Policy & Regulations - Afrikan Heroes

Tunisia Launches Call For New Startup Act 2.0 Contributions. Here’s How To Go About Submitting

August 20, 2022

Tunisia is forging forward with the Startup Act 2.0. Startups and innovation are central to conversations with Tunisia’s entrepreneurial ecosystem players. Discussions on the formation of the strategic committee, which began with Tunisian startups, are making significant progress, mobilising stakeholders in innovation and technology as well as governmental agencies. A genuine cooperation across the many ministries has enabled the formulation of a vision that places startups and innovation at the centre of economic and social growth, as well as the national strategy.

The Startup Act 2.0 is in the works, and the call for contributions released through this form intends to gather feedback from entrepreneurs. As part of its efforts to enhance the business climate, the Ministry of Economy and Planning established a 13th task force dedicated to the knowledge economy, with the primary aim of working on the Startup Act 2.0. This task force is now made up of the Ministry of Communication Technologies as the project leader for revising the framework law for startups, the Ministry of Economy and Planning as the coordinator, the Tunisian Investment Authority (TIA), and TunisianStartups.

It should be emphasised that the task force will include other members, including the Agency for the Promotion of Industry and Innovation (APII), the Ministry of Higher Education and Scientific Research, Smart Capital, and many more startup ecosystem stakeholders.

A number of efforts have been initiated, including the formation of a ministerial council with a focus on startups, the formation of a 13th task force within the Ministry of Economy and Planning, and the positioning of the BCT as a facilitator between banks and startups. Given the importance of startups and innovation as a driver of growth and economic and social development, the Startup Act 2.0 has become a hot subject.

The growth of start-ups and inventive SMEs is something that the government’s presidency is also interested in. In fact, on July 29, a restricted ministerial council with a focus on startups and innovation was held, and the head of government called for diversifying the industries and regions where startups receive funding, increasing the contribution of women to the creation of these businesses, and attempting to close the startup creation gap between regions.

For its part, the Central Bank of Tunisia has demonstrated a keen interest in removing the barriers that entrepreneurs encounter, such as issues obtaining bank financing. The exchange legislation is now being modified, which should reduce barriers and make it easier for new businesses and other types of economic actors to join the global market.

It should be remembered that the Startup Act, which was enacted in 2018, intends to encourage the creation of a legal system tailored to the growth of Tunisian companies. The creation of the Startup Act 2.0 is progressing according to a rationale of ongoing improvement of the regulatory environment for entrepreneurs. With the objective of enhancing the ecosystem of entrepreneurship and innovation through a better legislative framework, all major actors are now working together to adopt solutions to satisfy the demands of startups and create a more sustainable and favourable environment.

It should be highlighted, however, that the group’s work continues to be centred on the difficulties and feedback from entrepreneurs that will be gleaned via the TunisianStartups call for contributions, which intends to gather information from businesses to analyse their requirements and provide directions and solutions. possibility of being incorporated into the Startup Act 2.0.

Fill out this form before August 30 to contribute to the Startup Act 2.0.

Tunisia Startup Act 2.0 Tunisia Startup Act 2.0

South Africa’s Central Bank Says Banks Can Work With Crypto Exchanges

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Sandbox Licensing Now Live In Ghana Via EMTECH Platform. Here’s How To Go About It

The Bank of Ghana has opened its Regulatory and Innovation Sandbox, which was created in partnership with EMTECH Solutions Inc.

The decision, according to a statement from the central bank, is consistent with the bank’s objective to continually create a favourable regulatory framework that supports innovation, financial inclusion, and financial stability.

“The Regulatory Sandbox is open to all licensed financial institutions and unlicensed FinTech start-ups that have innovative products, services or business models that meet the Regulatory Sandbox requirements,” the statement said.

Who Can Apply For The License?

The new licensing regime will be available to:

To banks, specialised deposit-taking institutions and payment service providers including dedicated electronic money issuers.

Unregulated entities and persons that have innovations that meet the sandbox requirements.

However, the entities above still need to show that:

Their digital business models are new and are not currently covered explicitly or implicitly under any regulation in Ghana.

