Samara Asset Group (ISIN: MT0001770107; Ticker: SRAG:GR) has announced its collaboration with Pareto Securities, appointed as the Sole Manager, to kick off a series of fixed income investor meetings. This initiative may lead to the issuance of a senior secured Nordic bond of up to €30 million, contingent upon market conditions.

The funds raised from this bond will be strategically directed towards expanding Samara’s diverse investment portfolio. This includes acquiring additional limited partnership stakes in alternative investment funds and enhancing its Bitcoin treasury, which serves as its primary reserve asset.

The bond will be issued by Samara Asset Group p.l.c., with a newly established special purpose vehicle, Samara Asset Holdings Ltd., serving as the guarantor. It is set to be listed on the unregulated markets of the Oslo and Frankfurt Stock Exchanges, with a minimum subscription requirement of €100,000.

 

CEO Patrick Lowry expressed enthusiasm about the bond placement, stating,

“We are excited by the prospect of placing this Bond and look forward to using the proceeds to acquire more Bitcoin and continue to seed the world’s best emerging managers. This move will further strengthen our robust balance sheet and enable us to diversify into new technologies through strategic fund investments.

Additionally, with Bitcoin as our primary treasury asset, we will enhance our liquidity position.”

 

Christian Angermayer, a member of Samara’s Advisory Committee, emphasized the firm’s mission to foster innovation:

“Our goal at Samara is to drive humanity forward by investing in the best managers and builders. With this new capital, we’re eager to support those developing tomorrow’s most disruptive technologies while growing our Bitcoin holdings.”

 

In 2023, as reported by BitKE, the firm donated $10,000 to Bitcoin Dada, a women centric entity that is working towards educating African women into Bitcoin. This contribution aligns with Samara’s mission to empower emerging talent and drive technological advancement.

FUNDING | Kenya’s Women-Centric Bitcoin Education Initiative, Bitcoin DADA, Receives $10,000 Donation in BTC from Samara Asset Group@Samara_AG_ says it is supporting Bitcoin DADA in this mission, with the donation made in Bitcoin (BTC), to help the organization roll out new… pic.twitter.com/9IsAoE7KZq

— BitKE (@BitcoinKE) September 8, 2023

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About Samara Asset Group PLC

Samara Asset Group (ISIN: MT0001770107; Ticker: SRAG:GR) is a cornerstone for nurturing high-potential investment opportunities. We leverage our strong balance sheet to support emerging asset managers and back visionary builders, all while holding Bitcoin as a key asset. Through our digital asset management platform, Samara Alpha Management, we invest in cutting-edge, under-the-radar managers with the goal of achieving superior, risk-adjusted returns.

 

 

 

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The International Monetary Fund (IMF) has released an October 2024 paper examining the possible options between:

Central bank digital currencies (CBDCs)

Faster payment systems (FPS), and

e-Money

With a particular emphasis on emerging markets, the paper underscores the risks that dollar stablecoins and foreign CBDCs pose to monetary sovereignty.

 

“The IMF is often approached with the question of how a retail central bank digital currency (CBDC) compares to fast payment systems (FPSs) and even e-money, and which to prioritize in the context of constrained resources.

There is no ‘one answer’ to this question; working through this analysis requires authorities to carefully consider their jurisdictions’ payments landscape, their objectives and core needs, and the practical constraints which they face.

– International Monetary Fund (IMF)

 

According to the global institution, the fundamental difference between CBDC, FPS, and e-money is that CBDCs are first and foremost a form of central bank money that could sustain the presence and choice to use a publicly issued money, as well as a public payment solution, in a retail payments landscape which may otherwise be moving toward 100 percent private money.

In contrast, FPSs are payment arrangements to smooth and accelerate the transfer of private liabilities, and e-money are private liabilities which act as an alternative to bank deposits with a lower access threshold in many markets.

 

Brazil’s Pix and India’s UPI represent two prominent FPS success stories of recent years, according to IMF.

 

Meanwhile, the success of AliPay and WeChat Pay in China and M-Pesa in Kenya, categorized as E-money, showcases how primarily closed-loop systems can establish a substantial market share through network effects.

 

According to the IMF, CBDC has two distinct benefits. The most significant benefit is maintaining retail access to central bank money as cash usage declines, noting a troubling trend whereby as cash becomes less utilized, fewer merchants are inclined to accept it.

By providing access to a CBDC, central banks can effectively tackle the two primary threats to monetary sovereignty posed by stablecoins and foreign CBDCs.

 

“Although stablecoins have not gained much use outside of crypto-asset ecosystems in advanced economies, preliminary data suggest that in emerging and developing market economies, they are being used in a limited capacity for cross-border transactions and remittances (FSB 2024).”

 

The same analysis also suggested that there was a perceived preference for U.S. dollar-denominated stablecoins as a store of value in countries with high inflation, currency devaluation, or the presence of capital flow measures, the authors wrote.

They warn that if there’s significant adoption, a stablecoin could start being used as an alternative unit of account.

The IMF also sees competition as another area where a CBDC can offer advantages. Private faster payment systems (FPS) may limit competition, while many e-money systems operate as closed loops, potentially leading to monopolistic behavior.

In contrast, the IMF believes that a CBDC could reduce barriers for non-bank payment service providers fostering greater competition in the financial ecosystem.

 

 

 

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VISA has announced the launch of the VISA Tokenized Asset Platform ( VTAP), a new product designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks.

As reported by BitKE, VISA, which recently revealed that its VISA tokens have generated more than $40 billion in incremental ecommerce revenue for businesses globally, says the new platform is designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks.

MILESTONE | VISA Issues 10 Billion Tokens, Generating $40 Billion in Incremental e-Commerce Globally

Currently, 29% of all transactions processed by VISA use tokens, reflecting their widespread adoption and the trust consumers place in this secure payment method.… pic.twitter.com/UmBLJ4xI2l

— BitKE (@BitcoinKE) June 13, 2024

The VTAP solution is available on the VISA Developer Platform for participating financial institution partners to create and experiment with their own fiat-backed tokens in a VTAP sandbox, said VISA.

 

“VISA has a global network of more than 15,000 financial institutions and helps facilitate seamless transactions of fiat currencies across more than 200 countries and territories,” said VISA.

“Now, VISA is applying its expertise in new technologies, such as smart contracts, to enable banks to issue and transfer fiat-backed tokens over blockchain networks.”

