Author: Staff

Categories
Business

Big Win for Algorand Crypto In Nigeria As It Enters New Partnership with Nigerian Government

Since its peak in November 2021, the ALGO cryptocurrency’s stream has been steadily declining. The all-time high of $3 was reached on November 18. However, it appears that Algorand’s situation might improve with its new partnership with the Nigerian Government.

Algorand has entered a three-year agreement with the Nigerian Government to develop a cryptocurrency through a partnership with Koinbanx and Developing Africa Group.

The Developing Africa Group has the ability to create and trade IP rights in their own wallets and Nigerians can then add all types of IP rights for sale using blockchain technology.

Adoption of crypto in Latin America and Africa has increased and this is why Koinbanx, Developing Africa Group, and Algorand have collaborated at such a time.

Today’s Governments need to be different and work towards clear legislation to protect their citizens. This extra-legal protection will reap financial benefits in the future by reducing corruption and encouraging investment. This is why the partnership was established after receiving support from the Nigerian Government.

However, it is also important to note that the Central Bank of Nigeria still emphasizes its stand on restricting the buying and selling of cryptocurrencies.

Categories
Business

TikTok Star Khaby Lame Partners With Binance To Become Brand Ambassador

The Italian-Senegalese creative Khaby Lame, who rose to stardom with his popular TikTok videos, has collaborated with Binance to become a global brand ambassador. The collaboration aims to promote the adoption and awareness of Web3.

Khaby became a sensation for his spin on “life hack” videos, navigating overly complicated scenarios without saying a word while doing the famous “Khaby move.” Lame is currently the most-followed creator on TikTok, with more than 144 million followers on the platform, and 78 million followers on Instagram. 

In this multi-year partnership, he will address some of the misconceptions surrounding Web3 using his signature style. Additionally, Lame and Binance will collaborate on special NFT collections to improve the experience for his followers.

“I consider my followers as my family, and I am always looking for new challenges and interesting content to share with them. I’ve been curious about Web3 for some time, and jumped at the chance to partner with a leader like Binance because it aligns perfectly with what I usually do: make complex stuff easy and fun for everyone!” ” said Khaby Lame.

“Khaby has become a cultural icon and one of the most entertaining creators globally. We love his charm and sense of humor and think it will bring relevance and relatability as we scale Web3 adoption.  With so much nuance around Web3 and misinformation in the world, it was a perfect match to have Khaby on board to help debunk some of the myths around this space.” adds James Rothwell, Binance Global Vice President of Marketing.

Categories
Business

South African Police Arrests Two for Alleged $2 Million Crypto Fraud

South African local media on Wednesday reported that a special South African task force known as The Hawks, has arrested 57-year-old Zain Muhammed Valle and 25-year-old Michelle Bianca Bezuidenhout for an alleged R34 million (Approx. $2.1 million) cryptocurrency scam. 

The investigation now includes two suspects as well as Bezuidenhout’s husband, Jarrod De Lange, 32, who was arrested in 2020 for alleged involvement in the scam. According to the police investigation, Valle introduced the victim to De Lange for a business partnership.

According to Hawks spokesperson Captain Ndivhuwo Mulamu, the suspects duped the victim into committing funds to a fake cryptocurrency company called Siyakhula Logistics Pty(LTD) in February 2020. 

Mulamu also stated that the suspects promised the complainant large returns on their investments.

The victim agreed to invest, transferring approximately ($2.1M) into the establishment as well as Bezuidenhout’s bank accounts in separate transactions, according to the spokesperson.

He also explained that rather than investing the money in the crypto establishment, the suspects used it for Liverage Trading company without informing the investor.

Valle and Bezuidenhout, who were reportedly detained at their homes in Lenasia and Alberton, were brought before the Lenasia Regional Court in Johannesburg on Tuesday. On July 19, they will appear in court after being accused of fraud and money laundering.

Valle and Bezuidenhout were given bail at R10,000 while De Lange is currently free on bail for  R20,000.

As cryptocurrency continues to gain popularity in South Africa and Africa as a whole, people are urged to remain vigilant and exercise due diligence as bad actors have begun to use cryptocurrency as a tool to conduct a variety of illicit acts. 

Categories
Business

4 Startups To Pitch At The Africa Blockchain Incubation Demo Day

The Africa Blockchain Institute takes delight in supporting initiatives that use blockchain technology to accelerate Africa’s digital transformation. With the help of their incubation program, they prepare entrepreneurs from all over the continent to employ blockchain technology to present distinctive use cases.

The institute invited entrepreneurs in Egypt and Zimbabwe to submit applications to take part in the incubator program in December 2021. Three startups from Zimbabwe and 1 from Egypt, each utilizing blockchain technology in a very different way, have advanced to the next round and will now have the opportunity to make a live pitch today to investors in Kigali, Rwanda.

