#Bitcoin
(#Part 2)
Key partnerships have also fueled the growth, including Jack Dorsey & Jay Z’s 500 BTC donation to create Btrust to fuel the next wave of software engineers and developers in the Bitcoin ecosystem, Square/Block’s investment in Yellow Card, TBD’s partnership to deploy bitcoin for cross border payment with Yellow Card, major exchanges including Paxful and Binance’s early expansion in Africa. Peer-to-peer (P2P) platforms also surged, enabling people to trade Bitcoin in areas with limited or non-existent traditional financial & banking access. And this week, Nigeria-based Recursive Capital, an early-stage Bitcoin VC Fund investing in Bitcoin companies in Africa, announced the first close of its Fund I with Jack Dorsey and other anchor investors. The fund close is set to be deployed to lay the foundations for a thriving Bitcoin ecosystem in Africa. The fire-side chat Africa Fintech Summit had with Jack Dorsey in 2020 around Bitcoin & Africa below provides more insight.
…And Bitcoin in the Humanitarian Assistance Space, Rural Electrification, etc
Bitcoin found a new use case in Africa in charity, education, disaster & emergency situations and even rural electrification. As an example, the global peer-to-peer Bitcoin marketplace Paxful has been building schools that are fully equipped with a state-of-the-art water well system across rural Africa with its program named #BuiltWithBitcoin, all fully funded by Bitcoin. Binance’s philanthropic wing has been operating a program called Lunch for Children, using donated cryptocurrencies to buy lunch for children. In Mombasa, Kenya, the Bancor Foundation has been providing bankrupt communities living in slums with a surprising way out of poverty with crypto.
Governments & infrastructure developers have been citing the demand-supply mismatch of renewable energy mini-grid projects across rural Africa, holding up investment justification for mass rural electrification. Bitcoin mining has come as a solution too many times in this scenario in being a ‘buyer of last resort’ for mini-grid renewable energy in rural Africa, guaranteeing demand and hence encouraging rural electrification. As an example, Gridless, an African green bitcoin mining firm, is expanding energy access to several countries in Africa by using bitcoin mining to make renewable mini-grids financially sustainable in rural communities, sharing bitcoin mining revenue with power companies & local community – doing so creating global income for local power production and cutting renewable energy cost to the rural community.
The Challenges and Opportunities
Despite all these use-cases, success stories and impacts, adoption of Bitcoin in Africa has not been without its own concerns, challenges & controversies. Let us see some of the challenges and potential opportunities presented to Africa with Bitcoin.
(#Part 2)
Key partnerships have also fueled the growth, including Jack Dorsey & Jay Z’s 500 BTC donation to create Btrust to fuel the next wave of software engineers and developers in the Bitcoin ecosystem, Square/Block’s investment in Yellow Card, TBD’s partnership to deploy bitcoin for cross border payment with Yellow Card, major exchanges including Paxful and Binance’s early expansion in Africa. Peer-to-peer (P2P) platforms also surged, enabling people to trade Bitcoin in areas with limited or non-existent traditional financial & banking access. And this week, Nigeria-based Recursive Capital, an early-stage Bitcoin VC Fund investing in Bitcoin companies in Africa, announced the first close of its Fund I with Jack Dorsey and other anchor investors. The fund close is set to be deployed to lay the foundations for a thriving Bitcoin ecosystem in Africa. The fire-side chat Africa Fintech Summit had with Jack Dorsey in 2020 around Bitcoin & Africa below provides more insight.
…And Bitcoin in the Humanitarian Assistance Space, Rural Electrification, etc
Bitcoin found a new use case in Africa in charity, education, disaster & emergency situations and even rural electrification. As an example, the global peer-to-peer Bitcoin marketplace Paxful has been building schools that are fully equipped with a state-of-the-art water well system across rural Africa with its program named #BuiltWithBitcoin, all fully funded by Bitcoin. Binance’s philanthropic wing has been operating a program called Lunch for Children, using donated cryptocurrencies to buy lunch for children. In Mombasa, Kenya, the Bancor Foundation has been providing bankrupt communities living in slums with a surprising way out of poverty with crypto.
