Latest news for tech, startups in africa
Together, the African Development Bank (AfDB) and tech behemoth Intel are aiming to providesophisticated artificial intelligence (AI) skills to three million Africans and 30,000 governmentofficials. The partnership intends to transform the African digital environment, per a statementon the AfDB website. The effort seeks to provide many Africans with modern technology skills, such as data science,robotics,
One of the biggest bitcoin mining firms, Marathon Digital (MARA), is in discussions with Kenya to assist in developing the nation’s cryptocurrency regulations and managing its renewable energy resources through mining. Vice president of government affairs at MARA Jayson Browder told CoinDesk, “We’ve been working closely with the Kenyan government on how to optimize and monetize renewable energy assets.” The Marathon team recently met with Kenyan President William Ruto at an American Chamber of Commerce event held in Kenya. Data from 2022 showed that over 80% of Kenya’s electricity came from renewable sources; President Ruto stated that he intends to increase this to 100% by 2030.The International Renewable Energy Agency states that Kenya is almost at the level of nations like Uganda and the Congo, which rely almost exclusively on renewable energy. Together with wind and solar energy, geothermal energy from the earth’s crust powers Kenya. While geothermal energy remains consistent and unaffected by seasonal variations, the power supply of Kenya may face challenges from other renewable energy sources. Here comes Marathon, which thinks its technology can assist Kenya in resolving this power management issue. The fact that electricity is only generated when the sun is shining and the wind is blowing presents one of the biggest obstacles to renewable energy, since it causes issues for users with consistency and storage. A power management system is required to balance the grid since, in order to utilize various energy sources as efficiently as possible, the power must either be wasted or saved. Businesses such as Marathon have the ability to configure their bitcoin mining activities to function as a power management system by utilising the surplus energy produced by these sustainable sources. In order to maintain grid balance, miners can also cease operations to minimize consumption and allow other customers to continue receiving electricity uninterrupted.Companies are able to set up sites wherever they are needed to assist balance the power grid because bitcoin mining activities can be relatively flexible. “The technology is modular, we can co-locate these really anywhere, and if they’re an intermittent source, like wind or solar, we’re able to turn off our machines when the grid needs it, so we can balance the grid,” Browder said. The company also started a similar project in Paraguay last year
The Financial Sector Conduct Authority (FSCA) has issued new crypto asset service provider (CASP) licenses to South African cryptocurrency exchange VALR in accordance with new regulations for businesses in the sector.VALR obtained Category I and II CASP licenses from the FSCA after obtaining $55 million in equity capital from Coinbase Ventures, Pantera Capital, and other sources.VALR is now among the first bitcoin businesses in the nation to hold both licenses.Farzam Ehsani, the CEO and co-founder of VALR, told Cointelegraph that the exchange has reached a major milestone with the FSCA’s granting of a CASP license. In order to create and execute a regulatory framework that protects investors while promoting the expansion of the blockchain and cryptocurrency industries, the business has been actively collaborating with South African regulators. “Our license underscores our unwavering dedication to compliance, security, and providing a trustworthy platform for the crypto community. We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation,” Ehsani said. In order to comply with South African rules, crypto asset service providers have six months from the date the FSCA opened licensing applications in June 2023 to submit an application.Businesses were need to apply by November 2023 and would be subject to the Financial Advisory and Intermediary Services Act of the nation. Ehsani went on to describe the distinctions between the two types of licenses.In South Africa, a CASP needs a conventional financial service provider (FSP) license known as a CAT I license in order to offer advise or exchange services to its clients. “A CAT II license, or discretionary mandate license, enables customers to
An independent awards body called The Connected Awards has declared its bold objective of certifying one million tech talents globally in order to honor and celebrate the exceptional accomplishments of tech professionals in innovation and leadership. Founder of The Connected Awards, Qazeem Oladejo, said the initiative “aims at providing tech professionals with a credible and independent platform for evaluation and acknowledgment of their global impact, considering the high demand for such professionals in the tech industry.” He noted that the global reach expansion is a noteworthy achievement in honoring the world’s outstanding technological talent.Recruiters, investors, and partners look for people who stand out among their peers, according to Oladejo, who highlighted the significance of public acknowledgment in today’s digital age.“With our brand, we can inspire the next generations to positively impact the world by acknowledging those who are doing so now,” he said. “Over 150 million professionals are currently working in various tech niches.” Employers, investors, and partners look for people who have extra benefits over their colleagues in today’s digital world.They want to know if you are the best fit and deserving of the opportunity. Through public attestation, professionals are validated as exceptional and gifted, creating opportunities for our winners. “Young professionals need to have a dream, and knowing there is a
