This week sees us welcome a familiar face on the Techpoint Africa Podcast, Emmanuel Paul. You'd probably recognise the voice/face if you are an avid listener of the podcast.
We begin with the Securities Exchange Commission of Nigeria (SEC)'s proposed amendment to the rules guiding platforms that offer crypto services. The regulator wants to increase the registration fee for crypto exchanges from ₦30 million ($18,620) to ₦150 million ($93,000).
Emmanuel is quick to chime in as to whether it makes sense for SEC to focus on increasing the barrier of entry into the crypto industry as compared to other fields like banking and telecoms.
And then we move to The Commercial Bank of Ethiopia (CBE) and a possible $42 milllion loss due to a "system glitch".
On Saturday, March 16, 2024, the CBE had a meltdown when customers realised they could withdraw more cash than they had in their accounts. Before the bank could halt transactions, more than $40 million had been transferred or withdrawn.
However, the Bank's CEO says the amount is most likely less than what was earlier reported as some people only withdrew exactly what was contained in their accounts.
Then we go to Internet disruption from last week. Nigeria lost $593.6 million to this and a lot of citizens had some words to say about the cause. Emmanuel however debunked these rumours.
He, however, recommmends that Africa invest in getting more data centres, content delivery platforms, and subsea cables. His idea is having more subsea cables would serve as a contigency plan. This would help if there is a need to reroute to other cables with better networks.
You can catch up on the conversation on Google Podcasts, Apple Podcasts, Spotify, YouTube, and anywhere you get your podcasts. You can also send your questions and observations to podcast@techpoint.africa or share your thoughts using the hashtag #TechpointAfricaPodcast.
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