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Good morning!
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Today, we offer our deepest condolences to the family and friends of Herbert Wigwe, the late CEO of Access Bank.
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Wigwe was a visionary leader who played a significant role in shaping the Nigerian banking landscape.
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In his honour, we want to revisit two instances where he championed progress:
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1. Championing Gender Diversity in Fintech:
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We recall Wigwe's insightful session where he passionately advocated for fostering greater gender diversity within the Fintech space. His vision for an inclusive industry where talent thrives regardless of gender continues to inspire us.
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2. Strides in Technology and Innovation:
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We remember Wigwe's commitment to technology education, particularly for young innovators. His statement, "We recognise the pivotal role of technology education, especially for the talented young individuals within our creative sector..." resonates deeply within us.
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Let us keep Wigwe's vision alive by actively promoting innovation whenever and wherever we can.
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Meanwhile, fam, Cote d'Ivoire are Africa's champions!
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The Eagles did not soar this time and Cote d'Ivoire have shown their mettle, surprisingly coasting past the group stages and eventually winning the AFCON title.
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Congratulations Cote d'Ivoire. You were there to win, and you did just that.
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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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- Sam is trying to alter the course of AI for a brighter future
- Nigeria's youth key to data privacy culture
- Bitcoin predicted to reach $112,000
- Hello Nigerians, you are now going to be getting your dollars in naira
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Ecosystem
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Hold onto your satoshis: Bitcoin (BTC) has its sights set on a new high in 2024, with analyst Ki Young Ju, CEO of CryptoQuant, making a bold prediction of $112,000 per coin.
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This optimistic forecast comes amidst reports of increasing institutional investment flowing into the crypto market.
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Ju shared his analysis on X (formerly Twitter) on February 11, highlighting what he sees as key factors behind the potential surge. These include rising demand from institutions and increasing adoption of on-chain scaling solutions like Lightning Network. While past predictions are not guarantees of future performance, Ju's insights add fuel to the ongoing debate about Bitcoin's price trajectory.
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“Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realised cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realised cap from $451B to $527-565B,” Ju commented. (Cointelegraph)
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- AfriLabs, a network of innovation hubs in Africa, is supporting the program, which aims to meet the needs of African early stage startups to recruit qualified talent, while offering training and employment opportunities to young people awarded dedicated scholarships. The program will train 200 young people from Kenya, Nigeria, South Africa, Egypt, and Cameroun. The training will equip participants with the skills necessary to secure positions in startups and develop their professional capacity. (Standard Media)
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Policy
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Heads up: Get ready for a change in how you receive international transfers. Following recent Central Bank of Nigeria (CBN) guidelines, international money transfer operators (IMTOs) like Western Union, MoneyGram, Rapidtransfer, Ria, and others will now pay out funds directly in Naira.
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This update, confirmed by Ecobank Nigeria's recent notice, affects most international transfers received through approved IMTOs. While details are still emerging, it's crucial to stay informed to adapt your plans accordingly.
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What does this mean for you?
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- Expect to receive your international transfers in Naira instead of foreign currency.
- Conversion rates and potential fees might vary depending on the chosen IMTO.
- Ensure you understand the updated terms and conditions before initiating a transfer.
The notice also noted that only international transfer below $200 can be paid in cash in naira. Any amount above $200 will be paid in a bank account.
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It was also noted that the acceptable means of identification for cash payments include International passport, Driver’s license, National Identity card, and INEC Permanent Voters Card (PVC). (Nairametrics)
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- The Central Bank of Nigeria (CBN) has discontinued the cap on the spread of interbank foreign exchange transactions and restrictions on the sale of interbank proceeds. This means that market forces such as demand and supply, which are governed by buyer-seller interactions, will now determine the interbank foreign exchange rate. (CBN)
- Nigeria’s youth population will be crucial to improving data privacy culture in Nigeria, the Nigeria Data Protection Commission has said. (BusinessDay)
- Only 2500 dispatch riders have been cleared to operate in the Federal Capital Territory, Abuja. This was revealed by the Head of Public Relations and Enlightenment at the Directorate of Road Traffic Services (DRTS), Kalu Emetu, during a chat with the News Agency of Nigeria (NAN) in Abuja. (Technext)
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Social Tech
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In a milestone moment for Google's cloud storage subscription service, CEO Sundar Pichai announced surpassing 100 million users for Google One.
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This signifies a major victory for the platform, which offers increased storage for popular services like Gmail, Drive, and Photos, alongside additional features.
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While Google One offers multiple tiers with varying storage capacities and perks, its initial free 15GB offering likely played a significant role in attracting this impressive user base. With the growing demand for online storage, combined with the convenience of integrated features, Google One has carved out a valuable space in the market.
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What's next for Google One? Pichai hinted at the company's intention to leverage its recently launched Gemini AI model to provide enhanced features through a new AI Premium Plan within Google One. This suggests Google One is poised to evolve beyond storage solutions, potentially integrating AI-powered functionalities to further attract and retain users. (The Verge)
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- According to a statement to Axios, Meta will not "proactively recommend political content from accounts you don't follow" on Threads. This aligns with their existing policies on Facebook and Instagram, effectively keeping campaign pitches out of your personalised dating life. (Axios)
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Global News
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OpenAI CEO Sam Altman is making a bold play to rewrite the future of the AI chip landscape. According to The Wall Street Journal, Altman is seeking trillions of dollars in investments to tackle the chronic supply-and-demand imbalance plaguing AI chips.
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Long frustrated by the limited availability of these specialised processors, which have become bottlenecks for OpenAI's growth and countless other AI companies, Altman is pushing for a monumental project to increase global chip-building capacity. The report states he's already in talks with various investors, including the government of the United Arab Emirates.
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This move signifies a watershed moment in the AI industry, potentially shaping the availability and accessibility of essential tools for future innovation.
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Altman could need to raise between $5 trillion and $7 trillion for the endeavour, The Wall Street Journal reported, citing one source. (CNBC)
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- Jeff Bezos filed a statement with federal regulators indicating his sale of nearly 12 million shares of Amazon stock worth more than $2 billion. The Amazon executive chairman notified the U.S. Securities and Exchange Commission of the sale of 11,997,698 shares of common stock on Feb. 7 and Feb. 8. (npr)
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Latest in funding
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Other stories we are following
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