Nigeria to establish Digital Free Zones

Today’s Menu ☕️

🧑🏽‍💻Nigeria’s Digital Free Zones Initiative: Pioneering a New Era of Economic Growth and Innovation
👩🏾‍💻 Benue State partners with Google to train 10,000 youths in ICT 
⚖️ PrivPay’s End: A Lesson in Regulatory Adherence for Fintechs
🤖 Gemini Live, Google’s answer to ChatGPT’s Advanced Voice Mode, launches
 💵 Open Access Energy Secures $750K Seed Funding to Tackle South Africa’s Energy Crisis

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🧑🏽‍💻 INNOVATION

Nigeria’s Digital Free Zones Initiative: Pioneering a New Era of Economic Growth and Innovation

In a strategic move to position Nigeria as a leader in global digital trade and innovation, the Federal Government has launched an ambitious initiative to establish Digital Free Zones across the country.

The newly inaugurated steering committee, chaired by President Tinubu and Vice-Chaired by Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy, will oversee the development and implementation of these digital free zones.

The Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) represents private-sector stakeholders and serves as the technical advisor on the committee. Supported by a consortium of private sector development-focused organizations, including Africa Finance Corporation, PwC Nigeria, and Future Africa, DiFZIN aims to transform Nigeria’s free zones ecosystem into Africa’s primary hub for global technology, finance, and service businesses..…....continue reading

👩🏾‍💻 TECH TRAINING

Benue State partners with Google to train 10,000 youths in ICT 

Benue State Governor Hyacinth Alia, has announced a partnership with Google to train 10,000 youths in Information and Communication Technology (ICT) across the state.  

The initiative as reported by the News Agency of Nigeria aims to empower young people and provide them with the skills necessary to thrive in the digital economy. 

The governor emphasized the importance of the ICT training program, which seeks to take Benue youths off the streets and provide them with valuable digital skills. .…....continue reading

⚖️ REGULATORY COMPLIANCE

PrivPay’s End: A Lesson in Regulatory Adherence for Fintechs

The abrupt closure of PrivPay, a Kenyan fintech that promised anonymous M-Pesa transactions, serves as a stark reminder of the complex regulatory landscape for financial technology startups in the region. The company’s demise, following the termination of its M-Pesa API access by Safaricom, underscores the critical importance of compliance in an industry marked by rapid innovation.

PrivPay’s value proposition centered on privacy, a feature that resonated with a growing segment of tech-savvy consumers wary of data breaches and unsolicited marketing. However, the fintech’s business model clashed with Safaricom’s regulatory obligations and industry standards. By circumventing traditional data sharing protocols, PrivPay inadvertently placed itself at odds with anti-money laundering (AML) and know-your-customer (KYC) requirements.

Safaricom’s decision to cut off API access was a decisive move to protect its platform and adhere to regulatory stipulations. The telco’s actions highlight the delicate balance between fostering innovation and ensuring financial integrity. While startups are encouraged to challenge the status quo, they must operate within the confines of the law to safeguard both their interests and the broader ecosystem..…....continue reading

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🤖 ARTIFICIAL INTELLIGENCE

Gemini Live, Google’s answer to ChatGPT’s Advanced Voice Mode, launches

As part of its array of products and services launched at the Made by Google 2024 event held today, Google launched Gemini Live, “a mobile conversational experience that lets you have free-flowing conversations with Gemini”. It was first announced at Google’s I/O 2024 developer conference held some months ago.

This is Google’s answer to OpenAI’s ChatGPT’s Advanced Voice Mode which was recently launched. Gemini Live is more like an AI-branded Google Assistant.

Gemini Live also offers hands-free functionality, allowing you to continue your conversation even with the app running in the background or when your phone is locked, just like a regular phone call. Starting on Tuesday, Gemini Live is rolling out in English to Gemini’s Advanced subscribers on Android devices, with plans to expand to iOS and additional languages in the coming weeks....…....continue reading

💵 FUNDING

Open Access Energy Secures $750K Seed Funding to Tackle South Africa’s Energy Crisis

South African energy tech startup, Open Access Energy (OAE), has secured a $750,000 investment from Factor E Ventures, marking the first tranche of its $1.5 million seed round. The funding will be instrumental in the company’s mission to address South Africa’s persistent energy challenges through innovative software solutions.

OAE specialises in energy management software designed to optimise the distribution and management of renewable energy. The company’s technology aims to enhance grid stability, reduce energy costs, and promote the adoption of clean energy sources...........continue reading

OTHER STORIES

• Syspro Founder Steps Down as Company Sold to Advent International. Syspro has carved a niche for itself as one of the longest-standing independent global ERP software vendors, with operations spanning over 60 countries…read more

• A Chinese consortium led by China Harbour Engineering Company has won the contract to construct a 100-megawatt solar power plant in Botswana. The project aligns with the country’s goal of achieving a 50% renewable energy share by 2036, as outlined in its revised Integrated Resource Programme..……read more

• Maliyo Games has officially announced the commencement of the fourth iteration of GameUp Africa, an educational initiative designed to nurture and equip budding game development talent with the essential tools and knowledge to flourish within the competitive international gaming industry.…..read more

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