Senators Press Mark Zuckerberg On Crypto Scam Policies For Social Media Platforms

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Senators Press Mark Zuckerberg On Crypto Scam Policies For Social Media Platforms

Six U.S. senators have demanded answers from Meta CEO Mark Zuckerberg about how his company is handling cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.

“We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote.

Senators Want Answers From Mark Zuckerberg and Meta Platforms

U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a letter on Thursday to Mark Zuckerberg, chairman and CEO of Meta, about his company’s “efforts to combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.”

Citing “recent reports of scams on other social media platforms and apps,” including data from the Federal Trade Commission (FTC), the senators wrote:

We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers.

“While crypto scams are prevalent across social media, several of Meta’s sites are particularly popular hunting grounds for scammers,” the letter describes. “Among consumers who reported being scammed out of cryptocurrency on a social media website, 32% identified the scam as having originated on Instagram, 26% on Facebook, and 9% on Whatsapp.”

The lawmakers asked Zuckerberg seven questions concerning Meta’s current policies pertaining to cryptocurrency scams. They request that the Meta CEO responds with detailed information by Oct. 24.

For each of Meta’s social media platforms, the questions include how the company finds and removes crypto scammers, educates and warns users about crypto scams, and assists victims of fraudulent crypto schemes. The senators also asked how Meta verifies that crypto ads are not scams and what regulatory licenses are required to advertise on its platforms. Moreover, they asked to what extent Meta collaborates with law enforcement to track down scammers.

U.S. authorities have been warning that scammers are increasingly using social media to defraud investors. In August, the U.S. Securities and Exchange Commission (SEC) warned investors of fraudsters exploiting their fear of missing out (FOMO) on social media.

CBN Defends Naira With $7.6bn In Five Months

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CBN Defends Naira With $7.6bn In Five Months

The Central Bank of Nigeria (CBN) says it injected $7.6 billion into the economy in five months through foreign exchange sales to authorized dealers.

The apex bank said this in its monthly economic reports for May 2022.

According to the report, CBN said it intervened in the FX markets to stabilise the value of the naira with $1.65 billion and $1.39 billion in January and February, respectively.

The apex bank added that it pumped $1.82 billion in March, $1.56 billion in April and $1.18 billion in May 2022.

Despite interventions, the naira depreciated by 0.7 percent to N415 a dollar in the official market within the period.

“Total foreign exchange sales to authorised dealers by the bank were $1.18 billion, a decrease of 24.4 percent below $1.56 billion in April,” the report reads.

“A breakdown shows that foreign exchange sales at the Investors and Exporters and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16 billion percent, below their respective levels in the preceding month.

“Similarly, SMIS and matured swap contracts fell by 7.0 percent and 71.4 percent to $0.64 billion and $0.10 billion, respectively, compared to the amounts in April. However, foreign exchange sales at the Small and Medium Enterprises window rose 8.4 percent to $0.12 billion in the review period.”

Last year, the Central Bank of Nigeria (CBN) stopped the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country and channeled weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.

Godwin Emefiele, governor of the CBN, had said the apex bank would stop the sale of foreign exchange to banks by the end of the year.

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he had said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again and generate their export proceeds.”

FG To Create Crypto-friendly Free Zone With Binance

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FG To Create Crypto-friendly Free Zone With Binance

The Federal government has announced that it is discussing a possible partnership with Binance and Talent city for the first virtual free zone in West Africa.

The unfolding partnership is a landmark development in digital finance, blockchain economy and virtual free zones.

In a statement, Nigeria Export Processing Zones Authority (NEPZA) explained that it had preliminary meetings with the crypto exchange and tech infrastructure company Talent City regarding a crypto-friendly economic zone similar to Dubai’s virtual free zone.

NEPZA, which helps regulate and operate free zones in the country, stated that the zone would focus on blockchain and the digital economy, making Nigeria a hub for global digital assets and promoting long-term economic growth, NEPZA stated.

At the meeting, NEPZA director Sikiru Lawal, Binance Executive Director Nadeem Ladki, and Talent City CEO Luqman Edu discussed the matter.

“Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion-dollar virtual economy in blockchains and digital economy,’’ NEPZA’s Managing Director, Adesoji Adesugba, said.

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister, and the economic development agenda of President Muhammadu Buhari.”

The NEPZA noted that Virtual Free Zone would be suitable for crypto businesses to flourish. It will offer tax incentives for crypto businesses and crypto-friendly laws and regulations, like Dubai’s virtual zones.

Kippa Obtains Super Agent Banking Licence from CBN

Kippa, a financial management and payments platform, has obtained a license from CBN to operate as a super agent.

It is a payment solutions services licence which will enable Kippa to have the ability to build its network of merchants, providing them with the infrastructure and tools to offer financial products and services to their customers.

Kippa merchants can now accept offline payments from customers and, more importantly, increase customer footfall, customer retention and business revenue by offering financial products and services on Kippa’s infrastructure.
In a statement, the CEO of Kippa, Kennedy Ekezie-Joseph, said, “We’ve done an incredible job acquiring and onboarding merchants from all nooks and crannies of Nigeria. We aim to further empower these merchants by providing them with the tools and infrastructure to provide financial services to their customers. This is already yielding results.”

Ekezie-Joseph added, “Looking at our counterparty data, merchants activated on KippaPay are in the 90th percentile of Kippa merchants regarding customer retention: so, they have more customers and a higher number of transactions per customer.”

He explained that the licence allows the firm to empower all our customers with tools and infrastructure not just to accept payments but to start to offer financial services to their “end-customers.” It also allows the company to integrate with the national switches and “allows us to provide business-to-business and platform and services to other fintechs.”

Executive Director of Payment Services, Toyin Albert, said, “We are excited to offer further financial services to our merchants, which align with the CBN’s broader financial inclusion strategy. We are fully aware of the existing regulatory framework and requirements and will continue to drive our initiatives to millions of Nigerians while engaging all stakeholders concerned.”

Apple Launches Series of New Products

Apple launched a series of new products last Wednesday, as the US-based technology company aims to attract both high-spending and budget-conscious consumers through its new offerings.

The new products, which include the 5G-enabled iPhone 14 series, the Apple Watch 8 Series and new AirPods, were released at its ‘Far Out’ event.
The new smartphone models include the iPhone 14, iPhone 14 Plus, iPhone 14 Pro and iPhone 14 Pro Max. The iPhone 14 and iPhone 14 Plus models start from $799 and $899, respectively. The iPhone 14 Pro costs $999, and the iPhone 14 Pro Max starts at $1,099.

The iPhone 14 and iPhone Pro will come with a 6.1-inch screen, while iPhone 14 Plus and iPhone 14 Pro Max will have 6.7-inch displays. Powered by the new A16 bionic chip, which Apple claims is the fastest chip ever in a smartphone, the new iPhone 14 Pro includes a new camera system with a 48-megapixel main camera.

The iPhone 14 and iPhone 14 Plus will be powered by the A15 bionic introduced with the iPhone 13 series last year.

Apple also revealed Apple Watch Series 8, Apple Watch SE and Apple Watch Ultra, which the latest WatchOS9 software will power. Apple Watch Series 8 delivers various health features, including a temperature sensor with advanced features for women’s health and crash detection for severe car crashes.

Apple Watch Series 8 starts at $399, and Apple Watch SE at $249. Apple Watch Ultra, which starts at $799 has the best battery life of any Apple Watch, reaching up to 36 hours during normal use, the company claimed. The company also announced the second generation of AirPods Pro. With the new H2 chip, AirPods Pro promise to enhance audio performance — including upgrades to active noise cancellation.

Samsung to Enhance Security Systems

Samsung has confirmed that its security systems were attacked and some data has been stolen, but the company has said it is putting measures in place to prevent a re-occurrence.

The breach, which happened in late July, affected mainly Samsung systems in the US, according to the company.

While the tech giant said customers’ social security and credit card numbers weren’t affected by the incident, it admitted that other forms of personal data might have been stolen.

However, in an email to customers, Samsung said security is a top priority at the company.
In late July 2022, an unauthorised third party acquired information from some of Samsung’s US systems.

