Telecom
Nigeria Ranks Among Top 10 Countries on Crypto Adoption – EMURGO Africa’s State of Web 3.0 Report
EMURGO Africa, in strategic partnership with PwC, on Friday unveiled the “State of Web3.0 in Africa” report, a forward looking publication that provides an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa (MENA) region.
Unearthing compelling statistics, the report casts a spotlight on the pivotal rise of blockchain investment within Africa. Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa and Nigeria. This heralds Africa’s burgeoning presence within the global blockchain arena.
Illustrating the impressive progress and latent potential of blockchain and Web3.0 technologies across Africa, the report paints a picture of Kenya’s forefront role in blockchain adoption and digital innovation. It showcases Kenya’s speedy growth in implementing blockchain solutions that stimulate economic development in East Africa. In South Africa, the report indicates the escalating adoption of Web3.0 and blockchain technologies that are revolutionizing industries via secure and transparent data management in Southern Africa.
It also highlights Nigeria’s high-ranking position in the top 10 worldwide for crypto adoption, emphasizing the country’s role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa. These findings underline the transformative effect of blockchain and Web3.0 technologies in Kenya, South Africa and Nigeria, establishing them as major contributors to the digital revolution unfolding across Africa.
The MENA region, concurrently, has been identified as the fastest-growing crypto market from 2021 to 2022, leading the digital revolution among users, regulators and crypto investors alike.
On the global stage, crypto regulation is evolving, with 40% of the 35 nations surveyed having instituted regulatory frameworks, 34% actively developing them, and a scant 9% enforcing outright prohibitions on cryptocurrencies.
Despite the fact that Africa has thus far received a mere 0.5% of global blockchain funding, the continent’s commitment to Web3.0 technologies and digital currencies is poised to recalibrate its technological and financial landscape, paving the way for unprecedented financial inclusion and innovation.
Weakening local currencies coupled with fragile economic backdrops have created rapidly growing demand for USD-pegged stablecoins on the continent, as consumers protect their asset values from free-falling and owners of SMEs seek cheaper and efficient ways of payment. This development is a testament to the burgeoning adoption of digital currencies and blockchain technology as practical solutions in economically volatile environments.
Ahmed M Amer, CEO of EMURGO Africa, in a statement, emphasized, “Web3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent.
“This report presents an in-depth exploration of the potential of these technologies to drive positive change, while highlighting the importance of fostering a collaborative environment between stakeholders, policymakers, and regulators to unlock the full potential of Web3.0.”
Compilation of the “State of Web3.0 in Africa” report marks a significant milestone, charting the course for understanding the opportunities, challenges and potential of blockchain and Web3.0 in Africa and the MENA region. It serves as an invaluable resource for industry leaders, policymakers, innovators, and all interested parties, offering profound implications for the future of these regions beyond mere statistics.
With 20% of Sub-Saharan African countries currently outlawing crypto-assets, and established data protection laws in countries like Kenya, Nigeria, Egypt, and South Africa, the report underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection.
Finally, the report accentuates the imminent impact of the metaverse on businesses. Based on PwC’s Metaverse Survey, an overwhelming 82% of executives anticipate metaverse integration within their business operations in the next three years.
Telecom
Group Advocates for Digital Rights at 2024 Internet Governance Forum
Paradigm Initiative (PIN), a leading pan-African organisation dedicated to advancing digital rights and inclusion in the Global South, has made significant contributions to the just-concluded 2024 Internet Governance Forum (IGF) in Riyadh, Saudi Arabia.
PIN’s participation in the prestigious global event underscores the organisation’s commitment to fostering inclusive digital policies and ensuring that Africa’s voices are central in global discussions about the future of the internet.
During the week-long forum, PIN team members played key roles in numerous sessions, emphasising the importance of a digital rights perspective in the development of emerging technologies, advocating for a more inclusive digital future, and addressing the specific challenges the African continent faces in terms of digital access and inclusion.
PIN Executive Director, ‘Gbenga Sesan, spoke at high-profile sessions, including the Leadership Panel on ‘The Internet We Want’, which outlined the vision for a global internet that is accessible, secure, and inclusive.
At the Africa Youth IGF Parley, ‘Gbenga provided a platform for young Africans to address pressing issues such as internet restrictions, the digital divide, and digital rights violations.
Adeboye Adegoke, Senior Manager for Grants and Programmes Strategy at Paradigm Initiative, contributed to Open Forum #12, advocating for policies that ensure a rights-respecting and inclusive digital future. His discussions highlighted the importance of policies that place human rights at the core of technological advancements.
Ihueze Nwobilor, Senior Programmes Officer, spoke at the session, ‘A Rights-Respecting Approach to Emerging Tech Development,’ where he called for the prioritisation of human rights in the development and deployment of emerging technologies across Africa and beyond.
The organisation’s Senior Manager for Partnerships and Engagements, Thobekile Matimbe, shared valuable insights during the ‘Better Products and Policies Through Stakeholder Engagement’ session.
She emphasized the role of the private sector in engaging with local communities to ensure that digital products and policies are inclusive and meet the needs of vulnerable groups across Africa.
