After nearly breaching all-time highs in Q1 2024, the total crypto market cap returned some of those gains in Q2 2024, dropping by $408.8 billion (-14.4%), closing at $2.43 trillion in June 2024, says a new report by CoinGecko.

 

“2024 Q2 brought Bitcoin’s long-anticipated fourth halving, which went off without a hitch. Each halving ushers in what crypto natives consider a new era, though the market response to the event was largely muted,” reads the Q2 2024 Crypto Industry Report.

“After the exuberance in Q1 [2024] following the approval of the U.S. spot Bitcoin ETFs, Q2 proved to be pretty choppy for Bitcoin and the crypto market as a whole.”

Market leader Bitcoin ended the quarter with a -11.9% decline after hitting an all-time-high of $73,098 in mid-March 2024. The crypto would oscillate between  $58,000 – $72,000 levels and the 4th halving had no effect on its price, according to the analysis by CoinGecko.

BITCOIN | #Bitcoin Completes its 4th Halving, Miner Rewards Slashed from 6.25 BTC to 3.125 BTC

Despite this reduction, miners still earn transaction fees for each block they mine as usual.https://t.co/l6WX2PYd15 pic.twitter.com/JxhoBkRXYp

— BitKE (@BitcoinKE) April 20, 2024

Bitcoin trading volume also declined throughout Q2 2024 to a daily average of $26.6 billion, a -21.6% decline from the previous quarter.

In one of the key trends that were sustained in Q1 2024 were:

Meme Coins

Real World Assets (RWA), and

Artificial Intelligence (AI)

These were the most popular narratives in Q2 2024, capturing 35.7% of market share.

 

“Meme coins dominated the chart, with 4 of the top 15 most popular crypto narratives being meme coin related. Meanwhile, 4 out of 49 blockchain ecosystems, Solana, Ethereum, Base, and TON made it into the top 15 crypto narratives. Solana and Base were the most popular ecosystems, capturing 22.9% share of market attention.”

 

Another interesting trend observed by CoinGecko was that $ETH turned inflationary during Q2 2024, as 107,725 ETH were burned, while 228,543 were emitted in Q2 2024.

 

“There were only 7 days in Q2 in which ETH burns exceeded emissions. In comparison, this figure stood at 66 days in Q1.”

 

Finally, the quarter also observed a decline in activity on centralized exchanges, while trading on decentralized exchanges increased.

The top 10 centralized exchanges (CEX’s) recorded $3.40 trillion in spot trading volume. This represents a drop of -12.2% quarter-on-quarter (QoQ), in line with the overall crypto market performance.

Meanwhile, the top 10 decentralized exchanges (DEX’s) recorded $370.7 billion in spot trading volume. This represents an increase of +15.7% quarter-on-quarter (QoQ), with DEXes having benefited from a surge in meme coins and the many airdrops throughout Q2 2024.

 

Click here for the full report.

 

 

 

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The Capital Markets Authority of Kenya (CMA Kenya) has admitted Infiniti n Beyond Limited into the Capital Markets Authority Regulatory Sandbox to test OwnMali, an innovative blockchain-enabled real estate tokenization platform.

OwnMali is the latest blockchain product to be admitted into the regulatory sandbox for a period of 6 months. During this period, OwnMali will be required to undertake the following regulatory sandbox requirements:

Adhere to the proposed testing and customer acquisition plan

Develop an exit roadmap from the sandbox and a commercial rollout of the product

Conduct quartely regular product reviews and risk management framework that include emerging risks and factors

Provide monthly updates to the Sandbox Review Committee on the progress made, challenges, and opportunities

Adhere to the AML/CFT/CPF framework under the PCAML Act, the PT Act, and othe relevant regulations

Maintain records of all financial transactions, key milestones, data, and investors

Adhere to the general Laws of Kenya and seek necessary regulatory approvals should it wish to developer additional product features

Seek the Authority’s no objection prior to acquisition and tokenization of any property, giving granular details of the particulars of the property and prospective investors into the property

Submit a final report to the Authority at the end of the testing period

OwnMali seeks to ‘empower everybody to become a landlord by investing in high-quality properties with as little as KES 200 [~$1.5]’ by tokenizing ‘each property into small digital tokens that allows you to easily co-invest and co-own with others.’

LATEST |

The @CMAKenya Regulatory Sandbox admits Infiniti n Beyond Limited to test its #OwnMali innovation product, a blockchain-enabled real estate tokenization platform, for a period of 12 months. pic.twitter.com/OxLpE7Zklu

— BitKE (@BitcoinKE) July 19, 2024

In 2019. CMA Kenya anoounced that it will be accepting non-crypto blockchain firms intto the sandbox.

In 2022, the Chairman of CMA Kenya said that the authority would be accommodating crypto and blockchain startups into its sandbox as well. However, no blockchain startup has been onboarded onto the sandbox until now.

In 2021, the regulator disclosed that out of 24 applications submitted to the sandbox since March 2019, at least 9 have been related to blockchain technology and tokenization of real estate. However, in this article by BitKE, CMA admitted that they had faced several challenges with blockchain firms in the sandbox.

Capital Markets Authority of Kenya Highlights the Challenges of Sandboxing Crypto and Blockchain Solutions in Kenya: https://t.co/jq8R4m8jgd

— BitKE (@BitcoinKE) May 18, 2021

OwnMali joins 3 other blockchain-based products to be admitted into the CMA Kenya regulatory sandbox, which includes:

AlphaBloq

Belrium Kenya

Pyypl

REGULATION | Blockchain Tokenization Platform, AlphaBloq, Gets Admitted into the Capital Markets Authority of Kenya Regulatory Sandbox

AlphaBloq seeks to ‘foster greater inclusivity in real estate investing by making it more affordable for younger Kenyans, irrespective of… pic.twitter.com/oKxSYriJ1G

— BitKE (@BitcoinKE) May 9, 2024

 

 

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CoinMarketCap has announced the selection of Canza Finance as an incubatee of its new CMC Labs accelerator program making it one of a handful of companies selected for the program.

CMC Labs is CoinMarketCap’s Web3 startup accelerator program, designed to connect builders to the global stage. It is a highly selective program designed for ambitious founders offering a comprehensive curriculum and access to industry-leading mentors and investors.

Canza Finance is building the first on-chain FX platform for African currencies, providing infinite liquidity at Central Bank rates. Baki offers a solution for hedging against currency devaluation, addressing a crucial need in these markets.

A common theme among products developed by Canza Finance is the utilization of real-world assets (RWAs) from their synthetic stable African currencies called zTokens utilized on the Baki exchange: an infinite-liquidity FX platform that offers African currencies at central bank rates to their RWA marketplace (still in private testing), and an RWA asset aggregator that offers seamless investment and management experience for investors and enhanced market exposure to RWA providers. 

This makes data a vital resource if Canza Finance must achieve its goal of providing cutting-edge services and products globally – with a keen interest in emerging markets.

CoinMarketCap’s leading position in the crypto space, with a global community of over 64 million active users, makes it a key contributor to driving the adoption of RWA and DeFi globally and in African and emerging market.

 

Speaking to BitKE about this development, Rush, CEO of CoinMarketCap, said:

 

“We are pleased to welcome Canza Finance to the CMC Labs incubation program. Canza Finance’s innovative approach to financial solutions for Africa and Emerging Markets aligns well with CoinMarketCap’s mission to drive impactful advancements in the crypto space. As the Home of Crypto, CMC is confident in providing the data and guidance that Canza Finance needs for further growth.”

 

Commenting on the company’s selection, Oyedeji Oluwoye, Co-Founder and CTO of Canza Finance, said:

 

“Canza Finance’s acceptance into the CMC Labs incubator validates our focus on real-world solutions for the economies that need it most. CoinMarketCap’s industry expertise and data resources will be instrumental in maximizing Canza’s impact within the economies we serve and the global crypto ecosystem at large.

We are honored to be chosen for this program and we ask you to be on the watch for all the exciting projects and solutions coming your way soon!”

 

In January 2024, Canza Finance raised $2.3 million to expand Baki, its African DeFi platform for foreign exchange which leverages stablecoins to facilitate currency swapping for businesses without incurring significant forex fees.