 

Developed by VISA’s in-house blockchain experts, VTAP is a B2B solution designed to enable banks to bring fiat currencies onchain in a safe, seamless, and efficient manner.

It is easy to integrate the system and users can implement additional functionality depending on their operational workflows.

VTAP also provides a platform for banks to mint, burn, and transfer fiat-backed tokens, such as tokenized deposits and stablecoins, and experiment with use cases. This is available in a test environment with plans to support live programs in 2025 and when participating banks are ready to launch with end customers.

Participating banks can access the complete suite of VTAP services via APIs designed to help enhance existing financial infrastructure to be always on and more efficient.

The platform is designed to enable banks to use their fiat-backed tokens within smart contracts, allowing room for programmable use-cases.

VISA says its vision is to enable interoperability across different blockchains for banks utilizing the VTAP platform.

 

 

 

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Egyptian fintech, Fawry, has announced that its Buy Now, Pay Later (BNPL) business has surpassed EGP 1 billion ($20.57 million) in total disbursements as of September 2024.

The milestone, which comes just over a year after the service’s official launch, is attributed to several factors, including leveraging Fawry’s extensive customer base which exceeded 10 million downloads of the ‘myFawry’ app at the time of launch as well as the introduction of the ‘myFawry’ prepaid card.

 

“This achievement is a clear testament to the company’s ability to leverage its existing consumer base while introducing innovative services that cater to underserved segments of the population.

It further underscores Fawry’s position as a trailblazer in financial inclusion and embedded finance in Egypt,” said Ashraf Sabry, Chief Executive Officer of Fawry.

 

Established in 2008, Fawry is Egypt’s largest e-payment platform, in a market (fintech and e-commerce) that is witnessing significant venture interest in recent years as new and established startups continue raising capital.

FUNDING | #Egyptian Operations Fintech, SETTLE, Raises $2 Million After Processing Over $1 Million in its Testing Phase

SETTLE has partnered with leading Egyptian banks by integrating with the Automated Clearing House (ACH).https://t.co/ZETojvxFE5 @ShorooqPartners @PlusVC_… pic.twitter.com/cwcu8SAjFj

— BitKE (@BitcoinKE) September 19, 2024

Fawry caters to both the banked and unbanked populations. Its core services include:

Facilitating electronic bill payments

Mobile top-ups, and

Providing digital solutions for millions of Egyptians

Fawry also offers additional services such as:

e-Ticketing

Cable TV payments, and a

A wide range of other digital service

Fawry’s peer-to-peer model allows corporations and SMEs to accept electronic payments via multiple platforms including websites, mobile phones, and POS systems. With a network of 36 member banks, a mobile platform, and over 370,000 agents, Fawry processes more than 6 million transactions daily, serving an estimated 52.5 million users each month.

Under the leadership of Founder and CEO, Ashraf Sabry, since its inception in 2008, Fawry has grown into Egypt’s largest e-payments platform, with a valuation exceeding USD 2 billion.

With the National Bank of Egypt among its stakeholders, Fawry now enables around 35 million banked and unbanked Egyptians to pay their bills monthly.

In 2022, the company processed transactions worth over USD 10 billion, generating USD 200 million in revenue and USD 50 million in net profits.

 

 

 

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Agent Banking Company (ABC), a Ugandan fintech has received an undisclosed investment from Goodwell Investments.

The investment, derived from Goodwell’s €150 million uMunthu II Fund, will help ABC expand its client base, increase agent coverage, and introduce new services. uMunthu II Fund targets early-stage growth companies in Africa, particularly in the sectors of financial services, food, agriculture, mobility, and logistics.

Started in 2017 by Uganda Banker’s Association (UBA), the umbrella organization for commercial banks in Uganda, and pan-African technology company, Eclectics, ABC facilitates access to financial services in underserved areas through its interoperable digital platforms.

Similar to the mobile money model, agent banking empowers commercial banks to appoint agents to provide banking services such as deposits, withdrawals, and more on their behalf. According to ABC, agents can be the local shopkeeper, kiosk owners, supermarket attendant or anyone in your community who has been authorized by your bank.

The financial services currently offered through the ABC platform include cash deposits, cash withdrawals, bill payments and money transfers.

The platform enables commercial banks to:

Enhance customer experience

Reduce the cost to serve and

Increase coverage while avoiding duplication of investment and effort

At the end of 2021, there were 22 commercial banks with 20,108 agents enrolled on the platform, according to the ABC website. Between 2018 and 2021, agents on the platform cumulatively processed over 12 million transactions worth $ 4.3 billion.

 

“Our business was established to address a very real need to expand the reach and improve access to quality and affordable financial services in Uganda.

With the introduction of Agent Banking, there has been exponential growth in the number of service points through which consumers can access and use formal financial services offered by over 15,000 authorized bank agents. This has made it much easier and enabled the previously underserved communities to enjoy a range of formal financial services across the country,” said CEO Richard Jabel.

 

According to ABC CEO, Richard Jabel, the investment from Goodwell “will be instrumental in the next phase of our growth, as we enrich our service range to encompass the full suite of basic financial services to be accessed through mobile phones, agents, and merchants.”

For Goodwell, said to be the oldest impact investor in the Netherlands, the investment also serves as its entry into Uganda’s financial inclusion sector, the investor announced on September 19 2024. Its 36 portfolio companies have reached over 30 million households in 72 countries worldwide.

Last year [2023], Goodwell partnered with Oxfam Novib to launch a €20 million fund aimed at investing in sustainable agriculture, clean energy, mobility, logistics, and waste management across East Africa.

Els Boerhof, Managing Partner and Co-Owner of Goodwell Investments, says that Africa offers ‘huge potential’ for investors.

 

“It is very important people realise that economic cycles come and go and that this is a very interesting moment to step in,” Boerhof said at the time.

“All I say is: ‘Don’t miss the boat’.”

 

 

 

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South African gaming payments startup, Carry1st, has entered into a partnership with AudioMack, enabling Audiomack’s customers in Africa to purchase subscriptions to stream music using local payment methods.

Renowned for providing consumers across Africa access to exclusive gaming content for popular titles like VALORANT and Call of Duty: Mobile, Carry1st’s payment solution, Pay1st, enables consumers to pay for digital items via a range of local payment options such as mobile money, popular digital wallets, and bank transfer.

In March 2024, as reported by BitKE, Carry1st added EA SPORTS FC Mobile top-ups on the Carry1st Shop, in another partnership with Electronic Arts Inc. (EA).

