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Colombian Fintech Minka, Joins Latin American Fintechs Expanding to Africa

By
Ojukwu Emmanuel
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0

Colombia’s real-time payment platform Minka, has announced its expansion to Eastern and Southern Africa, as it plans to build efficient payment infrastructure in the region.

Drawn by the continent’s burgeoning digital payments sector, the company plans to set up shop in Kenya, Uganda, Tanzania, and Ethiopia. It also plans to expand to Mozambique, Zambia, and Malawi in Southern Africa for the first phase.

Minka stated that its initial focus on Eastern and Southern Africa will be borrowed successful model in Latin America, where it bridges the gaps between banks, financial institutions, Central banks, fintechs, and clearing houses online through shared and connected ledgers.

Also, the company is banking on the similarities in demography between its home market and the African continent, as well as the latter’s rapidly growing and highly competitive Fintech space.

Speaking on Minka’s expansion to the African region, the company’s CEO Domagoj Rozic said,

“Our expansion into Africa is a testament to our continued mission to build more efficient payments infrastructure across the Global South. Low levels of financial inclusion, a heavy reliance on cash, and non-interoperable legacy payment systems are just a few of the issues our team in Latin America has successfully overcome and we believe it is our duty to continue creating solutions that benefit society”.

Also speaking, Alexander Perko, Minka’s Growth lead said,

“We’re excited to bring our story and the benefits of our approach to people in Africa, where we are building impactful connections between financial institutions of all types and allowing teams to build and connect payment systems in days instead of years”.

Founded in Bogota, Colombia, in 2016, Minka offers a cloud-based programmable solution. The company creatively uses technology to upgrade national payment systems for the digital economy. Also, it simplifies how humans and businesses interact with money, making money movement as simple as possible.

In 2022, Minka announced the raise of $24 million in capital through a funding round led by Tiger Global and Kaszek. The company announced that the funds will be used to modernize the clearing houses and central bank infrastructure and also to grow its network by enabling a fully self-service platform for publishing and moving money to organizations.

The Fintech solutions include;

Real-Time Payments

It enables clients to develop a platform that brings together financial institutions to make money flow in seconds instead of hours.

Alias Directory

With this feature, customers can integrate alias into their payment network to improve the UX by replacing account numbers with relatable info such as phone and mail.

Ledger as a Service

Customers use this solution to manage and track money movements, reward points, or other forms of value in a reliable, scalable, and flexible system.

Minka is the latest Latin American fintech to expand into the African region. Recall that in 2023, Brazilian fintech EBANX launched in 11 African countries. In the same year, Uruguay’s dLocal secured payment service provider licenses from the Central Bank of Kenya and the National Bank of Rwanda. dLocal also secured a similar license from the Central Bank of Nigeria.

This strategic move of Latin American fintechs into the African region comes as they seek opportunities in new and dynamic markets like Africa, where digital financial services are rapidly gaining traction.

Notably, the rationale behind their African expansion isn’t hidden, as the continent presents a $115 billion digital economy, resulting from a combination of a young and digitally savvy population and increasing digital penetration, according to a report by Endeavor and McKinsey & Company.

Implications of Bolivia Lifting Ban on Bitcoin

By
Paul Ugbede Godwin
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0

In a landmark decision, Bolivia has overturned its long-standing prohibition on Bitcoin and other cryptocurrencies, a move that could have significant implications for the country’s financial landscape and the broader South American economy. This reversal marks the end of a ban that has been in place since 2014, and it opens up new avenues for financial transactions and innovations within the nation.

The Central Bank of Bolivia’s announcement allowing banks to conduct digital asset transactions is a clear indication of the country’s efforts to modernize its payment system and align with the growing trend of cryptocurrency adoption in Latin America. This decision is not just about embracing new technology; it’s a strategic move aimed at stimulating economic growth and reducing reliance on traditional financial systems that are often tied to the US dollar.

One of the most immediate implications of this policy change is the potential for increased financial inclusion. Cryptocurrencies offer an alternative to traditional banking systems, which can be inaccessible to a significant portion of Bolivia’s population due to various barriers such as lack of documentation or proximity to banking facilities. With the legalization of crypto transactions, individuals who were previously unbanked can now participate in the digital economy, fostering a more inclusive economic environment.

Moreover, the move could attract foreign investment and innovation. By creating a regulatory framework that supports cryptocurrency transactions, Bolivia positions itself as a welcoming environment for fintech companies and startups that specialize in digital assets. This could lead to the creation of new jobs and contribute to the country’s technological advancement.

