BitcoinKE

Trust Wallet, the world’s leading self-custody Web3 wallet trusted by over 200 million users, has launched Buy+, a new feature powered by Binance Connect, designed to simplify crypto access for users globally and make onboarding easier for newcomers.

The feature allows anyone to purchase tokens on:

BNB Chain

Base, and

Solana

using fiat – without needing to own crypto assets or understand complex crypto workflows.

MILESTONE | #Base Surpasses One Million Daily Active Addresses Outpacing the Next Several #Ethereum Layer 2s Combined

At the time of this report, Base has approximately 1.03 million daily active addresses. This represents a 60% increase in daily active addresses since the… pic.twitter.com/BQB7WjDnIt

— BitKE (@BitcoinKE) August 27, 2024

Previously, buying a new or trending token often required a multi-step process, including manual swaps and switching between platforms. For many – especially beginners – this was confusing, time-consuming, and prone to error. Now, with Buy+, Trust Wallet streamlines the experience into one seamless flow – making it possible to go from card, Apple/Google Pay, and more to a user’s desired token in just a few taps, all within the app and without giving up self-custody.

 

“The first step to onboard a fiat asset into the desired crypto asset directly is often the hardest. And that’s what we’re improving as part of the effort to bring web2 user experience to web3 tech,” said Eowyn Chen, CEO of Trust Wallet.

“When people discover a good crypto asset, they want to be able to buy it quickly, securely, and easily. Increasingly, these assets are not the major coins but rather smaller, trending tokens. So, we seamlessly integrate fiat onboarding with on-chain crypto swapping with the fewest steps. With this new capability, we’re giving users a simpler, safer, and smarter way to get their desired tokens – without compromising on self-custody or experience.”

[VIDEO]

‘We Actually Primarily Serve a Lot of the Developing Countries’ Users’ – A Chat with CEO, Trust Wallethttps://t.co/G7o9xwZRDG @EowynChen @TrustWallet @TrustWallet_Af

— BitKE (@BitcoinKE) July 11, 2023

Buy+ intelligently routes transactions based on token availability. If a token is directly supported by Binance Connect, the purchase is completed in one seamless fiat-to-crypto flow. If not, the feature automatically facilitates a two-step process – first acquiring the required native token, then swapping it in-app – all while keeping full self-custody and minimizing complexity for the user.

 

This feature brings together Binance Connect’s fiat-to-crypto infrastructure with Trust Wallet’s smart routing and swap capabilities, delivering a user experience that combines speed, flexibility, and full ownership.

“At Binance, we’re focused on breaking down barriers to crypto adoption, and the launch of the Buy+ feature in Trust Wallet – powered by Binance Connect – is a major step in that direction,” said Thomas Gregory, Vice President of Fiat at Binance.

“By removing the complexity of chains, swaps, and token transfers, we’re giving users – especially those new to crypto – a faster, simpler way to access the tokens and communities they care about. Binance Connect is proud to power this experience and enable our partners to deliver seamless fiat-to-crypto journeys.”

 

Additional blockchain networks will be supported in future updates as Binance Connect continues to expand access to Web3 tokens.

This collaboration between Trust Wallet and Binance Connect highlights a shared commitment to reducing friction and making Web3 more accessible for millions of users worldwide.

 

To try the new Buy+ feature, download or open the latest version of Trust Wallet and tap ‘Buy’ on any supported token. The feature is now live.

 

Note: Until further notice, Buy+ will not be available in the UK, US, Canada, Nigeria, Netherlands, Russia, Belarus, Cape Verde, Cuba, Syria, and Iran.

 

As reported by BitKE, Nigeria’s exclusion may be tied to recent regulatory and banking restrictions, including the Central Bank of Nigeria’s pressure on financial institutions to limit direct crypto-related transactions – a factor that has led many global crypto platforms to pause services in the country despite crypto itself not being explicitly banned.

Crypto is legal in Nigeria – but banks still say no.

Even licensed exchanges can’t get accounts, leaving the industry in limbo.

Legal in law. Blocked in practice.

Nigeria’s crypto future is stuck – until regulators and banks align.

https://t.co/HMd1GJ2Kai#Web3Naija pic.twitter.com/S14BQGzmMY

— BitKE (@BitcoinKE) May 31, 2025

 

 

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Cardano, a blockchain protocol known for its research-first design and decentralized infrastructure, has officially launched the CV Labs Cardano Accelerator – a high-impact program based in the heart of Crypto Valley.

The 10-week boot camp kicked off at the CV Labs HQ in Zug, bringing together nine promising startups building the next wave of Cardano-native innovations.

[TECH] [WATCH] Swiss Crypto Valley Venture Capital Sets Up Office in South Africa to Invest in African Blockchain Startups: Crypto Valley Venture Capital (CV VC), a Swiss investment company, has set up its f.. https://t.co/6em9h1MzCd via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) July 15, 2021

The accelerator is tailored to help early-stage founders go beyond Project Catalyst – Cardano’s internal innovation fund – by giving them the tools, connections, and investor readiness needed to scale real-world solutions.

“The CV Labs Cardano Accelerator isn’t just about refining products. It’s about empowering visionary founders to build scalable, lasting solutions on Cardano,” said Giorgio Zinetti, CTO of the Cardano Foundation and program mentor.

“We’re backing blockchain startups that are ready to lead the next phase of crypto innovation.”

LIST | Kenya’s Shamba Records and Nigeria’s Jamit Studios Selected into CV Labs Accelerator Cohort 6 – https://t.co/ywYFlF9k6n

— Africa Updates (@africaupdates) March 16, 2024

Cardano-Focused, CV Labs-Powered

This global accelerator is exclusively designed for projects building within the Cardano ecosystem. It extends the support lifecycle beyond Catalyst and positions startups to attract outside investment, form global partnerships, and break into real-world markets.

With strategic mentorship, technical guidance, and deep integration into the Swiss Crypto Valley ecosystem – which has grown 132% since 2020 and now includes 1,749 blockchain companies – the accelerator creates unmatched access to infrastructure partners, investors, and regulatory expertise. CV Labs itself, based in Zug, supports 197 blockchain ventures and plays a pivotal role in growing Cardano’s reach.

 

Meet the 9 Startups Taking Cardano to the Next Level

This cohort spans sectors from DeFi and RegTech to identity, DePIN, and agricultural trade — each one aligned with Cardano’s vision of scalable, inclusive infrastructure:

CapturGO (Thailand): Monetizing real-world camera and sensor data through DePIN architecture, bringing hyperlocal intelligence to the blockchain.

Fairway (Finland): Building on-chain verifiable credentials to support global workforce mobility in employment and education.

Farmroll (North Macedonia): A gamified AI agent launchpad combining SocialFi and RWA integration to boost user engagement and token utility.

Flashback (USA): Enabling cross-storage between centralized clouds (e.g., Google, AWS) and decentralized networks like Filecoin, for true data ownership.

GenWealth (Portugal): Tackling Web3 inheritance and key recovery with secure, on-chain legacy planning.

Landano (USA): Solving land registry and property rights challenges in Africa using Cardano-based SaaS solutions for individuals and local governments.

Sky Protocol (USA): Delivering a Layer 2 data availability engine to dramatically reduce fees and increase Cardano TPS – essential for scaling dApps.

Terralima (USA): Connecting African farmers directly with producers and co-ops through a blockchain-powered commodity marketplace.

Brick Towers (Switzerland): Building urble, a programmable savings app enabling families and communities to create self-custodial savings plans, replacing banks with smart contracts.

ADA News: A Look Inside #Cardano’s Big #Blockchain Plans for #Africahttps://t.co/tQaN5cswei

— One Community ADA (1COMM) (@OneCommunityAda) May 25, 2021

Accelerating Real-World Impact

Over the next 10 weeks, teams will work directly with Cardano engineers, refine tokenomics and legal structures, shape their go-to-market strategies, and pitch to VCs – all within Zug’s thriving Crypto Valley network.

 

This program builds on CV Labs’ legacy of turning early-stage blockchain projects into investable ventures since 2018, while strengthening Cardano’s global momentum in decentralized innovation.

“This program represents Cardano’s evolution – from academic roots to real-world adoption in finance, identity, and sustainability,” said Janis Aguilar, Head of Acceleration at CV Labs.

“It’s not just about building blockchain. It’s about building where blockchain matters most.”

 

Previous promises and attemps by Cardano and its partners to identify viable and investible startups from Africa have not been successful. Speaking at an Emurgo Africa event organized by BitKE in late 2022, Adaverse, a Cardano accelerator, said it was looking to invest in 300 African startups in the following 3 years.

Adaverse Looks to Invest in 300 African Startups in the Next 3 Years @Adaverse_Acc set up operations in Africa in 2021 and has invested in 25 companies in 2022, all in a space of six monthshttps://t.co/5ZY3Qtp43F @Cardano @emurgo_io

— BitKE (@BitcoinKE) November 25, 2022

This however has not materialized. Instead, Adaverse reported that by December 2024, it had invested in approximately 40 Web3 startups across the continent, far below its target 2 years later.

FUNDING | @Cardano Accelerator, Adaverse, Urges Patience as it Fails to Hit its 300 Startups Investment Target @Adaverse_Acc has invested in approximately 40 African Web3 startups across the continent, way below the 300-target in 3 years.https://t.co/SDZ75XJ2Yq @emurgo_io pic.twitter.com/3XMOmUa9WQ

— BitKE (@BitcoinKE) December 27, 2024

The latest collaboration, backed by CV Labs record across the African continent, is expected to see more success in this regard.

 

 

 

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In a major development for the crypto industry, the U.S. Securities and Exchange Commission (SEC) has voluntarily dismissed its civil lawsuit against Binance, the world’s largest cryptocurrency exchange, marking a clear shift in regulatory tone under the Trump administration.

The dismissal, filed in federal court in Washington, D.C., was made ‘with prejudice,’ meaning the case cannot be refiled. A joint stipulation was signed by attorneys for the SEC, Binance, and the exchange’s Founder and former CEO, Changpeng Zhao (CZ).

 

The SEC said it made the decision “in the exercise of its discretion and as a policy matter,” clarifying that the move should not be interpreted as a broader signal on other pending crypto-related cases.

A Binance spokesperson hailed the dismissal as a “landmark moment” and credited SEC Chairman, Paul Atkins, and President Trump for changing course on crypto oversight.

