Author: Staff

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Technology

Yuki Joins Blockchain Founders Group Adrenaline Program

Nigerian Web3 fintech company, Yuki, has achieved a significant milestone by securing a spot in the prestigious Blockchain Founders Group Adrenaline Program. This intensive 12-week accelerator, initiated by Nigerian invest-tech and robo-advisory startup, ComiBlock, is specifically designed to facilitate the rapid growth of promising blockchain startups. Yuki’s acceptance into this program opens doors to a wealth of opportunities, including access to a robust network of over 100 esteemed mentors and partners.

Yuki’s innovative platform, launched in November 2022, empowers African fintechs and neobanks by providing them with easy-to-use APIs, enabling the swift creation and implementation of unique crypto solutions. With Yuki, fintech companies can develop services such as remittance solutions, stablecoin payments, and crypto trading services within a week, eliminating the need for intricate coding or concerns about compliance issues like licenses and AML regulations.

During their participation in the Adrenaline Program, Yuki will enjoy a range of benefits, including access to funding of up to €100k, mentorship from experienced blockchain founders, and the opportunity to connect with potential investors and partners. Additionally, Yuki will receive comprehensive support in refining their marketing strategies and product development plans, enhancing their overall business growth prospects.

In an official statement, Yuki expressed their excitement about the program, stating, “Over the next 12 weeks, Yuki will leverage BFG’s vast expert network and resources to refine our offerings for custody solutions, wallet APIs, stablecoin applications, and more. Our goal is to streamline blockchain adoption across the continent. Yuki’s acceptance into the Adrenaline Program is a positive sign for the African blockchain community. It shows that there is growing interest in African blockchain startups from the global blockchain industry.”

This achievement comes on the heels of Yuki’s strategic partnership with Aladdin Digital, a neobank catering to small and medium businesses in Africa. This collaboration aims to revolutionize digital asset usage in the region, allowing Aladdin’s extensive user base of over 75k users, including merchant accounts, to seamlessly access digital assets and participate in the crypto ecosystem. Yuki’s APIs enable Aladdin to integrate self-custodial crypto services within their app, ensuring a straightforward and user-friendly experience for their customers. This partnership underscores Yuki’s commitment to driving the widespread adoption of blockchain technology in Africa, marking a significant step forward for the entire African blockchain community.

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Technology

HealthGo: Transforming Nigerian Healthcare through Innovative Blockchain Solutions

HealthGo Inc., Africa’s leading health-tech solution, is set to revolutionize healthcare accessibility for 10 million Nigerians within the next decade. Leveraging blockchain technology and artificial intelligence, HealthGo connects users with healthcare providers, offering quality, affordable, and rapid medical assistance from the convenience of their homes.

During the launch of the HealthGo App, Mr. DivineGift Soetan, the CEO of HealthGo, outlined the company’s mission to make healthcare services accessible to all Nigerians. He emphasized the strategic partnerships with established diagnostic services, pharmaceutical firms, and medical experts, highlighting their dedication to the cause.

One of HealthGo’s groundbreaking initiatives is the “Kredit by HealthGo” program, aimed at supporting small and medium-sized enterprises (SMEs) in the pharmaceutical sector. This program provides business owners with essential skills, technical expertise, and access to credit funding schemes, empowering at least 10,000 SMEs and pharmacists within the next two years.

Aligned with the United Nations Sustainable Development Goal 3, which focuses on ensuring universal access to healthcare, HealthGo aims to bridge the gap between patients and healthcare providers. By fostering collaborations with relevant organizations, HealthGo strives to achieve universal health coverage, ensuring safe and affordable healthcare services for all.

In an interview with COO Mrs. Olabisi Folorunso, she highlighted the HealthGo partnership program, allowing individuals, businesses, healthcare professionals, and non-healthcare personnel to partner with HealthGo. This inclusive approach is designed to rapidly expand its user base, making healthcare services accessible to a wider audience.

Additionally, HealthGo has implemented targeted strategies to reach young adults efficiently, utilizing various platforms and networks. As a pioneering health-tech solution, HealthGo offers a comprehensive platform encompassing telehealth, e-health education, and e-commerce of healthcare products and services. Their innovative health record system, powered by blockchain technology, ensures secure and seamless communication between patients and healthcare providers, transforming the landscape of healthcare in Nigeria.

