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Paychant, Africa’s fiat-to-crypto on and off-ramp solution

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Paychant, Africa’s fiat-to-crypto on and off-ramp solution

Paychant, Africa’s fiat-to-crypto on and off-ramp solution, serves as the bridge that connects Africa’s traditional finance and digital assets. In less than 6 months since its launch, it’s processing over twenty thousand transactions monthly, eliminating the complexity for people in Africa to onboard into digital currency.

Over the years, people in Africa have shown a great interest in digital assets mostly because of their benefit of hedging against currency inflation and transferring money cheaply. However, the complexity of acquiring crypto assets has been an obstacle for many users in Africa, and this has made it extremely difficult for digital wallets and dApps to onboard mainstream users in Africa. 6 months ago, we launched the Paychant ramp solution to offer a simple yet intuitive platform for people in Africa to transition from fiat currency into digital currency right inside any digital wallet or dApps of their choice.

Paychant prides itself as Africa’s first and leading fiat-to-crypto on and off-ramp solution and remains committed to making digital currency accessible to a wider audience in Africa. We have partnered with digital wallets like Cenoa, Hurupay, and Flooz, acting as their fiat-to-crypto on and off-ramp providers in Africa and experiencing 100% month-on-month growth in both user base and transaction volume.

“Our ramp solution mainly focuses on Africa, supporting a wider range of local payment methods, allowing users to seamlessly buy and sell crypto with local bank transfer and mobile money, which are the most recognized and preferred methods of payment on the continent.” The founders explained.

“Wallets and dApps looking to enter the African market can now take advantage of Paychant’s localized payment infrastructure, which offers low fees, reduced friction, and lower minimum crypto purchases. Our fiat on-and-off ramp customizable widget can be embedded directly into any wallet, dApp, DEX, or NFT platform with just a few lines of code. Paychant handles the compliance, and the entire fiat and crypto flow, so wallet providers can focus on their main business.”

Support for Multichain

Paychant supports 45+ crypto assets on major blockchain networks like Ethereum, Celo, Polygon, Binance, Solana, Tron, Cardano, Bitcoin Cash, Ripple, Litecoin, and the Bitcoin network.

Our Coverage

Our service is available in most of the biggest crypto markets in Africa, supporting all local payment methods for on-ramp and off-ramp in each of these regions.

  1. Nigeria
  2. Ghana
  3. Kenya
  4. Uganda
  5. Zambia

Wallet and dApp that integrates Paychant will enable their users in these regions to buy and sell 45+ crypto via the listed local payment method:

  • Safaricom M-PESA
  • MTN Mobile Money (MoMo)
  • AirtelTigo
  • Vodafone cash
  • Zamtel
  • Airtel money
  • Bank transfer
  • Orange Money

Our mission is to connect Africa’s traditional finance and the decentralized finance world, giving the people in Africa equal access to the financial benefits and opportunities of Web3.

We are very excited about the future of Web3, and we are ready to make crypto onboarding easy for the next billion users in Africa.

If you are interested in integrating our fiat on/off ramp into your app, please reach out to us here, and we will get back to you as soon as we can.

The Eagles have slid to the 40th position in the latest FIFA rankings

Tosin Ranks
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The Eagles have slid to the 40th position in the latest FIFA rankings

Despite their convincing victory in the most recent match of the 2023 Africa Cup of Nations qualifiers, which happened to be their only game since the previous FIFA world rankings were revealed in June, Nigeria faced a setback in the latest FIFA men’s rankings for June.

Previously positioned at 39th in the June rankings, the Super Eagles witnessed a three-point decrease, causing them to slip to the 40th spot.

Their remarkable 6-0 triumph over Sao Tome and Principe in the concluding match of the AFCON qualifiers, while commendable, failed to have a positive impact on their rankings.

Under the guidance of Jose Peseiro, Nigeria’s team excelled in Group A of the AFCON qualifiers, accumulating an impressive 15 points, securing their place in next year’s AFCON tournament set to take place in Ivory Coast.

Within the African continent, the three-time African champions have successfully maintained a position among the top six teams, which is advantageous as it ensures their seeding among the top teams in the upcoming AFCON draw in 2023.

Meanwhile, Morocco continues to hold the title of Africa’s top-ranked nation, securing the 13th place globally.

Despite experiencing a two-place drop in the global rankings, Senegal managed to retain their second-place position in Africa.

Tunisia stands out as the only African nation within the top six on the continent that improved its global ranking. Previously at 31st, they have now climbed to the 29th position in the world according to the latest FIFA update.

