DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 2636

Egypt to Launch Card Tokenisation in 2025, Enhancing Digital Payment Security

0

The Central Bank of Egypt (CBE) is set to implement card tokenisation by 2025, marking a pivotal advancement in securing the nation’s digital payment ecosystem.

The CBE has reportedly been actively working on building a robust digital infrastructure since 2016, which contributed to increasing financial inclusion from 27 per cent to 71.5 per cent. This was accompanied by a significant growth in digital payments, with over 65 million electronic payment cards and 47 million mobile wallets currently in circulation.

Tokenisation replaces sensitive card details with unique digital identifiers during transactions, significantly reducing fraud risks and safeguarding consumer data. As Egypt’s digital transactions are projected to surpass EGP 22 trillion by the end of 2024, up from EGP 7 trillion in 2021, the need for robust cybersecurity measures is more critical than ever.

By rendering card details inaccessible to unauthorised entities, tokenisation fosters greater trust in digital payment systems, enabling broader adoption. This initiative reflects global trends in fintech innovation and cybersecurity, where leading card networks such as Mastercard, have committed to implementing tokenisation for all online transactions by 2030, underscoring a global push to minimise fraud risks.

In 2021, there was a record of 1 billion transactions worth 7 trillion Egyptian pounds, and it is expected to reach 6 billion transactions worth 22 trillion pounds by 2024. In 2023, CBE issued regulations for payment card tokenisation to drive digital payments innovation and support the transition to a cashless society.

Regionally, African nations are also prioritising digital payment security. In early 2023, Nigeria’s Central Bank introduced AfriGo, a domestic card scheme aimed at enhancing financial inclusion and reducing reliance on international card networks. These efforts demonstrate a shared commitment across Africa to modernise financial infrastructures and secure the rapidly expanding digital economy. Tokenisation plays a crucial role in ensuring the safety of electronic payments, now a cornerstone of commerce on the continent.

By adopting tokenisation, Egypt is not only bolstering security but also building consumer confidence, vital for driving the adoption of digital payment systems.By
minimizing the risk of data breaches and fraud, tokenization fosters greater trust among consumers, encouraging wider adoption of digital payment methods.

This step aligns with the nation’s broader financial inclusion objectives, making secure and convenient payment options accessible to a larger population. Egypt’s commitment to a safer, more inclusive digital financial ecosystem serves as a model for other countries in the region.

Overall, the CBE’s initiative to implement card tokenization is a strategic move that will significantly bolster Egypt’s digital payment ecosystem, fostering greater security, convenience, and innovation in the country’s financial landscape.

Why Great Companies Use Patterns During Recruitment

0

Every great company uses statistical data to model the attributes of its great employees. In other words, the human resources department is expected to examine data, and arrive at a pattern which shows something like this: CandidateA we hired 3 years ago turned out great, CandidateC turned out great, but CandidateD failed. What are the attributes of those who did well within the 3 years we employed them?

They will start looking at data and the outcome could be any of the following: “they made good grades in school” or “they outperformed in our employment test” or “they were student leaders in college” or “they attended a university with integrated internship” or whatever, understanding that every company is unique.

Possibly, in the future, the company will then design their recruitment process to target similar students who outperformed in the past. They could say “no 3rd class student will be invited to our interview” because most underperform. This does not mean that all 3rd class graduates are going to underperform.

Simply, in a gaussian distribution (yes, statistics, get it), they could have seen that in every hundred graduates, 67 with first class /2.1, three 2.2 and and one  3rd class performed well. Statistically, there is no need to extend invitations to those with 2.2 and 3rd class degrees even though that will cost you about 4 good workers. Why do that? Companies have  limited resources and play to have the best strike rates.

Sure, this is not to say that because Shell did not hire you because you made 2.2,  that Shell will not retain your company in the future as a contractor if you go and start a company. This is not to say that because PwC did not hire you because you made a 3rd class, that the consulting firm will not take up a service if you want to engage them in your business.  That those companies did not hire you does not mean you cannot do any other thing;  they did not hire you because your grade does not track the patterns which have worked for them in the past.

We are all unique, but unfortunately, life works on patterns. At personal levels, that pattern-based model seems discriminatory. However, when you see that companies do not have unlimited resources, you will then understand why they have to use “something” to bring sanity in that recruitment process, and increasingly grades seem to be the factor of choice.  It is not their fault since those who think that the use of grade is not optimal has not provided a better alternative.

The Physics of Recruiting Well-Paid Workers in Nigeria

XRP Holders Await a Violent Move to $2 Soon, with a Final Target of $20; Ripple Killer Set to Mirror Its Gains

0

The XRP price has gained attention recently due to a rare bullish rally after US Securities and Exchange Commission (SEC) Chair Gary Gensler announced he will step down in January 2025.