“Innovation can’t thrive under regulation by enforcement,” the company said in a statement.

 

The lawsuit, originally filed in June 2023, had accused Binance and Zhao of:

Inflating trading volumes

Misusing customer funds, and

Offering unregistered securities.

The civil case was separate from Binance’s criminal settlement in November 2023, when the company pleaded guilty to violating anti-money laundering and sanctions laws and agreed to pay $4.32 billion in penalties. Zhao also pleaded guilty and served a four-month prison sentence, completing his term in September 2024.

The SEC’s retreat from the Binance case follows its earlier February 2025 decision to drop a similar lawsuit against Coinbase, the largest U.S.-based crypto exchange. That case had alleged the trading of at least 13 unregistered tokens.

This recent wave of dismissals signals a broader policy shift. SEC Chair, Paul Atkins, appointed under Trump’s second term, has emphasized the need for a clear and tailored regulatory framework for digital assets – one that promotes compliance without stifling growth.

REGULATION | #Binance Founder, CZ, Sentenced to Four Months in Jail For Enabling Money Laundering

“I will do my time, conclude this phase and focus on the next chapter of my life (education).” – @cz_binance, Founder, Binancehttps://t.co/g64maGKQVA @binance pic.twitter.com/4Dm4fbHQ1d

— BitKE (@BitcoinKE) May 1, 2024

Meanwhile, the SEC is still pursuing enforcement in certain areas. On May 20 2025, the agency sued UniCoin, alleging the company fraudulently raised over $100 million for tokens it claimed were backed by real estate and pre-IPO company shares.

President Trump, who campaigned as a “crypto president” in 2024, has vowed to roll back aggressive enforcement actions carried out under his predecessor, Gary Gensler. Under the new administration, many of those actions have been paused or withdrawn.

POLITICS | Trump to Unveil Plan to Make U.S. Crypto Capital of the Planet

_”I’m laying out my plan to ensure that the United States will be the crypto capital of the planet. Donald Trump#Crypto #IndependenceDay2024 #BTChttps://t.co/5kJdwHaRI5

— Salaxzy (@Salaxzy) August 31, 2024

As the regulatory landscape continues to evolve, the crypto industry is watching closely to see how far the SEC’s new direction will go – and whether it brings the clarity the sector has long demanded.

REGULATION | #Nigeria Court Begins Hearing Tax Evasion Case Against @binance

Binance is accused of providing services – including crypto trading, remittance, and asset transfers – to Nigerians without deducting the required VAThttps://t.co/CcqN9558U7 @FIRSNigeria pic.twitter.com/CUuBuZtE9x

— BitKE (@BitcoinKE) February 21, 2025

 

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Solana just made building crypto mobile apps a whole lot easier. The team officially unveiled the Solana App Kit – an open-source, React Native-based framework that lets developers spin up full-featured Solana mobile apps for iOS and Android in minutes.

With built-in modules for wallets, NFTs, trading, fiat on-ramps, and real-time market data, the kit is designed to give devs everything they need out of the box – while keeping things modular enough to stay lean.

MILESTONE | @solana Now Commands Over 50% in Total DApp Revenue – @ethereum Declines Below 13%

A significant driver behind Solana’s revenue dominance is the explosive growth of memecoin platforms. https://t.co/HevX385rPZ @solana_daily @Definews_Info $SOL pic.twitter.com/ll6KFtfIZd

— BitKE (@BitcoinKE) May 16, 2025

What is the Solana App Kit?

The Solana App Kit is a production-ready framework built on React Native + Expo, targeting fast, cross-platform mobile app development. Think of it as a crypto-native mobile dev starter pack – one that streamlines all the headaches of integrating blockchain functionality.

Key features include:

Embedded wallets with social login

Token trading via Jupiter, Raydium, and Pump.fun

NFT marketplace tools (Tensor, Metaplex)

Real-time market data via Helius, Birdeye, CoinGecko

Fiat on-ramp through MoonPay

Developers can pick and choose which modules they need – no extra bloat, no unnecessary dependencies. The architecture is modular, TypeScript-friendly, and designed to scale with your app.

TOKEN ANALYSIS | The #Jupiter ( $JUP ) Token Jumps ~20% in One Week After Unveiling Jupiter Lend

The platform is designed to be fully composable, allowing other developers and projects to integrate and build upon it.https://t.co/83iwzy4ZHn @JupiterExchange @0xfluid @solana pic.twitter.com/2hEQIRruCT

— BitKE (@BitcoinKE) May 24, 2025

Plug-and-Play Wallet Integration

The kit’s wallet module is a major highlight. It supports top providers like Privy, Dynamic, Turnkey, and Solana’s Mobile Wallet Adapter – so you can offer embedded wallet experiences without building infrastructure from scratch.

Users can sign in using Google, Apple, or X (formerly Twitter) accounts, and immediately create a wallet. The kit also supports biometric authentication, transaction signing, and seamless wallet management. For developers, this means fewer headaches. For users, it’s a frictionless crypto onboarding experience.

Protocol Integrations: From Trading to Memecoins

Solana’s App Kit is already integrated with 18+ major protocols:

Jupiter: Smart routing for token swaps

Raydium: AMM and liquidity tools

Pump.fun: On-chain memecoin creation

These modules let developers tap into existing liquidity, token routing, and bonding curve logic without reinventing the wheel. Whether you’re building a DeFi dashboard or a meme-friendly DEX, the heavy lifting is already done.

REPORT | #MemeCoins were the Top-Performing Crypto Sub-Sector, #Solana was the Most Dominant Blockchain in 2024

Memecoins were the top-performing sub-sector, with 212% growth. https://t.co/5e3W9yeCDM @solana @solana_daily @binance pic.twitter.com/YWBQWcVx7C

— BitKE (@BitcoinKE) January 26, 2025

NFTs: Mint, Trade, and Manage Collections

NFT devs aren’t left out. With built-in support for Tensor and Metaplex, the kit makes it easy to:

Mint and display NFTs

Fetch metadata

Enable in-app trading

Manage collections and marketplaces

Perfect for apps focused on digital collectibles, creator economies, or Web3 gaming – without writing custom smart contracts from scratch.

NORTH AFRICA | Egypt’s Al Ahly becomes the first African club to join FIFA Collect@AlAhly aims to boost digital presence and fan engagement through collectible #NFTs.

https://t.co/hh44bhRPu1 @FIFAcom @FIFACollect @FIFACollectInfo pic.twitter.com/7cN2R7UOnm

— BitKE (@BitcoinKE) May 19, 2025

Real-Time Data + Analytics

Thanks to the Data Module, apps can now tap into real-time blockchain data with zero backend work. Pull in:

Token prices (via CoinGecko, Birdeye)

NFT stats

Wallet balances

On-chain activity (via Helius)

Want a portfolio tracker, token watchlist, or price alert dashboard? It’s already wired up. Just plug it in.

TOKEN ANALYSIS | #RWA Launchpad, Collaterize $COLLAT Surges 300% in 5 Days Following @solana Founder Repost

“In our model, a portion of each tokenized asset goes into a dedicated liquidity pool ensuring it’s immediately tradable.” – @CollaterizeHQ https://t.co/gz57ATFHZs pic.twitter.com/PhI1RaxPJk

— BitKE (@BitcoinKE) May 22, 2025

Fiat On-Ramp with MoonPay

To smooth out the fiat-to-crypto experience, Solana’s kit includes direct integration with MoonPay. Users can buy crypto via credit cards, Apple Pay, or debit cards – with funds deposited straight into their wallets.

No third-party redirects. No complicated KYC flows. Just native, seamless fiat onboarding for mainstream users.

Built for Speed and Flexibility

Under the hood, the Solana App Kit uses:

TypeScript for type-safe dev

Redux and hooks for state management

Solana Agent Kit for natural language blockchain interactions

This design ensures fast iteration, clean codebases, and future-proof upgrades. Whether you’re hacking together a prototype or scaling a production mobile dApp, the framework is built to support both.

TypeScript Framework, Better Auth, Becomes 3rd Ethiopian Startup Accepted into Y Combinator

Y Combinator, renowned for supporting successful ventures like GitLab, Mattermost, Amplitude, and Font Awesome, is placing its bet on Better Auth’s potential.

This move may be… pic.twitter.com/9IqxI82qJZ

— BitKE (@BitcoinKE) March 24, 2025

Why This Matters

Solana’s mobile push is no longer just about the Saga phone. With this App Kit, any team can now launch polished, performant Solana mobile apps – without a huge dev budget or custom integrations.

It’s open-source, extensible, and designed with real-world use cases in mind. As crypto increasingly moves to mobile, frameworks like this could define the next generation of Web3 apps.

 

Check out the repo and start building: Solana App Kit on GitHub

 

 

 

 

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Nigerian digital lending startup Carrot, has secured US$4.2 million in seed funding to expand access to credit for individuals and businesses across Africa.

Carrot enables users to unlock credit by using assets such as stocks, fixed-income instruments, crypto, and other alternative investments as collateral. Since its launch, the startup has originated over $2 million in credit and has served more than 10,000 users.

 

“Access to credit shouldn’t be limited by geography or legacy infrastructure,” said Bolu Aiki-Raji, Carrot’s Founder and CEO.

“People in Nigeria and across Africa are already investing in digital assets – but there’s no ecosystem to help them unlock liquidity when it matters. Carrot is building that bridge, helping users leverage their investments and take cash out when they need liquidity the most.”

 

The $4.2 million seed round was led by:

MaC Venture Capital

with additional backing from:

Partech Africa and

Authentic Ventures

The funding will support team expansion, operations scaling, and accelerated product development.

Through API integrations with digital investment platforms, Carrot verifies users’ asset positions and places liens on them. This enables borrowers to unlock liquidity without liquidating their holdings. Users can access up to 40% of the value of stable stock portfolios, 10% for volatile equities, and up to 70% for fixed-income assets such as government bonds and treasury bills. For example, someone holding ₦1 million in stable stocks could qualify for a ₦400,000 loan, while fixed-income investors could access as much as ₦700,000.

The model tackles a major issue in Africa’s financial ecosystem: limited access to credit due to high interest rates and rigid eligibility criteria.

“People were investing in all types of things – stocks, crypto, fixed income – but many didn’t recognise those investments as worth anything,” said Bolu Aiki-Raji, Co-Founder and CEO of Carrot Credit.

“That was the initial idea: Why can’t this be collateral?”

