Ethiopia has extended the deadline for telecoms firms to apply for new operating licences by three weeks, to April 26, citing demands from interested companies to change their offerings to a “Covid business environment,” according to the sector regulator.
Prime Minister Abiy Ahmed
The Horn of Africa country has one of the world’s few closed telecoms markets, and is seen as a significant prize in an attempt to liberalise the economy.
Despite a six-month dispute in northern Tigray, Prime Minister Abiy Ahmed forced through the latest licence auction and the sale of a 45 percent interest in state monopoly Ethio Telecoms.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Crypto and blockchain companies in South Africa are on the verge of receiving formal regulatory certainty from the country’s authorities. This follows the granting of South Africa’s first regulatory sandbox approval to the initiative by Mercury Foreign Exchange, VALR, and Ripple to test the regulatory treatment of their products— which include cross-border payments using the Ripple cryptocurrency, XRP .
“The Intergovernmental Fintech Working Group received a total of 52 applications during the application window for the Regulatory Sandbox which closed on 15 May 2020. The 52 applications received represented a broad range of financial services activities of which 34 were related to payments, 7 savings and deposits, 5 lending, 3 investments, and the remaining 3 identified as “other,” reads a statement from Intergovernmental Fintech Working Group (IFWG), an organisation that is made up of South Africa’s major financial regulators and government agencies.
Here Is What You Need To Know
The IFWG’s members include the National Treasury, the South African Reserve Bank, the South African Revenue Service, the National Credit Regulator, the Financial Sector Conduct Authority, the Financial Intelligence Centre, and the Competition Commission.
VALR is a cryptocurrency exchange focused on the South African market that offers rand trading platform for bitcoin, ether, and ripple, while Ripple is a blockchain-based payment protocol and digital asset (XRP) that is supported on cryptocurrency exchanges all over the world. VALR also has a partnership with Bittrex, which enables it to buy and sell over 50 different cryptocurrencies.
Luno and AltCoinTrader, VALR’s competitors in South Africa, also endorse the Ripple cryptocurrency.
Ripple has recently been sued by the US Securities and Exchange Commission for allegedly executing an unregistered securities offering when it launched the XRP digital asset.
What Is Regulatory Sandbox And Why Is It Important For Crypto Startups In South Africa?
The aim of South Africa’s IFWG’s regulatory sandbox, according to the group, is to provide a secure environment for testing approved products or services.
“Accepted participants test their product or service within parameters established by the IFWG and are expected to report on testing progress at regular intervals,” IFWG said.
The IFWG, on the other hand, claimed that joining the sandbox does not change a startup’s licencing status or imply explicit or implied acceptance of the product or service under consideration.
“It does, however, offer both the regulators and the innovators an opportunity to consider the regulatory fit of emerging innovation. At the conclusion of testing, the insights gained should provide clarity on how such innovation could be treated from a regulatory perspective in future, thereby promoting regulatory certainty,” it said.
Lessons gained from the test, according to the IFWG, will assist South African regulators in deciding whether and how policies and regulations can improve to encourage responsible innovation in the industry.
“In most cases testing is expected to last 6 months and the innovators have worked with the various regulators to determine appropriate testing parameters, consumer protection measures and continued compliance with all regulatory requirements during the testing period. Dates for the next intake’s application window will be communicated closer to the end of cohort,” the group said.
In simple terms, this is how a regulatory sandbox works. Image credits: LinkedIn
S/N
Innovator
Innovator’s core business
What is in the sandbox?
1
The People’s Fund
Crowd-investing platform that facilitates raising capital for Small and Medium-sized Enterprises (SMEs) with consumers willing to invest. The investments are used to fund SMEs’ purchase orders, products or assets.
The sandbox seeks to clarify the treatment and appropriate framework for the intermediation of crowd-investing platforms.
2
The Standard Bank of South Africa Limited
Standard Bank is a financial institution that offers banking and financial services to individuals, businesses, institutions and corporations in Africa and abroad.
The scope of testing is limited to the reporting of cross-border foreign exchange transactions submitted to the Financial Surveillance Department of the South African Bank utilising a blockchain platform, and verifying that the reporting is timely and in compliance with all relevant reporting rules, as prescribed in the Business and Technical Specifications. The reporting tested will happen in parallel to existing reporting process and clients would not be impacted.