The startups include;

Mint Condition, a platform for creators and instructors to mint courses, tutorials, interviews, and documentaries as NFTs. It allows collectors to learn, and then earn with the creators through a resale ecosystem built on the Blockchain. 

Tigere Housing brings housing finance to the underbanked and unbanked. This is done by merging blockchain technology and alternative credit risk assessment to generate and constantly update credit scores for its clients.

UmojaLands, a platform for data-driven lending, insurance, and market linkage for rural smallholder farmers. In other words, they help farm seekers access farmland in Zimbabwe and lenders find funding opportunities for smallholder farmers through a digital identity system.

Then there is the Egyptian Reitfast, a blockchain-based tokenization platform helping citizens to invest in selected high-revenue commercial real estate.

The incubation program is supported by the NEAR Foundation, a non-profit organization that supports innovation.

Categories
Business

Lending network, Creditcoin enables transparent credit history in Africa via blockchain partnership

Aella, an African payments platform, has partnered with Creditcoin Network, a lending network, to make credit histories transparent by integrating all its transactions into Creditcoin’s public blockchain.

In an announcement, Creditcoin said that all Aella’s credit transactions will be recorded on the Creditcoin blockchain, making it easy to audit and available for viewing through their block explorer. The recorded transactions will include the terms of the loans as well as payments and repayments.

According to Creditcoin, the agreement comes with the launch of Creditcoin 2.0, an update that makes the network more stable and simpler to integrate with.

Akin Jones, CEO of Aella, emphasized that this decision enables investors to track the progress of the company’s operations in real-time by checking the blockchain.

This could potentially result in further capital raises and help more Africans gain access to financial services.

Jones explained that:

“For us, and millions of users across Africa, that means more and cheaper access to vital sources of credit.”

Tae Oh, the founder of Creditcoin, expressed excitement over the 2.0 launch and partnership with Aella. According to Tae, the new development is a step toward the project’s goal of giving the unbanked a “fairer shot.”

According to a report published in April, the absence of adequate financial infrastructure in the area has increased cryptocurrency ownership in Nigeria. The research, which was released by the cryptocurrency exchange KuCoin, revealed that many Nigerians have started using cryptocurrency as a substitute for traditional asset transfers.

According to the 2021 African Blockchain Report, venture funding for startups in the African region has increased by 11x in 2022. Because of this, the report predicts that a blockchain unicorn may surprise the region in two to three years.

Categories
Business Social Good

Central Bank of Nigeria announces eNaira CBDC Hackathon to Foster African Innovation

The Central Bank of Nigeria has announced the launch of its eNaira hackathon aimed at increasing innovation surrounding the country’s CBDC. 

The event is reportedly aimed at driving financial inclusion, facilitating macroeconomic growth and integrating the Nigerian economy into the world-leading economies through innovation and cutting-edge emerging technologies. 

According to  Richard Gardner, the CEO of Modulus global, “Driving inclusion within the fintech arena should be prioritized, not just in Nigeria, but throughout Africa.”

He adds that “It’s great that the Africa Fintech Foundry is spearheading this. One of the things that would aid African economies is more innovation hubs and accelerators. Working in conjunction with the central bank, that’s good for all involved.”

As a pioneer in the creation of blockchain and ultra-high frequency trading systems, Modulus is well-known within the financial technology sector providing its services to some of the most lucrative digital asset exchanges in the market.

Gardner believes that one of the main factors in the success of the eNaira, or any CBDC, is the willingness of the population to adopt it. 

“As we saw with the Great Bitcoin Gambit in El Salvador, just seeding a wallet with funding doesn’t necessarily develop long-term use habits. Granted, there are differences between a CBDC and Bitcoin, but, by and large, the question of adoption is one that can’t be overemphasized,” said Gardner.

The Governor of the Central Bank of Nigeria, Godwin Emefiele recently noted, “We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.”

Emefiele highlights how in the last few years, we have seen how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.

“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook. Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA),” added Emefiele.

Gardner believes that making a success of the eNaira project could be a major achievement for the government of Nigeria. 

“Nigeria, perhaps more than most countries, needs a positive outcome from their CBDC venture. In particular, the country’s heightened inflationary issues require success in this arena,” opined Gardner.

Categories
Business

10 Africans To Get Funding From Kuoka Project for Tezos Baking

The Kuoka Project has partnered with objkt.com to raise 60,000 XTZ (approximately $75,000 at the time of this writing) to fund the first 10 self-sustaining independent public bakers (Tezos validator nodes) across sub-Saharan Africa.

