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.”

 

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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.

 

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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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GSMA MWC Kigali will return to the Kigali Convention Center from 29-31 October 2024.

MWC Kigali, Africa’s largest and most influential connectivity event, will convene powerful innovators and political leaders from across the entire continent, geared towards driving the digital economy forward and enabling socio-economic growth.

MWC Kigali will deliver a range of keynotes and panel sessions hosted by industry thought leaders and leading enterprises, focussed around the four event themes:

Connected Continent

The AI Future

FinTech, and

Africa’s Digital DNA

Recently confirmed speakers include:

 Airtel Africa’s CEO, Sunil Taldar

Amini’s Founder & CEO, Kate Kallot

The GSMA’s Director General, Mats Granryd

The ITU’s Secretary-General, Doreen Bogdan-Martin

Lelapa AI’s CEO and Co-founder, Pelonomi Moiloa

MTN Group’s FinTech CEO, Serigne Dioum

Republic of Rwanda’s Minister of ICT and Innovation, Hon. Paula Ingabire

Take Back the Mic’s CEO & Founder, Derrick Ashong and

Wi-Flix’s CEO, Louis Manu

For the first time in Africa, the GSMA Ministerial Programme will be hosted at MWC Kigali, marking a new chapter in the commitment to advancing the digital agenda in Africa. The programme will convene the most influential telecommunications leaders from across the African continent to discuss policy and regulatory topics key to the region.

The Mobile for Development (M4D) team will once again play a central role at the event, driving innovation in digital technology to reduce global inequalities. M4D will host the ‘Mobile for Development Theatre’, a dedicated space for keynote sessions, panels, and discussions. Themes will range from AI for impact and humanitarian innovation, agriculture and climate, to digital inclusion and gender. Also returning this year is the Mobile Money Leadership Forum, which will explore key trends and innovations in mobile financial services.

The MWC Kigali keynotes will cover some of Africa’s most pressing digital connectivity issues.

Keynote 1 will discuss how digital technologies are driving socio-economic development in Africa to address the continent’s unique challenges.

Keynote 2 will focus on the transformative potential of AI, including how it can drive sustainable and inclusive growth across Africa.

Keynote 3 will see speakers explore the rapid evolution of Africa’s Fintech landscape and the technologies impacting investment opportunities.

Keynote 4 will explore how the evolving content landscape is allowing African content creators to be heard and celebrated globally.

An agenda of GSMA Summits will be hosted during the event, inviting industry leaders and policymakers to discover the issues affecting enterprises in areas from network security to diversity in tech:

The Security Summit will tackle the most pressing security challenges mobile network operators face today, in the context of a rapidly evolving cyber risk landscape.

The Digital Summit will explore the digital economy’s potential in Africa, exploring how digital technologies and policy reform can drive significant socio-economic growth in Africa.

The AI Summit will cover both the vast potential and the associated risks of AI technologies in Africa, as the technology’s prevalence grows in the global economy.

The 5G Summit will address the barriers preventing the technology’s widespread adoption and ways to unlock its potential for both enterprises and consumers.

The Diversity for Tech Summit will focus on the urgent need for greater disability inclusion in Africa’s tech sector, ensuring that people with disabilities have access to the tools and opportunities they need to succeed.

MWC Kigali is held alongside the Africa Health Tech Summit and FEWA (Future of Education and Work in Africa), offering an in-depth exploration of connectivity challenges and opportunities in the health and education sectors. We are proud to have the support of our stellar line up of sponsors, exhibitors and event partners, including Africa CDC, Africa Union, Huawei, inABLE, MTN, the Republic of Rwanda, Smart Africa, and ZTE.

 

Register today to attend MWC Kigali, 29-31 October 2024

 

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About GSMA

The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change. Our vision is to unlock the full power of connectivity so that people, industry, and society thrive. Representing mobile operators and organisations across the mobile ecosystem and adjacent industries, the GSMA delivers for its members across three broad pillars: Connectivity for Good, Industry Services and Solutions, and Outreach. This activity includes advancing policy, tackling today’s biggest societal challenges, underpinning the technology and interoperability that make mobile work, and providing the world’s largest platform to convene the mobile ecosystem at the MWC and M360 series of events.

We invite you to find out more at gsma.com

 

 

 

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Bloomberg is thrilled to announce the launch of the inaugural Africa Startups to Watch List.

Two decades ago, an African company transformed mobile money, enabling millions to access banking without a solid financial infrastructure. Today, Africa still faces significant challenges – like providing electricity to 600 million people, tackling climate change, and increasing agricultural productivity.

However, the continent’s startups are now leveraging cutting-edge technologies, including generative artificial intelligence, to address these issues and improve the lives of its youthful population.

Bloomberg has announced that, for the first time, it is on the lookout for the most innovative founders and ideas from across Africa.

If your startup aims to solve critical challenges, boasts a unique concept that has impressed investors and customers, and is privately held, they want to hear from you!

 

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Application Details:

What to Submit:If your startup is designed to address Africa’s challenges, features a unique idea that has attracted investors and customers, and is privately held, we invite you to apply!Tell us how your product is performing and share details about any external funding you’ve secured.

 

Deadline: Submit your application by November 8.

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The selected startups will be unveiled in the first quarter of 2025, with profiles featured on Bloomberg TV and its other platforms.

 

This is your chance to shine!

 

Bloomberg is seeking thorough qualitative information that highlights:

Your business model

Customer demand, and

What makes your product stand out

Remember, specific claims will always resonate more than generic statements.

 

Ready to showcase your startup? [Apply Here!]

 

 

 

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Stablecoins now account for approximately 43% of the total cryptocurrency transaction volume in sub-Saharan Africa, says the latest 2024 Geography of Cryptocurrency Report by Chainalysis.

A major driver of stablecoin adoption in Africa is the foreign exchange (FX) crisis gripping many countries.

 

“About 70% of African countries are facing an FX shortage, and businesses are struggling to get access to the dollars they need to operate,” said Chris Maurice, CEO of YellowCard.