FUNDING | Canza Finance Raises $2.3 Million to Expand Baki, its African DeFi Platform for Foreign Exchange

With #Baki, Canza leverages stablecoins – digital currencies pegged to the dollar – to facilitate currency swapping for businesses without incurring significant forex fees.… pic.twitter.com/McIJC0WSC2

— BitKE (@BitcoinKE) January 17, 2024

 

 

 

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South African Web3 marketplace, Momint, has secured a $50,000 grant from the DFINITY Foundation, a Swiss non-profit organization that has a focus on the research and development (R&D) of blockchain technology.

According to a statement, the grant was obtained through the Internet Computer Protocol (ICP) Hub of Southern Africa, also known as Mzansi Web3 (MW3), which is funded by DFinity.

Momint says it will use the grant to integrate the ICP blockchain to enhance its business operations. This move also aims to solidify Momint’s global expansion efforts, positioning the local startup to secure its market share in today’s highly competitive international digital economy.

With headquarters in Zurich, Switzerland, the DFinity Foundation is a non-profit with a network of global experts, including cryptographers, computer scientists, and specialists in distributed computing.

The organisation says it has the largest R&D operations in the blockchain industry, with many employees coming from IBM Research and Google. The foundation’s employees have published over 1,600 papers and registered 250+ patents, it says.

Momint offers consumers, as well as investors, a safe platform for owning and trading energy assets on the blockchain.

In February 2023, Momint partnered with Sun Exchange to launch SunCash, a solar-powered blockchain investment initiative in South Africa. According to Momint, individuals residing in the South African provinces of Limpopo, Western Cape, and Mpumalanga can buy solar cells which are a fundamental component of solar panels for as little as R150 ($8.33) through SunCash.

The flagship location for the installation of a solar photovoltaic system is Delmas High School in Mpumalanga. The solar cells for this project were completely sold out with a 20-year lease period with payouts taking place in $USDC and distributed every 3 months by Momint.

 

The project is being replicated at various other sites in the identified provinces.

Momint Partners with Sun Exchange to Launch SunCash – a Solar Power Blockchain Investment Initiative in South Africa

The initiative operates on a crowdfunding framework that enables several investors to finance a single projecthttps://t.co/CTexdJIiUc @SunExchange @MomintNFT

— BitKE (@BitcoinKE) February 22, 2023

As of this writing, the Momint marketplace has a marketplace volume of $1.95 million worth of projects with over 53,000 users.

Some of the top completed solar projects include:

Haga Haga Hotel solar installation – 1,781 assets

Green Points News solar installation – 1,183 assets

Brookwood solar installation – 175 assets

Tafelsee solar installation – 510 assets

among others.

According to its CEO and Founder, Ahren Posthumus, ICP’s technology offers several advantages that make it well-suited for Momint’s real-world asset tracking applications, notably its product that allows individuals to invest in solar cells at low cost.

 

“Their secure consensus mechanism and low gas fees have enabled fast, affordable blockchain transactions for Momint. This has led to a notable uptick in the rate at which we are able to sell tokenised solar certificates, ultimately improving our efforts to democratise access to solar investments in South Africa today.

The ICP blockchain protocol also provides us with a direct stream of  data from our smart meters on all solar panels, creating an incorruptible record of energy generation and asset degradation over time.”

 

Emilio Canessa, Head of Global Adoptions at the Dfinity Foundation, adds:

 

“The tokenisation of real-world assets will play a crucial role in defining the future digital economies, especially in Africa. The unique technological features of ICP will give Momint a huge advantage, and we also look forward to supporting many more projects in the region.”

 

In July 2023, Momint partnered with 1Voucher to enable retail crypto payments across over 10,000 merchants in South Africa via either Ethereum or USDC.

WATCH | South African Startup, Momint, Partners with 1Voucher to Enable Retail Crypto Payments Across Over 10,000 Merchants

The Momint app allows users to buy a voucher using either Ethereum ( $ETH ) or $USDC which can subsequently be utilized for transactions at over 10,000… pic.twitter.com/bxLIJ2TQNf

— BitKE (@BitcoinKE) July 27, 2023

 

 

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Blockchain startups in Africa attracted $135.4 million in venture capital funding in 2023, representing a 72% decline from the previous year [2022].

Overall, the blockchain sector’s share of overall funding received by startups on the continent was just 6.1% of the $2.2 billion raised that year [2023], another decline from 15.1% share in 2022. The continent only accounts for 1.3% of the venture money that found startups in 2023.

On further analysis, the bulk of the funding was raised by blockchain startups in Seychelles and South Africa, representing 95% of the overall amount raised. Remarkably, Seychelles led the investment for the sixth straight year, accounting for over half of the total funding amount raised.

Interestingly, a similar 2022 CV VC Africa report revealed that Seychelles and South Africa had accounted for 81% of all blockchain and crypto startups in Africa in 2022.

African Funding for Web3 Startups Increased 5x in 2022 – Seychelles and South Africa Accounted for 81%, Says Latest CV VC Report

$474 million was raised in #Africa across blockchain deals – up 429% with @kucoincom and @Scroll_ZKP becoming unicormshttps://t.co/6SNcbGFiq5

— BitKE (@BitcoinKE) April 22, 2023

According to the 2023 report by CV VC Africa, Seychelles blockchain startups raised $100 million from six deals while South African startups raised $29 million from 4 deals.

Seychelles startups that raised funding in 2023 include:

Beldex, which raised $3 million

Crypto exchange Bitget, which raised $10 million, and

Scroll, which raised $50 million

In South Africa:

Momint raised $1.25 million, while

Carry1st secured $27 million

For the rest of the continent, below is a total list of startups that raised in 2023, their country, and deal size:

Beldex (Seychelles): $3 million

Scroll (Seychelles): $50 millon

AlphaBloq (Kenya): $120,000

Bitget (Seychelles): $10 million

BoundlessPay (Nigeria): $300,000

IvoryPay (Nigeria): $135,000

Kotani Pay (Kenya): $2 million

Seso Global (Nigeria): $720,000

Zap Africa (Nigeria): $300,000

Zone (Nigeria): $8.5 million

House Africa (Nigeria): $400,000

Jamit (Nigeria): $235,000

Momint (South Africa): $1.25 million

Shamba Records (Kenya): $300,000

Azuro (Seychelles): $3.5 million

Canza Finance (Nigeria): $2.3 million

Elfi (Seychelles): $5 million

Nftti (South Africa): $6 million

Quantamm (Seychelles): $1.85 million

Renq Finance (Seychelles): $2.35 million

Seedify (Seychelles): $10 million

Carry1st (South Africa): $27 million

Cellula (Seychelles): $2 million

Gamic (Nigeria): $1.8 million

Giza (Egypt): $3 million

Halo (Seychelles): $3 million

Web3 Sanctuary (South Africa): $135,000

Despite the easing of crypto regulations across the continent, crypto is still banned in 12 countries, and 36 more countries have ‘uncertain’ regulatory frameworks, per the CV VC report. The clear regulations in Seychelles and South Africa have led the 2 nations to emerge as Africa’s leading crypto and blockchain funding destinations.

 

“South Africa and Seychelles are two of the six markets where crypto is legal in Africa and regulatory assuredness is important for investment in [blockchain startups],” noted Brenton Naicker, Principal and Head of Growth at CV VC.

 

 

 

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The Nigeria Police Force says it has arrested reported crypto billionaire, Linus Williams, popularly known as BLord, over alleged crypto fraud and terrorism.

Force Public Relations Officer, ACP Muyiwa Adejobi, said BLord was arrested in Abuja on July 16 2024. Authorities are investigating complaints lodged against:

Blord Group

Blord Real Estate Ltd

Blord Jetpaye Limited, and

Billpoint Technology

which are the suspect’s companies.

According to the officer, the offences allegedly committed by Williams included allegations of cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.

Responding to news reporters Adejobi said, “Yes, we have him with us. The FCID (NPF-NCCC) is currently investigating complaints lodged against Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.

 

“These offences include allegations of cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.

We will do due diligence in our investigations. Our cyber space in Nigeria must be safe and secured by all means. We are committed to achieving that.”

 

Recently, a senior official of the Nigerian Securities Exchange Commission (SEC) revealed that many Nigerian youths are embracing cryptocurrencies because of the secretive nature of the transactions.

