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Good morning!
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IBM is considering axing 7,800 jobs and replacing them with AI tools. People who said that AI wouldn't take away jobs forgot to tell you that you must learn AI to keep your jobs.
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Meanwhile, Moniepoint CEO, Tosin Eniolorunda was very excited to announce that the company is ranked number 2 on FT's list of fastest-growing African companies.
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It's a bleak day for Payday and ChipperCash as they might be losing some customers because of a new update in their partnership with their virtual dollar card providers. This deal will compel them to force customers to always have their cards loaded before any transactions.
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Payday said it will deactivate and ChipperCash said there will be charges for any transaction that declines on grounds of insufficient funds.
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It's the fault of the companies in that they launched a solution that just doesn't seem to be ready. But now the virtual dollar cards are their unique product and they must keep it going almost regardless of the consequences.
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But the real problem here is the CBN putting a halt on naira cards paying for dollar transactions. The CBN has weakened the naira cards so much so that Nigerians need a dollar card to pay for even a 3-dollar transaction.
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People will always need dollars in this global village we found ourselves and companies can't just run businesses telling customers when to fund their cards.
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Identity Pass has a new report that highlights the priorities of customers, broadly speaking. Check it out here.
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If this newsletter was forwarded to you, click here to subscribe now.
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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
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- IBM said it's considering replacing 7,800 jobs with AI tools
- Samsung told its employees to stop using AI-powered chatbots
- Nomba has raised $30 million
- Nigeria’s SEC is considering allowing asset exchange platforms to list tokens
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Ecosystem
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- Afex, Moniepoint and Wasoko are the top three fastest-growing African companies respectively according to the Financial Times new ranking. (FT)
- Access Holdings has acquired more shares of fintech E-tranzact, bringing its total investments in the company to N12.1 billion, giving it a 37.56% stake as of December 2022. (Nairametrics)
- ChipperCash said it would charge customers for any transaction on their dollar card that declines because of insufficient balance.
- Payday said it would deactivate customers' dollar cards after transactions decline multiple times because of insufficient balance as part of its agreement with its partners.
- Nomba (formerly Kudi) has raised $30 million in a pre-Series B investment round, to increase its current offering. (Technext)
- GTCO said its fintech unit, Squad, crossed N200 billion in transactions in January 2023. (Nairametrics)
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Upgrade your business to a global business. Accept international payments in USD and get settled in USD. Get a bouquet of payment solutions that meet your every need when accepting payments in and from Africa. The world is waiting for you.
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Policy
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- The National Communications Authority of Ghana said it will deactivate unregistered SIM cards this month, a move that will disconnect 11 million cards. (Techpoint Africa)
- Nigeria’s Central Bank Governor, Godwin Emefiele said that electronic transaction volumes increased by 836 per cent between 2017 and 2021. "Between 2021 and 2017, the volume of transactions via electronic channels such as ATM, POS, WEB, MMO and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44 and 836.50 per cent, respectively," he said. (Nairametrics)
- Nigeria’s Securities and Exchange Commission is considering allowing asset exchange platforms to list tokens backed by specific tangible assets, but not crypto coins like Bitcoin. (WeeTracker)
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Social Tech
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- CertiK's new report discovered that over $103.6 million was stolen by crypto scammers in April. (Technext)
- TikTok is developing a tool for content creators to disclose they used generative artificial intelligence in making their videos, according to a person with direct knowledge of the efforts. (The Information)
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Global News
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- Samsung has told its employees to stop using AI-powered chatbots, including ChatGPT. (Technext)
- Uber's revenue for Q1 2023 was up 29% from the same quarter last year, with a net loss of $157 million, or 8 cents per share, compared to a net loss of $5.9 billion, or $3.03 per share, in 2022. (CNBC)
- IBM CEO, Arvind Krishna said the company could halt hiring new workers and instead use AI tools, a move that could see AI replace 7,800 jobs. (Bloomberg)
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Latest in funding
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Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly Apps with low transaction fees without ever sacrificing security.
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Other stories we are following
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