Konnichiwa,
Victoria from Techpoint here,
Here's what I've got for you today:
- AUATON accuses PCNGI of bias in CNG conversion benefits
- Lagos mansions on the blockchain
- Kenyan fintech shut down
AUATON accuses PCNGI of bias in CNG conversion benefits
Remember this? Nigeria launches CNG conversion app
The Amalgamated Union of App-based Transporters of Nigeria (AUATON) is pretty ticked off about missing out on the free CNG conversion deal from the Presidential Compressed Natural Gas Initiative (PCNGI).
AUATON’s President, Comrade Adedamola Adeniran, says that while the National Union of Road Transport Workers (NURTW) and the Road Transport Employers Association of Nigeria (RTEAN) members are getting free conversion kits and installation, e-hailing drivers only get a 50% discount and still have to pay for installation.
Well, they think that’s unfair.
Over the weekend, the federal government launched the PCNGI’s Conversion Incentive Program, giving Uber and Bolt drivers a 50% discount on CNG conversion through the new MY-CNG App. The goal is to make switching to CNG easier for these drivers.
AUATON is not thrilled with how this programme is being handled. They’re frustrated that Uber, Bolt, and other ride-hailing companies are running the show instead of working directly with the union. They argue that these private companies don’t have the same interests as the drivers and shouldn’t be involved in this initiative.
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The union points out that its members generate over ₦1.5 billion daily through VAT, and they believe the app companies aren’t truly representing their interests. They think PCNGI should have worked directly with AUATON to ensure all e-hailing drivers get the same benefits as those in other transport unions.
In response, a PCNGI rep said that the free conversion kits for NURTW and RTEAN members are only available to the first batch of applicants. They also mentioned that partnering with app companies helps them reach more e-hailing drivers than working with the union alone, which they believe is the best way to cover a wider group.
Lagos mansions on the blockchain
You might soon be able to own a slice of those fancy Lagos mansions! The Lagos State Government is planning to tokenise real estate on the blockchain.
What does that mean? Basically, it could make buying and owning property a lot easier, and you might even be able to own just a part of a property.
If you haven’t heard of real estate tokenisation before, don’t worry—it's still a pretty new idea. In the US, for example, a $30 million property was tokenised, letting people buy shares in the asset.
But don’t get too excited just yet. The Lagos State government says the process will cost ₦500 million and could take up to 16 months to complete.
And there’s a chance it might not even happen. With regulatory hurdles and data issues, it could turn out to be more of a dream than a reality.
For more on this, Bolu talked to a company already doing real estate tokenisation in Nigeria. Check out what they’ve got to say here.
Kenyan fintech shuts down
PrivPay, a Kenyan fintech, shut down in May 2023 after Safaricom cut off its access to M-PESA APIs over compliance issues.
Launched in 2022, PrivPay let users handle M-PESA transactions without sharing personal details, using M-PESA’s free payment API, Daraja, to provide a privacy-focused service.
PrivPay claimed it had Safaricom’s approval before launching, but said Safaricom changed its stance when the service got more media attention.
In May 2023, Safaricom told PrivPay their business model didn’t fit M-PESA’s rules against third-party transactions and shut down their pay bill account, which was key for processing payments.
Safaricom was worried about Anti-Money Laundering issues and suggested PrivPay get a payment service provider license from the Central Bank of Kenya, which could take up to six months.
PrivPay argued they kept detailed records and could spot suspicious activity, but Safaricom insisted they needed a letter of no objection from the CBK, not just good intentions.
PrivPay hopes to make a comeback but will need to meet all the regulatory requirements to do so.
In case you missed it
- Kenyan gig drivers defy e-hailing platforms, set new rates amid fare dispute
What I'm watching
- Is God 3 Persons? AI debates Holy Trinity
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Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