“Around August 4, 2022, we determined through our ongoing investigation that personal information of certain customers was affected. We have taken actions to secure the affected systems, and have engaged a leading outside cybersecurity firm and are coordinating with law enforcement,” said Samsung in a statement.

It added, “We want to assure our customers that the issue did not impact Social Security numbers or credit and debit card numbers, but in some cases, may have affected information such as name, contact and demographic information, date of birth, and product registration information. The information affected for each relevant customer may vary. We trust our customers’ place in our products and services, trust that we have built up over many years.”

NBS: Technology Contributes More Than Oil to Nigeria’s GDP

According to the recent Gross Domestic Product (GDP) by the National Bureau of Statistics, the information and communications technology (ICT) sector contributed 18.44 per cent to Nigeria’s GDP in the second quarter of 2022. The sector saw a 6.55 per cent growth rate from Q1 2022.
The contribution of the oil sector, which used to dominate the country’s GDP bottom line, fell to 6.33 per cent in Q2 2022, a position lower than its 7.42 per cent in Q2 2021 and 6.63 per cent in Q1 2022.

With trade coming in second to ICT and contributing 16.81 per cent to the economy, higher than the 16.6 per cent it recorded in 2021 when the world was recovering from the pandemic and the 16.13 per cent it recorded in Q1 2022, the non-oil sector dominated the economy.

According to the report, the non-oil sector contributed 93.67 per cent to the nation’s GDP in the period in review. The figure is said to be higher than 92.58 per cent in Q2 2021 and 93.37 per cent in Q1 2022. The non-oil sector’s contribution grew by 4.77 per cent from the previous rate.

The non-oil sector was driven by telcos, trade, financial institutions, transportation, agriculture, and manufacturing (food, beverage and tobacco). The report also showed that economic activities picked up around telecoms and trade services after the COVID-19 pandemic and government regulations on SIM-NIN integration.
Altogether, Nigeria saw a GDP growth of 3.54 per cent in Q2 2022, from the 3.11 per cent growth it recorded in Q1.

Tech Personality of The Week:

Solape Akinpelu

This week’s tech personality is Solape Akinpelu, the founder and CEO of Hervest.
HerVest is a women-focused and inclusive fintech platform for the underserved and excluded women in Africa.

The platform enables women to participate in savings, impact investments and credit, particularly for smallholder women farmers in Nigeria.

As a financial feminist, Solape is pro SDG5 and SDG10 and believes in achieving gender equality and reducing inequality through financial literacy, technology, and access to capital.

Solape is the Nigeria chapter Country Manager of Women in Tech® Global, an international organisation with a double mission: to close the gender gap and to help women embrace technology. Women in tech global is present in over one hundred countries with growing members of over 70,000.

In September 2021, Solape’s led HerVest was chosen from thousands of applicants to present at the world’s number one startup launch competition at TechCrunch Disrupt. Also, HerVest is the only Nigerian startup selected to pitch alongside nineteen other global stars.

Bybit Launchpool Lists Ookeenga Governance Token OKG

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HANOI, VIETNAM – Media OutReach – 6 September 2022 – Bybit, the world’s third most visited crypto exchange, is listing OKG, the limited governance-supplied token of Ookeenga, on the Bybit Launchpool.

Ookeenga is the first Vertical Multiplayer Real Time Strategy GameFi project with breathtaking 3D visuals and a compelling storyline by CROS, the studio behind the success of Steam’s top game. Ookeenga also features addictive gameplay inspired by the Clash Royale. Ookeenga has been gaining momentum since its inception with a large community and over 40 partners on board.

The OKG token is a governance token that is used at each level of governance, voting, power in decentralized autonomous organizations (DAOs) where it is staked, and for control of the DAO’s treasury. Players can also use the OKG token to buy/sell NFTs, and breed or enhance items. Furthermore, owning the OKG token represents the player’s investment in the Ookeenga world. The supply of the OKG token is limited.

Bybit Launchpool is a component of Bybit Earn, where users can stake and earn tokens at attractive APYs for free. Users can stake and unstake tokens anytime, and earn fees on their staked currency. They can also earn bonuses in Tether (USDT).

