Browsing: Blockchain technology

• Digitalization brings new opportunities in trade and creates the potential to underpin resilience in times of crisis
• The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year
• Single Window can cross-check credentials for consistency and traceability, reducing errors and fraud

The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year.

Digitalization brings new opportunities in trade and creates the potential to underpin resilience in times of crisis.

The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year. With digital trade in place, pre-existing bottlenecks in infrastructure can be tackled, efficiencies can be leveraged, and Innovative solutions can be harnessed. However, countries in …

Afriex processes over US$5 million in monthly transfers. In comparison, Wise company transfers a monthly average of US$5.2 billion. However, Afriex has grown its customer base by 500 per cent in the last half a year, with half of its active users using the platform more than once a week.

Afriex makes money by arbitraging the currency and crypto exchange rates when a customer transacts. The startup raised a US$1.3 million seed round in May 2021 and has just closed a US$10 million Series A round at a $60 million valuation.

The financing was co-led by Sequoia Capital China and Dragonfly Capital, with participation from Stellar Foundation, Goldentree and Exceptional Capital, among others.…

• A blockchain is a distributed ledger that is open to a group of selected participants to store, share and alter decentralized data
• If a new block is added to a blockchain, all the users in all the blocks must confirm the information added for the block to be valid
• Blockchain technology could be of immense importance in Africa to maintain medical records, protect land ownership and secure government records

The primary technology behind cryptocurrencies is blockchain technology, allowing traders and clients to reach a consensus without necessarily trusting each other.

But over time, owing to its excellent security status, the technology has gained substantial mainstream attention and is steadily seeping into education, health and governance, among other sectors.

A blockchain is a distributed ledger that is open to a group of selected participants to store, share and alter decentralized data. In simple terms, a blockchain is a chain of blocks …

The first National Payments Strategy implemented in 2004 through to 2008, was aimed at addressing challenges across risks due to the absence of a real-time settlement system, limited trust in payment instruments such as high-value cheques and an under-developed policy, legal and regulatory framework.

The NPS is motivated by a desire to meet the diverse needs of the Kenyan people and its economy and support our nation’s ambition for a digital, inclusive and 24/7 economy. The Strategy will also be the basis for consolidating and extending Kenya’s global leadership in digital payments and innovation. Finally, the Strategy will provide the overarching policy framework that will guide the work to strengthen the NPS legal and regulatory framework.…

Cryptofund is part of UNICEF’s innovation fund, which allows the organization to hold, receive and disburse funds in cryptocurrency. The CryptoFund is a pooled fund of bitcoin and ether, distributed only in crypto, targeting to create visibility and transparency accounting to donation distribution and investment processes.

CyrptoFund will facilitate startups registered in UNICEF’s 190 programme countries as a prototype Fund that seeks to explore the use of digital currencies in these countries. Forty-one of the nations are African.

Startups registered in the 190 countries and have an operational, open-source blockchain prototype or are willing to make their startup open source are eligible to get the fund.…

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.…

When Association of Kenya Insurers (AKI) released it’s 2018 insurance industry report few expected the shocker that the results would provide.

Insurance penetration in the economy relative to the Gross Domestics Product (GDP) fell from 2.7 percent in 2017 to 2.4 percent in 2018. Overall premium increase was recorded to Kshs 216.11 billion from 210 billion the previous year.

The fact that the results showed a decline in insurance penetration in the insurance industry was something that most people didn’t expect especially with the hype that we get of how the economy is doing well.

The results are a true reflection of the industry noting that they are actually audited figures from the various insurance companies. This contrasts sharply with the unaudited figures and subsequent reports that come from those figures always released by Insurance Regulatory Authority (IRA). Perhaps it’s time IRA left that work to AKI if they cannot …