AFC to lead funding for Itana’s $100m Digital Economic Zone | Meta Fined €91m for GDPR Violations

Today’s Menu ☕️

💰AFC to lead funding for Itana’s $100 million Digital Economic Zone
🪙 Binance Founder Changpeng Zhao Released from Prison After 4-Month Sentence
💽 Meta Fined €91 Million for GDPR Violations in User Password Breach
🚙 Federal Government to Distribute 2,000 CNG-Powered Tricycles to Youths in Nigeria
🛜 Starlink surpasses 4 million customers globally as It transforms internet access in Africa
💳 Europe Introduces Wero to Break Free from Visa and Mastercard Dominance

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💰FUNDING

AFC to lead funding for Itana’s $100 million Digital Economic Zone

Nigeria is taking a significant leap toward becoming a global technology hub with the announcement of the Itana Digital Economic Zone, Africa’s first licensed digital economic zone. The ambitious project is a joint initiative between Itana, Nigeria’s pioneering digital economic zone management company, and the Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider. The formalization of their partnership occurred during the Global Africa Business Initiative (GABI), held alongside the ongoing United Nations General Assembly (UNGA) in New York. This marks a major step in unlocking Africa’s vast digital economy potential.

The Itana Digital Economic Zone, to be located in Lagos, Nigeria, is designed to attract global and Pan-African technology, finance, and service-based businesses. The zone will provide companies with the necessary infrastructure and regulatory incentives to scale and thrive in Africa’s emerging digital economy. Itana will function as an online jurisdiction, offering businesses a platform to incorporate, operate, and expand without the typical hurdles of navigating multiple African markets. This digital jurisdiction will be optimized for ease of doing business, featuring laws and services tailored specifically for digital companies............continue reading

🪙 CRYPTOCURRENCY

Binance Founder Changpeng Zhao Released from Prison After 4-Month Sentence

Changpeng “CZ” Zhao, the founder of Binance, has been released from U.S. custody after completing a four-month sentence in a low-security correctional facility. CZ’s imprisonment stemmed from a federal investigation that revealed Binance, the world’s largest cryptocurrency exchange, had been involved in facilitating illegal activities on its platform. The investigation found that Binance failed to implement sufficient measures to prevent criminal activities such as money laundering and fraud, which led to the charges against CZ.

Following these findings, CZ pleaded guilty to the Department of Justice’s (DOJ) charges and agreed to pay a hefty $50 million fine. As part of the settlement, CZ also committed to stepping down as an executive at Binance, marking the end of his formal role in leading the company he had built into a global powerhouse. This agreement, however, did not come without further financial implications for Binance. The company itself was ordered to pay a record-breaking $4.3 billion settlement to the U.S. government, making it one of the largest corporate fines in American history............continue reading

💽 DATA PRIVACY

Meta Fined €91 Million for GDPR Violations in User Password Breach

Ireland’s Data Protection Commission (DPC) has announced a €91 million fine against Meta Platforms Ireland Limited (MPIL) following an inquiry into the company’s handling of user passwords. This decision marks a significant development in the enforcement of the General Data Protection Regulation (GDPR), highlighting the importance of secure data handling practices by major tech companies.

The inquiry, which began in April 2019, was initiated after MPIL reported that it had inadvertently stored certain users’ social media passwords in plaintext on its internal systems. Plaintext storage means the passwords were not encrypted or protected using cryptographic measures, leaving them vulnerable to unauthorized access. Although the incident was contained within Meta’s internal systems and no external parties gained access to the passwords, the company’s failure to ensure proper security led to a series of GDPR violations...........continue reading

🚙 VEHICLES

Federal Government to Distribute 2,000 CNG-Powered Tricycles to Youths in Nigeria

In a move to reduce transportation costs and promote sustainable mobility, the Nigerian government, through the Presidential Compressed Natural Gas Initiative (PCNGi), is set to distribute 2,000 compressed natural gas (CNG)-powered tricycles to young people in the transportation sector. The distribution will commence on October 1st, 2024, in Abuja at the Old Parade Ground, Area 11, Garki, at 1:00 PM.

This initiative is part of President Bola Ahmed Tinubu’s broader strategy to improve the transportation sector by introducing cleaner, more affordable energy alternatives. By utilizing CNG-powered vehicles, the government aims to provide Nigerian youth with viable livelihood opportunities while contributing to environmental sustainability and addressing the rising costs of transportation across the country....…....continue reading

🛜 INTERNET ACCESS

Starlink surpasses 4 million customers globally as It transforms internet access in Africa

SpaceX’s Starlink satellite internet service has reached a significant milestone, surpassing 4 million customers worldwide, according to SpaceX President Gwynne Shotwell. This achievement, confirmed by SpaceX, reflects the service’s rapid growth trajectory since its launch in October 2020. With an ever-expanding constellation of nearly 6,000 satellites, Starlink is now available in close to 100 countries, serving a diverse range of customers, from individual users to large enterprises, including airlines and cruise lines.

What’s remarkable about this milestone is the speed at which Starlink has been able to attract new customers. The service hit 1 million subscribers in December 2022, 2 million by September 2023, and just two months later, it added another million, crossing the 3 million mark in May 2024. Now, just a few months later, the company has hit the 4 million customer milestone, a testament to its growing popularity and demand. According to industry experts at Quilty Space, Starlink is on track to generate $6.6 billion in revenue this year, a massive leap from the $1.4 billion it generated just two years ago...…....continue reading

💳 PAYMENTS

Europe Introduces Wero to Break Free from Visa and Mastercard Dominance

The European Union is taking a significant step towards reshaping the payments industry with the rollout of Wero, a new platform designed to rival the dominance of Visa and Mastercard. For years, European governments and financial institutions have expressed concern over the reliance on U.S.-based companies to process a vast portion of their financial transactions. Now, with the backing of 16 major banks and payment processors, including BNP Paribas, Deutsche Bank, and Worldline, Wero aims to offer consumers a European alternative to Visa and Mastercard.

Wero enables users to make instant payments across borders using their bank accounts without the need for traditional credit or debit cards. For example, a customer in Germany could pay for a hotel in France directly from their bank account, bypassing the usual Visa or Mastercard transaction process. While this sounds simple, it has the potential to cost the U.S. payment giants billions in fees that they currently collect from European merchants every time a card is used at checkout...…....continue reading

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