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Kenyan Fintech Zanifu, Secures $11.2 Million Dept-Equity Funding in A Pre-Series Round to Expand Offerings

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Zanifu, a Kenyan fintech company that provides access to working capital for Micro, Small & Medium Enterprises (MSMEs) by providing short-term stock financing, has secured $11.2 million in a pre-series A round.

The funding round was led by Beyond Capital Ventures and Variant Investments, with participation from other investors which include; Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and find from existing investor, Launch Africa.

Zanifu intends to use the new funding to enhance its offerings, and expand its inventory credit services from retailers to distributors.

Speaking on Zanifu’s expansion plan, the startup co-founder and CEO, Steve Biko said,

“We have decided to go deep into Kenya. We are focusing on serving more micro-SMEs and also getting more distributors into our fold, and ensuring the capital we are dispersing is generating returns for these businesses and helping them grow. So that’s really how we’re looking at it for now. We will, go to other markets once we get to profitability.”

The company’s CEO said that Zanifu targets businesses that find it hard to access credit from formal financial institutions for lack of structure, accounting books, and assets that can be used as collateral.

Biko noted that these businesses require credit to sustain their operations and to expand their businesses. “We found that most of these retailers, especially in this market, gave multiple distributors. And we increased their limits and allowed them to pay any of their distributors”, he said, adding that Zanifu is building a platform for distributors to update their stock-keeping units.

It is understood that following the raise of new funds, the startup is poised to deepen its operational presence within Kenya. This move involves redirecting its expansion plans away from Ghana and Uganda markets, where the challenge of sourcing adequate capital for operational and growth requirements mirrors that faced by small enterprises.

While MSMEs play a crucial role in driving economic growth and creating employment opportunities, these businesses in Kenya, often face difficulties in obtaining the necessary funds for their operations and expansion.

Zanifu alongside other startups and stakeholders therefore seeks to cater to the demands of MSMEs in the country, to close the credit gap faced by companies that have difficulty accessing traditional financial institutions.

Founded in 2016, Zanifu brings supplied and retailer inventory transactions online, enabling credit underwriting. Its customers use an Android application to know their credit limit, and make orders.

The fintech has integrated multiple payment channels into the app to facilitate swift repayments. It also enables retailers to pay for stock bought from other distributors not included in its database.

The startup has supported over 13,000 micro businesses and expanded its reach to encompass 500 distributors after the enlargement of its customer base. It has the mission to bridge the financial access gap in Sub-Saharan Africa and help bring millions out of poverty.

According to the World Bank, “Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries.

Therefore, Zanifu has the vision to use technology to bring African MSMEs online, allowing them to grow their businesses and contribute to economic GDP growth.

Uwerx Proves Its Sustainability Post-Successful Launch As It Makes Moves To Overcome The Hack Hurdle

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As blockchain and the freelance industry experience fast-paced adoption, it is bound to attract investors and, unfortunately, hackers too. Being aware of the activities of hackers over the years, Uwerx developers ensured they received audit approval from SolidProof and InterFi Network before even commencing presale activities.

After the recent hack following its successful launch on Uniswap, Uwerx has implemented plans for a full recovery to reclaim the trust of its investors and continue its goal of revolutionizing the freelance industry. Continue reading for more details on the Uwerx hack and the project’s plan for a full recovery.

Uwerx’s Successful Presale Ended On A High Note

The Uwerx presale, which began late March this year, finally ended on July 31st at 23:59 UTC. It enjoyed an influx of buyers and had to adjust its tokenomics to accommodate the new buyers. Its WERX token was sold at the final price of $0.05645, while last-minute buyers enjoyed a special final bonus of 27.5%.

The 5-phased presale attracted over 2,000 Twitter followers and 2,500 members on Telegram. This signifies users’ strong belief in Uwerx’s vision to empower the common man with the thriving gig economy.

Furthermore, remarkable progress has been made in the development of the Uwerx platform. The developers have already completed the design of some of the Core Functionality of the platform. These include the Application Preview, Chat System within job postings, Contract Preview, Message Search, Unlogged view for Agency, Freelancer, and Client, and Agency role selection.

Other completed pages are Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security Sections.

Meanwhile, the Core Functionality Designs that will be completed within the next two weeks include the Client Dashboard, Freelancer Dashboard, Agency Dashboard, Management of Ongoing Projects, and Additional Settings Pages. Once these designs are completed, the developers will commence the design of the premium elements of the Uwerx platform.