However, the Central Bank of Bolivia has made it clear that while cryptocurrencies can be traded via banks, they are not recognized as legal tender. This distinction is crucial as it underscores the government’s cautious approach to integrating digital currencies into the economy. The bank has also announced plans to launch an educational campaign to inform the public about the potential risks associated with cryptocurrencies and how to manage them responsibly.

Bolivia’s decision to lift the Bitcoin ban aligns with the suggestions made by the Latin American Financial Action Task Force, indicating a regional shift towards a more crypto-friendly stance. This alignment could pave the way for harmonized regulations across Latin America, facilitating cross-border transactions and potentially leading to a more unified economic bloc that leverages digital assets for growth and stability.

Volatility is one of the most well-known risks of cryptocurrencies. The prices of digital currencies can fluctuate wildly in very short periods, which can lead to significant gains or losses for investors. This volatility is driven by various factors, including market sentiment, technological developments, regulatory news, and macroeconomic trends.

Another significant risk is the regulatory landscape, which is still evolving. Governments and financial authorities around the world are grappling with how to handle cryptocurrencies, leading to a patchwork of regulations that can change rapidly and unpredictably. This can affect the legality, taxation, and value of cryptocurrencies. For instance, if a major economy decides to regulate cryptocurrencies as securities, it could have far-reaching implications for investors and exchanges.

Cybersecurity is also a major concern. Cryptocurrency transactions are secured by cryptography, and while this can provide strong security, it also means that if keys are lost or stolen, recovering assets can be impossible. Additionally, the cryptocurrency space has been a target for hackers and fraudsters, leading to high-profile thefts from exchanges and wallets.

Environmental concerns have also been raised regarding the energy consumption required for cryptocurrency mining, particularly for proof-of-work systems like Bitcoin. The environmental impact of such energy use has become a point of contention, potentially affecting the perception and adoption of cryptocurrencies.

Lastly, the lack of investor protection is a risk to consider. Unlike traditional financial systems, most cryptocurrency investments are not insured or protected by government schemes. This means that if an exchange goes bankrupt or an investment is lost, there may be no recourse for the investor.

Bolivia’s reversal on the Bitcoin ban is a significant development that could have far-reaching effects on the country’s economy and its position in the Latin American financial landscape. It represents a step towards financial modernization, inclusion, and innovation, while also highlighting the importance of responsible adoption of new technologies.

As the global interest in cryptocurrencies continues to grow, Bolivia’s move could serve as a model for other nations considering similar paths. The coming years will undoubtedly be telling of the true impact of this decision on Bolivia and the region as a whole.

Drum of Solana ETPs and ETFs Deepens

By
Paul Ugbede Godwin
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0

The landscape of cryptocurrency investment products is evolving rapidly, and the drumbeat for Solana-based Exchange Traded Products (ETPs) and Exchange Traded Funds (ETFs) is growing louder. Solana, a high-performance blockchain supporting decentralized applications and crypto currencies, has been gaining significant attention from investors and financial institutions alike.

Recent developments suggest that the potential for Solana ETPs and ETFs is being taken seriously by major players in the financial markets. For instance, VanEck, a global investment manager, has filed for a Solana ETF in the United States. This move indicates a growing confidence in Solana’s market demand and its network’s decentralization, which are key factors considered by ETF issuers.

Moreover, the political climate plays a crucial role in the regulatory landscape for cryptocurrencies. Market-making firm GSR suggests that a change in the U.S. presidency could lead to a more favorable environment for the approval of Solana ETFs. The firm speculates that if former President Donald Trump were to be re-elected, his administration might implement regulations that allow for the launch of spot digital asset ETFs, potentially benefiting Solana significantly.

The ASOL ETP boasts an impressive Net Asset Value (NAV) of over $811 million as of June 28, 2024, with a Year-To-Date (YTD) return of 40.15%, despite a 1-day change of -4.24%. The staking yield stands at 4.44%, reflecting the potential for substantial returns on investment.

Furthermore, 21Shares has filed for regulatory approval to launch a Solana Spot ETF, following a similar move by VanEck. This filing comes in the wake of the Securities and Exchange Commission’s (SEC) approval of spot Bitcoin and Ethereum ETFs earlier this year. The proposed ETF would be tied to the spot price of Solana, offering investors another avenue to gain exposure to this high-performance blockchain platform.

