needs. The AI assistant draws upon Amazon’s product catalog, customer reviews, Q&As, and other online information to answer queries.

Presently, Rufus is being tested among a small group in the U.S., but Amazon plans to extend the tool to users across the U.S. in the ensuing weeks....⁠..….continue reading

OTHER STORIES

• Fintech behemoth Flutterwave successfully regains access to $3 million in Kenya….read more

• Starlink’s satellite internet application gets turned down in Botswana……read more

🚀 OPPORTUNITIES

• The Tony Elumelu Foundation (TEF) is calling on all aspiring African entrepreneurs seeking to turn their business dreams into reality to apply to the TEF Entrepreneurship Programme (TEF2024), for the opportunity to receive a non-returnable seed capital of $5,000. Application deadline: 1 March 2024 Click here to apply.

• The Federal Government through the Ministry of Communications, Innovation and Digital Economy, has opened applications for Nigerian girls to participate in its new initiative called the National Girls in ICT Competition. Application deadline: 18 February 2024. Click here to apply.

• Safaricom, M-PESA Africa and Sumitomo Corporation calls for tech startups looking to join the Spark Accelerator program, which aims at accelerating early stage startups to grow and scale their businesses. Application deadline: 16 February 2024 . Click here to apply

• Norrsken22 invites African startups to apply for its $125k Accelerator Program. Interested entrepreneurs can apply here.

• Cohort 2 of the Visa Accelerator Program is now open for applications. Click here to apply. Application deadline: February 18, 2024

• CcHUB is currently accepting applications from EdTech companies interested in becoming members of its 2024 cohort. Click here to apply. Application Deadline: 17th February, 2024

• Application open for the MEST Training Program. The MEST Training Program is a one year, fully sponsored, graduate-level program in tech entrepreneurship. Click here to apply. Application Deadline: 18th March 2024