Governments & infrastructure developers have been citing the demand-supply mismatch of renewable energy mini-grid projects across rural Africa, holding up investment justification for mass rural electrification. Bitcoin mining has come as a solution too many times in this scenario in being a ‘buyer of last resort’ for mini-grid renewable energy in rural Africa, guaranteeing demand and hence encouraging rural electrification. As an example, Gridless, an African green bitcoin mining firm, is expanding energy access to several countries in Africa by using bitcoin mining to make renewable mini-grids financially sustainable in rural communities, sharing bitcoin mining revenue with power companies & local community – doing so creating global income for local power production and cutting renewable energy cost to the rural community.
The Challenges and Opportunities
Despite all these use-cases, success stories and impacts, adoption of Bitcoin in Africa has not been without its own concerns, challenges & controversies. Let us see some of the challenges and potential opportunities presented to Africa with Bitcoin.
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#Bitcoin
#Part 3 (Final Part)
Looking Over the Horizon
The short-term & medium-term outlook of Bitcoin’s future in Africa will depend on its competition and interoperability with Mobile Money and Stablecoins – for comparison, read AFTS’ editorial Stablecoin is the future of Africa's Remittance & Trade with Rest of The World.
Airtime-crypto-fiat currency on/off-ramp orchestration innovations like fonbnk's offering has potential on creating seamless Mobile Money-Crypto interoperability. The real litmus test for Bitcoin’s use in Africa will be the outcome of its battle – or collaboration - with mobile money & stablecoins for dominance and utility as the visual below shows.
Will Bitcoin’s utility, transaction cost, design and infrastructure compete or collaborate seamlessly with stablecoins and mobile money with effective on/off ramp orchestrations? Time will tell.
Despite the aforementioned and other problems and challenges, Bitcoin adoption in Africa will surely be growing, driven by its potential to improve remittances, hedge against inflation, and offer inclusive and last-mile financial services to the unbanked. Addressing these challenges will require clearer regulations, improved education & fraud prevention mechanisms, infrastructure development including access to connectivity and reliable electricity, collaboration between regulators and the crypto industry, on/off ramp interoperability and empirical evidence of use cases tailored to African needs with local software engineering talent.
Our Verdict
Bitcoin’s milestone celebrates Africa’s journey with cryptocurrency, rooted in resilience, ingenuity, speed of creativeness and innovation. Africa is poised to shape the future of crypto, drive financial inclusion, and redefine global finance with a unique version of decentralized finance. The Africa Fintech Summit team will continue to provide thought leadership around blockchain use cases in Africa, including Bitcoin, through its research publications and flagship summits, including the upcoming 2025 editions in Washington DC & Accra, Ghana. Join the Africa Fintech Summit - in person and virtually - to meet the players in this growing and rapidly innovating space and connect with innovators, entrepreneurs, and key stakeholders driving the future of crypto and fintech across the continent.
In conclusion, we agree both with Jack’s sentiment of “Africa will define the future (especially the Bitcoin one)” and AFTS’ 2022 editorial that stated, “cryptocurrency's future is being defined in Africa”. If in any doubt about this, as we say in Swahili, "Kuwa tayari kwa mshangao mwingine wa Afrika", that is "be prepared for another African surprise!"
Thanks for reading!
Link: https://www.linkedin.com/pulse/history-future-bitcoin-africa-afts-editorial-quc8f/
#Part 3 (Final Part)
Looking Over the Horizon
The short-term & medium-term outlook of Bitcoin’s future in Africa will depend on its competition and interoperability with Mobile Money and Stablecoins – for comparison, read AFTS’ editorial Stablecoin is the future of Africa's Remittance & Trade with Rest of The World.
Airtime-crypto-fiat currency on/off-ramp orchestration innovations like fonbnk's offering has potential on creating seamless Mobile Money-Crypto interoperability. The real litmus test for Bitcoin’s use in Africa will be the outcome of its battle – or collaboration - with mobile money & stablecoins for dominance and utility as the visual below shows.
Will Bitcoin’s utility, transaction cost, design and infrastructure compete or collaborate seamlessly with stablecoins and mobile money with effective on/off ramp orchestrations? Time will tell.
Despite the aforementioned and other problems and challenges, Bitcoin adoption in Africa will surely be growing, driven by its potential to improve remittances, hedge against inflation, and offer inclusive and last-mile financial services to the unbanked. Addressing these challenges will require clearer regulations, improved education & fraud prevention mechanisms, infrastructure development including access to connectivity and reliable electricity, collaboration between regulators and the crypto industry, on/off ramp interoperability and empirical evidence of use cases tailored to African needs with local software engineering talent.
