The CEO, CTO, and Head of Product will be replaced. Well, well, well, another one was about to bite the dust when a consortium led by Paystack came in like the Avengers and bought it out, including the debt, liabilities, and employees.
In other news, Musa explains why and how you should care about the rise of the dollar.
00:00 - Introduction by Drounz and overview of today's tech news including BRAS acquisition.
00:22 - Impact of dollar's 4% increase on Nigerian economy.
00:42 - Explanation of BRAS' services and its recent funding issues.
01:19 - Customer complaints about delayed withdrawals and liquidity issues.
02:01 - Failed acquisition talks with Flutterwave and other funding approaches.
02:47 - BRAS acquisition finalized and leadership changes.
03:24 - Assurance of no changes for customers and the importance of preventing fintech shutdowns.
04:49 - Financial management issues at BRAS and implications for investors.
05:19 - Impact of a stronger dollar on the Nigerian Naira and the challenges it poses.
06:58 - Summary of the Naira's dire situation.
07:49 - High interest rates driving dollar demand.
08:43 - Implications of a stronger dollar for Nigeria.
09:21 - Challenges in using reserves to protect the Naira.
10:12 - Dual pressures on the Naira.
10:58 - Summary of the Naira's dire situation.
11:14 - Conclusion and closing remark

Our sources:

For more details, check the ⁠⁠TechCabal article⁠.⁠⁠
⁠⁠⁠The Economist


Our podcast:

⁠⁠⁠⁠⁠⁠⁠The Musa Obed podcast⁠⁠⁠⁠⁠⁠⁠
⁠⁠⁠⁠⁠⁠⁠The notjustdesign Podcast⁠⁠⁠⁠ ⁠⁠⁠

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