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

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

4 hours ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

1 day 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