Cross-border transactions across Africa now possible?

Today’s Menu ☕️

• Nium and Ecobank partner to offer real-time cross-border payments to 35 African markets

• Sahel Capital’s $1 Million Investment Boosts Ugandan Coffee Exporter, Sukuma Ventures

• Bank of Ghana suspends Tap Tap Send for breaching remittance regulations

• St. Peter’s Basilica: AI-Enhanced Experience Brings Heritage to Life

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💰 FUNDING

Nium and Ecobank partner to offer real-time cross-border payments to 35 African markets

In an ambitious move to reshape Africa’s cross-border payment landscape, Nium, a leading real-time payments infrastructure provider, has partnered with Ecobank Transnational Incorporated, a pan-African financial services powerhouse. This collaboration aims to offer seamless, real-time international payments across 35 African countries, benefiting Ecobank’s 32 million customers. By connecting Africa’s financial markets with a global payments network, the partnership is expected to unlock new opportunities for businesses and consumers alike.

Nium’s advanced payment technology will be integrated into Ecobank’s existing systems, making it easier for Ecobank to provide its customers with fast, efficient cross-border payments. Currently, cross-border transactions in Africa are often hindered by high costs and delays due to traditional banking systems, which rely heavily on intermediary banks and outdated networks. Through Nium, Ecobank will bypass these roadblocks and streamline the entire payments process, giving customers a faster, more efficient payment experience.……continue reading

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🌾 AGRICULTURE

Sahel Capital’s $1 Million Investment Boosts Ugandan Coffee Exporter, Sukuma Ventures

In a significant investment that promises to drive growth and sustainability in Uganda’s coffee sector, Sahel Capital has approved a $1 million loan to Sukuma Commodities through its Social Enterprise Fund for Agriculture in Africa (SEFAA). This term and working capital loan, a part of Sahel’s efforts to uplift the food and agriculture sectors in sub-Saharan Africa, aims to empower Sukuma’s network of smallholder farmers by enhancing the company’s processing and export capabilities.

Launched in 2021, SEFAA, anchored by German development bank KfW, has a mission to stimulate economic activity and support sustainable livelihoods among smallholder farmers by financing social enterprises. This recent investment in Sukuma Commodities aligns well with SEFAA’s objectives, as Sukuma plays a critical role in Uganda’s coffee industry, sourcing high-quality Robusta and Arabica beans from over 2,300 farmers. The enterprise not only exports 100% of its coffee to European markets but also supports farmers through input financing, technical training, and sustainable practices..……continue reading

💸 REMITTANCES

Bank of Ghana suspends Tap Tap Send for breaching remittance regulations

Bank of Ghana, the apex regulatory body in Ghana has handed down a 1 month suspension, effective November 8 2024, to an international remittance company, Tap Tap Send, for breaching remittance regulations in Ghana.

Tap tap Send’s partnerships with all commercial banks and EPSPs was suspended because its “cedi remittance wallet” violated section 3(1) of the Foreign Exchange Act, 2006 (Act 723) and some guidelines for Inward Remittance Services for payment Service Providers as outlined below: Foreign Exchange Act 3(1) states “a person shall not engage in the bsuiness of dealing in foreign exchange without a licence under this Act,”.

The apex bank emphasised the importance of following these regulations to maintain the integrity of Ghana’s financial system..……continue reading

🤖 ARTIFICIAL INTELLIGENCE

St. Peter’s Basilica: AI-Enhanced Experience Brings Heritage to Life

A groundbreaking AI-powered initiative was launched on Monday to create an immersive digital experience of St. Peter’s Basilica in collaboration with Microsoft and Iconem, a heritage digitalization company. The project, designed to enhance the spiritual journey of visitors ahead of the Jubilee celebrations in 2025, offers a virtual replica of the iconic church, allowing people to explore its grandeur in ways never before possible.

Cardinal Mauro Gambetti, Archpriest of St. Peter’s Basilica, expressed his excitement about the project during a press conference, likening the experience to observing a “starry sky on a summer night.” He described the new digital tools as instruments that provide “better viewing,” much like a telescope or spaceship, offering a fresh perspective on the Basilica’s awe-inspiring architecture.

The partnership between Microsoft and the Vatican marks a significant convergence of ancient tradition and modern technology. Microsoft President Brad Smith, speaking at the event, highlighted the project’s potential to bridge the gap between the past and the present. Reflecting on his own experience, Smith shared that exploring the Basilica virtually deepened his understanding of St. Peter’s legacy, saying the experience brought “that history to life.”.……continue reading

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