Ciao,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- Ethiopian bank shames customers for glitch money
- Jump n Pass rolls out self-checkout services
- Zimbabwe launches gold-backed digital currency
- Nigeria to launch a payment-integrated ID
Ethiopian bank shames customers for glitch money
The Commercial Bank of Ethiopia (CBE) has plastered posters outside its branches, outing customers who allegedly didn’t return the money they scored during a technical hiccup.
Here’s what happened: Last month, there was this “systems glitch,” allowing CBE customers to withdraw or transfer more dough than they had in their accounts.
Word on the street is that most of the moolah was snagged by university students, with a whopping 490,000 transactions made before CBE even realised what was going down.
The Ethiopian bank claims it’s managed to claw back almost three-quarters of the $14 million lost during the glitch.
Now, CBE is playing hardball. It’s threatening legal action against anyone holding onto cash that ain’t theirs. And it seems to be working because thousands have already handed back the extra cash.
Interestingly, the bank’s gone as far as putting up posters with photos of alleged culprits outside their branches in Addis Ababa. It has even named and shamed them on its website, along with their account numbers. Talk about a digital takedown!
However, CBE claims it’s not sweating it. It’s confident it can track down anyone who’s been playing fast and loose with their cash. And with over 38 million people holding accounts at CBE, that’s a lot of eyes watching.
Jump n Pass rolls out self-checkout services
Jump n Pass has teamed up with Justrite Limited to roll out its mobile self-checkout services in all Justrite Superstores across Nigeria.
This startup, which kicked off in 2023, aims to blend the online and offline shopping experience. Now, with the partnership with Justrite, shoppers can enjoy the convenience of mobile self-checkout in all 26 Justrite stores nationwide.
According to Tunde Ademuyiwa, the Founder and CEO of Jump n Pass, the service is already up and running at Justrite Superstores in Bariga, Lagos, with other stores set to follow suit in the coming weeks.
The mobile self-checkout feature promises faster checkouts, slashing queues at the cash counters by a whopping 60%. Plus, it’s a win-win for stores, as it not only enhances the shopping experience but also boosts revenue.
Here’s how it works: Customers scan a barcode upon entering the store, and the Jump n Pass app syncs with the store’s inventory. Shoppers then scan items with their smartphones, add them to an online cart, and make payments digitally. While a store attendant verifies the purchases, the process still speeds up checkout significantly.
But hold on, there’s a catch: The service is limited to a few items to avoid creating longer queues. However, it’s a perfect fit for Justrite, known for its heavy foot traffic.
In addition to faster checkouts, stores also gain access to inventory finance, while Jump n Pass earns revenue by charging a small convenience fee to customers who opt for the self-checkout option.
With ambitious targets to capture a significant portion of Justrite’s foot traffic, Jump n Pass is poised for growth, although rolling out its service in new stores requires some heavy lifting.
Zimbabwe launches gold-backed digital currency
Remember this? Zimbabwe to launch gold-backed digital currency
A year after the country announced plans to launch its gold-backed digital currency, the Reserve Bank of Zimbabwe (RBZ) has rolled out the currency.
The currency is known as ZiG, short for Zimbabwe Gold, backed by the country’s gold reserves.
The move aims to stabilise the economy and shield citizens from currency fluctuations and rampant inflation.
Announced by Central Bank Governor John Mushayavanhu, ZiG is set to replace the struggling Zimbabwean dollar, which has drastically lost value this year.
Citizens have 21 days to convert their old cash into the new currency, while the US dollar will remain legal tender for the majority of transactions.
The new banknotes will come in various denominations, including 1, 2, 5, 10, 50, 100, and 200 ZiG, with coins also being introduced. These coins, backed by Zimbabwe’s gold reserves, will help alleviate the shortage of US coins, which has led to unusual practices like receiving change in sweets or small chocolates.
Experts have raised concerns about whether Zimbabwe’s gold reserves are sufficient to adequately support the currency and whether it might be susceptible to volatility in gold prices.
Zimbabwe’s gold deposits play a significant role in the economy, accounting for nearly a quarter of the nation’s total exports. However, neighbouring countries like South Africa boast much larger reserves, raising questions about Zimbabwe’s capacity to defend its currency against external shocks.
In the past, Zimbabwe has grappled with currency instability, having abandoned its currency in 2009 due to hyperinflation. It later reintroduced the Zimbabwean dollar in 2019, followed by the introduction of gold coins in 2022 to curb devaluation and reduce reliance on the US dollar.
Nigeria to launch a payment-integrated ID
The Nigerian government, through the National Identity Management Commission (NIMC), is cooking up a payment-integrated ID for both social and financial services.
It’s teaming up with the Nigeria Inter-bank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN) for this project, tapping into AfriGo, a local card scheme launched by the CBN back in January 2023.