The National Information Technology Development Agency (NITDA) has promoted the integration of artificial intelligence (AI) into Nigeria’s security framework as a means of improving the country’s digital efforts and international visibility.The National Institute for Security Studies (NISS) commandant, Alhaji A.S. Adeleke, was represented by deputy commandant D. E. Egbeji, and the agency’s director-general, Kashifu Inuwa, discussed this in a meeting that was shared with Cointelegraph behind closed doors.Inuwa highlighted the different approaches that the IT and security industries use in their work.He emphasized how the IT and security sectors can collaborate to leverage innovations in artificial intelligence and the Internet of Things (IoT) to advance the security space. Inuwa emphasized that collaboration in the IT and security domains is consistent with the NITDA Strategic Roadmap and Action Plan (SRAP 2.0) and that the organization is open to forming significant collaborations.This is especially pertinent to the pillar that highlights forming strategic alliances and working together. The Central Bank of Nigeria (CBN), financial institutions, and the NITDA should work together, the NITDA argued in November 2023.The organization focused on utilizing cutting-edge technology, like artificial intelligence and data analytics, to enhance digital payments.Upon further investigation, Inuwa concluded that AI is a global force to be reckoned with.He responded quickly, provided solutions, cleared up any confusion, and stressed their importance in helping to make responsibilities more doable. NISS commandant Adeleke responded to the discussions by saying that the institute was eager to absorb knowledge from NITDA’s experiences.According to Adeleke, the NISS seeks to gather important information for an executive brief intended to support President Bola Ahmed Tinubu GCFR in the formulation and execution of policies.He stated. “We are here to benefit from your experience and to gather all that we can from the beginning of the course. By the end, we aim to deliver an executive brief to President Bola Ahmed Tinubu GCFR that will facilitate policy formulation and implementation.” Through projects such as the establishment of the National Centre for Artificial Intelligence and Robotics (NCAIR) and the National Artificial Intelligence Policy, the NITDA is promoting the growth of AI in Nigeria.Five million naira ($6,444) in funding for forty-five AI-focused firms and researchers were announced by the Nigerian government in October.Part of the recently launched Nigeria Artificial Intelligence Research Scheme, this program aims to make it easier for AI to be widely used to propel economic growth.
Kenyan IT experts have pointed out a number of issues with the 2023 Robotics and Artificial Intelligence Society Bill and have encouraged the country’s government to reject it.Local media reported that the National Assembly’s Communication, Information, and Innovation Committee was informed by robotics and artificial intelligence (AI) stakeholders that they were not involved in any stage of the bill drafting process during a session held to commemorate International Safer Internet Day in 2024.If an entity has not registered their robotics and AI endeavors with the Robotics Society of Kenya (RSK), the bill defines them as unlicensed. If unlicensed firms operating robotic and AI businesses fail to register with the RSK, they may face penalties from the proposed legislation, which may include fines of up to one million Kenyan shillings ($6,269), a potential two-year prison sentence, or both. The RSK is intended to be a regulatory organization whose job it is to monitor and support the growth of the robotics and artificial intelligence industries.It seeks to work with other authorities to set policies and procedures that will guarantee corporate compliance.The RSK will also counsel the government on new developments in robotics and artificial intelligence.During the meeting, Alex Gakuru, the director of the Center for Law in Information Technology and the leader of the American Chamber of Commerce in Kenya, reportedly said that the bill should be withdrawn for further stakeholder consultation. He emphasized that if the bill is enacted in its current form, it will cause a national disaster. Gakuru claims that the law mainly focuses on regulating the robotics industry rather than sufficiently addressing AI-related issues.He warned that if the badly written bill wasn’t changed, it might be challenged in court.Kenya is the fifth-most prepared country in Africa to use AI to provide services to the general people.Kenya’s total score of 40.36% in the 2022 edition of Oxford Insights’ annual Government AI Readiness Index puts it below Egypt, South Africa, Tunisia, and Morocco.Kenya has invested an estimated 13 billion shillings ($81.5 million) in artificial intelligence over the past ten years, significantly less than South Africa’s $1 billion and Nigeria’s $378 million, according to Microsoft’s “Artificial Intelligence in the Middle East and Africa Outlook Report.”
