TechPression

Author: Daisi Victory

  • Microsoft releases Windows Copilot for Windows 11 users 

    Microsoft releases Windows Copilot for Windows 11 users 

    Tech giant Microsoft has revealed that it will be releasing Windows Copilot, an artificial intelligence-based ‘personal assistant’ for Windows 11 users. 

    With this announcement, Windows 11 became the first PC operating system to provide customers with centralised AI support.

    The company made this announcement during the build developer conference they were hosting.

    The activation of Windows Copilot is a process that is both user-friendly and intuitive. The button is positioned in the most accessible part of the taskbar, which is at the front and centre.

    Once engaged, the Windows Copilot side bar acts as a dedicated personal assistant for you by being consistent throughout all of your applications, programmes, and windows. 

    This is the case once the bar has been activated. Every user is given more agency by this potent tool, which gives you the ability to take prompt action, customise your settings, and interact with the applications of your choice in a smooth manner.

    Read also: Microsoft hosts Xbox Studios Game Camp in Africa

    Bing and ChatGPT

    “with Bing and ChatGPT plugins in Windows Copilot,” as stated by Panos Panay, Chief Product Officer for Windows and Devices, “people will not only have access to augmented AI capabilities and experiences, but you as developers will also have new ways to reach and innovate for our shared customers.” We invite you to participate in the Windows Copilot adventure and ask that you continue to invest in the Bing and ChatGPT plugins so that your previous investments can be carried over into Windows Copilot.

    Beginning in June, Windows Copilot will begin to be made accessible to preview users of Windows 11.

    About Windows 11

    Released on October 5, 2021, Windows 11 is the most recent major update to Microsoft’s Windows NT operating system and is considered to be the company’s flagship product. It is a free upgrade to its predecessor, Windows 10 (2015), and is accessible for any Windows 10 device that satisfies the updated system requirements for Windows 11.

  • Financial institutions and the role of technology in enforcing Anti-Money-Laundering (AML) compliance

    Financial institutions and the role of technology in enforcing Anti-Money-Laundering (AML) compliance

    The world’s financial institutions are increasingly being targeted by criminals. These crimes cover a wide range of activities, from forgery and counterfeiting to fraud and money laundering. 

    Financial institutions rely on anti-money laundering (AML) compliance practices to forestall the occurrence of such crimes.

    In order to forestall illicit activities like money laundering, terrorism funding, and other illegal financial transactions, financial institutions must use AML compliance practices. These procedures, designed to protect the honesty of anti-money-laundering rules, have been in use for quite some time. However, in recent years, financial institutions have increasingly looked to technology in order to improve their AML compliance procedures.

    Technology has been widely adopted in AML compliance practises in recent years to increase productivity, enhance accuracy, and decrease overhead expenses. This article will focus on the use of technology by financial institutions around the world to implement anti-money-laundering compliance procedures. 

    Read also: We Must Employ Technology To Fight Crime In Nigeria – Defence Minister

    Learning Machines and Synthetic Intelligence

    A growing number of banks and other financial institutions are using machine learning and AI to ensure they are in compliance with anti-money laundering regulations. These systems help financial firms spot and prevent potentially illegal behaviours, including money laundering and other forms of financial misdeeds. 

    In order to make sense of massive amounts of data, such as customer transactions, account details, and consumer behaviour, machine learning and AI systems employ complex algorithms. The analysis allows the systems to spot irregularities and patterns that could point to criminal intent.

    The effectiveness of these systems in identifying anomalous behaviours can also be enhanced by the use of historical data. Some aspects of anti-money-laundering compliance are being automated with the use of machine learning and artificial intelligence. 

    Financial institutions can benefit from automation since it helps them save time and money while also increasing the precision of their AML compliance procedure. As a result, fewer people are needed to make the system run well, which frees up valuable resources. 

     

    Laying Down Customer Due Diligence and Know Your Customer Policies

    The Know Your Customer (KYC) and Customer Due Diligence (CDD) processes are crucial parts of AML compliance procedures. The prevention of money laundering and other illegal actions requires financial institutions to confirm the identities of their customers, evaluate the risk posed by those customers, and keep a close eye on their accounts 24/7. Verification and monitoring in the traditional KYC and CDD processes are performed manually, which can be both time-consuming and error-prone.