Ookeenga is backed by reputable investors such as Sky Vision Capital, Ex Network, and ZBS capital.

Ookeenga’s long term vision is to become a core content IP with a comprehensive ecosystem consisting of both Web 2.0 and Web 3.0 subsequent projects. By owning Ookeenga NFTs, investors and players will have access to the entire Ookeenga ecosystem.

Hashtag: #Bybit

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit:

For updates, please follow Bybit’s social media platforms on









Trigometric Launches NumisArt, the World’s First Numismatic NFT Trading Platform

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Malaysia’s largest collectible auctioneer leverages on blockchain technology to add a new dimension to numismatic collecting and trading

KUALA LUMPUR, MALAYSIA – Media OutReach – 12 September 2022 – Trigometric, the largest collectible auctioneer in Malaysia, today announced the launch of NumisArt, the world’s first and largest numismatic Non-Fungible Token (NFT) trading platform at the 9th Kuala Lumpur International Numismatic Fair. This is a move intended to double the Company’s foothold in the ever-growing global numismatic market.

https://numisart.io/about for more information.

About Trigometric

Established in 2002, Trigometric is the largest and most trusted auctioneer of collectibles in Malaysia. It was the first of its kind in large scale collectibles trading in Malaysia. The Company is the organiser of the Kuala Lumpur International Numismatic Fair, the largest numismatic show in Malaysia.

Recognised as the foremost expert in numismatics from Malaysia, Trigometric has published a large number of reference materials and guides, most notably the 8th Edition of “The Malaysia, Brunei & Singapore, Banknotes & Coins Numismatic Reference”, the 2nd Edition of “The Hong Kong & Macau, Banknotes & Coins Numismatic Reference” and “The World Uncut-Sheet Banknotes Numismatic Reference”. All these references are utilised by some of the largest third-party currency graders in the world, namely PMG and NGC, where they used the code references on their grade holders.

Learn more about Trigometric:

Protect your online purchases from package theft with Arlo

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Let Arlo’s advanced monitoring devices watch over your doorstep and protect your delivery packages

SINGAPORE – Media OutReach – 12 September 2022 – September is surely every shopaholic’s dream with the 9.9 weekend followed by the much-anticipated Great Singapore Sale! As delivery packages begin to arrive at your doorstep, they become easy targets for pesky thieves, especially when left outside your door for hours.

To give you the much-needed peace of mind during this period, Arlo’s smart range of monitoring solutions, from advanced security cameras to wireless doorbells, will help you keep an eye on your delivery packages while watching out for unwanted guests.

And of course, Arlo is joining in the shopping fun with exciting promotions across their products, including the Arlo Essential Wireless Video Doorbell and Arlo Pro 4 Wireless Security Camera.

Arlo Essential Wireless Video Doorbell

Capturing what most traditional video doorbells can’t, the Arlo Essential Wireless Video Doorbell gives you a complete view of your front door with its optimised 1:1 aspect ratio and 1536*1536 HD video with HDR, so you can easily spot delivery packages on the ground as well as see visitors from head-to-toe. It also offers direct-to-mobile video calls, clear, two-way audio and personalised alerts to allow users to quickly reply to guests or take action. To top it off, the Arlo Essential Wireless Video Doorbell’s wire-free set-up, full weather resistance, night vision and built-in siren make it an effective yet easy, fuss-free way to provide your front door with always-on security.

Arlo Essential Wireless Video Doorbell: $299 (SRP: $329)

Arlo Pro 4 Wireless Security Camera

The Arlo Pro 4 Wireless Security Camera is the ideal solution for those looking for better video quality and a wider field of view to monitor large areas. It features advanced technologies including 2K HDR video quality, an integrated spotlight with colour night vision and a 160-degree field of view to deliver superior video quality day and night. Easily connect the Pro 4 directly to Wi-Fi to enable a hassle-free set-up as a standalone security solution or complimentary camera to an existing Arlo ecosystem. Its two-way audio and built-in smart siren also allow users to have crystal-clear communication and ward off any unwanted visitors on the property.

Arlo Pro 4 Wireless Security Camera – two-unit bundle: $599 (SRP: $749)

For more information of Arlo products and accessories, please visit https://kaira.arlostore.sg/.