Rume Ophi, a Nigerian crypto analyst, believes that the virtual asset services providers (VASP) criteria should be reviewed by the Nigerian Securities and Exchange Commission (SEC) in order to make it easier for local crypto exchanges to obtain licenses to operate in the nation.In an interview with Cointelegraph, Ophi clarified that local cryptocurrency exchanges should have been given priority when creating the SEC’s current guidelines, which are meant to direct the registration of VASPs but do not support them.Exchanges have to meet the conditions for application processing, pay a registration fee, and pay any other necessary costs in order to receive a VASP license from the SEC. Ophi clarified that many local exchanges are unable to meet the 500 million naira ($556,620) minimum upfront capital requirement. As a result, he predicted that international exchanges will dominate the Nigerian exchange market rather than a stable balance. Nigerian Web3 lawyer Kue Barinor Paul, who backed Ophi’s position, stated in a recent conversation on X that Nigerian crypto exchanges and VASPs would probably need to combine in order to meet the SEC license criteria.According to Paul, the existing system for license registration by the Nigerian SEC has to be revised because it primarily benefits international exchanges. The Nigerian Securities and Exchange Commission released a 54-page paper titled “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” in May 2022.In addition to providing instructions on how Nigeria’s banks and financial institutions can deal with digital assets, the paper opens doors for bitcoin service providers operating in the nation.Ophi added, “To make sure that the SEC’s licensing requirements are in line with the current realities of the country’s economy, the Nigerian National Assembly needs to get involved.” Nigeria, the biggest economy in Africa, has the highest degree of cryptocurrency awareness globally, according to a global poll comprising participants from 15 countries.Out of 154 nations evaluated, Nigeria ranked second in terms of cryptocurrency adoption, according to Chainalysis’ “2023 Cryptocurrency Geography Report.”It was projected that the country’s high level of cryptocurrency acceptance will draw more foreign investment in the space.Ophi, however, blames the low investment rate on the recent lifting of the prohibition on banking institutions handling cryptocurrency exchanges.
Through its merchant network known as digishops, Shamba Pride has been working since 2016 to improve last-mile distribution for agriculture inputs and address price exploitation and quality issues for farmers. So far, the agtech has established a network of 2,700 merchants, or agro-dealers, spanning 24 counties in Kenya, or slightly more than half of the
Jathin Jagannath, a developer and supporter of the Web3 rollup protocol Cartesi, has identified regulatory ambiguity as a major barrier to the Web3 environment in Africa. As per Jathin, prospective users and investors may become hesitant towards Web3 technologies if there are unclear and imprecise legislation governing them. In a Cointelegraph interview, Jathin emphasised that
One of the biggest banks in Nigeria, Zenith Bank, has ₦13.38 trillion in client deposits. It plans to join banks like First Bank, UBA, and Access Bank that are growing internationally by relocating to France. At the Chartered Institute of Bankers annual dinner, which was held on Friday night at Eko Hotels in Lagos, Ebenezer
With the help of Block’s TBD, the African non-profit DevCareer is bringing Web3 technology to the continent by organising the first Web3 hackathon. With its tools, TBD hopes to make decentralised finance accessible to all developers. Participants in the DevCareer hackathon can investigate Web3 and create self-sufficient technologies. With an identity layer that goes beyond
At the Global Startup Awards Africa in Addis Ababa, four Nigerian startups were recognised, giving them the opportunity to compete internationally in hopes of receiving more funding and recognition. The financial services startup Awabah, which caters to Nigeria’s informal sector, won the title of “Best Newcomer,” and Dataleum, a tech training and consulting company, won
Across sub-Saharan Africa, governments are imposing harsh and hefty levies on mobile money services. These taxes are undoing the previous financial services gains in Tanzania and even Kenya. Compared to two years ago, when the government imposed new taxes on mobile money transactions, Tanzanians are now using mobile services less frequently. To support development projects,
With the successful completion of a pre-Series A investment round, Egyptian deep tech firm Intella has raised an astounding $3.4 million. This significant investment will be crucial to Intella’s growth in the Saudi market and to the creation of end-to-end AI models that are customised and meant for the MENA area. The funding round was
The winner of the TC business Battlefield competition is TruQ, a logistics business that streamlines mid-mile logistics throughout Africa. The business beat out nine other contenders to win the ₦2.5 million cash prize. The social audio network Jamit came in second place and took home ₦1.5 million. The tournament took place at the just ended
Dash, a fintech business based in Ghana that aims to link bank accounts and mobile money wallets all throughout Africa, has announced that it will cease operations. WeeTracker broke the news that the startup has closed. . Prince Boakye Boampong launched the startup Dash in 2019. When investors heard about the issue the company hoped
Ten exciting African startups are among the 24 companies that make up the excellent 2023 summer cohort of Techstars Toronto, a renowned accelerator programme. This edition is meant to commemorate the accelerator’s 100th direct investment, marking a critical turning point in its history and highlighting the accelerator’s crucial contribution to the advancement of the digital
