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Facebook rebrands digital wallet to escape Libra

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Facebook revamped its Calibra digital wallet, rebranding the service to Novi, in an apparent attempt to differentiate the platform from its Libra cryptocurrency project.

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In a blog post, David Marcus, head of Facebook’s digital wallet play, said the rebranded Novi wallet would also gain a new logo, which includes a Libra icon, “to underscore our commitment to the Libra network”.

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The move comes a month after Facebook moved to reposition the Libra cryptocurrency project, scaling back its initial vision to make it run more akin to a traditional digital payments platform, to appease regulators.

The company first unveiled Libra and the Libra Association, the group designed to operate the Libra cryptocurrency, in June 2019.

As part of the initial vision, Facebook and its partners aimed to develop new digital currencies, operated on the Calibra payments wallet, powered through blockchain technology. However, the project came under fire from regulators in the Europe and the US, which led to several high profile backers, including Vodafone Group, pulling out.

By rebranding Calibra to Novi, it appears Facebook is now attempting to make it clear that Libra is a separate entity from its digital wallet.

Marcus added Novi will operate as a standalone app, as well as on its Messenger and WhatsApp platforms, with no remittance costs and instant transfers.

It will be operated by Novi Financial, a Facebook subsidiary that operates independently from Facebook.

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Africa Region

Standard Chartered Joins Temenos Partner Programme

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Through the integration, financial institutions (FIs) on the Temenos platform will benefit from a faster go-to-market in accessing the Standard Chartered’s extensive currencies offering, allowing them to price services across more than 130 currencies and 5,000 currency pairs while managing exposure risks to FX market volatility.

The integration releases the strain on inhouse technology resources, which is considered beneficial for retail banks, wealth managers and payment providers handling low-value or high-volume transactions that sit outside their treasury function.

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Schneider Electric Targets 900m Africans With Sustainable Energy Solutions

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Schneider Electric said it is targeting 900 million Africans including 95 million Nigerians with universal access to sustainable energy solutions in rural communities by fostering a greener and more resilient future.

The global energy provider said it is committed to providing access to clean electricity to 50 million by 2025, and 100 million by 2030. To date, 46.5 million people have already benefited from Schneider’s energy access solutions.

The country president, Schneider Electric West Africa, Ajibola Akindele, speaking at the Energy Access Investment Forum (EAIF) conference, held in Lagos, recently, said they have a wide range of Access to Energy solutions suitable for electrifying small homes and micro-enterprises, fundamental public services, up to villages and communities.

“Our mission is to be a global digital partner for sustainability and efficiency, empowering all to make the most of our energy resources, bridge progress and sustainability for all. At Schneider Electric, we call this Life is On,” he said.

Director MEAS, Access to Energy, Schneider Electric, Thomas Bonicel, speaking on Schneider Electric’s Access to Energy (A2E) program, emphasized the program’s mission to empower communities through clean and reliable energy access including training & entrepreneurship programs, social & inclusive business, and investment funds.

“There are over 700 million people across the world without access to energy, 600 million in Africa and 95 million in Nigeria; at Schneider Electric, we have decided to deploy our Access to Energy solutions in Nigeria.

“Our major KPI is the impact measured by the quantity of connected people and with Villaya Flex, our latest innovation, we are ready to support independent electricity access and renewable energy adoption in remote villages and off-grid communities,” he said.

The commercial leader, Microgrid, Schneider Electric, Teina Teibowei, said, Villaya Flex, a packaged, comprehensive microgrid solution, is specifically designed for rural, off-the-grid communities and aims to ensure a dependable and sustainable energy supply to meet daily needs and power productive economic activities in these

Teibowei also noted the Nigerian government and the World Bank’s joint efforts to extend electricity access to rural Nigerian villages, adding that  Schneider Electric’s Villaya Flex microgrid solution is well-positioned to tackle the electrification challenges of these remote communities, potentially serving as a valuable asset for the World Bank’s Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project.

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Africa Region

Mastercard and Payment24 to Boost EMV Adoption in Africa, Others

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Mastercard and Payment24 are extending their engagement across Eastern Europe, Middle East and Africa (EEMEA) to help bolster security and drive innovation within the fleet and fuel payment industry across the region.

The EMV standard, now being implemented in over 80 markets, has dramatically reduced the incidence of counterfeit card fraud associated with magnetic strip cards, saving hundreds of millions in potential losses.

This partnership not only drives innovation in the fleet and fuel payments sector, but also aims to speed up the transition to the secure EMV standard and help fleet operators reduce the risk of fraud associated with magnetic strip fleet cards.

This expanded collaboration extends the geographical reach of a proven solution and delivers modern fleet and fuel payment solutions to banks and fleet card issuers throughout the region. While drivers benefit from a quick, secure, and seamless way to make payments, fleet operators can now monitor driver spending in real-time, set expense limits, and minimize the need for cash.

“By combining Mastercard’s leading payment technology with Payment24’s innovative and proven fuel payments platform, we deliver a solution for the region that enhances security and adds significant value and convenience for customers,” said Clyde Rosanowski, Senior Vice President of Commercial Solutions, EEMEA at Mastercard.

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