Their digital financial service technology is still new and immature; and

Their Innovative digital financial services products have the potential of to address a persistent financial inclusion challenge.

“Within the broad categories outlined, the Bank of Ghana would give preference to products and services leveraging blockchain technology, remittance products, crowdfunding products and services, e-KYC (electronic know your customer) platforms, RegTech (regulatory technology), SupTech (supervisory technology), digital banking, products and services targeting women financial inclusion and innovative merchant payment solutions for micro, small and medium size enterprises (MSMEs),” the bank said.

Sandbox Ghana how — *In simple terms, this is how a regulatory sandbox works. Image Credits: LinkedIn*

What Is The Purpose Of The Regulatory Sandbox Regime?

With the new regulatory sandbox license, Bank of Ghana seeks to:

Reduce time-to-market for unregulated products;

Allow regulators to learn about innovations faster;

Encourage innovators to formalize their business and incentivise incumbents to experiment with new ideas;

Reduce the cost of innovation for innovators; and

Provide valuable insight for regulators to evolve effective regulations.

Bank of Ghana’s latest move comes on the heels of the recent blocks placed by Nigeria’s central bank on cryptocurrency trading and the facilitation of international remittances by startup companies. Apart from Mauritius and Nigeria, Tunisia is has more recently launched a regulatory sandbox regime.

We are honored to be a trusted partner for the pretigious @thebankofghana. This is a ground breaking project showcasing how central banks can deploy modern technology to keep up with, assess and accelerate innovation! #ghana #sandbox https://t.co/e7WR59tSq8
— EMTECH (@emtech_inc) February 25, 2021

How It Will Work

The sandbox licensing regime is available to Ghanaian innovative startups through a partnership between Bank of Ghana and EMTECH. As a result of the partnership, the Bank of Ghana has become the first central bank to adopt an API-first Digital Regulatory Sandbox.

“The sandbox will be available to banks, specialised deposit-taking institutions and payment service providers including dedicated electronic money issuers as well as unregulated entities and persons that have innovations that meet the sandbox requirements,” an earlier statement from the Bank of Ghana read.

The entire regulatory sandbox regime can be done here: https://app.emtech.com/home

South Africa’s Central Bank Says Banks Can Work With Crypto Exchanges

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Five Months After, Congolese Senate Approves Startup Bill

August 17, 2022

A bill granting the startup label to technological and digital startups in the Congo has been approved by the country’s Senate. The bill was passed during the ordinary session of the parliament in Brazzaville. The Congolese government authorised this bill five months before its adoption. The Congolese upper house approved the bill, after the second reading.

The national digitalization plan “Vision Congo digital 2025” includes the implementation of this law. An extensive programme was made under the bill to promote the growth of the digital economy in this nation.

The passing of this bill is timely, according to Juste-Léon Ibombo, minister of communications, post, and the digital economy. Therefore, he hopes, it will guarantee “the protection of startups in order to stimulate their emergence.” “To allow startups and young entrepreneurs to create wealth and added value to the nation’s economy is the government’s commitment under this law,” he added.

On a digital level, the Congo, located in Central Africa, stands out. Since 2015, this country has seen an increase in the number of start-ups in fintech, e-commerce, e-health, and agritech. According to Partech’s “2021 Africa tech venture capital” study, the Congolese start-up ecosystem raised one million dollars in 2021 from investment funds and other venture capital firms. As previously stated, the government adopted this law in March. Its involvement in local startups is intended to enable their access to financial and legal benefits, thereby contributing to their growth.

The bill awaits final presidential assent to become fully operative.

Startup Bill Act Congo Startup Bill Act Congo

Nigerian Startup Bill Sent To President For Assent After Final Parliamentary Approval

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Fintech Startups In Morocco Now Have Easier Way Of Dealing With Capital Market Authority. Here’s How

August 14, 2022

African-tech-startup-funding-rises-51-to-195M-in-2017

The Moroccan Capital Market Authority (AMMC) has announced the launch of a “fintech portal” to help companies in this sector grow and to stimulate the development of innovative technologies in the kingdom.

