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DeFi Technologies partners Nairobi Securities Exchange to facilitate digital assets trading in the African market

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Global financial technology company, DeFi Technologies, has announced a partnership between its subsidiary, Valour Inc., the Nairobi Securities Exchange (NSE), and SovFi Inc., to facilitate the creation, issuance, and trading of digital asset exchange-traded products (ETPs) in the African market.

According to Frank Mwiti, the CEO of the Nairobi Securities Exchange, the key objectives of the Memorandum of Understanding (MoU), include facilitating the creation, issuance, and trading of digital asset ETPs on the NSE by leveraging Valour’s extensive expertise in digital assets and ETPs.

“The MOU aims to deploy financial products developed by Valour and SovFi, develop market infrastructure and enhance market access to global capital through tokenized finance primitives and real-world assets.

“The expected outcomes of this MOU are significant. For the NSE, the collaboration will enhance product offerings, attract a broader investor base, and benefit from increased trading volumes and market activity, thereby further solidifying its role in the growth of Kenya’s economy and as leading African securities exchange.

“This collaboration with Valour and SovFi is set to bolster NSE’s position as a leading financial hub in Africa, offering innovative investment opportunities to a diverse range of investors and contributing significantly to the growth of Kenya’s economy.

“We are thrilled to embark on this groundbreaking partnership. This collaboration aligns perfectly with our vision to position the NSE as a leading financial hub in Africa.

“The passporting of Valour’s ETPs to the NSE will significantly enhance our product offerings. By facilitating the creation, issuance, and trading of digital asset ETPs we are opening new avenues for both local and international investors.

“This move will not only diversify our market but also contribute to the growth of Kenya’s economy. We look forward to leveraging Valour’s expertise in digital assets and SovFi’s innovative financial solutions to bring cutting-edge investment opportunities to our market,” he added.

Also reacting to the MoU, Olivier Roussy Newton, Chief Executive Officer of Defi Technologies said:

“This MOU marks a significant milestone in Valour’s mission to expand access to digital asset investment products globally.

“By leveraging our expertise in issuing innovative ETPs and facilitating the passporting of our financial instruments to the NSE, we aim to provide investors with secure and regulated exposure to the dynamic world of digital assets.

“Our collaboration with the NSE and SovFi will enable us to expand our product offerings and market reach in Africa, while contributing our technical knowledge and experience in digital asset-based financial products to develop market infrastructure.”

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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