The technology industry in Africa is still a growing one, seeing as tech startups have gone from raising $2 billion in investment in 2019 to raising over $3.1 billion by the end of the second quarter of 2022.
Considering startups on the continent are growing in fundings six times faster than the global average, analysts have projected Africa’s tech market to grow from $115 billion to $712 billion by 2050.
Furthermore, to stay apprised of the happenings in the sector, here is a recap of the major stories in Africa from the month of September.
- CBN Grants Flutterwave Switching and Processing License
The Central Bank of Nigeria (CBN) certified Nigerian payment unicorn, Flutterwave, with a Switching and Processing Licence. The highly rated licence enables the FinTech company to offer transactional services to other payment gateway providers, customers, and stakeholders of the sector without a third party.
The license also enables flutterwave to perform services, including card processing, non-bank acquiring, inter agency banking and payment gateway services.
- Nigeria Dominates Africa’s Crypto Market despite serving Ban
Triple A, a global cryptocurrency payment gateway for Binance Pay, has in a recent report revealed Nigeria’s dominance in Africa’s crypto space and its standing in the world despite the ongoing ban on crypto activities in the country.
Nigeria, has one of the highest rates of crypto adoption in the world, as over ⅓ of the continent’s crypto holders are in the west African country. Nigeria leads with 22 million digital assets owners.
- South Africa to Establish an Artificial Intelligence Institute in Public Schools
South Africa’s Minister of Communications and Digital Technologies, Khumbudzo Ntshavheni at a conference in Bali, Indonesia announced the country’s plan to build an Artificial Intelligence (AI) Institute in the country’s public schools. South Africa, with this initiative, aims to improve the teaching of computer programming and robotics in its public schools.
- Flutterwave Enlists eNaira as a Payment Option for Businesses in Africa
Africa’s biggest financial technology company, Flutterwave, enlisted Nigeria’s digital currency, eNaira, on its platform. This partnership provides merchants with the opportunity to accept eNaira payments.
- MTN Nigeria Announces the Commercial Launch of 5G Network
MTN Nigeria unveiled the commercial version of the 5G network as a sequel to the last month launch of the 5G pilot.
- Nigerian Bank Suspends Dollar Transactions on Debit Cards
A local bank, First Bank of Nigeria (FBN), reportedly ended the use of the Naira Mastercard, Naira Credit Card, Virtual card, and Visa Prepaid Naira card for dollar transactions.