3
Investec Bank Limited (Investec)
Investec provides Specialist Banking and Wealth and Investment services to individuals, businesses and intermediaries.
Investec is testing a safe custody service for crypto assets through its innovative Digital Asset Vault offering. This is a secure mechanism for Investec clients to store and transfer crypto assets, reducing reliance on cold storage i.e. complex hardware wallets and/or crypto asset exchanges. The objective of testing the Digital Asset Vault in the Sandbox is primarily to test Investec’s regulatory compliance, regulatory reporting processes, and related risk management frameworks in collaboration with the IFWG.
4
Xago Technologies (Xago)
Cross-border remittances
Testing the regulatory treatment of crypto assets (specifically Ripple (XRP)) in terms of the South African Exchange Control Regulations 1961, promulgated in terms of section 9 of the Currency and Exchanges Act, 1933 (Act No. 9 of 1933), used for effecting cross-border transactions between South Africa and the United Kingdom, and the United Kingdom and South Africa, subject to certain limits prescribed by the relevant authorities, and reporting on such transaction to the relevant authorities.
5
Mercury FX (Mercury)
International payments
Mercury is testing the regulatory treatment, and associated regulatory reporting implications and obligations, of crypto assets (specifically XRP) being used for effecting low-value cross-border remittances between South Africa and the United Kingdom and vice versa, subject to certain limits prescribed by the relevant authorities. Testing will in the main be done in terms of the South African Exchange Control Regulations 1961, promulgated in terms of section 9 of the Currency and Exchanges Act, 1933 (Act No. 9 of 1933).
6
Centbee
Innovating digital payments
Centbee is testing the regulatory treatment of crypto assets (specifically Bitcoin (BTC) and Bitcoin Satoshi Vision (BSV)) for low-value cross-border remittances between South Africa and Ghana and vice versa
A list of crypto projects granted approval for regulatory sandbox testing in South Africa
South Africa crypto approval sandbox South Africa crypto approval sandbox
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
A new regulation in South Africa has now been approved and it demands that black people must own at least 30% equity in every ICT company in the Southern African country. This is according to the Independent Communications Authority of South Africa (Icasa) which has released new Broad Based Black Economic Empowerment (B-BBEE) regulations for South Africa’s Information and communications technology (ICT) sector.
“The Authority has consistently required licensees to have 30% of their equity held by HDGs upon application for any kind of Individual Licence,” the new rules read, in part.
“The Authority has noted that not all Individual Licensees have been complying with the HDG Equity Requirement throughout the duration of their licence period. In order to ensure that Licensees comply with and maintain compliance with the HDG Equity Requirement throughout the licence period, this regulation introduces the HDG Equity Requirement as a condition which Licensees are required to comply with during the licence period,” it further reads.
Here Is What You Need To Know
Who Do The Rules Apply To?
The rules apply to all individual license holders under the Independent Communications Authority of South Africa, in charge of the country’s IT industry. Individual licences are operated for commercial purposes on a provincial and/or national scope in South Africa.
The rules are, however, not applicable to holders of Class Licenses issued by the authority as well as wholly owned state entities.
Holders of class licenses are allowed to operate only in local or district municipal scope — that is, the holders can only provide commercial electronic communications services within a particular geographical area (for example, the City of Cape Town).
What Are Expected Of All ICT Companies Under The New Rules?
Under the new rules, all ICT companies are expected to ensure that the percentage of equity ownership held by persons from Historically Disadvantaged Groups (HDG) in the companies are not less than 30%.
Consequently, all license holders have been mandated to submit information on an annual basis to prove compliance with the Historically Disadvantaged Groups Equity Requirement (of 30%).
For the purposes of determining who are historically disadvantaged groups, the rules provide that the 30% consists of either or combination of Black People; Women, who are citizens of South Africa; People with disabilities, who are citizens of South Africa; Youth, who are citizens of South Africa.
However, given the diversity of people who make up the historically disadvantaged groups, as a general rule, the regulations state that:
“The Black Equity Requirement does not remove an Individual Licensee’s duty to comply with the HDG Equity Requirement, however given the overlap between the two requirements, the Authority will recognise compliance with the Black Equity Requirement as compliance with the HDG Equity Requirement.”
