REPORT | Bank of Uganda to Buy Gold Locally to Boost Declining Foreign Reserves and Buffer Against ‘International Financial Markets Risks’

The Bank of Uganda (BOU) says it has initiated a Domestic Gold Purchase Program with the aims of mitigating the declining foreign currency reserves and to buffer against ‘risks in…

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REGULATION | Tanzania Stops Accepting Dollar Payments in the Tourism Sector to Stabilize the Local Currency

The Tanzania Ministry of Tourism and Natural Resources has ordered that all fees and charges in the tourism sector be paid in local currency. According to local reports, Finance Minister,…

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MILESTONE | Digital Identity Provider, SmileID, Doubles Identity Verification Checks to 150 Million in Just One Year

Smile Identity, an Africa-focused identity verification solutions provider, has had 150 million identity verification checks effected on its technologies, doubling from 75 million a year ago.   “We’re accelerating at…

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A Look At the CFA Franc – The Controversial Currency at the Center of the French – West Africa Feud

The CFA Franc was introduced on December 26 1945 to improve stability among French colonies after World War II. France established the CFA Franc to replace the French West African…

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REGULATION | U.S. Lawmakers Demand Release of Binance Official as Nigeria Announces Commencement of Tax Evasion Trial

According to local reports, 2 U.S. Congressmen have submitted a resolution to the U.S. House of Representatives Committee on Foreign Affairs to ask for the release of Head of Financial…

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REGULATION | Financial Action Task Force (FATF) Urges Countries to Develop Regulatory Frameworks for Rapidly Growing Virtual Assets

Virtual assets continue to be used to support the proliferation of weapons of mass destruction as well as by scammers, terrorist groups, and other illicit actors, says the Financial Action…

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CALL FOR APPLICATIONS | Inaugural Rwanda-Based, Sector-Agnostic Innovate Africa Fund, Seeks to Invest in 20 Early-Stage Startups for ~$50,000

Innovate Africa Fund, an angel investment fund that supports early-stage founders taking startups from conception to product, has launched with an initial $2.5 million rollout. Co-founded by Kristin Wilson and Christian Idiodi, the…

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