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Business

Nigerian Crypto Startup Coinazer Enters Brazilian Market, Serving 5,000 Customers

In April 2022, CEO Achigonye JohnPaul, alongside co-founders Egbuonu Ikenna, Malachi Chidera, and Nnaji Joshua, established Coinazer with a vision to empower individuals and businesses through secure, seamless, and affordable access to cryptocurrencies and blockchain technology.

Coinazer’s user-centric wallet provides individuals with complete control over their digital assets, while also offering a platform for buying, selling, and trading a diverse array of cryptocurrencies. John Paul emphasized that Coinazer is not just a company; it is a transformative force in finance, merging cryptocurrencies, blockchain technology, financial inclusivity, security, and expert support to create a brighter financial future, especially in regions lacking traditional banking services.

The company aspires to a future where everyone, regardless of their location, can confidently participate in the global financial landscape. Coinazer envisions facilitating effortless settlements for remittances, both locally and internationally. Unlike many crypto wallets and exchanges plagued by high fees, transaction failures, and limited accessibility, Coinazer strives to be the antithesis, focusing on reducing fees, enhancing security, and improving accessibility and reliability.

John Paul highlighted Coinazer’s competitive edge, emphasizing its commitment to bridging market gaps and offering a comprehensive solution that merges blockchain technology with financial inclusivity. With the African digital remittance market expanding, Coinazer is strategically positioned to capture a significant share by providing secure, efficient, and cost-effective remittance services. Since its inception, Coinazer has facilitated transactions totaling over US$3.8 million, a testament to the trust placed in its platform by over 5,000 individuals and businesses.

Initially backed by an angel investor, Coinazer is now in the pre-seed phase, with ambitious plans to enhance its offerings. The company’s global footprint recently expanded to Brazil, a pivotal step toward reaching a broader audience. John Paul emphasized strategic partnerships with more than 40 key players in the blockchain and fintech industries, enabling Coinazer to improve its services and collaborate with organizations dedicated to advancing financial inclusivity.

Coinazer’s expansion ambitions extend beyond Nigeria and Brazil; it aspires to be a globally recognized leader in digital remittances and blockchain-based financial services. With a strong foundation built on trust, innovation, and user-centric solutions, Coinazer continues to pave the way for a more accessible and inclusive financial future.

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Business

Crypto Scam Leaves Hundreds Of Central African Republic Investors In Financial Ruin

In a shocking turn of events, a cryptocurrency firm operating in the Central African Republic has allegedly orchestrated a rug pull, leaving countless investors destitute. The firm, known as Clé du Succès (French for “key to success”), has come under scrutiny as its operators mysteriously vanished overnight, absconding with substantial sums of money invested by unsuspecting individuals.

Authorities in the Central African Republic, specifically the Research and Investigation Section (SRI) of the National Gendarmerie, have initiated an investigation into Clé du Succès following reports of the company’s sudden disappearance. Prosecutors have also launched a separate inquiry into the matter, aiming to trace the whereabouts of the elusive operators who seemingly vanished without a trace, leaving behind a trail of financial devastation.

According to official sources, Clé du Succès had registered with the nation’s finance ministry and even obtained a tax identification number, lending an air of legitimacy to their operations. The company managed to attract investments from hundreds of Central African Republic residents. Some investors, driven by promises of significant gains, reportedly entrusted their life savings to the company.

The firm, managed by entrepreneurs from Cameroon and Nigeria, aggressively promoted its services in the capital city, Bangui, and its surrounding areas. Investors were enticed with the prospect of earning a substantial 20% return on their investments. Tragically, the optimism soon turned into despair when rumors of an armed attack near the capital on October 8 led to the sudden disappearance of Clé du Succès’ operators.

Photographs captured disgruntled investors standing outside what appeared to be an abandoned Clé du Succès office on October 11. Reports suggest that the operators made off with several hundred million CFA francs, amounting to over $1.6 million, leaving investors in financial ruin. Among the victims are lawmakers, senior civil servants, traders, and craftspeople, highlighting the diverse range of individuals affected by this fraudulent scheme.

The Central African Republic’s adoption of cryptocurrencies, including Bitcoin, as legal tender less than a year ago raised hopes and expectations. However, the government subsequently repealed this legislation under unclear circumstances. Observers speculate that external pressure from the Economic and Monetary Community of Central Africa, a regional economic union comprising six states, might have influenced this decision.

