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Rera.farm is best start-up in Zimbabwe

Rera, a platform that enables retail consumers to farm their own chickens and save up to 40% from buying poultry produce without having to own the infrastructure of a chicken farm was selected the best startup in Zimbabwe for its innovative sustainable solution

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Rera, a platform that enables retail consumers to farm their own chickens and save up to 40% from buying poultry produce without having to own the infrastructure of a chicken farm was selected the best startup in Zimbabwe for its innovative sustainable solution.

As a part of the prize, Rera will be participating at the Seedstars Summit, taking place in Switzerland, in April 2019. It is a weeklong training program with the opportunity to meet the 65+ winners from other fast growing economies, as well as investors and mentors from around the world. The final day of the Summit is dedicated to pitching in front of an audience of more than 1000 attendees, with the possibility of winning up to USD 1 million in equity investment and other prizes.

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The 9 startups pitched in front of a prestigious jury, including Nhena Nyagura from Dandemutande, Ethel Bangwayo from UNDP, Sharon Wekwete from Omidyar Network and Lilian Mbayiwa from Old Mutual.

Wellnescript, with its wellness and digital health startup in Africa which empowers individuals, families, companies and communities to experience more happiness and enjoy the gift of life, came second. YouFarm, a Zimbabwean company that provides collateral free funding for farmers via the YouFarm Crowd Farming Platform, allowing people to become part of the agriculture value chain by letting them invest in crops and livestock and then share the profits with the Farmer when the produce goes to market. grabbed the last spot in the top 3.

There was also a prize for the best Civic Tech startup and a Best Learner prize. The first was taken by Vote Africa , a mobile application aiming to educate, motivate and empower the electorate to fully own the electoral process and hold governments accountable and the second by Justice Today , a mobile application that protects citizens from crime and uses artificial intelligence to educate citizens on the steps to take when victimized.

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Nigeria’s inflation increases to a record 28-year high in May

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According to official figures released on Saturday, Nigeria’s annual inflation reached a record 28-year high of 33.95% in May, exacerbating the hardships that have stoked popular ire against President Bola Tinubu’s economic reforms.

Inflation increased for the eighteenth consecutive month, up from 33.69% in the previous month.

Tinubu’s measures, which primarily cut energy and gasoline subsidies and devalued the naira twice in a single year, have increased price pressure.
Labour unions, who asked for a new minimum wage through an industrial strike that was called off after two days, have maintained that the reforms disproportionately affect the poor and have left millions of people facing the biggest cost-of-living crisis in decades.

The National Bureau of Statistics data indicated that in May, food and non-alcoholic beverages remained the main drivers of inflation.

The majority of Nigeria’s inflation was driven up by food prices, which increased to 40.66% from 40.53% in the previous month. Analysts say the major causes of Nigeria’s inflation are rising food prices and a declining value of the naira.

The report read, “In May 2024, the headline inflation rate increased to 33.95% relative to the April 2024 headline inflation rate which was 33.69 per cent. Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 per cent compared to the April 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.54 per cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent. This shows that the headline inflation rate (year-on-year basis) increased in May 2024 when compared to the same month in the preceding year (i.e., May 2023).

For the third time this year, the central bank increased interest rates in May in reaction to the ongoing increase in inflation. Rates will remain high for as long as it takes to reduce inflation, according to Governor Olayemi Cardoso.

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Nigerian court voids tax evasion charges against executives of Binance

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A Nigerian court dismissed tax evasion charges against two executives of Binance on Friday, following the appointment of a local agent by the largest cryptocurrency exchange in the world to represent it in all legal proceedings about the accusations.

The accusations of tax evasion were refuted by Binance, Tigran Gambaryan, an American citizen who oversees financial crimes compliance for the company, and Nadeem Anjarwalla, a regional manager for Africa and a native of Kenya.

The court’s ruling, according to Binance, demonstrated that Gambaryan was “not a decision-maker at Binance and does not need to be held for Binance to resolve issues with the Nigerian government.”

“We await the court’s ruling on this, discharging Tigran from this matter completely,” a Binance spokesperson said.

Last month, an Abuja court determined that Gambaryan, who is representing Binance, might potentially face trial in the tax evasion case. When its executives were invited to Nigeria and then detained as part of an anti-crypto campaign, Binance CEO Richard Teng accused the country of setting a dangerous precedent in May. The company is opposing the proceedings because it allegedly evades taxes and launders money.

Binance and its executives, Gambaryan and Nadeem Anjarwalla, a British Kenyan who works as Binance’s regional manager for Africa, are accused of four counts of tax evasion. Failing to register for taxes with Nigeria’s Federal Inland Revenue Service is one of the allegations.

Anjarwalla departed the nation in March, but Gambaryan has been detained since February. The two executives were dropped from the tax evasion lawsuit by Nigeria’s Federal Inland Revenue Service, but they and Binance are still accused of money laundering.

Binance declared that the allegations ought to be withdrawn. Both Anjarwalla and Gambaryan refute these accusations as well.

Nigeria has laid the blame for its currency problems on Binance. The country’s currency sank to a record low as a result of persistent dollar shortages, and cryptocurrency websites became the preferred means of trading the naira.

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