REGULATION | ‘Nigerian Youth Are Drawn to Cryptocurrencies Because of their Secretive Nature,’ Says SEC Nigeria

The comments come only a few days after the commission issued a notice to operators that it was amending its rules on Digital Asset Issuance, Offering Platforms,… pic.twitter.com/zZ6KZWTpd9

— BitKE (@BitcoinKE) June 28, 2024

The SEC, which has introduced a fresh vetting process for crypto firms operating within its borders, noted that the local cryptocurrency market is valued at over $400 million with 33.4% of Nigerians using or owning cryptocurrencies.

REGULATION | Digital Asset Operators in #Nigeria Required to Establish Local Presence in Latest Eligibility Requirements

Earlier in June 2023, SEC Nigeria released a circular directing that all operating and prospective VASPs (including crypto brokers/dealers) should visit… pic.twitter.com/JLUPwsOT2C

— BitKE (@BitcoinKE) July 9, 2024

According to the SEC official, the commission would continue to educate investors on the risks associated with digital assets to be able to make wise investment decisions.

 

“The lack of a comprehensive regulatory framework has created uncertainty, which can deter both investors and innovators. Cybersecurity threats, including hacking and fraud, pose significant risks.

A substantial portion of the population lacks adequate financial literacy, making them vulnerable to scams and risky investments,” he explained.

 

 

 

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Ethiopian leading telco, Ethio Telecom, increased its subscriber count by 8.9% from the same period last year [2023], reaching 78.3 million, part of several positive results announced by the companu on July 10 2024.

Revenue for the financial year 2023/2024 increased by 21.7% compared to the results announced the previous year [2022/2023], reaching Birr 93.7 billion ($1.64 billion). This is an increase of Birr 16.7 billion ($289.5 million) from 2023 while profits increased by 20.9%.

 

“Our company’s unaudited report shows that Earning Before Interest, Tax, Depreciation & Amortization (EBITDA) reached a rate of 47%, achieving 102.4% of our target. Our net profit reached 21.79 billion Birr showing a 20.9% (3.76 billion Birr) increase compared to last year same period achieving 108.7% of our target,” the telco said.

Ethio Telecom Subscriber Base Grows to Become the Second Largest in Africa

Ethio Telecom’s substantial subscriber base places the company as the second-largest in Africa and the 21st largest in the world.https://t.co/so56jN3rCE pic.twitter.com/znnTyMbkQm

— BitKE (@BitcoinKE) July 20, 2023

TeleBirr, Ethiopia’s leading mobile money service run by the telco, also continues to witness growth, having reached 47.5 million subscribers in the financial year. Moreover, 1.81 trillion Birr ($31.3 millon) was transacted through the platform in the budget year and a total of 2.55 trillion birr ($44 billion) has been transacted across the economy since its launch in May 11 2021, Ethio said.

Introducing TeleBirr – The First Mobile Money Service by Ethiopia’s Largest and Sole Mobile Operator: https://t.co/kJtbBrJlEF @ethiotelecom #Ethiotelecom #Ethiopia

— BitKE (@BitcoinKE) May 16, 2021

TeleBirr continues to perform well in the face of competition from Safaricom Ethiopia which entered the market in October 2022, and by February 2024, it had over 3 million customers on its mobile money service, MPESA. On the telecommunications operations, Safaricom has covered 33% of the population in Ethiopia.

MILESTONE | Safaricom M-PESA Customers in Ethiopia Cross 3 Million as Data Usage Surpasses Kenya in Just 6 Months

The Kenyan telco launched commercial operations in Ethiopia in October 2022, and according to CEO, Peter Ndegwa, the company has covered 33% of the population… pic.twitter.com/JeQVa0d5RD

— BitKE (@BitcoinKE) February 15, 2024

However, Ethio Telecom maintains a lead, thanks to its commitment to excellence, pointing out the continued efforts to enhance its services and coverage too.

 

“This past budget year, we focused on several key initiatives to further our growth. These included expanding and enhancing our telecom and digital infrastructure to meet the increasing demand for high-quality services. We also prioritized continuous network optimization and invested in upgrading our customer service systems across multiple channels to deliver efficient and personalized support.”

 

Expansion of the 4G mobile network was completed at 966 sites, and the 3G network was expanded at 682 sites. So far 4G network service has been extended to an additional 124 cities and districts, increasing the total number of accessible 4G cities from 300 to 424.

At the same time, the company increased 5G stations to 189 and consequently 5G service is now available in 4 regional capitals, with implementation work underway to make 4 more cities 5G-ready.

 

 

 

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According to the new Reserve Bank of Zimbabwe Governor, John Mushayavanhu, the country now has $370 million worth of reserves in gold, increasing by 30% in the last 100 days.

 

“In the 100 days that I have been in office, we have increased those reserves by about 30%. We are now on about $370 million worth of reserves,” Mushayavanhu said in a recent interview.

“These have been increased through royalties that we are collecting from mining companies. We are making steady progress. By the time we get to the end of the year [2024], we should be talking of no less than three tons of gold.”

 

The gold is backing Zimbabwe’s new ‘structured currency’ called Zim Gold (ZiG), with the aim of addressing rampant inflation and bringing stability to the country’s struggling economy.

In April 2024, as reported by BitKE, the Governor had indicated that the reserves’ value totals $285 million ‘more than three times cover for the ZiG currency being issued.’ The ZiG replaced the Zimbabwean dollar which had lost 80% of its value against the greenback in 2024.

INTRODUCING | Zimbabwe Introduces Zim Gold, the New Currency Backed by Gold and Precious Minerals – https://t.co/ncKtxrEzpg

— Jack Straw (@JackStr42679640) April 8, 2024

The mineral-rich Southern African nation has also scrapped the issuance of gold coins, which it introduced in 2022 as a store of value, to further boost its reserves. Zimbabwe is among several African nations, including Uganda, Nigeria and Madagascar which are either shoring up their gold holdings or considering doing so to protect their currencies and fight inflation.

The Reserve Bank of Zimbabwe Introduces Gold Coins as Inflation Skyrockets

According to Bloomberg, the coins are a store of value to stabilize the nation’s tumbling exchange rate and offer an alternative to the US dollar, which is in high demand.https://t.co/tPrEJUDshI pic.twitter.com/iDfbj2eQ7F

— BitKE (@BitcoinKE) July 5, 2022

Increasing reserves will allow the central bank to issue more ZiG currency, moving it closer to its goal of reducing the country’s dependence on U.S. dollars.

Mushayavanhu has pledged not to print any ZiG currency unless it is backed by reserves, due to past currency collapses caused by an increased money supply when the central bank issued debt to fund government expenditures.

The Governor stated that the ZiG will become the country’s sole currency once all the necessary conditions are met while President Emmerson Mnangagwa indicated earlier this month [July 2024] that this transition could occur by 2026.

 

“If we can achieve it in two years, why not? I don’t see any problem with that,” said Governor Mushayavanhu.

 

The ratio of U.S. dollars used in the economy has already fallen to 80% from 85%, while local currency use has risen to 20% from 15% since the ZiG’s launch, according to Mushayavanhu.

 

“We are on a de-dollarisation journey.”

 

 

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Today, Jambo, the largest web3 mobile infrastructure bringing emerging markets on-chain, announced that it’s expanding to the Solana blockchain along with Tether to offer blockchain-enabled financial and educational technologies that cater to emerging markets.

Central to this is the JamboPhone, a $99 web3 smartphone that has been powerful in onboarding all types of users on-chain in a mobile-first way. Combined with the Solana blockchain’s high throughput capabilities and Tether’s dominant stablecoin, USDT, access to web3 financial and educational products will be democratized to those who need them most in Southeast Asia, Africa, and Latin America.

 

Introducing the JamboPhone

Priced at $99 and already sold in over 120 countries, the JamboPhone is targeted towards Gen Z consumers in emerging markets as their portal to the best digital products and opportunities globally. Users can engage with the global economy by utilizing the preloaded Jambo Ecosystem applications featuring DeFi, gaming, and web3 infrastructure applications. The JamboPhone aims to address some of the most challenging issues faced by emerging markets, such as a large unbanked population and limited access to smartphones. Users can purchase the JamboPhone with SolanaPay on JamboPhone.xyz.