According to Morocco’s capital market regulatory authority, the purpose of placing this portal online is to foster “exchanges” between fintech project leaders and to allow them to inquire about the “legal framework applicable to their companies.”

According to the institution, “this instrument was created to enhance conversation between the Moroccan Capital Market Authority and enterprises working in the innovative financial technology sector.”

By launching this portal, the AMMC demonstrates its commitment to put fintech at the centre of its 2021–2023 strategic plan, with the goal of encouraging the development of innovative technologies that contribute to the transformation of the Moroccan financial industry. Long before that, in early February, the Central Bank of Morocco announced a collaboration with CDG Invest, the investment arm of the Caisse de Dépôt et de Gestion (CDG) company, to encourage the development of fintech in Morocco.

As part of this arrangement, the Central Bank has agreed to assist financial services companies with regulatory issues and contract terms with banks. CDG Invest has offered fintechs mentoring, technical, financial, and operational assistance.

Financial services technology companies do not yet have a significant presence in Morocco’s startup ecosystem. The Moroccan media fnh.ma estimated in a July 2022 story that one of the final fundraisers carried out by a Moroccan fintech occurred in July 2021. YallaXash is the company that received 6 million dirhams from Morocco Digital Fund.

Fintech Morocco capital market Fintech Morocco capital market

Verdant Capital Raises $10 Million Debt Funding for Zeepay

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Here’s Why A Proposed Law For Tech Firms From Nigeria’s NITDA May Threaten Your Startup

August 1, 2022

Unless further changes and amendments are made to a recently leaked bill on Nigerian tech companies, Nigeria ’s National Information Technology Development Agency (NITDA), a regulator in charge of regulating, among other things, technology transfer and data protection, is determined to have the bill enacted into law. NITDA has attained a new milestone in its effort, following up on its statement last year when the proposed was originally proposed. Its most recent accomplishment was getting the Bill examined by Nigeria’s Federal Executive Council (FEC), the top decision-making body inside the Nigerian presidency, last week.

“NITDA, as the apex regulator of the IT sector, will leverage the proposed NITDAs Bill to extensively engage with crucial IT stakeholders and protect its stakeholders’ interests in the best possible way. However, this can only be achieved through more excellent connectivity and collaboration by registration and licensing processes. Considering the importance of the NITDA proposed Bill. The Bill will be presented to the National Assembly as an Executive Bill,” a statement from the agency, last year, read in part.

According to the agency, the enactment of the bill into law will follow the process listed below:

The Agency initiates the process by sending the initial draft to its supervisory Ministry, the Federal Ministry of Communications and Digital Economy, for policy reviews.

The Federal Ministry of Communications and Digital Economy perform the policy review;

Upon completion of the policy review, the Federal Ministry of Communications and Digital Economy conveys the initial draft Bill to the Office of the Attorney-General of the Federation and Minister of Justice Office for legal drafting and statutory review;

The Attorney-General of the Federation and Minister of Justice Office will revert with their legal opinion to the Federal Ministry of Communications and Digital Economy;

NITDA will engage all IT stakeholders in line with the Rulemaking Process of the Agency;

NITDA will send the updated draft Bill to its supervisory Ministry, the Federal Ministry of Communications and Digital Economy;

The Bill will be presented to the Federal Executive Council (FEC) and upon approval, the President will transmit the Bill to the National Assembly for the enactment process, which will include public hearings and more stakeholder engagements; and

Upon passage by the National Assembly, it will be transmitted to the President for assent.

“As an accountable Agency, NITDA assures Information Technology sector stakeholders as well as the general public that the process will be transparent and subjected to comprehensive stakeholder engagements. We, therefore, count on the support of Nigerians towards the successful passage of the Bill and eventual signing into law. This will undoubtedly help towards ensuring that Nigeria harnesses the potentials of the ever-expanding digital economy,” NITDA states in the statement.

tech law NITDA Nigeria — *Until now, Nigeria’s NITDA is one of the country most powerful data protection regulators. Image credits: NITDA*

Why Is The Proposed Bill Considered Controversial?