Carrot offers flexible repayment terms, with users able to choose between fixed durations of 3, 6, or 12 months – or opt for monthly repayments at their own pace. According to the company, its interest rates are below the market average, making the product especially appealing to retail investors. Since its launch, Carrot has processed over $2 million in loans and built a user base of more than 10,000, signaling rapid traction in Nigeria’s competitive fintech sector.

“What excites me about this investment is how Carrot is leveraging digital assets to create a seamless, low-barrier credit solution in markets where credit has traditionally been out of reach,” said Marlon Nichols, Co-Founder and Partner at MaC Venture Capital.

“We see the fintech space evolving rapidly, especially in regions like Africa, where traditional credit systems have struggled to keep pace with innovation.

This investment not only strengthens our portfolio but also positions us in one of the most exciting but underserved sectors in global fintech.”

 

Carrot operates an embedded B2B2C model, aiming to partner with fintechs, brokerages, and digital wealth platforms. This strategy fits into the continent’s growing embedded finance trend, where financial services are seamlessly woven into non-financial apps and platforms to enhance user experience and broaden access.

Why Crypto Companies Need to Focus on Embedded Finance

One of the most promising areas for crypto companies to focus on is embedded finance which involves integrating financial services into non-financial products and services.

In this article, we discuss why embedded finance… pic.twitter.com/B85eie7Jll

— BitKE (@BitcoinKE) June 12, 2023

Inspired by global players like BlockFi and Robinhood, Carrot is bringing asset-backed lending to an African market where such services are still emerging. By helping everyday investors unlock the value of their portfolios, Carrot is building a financial bridge between digital assets and real-world credit access.

 

 

 

 

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Payment infrastructure provider, Fincra, has secured a Third Party Payments Provider (TPPP) licence in South Africa in collaboration with NedBank, expanding its regulatory footprint and enabling it to offer local payment methods.

With this license, Fincra is now officially authorised to process:

Credit card payments

Debit card payments

EFT (Electronic Funds Transfer) credits

Real-time clearing (RTC)

Rapid payments

This development is more than just a regulatory win. Fincra is now able to integrate directly with South Africa’s core payment systems and banks. This gives businesses using its infrastructure faster settlement times, greater reliability, and the assurance of full compliance with South Africa’s regulatory standards.

 

This milestone comes amid a broader strategy to support stablecoin and crypto-native companies operating across Africa, a move reinforced by the recent appointment of Emmanuel Babalola – former CEO of Bundle and ex-Binance Director for Africa – as Chief Commercial and Growth Officer.

“Securing the TPPP licence in South Africa is a significant step toward realising our mission to build the rails for an integrated Africa,” said Ayowole Ayodele, CEO and Co-Founder of Fincra.

“It reinforces our commitment to building compliant, reliable infrastructure that powers cross-border trade at scale.”

 

With the TPPP licence in hand, Fincra now enables stablecoin startups and B2B platforms to access faster settlements and fully compliant local payment rails – critical for expanding financial services in high-friction markets like South Africa, Ghana, and Kenya.

“I see in #Africa, there is so much excitement and so much appetite . . . we just want to be part of the story.” – @paoloardoino CEO, @Tether_to

Full interview: https://t.co/zY87Ewolbx $USDT pic.twitter.com/lvMyy8IYRg

— BitKE (@BitcoinKE) February 5, 2025

Powering Crypto Payments at Scale

Fincra, founded in 2021, provides API-driven infrastructure that allows remittance companies, e-commerce platforms, fintechs, and logistics providers to collect payments globally and settle locally. Since 2023, the company has processed over $10 billion in transactions, serving clients like:

LemFi

OneLiquidity, and

Cleva

many of which operate at the intersection of traditional finance and digital assets, including stablecoins.

FUNDING | Nigerian Fintech, Cleva, Raises $1.5 Million After Facilitating Over $1 Million in 4 Months for Freelancers

According to #Cleva, it has facilitated payments exceeding $1 million monthly for thousands of users within the first four months of its introduction in… pic.twitter.com/mDjEDJbqxX

— BitKE (@BitcoinKE) January 9, 2024

The company is especially popular with crypto-native platforms needing compliant fiat-to-stablecoin on/off-ramps. Fincra’s infrastructure abstracts the complexity of fragmented African payment systems, making it easier for stablecoin startups to scale operations across Ghana, Nigeria, South Africa, Uganda, Kenya, and beyond.

“My mission has always been to enable freedom and prosperity for Africa through technology,” said Babalola, who joined Fincra in February 2025.

“Fincra is at the forefront of building the payment infrastructure powering the next generation of businesses and entrepreneurs.”

LIST | Here Are Popular African Fintechs You Did Not Know Are Leveraging #Stablecoins

A lot of these fintechs have obfuscated their stablecoin offerings making it quite difficult to know if they’re leveraging stablecoins to achieve this.

See list below:https://t.co/AsdaNxw8AS pic.twitter.com/anf9k3TlV2

— BitKE (@BitcoinKE) May 22, 2025

Strategic Expansion Amid Regulatory Tailwinds

Fincra’s licensing in South Africa adds to its growing compliance stack, complementing partnerships with Tier-1 banks and regional regulators. The move also places it in competition with local fintech players like Ozow, Peach Payments, and Yoco – but with a sharper focus on cross-border transactions.

 

“This is a game-changer for businesses looking to expand or operate in the region,” said Babalola. “It’s a strong signal of Fincra’s continued focus on enabling growth for our customers.”

 

As Africa’s digital financial ecosystem evolves, Fincra is making a bold bet: that crypto-backed businesses, especially stablecoin platforms, will need robust, compliant, and flexible payment rails to serve users across fragmented markets. With strategic hires, regulatory wins, and a strong API suite, Fincra is increasingly becoming the backend powering Africa’s stablecoin future.

 

 

 

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Ethereum has experienced a remarkable resurgence, with its price climbing over 50% in just three weeks, largely attributed to the successful implementation of the Pectra upgrade.

After months of trading below $2,000, $ETH surged past this threshold following the activation of Pectra on May 7 2025. The momentum continued, with the price exceeding $2,500 by May 10 and briefly touching $2,750 on May 29 2025 marking a significant rebound from its pre-upgrade levels.

The Pectra upgrade, Ethereum’s most substantial since the 2022 Merge, introduced 11 Ethereum Improvement Proposals (EIPs) aimed at enhancing scalability, user experience, and staking flexibility. Notably, EIP-7702 enables externally owned accounts to function as smart contracts, allowing for features like gas fee payments in stablecoins and sponsored transactions. EIP-7251 increases the validator staking limit from 32 ETH to 2,048 ETH, simplifying operations for large-scale validators. Additionally, EIP-7691 boosts the number of data blobs per block, improving layer-2 scalability and potentially reducing transaction fees.

Two Addresses Control Over 45% of #Ethereum Validator Nodes Post Merge

The 2 addresses had a share of 28.97% and 16.18% of nodes validated post-merge with the top 10 addresses in the list representing 65% of the total share of validating nodes.https://t.co/M4lbcxxnHY

— BitKE (@BitcoinKE) September 28, 2022

These enhancements have revitalized the Ethereum community, restoring confidence among developers and investors. The Ethereum Foundation’s recent leadership changes and a renewed focus on Layer 1 scaling and user experience have further contributed to this positive sentiment.

In a significant development for the African Ethereum community, over 100 core Ethereum contributors gathered in Kenya in May 2024 for the Nyota Interop Week. This event focused on cross-client interoperability, Verkle tree implementation, and PeerDAS advancements, underscoring Ethereum’s commitment to global inclusivity and technical progress.

ETHEREUM | Ethereum Client, Testing and Research Global Teams Gather in Kenya for the Nyota Interop Week-Long Event

“Ethereum client, testing and research teams from around the world gathered together for a week of intense work on the Pectra network upgrade, PeerDAS and the… pic.twitter.com/hULqObYI3M

— BitKE (@BitcoinKE) May 27, 2024

As of May 31 2025, Ethereum (ETH) is trading at approximately $2,520, reflecting a slight decrease from the previous close.

The Pectra upgrade marks a pivotal moment for Ethereum, signaling a renewed trajectory towards scalability, efficiency, and user-centric innovation.

 

 

 

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Xend Finance, a decentralized finance (DeFi) project supported by Binance and Google, is rolling out a new platform in Africa to offer tokenized access to global real estate and stock markets.

The launch is in partnership with Risevest, a digital wealth management platform that provides both individual and institutional investors with exposure to global markets. Notably, Risevest recently secured a broker-dealer license in the United States, bolstering its regulatory credentials.

FINTECH AFRICA | Nigerian Investment Fintech, Risevest, Acquires Hisa, a Kenyan Investment Fintech Startup

Risevest, which had its account frozen by the Central Bank of Nigeria in 2021 for suspected involvement with cryptocurrencies, says it has over 600,000 users with… pic.twitter.com/YETTop9sO2

— BitKE (@BitcoinKE) September 12, 2024

According to a May 30 2025 announcement, this platform will allow users to invest in international real estate and stock markets by purchasing fractional shares through tokenization. The minimum entry point is low, starting at just $5, facilitated by stablecoins such as $USDT and $USDC.

 

“For us at Risevest, this is an extension of our global mission to make investment opportunities more accessible to everyone, especially Africans,” said Risevest CEO Eke Urum.

“Partnering with Xend lets us bring dollar investments on chain, giving crypto and DeFi investors equal access to long term returns.

This partnership with Xend Finance allows us to offer fractional, dollar-based assets like real estate and US stocks in a seamless, blockchain-powered format.

It’s a game-changer for young Africans looking to build wealth securely, transparently, and without barriers.”

Nigeria’s Xend Finance Hits 100K Users and Enables Local Currency Conversions to StableCoins

Users in and will also now be able to convert local currencies into stable cryptocurrency and save.https://t.co/05RaMEelgH @xendfinance @sandeepnailwal @0xPolygon pic.twitter.com/RsjFpH71wS

— BitKE (@BitcoinKE) June 29, 2022

The new RWA investment product is built on Asset Chain, a high-performance blockchain optimized for real-world asset tokenization. With zero gas fees, real-time stablecoin settlements, and verifiable on-chain ownership, Asset Chain provides the foundational infrastructure needed to bring traditional financial assets into the decentralized world — at scale.

