🪙 Nigeria set to enact crypto regulation by September 2024

Today’s Menu ☕️
🪙 Nigeria set to enact cryptocurrency regulation and tax reforms by September 2024
 🗼IHS Towers cuts 100 jobs; profit decline due to Nigerian currency devaluation
💳 Flutterwave enables Nigerian merchants to accept American Express, broadening payment choices
💻 Microsoft Teams Unveils Unified App for Work, Personal, and Education on All Platforms
🤖OpenAI Introduces Customization Feature for GPT-4o, Targeting Corporate Clients
🚙 Uber Kenya raises fares by 10%, drivers remain dissatisfied

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🪙 CRYPTOCURRENCY

Nigeria set to enact cryptocurrency regulation and tax reforms by September 2024

Nigeria’s government is poised to enact a sweeping reform of its tax laws, including measures to regulate the cryptocurrency sector, with a target implementation date of September 2024. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), disclosed this plan during a joint session with the Senate and House of Representatives Committees on Finance, where he outlined FIRS’s strategy for 2024.

Adedeji underscored the Federal Government’s commitment to proposing a bill that would revamp Nigeria’s revenue collection system. The bill aims to unify and simplify the tax structure, with a particular focus on establishing a legal framework for the currently unregulated cryptocurrency market in Nigeria. He asserted the importance of crafting regulations that foster financial innovation while promoting the nation’s economic growth, as seen in other countries..…....continue reading

🗼INFRASTRUCTURE

IHS Towers cuts 100 jobs profit decline due to Nigerian currency devaluation

Leading independent tower company, IHS Towers, has recently undertaken a significant reduction in its workforce, terminating the employment of over 100 staff members. According to a report, this decision comes as the company grapples with the financial strain caused by the devaluation of the Nigerian currency, which has had a substantial impact on its profit margins. Nigeria stands as the largest market for IHS Towers, and the economic downturn in the country has had a direct effect on the company’s operations.

The financial difficulties for IHS Towers have been mounting since 2022, with investors expressing concern over the company’s lackluster financial results. The final quarter of 2023 saw the company incur a loss of $409 million, attributed largely to the devaluation of the Nigerian Naira, which not only reduced revenue but also led to foreign exchange losses stemming from U.S. dollar-denominated loans.

With a current workforce of 1,600 individuals, IHS Towers reported a staggering loss of $1.9 billion for the year 2023, marking a 304% increase from the losses it suffered in the previous year. The company’s market capitalization has dwindled to $1.3 billion, reflecting a sharp decline of $6 billion since 2021.…....continue reading

💳 CARD PAYMENTS

Flutterwave enables Nigerian merchants to accept American Express, broadening payment choices

Flutterwave, a leading fintech firm based in Nigeria, has recently made a significant move to broaden its payment options by enabling its online merchants in Nigeria to accept payments from American Express cardholders. This initiative is poised to facilitate cross-border commerce and is part of the company’s broader strategy to extend this capability to other African nations, including Tanzania, Rwanda, Ghana, and Uganda.

By integrating American Express into its payment platform, Flutterwave is opening up new avenues for its merchants to reach a wider audience. This includes not only American Express cardholders within Africa but also those from around the globe, encompassing holders of personal, business, and corporate cards. This expansion into new customer segments is expected to drive increased sales and revenue for the fintech’s merchant base..…....continue reading

💻 APPS

Microsoft Teams Unveils Unified App for Work, Personal, and Education on All Platforms

Microsoft Teams has consistently reshaped how we collaborate in both professional and personal settings. Previously, users on Windows 11 had to manage two separate Teams apps—one for work or education and another for personal use. However, a significant update has now been rolled out: the unified Teams app is available on Windows 11, Windows 10, and Mac.

This enhancement brings together work, personal, and education accounts into a single, streamlined application. The app has undergone testing for the majority of the year, and Microsoft is now launching it for Windows and Mac users..…....continue reading

🤖 ARTIFICIAL INTELLIGENCE

OpenAI Introduces Customization Feature for GPT-4o, Targeting Corporate Clients

OpenAI is rolling out a new feature allowing corporate customers to tailor its most powerful AI model, GPT-4o, using their own company data. This customization capability, known as fine-tuning, represents a strategic move as competition intensifies in the AI sector and businesses face increasing pressure to demonstrate the value of their AI investments.

Fine-tuning enables companies to adapt AI models to specific tasks or subject areas by training them with additional, specialized information. For instance, a car manufacturer could fine-tune GPT-4o to create a customer service chatbot that expertly answers questions about wheels and car maintenance........continue reading

🚙 RIDE-HAILING

Uber Kenya raises fares by 10%, drivers remain dissatisfied

Uber, the globally recognized ride-hailing service, has announced a 10% hike in its base fare in Kenya, a move aimed at appeasing drivers who had initiated a strike and set their own rates. The adjustment sees the minimum fare now set at $1.71 (KES220), along with the introduction of a new priority service, which promises reduced waiting times for an additional fee of $0.85 (KES110).

Imran Manji, the head of Uber in East Africa, explained that the fare adjustments were implemented to balance the drivers’ ability to earn a sustainable income while using the Uber app and maintaining affordability for passengers. He stated, “Uber has made these pricing updates to ensure that drivers continue to have the opportunity to maximise their earnings while driving on the Uber app and at the same time, remaining at an affordable price point for riders.”

The fare increase comes in the wake of a strike that commenced on July 16, during which drivers demanded a minimum fare increase to $2.33 (KES300). They also called for a review of the ride-hailing companies’ policies on account suspensions and deactivations in cases of disciplinary action. When their demands were not met, the drivers took matters into their own hands by setting their own rates and conducting rides outside the app’s platform........continue reading

OTHER STORIES

• AMD signs $4.9 billion deal to challenge Nvidia’s AI infrastructure lead…..read more

• NIBSS partners with Zone to integrate PoS standardization features into blockchain payment network…..read more

• d.light launches customer loyalty program for off-grid solar customers in Kenya….read more

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