    The Know Your Customer (KYC) and Customer Due Diligence (CDD) processes are increasingly being automated with the help of technology. For instance, biometrics are being utilised to confirm a customer’s identification.

    Note that AML compliance is the overarching goal, and KYC is merely one step financial institutions take to get there. However, the two names are frequently confused, with no clear understanding of the distinction between them. 

    You may read an article from AU10TIX that will offer you a thorough explanation of the distinctions between KYC and AML and how they function together if you’re interested in learning more about this topic. 

    Cybercrime Typology in Nigeria: A Sign of Industrialisation Part 1

    Technology Behind Blockchain

    The distributed ledger technology used by blockchain can facilitate safe and transparent transactions between any two financial organisations, including banks. 

    Financial transactions can be recorded securely and transparently using blockchain technology, which is being employed in AML compliance practises. With the use of this software, banking institutions may instantly communicate transaction data, which speeds up and streamlines the anti-money-laundering compliance procedure. In addition, blockchain technology aids in enhancing the precision of AML compliance procedures. This system generates a permanent record of all transactions that can never be changed or erased. This function makes it more challenging to falsify records of financial transactions, hence aiding in the prevention of money laundering and other illicit acts.

  • Meta sells Giphy search engine to Shutterstock for $53million

    Meta sells Giphy search engine to Shutterstock for $53million

    Giphy, a search engine for animated GIFs, has been sold to Shutterstock by Meta in a deal that calls for “$53 million of net cash paid at closing, inclusive of working capital.”

    After purchasing Giphy for a total price of $400 million three years ago, Meta was later compelled by a regulatory body in the United Kingdom to sell the company because of antitrust concerns. In particular, the Competition and Markets Authority stated that the acquisition would prevent or restrict rival companies like Snapchat and Twitter from accessing the content that Giphy provides.

    Read also: Getty Images Bans AI-generated Content

    What to know about GIPHY

    GIPHY is the website with the greatest collection of animated GIFs and stickers in the world, and it provides content for casual chat. Its content plays an important part in enriching text- and message-based conversations across a variety of platforms, such as Meta, prominent social media platforms like TikTok, Twitter, and Snapchat, as well as team collaboration platforms like Slack and Microsoft Teams. These platforms include Meta. In addition, GIPHY can be easily integrated with a diverse selection of mobile devices, making it accessible to users across a variety of platforms and maximising the app’s potential utility for those users.

    The leading global marketplace for licencing from the world’s largest and most diverse collection of high-quality 3D models, films, audio, pictures, vectors, and illustrations can be found on Shutterstock. It is a leading partner for innovative brands, digital media organisations, and marketing firms, and it gives people all around the world the ability to create with self-assurance.

    AI may transform online dating

    More On Shutterstock and GIPHY

    “This is an exciting next step in Shutterstock’s path as an end-to-end creative platform,” commented Paul Hennessy, CEO of Shutterstock. ” “Shutterstock is in the business of assisting individuals as well as companies in telling their respective stories. With the acquisition of GIPHY, we are broadening our audience touch points beyond the mostly professional marketing and advertising use cases they were previously limited to and moving into more casual dialogues instead. GIPHY gives regular people the ability to express themselves in unique and memorable ways through the use of GIF and sticker content while also giving advertisers the opportunity to participate in common conversations. When we roll out this solution to customers, we intend to enable the commercialization of our GIF library by using Shutterstock’s one-of-a-kind capabilities in content and metadata monetization, generative AI, studio production, and creative automation.

    This acquisition brings together Shutterstock Studios and GIPHY Studios to provide businesses and advertising with access to world-class customised content solutions.

  • Fingo, Eco Bank to build neobank with $4billion Fund

    Fingo, Eco Bank to build neobank with $4billion Fund

    The pan-African financial institution Ecobank Kenya, in partnership with Y Combinator-backed Kenyan startup Fingo, has launched a neobank. 

