Candi Solar's $38m for clean energy solution in Africa

Today’s Menu ☕️

📱Nigerian banks initiate repayment of $132 million USSD debt to telecom operators
💳 NCC Announces Complete Localisation of SIM Card Production in Nigeria
🧬 South African biotech innovator Immobazyme raises $1.3 million to expand precision fermentation operations
☀️ Candi Solar raises $38 million to expand solar energy solutions in Africa and India
🤖 Google is bringing Gemini to students using their school accounts

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📱 TELECOMS

Nigerian banks initiate repayment of $132 million USSD debt to telecom operators

Nigerian banks are currently indebted to the tune of ₦200 billion to telecom companies for utilizing Unstructured Supplementary Service Data (USSD) for banking services. This substantial debt has been a contentious issue, causing disputes between the financial and telecommunications sectors for the past six years. The situation has escalated to the point where the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have had to step in to mediate.

In an effort to resolve the impasse, a meeting held in late 2023 resulted in the formulation of a repayment strategy. According to three individuals with intimate knowledge of the situation, banks have initiated the process of settling their outstanding debts. The Governor of the Central Bank, Olayemi Cardoso, has been instrumental in exerting pressure on the banks to commence payments.

Despite these developments, Gbenga Adebayo, the president of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), has expressed concerns over the sluggish pace of repayment............continue reading

Empower Your Child’s Future at the Youth Entrepreneur and Leadership Program (YELA) – Win $1000!

Hello Parents!

Are you looking to unlock your child’s potential and turn their dreams into reality? We are thrilled to invite your son or daughter to the Youth Entrepreneur and Leadership Program(YELA), taking place from August 5th to August 16th, 2024. This transformative program is designed for ambitious young individuals aged 13 to 25 who are eager to learn the essentials of starting a business and developing leadership skills.

Click this link to know more and register

💳 MANUFACTURING

NCC Announces Complete Localisation of SIM Card Production in Nigeria

The Nigerian Communications Commission (NCC) has recently announced a groundbreaking achievement for the nation’s telecommunications sector: the complete localisation of SIM card production. This significant milestone, revealed by Babagana Digima, the Head of New Media and Information Security at the NCC, during a training session for media executives in Lagos, signifies a remarkable shift in the industry landscape.

Previously, Nigeria heavily relied on imported SIM cards, with nearly all of them sourced from abroad. Recognising the need for self-reliance and the potential economic benefits of local production, the NCC, through its Nigeria Office for Development in the Indigenous Telecommunications Sector (NORDIT), spearheaded initiatives to reverse this trend......……continue reading

🧬 BIOTECH

South African biotech innovator Immobazyme raises $1.3 million to expand precision fermentation operations

Immobazyme, a South African biotech enterprise established in 2019 as an entrepreneurial venture emerging from Stellenbosch University, has successfully raised $1.3 million in a recent investment round. The infusion of capital was spearheaded by the University Technology Fund (UTF) alongside University of Stellenbosch Enterprises.

The company specializes in utilizing cutting-edge precision fermentation technology to create high-value protein ingredients that serve a variety of industries.

The array of products that Immobazyme offers includes essential growth factors tailored for the cell-cultured meat industry, which is rapidly growing. They also produce specialized enzymes such as dextranase for the sugar industry, as well as a selection of food ingredients designed for the broader food and beverage industry.……continue reading

☀️ SOLAR ENERGY

Candi Solar raises $38 million to expand solar energy solutions in Africa and India

Swiss-based clean energy enterprise Candi Solar has successfully raised $38 million to boost its solar energy offerings for commercial and industrial (C&I) clients across Africa and India. The investment round was predominantly financed by Norwegian investment entity Norfund, contributing $20 million. Additional support came from STOA Infra & Energy, a French company with a focus on infrastructure and energy, as well as Kyuden International Corporation, a Japanese energy firm.

Candi Solar’s core business revolves around providing financial solutions, installation services, and maintenance for solar power installations, including rooftop and ground-mounted systems, tailored to the needs of C&I customers. Marie-Laure Mazaud, the Managing Director of STOA Infra & Energy, expressed the company’s commitment to fostering renewable energy on a smaller scale in conjunction with larger projects to reduce carbon emissions from electricity generation...…....continue reading

🤖 ARTIFICIAL INTELLIGENCE

Google is bringing Gemini to students using their school accounts

Google announced on Monday that it’s bringing its AI technology Gemini to teen students using their school accounts, after having already offered Gemini to teens using their personal accounts. The company is also giving educators access to new tools alongside this release.

Google says that giving teens access to Gemini can help prepare them with the skills they need to thrive in a future where generative AI exists. Gemini will help students learn more confidently with real-time feedback, the company believes.

Google claims it will not use data from chats with students to train and improve its AI models, and has taken steps to ensure it’s bringing this technology to students responsibly.....…....continue reading

OTHER STORIES

• Nigerian Fintech Giant Flutterwave Lays Off 3%, Refocuses on Growth Areas. African fintech leader, Flutterwave, is making strategic moves to solidify its position in the competitive financial services landscape. The company recently announced a workforce reduction of approximately 3%, impacting roughly 30 employees…..read more

• Kenyan government agencies in the crosshairs of alleged Chinese cyber espionage. A comprehensive report by the cybersecurity intelligence organization Recorded Future has revealed that Kenyan government agencies were among the victims of cyber espionage activities carried out by an alleged Chinese hacking group known as RedJulliett……read more

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