 

In countries like Nigeria, where the local currency, the naira (NGN), has seen significant devaluation, stablecoins provide a much-needed alternative.

“The banks don’t have dollars, the government doesn’t have dollars, and even if they did, they wouldn’t give them to you,” Maurice noted.

Small to medium-sized stablecoin inflows, which we measure under $1 million, tend to align with the Naira’s depreciating value, as we see below.

According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a 180% year-over-year (YoY) growth.

Recall that Ethiopia’s local currency, the Birr (ETB), depreciated by 30% in July 2024 following the government’s decision to relax currency controls.

REGULATION | Ethiopia Floats Exchange Rate in a Significant Policy Shift as it Intensifies Reforms Towards a Free Market Economy

According to a separate statement by Prime Minister of #Ethiopia, Abiy Ahmed, the new exchange rate system aims to align the Ethiopian currency… pic.twitter.com/q7i8aBqSzH

— BitKE (@BitcoinKE) July 29, 2024

This devaluation is expected to drive increased interest in stablecoins.

Stablecoins have become indispensable to companies involved in international trade, says Chainalysis.

Stablecoins are enabling transactions that would otherwise be delayed by currency shortages, benefiting both small-scale importers purchasing goods abroad and large multinational corporations importing raw materials from Europe.

 

“Stablecoins are a proxy for the dollar,” Maurice said.

“If you can get into USDT or USDC, you can easily swap that into hard dollars elsewhere.”

 

Nigeria has emerged as a global leader in crypto adoption, ranking second overall on the Chainalysis 2024 Global Adoption Index, the country received approximately $59 billion in cryptocurrency value between July 2023 and June 2024.

Similar to Ethiopia, Ghana, and South Africa, stablecoins are also a major part of Nigeria’s crypto economy, accounting for approximately 40% of all stablecoin inflows in the region – by far the highest in all of Sub-Saharan Africa.

 

“Cross-border remittances are a major use case for stablecoins in Nigeria,” said Moyo Sodipo, COO and Co-Founder of Nigerian exchange, Busha.

“It’s much faster and more affordable.”

Alongside the growing importance of stablecoins, DeFi is having a significant surge in Nigeria, mirroring the larger trend of Sub-Saharan Africa leading the world in DeFi adoption. Nigeria is at the forefront of this movement, with DeFi services receiving over $30 billion in value in 2023.

REPORT | #Nigeria Ranked 2nd Globally in #DeFi and the Only African Country in Top 20 by Chainalysis 2024 Crypto Adoption Index

“When we look at year-over-year growth in terms of types of services, we see that DeFi activity increased significantly in Sub-Saharan Africa, Latin… pic.twitter.com/foXhFCjaM1

— BitKE (@BitcoinKE) September 13, 2024

DeFi platforms are providing Nigerians with new opportunities to earn interest, take out loans, and engage in decentralized trading, in addition to the traditional financial systems.

 

“DeFi is a key area of growth, as users explore ways to maximize returns and access financial services that might otherwise be unavailable to them,” said Sodipo.

 

 

 

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Morocco has unveiled an ambitious plan to transform its economy and society through its Digital 2030 strategy.

This initiative aims to create 240,000 jobs in the digital sector by 2030, contributing an impressive 100 billion dirhams (approximately $10.36 billion) to the nation’s GDP.

The strategy also sets a goal of launching 3,000 startups in the digital economy, with a focus on cutting-edge technologies such as:

Artificial intelligence (AI)

Distributed ledger technology (DLT), and

Cloud services

By enhancing its digital infrastructure, Morocco aims to significantly boost its economy and improve the quality of life for its citizens.

One of the primary objectives of the Digital 2030 strategy is to elevate Morocco’s position in the United Nations Online Services Index, moving from 100th to 50th place globally. In addition, the plan includes expanding 5G coverage to 70% of the country and ensuring that more Moroccans can access high-speed internet.

The Minister of Digital Transition, Ghita Mezzour, emphasized the strategy’s role in fostering economic growth and enhancing public services. She highlighted the importance of streamlining and digitizing services to support sustainable development and fully integrate digital technologies into everyday life.

The Moroccan government is backing this ambitious plan with over $1.1 billion in funding. This investment will support the development of fabrication laboratories (FAB labs) and prototyping centers, as well as attract major global tech companies to the region.

In collaboration with various stakeholders – from public institutions to private sector players – the government aims to create a unified digital portal that standardizes administrative procedures with the Moroccan Agency for Digital Development (ADD) playing a pivotal role in driving the digitalization of public services.

In recent developments, the Binance Academy and Blockchain Centre have introduced a blockchain engineering course at a university in Casablanca, aiming to educate over one million students globally by 2026. Additionally, the Moroccan startup, Tookeez, which focuses on enhancing customer loyalty through blockchain technology, recently secured $1.5 million in funding.

At the launch event for the Digital 2030 strategy, Kamal Youssefi, President of the Hashgraph Association, expressed his enthusiasm for the initiative. The association aims to support Morocco’s digitization efforts by leveraging Hedera’s DLT technology. They have already formed strategic partnerships to enhance citizen services and foster innovation in entrepreneurship across Morocco and Africa.

Starting in October 2023, as reported by BitKE, Hashgraph and Tunisia’s Dar blockchain held 4 hackathons, part of a broader strategy that includes community-building activities and a sourcing phase for an upcoming incubation program tailored for the North African community.

NORTH AFRICA | Tunisia’s Dar Blockchain Announces Partnership with HashGraph Association to Develop MENA Web3 Ecosystem

Starting in October 2023, Hashgraph and Dar blockchain will hold 4 hackathons, part of a broader strategy that includes community-building activities and a… pic.twitter.com/hynE968ByO

— BitKE (@BitcoinKE) October 2, 2023

At the time, Kamal said:

“The Hashgraph Association’s partnership with Dar Blockchain will accelerate the mass adoption of DLT in the MENA region. With the favorable outlook on crypto in the region, we wish to support this growth and ensure its continued upward momentum. It is a result of this openness to Web3 that we are partnering with Dar Blockchain and committing to advance the MENA Web3 industry.”