The rules provide that where an individual license holder does not have individual persons holding ownership equity directly in the licensee, the individual persons may hold their ownership rights indirectly through some form of an entity such as a company, closed corporation, trust or any form of person recognised under South African law.
The regulations further mandates individual licenses to ensure that there is no material dilution of HDG/Black equity in an Individual Licence in any given year.
Any Punishment For Not Complying With The New Rules?
According to the regulations, if there is a violation of the HDG/B-BBEE or the minimum B- BBEE Contributor Status Level requirements, the license holders will pay up to R5 million or 10% of the licensees annual turnover in penalties, whichever is higher.
When Are South African ICT Companies Expected To Comply?
The rules state that the transitional period for compliance for existing license holders shall be (a) for Class Licensees and SMMEs, 48 months of the promulgation of these Regulations; and (b) for Large Individual Licensees, 36 months of the promulgation of these Regulations.
Nevertheless, the rules require licensees to submit progress reports and any necessary documents to the Authority during the transitional periods.
Historical VC Investments in South Africa (2009–2018) — Source: Southern African Venture Capital and Private Equity Association’s (Savca) Venture Capital Industry Survey
The New Regulations Follow Reports Of Poor Inclusion Of Black People In The Ownership Of Businesses In South Africa
Data published by the South African Broad-Based Black Economic Empowerment (B-BBEE) Commission at the end of July indicates a slight change in the levels of transformation, with the overall black ownership reflecting a four percentage point increase from 25% black ownership in 2018 to 29%.
Only 3.3% of entities listed on the JSE are 100% black-owned, which was 1.2% in 2018 and 1% in 2017, the commission found.
The three worst-performing sectors on ownership in 2018 were AgriBEE (11.19%), media, advertising and communication (19.55%) and finance (21.64%).
The commission said that there are also worrying trends observed over the three-year period between 2017–2019.
“Though black ownership indicates slight change, the black ownership percentage does not always correspond with the management control scores,” it said. “For instance, an entity is able to score full points for ownership and very low on management control, which gives the impression that despite black ownership recorded, black people are not involved in the control and core operations of the measured entity. Also, the saturation of management control points is still between junior and middle management, also noting the rotation of black executive from one measured entity to another, without utilising the skills development element to create a pipeline of new black executives.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
30% South Africa ICT 30% South Africa ICT 30% South Africa ICT
The Société Tunisienne de Banques (STB) has become the first Tunisian bank to join the Dinar Digital network under “Central Bank of Tunisia Digital Currency” project. The network brings together member financial institutions, with the aim of using blockchain technology to fully digitalise the country’s fiat money (cash). The BCT Digital Currency project hopes to also improve efficiency and reduce the costs of financial transactions for Tunisians.
Société Tunisienne de Banques (STB)
Société Tunisienne de Banques is doing this under the country’s regulatory sandbox licensing regime. Other banks, after STB, will most likely join the network. The Digital Dinar network consists of an interoperable network of money transfer and payments.
The Launch Of North Africa’s First Regulatory Sandbox For Fintech Startups.
Last year, the Central Bank of Tunisia (BCT) launched a “regulatory sandbox” licensing regime which, among other things, aims to test technological innovations in the banking and financial sector.
“The Sandbox is an opportunity for dozens of fintech companies to test their technological solutions and understand the regulatory requirements in force, in order to promote a financial services’ offer adapted to the needs of the market,” Minister of Communication Technologies and Digital Economy Anouar Maarouf said last year.
Once STB concludes its tests as part of the BCT sandbox, the new digital payment infrastructure will be set up in Tunisia. The blockchain-powered payment infrastructure will offer Tunisian citizens and financial institutions a complementary solution to the already existing payment networks, namely electronic banking, transfers and checks.
TLedger is another Tunisian fintech startup labeled under the country’s Startup Act which has been selected by the BCT as part of the first cohort of the regulatory sandbox. TLedger will proceed to carry out tests with voluntary customers.