However, thanks to the commitment of the Uwerx team, the Uwerx Vault has been successfully completed and will complete its auditing process within the first week of August. Meanwhile, 84% of the Uwerx community has indicated their interest in utilizing the Vault to secure their funds and maximize their earnings.

On August 1st at 16:00 UTC, Uwerx performed its highly anticipated launch on Uniswap. The team revealed a 3% sell tax, 1% token burn, and 2% marketing. It also fulfilled its promise of locking deployed liquidity for 25 years, as previously announced during the presale. In addition, they reiterated their plan to renounce smart contract ownership soon after the CEX launch.

Finally, Uwerx announced its Buy-back program to provide additional support for the project. The campaign was designed to be executed weekly and will scale according to performance. However, the team withheld the specific dates for the buy-back to discourage bad actors. Given the recent hack, the buy-back funds will be channeled into liquidity provision.

Hacker Exploits Crypto-based Freelance Platform, Uwerx, Steals About $327K

While investors were anticipating the first WERX token airdrop scheduled for August 4th, Uwerx was hit with a flash loan exploit, resulting in the loss of 176 ETH (approximately $327,000) from its platform. The exploit occurred on August 2nd, a day after Uwerx launched on Uniswap. It was detected and recorded on Twitter by several crypto security platforms like PeckShield Alert and CertiK Alert.

According to CertiK Alert, the attacker flash-loaned 20,000 ETH ($36,726,400), which they exchanged for 5,053,637 WERX tokens. They created an imbalance in the Uniswap pool by sending 4,429,817 WERX tokens (about 10 times the initial amount).

By calling the skim() function of Uniswap with the 0x00…1 as the “to” address, they manipulated the token transfer to burn 1% of the initial amount resulting in an imbalance, which they exploited. In the end, the attacker gained 176 ETH ($327k).

Uwerx’s Sustainability Shines Through Its Strategic Steps Towards Overcoming The Hack

Following the unfortunate hacking, the Uwerx team has demonstrated immeasurable resolve by restrategizing to mitigate the effects of the hack. The team quickly contacted SolidProof and InterFi Network, alongside other security platforms that reported the incident. They also issued a message to the exploiter to consider returning 80% of the stolen funds, keeping 20% as a “white hat bounty.”

Meanwhile, the team has pushed forward the initial roadmap and announced their intention to relaunch the WERX token using the liquidity planned for the Buy-back program. The new WERX will be built on August 14th, while its details will be released on August 21st. The token’s new contract address will be audited twice to ensure better security.

The team plans to adjust the tokenomics, airdrop schedule, and the whitepaper. They also plan to include a new sell tax that will decrease throughout the new vesting period. 100% of the sell tax will be directed to the liquidity pool for Uwerx on Uniswap. Therefore, it is purely for the benefit of Uwerx. In addition, the team has assured users of the safety of their WERX tokens bought during the presale.

Furthermore, the Uwerx community has shown immense support for the Uwerx team. Members remained optimistic about the project’s vision. Today at 9:00PM UTC, the team will be unveiling the new smart contract and details of the newly created WERX token.

The team also encourages members to send their recommendations through their feedback email feedback@uwerx.network. Meanwhile, the dedicated developers continue to work diligently to ensure the timely completion of the Uwerx platform. Updates will be revealed through official press releases.

Due to Uwerx’s strategic recovery plan and the support of its community, the project has once again proven its viability as a long-term investment with high-yield potential. Therefore, there’s no doubt that it will emerge stronger than ever from this temporary setback.

To get more information about the project, click the following links:

Website: https://www.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Blockchain Gaming in Metaverse And Where It Stands Today

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Blockchain gaming is a rapidly growing sector in the metaverse, where players can own, trade and create digital assets on decentralized platforms. Blockchain gaming offers a new level of immersion, interactivity and ownership for gamers, who can benefit from the security, transparency and interoperability of blockchain technology.

However, blockchain gaming is not without its challenges and limitations. One of the main issues facing blockchain gaming is scalability, which refers to the ability of a network to handle a large number of transactions and users without compromising performance or security. Blockchain gaming platforms often rely on public blockchains, such as Ethereum or Binance Smart Chain, which have limited throughput and high fees. This can result in slow, expensive and unreliable gaming experiences for players, especially during periods of high demand.

