TikTok recently disclosed that it would take legal action against President Trump’s executive order that ban transactions with the fast-growing video app and its Chinese parent company, ByteDance in a report credited to Reuters.
TikTok disclosed that it had tried to engage with the U.S administration for nearly a year, but faced “a lack of due process” and that the U.S authorities paid no attention to the facts.
“To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the executive order through the judicial system,” the company spokesperson said.
Recall Nairametrics, about a month ago broke the news on President Trump, issuing directives that banned any U.S. transactions with the Chinese tech firms —Tencent and ByteDance. The ban which is to take effect in 45 days counting from the date of the announcement and could attract retaliation from the Chinese.
According to Trump, the Chinese based apps “automatically captures vast swaths of information from its users. This data collection threatens to allow the Chinese Communist Party access to Americans’ personal and proprietary information.” He went on to say that the application also captures personal information of Chinese nationals visiting the U.S.
While the popular based Chinese social app is known for short, trendy videos of people dancing and going viral among teenagers, the U.S. government is worried that such information on users could be passed on to China’s authorities.
CBN reportedly suspends Paystack and other non-bank financial institutions from offering BVN validation services
Non-banks may have to look for alternative ways to carry out identity verification for their users, following new CBN regulation.
The Central Bank of Nigeria has reportedly suspended finTechs and other third-party partners from offering BVN validation service.
This was made known in an email from Paystack to customers which stated, “We’ve recently been made aware of a regulatory directive from the primary custodian of Nigeria’s BVN service to all their partners to suspend the provision of the BVN validation service to their third-party partners. This directive affects every non-bank in Nigeria that offers BVN Validation services. In light of this news, we’re hereby informing you that the BVN Resolve service will be temporarily unavailable starting at midnight, April 8, 2021.”
What this means
This suspension could mean that non-banks will have to look for alternative ways to carry out identity verification (KYC) for their users through NIN, Voters ID, Driver’s license etc.
MTN USSD dispute: Meetings with banks, others still inconclusive
MTN has confirmed in a statement that the issue with banks regarding USSD services is yet to be resolved.
Series of meetings held among MTN, commercial banks and FinTechs to align on longer-term pricing structures on USSD services appeared inconclusive.
This was confirmed by the Telco giant in a statement issued by its spokesperson, Funso Aina on Thursday.
According to the statement, which was seen by Nairametrics, MTN stated that the streamlining it undertook is international standard and best practice as scale is built along distribution channels.
It stated, “We will provide a further market update once these discussions have been concluded. The streamlining MTN undertook is international standard and best practice as scale is built along distribution channels. We are confident that partners in the banking sector will work with us to ensure this process concludes as quickly as possible to the benefit of the entire industry.”
Full statement below
Update on banking channel partners’ dispute and expansion of channel network.
Following the temporary suspension of sales of MTN products through our banking channel partners on April 2, 2021, services were restored on Sunday, April 4, 2021 with customers able to access all services.
This was agreed on the basis that MTN would revert to its previous cost of sales structures with banking partners until a new long-term agreement can be reached on a sustainable pricing structure going forward.
Consequent on the intervention of the Minister of Communications and Digital Economy, the Nigeria Communication Commission and the Central Bank of Nigeria, since April 6, 2021, MTN has been participating in a series of meetings to align on longer-term pricing structures.
We will provide a further market update once these discussions have been concluded. The streamlining MTN undertook is international standard and best practice as scale is built along distribution channels. We are confident that partners in the banking sector will work with us to ensure this process concludes as quickly as possible to the benefit of the entire industry.
MTN would like to thank our customers for their patience, and express our regret at the inconvenience imposed on them while banking channels were offline. In order to further expand the range of channels available to customers, MTN has activated a number of new channel partnerships with fintech partners and these will remain in place, significantly expanding the channels available to our customers and increasing our sales and distribution network.
The new channel partners include Sparkle, Konga Pay, Barter By Flutterwave, Jumia Pay, OPay, Kuda, Carbon, BillsnPay, MTN On-Demand, MTN Xtratime airtime loans (*606#), myMTN Web http://mymtn.com.ng and Momo agent *223#.
We would also like to thank the Ministry of Communications and Digital Economy, the Nigeria Communication Commission and the Central Bank of Nigeria for their rapid intervention and we look forward to a mutually acceptable solution that empowers all ecosystem participants.
What you should know
- Banks lifted the ban placed on MTN subscribers from recharging their lines or data plan via Unstructured Supplementary Service Data (USSD), according to Nairametrics.
- This was confirmed by our analyst, who recharged his line using the USSD code of GTBank last Sunday.
Nairametrics | Company Earnings
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- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.