World
Comviva, Cassava Fintech win GSMA GLOMO Award
By Modupe Gbadeyanka
Comviva and Cassava Fintech have been announced a joint winners of the GSMA GLOMO award in the ‘Best Mobile Innovation for Women in Emerging Markets’ category for the EcoCash Savings Club service powered by Comviva’s mobiquity Money platform.
The award was presented to the winners at the MWC 2018 held in Barcelona, Spain on February 27.
Judged by a panel of world-leading industry experts, EcoCash Savings Club developed and managed by Cassava Fintech and powered by Comviva was recognized for its ability to increase digital & financial inclusion for women in Zimbabwe, as well as supporting the United Nations Sustainable Development Goals, and in particular SDG 5: “to achieve gender equality and empower all women and girls”. The competition this year was huge, with strong participation from across the globe. In judges opinion “Increases access to savings and financial security for women. Innovative, with a clear business strategy, commercial viability, sustainability and thoughtful implementation” made EcoCash Savings Club a wining product.
“We are truly honoured to win this prestigious award second time in a row. The award recognizes our technology leadership in digital payments as well as our continuous effort to innovate and make an impact towards the overall betterment of the society,” said Manoranjan Mohapatra, Chief Executive Officer at Comviva. “Moreover, the win is especially significant, as it coincides with mobiquity Money’s ten-year milestone. It marks a decade of hard work and leadership in the digital payments space and will motivate us to do even better work in the future.”
Darlington Mandivenga, Group Chief Executive Officer at Cassava Fintech said, “The impact of community-based savings schemes on the well-being of African communities cannot be overstated especially in resource-poor environments.
“The concept of savings clubs is well established across Africa. Supporting such initiatives, which promote a savings culture has become an economic imperative as the money proceeds from these savings is used to feed and educate children.
“As a business, which has its roots on the African continent, Cassava Fintech is committed to supporting these groups by providing them with innovative ways of strengthening their saving clubs, making it easier and convenient for them to operate not only in Zimbabwe but also in the rest of Africa.
“Whilst we are grateful for having been recognized for this award the real accolade belongs to the Women who strive each and every day to create a better life for themselves and their communities.”
Congratulating the winners of MWC 2018, Michael O’Hara, Chief Marketing Officer, GSMA said, “The GLOMOs recognise the best of the best in mobile, highlighting the technologies, products, companies and individuals that are pushing the boundaries of ingenuity and innovation and creating a better future for all of us.”
Across the world and in Zimbabwe, women with small-savings save and borrow through informal savings group. In Zimbabwe, these savings groups are locally called ‘mukando’ or ‘maround’.
While the practice is widespread, informal savings groups face multiple challenges related to cash-handling, security, transparency, records keeping and zero-interest.
To overcome these challenges, EcoCash, Zimbabwe’s largest mobile money service launched country’s first digital Savings Club ‘EcoCash Savings Club’ in May 2015. EcoCash Savings Club provides inclusive, secure, transparent and convenient way for people to pool funds using mobile money (EcoCash) and meet their financial needs.
EcoCash Savings Club provides women with access to far larger pool of money than possible on their own. EcoCash Savings Club is helping multiple women groups to become financially independent, women entrepreneurs to get start-up funds and money to purchase stock, pregnant women to meet medical expenses during delivery, homemakers to save money to make big-ticket purchases like second hand car et al.
World
UAE’s Phoenix Group Boosts Bitcoin Mining Capacity With 80MW Ethiopian PPA
By Adedapo Adesanya
The United Arab Emirates-based multi-billion-dollar tech powerhouse, Phoenix Group, has announced a major strategic expansion into the African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia to boost its Bitcoin mining capacity.
The deal forged in partnership with Abu Dhabi-based cybersecurity firm, Data7, marks a significant step in Phoenix Group’s global diversification strategy and secures a reliable and sustainable energy source to fuel its long-term growth and underscores a commitment to responsible digital asset infrastructure development.
The new Ethiopian site, slated for energization in Q2 2025, will dramatically enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio.