    The bank was launched at an event attended by the country’s president, William Ruto.

    The Ecobank subsidiary reportedly launched the neobank, the first of its kind in the East African country. 

    Fingo is a Kenyan company founded in January 2021 by CEO Kiiru Muhoya and his co-founders James da Costa, Ian Njuguna, and Gitari Tirima to meet the growing demand for financial services among Africa’s young people, who are the youngest in the world but also among the most financially disadvantaged.

    Opening an account can be a time-consuming process for young individuals in Africa, requiring many in-person meetings and the presentation of real paper documentation. They have to spend a lot of time and effort in order to make money and retain their reputation. Fingo users are still having trouble gaining access to the savings, insurance, and credit services the company has promised them. In the meantime, the company is trying to entice them with lower transfer fees, subsidised bill-paying rates, cash-back rewards, and other features, such as payment links and individualised savings plans. 

    Read also: South African neobank Fin, buys Thuthukani to grow finance offerings

    Fingo Partnership With Ecobank

    Fingo received $4 million in seed funding after a $200,000 pre-seed round and acceptance into YC S21. The round was led by a multistage VC firm called HOF Capital and included investors such as the co-founders of Monzo and Twitch as well as executives from Google, Facebook, and Paytm. Other investors included Goodwater Capital, Launch Africa, Chandaria Capital, Naiban (Nairobi Angel Network), Discovery Ventures, and Chui Ventures. As a result, Fingo and Ecobank signed a partnership agreement, and the two companies began merging their respective software systems in preparation for a debut, perhaps in the first quarter of this year, after receiving regulatory approval from the Central Bank of Kenya (CBK).

    The CBK spent a considerable amount of time trying to grasp the data, transaction, and consumer interaction structure Fingo and Ecobank had established prior to approving the partnership. Collaborative efforts between banks and fintechs are uncommon in Kenya, in contrast to Nigeria, where they are frequent and allow fintechs to launch quickly (ultimately contributing to why Nigeria has garnered most of Africa’s fintech funding). Fingo says it was the first Kenyan neobank, which is plausible given how long it took to gain regulatory clearance and enter the market.

    Muhoya also mentioned on the call that the fintech has been able to keep its 15-person staff and incur minimal expenses aside from salary and software development despite the delay, meaning that the majority of the venture funding it raised is still available. That means it isn’t trying to attract investors in order to fund expansion, certainly not in the present climate.

    About The Fingo App

    Fingo Africa app users will soon be able to open a bank account “under 5 minutes,” make free peer-to-peer transactions, and gain instantaneous access to a variety of services, including savings, financial education, and smart spending analytics, thanks to the newly approved partnership. The financial technology company claims that within 24 hours of its introduction, it has amassed 10,000 active users and a waitlist of 100,000 consumers. If the goal is to sign up millions of customers, however, it will face stiff competition from mobile money services like Safaricom’s M-Pesa and traditional banks like KCB and Equity Bank, both of which provide digital banking options. 

    Top 10 Neobanks in Africa

    More On The Collaboration 

    Ecobank, which operates in more than 30 African nations, claims to have the largest presence of any African bank, and a deal with Fingo might give the fintech the scale it needs to expand beyond Kenya. According to Muhoya, both organisations are working towards a Pan-African rollout, with plans to reach the remainder of East Africa by the year’s end. Finclusion and Koa are digital banking alternatives that service customers in that area.

    “Our collaboration with Fingo Africa marks a major step towards our goal of providing young people in Africa with the fundamental financial skills they need to build bright futures for themselves. “Together, we will launch youth-focused financial products across Ecobank’s pan-African footprint,” said Diallo Djiba, senior fintech advisor for Ecobank Group, in a press release. We’re thrilled to be on the cutting edge of banking for Africa’s young by expanding the reach of our current solutions through this relationship. Our goal is to connect with young people in the 33+ African countries where Ecobank is present.

  • Google announces Blue Checkmark verification 

    Google announces Blue Checkmark verification 

    Gmail users can now access a more trustworthy and secure email platform as a result of a new verification process that has a blue checkmark. 

