Commerce

Paratus partners with BSO for groundbreaking Paratus Express Route, offering ultra-fast 123ms latency from Johannesburg to Europe, transforming Africa's digital. (Image source: Paratus)

Paratus Group, a prominent telecommunications entity in Africa, has recently inked a deal with BSO, a trailblaser in infrastructure and connectivity for major financial corporations globally, marking BSO as the inaugural client for the innovative Paratus Express Route 

This state-of-the-art fiber optic pathway is celebrated for its unprecedented speed, linking Johannesburg to Europe with a remarkable latency of merely 123 milliseconds.

BSO, renowned for its ultra-fast connectivity services catering to sectors where time is of the essence, now boasts an augmented portfolio thanks to the Paratus Express Route. “We are excited – not only to be the first customer on the Paratus Express Route but also because this reinforces our promise of providing the fastest and most reliable connectivity solutions across the globe,” expressed Michael Ourabah, CEO of BSO.

This strategic and groundbreaking partnership is pivotal, offering the most expedited latency route from Johannesburg to London, catering to the critical needs of enterprises.

Spanning from Johannesburg to Swakopmund and passing through Botswana, the Paratus Express Route taps into the Equiano subsea cable system, ensuring a seamless connection to Lisbon, London, and broader Europe. Paratus’ significant investment in a comprehensive and varied fiber network solidifies a premier route that promises exceptional performance and dependability for network service providers and their corporate clientele.

“Our partnership with BSO underscores the value of the Paratus Express Route for network service providers and their financial services clients. By combining our local expertise with global reach, we are uniquely positioned to meet the critical connectivity demands of the financial industry. Our express route also marks a significant milestone on our journey to transform Africa’s digital landscape and to support the growth of the financial services sector,” stated Martin Cox, Chief Commercial Officer at Paratus Group.

The Paratus Express Route not only delivers unparalleled velocity and efficiency but also serves as an essential alternative conduit for network operators, diminishing the repercussions of possible fiber disruptions between Johannesburg and Cape Town. As the Equiano Subsea Cable’s landing associate in Namibia, Paratus ensures robust and varied network solutions for its customers.

Sparkle and Arqit’s quantum-safe VPN PoC heralds a new era in secure global communication. (Image source: Adobe Stock)

Sparkle, Italy’s premier international telecom operator, in collaboration with Arqit Quantum Inc., a leader in quantum encryption, has successfully demonstrated a groundbreaking Internet Protocol secure (IPsec) tunnel from Italy to Germany 

This achievement utilised Arqit’s advanced Symmetric Key Agreement Platform and was supported by Telsy, a cybersecurity expert within the TIM Group.

The demonstration highlighted the seamless integration of Arqit Quantum’s Symmetric Key Agreement technology into Sparkle’s cutting-edge network, enhancing the security of data transfers across borders.

This development signifies the establishment of a software-based quantum-resistant Virtual Private Network (VPN), a significant milestone in network security. The software nature of the SKA Platform allows for rapid and straightforward expansion throughout any telecom network, ensuring that sensitive information is safeguarded from potential future quantum decryption methods, thus addressing the challenges posed by the evolution of cybersecurity threats.

Daniele Mancuso, Sparkle's chief marketing & product management officer commented, “Our state-of-the-art global network provides critical services to carriers, institutions and enterprises who choose and trust Sparkle’s leading secure connectivity services to keep their data safe. The successful completion of the quantum-safe VPN PoC, preliminary to a large-scale commercial launch, anticipates the potential threat of quantum decryption and confirms our market leading commitment to continuously elevating the security and resilience of Sparkle’s infrastructure.”

David Williams, Arqit founder, chairman and CEO said, “Sparkle’s establishment of the first quantum-safe VPN between Catania and Frankfurt signifies a key milestone in telecoms cybersecurity. By leveraging Arqit's SKA Platform, Sparkle is pioneering a new era of secure communication, ensuring the resilience of critical networks against the looming threat of quantum adversaries.”

Dr Bawumia advocates for responsible FinTech innovation in Africa. (Image source: Adobe Stock)

At the 3i Africa Summit in Accra, Dr Mahamudu Bawumia, the vice-president, urged African leaders, Fintechs, particularly those on the continent, and financial institutions to seize the unique opportunities available in Africa to collaborate, innovate, and explore ways to positively influence the continent’s inhabitants

Addressing the theme “Digitising Economies In Africa: A Future Imperative” on, 14 May, 2024, Dr Bawumia highlighted the continent’s young and swiftly growing population, increasing internet and smartphone penetration amid decreasing internet costs, and the significant expansion of the financial services sector as key factors that enhance the role of fintechs in daily life, particularly in achieving financial inclusion.

“As fintech reaches a new level of maturity, African financial services are poised at a pivotal inflection point. With the momentum gained in recent years, several African nations stand on the brink of unlocking unprecedented opportunities, positioning themselves at the forefront of the next wave of fintech innovation and growth," stated Dr Bawumia.