 

The Jambo App: Empowering Users

The smartphone is equipped with the JamboApp, a comprehensive web3 platform that offers users a range of services including decentralized finance, gaming, and educational content, all designed with the emerging market user in mind. The JamboApp includes the JamboWallet, a non-custodial multichain wallet which includes support for Solana tokens and USDT. Jambo will be giving out rewards primarily in USDT, leveraging its broad acceptance and stability in emerging markets. Users will be able to complete quests sponsored by Jambo and Jambo ecosystem partners, ranging from educational initiatives to promotional tasks, with rewards now distributed primarily using SPL USDT. This initiative underscores Jambo, Solana, and Tether’s role as pioneers in bridging the digital divide, aiming to democratize access to digital financial tools and providing users with earning opportunities in emerging markets.

 

Leveraging Local Solana Communities

Additionally, Jambo will engage local Superteams to accelerate web3 adoption. Superteam is a global community of web3 builders who are passionate about Solana. Their mission is to help web3 talent learn, earn and connect with the Solana ecosystem. These teams, composed of local experts and enthusiasts, will play a pivotal role in educating communities, fostering local development, and driving grassroots initiatives that ensure sustainable growth within the web3 ecosystem.

“Back when I was building earn.com in 2017, our vision was to build a product ‘where there’s a phone, there’s a job.’ Alice, James, and the Jambo team have realized that vision by developing web3 mobile infrastructure bringing financial access to emerging markets,” said Lily Liu, President of the Solana Foundation. “Jambo offers a gateway to web3 that is accessible to nearly anyone in the world, while Solana enables financial access for nearly anyone with an internet connection. Together, we are committed to making self-custody, financial opportunity, and educational resources accessible to millions.”

 

Why Emerging Markets

Emerging markets face their own unique set of economic challenges that Solana and Tether can address with their blockchain and stablecoin solutions. In emerging markets, the use of USDT (Tether) significantly surpasses that of other stablecoins, with over 34.2 million unique wallets utilizing USDT as of April 2024. This broad user base highlights the widespread trust and adoption of Tether in these regions. With

Jambo’s game-changing smartphone, Solana’s fast transaction processing, low transaction fees, and Tether’s robust and widely-used stablecoin, users now have access to stablecoin and crypto payment rails, alternative banking access, and global earnings opportunities.

“We want to bring emerging markets on-chain,” said James Zhang, Co-founder of Jambo. “Bringing Jambo to Solana and Tether allows us to provide a comprehensive solution that addresses the unique needs of these regions.”

“Emerging markets stand out as promising grounds for financial inclusion. Their demand for tools like

USDT fuels our dedication to shaping a brighter financial future for users in these regions.” said Paolo Arodino, CEO, Tether. “By providing affordable access to web3 technologies through the JamboPhone and leveraging the power of the Solana blockchain, Jambo is empowering users in these regions with the tools they need to participate in the global digital economy. The integration of SPL USDT as a reward mechanism further strengthens this initiative, offering users a stable and secure digital asset.”

Learn more about the latest from Jambo on X and purchase your JamboPhone at JamboPhone.xyz. Join the Jambo Community and lead web3 adoption with us on Telegram.

 

About Jambo

Jambo’s vision is to bring emerging markets on-chain through building the largest web3 mobile infrastructure network. Jambo is backed by the best investors globally, including Paradigm, Tiger Global, Pantera, Delphi, and more.

Jambo is onboarding the next billion users to web3 with the JamboPhone, a premiere web3 Android smartphone starting at only $99 preloaded with the world of web3 at their fingertips. The Jambo Ecosystem is preinstalled in the phone featuring web3 mobile games, wallets, payment infrastructure, and more to come.

 

 

 

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The Bank of Uganda (BOU) says it has initiated a Domestic Gold Purchase Program with the aims of mitigating the declining foreign currency reserves and to buffer against ‘risks in the international financial markets.’

The gold purchase program will help in accumulating foreign currency reserves and address the associated risks in the international financial markets, the bank said in its State of the Economy Report for 2023/2024.

The move, reminiscent of Zimbabwe’s initiativies to back its currency with gold, is also expected to support the government’s program for ongoing value addition to minerals and the Import Substitution Strategy by reducing the imports of raw gold into the country.

 

“By purchasing gold directly from the artisanal miners, the BOU will also be supporting the livelihoods of artisanal and small-scale miners, and this has positive spill-over effects on other sectors of the economy in line with the Bank’s mission to support socio-economic transformation.”

 

INTRODUCING | #Zimbabwe Introduces Zim Gold, the New Currency Backed by Gold and Precious Minerals

According to reports, the Central Bank’s vaults hold 1.1 tonnes of solid gold. It also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals –… pic.twitter.com/WkAjB655zq

— BitKE (@BitcoinKE) April 8, 2024

The gold purchase program, amongst other measures, is projected to reduce imports of raw gold, contributing to the reduction in total imports, in turn leading to a decrease in both trade deficit and current account deficit.

According to the report, despite the tight global financial conditions, the Ugandan Shilling has been relatively strong against the U.S. dollar reflecting the tight monetary policy stance supported by relatively improved commodity export revenues.

 

“More support for the [Ugandan] Shilling came from increased inflows from export revenues, particularly coffee, and inflows from Non-Governmental Organizations (NGOs). These inflows more than outweighed the demand from domestic corporations, such as manufacturing, energy, and trade, reflecting strong economic activity.”

 

Last August [2023], the Ugandan President, Yoweri Museveni, said the country was not beholden to the World Bank and IMF and has the option of non-Bretton Woods institutions if it has to borrow loans.

 

“If there is absolute need for borrowing, there are a number of non-Bretton woods sources from which we can borrow,” said President Museveni.

 

 

‘The World Bank and Other Actors Are Our Problem and Really Under-Estimate All Africans,’ Says President of Uganda

The above comment comes in response to the recent move by the World Bank to suspend any future funding for projects in Uganda citing human rights violations… pic.twitter.com/VWzkXjjwL5

— BitKE (@BitcoinKE) August 12, 2023

The World Bank had said it would be putting on hold funding to Uganda for passing the Anti-Homosexuality Act.

 

 

 

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The Tanzania Ministry of Tourism and Natural Resources has ordered that all fees and charges in the tourism sector be paid in local currency.

According to local reports, Finance Minister, Mwigulu Nchemba, banned the use of dollars in local transactions in his 2024 / 2025 Annual Budget speech in June 2024. Consequently, all local transactions are required to be in the country’s local currency, the Tanzanian Shilling.

Payments previously paid in dollars will be converted into Tanzanian Shillings based on the Bank of Tanzania (BoT) exchange rate as the government continues to develop a permanent payment modality in collaboration with stakeholders, a notice by the ministry said.

 

“All tourism business operators, tour guides, individuals or institutions issued with Control Number in U.S. dollars before July 1 2024 will need to pay based on the currency specified in perspective Control Number until August 1, 2024,” the notice added.

 

Tanzania National Parks already switched from the use of dollars to Tanzania Shillings on July 1 2024 and directed tourist companies and other service providers to follow suit.

The move is one of the steps taken in recent months to stabilize the local currency which has lost 6% to the dollar in the last one year, with a dollar fetching 2,655 units of the local currency as of July 16 2024.

Last month [June 2024], the Bank of Tanzania began selling dollars held in its reserves to commercial banks hoping to ease a dollar shortage. The combination of a growing demand for greenbacks coupled with the shortage reportedly led to a growing black market for dollars.

During the budget speech before the Tanzanian National Assembly in June 2024, Nchemba emphasized the problems with dollarization and said that it is ‘hindering economic progress.’ He also said the situation increases ‘unnecessary’ demand for foreign currency and that it undercut those who need dollars to import essential goods into the country.

As reported by BitKE, the budget also proposed a plan to collect taxes from cryptocurrency transactions within the country.

