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In its fight against shady money dealing, Kenya is treading into gray area.
The East African country’s parliamentary committee on Finance is suggesting some major tweaks to the Anti-Money Laundering and Combating Terrorism Financing Laws (Amendment) Bill, 2023. These changes could make it completely legal to eavesdrop on the private phone calls and emails of anyone suspected of being involved in money laundering and funding terrorists.
Patricia to use debt token to repay customers after $2 million hack
Patricia claims to have figured out a way to repay its customers.
The Nigerian crypto platform released a whitepaper stating that it will use its newly created debt management token—the Patricia token (PTK)—to repay customers the $2 million in customer funds lost in a hack.
How is this possible? The token is a stablecoin pegged to the US dollar, meaning that 1 PTK = $1. Customers who had BTC or naira balances on the platform at the time of the hack will have their funds converted to PTK. They can then redeem their PTK tokens for USDT, which can be converted to other cryptocurrencies or fiat currencies. However, all conversion rates will rely on the asset’s US dollar value as at April 29, 2023.
According to Hanu Fejiro, the company’s CEO, “Our OTC Desk has been fully operational, and it is growing and bringing in revenue. We are totally confident in the redemption of Patricia tokens and that we will be able to pay our customers with the proceeds from our operations and our fundraising efforts.” He also added that Patricia is “working with legal partners and the product team on measures to launch a feature that guarantees transparency.”
Zoom out: Valid concerns exist due to the lack of a smart contract for Patricia’s debt token. Fejiro addressed this by noting that the vesting schedule is still in its initial phases as users have not yet transitioned to Patricia Tokens. This will kick off on a scheduled basis once the app is relaunched.
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Visa partners with banks in Kenya to launch contactless payments
Visa is rolling out tap-to-pay in Kenya.
The payment technology company has announced its partnership with Kenyan banks and fintech’s to launch a new Tap To Pay service.
What’s a tap-to-pay service? It’s a payment system that allows individuals to conduct payments through their banking app by tapping their Near-Field Communication (NFC) enabled smartphones or wearables at any contactless-enabled payment terminal.
The service is also more secure, as it uses Visa’s tokenisation ability to protect customer data. Thales, a digital security leader, fuels the service, and this eliminates the need for cards or physical wallets during transactions.
ICYMI: Safaricom once trialled the service back in 2021 with M-PESA 1Tap which was the quickest way to pay using MPESA. However, the One-Tap product did not pick up and was later discontinued.
Zoom out: Visa has said it is continuously working with its partners in the banking sector to enable new and enhanced experiences for consumers. In June this year, the company partnered with Kenya Commercial Bank (KCB) to offer contactless payments powered by NFC.
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16 African startups selected for Startup Battlefield competition
African startups are battling it up.
Sixteen African startups have been selected for this year’s edition of the TechCrunch Disrupt Startup Battlefield pitch competition. The competition showcases the top 200 early-stage startups chosen from around the globe, across multiple industries who compete for the 100,000 equity-free prize.
The selected startups will receive pitch training from TechCrunch journalists and VCs and then pitch to investors attending the conference over three days.
Nigeria had the most representation at this year’s competition with 7 startups, Uganda with 2, South Africa with 3, Kenya and Uganda with 2 startups each, Tanzania and Ghana with 1 startup respectively.
Zoom out: Zoom Out: The selected African startups for this year’s edition have the chance to join a prestigious list of companies like Dropbox, Trello Yammer, Tripit, and Redbeacon, who have emerged from the competition.
Glamera is expanding to Saudi Arabia
The Arabians are getting glammed up!
Egyptian beauty services booking platform Glamera has successfully obtained the fintech licence “SoftPOS” from Saudi Payments. The company says the licence will “unlock new horizons of growth and deliver an unparalleled customer experience” in the Saudi market. The newly acquired fintech licence paves the way for the launch of Glamera Pay, a service that offers secure payment options.
Glamera? Glamera was launched in September 2019, to allow users book appointments with contracted beauty providers, including salons, clinics, spa, gym, and dental. Glamera serves audiences across Egypt and Saudi Arabia.
Zoom Out: In October 2022, Glamera raised $1.3 million seed funding to help it expand operations across the MENA region. By setting up shop in Saudi Arabia through the acquisition of the fintech license, Glamera’s goal of expanding into the MENA region continues to thrive.
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$26,061 |
+ 0.14% |
– 11.29% |
| Ether |
$1,650 |
+ 0.02% |
– 12.12% |
 BNB |
$217 |
+ 0.06% |
– 10.06% |
| Cardano |
$0.26 |
+ 1.67% |
– 14.53% |
* Data as of 04:20 AM WAT, August 29, 2023.
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- Exciting news for female entrepreneurs and women-led businesses in Nigeria. It’s time to elevate your business through the #NimbusAidProject.Win a share of N40m advertising support to amplify your brand. Apply now at https://nimbus.com.ng/nimbus-aid-project. Entries close on September 8, 2023.
- If you are an aspiring economist entering your first year of undergraduate studies in the 2024 academic year, the South African Reserve Bank’s (SARB) Economic Research Department in collaboration with the SARB Academy, invites you to apply for competitive SARB bursaries in the field of economics, economics and econometrics, economics and mathematical statistics and economic science. Apply by September 30.
- Applications are open for the Cambridge Africa ALBORADA Research Fund 2023 for sub-Saharan African Researchers ($20,000 in Grants). The Cambridge Africa ALBORADA Research Fund competitively awards grants between £1,000 and £20,000 for research costs, research-related travel between Cambridge and Africa, and conducting research training activities in Africa. Apply by September 4.
- Wise Guys SaaS Accelerator Program is looking to help SaaS startups level up through tailored guidance and support from world-class mentors and experts.
Apply before September 7. - If you are a young (no older than 24 years of age) and emerging photographer looking to embark on a career in the world of photojournalism, the Ian Parry Photojournalism Grant 2023 (up to £10,000) is open for Applications. Apply by August 31.
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