In the aftermath of this devastating crypto scam, both the affected investors and the wider community find themselves plunged into uncertainty. The incident serves as a stark reminder of the risks associated with the volatile world of cryptocurrencies and the importance of exercising caution and due diligence when investing in such ventures.

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Business

Global Payments Giant Visa Collaborates With VALR

VALR, a prominent cryptocurrency exchange based in South Africa, has recently formed a strategic alliance with global payments giant Visa, marking a significant development in the fintech landscape. This collaboration aims to introduce various digital payment solutions and explore the issuance of physical Visa cards in South Africa.

This partnership comes at a crucial juncture for VALR, headquartered in South Africa, following its approval to provide cryptocurrency services in Europe. The exchange is also in the process of acquiring licenses in key regions such as Dubai, Mauritius, and South Africa. VALR prides itself on being the largest cryptocurrency exchange operating in South Africa, boasting the highest trading volume on the continent. The platform offers innovative services, including VALR Pay, blockchain staking, spot margin trading, and is gearing up to launch a cutting-edge perpetual future product.

Visa, a global leader in digital payments, has embarked on a crypto consulting service and investments in cryptocurrency platforms as part of its broader initiative to drive global digital currency adoption. Lineshree Moodley, General Manager for Visa South Africa, expressed enthusiasm about collaborating with VALR. The partnership aims to issue Visa credentials to VALR customers, enabling them to leverage the Visa network for seamless global payments. Moodley highlighted the vast array of potential use cases and the collaborative effort to offer VALR customers a distinctive value proposition.

While the timeline for the physical Visa cards remains uncertain, this collaboration significantly enhances VALR’s credibility and legitimacy. In an industry where cryptocurrency trading is often viewed as volatile, the association with Visa lends VALR an added layer of trustworthiness. Farzam Ehsani, co-founder, and CEO of VALR, emphasized that partnering with Visa was a natural progression for VALR as they strive to introduce innovative products and services to their customer base. Ehsani expressed excitement about working closely with Visa to deliver cutting-edge technology and services to their global audience, underscoring the mutual enthusiasm driving this collaboration.

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Business

Namibian and Chinese Nationals Apprehended in Cryptocurrency Scam

In a recent operation in Windhoek, Namibia, local law enforcement arrested approximately 50 young Namibians suspected of involvement in an international cryptocurrency investment scam. Reports suggest that these individuals collaborated with the police, assisting in the ongoing investigation that also involves 10 Chinese nationals.

Elias Mutota, Namibian police’s deputy inspector general for operations, disclosed that among the 88 young Namibians involved, 50 were students initially promised marketing jobs. Instead, they fell victim to trafficking in Windhoek. The suspects, foreign nationals, trained these Namibian students to create fake profiles on social media platforms such as Facebook and Instagram. The scammers used these profiles to lure unsuspecting U.S. citizens into their scheme. Initially, the fraudsters built trust with their victims and then introduced them to cryptocurrency investments, promising quick profits. This enticement led the victims to invest more funds.

In a carefully planned sting operation, the police raided six houses in Windhoek’s Auasblick, Kleine Kuppe, and Klein Windhoek neighborhoods. They also searched offices in the Shapumba Towers building in the city. The fraudulent investment scheme they were running is commonly known as a ‘pig butchering’ cryptocurrency scam. This term metaphorically refers to schemes where individuals are deceived, similar to fattening a pig before slaughter.

These fraudsters establish prolonged online relationships with their victims, gradually convincing them to invest in bogus cryptocurrency trading platforms. In reality, the money sent by victims thinking they are investing is redirected to cryptocurrency addresses controlled by the scammers and their collaborators.

A group of 14 individuals, including 10 Chinese nationals, who were apprehended in early October 2023, appeared in the Windhoek Magistrate’s Court facing a total of 203 charges. The charges against them include 98 counts of human trafficking, 98 charges related to using the services of trafficking victims, one count of fraud involving approximately $465,405 (equivalent to around N$9 million), as well as accusations of money laundering, racketeering, and tax evasion.

Magistrate Dawid Mukuyu adjourned the case until February 15, 2024, to allow for further investigations. During this period, the 14 accused individuals will remain in custody.

