Techvolution- Issue #101
We wake up daily to find technology disrupting how we lead our lives; from learning and entertainment to social interactions.
Interestingly, in a lot of ways, it is disrupting how we interact with money. But money is a sensitive issue, so there's bound to be some resistance.
For instance, in the early 2000s when technology showed us how we could move money around without having to handle physical cash, people resisted it for a while. Later, when the fintech revolution came to teach us to invest and make payments with smartphones, people also resisted it. But the rise of cryptocurrency seems to be the height of it. Not only are people resisting it, but governments are also banning it.
Since the emergence of cryptocurrency, African governments have placed severe restrictions on the digital currency because it eliminates their control and may encourage money laundering. But Ethiopia has become the second African country to reverse a hostile stance on crypto this year after Morocco. Why this change of stance? Find out in this issue of VA Weekly.
Ishioma Emi,
Staff Writer, Ventures Africa.
What's new
Why Ethiopia is moving from banning crypto to regulating it
In June, Ethiopia joined the league of crypto-antagonistic countries when its central bank issued a statement calling crypto transactions illegal and warning people to avoid using them. But now, less than three months after that declaration, Ethiopia’s government seems to be having a rethink. Read more.
Will Togo become the heart of cybersecurity in Africa?
Togo is taking boisterous steps to secure Africa’s cyberspace by housing a new cybersecurity centre. The United Nations Economic Commission for Africa (UNECA) recently partnered with the Togolese government to build Africa’s first regional cybersecurity research centre. Read more.
Good news for South Africa’s wool industry as China lifts import ban.
Finally, China has lifted its 5-month-long ban on wool products importation from South Africa. The ban, which began in April, was occasioned by the outbreak of foot-and-mouth disease (FMD) in three provinces of the country. Read more.
My Pivot Journal: Charles Isidi’s journey to becoming a growth and marketing professional.
After Charles decided his career path would need to evolve, he reached out to one of his mentors, Xavier Ighorodge, head writer at M-NET Africa Magic’s Showcase, who told him he would have to pick between creative writing and his new interest in advertising. He leaned towards digital advertising. Read more.
What you should know about MTN’s 5G rollout.
The 5G is fast, but can not travel long distances as its services will only be available in 81 locations in Lagos, 42 in Abuja, 30 in Port Harcourt and 13 in Oyo state. To avoid a needless purchase, users can go to MTN’s pre-order page to see if their area is enlisted under the coverage area. Read more.
Why aren’t there any new African unicorns this year?
Despite headwinds, the global unicorn population appears to be holding steady. Data from Tracxn’s Unicorn Club has tracked 212 unicorns this year, excluding exits through IPOs and mergers. While that is still far from last year’s record of 541, it has already surpassed the 150 we saw in 2020. Read more.
Weekly Economic Index: Nigeria’s oil sector shrinks 12% amid slow economic growth.
Nigeria’s oil sector shrunk by 12 per cent in the second quarter of this year, per its statistics bureau. A report by the National Bureau of Statistics (NBS) released on Friday shows that oil production declined to 1.43 million barrels per day in the second quarter, compared with 1.49 million barrels in the previous three-month period. Read more.
VA BIZ HIVE: The Agric Issue
The need for a technological footprint has given rise to an agritech ecosystem on the continent. Startups in this space are proffering technological solutions to problems faced in the agricultural sector with ultra-modern technologies like drones, automated irrigation systems, soil sensors, etcetera. Learn more.
Our Weekly Collectibles
What if the internet was invented in Africa by Africans? Would it work the same way? Find out what this writer thinks.
Uncover the Flutterwave store story; the people who made it, how they turned problems into products and what pandemic babies have to do with it.
History has shown us how the quality of life has declined around the world. As a result, young people are defining their life paths in ways that don’t conform to the norm. Find out how in the ballad of downward mobility.
There is no grey area between wisdom and folly. The actions we take determine the category we fall into. Discover the dos and don'ts of choices in the seven commandments of foolishness.
#VANUGGET
Remember to stay safe!
