Bonjour,
Delight from Techpoint here,
Here’s what I have for you today:
- Yellow Card to secure CASP licence in Nigeria
- UK-based OX Delivers makes $163M move into East Africa
- ICASA to launch satellite-based Internet services in 2025
Yellow Card to secure CASP licence in Nigeria
Yellow Card, one of Africa’s leading cryptocurrency exchanges, is making moves to secure regulatory approval from Nigeria’s Securities and Exchange Commission (SEC).
This comes hot on the heels of the company bagging a Crypto Asset Service Provider (CASP) licence in South Africa last month.
Nigeria is already a major hotspot for cryptocurrency adoption in Africa. Millions of Nigerians rely on digital assets for everything from remittances to savings and investments.
But with this boom comes the challenge of keeping the market in check, and that’s where the SEC steps in. Its role is to ensure that crypto platforms like Yellow Card follow strict rules, prioritising security and investor protection.
For Yellow Card, getting the green light from Nigeria’s SEC isn’t just about ticking a regulatory box. It’s a game-changer. Approval would mean expanding its offerings, rolling out new products, and solidifying its position as a trusted name in Nigeria’s buzzing crypto scene.
Regulatory compliance has always been Yellow Card’s thing. Since its start, the company has worked with regulators across Africa. It snagged approval in Botswana in 2022 and added South Africa to its list in 2024. Now, Nigeria’s the next big target.
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The Nigerian SEC, on its part, has been pretty proactive about regulating the crypto space. Back in 2022, it rolled out guidelines for digital asset platforms, tweaking the rules this year with proposed fee hikes. If Yellow Card secures this licence, it’ll be a win not just for the company but for Nigeria’s crypto enthusiasts, too.
UK-based OX Delivers makes $163M move into East Africa
OX Delivers, a UK-based startup, has just inked a massive $163 million deal to kick off its first-ever franchise in East Africa. This partnership, dubbed OX East Africa, is a huge step forward in its mission to make reliable and affordable transport accessible across the Global South.
Here’s what’s happening: the deal covers the delivery of OX’s innovative all-electric trucks, along with a subscription to their tech platform and vehicle maintenance services.
The new franchise will build on OX’s solid foundation in Rwanda, where they’ve been smashing records — bringing in over $920,000 in revenue in just the first 10 months of 2024. From there, they’re gearing up to expand into Uganda, Kenya, Tanzania, and Burundi.
Simon Davis, OX Delivers’ CEO, says this milestone isn’t just about growth; it’s about changing lives. The company’s services have already helped Rwandan traders boost their sales by up to five times, simply by offering a faster, more efficient way to transport goods.
Instead of spending days hauling goods by bus or on foot, customers book a spot on an OX truck and have their products delivered to markets in just hours. Talk about a game-changer!
Leading the charge for the new franchise is Colin Tebbett, who’s been instrumental in OX’s growth so far. As CEO of OX East Africa, he’s set to drive the startup’s ambitious plans to reach thousands more traders across the region.
But that’s not all. Back in the UK, OX is ramping up production of its next-gen electric trucks to meet the demand. These trucks are purpose-built for the as-a-service model, operating at a fraction of the cost of traditional alternatives. With this franchise deal, OX is solidifying its vision of breaking down trade barriers and boosting economic growth across the Global South.
ICASA to launch satellite-based Internet services in 2025
South Africa’s communications regulator, ICASA, is gearing up to roll out a framework for satellite-based Internet services by 2025. This move could be a game-changer for bridging the digital divide between urban hubs, where broadband is relatively stable, and rural areas, where internet access is still a luxury.
The idea is simple: low-earth orbit (LEO) and geostationary satellites can deliver reliable connectivity to remote and hard-to-reach locations. To get this right, ICASA is talking to key stakeholders, experts, and academics to ensure the framework aligns with the country’s national broadband policy, which aims to provide universal broadband access by 2030.
What’s exciting is that the framework is set to encourage competition and innovation while sticking to international standards. This could shake up the market and attract big players like SpaceX’s Starlink, which isn’t formally approved in South Africa yet.
Speaking of Starlink, could this framework pave the way for its launch in 2025? It seems possible, especially since ICASA is updating its licensing rules to accommodate emerging technologies. Let’s wait and see how this plays out!
In case you missed them
- Nigerian recruiters adopt verification solutions to address credential fraud
- Nigerian music consumption soared by 146% in 2024 – Spotify Wrapped
- Innovation clusters set to revolutionise the African AI ecosystem
What I'm watching and reading
- Communicate with confidence: The blueprint for mastering every conversation
- The Psychology of the Person by Neville Symington
Opportunities
- Join Opeyemi Olugbemiro at Pitch Friday on December 13, 2024 and discover the art of storytelling that wins customers. Apply here.
- Flutterwave is currently looking to fill several vacancies. Apply here.
- Moniepoint is hiring for several roles. Apply 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 wonderful weekend!
Sunny Delight for Techpoint Africa.
