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LATEST TECH NEWS: Zambia’s Zazu launches Union54. Four other things and a trivia you need to know today, August 17, 2020

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These 5 latest stories from the tech space will keep you updated with trends today:

1. Zazu launches pan-African Fintech network Union54

A Zambia-based fintech startup Zazu has announced the launch of a correspondent network of fintech platforms, Union54. The initiative, which seeks to facilitate real-time payments across Africa, will offers each member equity. According to press, the 5 year old startup originally allowed farmers with extra produce to connect with new markets, however, pivoted into the digital banking space in 2017. Reviews revealed that its mobile wallet feature allows customers, including those without a bank account, to send, receive, pay and save money digitally.

Zazu, in the last quarter of 2019, had raised US$1.4 million in funding, a development financial analysts are citing to contribute to the development and launch of Union54. Zazu, in a press statement, explained that the initiative was born out of the need build a member-owned association of fintechs across Africa. In this light, Zazu has further built a digital banking app connected to a debit card, with the startup’s contribution to Union54 being the product. Clarifying terms, members will operate the product and issue Union54 debit cards in their markets.

2. Tencent expands portfolio with minority stake in Voodoo

Chinese tech company Tencent has reportedly added to its portfolio following its decision to take up stake, however minor, in French video game company Voodoo. The development was made public by Voodoo on Monday, while informing the public its company now valued at $1.4 billion. Although the company did not disclose the funding amount but noted that Tencent has been absorbed as a minority stakeholder.

For some months now, reports revealed that the French game company began to look for a potential stakeholder in a deal that could value the company at more than $1.6 billion. In 2018, when Goldman Sachs became Voodoo’s minority shareholder, venture analysts put the funding amount at about $200 million. Although, the market has witnessed relative fluctuation since then, especially since the outbreak of the pandemic, however, Tencent funding amount, according to analysts, would revolve around that of Goldman Sachs, or even less.

Tech Trivia:

Which of the following was the first commercially available web browser?

A. Chrome
B. Safari
C. Opera
D. Mosaic
E. Firefox

Answer: See end of post.

3. South Africa’s Momentum laments hits of cyberattack

South African based financial services group Momentum Metropolitan Holdings on Monday lamented that it has become the victim of a cyberattack, with criminals able to access sensitive data on its systems. According to the Fintech player, a “third party unlawfully accessed a limited portion of data of a subsidiary of the group”. Media was unable, however, to ascertain the subsidiary that was affected.

The company, in a press release containing the incident that stated that: “The group became aware of a data breach on its network on Thursday, 13 August 2020 and immediately activated its IT security incident plan, which included the implementation of additional systems monitoring and the reinforcement of its IT security.” It added that: “The group’s IT teams have been working non-stop to ensure that service to clients remains unaffected.” Analysts have warned organisations dealing with sensitive data, especially financial services organisations to reinforce its security as more cybersecurity challenges are prone to ensue in times as this.

4. Kenya’s Savanna Circuit Tech wins Cisco US$100,000 grand prize

 

Manufacturer and distributor of last-mile non-refrigerant solar-powered milk chillers Savanna Circuit Tech has emerged winner of the 2020 edition of Cisco Global Problem Solver Challenge. Being the 4th edition, the Cisco Global Problem Solver Challenge 2020 is a worldwide search for early-stage technology-enabled solutions and services that leverage technology for social impact. According to press, the 2020 edition was open for student entrepreneurs from around the world.

 

READ ALSO: LATEST TECH NEWS: Jeff Bezos’ Amazon launches online pharmacy in India. 4 other things and a trivia you need to know today, August 14, 2020

Founded and managed by Emmastella Gakuo and Percy Lemtukei in 2017, Savanna Circuit won the grand prize of $100 000. Emmastella, speaking on the uniqueness of his business and its impact on the economy of Kenya, noted that 70% of dairy producers in Kenya are smallholder farmer. He said: “In Kenya, 70 percent of dairy producers are smallholder dairy farmers, and one million people work on these family-run farms. These smallholder farmers produce 5.3 billion liters of milk each year – 30 percent of which goes to waste.”

5. Sombank looks to implement Temenos banking platform to scale venture

 

Temenos technology has signed books to enable Sombank, a bank in Somalia, accelerate digital transformation and offer a unified banking experience to customers in branch and online. Sombank, which is a privately owned Islamic bank in Somalia, reportedly selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia. The bank will implement the full front-to-back banking platform, combining the market-leading capabilities of Temenos Infinity and Temenos Transact.

According to the East Africa-based bank, the platform’s scalable innovative technology is expected to provided superior features for lslamic banks by offering their customers Shari’ah compliant products and the best digital experience. Speaking with the press, the bank noted that the cloud-native solution will enable it design and launch customized digital products more quickly while also reducing its operating costs. In a release, the bank affirmed that: “Temenos’ cloud-native technology will allow Sombank to create innovative digital products and offer lower cost services that are more accessible to all Somalians via a mobile device, including current and savings accounts for individuals and small businesses.”

Tech Trivia Answer: Mosaic

Before “the big five:” Google Chrome, Microsoft Edge, Mozilla Firefox, Apple Safari and Opera; web browser NCSA Mosaic, or simply Mosaic, is the web browser that popularised the World Wide Web and the Internet. Mosaic was developed at the National Center for Supercomputing Applications (NCSA) at the University of Illinois at Urbana–Champaign beginning in late 1992.

NCSA released it in 1993, and officially discontinued development and support on January 7, 1997. Starting in 1995, Mosaic lost market share to Netscape Navigator and only had a tiny fraction of users left by 1997, when the project was discontinued. A fragment of it remains today as Microsoft had earlier licensed Mosaic to create Internet Explorer in 1995.

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