Completing the top five in Africa are Algeria at 34th and Egypt at 35th in the global rankings.

On a global scale, Argentina, the reigning World Cup champions, continue to maintain their position as the number one ranked nation, leading ahead of strong contenders like France, Brazil, England, and Belgium.

 

Ex-54Gene CEO Abasi Ene-Obong unveils Syndicate Bio in genomics.

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Ex-54Gene CEO Abasi Ene-Obong unveils Syndicate Bio in genomics.

Former co-founder and CEO of 54gene, Abasi Ene-Obong, announced on Monday the establishment of Syndicate Bio, a new genomics company.

Ene-Obong revealed that Syndicate Bio has emerged from stealth mode with a primary focus on advancing global genomics inclusivity. He emphasized the company’s commitment to spearheading genomics and precision medicine initiatives across the world’s most diverse regions, beginning with Africa.

Syndicate Bio has appointed Jumi Popoola as Chief Scientific Officer and Estelle Dogbo as Chief Operating Officer. Additionally, Wubrest T. Bekele, Wissam Hamou, and Aminu Yakubu will assume leadership roles within the company.

Ene-Obong expressed enthusiasm about forthcoming updates on the significant progress made in pursuit of the company’s vision and mission.

MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion)

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MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion)

MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion) in a span of six months, grappling with challenges in retaining high-end subscribers and seeking novel revenue avenues.

At the outset of March 2023, MultiChoice’s stock price soared above R147 ($7.86). However, on March 13, following a warning about lower-than-expected revenue growth in its South African division, the share price plummeted to approximately R120 ($6.41) per share.

This downturn was primarily driven by MultiChoice’s fixed operational costs and increased Showmax expenditures, which significantly eroded its trading margins. This marked the commencement of a six-month decline that resulted in a substantial loss of market capitalization.

One of MultiChoice’s most pressing issues stems from the ongoing cancellation of DStv subscriptions by South African customers, particularly in the Premium and Mid-market segments. This decline is palpable in DStv’s average revenue per user, which dipped from R269 ($14.38) to R256 ($13.69) year over year.

Looking ahead, the company is charting a new course to counterbalance the decline in high-end subscribers. Their strategy includes diversifying revenue streams by offering Internet packages, making substantial investments in their Showmax streaming service, and acquiring a substantial stake in the sports betting service, KingMakers.

Ghanaian agritech startup, Complete Farmer, secures an impressive $10.4 million in pre-Series A funding

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Ghanaian agritech startup, Complete Farmer, secures an impressive $10.4 million in pre-Series A funding

Ghanaian agritech startup, Complete Farmer, has recently secured an impressive $10.4 million in pre-Series A funding. This funding consists of $7 million in equity and $3.4 million in debt, marking a significant milestone in their journey to streamline operations.

Leading the equity portion of this funding round are the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments through its uMunthu II Fund. Additionally, Proparco, Newton Partners, and VestedWorld Rising Star Fund have also participated in this exciting venture.

For debt financing, Complete Farmer has garnered support from Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.

Since its establishment in 2017 by CEO Desmond Koney, Complete Farmer’s mission has been to transform agricultural practices across Africa. They are committed to enhancing efficiency throughout the entire agriculture value chain by building essential physical and technical infrastructure.

South Korea has expressed its keen interest in Nigeria’s lithium

Tosin Ranks
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South Korea has expressed its keen interest in Nigeria’s lithium

The South Korean government has expressed keen interest in Nigeria’s lithium reserves, as per an official announcement made on Thursday.

This announcement, bearing the signature of Alaba Balogun, the Deputy Director (Information) of Nigeria’s Ministry of Solid Minerals Development, reveals that Nigeria’s engagement with South Korea took place during the Seventh Korea-Africa Economic Cooperation conference in Busan, South Korea.

According to the statement, Nigeria’s delegation consisted of representatives from the Ministry of Solid Minerals Development and Oando Mining Company, while South Korea was represented by the Korean Institute of Geosciences and Mineral Resources and Korean Mines Rehabilitation and Mineral Resources Corporation. Dr. Abdulrazaq Garba, the Director-General of the Nigerian Geological Survey Agency, acted on behalf of Nigeria’s Solid Minerals Minister, Dr. Dele Alake.

The statement outlines the proposed revisions to the 2006 Memorandum of Understanding (MoU), which encompass various aspects, including the training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, and the research and exploration of critical minerals such as lithium, nickel, cobalt, manganese, and graphite.