 

 

 

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Kenyan wealth-tech startup, Ndovu, has officially launched its new Money Market Fund (MMF), called the Ndovu Fund, aimed at providing accessible and diverse investment options for everyone.

This launch is part of Ndovu’s mission to make wealth creation easier for all Kenyans.

The Ndovu Fund has received approval from the Capital Markets Authority (CMA) and allows investments starting from less than $4 (KES 500). The fund focuses on providing flexibility, stability, and low risk, all while offering competitive returns.

Interestingly, Ndovu lists ‘Kings of Blockchain’ as one of its investment funds which reportedly achieved an impressive return of over 98% in just 12 months as of December 2023.

The Ndovu Fund will invest in a mix of high-quality short-term securities, including Treasury Bills, Treasury Bonds, and top-rated commercial paper. This approach helps investors earn good yields while keeping their money liquid.

 

During the launch event, Radhika Bhachu, CEO and Co-founder of Ndovu Wealth Limited, shared her vision:

“We are fostering a culture of saving and investing in Kenya. With this fund, we’re empowering Kenyans to take control of their financial future by providing a platform to start investing, diversify their portfolios, and reach their long-term goals—all while earning competitive returns.

As we make investment opportunities more accessible, our goal is to help Kenyans grow their wealth, both locally and globally, in a safe and straightforward way.”

 

Ndovu joins a market of over 50 approved investment schemes in Kenya with over 224 funds as of June 2024. MMF is the most popular class of collective investments in Kenya, accounting for 67.4% of assets under management in H1 2024 totalling to $1.3 billion.

 

 

 

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Diaspora remittances by Kenyans hit $427.2 million in August 2024, the highest monthly value sent by Kenyans abroad in history according to a weekly bulletin produced by the Central Bank of Kenya (CBK).

The $427.2 million dwarfs the $354.3 million recorded in August 2023, and is 3.1% higher than the $414.3 million sent by Kenyans in July 2024.

The increase was primarily driven by higher remittances from the United States and Australia, despite declines from Europe, Asia, and Africa.

The United States continues to be the leading source of remittances to Kenya, contributing 56% as of August 2024, followed by the United Kingdom.

However, since March 2024, Saudi Arabia has overtaken the UK as the second-largest source and has maintained that spot.

REMITTANCES | Saudi Arabia Surpasses the UK as a Second Largest Source of Diaspora Remittances to Kenya in H1 2024

According to CBK’s weekly bulletin, the U.S. remains the largest source of these remittances, contributing 52% of the total in July 2024.… pic.twitter.com/w4rQc4O03e

— BitKE (@BitcoinKE) September 5, 2024

Among African countries:

Tanzania leads as the top source of remittances to Kenya, contributing US$5.4 million, followed by

Uganda with $4 million and

South Africa with $2.7 million

The consistent growth in remittances in 2024 is a boost to the Kenya Shilling (KES) and continues to hold the currency stable.

 

“The remittance inflows continue to support the current account and the foreign exchange market,” CBK noted in the weekly bulletin.

 

Since 2015, remittances from the diaspora have been the largest source of foreign inflows into Kenya, surpassing tourism, foreign direct investments, and major agricultural exports like horticulture and tea.

Meanwhile, the Kenya Shilling remained stable against major international and regional currencies during the week ending September 19 2024. It exchanged at KES 129.20 per U.S. Dollar on September 19 2024, compared to KES 129.18 per U.S. Dollar, a week earlier, the bulletin said.

The country’s foreign exchange reserves remained stood at $7.86 billion as of September 19 2024 which is equivalent to 4.1 months of import cover.

 

 

 

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Mauritius has been ranked highest among African countries Global Innovation Index (GII) 2024 by the World Intellectual Property Organization (WIPO).

According to the 2024 GGI index, in Sub-Saharan Africa, only Mauritius (55th) ranks among the top 60 most innovative countries of the world.

 

African economies ranked in the top 100 globally include:

Mauritius (55)

South Africa (69)

Botswana (87)

Cabo Verde (90)

Senegal (92)

Kenya (96)

Eight of the region’s economies moved up the GII ranking, including:

Mauritius

Cabo Verde

Senegal

Kenya

Zambia (116th)

Benin (119th)

Mauritania (126th) and

Burundi (127th)

Burundi, Madagascar (110th), Rwanda (104th), Senegal and South Africa are also innovation overperformers this year, with Rwanda’s period of overperformance lasting longest at 12 years.

Kenya gains four places and consolidates its place in the top 100. It performs well in:

Venture capital recipients (13th)

Utility models (15th)

ICT services exports (17th), and

Labor productivity growth (29th)

the report said.

Mauritius, which also leads Africa in the number of Bitcoin millionaires, ranks highest in the region in:

Institutions (33rd)

Human capital and research (69th), and

Market sophistication (24th)

It leads worldwide in venture capital received (1st) and ranks 2nd in venture capital investors.

REPORT | #Mauritius is the Only African Nation in the Top 20 Ranking of Countries with the Most Bitcoin Millionaires, Reveals 2024 Crypto Wealth Report

This strategic approach, combined with Mauritius’s attractive tax policies, is contributing to its emerging role in Africa’s… pic.twitter.com/1ZUoeBuePH

— BitKE (@BitcoinKE) September 24, 2024

Here are more stats from the report:

Cabo Verde leads the region in Infrastructure (34th), ranking 1st in Gross capital formation

South Africa tops the region in Business sophistication (57th) and performs well in ICT services imports (18th) and Global brand value (24th)

Senegal leads the region in Knowledge and technology outputs (62nd). It also performs well in Gross capital formation (4th), Unicorn valuation (7th), Loans from microfinance institutions (9th), FDI net inflows (12th) and Venture capital received (22nd)

Finally, Madagascar heads the region in Creative outputs (57th), performing well in Industrial designs (14th) and Trademarks (21st), both of which show improvement in 2024

Globally Switzerland, Sweden, the United States, Singapore, and the United Kingdom lead the GII 2024; China reached the 11th position and remains the only middle-income economy in the GII top 30

China, Türkiye, India, Vietnam, the Philippines, Indonesia, the Islamic Republic of Iran and Morocco are the middle-income economies that have climbed the fastest in the GII ranking since 2013

In the last five years, Indonesia, Mauritius (55th), Saudi Arabia, Qatar, Brazil and Pakistan (91st) have climbed most in the GII, in terms of rank progression.