Our Verdict
Bitcoin’s milestone celebrates Africa’s journey with cryptocurrency, rooted in resilience, ingenuity, speed of creativeness and innovation. Africa is poised to shape the future of crypto, drive financial inclusion, and redefine global finance with a unique version of decentralized finance. The Africa Fintech Summit team will continue to provide thought leadership around blockchain use cases in Africa, including Bitcoin, through its research publications and flagship summits, including the upcoming 2025 editions in Washington DC & Accra, Ghana. Join the Africa Fintech Summit - in person and virtually - to meet the players in this growing and rapidly innovating space and connect with innovators, entrepreneurs, and key stakeholders driving the future of crypto and fintech across the continent.
In conclusion, we agree both with Jack’s sentiment of “Africa will define the future (especially the Bitcoin one)” and AFTS’ 2022 editorial that stated, “cryptocurrency's future is being defined in Africa”. If in any doubt about this, as we say in Swahili, "Kuwa tayari kwa mshangao mwingine wa Afrika", that is "be prepared for another African surprise!"
Thanks for reading!
Link: https://www.linkedin.com/pulse/history-future-bitcoin-africa-afts-editorial-quc8f/
Linkedin
The History & Future of Bitcoin in Africa (An AFTS Editorial), Access Bank Acquires Standard Chartered's Subsidiaries in Angola…
In this special issue, the Africa Fintech Summit has penned an editorial focused on The History & Future of Bitcoin in Africa, including its wider cascaded multiplier effect on Africa's economy including Renewable Energy, BPO, Data Centre & Artificial Intelligence…
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Banking sector set to open to foreign competition in few weeks
For the first time in its history, Ethiopia is poised to open its banking sector to foreign competition, with new legislation currently under parliamentary review and expected to be enacted next month. This landmark decision represents a significant shift in the country’s economic landscape, aimed at enhancing competition, improving service delivery, and attracting foreign investment.
#Capital news
@patternfin
For the first time in its history, Ethiopia is poised to open its banking sector to foreign competition, with new legislation currently under parliamentary review and expected to be enacted next month. This landmark decision represents a significant shift in the country’s economic landscape, aimed at enhancing competition, improving service delivery, and attracting foreign investment.
#Capital news
@patternfin
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A great piece by Aman & Partners on their Legal Update Issue 15
Title: End of Ethiopia's Banking Sector Protectionism in Sight
I highly recommend you to read this two pages but resourceful document prepared by Aman & Partners LLP.
What other points do you suggest to be included which could have an impact on domestic and foreign investors?
Enjoy reading!
Title: End of Ethiopia's Banking Sector Protectionism in Sight
I highly recommend you to read this two pages but resourceful document prepared by Aman & Partners LLP.
What other points do you suggest to be included which could have an impact on domestic and foreign investors?
Enjoy reading!
Weekly updates ⬇️⬇️⬇️
🏗 Real Estate Proclamation: New Buyer Safeguards
Parliament mandates developers to complete 80% of construction before handovers, unless otherwise agreed, and bans misleading ads. (FBC)
What it means for you: Strengthened buyer protections boost trust and transparency in Ethiopia's real estate sector.
🏗 Real Estate Proclamation: New Buyer Safeguards
Parliament mandates developers to complete 80% of construction before handovers, unless otherwise agreed, and bans misleading ads. (FBC)
What it means for you: Strengthened buyer protections boost trust and transparency in Ethiopia's real estate sector.
Weekly updates ⬇️⬇️⬇️
📈 EIH Takes Charge of Key State Enterprises
Ethiopian Investment Holdings now manages 10 additional entities, including Ethiopian Electric Power and Development Bank of Ethiopia. (Shega)
What it means for you: Streamlined administration unlocks investment potential in energy, transport, and industrial parks.
📈 EIH Takes Charge of Key State Enterprises
Ethiopian Investment Holdings now manages 10 additional entities, including Ethiopian Electric Power and Development Bank of Ethiopia. (Shega)
What it means for you: Streamlined administration unlocks investment potential in energy, transport, and industrial parks.