“In this rapidly evolving landscape, agile fintech players are strategically positioning themselves to capture a slice of this flourishing market. As the fastest-growing startup industry in Africa, the success of fintech companies can be attributed to a confluence of favourable trends.

“These trends signify the immense market potential and further establish the transformative impact that fintech can have on financial inclusion and economic growth in Africa. As fintech continues to thrive amidst these favourable conditions, it is evident that the sector is well-positioned to reshape the future of finance in Africa, driving both innovation and inclusive growth.”

However, Dr Bawumia cautioned that this growth would not be easily achieved. He advised fintech startups in Africa to adopt a comprehensive strategy that focuses on innovation, demonstrates the vast market potential, and emphasises the importance of regulatory compliance and transparency to attract and secure significant investment.

He advised, “Startups should continuously strive to develop groundbreaking solutions that address unique challenges faced by African consumers and businesses. They should articulate a clear vision of how their solutions cater to the needs of our growing market, backed by data-driven insights and market research.

“Crucially, building trust is paramount for attracting long-term investment. Compliance with regulatory requirements and maintaining transparency in operations are non-negotiables.

“Startups should proactively engage with regulatory authorities, participate in regulatory sandboxes where available, and establish robust governance and compliance frameworks. By doing so, they can instill confidence among investors and fostering a conducive investment environment for sustainable growth.

Referencing a UN report that forecasts Africa will make up 25% of the global population by 2050, Dr Bawumia emphasised that this demographic shift represents not just a theoretical market but also a growing technology market that can be addressed.

He noted, “Key trajectories such as digital payments, financial literacy initiatives, and AI-driven solutions are expected to shape the FinTech landscape in Africa. By focusing on these areas and investing in research and development, we can unlock new opportunities and drive sustainable growth.

Looking to the future, Dr Bawumia remarked, “Ultimately, we stand at a pivotal juncture in the evolution of the FinTech and tech sectors in Africa, where the choices we make today will profoundly influence our trajectory for years, if not decades, to come. It is imperative that we embrace responsible innovation, creating a balance between pushing technological boundaries and ensuring ethical considerations and regulatory compliance.

Dr Bawumia stressed the importance of collaboration among governments, financial institutions, tech startups, and investors to create synergies and promote collective growth.

“Equally important is our investment in nurturing talent and advancing technology. It is imperative we prioritise education, training and development, invest in cutting-edge technologies and infrastructure to empower our workforce lead and adapt to the rapid pace of change. In doing so, we can build a resilient and inclusive FinTech ecosystem that not only drives economic growth but also fosters financial inclusion and improves the lives of people across the globe,” concluded Dr Bawumia.

World Bank’s analysis reveals Djibouti’s digital economy potential and challenges, urging multi-sectoral collaboration for growth. (Image source: Adobe Stock)

The World Bank unveiled an extensive analysis titled “Djibouti Digital Economy Diagnostic,” examining the digital economy’s status in Djibouti 

The study delves into the country’s digital challenges and prospects, underscoring the critical role of digital infrastructure, the urgency to enhance broadband access and affordability, and the essential digital competencies needed for socio-economic advancement. It underscores the significance of telecommunications, data infrastructure, digital platforms, financial services, and entrepreneurship as the digital economy’s core pillars. The report offers a snapshot of the present situation in these domains and proposes directions for their advancement.

Despite Djibouti’s strides in the digital realm, obstacles remain in fully harnessing its tech potential. Constraints in ICT investment and hurdles in digital service affordability and access are notable impediments. Yet, the creation of the Multisectoral Regulatory Authority of Djibouti and the Ministry of Digital Economy and Innovation (MDENI) signal the government’s resolve to surmount these challenges and steer digital progress.

Fatou Fall, the World Bank’s resident representative in Djibouti, remarked, “Djibouti has made significant progress in its digital infrastructure, but there is still room for improvement in terms of affordability, quality and access to digital services. Despite being one of the smallest countries in Africa in terms of size and population, Djibouti plays a crucial role in providing high-speed internet access to neighboring countries.”

The document advocates for a concerted effort from the government, the private sector, and civil society to confront the challenges and harness the opportunities for cultivating Djibouti’s digital economy. It stresses the importance of collaboration, capacity enhancement, and the formulation of explicit governance structures to catalyze digital evolution and realise long-term goals.

The report also touches on data governance and the growing utilisation of data to more deeply comprehend citizen needs and bolster public confidence.

Ilyas Moussa Dawaleh, Djibouti’s minister of economy and finance, responsible for Industry, stated, “The government is dedicated to tackling these challenges and propelling digital transformation forward. Our national flagship initiative, the ‘Smart Nation program,’ represents a move toward a more unified and comprehensive approach of digital transformation. We are devoted to capitalising on Digital Dividends, with a particular emphasis on creating job opportunities for our youth.”

Furthermore, the report accentuates the workforce’s digital skill imperative. It advocates for the establishment of all-encompassing training schemes for public servants and the enhancement of digital literacy among the broader populace, notably recent graduates and business founders.