👨🏿🚀TechCabal Daily – Jumia bags $50 million
In today's edition: Virtual asset firms to join CBN’s sandbox || Jumia secures $50 million equity funding || Shoprite’s Sixty60 is having a moment || Vodacom taps ex-Airtel CEO to join board
Nigeria's Central Bank has expanded its regulatory sandbox to include virtual asset companies, such as those involved in stablecoins, wallets, custody platforms, payment processors, and settlement infrastructure. Applications for the program are open until August 31, and it will run alongside the Securities and Exchange Commission's digital asset incubation framework.
The new iteration of Nigeria's fintech sandbox, which launched in 2022, aims to provide a clearer and more structured environment for financial innovation. President Bola Tinubu's Virtual Asset Council oversees the initiative, which now includes representatives from the Central Bank of Nigeria, the Securities and Exchange Commission, the country's tax authority, intelligence, and national security agencies.
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