Bridgette Ndlovu, PIN Partnerships and Engagements Officer, moderated a session on ‘Implementation of the USF in 26 African Countries,’ where she and other speakers, including ‘Gbenga Sesan, discussed the crucial role of Universal Service Funds (USF) in advancing digital inclusion, particularly in underserved and rural areas.
PIN’s participation at IGF 2024 has been an important moment for advocating digital rights in Africa. “Paradigm Initiative’s participation was a powerful reminder that Africa’s digital future must be shaped by inclusive, rights-respecting policies.
“Our participation at the IGF is a continuous demonstration of the need for all stakeholders to collaborate in building a more inclusive and accessible internet for everyone, especially those in under-served communities,” PIN Executive Director, ‘Gbenga Sesan stated.
Telecom
Patricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
Lagos-based financial technology firm Patricia Technologies has commenced repayments to customers impacted by a 2022 security breach. This follows a two-year period where the company focused on recovering funds and rebuilding trust.
In 2022, Patricia experienced a significant cyberattack, resulting in the loss of over 600 million Naira from customer accounts. Following the breach, the company temporarily restricted withdrawals and collaborated with law enforcement, leading to the arrest of several suspects, including a prominent politician.
Patricia had previously requested a two-to-five-year repayment window, a plan that has now begun to be implemented. The company has started disbursing funds to affected customers in phases, with the first batch of payments initiated on December 10, 2024.
CEO Hanu Fejiro emphasized the company’s commitment to its customers, stating, “This repayment process represents a milestone in fulfilling our promise to make things right.”
He encouraged customers to update their information on the Patricia platform and monitor official channels for further updates on their individual repayment timelines.
Subscribers who are getting paid in this phase have since been officially notified by email. One of the subscribers, with initials BP (for purposes of confidentiality), expressed appreciation and satisfaction with being paid by Patricia via an email reaction: “I really appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words.”
Telecom
From Niche App to Global Giant: TikTok’s Controversial Journey
TikTok’s rise from a niche video-sharing app to a global social media giant has sparked controversies worldwide, with concerns over its links to China and its influence on users and politics.
In Albania, Prime Minister Edi Rama announced Saturday that TikTok would be banned for at least a year starting in 2025.
The decision follows a tragic incident in Tirana where a 14-year-old was killed and another injured in a fight stemming from an online confrontation. Rama described TikTok as the “thug of the neighborhood.”
In Romania, the European Union is investigating whether TikTok played a role in far-right candidate Calin Georgescu’s unexpected first-round presidential election victory.
The probe focuses on alleged Russian interference and claims of “preferential treatment” by TikTok. This marks the platform’s third EU investigation, potentially risking fines of up to six percent of its global revenue.
TikTok stated it has implemented “robust actions” to combat election misinformation, while Russia denies meddling.
In the United States, TikTok faces mounting pressure after the government passed a law in April requiring ByteDance, its Chinese parent company, to divest from the platform by January 2025.
The U.S. claims TikTok allows China access to American user data, a claim TikTok denies. ByteDance admitted its employees had accessed U.S. user data but insisted it does not share information with Chinese authorities.
TikTok could face a nationwide ban if ByteDance fails to comply, threatening its 170 million U.S. users.
Australia recently enacted a landmark law banning under-16s from accessing social media, including TikTok, with hefty fines of up to AU$50 million for noncompliance.
TikTok expressed disappointment, warning the law could push young users to less regulated parts of the internet.
In Europe, TikTok was forced to remove an engagement feature in its TikTok Lite version after EU regulators raised concerns about its addictive nature.
The feature rewarded users aged 18 and older with points redeemable for goods based on time spent on the app.
TikTok also faces criticism for its role in spreading hazardous challenges, some of which have reportedly led to child deaths, such as the blackout challenge.
Disinformation remains a significant issue, with a study by NewsGuard revealing that one-fifth of videos on topical subjects like the Russia-Ukraine war contained misleading or false information.
Despite these controversies, TikTok remains a dominant force in social media, attracting creators and influencers worldwide.
Its powerful algorithm and innovative features have secured its place at the forefront of digital engagement.
However, the platform continues to grapple with mounting scrutiny over its practices and societal impact.
TikTok’s meteoric rise has reshaped the social media landscape, cementing its status as a global powerhouse with over 1.04 billion monthly active users worldwide as of 2024.
This milestone, achieved in less than a decade, underscores TikTok’s unparalleled growth trajectory compared to platforms like Facebook and Instagram, which took significantly longer to reach similar heights.
In the United States alone, 170 million people actively use the app, contributing to its $16 billion U.S. revenue in 2023.
Globally, TikTok engages over a quarter of social media users and nearly one-fifth of internet users monthly, with U.S. adults spending an average of nearly an hour daily on the platform.
Its popularity is further evidenced by 137 million downloads in the first quarter of 2024.
Since its 2018 launch, TikTok has grown from 55 million users to over a billion, fueled by its dynamic algorithm and appeal across diverse demographics.
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