3 / 16 Relevant items tagged with #Africa
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Egyptian AI Startup Gets $2M for GCC, Africa Expansion
[Aug 6 11:20 AM] Egyptian artificial intelligence firm Synapse Analytics has secured $2 million to expand into the Gulf Cooperation Council region and Africa. The company has partnered with major banking product providers such as AWS, Crealogix, and TUMM. Using AI…
South African Crypto Asset Marketplace Initiates $1.64 Million Capital Raise
[Aug 5 1:30 AM] The South African decentralized cross-asset marketplace Mesh.trade has facilitated a $1.64 million (ZAR30 million) capital raise for a reverse mortgage provider. The capital raise allows the provider to offer homeowners the potential for lucrative…
Nigeria Acts to Stabilize Currency with Forex Auction
[Aug 4 3:20 PM] The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex…
Canza Finance Partners With Stablecoin Issuer to Bring Efficient Financial Solutions to Africa
[Aug 4 2:30 AM] Canza Finance has partnered with stablecoin issuer WSPN to provide secure and efficient financial solutions to users in Africa and other emerging markets. With the integration of WUSD into Canza Finance’s ecosystem, African users will be able to…
Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims
[Aug 3 8:30 AM] The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market…
Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use
[Jul 30 11:30 AM] Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the…
Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped
[Jul 29 4:30 PM] Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted…
Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions
[Jul 27 2:05 PM] The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws…
Russia-Linked Banknotes Blamed for Libyan Dinar Plunge
[Jul 25 9:30 PM] The Libyan dinar’s recent devaluation has been blamed on a flood of illicit banknotes exchanged for U.S. dollars. A report identified the Russian state money printer as a potential source of the banknotes, which the Central Bank of Libya has…
Giesecke+Devrient: Ghana CBDC Nullifies the Need for Multiple Intermediaries in Cross-Border Payments
[Jul 24 10:31 PM] The recently completed proof of concept by the Bank of Ghana and the Monetary Authority of Singapore demonstrated that the latter’s central bank digital currency enables cross-border payments, excluding many intermediaries and associated costs…
South African Startup Neonomad to Launch Rand-Backed Stablecoin
[Jul 24 5:20 AM] Neonomad, the South African hybrid exchange platform, is set to launch Zarcoin, a stablecoin tied to the South African Rand. This innovative stablecoin epitomizes the seamless integration of regulatory safety with decentralized efficiency…
Nigeria’s Self-Proclaimed Crypto Billionaire Released From Police Custody
[Jul 21 12:30 AM] The recently detained Nigerian self-proclaimed cryptocurrency billionaire, Linus Williams, has been released on bail. According to a controversial Instagram celebrity, Verydarkman, the crypto billionaire begged for release but is expected to answer…
Nigeria Acts to Defend Naira After Currency Hits New Record Low
[Jul 20 8:30 PM] The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the…
IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive
[Jul 20 9:30 AM] An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in…
Crypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and more
[Jul 19 12:00 PM] This week’s Crypto Biz also explores Tether’s new hiring, a takeover bid for Cipher, Grayscale new decentralized AI fund, Ether ETFs, and more.
South African Exchange Luno Leverages Fireblocks’ Enterprise-Grade Digital Asset Platform
[Jul 19 5:30 AM] South African crypto exchange Luno has announced that it is integrating its platform with Fireblock’s enterprise-grade digital asset transfer platform. Aleks Andjelopolj suggested that leveraging Fireblocks means Luno users will experience…
Nigeria Police Arrest Self-Proclaimed Crypto Billionaire on Charges of Cryptocurrency Fraud and Terrorism Funding
[Jul 16 10:20 PM] On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of…
Uganda Presents Purchase Plan to Return to the Gold Standard
[Jul 15 8:33 PM] Uganda is aiming to return to the gold standard at some extent with a purchase proposal that seeks to amass more gold to back its fiat currency, the Ugandan shilling. The Central Bank of Uganda will purchase gold from artisanal miners to support…
Nigerian Witness Says Binance Users Operate Under False Identities
[Jul 8 3:11 PM] A witness in the ongoing Nigerian money laundering trial against Binance has alleged that many local users of the cryptocurrency exchange platform are operating under false identities. The witness further claimed that by allowing users to withdraw…
Zambia to Outlaw Use of Foreign Currency, Criminals Could Face Jail Time for up to 10 Years
[Jul 5 10:26 PM] The Bank of Zambia has proposed a new series of guidelines that seek to outlaw the use of foreign currency, including the U.S. dollar, for local transactions. If finally approved, the document would establish harsh penalties for infringement…
NFTs and blockchain bridge Ethiopia’s past and present in new art exhibition
[Jul 5 7:30 AM] “Ethiopia at the Crossroads” is getting a special blockchain boost for its final stint at the Toledo Museum of Art as part of the Ethiopian family art collective’s residency with the museum.
Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users
[Jul 5 5:22 AM] Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating…
South Africa Approves 63 Crypto Asset Service Provider License Applications
[Jul 4 5:20 AM] South Africa’s financial services industry regulator announced on July 2 that it had approved an additional 63 crypto asset service provider license applications. The Financial Sector Conduct Authority (FSCA) has received a total of 383…
Opera Mini’s crypto wallet MiniPay now offers USDT and USDC
[Jul 4 12:14 AM] Since launching in September 2023, Opera Mini’s MiniPay app has amassed three million users.
Mara Collapse: African Crypto Exchange Burns $16 Million for Salaries and Bonuses
[Jul 3 11:39 PM] Pan-African crypto exchange Mara reportedly lost approximately $16 million out of the $23 million raised from investors. Following the exchange’s collapse, founder and CEO Chinyere Nnadi is said to have launched a new entity called Jara. Nnadi…
Nigerian Student Returns 90 Mistakenly Sent Solana Tokens, Rewarded for Honesty
[Jul 3 10:31 PM] A crypto influencer recently praised a Nigerian student who agreed to return Solana tokens worth several thousand dollars that were mistakenly sent to his crypto wallet. After the influencer revealed the incident, well-wishers in the crypto…
Nigerian Central Bank Warns Financial Institutions Against Rejecting Old or Lower Denomination US Dollars
[Jul 3 2:31 PM] The Central Bank of Nigeria warned local financial institutions against rejecting older or lower-denomination U.S. dollar banknotes. The apex bank said it will take strong action against financial institutions that refuse to accept mutilated or…
Nigerian Court Orders Prison Officials to Release Medical Records of Jailed Tigran Gambaryan
[Jul 3 5:20 AM] Nigerian prison officials have reportedly refused to release Tigran Gambaryan’s medical records. A High Court judge has ordered Kuje Detention Centre prison officials to present Gambaryan’s legal representatives with the records by July 5. Yuki…
‘Secrecy of Crypto Usage’ Drives Youth Cryptocurrency Adoption, Says Nigerian Regulator
[Jun 29 5:19 AM] According to a Nigerian regulator, young people who are adopting cryptocurrencies are drawn to their secrecy, and many of them do not have bank accounts. However, the regulator also stated that the Securities and Exchange Commission (SEC) will…