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It is Africa Climate Week, so Kenyan President Ruto has been using an all-electric fleet for his motorcade. Even his security team traded in their internal combustion engine motorcycles for electric ones from local EV upstarts like Roam, Ampersand, Spiro, and KiriEVs.
But will they keep driving green after the summit lights dim?
Fintech
Leatherback denies rumours of financial losses
Leatherback, a UK-based cross-border payments startup, has denied rumours of financial losses to SDQ Facilitators.
The company says that its bank accounts are fully functional and that all client funds are safe.
What are the rumours? The rumours, which have been circulating online, allege that Leatherback lost money to SDQ Facilitators, a Nigerian currency trading company and that transactions with SDQ Facilitators had exposed the fintech to an ongoing investigation that has left its bank accounts frozen worldwide. However, Leatherback CEO Toheeb Ibrahim has denied the rumours and said “It’s terrible and laughable.” Ibrahim claims that Leatherback has no relationship with SDQ Facilitators and adds that Leatherback’s accounts are fully functional.
Zoom out: The rumours about Leatherback are circulating after we exclusively reported that Float, a fintech company originally founded to help startups with cashflow management, dabbled into currency trading instead. In a series of transactions that eventually went wrong, the startup lost money and could not pay at least $6 million in client deposits.
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Banking
Nigeria to clear $10 billion FX backlog in two weeks
Nigeria is rolling up its sleeves to tackle a multi-billion dollar backlog.
Nigeria’s acting Central Bank Governor, Ade Shonubi,has announced that the central bank will clear the backlog of foreign exchange (FX) demand in two weeks.
What is FX backlog? FX backlog is when investors and importers still need foreign currency that they haven’t gotten yet. Currently, a backlog of about $10 billion has been weighing on the economy. Shonubi said that the CBN will be working with local banks to fix the problem as they currently contribute three times more FX than the central bank.
Zoom out: The backlog of foreign exchange demands has reduced investor confidence in Nigeria, with rightful fears that investors might not be able to recoup any profits they make in Nigeria.
Acquisition
Bitcoin nonprofit acquires Qala
₿trust, the non-profit company formed by Block CEO Jack Dorsey and American rapper and entertainment mogul Shawn Carter, popularly known as Jay-Z, has acquired Qala, an organisation that trains African Bitcoin and Lightning engineers.
More about Qala: The company, co-founded by Bernard Parah,Tim Akinbo, and Abubakar Nur Khalil, sources, trains, and matches African software developers with leading Bitcoin companies from across the world. With its latest acquisition by ₿trust, Qala has the needed resources to build the next generation of African Bitcoin talent pipeline.
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Amazon and Vodafone team up to challenge Starlink
Starlink has gotten a new competitor.
Yesterday, Amazon and Vodafone teamed up to bring 4G/5G to more customers in Europe and Africa using Amazon’s Project Kuiper’s satellite network.
What is Project Kuiper? It is an initiative to bring fast, affordable broadband to unserved and underserved communities around the world. Project Kuiper claims to connect cellular antennas in remote areas to Vodafone and Vodacom’s core telecom networks, allowing them to offer 4G/5G services in more locations without the need for expensive fibre or fixed wireless links.
Amazon expects to begin beta testing Project Kuiper services with select customers by the end of 2024, and Vodafone and Vodacom plan to participate in this testing as part of their collaboration.
A competitive landscape: Starlink has faced regulatory challenges in some African countries, making Project Kuiper’s collaboration timely and potentially advantageous. In August, the Senegalese government arrested people selling Starlink in the country after shutting down the internet for the second time in two months, citing violations of the country’s telecommunications laws. Last week, the Zimbabwean government warned that it is illegal to use or resell Starlink equipment in the country. Unless they secure requisite licenses, they are breaking the law by using and providing the service.
Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$25,732 |
+ 0.01% |
– 11.38% |
| Ether |
$1,631 |
+ 0.52% |
– 11.07% |
 BNB |
$214 |
– 0.20% |
– 11.69% |
| Cardano |
$0.25 |
+ 0.81% |
– 12.27% |
* Data as of 10:25 PM WAT, September 5, 2023.
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The Moonshot Conference
Early bird tickets are still selling out fast for Moonshot by TechCabal!
If you’re an international fan eager to be part of this incredible event, the time has come for you to secure your seat and get an exclusive discount.
Be part of the gathering of the most audacious players in Africa’s tech ecosystem and get your early birds ticket now.
Opportuinities
- Want to build a successful tech business? Sign up for this 5-week training programme and gain access to resources worth over $15,000. Apply by September 10.
- The SaaS Accelerator Programme: Africa 2023 has opened applications for its accelerator programme to enable early startups in Africa to receive funding. Selected startups will receive up to $70,000 in funding. Apply by September 7.
- 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.
What else we are reading