REGULATION | Tanzania Looking to Amend Income Tax Act to Boost Revenue By Taxing Income From Crypto Transactions

Tanzania has outlined a proposal to amend the Income Tax Act to enable the collection of taxes from the crypto trades in the country which includes several… pic.twitter.com/NeAZsTlxp1

— BitKE (@BitcoinKE) June 17, 2024

 

 

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By Ray Youssef, CEO of P2P marketplace, NoOnes

When I went with some of the NoOnes team to Kenya to make the keynote speech at the Catholic University of Eastern Africa, I never thought I’d be dodging tear gas canisters and water cannons on the streets of Nairobi a few days later. I’d been in those situations before, but it was a shock to see Kenyans come out in huge numbers. They were protesting a finance bill by the government that included tax hikes on various goods, including basic necessities like bread. The cost-of-living crisis is already out of control in Kenya, and that bill was going to make it much worse.

The President, William Ruto, campaigned on reducing taxes and lowering the cost of living, and some Kenyans thought he had broken his promises. Many, particularly the Kenyan youth, said they’d had enough. It’s a familiar story we hear all the time, and one I’ve been talking about for years, but maybe things are finally about to change in Africa because the speed with which the Kenyan youth took to the streets was astonishing.

For years, I’ve been advocating an end to financial apartheid in Africa because when you say ‘your money’s no good’ or ‘we won’t trade with you,’ the end result is a failed economy and chaos like we saw on the streets of Nairobi. The global financial system has tied us down and kept us down, and I know how we can fix the problem. The solution is to focus on Pan-African trade, and the keys to making it work are a universal currency like crypto and peer-to-peer marketplaces like NoOnes. This revolution must be driven by the African people, and the thousands of Kenyans who took to the streets showed me that changes are happening already.

 

Africans have had enough of the West telling them what to do for 400 years.

 

We are now in the final phase of the P2P revolution – we first got the Internet and then the portable P2P devices we all keep in our pockets. After that, a wave of startups disrupted everything from transportation, hospitality, communications, and every other industry except money – until we got Bitcoin P2P electronic cash in 2008. That final step is now in its final phase, and, when it’s complete, Africa will be the first continent to reap the benefits.

Africa leads the world in resources, youth, population growth, and crypto adoption, and it will ride the wave that follows after we break the financial stranglehold the West maintains over the continent. But we have to be smart. We have to play the same game the rest of the world is playing. Most people think the West goes into Africa to plunder their resources and use Africans for slave labor, but that’s only half-true. The real reason the West wants to control Africa is because it is a great market for their products. It’s always been that way.

The Western colonization of Africa 150 years ago – called “The Scramble for Africa” – was mostly about European nations selling their ‘colonized peoples’ goods, and they did it with very little capital investment. They invested just enough to get what they wanted, and today they do the same thing. Africa’s biggest trading partner is the EU, followed by China, and their combined trade with Africa is more than double the trade ALL African nations have with each other. In 2020, only 18% of African exports and 15% of African imports were with other African nations (intra-trade).

Why don’t African nations trade with each other? Could it have anything to do with the global financial system making intra-trade difficult? Could it be the WTO, the World Bank and the IMF influencing African political leaders and economic policy? Do we grow, build, service and manufacture what Africans need, or do we do what the West tells us to do? It used to be that Western colonizers put a gun to our heads and told us what to do. Now, the gun to our heads is loaded with financial consequences instead of bullets.

The global elites pull levers to force African leaders into doing what benefits the West. This has been happening for years. The structural adjustment programs (SAP’s) at the beginning of the 1980s were supposed to help African countries free themselves of debt. Instead, they made the problem worse because African countries were forced to borrow money to pay-off debt. Below is an example of what happens when you follow these IMF diktats:

 

In 1980, the combined debt owed by African nations was USD$567 billion

These countries paid back over USD$1,600 billion (almost 3 times the amount owed) between 1980 and 1992 – 12 years

By 1992, they still owed more than USD $1,400 billion

 

All those policies are wrong, they are the essence of financial apartheid, and I’m calling for a Pan African trade revolution. This revolution is not a battle of armies, or even a series of pitched battles in the streets – many people were injured during the protests in Kenya and one person died while we were there. Many others have since died as the protests continue. We don’t want people to die, and that’s part of the reason I am writing this article. This revolution is about trading with each other and keeping the wealth created by Africans in Africa, and we can achieve it with the tools we already have. We don’t need to put our bodies on the line in the streets.

The first version of Bitcoin included protocols to build a marketplace, and I’ve honored Satoshi’s original vision by building CivKit, a decentralized, open source protocol we are giving away so people in Africa can compete with me. Any African entrepreneur with almost any business idea can use crypto as a means of exchange and create a marketplace with CivKit to sell their goods and services globally and it will cost them nothing.

Satoshi created Bitcoin to start the ball rolling, and we want to keep it rolling by building more marketplaces that can unleash crypto’s full potential. I want competition because it increases trade, and we need trade to make sure we are all prosperous and masters of our destinies. If we conduct this revolution the right way, we will end our reliance on the USD and the Euro, the Western banking system, the IMF, the World Bank, and all the charities that come here and don’t really change anything. We don’t need charity – we need freedom and the opportunity to build our own future.

I used to say that Africa had a self-esteem problem – that we believe the myth that says the continent is full of poverty, disease, and corruption. I’m sure there is still some way to go on the self-branding front, but I am filled with hope when I see the Kenyan youth rise up like they did a few days ago. They communicated on social media, they mobilized on the streets, and they acted. The hashtag #RejectFinanceBill2024 crossed 2 million posts in a few days, and the government was first forced into a partial backdown by scrapping parts of the proposed tax hikes, and now they scrapped the bill entirely. It’s not a major victory, but every step on the road to freedom counts.

 

The people who control us won’t be able to beat an army of mosquitoes.

 

Contributed by:

Ray Youssef, NoOnes CEO

𝕏 @ray_noOnes

 

 

 

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_________________________________________

_________________________________________

By Ray Youssef, CEO of P2P marketplace, NoOnes

When I went with some of the NoOnes team to Kenya to make the keynote speech at the Catholic University of Eastern Africa, I never thought I’d be dodging tear gas canisters and water cannons on the streets of Nairobi a few days later. I’d been in those situations before, but it was a shock to see Kenyans come out in huge numbers. They were protesting a finance bill by the government that included tax hikes on various goods, including basic necessities like bread. The cost-of-living crisis is already out of control in Kenya, and that bill was going to make it much worse.

The President, William Ruto, campaigned on reducing taxes and lowering the cost of living, and some Kenyans thought he had broken his promises. Many, particularly the Kenyan youth, said they’d had enough. It’s a familiar story we hear all the time, and one I’ve been talking about for years, but maybe things are finally about to change in Africa because the speed with which the Kenyan youth took to the streets was astonishing.

For years, I’ve been advocating an end to financial apartheid in Africa because when you say ‘your money’s no good’ or ‘we won’t trade with you,’ the end result is a failed economy and chaos like we saw on the streets of Nairobi. The global financial system has tied us down and kept us down, and I know how we can fix the problem. The solution is to focus on Pan-African trade, and the keys to making it work are a universal currency like crypto and peer-to-peer marketplaces like NoOnes. This revolution must be driven by the African people, and the thousands of Kenyans who took to the streets showed me that changes are happening already.

Africans have had enough of the West telling them what to do for 400 years.

We are now in the final phase of the P2P revolution – we first got the Internet and then the portable P2P devices we all keep in our pockets. After that, a wave of startups disrupted everything from transportation, hospitality, communications, and every other industry except money – until we got Bitcoin P2P electronic cash in 2008. That final step is now in its final phase, and, when it’s complete, Africa will be the first continent to reap the benefits.

Africa leads the world in resources, youth, population growth, and crypto adoption, and it will ride the wave that follows after we break the financial stranglehold the West maintains over the continent. But we have to be smart. We have to play the same game the rest of the world is playing. Most people think the West goes into Africa to plunder their resources and use Africans for slave labor, but that’s only half-true. The real reason the West wants to control Africa is because it is a great market for their products. It’s always been that way.

The Western colonization of Africa 150 years ago – called “The Scramble for Africa” – was mostly about European nations selling their ‘colonized peoples’ goods, and they did it with very little capital investment. They invested just enough to get what they wanted, and today they do the same thing. Africa’s biggest trading partner is the EU, followed by China, and their combined trade with Africa is more than double the trade ALL African nations have with each other. In 2020, only 18% of African exports and 15% of African imports were with other African nations (intra-trade).

