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  • Lagos, Nigeria
  • Info@bhluemountain.com
  • Office Hours: 8:00 AM – 5:00 PM Mon - Fri
  • May 8 2023

👨🏿‍🚀 TechCabal Daily – Raining gold

Lire en français Read this email in French. 8 MAY, 2023 IN PARTNERSHIP WITH Good morning It’s time again for you to judge us. If you’ve been reading TC Daily for a while, please let us know what we’re doing well, and how we can improve. We know surveys can be hectic, but if you fill this one, you stand a chance to win a $50 gift card. In today’s edition Zimbabwe’s gold currency launches today Mozambique gets 5G Rain launches voice services TC Insights: Africa’s costly remittance flow The World Wide Web3 Report: The State of Tech in Africa Opportunities ZIMBABWE’S GOLD-BACKED DIGITAL CURRENCY LAUNCHES TODAY Zimbabwe is moving forward with the launch of its gold-backed digital currency. ICYMI: In April, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The digital currency is set to complement the Mosi-oa-Tunya, fiat gold coins, which the country launched in 2022. With it, the country hopes to have more citizens buy into its gold industry and fight its currency devaluation and inflation which jumped to 285% in 2022. The first phase: Last Thursday, the RBZ outlined plans for the implementation of the currency. In the first phase, which launches today, May 8, the tokens will be issued only for investment purposes and available through banks. The bank has invited Zimbabwean citizens and businesses to subscribe to the token. Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions. In the second phase—launch to be announced at a later date—users can hold the tokens in digital wallets and use them for peer-to-peer and other commercial transactions. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. MOZAMBIQUE GETS 5G More African countries are getting 5G. East Africa’s Mozambique is the latest to get the fifth-generation network, with Vodacom last week announcing its launch. The service will be available at selected sites in Maputo, Matola; the central area of Nampula; downtown Nacala, Munhava, Maquinino, and Chipanga neighbourhoods; Beira; and Tete. The telco’s CEO, Nuno Quelhas, stated that 5G would help improve the quality of life and promote the growth of the youthful population. “5G would help to expand financial inclusion in Mozambique, as the aim is to cover 75% of the adult Mozambican population by 2025 and make payments through M-Pesa available anywhere in the country,” he added. With the launch, Vodacom beats Tmcel, which announced in 2022 that it would fast-track the launch of 5G in the country after an initial trial run. 5G coverage in Africa: So far, at least a dozen African countries, including the Big Four—South Africa, Nigeria, Egypt and Kenya—have launched 5G commercially while many more, including Ghana and Uganda, are reportedly running trials across their respective countries.  RAIN LAUNCHES VOICE SERVICES IN SOUTH AFRICA Two months after announcing its plans to expand into voice, South African telecoms Rain has finally pulled off said plans. Last week, the telecom launched its voice service in the country. Running on 4G technology, Rain’s offering will offer high-definition voice calls, data and SMS throughout the country.  “After acquiring spectrum in the 2022 auction, Rain is overlaying its existing 4G network with a new layer that provides for more comprehensive reach,” the statement continued. Fighting a duopoly: Rain joins MTN and Vodacom who have both dominated South Africa’s voice scene with 31% and 42% of the market share respectively. With other competitors Telkom at 15% and Cell-C at 12%, Rain has its work cut out for it in fighting for a share of South Africa’s voice market. The telecoms, however, believes that its offerings will garner it some customers. “The convergence of a home and mobile voice and data offerings in one affordable plan is an innovation we are confident will appeal to South Africans. We recognise that our customers have family members, so with rainOne we are catering not only for their need to access the internet from home, but also outside on their mobile devices,” said Rain CEO Brandon Leigh in the launch statement. TC INSIGHTS: AFRICA’S COSTLY REMITTANCE FLOW Africans in diaspora play a crucial role in their home country’s economy through remittance inflows. In 2021, sub-Saharan Africa had a 14% increase in remittances, reaching $49 billion and surpassing Foreign Direct Investment (FDI) and Overseas Development Assistance (ODA) as a source of external financing. For example, Nigeria, with an estimated migrant population of 800,000 primarily in the UK (220,000), and the US (375,000) as of 2021, recorded the highest remittance inflows on the continent. Despite this significant growth, the cost of remittances to Africa remains the highest in the world, with an average cost of 7.8%, compared to the global average of 6%. While sub-Saharan Africa received $48 billion from overseas in 2018, a significant portion of $3.3 billion was lost in fees. This high cost creates a major challenge for African businesses and individuals who rely on remittances for important bills and investment. Traditional offline services such as banks, Western Union, and MoneyGram dominate the remittances sector, leaving little room for competition and innovation. These traditional offline services have a combined market share of 50% of remittances in three-quarters of countries in sub-Saharan Africa. However, the shift to digital payment channels could significantly reduce the cost of remittances, offering a cheaper and more accessible option. In 2020, sub-Saharan Africa’s share of international remittances sent and received via mobile devices was 80%, highlighting the potential for digital channels to transform the remittances sector. The lack of clear regulatory frameworks that support the growth of the remittance industry in Africa is a major challenge for businesses and consumers across countries in the region. This creates challenges

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