 

Why This Matters

Across Africa and many emerging markets, the road to building long-term wealth is blocked by:

Limited access to stable, dollar-based investments

High minimum entry thresholds (often $500+)

Local currency devaluation and inflation

Now, everyday users can:

Own a portion of global real estate portfolios

Invest in global tech stocks

Use stablecoins instead of going through bank hurdles.

Hold secure, on-chain, asset-backed tokens.

“This launch marks a major step in fulfilling Xend Finance’s mission: bringing real-world assets on-chain with speed, scale, and zero friction,” said CEO of Xend Finance, Ugochukwu Aronu.

“Built on Asset Chain’s high-performance infrastructure, this product allows everyday users to own tokenized real estate and stock assets globally, with zero gas fees and no need for a traditional brokerage.

This is what decentralized access to wealth-building truly looks like.”

The platform launch aligns with a growing trend of Web3 projects targeting Africa as a crucial market for real-world asset (RWA) tokenization. Other initiatives on the continent include:

Mozambique’s Empowa which is using the Cardano blockchain to tokenize real estate.

Empowa enters the #Nigeria market – @BitcoinKE just covered our growing impact!

Proud to see increased attention on sustainable housing powered by Empowa

What’s next: Aligning project timelines with co-op financing Supporting developers like Millard Fuller…

— Empowa- LSPO Ticker: EMPL (@empowa_io) May 30, 2025

South Africa’s AgriDex platform on Solana facilitating the trade of agricultural products across the continent.

According @henryduckw, the CEO of @AgriDexPlatform, the emergence of a #multipolar world brings with it increased risk which will likely drive the adoption of digital currencies, whether that is #stablecoins, #Bitcoin or other digital assets.https://t.co/6mrk0RKCVV pic.twitter.com/5e0rPA2vf4

— BitKE (@BitcoinKE) May 15, 2025

As detailed in Chainalysis’s 2024 Geography of Crypto Report, Nigeria – home to both Xend Finance and Risevest – ranks second globally for crypto adoption. Other Sub-Saharan countries such as Ethiopia, Kenya, and South Africa also feature prominently in the top 30.

REPORT | #Nigeria Ranked 2nd Globally in #DeFi and the Only African Country in Top 20 by Chainalysis 2024 Crypto Adoption Index

“When we look at year-over-year growth in terms of types of services, we see that DeFi activity increased significantly in Sub-Saharan Africa, Latin… pic.twitter.com/foXhFCjaM1

— BitKE (@BitcoinKE) September 13, 2024

Africans use crypto for diverse purposes: business payments, hedging against inflation, and everyday transactions. Stablecoins pegged to major fiat currencies, especially the US dollar, are becoming critical in this ecosystem. Acting as a hedge against inflation and enabling cheaper cross-border transactions, stablecoins account for 43% of all crypto volume in Sub-Saharan Africa.

REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis

According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T

— BitKE (@BitcoinKE) October 4, 2024

Real-world asset tokenization represents a promising use case that could further accelerate crypto adoption across Africa by providing individuals with easier access to global financial markets.

 

 

 

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Despite legal reforms, Nigerian banks continue to freeze accounts linked to cryptocurrency activity. Arrests persist. Confusion reigns. For a country trying to become Africa’s tech capital, Nigeria’s crypto regulation is sending mixed messages.

When Nigeria passed the Investment and Securities Act (ISA), 2024, it appeared to mark a new chapter for the country’s crypto ecosystem. The law formally granted the Securities and Exchange Commission (SEC) authority over digital assets, which many interpreted as a clear signal: crypto is now legal.

REGULATION | Nigerian President Signs Investment and Securities Act 2024 into Law Formally Classifying Virtual Assets as Securities

For the first time, virtual assets and investment contracts are formally classified as securities, placing Virtual Asset Service Providers… pic.twitter.com/g2JEJ9dmB9

— BitKE (@BitcoinKE) March 29, 2025

But on the ground, the situation remains murky. Crypto users still face frozen accounts, red flags from banks, and – in some cases – the threat of arrest. If the law has changed, why hasn’t the experience of using crypto in Nigeria?

The confusion stems from a long-standing tug-of-war between regulators. In 2021, the Central Bank of Nigeria (CBN) issued a directive barring financial institutions from facilitating crypto transactions – essentially cutting crypto off from the banking system.

The Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges: https://t.co/ugAgRYWuZy via @BitcoinKE

— davgit (@DavGit) February 5, 2021

While the CBN lifted that restriction in late 2023, it did so quietly, with little public guidance, leaving banks unsure of how to proceed.

REGULATION | The Central Bank of #Nigeria Lifts the 2021 Banking Restrictions on Cryptocurrency Exchanges and VASPs

In a circular sent to the banks and financial institutions in Nigeria, the Central Bank (CBN) guided that the new regulation supersedes previous instructions on… pic.twitter.com/Eeheb2yjgu

— vid.ken (@vid_kenNFT) December 24, 2023

In practice, not much has changed.

“We still restrict crypto-linked accounts,” said an operations staff member at a leading Nigerian fintech. “It’s just not worth the risk.”

 

Another widely-used fintech product even displays a notice:

“In accordance with CBN regulations, accounts dealing with cryptocurrency transactions will be restricted.”

 

These warnings have had a chilling effect.

Individuals have reported having their bank accounts frozen simply for receiving funds that passed through a crypto intermediary. Others say they’ve been detained or interrogated by authorities – not for breaking any laws, but for being caught in a gray zone where policy says one thing and practice says another.

REGULATION | Nigeria Freezes Crypto Accounts with Over $37 Million in $USDT Belonging to Suspected Protest Organizers

The wallet with the lion’s share of the assets has over $37 million in $USDT while another has over $400,000 in $USDT.https://t.co/RyifU23UB0 @Tether_to… pic.twitter.com/9U8pax0MP8

— BitKE (@BitcoinKE) August 14, 2024

A senior CBN staff member, who requested anonymity, described the situation as “dicey.”

“Implementation is different from signing something into law.”

REALITY CHECK | Nigerian Banks and Fintechs Remain Wary of Crypto Despite New Licenses

Despite the SEC’s issuance of provisional licenses to Quidax and Busha, senior executives at major fintech startups report that banks are ignoring these licenses.

Until clarity is achieved,… pic.twitter.com/ae0NoSUoB9

— BitKE (@BitcoinKE) September 10, 2024

BitKE Insights: What the New Law Actually Changes

According to reporting by BitKE, one of Africa’s leading crypto media platforms, the ISA 2025 does establish a legal framework for digital asset services – but with conditions.

Crypto exchanges and wallet providers must register and obtain licenses from the SEC.

The Act allows the SEC to classify cryptocurrencies as securities, giving it enforcement powers and investor protection mandates.

However, the CBN remains the primary authority over monetary policy and banking operations, meaning banks can still determine how – or if – they engage with crypto-related transactions.

This regulatory overlap has created a gap between de jure (what the law allows) and de facto (what happens in practice). BitKE notes that while some companies are actively seeking licensing, the dual oversight is creating uncertainty.

Until the SEC and CBN clarify their roles – and ideally issue a joint framework – many institutions will continue to act defensively.

 

South Africa Offers a Contrast

While Nigeria hesitated, South Africa moved decisively. In 2022, the Financial Sector Conduct Authority (FSCA) designated crypto assets as financial products. By 2024, over 248 companies were licensed to operate within the country’s regulatory framework.

REGULATION | South Africa Has Now Approved 248 Crypto Providers Out of 420 Received So Far, Only 9 Applications Rejected

This post identifies two key areas that resulted from applications getting rejected by the FSCA.https://t.co/9osgvhErjt @fscasouthafrica pic.twitter.com/2fvVgBZoty

— BitKE (@BitcoinKE) December 16, 2024

African firms – and even international players – are choosing South Africa over Nigeria because the rules are clearer. South Africa may not have all the answers, but it has created a baseline of predictability – something Nigeria is still struggling to provide.

 

What Needs to Happen

Regulatory Alignment The CBN and SEC must align on crypto policy. Competing or contradictory guidance only fuels uncertainty. A joint circular or regulatory framework would go a long way in restoring confidence among users and businesses.

Clearer Communication Authorities must proactively educate the public and financial institutions about the new legal landscape. The current opacity is not just confusing – it’s dangerous. Advocacy groups and tech leaders must also step up, just as they have in Kenya, where regular dialogue with regulators has led to more nuanced, responsive policies.

Consistent Enforcement Finally, policy must match enforcement. Nigerians should not be penalized for operating in a space the government now claims to support. The threat of arrest or asset seizure must be eliminated if crypto is truly legal.

 

So, Is Crypto Legal in Nigeria?

Legally? Yes.

Practically? It depends on who you ask – or which bank you use.

 

Until the CBN and SEC speak with one voice, and enforcement reflects policy, Nigeria’s crypto sector will remain in limbo.

 

 

 

 

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The Ethereum Foundation (EF) appears to be leaning further into decentralized finance, as Aave Founder, Stani Kulechov, revealed on X that the organization has borrowed $2 million worth of GHO, the stablecoin native to Aave’s lending protocol.

“The EF is not only supplying ETH to Aave, but also borrowing from Aave,” Kulechov wrote. “The full DeFi circle.”

The Ethereum Foundation is now borrowing GHO, a decentralized stablecoin backed by Aave.

The EF is not only supplying ETH to Aave, but also borrowing from Aave. The full DeFi circle. pic.twitter.com/prJyHi5jsM

— Stani.eth (@StaniKulechov) May 29, 2025

According to EtherScan, the EF took out a 2 million GHO loan backed by its ETH holdings, which had already been deposited on Aave. Those holdings are currently valued at about $55 million.

The GHO tokens remain in the EF’s wallet at the time of writing, but Avara’s Chief of Communications, Claudia Ceniceros, said that the funds will be used to cover operating expenses.

GHO is an over-collateralized, decentralized stablecoin governed by the Aave DAO. It is yield-bearing and subject to interest rates and collateral requirements determined by the community-run DAO.

 

A DeFi Strategy

Back in February 13 2025, the EF announced it had allocated 45,000 ETH – then worth $120 million – into three DeFi platforms:

Aave

Spark, and

Compound.

The largest share went to Aave, with 10,000 ETH deployed to Aave Prime and 20,800 ETH to Aave Core.

EF Treasury has deployed:

– 10,000 ETH into Spark – 10,000 ETH into Aave Prime – 20,800 ETH into Aave Core – 4,200 ETH into Compound

We’re grateful for the entire Ethereum security community that has worked diligently to make Ethereum DeFi secure and usable!

