Commerce

EAC and IGAD to launch EARDIP, a World Bank-backed initiative to improve digital connectivity, cybersecurity, and integration across Eastern Africa. (Image source: Adobe Stock)

The East African Community (EAC) and the Intergovernmental Authority on Development (IGAD) are preparing to launch the Eastern Africa Regional Digital Integration Project (EARDIP), a transformative initiative to enhance digital connectivity and integration across the region

During a workshop in Dar es Salaam, EAC deputy secretary general Annette Ssemuwemba described the project as a "game-changer" that will help build a thriving digital economy, create opportunities for innovation, and drive economic growth.

EARDIP, supported by the World Bank, aims to address key challenges, including fragmented digital infrastructure, high internet costs, and limited access to online services, particularly in underserved rural areas. The project will create a unified digital network to bridge the digital divide, foster cross-border communication, and promote equitable access to digital resources. IGAD’s director Dr Mohyeldeen Eltohami highlighted the regional collaboration, calling the project a "bold step" toward Eastern Africa’s digital transformation.

Additionally, EARDIP will focus on harmonizing digital policies and enhancing cybersecurity across member states, creating a secure and resilient digital ecosystem. This initiative is expected to strengthen regional integration, improve service delivery, and position Eastern Africa as a competitive player in the global digital economy.

The partnership is a significant milestone in enhancing the banking experience for Orabank Group customers and enabling the bank’s digital transformation with innovative solutions. (Image source: Network International)

Network International, a leading digital commerce enabler across the Middle East and Africa, has strengthened its strategic collaboration with Orabank Group, the largest banking group in Francophone Africa, to advance the bank’s prepaid and agent banking services

This partnership marks a key step in improving the banking experience for Orabank Group's customers while driving its digital transformation through innovative solutions. Network will leverage its expertise to enhance Orabank’s competitiveness in Francophone markets, introducing advanced payment technologies to boost consumer confidence and convenience.

Ferdinand Ngon Kemoum, group CEO of Orabank Group, commented, “We are excited to embark on this new growth phase through our strategic partnership with Network International. By utilising Network’s expertise, we are shaping the future of Francophone Africa’s digital payment landscape with innovative products and services that accelerate our digital payment transformation. This delivers an enhanced experience for our customers and highlights our key role in the financial market.”

Dr Reda Helal, group managing director – processing, Africa, and co-head group processing at Network International, added, “We are delighted to extend our strategic collaboration with Orabank Group, focusing on transforming digital payments within the prepaid and agent banking sectors. Implementing Network’s advanced solutions underscores the bank’s influence in the Francophone market, delivering superior payment experiences. We’re eager to seize the opportunities ahead and reach new levels of success together.”

LG Electronics South Africa launches a new online store, revolutionizing digital shopping and enhancing customer experiences nationwide. (Image source: Adobe Stock)

LG Electronics South Africa has made a groundbreaking move in the world of shopping with the launch of its online store, poised to transform the way South Africans purchase their favorite tech products

This is more than just a new e-commerce platform; it's a significant shift in the digital landscape, signaling a new phase in LG’s journey within the South African market, according to Jinkook Kang, subsidiary president at LG Electronics South Africa.

As only the third market in the Middle East and Africa region to introduce a brand-specific online store, LG South Africa is leading the way in a new era of digital retail excellence. This milestone underscores LG’s position as a technology leader and its dedication to meeting the evolving demands of South African consumers.

Kang expressed his enthusiasm about the new platform, saying, “We did not just open an online store; we are unlocking a portal to the future of retail in South Africa. This platform represents a fusion of LG’s pioneering technology with the vibrant spirit of South African consumers. It’s more than a shopping destination—it’s a digital playground where innovation meets aspiration, where every click brings you closer to experiencing the extraordinary.”

Experience premium tech

The newly launched e-commerce site offers a wide range of LG’s most popular products, including stunning OLED and QNED televisions that elevate visual experiences, advanced home appliances that make everyday tasks more enjoyable, cutting-edge monitors for tech enthusiasts, and energy-efficient air conditioning units for eco-conscious buyers.

To mark this digital milestone, LG is offering an exciting promotion. From August 27 to September 30, 2024, customers who spend R7,000 or more online will receive a complimentary LG XBOOM XG2T speake, valued at R1,199. This limited-time offer is exclusive to the online store, providing even more incentive for customers to explore LG’s digital retail space.

The excitement doesn’t end there. LG’s renowned Premium Service is also available for selected items purchased through the online store. This service includes free delivery, professional installation, and ongoing support, ensuring that every LG product is seamlessly integrated into customers' lifestyles.

Recognising the diverse needs of South African consumers, LG has introduced a range of payment options, including interest-free installments and credit alternatives, making it easier than ever to access premium technology.

“We’re not just selling products; we’re crafting experiences that resonate with the South African spirit,” commented Kang. “Our online store is a digital embodiment of our ‘Life’s Good’ philosophy—a place where technology enhances life, where innovation meets inspiration, and where every purchase is a step towards a brighter, more connected future.”

As LG Electronics South Africa embarks on this new digital journey, the company remains committed to its core values of innovation, quality, and customer satisfaction. The online store represents more than just a sales channel; it exemplifies LG’s commitment to enhancing the lives of South Africans through accessible and cutting-edge technology.

“This launch is just the beginning of an exciting new chapter,” concluded Mr. Kang. “We’re not just reimagining retail; we’re redefining the very essence of how South Africans interact with technology. Every click, purchase, and unboxing is a chance to experience something amazing. Welcome to the future of shopping—welcome to the LG online store!”

Yellow Card partners with Fireblocks to enhance cross-border transactions in Africa, securing assets with Wallets-as-a-Service (WaaS) at scale. (Image source: Adobe Stock)

Yellow Card, Africa's leading stablecoin on/off ramp, has announced its integration with Fireblocks, a digital asset infrastructure provider, to enhance cross-border transactions for businesses and individuals

By leveraging Fireblocks, Yellow Card aims to simplify access to African markets for global corporate treasuries, offering secure and efficient on-chain solutions. This partnership includes utilising Fireblocks' Wallets-as-a-Service (WaaS) to enable Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale, ensuring the protection of customer assets.

Digital innovation 

Chris Maurice, CEO and co-founder of Yellow Card, expressed enthusiasm about the collaboration, stated, “We're excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions. Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa."

Fireblocks, known for its user-friendly platform that facilitates the creation of blockchain-based products and the management of digital asset operations, has secured the transfer of over US$6 trillion in digital assets. The partnership with Yellow Card is set to address the complex challenges faced by multinational corporate treasuries, such as regulatory compliance, currency volatility, and inefficiencies in legacy banking systems.

“Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments, driven by new technologies, with US$100bn worth of remittances flowing into the continent. However, cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees,” said Ran Goldi, senior vice-president payments and network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”

With a presence in 20 African countries, Yellow Card is leading efforts to assist organisations in managing foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company supports businesses in handling their treasury and related transactions both within Africa and internationally.

This partnership represents a significant milestone for both companies as they work together to streamline and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks aim to transform cross-border transactions, offering new benefits to businesses and the broader economy through their innovative approaches.