“This move solidifies Phoenix Group’s position as one of the world’s largest Bitcoin miners and reinforces its commitment to scaling operations and delivering cutting-edge, globally distributed digital asset infrastructure. Phoenix Group is poised to build on this momentum, with further announcements of new sites and increased capacity in 2025, including continued expansion in Ethiopia and a strategic entry into the South American market,” the statement shared with Business Post said.
Speaking on the development, Mr Munaf Ali, CEO of Phoenix Group said- “This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum.
“We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”
Mr Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia, significantly increasing our exahash rate, is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape. Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country.
“Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximize efficiency and solidify our competitive advantage”, adding that, “Our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralized finance.”
World
Olam Agri, GIZ to Boost Staple Agriculture Supply Chains, Sustainable Food Production
By Aduragbemi Omiyale
A Memorandum of Understanding (MoU) to support sustainable food production at a range of scales towards climate adaptation while protecting and preserving soil health, biodiversity, and water resources has been sealed between Olam Agri and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The deal provides a framework that will facilitate collaboration between the two organisations across staple agriculture supply chains that include rice, cotton, and rubber in developing markets in Asia, Africa, and Latin America.
The aim is to improve the livelihoods of smallholder farmers, provide them with access to key services and inclusive opportunities; and establish sustainability and traceability across agriculture supply chains, aligning with Olam Agri’s purpose to transform food and agriculture for a more sustainable and food-secure future.
For joint projects, GIZ and Olam Agri have identified six priority intervention areas: nutrition-sensitive regenerative agriculture; harvest and post-harvest loss reduction; access to finance for smallholders; economic inclusion and rights; management of crop residues and reuse; and ecosystem services, including protection and restoration of ecosystems and carbon initiatives.
Both partners will continue to identify topics relevant across value chains and regions to drive innovation and scaling, with possible cross-sectoral issues including climate and carbon credits, landscape-scale approaches, and digitisation.
“We’ve shared a strong and fruitful relationship with GIZ over the years during which we’ve made significant inroads in transforming smallholder farming in several supply chains across many geographies to be more productive, profitable, and sustainable.
“I am thrilled to be signing this MoU with such a valuable partner that is GIZ and commit to collaborate even further to scale up our sustainability programmes in developing and emerging agriculture economies,” the co-founder of Olam Agri, Mr Sunny Verghese, said.
Also commenting, the Managing Director of GIZ, Anna Sophie Herken, said, “The signing of this MoU with Olam Agri marks a pivotal step forward in our collaborative efforts towards sustainable food production.
“I am very happy and grateful that we can deepen and broaden our cooperation efforts simultaneously. We look forward to enhancing the scope and impact of our successful projects in climate-smart farming.”
World
Bitcoin, Other Cryptos Surge as Trump Takes Over White House
By Adedapo Adesanya
Bitcoin (BTC), the world’s best-known digital currency, reached a fresh record high of $108,943 on Monday morning as Mr Donald Trump prepared to return to the White House.
The support from Mr Trump has boosted the crypto industry and after mentioning the asset’s record performance in a Sunday speech alongside gains in the broader US stock market, the prices have been heading north.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Mr Trump said.
Business Post reports that some other tokens making gains include Ethereum (ETH), the second most valued coin which has gained 5.9 per cent to $3,349.93, Ripple (XPR) added 6.2 per cent to sell at $3.31, and Cardano (ADA) added 3.3 per cent to $1.07.
Mr Trump, who over the weekend launched a coin, has been vocal about his support for cryptocurrencies during his campaign and promised to make the US the crypto capital of the planet and create a strategic national bitcoin reserve, moves that have fueled investor optimism.
There are hopes that new policies and regulators will send the price of BTC and by extension, other coins much further this year as the US economy continues to show strength in the long term.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as incoming first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Mrs Trump followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of $TRUMP coin in the process.
A meme coin is a type of cryptocurrency inspired by trends such as internet memes with no inherent utility, and are often susceptible to price swings and crashes. Meme coins have been described by traders as a pure form of gambling and akin to buying a lottery ticket.
However, some crypto enthusiasts hailed the Trump meme coin’s release, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.
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