Categories
Social Good

Driving Equality: Yellow Card’s Investment in Women’s Tech Education

Yellow Card, a prominent pan-African cryptocurrency exchange and financial technology firm has collaborated with the Web3Ladies mentorship program, aiming to empower more than 500 Nigerian women with essential tech and blockchain skills. The partnership, facilitated by a $3,000 grant, falls under Yellow Card’s YC Social Good initiative, a flagship Corporate Social Responsibility effort designed to promote financial freedom and ensure access to tech resources throughout Africa.

The Web3Ladies mentorship program, spanning three months, provides intensive training for skilled designers, engineers, and managers in the blockchain industry. Participants receive vital tools and tech resources crucial for their success in the post-training phase. Yellow Card’s decision to partner with Web3Ladies, a women-centric organization, stems from the urgent need to break down barriers faced by the continent’s young population, particularly women, who aspire to enter the tech industry. In Sub-Saharan Africa, an estimated 230 million jobs will require digital skills by 2030, yet only 30% of women receive STEM training, highlighting a significant gender disparity.

Yellow Card’s YC Social Good initiative aims to bridge this gap by equipping young African talents with the skills necessary to shape the continent’s future. Despite Nigeria’s vibrant entrepreneurial spirit, only 15% of tech startup co-founders are women, and gender inclusivity remains a challenge in the digital landscape. This partnership signifies a tangible effort by Yellow Card to empower more women, believing that such investments will yield positive outcomes for the African economy in the near future.

Nkechi Enebeli, Associate Program Manager for Web3Ladies, praised Yellow Card’s commitment to corporate social responsibility, emphasizing that empowering women in tech is an investment in the future. The partnership signifies more than just financial support; it represents the strength of collaboration and the potential for a more equitable tech ecosystem.

The Web3Ladies mentorship program comprises four phases spanning three months, featuring live classes, weekly workshops, and in-depth sessions on specific blockchain topics delivered by industry experts. The program has over 500 registered mentees, with an intake of more than 200 accepted applicants in the current cohort. After the program concludes, successful graduates will receive work tools such as laptops, inverters, and MiFis to support their continued endeavors.

Since its launch in Nigeria in 2019, Yellow Card has contributed thousands of dollars to various projects and initiatives, both within Nigeria and across the continent. The company’s support extends to organizations such as Generation Empower (GenEm) in Tanzania and the Purple Skills Klinic Foundation in Uganda. As the largest cryptocurrency exchange in Africa, operating in over 17 countries, Yellow Card offers crypto exchange services, easy cross-border payments powered by crypto, and an API suite for companies to facilitate on-and-off ramping processes. In 2022, the company successfully raised $40 million in its Series B fundraising round, bringing its total funds raised to over $50 million, a record in the African cryptocurrency industry.

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Business

Zimbabwe Unveils Groundbreaking Gold-Backed Digital Currency

The Reserve Bank of Zimbabwe (RBZ) has unveiled its groundbreaking initiative, a gold-backed digital token named Zimbabwe Gold (ZiG), designed to serve as a national retail payment method. The central bank has confirmed ZiG’s status as legal tender, making it mandatory for banks and businesses to accept this digital currency. Each ZiG token will be supported by gold reserves, with its value linked to the international gold price. Commercial banks are anticipated to establish dedicated ZiG accounts, similar to conventional currencies within the country.

RBZ Governor John Mangudya emphasized that ZiG’s introduction aims to expand the range of value-preserving instruments in the economy, enhance investment divisibility, and increase public accessibility and usage. Amidst economic challenges and inflation, citizens resorted to the U.S. dollar to safeguard their wealth, leading the RBZ to explore innovative solutions to address these concerns.

To counteract the dollarization trend, the RBZ initiated tests for a gold-backed digital token in April, witnessing significant adoption rates. Encouraged by the positive response, the central bank announced the launch of a retail version, akin to a central bank digital currency (CBDC). This move was perceived as an effective monetary policy tool to stabilize the domestic financial and capital markets swiftly.

However, ZiG has faced scrutiny from skeptics questioning its real-world utility, availability, and the adequacy of gold reserves. The RBZ assured the public that external auditors have been enlisted to validate ZiG’s availability for transactions and wealth preservation, ensuring transparency and credibility.

Across Africa, central banks are actively exploring the potential of central bank digital currencies (CBDCs) to enhance their local economies. While Nigeria pioneered CBDC development with the launch of the e-naira in 2021, low adoption rates have tempered initial enthusiasm among African banking regulators. Kenya’s central bank has initiated public consultations on CBDCs, recognizing the potential benefits of financial inclusion and cross-border payments. Several African nations may introduce digital versions of their national currencies before 2030, leveraging CBDCs to revolutionize their financial landscapes.