Hashtag: #Arlo

About Arlo Technologies, Inc.

Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and 4G LTE-enabled security cameras, audio and video doorbells, and floodlight.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users’ personal information private and in their control. Arlo doesn’t monetize personal data, provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

MoMo PSB Selects True Real Warri Pikin As Brand Ambassador

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MoMo PSB Selects True Real Warri Pikin As Brand Ambassador

Real Warri Pikin, a popular Nigerian comedienne and on-air personality, has been named a brand ambassador for Nigeria’s fintech service provider, MoMo Payment Service Bank (MoMo PSB).

Anita Alaire Afoke Asuoha, the artist’s full name, was unveiled as brand ambassador at a ceremony held at the MoMo PSB office in Lagos. This makes her the brand’s first brand ambassador.

“I am very happy to be part of this great development,” she said, acknowledging her new status as a member of the MoMo PSB family. The brand’s emphasis on financial inclusion and assisting Nigerians inspires me to want to be a part of the story. I am honored to be their new ambassador.”

 

Real Warri Pikin is well-known for her use of Warri pidgin and language, which has now become her trademark style. She has had a phenomenal career that has exceeded many expectations in just over five years. Her brand has grown as a result of a genuine and relatable hustler’s journey, which fans admire.

 

Elsa Muzolini, general manager, Commercial, MoMo PSB, said of the choice of Real Warri Pikin as ambassador, “the brand’s choice to work with Real Warri Pikin was effortless.” This is due to the fact that she represents principles that are perfectly aligned and are both designed to challenge the status quo with ideas and innovations.

 

“We have always viewed ourselves as a company that promotes economic growth and development wherever we operate.” We hope that by collaborating with a great act like Real Warri Pikin, we can promote industry discussion and growth while also achieving our goals.”

 

This partnership has the potential to change the game for both parties. We are excited about this new collaboration and have confidence that Real Warri Pikin will give her all in her work with MoMo PSB, she added.

MoMo Payment Service Bank is an MTN Nigeria subsidiary. MoMo PSB, which will be launched in May 2022, is expected to provide millions of unbanked and underserved Nigerians with access to a wide range of financial services.

Doyin, Eloswag, Chomzy, And Bryan Evicted From BBNaija House

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Doyin, Eloswag, Chomzy, And Bryan Evicted From BBNaija House

During the Week 8 eviction night of Big Brother House season seven, four housemates were evicted.

Doyin, Eloswag, Chomzy, and Bryan were the four housemates evicted from the six previously nominated for eviction.

Meanwhile, the show’s anchor, Ebuka Obi-Uchendu, has announced a new twist to the reality TV show.

Surprisingly, the trio is still in the House. The evicted housemates are now visitors to the newly established Level 3.

 

According to Ebuka, the housemates Doyin, Eloswag, Chomzy, and Bryan are no longer contestants because they will stay in Biggie’s House until at least September 18.

 

“Big Brother has decided to keep tonight’s evicted housemates as Guests in the #BBNaija House until September 18th.” “They will now be known as Level 3 Guests,” he explained.

Role Of Fintech In U.S. Financial Services Industry

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Role Of Fintech In U.S. Financial Services Industry

I spent a majority of my career growing fintech startups. I know what it’s like to be on the side of the business where you find a problem facing banking customers and work tirelessly to solve it by creating new, innovative technology.

