Your Curated Weekly Tech News Across Africa, 1st April 2024

ChitChat , Africa’s first secure chat platform with integrated digital wallets, has launched in Zambia, giving the region a new era in social commerce. Developed by Union54 (YC S21) and backed by a partnership with 萬事達卡 , this innovative platform introduces a seamless integration of chat functionality and secure digital wallets denominated in USD. Users can now engage in conversations with friends and family while effortlessly sending and receiving USD payments in real time, fostering convenience and connectivity. With plans to introduce USD Debit Cards in the near future, ChitChat aims further to streamline financial transactions for its growing user base.

The platform's primary objective is to provide a safe and trustworthy environment for users to interact, transact, and build communities. By embedding robust security measures and leveraging Mastercard's expertise in digital payments, ChitChat ensures that users can confidently engage in financial transactions, mitigating risks associated with online commerce. Additionally, the introduction of group wallets and other upcoming features underscores ChitChat's commitment to enhancing user experience and catering to evolving needs within the social commerce landscape.

As ChitChat continues to expand its footprint and refine its offerings, it holds the potential to redefine the way individuals in Zambia (and perhaps the rest of Africa?) engage in social interactions and financial transactions. By seamlessly integrating communication and commerce, the platform not only simplifies everyday interactions but also empowers users to navigate the digital economy with ease. With the promise of additional features and continued innovation, ChitChat may emerge as a promising catalyst for socioeconomic advancement not only in Zambia but also in Africa, fostering financial inclusion and driving digital transformation.

More on this story: Union54 and Mastercard partner to launch Social Commerce

The Libyan Digital Lab, overseen by the General Information Authority (GIA), has initiated a groundbreaking innovations map platform designed to foster connectivity among innovators, entrepreneurs, researchers, and investors nationwide. Composed of experts from various governmental bodies dedicated to digitization and technology, the Digital Lab is poised to catalyze innovation across both public and private sectors, showcasing the nation's potential in the digital sphere.

The innovations map platform is a comprehensive repository, capturing a spectrum of innovation initiatives from grassroots entrepreneurial endeavors to government-led digital services. This inclusive approach underscores the diverse array of digital activities across Libya, emphasizing the importance of collaboration and synergy among stakeholders. Furthermore, it signifies a joint effort to harness digital technologies for societal advancement and economic development, aligning with global trends toward digital transformation.

In line with these efforts, the European Union (EU) has reaffirmed its commitment to supporting Libyan institutions in their journey towards digital transformation. By bolstering institutional capacities and fostering collaboration with international partners, such initiatives aim to unlock Libya's digital economy's full potential while promoting sustainable development and inclusive growth.?

This is some good news coming out of Libya, which is still mired by ongoing unrest.

More on this story: Some positive news coming out of Libya

The Congolese Fintech Network (CFN) has embarked on a pivotal partnership with the government to address crucial aspects of financial inclusion and innovation within the Democratic Republic of Congo (DRC). With the participation of 15 companies, major banks, and international organizations, the CFN aims to establish a comprehensive framework that fosters greater accessibility to financial services, facilitates information exchange within the industry, and enhances investment opportunities.?

Despite the steady growth of the fintech sector in the country, Congo's financial inclusion rate remains at 38.5% as of 2022, indicating a pressing need for joint efforts to bridge this gap. Through its collaborative endeavors, the CFN seeks to advocate for a regulatory and legislative environment conducive to fostering innovation and the sustainable development of fintech initiatives.? Central to its mission is the hosting of Congo Fintech Week, a physical conference scheduled for May, which will serve as a platform for dialogue, collaboration, and knowledge-sharing among stakeholders from across the fintech ecosystem.

In addition to its flagship event, the CFN plans to establish branches in four of the DRC's largest cities, extending its reach and impact to grassroots levels. These localized branches will serve as hubs for innovation, education, and community engagement, further amplifying the network's efforts to democratize access to financial services and promote entrepreneurship. Through its multifaceted approach, the CFN aspires to not only address immediate challenges but also lay the groundwork for sustained growth and innovation within Congo's fintech sector, ultimately driving progress toward a more inclusive and resilient economy.

More on this story: Congo's Fintech Ecosystem seeks deeper engagement with government

The Ethiopian Investment Holdings (EIH) has taken a significant step towards harnessing the potential of cryptocurrency and blockchain technology by signing a memorandum of understanding with Hong Kong-based West Data Group’s Center Service PLC. This partnership heralds the commencement of Bitcoin mining operations in Ethiopia, marking a pivotal moment in the country's technological advancement. With a staggering investment of $250 million, the initiative underscores Ethiopia's commitment to establishing cutting-edge infrastructure for data mining and artificial intelligence training operations within its borders.

The decision to delve into bitcoin mining aligns with Ethiopia's broader economic strategy, which prioritizes leveraging technology and energy resources to spur foreign investments and propel economic growth. This move follows favorable data mining laws enacted in 2022, which paved the way for high-performance computing and data mining activities, including bitcoin mining. Consequently, Ethiopia swiftly ascended to become the fourth leading destination for Bitcoin mining rigs by 2023, trailing only behind the USA, Hong Kong, and Asia.

The Ethiopian government remains steadfast in its commitment to bolstering foreign currency reserves to address economic challenges, viewing mining as a lucrative investment. Integrating Bitcoin mining into Ethiopia's economic framework holds the promise of substantial contributions to the nation's GDP, with estimates ranging from $2 to $4 billion. As Ethiopia embraces the digital age and positions itself as a formidable player in the global cryptocurrency market, the partnership between EIH and West Data Group marks a pivotal moment in the country's journey toward technological innovation and economic prosperity.

More on this story: Ethiopian Government Enters Bitcoin Mining Industry