On today's episode of the Techpoint Africa Podcast, our hosts Oluwanifemi Kolawole and Chimgozirim Nwokoma are joined by Olaleye Oladimeji, Partner, Legalpreneur Attorneys & Consulting and Founder, Registat.io to dissect some of this week's biggest African tech stories.
Global crypto exchange KuCoin has informed its Nigerian users that it will start charging a value-added tax (VAT) of 7.5% on crypto trades on its platform.
The exchange said users with Nigerian KYC details will pay the 7.5% VAT in addition to transaction charges which is 0.1% of the transaction. The VAT will be added to all kinds of transactions on KuCoin from transfers to trades.
While Olaleye doesn't dispute the legality of such a move, he questions the feasibility considering a lack of legal framework around blockchain and crypto startups/assets.
He asks questions like: how the government would determine the veracity of filed returns and how it would receive them.
Meanwhile, Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 2021. Data from intelpoint reveals that in Q2 2023, Nigeria collected 10% more VAT than in the first quarter.
Next, Angolan grocery delivery startup, Mano has expanded into the food delivery market in Lagos and Abuja.
The company has introduced a new model enabling customers to track their delivery process and ensuring deliveries within a 10km radius of its restaurant partners.
Launched in Nigeria in 2022 to deliver groceries and household appliances from its dark stores in the states where it operates, the company now seeks to compete with established entities such as Chowdeck and Glovo.
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We answer questions like why another food delivery startup is needed and what new players can improve on.
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.