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African School of Economics launches 5G Mokki Tech Spaces

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The African School of Economics (ASE) has struck a partnership with leading universities in the continent to launch Africa’s first-ever “5G Mokki Tech Space”, which is aimed at facilitating a “network of immersive digital learning and remote work environments connected via fifth-generation mobile communication technology.”

The Director of the International Telecommunication Union (ITU), Cosmas Zavazava, who highlighted the potentials of the 5G network in learning and innovation environments, said the programme was tailored towards the development of new products and services to local requirements.

He added that in addition to ASE campuses in Benin Republic and Ivory Coast, the modular tech spaces would take ASE’s presence to remote areas, “helping local communities leapfrog access to high-technology education, remote job creation and digital entrepreneurship.”

“The satellite model of the ASE’s tech spaces can help prevent various African regions and remote areas from falling behind in, for example, the innovation and acceleration of products and services powered by artificial intelligence,” Zavazava said.

According to him, the 5G Mokki is a modular high-tech unit for developing software applications that require ultra-fast internet connections to render immersive, three-dimensional (3D) virtual-reality (VR) and augmented-reality (AR) learning environments, as well as to deliver innovation services and remote work from and to any location in the world.

“The tech spaces enable new types of trans-continental studies combining technology and business.

“We are currently in partnership with Addis Ababa University in Ethiopia, the University of Lusaka in Zambia, as well as Aalto University and LUT University in Finland.

“The ASE 5G Mokki Tech Space was also announced at the occasion of the 5G Seasonal School which is being held simultaneously in Nigeria, Ethiopia and Zambia this week,” he said.

Professor Leonard Wantchekon, founder of the African School of Economics and a Visiting Professor at Stanford University in Palo Alto, California, also emphasized that Africa needs innovation in education to create talent and jobs.

“The accelerator network consists of world-leading universities, companies, and not-for-profit organizations including Ambitious Africa, an initiative bringing African and Nordic youth together to take Africa to the next level.

“The 5G Mokkis provide an opportunity for international corporations to tap into highly skilled, young African talent, not only to deliver remote work but also to spur innovation.

“The accelerator network consists of world-leading universities, companies, and not-for-profit organizations including Ambitious Africa, an initiative bringing African and Nordic youth together to take Africa to the next level,” Wantchekon added.

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MTN Nigeria set to acquire two more licences for its fintech

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Nigeria’s largest telecommunications company, MTN Nigeria, is on the verge of obtaining two licences that will enable it expand its fintech subsidiary, MoMo PSB, signaling an increased focus on digital payments within Nigeria.

The company, in a statement on Wednesday, said it has applied for Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses for Momo in a bid to upscale it to a full fledge payments platform.

“The PSSP license will enable MoMo PSB to offer payment processing gateways, create financial solutions, and provide merchant aggregation and collection services,” the statement said.

“With this license, MTN can process its payments in-house, reducing its reliance on external PSSPs and minimizing associated costs.

“In addition to addressing MTN’s internal payment needs, MoMo PSB will also be equipped to handle payment processing requirements for merchants and partners.

“The PTSP license, meanwhile, will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and provide training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB,” it added.

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Kenyan fintech Chumz expands into Rwanda after hitting 200k users

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Kenya’s fintech startup, Chumz, has announced its imminent expansion into Rwanda after hitting 200,000 registered users in its home market.

Chumz, which helps users set and achieve saving and investment goals through behaviour-based prompts and mobile money deposits, said the expansion drive was part of testing its solution by going live in Rwanda.

Co-founder and CEO of Chumz, Samuel Njuguna, who spoke on the move, said the fintech had built a goal-based mobile app that helped users save and invest money from their mobile money accounts, with as little as $0.05 and wanted to take its offering out of Kenya.

He stated that one of the unique features of Chumz that stands it out is that it encourages users to save based on their behaviour.

“For instance, if a user spends money at a pub, the app suggests investing some of that money instead of spending it all,” he said.

“Similarly, if a user receives mobile money, the app prompts them to save some of the money. Our app offers an easy, convenient and accessible way for users to save and invest, helping them to reach their financial goals.

“Our next big leap is to hit one million users in Kenya by 2026 and be operational in Uganda, Tanzania and Botswana by then as well,” said Njuguna, who is also behind Kenyan mobile money startup Chura.

Founded in 2019, Chumz worked on a prototype in 2020, reaching out to the regulator for a license in late-2020 and receiving one a year later.

According to several reviews, the platform works by channeling funds collected from a user’s mobile money account to a licensed fund manager, who then offers a return to the fund. Earned interest is then redistributed to individual clients.

The startup has also launched a new feature, the Superfan Challenge, where users save and invest based on their favourite football team’s performance.

“For example, if your team wins, the app prompts you to save a set amount. We have seen segments such as parents using the app to educate their kids about financial literacy and at the same time create goals for them on the app. A majority of the savers and investors are women,” Njuguna said.

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