In simple terms, this is how a regulatory sandbox works. Image Credits: LinkedIn
The Presence Of Stiff Laws And Regulations Has Stifled Innovative Financial Business Models
In Tunisia, credit cards are not approved for transactions in currencies other than the country’s dinar. Therefore credit and debit cards cannot be used for purchases on foreign commercial internet sites. This has resulted to most Tunisian banks only allowing account holders to use bank-affiliated credit and debit cards to make domestic online purchases denominated in dinars.
However, the passage of the Tunisian Startup Act by the country’s government has resulted in some sweeping regulatory changes to the Tunisian innovation landscape. For instance, the country’s central bank has recently outlined a procedure for qualified companies to open currency accounts.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
In Kenya, Facebook has implemented taxes that will take effect on April 1, 2021. Under the new tax regime, if an advertising company targets Kenya as its “Sold To” country and has not verified that it is advertising for business purposes, the company will be subject to an additional 16% VAT on their advertising services purchased after April 1, 2021.
Kenya tax law
“Due to implementation of a value-added tax (VAT) in Kenya, Facebook is required to charge VAT on the sale of ads to advertisers that are not advertising for business purposes in Kenya,” it explained in a statement.
“All advertisers with a business country of Kenya who have not confirmed they are advertising for business purposes will be charged an additional 16% VAT on advertising services purchased after 1 April 2021.”
Here Is What You Need To Know
Facebook stated that not everyone who has a Facebook account will be eligible for a tax deduction, but only those who meet the requirements will be.
Facebook said in the Ad Accounts Settings of Ads Manager, “You can check the box to confirm whether or not you’re advertising for business purposes and responsible for self-assessing and paying VAT in compliance with the Tax Code of Kenya,”
Facebook says it “doesn’t apply VAT to your purchase of Facebook ads” if you confirm you’re advertising for business purposes.
If you are not buying Facebook ads for business purposes, Facebook has added the VAT will be added whenever you are paying for your ads.
“Because VAT is added on top of charges, you won’t reach your billing threshold faster, but you may be charged more than your billing threshold amount. If you pay for Facebook ads with a manual payment method, VAT is accounted for and applied at the applicable local rate when your ad account is funded to determine the total balance available,” Facebook said.
The new 1.5% ‘Digital Service Tax’ (DST) imposed on the gross transaction value of services is due at the time of payment.
Additionally, under Kenya’s new 2020 Value Added Tax (Digital Market Supply) Regulations, digital marketplaces (ecommerce websites) that fail to pay Value Added Tax (at 14%) pursuant Section 5(8) of the country’s Value Added Tax Act, 2013 shall, in addition to the penalties prescribed under the law, be liable to restriction of access to their websites in Kenya until such tax is paid.
“A digital marketplace supplier from an export country who is required to register under the simplified VAT registration framework shall apply to the Commissioner for registration within thirty days from the publication of these regulations,” the regulation reads in part.
Under the regulation, any person offering taxable services through a digital marketplace (ecommerce) shall be required to register for tax in Kenya.
The new tax now means that if, for instance, you are are taking an Uber and the cost of the trip is KES 100, the digital service tax is KES 1.5. If the fee is KES 200, the tax is KES 3.
The Kenya Revenue Authority (KRA), in charge of implementing and enforcing taxes in Kenya, has said it has created a special unit to track transactions and tax multi-nationsl using data-driven detection.
One will be subject to DST if one provides or facilitates provision of a service to a user who is located in Kenya.
Facebook has joined YouTube in deducting taxes for the US government from all outlets, including those run by producers who do not live in the US.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
The government of Mauritius has issued a statement stressing its commitment to make Mauritius the region’s FinTech Center. In this vein, the Government has approved the establishment of a Technical Committee, chaired by the Ministry of Financial Services and Good Governance, to address all issues raised by industry stakeholders in the conduct of FinTech activities in Mauritius.
The Technical Committee is issuing a “Call for Views” to see how the industry, regulators, and policymakers can work together to ensure the continued progress of the FinTech sector’s growth in Mauritius. The aim of the exercise is to understand how Mauritius needs to adapt in order to reap the benefits of FinTech, as well as to recognise and expose the obstacles that FinTech startups face in order to ensure ease of doing business. Furthermore, the “Call for Views” would aid in the identification of FinTech talent, expertise, and work opportunities. Finally, the exercise will enable participants to comprehend the perspectives of both entrepreneurs and investors.
