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Later this year, you may get the chance to win $5 million. 🤑
Mr Beast is at it again, and this time, he’s creating a game show that will have over 1,000 contestants competing for a grand prize of $5 million. There’s not a lot of info about the show just yet though.
And if you think you don’t stand a chance, its worth noting that a similar event by Mr Beast in January 2024 saw a Nigerian and a Ghanaian win $25,000 each for simply tweeting. If they can do it, you can too, and we’ll bring you more info on how as soon as we have it.
Economy
Egypt receives $8.1 billion bailout from EU
Like many other African countries, Egypt is presently suffering from one of its worst economic crises in a decade. Inflation currently stands above 35%, the country has devalued its currency thrice in three years to keep up with the pace of its weakening pound.
The country was also on the brink of defaulting on a $165 million foreign debt before the United Arab Emirates swung in with a $35 billion cash injection.
Now, more international communities are lending a helping hand to the embattled country.
A big bailout: The European Union promised Egypt a $8.1 billion bailout fund to help salvage its ailing economy. The new capital injection—a mix of grants and loans—is the latest support the North African country has gotten from the international community to help support its economy.
The EU aid package to Egypt consists of €5 billion loan, €1.8 billion investment in renewable energy and food security projects, €600 million worth of grants, and €200 million allocation for ‘migration management—as Egypt is a major route for migrants travelling to Europe. The EU favours priority areas including economic stability, investments and trade, migration, and security in its fund disbursement to the northern African country.
Egypt, which has become a new alternative for natural gas exports to Europe, will continue its journey in navigating a way of its dwindling economy. The country is in agreement with the World Bank, the UK, and Japan for more capital injection.
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Fintech
Kuda Bank secures payment licences in Tanzania and Canada
Since its launch in August 2019, Kuda, a Nigerian digital bank, has processed ₦55.8 trillion ($35.4 billion) in transactions, serving over five million customers. In August 2021, the neobank also closed a $55 million Series B round at a $500 million valuation.
In 2022, Kuda made its first foray into the cross-border payment space, by securing a payment licence in the United Kingdom and rolled out a subscription-based remittance offering, which according to sources was reportedly discontinued.
Even more licences: In another attempt, the Target Global-backed fintech has secured payment licences in both Canada and Tanzania, allowing it to offer remittance and multi-currency wallet services.
Kuda’s current focus seems to be on catering to the financial needs of Africans living abroad, particularly in countries with large African populations like the UK and Canada. The company is now only present in two African countries—Nigeria and Tanzania. In January 2023, Kuda also acquired a digital banking licence to operate in Pakistan.
What this means: Kuda will go head-to-head with other startups like LemFi and Nala, targeting the African diaspora with financial services. With a rising number of Nigerians migrating to countries like Canada—22,085 in 2022 alone—the demand for remittance services is high. This trend is mirrored across Africa, with remittance inflows reaching an estimated $100.1 billion in 2022.
Funding
Nigerian fintech startup Zone secures $8.5 million
Founded in 2008, Appzone started by building custom software solutions specifically tailored for banks. In 2012, it became a pioneer in facilitating branchless banking for Diamond Bank, a revolutionary concept at the time. This success continued with internet and mobile banking services for Providus Bank and an instant card issuance system for Guaranty Trust Bank.
But Appzone’s vision extended beyond traditional solutions. It decided, in 2022, to carve out a new subsidiary—Zone—a blockchain-enabled payment infrastructure company dedicated to building a future-proof payment network, and made its original banking-as-a-service business into a separate standalone company, Qore.
First funding milestone: After it spun off from its parent company, Zone has secured its first VC funding of $8.5 million. Its funding comes amidst a challenging fundraising environment for African startups, where funding in 2023 dropped by 36% compared to $5 billion in 2022. Investors like Flourish Ventures and TLcom led the seed round.