Another issue facing blockchain gaming is accessibility, which refers to the ease of use and adoption of blockchain technology by gamers. Blockchain gaming platforms often require players to have a basic understanding of blockchain concepts, such as wallets, tokens and smart contracts. They also require players to use specialized software and hardware, such as browsers, extensions and devices that support blockchain functionality. This can create a steep learning curve and a high entry barrier for gamers who are not familiar with or interested in blockchain technology.

Blockchain gaming is a promising sector that combines the benefits of decentralized technology with the entertainment value of video games. However, despite the potential, blockchain gaming has not attracted as much venture capital (VC) funding as other segments of the blockchain industry. Why is that?

There are several possible reasons for the low VC inflow on blockchain gaming. One is that the market size and demand for blockchain games are still unclear. Unlike other blockchain applications, such as DeFi or NFTs, which have clear use cases and value propositions, blockchain games are more dependent on user preferences and tastes. It is hard to predict how many gamers will adopt blockchain games and how much they will spend on them.

Another reason is that the development and distribution of blockchain games are challenging and costly. Blockchain games require not only technical skills, but also creative and artistic talents, which are scarce and expensive. Moreover, blockchain games face regulatory and legal uncertainties, as well as platform and network limitations, which can hamper their scalability and accessibility.

A third reason is that the monetization and retention of blockchain gamers are difficult and uncertain. Blockchain games often rely on tokenomics and play-to-earn models, which can create incentives for users to play, but also introduce risks of volatility, manipulation, and exploitation. Furthermore, blockchain games have to compete with traditional games, which have more established brands, communities, and features.

These reasons may explain why VC investors are cautious about investing in blockchain gaming. However, this does not mean that blockchain gaming has no future or potential. On the contrary, blockchain gaming can offer unique advantages and opportunities for both developers and players, such as ownership, interoperability, innovation, and social impact. As the technology matures and the market evolves, blockchain gaming may attract more attention and funding from VC investors.

Blockchain gaming meta is wading off as a result of these issues, which hamper the growth and innovation of the sector. Blockchain gaming platforms need to find ways to overcome these challenges and provide better solutions for gamers who want to enjoy the benefits of blockchain technology without compromising on quality, convenience or affordability.

Some possible solutions include:

Using layer 2 solutions or sidechains that can increase the scalability and efficiency of blockchain gaming platforms by processing transactions off-chain or on parallel chains that are connected to the main chain.

Using cross-chain bridges or interoperability protocols that can enable the transfer and exchange of assets and data across different blockchains, enhancing the diversity and compatibility of blockchain gaming platforms.

Using user-friendly interfaces and tools that can simplify the user experience and lower the technical barriers for blockchain gaming platforms, making them more accessible and appealing to a wider audience of gamers.

Using gamified incentives and rewards that can motivate and educate players about blockchain technology and its benefits, creating a positive feedback loop and a loyal community of blockchain gamers.

Blockchain gaming meta is wading off, but it is not drowning. Blockchain gaming has a lot of potential and promise for the future of gaming and the metaverse, but it also needs to address its current challenges and limitations. By adopting these solutions, blockchain gaming platforms can improve their performance, usability and adoption, and revive the blockchain gaming meta.

Business and Commercial Law: Nigeria, Africa and Global – Tekedia Mini-MBA

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Lawyers shape nations, and provide the logic of the souls of nations. In business, they help us stay within the ordinances in markets. Tekedia law component is a big part of our program because business operates within laws, and having understanding of law is catalytic for effective market operations.

 Tomorrow, Tekedia Faculty Barrister Kingsley Izimah, LL.B, B.L, of SK Solicitors will educate us on Business and Commercial Law: Nigeria, Africa and Global. Zoom link in the class board.

 Tekedia Mini-MBA >> the best school. The next edition begins Sept 11, register here 

Nigeria’s Economic Challenges In the Post-Subsidy Era: UI Professor Oka Obono Recommends Communal Approach to Palliative Distribution

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Professor Oka Martins Obono of the department of Sociology, University of Ibadan suggests a community-driven palliative food programme to cushion the effects of the removal of fuel subsidy on Nigerians. In his recent social media post titled “That we all may breadth” Professor Obono advocates a new subsidy regime that is anchored on and driven by social and moral values such as empathy and compassion.

When the privileged begin to see themselves as the shade or “subsidy” of the less privileged, Nigeria could be made to open a new vista of economic opportunities that culminates in social happiness. According to the Professor of Sociology and Ethnodemography, we are currently embroiled in moral crisis. Perhaps if we redeemed our personalities, our policies will change.