Weekly updates ⬇️⬇️⬇️
💼 Banking Fraud Hits 1.3 Billion Birr
The Central Bank reports major fraud losses last year, mainly due to third-party risks. (Birr Metrics)
What it means for you: Urgent need for fraud prevention technologies and robust risk management in the banking sector.
💼 Banking Fraud Hits 1.3 Billion Birr
The Central Bank reports major fraud losses last year, mainly due to third-party risks. (Birr Metrics)
What it means for you: Urgent need for fraud prevention technologies and robust risk management in the banking sector.
Weekly updates ⬇️⬇️⬇️
💼 i-Capital Africa Earns Advisory License
The Ethiopian Capital Markets Authority licenses i-Capital as the first local investment advisor. (Capital)
What it means for you: A milestone for capital market reforms, creating opportunities for local investors.
💼 i-Capital Africa Earns Advisory License
The Ethiopian Capital Markets Authority licenses i-Capital as the first local investment advisor. (Capital)
What it means for you: A milestone for capital market reforms, creating opportunities for local investors.
Weekly updates ⬇️⬇️⬇️
🏦 $700m World Bank Loan for CBE
Funds will recapitalize CBE and support a 900 billion birr bond issuance for state debt recovery. (The East African)
What it means for you: Improved credit availability and potential state enterprise privatizations.
🛫 Ethiopian Airlines and Air Congo Partnership
Air Congo, a joint venture with a 49% Ethiopian Airlines stake, begins operations. (Birr Metrics)
What it means for you: Enhanced regional connectivity fosters trade and travel opportunities with the DRC.
Don’t forget to follow for more weekly updates!
#Kazana
🏦 $700m World Bank Loan for CBE
Funds will recapitalize CBE and support a 900 billion birr bond issuance for state debt recovery. (The East African)
What it means for you: Improved credit availability and potential state enterprise privatizations.
🛫 Ethiopian Airlines and Air Congo Partnership
Air Congo, a joint venture with a 49% Ethiopian Airlines stake, begins operations. (Birr Metrics)
What it means for you: Enhanced regional connectivity fosters trade and travel opportunities with the DRC.
Don’t forget to follow for more weekly updates!
#Kazana
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የኢትዮጵያ ሰነደ ሙዓለ ንዋዮች ገበያ አ.ማ በኢትዮጵያ የመጀመሪያ የሆነውን የተደራጀ የሰነደ ሙዓለ ንዋዮች ገበያ ለማስጀመር የሚያስችለውን ፈቃድ አገኘ። የኢትዮጵያ ሰነደ ሙዓለ ንዋዮች ገበያ አ.ማ. ይፋዊ የስራ ፈቃድ ከኢትዮጵያ የካፒታል ገበያ ባለስልጣን ማግኘቱን በደስታ ያበስራል።
@patternfin
@patternfin
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Forwarded from CHANNEL 29
በመላው ሀገሪቱ የኃይል መቋረጥ አጋጥሟል ሲል የኢትዮጵያ ኤሌክትሪክ ኃይል አስታወቀ
ዛሬ ማምሻውን በሲስተም አለመረጋጋት በተፈጠረ ችግር የተነሳ በመላው ሀገሪቱ የኃይል መቋረጥ አጋጥሟል ሲል የኢትዮጵያ ኤሌክትሪክ ኃይል አስታውቋል።
ችግሩን በመፍታት የተቋረጠውን ኃይል ወደነበረበት ለመመለስ በኃይል ማመንጫዎች እና በማከፋፈያ ጣቢያዎች ከፍተኛ ርብርብ እየተደረገ ነው ብሏል።
የተፈጠረው ችግር እስኪፈታ ድረስ ደንበኞች በትዕግስት እንዲጠባበቁ ጠይቆ፤ ያሉትን መረጃዎች በፍጥነት የሚያሳውቅ መሆኑንም ገልጿል።
ዛሬ ማምሻውን በሲስተም አለመረጋጋት በተፈጠረ ችግር የተነሳ በመላው ሀገሪቱ የኃይል መቋረጥ አጋጥሟል ሲል የኢትዮጵያ ኤሌክትሪክ ኃይል አስታውቋል።
ችግሩን በመፍታት የተቋረጠውን ኃይል ወደነበረበት ለመመለስ በኃይል ማመንጫዎች እና በማከፋፈያ ጣቢያዎች ከፍተኛ ርብርብ እየተደረገ ነው ብሏል።
የተፈጠረው ችግር እስኪፈታ ድረስ ደንበኞች በትዕግስት እንዲጠባበቁ ጠይቆ፤ ያሉትን መረጃዎች በፍጥነት የሚያሳውቅ መሆኑንም ገልጿል።
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SantimPay Financial Solutions, a prominent player in Ethiopia's emerging fintech scene, reported gross profits of 86 million birr in a year marked by significant product milestones. The payment operator, backed by 15 shareholders, generated revenues of 152 million birr during the 2023/24 fiscal year.