If The Bill Becomes Law, All Technology Businesses In Nigeria Must Now Be Licensed And Fined By NITDA

This is the first time this has ever happened in the West African country. Section 15 of the Bill authorises NITDA to issue licenses to technology businesses, as well as provide for licensing and authorisation criteria including renewal, suspension, and revocation, to promote free market operation and competition, among others.

The direct implication of this is that any such licenses granted by NITDA may now be suspended at will, or simply revoked. The Bill did not state in specific details, the procedure for seeking redress from any aggrieved persons whose licenses have suffered such suspension or revocation.

According to the section (before it was further amended this section), the classes of licenses that may be procured under the bill, if it becomes law, are a) product license b) service provider license c) platform provider license. It however did not define the above classifications in specifics, neither did it state the respective licensing fees. In any case, this means that virtually no type of technology business now escapes the regulatory eyes of NITDA, including small-scale technology businesses located in the remotest parts of the country.

S/N	OFFENCE	DESCRIPTION	PUNISHMENTS

1	Non-payment of assessed levy	Failure to pay within two months after receiving an official notice from NITDA	The company pays a fine of 0.5 per cent of the assessed sum every day of the default.
2	Failure to comply with the law	That is, failure to obtain a license, or comply with the provisions of the law establishing NITDA, or any regulations made by NITDA, etc.	Individual: fine of NGN3, 000, 000 or jail for not less than 1 year. Company: corporate fine of NGN30, 000, 000 or jail for company officers for not less than 2 years.
3	Denial of entry into the property of the licensee.	Entries include entry into premises or access to records or data.	Individual: fine of NGN3, 000, 000 or jail for not less than 1 year. Company: corporate fine of NGN30, 000,000, plus every director and officer to pay a fine of NGN3, 000, 000 or jail for not less than 2 years or both.
3	No specific offence and penalty stated in the law.	That is, a person commits an offence under the law where no specific penalty is provided.	Individual: fine of NGN30, 000, 000, plus administrative sanctions, or jail for not less than 2 years or both. Company: corporate fine of NGN30, 000, 000.
4	First Offender	Where no specific offence and penalty are stated in the law, and the person is a first offender.	A fine of N3, 000,000.00 or jail for not more than 1 year or both.
5	Subsequent Offender	Where no specific offence and penalty are stated in the law, and the person is a subsequent offender.	A fine of N5, 000,000.00 or jail for not more than 3 year or both.

$1=415 Nigerian Naira (official); Unofficial= 710 Nigerian Naira, as at 1:10 PM, GMT +1, July 31st, 2022. View source.

If The Bill Becomes Law, All Technology Businesses In Nigeria Must Now Remit One Percent Of Their Profit Before Tax Into The National Information Technology Development Fund

This is not the first time this is happening. Under the previous legislation establishing NITDA, a technology company in Nigeria is obligated to pay 1% levy on profit before tax if it has an annual turnover of ₦100,000,000 (One Hundred Million Naira) and above. These provisions have been carried forward into the proposed rules, with the following amendment:

The defaulting person will now have to pay two percent of the levy (that is NGN2,000,000), instead of the previous flat fine of NGN1 million.

The Implications Of The Proposed Bill

The bill implies a lot of things, including that:

All technology companies in Nigeria must now first obtain a license to operate before they can even be allowed to register with Nigeria’s Corporate Affairs Commission. This is counter-productive given the country’s population and land sizes.

By stating that NITDA has the power to “develop regulations, guidelines and directives on the use of information technology and digital services in every sector of the economy to attain the purpose of the Agency” and at the same time have the power to “issue notices of contravention and non-compliance with this Act, regulations, standards and guidelines,” it implies that NITDA may introduce policies through the back door to checkmate the activities of technology companies in Nigeria. This is exactly re-creating the scenarios recently played out by Nigeria’s National Broadcasting Commission, when it introduced a set of sweeping rules that forced startups such as the entertainment startup, iROKOtv, to shutter its Nigerian operations.

The new powers of NITDA are sweeping in their effects, including the power to, on its own, state the licensing fees for the licenses, among other deductions.

The proposed bill continues the trends of hostile policies against Nigeria’s tech startup ecosystem. The west African country had recently disrupted the operations of bike hailing startups, cryptocurrency trading, foreign stock-trading, Twitter, among other regulatory blocks.