In the industry that produces batteries for electric vehicles (EVs), Morocco aspires to take the lead on a global scale. The nation’s most recent action is the result of a recently announced collaboration between the Chinese battery component maker CNGR Advanced Material Co. and the Moroccan investment firm Al Mada. For the purpose of establishing
In order to boost innovation, science, and technology between the two countries, the Federal Government of Nigeria and the Republic of Cuba have signed a Memorandum of Understanding. The MoU was signed by the Nigerian delegation to the G77+China Summit in Havana, which was led by Vice President Sen. Kashim Shettima, according to a statement
Following the Friday enactment of its virtual assets bill into law, Namibia’s government is prepared to name a regulatory body to regulate the business.The Namibia Virtual Assets Act 2023 proposes to assist the south African nation in appointing a regulatory body to control and oversee virtual asset service providers and related activities.In addition, among other things, it is designed to guard against market manipulation and money laundering.After being approved by the National Assembly last month, it is the first law in the nation outlining how cryptocurrency should be handled. It became a law on Friday when it was published in the Republic of Namibia’s Gazette.Diana Vivo, an associate at Ellis Shilengudwa Incorporated, a division of DLA Piper Africa, said it’s “not yet effective,” though. She continued, “[It] will only take effect on a date to be specified by the Namibian Minister of Finance. Globally, nations including the European Union, the United Kingdom, and South Korea are tightening up their regulation of activities related to cryptocurrencies.A crypto license program has became available in South Africa.Soon, the nation’s authorized crypto regulator will have the authority to enact new legislation and license suppliers of virtual asset services.
The US Consulate has collaborated with the National Information Technology Development Agency on the upcoming Global Tech Africa. The Future Map Foundation and Ascend Studios Foundation are organising the tech conference to bring together African and international stakeholders in technology in order to unleash growth prospects and expand the African tech ecosystem. According to a
Developers wrote in an email that the Africa-focused decentralized banking platform Mara announced the launch of a testnet for its future Mara Chain, a layer 2 network compatible with Ethereum that charges fees in MARA tokens.On the Mara Chain, which is the Optimism fork, developers in Nigeria and elsewhere in Africa can create and test decentralized applications.The Mara Wallet, which enables users to trade and withdraw both fiat money and tokens, was just released, and it is the network that follows. “Blockchain technology has become a necessary utility and infrastructure that is critical and essential to the development of every country, similar to electricity or the internet,” said Chi Nnadi, CEO of Mara, in an email. “Opportunities abound in Africa that can be harnessed using blockchain as a technology to deliver widespread utility for African
Applied Digital Corporation (APLD), a Texas-based bitcoin mining and data center company, recently saw a 12% increase in share price after announcing its third agreement in the artificial intelligence (AI) sector. In accordance with the cooperation, Hewlett Packard Enterprises’ (HEP) supercomputers will be used by Applied Digital’s AI cloud service, which will be constructed utilizing
World Mobile, a provider of decentralized wireless (DeWi) networks, announced on June 8 that it had completed field tests of its DeWi technology in Kenya, Mozambique, and Nigeria, bringing it closer to a full deployment across the African continent. The tests in Kenya and Mozambique, according to World Mobile, which strives to deliver affordable and dependable internet connectivity to rural areas that are typically underserved, were conducted using TV White Space equipment. This technology uses unused spectrum in the TV broadcast band to provide mobile network services.The field test in Nigeria made use of Starlink, a satellite internet service provided by SpaceX.The business claims that TV White Space and Starlink are complementary technologies that allow World Mobile to make use of currently available infrastructure and spectrum resources in order to increase the size of its network coverage. The tests “validate the feasibility and scalability of our DeWi technology, bringing us one step closer to providing affordable and dependable internet access to both rural and under-served areas throughout the world,” according to World Mobile CEO Micky Watkins.This news comes in the wake of World Mobile’s May commercial network launch in Zanzibar, where it claims more than 300 AirNodes offer wireless connectivity to more than 16,000 users per day. As part of its efforts to build “a global community-owned wireless network that can bridge the digital divide and foster social and economic inclusion,” the firm stated it would expand its network into other African nations as well as other regions. According to World Mobile, their DeWi solution offers connectivity for less money than traditional mobile network carriers and might support the development of “a sharing economy” to pay for the growth of telecommunications infrastructure in rural Africa and elsewhere. In contrast to conventional mobile networks, World Mobile is based on blockchain technology and aims to promote participation in what it refers to as “a sharing economy” by providing users with access to the trillion-dollar global telecom industry.
