Բարևm
Victoria and Delight here,
Here's what I've got for you today:
- Why hide your AI ally?
- Empty ATMs face CBN crackdown
- 3 countries, 1 mission, Russian assist
Empty ATMs to face CBN crackdown
Have you noticed that ATMs in some places in Nigeria, especially those not directly at the banks, aren't working anymore? In my neighbourhood, the GTB ATM hasn’t dispensed cash for months — it’s just gathering dust at this point!
Well, it turns out the Central Bank of Nigeria (CBN) is stepping in to address this issue.
How? The apex bank has announced that banks will face sanctions if their ATMs aren’t dispensing cash, as part of efforts to ensure enough cash is in circulation.
CBN Governor Yemi Cardoso, speaking after the Monetary Policy Committee (MPC) meeting in Abuja, emphasised that all banks must make sure there’s always enough cash available for withdrawals.
To keep banks in check, the CBN has set up a monitoring system to ensure they comply with this directive. Any bank that doesn’t meet the requirements will be penalised.
The CBN intends to release an additional ₦1.4 trillion into circulation to increase cash availability at ATMs and bank branches. Cardoso said they’re working closely with the banks to ensure customers can easily withdraw money when needed, with no excuses for a lack of cash.
Let the best of tech news come to you
Give it a try, you can unsubscribe anytime. Privacy Policy.
This move comes as the amount of money outside the banking system continues to fall. As of July 2024, it dropped to ₦3.66 trillion, highlighting the CBN’s efforts to tighten liquidity and encourage deposits into the formal banking system.
While the total currency in circulation grew slightly to ₦4.05 trillion, the decline in money outside the banks suggests that more cash is being brought back into the system.
Why hide your AI ally?
You know, when people say they don’t want to use AI for work, I’m like, “Why not?”
I mean, seriously, it feels like they’re the type to stick with a grinding stone instead of a blender or wash clothes by hand instead of a washing machine. Who exactly are they trying to impress, and why suffer when there's an easier way?
For me, especially as someone who’s autistic, tech tools have been a game-changer long before AI like ChatGPT and Claude came around. So, when these AI tools became a thing, I was glad — it felt like my productivity was about to hit another level.
AI is designed to save time, boost productivity, and handle repetitive tasks. Yet, some people feel the time it takes to learn these tools isn’t worth it. A recent Upwork report even found that while 96% of executives believe AI will improve productivity, many employees blame these tools for their lack of efficiency.
And here’s the kicker: it’s not just about learning the tools. A new issue is popping up — people are embarrassed to admit they even use AI. Should I do a quick survey? Do you use AI for work? Nope, you don’t want to admit it! But I know you do.
When Oluwanifemi asked a small group of employees how they use AI, only seven out of 21 responded, and 80% of those who did wanted to stay anonymous. Why? Stigma.
Well, if you’re curious to know how Nigerian employees are using AI in the workplace, read Oluwanifemi’s story here.
3 countries, 1 mission, Russian assist
Earlier this year, three African countries — Mali, Burkina Faso, and Niger — decided to break away from the Economic Community of West African States (ECOWAS).
The countries announced their withdrawal from the West African body in January 2024, signed an official treaty to form a new confederation, the Alliance of Sahel States (AES), in July 2024, and launched a new biometric passport under the alliance just last week.
What’s new? The Sahel countries have signed a partnership with Russia's space agency to strengthen their stance in the fight against jihadist insurgency.
With its remote-sensing satellites and extensive telecommunications network, the Kremlin will support the Sahel alliance with military aid to combat Islamist terrorists.
This partnership will see Russia's space agency create a telecommunications system across the Sahel territories. It will also deploy satellites to monitor the border areas of Mali, Niger, and Burkina Faso, focusing on points where insurgents may be active.
There were concerns following the withdrawal from the West African community, with many worried about the exclusion of these countries from certain benefits associated with the ECOWAS bloc.
However, the AES alliance has once again demonstrated its independence and capability to provide alternatives to address the concerns of its 72 million members.
In case you missed them
- Rise stops virtual card service over fluctuating exchange rate and provider issues
- AI set to boost Africa’s economy by over $30 billion, according to report
- Kofa Technologies expands EV battery swapping network in Ghana
What I'm watching
- The True Origin of Humanity: Our History Is NOT What We Are Told!
Opportunities
- AltSchool Africa is offering discounts on diploma programmes! Enrol, complete the application, and pay a one-time fee of ₦20,000 ($20). Use code TECHPOINT30 for a 30% tuition discount upon passing the entrance exam here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a terrific Thursday!
Victoria Fakiya for Techpoint Africa.
