Africa Tech Update
2023-12-06 09:00:38.0
South Africa Releases Crypto Licence Updates
South Africa’s Financial Sector Conduct Authority has released new updates on the licence status for crypto asset service providers in the country.
The FSCA received 128 renewal applications as of November 2023, State of the licences: Only 36 of the 128 licence application assessments were complete; the regulatory body said it would present the completed applications on December 12, 2023.
The FSCA issues the licence to crypto organisations to help protect consumers by ensuring that crypto asset service providers are financially sound and have adequate cybersecurity measures in place.
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2023-12-06 08:56:49.0
Putin’s Daughter Offers Digital Expertise to Africa
Delegates from 36 African countries have been invited to Moscow next month to pitch digital services to Russian investors and IT specialists.
The project is supported by the Innopraktika Centre, which is affiliated with the National Intellectual Development Foundation where Russia’s President Vladimir Putin’s younger daughter, Katerina Tikhonova, is the general director.
The programme aims to promote the exchange of knowledge and experience in the field of e-governance between Russia and African countries.
The programme will provide training, including lectures, seminars, workshops, and other learning activities led by Russian and African experts.
The training will cover the theoretical aspects of e-governance, regulations, and technological solutions, with a focus on practical case studies.
Andrey Maslov, deputy executive director for Innopraktika, says the project was pivotal due to a significant demand for digitisation of public services, and high growth rates in African countries.
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2023-12-06 08:53:37.0
Nigeria Joins 17 Countries to Sign Global AI Safety Agreement
Nigeria country joined 18 other countries, including the US and UK to unveil a 20-page document that will be the holy grail of AI safety.
The countries agreed that companies developing and implementing AI must ensure that their systems prioritise customer and public safety by preventing misuse.
The non-binding agreement deals with questions of how to keep AI technology from being hijacked by hackers, and it includes recommendations such as only releasing models after appropriate security testing.
While Nigeria is the only participating African country in the agreement, the move is usual as the country has yet to pass its own AI act into law.
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2023-12-06 08:48:29.0
OneWeb Launches Broadband Service in South Africa
OneWeb has launched its low-earth orbit (LEO) broadband service in South Africa.
Through a partnership between telecom company, Paratus and satellite operator, Eutelsat, the Starlink rival will offer fast and reliable internet in areas with connectivity challenges, benefiting sectors such as healthcare, government, mining, agriculture, tourism, and hospitality.
The partnership leverages a 10,000-kilometre fibre network across 10 sub-Saharan African countries, providing customers with connectivity to various data centres in Angola, Namibia, and Zambia, along with connectivity to various subsea cable systems, including Equiano.
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2023-12-06 08:43:50.0
Regulatory Watchdog Warns Against Using Starlink in South Africa
The Independent Communications Authority of South Africa (ICASA) has again, issued a warning, against the illegal use and provision of Starlink satellite broadband services within the country.
This warning comes days after Starlink’s rival, OneWeb, launched its broadband service in South Africa.
Starlink has been unable to secure an operating licence in South Africa due to its refusal to surrender a 30% stake in its service to historically disadvantaged groups.
The regulator has issued a warning and outlined legal consequences for unauthorised use of Starlink services in the country.
Those who do not have a license to provide electronic services could be fined up to R5 million or 10% of their annual turnover for each day the offence continues.
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2023-12-01 12:32:01.0
Neuralink, Elon Musk’s Brain Implant Startup Raises Additional $43M
Neuralink, the Elon Musk-founded company developing implantable chips that can read brain waves, has raised an additional $43 million in venture capital, according to a filing with the SEC.
The filing published this week shows the company increased its previous tranche, led by Peter Thiel’s Founders Fund, from $280 million to $323 million in early August. Thirty-two investors participated, according to the filing.
Neuralink has devised a sewing machine-like device capable of implanting ultra-thin threads inside the brain. The threads attach to a custom-designed chip containing electrodes that can read information from groups of neurons.
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2023-12-01 12:27:14.0
Patricia Nabs Nigerian Politician for $760,000 Theft
Fintech Patricia identified a Nigerian politician, William Bonse, as a culprit in its 2022 $2 million hack.
The Nigerian Police Force says, Bonse, who was a gubernatorial candidate in Nigeria’s 2023 elections, reportedly diverted ?607 million ($760,000) from the fintech’s account into his through a cryptocurrency wallet.
Bonse, who is allegedly working with others, had been apprehended by the police who say the politician has registered his involvement in the hack.
The company says it had pinpointed a single culprit, it declined to disclose any details regarding the individual.
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2023-12-01 12:21:12.0
Nigeria’s Largest Lender to Expand to Asia
Access Bank, Nigeria’s largest lender by assets plans to expand into Asia early in 2024. Access Bank Group will join South Africa’s Standard Bank Group and TymeBank, the South African challenger fintech to open a shop in Asia. Standard Bank has offices in Singapore and Dubai, while TymeBank recently expanded to the Philippines.
Hebert Wigwe, chairman of Access Holdings, the parent company of Access Bank, warned that Africa could be cut off from the global financial system.
The bank chief says they will keep pushing that wall until they are on the global stage.
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2023-12-01 12:12:41.0
Egypt is Moving to e-KYC in 2024
Deputy governor for the CBE Ihab Nasr revealed that Egypt has announced plans to roll out an electronic know-your-customer process next year.
that Egypt’s apex bank was on track to launch an e-KYC process next year that will cut out the need for going to banks.
The process will allow Egyptians to use fingerprints and facial recognition on their smartphones. While the CBE has not given an official release date for the service, Egyptian publication Al Mal reports that e-KYC is set for a Q3 2023 launch.
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2023-11-22 09:21:46.0
Airbnb Acquires GamePlanner.AI Firm
Airbnb acquired a secretive AI startup, GamePlanner.AI for around $200 million.
GamePlanner was co-founded by Adam Cheyer, who famously helped co-launch the startup Siri, which Apple acquired and whose technology became the basis for Apple’s AI-powered Siri assistant.
Airbnb CEO Brian Chesky hinted that the 12-person startup combines expertise in AI and design toward crafting AI-driven experiences — sort of like an AI-focused consultancy.
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