It’s a new week! 😋 Trust you had a fun weekend. If you’re Nigerian, do you have more cash now?
Well, if you're wondering why I'm asking, last Friday, the Supreme Court ruled that the old naira notes are to remain legal tender until December 31, 2023.
Recall that the Central Bank of Nigeria had, in November 2022, announced plans to redesign the old ₦200, ₦500, and ₦1,000 notes and gave January 31, 2023, as the deadline for old notes to remain legal tender.
However, as the deadline drew near, Nigerians couldn’t access the new notes.
The CBN then extended the deadline to February 10, 2023, even as 16 state governors took the apex bank to court over the deadline.
President Muhammadu Buhari announced that the old ₦500 and ₦1,000 notes would not remain legal tender while directing the CBN to release old ₦200 notes to the public, which has done little to improve the cash shortage in the country.
Here's what I've got for you today:
- Hackers stole $6.3m from Flutterwave accounts
- Kuda launches SoftPoS
- Meta introduces creative tools on Facebook
Hackers stole $6.3m from Flutterwave accounts
In early February 2023, hackers transferred over ₦2.9 billion ($6.3 million) from Flutterwave accounts.
Albert Onimole, Flutterwave's Lawyer, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos, on February 19, 2023.
According to a letter seen by Techpoint, the money was initially transferred to 28 accounts in 63 transactions.
Although the company reported the incident to the police with a list of accounts that had received the funds, the police couldn’t freeze the funds.
To investigate accounts holding the stolen funds across various financial institutions in Nigeria, S.A. Adedesin, Legal Officer, State CID, Panti, Yaba, Lagos, filed a suit in the Magistrate Court of Lagos (Yaba Magisterial District).
According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail.
The suit is between the Commissioner of Police and other financial institutions, including Access Bank, PiggyVest, Union Bank, Keystone Bank, OPay, Carbon, Moniepoint, and Stanbic IBTC Bank.
For more information, please read: Breaking: Hackers have stolen ₦2.9 billion from Flutterwave accounts, motion filed to freeze accounts connected with stolen funds
Kuda launches SoftPoS
Nigerian fintech startup, Kuda, is introducing new features to its Kuda Business mobile app, including Sales Mode, Kuda Payroll, and business registration.
Further, the digital bank will launch a SoftPoS feature, allowing users to accept card payments from their mobile phones.
Also known as Software Point of Sale, SoftPoS allows you to accept EMV contactless cards and turns your regular smartphone or tablet into a secure payment terminal.
While any Android phone running version 8.0 or higher with an NFC module can use it, payments can be made using a plastic card or its virtual equivalent.
Meanwhile, the digital bank is discontinuing free monthly interbank transfers for Kuda Business accounts.
Remember that in 2019, Kuda introduced 25 free monthly transfers, each of which cost an additional ₦52.50 (11 cents), enabling customers to save up to ₦15,000 ($32.60) yearly.
In 2022, the company announced it would start charging a ₦50 (11 cents) stamp duty charge on all deposits above ₦10,000 ($21.73).
However, starting March 17, 2023, Kuda would terminate the 25 monthly free transfers.
Kuda business accounts will now pay a flat rate of ₦10 ($0.022)for every transfer. However, holders of personal accounts will continue to enjoy the free monthly transfers.
Meta introduces creative tools on Facebook
Last week, Meta announced it was rolling out more creative tools, including a new templates feature that allows users to create Reels using popular templates.
Facebook users can now create new Reels in the same format as one they recently watched. Templates are similar to TikTok's templating feature.
Besides, Facebook Reels will include a new "Grooves" feature that will use visual beat technology to align automatically and sync the motion of your video to the beat of your favourite song.
After introducing video-to-sound sync to Instagram Reels last year, Meta is bringing it to Facebook Reels. This feature has been a defining feature of TikTok.
Moreover, Facebook Reels will now be 90 seconds long, up from the previous 60 seconds. It comes after TikTok entered YouTube's domain with videos that can last up to 10 minutes instead of just three.
In case you missed it
- Mobile apps, EHRs, and other tech tools assisting Africans in managing and preventing diseases
- Africa’s role in the global reskilling epidemic
- Kenyan court releases frozen Flutterwave funds
- From telecoms engineer to disability advocate: The inspiring journey of Dolapo Agbede
- Even with zero charges and speedy transfers, Nigerians are not using the eNaira. Here’s why
- From website manipulation to Blockchain/Product Entrepreneur: Meet Andrew Miracle, the creator of ChatKJV
- Supreme Court orders old naira notes to remain legal tender until December 2023
- Hackers have stolen ₦2.9 billion from Flutterwave accounts, motion filed to freeze accounts connected with stolen funds
What I'm reading and watching
- LinkedIn’s flood of ‘collaborative’ articles start out with AI prompts
- Is science about to end?
- A Day in The Life of a Dictator: Idi Amin Dada
- How can near-death experiences be explained?
- Oddience is hiring a Senior Product Designer and a Brand Storyteller. You can apply here.
- Google has announced that the Google for Startups Black Founders Fund is now accepting applications from Black founders across the African continent. Applications are open now and will close on March 26. Apply here.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have a productive week.
Victoria Fakiya for Techpoint Africa.