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Business

African Bitcoin Community Gears Up for Second Conference, Focusing on Streamlining Cross-Border Payments

The upcoming African Bitcoin Conference, organized by the African Bitcoin Community and scheduled to take place in Ghana from December 1 to 3, 2023, is set to address the persistent challenges faced in cross-border transactions, particularly in regions like Nigeria. During the Developers Connect event in Lagos, Prince Akpa, the programme manager of the African Bitcoin Community, highlighted how these challenges have propelled many Nigerians towards cryptocurrency adoption despite the legal complexities and market volatility.

Akpa emphasized the hurdles faced in cross-border money transfers, especially for Nigerians residing abroad. Traditional methods, such as bank transfers, often result in high fees and exchange rate discrepancies. In contrast, cryptocurrencies, especially Bitcoin, offer a seamless and cost-effective alternative. Akpa illustrated this by explaining that using Bitcoin for transfers simplifies the process, making it easier for individuals to send and receive funds without the hassles associated with traditional banking systems.

Nigeria’s crypto adoption has surged despite regulatory uncertainties. According to a report by Chainalysis, a New York-based blockchain research firm, Nigeria ranks second in the global crypto adoption index. The country witnessed a nine percent year-over-year growth in crypto transactions, reaching a staggering $56.7 billion between July 2022 and June 2023. This growth is attributed to rising inflation and the depreciation of the Nigerian Naira, prompting citizens to explore cryptocurrencies as a hedge against economic uncertainties.

In response to the growing digital asset market, Nigerian regulators published a set of regulations for digital assets in May 2022. These regulations signify the country’s attempt to strike a balance between embracing digital assets and addressing potential risks associated with their usage.

The second edition of the African Bitcoin Conference aims to further the adoption of Bitcoin on the continent. The event will feature a diverse agenda, including Developers Day and the African Bitcoin Fair. Additionally, attendees can expect discussions on the progress made in adoption over the past year, insights into various projects, and presentations from new sponsors, highlighting their contributions to shaping the financial landscape of the African continent. Through these initiatives, the conference endeavors to explore innovative solutions, fostering financial inclusivity and streamlining local and international transactions for people across Africa.

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Technology

Bank of Ghana Hosts Innovative Hackathon to Explore Central Bank Digital Currency Use Cases

The Bank of Ghana (BOG) has recently unveiled an exciting initiative – the Central Bank Digital Currency (CBDC) hackathon – aimed at unleashing the creative potential of fintech startups, developers, and innovators. This groundbreaking event, conducted in partnership with technology firm Emtech, spans a 12-week period, during which participants will collaborate to develop innovative solutions exploring the multifaceted applications of CBDC.

The primary objective of the CBDC hackathon is to address the challenges of financial inclusion through innovative solutions. The BOG is keen on leveraging the collective expertise of the participants to explore real-world applications of the e-cedi, Ghana’s digital currency. As part of the larger e-cedi research project, this hackathon represents a significant step towards embracing emerging technologies, nurturing creativity, and advancing the development of the e-cedi.

The hackathon welcomes individuals and teams passionate about technology to participate. Participants are encouraged to focus on nine key use cases outlined by the BOG. These include the integration of e-cedi in merchant transactions, government payments, and inbound remittances. By encouraging a diverse array of applications, the BOG aims to discover innovative ways in which the digital currency can enhance various aspects of the economy.

At the culmination of the 12-week event, a prestigious conference will be held to recognize and celebrate outstanding solutions. This recognition not only applauds the creative brilliance of the participants but also highlights the tangible impact their innovations can have on the financial landscape of Ghana.

By organizing this hackathon, the BOG is steering the nation towards a future where digital finance plays a central role in fostering financial inclusion, economic growth, and technological advancement. The collaborative spirit of the event reflects Ghana’s commitment to embracing cutting-edge technologies and harnessing them to create a more inclusive and accessible financial ecosystem for all its citizens.

The CBDC hackathon stands as a testament to Ghana’s proactive approach in shaping the future of digital finance, setting a precedent for other nations to follow suit. As the event unfolds, it promises to unveil a myriad of innovative solutions that could potentially revolutionize the way we perceive and engage with digital currencies.