— Ethereum Foundation (@ethereumfndn) February 13, 2025

At that time, the Foundation said it was exploring staking and other DeFi strategies.

The EF has not commented publicly on this latest move.

 

Reducing ETH Sales

The Ethereum Foundation has drawn criticism in the past for funding operations by selling ETH, with some arguing it could better support itself by earning yield on its existing assets.

In January 2025, Ethereum developer, Eric Conner, said the EF “could easily stake ETH and use DeFi to cover most if not all of their internal budget” rather than liquidating its holdings.

Ethereum Co-Founder, Vitalik Buterin, responded that there were two main concerns: one regulatory – which he noted is easing under the new, more crypto-friendly U.S. administration – and the other political. Specifically, Buterin warned that staking EF’s ETH could tie it to positions in potential future contentious hard forks, though he added the team is exploring ways to reduce that risk.

With its latest DeFi move, the EF seems to be taking a first step toward reducing its reliance on ETH sales to fund operations.

 

 

 

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STON.fi announced that USDe, a synthetic dollar developed by Ethena Labs, is now available to users via its dApp. As part of TON’s growing DeFi ecosystem, users can easily swap, stake, and provide liquidity for USDe directly through STON.fi – without the need for bridges or third-party tools. This expansion reflects the broader initiative to bring USDe onto the TON blockchain, providing users with access to sustainable, non-speculative reward opportunities. Powered by Ethena’s delta-neutral strategy – which balances long and short positions to maintain dollar stability – USDe is fully collateralized and backed by crypto assets like ETH and liquid staking tokens.

[TECH] EXPLAINER: How Algorithmic Stablecoins Like $UST Work: The 2 leading stablecoins Tether ( $USDT) and USD Coin ( $USDC) are backed by reserves of U.S. dollars and other assets in an effort to maintai.. https://t.co/CFqf0uX5q3 via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) April 28, 2022

The deployment of USDe on TON – jointly announced by Ethena and TON Foundation – represents a significant leap forward in DeFi adoption. With direct integration inside wallets in Telegram and support across the TON ecosystem, this initiative aims to make synthetic dollars an accessible option for users worldwide. STON.fi powers that experience, making it easy for users to access USDe for swapping, staking, and providing liquidity – all without leaving the TON Network. “We’ve seen increasing interest from TON users in finding stable, transparent ways to on-chain reward strategies,” said Slavik Baranov, CEO of STON.fi Dev. “With USDe, the ecosystem is introduced with more than just a new on-chain asset – it’s an integration of a reward-bearing asset that helps users manage their holdings without giving up control or flexibility. It’s a meaningful step forward for DeFi on TON.”

MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population

This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc

— BitKE (@BitcoinKE) May 17, 2024

Through STON.fi, DeFi users can seamlessly swap TON-based USD₮ for USDe in just a few clicks. From there, USDe can be flexibly allocated between staking and liquidity provision. This user-friendly flow lowers the technical barriers for anyone looking to on-chain reward strategies within the TON ecosystem. To further incentivize participation, Ethena is working with STON.fi in creating liquidity pools with USDe, and will reward users specifically for participating in these pools. By staking or providing USDe liquidity through STON.fi, users may be eligible to automatically collect Ethena rewards, which may unlock bonus rewards at the end of the campaign – creating additional value for active participants. The launch of USDe via STON.fi marks another step in strengthening decentralized finance on TON – bringing an innovative, reward-bearing synthetic dollar closer to everyday users and making DeFi more accessible, transparent, and rewarding. To learn more about how to get USDe on STON.fi, visit the official website:  https://ethena.ston.fi About STON.fi STON.fi is the developer of the leading AMM protocol on The Open Network (TON), which offers a secure, fast, and user-friendly way for swapping any TON-based token. Protocol users have access to token swaps, yield farming, liquidity provision, and staking. With over $5.8 billion in total trading volume and more than 20 million operations since inception, STON.fi dominates the DeFi ecosystem on TON in terms of available tokens, total value locked (TVL), and active users. Backed by top investors such as CoinFund, Delphi Ventures, Karatage, The Open Platform, TON Ventures, and others,  STON.fi continues to push the boundaries of DeFi with innovations like Omniston, a decentralized liquidity aggregation protocol. About Ethena Ethena is the protocol behind USDe, the third-largest and fastest growing USD-denominated crypto asset in history. Ethena has over $6 billion in TVL  today across one of the largest sets of users from a DeFi protocol, alongside integrations with some of the largest centralized exchanges and major DeFi applications. Ethena Labs, a contributor to the protocol, is backed by Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit and OKX among others.

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PancakeSwap, the leading decentralized exchange (DEX) on BNB Chain, is now dominating the sector, flipping Uniswap in 30-day volume.

Over the past month, PancakeSwap has processed $138 billion in volume, including $11.9 billion – 8.5% – in the last 24 hours alone. In comparison, Ethereum-focused Uniswap handled $85 billion in the same period.

This spike marks PancakeSwap’s third-highest weekly volume in history, trailing only two consecutive weeks in January 2025, when it registered $173 billion and $171 billion respectively.

MILESTONE | @PancakeSwap, Records Highest-Ever Quarter in Trading Volume Since Inception

Non-stop growth across every key metric since Q1 2023:

Volume up 921% Users up 81% Transactions up 159%https://t.co/LmqT9Wuiz5 $CAKE $BNB @BNBCHAIN @BSCNews @bsc_daily pic.twitter.com/8jdGgiAgic

— BitKE (@BitcoinKE) April 24, 2025

While there’s no single catalyst for the latest surge, World Liberty Financial’s increased presence on BNB Chain may be a contributor. The Trump family-backed DeFi platform recently acquired $3 million worth of EOS through PancakeSwap, prompting an 11% rally in EOS.

PancakeSwap also rolled out its Infinity upgrade – formerly known as Version 4 – at the end of April 2025. This major overhaul introduced capital-efficient liquidity pools, customizable hooks, and flexible fee structures, enhancing the protocol’s competitiveness and user control.

According to recent BitKE reporting, PancakeSwap’s rapid innovation began with the launch of V3 in April 2023, which brought multiple fee tiers (0.01%, 0.05%, 0.25%, 1%) and a VIP rewards program for active traders. The update was celebrated with a campaign that distributed $135,000 in $CAKE tokens and exclusive NFTs.

Leading DEX on Binance Smart Chain, @PancakeSwap , Launching V3 in April 2023 – $135K in $CAKE Giveaway Announced

The campaign will run from March 5 2023 until April 3 2023.

More details here:https://t.co/gVuZtdGXvf @BNBCHAIN pic.twitter.com/oiDOESzNWG

— BitKE (@BitcoinKE) March 4, 2023

Continuing its innovation streak, PancakeSwap introduced the Position Manager in October 2024. This tool allows users to automate liquidity provision using vaults, supporting major tokens like BNB, ETH, and USDT. Increased CAKE incentives were added to drive adoption of the feature.

In terms of tokenomics, PancakeSwap executed a strategic burn of over 9 million CAKE tokens in September 2024 – worth around $15 million at the time – to reduce supply and bolster long-term value.

The most traded token over the last 24 hours is MERL, the Merlin Chain token, which debuted on Binance Alpha on May 20 2025. Binance also launched MERL perpetual contracts on May 28 2025. MERL alone has driven over $409 million in 24-hour volume, as traders speculate on a possible spot listing.

$CAKE, PancakeSwap’s native token, has rallied in parallel with the DEX’s growth. It’s up ~20% in the last month, reaching a market cap of $830 million. Earlier this year, $CAKE even spiked by 57% in 24 hours, touching $3.04 as daily volume surged past $3 billion – momentarily outpacing Uniswap.

With cumulative trading volume surpassing $836 billion and $CAKE currently trading at around $2.45, PancakeSwap continues to reinforce its role as a DeFi powerhouse – and it’s far from done.

 

 

 

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Equity Group, Kenya’s second-largest bank by assets, has dismissed over 1,200 employees as part of an aggressive internal effort to stamp out fraud, CEO James Mwangi has announced. It is one of the most significant anti-fraud actions ever taken by a Kenyan bank.

The massive layoffs follow a months-long internal probe that uncovered extensive employee collusion with fraudsters – costing the bank more than $15.4 million (KES 2 billion) over the past two years. The investigation revealed illicit fund transfers to offshore accounts, including a prominent case involving transactions to Abu Dhabi in 2024. Staff across several departments were found to have either facilitated or failed to report suspicious activity involving customer accounts.

 

While Equity’s zero-tolerance policy is likely to receive support from regulators and the public, the development underscores broader governance issues in Kenya’s banking sector, long plagued by high-profile fraud cases. Few banks have responded as decisively and transparently as Equity has.

“The moment of reckoning has come,” Mwangi told Business Daily.

“It doesn’t matter how many I will lose. I don’t even care. I have just started the journey. I will protect the customers and the bank. I will be ruthless.”

Equity 2025 Q1 Results |

Subsidiaries are contributing 47% of group’s customer deposits.

“The problem of Kenya is efficiency.” – Dr. James Mwangi, Group MD, @KeEquityBank #equity2025q1results pic.twitter.com/DNpH5r7Zo6

— BitKE (@BitcoinKE) May 29, 2025

The cleanup began quietly on May 20 2025, when Equity terminated an initial group of 200 staff, according to Mwangi. This week’s broader dismissals – affecting over 1,200 employees – mark a dramatic shift in the bank’s internal culture and its stance on misconduct. Mwangi confirmed the investigation would expand across the bank’s seven operating markets, signaling that more job cuts could be coming. Equity employs more than 14,000 people.

 

“I want to encourage customers not to compromise staff,” Mwangi added. “We have zero tolerance for anyone who is conflicted.”

 

Since April 2025, the bank has been reviewing employee financial activity – including personal M-PESA and bank account transactions – to trace links to fraud cases. According to an internal source, even limited transactional contact with known fraud suspects or customers under investigation has been grounds for termination.

 

“This is not a toll station,” Mwangi said, criticizing a pervasive culture where clients routinely offer staff gifts or bribes for faster service.

“If you’ve ever eaten Mama Mboga’s chicken, the moment has come.”