Tezos baking is the act of validating Tezos network transactions by signing and publishing blocks to the Tezos blockchain. This is a crucial component of the Proof-of-Stake consensus mechanism to ensure no double-spending occurs. 

The Kuoka Project was set up by Nelly Chatue Diop (CEO and Co-Founder of Ejara), Mike Radin (Cryptonomic & Galleon wallet), Kevin Mehrabi (Founder of Stabletech) and numerous other volunteers. 

The project was founded as a non-profit organization to assist new Tezos bakers in Africa in learning the ins and outs of setting up a Tezos node and beginning to bake.

All baker candidates who want to get funding to launch a node are to be screened and vetted. They must have public identities and must demonstrate their ability to maintain technicals, distribute payouts, and communicate with their delegators via social media.

A Kuoka fundraiser wallet will collect the funds and distribute them to the bakers as they demonstrate their ability and their readiness to bake.

At the start, only the bond amount (600 XTZ) will be transferred to the baker’s wallet, and the remaining funds to reach the 6,000 XTZ roll that allows you to fully run a node will be delegated to bakers by Kuoka Project.

The funds delegated to the Kuoka Project will be stored in a multi-signature wallet for additional security. 

Eventually, the bakers should have access to all 6,000 XTZ so that they can delegate to others and advance their position in the network.

Bakers must sign a prior commitment for continuity and submit a contingency plan in the event that they are unable to continue. All of this will be reviewed by the Kuoka Project team.

The fundraiser for the project will officially begin on July 11th 2022. 

Categories
Business

Crypto adoption in Africa gets a boost with the Mara wallet

The pre-launch of the Mara Wallet, a portal to the crypto economy, has been announced by Mara. Mara is a pan-African company that provides an ever-growing suite of cryptocurrency products. The company is focused on assisting people in starting their crypto journey toward conveniently managing their crypto-finance needs, taking a significant step toward financial freedom, and learning more about cryptocurrency and blockchain in Africa.

Africans can now control their bitcoin thanks to the Mara Wallet, a quick and secure multi-currency wallet. 

Offering both user-facing products and core infrastructure, Mara reveals a product roadmap that enables users to easily buy, sell, send, withdraw, store, and protect a wide range of fiat and crypto-assets such as cryptocurrencies and NFTs in real-time and without any prior crypto knowledge.

“At Mara, we are committed to the financial empowerment of the individuals that use our products and services to meet their various crypto-finance needs, and take responsibility in building an informed community seriously,” Chi Nnadi, Co-Founder and CEO at Mara, said while commenting on the pre-launch of the Mara Wallet.

He adds that “As one of our first steps to achieve crypto education, financial literacy, and ensuring a more equitable distribution of capital, we are delighted to pre-launch the Mara Wallet. Our goal is to get Sub-Saharan individuals started on their journey to leverage a financial infrastructure that they can build their lives upon and make the most of the financial-growth opportunities available in the crypto economy.” 

Mara will initially launch in Kenya and Nigeria, with its first product being the simplified user-friendly Wallet through which users can easily buy, sell, send, and withdraw cryptocurrencies. 

The main feature of the pre-launch app, the Mara Wallet waitlist, is intended for both crypto-curious and crypto-enthusiast users who want early access to the exchange. Through it, users will be able to get financial benefits that provide the ideal launchpad into the crypto economy.

While describing how the Mara Wallet waitlist works, Chi said, “Pre-registered users will join a queue to enable early access on a first-come, first-served basis. Moreover, a higher position on the waitlist increases the odds of periodically winning prizes. As soon as users join the waitlist, they instantly earn a signup reward. All users who refer the Mara Wallet to their friends, family, and community also earn further rewards when those users sign up using their unique referral link. Pre-registered users who participate in the referral activity also improve their chances of moving to top positions on the waitlist.”

The pre-launch of the Mara Wallet comes at a pivotal moment in Sub-Saharan Africa’s development. The current centralized banking system continues to be a barrier to the growth of local economies and of people as well. As a result, food prices have doubled or even tripled in some areas and created record-breaking interest rates. These systems have prompted a dire need for a decentralized alternative.

The Mara Wallet app is available on the Google Play and Apple App stores. Once formally launched in a few months, the Mara Wallet will enable users to invest in crypto and send money to their family members in real-time without processing times, delays, or high fees. To join the waitlist, download the app on Google Play or the Apple App Store.

Mara’s mission is to facilitate more equitable distribution of capital by providing an alternative that cuts across tribes, classes, cultures, and countries.

Categories
Business

Morocco Consults The IMF And World Bank On Regulating Crypto

Recently, the Moroccan Central Bank revealed that it has started having talks with the World Bank and the International Monetary Fund (IMF) about specific benchmarks for its new legislation.