Top 20 most innovative countries:

Switzerland (Number 1 in 2023)

Sweden (2)

United States of America (3)

Singapore (5)

United Kingdom (4)

Republic of Korea (10)

Finland (6)

Netherlands (Kingdom of the) (7)

Germany (8)

Denmark (9)

China (12)

France (11)

Japan (13)

Canada (15)

Israel (14)

Estonia (16)

Austria (18)

Hong Kong, China (17)

Ireland (22)

Luxembourg (21)

The report also shows a softening in venture capital activity, R&D funding, and other investment indicators between 2020 – 2023.

Africa experienced the steepest decline in VC deals seen at the regional level in 2023, dropping 37 by around 25 percent from 471 to 349. Africa was followed by the Asia-Pacific region, which saw an almost 20 percent decrease, from approximately 9,600 deals down to 7,700.

 

 

 

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The Bank of Tanzania is exploring the use of artificial intelligence to forecast inflation and enhance monetary policy, Governor Emmanuel Tutuba said.

Tutuba was addressing the 46th annual meeting of the Association of African Central Banks (AACB) held in Mauritius where he emphasized the critical role that big data and artificial intelligence (AI) can play in monetary policy decision-making.

 

“Big data analytics and artificial intelligence are particularly suitable where the monetary policy framework relies on the central bank rate, due to their capability to forecast inflation effectively,” Mr Tutuba said at AACB meeting held early in September 2024.

 

The theme of the AGM centered on utilizing artificial intelligence and analytics technologies to tackle inflation, with discussions emphasizing their ability to accurately predict economic indicators.

During the talks on the advantages and difficulties of employing these technologies, Governor Tutuba urged central banks to adopt a cautious approach.

 

“We must use these technologies carefully to avoid potential harms associated with the accuracy of the relevant data,” BoT governor said.

 

Also at the event, the African Union’s commissioner for Trade and Industry African Monetary, Albert Mudenda Muchanga, mentioned the high inflation levels across the continent.

According to Muchanga, authorities have the supreme duty to bring down the levels of inflation across Africa, which are currently in the range of single-digit to three-digit levels across Africa, the highest being 157.9%.

For instance, the annual inflation rate in Tanzania ticked up to 3.1% in August 2024, from 3% in the previous month. Main upward pressure came from prices of miscellaneous goods & services (5.6% vs 5.9% in July), housing & utilities (5.3% vs 6.8%), according to Trading Economics.

Central banks are adopting AI and big data analytics to enhance real-time monitoring of economic indicators, improve detection of financial stability risks, and automate certain operations. Economist and investment banker, Dr. Hildebrand Shayo, pointed out that these technologies can offer regulators timely insights to aid in decision-making.

Despite the potential advantages, concerns were expressed regarding the significant costs of implementing the required systems and the complexities arising from multiple data sources.

Furthermore, risks such as data privacy threats, biases in AI systems, and cybersecurity vulnerabilities were also highlighted.

 

 

______________

About Association of African Central Banks

The idea of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia.

In this regard, African Heads of State and Government unanimously agreed to set up a preparatory Economic Committee to study a large range of monetary and financial issues, in collaboration with Governments and in consultation with the Economic Commission for Africa (ECA).

 

 

 

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The Bank of Tanzania is exploring the use of artificial intelligence to forecast inflation and enhance monetary policy, Governor Emmanuel Tutuba said.

Tutuba was addressing the 46th annual meeting of the Association of African Central Banks (AACB) held in Mauritius where he emphasized the critical role that big data and artificial intelligence (AI) can play in monetary policy decision-making.

 

“Big data analytics and artificial intelligence are particularly suitable where the monetary policy framework relies on the central bank rate, due to their capability to forecast inflation effectively,” Mr Tutuba said at AACB meeting held early in September 2024.

 

The theme of the AGM centered on utilizing artificial intelligence and analytics technologies to tackle inflation, with discussions emphasizing their ability to accurately predict economic indicators.

During the talks on the advantages and difficulties of employing these technologies, Governor Tutuba urged central banks to adopt a cautious approach.

 

“We must use these technologies carefully to avoid potential harms associated with the accuracy of the relevant data,” BoT governor said.

 

Also at the event, the African Union’s commissioner for Trade and Industry African Monetary, Albert Mudenda Muchanga, mentioned the high inflation levels across the continent.

According to Muchanga, authorities have the supreme duty to bring down the levels of inflation across Africa, which are currently in the range of single-digit to three-digit levels across Africa, the highest being 157.9%.

For instance, the annual inflation rate in Tanzania ticked up to 3.1% in August 2024, from 3% in the previous month. Main upward pressure came from prices of miscellaneous goods & services (5.6% vs 5.9% in July), housing & utilities (5.3% vs 6.8%), according to Trading Economics.

Central banks are adopting AI and big data analytics to enhance real-time monitoring of economic indicators, improve detection of financial stability risks, and automate certain operations. Economist and investment banker, Dr. Hildebrand Shayo, pointed out that these technologies can offer regulators timely insights to aid in decision-making.

Despite the potential advantages, concerns were expressed regarding the significant costs of implementing the required systems and the complexities arising from multiple data sources.

Furthermore, risks such as data privacy threats, biases in AI systems, and cybersecurity vulnerabilities were also highlighted.

 

 

______________

About Association of African Central Banks

The idea of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia.

In this regard, African Heads of State and Government unanimously agreed to set up a preparatory Economic Committee to study a large range of monetary and financial issues, in collaboration with Governments and in consultation with the Economic Commission for Africa (ECA).

