Nǐ hǎo,
Victoria from Techpoint here,
Here's what I've got for you:
- Is this really the final NIN-SIM deadline?
- Nigeria’s SEC grants two crypto companies licences
- Ampersand’s $2 million additional funding
Is this really the final SIM-NIN linkage deadline?
The Nigerian Communications Commission (NCC) has set a final deadline of September 14, 2024, for all mobile network operators (MNOs) to link SIMs with National Identification Numbers (NINs).
After this date, any SIM not linked to a valid NIN will be disconnected. So far, over 153 million SIMs have been successfully linked, reaching a 96% compliance rate, up from 69.7% in January 2024.
The NCC is pushing for 100% compliance, emphasising that the NIN-SIM linkage is crucial for boosting trust and security in Nigeria's digital economy.
In collaboration with the National Security Adviser and the National Identity Management Commission, they’ve uncovered cases of individuals with excessive SIM cards, some with over 100,000, and are cracking down on the sale of preregistered SIMs, which is illegal.
The federal government first announced the NIN-SIM linkage policy in December 2020, and the NCC has been extending deadlines since then.
Telcos like MTN have reported that this directive has impacted their operations, even barring 8.6 million subscribers at one point. However, the NCC has allowed more time for users to complete the process after temporarily reversing some disconnections.
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Now, the NCC is urging anyone who hasn't yet linked their NIN or who has experienced issues with mismatches to update their details with their service provider before the September 14 deadline to avoid losing service.
Nigeria’s SEC grants two crypto companies licences
The Nigerian Securities and Exchange Commission (SEC) has given the green light to two cryptocurrency exchanges, Quidax and Busha, by granting them provisional licences, also known as “Approval-in-Principle.”
This is part of the SEC’s accelerated regulatory incubation program (ARIP), designed to bring companies that started operations before the May 2022 rules on virtual asset service providers into the fold.
With this approval, Quidax and Busha join an ARIP cohort as digital asset exchanges, alongside four digital asset offering platforms — Trovotech, Wrapped CBDC, HousingExhange, and Dream City Capital — and one digital asset custodian, Blockvault Custodian.
This group is part of a broader effort by the SEC to bring some order to Nigeria’s crypto space, which has been a bit of a Wild West until now.
The SEC is making it clear that they’re committed to encouraging innovation while protecting investors and maintaining market integrity.
The programme aims to balance innovation with necessary regulatory safeguards, creating a secure environment for investors and industry players.
This is a big deal, especially considering the rocky regulatory past for crypto exchanges in Nigeria. In 2021, the Central Bank of Nigeria (CBN) banned financial institutions from facilitating crypto transactions due to concerns about market volatility and the lack of consumer protection.
Although the ban was lifted in 2023, it caused major disruptions, pushing many exchanges into a regulatory grey area or forcing them to shut down.
These new licenses could shake up Nigeria's crypto scene. For exchanges like Quidax and Busha, it might mean better ties with banks, more trust from investors, and opportunities to grow.
Ampersand’s $2 million additional funding
Ampersand, a Rwandan electric transport company, just secured an additional $2 million in funding, adding to last year’s $19.5 million.
This latest boost comes from AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures, setting Ampersand up nicely ahead of its Series B round.
Founded in 2016 by John Whale, Ampersand is all about providing low-carbon, cost-effective transport solutions in East Africa, with a focus on Rwanda and Kenya.
Their electric motorcycles and battery-swapping tech make it easier and cheaper for riders to operate, slashing costs by 45% compared to petrol bikes and cutting carbon emissions by 75%.
As Ampersand looks to expand across Africa, its goal is to electrify transport, reduce emissions, and promote clean economic growth. Right now, its AI-powered electric motorcycle fleet covers 3 million kilometres weekly in Kigali and Nairobi, with 75,000 battery swaps happening each week.
In June 2024, Ampersand teamed up with Chinese EV giant BYD to ramp up the development and deployment of electric motorbikes across Africa, aiming to produce 40,000 by the end of 2026.
It’s also working on a public-private partnership to build a modern expressway between Nairobi and Mombasa, integrating EVs into the transport network.
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Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