    This new functionality is designed to assist users in recognising real senders and thwarting phishing efforts carried out by impersonators.

    This endeavour expands upon the Brand Indicators for Message Identification (BIMI) function that was initially introduced by Google in 2021. 

    Before an email sender’s brand logo can be used as an avatar, BIMI requires strong authentication to be used by the sender and verification of the brand logo. Users will now notice a blue checkmark indicator next to the names of senders who have included the BIMI feature in their workflow.

    A message will appear when you hover over the blue checkmark, stating that the sender has validated the ownership of their domain and logo that is displayed in their profile photograph. 

    Google believes that by adding this additional layer of authentication, users’ trust in email sources will rise, which will result in a more trustworthy email ecosystem.

    Read also: Google tightens Play Store fraud preventive measures

    Qualifications for the Blue Tick

    The blue checkmark verification process is offered to businesses and organisations that meet Google’s BIMI standard requirements. 

    This includes having a robust authentication as well as a verified logo that is up to snuff with Google’s standards. When they do so, businesses are able to harness the trust their customers have in their brands and deliver a more engaging experience for the people who receive their emails.

    This brand-new capability has already started trickling out to individual Google accounts in addition to Workspace accounts. Users of Gmail should start seeing blue checkmarks next to verified senders in their inboxes over the course of the following weeks.

    It’s important to keep in mind that Google wasn’t the first company to come up with the idea of verification checkmarks. Twitter and Instagram have also introduced such systems in order to cultivate a sense of trust and authenticity among their user bases.

    The blue checkmark verification procedure in Gmail is intended to assist users in distinguishing between legitimate senders and phishing efforts of various kinds. Businesses have the ability to improve their reputation and produce a more secure environment for email communication by adopting BIMI and earning a blue checkmark from the initiative.

    Google announces Google Security AI Workbench

    More on the Google Blue Tick

    The presence of the blue checkmark on a Google search result is Google’s way of adding an additional layer of security for its users’ protection against con artists and fraudsters. It will give people more confidence in the communications that they receive, which is absolutely necessary in this day and age of digital communication.

    It assists businesses in improving their discussions with people, so fostering trust and reducing the risk of scams. Because the message is coming from a reliable source, it provides an additional benefit to businesses and assists them in enhancing and increasing engagement.

  • Kenya based, Raise secures investment from Carta

    Kenya based, Raise secures investment from Carta

    The Kenyan startup Raise, which is an end-to-end fundraising platform, has reportedly received undisclosed but significant funding from Carta. Carta, situated in San Francisco, is a company that specialises in capitalization table management and valuation software.

    Raise was established in 2018 by Marvin Coleby and Eugene Mutai. In 2019, the company released its alpha version, and in June of 2020, it became public.

    Its platform is designed to simplify cap table management for startups and companies operating within the African ecosystem.

    It provides a comprehensive solution for managing shareholding structure, both before and after fundraising, which enables businesses to focus on growth and building a successful future.

    Read also: Proparco invests $5 million in Egypt’s fintech sector

    More On Carta Funding 

    Carta, the largest ownership platform in the world, which is seeking to develop a worldwide stock exchange for private enterprises, has provided Raise with cash. This enables Raise to continue its work. Carta has successfully funded $1.2 billion dollars and grown to include two million shareholders, US$2.5 trillion dollars in assets, 35,000 enterprises onboarded, and is continuously making acquisitions and investments into ownership products that are analogous to those in strategic markets all over the world.

    “Ever since the Carta strategy team became a part of our cap table, we have been collaborating extremely closely with them to figure out how to provide the most positive customer experiences possible in the African technology industry. Podcasts and mentorship from Carta’s growth, content, sales, finance, and engineering teams all the way up to the C-suite and management-level teams have been invaluable sources of information for us as we work to expand our knowledge. Coleby claimed that they believed they could learn how to apply what they had learned at Carta to establish Africa’s largest ownership platform because Carta is the best at what they do.

    “We are still in the process of determining what product-market fit would look like in African technology. We’ve investigated a wide variety of possibilities with the Carta team, and we’re going to possibly post some polls on Twitter so that you can tell us what kind of product you want us to develop.