This new card is set to be a game-changer, addressing the need for physical identification while also granting access to government and private services, boosting financial inclusion, and empowering citizens.
But here’s the kicker: you’ll need to be registered with the National Identification Number (NIN) to apply for the card.
Now, not everyone’s thrilled about this. Some Nigerians are expressing frustration, citing the hassle of getting their NIN in the first place. Understandable, right?
However, the NIMC says it’s making it easier to get your hands on the new card. You can snag one from online platforms, commercial banks, participating agencies, or NIMC offices across the country. Well, I’m not sure how easy this can get but we’ll see.
And just when you thought that was it, the government also announced the launch of the Nigeria Digital Identification for Development Project Ecosystem Steering Committee. Phew, that’s a mouthful!
This committee will oversee the Nigeria Digital ID4D Project, aiming to give every Nigerian a secure digital identity and open up new opportunities in the digital economy.
Last week on Techpoint Africa
- MainOne inks deal with Akwa Ibom government for improved connectivity
- Kenya set to approve first-ever green mobility policy to drive EV adoption
- Detained Binance executive charged with money laundering after the exchange tax evasion case delay
- Nigerian Exchange Group acquires stake in Ethiopia’s first-ever securities exchange
- South Africa’s competition regulator to probe Microsoft over anti-competitive complaints
- Benin and Ghana agree to free roaming to cut communication costs for travellers
- This two-year-old crypto startup is on its way to becoming Africa’s Coinbase
- TDB launches a $100 million facility for agricultural growth in Africa
- Access Bank lost ₦6.15 billion to fraud in 2023
- Thepeer announces shutdown, citing compliance struggles; investor funds to be returned
- African startups and investors must now make a case for their existence as funding dries up
- Ghanaian fintech Zeepay receives $3 million investment to drive growth
- Cutting through the hype: The harsh realities startup funding in Nigeria
- Pitch Friday: Marketing the PiggyVest way
- Sim Shagaya enters venture capital space with “The Honey Badger Fund”
- Blue Label gets approval to take control of Cell C
- Mono partners Mastercard to power payment solutions for digital commerce in Africa
- 4 Nigerian startup bosses give their honest opinions about remote work
- Edo State government to launch API integration for e-hailing platforms to enhance safety
- Baobab acquires South Africa’s Reflector to empower portfolio companies
- MultiChoice to retain Patel as Chairman until the Canal+ deal closes
- Kenyan regulator okays Airtel tower deal after probe found no violations
- Nigeria may face another Internet disruption as telecommunications union threatens strike
- Roam partners Mogo to ease the transition to electric motorcycles in Kenya
- Adenia Partners closes $470 million African-focused fund, eyes controlling stake
- Uber raises driver earnings by 10% following a data-sharing dispute in Lagos
- Regulator approves LemFi for remittance services in Kenya
- Meta refutes sharing users’ data with Netflix
- Why Nigerians are spending thousands of dollars buying guns in a virtual world
- Okra, uLesson granted tax exemptions for $120.95 million investment in 2023
- Ghanaian healthtech Rivia acquires SaaS company Waffle to digitise primary care clinics
- PiggyVest could IPO “in a few years,” CEO reveals
- Organised labour kick against new 240% electricity tariff hike for urban customers
- South Africa joins Seychelles, Mauritius to offer skilled remote workers digital nomad visas
- YouScribe launches in Ghana to connect cultures via a multilingual digital library
- Nigeria enlists 120 experts to develop a framework for AI adoption
- Binance requests that detained executive not be held responsible during ongoing discussions
- Why are e-hailing companies sharing your data with the government?
- Ghanaian healthtech Rivia acquires SaaS company Waffle to digitise primary care clinics
- Okra, uLesson granted tax exemptions for $120.95 million investment in 2023
- Why Nigerians are spending hundreds of dollars buying guns in a virtual world
What I’m reading and watching
- Meta will require labels on more AI-generated content
- What is earwax — and should you get rid of it? – Henry C. Ou
- The Dark side of Science: The Horror of the Ape and The Child Experiment 1932 (Short Documentary)
Opportunities
- Apply for Visa Everywhere Initiative (VEI) by May 6, 2024, here.
- Nansen is looking for a Product Manager. Apply here.
- At Matters Lab is hiring a remote Product Manager. Apply here.
- Veza is looking for a Senior Software Engineer. Apply here.
- Clari is looking for a Senior Software Engineer. Apply here.
- Seedstars has announced INFUSE 2024, a global invitation for innovative applications aimed at fortifying health systems against climate threats and improving immunisation delivery. Apply here.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- 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 ahead!
Victoria Fakiya for Techpoint Africa.