The provisions of the bill are also going to be in conflict with other laws in Nigeria, especially the new Startup Bill recently passed by the country’s parliament. The bill seeks to exempt early stage innovative companies from certain statutory obligations for the first few years of their operations.

Recall that Nigeria‘s new Finance law exempts small businesses with annual turnover of less than ₦25m from Companies Income Tax. Under the law, a lower Corporate Income Tax rate of 20% ( as against 30%) will also apply to medium-sized companies with yearly turnover between ₦25m and ₦100m .

tech law NITDA Nigeria tech law NITDA Nigeria tech law NITDA Nigeria tech law NITDA Nigeria

What Laws Support Early Stage Startups In Nigeria?

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Kenya’s Central Bank Blocks Flutterwave Operations Four Years After It Expanded To The Country

July 30, 2022

Four years ago, in 2018, Nigerian payment startup Flutterwave announced it had expanded to the East African country of Kenya. But it appears the startup have come to an abrupt end in the country. This is because the Central Bank of Kenya (CBK) has, in a letter to Kenyan CEOs, ordered Kenya banks and microfinance institutions to stop doing business with payments technology companies Flutterwave and Chipper Cash.

In the statement, the regulator instructed banks to break ties with the fast-growing payments unicorns, which may include cancelling all accounts and freezing funds. The lenders must return to CBK within seven days.

“It has come to the attention of the Central Bank of Kenya (CBK) that Flutterwave Payments Technology Ltd and Chipper Technologies Ltd have been engaging in the money remittance business without licensing and authorisation by CBK,” the letter reads. “Money remittance services in Kenya are regulated pursuant to the Central Bank of Kenya Act and the Money Remittance Regulations, 2013. Further, money payment services in Kenya are regulated pursuant to the National Payment System Act and the National Payment System Regulations, 2014.”

This comes just days after the CBK governor told journalists at a meeting of the Monetary Policy Committee (MPC) that the two companies are not licenced to provide remittance and payment services in the country.

Here’s What You Should Know

The rule might spell the end of payments technology businesses aiming to leverage the country’s fast-growing multibillion-dollar online payment market.

The two unicorns have rapidly expanded across the continent in recent years, much to the dismay of regulators, who accuse them of promoting fraud and transporting illicit currency with low rules.

The Assets Recovery Authority (ARA) is now investigating Flutterwave for money laundering, and it is unclear whether the company has regulatory authority to operate in the country.

The High Court froze more than Sh6.2 billion in 62 bank accounts belonging to the Nigerian start-up and four Kenyans earlier this month, citing concerns that the funds were the results of card fraud and money laundering.

The ARA applied to prevent the transfer or withdrawal of billions in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB, and Co-operative Bank accounts, pending the filing of a petition to have the money forfeited to the government.

Olugbenga Agboola and Iyinoluwa Aboyeji founded the payments technology startup in 2018 and have offices in Lagos, Nigeria and 1323 Columbus Avenue, San Francisco, California.

After Nigeria, Kenya is the firm’s second-largest market.

In February, the company secured Sh28.41 billion in a Series D fund drive, primarily to finance mergers and acquisitions in the continent’s booming payments market.

Chipper Cash was launched in 2018 by Ham Serunjogi of Uganda and Maijid Moujaled of Ghana to provide rapid cross-border mobile money transactions in Africa.

The company is headquartered in San Francisco, California, and has secured around Sh35.9 billion ($302.2 million) in investment, the most recent of which being a Series C round in November of last year.

The platform provides peer-to-peer payment services in nine countries, including Ghana, Uganda, Tanzania, Rwanda, Nigeria, South Africa, and Kenya. Other countries include the United States and the United Kingdom.

Flutterwave Kenya Bank Flutterwave Kenya Bank

Morocco’s UM6P Ventures Invests in Climate Crop Ltd To Enhance Crop Survival In Africa

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Nigerian Startup Bill Sent To President For Assent After Final Parliamentary Approval

July 28, 2022

The Nigerian Startup Bill, introduced in Parliament in March by the Republic’s Presidency and the country’s innovative tech sector, has now been endorsed by both the Senate and the House of Representatives of the Federal Republic of Nigeria. The only thing left is for the Head of State to sign it.