In order to contribute to the growth of the FinTech sector in Mauritius, the Ministry of Financial Services and Good Governance is requesting that interested parties send their views via email or post to the following address by Thursday, April 15, 2021 at the latest:-
Attn: The Permanent Secretary
Ministry of Financial Services and Good Governance
Level 9, SICOM Tower
Wallstreet, Ebene
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
International money transfer can now be done in Nigeria as the country’s central bank has released a list of operators allowed to carry out the operation in the West African country. Noticeably, the list left out startups like Chipper Cash, among others. CBN’s latest step comes on the heels of its recent order to Mobile Money Operators and Payment Switch providers to suspend the receiving of remittances or the integrating of their systems with International Money Transfer Operators (IMTOs). The bank has also been whitewashing its recent order to Nigerian money deposit banks to block accounts of cryptocurrency traders, with a senior central bank official quoted recently as saying that “the CBN did not place restrictions from use of [sic] cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on cryptocurrencies in the banking sector.”
LIST OF APPROVED INTERNATIONAL MONEY TRANSFER OPERATORS AS AT FEBRUARY 28, 2021
SN
OPERATOR
ADDRESS
1
AFTAB CURRENCY EXCHANGE LIMITED
Pall Mall Court, 61-67 King Street, Manchester, M2 4PD, United Kingdom
2
AZIMO LIMITED
173 Upper Street London, NI IRG United Kingdom
3
BELYFTED LIMITED
44 Whalebone Lane South Dagenham, Essex RMB 1BB, United Kingdom
4
CAPEREMIT UK LIMITED
47 Stanley Road Stevenage Hertfordshire SG2 OEE United Kingdom
5
CASHPOT LIMITED
157, Deptford High Street SE8 3NU, London United Kingdom
6
CENTREXCARD LIMITED
Unit 46, Dartford Business Park (Basepoint) Victoria Road, Dartford DA1 5FS, Kent, UK
7
CHIME INC.
239 East 5th Street Suite 4B New York, NY 10003 United States
8
COLONY CAPITAL LIMITED
Plot 5 Chief Yesefu Abiodun Way Oniru, Victoria Island Lagos
9
CP EXPRESS LIMITED
346 Barking Road London, E13 8HL
10
DT&T CORPORATION LIMITED
3 Harbour Exchange Square London E14 9GE
11
eTRANZACT LIMITED
4th & 5th Floors, Fortune Tower 27/29 Adeyemo Alakija Street Victoria Island Lagos
12
FIEM GROUP LLC DBA PING EXPRESS
1327, Empire Central Drive St. 110-6 Dallas Texas
13
FIRST APPLE INC.
6492 Landover Road Suite A1 Landover MD20785 Cheverly, USA
14
FLUTTERWAVE TECHNOLOGY SOLUTIONS LIMITED
8 Providence Street, Lekki Phase 1 Lagos
15
FORTIFIED FRONTS LIMITED in Partnership with e-2-e PAY LIMITED
#15 Glover Road Ikoyi, Lagos
16
FUNDS & ELECTRONIC TRANSFER SOLUTION
No. 15, Cameron Road, Ikoyi, Lagos
17
FUNTECH GLOBAL COMMUNICATIONS LIMITED
Clarendon House 125 Shenley Road Borehamwood Heartshire WD6 1AG United Kingdom
18
GLOBAL CURRENCY TRAVEL & TOURS LIMITED
1280 Ashton Old Road Manchester, M11 1JJ United Kingdom
19
HOMESEND S.C.R.L
Rue des Colonies 56, 6th Floor-B1000 Brussels Belgium
20
IDT PAYMENT SERVICES INC.
520 Broad Street USA
21
IMMUEUBLE WARI LIMITED
20 Rue Amadou Assane Ndoye 7 Etge BP 32 368 Dakar Dakar Senegal
22
INTERSWITCH LIMITED
Plot 1648C Oko-Awo Close Victoria Island Lagos
23
MAKEBA INC.