 

 

 

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Peaq, the layer-1 blockchain for DePIN and Machine RWAs (real-world assets), announces the expansion of its ecosystem as PickSpot joins to decentralize last-mile logistics in Africa.

In a press release shared with BitKE, PickSpot said it is building a DePIN of smart parcel lockers that people and businesses can set up at high-footfall locations. Through these smart parcel lockers, people in the area can receive and send parcels with ease and convenience, which earns rewards for Pickspot agents — the owners of the parcel lockers.

The project will tap Peaq’s Modular DePIN Functions to:

Build its backend

Deploy its key smart contracts on the home of DePIN, and

Mint its token on the network

Africa’s rapidly growing economies are transforming it into a critical economic hub in the 21st century. This expansion is driving a surge in demand for logistics solutions, especially local deliveries that enable both small and large-scale commerce. The continent’s e-commerce sector is projected to reach $46.1 billion by 2025, further amplifying the need for efficient logistics. Africa’s last-mile delivery market is expected to grow to nearly $3 billion by 2032.

USE CASES | From Ride-Sharing to Sharing WiFi Hotspots – A look At Decentralized Physical Infrastructure Networks in Africa

In DePIN networks, individuals engage by utilizing either their personal hardware or specialized hardware tailored for the network. This can encompass a… pic.twitter.com/8mEcJaqoHL

— BitKE (@BitcoinKE) April 2, 2024

However, despite this promising growth, challenges such as limited infrastructure continue to hinder both the e-commerce and the wider logistics sectors.

PickSpot takes aim at this exact challenge, building a network of community-owned smart parcel lockers working as a crucial part of the larger logistical ecosystem, powering last-mile delivery wherever the community needs it. By setting up a smart parcel locker and minting it as an NFT in any high-footfall location, from a mall to a residential building, anyone can start earning rewards in crypto — as well as 50% of all the fees the machine is collecting. The smart parcel lockers will enable local residents to conveniently receive and send parcels, reducing unsuccessful delivery attempts by couriers. This will stimulate eCommerce in the area and expand the reach of local businesses.

PickSpot also supports P2P parcel exchange functions, making it uniquely adapted to support Africa’s vast local informal trade networks. 

The project is integrating Peaq as its layer-1 blockchain, leveraging Peaq IDs as the identity management on the system; later on, Pickspot will also use Peaq access to set up role-based access controls on the network. Pickspot will build a dApp for onboarding new lockers and agents and create smart contracts for minting lockbox NFTs. It will set up its rewards mechanism on Peaq and mint its token on the home of DePIN. Before the launch on Peaq mainnet, the project will test its DePIN on Peaq’s test network agung and canary chain krest.

 

“The DePIN model puts the community at the heart of the logistics industry, making sure that the supporting infrastructure comes online wherever it is needed,” says Knaan Warsame, Co-Founder and CEO of Pickspot.

“This is the perfect basis for building efficient systems evolving in line with the local growth and demand. PickSpot embodies this model, empowering local residents and businesses to connect  on a community-run Web3 network, and Peaq, with its flexible Modular DePIN Functions and a vast and flourishing ecosystem, is the perfect home for this project.”

 

“Logistics is a crucial backbone for growth and economic development, the ultimate enabler of business processes,” says Leonard Dorlöchter, Co-Founder of peaq.

“Peaq is the same for DePINs – a trusted and versatile backbone where they can build and grow at the speed of lightning. We’re excited to see PickSpot leverage Peaq for its DepIN creating tangible value and opportunities for real-world communities and look forward to its growth.”

 

__________

About peaq 

Peaq is leading a global infrastructure revolution, empowering people to own and earn from mobility, energy, connectivity, environment, agriculture, and digital infrastructure. peaq is a layer-1 blockchain designed to be the go-to backbone for DePINs (real-world apps).

It is home to more than 45 applications in 20 industries and to the 1,000,000+ devices, vehicles, machines, and robots (Machine RWAs) that run on them. peaq serves as permissionless, borderless digital infrastructure for increasingly intelligent machines to serve all of humanity – the 100%, not just the 1% – democratizing abundance in the Age of AI and job automation.

 

 

About Pickspot

PickSpot is revolutionizing the way people and businesses in Africa manage last-mile delivery and parcel storage across urban and rural environments. As a decentralized network of smart lockers, Pickspot empowers agents, couriers, and communities to securely store, send, and receive parcels with ease.

Built on blockchain technology, PickSpot enables peer-to-peer transactions and provides affordable access to e-commerce delivery solutions, fostering a more inclusive economy across the continent. By combining innovative locker infrastructure with cutting-edge software, PickSpot is creating a seamless experience that prioritizes convenience, security, and accessibility for all.

 

 

 

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Ivorian fintech, Daba Finance, was crowned grand winner of the 2024 Ecobank Fintech Challenge Winner, taking home $50,000, Ecobank said.

 

“Winning this challenge propels our mission to make investing and wealth building opportunities available for all. With Ecobank as our partner, we are accelerating the journey to making our innovation accessible to millions and bringing financial empowerment to the continent,” said BOUM III JR, CEO of Daba Finance.

 

Melanin Kapital from Kenya took second place, winning $10,000, and

Guinean’s fintech YMO secured third place with $5,000.

For the first time, the general public was given the opportunity to vote for their preferred fintech, and MiaPay from Togo won the ‘Public Choice Award’ for this year’s edition.

LIST | Out of 12 Finalists Unveiled for the 2024 Africa Ecobank Fintech Accelerator Challenge, One is a Decentralized Ledger Product from Rwanda

The 2024 finalists were selected from 40 semi-finalists out of more than 1,550 who applied from 70 countries. 556 startups with the… pic.twitter.com/qPQVPlHtHu

— BitKE (@BitcoinKE) August 16, 2024

The winners emerged from 12 finalists who competed to impress a panel of five judges for the $50,000 prize. The judges, comprised of renowned industry experts, evaluated the finalists based on criteria such as:

Innovation

Market potential

Scalability, and

Team strength

The 12 finalists were carefully selected from a record 1,550 Fintech Challenge 2024 entrants from 70 countries.

