NIGERIA APPROVES BLOCKCHAIN POLICY
Web3 isn’t dying…at least not in Nigeria.
This week, the Nigerian Ministry for Communication and Digital Economy announced the approval and launch of a national blockchain policy. The policy was launched as part of its 10-year digital economy plan slated for 2020–2030.
The ministry reportedly consulted 56 blockchain institutions and figures to create a plan that will see Nigeria use blockchain technology across its economic, agriculture, health, and security sectors.
What it means for Nigeria: Nigeria already employs blockchain in its financial sector, notably for its central bank digital currency (CBDC), the e-naira. Earlier this week, its Securities and Exchange Commission (SEC) also announced that it was considering legalising tokenised coins backed by equity, debt or property.
While its relationship with crypto is still dicey, with crypto trading banned since 2021, it is still finding interesting use cases for blockchain. Last year, its ICT bulldog, NITDA, partnered with a blockchain company to launch a blockchain scholarship programme aimed at training 30,000 Nigerians.
The country is also in talks with global cryptocurrency firm Binance to set up a digital economy via the Nigerian Export Processing Zone Authority (NEZPA).
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FINGO APP LAUNCHES IN KENYA TO FOSTER FINANCIAL INCLUSION
Ecobank Kenya has unveiled the Fingo app which seeks to increase the financial inclusion of youth in Kenya and across Africa.
The app, developed through a collaboration between the lender and Kenyan fintech Fingo Africa, seeks to tap the unbanked youth across 33 countries in Africa where Ecobank operates.
More deets
Through the app, youth will be able to open a bank account via their mobile phone in less than four minutes, send money to other Fingo and M-Pesa users for free, and pay bills via Paybills and Till numbers at subsidised rates.
The app will also have a savings feature wherein a user can set savings goals and set recurring transfers to the goals to create a frictionless savings habit.
In future iterations, users will be able to generate a virtual card to use for online transactions.
Zoom out: The launch was graced by President Ruto whose administration introduced the “Hustlers Fund” which offers instant loans to Kenyan citizens upon request, aiming to provide cheaper access to credit, and to combat embedded credit.
TREEPZ PIVOTS TO CAR-SHARING
More mobility startups are taking new turns on the drive to success.
This time, it’s pan-African startup Treepz. Yesterday, it announced that it’s becoming a car-sharing marketplace that allows car owners to put their vehicles up for rent. According to the startup, this pivot is a more affordable and sustainable option for mobility in Africa.
Old roads make bad trips: Launched in 2019, Treepz is active across three countries—Nigeria, Ghana and Uganda—where its business models included an Uber-like service for minivans, an intercity travel solution, and a corporate mobility solution for businesses. Per the company, it is discontinuing previous offers and focusing on becoming “Africa’s premier car-sharing marketplace”.
The company has reportedly spent the past five months building out its new offerings and now claims to have a variety of vehicles including sedans, SUVs, vans, and buses. The business model involves renters or “guests” choosing their desired cars based on location and duration while the vetted car owners or “hosts” set their preferred prices and availability.
TC INSIGHTS: FUNDING TRACKER
This week, Nomba, a pan-African payment service provider, secured $30 million in Pre-Series B funding. The oversubscribed equity funding round was led by San Francisco-based Base10 Partners, with participation from Helios Digital Ventures, Shopify, Partech, and Khosla Ventures.
Here are the other deals this week:
- Fedi, a Nigerian bitcoin-focused company, raised $17 million in a series A funding round led by Ego Death Capital. Other participating investors include Block, Kingsway, Trammell Venture Partners, and Timechain.
- Tunisian e-commerce company Drest.tn received $336,000 in an undisclosed funding round from 216 Capital Ventures.
- Nigerian Insight7, an AI company, secured undisclosed funding from Forum Ventures.
That’s it for this week!
Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker.
THE WORLD WIDE WEB3
|
|
|
|---|---|---|
|
Bitcoin
|
$29,206 |
+ 0.32% |
|
Ether
|
$1,898 |
+ 0.01% |
|
BNB
|
$325 |
– 0.32% |
|
Cardano
|
$0.39 |
– 0.86% |
|
|
Source:
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|
* Data as of 07:30 AM WAT, May 5, 2023.
Written by – Timi Odueso, Ephraim Modise & Tomisin Bamidele
Edited by – Kelechi Njoku
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