Furthermore, Dr. Pyeong Koo-lee, the President of KIGAM, expressed a willingness to collaborate with Nigeria in the exploration of substantial lithium-bearing pegmatite deposits, highlighting KIGAM’s cutting-edge technology in lithium ore processing. He also emphasized that their beneficiation process could reduce carbon emissions and enhance ore quality.

Dr. Alex Kwon, the Vice President of the state-owned KOMIR, also expressed interest in foreign mining investments, emphasizing KOMIR’s role in providing technical and financial support for exploration and mining activities related to solid minerals.

The statement underscores the Federal Government’s ongoing efforts, facilitated through the Ministry of Solid Minerals, to attract investors for the exploration of lithium deposits in Nigeria. In 2022, Dr. Abdulrazaq Garba, the Director-General of the Nigerian Geological Survey Agency, had informed the media about the significant foreign investor interest in Nigeria’s high-grade lithium discoveries.

The judge has postponed the release of Tinubu’s academic records to Atiku by the Chicago university

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The judge has postponed the release of Tinubu’s academic records to Atiku by the Chicago university

A United States District Judge, Nancy Maldonado, has approved a temporary halt to an order that compelled Chicago State University to provide President Bola Tinubu’s academic records to the legal team of former Vice President Atiku Abubakar.

This decision was reached during a late Thursday night hearing following an emergency motion filed by the president’s lawyers, seeking to delay the execution of the self-enforcing order until Monday.

Earlier in the week, Magistrate Jeffrey Gilbert had ordered Tinubu’s alma mater to furnish Atiku with all relevant and non-privileged documents within two days.

The documents requested by Atiku, represented by Angela Liu, include admission and acceptance records, attendance dates, degrees, awards, and honors received by Tinubu during his time at the university.

President Tinubu’s legal team argued that Gilbert’s initial decision needed review by a district judge, emphasizing that the magistrate lacked the authority to issue an order for the release of non-privileged information; he could only make a recommendation.

Babatunde Ogala, Coordinator of Tinubu’s Presidential Legal Team, clarified that they were seeking a review, not an appeal, and highlighted the need for the American legal procedure to be understood.

In response to Ogala’s request, the US district judge granted a review and postponed the order’s execution until Monday.

Judge Maldonado expressed her commitment to ruling on the matter promptly, recognizing the legal deadlines in Nigeria and the complexity of the case.

Meanwhile, President Tinubu has left New York after attending the 78th session of high-level UN General Assembly meetings, where he addressed world leaders on the importance of democracy and denounced military coups.

He was accompanied to the event by the Minister of Foreign Affairs, Yusuf Tuggar, the Permanent Representative of Nigeria to the UN, Tijjani Muhammad-Bande, and the Chief of Staff, Femi Gbajabiamila.

NGX records a trade volume of N1.12 billion

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NGX records a trade volume of N1.12 billion

The daily trading volume on the Nigerian Exchange Limited surged by an impressive 98 percent to reach 1.12 billion units on Thursday, resulting in investor losses of N35 billion by the end of the trading session.

The preceding day, Wednesday, saw a reported volume of traded equities at 566,631,350 units valued at N5.39 billion.

Despite this remarkable increase in trading volume, the total trade value on Thursday only experienced an eight percent rise, reaching N5.82 billion.

Additionally, the total number of deals declined by 3.07 percent to 7,949.

Based on NGX data, the surge in trading volume was primarily driven by Universal Insurance, which witnessed the exchange of 669,012,278 million units of its shares, totaling N134.21 million, across 148 deals. Oando Plc followed closely with the exchange of 100,687,873 units of shares valued at N1.46 billion, occurring in 1,656 deals.

Other notable stocks with substantial trading volume include Japaul Gold, which saw 43,738,795 units traded, worth N43.39 million, Accesscorp with 40,144,810 units valued at N681.95 million, and UBA with 32,450,979 million units traded, totaling N552.75 million.

The overall market capitalization and the NGX All-Share Index both dipped by 0.09 percent at the close of the trading session, reaching N37.365 trillion and 68,271.14 basis points, respectively. The market was characterized by bearish sentiment, with 30 losers compared to 20 gainers.

Among the top gainers were John Holt, whose shares appreciated by 9.55 percent to close at N1.72 per unit. Omatek and Daar Communications both gained 9.52 percent, closing at N0.46 and N0.23, respectively.

Mutual Benefits Assurance Plc also experienced a 9.30 percent gain, closing at N0.47, while Sunu Assurance’s stock rose by 9.09 percent to N0.96 per unit.