All the finalists were enrolled into the prestigious Ecobank Fintech Fellowship programme, which provides them with valuable exposure to investors and industry leaders, access to Ecobank’s Banking Sandbox to test and develop their innovative solutions, with the possibility of scaling across the bank’s large pan-African footprint.

 

“I am hugely impressed by the quality of the pitch of our twelve finalists, and I want to congratulate Daba Finance for making it to the top of the podium.

I look forward to seeing how our collaboration will help them grow and scale,” said Jeremy Awori, Group CEO of Ecobank.

 

Besides Ecobank, the competition included a host of  judges, sponsors, and partners below:

Konfidants

Proparco

Huawei

Asky Airlines

TechCabal

BlueSpace

Afrilabs

Africa Fintech Network

MEST Africa

Naija Startups

Expand in Africa, and

Founders Africa

Asky Airlines donated round-trip tickets to the winners.

Below were the 12 top finalists in the 2024 Africa Fintech Challenge:

BuuPass (Kenya) – BuuPass is a platform that digitises inter-city transport and allows users to compare, book, and pay for bus, train, and flight tickets. Founded by Sonia Kabra and Wyclife Omondi

MiaPay (Togo) – MiaPay enables African merchants to collect digital payments, including mobile money and visa cards, in-store through a single mobile app. Founded by Tav Denkey Jr

EasyEquities (South Africa) – EasyEquities is a low-cost investment platform. The fintech company lets users buy and sell local or international shares from an app. Founded by Charles Savage

PaySika (Cameroon) – PaySika is a neo-microfinance bank that enables users to obtain virtual and physical visa cards, which they can load via mobile money or a bank account. Users can also receive salaries, pay bills, and shop internationally via one mobile app. Founded by Roger Ntafam, Khalil Jamai, and Stezen Bisselou-Nzengue

SawPort Video Banking (Nigeria) – SawPort transforms physical bank branches into virtual branches and enables financial institutions to enhance the banking experience for their customers. Founded by Charlres Oligbo

Exuus (Rwanda) – SAVE by Exuus helps unbanked Africans manage micro-savings, access micro-loans, and engage in micro-insurance within informal social savings groups. Founded by Shema Steve

Daba Finance (Côte d’Ivoire) – Daba Finance is a multi-asset investment platform that allows investments in stocks, bonds, exchange-traded funds, savings products, and Venture Capital. Founded by Boum III JR and Anthony Miclet

Proboutik (Senegal) – Proboutik is transforming the way informal businesses manage financing by digitising transactions, cash management, debt tracking, and more. Founded by Thierno Sakho and Abdoulaye Faye

Melanin Kapital Neobank (Kenya) – Melanin Kapital creates financial access for small African businesses through climate action and carbon credits. Founded by Mélanie Keïta and Ian Minjire Kibira

YMO Africa (Guinea) – YMO Africa is enhancing financial inclusion with its cutting-edge multi-service wallet and unique instant payment system. Founded by Barry Abdoulaye

VaultPay (Democratic Republic of the Congo) – VaultPay is transforming finance in the DRC with a visa-powered digital wallet

Sproutly (Nigeria) –  Sproutly is financial management tool for African schools which offers invoice creation, payment tracking, loan access, and financial insights. They also provide families with various payment options and tuition credits. Founded by Pierre Nwoke, Maxwell Agu, and Prince Akachi

 

 

 

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The Bank of Ghana has introduced a gold coin to help it manage money-market liquidity while boosting domestic savings.

According to Bank of Ghana Governor, Ernest Addison, the coin, which has been refined to 99.99% purity is issued and guaranteed by the central bank. The coin comes in three sizes of one, half and a quarter ounce coin, he said.

 

“The Ghana gold coin enables the Bank of Ghana to mop up excess liquidity in the banking sector and will supplement the bank’s bills for liquidity management,” Addison said.

“It gives those resident in Ghana an additional avenue to invest to reap the benefits of the Bank of Ghana’s domestic gold purchase program.”

 

The introduction of these gold coins is also expected to reduce pressure on the local currency, providing a viable investment option for individuals who typically purchase and hoard foreign currencies like the dollar.

 

“If you’re not buying dollars, treasury bills, or bonds, we’re giving you the opportunity through the domestic gold purchasing program to buy gold.

This is what we are launching as the Ghana Gold Coin.”

– Governor of the Bank of Ghana

 

The coins will be available within the next two weeks through commercial banks, purchaseable in Cedis and priced according to the London Bullion Market Association auction price, he said. He also noted that the gold adheres to the central bank’s responsible sourcing guidelines.

Since launching a domestic gold purchase program in June 2021, the central bank has acquired 65.4 tons of gold, valued at approximately $5 billion, to boost foreign reserves and expand its gold holdings. Additionally, the bank has implemented a ‘gold for oil’ program, Addison stated last month.

Ghana, Africa’s largest producer of gold, and the sixth largest in the world will also be looking to follow in the footsteps of Zimbabwe by adopting a new exchange rate regime that ties the value of the Cedi currency to gold, according to Vice President, Mahamudu Bawumia.

POLITICS | POLITICS | Ghana to Anchor The #Cedi to Gold, Proposes Vice President Bawumia

Anchoring a currency to gold means that the value of the currency is directly tied to a specific amount of gold.

This concept is known as the gold standard.https://t.co/zI6wacqIB1… pic.twitter.com/vNnrmmrx45

— BitKE (@BitcoinKE) August 20, 2024

Zimbabwe overhauled its currency regime in April 2024, adopting a gold-backed unit, ZiG, to replace its defunct local dollar. That was after the depreciation of the Zimbabwean dollar to the U.S. currency reached 80% this year [2024], having lost value every single trading day.

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

— Jack Straw (@JackStr42679640) April 8, 2024

But the Southern African nation recently devalued its gold-backed currency by 43% following an increase in demand for foreign currency.

