👨🏿‍🚀TechCabal Daily - Zero Transfer Fee for Tanzanians

👨🏿‍🚀TechCabal Daily – Zero Transfer Fee for Tanzanians

CRYPTO . Market

Bitcoin

18,708 dollars

– 1.56%

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1,264 USD

– 5.57%

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$265

– 0.89%

Solana

$31.21

– 2.33%

Cardano

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currency name

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*Data as of 06:00 AM Riyadh time, September 22, 2022.

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No more spending dollars on NAIRA cards for FBN customers

We are back in the field One zero.

Around March, several Nigerian banks lowered the card’s monthly international spending limit from 42,900 yen ($100) to 8,580 yen ($20).

Now, First Bank of Nigeria (FBN) has announced that its naira cards will not be able to conduct any international transactions by September 30th. His naira cards will now be restricted – naira credit card, virtual card, naira prepaid card. for transactions in local currency.

If you are a First Bank customer, you must get a US dollar card from your bank to make international payments.

Why does this happen?

The bank told its clients that this change is due to the current foreign exchange market realities. The country is witnessing a specialty plummet in its foreign exchange earnings, and it’s trying to fix that. This move from First Bank appears to be yet another response to the move by the Central Bank of Nigeria to change direction.

The first bank is not the first to do so. In August, Standard Chartered Bank suspended international transactions on its Naira card. Other banks may make similar announcements in the near future.

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There is no transportation fee for Tanzanians


Money circulates freely in Tanzania.

By October 1, 2022, Tanzanians will do just that wave goodbye Transfer fees for withdrawing cash through bank agents and ATMs for 30,000 Tanzanian shillings ($12.81) or less. This is thanks to her government.

Why is the government doing this?

The government is waiving transfer fees to encourage more people to use mobile money transfer services. This is not to say that Tanzanians have never been interested in mobile transactions – they were. The Momo market in Tanzania reached $54.5 billion in 2021. They started shunning technology after the government inserted Transaction fees to provide basic services to its citizens in the fiscal year 2021/2022.

More and more Tanzanians have stopped using mobile money transfer services after the government introduced taxes on mobile money transfer and withdrawal transactions on July 15, 2021. People even took it a step further and withdrew their assets from their mobile money accounts, and started paying with cash. directly instead. . The collapse lasted until September 2021 when the government cut taxes on it inserted by 30%. As the fee reduction improved the situation in the mobile money transfer scene, the government withdrew another 43% of MOMO tax three months ago. Now I have canceled everything.

How will the government meet its needs now?

For the money that is now waived in the abolition of bank fees, the government plans To reduce expenses incurred on things like conferences, training, refreshments and excursions. We hope that its citizens will return to using mobile money services again and the country can grow its mobile financial market to $120.4 billion by 2027, experts predict.

Mobile money taxes like those abolished in Tanzania have been implemented in countries such as Uganda, Cameroon and Zimbabwe. They were specially received general criticism by the Cameroonian people.

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AWIF launches with $60 million for women fund managers


Earlier this week, as world leaders gathered in New York to discuss collective global growth, United Nations Secretary-General Antonio Guterres joined other stakeholders to launch the opening Global African Business Initiative.

The effect of this event was the creation of a $60 million fund called African Women Impact Fund (AWIF)which will be deployed in various sectors in Africa and, most importantly, will be managed by women.

Much ado about sex?

No. At least not in this case. Show records Of the $69.1 trillion in financial assets under management globally, less than 1.3% are managed by women. Also, only 7% of private equity financing and venture capital is allocated to women-led businesses in emerging markets such as Africa.

The consequences of this gap in today’s world are numerous, leading to biases that seep downward to influence the financing of women-led businesses and the appointment of women to key leadership roles.

AWIF is a breath of fresh air in the world of investments, and a step in the direction of inclusivity.

How will AWIF benefit Africa?

AWIF will put more African women in control of mega funds, paving the way for a balanced investment ecosystem on the continent. Also, he will take a profit-based approach and invest in businesses that can generate returns.

The AWIF will also be deployed to record some of the objectives set by the United Nations. Sustainable Development Goals 5 and 8, which target gender equality, decent work and economic growth, are central to the Fund’s thesis.

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Pay with cash


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In other news from TECHCABAL

Who will win the race for 5G dominance in South Africa?

Quidax’s website is down for a while after the BBN QR Code announcement.

Nedbank enters into the Metaverse through a partnership with Africarary.

written by – Timmy OdessoAnd the Ngozi Choco & Caleb Nnamani

Edited by – Kelechi Ngoku

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