Why don’t African nations trade with each other? Could it have anything to do with the global financial system making intra-trade difficult? Could it be the WTO, the World Bank and the IMF influencing African political leaders and economic policy? Do we grow, build, service and manufacture what Africans need, or do we do what the West tells us to do? It used to be that Western colonizers put a gun to our heads and told us what to do. Now, the gun to our heads is loaded with financial consequences instead of bullets.

The global elites pull levers to force African leaders into doing what benefits the West. This has been happening for years. The structural adjustment programs (SAP’s) at the beginning of the 1980s were supposed to help African countries free themselves of debt. Instead, they made the problem worse because African countries were forced to borrow money to pay-off debt. Below is an example of what happens when you follow these IMF diktats:

In 1980, the combined debt owed by African nations was USD$567 billion

These countries paid back over USD$1,600 billion (almost 3 times the amount owed) between 1980 and 1992 – 12 years

By 1992, they still owed more than USD $1,400 billion

All those policies are wrong, they are the essence of financial apartheid, and I’m calling for a Pan African trade revolution. This revolution is not a battle of armies, or even a series of pitched battles in the streets – many people were injured during the protests in Kenya and one person died while we were there. Many others have since died as the protests continue. We don’t want people to die, and that’s part of the reason I am writing this article. This revolution is about trading with each other and keeping the wealth created by Africans in Africa, and we can achieve it with the tools we already have. We don’t need to put our bodies on the line in the streets.

The first version of Bitcoin included protocols to build a marketplace, and I’ve honored Satoshi’s original vision by building CivKit, a decentralized, open source protocol we are giving away so people in Africa can compete with me. Any African entrepreneur with almost any business idea can use crypto as a means of exchange and create a marketplace with CivKit to sell their goods and services globally and it will cost them nothing.

Satoshi created Bitcoin to start the ball rolling, and we want to keep it rolling by building more marketplaces that can unleash crypto’s full potential. I want competition because it increases trade, and we need trade to make sure we are all prosperous and masters of our destinies. If we conduct this revolution the right way, we will end our reliance on the USD and the Euro, the Western banking system, the IMF, the World Bank, and all the charities that come here and don’t really change anything. We don’t need charity – we need freedom and the opportunity to build our own future.

I used to say that Africa had a self-esteem problem – that we believe the myth that says the continent is full of poverty, disease, and corruption. I’m sure there is still some way to go on the self-branding front, but I am filled with hope when I see the Kenyan youth rise up like they did a few days ago. They communicated on social media, they mobilized on the streets, and they acted. The hashtag #RejectFinanceBill2024 crossed 2 million posts in a few days, and the government was first forced into a partial backdown by scrapping parts of the proposed tax hikes, and now they scrapped the bill entirely. It’s not a major victory, but every step on the road to freedom counts.

The people who control us won’t be able to beat an army of mosquitoes.

 

Contributed by:

Ray Youssef

NoOnes CEO

𝕏 @ray_noOnes

 

 

 

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Join and interact with our Telegram community

_________________________________________

_________________________________________

Smile Identity, an Africa-focused identity verification solutions provider, has had 150 million identity verification checks effected on its technologies, doubling from 75 million a year ago.

 

“We’re accelerating at an unprecedented pace, thanks to our amazing customers, partners, and team. As we continue to innovate and expand, we remain committed to providing secure, reliable identity verification solutions across Africa and beyond. Thank you for being a part of this journey! Together, we’re shaping the future of identity verification,” the company said.

MILESTONE | Smile Identity, Africa’s Leading Digital ID Service, Hits 75 Million Identity Verifications and Rebrands to SmileID https://t.co/0Pt3X4gFWr @usesmileid pic.twitter.com/vlxbcbn3IL

— BitKE (@BitcoinKE) July 24, 2023

SmileID products are used by companies in a wide range of industries across Africa particularly fintechs and neobanks like Chipper Cash, Paga, PayStack, and YellowCard who integrate them into their mobile and web applications to help verify the identity of customers.

 

‘Smile Identity now powers 4% of Africa.’ – CEO, @SmileIdentity pic.twitter.com/RVTXT1khxB

— BitKE (@BitcoinKE) April 21, 2023

The recent milestone was also an opportunity for SmileID to announce recent updates to its software products, including a new feature that introduces offline capabilities to users of android and iOS mobile operating systems.

 

“This new feature ensures seamless identity verification even in areas with poor internet connectivity. We’ve now expanded this functionality to our mobile wrappers, including React Native and Flutter v10 Mobile SDKs, enabling more efficient cross-platform app development.”

 

The company also plans to release another offering for biometric authentication, this one dubbed SmartSelfie Compare. SmartSelfie Compare enables businesses to prevent fraud by comparing user selfies and liveness images against an image on file or government ID photos with unparalleled precision.

In a 2023 report, SmileID revealed the growing prevalence of biometric fraud on the continent, with the crypto sector experiencing the highest biometric fraud rates.

REPORT | Crypto Has the Highest Biometric Fraud Rates of All, Reveals H1 2023 ‘State of KYC in Africa’ Smile ID Report

Among the various IDs targeted by fraudsters, the three most commonly exploited were the national IDs of:

* Kenya * Nigeria * South Africa … pic.twitter.com/bgv8B6jwFP

— BitKE (@BitcoinKE) August 5, 2023

The report also revealed that among the various national IDs targeted by fraudsters, the three most commonly exploited were the national IDs of Kenya, Nigeria, and South Africa.

It is no surprise SmileID is only one of many startups that are creating thriving businesses in this area. Click on this link for an analysis of operators in the sector on the African continent.

LIST | A Look at Identity Verification Startups Operating Across Africa

In this post, we’ll explore some of the key identity verification solutions making waves across the continent, revolutionizing the way businesses verify the identities of their users and customers.… pic.twitter.com/c6Fm3Agmr7

— BitKE (@BitcoinKE) May 14, 2024

 

 

 

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The CFA Franc was introduced on December 26 1945 to improve stability among French colonies after World War II.

France established the CFA Franc to replace the French West African Franc used in its colonies, and according to analysts, the unified currency has served as a tool for France to continue maintaining influence over the economy and administration of countries in the zone.

Initially pegged to the French Franc at a fixed rate, colonies were protected from the effects of an underperforming French currency, making imports from France cheaper but adversely affecting their global competitive advantage.

In the 1950s, the CFA Franc became fully established as the common currency for French-speaking African colonies, maintaining a fixed exchange rate with the French Franc. During the 1960s, despite gaining independence, most of these countries retained the CFA Franc as their currency under new agreements with France. The CFA Franc then split into two separate currencies:

The West African CFA Franc (used by countries in West Africa) and

The Central African CFA franc (used by countries in Central Africa), each with its central bank

With the introduction of the Euro in 1999, the CFA Franc was pegged to the Euro, continuing the fixed exchange rate system.

 

CFA Franc Zone

The CFA Franc zone encompasses 14 countries in Sub-Saharan Africa, each aligned with one of the two monetary regulatory unions:

The West African Economic and Monetary Union (WAEMU, or, by its French acronym, UEMOA) and

The Central African Economic and Monetary Community (CAEMC, or CEMAC)

The WAEMU comprises Benin, Burkina Faso, Cote d’Ivoire (Ivory Coast), Guinea-Bissau, Mali, Niger, Senegal, and Togo, while the CAEMC comprises Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon.

The CFA Franc zone imposes its own set of limitations on economic independence:

Individual countries within the zone are unable to devalue their currencies to make exports more attractive, hindering economic growth

A unified monetary policy under the CFA zone doesn’t allow the countries to adequately respond to their unique challenges

Policies targeted at export promotion may be challenging to execute if they are inconsistent with the zone’s overarching objectives

Appreciation of the Euro makes exports more expensive, effectively destroying competitiveness in the market

The last point creates a domino effect, making the economies reliant on certain commodities and ultimately leading to poor productivity in other sectors.

The requirement that members cannot devalue their own currencies was initially set at 100% of foreign exchange reserves, meaning that African countries had to deposit all their foreign exchange reserves with the French Treasury.

While the requirement was reduced to 65% in 1973 and then to 50% in 2005, it remains the most controversial feature of the CFA Franc. According to analysts, member states holding a significant portion of their foreign exchange reserves in a common pool managed by the French Treasury restricts their ability to devalue their currencies, which could have made exports more competitive.