The interest in Solana as an investment vehicle is not unfounded. Solana’s design addresses the critical pain points of the Ethereum network, offering superior speed and capacity, which is essential for advanced financial applications. The network’s resilience and the growing developer community further bolster its position as a formidable contender in the crypto space.

The move by 21Shares to file for a Solana Spot ETF is indicative of the growing confidence in Solana’s market potential. With the Chicago Board Options Exchange (CBOE) set to list the ETFs upon approval, investors are keenly watching the developments, as evidenced by the surge in Solana’s price following the filings.

The deepening drum of Solana ETPs and ETFs reflects the evolving landscape of cryptocurrency investments. With firms like 21Shares leading the charge, the future looks promising for investors looking to diversify their portfolios with innovative crypto-based financial products. As the regulatory environment continues to adapt, the potential for these products to reshape the investment paradigm is immense.

The anticipation around Solana ETFs is not without its challenges. The U.S. Securities and Exchange Commission (SEC) has designated Solana among the 19 tokens as unregistered securities, which complicates the approval process for a Solana ETF. Despite these hurdles, the interest in Solana as an investment vehicle continues to grow, with Canadian firm 3iQ filing preliminary prospects for the first Solana ETP.

The excitement around Solana ETPs and ETFs is not just about the potential financial gains. It also reflects a broader trend of increasing institutional acceptance of cryptocurrencies. As the infrastructure for crypto investment matures, with more regulated products entering the market, it could lead to greater stability and legitimacy for the entire sector.

Investors are keenly watching the developments in this space, as the approval of Solana ETPs and ETFs could open the doors to a new era of crypto investment products, offering diversified exposure to this innovative and rapidly growing asset class. The deepening drum of Solana ETPs and ETFs is a testament to the evolving nature of investment in the digital age, where traditional finance and cutting-edge technology converge.

Nigeria’s Electricity DisCos Announce New Tariff Hike for Band A Customers Amid Economic Strain

By
Samuel Nwite
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Nigeria’s electricity distribution companies (DisCos) have announced an upward review of electricity tariffs for Band A customers, set to take effect from July 1, 2024. The increase, disclosed by various DisCos on their X handles, follows an April directive by the Nigerian Electricity Regulatory Commission (NERC) for an immediate tariff hike.

The new tariff will increase prices from N206.80/kWh to N209.5/kWh. NERC Vice Chairman, Musiliu Oseni, stated in April that only 15 percent of electricity consumers would be affected by this hike, which aims to adjust prices to N225 ($0.15) per kilowatt-hour from N68.

The decision to raise tariffs initially sparked significant backlash. On April 30, the House of Representatives requested NERC to suspend the tariff hike pending an investigation. This resolution was prompted by a motion from Kama Nkem-Kanma (LP, Ebonyi), who criticized the arbitrary and discriminatory nature of the policy.

In response to the House’s resolution, DisCos announced a temporary tariff reduction on May 6, lowering the Band A customer rate from N225/kWh to N206.80/kWh. However, the recent announcement indicates a new upward adjustment to N209.5/kWh, with tariffs for Bands B, C, D, and E remaining unchanged.

Various DisCos have issued statements announcing the tariff changes.

Port Harcourt Electricity Distribution Plc (PHED) said: “Dear esteemed customers, please be informed that there is an upward tariff review for our Band A feeders from N206.80/kWh to N209.5/kwh effective 1st July 2024. The guaranteed availability of a minimum of 20 hours per day still stands. The tariff for Bands B, C, D, and E remains unchanged.”

In its announcement, Kaduna Electricity Distribution Company (Kaduna Electric) declared: “Dear esteemed customers, the management of Kaduna Electric informs the public of an upward review in the tariff of Band A feeders from N206.80/kWh to N209.5/kWh. The review is effective from 1st July 2024 and affects prepaid and postpaid customers. Kaduna Electric assures customers on its Band A feeders of the continued availability of 20-24 hours daily as stipulated in the service-based tariff regime. The public should please note that the tariff for Bands B, C, D, and E remains unchanged.”

Economic Impact of the New Tariff Get Weightier

The tariff increase has sent shockwaves through Nigeria’s manufacturing sector, leading to the closure of over 300 companies and the loss of 380,000 jobs since April 2024, according to the Manufacturers Association of Nigeria (MAN).