This has prompted predictions that the XRP price, currently at $1.48, could reach $2 quickly, with a high potential of hitting a key level of $20 anytime soon, reigniting investor optimism in Ripple’s native token.

However, while the XRP price hints at substantial gains as the broader crypto market rallies, an altcoin that tokenizes RWA (Real-World Assets) via fractional ownership is becoming a formidable contender.

Driven by cutting-edge technology and numerous post-listing benefits for early investors, experts estimate that this altcoin has the potential to mirror the price gains of XRP while offering higher returns.

XRP Price Set to Hit Key Levels

Ripple’s XRP has turned its fortunes around with a sudden XRP price rally despite its court battle with the SEC in 2020. This XRP price rally was also its highest in the past two years, as it gained over 80.78% in the past week to trade at $1.48.

  • XRP holders believe this surge is driven by speculations of potential pro-crypto regulatory change in the U.S. following Trump’s election victory and the SEC chair’s plan to step down early next year. As a result, investors expect the XRP price to reach $2, potentially setting a new price record of $20 shortly, which is over a 10,000% surge.

A top XRP analyst supports this claim on their X social media platform as they narrate how the current XRP price pattern is similar to earlier predictions. According to the analyst, after hitting specific price targets in Wave 1 and Wave 2, XRP has started the Wave 3 journey.

Hence, the XRP price is on track to hit these projected key price levels and return massive gains. However, XRP holders are not fully convinced due to the asset’s high supply and low demand, caused by its massive 100 billion token supply.

Consequently, savvy investors are paying attention to PropiChain (PCHAIN), an altcoin tokenizing RWAs such as real estate via fractional ownership. In contrast to XRP, this RWA altcoin has a lower cap supply of 1.5 billion, making it deflationary and increasing demand growth due to scarcity.

This mix of scarcity and tangible utility boosts early investors’ chances of staying ahead of market trends and optimizing returns.

PropiChain: Transforming the Real Estate Industry with Advanced Technology

As skepticism around the XRP price targets persists, PropiChain (PCHAIN) has emerged as a contender for investors seeking investment alternatives. Thanks to its blockchain technology, global high-value property investment is available to anyone via fractional ownership.

There are several outstanding features to look forward to. PropiChain’s decentralized “Title Contract” ledger ensures transparent and secure transactions.

  • Through its Metaverse integration, users can explore properties in 3D virtual reality and negotiate deals from anywhere, removing geographical constraints. Meanwhile, the platform’s AI-driven Chatbots provide 24/7 support and empower users to make smarter investment decisions through predictive market analysis.
  • PropiChain (PCHAIN) also uses smart contracts to automate leasing and rental payments under specific conditions without intermediaries. The top security firm BlockAudit conducted a thorough security audit that confirmed no vulnerabilities, reinforcing confidence in the platform’s security.

PCHAIN Set to Match XRP Price Gains

PCHAIN is set to match the XRP price gains thanks to its many standout features and post-listing benefits, such as governance rights, property discounts, and zero-free transactions.

Presently in its first presale stage, PCHAIN is selling at $0.004 per token, with a projected rise in value across three stages before launching at $0.032. Its recent listing on CoinMarketCap marks a key milestone, boosting credibility and hinting at future listings on top exchanges such as Uniswap.

Given these promising developments, experts anticipate that PCHAIN could match Ripple’s XRP price targets of about a 10,000% surge. This signifies that a $1,000 investment could yield a massive $10,000,000, presenting a wonderful opportunity for investors seeking massive returns supported by real-world utility.

Access Simplified Real Estate Investment with PropiChain

While XRP holders await a surge to $2, with a final target of $20, the asset’s high supply and low demand could hinder its progress. Meanwhile, PropiChain (PCHAIN) offers a lower entry price and supply cap, offering investors the potential for higher returns in a shorter period.

Join PropiChain’s ongoing token presale and experience frictionless real estate transactions without intermediaries.

To buy PCHAIN, go to the PropiChain (PCHAIN) website and sign in with your email, or connect your crypto wallet and follow the on-screen steps.

 

For more information about the PropiChain Presale:

Website: http://propichain.finance/

Join Community: https://linktr.ee/propichain

Binance Launch BFUSD, a Reward-Bearing Margin Asset for Futures Trading

0

Binance, the world’s leading cryptocurrency exchange, has recently announced the introduction of BFUSD, a new financial instrument designed to enhance the trading experience on its futures platform. This innovative product is not a stablecoin but a reward-bearing margin asset, offering traders an opportunity to earn a yield on their trading collateral.

BFUSD is not a stablecoin, but rather a reward-bearing margin asset that promises an annual percentage yield (APY) of approximately 19.55%. It’s designed to offer traders an opportunity to earn rewards on their margin assets, adding a new dimension to futures trading. The launch of BFUSD is particularly significant in the context of Binance’s history with pegged assets.