 

Equity Group has long portrayed itself as a leader in financial inclusion, evolving from a small cooperative into one of Africa’s largest banking institutions, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo. But the rapid pace of digitisation and transaction growth has exposed weaknesses in internal controls and employee conduct.

[TECH] Only 3% of Our Transactions Happen Physically, Says Equity Bank, Kenya’s Leading Banks: One of Kenya’s largest banks, Equity Bank, recently indicated that it is positioning its network of 190 branch.. https://t.co/5OK7doogym via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) November 16, 2021

Kenya has had a fair share of banking fraud with a recent warning coming from the U.S government. In its 2024 National Trade Estimate (NTE) to President Trump and Congress, the Office of the United States Trade Representative (USTR) – which advises the U.S. president on trade policy – flagged fake land ownership documents as a key investment obstacle in Kenya for the first time.

REPORT | #Kenya Risks Losing U.S Investments Over Fraudulent Title Deeds

The Office of the United States Trade Representative (USTR) has flagged fake land ownership documents as a key investment obstacle in Kenya for the first time.https://t.co/K3OIC83Lja @USTreasury pic.twitter.com/rfhLIcJgsT

— BitKE (@BitcoinKE) April 11, 2025

Fraud within the crypto space has also been reported with a recent crypto scam where Kenyans lost millions of dollars in a crypto scam.

“This is a new frontier. We must protect consumers and investors with proper [crypto] legislation.” – said a Kenyan lawmaker

This follows a rise in crypto scams such as the #CBEX scam where Kenyans lost millions of dollars. https://t.co/h1ZWFjfKZa @binance

— BitKE (@BitcoinKE) May 24, 2025

 

 

 

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Stablecoins are gaining ground as a reliable tool for digital payments. New data from Artemis shows that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.

The report shed light on a few specific rising areas for stablecoin payments.

Business-to-business transactions made up the largest block, accounting for an annual run rate of $36 billion.

Card-linked stablecoin payments have also grown, jumping above $13.2 billion in annual volume.

 

“Overall, stablecoins have established themselves as growing and significant components of the global payment infrastructure,” the report notes.

 

Meanwhile, adoption in emerging markets – particularly across Africa – is accelerating. According to insights from BitKE, stablecoins have become a preferred option for businesses and individuals facing currency volatility and banking limitations. Kenya, Nigeria, and Ghana are leading the trend, with increasing stablecoin usage for cross-border payments, remittances, and online commerce. Peer-to-peer and mobile-based platforms are fueling growth, as stablecoins provide a faster, more stable alternative to local fiat.

REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis

According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T

— BitKE (@BitcoinKE) October 4, 2024

In Kenya alone, BitKE reports that USDT and USDC are being increasingly used by SMEs and freelancers to receive global payments, often bypassing traditional banking rails entirely. Several fintechs in the region now offer easy on-ramps and off-ramps for stablecoin transactions via M-Pesa and other mobile money services.

[TECH] STABLECOINS | Private Firms in Kenya Turn to Stablecoins to Pay Foreign Suppliers, 49% Use USDT, Says IMF: The International Monetary Fund (IMF) has revealed that many Kenyan firms are now using crypt.. https://t.co/iZWzG1PM4Y via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) January 13, 2025

Crypto users preferred Tether’s USDt for payments over any other stablecoin, with Circle’s USDC coming in a distant but established second position. As previously reported by BitKE, over half of the entire $USDT supply and 1/3 of total stablecoin supply globally is on the TRON network.

STABLECOINS | Over 1/2 of the Total $USDT Circulation and a 1/3 of the Total Stablecoin Supply is on #TRON Network

TRON is looking to introduce an end-to-end USDT.trx via @Stablecoin support across payment routes and integrate direct fiat conversionshttps://t.co/qjXk6D3Orq pic.twitter.com/5Tex93eyLP

— BitKE (@BitcoinKE) May 26, 2025

Of the blockchains used for stablecoin payments, TRON and Ethereum ranked first and second respectively, with Binance Smart Chain coming in third. TRON and Ethereum are also notable in that the average business-to-business (B2B) transaction sizes for both chains exceeded $219,000. B2B transaction sizes on other blockchains were much smaller.

TRON’s Usage is Rapidly Growing in Africa, Especially Nigeria, Says TRON CEO, Justin Sun | @BitcoinKe https://t.co/GGgWHdY3Ec

— Kenyan Blogs & Vlogs (@BestKenyanBlogs) October 3, 2020

Stablecoins Attract Attention of Governments, Banks, and African Fintechs

According to DeFiLlama, the stablecoin market cap reached $247.3 billion on May 29 2025, a growth of 54.5% in the past 12 months. The usefulness of stablecoins for cross-border payments, remittances, and commerce has attracted more than just crypto enthusiasts; governments and banks have taken notice as well.

In the United States, lawmakers are trying to pass legislation that would regulate these assets, hoping to establish dollar dominance in the digital economy. The United Arab Emirates and European Union have already done so, permitting certain stablecoin issuers to operate in these areas.

According to a Wall Street Journal report, big banks in the US are in early talks about the possibility of launching a joint crypto stablecoin. Companies have gotten into the game as well. On May 7 2025, payments platform, Stripe, introduced stablecoin accounts to users in over 100 countries.

Demand for a variety of this crypto asset could grow as well. At Token2049, Fireblocks policy chief Dea Markova said that governments outside the US are growing increasingly interested in non-dollar-backed stablecoins.

In Africa, that interest is already materializing into real-world applications. BitKE regularly highlights how developers and financial startups are building stablecoin-backed payment systems tailored for local markets – pointing to the rise of stablecoin yield products, digital dollar savings accounts, and merchant payment rails as strong indicators of continued growth on the continent.

#Stablecoin infrastructure provider, @BlockradarHQ has more than doubled its TPV in just 2 months.

We got to chat with @MORe_aGAiN, Co-Founder and COO of @BlockradarHQ which is servicing the #African market.

Full interview dropping soon. pic.twitter.com/JrXrPeMIde

— BitKE (@BitcoinKE) May 29, 2025

 

 

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Blockchain.com is increasing its footprint across Africa, targeting countries where governments are advancing efforts to regulate the cryptocurrency industry.

The UK-headquartered exchange plans to open a physical office in Nigeria – its fastest-growing market in West Africa – during the second quarter. The expansion will also include markets like Ghana, Kenya, and South Africa, according to a May 2025 report.

 

“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” said Owenize Odia, Blockchain.com’s General Manager for Africa.

 

The expansion coincides with a shift in global sentiment toward digital assets, bolstered by political developments in the U.S., where former President Donald Trump’s pro-crypto stance has sparked new momentum in the industry.

STABLECOINS | Trump Signs Executive Order to ‘Promote the Development and Growth of Lawful and Legitimate Dollar-Backed Stablecoins Worldwide’

The order be ” … promoting and protecting the sovereignty of the United States dollar,” as a key goal.https://t.co/v3r56ETVLK

— BitKE (@BitcoinKE) January 24, 2025

Nigeria and Ghana Take the Lead on Crypto Regulation

Although crypto trading remains restricted in several African nations, countries like Nigeria and Ghana are beginning to define legal frameworks for digital assets and exchanges.

REGULATION | This is a Technology We Cannot Prevent, Says Bank of Ghana Governor as He Promises Crypto Regulations by 2025

“This is a technology we cannot prevent, hence the need to move fast to regulate it.” – Governor, Bank of Ghanahttps://t.co/cgku9S735C @thebankofghana pic.twitter.com/rZQAlHOJIh

— BitKE (@BitcoinKE) April 28, 2025

Odia noted that securing a license in Nigeria is a top priority for the firm. The country recently introduced a new securities law aimed at regulating digital assets.

Meanwhile, Ghana’s central bank has issued draft guidelines signaling an intent to regulate crypto platforms by September 2025. Kenya, on the other hand, remains in the exploratory phase.

 

“Nigeria’s combination of high crypto literacy, a digitally native population, and strong demand for alternatives to traditional financial systems has made it our fastest-growing market,” said Odia.

 

She added that more than 3 million Blockchain.com wallets have already been created in Nigeria.

Blockchain.com views these regulatory signals as critical to its strategic decisions in Africa. Odia confirmed the company is preparing a Virtual Asset Service Provider (VASP) application under Nigeria’s updated Investment and Securities Act, working closely with the Securities and Exchange Commission (SEC) to meet all compliance requirements.

REGULATION | Nigerian President Signs Investment and Securities Act 2024 into Law Formally Classifying Virtual Assets as Securities

For the first time, virtual assets and investment contracts are formally classified as securities, placing Virtual Asset Service Providers… pic.twitter.com/g2JEJ9dmB9

— BitKE (@BitcoinKE) March 29, 2025

Over the next 12 to 18 months, Odia said, Blockchain.com will focus on acquiring local licenses, growing its physical presence, building regional teams, and strengthening relationships with both regulators and users.

According to its website, Blockchain.com has 37 million verified users, 92 million wallets, and has processed over $1 trillion in transaction volume.

The company saw its valuation rise from $5.2 billion to $14 billion following a 2022 funding round – just weeks before the collapse of Terra’s ecosystem. However, a $110 million Series E round in 2023 saw that valuation drop by more than half.

 

 

 

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Circle – the issuer of USDC – froze nearly $58 million in $USDC connected to the LIBRA memecoin scam, reportedly as part of an ongoing lawsuit spearheaded by the controversial law firm, Burwick Law.

 

The lawsuit names not only Hayden Davis and Kelsier Ventures, but also the Solana-based decentralized exchange, Meteora, its Co-Founder, Ben Chow, Kip Protocol, and other members of the Davis family.

“Burwick Law’s international class action over the $LIBRA token on Solana is progressing in the Southern District of New York. We represent hundreds of Libra holders pursuing recovery from Ben Chow, Meteora, Julian Peh, Kip Protocol, Hayden Davis, CT Davis, Gideon Davis, and Kelsier after the token’s price collapsed more than 90 percent,” the firm posted on X.

 

The post came less than 12 hours after Circle froze $USDC accounts directly tied to the LIBRA token deployment.

The exact circumstances around Circle’s freeze remain unclear, as the company has yet to make a public statement on the matter.

A man named Martin Romeo claimed that the freeze request came through the Argentinian judicial system. However, Burwick Law denies this, stating that the U.S. District Court for the Southern District of New York “granted Burwick Law’s emergency TRO, supported by co-counsel Tim Treanor, freezing ≈ $57.65 million USDC held at Circle.”

