Connect with us

Tech

CIH Bank partners Google to launch Google Pay in Morocco

Published

on

One of Morocco’s largest financial institutions, CIH Bank, has entered into a partnership with Google aimed at offering Google Pay to its clients in the country.

Jenny Cheng, Vice President and General Manager of Google Wallet who announced the partnership deal on Tuesday, said the Google Pay service would allow MasterCard cardholders to use the contactless payment method while carrying out transactions.

She stated that the new initiative would also allow MasterCard cardholders to make payments via Android smartphones and Wear OS devices.

“To have access to the payment method, users will have to integrate their Mastercards into Google Wallet.

“Google and CIH Bank prioritize security by implementing tokenization, a process where card numbers are converted into unique tokens for each transaction. The measure decreases the likelihood of fraud occurring during transactions,” Cheng said.

She noted that the partnership is coming at the right time as Google Pay is gaining international traction.

“The service is now available in over 70 countries, including Morocco, where users will benefit from enhanced security for their smartphone transactions.

“In case of loss or theft, they also have a ‘Find My Device’ function that offers a quick response to block the lost device.

CIH Bank’s Deputy General Manager in charge of Marketing and Communication, Amal Mouhoub, who also spoke on the agreement, said the partnership with Google reflects the bank’s commitment to remaining at the forefront of the digital transformation of the Moroccan banking sector.

CIH Bank is Morocco’s eighth-largest banking group by market capitalization with over 300 branches and more than 700 ATMs across the North African country.

Tech

Job losses loom as Microsoft set to shut down Lagos tech centre

Published

on

An estimated 500 jobs are at risk following the decision of United States-based multinational technology giant, Microsoft, to close down its African Development Centre (ADC) located in Lagos, Nigeria.

Though no reason has been advanced for the impending closure of the ADC, industry experts say it may not be unconnected with the unfavourable economic policies of the President Bola Tinubu administration which has seen businesses suffer, while many foreign conglomerates have been forced to close shop and leave the country.

An inside source who pleaded anonymity, said Microsoft had in an internal memo, communicated to its members of staff on Monday about shutting down operations in Lagos.

“The affected employees would receive salary payments till June and continue to be covered by health insurance,” the insider said.

He added that the closure of the ADC will only affect Microsoft’s operations in West Africa but not its East Africa facility located in Nairobi, Kenya.

Microsoft had launched its $100 million African Development Centers initiative in 2019, establishing facilities in both Lagos and Nairobi.

In Nigeria, the tech giant hired more than 120 engineers when it was unveiled in 2022, and over the years, have growi its staff strength to more than 500 in total.

The company, in 2019, said it aimed to recruit 100 full-time engineers by the end of the year, and 500 engineers by the end of 2023 in its bid to tap into Africa’s innovation in fields like fintech, agritech and off-grid energy and hopes to tap into them.

“The ADC will be unlike any other existing investment on the continent. It will help us better listen to our customers, develop locally and scale for global impact,” Microsoft executive vice president, Phil Spencer, had said in Nairobi.

“Beyond that, it’s an opportunity to engage further with African partners, academia, governments and developers – driving impact and innovation in sectors important to Africa,” Spencer said.

Continue Reading

Tech

Nigeria to ban naira from crypto trading platforms

Published

on

The Securities and Exchange Commission of Nigeria plans to delist the country’s currency, Naira, from all peer-to-peer cryptocurrency platforms to combat dollar racketeering and exchange rate manipulations.

The development took place in the context of the Federal Government of Nigeria’s recent efforts to regulate the country’s estimated $57 billion cryptocurrency market.

During a Monday discussion with representatives of Nigeria’s blockchain business, Emomotimi Agama, the recently appointed Director-General of the Commission, revealed the government’s most recent proposal.

The Nigerian Blockchain Industry Coordinating Committee organized the gathering. Agama stated that new rules governing the cryptocurrency industry are presently being drafted by the government. P2P platform operators are accused of manipulating the value of the naira and the exchange rate.

“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Just one week had passed since the Central Bank of Nigeria gave payment service banks instructions to warn their clients against transacting in cryptocurrencies when Agama made their announcement.

In the meantime, several regional exchanges in the nation—including Bitbarter, OKX, and several platforms run by Stakeholders in the Blockchain Technology Association of Nigeria—had purportedly discontinued naira services in support of the government.

Agama maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

“We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonour to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira,” Agama said.

Continue Reading

EDITOR’S PICK

Metro3 hours ago

Nigerian govt denies bribery allegation by Binance CEO

The Nigerian government has countered allegations by the CEO of cryptocurrency exchange giant, Binance, Richard Teng, that some government officials...

Sports18 hours ago

Fifa honours Mercy Akide, the first African woman to play professional football in the USA

World football governing body, FIFA, has poured encomiums on former Super Falcons star, Mercy Akide-Udoh, who is on record as...

Metro19 hours ago

‘Rights must go with responsibilities,’ traditional leader cautions on use of social media

Mansa, Luapula Province: Annette Katema, the Head Woman of Chitumbi Village in Mansa District, voices concerns about the detrimental effects...

Tech20 hours ago

Job losses loom as Microsoft set to shut down Lagos tech centre

An estimated 500 jobs are at risk following the decision of United States-based multinational technology giant, Microsoft, to close down...

VenturesNow23 hours ago

Nigeria received $1bn tax income from Shell in 2023

Shell Nigeria, a multinational oil company, claims that through the operations of Shell Petroleum Development Company of Nigeria Limited and...

Metro23 hours ago

President Tinubu finally returns to Nigeria amid speculations over his absence

After spending the last two weeks out of Nigeria, President Bola Tinubu has finally returned to the country. Tinubu, who...

VenturesNow2 days ago

Zimbabwe’s new gold-backed currency now official unit of exchange

Zimbabwe’s Treasury says that the newly introduced gold-backed currency is the official unit of exchange for transactions. It also stated...

Musings From Abroad2 days ago

Binance accuses Nigeria of setting dangerous precedent with detention of its executives

After its executives were invited to Nigeria and subsequently arrested as part of a crackdown on cryptocurrencies, the CEO of...

Uncategorized2 days ago

Namibia to receive $138.5 million W’Bank loan

The World Bank has announced that it has granted a $138.5 million loan to assist Namibia in strengthening its transmission...

Tech2 days ago

Nigeria to ban naira from crypto trading platforms

The Securities and Exchange Commission of Nigeria plans to delist the country’s currency, Naira, from all peer-to-peer cryptocurrency platforms to...

Trending