Following the regulatory challenges faced by Binance USD (BUSD), the exchange has been exploring alternatives to provide value to its users. BFUSD represents a step forward in this direction, offering a yield-bearing asset that can be used within the Binance ecosystem.

The launch of BFUSD comes at a time when the crypto market is constantly evolving, with exchanges seeking to provide more value and options to their users. Binance’s move is a strategic step towards diversifying its offerings and strengthening its position in the competitive crypto trading landscape.

BFUSD stands out with its promise of a 19.55% annual percentage yield (APY), a rate that is highly attractive in the current market conditions. This yield-bearing potential is designed to reward traders who use BFUSD as margin collateral for futures trading, providing them with an additional income stream on top of their trading gains.

However, it’s important to note that BFUSD is not without controversy. The high yield offering has drawn comparisons to Terra’s failed Anchor protocol, which also offered substantial yields before its collapse. Binance has been quick to clarify that BFUSD differs fundamentally from algorithmic stablecoins and is backed by a robust collateralization ratio, ensuring its stability and reliability.

The introduction of BFUSD is part of Binance’s broader strategy to innovate within its ecosystem. The asset will initially be used mainly within Binance’s platform, with strict user limits and geographical restrictions in place to maintain control and mitigate risks. The exchange has also emphasized that the actual supply and distribution of BFUSD are yet to start, indicating a cautious and measured approach to its rollout.

For traders, BFUSD represents an opportunity to maximize their capital efficiency by earning rewards on their margin collateral. This could potentially lead to increased trading activity and liquidity on Binance’s futures platform, benefiting both the exchange and its users.

The launch of BFUSD by Binance marks a significant development in the crypto trading space. It reflects the exchange’s dedication to innovation and its focus on providing traders with advanced tools to enhance their trading experience. As the product rolls out, it will be interesting to see how it is received by the community and how it influences the dynamics of the futures trading market.

As the crypto market continues to mature, products like BFUSD could become more prevalent, offering traders innovative ways to optimize their strategies and returns. Binance’s launch of BFUSD is a testament to the exchange’s commitment to staying at the forefront of the industry, constantly seeking new ways to add value for its users.

Nigerians Will Pay for The New Multipurpose National ID – NIMC

0
National ID Card, Nigeria

The National Identity Management Commission (NIMC) has announced that Nigerians will now be required to pay for the newly introduced multipurpose national identity card.

According to Peter Iwegbu, NIMC’s head of card management services, this decision stems from the federal government’s limited revenue, which makes it challenging to fund the production of the cards.

The announcement was made during a two-day press conference in Lagos. Iwegbu explained that charging for the cards aims to ensure that only individuals who truly need them will request them, thereby reducing waste.

“Before we stopped due to funding, we produced more than two million cards, but a lot of them are still in our office because people didn’t need them,” he said.

This move also seeks to address inefficiencies observed in previous attempts to distribute free identity cards, where many remained uncollected.

To make the process more convenient, NIMC is collaborating with banks across the country. Nigerians can visit any participating bank to request and pick up their cards. Additionally, special provisions have been made for less privileged individuals who cannot afford the card but require it for essential government services.

Lanre Yusuf, director of information technology at NIMC, highlighted this effort, stating, “The government has implemented programmes to make the card accessible to less privileged Nigerians who cannot afford it but require it to access government support.”

Features and Expected Launch

The new ID card, described as a “post-paid identity card,” will serve multiple purposes, including identity verification, payments, and access to government services. The card is powered by AfriGO in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System. Yusuf confirmed that sample test cards had already been received, suggesting the card’s readiness for rollout.

The initiative is part of a broader federal government strategy to digitize identification and streamline access to services across ministries, departments, and agencies (MDAs).

Concerns Over Potential Apathy

However, there is growing concern that the decision to charge for the cards could lead to public apathy. Some argue that requiring payment could deter many Nigerians, especially those already facing economic hardship, from obtaining the card. This could undermine the government’s goal of broadening access to identification services.

Experts also warn that apathy could mirror the challenges of past distribution efforts, where over two million cards produced for free remained uncollected. Charging for the cards, they say, risks exacerbating this trend, particularly in rural areas where disposable income is limited, and the perceived need for the card may be low.

While NIMC has justified the fees as a necessary response to limited government funding, the policy raises questions about its alignment with inclusivity goals.

To combat potential apathy, experts suggest increasing public awareness of the card’s multipurpose functionality and its benefits, such as facilitating payments and access to government services. These features, they note, could incentivize more people to view the card as an essential tool rather than an optional expense.

While the initiative aims to reduce waste and improve efficiency, the government has been urged to address public skepticism and economic barriers to ensure widespread adoption. How this policy is received will likely set the tone for future reforms in national identification and other public service programs.