Technology

Fintech CEO: Cheyney University Offers Ghana an Opportunity to Expand Technology Footprint

Published

3 years ago

July 28, 2021

Last week, reports manifested of a newly announced partnership between Cheyney University and the soon-to-be-built Oboseke University of Excellence. Within the partnership, the American college, which is situated only thirty miles from Philadelphia, will help the new university in Ghana set up a program focused on aquaponics and aquaculture. In exchange, Oboseke University will provide space on its campus for projects of joint interest.

“For folks unfamiliar with food production, they are often unfamiliar with the extensive use of technology employed in the industry, particularly in the realm of aquaponics. My understanding is that Cheyney’s existing program grows tilapia, and then they use the waste as fertilizer for their basil. Ghana currently imports a significant portion of its tilapia from China, so this aquaponics program is a great way to help provide real value to the local community. However, the partnership could go beyond aquaponics,” suggested Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“You’re sitting on a new university that really has yet to define itself. It’s already looking into how its programs can provide real value to the people of Ghana. It has established a relationship with a college in the United States which would presumably like to continue to build its footprint. Notably, Cheyney partnered recently with a biochem company, leading to the opening of a laboratory on its campus. This new partnership would be a great cornerstone for Oboseke University to build on, and to develop and serve as an incubator for young innovators who attend as students,” opined Gardner.

“To be able to share our experience and knowledge with this emerging African university, and potentially help the people of Ghana develop a more accessible food supply, is an extremely significant opportunity for us, a tribute to our academic excellence, and an honor,” Cheyney President Aaron Walton has been quoted as saying.

“First, start with food supply. Then look at technology. Ghana is currently leading the way in its region, as it works toward developing a central bank digital currency. That program relies heavily on blockchain technology, and it appears that Ghana is well-ahead of its neighbors on this issue. They’re starting to build a culture of innovation, and this partnership with Cheyney really allows them to further develop that. If the universities collectively brought in a few advisors from both sides of the ocean, they could offer a workspace to innovators in Ghana who are building technologies based on blockchain concepts or in other similar avenues, such as artificial intelligence or within MedTech,” Gardner says.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Sometimes, we think of an incubator as an institution with hundreds of millions of dollars in backing and the most prestigious minds in the industry serving as advisors. But, sometimes, it can all start with folks who want to volunteer their time and expertise to help the next generation build something really cool. In a world filled with venture capital raises, it is easy to forget that, sometimes, all innovators need is a little conceptual guidance to bring their vision to life,” said Gardner.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Technology

EU Raises Tariff on Chinese Electric Vehicles by 35%

Published

2 days ago

October 4, 2024

Samed Olukoya

In an effort to slow down Chinese infiltration of the European market with more affordable options, the European Union has hiked tariffs on electric vehicles from China by 35% to 45% from the usual 10%.

According to people familiar with the situation, ten member states voted in support of the new tariff while Germany and four others voted against it. The remaining 12 states reportedly abstained.

Last month, the former European Central Bank President Mario Draghi warned that Chinese state-sponsored competition was a threat to the European Union and could leave the region vulnerable to coercion.

The bloc had claimed that China unfairly subsidized its industry to have an edge over EU businesses, a claim Beijing denies and has threatened retaliatory action on European dairy, brandy, pork and automobile sectors.

However, given the size of trade between the bloc and China, €739 billion or $815 billion in last year, it’s believed the two parties will continue negotiations to find an alternative to the tariffs.

Technology

OpenAI’s Valuation Soars to $157 Billion After $6.6 Billion Funding Round

Published

3 days ago

October 3, 2024

Samed Olukoya

OpenAI, the company that owns Chatgpt, has raised $6.6 billion in a new funding round to boost the company’s valuation to $157 billion as it looks to strengthen its lead in generative AI technology.

Thrive Capital led the funding round with $1.3 billion, while Microsoft invested an additional $750 million, bringing its total investment in OpenAI to $13.75 billion.

According to a source familiar with the matter, Khosla Ventures, Fidelity Management & Research Co., and Nvidia Corp., the chipmaker whose powerful processors are driving the AI boom—were also among the investors.

Apart from Elon Musk’s SpaceX and TikTok owner ByteDance Ltd, this deal ranks as one of the largest-ever private investments.

The ability of OpenAI to raise such a substantial amount despite heightened global risks demonstrates the industry’s confidence in the power of AI.

Other investors included Tiger Global Management, which contributed $350 million, and Altimeter Capital, which invested at least $250 million.

SoftBank Group Corp. and the new Abu Dhabi-based tech investment firm MGX also participated, with SoftBank’s investment totaling $500 million, according to one source who requested anonymity. Venture firm Coatue was another participant.

In a statement, the company said it plans to use the funds to advance AI research and expand its computing capacity. “AI is already personalizing learning, accelerating healthcare breakthroughs, and driving productivity,” said OpenAI Chief Financial Officer Sarah Friar. “And this is just the start.”

Fintech

Kazang Pay Launches Card Acquiring Service in Zambia

Published

4 days ago

October 2, 2024

Samed Olukoya

Kazang, the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”