Reforms

In 2019, an initiative dubbed Macron-Ouattara initiative was introduced to modernize the West African CFA Franc and reduce French influence.

Named after the Presidents of France and Cote d’Ivoire, Emmanuel Macron and Alassane Ouattara, the initiative involved three main reforms:

Renaming the currency to the ‘Eco’

Abolishing the requirement for WAEMU countries to deposit their reserves in the French Treasury

Withdrawing French representatives from the boards of the Central Bank of the WAEMU, known by its French acronym BCEAO (Banque Centrale des États de l’Afrique de l’Ouest)

The implementation of the initative has however been delayed due to several reasons, including the Covid-19 pandemic and varying economic conditions among member states.

Still, transition efforts to the Eco are ongoing, with negotiations said to be at an advanced stage. But even in this process, France faces accusations that it is undermining reform attempts by the African governments.

[TECH] WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECO: According to reports in Nigeria, Finance Ministers and Central Bank Governors from the 15 Economic C.. https://t.co/T8HLAmIVgh via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) July 8, 2024

 

 

 

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The surge of companies operating in Nigeria’s digital lending sector has drawn attention to concerning trends like aggressive tactics for loan recovery such as harassment and defamation.

This has led the Federal Competition and Consumer Protection Commission (FCCPC) to collaborate with other regulatory bodies in crafting a regulatory framework to address these issues. According to local reports, the commission has approved over 260 digital lenders that have gone through the registration process.

REGULATION | Nigeria Registers and Approves 211 Loan Apps and Delists 45 from the Google Play Store

The necessity for registration of loan apps, including the 211 approved by the Federal Competition and Consumer Protection Commission (FCCPC), is driven by concerns about the… pic.twitter.com/xkR7Yg8cWE

— BitKE (@BitcoinKE) November 17, 2023

In this article, we explore registered lending platforms, based on their registration status and popularity on Google Playstore (as of April 2024).

 

1.) Branch

Branch International started in Kenya in 2015, before entering Nigeria as a lending app in 2017. Through the app, users can get instant loans up to ₦1,000,000 and enjoy investment yields of up to 10% and 15% per annum.

Number of Downloads: 10 Million+, Rating: 4.5

Branch International Raises Kshs. 500M and Welcomes Discussions on Government Regulation on Digital Lending in Kenya: https://t.co/9PG6uo2cwn @Branch_Co @CBKKenya @DigitalLenders

— BitKE (@BitcoinKE) July 29, 2019

2.) FairMoney

FairMoney operates as a licensed microfinance bank under the regulation of the Central Bank of Nigeria (CBN). Positioned as a digital bank specializing in lending, FairMoney offers instant loans of up to one million naira, alongside providing bank account services and issuing debit cards.

The company boasts a significant volume of loan processing, with over 10,000 loans approved daily, equating to one loan disbursed every eight seconds.

The mobile app originally launched as a digital lender in Nigeria six years ago. Since then, it has added other financial services, such as debit cards, transfers and payments. It says that it has over six million retail customers.

Number of Downloads: 10 Million+, Rating: 4.2

3.) Okash

Okash is Opay’s lending service arm. Both products are owned by Opera, the Norway-based software company.  The mobile-based lending platform began operations in Nigeria in 2018.

According to Okash, to be eligible for a loan all an individual needs is to be 20-55 years old, an Android device, a data connection, a means of identification, as well as a valid bank account and card.

Number of Downloads: 5 Million+, Rating: 4.3

FINTECH AFRICA | Nigerian Fintech, Opay, Valuation Increases By 30% After 4x User Growth and 60% Revenue Increase Since Series C Round in 2021

This comes as the company enjoyed a good 2023 when, due to shortage of hard currency notes, Nigerians turned to fintech applications… pic.twitter.com/iGCFAHeso0

— BitKE (@BitcoinKE) June 26, 2024

4.) Kuda

Kuda, also known as Kuda Technologies, is a fintech company operating with a microfinance banking license from the Central Bank of Nigeria. The platform gives overdrafts, and users are eligible to take an overdraft if they become regular users of the Kuda account.

Nigerian citizens above the age of 16 are allowed to register on the platform.

Number of Downloads: 5 Million+, Rating: 4.3

Nigerian Digital Bank, Kuda, Hits 1 Million Android App Downloads: https://t.co/9xIRSShyBj @kudabank

— BitKE (@BitcoinKE) February 22, 2021

5.) Palm Credit

PalmCredit is defined as a virtual credit card that makes it easy for you to access a loan anytime and anywhere. Palmcredit offers loans of up to ₦100,000 within minutes on your mobile phone.

Through Palm credit loan app (owned by Newedge Finance Limited) users can get loans ranging from ₦2,500 to ₦100,000 with loan term durations of 12 – 26 weeks.

Number of Downloads: 5 Million+, Rating: 4.2

6.) QuickCheck

Quickcheck is a Nigerian Fintech company founded in 2017 by Fabiano Di Tomaso. It provides 24/7 loans to underserved Nigerian consumers and micro businesses through a mobile application.

Number of Downloads: 1 Million+, Rating: 4.5

7.) Carbon

Carbon is a Microfinance Bank licensed by the Central Bank of Nigeria (CBN) with deposits insured by the Nigerian Deposit Insurance Corporation (NDIC).

The platform boasts a better ecosystem of services, including outstanding customer support, the best pricing on banking transactions, the highest savings interest rates, and attractive credit rates.

Number of Downloads: 1 Million+, Rating: 4.3

FINTECH AFRICA | Carbon CEO Announces Shut-Down of Debit Card Operations in Nigeria

“When I take a step back with the benefit of hindsight (and a card operation bill denominated in USD $), I question why practically all neobanks are pushing cards or even getting into it.… pic.twitter.com/n8MkuHZxN4

— BitKE (@BitcoinKE) June 28, 2024

8.) RenMoney

Renmoney was founded in 2012 by Stephen Jennings. The company operates on a microfinance banking licence in Nigeria, offering three types of loans:

Small loans between N5000, N100,000

Medium loans between N25,000 and N3,000,00

Big loans up to N6,000,000

Number of Downloads: 1 Million+, Rating: 4.1

9.) Umba

Founded in 2019, Umba is described as a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya.

It provides banking services such as loans, current accounts, savings accounts, fixed deposit accounts and bill payments to customers in Nigeria and Kenya.

The fintech has provided over 144k loans in its history.

Number of Downloads: 1 Million+, Rating: 3.6

Nigeria’s Umba Begins Operations in Kenya Making it the Second Licensed Digital Bank in Kenya

Umba enters Kenya after buying a controlling stake in Daraja Microfinance Bank authoritizing it to provide complete banking solutions in Kenyahttps://t.co/TALCkSQxj8

— BitKE (@BitcoinKE) February 28, 2023

10.) Aella Credit

Aella Credit was the first lending company in Africa admitted into Y combinator in 2017, and launched the B2C loans under Aella Credit.

Aella Credit started in 2015 and was founded by Akin Jones and Wale Akanbi. The YC backed startup is based in Lagos, Nigeria.

Number of Downloads: 1 Million+, Rating: 3.2

MILESTONE | Aella Credit, Africa’s First Lending Fintech to Enter Y Combinator, Becomes a Micro-Finance Bank

The fintech company serves over 2 million users in Nigeria. In 2020, as reported by BitKE, Aella raised $10 million in order to expand across Africa and build its… pic.twitter.com/CFSdi3z84w

— BitKE (@BitcoinKE) April 29, 2024

 

 

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____________________________________________

According to local reports, 2 U.S. Congressmen have submitted a resolution to the U.S. House of Representatives Committee on Foreign Affairs to ask for the release of Head of Financial Crime Compliance at Binance, Tigran Gambaryan.

According to the lawmakers,  Rep. French Hill from Arizona and Rep. Rich McCormick of Georgia, the U.S. government should consider Gambaryan as someone who is being detained in Nigeria as a hostage.

Calling Gambaryan’s detention ‘a clear violation of his rights and a grave injustice,’ McCormick urged the Nigerian government to release him, and called on the U.S. government to ‘do everything in its power to secure the release of one of our citizens wrongfully detained abroad.’