On the other hand, Oando led the list of losers with a 9.93 percent depreciation, closing at N13.15 per unit. Lasaco lost 9.71 percent of its share value, closing at N1.86. Chams’ shares dipped by 9.59 percent, closing at N1.32, and Northern Nigerian Flour Mills Plc’s shares lost 9.23 percent, reaching N15.25. Tantalizer’s share price also depreciated by 8.57 percent to N0.32 per unit.

Meanwhile, President Bola Tinubu has called upon foreign investors to consider bringing their capital into Nigeria, emphasizing that his administration is actively working on facilitating the free flow of capital.

Tinubu made this statement just before he rang the closing bell of NASDAQ in New York during a ceremony organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and the Nigerian Investment Promotion Council on Wednesday night.

The Misconception About Ilebaye’s Constant Apologies

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The Misconception About Ilebaye’s Constant Apologies

In the ongoing Bbnaija All Stars house, one contestant, Ilebaye, has garnered attention for her habit of frequently apologizing after every minor disagreement with her housemates. This behavior has become so deeply ingrained in her interactions that her fellow housemates have begun to utilize it as a unique means of communication with her. However, it is crucial to recognize that Ilebaye’s constant apologies are not a deliberate attempt to provoke others but rather stem from a place of genuine respect. This article aims to dispel misconceptions surrounding Ilebaye’s behavior and shed light on the cultural significance of apologies as a sign of respect.

Ilebaye, at the tender age of 22, is arguably the youngest contestant in the Bbnaija All Stars house. While her propensity to apologize excessively may appear unusual to some, it is imperative to take into account her age and the cultural context in which she was raised. Nigerian culture places immense emphasis on showing respect to elders and authority figures, with apologies often serving as a means to demonstrate deference and acknowledge one’s mistakes.

Comparing Ilebaye’s behavior in the current season to her participation in the Level Up Bbnaija season, where contestants were of the same age category, highlights the influence of age and cultural upbringing on her actions. In the Level Up season, the prevalence of excessive apologies was virtually non-existent, underlining the significant impact of age and cultural background on Ilebaye’s conduct.

In Nigerian culture, apologizing frequently is regarded as a manifestation of respect. It signifies a willingness to take responsibility for one’s actions and a genuine desire to uphold harmonious relationships. In Ilebaye’s case, her apologies can be seen as a means of preserving traditional values and exhibiting deference to her housemates.

Rather than perceiving Ilebaye’s incessant apologies as a negative trait, it is essential to acknowledge her maturity and emotional intelligence. Despite her youth, she consistently displays the remarkable ability to admit her mistakes and actively seek reconciliation with her fellow housemates. This level of self-awareness and empathy should be commended rather than criticized.

To bridge the gap between Ilebaye and her housemates, fostering open dialogue and promoting mutual understanding are crucial. By engaging in meaningful conversations about cultural differences, all participants can gain insight into Ilebaye’s perspective and gain a deeper appreciation for the value she places on respect and harmony.

The misconception surrounding Ilebaye’s constant apologies primarily arises from a lack of understanding of her cultural background and the significance of apologies as a gesture of respect. Instead of labeling her behavior as a negative habit, it is paramount to recognize and appreciate her maturity, emotional intelligence, and commitment to maintaining harmonious relationships. By encouraging dialogue and embracing cultural diversity, the Bbnaija house can evolve into a space of mutual understanding and respect.

The amount of currency in circulation has surged to N2.7 trillion, as indicated in the CBN report

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The amount of currency in circulation has surged to N2.7 trillion, as indicated in the CBN report

The amount of currency in circulation in Nigeria surged by N1.7 trillion as a result of increased cash transactions.

According to data from the Central Bank of Nigeria, as of the end of August, the total currency in circulation had reached N2.7 trillion.

This increase followed a period during which the currency in circulation had dropped to N982.1 billion at the end of February 2023 due to the Central Bank’s naira redesign policy.

However, once the policy concluded, there was a consistent uptrend in the currency’s circulation as cash that had previously been withdrawn from circulation to promote electronic payments was reintroduced into the economy.

Notably, the currency in circulation had experienced a significant decline of 235.03 percent, falling from N3.29 trillion at the end of October 2022 to N982.1 billion by the end of February 2023, primarily due to the naira redesign policy.

During this period, approximately N2.3 trillion was removed from circulation.

The Central Bank of Nigeria defines currency in circulation as all legal tender currency held by the general public and within the vaults of Deposit Money Banks, excluding currency stored in the central bank’s vaults.

They use an accounting and statistical approach to track the movement of currency in circulation, recording increases in currency when Deposit Money Banks withdraw from the Central Bank and decreases when they make deposits at the Central Bank branches.

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