Tech Recap – Thursday, 07/04/2022

April 7, 2022by James Ogunjimi0

Good afternoon.

On Tech Recap today, I have five quick news bit that I want to share with you:

  1. Access Bank Slammed With ₦500m Fine Over Crypto Transactions
  2. Yoruba Names, an App Helping People Learn African Languages Wins €20,000 Grant
  3. ImaliPay Secures $3M Fund 15 Months After Launch
  4. MTN Earmarks $56 Million for 5G Expansion Moves
  5. Jumia Shares Jumped by 29% Following UPS Partnership Announcement

 

Access Bank Slammed With ₦500m Fine Over Crypto Transactions

The Central Bank of Nigeria is not relenting in its determination to stamp out the trading of cryptocurrency in Nigeria.

The apex bank moved against banks that defaulted recently with Access Bank fined the highest amount for allowing crypto transactions to go through.

Access Bank is to pay a ₦500 million fine, Stanbic IBTC will pay ₦200 million, and United Bank for Africa (UBA) will pay ₦100 million fine.

According to Bloomberg, while the banks complied with the CBN’s directives on crypto, some transactions still slipped through but were discovered by the apex bank’s superior technology that the banks do not have.

 

Yoruba Names, an App Helping People Learn African Languages Wins €20,000 Grant

There are lots of platforms helping people learn popular languages across the world like German, Spanish, French, Dutch, et al, but African languages just got a boost with Yoruba Names’ Yoruba Voice project.

Yoruba Voice is Africa-focused and bridging a gap that has existed for long when it comes to African languages.

Started by Kọ́lá Túbọ̀sún, David Adélaní, Tolúlọpẹ́ Ògúnrẹ̀mí, Iroro Orife, and Àrẹ̀mú Adéọlá, Yoruba Voice‘s goal is to “create speech tools that can be used for automatic voice recognition, speech synthesis and downstream applications to support screen readers, ATMs, and other voice tools for people who speak the language.”

 

ImaliPay Secures $3M Fund 15 Months After Launch

ImaliPay, one of 2020’s new Fintech startups has raised $3 million less than 2 years after it secured an $800, 000 pre-seed backing.

The company founded by Tatenda Furusa and Oluwasanmi Akinmusire in late 2020 is designed for gig workers and companies that partner gig workers to make payments, accept payments and buy trade tools through a Buy Now Pay Later structure.

Earlier in October 2021, ImaliPay was backed by Google Black Founders Fund, an acknowledgement of the viability of what’s being built and the huge potentials.

This seed round had VCs like Cliff Angels, Ten 13, Uncovered Fund, Jedar Capital, MyAsia VC, Plug N Play Ventures, Untapped Global, Latam Ventures, Chandaria Capital and Changecom participating.

 

MTN Earmarks $56 Million for 5G Expansion Moves

As MTN continues in its new direction of being a tech company, the company is investing $56M to, according to modernize existing network infrastructure and deploy newer ones in rural South Africa.

The investment that’s coming under MTN’s Modernization of Network South Africa (MONZA) project will drive expansion of the 5G network in South Africa as it continues its push to cover 25% of South Africa by the end of 2022.

 

Jumia Shares Jumped by 29% Following UPS Partnership Announcement

News filtered out earlier in the week that African e-commerce giant, Jumia was partnering Global logistics company, United Parcel Service (UPS) as the former seeks to grow its reach in Africa.

Following the announcement of the partnership, Jumia’s shares JMIA increased from $9.48% to $11.82 on Monday.

The partnership between the two companies will see Jumia provide shipping logistics to UPS in Africa.

And that will be all for today.

If you know anyone that should be getting Tech Recap daily, please click here or copy (https://www.conclase.com.ng/?fluent-form=4&form=techrecap) to share the signup link with them.

To read previous editions of Tech Recap, click here.

Have an amazing day!

Written by: James Ogunjimi

Leave a Reply

Your email address will not be published. Required fields are marked *