Namaste,
Victoria from Techpoint here,
Here's what I've got:
- Ghana to launch e-Cedi in 2025 after years of delay
- South Africa regulator exempts crypto platforms from licensing for NFTs
- Skype to shut down in May 2025
Ghana to launch e-Cedi in 2025 after years of delay
Ghana is finally set to roll out its central bank digital currency (CBDC), the e-Cedi, after years of development. The country was once leading the CBDC race in Africa but fell behind when Nigeria launched the eNaira over three years ago.
Now, the Bank of Ghana (BoG) says it’s ready to introduce the e-Cedi this year if lawmakers give the green light.
Nigeria’s eNaira, the first CBDC in Africa, hasn’t exactly been a massive success, and Ghana can learn from its struggles. Despite the hype, adoption has been slow within the first year, less than 0.5% of Nigerians were using it. By March 2024, it made up just 0.36% of the total money in circulation. Weak infrastructure, unreliable electricity, low trust in government, and financial crime concerns have all played a role in its underwhelming performance.
Ghana is hoping to avoid those pitfalls with the e-Cedi’s offline functionality, making it usable even without an Internet connection. This could be a game-changer, especially for rural communities where Internet access is still limited. BoG’s fintech and innovation head, Kwame Oppong, says the goal is to make digital cash as easy to use as physical cash, particularly for the unbanked.
Of course, there’s still an ongoing debate about whether CBDCs are even necessary. Some countries have scrapped their plans, arguing that existing payment systems work just fine. But Ghana insists that an offline-capable CBDC is actually better than traditional instant payments, since it doesn’t rely on Internet connectivity.
Unlike other central banks experimenting with blockchain for their CBDCs, Ghana is keeping things simple for now. The e-Cedi will initially run on a centralised system, though it could eventually integrate with blockchain-based systems if needed. This approach makes sense: start simple, then scale up if necessary.
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Meanwhile, the Bank for International Settlements (BIS) remains sceptical of stablecoins. BIS head Agustín Carstens believes that as CBDCs roll out and traditional payment systems improve, stablecoins could become irrelevant.
The BIS has long been critical of digital currencies, arguing that crypto is more centralised than it claims to be, with big players controlling the space. As CBDCs continue to gain traction, the battle between traditional finance and crypto isn’t slowing down anytime soon.
South Africa regulator exempts crypto platforms from licensing for NFTs
South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has decided that crypto platforms dealing with NFTs don’t need a financial service provider licence for now.
They based this decision on a risk assessment, saying NFTs don’t currently fall under their oversight. But they’ve made it clear that things could change if the market shifts and they decide NFTs need regulation.
NFTs are basically digital tokens that exist on blockchains, often used for things like digital art. They’re meant to create scarcity, prove ownership, and track authenticity.
When asked about crypto regulations in South Africa, the FSCA said they declared crypto assets as financial products in 2022. That means if someone gives advice or offers services related to crypto, they need to be licensed. But they made it clear that their stance isn’t set in stone and could change as the market evolves.
For now, South Africa’s rules focus on the services around crypto, not the actual tokens themselves. If someone helps people buy, sell, or manage crypto, they need a licence. But when it comes to NFTs, the FSCA sees them differently since they aren’t interchangeable like regular crypto assets.
That’s why NFTs got an exemption from licensing requirements, at least for now. The FSCA acknowledges that NFTs are unique and don’t function like other cryptocurrencies. But as with everything in crypto, there’s always the chance that new rules could come in down the line.
Skype to shut down in May 2025
Skype is officially saying goodbye in May 2025. Once the go-to app for dodging long-distance call charges, it just couldn’t keep up with Zoom, WhatsApp, and all the other modern communication apps.
Microsoft tried to push Skype into the workplace, but Slack stole the spotlight. So, they scrapped that idea and built Teams from scratch, which ended up being a much bigger success.
Microsoft is offering Skype users a way to switch to Teams before it shuts down for good. Back in 2016, Skype had over 300 million monthly users, but by 2023, only 36 million were still using it daily. Meanwhile, Teams has skyrocketed to 320 million monthly users, proving where the real demand is.
Skype had a wild ride. It was founded in 2003, sold to eBay in 2005, changed hands again in 2009, and then Microsoft swooped in with an $8.5 billion deal in 2011. They even replaced Windows Live Messenger with Skype. But things started to go downhill when Microsoft began stuffing it with ads and constant redesigns that users hated.
By 2013, Skype was baked into Windows 8.1, but it wasn’t aging well. Slack entered the scene, people started complaining about glitches and syncing issues, and Microsoft kept tweaking it in ways that just made things worse. In 2017, they moved Skype to Microsoft’s Azure cloud servers and launched Teams. That was the beginning of the end.
Now, Microsoft is all in on Teams, even moving Skype’s developers to work on other projects instead of laying them off. They say they waited until Teams was fully ready for personal use before officially pulling the plug on Skype.
In the end, it’s just another case of tech evolution. Google has cycled through countless messaging apps, and even Amazon is shutting down its Chime service. Microsoft is simply doubling down on Teams because, well, that’s where the money and users are.
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Opportunities
- MTN is hiring a Manager for Customer Acquisition and Compliance in North East Nigeria. Apply here.
- Standard Bank Group is looking to fill several positions across Africa. Apply here.
- Kuda is looking for a Product Designer. Apply here.
- Vesti is hiring for several roles. Apply here.
- Paystack is hiring a Payroll specialist for Africa and Europe. Apply here.
- Lendsqr is looking for interns. Apply here.
- YC is offering summer grants this year to support undergraduate computer science and engineering students. Apply here.
- Lagos Business School has several openings. Apply here.
- IHS Towers is looking to fill different positions across Africa. Apply here.
- Kuda is hiring a content editor. Apply here.
- Selar is giving out 5 million naira in tuition support to 50 final-year Nigerian students through the Selar Tuition Fund. Apply here.
- Bamboo is looking for a Senior treasury and settlement associate. Apply here.
- Paystack is hiring for several roles. Apply here.
- Taptap Send is hiring a regional director. Apply here.
- MTN is hiring for several positions. Apply here.
- PalmPay is looking for an asset officer. Apply here.
- FairMoney is looking for Business Operations Manager. Apply here.
- Paga is hiring for several roles, including CRO, Treasury Manager, and Doroki Growth Manger. Apply here.
- AltSchool Africa is hiring several instructors. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Celebrate the New Year with delightful stories like Smart Couples. Call 421 on your Airtel line now — you won't be charged! Alternatively, call 07080601391 at your network's regular rate. Learn more here.
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Have a productive week!
Victoria Fakiya for Techpoint Africa.