INFLATION | Zimbabwe Devalues the ZiG Local Currency in Response to Rising Demand for Dollars

Monthly inflation accelerated to 5.8% in September 2024, up from 1.4% in August 2024.https://t.co/Hy1xbI3iX9 $ZiG #Zimbabwe #Inflation #Africa pic.twitter.com/GYlcZJA8SN

— BitKE (@BitcoinKE) September 30, 2024

 

 

 

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Timbuktoo’s Greentech Hub has issued a callout for African entrepreneurs with a business solution or innovation to transform green and climate sector in Africa.

Under the flagship of the Timbuktoo Greentech hub, the Energy Accelerator Programme will focus on renewable energy technologies that can provide sustainable, accessible, and decentralized solutions, reducing dependence on fossil fuels and improving energy security for communities across Africa.

Timbuktoo, which has pledged to invest $1 billion in African startups aims to foster startups developing groundbreaking solutions in renewable energy generation, storage, access, energy efficiency tailored to African needs to address Africa’s pressing challenges and build a more sustainable and prosperous future.

INTRODUCING | Rwanda Pumps $3 Million into Timbuktoo, A New Pan African Hub for Startup Growth by UNDP

According to the UNDP, Timbuktoo’s ambition is to mobilize and invest $1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10… pic.twitter.com/bnMZW2l6eB

— BitKE (@BitcoinKE) January 30, 2024

Growth-stage startups with an emphasis in the following areas are strongly encouraged to apply:

Energy Access Technology: Innovations that expand access to reliable and affordable energy.

Digitalisation: Leveraging digital technologies, Distributed Ledger Technology (DLT), and the Internet of Things (IoT) to optimize energy production, distribution, and consumption.

Energy Efficiency Technology: Technologies that improve energy usage efficiency in various sectors.

Low Carbon & Capture Technology: Innovations that reduce carbon emissions and enhance carbon capture.

Innovative Business Models: New business approaches that drive the adoption of clean energy solutions.

Smart Grid: Solutions that enhance grid management, stability, and integration of renewable energy sources.

Energy Storage: Technologies that improve the storage and distribution of energy, particularly from intermittent renewable sources.

Clean/Renewable Energy: Advancements in the generation of clean and renewable energy.

Sustainable Mobility: Innovations in transportation that reduce carbon emissions and promote sustainability.

Energy Management: Tools and systems that enhance the management of energy resources, improving efficiency and sustainability.

Your startup should demonstrate a clear and sustainable growth strategy, showcasing a path to long-term financial viability.

The applications are limited to startups that have a technology-enabled solution, and are required to align with and contribute towards one or more of the United Nations Sustainable Development Goals (UN SDGs).

Moreover, the applicants are required to demonstrate a highly-scalable, defensible solution.

Eligibility

Ground-breaking founders and innovators across Africa who are already building startups that meet the following criteria are encouraged to apply:

Startups with founders who are nationals of an African Country

Startups must be legally registered and operating within Africa

Startups must have been in operation for a minimum of three years

Startups must address development challenges

Must be a technology-enabled solution

Startups must have a Minimum Viable Solution (MVS) (regulated and licensed if necessary)

Startups should have existing corporate governance systems and accountability

The application is also limited to citizens of the African Union Member States.

The most viable and high impact startups selected from the programme will receive long-term wrap around support for a period of 6 months. The acceleration programme experience will be tailored to include needs-based technical assistance, coaching, product refinement, and scaling support will be provided to startups.

Additionally, partnerships will be facilitated to spur product iterations, market access, and capital raising for the startups.

 

Click here to apply for the program,

 

NB: Applications open from  September 24 2024  with the deadline on 20th October 20 2024 midnight EAT.

 

 

 

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Zimbabwe has raised interest rates and devalued its gold-backed currency by 43% following an increase in demand for foreign currency.

In a statement released on September 29 2024, the Reserve Bank of Zimbabwe (RBZ) said it had raised its benchmark policy rate to 35% from 20%. Meanwhile, prices on its website indicated that ZiG, an abbreviation for Zimbabwe Gold, had increased to 24.4 per dollar, up from 14 per dollar earlier in the day.

While the central bank’s monetary policy committee did not explicitly state that it was devaluing the ZiG, Governor John Mushayavanhu indicated that the bank was implementing several measures to curb inflation, including permitting ‘greater exchange rate flexibility’ to address the rising demand for foreign currency in the country.

According to BBC, there has been an increase in demand for the U.S. dollar, which is also legal tender and large retailers warned of store closures if the ZiG rate remained fixed at the previous level.

Monthly inflation accelerated to 5.8% in September 2024, up from 1.4% in August 2024.

The ZiG, supported by Zimbabwe’s gold and foreign currency reserves, was introduced in early April 2024 to replace the Zimbabwean dollar, which had depreciated by approximately 80% since the beginning of the year. It represents Zimbabwe’s sixth attempt in 15 years to establish a stable local currency.

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 pressure on the currency began mounting in August 2024 due to rising food import costs caused by an El Niño-induced drought according to a Bloomberg report, along with declining commodity prices, which reduced dollar earnings from mineral exports.

Despite the challenges, the central bank expressed confidence that its actions would be effective. Among its other measures were:

Increasing reserve requirements on local and foreign currency deposits to 30%, up from 15% and 20%, respectively, and

Reducing the foreign currency withdrawal limit for individuals from $10,000 to $2,000

 

“The MPC is convinced that the above measures will go a long way in addressing the emerging exchange rate risks,” said Governor John Mushayavanhu.

“The MPC will remain vigilant to any emerging risks to ensure continued macroeconomic stability.”

 

 

 

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A crypto airdrop is an activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to to spread awareness about the cryptocurrency project and to encourage more people to participate in it when it becomes available.

Coins or tokens are sent only to specific wallets based on the blockchain network or coins held in existing wallets.

At the time of this writing, 2021 remains the highlight year for airdrops, as 18 out of the top 50 crypto airdrops happened that year, up from only 5 major airdrops in 2020.

2022 and 2023 saw fewer major crypto airdrops, with 14 and 13 crypto airdrops making it into the top 50 rankings respectively, a decrease which can be attributed to the crypto winter bear market.

