💰MNZL Secures $3.5 Million | 🪙 Canada fines Binance $4.38m

Today’s Menu ☕️

🪙 Canada fines Binance $4.38m for money laundering violations
🏦 MNZL Secures $3.5 Million Funding to Revolutionize Lending in Egypt and MEA
📱Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria, Malawi
🧠 Neuralink brain-chip implant encounters issues in first human patient

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

🪙 CRYPTOCURRENCY

Canada fines Binance $4.38m for money laundering violations

Canada’s regulatory agency for anti-money laundering announced on Thursday that it has imposed a fine of nearly C$6 million ($4.38 million) on cryptocurrency exchange Binance for breaching laws related to money laundering and terrorist financing. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Binance failed to register as a foreign money services business with the regulatory body, despite multiple deadlines.

Additionally, FINTRAC reported that Binance, which halted its operations in Canada last year, did not report receiving virtual currency valued at C$10,000 or more on 5,902 separate occasions between June 1, 2021, and July 19, 2023...……continue reading

🌟ADVERTISEMENT 🌟 

Register for the next New Product Development & Management Fundamentals training by Tenth Code Media coming up on the 23/24 May 2024

💰 FUNDING

MNZL Secures $3.5 Million Funding to Revolutionize Lending in Egypt and MEA

MNZL, an Egyptian fintech startup, has announced the successful fundraise of $3.5 million. This capital injection aims to reshape the lending landscape in Egypt and the wider Middle East and Africa (MEA) region.

The funding round of $3.5 million was led by P1 Ventures, Localglobe, and Ingressive Capital, with significant support from renowned investors such as 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and prominent angel investors..……continue reading

📱TELECOMS

Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria, Malawi

Airtel Africa, Nigeria’s second largest telecoms company has reported significant financial setbacks due to currency devaluations in several of its key markets, notably Nigeria and Malawi, resulting in a staggering $1.7 billion in derivative and foreign exchange losses for the fiscal year ending March 31, 2024.

Despite robust growth in service revenues when measured in constant currency, with a reported increase of 20.9% overall and accelerating to 23.1% in the fourth quarter, Airtel’s financials in reported currency tell a different story.

The company witnessed a decline in group revenue by 5.3% to $4,979 million, and a 5.7% drop in EBITDA to $2,428 million. These figures primarily reflect the severe impact of the Nigerian Naira and Malawian Kwacha’s devaluation against the US dollar.......….continue reading

OTHER STORIES

• tappi teams up with KNCCI to introduce digital solutions for Kenyan MSMEs….read more

• Grindstone collaborates with USAID to launch two-year startup support initiative in South Africa.…read more

• SpaceX’s Starlink eyes expansion into Botswana following discussions with Government officials....….read more

• eTranzact launches payment services in Uganda…..read more

• Neuralink brain-chip implant encounters issues in first human patient……read more

• TikTok to label AI-generated content from OpenAI and elsewhere….read more

OPPORTUNITIES

• Google launches application process for African AI Start-ups Accelerator….read more

• Pitch2Win competition opens for Nigerian startups with $10,000 prize up for grabs….read more

• Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more