Gambaryan is in custody due to money laundering charges from the Economic and Financial Crimes Commission (EFCC). Earlier in June 2024, the Nigeria Federal Inland Revenue Service (FIRS) withdrew the tax evasion charges against him and his colleague Nadeem Anjarwalla who fled the country in March 2024.

REGULATION | Nigerian Revenue Service Withdraws Tax Evasion Charges Against Binance Officials

Following this, Binance which allegedly had an untaxed turnover of over $20 billion in Nigeria in 2023 alone, according to Nigeria Minister of Information, Idris Mohammed, will be… pic.twitter.com/XqvRrMgo16

— BitKE (@BitcoinKE) June 15, 2024

Representative Hill, who visited Gambaryan in the Nigerian prison where he is being held, said that his health is ‘deteriorating’ in custody, while McCormick urged the Nigerian authorities to provide Gambaryan with ‘the necessary medical care.’

During a court hearing in May 2024, Gambaryan reportedly collapsed and was subsequently prescribed medication for malaria. Moreover, his family claims he has been ‘suffering immensely’ while detained in Kuje prison, reporting symptoms such as numbness in his foot, back pain, and diagnoses of double pneumonia and malaria.

In reacting to the resolution by the representatives, Gambaryan’s wife also joined the calls for her husband to be released

 

“I just want him home so he can get the proper medical care he desperately needs and so that he can heal,” Mrs Gambaryan said, adding, “He needs to be freed right now.”

 

Nonetheless, Nigerian officials have refuted the claims, claiming that he has ‘no serious health condition’ and is doing ‘fine’ in detention.

Meanwhile, a Federal High Court sitting in Nigeria declared that it will begin the tax evasion trial against Binance on October 11 2024. This follows a fresh application by the Federal Inland Revenue Service (FIRS) which lists Binance as the sole defendant in the case.

 

 

 

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Virtual assets continue to be used to support the proliferation of weapons of mass destruction as well as by scammers, terrorist groups, and other illicit actors, says the Financial Action Task Force (FATF).

 

“The DPRK continues to steal or extort virtual assets from victims and increasingly uses sophisticated methods to launder illicit proceeds,” FATF said in a new report.

“Virtual Assets are increasingly used by terrorist groups, in particular by ISIL in Asia and groups in Syria, and terrorist groups that are using virtual assets often use stablecoins and experiment with anonymity-enhancing cryptocurrencies.”

 

That said, most of the world is still lagging in introducing regulations for Virtual Assets (VA) and VASPS, according to a survey by FATF.

 

“More than a quarter of survey respondents (27%; 39 of 147) have yet to decide if and how to regulate the VASP sector. Of the respondents that had determined an approach, 60% (88 of 147) decided to permit VAs and VASPs, and 14% (20 of 147 jurisdictions) report opting to prohibit VASPs partially or explicitly.”

 

Based on the survey, it is counter-intuitive for countries to prohibit Virtual Asset Service Providers (VASPs), as this often leads to non – compliance with the FATF measures.

 

“Similar to the findings of the 2023 Targeted Update report, mutual evaluation and follow-up report results indicate that prohibiting VASPs effectively is difficult. Only two of twenty jurisdictions taking a partial or explicit 5 prohibition approach have been assessed as largely compliant with the FATF requirements and more than half have been assessed as partially or not compliant.”

– Financial Action Task Force

 

Many African countries are not compliant to the FATF requirements. The recent requirements to monitor virtual asset flows have played a key role in the recent addition of Kenya and Namibia to the FATF ‘grey -list.‘ The two became just the latest African countries in a long list that captures several African countries, including:

Burkina Faso

Cameroon

Democratic Republic of Congo (DRC)

Mali

Mozambique

Nigeria

Senegal

South Africa

South Sudan

Tanzania

Uganda

Kenya

Namibia

 

REALITY CHECK | How FATF Grey Listing Affects a Country’s Financial and Economic Environment

According to a PwC report, investors consider grey-listing as a key factor when evaluating the risk of conducting business.

In this article, we take a look at the possible… pic.twitter.com/TU8PJHelXx

— BitKE (@BitcoinKE) March 3, 2024

The growing usage of these assets calls for better observation, particularly with stablecoins moving easily through P2P platforms.

 

“Jurisdictions should assess and monitor illicit finance risks associated with DeFi arrangements, identify entities that could fall into the definition of VASPs, develop a regulatory framework to capture responsible entity(ies), take supervisory and enforcement action as appropriate, and share good practices and remaining challenges with VACG members.”

 

Regulators are also cautioned to monitor ML/TF/PF risks related to unhosted wallets, including P2P transactions and NFTs, and share their experiences, including on data collection and risk mitigation.

 

Click here for the full report.

 

 

 

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Startups from the Middle East and North Africa (MENA) region raised  $116 million in June 2024, declining by 59% from the previous month [May 2024].

Four Egyptian startups raised $15 million, the 2nd highest total raised after the United Arab Emirates (UAE) whose startups led the region in funding, securing $82.5 million across 15 deals.

The fintech sector drew the most funding in June 2024, attracting $38 million across 10 deals, with con-tech (construction tech) trailing closely. Additionally, three prop-tech startups secured $19.6 million, falling behind their previous lead from May 2024.

Crypto Oasis Daily News#MENA startups raised $282 million in May 2024, with #UAE leading and #Web3 sector securing $1 million.

Learn more: https://t.co/BYVjZrF3vk

Source: BitcoinKE pic.twitter.com/ABuZLZlnqE

— Crypto Oasis (@CryptoOasisUAE) June 10, 2024

The Web3 sector drew $5.5 million, increasing more than 5 times from the $1 million raised in May 2024. Overall, in H1 2024, the Web3 sector has attracted $47.6 million.

Most of June 2024’s funding was directed towards the pre-Series A stage, with four startups receiving $45 million

This was followed by the Seed stage, where five startups raised $27.3 million

Despite this, early-stage startups continue to draw significant investor interest, as eight pre-seed startups secured $3 million, and

Another eight obtained $140,000 in grants

 

#Web3 startups in the Middle East and North African (MENA) region raised over $47 million in H1 2024. #MENA pic.twitter.com/Wh243rD4kb

— BitKE (@BitcoinKE) July 12, 2024

Business-to-business (B2B) startups dominated most of the funding in June, raising $66.4 million across 18 deals, accounting for 74% of the total investment, while 20 business-to-consumer (B2C) startups raised $49.5 million.

Since the beginning of 2024, startups in the region have raised a total of $882 million, a 46% decrease in the total funding in H1 2024, down from the $1.6 billion recorded in the same period in 2023. The war in Gaza has cast its shadow on the startup ecosystem, prompting regional and international venture capital firms (VC) to adopt a ‘wait-and-see’ stance.

 

The UAE maintained its position as the leading destination for startup investments with 91 UAE-based startups raising $455.5 million in H1 2024, a decrease from the $604 million secured in H1 2023

Saudi Arabia followed, attracting $300 million in total funding, down from $554 million the previous year [2023]

The Egyptian startup ecosystem saw just 33 startups raising $83 million, an 80% decline from the same period last year [2023]

On the other hand, the Moroccan ecosystem is gaining momentum with six of its startups receiving $12.5 million in H1 2024

 

 

 

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Innovate Africa Fund, an angel investment fund that supports early-stage founders taking startups from conception to product, has launched with an initial $2.5 million rollout.

Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.

Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF). The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.

The fund will make an average investment of $50,000 in addition to expert guidance in finance, governance, public relations, and strategy. The offering includes a Product Leadership Accelerator to assist startups refine their offerings and achieve product-market fit.

It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains.

Managing Partner, Kristin, is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund. She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times.

 

“As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors,” said Kristin. 

 

Nigerian VC, Oui Capital, Raises $30 Million to Invest in North Africa and Francophone Africa Startupshttps://t.co/rlVrAnu0pN

— UIDC (@UIDC_UG) September 30, 2023

Christian Idiodi is the Founder of Firtsi and Work Nigeria, while also a partner at the Silicon Valley Product Group (SVPG).

 

“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” said Christian.

 

Applications are open for founders across Africa who meet the six criteria for screening:

Character

Credibility

Capacity

Courage

Competence, and

Context

 

Interested founders can apply here.

 

 

 

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