With this funding, Zone plans to expand its network domestically, improve its technology—particularly instant settlements—and develop new use cases for its blockchain network beyond ATMs. Zone claims over 15 of Africa’s largest banks and fintech companies use its network to process payments including Access Bank Plc and United Bank of Africa.
Zoom out: The company will spend part of the fresh funding to conduct a comprehensive pilot program to test its cross-border capabilities, as it plans to launch a remittance product in 2025.
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AI
Apple in talks to integrate Google Gemini AI to iPhones
Apple is looking outward for AI solutions.
Since the inception of ChatGPT and generative AI, the race for domination in AI and AI-enabled systems has been a rush.
Tech startups have looked for smart ways to incorporate AI into their existing systems, while established tech giants scramble to defend their turf and develop their own competitive AI solutions.
The news: Apple is in talks with Google to integrate the Gemini artificial intelligence engine into the iPhone. Both companies are currently negotiating for Apple to license Google’s Gemini AI for upcoming iPhone features in 2024.
Why? The thesis is that if Apple is going to keep AI as its dominant smartphone globally there would be a need to put some generative AI in the loop. While Apple might be building its own AI feature in-house, Google Gemini represents a superior product that the tech giant can incorporate into its system.
The latest move to integrate with Google’s Gemini might be an indication that Apple’s internal AI efforts might not be progressing as expected. Apple also reportedly approached OpenAI to use some of its AI models. It remains to be seen who will be the eventual choice for the tech giant—or if Apple perfects its AI systems just in time.
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Crypto Tracker
The World Wide Web3
Source:
|
Coin Name |
Current Value |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$65,603 |
– 3.07% |
+ 27.20% |
| Ether |
$3,415 |
– 4.18% |
+ 18.41% |
 Book of Meme |
$0.010 |
– 42.20% |
+ 1018.10% |
| Solana |
$185.61 |
– 8.81% |
+ 71.38% |
* Data as of 5:16 AM WAT, March 19, 2024.
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The Meme Token Making Millions: The world of crypto is full of surprises, and the latest head-scratcher is Book of Meme (BOME), created by Darkfarms, a crypto artist. Launched on March 12 on the Solana blockchain, BOME is causing a stir for a few reasons.
- BOME aims to be an archive for memes, providing tools for making them and using blockchain to track ownership and usage.
- BOME’s launch has been no laughing matter. A crypto trader made a $4.3 million profit by trading BOME tokens 10 hours after its launch. Another trader pocketed $127,000 within 14 hours.
According to CryptoPotato. BOME’s market cap now surpasses $1 billion, making it the 88th largest cryptocurrency by this metric. This has also contributed to Solana’s rise as the fourth-largest cryptocurrency by market capitalisation.
Binance, the world’s largest crypto exchange has warned its users about BOME. Meme coins, like BOME, are known for being highly volatile, meaning their value can fluctuate rapidly, which makes them a risky investment.
Opportunities
- In collaboration with AfriGloCal VC, a venture capital firm building the African future by investing in entrepreneurs with global perspectives and innovative solutions, Lagos Innovates unveils its latest initiative, the Female Founders & Funders Program, an incubation and acceleration program designed for women. Female Startup Founders, apply here. Female Funders/Angel Investors, apply here.
- The Corporate Social Responsibility arm of MTN Nigeria, MTN Foundation has opened applications for phase two of its “Yellopreneur” initiative, through which it intends to offer 150 female entrepreneurs with ₦3 million ($1,900) each as loans to boost their businesses. Apply by March 30.
- Applications are open for the Access Bank Youthrive Program for Nigerian MSMEs. The program is a collaboration between the bank and the Vice President’s office, dedicated to empowering individuals and MSMEs. With a focus on capacity development, financial empowerment, and business exchange, the program aims to impact 4 million youths over the next four years. Apply here.
Here’s what you should be looking at
Written by: Mariam Muhammad & Faith Omoniyi
Edited by: Timi Odueso
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