In today’s menu ☕️

👨🏻‍💻 Nigeria to criminalise Telecoms fibre cable destruction
🤖 Meta AI expands to Nigeria, South Africa and 5 other African countries
🦹🏻‍♀️ 19 individuals arrested in connection with Equity Bank Kenya’s $2.1 million debit card fraud investigation.
💰 Spatialedge raises $3 million for AI-driven expansion in South Africa
👨🏻‍💻 Opportunities

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🛜 TELECOMS

Nigeria to criminalise Telecoms fibre cable destruction

Nigeria is poised to take a significant step in protecting its telecommunications infrastructure, with plans underway to criminalize the destruction of broadband fibre cables, according to reports from Bloomberg. This move comes in response to repeated complaints by MTN Nigeria Communications Plc and other telecom companies, who have reported significant financial losses due to vandalism.

The works ministry, responsible for overseeing federal road constructors, is finalizing regulations that will be signed into law as an executive order by President Bola Tinubu. While there are existing laws against vandalism, authorities aim to tighten regulations on construction firms to prevent further damage to vital infrastructure.

The new regulations will impose stiff penalties on offenders, providing much-needed protection for telecom assets, which serve as a critical backbone supporting the country’s economy across various sectors..….continue reading

🤖 ARTIFICIAL INTELLIGENCE

Meta AI expands to Nigeria, South Africa and 5 other African countries

Meta AI has expanded into seven countries in Sub Saharan Africa including Nigeria, South Africa, Ghana, Uganda, Zambia, Zimbabwe and Malawi. Built with Llama 3, it is now available on phones and in pockets for free.

Meta AI powers functionalities across Facebook, Instagram, WhatsApp, and Messenger, enabling users to accomplish tasks, acquire knowledge, foster creativity, and engage with meaningful content. From feeds to chats and search, Meta AI seamlessly integrates into our apps, allowing users to efficiently access real-time information and complete tasks without exiting the current application.

According to Mark Zuckerberg in a post yesterday, “Our goal is to build the world’s leading AI. We believe Meta AI is now the most intelligent AI assistant that you can freely use. To make Meta AI even smarter, we’ve also integrated real time knowledge from Google and Bing, right into the answers. We’re also making it much easier to use across our apps.”.….continue reading

🦹🏻‍♀️ FRAUD

19 individuals arrested in connection with Equity Bank Kenya’s $2.1 million debit card fraud investigation.

Equity Bank, headquartered in Kenya, recently fell victim to a debit card fraud incident in which hackers absconded with $2.1 million. The bank, which holds the title of Kenya’s largest, forwarded a detailed correspondence to the nation’s Directorate of Criminal Investigation, chronicling the illicit transfer of the pilfered funds across a vast network of more than 500 bank and mobile money accounts.

As of the latest update, Equity Bank had taken swift action by freezing all accounts implicated in receiving the misappropriated money and had successfully detained 19 individuals linked to the fraud.

The law enforcement authorities, currently deep in the throes of the investigation, are determined to track down and apprehend every individual involved in the criminal activity.

It was revealed that the fraudsters employed a “card-not-present” method, using illicitly obtained card information to make online purchases, thereby swindling victims.........continue reading

💰FUNDING

Spatialedge raises $3 million for AI-driven expansion in South Africa

Spatialedge, a South African company specializing in AI-powered software, has secured an investment of R60 million, equivalent to approximately $3,154,640 USD, contributed by Hlayisani Growth Fund. The financial injection is poised to accelerate the company’s product development and expand its customer base.

The company has articulated that this fresh capital will be channeled towards bolstering its research and development initiatives, thereby enhancing its existing products and potentially adding new offerings to its portfolio. This funding allocation heralds from the closing stages of the Hlayisani Venture Fund II, which commands a substantial fund size of R700 million, about $36,804,138 USD..........continue reading

OTHER STORIES

• YC-backed MarketForce shutters B2B platform, launches AI-driven social commerce in Kenya and South Africa……read more

• Kenya imposes quarterly reporting requirements on TikTok for enhanced safety oversight…..read more

• Tigo Tanzania Breaks New Ground with Fiber-to-the-Home and Office Launch…..read more

OPPORTUNITIES

• Mastercard Foundation Fund Invites Agribusiness SMEs to Apply for Resilience and Prosperity Grants….read more

• Huawei invites applications for Kenya’s Seeds for the Future Programme 2024…..read more

• Entries open for 2024 Edition of Global Startup Awards Africa: Aiming to spotlight Africa’s top innovators and entrepreneurs…..read more

• 12 African entrepreneurs win a total of US$400,000 in grants from the FINCA Ventures Prize Competition…..read more

• AgriTech4Egypt Innovation Challenge invites applications from agri-tech ventures for a sustainable agricultural future….read more

• Irish Tech Challenge 2024: Call for South African startups to help address global issues….read more