MAN has voiced deep concerns over the crippling impact of the tariff hike, noting that electricity costs now constitute about 40% of production overheads for manufacturers. This has severely affected their financial viability, leading to widespread job losses and factory shutdowns.

Senator Ahmed Abdulkadir, speaking on behalf of MAN at an investigative hearing organized by the Joint Committees on Power, Commerce, National Planning & Economic Development, and Delegated Legislation, criticized NERC’s process.

He asserted that the April 3, 2024, supplementary order raising the tariff was never properly communicated to the public and accused DisCos of neglecting consumer consultation guidelines.

“Electricity costs now make up a significant portion of production overheads, making it nearly impossible for manufacturers to remain financially viable. The result has been widespread job losses and factory shutdowns,” Abdulkadir said, highlighting the detrimental effects of the tariff on the real economy.

The education sector has also been severely impacted by the tariff hike. Higher institutions are struggling to pay exorbitant electricity bills, with the University of Port Harcourt reportedly paying as much as N30 million for one month.

Others, such as the University of Benin, University of Jos, and Aliko Dangote University have been disconnected from the national grid for their inability to pay the exorbitant bills.

Deborah Tolu-Kolawole, an education reporter with the Punch, highlighted these issues on X, urging for intervention to save the universities from collapse.

She said, “It is time to speak therefore I will not be silent. Our universities are collapsing over rising cost of electricity. Some universities such as University of Benin, University of Jos, Aliko Dangote University have been disconnected from the national grid. The electricity bill of the University of Ilorin is now N230M per month, and ABU says it can no longer survive. Save our universities from collapse.”

In defense of the tariff hike, Minister of Power Adebayo Adelabu argued that the Federal Government could no longer sustain the N3 trillion subsidy for electricity. He highlighted that the removal of subsidies for Band A customers was essential to prevent the government from accruing unsustainable debts.

Recently, a Lagos High Court temporarily ordered NERC and ten DisCos not to implement the new tariffs following a suit filed by MAN challenging the hike. The court’s decision came after MAN filed a suit challenging the tariff hike.

Additionally, in May, the House of Representatives ordered NERC to suspend the implementation of the new tariff order. Despite these interventions, NERC has continued to bill Band A customers according to the new tariff order.

There isn’t , wasn’t, and won’t be, a ‘Web 2’

By
John Mc Keown
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0

Rigveda 2-2 : There isn’t, wasn’t and won’t be a Web2.

Nobody can clarify when Web 1 ended and when the highly subjective ‘Web2’ is supposed to have started.

 

No clear launch date, technology (or collection of technologies) release, between two (supposed) different iterations of web.

The first ever web domain was symbolics.com, registered in 1985 by Symbolics Inc, a US computer company.

People talk about the move from a ‘declarative’ web to a ‘participatory’ ‘interactive’ and ‘engagement’ led web, but all the evidence is, that this was a gradually evolving process where individual technologies came along, distinctly, separately, and during different time frames to move the needle.

Slowly over a two-decade plus period, increased internet bandwidth, higher performance and smaller chip design, innovative coding technologies,  larger memory, better cameras, and improvements in graphics handling chips, all contributed to an ever improving ‘rich content’, and the interactive solutions that could share it, and communicate about it.

Facebook was in a Social Media Space on its own before it saw competition from products such as Twitter, Instagram and Tik Tok, but it was by no means the first Social Media Platform. Facebook was preceded by  Friendster, MySpace, and Hi5. The granddaddy of them all, SixDegrees, was released in 1997.

The first mention of Web 2 didn’t come until around 2009. Two things happened in this period. It was the year Pinterest was launched, but more important, it was also the seed of Bitcoin’s popularization.

Web 2 didn’t start to get regular mentions until this decade, and that has been usually in the context of people attempting to misrepresent Web 3.

The rise of the ‘Silos’

‘Silos’ are platforms within which an internet-based business attempts to snare internet users keeping them and their ‘traffic’ internal as long as possible.

The first silos were ‘portals’, which were a collection of stand-alone applications, all accessible from their home page. They were the start of ‘interactive’ web and included general articles, a forum, shopping, a ticker line with news feed, a free text message service and games (non-exhaustive list).

Portals began to appear around 1995, long before the advent of smartphones.

Examples of Portals were Yahoo and AoL. Portals contained multiple unconnected features under an umbrella and were sometimes owned by partners or business subscribers.

Gradually as individual new technologies came along, portals mutated into Social Media with the advent of Six Degrees in 1997.

