African Tech Roundup
Barclays Africa's Blockchain Transaction A World First
Sep 19, 2016 · 57 min
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It’s been a busy week for the continent’s fintech scene.

The past week saw MTN South Africa announce that it would be discontinuing its mobile money service due to “a lack of commercial viability”. This revelation comes months after Vodacom South Africa ended it’s catastrophic attempt at copying and pasting Kenya’s M-Pesa magic.

Meanwhile, Madagascar became only the second African country after Tanzania to to roll out mobile money interoperability across the country's mobile networks.

But easily one of the catchiest headline stories of the past week was about Barclays Africa’s involvement in what’s being celebrated as the very first blockchain verified financial transaction in the world by a major banking institution.

The pilot deal between The Seychelles Trading Company Ltd. and Ornua saw the two companies harness a blockchain platform developed by Wave to trade a letter of credit.

This transaction has to be Barclays’ most overt show of confidence in the potenti…
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