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Good morning!
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Hi guys, Ebere here, it has been a while, hasn't it?
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We all thought Elon Musk was training for his fight with Mark Zuckerberg, but the billionaire was cooking. He has once again made headlines with his latest company, xAI, an artificial intelligence (AI) company, which aims to understand reality.
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As someone who has always screamed for AI regulations, Musk intends to delve deeper into the realm of AI and gain a better understanding of its capabilities and implications with xAI.
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Also, I bring good tidings to developers who have apps on Google Play Store. Google has made changes to its Play Store policy, enabling developers to incorporate digital assets like NFTs into their games.
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This is one of Google's ways to support these emerging technologies (no shades to Apple). With this new policy, there are now new ways to transact blockchain-based digital content within apps and games on Google Play.
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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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It also helps you generate extra revenue while providing your customers with comprehensive insurance coverage and protection.
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Summary of the news
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- FG to amend Cybercrime Act amidst possible threat issues
- Twitter experienced unexplained technical problems today
- Chinese startup beat Elon Musk’s SpaceX in the race to launch a methane-fueled rocket
- Play Store developers to incorporate digital assets like NFTs into their games
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Ecosystem
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Africa in 2023: 32% CAGR and $65bn revenue: Africa is on track to become the fastest-growing region regarding fintech revenue. This is according to a recent Boston Consulting Group (BCG) and QED Investors report.
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With a compound annual growth rate (CAGR) of 32% from now until 2030, Africa’s fintech market, led by South Africa, Nigeria, Egypt, and Kenya, is projected to expand thirteenfold, reaching an impressive $65 billion by 2030.
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Caio Anteghini, a partner at BCG, Johannesburg, highlighted that Africa’s advantage lies in its lack of legacy infrastructure, allowing it to leapfrog into a new financial ecosystem that can address the challenges faced by its predominantly unbanked or underbanked population. (Technext)
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Verve has announced it has issued more than 50 million payment cards in Nigeria, a figure that would indicate it dominated the Nigerian market. This announcement is coming after the brand successfully issued 35 million cards in 2022. (Technext)
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Policy
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Uganda imposes a 5% digital tax on intl companies: Uganda’s parliament approved the imposition of a 5% levy on the revenues earned by foreign digital companies. Henceforth, companies like Facebook (Meta), Twitter, Amazon, and Netflix will have to pay taxes for every revenue generated in the country. Failure to do so attracts severe punitive measures.
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In March, Uganda’s Minister of Finance Planning and Economic Development, Hon. Matia Kasaija proposed the Tax Amendment Bills, 2023 before Parliament for debate, with several amendments propositions. One proposition tabled is the imposition of a levy on foreign digital companies’ income. (Technext)
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- A High Court has suspended Kenya's Finance Act 2023 indefinitely, despite claims that a suspension of the Act would cripple the government's operations. However, it has been 12 days since the Act was suspended, and the government has not shut down. (Techpoint)
- The House of Reps has requested that CBN temporarily halts social media verification directives. This includes the implementation of banks to collect and verify customers' social media handles as part of their KYC verification process. (Nairametrics)
- FG is on the move to amend Cybercrime Act to control possible threat issues. The National Security Adviser, Nuhu Ribadu, on behalf of the Federal Government, said that discussions are in place to amend the 2015 Cybercrimes Act to cater to issues emanating from emerging technologies such as AI. (Nairametrics)
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Social Tech
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Google has made changes to its app store policy, enabling developers to incorporate digital assets like NFTs into their games. The updated policy requires transparency about tokenized assets, prohibits the promotion of earning or trading activities, and restricts the acceptance of money for chances to win assets.
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This move aims to protect users from deceptive marketing tactics. The update also allows apps to offer user-owned content and unique NFT rewards, enhancing user loyalty. Google plans to roll out the changes to all developers later this year after testing with a select group.
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While Google embraces blockchain-based applications, Apple has maintained a cautious approach with additional fees on NFT sales and restrictions on features and purchasing options. It remains to be seen whether Apple will follow suit or maintain its current stance. (TechCrunch)
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- Mastodon’s flagship server went down yesterday due to maintenance issues. The original server is operated by the Mastodon gGmbH non-profit,” mastodon. social became unreachable in the afternoon and lasted for a couple of minutes. (TheVerge)
- Twitter experienced unexplained technical problems yestderday, as key features of the Elon Musk-owned social network appeared to be not working correctly. The recent technical glitches at Twitter come as Meta last week launched Threads, a Twitter-like social app. (Variety)
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Global News
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UK government hacked: China-based hackers have conducted a significant cyberattack, targeting email accounts of around 24 organizations, including US government agencies. Microsoft and the White House have acknowledged the breach, suggesting it is an espionage effort to acquire sensitive information.
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The hackers successfully breached at least two executive branch agencies, including the State Department and the Department of Commerce. The hackers also targeted email accounts at the House of Representatives, but it was unclear who was targeted and if the breach attempts were successful. (CNN)
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A Chinese startup has beaten Elon Musk’s SpaceX in the race to launch a methane-fueled rocket. LandSpace Technology Corp. successfully launched the ZQ-2 rocket from the Jiuquan Satellite Launch Center in the northwest province of Gansu after its first failed attempt in December. (Bloomberg)
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Elon Musk has once again made headlines with his latest venture, xAI. On Wednesday, Musk announced the establishment of an artificial intelligence (AI) company, which aims to understand reality. (Economic Time reports)
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- Tech firms are now in charge of managing algorithm content in the UK, after a government defeat in the Lords over changes to the Online Safety Bill. Baroness Kidron, who backed the amendments, said firms had to be held to account for algorithms that led people to harmful content online. This is because a change in the bill might affect and delay other child protection measures included in the bill. (BBC)
- Amazon US sales skyrocketed as consumers spent $6.4 billion. The first day of Amazon’s two-day Prime Day event saw U.S. sales rise nearly 6% year-over-year to $6.4 billion. The number represents the single biggest e-commerce day so far in 2023. (TechCrunch)
- The UK competition regulator, the Competition and Markets Authority (CMA) has indicated a change in its stance regarding the Microsoft and Activision Blizzard deal. Previously, the CMA had blocked the $69 billion deal, making it the first regulator to do so. (Reuters)
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