Nigeria’s Grey launches to help users access foreign currencies. 2 other stories and a trivia

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

1. Nigeria’s Grey launches to help users access foreign currencies

Grey, the Nigerian startup founded by Idorenyin Obong and Femi Aghedo, has introduced a seamless currency exchange service, allowing users to effortlessly convert to the local currency and access foreign currencies in their accounts.

This is contained in a press release seen by Ripples Nigeria on Friday, June 2, 2023.

Launched in 2021, Grey has gained prominence with its international money transfer service, enabling quick and unrestricted sending and receiving of international payments.

The startup, backed by Y Combinator, secured a funding round of US$2 million in August last year and has since been focused on expansion.

Ripples Nigeria gathered that Grey selected Kenya as its East African hub In its expansion exploit.

Aghedo expressed the startup’s commitment to providing access to the global economy for all, irrespective of location or background.

According to the statement signed by CEO Aghedo, Grey has developed a user-friendly, secure, and reliable platform.

“We noticed a gap in the market for foreign bank accounts for Africans. Many Africans faced challenges in receiving payments from foreign employers due to limitations imposed by traditional banks,” the CEO said.

“We believed that by offering a platform for quick and effortless access to foreign bank accounts, we could make a positive impact.”

 

TECH TRIVIA: One cycle per second is also known as one what?

A. Hit
B. Hertz
C. Hash
D. Hea

Answer: see end of post

2. AWS selects 25 startups for inaugural FinTech Africa Accelerator

Twenty-five African fintech startups, have secured a coveted spot in the inaugural cohort of the Amazon Web Services (AWS) FinTech Africa Accelerator.

In an effort to strengthen its presence in Africa, AWS, the cloud computing division of e-commerce giant Amazon, launched the accelerator program earlier this year.

Early-stage startups operating in the fintech and fintech-adjacent sectors across Africa were invited to apply.

The program, hosted by AWS’ esteemed Startup Loft Accelerator, aims to provide strategic support and resources to CEOs and CTOs, encompassing areas such as tech team management, product development, and fundraising guidance.

Following a rigorous selection process, the cohort of 25 startups has been chosen from a pool of over 500 applicants.

The 10-week accelerator program is set to commence in June, offering each startup technical review workshop sessions and up to US$25,000 in AWS technical credits.

According to the team, the participants will receive valuable one-to-one mentorship from industry leaders, including Africa Fintech Summit (AFTS), Lendsqr, and Vestbee, who will provide sector-specific guidance to help the startups thrive.

Among the selected startups, eleven hail from Nigeria, namely Ashiri NG, bunce, DeemPay, Fluna, Incash, KoinWa, Stacs, Vagrent Africa, WALLX Africa, Zainnest, and Zeeh Africa.

Kenya is represented by Chumz, hela.money, Kiotapay, and Mauzo, while Ghana boasts Asaana Pay, Edanra, Exxtra, and H28 Technologies.

Meanwhile, two Ugandan startups, eMaisha Pay and Xazu Technologies, as well as South African firms Abela iMali and Moya Money, have also secured places in the cohort.

Completing the group are Cameroon’s Dreamcash and Egypt’s MazAid.

 

3. UNDP launches Deraya initiative to boost Libyan ecosystem

The Libyan government, in partnership with the United Nations Development Programme (UNDP), the European Union (EU), and the African Development Bank (AfDB), has launched the Deraya Entrepreneurship Initiative to foster entrepreneurship in Libya.

The initiative aims to equip young entrepreneurs with the necessary skills and knowledge to transform innovative ideas into thriving startups.

The Deraya initiative is a joint effort between the Ministry of Local Government (MoLG), UNDP, EU, and AfDB, with the participation of a consortium including Flat6Labs, Tatweer Research, and MAZAM.

The programme targets youth and vulnerable groups in Libya, providing them with opportunities to engage with experienced entrepreneurs, subject matter experts, and role models through interactive webinars.

Startup weekends will be held in various cities, including Tripoli, Benghazi, Sebha, and Derna, culminating in a pitch competition where winning startups will receive financial support from the EU and AfDB to further develop their business ideas.

The initiative also focuses on creating municipal business incubators with the technical support of UNDP, ensuring sustainability for the entrepreneurs.

Ripples Nigeria gathered that the launch of the Deraya initiative is aligned with the Ministry of Local Government’s strategy to foster entrepreneurship, empower municipalities, and generate job opportunities in line with existing regulations.

International partners, including the EU, AfDB, and UNDP, are committed to supporting young Libyan entrepreneurs in realizing their business ideas and contributing to the economic diversification and job creation in Libya.

Trivia Answer: Hertz

Hertz (abbreviated: Hz) is the standard unit of measurement used for measuring frequency. Since frequency is measured in cycles per second, one hertz equals one cycle per second.

Hertz is used commonly used to measure wave frequencies, such as sound waves, light waves, and radio waves.

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