PARTNERSHIP | South African Gaming Giant, Carry1st, Partners with Electronic Arts to Scale EA SPORTS FC Mobile Across Africa Enabling In-App Purchases Via Crypto

Carry1st, Africa’s leading game publisher, introduces EA SPORTS FC Mobile top-ups on the Carry1st Shop, in a… pic.twitter.com/sTMB0S4nUn

— BitKE (@BitcoinKE) March 1, 2024

The partnership with AudioMack, one of the globe’s leading music streaming and discovery platforms with more than 30 million monthly users, demonstrates Carry1st’s expansion beyond gaming, highlighting the its growing diversity of content.

REPORT | South Africa’s Carry1st Was One of the Few Winners in a Declining Web3 Gaming Market in 2023

The lone deal across Africa in 2023 was raised by Carry1st, a leading game publisher and digital commerce platform from South Africa.

See the report synopsis below including an… pic.twitter.com/0g54ftw0aV

— BitKE (@BitcoinKE) March 15, 2024

Carry1st, an investee of Sony, Google, and a16z, also offers seamless access to a wide range of products, including daily essentials (airtime, data, and electricity), game gift cards and top-ups, lifestyle, and entertainment vouchers.

Google and a16z Lead $20M Investment in Carry1st, Africa’s Largest Web3 Game Publisherhttps://t.co/j1XP4hJGs5 @carry1st @a16z @googleafrica

— BitKE (@BitcoinKE) January 21, 2022

According to Carry1st, Audiomack is Africa’s leading music streaming platform catering to millions of music enthusiasts across the continent. The platform emphasizes supporting emerging and independent artists, especially in genres like hip-hop, rap, and Afrobeats.

Audiomack is currently the top-ranked music streaming app on Apple iOS in several African countries, including Nigeria, Ghana, Tanzania, Senegal, and Kenya.

Audiomack’s day, week, and month pass subscriptions are now available for purchase in local currencies through the Carry1st Shop across:

Nigeria

Egypt

Ghana

South Africa

Kenya

Morocco

Tanzania

Cameroon

Côte d’Ivoire

Rwanda

Uganda, and

Senegal

These subscriptions allow music fans to enhance their experience by removing ads, unlocking premium app features, and showing greater support for artists. Benefits include:

Unlimited downloads

Access to downloaded playlists

HiFi streaming

and more.

 

“We’re really excited to be partnering with such an important platform like AudioMack, which champions entertainment and shares our passion for providing options to African consumers in the entertainment space.

This partnership is a testament to our growth and the versatility of the Carry1st Shop. Not only are we unlocking popular games, but we’re now also unlocking the music that people love,” said Guillaume Noé, VP of Growth for Platform at Carry1st.

 

“Audiomack is incredibly excited to partner with Carry1st to expand our presence across Africa and make it easier for music fans across the continent to access premium features.

Carry1st has been impactful in growing Africa’s gaming industry for creators and users, and we are confident we can replicate this approach in the music space,” said Charlotte Bwana, VP of Marketing at Audiomack.

 

 

 

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According to local reports, the Kenyan government has announced a new policy that will designate all digital payment systems as virtual electronic tax receipts (ETR) systems starting December 25 2024.

This is the latest measure by the East African nation to boost revenue collection as it grapples with gaping budget deficits.

The country’s Minister for Treasury and Economic Planning has also asked the Kenya Revenue Authority (KRA) to embrace new technologies like blockchain to facilitate trade and enhance domestic resource mobilization.

TAXATION | Blockchain Can Simplify Tax Compliance, Says #Kenya Finance Minister

The Minister highlighted how innovations like digital #taxation platforms, #blockchain, and electronic invoicing systems can simplify compliance, improve trade transparency, and integrate the… pic.twitter.com/i0rjlKAwgd

— BitKE (@BitcoinKE) October 8, 2024

The proposed policy to designate all digital payment systems as virtual electronic tax receipts services means systems such as mobile money service M-PESA and Bank PayBills, till numbers, and other merchant payment systems will be deemed as ETR systems.

 

Moses Kuria, a senior Economic Advisor to President William Ruto, asked stakeholders to inform users of the impending changes while noting Kenya’s strong digital payments ecosystem.

“Please whisper to them that come Christmas 2024, all pay bills will also be virtual ETRs for purposes of KRA,” said Mr Kuria.

 

The president’s advisor expressed concern that the number of registered Electronic Tax Register (ETR) devices is still low, with only 200,000 users, representing a small portion of potential adopters. He highlighted the significant gap between digital payments made through banks and mobile money and the large base of active users.

 

Kuria views the new policy as an opportunity for the government to “harvest” more revenue from the working class.

“Combined, all our telcos and the banks who are doing mobile money, we’ve got, you know, what we call digital touchpoints for payments, two million of them. Ten times the ETRs we have at KRA. That just speaks to the huge, huge opportunity that Kenya has to even have what I would call the early harvest.”

 

As part of the new policy, mobile money payments will be considered equivalent to eTIMS receipts (tax invoices) and will therefore be accepted for income tax deduction purposes.

According to Kuria, the initiative is part of the government’s effort to increase tax collection from working Kenyans. He pointed out that many Kenyans are employed informally, allowing them to evade paying income tax.

 

“People in the formal sector, both in public sector and the private sector, we have got 3 million people within the formal sector. Within the informal sector, we’ve got 16 million,” stated Moses Kuria.

 

Kuria highlighted that while the formal sector consists of just 3 million taxpayers, it contributes a significant 500 billion shillings (around $4 billion) in income taxes. In contrast, the informal sector, with 16 million individuals, contributes only 12 billion shillings.

The president’s advisor views this disparity not only as an economic issue but also as a complex problem with important socioeconomic, ethical, and equity implications.

 

 

 

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According to recent onchain data, only 12.7% of users on Polymarket, a decentralized prediction market platform for cryptocurrency enthusiasts, have managed to turn a profit.

The majority, accounting for 87.3% of users, have seen losses, with most profits being under $100.

 

Key Metrics at a Glance:

Profitability: Only 12.7% of crypto wallets on Polymarket are reporting profits

Total Wallets: Out of 171,113 wallets, 21,730 have made a profit

Majority of Profits: Over 87.3% of users earned less than $100

 

Data from the analytics tool, Layerhub, reveals that of the 171,113 crypto wallets on Polymarket:

149,383 did not report any profits

In contrast, 21,730 wallets recorded profitable outcomes

Notably, only 2,138 of these wallets made profits exceeding $1,000, while

Around 7,400 wallets generated profits in the range of $100 to $1,000

Polymarket has facilitated approximately 10.8 million betting trades. Between October 6 and 8 2024 alone, the platform saw more than 300,000 trades each day, driven by significant world events, including international conflicts and the upcoming U.S. presidential election.