 

Below we take a look at 10 of the biggest airdrops:

 

1.) Uniswap ($6.43 billion)

Uniswap (UNI) is the biggest crypto airdrop, distributing $6.43 billion worth of $UNI on September 16, 2020, valued at its all-time high (ATH) token price of $42.88.

Uniswap’s airdrop was one of DeFi Summer’s biggest events, reigniting enthusiasm for the crypto airdrop model that was first introduced in 2014, when ‘Iceland’s Bitcoin’ Auroracoin, was airdropped to the country’s citizens.

Since then, hundreds of crypto airdrops followed suit, airdropping tokens to users of their protocols.

 

2.) Apecoin ($3.54 billion)

Apecoin (APE) had the second biggest crypto airdrop, distributing $3.54 billion worth of $APE on March 17, 2022, valued at its ATH token price of $23.63. Apecoin’s airdrop rewards Yuga Labs ecosystem owners with up to 10,950 tokens, worth $258,737.

By claiming and selling the tokens at $23.63, recipients could essentially obtain a free Bored Ape Yacht Club NFT, which had an average floor price around $200,099 leading up to the $APE crypto airdrop.

3.) dYdX ($2 billion)

dYdX (DYDX) is the third biggest crypto airdrop, distributing $2 billion worth of $DYDX on September 8, 2021, valued at its ATH token price of $26.80. That said, the complete $DYDX airdrop value is only unlocked over a span of five years, with portions released incrementally.

Thus, while the initial distribution appears substantial, its full value can only be realized through the extended vesting period.

4.) Arbitrum ($1.97 billion)

Arbitrum (ARB) the biggest crypto airdrop in 2023 comes 4th, distributing $1.97 billion worth of $ARB on March 23, 2023, valued at its ATH token price of $1.69. Notably, Arbitrum’s crypto airdrop is 2.9 times bigger than its closest competitor, Optimism (OP), which distributed $0.67 billion worth of $OP on May 31, 2022.

The Arbitrum ecosystem thrived in anticipation of $ARB crypto airdrop, where its total value locked (TVL) increased by 147.2% from $1.49 billion on January 1, 2023, to its peak of $3.68 billion on May 6, 2023.

5.) Ethereum Naming Service ($1.87 billion)

The ENS Airdrop, which took place following a snapshot on October 31, 2021, was designed to decentralize the network further and boost user engagement by distributing 25% of the total supply to “.ETH” domain holders.

The project distributed $1.87 billion worth of ENS. Eligibility for the ENS Airdrop was uniquely structured around the ownership and registration of “.ETH” domains or names.

Anyone who had an ENS name by October 31 2021 could receive the ENS governance tokens at any point until May 4, 2022, and become a member of the DAO.

6.) Internet Computer Protocol ($1.74 billion)

Internet Computer (ICP) distributed about $1.737 billion tokens to its users in May 2021. The ICP airdrop involved about 50,000 participants, each receiving 2,513 tokens. About 10.50% (49,268,690 tokens) were allocated to the node operators on the blockchain network.

It also targeted active network participants, including those involved in wallet activities, community engagements, or previous testnet participation. The airdrop was structured to provide direct engagement opportunities and a sense of ownership in the project’s development.

7.) Bonk ($1.33 billion)

Bonk (BONK) token comes seventh in the biggest airdrops in the crypto market, distributing about $1.325 billion.

Launched in late 2022, surged to its ATH of $0.000025 in December 2023, swiftly securing a spot in the top 10 of the largest crypto airdrops.

8.) Celestia ($0.73 billion)

Celestia (TIA) is the second biggest crypto airdrop in 2023, distributing $0.73 billion worth of $TIA on October 31, 2023, valued at its ATH token price of $13.99. In contrast to other crypto airdrops, the $TIA crypto airdrop did not include ‘farming’ mechanisms.

Instead, the $TIA crypto airdrop targeted specific beneficiaries: developers and researchers contributing to public goods and essential protocol infrastructure, the most active users on Ethereum rollups, and stakers and IBC relayers associated with Cosmos Hub and Osmosis.

9.) LooksRare ($712 million)

The LooksRare (LOOKS) distributed about $712 million tokens in the crypto market in 2022. Users who traded at least 3 ETH on OpenSea between June 16th, 2021, and December 16th, 2021, were eligible to claim up to 10,000 LOOKS tokens.

10.) 1inch Network ($671 million)

1inch Network (1Inch) distributed about $671 million tokens to its network users in December 2023. The project airdropped an additional pool of 15,055,000 1INCH to Mooniswap, Uniswap, Gnosis, and Argent users.

 

 

 

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The Central Bank of Nigeria says it will begin collecting a 0.005% levy on all electronic transactions conducted by banks and financial institutions.

This was revealed in the bank’s monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published in September 2024.

 

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said.

 

The levy, enacted under the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, applies to all electronic transactions and is intended to fund the National Cybersecurity Fund managed by the Office of the National Security Adviser.

This comes after a proposal earlier in 2024 to introduce the levy at 0.5% was met with resistance from the public.

REGULATION | Central Bank of Nigeria Withdraws Controversial Cybersecurity Levy on Eletronic Transactions – https://t.co/tfeGwzjcWH https://t.co/fAWx5jjwEK pic.twitter.com/tI3fwfJWRV

— CalCISO (@GetCalCISO) May 23, 2024

In a circular dated May 6 2024, addressed to all deposit money banks, mobile money operators, and payment service providers, CBN directed the deduction of the levy to be remitted to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).

Although President Bola Tinubu and the House of Representatives initially opposed the policy, calling for its suspension and review, the CBN has now reintroduced the levy at 100 times less the initial value.

The fee will be applied to all electronic transactions carried out by commercial, merchant, non-interest, and payment service banks, and is pencilled to cover cybersecurity.

However, some transactions are exempt from the levy. These include:

Wage payments

Loan disbursements and repayments

Transfers between accounts within the same bank or across banks for the same client

Intra-bank transfers

Cheque clearing and settlement

Letters of Credit, and

Transactions between banks and the CBN

 

 

 

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