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Scramble in SA crypto market ahead of licensing round

Scramble in SA crypto market ahead of licensing round

SOUTH Africa is witnessing an expansion in cryptocurrency offerings as the country gets closer to issuing its first operational licenses to financial service providers. Payment firms and fintech companies are driving the move, with commercial banks expected to follow suit. One of the latest offerings enables users to purchase goods and services using cryptocurrency, while another allows them to withdraw digital currency as cash from automated teller machines. Stitch, a South African payments infrastructure company, has launched a new payment method called "Pay with Crypto," which allows customers to use cryptocurrency directly when purchasing goods and services in South African…
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Uganda takes another step on e-payments path: five things you should know

Uganda takes another step on e-payments path: five things you should know

LONG periods of limited physical contact under COVID-19 lockdowns triggered new interest in alternative payment methods beyond existing options. The Bank of Uganda is among institutions that have taken steps to promote a shift towards a cashless economy. It recently ordered commercial banks to reduce by 50% the maximum amount customers can transact by cheque – from an upper limit of US$5,500 to US$2,750 – starting January 15. This move reflects a slow-rolling process across East Africa towards electronic payments. Mercy Muendo has studied information technology and law. We asked her to unpack five key points in the Bank of…
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Tanzania’s central bank to give $432 mln loan for lending to private sector

Tanzania’s central bank to give $432 mln loan for lending to private sector

TANZANIA’S central bank will provide a 1 trillion shilling ($432 million) loan to commercial banks for lending to the private sector, as part of measures aimed at tackling the effects of the COVID-19 pandemic. The Bank of Tanzania said in a statement that it asked commercial banks to cap the lending rate to borrowers in the agriculture sector at 10%. The bank said the loan to commercial banks will have a 3% interest rate, and they can use it to pre-finance or refinance loans to private businesses. Tanzania, which under late President John Magufuli had downplayed the impact of COVID-19…
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