It’s important to note that not all crypto wallets represent distinct users; many traders operate multiple wallets to engage in high-risk, high-reward bets:

Nearly 25,000 wallets have participated in more than 50 trades, while

About 32,000 wallets completed between 20 and 50 trades.

Conversely, close to 58,000 wallets engaged in just one to five trades, highlighting that most users are making fewer bets.

As of October 9 2024, the open interest on Polymarket, which represents the total number of futures contracts held by market participants at the end of the trading day, reached $161.1 million.

On October 6 2024, Tesla CEO, Elon Musk, tweeted that Polymarket might offer a more accurate prediction for the 2024 U.S. presidential election results compared to traditional polling methods.

This comment came as former President Donald Trump was leading the Democratic candidate, Vice President Kamala Harris, by approximately three percentage points.

 

 

 

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There are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more, says the Centi-Millionaire 2024 Report 2024.

These individuals, referred to as centi-millionaires, have grown by 54% over the last decade.

 

“The geographic distribution of this wealth is revealing. One-third of the world’s centi-millionaires reside in 50 key cities across the globe, with nearly two-thirds of these wealth hubs located in countries offering investment migration programs.

“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” says the report.

 

While African cities are not currently among the top centi-millionaire cities in the globe, the report reveals that several areas are on the ‘watch list’ and poised for future growth among super-wealthy individuals.

 

Below is a list of the top cities with centi-millionaires in Africa:

 

Looking ahead to 2040, the projected growth of centi-millionaire populations offers an interesting view of wealth accumulation and migration patterns.

In South Africa:

Cape Town shows the greatest potential for growth, exceeding 150%, followed by

Greater Durban, with a growth range of 100% to 150%

Johannesburg, while having the lowest growth potential among the listed South African cities (50% to 100%), is still on a positive trajectory,

along with all other cities mentioned.

 

“These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management, and hi-tech spaces,” says the report.

 

Several cities in Asia and the Middle East, including:

Hangzhou

Shenzhen

Taipei

Dubai, and

Abu Dhabi

are set for explosive growth according to the report, with their centi-millionaire populations expected to increase by more than 150%.

Emerging markets are also poised for significant gains, with:

Riyadh in Saudi Arabia, and

Bengaluru in India

projected to see centi-millionaire growth exceeding 150% over the next 16 years.

In Africa, top 5 cities to watch out for include:

Cairo, Egypt

Cape Town, South Africa

Johannesburg, South Africa

Marrakech, Morocco

Nairobi, Kenya

In contrast, some of the world’s more established capitals, such as:

Chicago

Moscow

Zurich, and

Madrid

are expected to experience slower growth, with increases of less than 50% by 2040.

 

 

 

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Hackers managed to get away with $750 million across 155 incidents in Q3 2024, bringing the year’s total losses to nearly $2 billion according to CertiK’s Web3 Hack3d Report for the quarter.

The figure represents an approximate 9.5% increase in value lost, even though there were 27 fewer incidents compared to the previous quarter.

According to the report, phishing and private key compromises are the most common attack methods leading to losses totaling $668 million. Phishing alone was responsible for $343 million in damages across 65 incidents.

One notable incident involved a Bitcoin whale who lost $238 million in August 2024, marking the largest phishing attack in Q3 2024. The attack targeted the whale’s wallet and while the community managed to recover some of the funds, the majority of the stolen amount remains unrecovered.

Private key compromises led to approximately $317 million in losses across only 10 incidents. The most significant of these was an attack on WazirX, one of India’s top cryptocurrency exchanges.

In July 2024, hackers exploited vulnerabilities in WazirX’s private keys, resulting in the theft of $231 million across over 200 cryptocurrencies, including Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC). This breach stands as one of the most significant in Q3 2024.

LATEST |

WazirX, a prominent Indian cryptocurrency exchange, has reportedly been hacked, with over $234.9 million in assets moved from its Safe Multisig wallet on the Ethereum network to a new address. The transactions were funded by Tornado Cash, a cryptocurrency mixer known… pic.twitter.com/rSqMZ4eHCk

— BitKE (@BitcoinKE) July 18, 2024

According to the cybersecurity firm, Ethereum remains the primary target for attacks with $387.8 million stolen across 86 incidents, significantly outpacing any other blockchain.

Multichain hacks were also prevalent resulting in $89.8 million stolen across various networks highlighting the potential risks tied to cross-chain functionality.

Although phishing and private key compromises accounted for the highest value lost this quarter, other significant attack methods included code vulnerabilities and re-entrancy exploits.

Code vulnerabilities led to $39.6 million in losses across 44 incidents, while re-entrancy attacks – where hackers repeatedly withdraw funds before balances are updated – caused $30.3 million in losses over five incidents.

The Q3 2024 CertiK report shows that just 4.1% of stolen funds were recovered this quarter, a significant drop from the 14.4% recovered in Q2 2024. Despite fewer incidents, the average loss per hack rose to $5.93 million, with the median loss standing at $120,529.

 

 

 

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The CEO of Nigerian fintech, Flutterwave, Olugbenga Agboola, has revealed the payment unicorn’s ambitions saying they are only getting started in Africa.

In the last 1 year, Flutterwave, Africa’s most valuable startup, has been on an expansion spree acquiring operating licenses in multiple African countries including:

Malawi

Uganda

Ghana

Mozambique

The company has also acquired 49 money transmitter licenses across the United States as it looks to fulfill its mission of “bridging the gap between Africa and the global economy.”

REGULATION | African Fintech Unicorn, Flutterwave, Acquires 13 Licenses from United States in Continued Expansion

Fluterwave has been on an expansion drive across Africa and the world. The company is also in the process of launching USDC payment settlements in partnership… pic.twitter.com/B3dxmmNqmk

— BitKE (@BitcoinKE) December 14, 2023

“Our recently acquired licenses in Malawi, Uganda, Ghana, and Mozambique, as well as our expansion to 49 states in the U.S., will further extend our solutions of bridging the gap between Africa and the global economy,” Flutterwave CEO, Olugbenga Agboola, said in a recent interview.

