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Monday, 12 December 2022

Partners

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Good morning!

It's Dennis here, and welcome to another week.

We begin today's edition in a positive light.

Glover, the digital asset marketplace where users can buy and sell items like gift cards but also trade in their airtime for cash has received a new investment from the American accelerator and venture firm Techstars. Fejiro Agbodje, a co-founder made the announcement on LinkedIn.

But I am more interested in the airtime-for-cash product, which is something I have always wanted. It's a great product obviously and has great potential of giving the ecosystem a run for its money.

But it's quite pricey, with 25 per cent of every transaction going to Glover. I tried to test it with 4000 naira and then saw that Glover will be taking 1000 for itself and of course, I hit cancel.

5 per cent or thereabout would be more reasonable to me as a consumer.

But then, I didn't build a massive crypto empire and then got an investment from Techstars for my new company.

If this newsletter was forwarded to you, click here to subscribe now.

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

  • Glover has received an investment from Techstars
  • CBN is defending its cash withdrawal limits amid backlash
  • Elon Musk says Twitter will increase its character limits to 4000
  • FTX's Sam Bankman-Fried said he will testify before the US House Committee
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Glover receives investment from Techstars

Glover
Glover App, the digital asset marketplace co-founded by Patricia's Fejiro Agbodje and Damilola Layode announced on Friday that it has received an investment from Techstars, the American startup accelerator and venture capital firm.

In a LinkedIn post, Agbodje made the announcement saying that he was proud of the work the team has done so far.

See an excerpt from Glover co-founder, Fejiro Agbodje:

I am proud to continue building with Damilola Layode our CEO extraordinaire and a solid team of superheroes, I am excited & Inspired to continue working hard on building products that put Africa on the Map & that continue to make a difference.

I am grateful for the support from the Techstars Toronto Accelerator, you guys rock. Cheers to everyone supporting and Looking forward to what the future holds for Glover (Techstars ‘22).
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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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CBN defends cash withdrawal limits

Emefiele
The Central Bank of Nigeria (CBN) is defending its new cash withdrawal limits it proposed last week, Nairametrics reports.

Speaking to the Senate Committee on Banking, Insurance and other Financial Institutions during their screening for re-appointment, CBN’s deputy governors Aisha Ahmad and Edward Adamu, defended the policy that has led to a barrage of handwriting among Nigerians.

See an excerpt from Ahmad below:

Distinguished Chairman of this committee and members, I‘m happy for the opportunity given to make presentations on the planned N100,000 withdrawal limit for individuals and N500, 000 for Corporate Bodies per week beginning from Jan. 9, 2023, in line with cashless policy introduced in 2012.

Based on information available to CBN, the time for full implementation of the policy with proposed limit on cash withdrawals per week is now.

Required infrastructure for its implementation in terms of financial access point system, mobile money, e – naira, etc. are available across the 774 local government councils in the country.

All fears and worries being expressed by Nigerians on the planned limited cash withdrawal policy are seriously being taken care of as nobody or section of Nigerians will be left out.

In the past, banking transactions in Nigeria were limited to Bank Branches alone as the only means which had now expanded into multiple electronic platforms as well as a geometrical increase in the number of agents from 88,000 to 1.4 million.’

According to Technext, this comes after CBN governor, Godwin Emefiele released a similar statement in defence.

See an excerpt from Emefiele below:

I think it’s important for me to say that the cashless policy started in 2012. But on almost three to four occasions, we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.

Between 2012 and 2022, almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.
And we think Nigeria as the biggest economy in Africa needs to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.
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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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Musk to increase Twitter's character limit to 4000

Screenshot 2022-12-11 at 9.14.18 PM
As per the recent details, Elon Musk is planning to increase Twitter's character limit, Watcher Guru reports.

A user named “Allan Obare” replied to Musk’s tweet, questioning whether the social media platform is planning to increase the character limit for tweets. At present, Musk’s social media behemoth has a tweet character limit of 280. However, the user asked Musk whether it was being increased to 4,000.

Musk replied to the user’s tweet, confirming that the rumours about the character limit expansion are true. The increase in the character limit for tweets has been requested by several users for a long time. Musk has answered these requests, and it is finally coming. However, an estimated date for the launch of this feature has not been revealed yet.
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SBF to testify before US House Committee

SBF
In an early-morning post on Twitter on Friday, Sam Bankman-Fried, the embattled FTX founder, said he will appear tomorrow before the US House Committee on Financial Services after days of being evasive on the matter.

The hearing will focus on the sudden collapse last month of FTX, the cryptocurrency exchange that Bankman-Fried founded, amid allegations of the misappropriation of billions in customer money, the New York Times reports.

Bankman-Fried, 30, said in a post on Twitter that “there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.”

Ever since FTX and companies associated with it filed for bankruptcy last month, Bankman-Fried has been holed up in his residential complex in the Bahamas, where FTX was based. He has granted numerous media interviews either in person in the Bahamas or via Zoom to talk about the collapse of the once popular cryptocurrency trading platform.

It is unclear if he will appear in person before the House committee. Bankman-Fried did not address a separate request from the Senate Committee on Banking, Housing and Urban Affairs to appear before senators the next day.
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Latest in funding

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Other stories we are following

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Thanks for reading. Have a great weekend ahead!
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