The startup facilitated transactions worth 18 billion birr, with over 99% of this volume stemming from 44 million transactions processed through its online payment gateway. In comparison, around 19,000 transactions, totaling 30 million birr, were conducted via QR codes.
Transactions from POS devices are absent from the startup's annual figures, as SantimPay has relied on partnerships with banks for their deployment.
Board Chairman Daniel Kitaw (Prof.) congratulated shareholders on two years of success and outlined ambitious growth plans. He credited the company's ability to navigate challenges to its commitment to open communication and transparency.
"I look forward to seeing what we can bring in the future," Daniel stated.
With an Earnings Per Share (EPS) of 337.87 birr, SantimPay delivered notable returns to its shareholders. This EPS is on par with the amount paid out by most banks in Ethiopia while standing out due to the limited number of shares—161,080.
Over the past year, the two-year-old payment operator expanded its asset base to 240 million birr while maintaining liabilities of 29 million birr. The company’s paid-up capital now stands at 158 million birr.
The year also marked a strategic collaboration with banks, with SantimPay undertaking a pilot program involving the deployment of 200 POS devices.
Licensed by the National Bank of Ethiopia as a Payment Gateway Operator and Point of Sale (POS) Operator in 2022, SantimPay operates in a competitive space alongside players such as Arifpay, Chapa, and FenanPay.
In a notable development two months ago, the company launched SantimFundMe, a fundraising platform designed to provide a local alternative in the community-based finance mobilization space. The platform aims to compete with international players, further diversifying SantimPay’s offerings.
Via #Shega
#fintech #santimpay #DFS
@patternfin
The startup facilitated transactions worth 18 billion birr, with over 99% of this volume stemming from 44 million transactions processed through its online payment gateway. In comparison, around 19,000 transactions, totaling 30 million birr, were conducted via QR codes.
Transactions from POS devices are absent from the startup's annual figures, as SantimPay has relied on partnerships with banks for their deployment.
Board Chairman Daniel Kitaw (Prof.) congratulated shareholders on two years of success and outlined ambitious growth plans. He credited the company's ability to navigate challenges to its commitment to open communication and transparency.
"I look forward to seeing what we can bring in the future," Daniel stated.
With an Earnings Per Share (EPS) of 337.87 birr, SantimPay delivered notable returns to its shareholders. This EPS is on par with the amount paid out by most banks in Ethiopia while standing out due to the limited number of shares—161,080.
Over the past year, the two-year-old payment operator expanded its asset base to 240 million birr while maintaining liabilities of 29 million birr. The company’s paid-up capital now stands at 158 million birr.
The year also marked a strategic collaboration with banks, with SantimPay undertaking a pilot program involving the deployment of 200 POS devices.
Licensed by the National Bank of Ethiopia as a Payment Gateway Operator and Point of Sale (POS) Operator in 2022, SantimPay operates in a competitive space alongside players such as Arifpay, Chapa, and FenanPay.
In a notable development two months ago, the company launched SantimFundMe, a fundraising platform designed to provide a local alternative in the community-based finance mobilization space. The platform aims to compete with international players, further diversifying SantimPay’s offerings.
Via #Shega
#fintech #santimpay #DFS
@patternfin
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NBE - Statement of Financial Position.pdf
884.2 KB
የኢትዮጵያ ብሔራዊ ባንክ የሃብት እና ዕዳ መግለጫ ሰኔ 23 ቀን 2014 ለተጠናቀቀው በጀት ዓመት (በኢትዮጵያ ብር)
National Bank of Ethiopia Statement of Financial Position As of 30 June 2022 (In Ethiopian Birr)
Via #Pragma
National Bank of Ethiopia Statement of Financial Position As of 30 June 2022 (In Ethiopian Birr)
Via #Pragma
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