    In the meantime, customers of Raise should expect the company to soon launch new liquidity products and experiments with African currency settlements, syncing with syndicate platforms across the ecosystem to invest directly into equity structures and cap tables, integrated market data from the tech ecosystem, and a relaunch of its electronic shares product.

    In addition, Raise intends to leverage Carta’s application programming interface (API) and the open cap table standard it is currently developing to give consumers with ownership, equity, and security experiences of the highest calibre. Customers who already use Carta and shareholders in the company have the ability to seamlessly connect their shares with Raise, where they can also perform health checks based on African legislation and macroeconomic trends.

    Nigeria remains leader in venture Innovation, Investments

    About Raise

    Raise is a tool that was developed to make the management of cap tables for startups and companies working within the African ecosystem easier. They offer a comprehensive solution for managing shareholding structure, both before and after fundraising, which enables businesses to concentrate on expanding their operations and establishing a prosperous future for themselves.

  • Spotify kicks against Artificial Intelligence-Generated music

    Spotify kicks against Artificial Intelligence-Generated music

    Spotify has taken action against artificial intelligence (AI) music with unauthorised streams. 

    More specifically, the company is targeting tracks that were created by Boomy, an application that employs AI to construct whole songs. 

    In a statement to Music Business Worldwide, the firm stressed its commitment to eliminating artificial streaming and protecting royalty payouts for legitimate artists. Additionally.

    Spotify has claimed that “artificial streaming is an ongoing problem that affects the entire industry and we are working to eliminate it across all of our services.” When we discover or are made aware of suspected instances of stream manipulation, we take steps to lessen the negative effects of these incidents by taking actions such as removing streaming numbers and withholding royalties, as appropriate.

    This enables us to safeguard the royalties paid out to artists who have been truthful and diligent.

    There is no evidence to suggest that Boomy was involved in the production of phoney broadcasts; however, the company has made it quite clear that they are opposed to any type of manipulation or fraudulent streaming. 

    The distribution of Boomy artist content on the Spotify platform has been temporarily suspended while the company works actively with its industry partners to find a solution to this problem and restore it.

    Read also: How Spotify, Apple Music work in Nigeria

    Contributions On The Expansion 

    Timbaland, a prominent music producer, recently contributed to the expansion of the ongoing discussion surrounding artificial intelligence-generated music by posting on his social media accounts a song that he had produced using AI-generated vocals of the late Notorious B.I.G.

     Although, it would have to be done through the use of AI technology, he couldn’t hide his excitement over finally getting the chance to collaborate with Biggie.

    Major participants in the music industry, such as Universal Music, have questioned whose side of history monetarily supported platforms that broadcast content generated by AI wish to be on. 

    This scrutiny has been directed towards platforms that stream AI-generated content. The voices of well-known musicians, including The Notorious B.I.G., Drake, Michael Jackson, Kanye West, and The Weekend have been used in AI-generated songs that have achieved widespread popularity.

    It is very evident that Spotify intends to address the problem of artificial streaming by virtue of the fact that it has removed AI-generated tracks with bogus streams from its site. 

    Spotify Starts ‘Talks With Africa’ To Grow The Music Industry

    Because of Spotify’s crackdown, at least six of Boomy’s songs have been removed from two different playlists. Boomy is an AI-based programme that is responsible for creating over 14.5 million tracks, which is about 13.9% of the world’s recorded music.

    The ongoing fight against illegal streaming services has two main goals: one is to protect the incomes of genuine musicians who put in a lot of effort, and the other is to maintain the honour of the music industry.

  • Kenya’s new tax regime goes after crypto, influencers

    Kenya’s new tax regime goes after crypto, influencers

    Kenya has proposed new taxes on the digital economy in an effort to increase domestic revenues and reduce the country’s budget deficit.

    The government of this East African nation has proposed taxing the sale or purchase of digital assets at a rate of 3 percent, while increasing the withholding income tax rate for online income from 5 percent to 15 percent.

    If the tax increases included in the financial plan are approved, the next fiscal year will begin on July 1.

