Your Curated Weekly Tech News Across Africa, Labour Day 2024 Special Edition

Nigeria has taken a significant leap forward in Artificial Intelligence (AI) by unveiling its inaugural Multilingual Large Language Model (LLM). Spearheaded by a collaboration between Nigerian AI firm Awarritech, DataDotOrg , NITDA Nigeria , and NCAIR Nigeria , this innovative initiative is poised to solidify Nigeria's position at the forefront of AI development. What sets this project apart is its focus on inclusivity, as the LLM will be trained in five low-resource languages alongside accented English, catering to a diverse linguistic landscape.

The magnitude of this endeavor is underscored by the extensive support it has garnered, with over 7,000 fellows from the 3MTT Nigeria program actively contributing to its realization. This collective effort highlights Nigeria's commitment to fostering indigenous talent and leveraging its rich linguistic heritage in the pursuit of technological advancement.

In tandem with the LLM initiative, the Nigerian government has unveiled plans for its National AI Strategy, a strategic blueprint crafted in partnership with leading entities such as 21st Century Technologies, Galaxy Backbone, and NCAIR Nigeria. This collaborative framework underscores Nigeria's proactive approach to harnessing AI's transformative potential across various sectors. The relaunch of NCAIR as a dedicated platform for research and development in emerging technologies further highlights Nigeria's commitment to nurturing innovation and fostering a conducive ecosystem for technological progress.

More on this story: Nigeria Takes a Bold AI Step

Cairo-based fintech startup Bokra recently announced the successful closure of its pre-seed funding round, securing an impressive $4.6 million. DisrupTech Ventures and SS Capital led this round, highlighting the strong investor confidence in Bokra's vision and potential. The company's primary objective is to disrupt and innovate wealth management practices within the MENA region. Bokra seeks to achieve this by introducing goal-based investment and saving solutions grounded in asset-backed securities, a novel approach in the regional market.

One of the core challenges Bokra aims to address is the inherent difficulty retailers, and SMEs face in effectively managing their wealth. These challenges include the absence of personalized investment strategies, fragmented application of asset classes, opaque fee structures, and the prevalence of high-ticket physical assets. By leveraging asset-backed securities, Bokra intends to provide users with a comprehensive and tailored financial planning experience that caters to their specific needs and goals.

Central to Bokra's offering is its user-friendly mobile application, set to launch in the second quarter of 2024. This app will serve as a hub for personalized financial and investment planning, offering users the ability to explore various asset classes and scenarios. Additionally, the app will feature a dashboard that enables users to monitor and track their financial objectives in real-time, fostering greater transparency and control over their wealth management journey.

More on this story: Egyptian FinTech, Bokra, raises seed-funding

During Connected Africa Summit 2024, Kenya's President William Samoei Ruto, PhD delivered a compelling call to action for IT leaders across the continent. Recognizing the immense potential of digital transformation in Africa, President Ruto emphasized the critical role of collaboration in driving this change forward. His message echoed a sentiment shared by many leaders present, including Zambia's Minister of Technology and Science, Felix Mutati. Minister Mutati emphasized the necessity of unity among African nations, stressing the importance of breaking down barriers to collaboration and fostering connectivity across the continent. His vision centered on an Africa that embraces openness, mutual learning, and collective effort, ensuring no country is left behind in the journey toward digital advancement.

During his visit to Nairobi, Minister Mutati took tangible steps towards realizing this vision by exploring investment opportunities in technology infrastructure, notably at Africa Data Centres. His proactive approach underscores the urgency of leveraging digital resources to propel Africa onto the global stage. For Minister Mutati, Africa represents a burgeoning frontier of opportunity that demands strategic investment and concerted effort to harness its full potential. By championing collaboration and innovation, leaders like Minister Mutati are paving the way for a connected Africa poised to shape the future of the digital landscape.

More on this story: Towards Digital Transformation in Africa

The South African Reserve Bank (SARB) has taken a proactive step towards modernizing the country's financial landscape by unveiling a comprehensive roadmap centered on digital payment technologies. This strategic initiative underscores the increasing recognition of the potential benefits that cryptocurrencies and Central Bank Digital Currencies (CBDCs) hold for financial inclusion and the overall robustness of payment systems.?

At the heart of the roadmap is a commitment to exploring the practical applications of both cryptocurrency and CBDC technology within a regulated framework. One notable aspect is the proposal to establish a regulatory sandbox where fiat-backed stablecoins can be tested for a duration of two years. This experimental environment allows innovators to trial their solutions while ensuring compliance with regulatory standards and safeguards. By fostering innovation in this manner, the SARB demonstrates a willingness to adapt to emerging trends while maintaining oversight over potentially disruptive technologies.

Furthermore, the roadmap tackles various challenges associated with tokenization, recognizing its potential to transform traditional assets into digital forms, thereby unlocking new avenues for investment and liquidity. Additionally, the exploration of retail CBDCs holds promise for revolutionizing the speed and cost-effectiveness of fund transfers, particularly in a digital age where instant transactions are increasingly the norm. The recent completion of Project Dunbar, which showcased the efficacy of CBDCs in cross-border payment settlements, serves as a tangible testament to the transformative potential of these digital currencies.

Overall, South Africa's strategic roadmap for digital payments signals a forward-thinking approach towards harnessing the benefits of blockchain and digital currencies while navigating the regulatory landscape. By fostering collaboration between industry stakeholders and regulatory bodies, the SARB endeavors to position the country at the forefront of financial innovation, ultimately driving economic growth and inclusion in an increasingly digital world.

More on this story: Is South Africa moving towards CBDCs?