Halo,
Victoria from Techpoint here,
Here's what I've got for you today:
- Botswana to launch first satellite in 2025
- SEC mandates crypto firms to set up shops in Nigeria
- Moroccan court fines Maroc Telecom $630M for unfair practices
Botswana to launch first satellite in 2025
EnduroSat, a satellite manufacturer based in Bulgaria, is partnering with Botswana International University of Science and Technology (BIUST) to develop Botswana's inaugural satellite.
Dubbed BOTSAT-1, its primary objective is to aid Botswana’s mining and agricultural industries by observing ground and soil conditions.
Set to launch in 2025 aboard SpaceX’s Falcon 9 rocket, BOTSAT-1 is focused on delivering crucial data to enhance mining operations and safeguard agriculture against droughts.
The satellite will use EnduroSat’s 3U microsatellite platform and be equipped with a hyperspectral camera.
What's more, SpaceX will manage the launch logistics and conduct thorough testing to ensure a smooth and successful mission.
SEC mandates crypto firms to set up shops in Nigeria
Nigeria's Securities and Exchange Commission (SEC) now mandates all Virtual Asset Service Providers (VASPs), including crypto firms, to set up shops in Nigeria under its Accelerated Regulatory Incubation Programme (ARIP).
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The aim is to fast-track the registration and onboarding for the new Digital Assets Rules, emphasising compliance and investor protection. Non-compliant companies will be hit with hefty fines.
On June 21, 2024, the SEC announced that all current and potential VASPs, including crypto brokers and dealers, must complete the application process on the SEC ePortal within 30 days.
The SEC plans to use ARIP to quickly onboard companies that have already applied and new ones seeking registration.
To apply for ARIP, companies need to be incorporated, have an office in Nigeria, and their CEO or equivalent must live in the country.
Applicants for ARIP must be active in the investments and securities business, have plans to register or have already filed virtual asset-related applications with the SEC, submit an affidavit confirming no fraud convictions, and pay a ₦2 million processing fee.
After approval, ARIP participants must regularly submit trading statistics, financials, and compliance reports, and they will be subject to SEC inspections and audits.
Non-compliance will result in fines of at least ₦5 million for the first violation and ₦200,000 for each additional day of non-compliance. Operating without SEC approval will lead to a ₦20 million fine and potential suspension from the capital market.
Moroccan court fines Maroc Telecom $630M for unfair practices
In Morocco, a court has decided that Maroc Telecom, a telco in the country, must pay its competitor Inwi a massive 6.3 billion dirhams ($630 million) for unfair competition.
This decision backs up a lower court's ruling from January in a case brought by Inwi last year.
How did we get here? In 2016, Inwi raised concerns with Morocco's National Agency of Telecommunications Regulation (ANRT) about Maroc Telecom's failure to implement local loop unbundling properly.
This process was meant to give new telecom players access to the infrastructure connecting customers to local telephone exchanges.
In 2017, the telecom regulator confirmed Inwi's complaint, concluding that Maroc Telecom had intentionally delayed competitors' access to this infrastructure, thereby obstructing their ability to provide landline services.
In 2020, Maroc Telecom was fined 3.3 billion dirhams ($330 million) by the regulator for its anti-competitive practices.
What does this mean? Per BMCI Capital Global Research, the ruling is likely to significantly affect Maroc Telecom's profits and how they distribute services in 2024.
In recent financial updates, Maroc Telecom mentioned a small drop in yearly revenue from its Moroccan operations but saw a slight rise in international revenue.
In case you missed it
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- Zoho announces price increase for Nigerian users starting August, citing market conditions
- Nigeria to establish AI, IoT, blockchain research centres across the six geopolitical zones
- ₦82.4 billion: Top 5 hacks and fraud cases in Nigeria between 2023 and 2024
What I'm watching
- Does God Send People to Hell? Michael Jones vs Alex O'Connor
- The Crucifixion Dilemma That DESTROYS Islam
- Are you ever too old to have a baby? - The Global Story podcast, BBC World Service
Opportunities
- Pitch Friday is next Friday, July 12, 2024. Register here to attend and apply here to pitch.
- EarlyNode is looking for a Technical Writer. Apply here.
- Paystack is hiring for several roles in Kenya, South Africa, Nigeria, and Ghana. Apply by July 7, 2024 here.
- Ventures Platform has over 100 job openings across its portfolio companies. Apply here.
- Moniepoint is hiring for 70 positions in the United Kingdom and several Nigerian states, including Lagos, Abia, and Anambra. Check them out here to apply.
- 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 fun weekend!
Victoria Fakiya for Techpoint Africa.
