Friday, March 29

Fintech

Elias Omondi Senior Manager Risk Regulations at FSD Africa
  • The pioneering accelerator programme aims to grow insurance coverage among low-income consumers by investing in innovative solutions in nine African countries.  
  •  The expanded pan-African program is designed to support entrepreneurs in developing innovative solutions for the insurance sector.
  •  It targets Insurtech (insurance technology) innovations from Egypt, Ethiopia, Kenya, Ghana, Morocco, Nigeria, Rwanda, Uganda, and Zimbabwe. 
  •  The expansion of BimaLab is supported by $500,000 financing from the Swiss Re Foundation.

FSD Africa has partnered with the Swiss Re Foundation and the National Bank of Rwanda to launch BimaLab Africa Acceleration Programme to raise insurance uptake among low-income consumers in nine countries across the continent.

The expanded pan-African program is designed to support entrepreneurs in developing innovative solutions for Insurtech (insurance technology) innovations from Egypt, Ethiopia, Kenya, Ghana, Morocco, Nigeria, Rwanda, Uganda, and Zimbabwe.

The expansion of BimaLab is supported by $500,000 financing from the Swiss Re Foundation, which is among the …

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crypto mining hub

An efficient crypto mining industry can generate more job opportunities in Africa as the demand for miners, blockchain specialists, and technology specialists increases, . This encourages nations to enhance their energy and technological capacities to support crypto operations. These enhancements can considerably benefit other industries and the economy as a whole.

African nations must embrace the chance to become a crypto mining hub. This can aid in the digital economy’s growth, citizens’ financial standing, and the infrastructure for energy production. Consequently, African governments can invest in cryptocurrencies to acquire alternative funding sources for developing renewable and alternative energy sources.…

Blockchain technology

Africa is a strong contender for developing technologies such as blockchain and cryptocurrency owing to the continent’s growing mobile tech adoption rates. Considering the turbulent global financial markets, expensive remittance costs, and restricted banking access, blockchain in Africa offers alternatives to tackle their day-to-day issues.…

Ndovu Cofounders Radhika Bhachu and Ro Nyangeri. www.theexchange.africa
  • Data by the World Bank reveals that at least a quarter of the African population has internet access, a nearly fifty-fold increase in internet usage since 2000. 
  • The rapid spread of the internet across the African continent has been lauded as a key driver of prosperity and a sign of the continent’s technological coming of age. 

Over the past few years, the wealth management industry has seen a significant amount of diversification, from traditionally having products geared towards institutional investors and high net worth individuals to offering more accessible products to low and middle-income earners. 

While WealthTech is not a new concept in Africa, there is room for market players to leverage consumer demand for wealth management products that are more digitally accessible and easy to use. 

WealthTech or wealth management technology is the combining of technology such as AI, big data, SaaS, with financial assets, such as savings, investments,

Binance says the 281 accounts banned in Nigeria will be resolved in two weeks. www.theexchange.africa

Recently, many Nigerians trading on the Binance platform complained about initiating or completing transactions.

Some of the affected persons have taken to social media calling out crypto for “targeting Africans, especially Nigerians”, as their accounts have been suspended for reasons oblivious to them.

Some users say that they have been told to contact the Federal Bureau of Investigation (FBI) and New York Police Department to resolve transactions issues, a situation they claim to be absurd.…

CBK Governor Patrick Njoroge firm on crypto trade ban in the country. www.theexchange.africa

The CBK has also issued circulars to local commercial banks warning them against dealing with cryptocurrencies transactions or face penalties for non-compliance.

The last circular was issued in 2018 and has remained in action up until now.

While delivering the monetary policy announcement where the monetary policy committee retained the base lending rate at seven per cent for the 12th time, Dr Patrick said that their position had not changed on any of the crypto products in the market.…

Jack dorsey (left) and rapper Jay z dumps 500 bitcoins in Africa. www.theexchange.africa

Twitter founder Jack Dorsey appointed four Africans to sit on Btrust (Bitcoin Trust) board on December 15, 2021.

Btrust is an initiative co-founded by Jack and the United States singer, Jay-Z, to deploy 500 bitcoin to develop and foster the currency in Africa and India.

Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil and South African Carla Kirk- Cohen. There were 7,000 applications interested in the same positions. The application form for board members established a mission to “make bitcoin the internet’s currency.”…

An African artist working on an NFT. NFTs are assets in the digital world that can be bought and sold just like any other piece of property. www.theexchange.africa

Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and an access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “One of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless as a means of exchange. Cryptocurrency and blockchain are the foundations of NFTs.…

The Equity One Till Number will enable retailers to focus more on their customers. www.theexchange.africa

Due to the Till number’s ease of interoperability, it is now not necessary for businesses to sign up for numerous Paybill/Till numbers for them to accept payments from customers who pay using different numbers.
This latest product by the giant financial institution brings competition to Kenya’s established M-Pesa tills which have been adopted countrywide. Others that will feel the pinch include Airtel Money which is battling the giant telco in courts over its dominant position in the country.
Equity already has Equitel, Equity Mobile and now the One Equity Till number.…

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