Regardless of how the freeze came about, the $58 million is now under Circle’s control – potentially offering a path to restitution for plaintiffs involved in the case against Kelsier Ventures.

Circle has faced criticism in the past for failing to freeze stolen or maliciously obtained funds quickly enough – especially following the $1.5 billion Bybit hack in February 2025.

 

Onchain investigator ZachXBT publicly called out Circle CEO, Jeremy Allaire, on X, saying:

“How about you tell the entire community why Circle has yet to freeze 115K USDC directly tied to the Bybit hack by DPRK with zero obfuscation after 5 hours? Meanwhile, Tether already froze 106K USDT multiple hours ago.

How many more examples will people have to show until the space understands Circle is a bad actor?”

Tether, by contrast, has a history of freezing assets when requested by law enforcement. One of its most high-profile actions came in November 2022, when it froze nearly $47 million worth of USDT on TRON linked to FTX.

The largest ever freeze of USDT happened in November 2023 when Tether collaborated with the OKX crypto exchange and the United States Department of Justice (DOJ) in an investigation linked to a global pig butchering romance scam.

MILESTONE | #Tether Voluntarily Freezes $225 Million in Stolen $USDT – The Largest Ever Freeze of USDT in History

The frozen wallets are on the secondary market and are not associated with Tether’s customers.https://t.co/Z3awsCVRZ2 @Tether_to $USDT @paoloardoino pic.twitter.com/K5qmtK0dui

— BitKE (@BitcoinKE) November 28, 2023

Though fund freezes in the middle of legal battles aren’t unprecedented, this latest move has sparked fresh debate.

 

A trader known as Newsy Johnson posted on X:

“Insane precedent here. I hate Hayden/Libra as much as anything else, BUT

He’s currently not on warrant for arrest

He never exploited or hacked anyone

Everyone willingly bought the token.

So Circle freezes $50 million. Where does that money go? Do they keep it? Do victims get a refund? How are they justifying freezing the assets?”

 

The recent freezing of nearly $58 million in USDC linked to the LIBRA memecoin scam appears to be the first publicly known instance where Circle has frozen assets specifically associated with a memecoin.

Previously, Circle has frozen $USDC in response to legal or regulatory actions, such as:

In July 2020, Circle froze $100,000 in USDC following a law enforcement request.

In August 2022, Circle froze over 75,000 USDC linked to addresses associated with Tornado Cash, complying with U.S. Treasury sanctions.

In July 2023, Circle froze approximately $63 million in USDC following a security breach involving the Multichain cross-chain bridge platform.

However, there is no public record of Circle freezing USDC assets tied to a memecoin prior to the LIBRA case.

This action may set a precedent for how Circle handles similar situations involving memecoins in the future.

 

 

 

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Conduit, the company re-imagining global financial infrastructure, announced today it has raised $36 million in Series A funding to scale real-time, stablecoin-powered cross-border payments across Latin America, Africa, and Asia.

The round was co-led by:

Dragonfly and

Altos Ventures

with participation from:

Sound Ventures

Commerce Ventures

DCG

Circle Ventures

and existing investors:

Helios and

Portage Ventures.

This brings Conduit’s total funding to $53 million to date.

Conduit markets its payment system as an alternative to the messaging network Society for Worldwide Interbank Financial Telecommunications (SWIFT). Banks have relied on the SWIFT protocol to process wire transfers since the 1970s.

 

Conduit is building a modern alternative to the legacy systems that dominate global business payments – infrastructure that is faster, cheaper, and more reliable. At the core of this vision is the belief that stablecoins are not just a new technology, but a critical bridge that connects fragmented global payment systems.

“Traditional cross-border rails are slow, opaque, and costly. Stablecoins offer a better path – instant, transparent, and fully interoperable between fiat and digital currencies,” said [Name, Title, Conduit].

 

Conduit claims its clients have saved more than 60,000 hours in settlement times and over $55 million in fees since launching in 2021.

That vision is already materializing. In 2024, Conduit’s platform saw 16x transaction volume growth, surpassing $10 billion in annualized volume. The company’s network now spans 14 currencies and over 20 banking partners across nine countries, including the U.S., Mexico, Brazil, Nigeria, and Kenya.

With this new capital, Conduit will:

Launch in five new Asian markets

Expand local currency and stablecoin coverage

Grow its team and enhance platform infrastructure

 

“We’re grateful to our investors, clients, and partners who’ve believed in our mission from day one,” the company shared.

“Cross-border payments are long overdue for change – and we’re building the rails that global businesses need to grow.”

 

Conduit is one of key fintechs in the Circle Payments Network mainnet participants which speaks of its impact and projected growth in stablecoin adoption across emerging markets.

INTRODUCING | The @circle Payments Network Mainnet Is Now Live!#Nigeria is one of the 12 regions, and the only one in Africa, that Circle says it is exploring access expansion in 2025.https://t.co/34j6tj3zXr pic.twitter.com/u2nZSjRgfU

— BitKE (@BitcoinKE) May 22, 2025

Stablecoins have experienced significant growth in emerging markets, particularly across Africa, where they now account for approximately 43% of all cryptocurrency transaction volume.

STABLECOINS | Majority of New $USDT Users Are Coming from Emerging Markets, Including African Cities, Says a Bloomberg Analysis

According to Ardoino, Tether has just over 300 million users globally.https://t.co/DQz6v1xCHi @Tether_to @paoloardoino pic.twitter.com/jXthoNYyGt

— BitKE (@BitcoinKE) November 6, 2024

This surge is largely attributed to economic challenges such as currency devaluation and foreign exchange shortages. For instance, Ethiopia has emerged as the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a 180% year-over-year growth.

REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis

According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T

— BitKE (@BitcoinKE) October 4, 2024

In Nigeria, stablecoins represent about 40% of all crypto inflows, the highest in Sub-Saharan Africa, providing a stable alternative amidst the Naira’s depreciation. The data shows that the USDT/NGN pair is now among the most actively traded pairs on centralized exchanges in Nigeria, overtaking Bitcoin.

STABLECOINS | The Nigeria Stablecoin Boom – $USDT Adoption Surges as Crypto Landscape Evolves

The data shows that the USDT/NGN pair is now among the most actively traded pairs on centralized exchanges in Nigeria, overtaking #Bitcoin.https://t.co/EVCwJk98qz @Tether_to pic.twitter.com/RAggRIUsMh

— BitKE (@BitcoinKE) May 6, 2025

The adoption of stablecoins like Tether’s USDT is not limited to Africa; emerging markets globally are embracing these digital assets. Tether CEO, Paolo Ardoino, highlighted that the recent growth of $USDT is primarily fueled by its adoption in emerging markets as an alternative to the U.S. dollar, rather than by demand for cryptocurrency trading. This trend is evident in countries like Turkey, Vietnam, Brazil, Argentina, and various African nations, where access to dollars can be limited.

 

 

___________

About Conduit

Conduit is a cross-border payments platform powering real-time settlement with stablecoins.

By bridging the gap between fiat and crypto infrastructure, Conduit helps businesses move money across markets seamlessly, affordably, and transparently.

 

 

 

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IEA Kenya, or the Institute of Economic Affairs – Kenya, is an independent public policy think tank based in Nairobi with the mission to promote informed public dialogue on key economic and governance issues in Kenya and the region.

The think tank recently released a comprehensive commentary on the Kenya Finance Bill 2025 identifying significant areas in how Kenya aims to manage its digital economy and navigate international tax compliance. While not directly targeting cryptocurrencies, several proposed amendments carry implications for digital assets, decentralized platforms, and cross-border tech services.

$ADK #ADK IEA Kenya to Hold a Public Forum on Cryptocurrencies in Kenya https://t.co/Ai3TBrRuQM @Bitcoin KEから

— にしこり (@kEdcSLXT4jG8P47) September 5, 2018

Digital Economy Taxation: Broadening the Net

One of the clearest indicators of Kenya’s intent to tighten control over the digital economy is the removal of the KES 5 million (~$38,000) threshold for non-resident digital service providers under the Significant Economic Presence Tax (SEPT).

IEA Critique: The IEA argues that this removal would unfairly burden small-scale non-resident digital actors, raising compliance costs and potentially driving them out of the Kenyan market.

Implication for Crypto: This could affect decentralized platforms or smaller international exchanges that might offer services like wallet hosting, NFT marketplaces, or P2P trading platforms to Kenyan users. These platforms would now fall within Kenya’s tax net, regardless of size, potentially pushing them to geo-block Kenyan IPs.

 

Advance Pricing Agreements (APAs) and Transfer Pricing

The bill introduces a section enabling Advance Pricing Agreements (APAs) between the tax authority and companies with cross-border transactions.

IEA’s Position: APAs are complex and expensive, favoring large multinationals over SMEs.

Crypto Relevance: This could complicate life for blockchain companies that conduct cross-border smart contract-based services, including DAO governance, DeFi protocols, or crypto lending platforms. These firms may be caught in the tax net without the legal and financial capacity to navigate APAs.

 

Definition of Royalties and Software Distribution

A controversial amendment expands the definition of royalties to include software distribution arrangements involving regular payments, which could result in withholding taxes.

IEA Recommendation: Reject the proposal, citing legal precedents that differentiate software licensing from royalty payments unless intellectual property is transferred.

Impact on Crypto: Blockchain-based software often operates under open-source or distributed licensing models. Imposing royalty interpretations on such arrangements introduces legal ambiguity, especially for decentralized applications (dApps), crypto wallets, and exchange APIs that charge subscription or usage fees.

 

Digital Lenders and Marketplaces

The bill revises definitions to cover digital lenders and marketplaces, bringing them under the excise duty regime and enabling clearer tax enforcement.

IEA Position: Retain marketplace taxation for fairness but oppose the removal of licensing requirements for digital lenders due to consumer protection risks.

Crypto Angle: These changes could set a precedent for taxing crypto marketplaces and decentralized finance (DeFi) protocols under similar definitions. Without clear legal categorization for crypto-lending or P2P token exchanges, tax liabilities may become arbitrary.

 

Repeal of Digital Service Tax Agent Appointment

The Finance Bill repeals Section 42B, removing the need to appoint a Digital Service Tax (DST) agent, aligning with the shift to the SEPT model.

IEA Response: This change is aligned with Kenya’s transition to a significant economic presence tax model for digital services.