Online Platforms did not reach ‘Silo Status’ at either the birth of Portals, or Social Media. It was a gradual process with no clear ‘tipping point’.

Gradually as technology became increasingly sophisticated, particularly with the advent of ‘cloud’ and phone ‘apps’, leading tech companies not initially in Portals or Platforms began to develop their own Silos, including Microsoft, Google and Amazon.

The gradual development of Silos over 3 decades mirrored the equally gradually improving Web across the spectrum of the same timelines.

The DO NOT represent a separate iteration of Web.

Google and Meta, just like single individuals, are ‘just another web user’.

No evidence of mass awareness or acceptance of a second successive iteration of ‘Pre-blockchain’ Web.

As we look through archives and footprints online, over time, we cannot find any broad acceptance of ‘Web 2’ in the age of ‘legacy web’ i.e. the pre-blockchain era of Web. When we look at old archives of online content, such as a ‘roll back’ of Wikipedia, or the ‘Wayback Machine’ which can give us snapshots of internet content in bygone times, we can see nobody promoting themselves as a professional in any aspect of ‘Web2’, in any online profile anywhere.

Why? Well, because it never existed.

Never an industry association or Internet/Web Authority issuance of a set of specifications to be met by (supposed) ‘Web 2’ and with a clear demarcation between it, and a (supposed) Web 1.

Different Associations and Authorities set the standards across all things Hardware, Software, IoT, Internet and Web.

For example, there are USB standards differences between USB 3.1 Gen 1 and the latest Gen 2.

There are clear and measurable specification differences in phone signal transmission, that distinguish between 3G, 4G and 5G transmissions.

For WIFI, we have equally clear sets of standards that separate WIFI 5, WIFI 6 and WIFI 6E.

Advocates of a division of ‘Legacy’ (pre-blockchain) Web into a (supposed) Web1 and Web2, cannot cite any authority prevailing over the change, the specification and standards required, or the ‘watershed’ moment at which it is supposed to have happened.

Instead, what we have is ‘Web 3’ professionals, or ‘Web 3 aware’ enthusiasts, looking at ‘Legacy Web’ pointing to divergent differences across the evolution spectrum, and retrospectively claiming them to be ‘Web1’ and ‘Web2’.

There is no sense of specifications and standards, nor tech driver watershed.

The pre-Web3 world is very meticulous in this regard. The looseness and woolliness around the supposed Web 2 sounds like degen speak in Web 3.

 

If Web2 were a thing, then those who supposedly use it all the time, but don’t know about Web 3, would not only know about it, they would be the most to talk or write about it.

With every growth of technology, while there are those who jump in both feet first as early adopters, there are also those who stay in the legacy age, even though the writing is on the wall.

Yes, – hydrocarbon burning electricity stations moved on to nuclear power, and then on to different types of eco-power.

Horse drawn carts moved on to Internal Combustion Engines (ICEs) and we are in transition to an age of Electric Vehicles (EVs).

Those who are stubborn about the outdated technology may not even know about what comes next, but they sure know about the one they understand and commit to.

So if this ‘Web 2’ really existed, isn’t it reasonable to think that those with absolutely no concept of Web 3, but seasoned in this ‘Web 2’ field would be talking and writing about it?

Well they don’t!.

All of the content in online platforms that mentions Web 2, are advocates, or somehow involved with Web 3.

When Henry Ford mass produced the Ford Model T, he promoted mass ICE vehicle product. He was confident in his own vision for ICE, and didn’t concern himself with the history of horses, or iterations of horse breeding evolution.

He was an advocate for ICE transport advancement and he left horses for the horse folk.

The reality is folk feigning Web 3, invented Web 2 as a crutch to explain away Web 3 founding concepts rooted in decentralization, and 9ja Cosmos’ Rigveda 2-1.

By drawing fancy iconograms, they create a false pretext of product evolution, deflecting Web 3 to a product based entity, and away from its user state entity as an ‘end-to-end decentralized UX’.

People in legacy Web, and not connected with Web3 in any way, don’t write of Web 2. There was no avalanche of online content about Web 2 between Six Degrees in 1997 and the advent of Bitcoin in 2008.

Since the legacy Web incumbents don’t even acknowledge Web 2 existence, There isn’t, wasn’t and won’t be a Web2.

Rigveda 2 – 1 : Web 3 is as an ‘End-to-End Decentralized UX’

Rigveda 2 – 2 : ‘There isn’t, wasn’t and won’t be a Web2’

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