Plus:
🇬🇭 Ghana’s former president caught in Solana-themed crypto rip-off
🇰🇪 Kenya fails IMF assessment, forfeits $850M disbursement
Ghana’s former president caught in Solana-themed crypto rip-off
Topline: Final week, former Ghanaian President John Dramani Mahama appeared to throw his weight behind Solana as a device for monetary inclusion in Africa. However what seemed like a daring tech endorsement turned out to be a high-profile crypto rip-off. (Details)
Driving the information: Mahama’s verified X (previously Twitter) account shared posts praising Solana’s low charges and introduced a brand new memecoin — Solanafrica — allegedly launched in partnership with the Financial institution of Ghana.
🚩 Crimson flags popped up shortly:
- The Financial institution of Ghana made no such announcement.
- Blockchain sleuths noticed basic pump-and-dump patterns: the coin launched at midnight, spiked, then tanked.
- Worse, 80% of the coin’s provide sat in just three wallets — a textbook setup for manipulation.
Mahama confirms hack: Mahama later confirmed the hack, saying his crew found it a day after it occurred and has since regained management.
- They urged the general public to disregard latest crypto posts.
🔎 Zoom out: Mahama isn’t alone. Just days earlier, South Africa’s Parliament suffered the same destiny.
- Hackers hijacked its X, Fb, and YouTube accounts to advertise a pretend Solana-based token named after President Cyril Ramaphosa.
- Authorities say the breach solely affected one of many Parliament’s YouTube channels and that investigations are underway.
Sui blockchain cofounder launches $1.3M fund for African builders
Topline: Mysten Labs co-founder Adeniyi Abiodun has introduced a $1.3 million fund to assist the coaching of software program builders in Nigeria. (Details)
The main points: The fund will give low-interest loans price $3,300 to Nigerians enrolling in Semicolon’s Techpreneurship program.
- These loans shall be repaid at 12% curiosity every year with income from the repayments recycled into this system to accommodate extra individuals.
- This system goals to coach builders in sensible contract programming languages like Transfer and assist blockchain tasks on Walrus and Sui, the latter of which was constructed by Mysten Labs.
Key quote:
“Supporting Nigerian college students whereas inviting extra builders to be taught the programming language that has outlined my profession is immensely rewarding. With the rise of AI and blockchain, we’re dedicated to making sure African college students are high-level contributors to the worldwide tech workforce.”
Why this issues: Africa is behind the remainder of the world by way of blockchain expertise. Solely 6% of blockchain builders are on the continent. In sharp distinction, 31% are based mostly in Europe and 32% in Asia.
- The $1.3 million fund launched by Mysten Labs goals to bridge this hole, equipping extra African builders to fulfill each international demand and the rising wants of native corporations.
Kenya fails IMF assessment, loses $850M in funding
Topline: Kenya has missed an $850 million Worldwide Financial Fund disbursement after failing to fulfill key tax and spending targets. (Details)
The main points: The IMF canceled the disbursement after Kenya failed to fulfill its tax income obligations.
- The nation additionally missed targets for lowering authorities debt and clearing overdue funds. Consequently, Kenya has requested a brand new monetary association with the IMF.
Earlier than Now: In 2021, Kenya secured $2.34 billion from the worldwide lender to assist get well from COVID-19 financial shocks.
- As a part of the deal, the IMF required Kenya to boost taxes and reduce spending, however widespread protests compelled the federal government to rethink a few of these measures.
- Final 12 months, Kenya tried to extend tax income via amendments to the 2023 Finance Act, which included a controversial 3% digital asset tax (DAT) on crypto transactions.
- Violent protests compelled the federal government to withdraw the regulation, however Kenya’s Supreme Court docket later upheld it.
Catch up
🇳🇬 Binance Academy Urges Kenyan Youth to Embrace Crypto (Capital FM)
🇳🇬 Quidax Lists Nigeria’s First Regulated Stablecoin Amid Market Shift (Dabafinance)
🇳🇬 Nigeria says it stays open to crypto regardless of $80B Binance lawsuit (Semafor)
🇳🇬 Nigeria strikes gingerly to tame Africa’s largest crypto market (AFP)
Alternatives
- VISA opens functions for Cohort 4 of its Africa Fintech Accelerator Program. Deadline: March 25, 2025. (Details)
- African blockchain expertise agency Web3Bridge has opened the waitlist for its thirteenth cohort. Be part of the waitlist here.
- USAID pronounces the Girls Entrepreneurship Incubator program in Kenya. Apply here.
We’ll be again subsequent week with extra insights.
Till then, keep knowledgeable.
Ogechi.
