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Kenyan fintech startup, Cashlet, launches micro-saving service. 2 other things and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Kenyan fintech startup, Cashlet, launches micro-saving service

Cashlet, a Kenyan fintech startup, has launched micro-saving service to help millennials achieve their financial goals.

Cashlet’s new offering allows customers to start with as little as KES500 (US$5) as a saving token.

The startup was founded in April 2019, debuting with an app that gives users the ability to control how much they save, and where to invest and grow their funds.

Cashlet also offers access to investment products managed by ICEA Lion Asset Management, Old Mutual Investment Group and Genghis Capital.

The startup is regulated as part of the Fintech Sandbox of Kenya’s Capital Markets Authority (CMA).

Speaking on the development, Director, Tom Osebe, lamented the lack of saving culture amongst East Africans.

“Most East Africans do not save and invest enough of their income. The saving and investment rate in East Africa lags other African countries, and is significantly behind other comparable emerging markets,” he said.

Tech Trivia: What term refers to a video card that resides outside the computer?
A EIDE
B EUP
C eSATA
D eGPU
Answer: See end of post

2. LHoFT Foundation selects 10 fintech startups for CATAPULT accelerator

The LHoFT Foundation has announced the selection of 10 African fintech startups to take part in CATAPULT: Inclusion Africa accelerator.

READ ALSO: Nigerian 5-year-old startup, ThriveAgric, closes $56.4m. 1 other thing and a trivia

The accelerator, which is a special edition, is slated to take place in Dubai.

According to the organisation, the initiative seeks to support companies focused on financial inclusion.

CATAPULT: Inclusion Africa was developed by LHoFT Foundation to create real impact in relation to financial inclusion.

The initiative will provide participating firms with education and insight as well as connectivity, leveraging Luxembourg’s experienced ecosystem of entrepreneurs, finance professionals, and financial inclusion and impact specialists.

3. Kenya to probe source of funding of digital lenders

A new law awaiting to be implemented demands that Kenyan startups must disclose source of funds.

According to local media, digital credit providers (DCPs) in Kenya will have to disclose their sources of funds.

and provide evidence of the same following the coming into force of a law meant to regulate the sector.

The country’s financial regulator, the Central Bank of Kenya (CBK), disclosed this on Monday, noting that digital lenders are expected to get a license from the country’s monetary authority or wind down their operations by September 2022.

The development is a shift from existing regulation that only requires digital lenders to register their businesses before commencing operations in the country.

The country’s apex bank noted that the development was to ensure that lenders are not engaging in financial crimes like money-laundering.

Trivia Answer: eGPU

Stands for “External Graphics Processing Unit.” An eGPU is a graphics processor that resides outside of a computer. It is attached via a high-speed connection, such as Thunderbolt cable, which provides sufficient bandwidth to process graphics in real-time outside the computer.

eGPUs can be used by both desktop and laptop computers. However, they are more commonly connected to laptops since desktop PCs often have internal expansion slots for graphics cards. In either case, the purpose of an eGPU is to provide the connected machine with higher graphics processing performance.

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