It appears that innovation and consumer protection will be given top priority when the new legislation is first drafted. The prevention of money laundering and the financing of terrorists will also be taken into consideration. 

This comes after Morocco’s Central Bank Governor, Abdul Latif Al Jawhari, stated two months ago that the country could not adopt crypto because of the lack of a clear legal framework for cryptocurrencies and that a council that will oversee the required regulations for both cryptocurrencies and CBDCs had been created.

Despite a lack of regulations, Morocco continues to have one of the highest rates of crypto use in North Africa, with 2.5% of the population engaging in cryptocurrency activities. After Nigeria, South Africa, and Kenya, the amount of cryptocurrency traded in the country in 2021 was $6 million, making it the fourth-largest market. Trading is mostly motivated by curiosity and Fear Of Missing Out (FOMO), according to experts.

Notably, the IMF has been central in calling on countries to regulate the crypto sector while issuing warnings on the dangers of legalizing assets like Bitcoin. For instance, the institution has urged El Salvador to drop Bitcoin as legal tender stating that the move threatens the country’s economy.

Additionally, earlier this year, the IMF also warned that cryptocurrencies are not a silver bullet to address Africa’s economic challenges. This criticism came hot on the heels of the Central African Republic, one of the planet’s poorest nations, adopting bitcoin as legal tender.

In a recent press release, The country’s central bank, Bank Al-Maghrib (BAM) acknowledged that the country’s cryptocurrency sector is increasingly popular. However, the bank has maintained that users must be cautious of the risks associated with the sector.

It is also important to note that the country banned Bitcoin trading in 2017, however, the asset’s popularity has grown with the general increase in value in recent years. 

Additionally, Morocco has not given any indication that it is looking to make bitcoin legal tender since its sovereign currency, the dirham, has experienced comparatively low inflation of 5.9%

Categories
Business

Ugandan Migrant Workers Protected From Fraud & Financial Misappropriation With Pivot Pay

Pivot Pay Founder and M.D., Princess Shamirah Kimbugwe.

Pivot Payments is building a neo-bank envisaged to address the needs of the export market in the diaspora. Uganda has a large exported labour population that is neither fully banked in the countries where they work nor here locally in Uganda. 

These labourers have a hard time accessing a direct service that allows them to send money home and even when they access these services, the cost is very high. Another common challenge is misappropriation and loss of money. 

Pivot Pay came in as a payment services provider but is diversifying its services and transitioning into a neo-bank to meet the needs of its customers and enable them to save, send or spend money. 

The startup was founded by Princess Shamirah Kimbugwe in 2020 and according to Kimbugwe, Pivot Pay was forged in fire.

“Our uniqueness is we were born in the COVID pandemic. We were in very hard circumstances and had to completely digitize because we couldn’t move due to lockdown restrictions.”

Kimbugwe says the COVID conditions shaped the resilience that has enabled the company to grow and continue to expand its operations. 

“Being born in COVID means you have to fight twice or thrice as hard to get customers. For us, this paved a way for us to address the digital needs of the particular customers.”

The company is quickly building a customer base with a little under 200,000 users registered in Uganda and has enabled the transfer of nearly $14 million since its inception. 

By the end of 2023, Pivot Pay intends to have broken into at least 10 markets across the continent with primary expansion targets including Kenya, Tanzania, Nigeria and Ghana. 

Pivot Pay is characterized by a wallet that enables saving, domestic utility and merchant payments allowing diaspora workers to meet financial obligations like paying for water and electricity back home from wherever they are around the world. 

The platform allows users to send remittances to other Pivot wallet holders as well as to mobile money or to bank accounts. 

As a women-led and founded company, financial inclusion is important to Pivot Pay. The company has a largely female customer base consisting of labourers exported to do domestic work primarily in the Middle East. 

“If I am able to equip customers in the diaspora with a way to send money home to provide for their families and contribute to the economy as they start to invest, this is a validation of female inclusion and most importantly financial inclusion,” Kimbugwe said. 

Kimbugwe is optimistic that the financial technologies space in Uganda is still growing despite what she refers to as a “punitive environment with gaps” characterized by the current regulatory limitations.

Kimbugwe said, “Uganda has attracted almost $250 million in investments while Kenya is closer to a billion dollars while Nigeria is closer to 2 billion. You have to ask yourselves, what are they doing right that we are not? The difference is in regulation. ”


Kimbugwe was interviewed by HiPipo as a part of the 40 days 40 fintechs initiative. The annual event is currently ongoing to shine a light on technology that allows financial inclusion and breaks down digital barriers to bringing more people into the transactional space.