Professor Obono’s words are below:

“Recently, the Chairman of a Local Government in the Southwest of Nigeria is alleged to have distributed foodstuff at the stock price of a thousand naira to all his constituents as a palliative measure in the post-Subsidy era. In a video going viral, his constituents can be seen buying up yams, onions, tomatoes, potatoes, garri, palm oil, and so on, in a fairly orderly fashion. There was none of the rancour you saw in the warehouses of the post-COVID palliatives.

“We need to seize this moment to recognize that there is more to be done.
“If only each could be Someone else’s subsidy, There could be peace. There could be blush. And, for sure, There could be bliss.

“The logic is that you and I (upper middle class, or solid middle class Nigerians) would not rush for the all-you-can-buy-for- one-thousand-naira palliative that a local government chairman was providing. That is meant for the poor or near-poor among his constituents. The delivery smacked of welfarism shorn of any pretense of bureaucracy.

“What the rest of us should do in response is provide our less privileged neighbours a sum of money, no matter how small or big, and then watch their households and pantries swell with foodstuff under this kind of community-driven palliative food programme. Nothing would be too big or small.

“That would be mass compassion in action. We must not re-exploit those who already hunger and thirst through a more original system of exploitation. We must, and can do, better than that.

“We must adopt a new mode of being for this season, endorse a new code of interaction in the country.

“Pay the cobbler more than he has charged you, not less. You are helping him breathe. Pay the poor more for less. We are rebalancing the scales.

“The Government can still provide its 8k (we need all we can get) but the Government has to ensure the cash goes further than it does under the current circumstances.

“We all need to grab hold and heave to help one another out of this thick financial quagmire.

“Buy a litre or two of petrol for the young barber down the street. This would normalise his heartbeat. Do not withdraw your hand from its random acts of kindness.

“Pay someone’s child’s school fees. She would breathe better in the classroom than on the streets. Do this, even if it means through sacrifice. Buy a meal or two for anybody. They would absorb more of the moral philosophy you so yearn to teach them then.

“Bring out those expensive clothes you are no longer using. Now is the time to give them away. You don’t need twenty pairs of shoes when you have only ten toes! They would be given away anyway, when you are gone. A flood or fire can take them away, or your death can do so. Why would you not authorise who gets your things now, when you still can?

“Commit to providing at least one meal a day to a hungry family you know. Derive your smile from theirs. Watch them finally sleep peacefully. They hustle so hard.

“Perhaps if we redeemed ourselves through our personalities, our policies will improve. We are embroiled in a moral war, shapen in the iniquity of a lawless mores. It is through humane action that we can merit our nation.

“It is only through this mass compassion that we can see one another through to the other side. One is not quite a human being if one is not being human. To be a human being is to be a humane being.

“There is simply no joy to be had from the joyless expressions carved by detached policy sculptors on people’s faces these days.

“We, the people, can replace these expressions with increased hope and superordinate belief in ourselves. It is not for the Government to bequeath us with the legacies of our fathers. That privilege is perilous and it is personal. Like Jason, we must seek out our golden fleece on our own. We must do this, even while avuncular usurpers feast for a short while on their mediocrity, pending our return.

“When you lose the concept of paradise, and the knowledge of heaven fades from memory and retreats even from imagination, then regaining it must be the collective responsibility of all. In particular, only those who can remember what paradise looked like should lead in reclaiming it.

“We each must turn into the subsidy that was removed. We must each embody the hope denied. We must become the incarnation of honour once found in Fajuyi. One for all. All for one.

“Let each one tell one. We have found our new meaning in our oldest message. We must recognise the reason for our existence in the continued prosperity of other citizens. We must be less chary, and more charitable. We must each be the subsidy of somebody’s existence.

“The peace I seek resides in the peace I provide. The love I need nestles in the love I give. I am because you are. You are because I am. Hatred is therefore not only evil, but ignorant.

“We must become what we seek everyday — the lost comfort that is ours by right, that retreating happiness.

“Nigeria!

“We must each lend voice to someone’s voicelessness, be the defence for the widow’s defencelessness, balm for their aching wounds. We must forgive the foolishness of the virgins, and lend them some of our oil, that they may light up their lanterns and that they may see also.

“We must lend somebody some of our own oxygen, that we all may breathe. Please.”