🏧 CBN Ends Free ATM Withdrawals for Other Banks' Customers

Today’s Menu ☕️

 🏧 CBN Ends Free ATM Withdrawals for Other Banks' Customers
📱New Year, New Rates: MTN Announces Price Increases for Data and SMS
💰Raenest secures $11 million in Series A funding, totaling $14.3 million raised
🤖 “No Thank You”: Sam Altman Dismisses Elon Musk’s $97.4 Billion Bid for OpenAI
🪙 Hurupay launches Africa’s first stablecoin-based virtual US dollar accounts for freelancers and remote workers
💰Affinity Africa secures $8 million in seed funding to expand financial products across Ghana

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🏧 PAYMENTS

CBN Ends Free ATM Withdrawals for Other Banks' Customers

In an impactful shift, the Central Bank of Nigeria (CBN) has announced the end of the three complimentary monthly withdrawals that customers enjoyed when using ATMs of different banks. This new policy, laid out in a circular dated February 10, 2025, mandates all banks and financial institutions to enforce fresh ATM withdrawal charges starting March 1, 2025.

From now on, every time you use another bank’s ATM, you can expect a fee! The CBN’s decision aims to encourage the expansion of ATMs across Nigeria while ensuring fair charges for these services.

The circular, signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department at the CBN, states: “The three free monthly withdrawals allowed for Remote-On-Us (customers of other banks) in Nigeria shall no longer apply.” However, don’t worry—withdrawals from your own bank’s ATM will still be free........…continue reading

📱TELECOMS

New Year, New Rates: MTN Announces Price Increases for Data and SMS

MTN, Nigeria’s largest telecommunications provider, has kicked off the implementation of a new tariff hike approved by the Nigerian Communications Commission (NCC). If you thought you had a solid understanding of your data costs, you might want to check again!

Just recently, a quick look using the *312# code on the MTN network unveiled significant changes in their data pricing. For instance, the popular 1.5GB monthly plan has been replaced with a new 1.8GB option, now priced at N1,500—a N500 increase from its previous price of N1,000! The 15GB plan now comes with a hefty price tag of N6,500, up from N4,500, and the 20GB monthly plan has surged to N7,500, increasing from N5,500.  

Data prices are not the only ones affected; SMS rates have also climbed to N6.00, reflecting a staggering 50% increase. There are speculations that Airtel has also increased SMS charges, while voice call rates remain under wraps, adding to the uncertainty among users.....…continue reading

💰 INVESTMENTS

Raenest secures $11 million in Series A funding, totaling $14.3 million raised

Nigeria-based cross-border remittance company Raenest, which offers multicurrency accounts for freelancers and businesses, has successfully secured $11 million in a Series A funding round, increasing its total funding to $14.3 million.

The funding round was led by QED Investors, with participation from Norrsken22, as well as follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This latest round follows a pre-seed investment of $700,000 in 2022 and a seed round of $2.6 million in 2023.

With the new capital, Raenest plans to expand its product offerings and enter new markets. Currently, the company operates in Kenya, Ghana, Tanzania, and Uganda, with plans to launch services in Egypt and the United States. Additionally, Raenest aims to introduce new features such as expense management, savings, and investment tools to enhance its platform........…continue reading

🪙 CRYPTOCURRENCY

Hurupay launches Africa’s first stablecoin-based virtual US dollar accounts for freelancers and remote workers

US-based fintech startup Hurupay has made a significant advancement by launching the first stablecoin-based virtual US dollar accounts tailored for freelancers and remote workers across Africa. Founded in 2023, Hurupay operates as a crypto wallet that allows users to access stablecoins—cryptocurrencies designed to maintain a stable value by being pegged to the US dollar at a 1:1 ratio.

This innovative platform aims to assist small and medium-sized enterprises (SMEs) and individuals in countering the adverse effects of local currency depreciation against the dollar, thereby providing a more stable and dependable payment solution that supports income stability and business growth.

Targeting freelancers, remote workers, and businesses, Hurupay’s new virtual US dollar accounts facilitate seamless receipt of US dollar payments without any hidden fees.......…continue reading

🤖 ARTIFICIAL INTELLIGENCE

“No Thank You”: Sam Altman Dismisses Elon Musk’s $97.4 Billion Bid for OpenAI

In a sharp and dismissive response, OpenAI CEO Sam Altman rejected Elon Musk’s $97.4 billion bid to acquire OpenAI’s controlling nonprofit, signaling a deepening rift between the two AI pioneers. Altman took to X (formerly Twitter) to reply with a tongue-in-cheek remark:

“No thank you, but we will buy Twitter for $9.74 billion if you want.”

This response, both humorous and cutting, highlights the ongoing tension between Altman and Musk, whose feud over the future of AI has played out in courtrooms, social media, and boardrooms.

Musk’s consortium—including his AI startup xAI, Baron Capital Group, and Emanuel Capital—made the offer in an attempt to block OpenAI’s transition from a nonprofit to a for-profit entity. Musk has long argued that OpenAI, which he co-founded in 2015, has abandoned its original mission of making AI development open-source and for the public good.

In rejecting the bid, Altman made it clear that OpenAI’s board has no interest in selling and remains focused on advancing AI capabilities under its own strategic vision........…continue reading

💰FUNDING

Affinity Africa secures $8 million in seed funding to expand financial products across Ghana

Ghanaian fintech startup Affinity Africa has successfully raised $8 million in seed funding to further expand its financial products throughout the country, where mobile money remains the predominant financial tool.

The $8 million seed round was led by European venture capital firms Grazia Equity from Germany and BACKED VC from London, marking their inaugural investment in the African market. Other notable investors in this round include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, and Impact Assets, alongside Eldon Capital, an early supporter of the startup.

Since its launch in October 2022, Affinity has onboarded over 50,000 customers, according to its founder and CEO, Tarek Mouganie. Remarkably, 65% of its users had never previously accessed formal banking products, and over 60% are women engaged in the informal sector, highlighting the platform’s focus on underserved demographics…....continue reading

OTHER STORIES

• Swypt integrates Kenya’s first decentralized stablecoin, cKES……..read more

• Sahel Capital invests $500,000 in Agriarche to enhance market access for Nigerian smallholder farmers…….read more

• Apple teams up with Alibaba to bring AI features for iPhones in China…..read more

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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