Issue #24
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Today we'll be looking at
How Uganda is boosting their e-economy.
AFCON so far; Cameroon finishes top in group A.
Uganda Lowers Bank Cheque Limits To boost e-Transactions
In order to shore up mobile money and electronic transactions in the country, the Bank of Uganda has announced that it will lower cheque value limits for amounts above the equivalent of about $2,800 in local and foreign currency starting Jan. 15.
“The Bank of Uganda has lowered limits on the value of cheque payments to promote e-payments. The public is urged to use alternative electronic payments options such as electronic funds transfer and mobile money among others,” governor of the Bank of Uganda, Emmanuel Tumusiime-Mutebile said in the Jan.10 notice.
For Uganda, new research shows that the value of the country’s mobile money sector of about 27 million registered accounts, has topped $46 billion and is projected to grow at a compounded annual average growth rate of 26.6% over the next five years.
It is against this backdrop that the Bank of Uganda is seeking to drum up further usage of electronic and digital payments instead of cheque payments for both local currency and foreign currency transactions.
The covid-19 pandemic and attendant lockdown has led to increased use of electronic payment across Africa and this trend is bound to continue. This increase in digital transactions have led some banks to close their branches, with the intention to focus on a more digital approach to banking.
This is affecting cheque payments that traditionally require one to visit physical bank branches. The push for faster payments settlements is also acting against cheque payments which take lengthy periods to process and settle.
AFCON: Defending champion at the brim of crashing out as host nation finishes top in group A
The Total Energy African Cup of Nations has been full of fun and surprises with the underdogs dealing bloody noses on the so called favorite. The reigning champions, Algeria are the latest casualty as they risk early exit from the tournament after a shock 1-0 defeat by Equatorial Guinea in Douala on Sunday.
Esteban Obiang’s 70th-minute goal gave Equatorial Guinea the victory and brought Algeria’s 35-game unbeaten record crashing to an end. The 2019 AFCON winners had earlier drawn 0-0 with Sierra Leone in their opening match of the competition and now need to beat Ivory Coast in their final Group E outing on Thursday if they are to stand any chance of advancing to the rank of 16.
The Ivorians, who were last continental champions in 2015, played a 2-2 draw with Sierra Leone earlier and the group remains wide open with Algeria at the bottom on just one point
Meanwhile, hosts Cameroon secured top spot in Group A in spite of the 1-1 draw with Cape Verde.
The Indomitable Lions took the lead when Captain Vincent Aboubakar scored his fifth goal of the tournament after 39 minutes.
Cape Verde equalised eight minutes after the break as half-time substitute Garry Rodrigues resuscitated the hope of the Cape Verdeans.
The Indomitable have been unbeaten in their capital in the last 34 years, the result means Cameroon will remain in stronghold Yaounde for their last-16 tie against a third-placed side from Group C, D or E on Monday, 24 January.
Cape Verde finished third in the group on four points, behind Burkina Faso in the table on head-to-head record, and the Blue Sharks face a wait to see if they will progress as one of four best third-placed sides.
Monday Motivation
Better to illuminate than merely to shine to deliver to others contemplated truths than merely to contemplate.
~Thomas Acquinas
WORTH READING 📚
Teaching "Third World" literature in the American Classroom: Reflections of a Graduate Instructor ||By Kayode Odumbomi.
Africa can use great power rivalry to its benefit: Here is how ||Folashade Soule.
WORTH WATCHING 🎥
What happened to Boniface Offokaja, Amelia, Mesfin and Susan from the 1957 prejudice debate|| Archive Empire.
Di Baladna (Our Land) || Emitithal Mahmoud.
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This brief was put together while listening to Oshe by Kizz Daniel ft Cavemen.
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This brief was put together by Acquah Nana Yeboah and edited by Sybil Fekurumoh.