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.…

www.theexchange.africa

Kenya’s President Uhuru Kenyatta has commissioned two key projects at the Konza Technopolis, a key flagship project of the country’s ambitious Vision 2030.

The President inaugurated an eight-story headquarters of Konza Technopolis Development Authority (KoTDA), which is located in Machakos County.

Kenyatta also opened the National Data Centre located at the Technopolis.

The ultra-modern office block is expected to provide KoTDA staff and partners a conducive on-site working environment to support the accelerated roll-out of the techno city.

On the other hand, the data center will offer reliable infrastructure and business-friendly services through a superior ICT backbone.

The data center will host East Africa’s biggest data center, with a capacity of 1.6 petabytes, according to the Standard.

It is fully equipped with smart city facilities and services to support the technopolis, as well as developers and small enterprises.

Kenyatta said the progress signals the Government’s commitment to the completion of …

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On Friday last week, the Central Bank of Nigeria hit headlines after stopping banks and financial institutions from dealing in Cryptocurrency or facilitating payment for Cryptocurrency exchange.

People’s reactions

The move sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.

CBN’s Position on Cryptocurrency 

CBN has, however, come out to explain why it banned cryptocurrency-related transactions in the country.

According to the apex bank, digital currency is used for money laundering and terrorism.

The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial institutions to block cryptocurrency accounts.

In a statement issued by Osita Nwanisobi, acting director, corporate communications, the ban on such transactions will not have any negative impact on fintech.

Also Read: Why Bank of Tanzania is worried about cryptocurrencies

CBN maintained that its position on cryptocurrencies is not a peculiar …

 

Africa’s largest e-commerce platform—Jumia has closed its operations in Tanzania.

According to Reuters, the company gave out the news of its exodus which noted: “We have to focus our resources on our other markets. It is more important now than ever to put our focus and resources where they can bring the best value and help us thrive,” the statement reads.

The company which as of today has its operations in twelve countries out of 54 in Africa, has been experiencing a rather stiff challenge which includes significant losses for the past two years.

According to Jumia’s financial report, the company’s operating loss increased from $ 46 million in the second quarter of 2018 to $ 73 million in the second quarter of 2019.

The company shut down in Tanzania comes after 10 days whereby the Cameroon market lost Jumia as well.

Jumia came in Tanzania five years ago …

Global Red Cross partners are working to develop community currencies which will help cash-poor regions grow their own economies suing blockchain technology. www.theexchange.africa

Global partners are working to develop community currencies which will help cash-poor regions grow their own economies using blockchain technology.

The blockchain-based community currencies will be developed by an international partnership to supplement direct cash and voucher assistance programs for vulnerable communities in developing countries.

The two-year project will test, develop and distribute eVouchers, or Community Inclusion Currencies, held in mobile wallets on feature phones in some of the poorest areas where the national currency is scarce.

US$1 billion a year distributed by the Red Cross

The initiative will be delivered by the Norwegian Red Cross, Danish Red Cross, and Kenya Red Cross, together with Innovation Norway, Grassroots Economics Foundation and Sempo, an Australia-based technology firm.

The network will aim to improve the efficiency and effectiveness of the $1 billion a year distributed by the Red Cross in cash and voucher assistance programs by 2020.

“We need new financial solutions …

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