85, Broad Street, 18th FI New York, NY 10004
24
MONEYGRAM
Africa Re-Insurance Building 1679, Karimu Kotun Victoria Island, Lagos
25
NAIRA GRAM LLC operating in Nigeria as NGN GRAM LIMITED
24b Femi Okunnu Phase 2, Lekki Lagos State
26
NIGERIAN POSTAL SERVICE (NIPOST)
P.M.B 12537, Garki Abuja
27
NOUVEAU MOBILE LIMITED
c/o 31B Oyeleke Street Alausa Ikeja, Lagos
28
PAGATECH LIMITED
176 Herbert Macaulay Way Yaba, Lagos
29
PAYCOM NIGERIA LIMITED
Plot 8, Dr. Nurudeen Olowopopo Avenue Alausa, Lagos
30
PAYPAL INC.
#2211 North First Street San Jose, CA95131 United States of America
31
REMIT HUB CAFÉ LIMITED
175 Chesterton Road Cambridge, CB4 1AF United Kingdom
32
REMITLY INC.
111 Third Avenue Suite 2100 Seattle, WA 98101 United States
33
RIA FINANCIAL
1 Allées Seydou Nourou TALL POINT E Dakar – Senegal
34
SHIFT FINANCIAL SERVICES LIMITED
No.1 Goba Close (Suite 3), Off Monrovia Street Off Aminu Kano Crescent Wuse 2, Abuja
35
SIMPLIFY INTERNATIONAL SYNERGY LIMITED
No. 18, A-Close, 14 Road Gwarimpa, Abuja
36
SMALL WORLD FINANCIAL SERVICES GROUP LIMITED
Antonio Inesta Units 3&4 Sycamore Court Royal Oak Yard 168-170 Bermondsey Street SE1 3TQ, London
37
TCF LIMITED
2A Osborne Road Pees Galleria, Suite 4 Ikoyi, Lagos
38
TRANS-FAST REMITTANCE LLC
44 Wall Street, Suit 400 New York, NY10005 USA
39
TRANSFERTO MOBILE FINANCIAL SERVICES LIMITED (THUNES)
Office #426, 1 Olympic Way Wembley HA9 ONP London, UK
47
XPRESS PAYMENT SOLUTIONS LIMITED
23, Oba Akinjobi Way Ikeja GRA Lagos
Money transfer Nigeria Money transfer Nigeria
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Although they are costly in terms of economics and freedom, some African powers continue to abuse internet access during elections and protests. This is the case of Congo-Brazzaville, on presidential election day last Sunday. And although outgoing head of state Denis Sassou Nguesso made youth his priority by polling them on social media at the end of February, in an unprecedented survey of their needs, old habits have not disappeared.
outgoing head of state Denis Sassou Nguesso
“Network data shows an almost total collapse in national connectivity starting at midnight local time. The incident continues as the polling stations must open,” noted Internet watchdog NetBlocks.
AFP reporters also noted that internet access stopped shortly after midnight on Saturday and was still down when polling stations opened on Sunday.
“The Internet network has been inaccessible since shortly after midnight (Saturday 23 hours GMT). It was still open at the opening of the polling stations on Sunday at 7 a.m. local time (6 a.m. GMT), where 2.5 million voters are called upon to elect their President of the Republic,” reports the French Press Agency.
Unlike the 2016 presidential election — won by Denis Sassou N’Guesso with 60% of the vote — the mobile networks, telephony and SMS, remain in service. At the time, the Congolese authorities said they wanted to “prevent the illegal publication of results.” The outgoing president, 77, who has 36 years as head of state, faces 6 rivals.
On March 16, some 50 organizations, including Internet Without Borders, in an open letter called on President Sassou Nguesso to “keep the Internet open, accessible and secure throughout the period of the 2021 presidential election.”
The Internet and social networks “provide a space for communication, for public debate, for researching information on electoral processes and candidates, for reporting and documenting events and results,” they insisted. “Internet shutdowns undermine human rights, disrupt emergency services and cripple economies. “
On Wednesday, between 55,000 and 60,000 members of the security forces voted in advance. This early vote is seen as a potential source of fraud by opponents of the incumbent president. The Episcopal Conference, which expressed serious reservations about the transparency and credibility of this presidential election, was denied accreditation allowing it to send election observers to polling stations.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Algeria is determined to change its startup landscape by all means. Following the passage of an executive decree creating a national committee for the labelling of startups, innovative projects and incubators, the country is about to create national micro-activity zones housing startups. According to the country’s minister Minister Delegate to the Prime Minister in charge of micro-enterprises, Nassim Diafat, the creation of activity zones will be carried out and managed by public enterprises of an economic and commercial nature with a view to renting them out to startups at competitive prices.
