🪙 Nigeria Launches Stablecoin, cNGN

Today’s Menu ☕️

🪙 Nigeria Launches First Fully Compliant Stablecoin, cNGN, to Boost Digital Finance
💰P1 Ventures achieves final close on its inaugural $50 million institutional fund
🪙 Central African Republic Launches $CAR Meme Coin: A Bold Experiment or Risky Gamble?
😔 Bento temporarily suspends operations after rehiring staff to address backlog
💰ToumAI raises €1 million in pre-seed funding to enhance global customer experience

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🪙 CRYPTOCURRENCY

Nigeria Launches First Fully Compliant Stablecoin, cNGN, to Boost Digital Finance

Nigeria has officially launched its first fully compliant stablecoin, cNGN, marking a significant advancement in the country’s digital finance landscape. Developed by the Africa Stablecoin Consortium—a coalition of Nigerian financial institutions, fintech firms, and blockchain experts—the cNGN stablecoin is pegged 1:1 to the Nigerian Naira and aims to bridge traditional finance with blockchain technology in a regulated manner.

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have both approved cNGN, ensuring that the digital currency meets the country’s financial regulatory requirements. Unlike other cryptocurrencies, cNGN is backed by real assets and operates within a regulated financial framework, offering Nigerians a secure, transparent, and efficient alternative for transactions.

The stablecoin is currently available on licensed Nigerian digital asset exchanges, including Busha and Quidax, making it accessible to businesses and individuals. By providing a stable digital currency, cNGN aims to facilitate smoother remittances, e-commerce transactions, and investment opportunities while promoting greater financial inclusion.......…continue reading

TRAINING FROM TENTH CODE MEDIA

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💰 FUNDING

P1 Ventures achieves final close on its inaugural $50 million institutional fund

P1 Ventures, an early-stage venture capital firm, has successfully closed its inaugural institutional fund, raising an impressive $50 million dedicated to investing in promising technology startups throughout Africa. Co-founded by Mikael Hajjar and Hisham Halbouny, P1 Ventures distinguishes itself as a contrarian VC firm with a mission to empower early-stage tech entrepreneurs through not only strategic funding but also comprehensive mentorship.

The firm’s approach is designed to nurture innovative ideas and help founders navigate the complexities of building successful businesses. With a robust portfolio that now includes 34 companies across 10 countries, P1 Ventures has garnered investment from a diverse array of backers. This includes notable African conglomerates, family offices, global venture capital partners, and the International Finance Corporation (IFC), reflecting a strong belief in the potential of African technology ventures.........…continue reading

🪙 CRYPTOCURRENCY

Central African Republic Launches $CAR Meme Coin: A Bold Experiment or Risky Gamble?

The Central African Republic (CAR) has ventured into the cryptocurrency landscape by launching its own meme coin, dubbed $CAR. President Faustin-Archange Touadéra announced this initiative, describing it as an experiment to demonstrate how a simple meme can unite people, support national development, and elevate the country’s global presence.

This move comes nearly three years after CAR became the first African nation, and the second globally after El Salvador, to adopt Bitcoin as legal tender. Despite its rich reserves of gold and diamonds, the nation remains deeply impoverished and has faced ongoing rebel violence for years.......…continue reading

😔 OPERATIONS

Bento temporarily suspends operations after rehiring staff to address backlog

Nigerian HR tech firm Bento has temporarily ceased operations amid allegations of tax and pension irregularities. This follows the resignation of CEO Ebun Okubanjo and the layoff of the engineering team after protests over unpaid January salaries.

In an email to stakeholders, the company’s board stated, “We will proceed to temporarily shut down operations to bring stability back to the company.” They emphasized the importance of clients refraining from funding their payroll positions during this period, expressing confidence in the eventual restoration of normalcy.

The situation escalated in January when Bento laid off its 10-person tech team after employees refused to continue working until they received their overdue January salaries. Despite Okubanjo resigning on January 30, he informed employees the following day that salaries would be “strategically delayed” to prioritize the processing of client payroll. In response to the financial difficulties, Bento employees collectively agreed to halt operations until their salaries were paid........…continue reading

💰FUNDING

ToumAI raises €1 million in pre-seed funding to enhance global customer experience

Morocco-based ToumAI, an innovative company specializing in artificial intelligence technology, has successfully secured EUR 1 million (approximately US$ 1 million) in pre-seed funding. This investment will significantly support its mission to provide personalized, adaptive, and sustainable customer experience (CX) solutions on a global scale.

ToumAI is revolutionizing the customer experience landscape by tackling the complexities associated with multilingual communication, cultural nuances, generational preferences, and emotional intricacies. The company’s AI-first solutions, part of its HolistiCX suite, utilize a distinctive Compound AI architecture that optimizes performance while maintaining minimal computational demands....…continue reading

OPPORTUNITIES

• Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading

• Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

• Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading

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