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Tuesday, 13 December 2022

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Good morning!

Good morning. It's Dennis here.

ARCON, as in, the Advertising Regulatory Council of Nigeria will not quit anytime soon it seems. The body in charge of regulating adverts has been working overnight it seems to put the internet under its very armpit, coincidentally it will want people to believe, in the run-up to the general elections in February next year.

It's latest demands? Its stamp of approval on every "advertisement, advertising and marketing communications," before influencers post them on their platforms because it says that it has been inundated with complaints of "unethical content" with "unverified claims" and "misinformation."

Plus, it says that they (skit makers, comedians, influencers, content creators/producers, bloggers, vloggers, etc on digital/online media platforms) don't comply with something it calls "the Nigerian Code of Advertising Practice" anyways, activities that it says must now cease before "sanctions and prosecution" are melted on defaulters.

Well, that says it all.

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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news

  • IOS users will pay 30% more for Elon Musk's new Twitter blue
  • ARCON has ordered influencers to seek approval before unloading ads on their platforms
  • A gang was arrested for laundering over $1.7b with crypto in China
  • Taeillo has raised $2.5 million from Aruwa Capital
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IOS users to pay 30% more for Elon Musk's new Twitter blue

Twitter blue
After a month-long suspension, Twitter is finally relaunching its blue tick verification service but this time with a little twist. IOS users will now pay 30% more i.e. $11 per month subscription fee, Technext reports.

The idea of a subscription fee for a verified status was initially $8 per month but following this new announcement, the $8 fee will be for web and android users only as IOS users will have to pay $11.

See an excerpt from the announcement from Twitter below:

We’re relaunching @TwitterBlue on Monday – subscribe on web for $8/month or on iOS for $11/month to get access to subscriber-only features, including the blue checkmark.

The reasoning behind this decision is unclear for now and Twitter has not come out to give any explanation, but according to many analysts, the reason could be in response to the infamous Apple App Store tax.

Elon Musk has strongly opposed the Apple App Store tax which sees that developers are charged 30% of any revenue earned through an IOS app. When Twitter Blue started initially, it was only available through Apple’s App Store.
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A word from Fincra

Technext-Nov
Payment collection just got easier on Fincra!

Accept payments from your customers via debit/credit cards, bank transfers or PayAttitude and settle these payments to your Fincra wallet or your bank account.

As a business, you only need to create easy-to-share payment links from the Fincra merchant portal or embed payment buttons on your online platform to gain access to Fincra Checkout; no coding is required.

CTA: Create an account in less than 2 minutes and Try Fincra checkout here
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ARCON demands approval for ads from influencers

Olalekan Fadolapo, ARCON’s director-general
The Advertising Regulatory Council of Nigeria (ARCON), the federal body in charge of regulating advertisement in the country said that skit makers, social media influencers, and bloggers, will now seek approval before posting any advertisements, advertising and marketing communications on their social media pages or any other online social channel, Technext reports.

In a press statement sent out yesterday, Olalekan Fadolapo, ARCON’s director-general said that the agency is making the decision as part of its plan to force “the group” to comply with its Nigerian Code of Advertising Practice. The statement also said that ARCON has been receiving complaints of unethical, unverified claims and misinformation from the group.

See ARCON's full statement below:

The Advertising Regulatory Council of Nigeria (ARCON) has received complaints on the advertisements, advertising, and marketing communications activities of skit makers, comedians, influencers, content creators/producers, bloggers, vloggers, etc on digital/online media platforms,

Most of the advertisements exposed by this group are not only unethical with unverified claims and misinformation but also in violation of the Nigerian Code of Advertising Practice.

By this public notice, brand owners, digital agencies, secondary digital media space owners (i.e. bloggers, vloggers, influencers, comedians, skit makers, etc] and other advertising stakeholders in the digital/online media space are advised to obtain pre-exposure approval of all advertisements, advertising and marketing communications in accordance with the Nigerian Code of Advertising Practice and the ARCON Act No. 23 of 2022. ARCON will take all necessary actions including sanctions and prosecution of violators of the provisions of the Act to ensure compliance.
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A word from Polygon

Polygon
Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing security.

Click here for more.
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Gang arrested for $1.7b crypto laundering scheme

crypto
Police in China arrested 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) via cryptocurrency, amid Beijing’s intense crackdown on the trading of digital coins, CNBC reports.

Starting from May 2021, the criminal gang allegedly used the proceeds from illicit sources including pyramid schemes, fraud and gambling and converted it into the cryptocurrency tether, a stablecoin that is pegged one-to-one with the U.S. dollar, the Public Security Bureau of Inner Mongolia’s Tongliao city in northern China, said in a statement over the weekend.

The gang are said to have used various different cryptocurrency trading accounts to convert the money back into Chinese yuan.

They used the messaging service Telegram, which is blocked in China, to recruit various people around the country who would open crypto accounts to help launder the funds, the police said. Those people would receive a commission according to how much money they laundered, the police added.
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Taeillo raises $2.5 million fund from Aruwa Capital

Taeillo
Taeillo, a Nigerian-based African furniture brand, has raised $2.5 million in equity funding to expand the delivery of innovative, affordable, and locally manufactured furniture to homes and businesses across the continent, Technext reports.

Aruwa Capital, a growth equity fund investment firm, led the funding round and will contribute the entire $2.5 million investment, joining the startup’s other existing investors.

With this new funding, Taeillo hopes to enhance the client experience and promote continental growth. It also plans to launch new products, provide better services and deploy resources to drive expansion into more markets like East Africa and the diaspora.

Jumoke Dada, Taeillo’s founder said:

This partnership with Aruwa Capital will take us one step closer to realizing our vision of becoming the IKEA of Africa by producing high-quality, and ready-to-assemble furniture pieces made in Africa at an affordable price for the mass market; while streamlining our business processes and improving our customer experience.
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Latest in funding

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Thanks for reading. Have a great weekend ahead!
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