 

According to the Agboola, Flutterwave’s main markets in Africa are:

Egypt

Morocco

in North Africa

Nigeria

Ghana

Senegal and

Côte d’Ivoire

in West Africa

Rwanda

Tanzania

Uganda, and

Kenya

in the East Africa corridor.

Then you look at Central Africa, that’s Cameroon.

The acquisition of licenses across these leading markets will help the company become more reliable to its customers, eliminating any dependencies from banks and other third-party relationships, while also solidifying its business.

 

“…You have to ensure that you eliminate as many third-party layers as possible and ensure you are the direct owner of your infrastructure. This will allow you to give your customers more value,” said Agboola.

“We cannot afford third-party downtime, so we need to hold our licenses. However, it depends on the market. Some markets are obviously more priority for our customers than others, but our goal is any market that is top-of-mind for our top customers, we have to hold our license in those markets.”

 

Agboola also addressed the decision to stop operations of its consumer product, Barter, and instead focus on its enterprise product Flutterwave For Business (FFB), as well as Send App, its remittance product.

FINTECH AFRICA | FlutterWave Shuts Down Consumer Facing Product, Barter, to Focus on Enterprise and Remittance Products

This announcement comes on the heels of the recent temporary closure of Disha, another platform under the Flutterwave umbrella. This strategic decision… pic.twitter.com/A92NEtqtHE

— BitKE (@BitcoinKE) March 12, 2024

 

According to TechCrunch, Flutterwave For Business (FFB), which banks, startups, and companies in e-commerce, transportation, and FMCG use  to accept payments, generates 90% of the fintech’s revenue.

The remaining 10% comes from its remittance service, Send App, which enables users to make international money transfers across Africa, Europe, the U.S., and Canada.

 

“We want to be that infrastructure layer that powers all the who’s who of payments on the continent; I’d say we want to be the Adyen of Africa.”

 

 

 

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The CEO of Nigerian fintech, Flutterwave, Olugbenga Agboola, has revealed the payment unicorn’s ambitions saying they are only getting started in Africa.

In the last 1 year, Flutterwave, Africa’s most valuable startup, has been on an expansion spree acquiring operating licenses in multiple African countries including:

Malawi

Uganda

Ghana

Mozambique

The company has also acquired 49 money transmitter licenses across the United States as it looks to fulfill its mission of “bridging the gap between Africa and the global economy.”

REGULATION | African Fintech Unicorn, Flutterwave, Acquires 13 Licenses from United States in Continued Expansion

Fluterwave has been on an expansion drive across Africa and the world. The company is also in the process of launching USDC payment settlements in partnership… pic.twitter.com/B3dxmmNqmk

— BitKE (@BitcoinKE) December 14, 2023

“Our recently acquired licenses in Malawi, Uganda, Ghana, and Mozambique, as well as our expansion to 49 states in the U.S., will further extend our solutions of bridging the gap between Africa and the global economy,” Flutterwave CEO, Olugbenga Agboola, said in a recent interview.

 

According to the Agboola, Flutterwave’s main markets in Africa are:

Egypt

Morocco

in North Africa

Nigeria

Ghana

Senegal and

Côte d’Ivoire

in West Africa

Rwanda

Tanzania

Uganda, and

Kenya

in the East Africa corridor.

Then you look at Central Africa, that’s Cameroon.

The acquisition of licenses across these leading markets will help the company become more reliable to its customers, eliminating any dependencies from banks and other third-party relationships, while also solidifying its business.

 

“…You have to ensure that you eliminate as many third-party layers as possible and ensure you are the direct owner of your infrastructure. This will allow you to give your customers more value,” said Agboola.

“We cannot afford third-party downtime, so we need to hold our licenses. However, it depends on the market. Some markets are obviously more priority for our customers than others, but our goal is any market that is top-of-mind for our top customers, we have to hold our license in those markets.”

 

Agboola also addressed the decision to stop operations of its consumer product, Barter, and instead focus on its enterprise product Flutterwave For Business (FFB), as well as Send App, its remittance product.

FINTECH AFRICA | FlutterWave Shuts Down Consumer Facing Product, Barter, to Focus on Enterprise and Remittance Products

This announcement comes on the heels of the recent temporary closure of Disha, another platform under the Flutterwave umbrella. This strategic decision… pic.twitter.com/A92NEtqtHE

— BitKE (@BitcoinKE) March 12, 2024

According to TechCrunch, Flutterwave For Business (FFB), which banks, startups, and companies in e-commerce, transportation, and FMCG use  to accept payments, generates 90% of the fintech’s revenue.

The remaining 10% comes from its remittance service, Send App, which enables users to make international money transfers across Africa, Europe, the U.S., and Canada.

 

“We want to be that infrastructure layer that powers all the who’s who of payments on the continent; I’d say we want to be the Adyen of Africa.”

 

 

 

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In a first, the South Africa Reserve Bank (SARB) has issued a forfeiture notice to a local crypto exchange.

According to a local media outlet, SARB issued a notice of forfeiture against a firm called Silver Tiger Trade for more than R5 million ($286,780) in assets held in accounts at Standard Bank and crypto exchange, Ovex.

The seized funds will be deposited into the National Revenue Fund (the central fund for national government).

This marks the Reserve Bank’s most recent forfeiture under exchange control regulations. The notice, however, provides no specifics regarding the alleged violations.

It is not clear if this is the first notice sent by the bank to Ovex, but a forfeiture notice is available on the South African government website signed by Fundi Tshazibana, who is Deputy Governor of the Prudential Cluster at the bank:

 

By virtue of the functions, powers and/or duties vested in me, in my capacity as the Deputy Governor of the South African Reserve Bank, in terms of the delegation and assignment of the functions, powers and/or duties referred to in 1 above, I hereby give notice of a decision to forfeit to the State the following money and/or goods and I hereby declare and order forfeit to the State the following, namely:

2.1 the amount of R2 778 608.29 being capital standing to the credit of Blue Electro Investments (Pty) Limited held in account number 2817993000 at The Standard Bank of South Africa Limited, together with any interest thereon and/or other accrual thereto;

and2.2 20 485.15 USDT held at Ovex (Pty) Limited in account number 188116, standing to the credit of Blue Electro Investments (Pty) Limited, together with any interest thereon and/or other accrual thereto.

