Good morning
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.Â
But will they keep driving green after the summit lights dim?
Leatherback denies rumours of financial losses
Image source: Zikoko Memes
Leatherback, a UK-based cross-border payments startup, has denied rumours of financial losses to SDQ Facilitators.Â
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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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.
Bitcoin nonprofit acquires Qala
â‚żtrust, 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 sources, trains, and matches African software developers with leading Bitcoin companies from across the world. With its latest acquisition by â‚żtrust, 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.
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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