    Read also: Nigeria’s SEC to regulate digital assets, but not crypto

    Tax on Crypto

    The tax deductions should be withheld by cryptocurrency exchanges like Binance or Yellow Card or those supporting the trade or transfer of digital assets and sent to the country’s tax administration within 24 hours. However, before any such deductions may be remitted, the exchanges must first register with the tax office.

    Kenya defines digital assets as “anything of value that is not tangible and cryptocurrencies, token code, the number held in digital form and generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored, or exchanged electronically; and a non-fungible token (NFTs) or any other token of similar nature, by whatever name called.”

    For the time being, however, it seems as though the Kenyan government is sticking to its guns and refusing to acknowledge that the cryptocurrency known as Bitcoin is a legitimate form of payment. The government has also made contradictory statements about its inability to provide protection in the event that cryptocurrency exchanges fail, as was shown most recently with FTX.

    To capitalise on the rising cryptocurrency acceptance, Kenya has recently modified its attitude on crypto by proposing to work on a legal framework for crypto assets.

    In terms of cryptocurrency P2P transactions, Kenya is now the world leader. According to the 2021 Chainalysis research, it also has the highest rate of cryptocurrency usage in Africa, ahead of even Nigeria.

    South African crypto investment bundle from Luno tracks digital asset indices

    Content Creators

    The new law targets content creators by taxing their affiliate marketing revenues and any money they generate from being sponsored by a brand to create content or run promotions.

    Content creators are defined as individuals who provide “any other material electronically,” including but not limited to “entertainment, social, literal, artistic, educational, or any other material,” via websites or social media sites like Facebook, Twitter, or Instagram in conjunction with advertisers or businesses.

    Earnings from “subscription services where the audience pays a periodic fee to access the content and support the content creator,” “merchandise sales where physical goods and services are sold featuring the logo, brand, or catchphrase of the content creator,” “eBooks, courses, or software,” are all taxable.

    Other sources of income that are not exempt include “membership programmes for exclusive content including early access, licencing the content including photographs, music, or other businesses or individuals for use in the user’s own projects; or crowdfunding for raising funds for specific goals for a content creator or another person.”

  • Towntalk Nigeria establishes information framework for risk management

    Towntalk Nigeria establishes information framework for risk management

    Towntalk, based in Nigeria, has developed a wide variety of AI-based risk mitigation strategies for the security, logistics, and agricultural sectors in Africa by utilising “hard to collect” location data. 

    Towntalk was founded in 2020, and since then, it has developed a “data ecosystem” that benefits from strategic alliances with other top security firms, including the French firm Amarante International.

    The startup was founded to address the issue around the lack of data on the continent, specifically the lack of location and behavioural data required to make effective risk-based decisions, such as those pertaining to security incidents, traffic, and road condition. It was one of 12 companies selected for the inaugural ARM Labs Lagos Techstars accelerator earlier this year.

    For Towntalk CEO Folake Edun., “literally any data that affects the safety and mobility of individuals and goods” fits the bill.

    Read also: Nigeria’s Dojah launches new anti-fraud product for digital enterprises

    Further Competitive Companies In Par with Towntalk

    Companies like Gro Intelligence and Pula are in direct competition with us because they are also using data on the continent to assist support better decision making. However, our data’s granularity and nature imply that our rivals can use our data infrastructure to augment their own products.

    The Towntalk group has extensive knowledge in this area. Edun spent six years in risk management at Deloitte UK before returning to Nigeria to work for Africa Finance Corporation and then Chapel Hill Denham; similarly, both the company’s chief technology officer and chief operating officer have extensive experience in their respective fields.

    In 2020, the company secured a US$285,000 pre-seed fundraising round from venture capitalists and angel investors. 

    However, since then, we have used our data infrastructure to earn over US$700,000 in revenue from enterprise sales by offering services in travel planning, security mapping, and asset monitoring. According to Edun, all of this information is used to inform future technological advancements and the running of current business operations.