Crypto Connection: Previously, crypto exchanges may have been designated DST agents if they had notable local engagement. With SEPT, even decentralized or non-custodial platforms could theoretically be subject to tax, based solely on user base or market influence in Kenya.

 

Cryptocurrency-Specific Omissions: An Opportunity or Oversight?

Although the bill does not explicitly reference cryptocurrencies, tokens, or blockchain platforms, the increased taxation of digital services and marketplaces may foreshadow future regulatory inclusions.

Observations: Kenya’s regulatory trajectory mirrors global trends—shifting from ambiguous digital tax categories to more precise regimes capturing economic value from intangible and decentralized sources.

Missed Opportunity: The bill could have introduced clarity on how crypto is taxed (e.g., capital gains, VAT, income), which remains a gray area for investors and builders alike.

 

Conclusion: A Widening Net with Vague Crypto Boundaries

The Finance Bill 2025 represents Kenya’s strategic pivot to formalize and monetize its rapidly digitizing economy. While commendable in intent, the implementation risks overburdening smaller players, stifling innovation, and creating legal uncertainties – especially for crypto-related businesses and users.

 

Key Recommendations:

Introduce explicit language for cryptocurrency taxation, separate from general digital services.

Develop simplified compliance pathways for small digital enterprises and startups, including those in the blockchain space.

Align with international frameworks to avoid double taxation in cross-border crypto transactions.

Kenya stands at a pivotal moment in aligning its tax framework with the realities of a decentralized, digitized global economy. The Finance Bill 2025 opens the door – what remains is to walk through it wisely.

 

 

 

 

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A post by Amon Munyaneza | Kavumu Capital LLC | Managing Partner

 

We all worry about product-market fit, burn rate, CAC, and speed to market. These matter. But 70% of startup failures don’t come from bad economics; they come from broken humans. It’s not that the business didn’t make sense. It’s that the people inside it stopped having integrity.

We have metrics for everything: NPS, MRR, LTV. But where’s the dashboard for moral direction? The quarterly review on trust? The OKR for humility, for the kind of leadership that doesn’t implode when things get hard? Integrity isn’t for PR. It goes straight to the bottom line.

Most people discover the value of character after the damage is done. After the co-founders split. After the investor pulls out because they “lost confidence,” which usually means “this person isn’t safe for my investment.”

I have done due diligence on founders with great pitch decks and better numbers, but not much soul. Numbers change. Markets shift. Tech evolves. But people tend to stay in their patterns until something breaks them or wakes them.

I look for something different now. I look for soul. Not the spiritual kind; the dependable kind. The kind that doesn’t ghost their team after a bad quarter. The kind that can be trusted with success and failure.

Integrity is not a state of being. We work for it. We pay for it. It will cost you something now or everything later.

Why don’t more consultants talk about this? Because it doesn’t scale fast. It doesn’t fit a dashboard. Soul work is slow. And in a market addicted to speed, that feels like a luxury. But it’s not. Integrity is the lifeblood. We need more of it than we need funding rounds.

I have built businesses, mentored founders, and advised investors. In my experience, the “soft stuff” always makes or breaks the hard results. I have seen culture misalignment quietly kill momentum. I have watched the absence of honesty derail multi-million-dollar deals. I have seen egos burn businesses faster than the lack of capital.

The companies I have worked with that prioritize truth don’t always grow the fastest, but they grow the healthiest. Speed matters. But health matters more. Because health is value; and speed, well, that’s just the thing we do to prove we are killing it.

To investors: measure character. Look for hidden fractures before they cost you millions.

To founders: we don’t need more,

angel rounds turning into BMWs.

Or seed rounds into apartments.

Or Series As into land titles.

We need more integrity in the system. It holds things together. The mission isn’t your lifestyle. The raise isn’t your reward.

Real traction is the founder who still lives modestly after their raise, who mentors their team, listens, prays, and shows up with integrity when no one’s watching.

Business models matter. Vision matters. But integrity multiplies everything good. And the lack of it kills everything it touches.

 

 

 

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Empowa, described as a financial technology company utilizing on-chain payments and NFTs on the Cardano blockchain to enable funding for affordable housing through a lease-to-own model, has announced its entrance into the Nigerian market.

In recent months, the Empowa team has been working closely with local partners in Nigeria to determine the most effective way to enter the Nigerian market – one that aligns with both economic realities and community needs. A recent visit to Abuja by Glen, the Founder of Empowa, and the team marked the culmination of this groundwork and the official launch of Empowa’s strategic expansion into Nigeria.

Mozambique’s Empowa Raises Over $600,000 from Cardano After NSE Proposes Tokenization Solution for Kenya’s Housing Market – https://t.co/XaZvECRdqp

— Leroy James Essel (@EsselLeroy) August 17, 2024

At the heart of this expansion is a tripartite partnership involving:

Empowa – providing blockchain-based infrastructure and digital tools through the EmpowaPay platform.

PropPay – serving as Empowa’s representative in Nigeria and helping to navigate local regulations.

The Housing Cooperative Collective – a national body representing housing co-ops across Nigeria, acting as the support and implementation partner for deploying the solution to its members.

This partnership was formalized at the 2025 National Housing Cooperative Conference, where Empowa participated as both a sponsor and presenter. The event brought together housing co-ops from across the country to explore digitization, regulation, and housing solutions. EmpowaPay was showcased as a digital platform designed to help co-ops:

Collect and manage member savings

Record financial transactions on-chain

Track progress toward housing goals

Facilitate and leverage funding, and manage rent-to-own contracts

Feedback from co-ops was overwhelmingly positive. There’s clear demand for modern, transparent digital tools, and EmpowaPay is well-positioned to become the preferred solution for co-ops looking to comply with upcoming digitization mandates – potentially impacting hundreds of thousands of end users nationwide.

Exciting times for the #EmpowaCommunity!

Our co-founder Glen Jordan will speak at the Cooperative Housing Conference 2025 11:15 – 12:00 (UTC+1) Sharing how Empowa drives real housing impact across Africa.

Let’s build the future—together!

Register here:… pic.twitter.com/8Be4e7b5mE

— Empowa- LSPO Ticker: EMPL (@empowa_io) May 14, 2025

The Role of Cooperatives in Nigeria’s Financial and Housing Landscape

In Nigeria, cooperatives – commonly referred to as “co-ops” – play a foundational role in the country’s informal financial system. With a banking sector that still leaves millions without access to affordable financial services, co-ops have emerged as grassroots solutions for community-based savings and lending. It’s estimated that there are over 100,000 co-ops nationwide, each acting as a collective savings mechanism to meet members’ financial needs.

These needs range from group purchases of essentials like rice to support for major life events such as weddings. Crucially for Empowa, a growing segment of these co-ops is focused on housing finance – enabling members to save collectively toward homeownership or rent-to-own arrangements. In the absence of formal financing options, housing co-ops provide a pathway to affordable, secure shelter by pooling resources and distributing financing within trusted community networks.

Despite their critical role, most co-ops still operate manually – relying on pen-and-paper records, offline communication, and limited transparency. This reduces efficiency and presents challenges in financial reporting, data accuracy, and regulatory compliance. However, change is on the horizon. The Nigerian government is now proposing legislation that will require all co-ops to digitize their operations – creating a timely and significant opportunity for solutions like Empowa.

 

What This Means for the Empowa Project

This marks a significant milestone for both Empowa’s mission and token utility. Through this partnership:

EmpowaPay becomes a gateway platform for co-ops to digitize, collect savings, and access housing finance.

Each transaction through EmpowaPay will generate fees used to buy EMP tokens on the open market – creating natural demand and strengthening the token’s utility.

Empowa is exploring a listing on a regulated Nigerian centralized exchange, which would simplify Naira-to-EMP conversions and accelerate adoption.

The platform will also allow co-ops and their members to use EMP as collateral in their home savings process – embedding the token in local housing ecosystems.

LAUNCH | Mozambique’s Empowa Pay Integrates Hedera Hashgraph to Enable Fiat Payments by Tenants Across Africa

Hedera is an attractive solution due to its strategic partnerships with financial institutions. These include Standard Bank (Stanbic), Africa’s largest bank, which is… pic.twitter.com/iHgOV5odCc

— BitKE (@BitcoinKE) November 24, 2023

Nigeria, with over 250 million people, is Africa’s largest economy and among the world’s fastest-growing populations. The unmet need for affordable housing finance is massive – and Empowa now has a pathway to create scalable, on-the-ground impact.

 

As part of the rollout, the team also visited long-term development partners, Millard Fuller and The Affordable Housing Company (TAHC), to inspect past and ongoing housing projects. Both developers already use EmpowaPay to collect data and are well-positioned to be among the first to benefit from co-op-enabled tenant financing.

 

What’s Next

Empowa’s launch in Nigeria is just the beginning of a larger roadmap focused on engagement, rollout, and local adoption.

 

Here’s what’s ahead:

Immediate Next Steps:

Onboard pilot co-ops and begin digitizing their savings systems with EmpowaPay

Align project timelines with co-op financing for developers like Millard Fuller and TAHC

Finalize a Nigerian exchange listing to facilitate Naira-to-EMP transactions

Launch community outreach and education initiatives for co-op members

INTRODUCING | Africa’s First Regulated Stablecoin, the Nigerian Naira-Pegged Stablecoin, $cNGN, Goes Live on Local Nigerian Exchanges

As of February 4 2025, the website reports that there are 4,400 cNGN in circulation.https://t.co/84l4PVX9FJ pic.twitter.com/5pkjCKYk4H

— BitKE (@BitcoinKE) February 10, 2025

In the Coming Months:

Expand deployment to more housing co-ops under the Housing Cooperative Collective

Introduce on-chain saving mechanisms tied to EMP for aspiring homeowners

Share video content and site tours showcasing the types and quality of homes being delivered

Host an AMA (Ask Me Anything) to share exciting updates from Mozambique, where Empowa is also making significant progress

How Empowa is Empowering Mozambicans to Own Homes via the $EMP Token Built on Cardano

Built on the Cardano blockchain, Empowa says it protects investors against potential defaults with the $EMP (Empowa Token), which partners put up as collateral when issuing debt.

One $EMP… pic.twitter.com/ugjXr7jbLp

— BitKE (@BitcoinKE) June 1, 2023

According to Empowa, this expansion into Nigeria is the result of months of hard work, collaboration, and a shared belief in the power of blockchain to enable affordable housing.

 

 

 

 

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