Minister Delegate to the Prime Minister in charge of micro-enterprises, Nassim Diafat
“This will allow young people to have the spaces they need to realize their projects through the creation of startups adapted to the specificities of their regions. These young promoters will benefit from support within the framework of the National Support and Development Agency. entrepreneurship,” he said.
Here Is What You Need To Know
Diafat also announced the constitution, next week, of a departmental commission to bring together local representatives of young startup entrepreneurs in order to enable them to raise the concerns and obstacles they encounter and define activities that can be implemented at the level of each province.
He also said that “as part of support for startups suffering from lack of means to finance the acquisition of raw materials, it was decided, as a support measure for entrepreneurship, the granting of operating credits in the amount of one million dinars.”
A Country Greatly Supporting Startups In Recent Times
In December 2020, Algerie Telecom, Algeria’s state-owned telecom operator, unveiled new specifications for its calls for tenders. The new specifications would facilitate access of over 2,300 technological microenterprises to public procurement.
This followed the launch of the Algeria Startup Fund in October the same year. The launch was inspired by the statement of the President of the Republic, who during the meeting of the Council of Ministers held in January 2020, ordered the development of an emergency program for startups and small and medium-sized enterprises (SMEs), in particular the creation of a special fund or a bank intended for their financing. Following that, Executive Decree 20–254 of September 15, 2020 creating the national committee for the labeling of “startups”, “innovative projects” and “incubators” was published in the last issue of the Official Journal, Tunisia’s national gazette.
Labelled startups and incubators in Algeria have also been the greatest beneficiaries of the country’s newly passed finance law. The 2021 Finance Act provides for changes in taxes (Tax On Professional Activities, TAP; and Value-added Tax VAT). Under the law, companies in Algeria with a startup label will be exempt from several taxes, starting with the TAP (tax on professional activity) and the IBS (tax on corporate profits. companies) for a period of 2 years from the date of obtaining the said label.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Algeria has launched a national incubation and acceleration program for startups in the field of tourism. The launch follows a partnership between the country’s Ministry of Tourism, Handicrafts and Labor of the family and the Ministry in charge of the Knowledge Economy and Startups.
Minister for Startups, Yacine Oualid
Here Is What You Need To Know
Initialed by the ministers of the two sectors, Mohamed Ali Boughazi and Yacine El-Mahdi Oualid, the partnership allows startups, through the program, to propose innovative projects in the sectors of technologies relating to the hotel industry (HospitalityTech ), finance (Fintech), agriculture (Greentech), catering (FoodTech), health (HealthTech), organic products (BioTech) and for sale (RetailTech).
Called “Siaha Lab”, this program will be carried out in collaboration with the Hotel, Tourism and Spa Group (HTT) and provides for the creation of several incubators and startup accelerators across the country, starting with the one that will be inaugurated in Hammam Bouhnifia (Ain Temouchent), on the occasion of the organization of the “Oran Disrupt” event on March 20 and 21, while the second incubator will be inaugurated in Ghardaïa on the sidelines of the event “ Ghardaïa Disrupt” scheduled for April 10.
The other cities selected for the first phase of this program are Annaba, Sidi Fredj (Algiers), Guelma, Batna, Oran, Tamenrasset, Bechar and Biskra. Mr. Boughazi described the agreement as “unprecedented step” allowing young entrepreneurs and carriers of innovative projects in the field of tourism to benefit from “the support of the HTT Group” to execute their projects, in particular “by using its infrastructures” and by benefiting from “the expertise of its workforce”.
The program will contribute to the digital transition which is considered by the highest authorities of the country as a way out of dependence on hydrocarbons, he said, appealing to startups to “join” the officials sector in order to develop Algerian tourist infrastructures and enable them to offer “high-quality services”.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