Startup bill Nigeria — *Nigeria’s Startup Bill was approved yesterday by the country’s lower house of parliament to end its legislative journey. Source: House of Reps, Nigeria.*

The purpose of the Startup Bill is to “provide a favourable environment for a start-formation, up’s growth, and operation in Nigeria. Encourage the growth of talent in the technology sector and establish Nigeria’s startup ecosystem as the continent’s premier digital technology hub, with outstanding innovators with cutting-edge expertise and exportable ability,” the government says.

Since October 2021, the government has embarked on the establishment of a regulatory framework conducive to the emergence of innovative tech companies. Currently, Nigerian start-ups are the ones attracting the most investment in Africa. They have managed to thrive in a business environment built on long-term battles led by the private sector. Today, given the impact on the economic growth of States that several analysts attribute to start-ups in the digital age, the public sector is determined to provide them with a more favorable framework for expression.

Nigeria has included a number of amenities in its new law on startups that will hasten their maturity. These include a label that will provide businesses that acquire it with tax benefits, money resources via a fund set aside for support. The government also places a high priority on education.

Once the bill is approved, Nigeria will become one of the few African countries with start-up-specific regulations. Senegal, Tunisia, and Mali are among them.

Download the proposed Nigerian Startup Act here.

A New $4M Digital Energy Fund Launched For African Startups. Here’s How It Will Work

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Nigeria Two Steps Away From Getting A Startup Act. Find The Bill Below

July 23, 2022

The Nigerian Startup Bill, introduced in Parliament by the Republic’s Presidency and the country’s inventive tech sector in March, was adopted by the Senate of the Federal Republic of Nigeria on Wednesday, July 20. The House of Representatives’ approval, to which the legal text has already been submitted for approval, is now all that is needed. The Head of State will then simply need to sign it.

The purpose of the Startup Bill is to “provide a favourable environment for a start-formation, up’s growth, and operation in Nigeria. Encourage the growth of talent in the technology sector and establish Nigeria’s startup ecosystem as the continent’s premier digital technology hub, with outstanding innovators with cutting-edge expertise and exportable ability,” the government says.

Since October 2021, the government has embarked on the establishment of a regulatory framework conducive to the emergence of innovative tech companies. Currently, Nigerian start-ups are the ones attracting the most investment in Africa. They have managed to thrive in a business environment built on long-term battles led by the private sector. Today, given the impact on the economic growth of States that several analysts attribute to start-ups in the digital age, the public sector is determined to provide them with a more favorable framework for expression.

Nigeria has included a number of amenities in its new law on startups that will hasten their maturity. These include a label that will provide businesses that acquire it with tax benefits, money resources via a fund set aside for support. The government also places a high priority on education.

Once the bill is approved, Nigeria will become one of the few African countries with start-up-specific regulations. Senegal, Tunisia, and Mali are among them.

Download the proposed Nigerian Startup Act here.

Startup Act Nigeria Startup Act Nigeria

A New $4M Digital Energy Fund Launched For African Startups. Here’s How It Will Work

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Central African Republic Defies France FCFA Agreement, To Continue With Crypto Project. Here’s The Latest

July 22, 2022

The Central African Republic (CAR), which finalised its cryptocurrency project on April 22, 2022, shouldn’t suspend it, according to information gathered from the meeting of the Ministerial Committee of the Central African Monetary Union (UMAC), which is taking place on July 21, 2022, in Douala. The CEMAC States (Cameroon, Congo, Chad, Gabon, CAR, and Equatorial Guinea) have recognised a single currency, the CFA franc, which has caused a great deal of worry among the CEMAC states. This initiative should now continue under the watchful supervision of the Beac, the central bank of the CEMAC countries.