I’ve also experienced what it’s like to try and partner with legacy banks to get your product off the ground; with all the red tape and hurdles of getting through the vendor management process. And in the end, that’s often how you were treated—as just another vendor.
For legacy banks to thrive in today’s evolving industry, with fintechs playing a major role in transforming financial services, they need to design an operating model that understands how fintechs work and be the strategic partner these startups are looking for to help them commercialize and be successful.
How do banks do this? We may be talking about tech, but really this is about people. It’s really important for banks to ensure they have people in the organization who understand the fintech ecosystem and how to construct win-win wins—win for the bank, win for their customers, and wins for the fintech.
When I arrived at Valley Bank, after years of being in the startup space, we knew that for Valley to continue its trend of strong growth it would need to embrace the fintech ecosystem. Our challenge, like most banks, is how to upgrade legacy systems and expand our technological capabilities to solve customer problems.
At Valley we have a number of people that ordinarily you would expect to find in a fintech. Why are they with Valley? They are empowered to operate and think differently about how to solve problems for customers; embracing open platforms and fintech solutions that allow us to move quickly and iterate. People with startup and fintech backgrounds have a strong understanding of how these businesses operate, what their pain points are when it comes to partnering with legacy banks, and who can serve as a catalyst within the organization to foster and embed these partnerships.
Banks also need to use their size and financial strength to help fintechs succeed, not just within their own ecosystem, but even beyond. By taking a strategic approach to investing in fintechs, banks can align incentives for success with their fintech partners.
We at Valley are looking for ways to nurture the startup ecosystem and help these startup companies grow and thrive. Our recent investment in The Garage, a venture capital fund that builds and invests in early-stage startups in the fields of fintech, AI and cybersecurity, is a good example of that. Together with The Garage, we’ll be able to bring the vision of these aspiring startups to life by accelerating their access to the U.S. market and providing the banking solutions they need to be successful.
As partners, banks can validate product market fit and help inform the product in early stages, before formally launching into the market. It’s a win-win for the bank and the fintech because by testing new technologies and improving CX and overall level of service, our customers receive a better experience and our fintech partner enjoys a shorter road to success.
Fintechs are not going anywhere. Lots of startups fail, but with so many opportunities to make financial services better for people and businesses, there will always be winners. It’s time for banks to do more than just say they’re going to “embrace fintechs.” It’s time to look within the organization, at the people and strategy in place, and build from within a successful startup mindset. By doing this, banks will develop a culture that values what a fintech can bring to the organization and provide the resources and guidance to help their fintech partners grow and be successful.

Google Unveils Sh479mn Fund To Support Tech Startups Export Their Technologies

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Google Unveils Sh479mn Fund To Support Tech Startups Export Their Technologies

Twelve Kenyan startups are among 60 black-founded startups across Africa that will benefit from a Sh479.2 million fund to enable them to export their technologies beyond their home countries.

The firms will also benefit from a 6-month training programme which will also expose them to a pool of mentors who will help them in solving challenges that are particular to them.

During the training, they will participate in tailored workshops, support networks and community-building sessions in addition to non-dilutive awards of between Sh6million and Sh12million and up to Sh24million shillings in Google Cloud Credit.

This year’s cohort with women-led businesses accounting for 50 per cent of the grantees are from Botswana, Cameroon, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, South Africa and Uganda.

“Africa is a diverse continent with massive opportunity but the continent is faced with the challenge of limited diversity in venture capital funding flow. We hope that Black Founders Fund Program will be able to bridge the gap of disproportionate funding between ex-pat startups over local and black-led companies,” said Folarin Aiyegbusi, Head of Startup Ecosystem Sub-Saharan Africa (SSA).

Out of the 10 countries, Nigeria leads with twenty-three grantees selected followed by Kenya with twelve, Rwanda with six, South Africa with five and Uganda with four grantees.

Cameroon and Ghana have three grantees each, Ethiopia has two selected and Botswana and Senegal have one selected startup each.

The Google for Startups Black Founders Fund Program will introduce the 60 grantees to Google’s products, connections and best practices to help them better the products and services they have so that they can positively contribute to the economy of Africa. This is in line with the Tech giant’s commitment to empowering entrepreneurs and startups in the region as a vital prerequisite to driving employment and growth on the continent.

The Funding for Google for Startups Black Founders Fund will be channeled via Google’s implementation partner CcHUB.

The startups from Kenya that have been selected are Ajua, online booking platform BuuPass, DohYangu, FlexPay, Keep IT Cool, Leja, Solutech, Synnefa, TIBU Health, TopUp Mama, Zanifu and Zuri Health.

Applicants who are at an early-stage startup with black founders or diverse founding teams with their headquarters in Africa are the ones eligible for the funding.

The Google Startups Program has created over 4,600 jobs and has raised more than Sh34.6billion since its launch in April 2012.

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