Tech

Zimbabwe to begin issuing gold-backed digital currencies

Published

2 years ago

April 25, 2023

In a bid to stabilise the Zimbabwean dollar and arrest its free fall, the Reserve Bank of Zimbabwe (RBZ) has announced its intentions to launch a gold-backed digital currency as legal tender.

The move, according to the RBZ, is part of the country’s intervention efforts to curb inflation and help stabilize the local currency.

According to RBZ, the new tokens will be electronic money backed by the country’s gold reserves, which the central bank will hold in trust.

“The main goal of this project is to give people an alternative to the Zim dollar, which is extremely unstable, by letting them trade their money for the gold-backed token. This way, they can protect themselves from the changes in the local currency,” the RBZ said.

The introduction of the digital currency is coming on the back of RBZ’s announcement in August 2022 that it was investigating the introduction of a central bank digital currency.

Economists in the country believe that since Zimbabwe uses both the Zim dollar and the U.S. dollar, the change could help stabilize the country’s finances.

“In the past year, the exchange rate has changed from 1 U.S. dollar worth about 150 Zim dollars to now being closer to 1,000,” one investment banker said.

Upon the successful introduction of the digital money, Zimbabwe will become one of several African countries to create its digital currencies.

In October 2021, Nigeria became the first African country to introduce the digital naira, a move that was followed shortly by Burundi, Kenya, South Africa, and Morocco.

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Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

22 hours ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

Tech

Moroccan retail-tech startup Z raises $1.5m to drive intense growth

Published

4 days ago

December 15, 2024

Isaac Dachen

Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.