 

Regulation 22A of the Exchange Regulations permits the National Treasury to confiscate assets connected to or suspected of being linked to violations of exchange control rules. The regulations are broad enough to enable asset seizures without the need for a conviction.

In contrast, assets can also be seized under the Prevention of Organised Crime Act, but this requires a conviction of at least one of the involved corrupt parties first.

Since the South Africa Financial Sector Conduct Authority (FSCA) approved some 138 license applications to cryptocurrency asset service providers in the country, experts have warned digital asset users of increased scrutiny from authorities.

REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138

“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following… pic.twitter.com/uIXDCHBUGW

— BitKE (@BitcoinKE) July 3, 2024

Most recently, the South Africa Revenue Service (SARS) is now issuing tax notices to crypto traders.

REGULATION | The South Africa Revenue Service (SARS) Begins Issuing Tax Notices to Crypto Traders

Failure to provide requested information could be deemed a criminal offense under the Tax Administration Act, the officers say. The national revenue authority has adopted a… pic.twitter.com/NZ5vJJlHZz

— BitKE (@BitcoinKE) September 9, 2024

According to officers at local law firm, Webber Wentzel, these notices are based on information obtained from various crypto asset exchanges, signalling a significant escalation in SARS’ efforts to enforce tax compliance within the burgeoning crypto sector.

 

 

 

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The Kenya Revenue Authority (KRA) should harness new technologies like blockchain to facilitate trade and enhance domestic resource mobilization according to the Kenya Minister for Treasury and Economic Planning, John Mbadi. 

Speaking at the KRA Summit 2024 launch, the Minister emphasized the need for a re-evaluation of traditional tax frameworks, encouraging the implementation of global solutions that ensure equitable contributions from all sectors to the national tax base.

Mbadi highlighted how innovations like digital taxation platforms, blockchain, and electronic invoicing systems can simplify compliance, improve trade transparency, and integrate the informal economy into the formal tax base.

The Minister also stressed the importance of investing in capacity building for public servants so they can fully leverage data analytics and machine learning to enhance compliance, combat tax malpractices, and forecast revenue with greater accuracy.

Mbadi is the new Finance minister after his predecessor was fired by President William Ruto following the violent protests by Kenyans in June and July 2024 against new measures by the government to raise taxes.

KENYA FINANCE BILL 2024 | ‘Most of the Taxes in Kenya Finance Bill Target Businesses And Ultimately Move to Final Consumer,’ Experts Say

According to local reports, the government said it was dropping some direct-to-consumer measures amid a public outcry and ongoing protests… pic.twitter.com/365vnnwX0u

— BitKE (@BitcoinKE) June 26, 2024

Mbadi is keen to implement digital technologies to help clean up the bloated government payroll and carry out tax reforms in a bid to cut spending and bolster the government’s finances.

According to CNBC Africa, the East African nation faces gaping budget deficits and needs to boost revenue collection to meet conditions set by the International Monetary Fund (IMF) for a lending programme.

 

“Anyone who is standing in the way of that reform, please give way,” Mbadi said in August 2024, referring to a long-delayed project to link government payrolls with technology systems to weed out ghost workers and pensioners.

“Payroll reforms must be done.

“If we could increase our revenue collection to GDP by just about 3%, I am sure that would give us almost 400 billion Shillings [KES] additionally,” he said.

 

Recall that the Kenyan government entered an agreement with Bitcoin mining firm, Marathon Digital, in May 2024 with the partnership centering on cryptocurrency regulation and mining.

 

REGULATION | The Kenya Government Working with Marathon Digital on Cryptocurrency Regime and Bitcoin Mining

Marathon Digital operates 225,589 mining rigs across 11 sites globally, with an installed and energized hash rate of 27.8 exahashes per second.

The Company has mined… pic.twitter.com/9Z7RitPXgQ

— BitKE (@BitcoinKE) May 4, 2024

“Marathon Digital has been ushered to consult with the National Treasury in Kenya on our cryptocurrency mining regime and to the Ministry of Energy to discuss its energy needs in connection with cryptocurrency mining here in Kenya,” the President said at the time.

 

 

 

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South African fintech, Scale, has raised $700,000 in a pre-seed funding round led by 54 Collective and  First Circle Capital, with participation from Side Venture Partners.

Founded a year ago by Barbara Woollams and Miranda Perumal, Scale is an issuer orchestration platform providing infrastructure to streamline the card issuance process for businesses throughout the continent.

The startup has partnerships with investors, banks, networks, and payment technology providers, positioning itself as a modern card issuing orchestration platform and Infrastructure-as-a-Service (IaaS) enabler.

 

“With the backing of our esteemed investors and partners, we are well-positioned to expedite our ecosystem engagement, build trust with African businesses and continue to strongly focus on solving major pain points when enabling card rails by delivering unrivalled, world-class service,” CEO Perumal said.

 

As the fintech market is projected to reach $65 billion by 2030, with card issuance platforms expected to handle approximately 35% of all card-based transactions by 2029, Scale aims to capitalize on this growth by providing seamless, commercially viable solutions tailored to the unique needs of businesses and their customers across Africa.

Africa has the lowest payment card penetration per capita globally, with the region’s numerous fintechs not finding it easy to launch and sustain card-issuance operations.

 

“It takes approximately 18 months for any business to launch a card product, if achievable at all. This complex process requires technical expertise and a strong network across a wide range of partners for card management,” said First Circle Capital’s Selma Ribica.

“Customers can plug into this product and launch a card within a few weeks, reducing time to revenue for Scale’s clients.”

 

Scale also has the backing of the pan African VC firm, 54 Collective, which recently rebranded from Founders Factory Africa.

FUNDING | Founders Factory Rebrands to 54 Collective, Transforms to a Full-Fledged VC Firm for Early-Stage Startups

Founders Factory has an active portfolio of over 50 ventures across 10 countries. To date, the firm has supported more than 70 ventures and helped its portfolio… pic.twitter.com/MacL65hA35

— BitKE (@BitcoinKE) August 9, 2024

“The Scale team, led by a rockstar female founder [with] deep sector expertise and proven bias toward action truly excites us, and we look forward to seeing Scale become a critical enabler for fintechs,” said Hetal Patel, chief investment officer at 54 Collective.

 

 

 

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The Middle East & North Africa (MENA) region has emerged as the seventh-largest crypto market globally in 2024, with an estimated $338.7 billion in on-chain value received between July 2023 and June 2024.

