CBN warns against selective rejection of old USD bills

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Victoria from Techpoint here,

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CBN warns against selective rejection of old USD bills
Founders’ lives matter
Blueroomcare closes its pre-seed funding

CBN warns against selective rejection of old USD bills

The Central Bank of Nigeria (CBN) has warned banks and forex dealers to stop selectively rejecting old and lower denominations of US dollar bills from customers.

In a recent circular, the CBN emphasised that all financial institutions must comply with its directive issued in April 2021, which prohibits this discriminatory practice.

The regulator expressed concern over continued reports of such rejections, stressing that all USD bills recognised as legal tender must be accepted for deposit without exception.

Banks and forex dealers are also instructed to refrain from defacing or stamping USD banknotes, as this can lead to authentication issues during processing. The CBN’s directive aims to ensure uniformity and fairness in handling foreign currency deposits across Nigeria.

The measure is part of efforts to address public complaints and ensure that customers can deposit US dollar bills freely without facing unnecessary obstacles. The CBN urges immediate compliance from all parties involved to avoid penalties and maintain operational standards.

Founders’ lives matter

Mental health matters — Photo by Emily Underworld on Unsplash

Last Thursday, Nick Imudia, ex-CEO of Konga reportedly died of suicide. However, two days ago, his family denied reports of his death being a suicide, stating that the cause is still under investigation.

If anything, Imudia’s demise has shone a light on a major issue that’s often ignored in the startup world: founders’ mental health.

With the constant pressure to succeed, many founders neglect their own well-being, pushing through non-stop schedules without taking care of their mental and emotional needs. This kind of neglect can have serious consequences, both for their health and the health of their businesses.

Mental health issues for founders can show up in unexpected ways. It’s not just about feeling sad or anxious. Founders might lash out at their team or act toxic, which are signs of deeper stress and burnout.

This behaviour hurts team morale and wrecks company culture, making keeping talent and staying productive tough. On the more familiar side, things like depression, anxiety, insomnia, and burnout are all too common in the intense world of startups.

Oluwanifemi’s latest story dives deep into these issues, sharing insights from four founders and a therapist on navigating the rough waters of mental health struggles.

The founders open up about their battles and the steps they’ve taken to get back on track. They stress the importance of having a solid support system, whether it’s friends, family, or professional networks, to provide a safety net during tough times.

Check out Oluwanifemi’s story here to learn more about how these strategies can help founders maintain their mental health and lead their startups to success.

Blueroomcare closes its pre-seed funding

Nigerian healthtech startup Blueroomcare just closed its pre-seed funding round, led by EHA Impact Ventures, with TVC Labs and Innovest Africa chipping in.

While the exact amount raised remains undisclosed, this funding will help the mental healthtech company improve its technology and expand its services within and beyond Nigeria.

Founded in 2022 by Moses Aiyenuro (CEO) and Ebunoluwa Collins (COO), Blueroomcare is an online therapy platform that connects users with licensed therapists through text, video, or voice chat sessions.

They offer a range of mental health services like grief counseling, group therapy, trauma-focused therapy, addiction recovery, family-based therapy, stress and anxiety management, relationship therapy, couples therapy, and psychiatry, all covered by insurance.

Blueroomcare is designed to make mental health care accessible by addressing barriers like cost, stigma, and accessibility. They offer one-on-one, on-demand sessions with dedicated therapists.

Competing with other healthtech firms like MyTherapistng and Akoma Health, Blueroomcare’s edge lies in primarily serving insurance members, making their approach more sustainable in the long run.

They boast thousands of users in Nigeria and claim to be the largest insurance-covered therapy service in Africa, partnering with HMOs like Reliance, AXA, Leadway, and Tangerine.

With the new funding, Blueroomcare plans to enhance its platform, introduce new features, and expand its reach. They are eyeing pilot services in Eastern and Southern Africa and are in advanced talks with several organisations to make this happen.

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