🛖 Nigeria Startup House in San Francisco |📱Nigeria's 90,000km Fibre Optic Expansion

Today’s Menu ☕️

🛖 Nigeria to set up Digital Technology Exchange Programme Hub in San Francisco, USA
📲 Nigeria Approves Launch of SPV for 90,000km Fibre Optic Expansion
 💵 Nigerian PoS Operators Challenge Mandatory CAC Registration in Court
💰Maad secures $3.2 million to expand across West Africa

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

🛖 TECHNOLOGY HUBS

Nigeria to set up Digital Technology Exchange Programme Hub in San Francisco, USA

Dr. Bosun Tijani, the Minister of Communications, Innovation and Digital Economy in Nigeria, announced that it is setting up a Digital Technology Exchange Programme Hub (Nigeria Startup House) in San Francisco, USA.

He declared that this was approved at the Federal Executive Council meeting that took place on Tuesday. Interestingly, it is an existing property of the Nigerian Government that is being converted to the Nigeria Startup House. He stated that as the country works towards achieving key elements of our Trade and IEC Strategic Blueprint Pillars, the Nigerian Startup House will play a critical role in promoting Nigeria’s economic interest, attracting Foreign Direct Investment and improving the visibility and positioning of Nigeria’s Startup Ecosystem to attract funding and expertise from global markets and organisations represented in the San Francisco Bay Area and beyond..……continue reading

🌟ADVERTISEMENT 🌟 

Register for the next New Product Development & Management Fundamentals training by Tenth Code Media coming up on the 23/24 May 2024

📲 INFRASTRUCTURE

Nigeria Approves Launch of SPV for 90,000km Fibre Optic Expansion

Dr. ‘Bosun Tijani, the Nigerian Minister of Communications, Innovation and Digital Economy, has announced the approval of a Special Purpose Vehicle (SPV) to support the delivery of an additional 90,000km of fibre optic cable to complement the country’s existing connectivity infrastructure.

He made known in a statement on his LinkedIn page after the country’s Federal Executive Council meeting that took place on Tuesday. He stated that the addition to the existing 35,000 km coverage will “deliver a stronger national backbone for universal access to the internet across Nigeria.”

He added that extensive groundwork has been done to set up this SPV which will be modelled in governance and operations similarly to some of the best Public-Private Partnership setups in Nigeria......……continue reading

💵 PAYMENTS

Nigerian PoS Operators Challenge Mandatory CAC Registration in Court

Following recent directives from the Central Bank of Nigeria (CBN) and the Corporate Affairs Commission (CAC) mandating PoS agent registration, the National Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) is escalating its opposition. The association is preparing to take legal action against the CAC, arguing that the requirement for individual PoS agents to register as businesses exceeds the CAC’s legal authority and threatens the livelihoods of millions.

The government’s push for mandatory registration arose following reports of increased fraud associated with PoS transactions. A recent report by the Nigeria Inter-Bank Settlement System Plc (NIBSS) revealed that PoS terminals accounted for 26.37% of fraud incidents in 2023. In response, the CBN issued a directive instructing all PoS operators, whether individuals or businesses, to register with the CAC.

This directive was further amplified by the CAC, which reiterated the registration deadline of July 7, 2024, and emphasised that non-compliance could result in significant penalties.......……continue reading

💰FUNDING

Maad secures $3.2 million to expand across West Africa

Maad, a Senegalese B2B e-commerce startup, announced that it has secured $3.2 million in debt-equity funding to spearhead its expansion across the West African region. Led by Ventures Platform and supported by a consortium of investors including Seedstars International Ventures, Reflect Ventures, and Oui Capital, Maad’s recent funding round marks a pivotal moment in the company’s exploration in the wider Francophone region.

Founded by Sidy Niang (CEO) and Jessica Long (COO) in 2020, Maad initially entered the market as a data collection provider before pivoting to tackle the complex distribution challenges faced by FMCG suppliers. Recognizing the need for a comprehensive solution, Maad developed an end-to-end distribution platform that empowers informal retailers to source fast-moving consumer goods directly from partner suppliers. This innovative approach addresses critical issues such as stockouts and the high cost of inventory, which are pervasive in traditional distribution models characterized by multiple layers of dealers.......……continue reading

OTHER STORIES

• MTN Rwanda Leads the Way in Sustainable Telecom with Biodegradable SIM Cards. MTN Rwanda has taken a significant step towards environmental responsibility by launching the nation’s first-ever paper-based biodegradable SIM cards, known as “bioSIMs.”…..read moreb

• TikTok creators file suit to block US divestment or ban law. A group of TikTok creators said Tuesday they filed suit in U.S. federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban it, saying it has had "a profound effect on American life."…..read more

OPPORTUNITIES

• Google launches application process for African AI Start-ups Accelerator….read more

• Pitch2Win competition opens for Nigerian startups with $10,000 prize up for grabs….read more

• Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more