According to the 2024 Geography of Cryptocurrency Report by Chainalysis, MENA also includes two countries ranked in the top 30 of the global crypto adoption index: Türkiye (11th) and Morocco (27th), capturing $137 billion and $12.7 billion of value received, respectively.

Turkey leads the region as the largest crypto market and seventh globally, receiving $136.8 billion in value between July 2023 and June 2024.

Notably, 3 African nations:

Egypt (4)

Algeria (6), and

Morocco (7)

also make the top 10.

The majority of crypto activity in MENA is driven by institutional and professional-level activity, with 93% of value transferred consisting of transactions of $10,000 or above, Chainalysis said.

 

“Traditional financial institutions such as banks are actively exploring their roles within the crypto ecosystem, showcasing the growth of a crypto-TradFi nexus,” noted Arushi Goel, Head of Policy for the Middle East and Africa at Chainalysis.

“This engagement is further supported by a robust and evolving regulatory framework.”

 

Centralized exchanges (CEXs) remain the primary source of crypto inflows across MENA overall, indicating that most users and institutions still prefer traditional crypto platforms, but decentralized platforms and DeFi applications are steadily gaining traction, said Chainalysis.

 

“DeFi offers an alternative financial system for the unbanked and underbanked, which is critical for a region where less than 50% of adults, excluding high-income economies, had a bank account as of 2021.”

“Its ability to provide financial services without intermediaries could drive future financial inclusion, opening up new opportunities for individuals in underserved areas, and empowering them with access to loans, savings, and investment tools previously unavailable.”

 

Like has been observed in Sub-Saharan Africa, across MENA, stablecoins and altcoins are gaining market share over traditionally preferred assets like Bitcoin and Ether.

Countries in the region have had high inflation rates, which have driven much of the crypto adoption. Amidst this high inflation, citizens have turned to cryptocurrencies – particularly stablecoins and altcoins – to hedge against currency devaluation and seek higher returns.

The stablecoins and altcoins are increasingly capturing market share from traditionally favored assets like Bitcoin and Ether, especially in Türkiye, Saudi Arabia, and the UAE, where stablecoin volumes are notably higher.

Crypto investments are rapidly growing as several venture capital funds and blockchain companies establish operations in the regions, especially in a regulated environment provided in a country like the United Arab Emirates (UAE).

NORTH AFRICA | Fintech and Web3 Startups Lead in #MENA Funding for August 2024

Web3 startups in the MENA region raised $13.5 million becoming the second dominant sector after fintech.

Egyptian startups, which led MENA investments in July 2024, saw a drop in August 2024,… pic.twitter.com/HbQ4BFhmfm

— BitKE (@BitcoinKE) September 11, 2024

Notably, Chainalysis opened its regional headquarters in Dubai May 2024. Tether, the issuer of the world’s most traded cryptocurrency, also recently revealed plans to introduce a stablecoin pegged to the Dirham.

 

 

 

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Latitude59 Kenya Edition 2024 is set to take place on November 28 in Nairobi, Kenya.

This marks the second year of Latitude59’s exciting satellite event in Nairobi, following 2023’s successful gathering that drew nearly 800 participants from across Africa and beyond. This year, the event anticipates a turnout of about 2,000 attendees.

Latitude59 is the flagship startup and tech conference of Estonia, the world’s first digital nation, and is on the hunt for the most innovative early-stage startups from Kenya and across Africa. The standout startup will compete for a prize pool of non-equity funding and earn a chance to participate in the semi-finals of Latitude59 2025 in Tallinn, Estonia.

For two consecutive years, the Latitude59 Pitch Competition in Estonia has offered a prize pool of one million Euros.

 

Liisi Org, CEO of Latitude59, emphasizes the significance of this event saying:

“Latitude59 is recognized as the most international and impactful startup conference in the Baltic States and New Nordics. It serves as a global platform connecting startups, investors, and ecosystem builders. The impressive results from last year demonstrated that African startups can compete at the highest levels in critical sectors like greentech, fintech, and cleantech.

We’re thrilled to return to Kenya and invite founders from across Africa to apply for the Pitch Competition.”

 

__________________________

Selection criteria:

Actively fundraising – You are ready to raise a round / set a valuation

Business model – You are in the field of B2B

Proven traction – You have an existing MVP with clear traction and scalability that’s bringing (at least some) revenue

Location – The core team is based in Africa

 

Details:

Application deadline: November 1 2024

Announcement of top 10 startups: November 11 2024

Startup training and couching: November 18-22 2024

Pitch competition finals: November 28 2024 (main event stage)

 

Apply here: Link.

 

__________________________

 

From all applicants, the top 10 teams will be selected for professional pitch training and mentorship, competing for the non-equity prize pool and various partner prizes. One standout African startup will receive a fast-track invitation to Latitude59 2025 in Tallinn, along with coverage for their roundtrip travel.

 

Dolores Daniel, Project Manager for Latitude59 Kenya Edition, invites early-stage B2B startups from Kenya and beyond to participate saying:

“Last year’s competition featured nearly 300 impressive startups, many of which had already secured customers and initial funding. We’re excited to return to Kenya and work with this year’s candidates. We’re looking for startups with a technological component, a scalable business model, and those actively fundraising.”

 

Latitude59 has a strong track record, with the 12th edition in Tallinn attracting over 3,500 attendees, including more than 900 startup representatives and nearly 600 investors. The event featured 195 speakers, 40% of whom were women, with participants hailing from 65 countries.

Ready to showcase your startup?

Apply here and secure your ticket for the Latitude59 Kenya Edition 2024 at the A.S.K Dome in Nairobi on November 28. Don’t miss this opportunity to connect, compete, and celebrate innovation!

Tickets for the Latitude59 Kenya Edition 2024 are available here.

 

 

 

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EAVCA is proud to present the 4th Private Capital in Tanzania Conference, themed “Unlocking Potential.” This biennial event, following the success of the 2022 conference themed “A New Era for Investment,” aims to spotlight Tanzania as the next frontier for private equity investments. The conference will gather industry leaders, investors, policymakers, and stakeholders to explore the latest developments, opportunities, and challenges in Tanzania’s private equity landscape. This year, our Tanzania Country Conference shall take place on October 24 2024 in Dar Es Salaam. ________________ RSVP by Friday,  18th October, 2024 Register here ________________ EAVCA is inviting interested attendees for conversations on the latest happenings in the Tanzania market, with the objective to:

Highlight Investment Opportunities: Showcase key sectors in Tanzania with high growth potential, including agriculture, manufacturing, energy, infrastructure, and technology.

