Author: Akin Naphtal

Luno, a cryptocurrency company, announced recently that it will now provide monthly proof-of-reserves reports to its customers to demonstrate that their funds are secure. Luno says it is collaborating with Moore Johannesburg, a South African accounting and business firm, to provide monthly reports that include Merkle Tree functionality and monthly verifications to improve reporting transparency. The crypto asset custodian and exchange platform stated that this new process will ensure that it keeps all customer digital assets in a 1:1 ratio, implying that each customer’s investments are consistent with the showcased balances in their Luno wallets. Established in 2013, the Luno…

Arnergy, a Nigerian clean tech startup, has raised $3 million in funding from All On, an off-grid energy impact investment company, to scale and accelerate adoption. This news follows Arnergy’s $9 million Series A round in 2019 from All On, Breakthrough Energy Ventures, ElectriFI, and Norfund. The company is also preparing to raise funds in its Series B round, expected to close this quarter, to expand operations and increase the adoption of its renewable energy products and solutions. Femi Adeyemo and Kunle Odebunmi founded the startup in 2013, specialising in distributed renewable energy products and services for businesses and homes.…

IHS Cameroon has launched the ‘Tower Kiosk by IHS Cameroon’ initiative to provide connectivity and digital services to rural communities in Cameroon’s northwest and southwest regions. The kiosks opened in three communities — Idenau, Santa, and Tombel — and will provide free Internet access while supporting local businesses and entrepreneurs. It would also serve as a digital infrastructure for eCommerce, e-education, e-health, and e-governance operations. The kiosks will collect health-related data from the community. Cameroon’s Prime Minister, Dr Joseph Dion Ngute, was present at the unveiling, as were dignitaries from the two regions where it was launched. Furthermore, by 2025,…

The Central Bank of Nigeria (CBN) has taken steps to reform the process of accessing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by instructing all authorised dealer banks to discontinue cash payments. According to a circular issued on Wednesday, 14th February, 2024, all payments for PTA and BTA must now be processed electronically, including debit and credit card transactions. The directive, outlined in a circular titled “Allowable Channels for Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA),” explicitly prohibits authorised banks from paying PTA and BTA in dollar cash. Signed by the Director of the…

UK-based emobility startup, OX Delivers, has secured a £1.2 million funding grant from Energy Catalyst, as it pursues a program aimed at driving inclusive clean energy transitions across Global South regions in Africa, Asia, and Indo-Pacific communities. The grant from Energy Catalyst will be instrumental in funding the development of a sustainable energy infrastructure in Rwanda, where OX Delivers plans to roll out its upcoming, all-electric OX4 truck. This initiative aims to provide a seamless and efficient transport-as-a-service solution for individuals and businesses, particularly in regions with poor road infrastructure. OX Delivers has already made significant strides in Rwanda, offering…

Leading digital payments company, Mastercard, has appointed Folasade Femi-Lawal as the new Country Manager and Area Business Head for West Africa, taking over from Ebehijie Momoh, who has held the position since 2019. As Country Manager, Folasade’s job is to drive the Mastercard’s strategic vision, innovation and growth agenda, in addition to strengthening partnerships with key stakeholders, and helping the company achieve its goal of building a more connected and inclusive digital economy in West Africa. Who is Folasade Femi-Lawal? Folasade Femi-Lawal holds over 25 years of experience from serving in financial services, management consulting, telecommunications, and business advisory services.…

Visa has partnered with the Egyptian Banks Company (EBC), aiming to simplify and improve the international remittance process for Egyptians residing overseas, and offer them a seamless and efficient experience for individuals sending money across borders. The EBC also collaborated with Mastercard on 7th February, focusing on enhancing Egypt’s digital payments ecosystem. This new partnership with Visa will build upon that, as it seeks to promote inclusive economic growth through innovative financial solutions. The EBC-Visa collaboration will see both parties integrating their technological infrastructure and digital financial services to provide advanced digital wallet and electronic payment solutions. This aligns with…

Elon Musk’s Starlink satellite internet service has terminated numerous accounts in South Africa suspected of trademark and copyright infringements, sparking controversy and leaving many South African Starlink users frustrated. According to reports from MyBroadband, several Starlink users who use StarSat Africa to manage their accounts have experienced downtime, prompting concerns and complaints among affected users. In response, Starlink has cited violations of its terms of use and copyrights, particularly regarding the unauthorised use of the Starlink logo by resellers for marketing purposes. Resellers in South Africa, such as StarSat, facilitate the access to Starlink’s services through roaming packages purchased from…

The UK armed forces and Defence Science and Technology Laboratory (Dstl) in collaboration with the militaries of Australia and the US as part of the AUKUS partnership has pushed further on the AI and autonomous systems. The trial, called Trusted Operation of Robotic Vehicles in Contested Environments (TORVICE), was held in Australia under the AUKUS partnership formed last year between the three countries. It aimed to test robotic vehicles and sensors in situations involving electronic attacks, GPS disruption, and other threats to evaluate the resilience of autonomous systems expected to play a major role in future military operations. Understanding how…

Japan’s ruling Liberal Democratic Party (LDP) is set to propose the introduction of a new law regulating generative artificial intelligence (AI) technologies by the end of 2024, as reported by the Nikkei business daily on Thursday, 15th February. The move aims to address concerns surrounding AI, including disinformation and rights infringement. The LDP’s AI project team will take the lead in drafting preliminary rules, which will include penal regulations, for foundation model developers such as ChatGPT creator, OpenAI. These regulations are intended to establish a framework for governing the development and use of AI technologies in Japan. The proposal comes…