    “Our technology has been successfully used for enterprise sales, and we’ve organically generated substantial sales in this space. However, to help with building a more sustainable revenue stream, we recently launched an insurance-related product into the market, and it was immediately picked up by two leading insurance companies who want to partner with us to deliver the solution. Starting with Goods in Transit for Nigeria’s logistics industry, this solution will allow our insurance partners to make use of our data infrastructure in order to better price risk and analyse claims.

    Experts charge Tanzania media owners to invest in technology

    More in the Establishment 

    Towntalk is a data collection company based in Nigeria that also collects information from Mali, Burkina Faso, Ghana, Benin, Niger, and Togo. 

    Over 320,000 data points on security incidents, traffic incidents, weather, road conditions, and more have been collected to date to power our solution. We intend to expand across the African continent using our scalable platform, but we remain committed to data as the driving force behind the business.

    Towntalk’s insurance and security company partners participate in a revenue-sharing scheme. 

    According to Edun, “We provide our technology to our partners to enable them to leverage the data and insights to provide solutions to their clients, in exchange for a cut of revenue for every solution sent via our platform.”

    She claimed that gathering the data was the most challenging aspect of working for Towntalk.

    As was previously indicated, security-related information is notoriously difficult to obtain in this part of the world. And when it is accessed, it is highly disorganised and sometimes tainted with a great deal of bogus news, which greatly reduces the data’s value, as Edun put it. 

    “We have spent a lot of time  making sure our infrastructure is as strong as possible, collecting data from a wide variety of online and offline sources, and establishing relationships with other businesses that help our data ecosystem thrive, such as partnerships with security firms.”

  • Altech Group secures US$18m to boost electricity in DRC

    Altech Group secures US$18m to boost electricity in DRC

    The Altech Group has raised US$18 million in loan money and grants to strengthen its market position and extend access to energy throughout the DRC.

    Altech has grown its sales and distribution network to encompass more than 140 stores in 22 of the DRC’s 26 provinces thanks to the efforts of its 4,500 employees and sales agents since its founding in 2013. It has enhanced the lives of over 1.7 million Congolese people by selling over 350,000 solar energy gadgets.

    With the recently announced US$18 million in growth funding, Altech will be able to provide 180,000 solar products to 900,000 people in need of access to clean, reliable electricity.

    The Energy Entrepreneurs Growth Fund (EEGF), Triple Jump, and Rabobank provided the majority of the debt capital, each through their own dedicated facilities. SIMA Funds, Solidarité Internationale pour le Développement et l’Investissement, Kiva, the Whole Planet Foundation, and EquityBCDC have all made contributions to Altech. ANSER RDC and the Humanitarian Grand Challenge, Creating Hope in Conflict provided this money.

    According to Altech co-founder Washikala Malango, “since our humble beginning in 2013 in our off-grid city of Baraka in South-Kivu province in the Eastern part of the DRC, we have faced the severe challenge of obtaining working capital financing in our efforts to connect off-grid households in the rural, peri-urban, and urban areas of our country.” 

    Read also: Nigerian-led Web3 startup Shield raises $2.1m from A16z

    More On The Expansion 

    As stated on the Altech website, “the incredible support from Rabobank and EEGF, as well as our other lenders, is one of the main pillars for Altech to provide affordable clean energy to thousands of Congolese off-grid households to modern, clean, reliable, and affordable solar solutions while creating thousands of green jobs for Congolese youth.”

    According to Triple Jump’s Deputy Head, Direct Investments team member Mark van Doesburgh, the company is “excited” to support Altech’s expansion as it increases access to sustainable energy in the DRC. 

    We believe Altech will continue to make a meaningful difference in people’s lives, therefore this investment is in line with our goal of funding novel approaches to pressing global problems. The poorest people in the globe have been impacted the hardest by recent market shocks like COVID-19 and the rise in food and energy costs. One way to better people’s lives is to make clean, inexpensive energy available to them, he said.

    African blockchain business funding rises by 429%

    About Altech

    In the fields of industrial control, instrumentation, medical technology, and automation, Altech Corporation is a well-established provider in the United States of America for components and devices. Busbars and power distribution are two of the many goods that are offered by Altech, which offers a very comprehensive range of products. Protective measures for electrical circuits.