Foster Collaboration: Create a platform for dialogue and collaboration among investors, government officials, and local businesses to enhance the investment ecosystem.

Address Challenges: Identify and discuss the challenges faced by private equity investors in Tanzania and explore solutions.

Tanzania is one of the biggest countries for startup innovation in Africa, and was among the top countries for startup venture capital funding in H1 2024 according to Africa, the Big Deal.

REPORT | Funding to African Startups Declines Over 50% YoY to $780 Million in H1 2024

The decline in startup funding continues the downtrend witnessed in 2023 when Africa’s technology startups raised a total of $3.5 billion across 547 deals representing a 46% decline compared… pic.twitter.com/HDqRSX1Dep

— BitKE (@BitcoinKE) July 5, 2024

The country is home to startups like Nala, Ramani, and Tembo and will also be seeking to introduce legal backing for startups as many African countries have done.

__________ About EAVCA

EAVCA is a business membership organization that serves as the voice of private capital investors in East Africa. The Association was formed in 2013 to promote partnership between capital providers and business in the region, while at the same time showcasing the opportunities for investment in East Africa.

Today, EAVCA serves as the interlinking platform for public stakeholders, local businesses, and private investors, building on dialogue and industry insights to create a sustainable, informed eco-system that advances economic growth, social and environmental welfare and wealth creation in the region.

With offices in Kenya and a regional office in Uganda, EAVCA’s membership comprises financing institutions such as: development finance institutions, private equity and venture capital funds, impact funds, family offices and intermediary advisory companies.

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South African neobank, TymeBank, has crossed 10 million customers in less than 6 years since it was founded, the bank said in a statement.

According to the bank, it has close to R7 billion ($401 million) in customer deposits and has disbursed more than R12 billion ($687.73 million) to over 80,000 small businesses in South Africa.

Launched in 2019, the bank looks back to the acquisition of Retail Capital, a fintech company offering funding to small and medium-sized enterprises in South Africa in late 2022, as having been a transformative move and crucial to the growth of the bank’s SME lending services.

Karl Westvig, who officially assumed the role of CEO at TymeBank in October 2024, stated that one of the bank’s most notable accomplishments was achieving “break-even, potentially in record time.”

The bank became profitable in December 2023, a milestone for a digital bank on the continent at the time under its former CEO and Co-Founder, Coenraad Jonker. Jonker has now taken on the role of executive chair of the Tyme Group, which is currently valued at nearly $1 billion (approximately R17 billion).

MILESTONE | South Africa’s TymeBank Announces Profitability – A Rare Milestone For a Digital Bank in Africa

“Less than half of the top 100 digital banks are profitable, and less than 5% of all neobanks worldwide have reached profitability.

Our success, reaching… pic.twitter.com/KkTpTWscGC

— BitKE (@BitcoinKE) January 19, 2024

YymeBank is however not just a digital bank but a hybrid bank, pointing out that is one of the factors for its success. Its so-called ‘phygital’ operating model, which integrates digital banking into physical retail outlets through partnerships with Pick n Pay, Boxer, and more recently TFG, allows it to optimise its distribution network, Tymebank said.

Going forward, the bank’s immediate priorities include launching a new banking app aimed at attracting a more affluent customer base and expanding its services through strategic partnerships. It has also ventured into consumer lending, utilizing AI tools to assess customer creditworthiness by analyzing patterns like grocery spending. The bank notes that this is a crucial component of its personal loan offering.

TymeBank is set to expand into Indonesia later in October 2024 following the launch of GoTyme Bank in the Philippines in October 2022 and its entry into Vietnam earlier in 2024.

FINTECH AFRICA | South African Digital Bank, TymeBank, to Launch in Indonesia by End of 2024 #TymeBank, the first digital bank to break even in South Africa and the entire continent within five years of its launch in February 2019, has seemingly earmarked the South East Asian… pic.twitter.com/tAvmn9Z5bN

— BitKE (@BitcoinKE) August 28, 2024

The group, which is controlled by Patrice Motsepe’s African Rainbow Capital, is also preparing for a public listing on the New York Stock Exchange in 2028.

 

 

 

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The Bank of Tanzania (BoT) has published new requirements aimed at safeguarding borrowers from abusive digital lending practices by tier-2 microfinance institutions.

According to the bank, the requirements aim to ensure adherence to consumer protection principles by reducing abusive lending practices and improving transparency in the digital lending market.

Additionally, BOT seeks to bolster the industry’s reputation, build consumers’ confidence, and ensure a secure environment for both borrowers and lenders within the digital microfinance sector.

Consequently, digital lenders are required to clearly display:

Interest rates

Fees

Charges

Payment penalties

Loan limits, and

Product tenures

on their platforms to help customers make informed decisions when applying for loans.

The digital lending platforms must also protect customers’ data in compliance with the relevant laws, as well as indicate the name of the microfinance service provider as registered by the central bank.

 

“A microfinance service provider must have a robust and secure lending platform for conducting digital lending operations with respective products.

The referred platform shall be available and can be tested,” said the Bank of Tanzania.

LAUNCH | Bank of Tanzania Launches the Fintech Regulatory Sandbox

The fintech sector, which constitutes 8.83% of the country’s startups and creates approximately 9,888 jobs, will benefit from the sandbox, potentially boosting innovation and growth in this important sector… pic.twitter.com/5T97ZvKuJo

— BitKE (@BitcoinKE) September 5, 2024

The platforms must also use clear and simple Kiswahili or English, provide contact information such as phone numbers and email addresses, and employ knowledgeable, ICT-savvy staff to offer technical support to customers.

 

“A microfinance service lender that has obtained a no-objection letter from the Bank to offer digital loan products and services, shall not operate more than one digital platform,” the Bank stated.

“However, a digital lending platform can offer more than one digital loan product or service,” it continued.

 

The banks also cautioned microfinance institutions against accessing customers’ contact lists or social media accounts, as the Bank of Tanzania believes such actions could be used to harass customers in cases of delayed loan repayments.

The Central Bank of Kenya Officially Publishes Regulations to Protect Consumers from Digital Lendershttps://t.co/5mKyhSelqB @CBKKenya @dlak_ke

— BitKE (@BitcoinKE) March 22, 2022

Existing licensed microfinance service providers who intend to offer digital loan products and services, are required to apply to the Bank for a no objection letter.

 

 

 

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