Introducing Project Sango – The First Official Bitcoin Island and Hub in Africa - BitcoinKE — *Recently launched Sango Coin is CAR’s cryptocurrency. Credits: Sango.org*

This information is consistent with the news release that the Bank of Central African States (Beac) Board of Directors just issued following its meeting on July 20, 2022, in the economic centre of Cameroon. The board of directors welcomed the Central African Republic’s expression of its attachment to the single currency and respect for the statutes of the Bank of Central African States, the rules governing the monetary union, and its community commitments after examining the implications of the law governing cryptocurrencies in the country on the community’s regulatory architecture in monetary and financial matters.

The board of directors of the Beac “took good note of the request by the Central African Republic, the assistance of the Beac and the competent authorities of the community, for the development of a normative framework governing crypto-assets in CEMAC,” as per a press release signed by Hervé Ndoba, chairman of the board and minister of finance and budget for the CAR.

The Beac’s Cautionary Warning

These positions taken by the CAR, as reported by the Beac Board of Directors’ communiqué and by sources close to the Umac Ministerial Committee, serve to clear the air of the clouds gathering over the relationship between this nation and its fellow Cemac members on the one hand and France (sponsor of the CFA franc in accordance with the monetary cooperation agreements with the countries of the franc zone) on the other since the hullabaloo.

It will be recalled that the Central African Banking Commission(COBAC)’s initial response to this decision by the Central African authorities was one of dissent. The institution’s note, which was released following the CAR’s legalisation of bitcoin, states that “it is prohibited for subject institutions and their technical partners in the context of payment services to exchange or convert, settle or cover in currency or FCFA, transactions relating to cryptocurrencies or having a link with them.”

The governor of the Beac, Abbas Mahamat Tolli, responded, saying, “The content of the law controlling cryptocurrencies established in the Central African Republic can be regarded as a questioning of the monetary cooperation accords (with France, editor’s note) in place in Central Africa. On July 14, 2022, the Monetary Policy Committee of the Beac reiterated its previous advice to the economic representatives of the Cemac to exercise prudence while dealing with crypto-assets during a press conference.

Central African Republic crypto Central African Republic crypto

Central African Republic Shuns Bank Of Central Africa, Launches Bitcoin Investment Center

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Ride-hailing Company Bolt In Trouble With Authorities In Tunisia. Here’s The Latest

July 18, 2022

The National Authority for the Protection of Personal Data of Tunisia issued a statement regarding the Bolt application on Friday. Following a heated debate on social networks on the exorbitant costs of travel, the Authority has issued a statement regarding another issue: the privacy of user information.

“The Bolt application is in violation of the legislation regarding user data. They made no requests or statements to the Authority. In fact, if they process consumers’ personal information, they must first submit a processing request to the INPDP,” President of the National Authority for the Protection of Personal Data Chawki Gaddes describes the situation.

Due to the foreign nature of the Bolt app, the data is stored abroad.

Nevertheless, according to Gaddes, Bolt Tunisia should have obtained licence to transfer foreign data.

“From a personal data standpoint, Bolt’s action is illegal. We have the authority to reject the application, but we will not do so. Several applications violate the regulations and are hence not rejected,” Gaddes said.

Gaddes stated, in reference to the debate over the prices of journeys, that even if the issue is significant, it does not fall under the jurisdiction of the Authority. Users are therefore advised to reduce or perhaps eliminate the use of this application.

“Examination of the company’s contractual document with its customers reveals that the applicable regulation on the protection of personal data (point IV) is the General Regulation for the protection of European personal data, which is not legally valid given that the service is provided by a Tunisian company to people within the country’s borders. This involves processing their personal data in conformity with Law №63 of 2004 on the protection of personal data. The request for this service is made via an information application on the mobile phone, and it is carried out in order to process the users personal data. Therefore, the business and its workers or operators are expected to comply with Organic Law №63 of 2004,” the statement read.

“After reviewing the files submitted by the data controllers of the Authority, it became apparent that the company lacked the legally mandated authority and licence, and had not secured a licence to transfer the personal data of its artisans abroad. Therefore, the company’s operations are, in essence, contrary to paragraphs 7, 8, and 51 of the aforementioned fundamental legislation, making it subject to legal processes and the potential imposition of criminal penalties for the deprivation of liberty stipulated by the aforementioned law. The Council notifies data subjects that it may receive complaints involving violations of rules or threats to society’s safety,” the statement added.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh