Mercy Corps Ventures Launches $1M Fund to Test Real World Use Cases for Web3 in...

The Rwanda Investigation Bureau (RIB) arrested and detained Aimable Nkuranga, the former boss of Association of Microfinance Institutions in Rwanda (AMIR).

According to local reports, Nkuranga was arrested on allegations of fraud and theft by deception through his cryptocurrency business (BITSEC), in an RBI operation targeting multiple suspected scammers. Others scammers, Bagire Eugene, and Amizero Gloire (of Cavallon Ltd), were arrested in late 2022.

According to the RIB, the suspects committed criminal acts by encouraging and promising Rwandan citizens whopping benefits in buying and transacting or investing in BITSEC cryptocurrency.

According to RIB spokesperson, Thierry Murangira, scammers in the country tend to use social media to advertise what they call ‘Real Wealth’ to entice many to invest in the cryptocurrency business. He urged Rwandans to be careful and pay attention to all the persons who promise benefits while they intend to con their culprits.

Victims are typically urged to invest in the business through social media platforms and extensive networking among close contacts, with investment amounts ranging from $50 to $5,000 per person. Such scams have also drawn the attention of the Bank of Rwanda, having to restate its position on cryptocurrencies.

𝐏𝐔𝐁𝐋𝐈𝐂 𝐍𝐎𝐓𝐈𝐂𝐄: Warning Against Any Involvement In CyrptoAssets Activities.#BNREngage#KnowYourCentralBank pic.twitter.com/hQe5SOPmLj

— CentralBankRw (@CentralBankRw) February 10, 2023

“Crypto-assets come in many forms and remain unregulated. Therefore, consumers and investors involved in this business will not benefit from the guarantees and safeguards associated with regulated financial services,” added the statement from the apex bank.

“Some crypto-assets scams taking novel forms promising unrealistic high returns have been reported in past here in Rwanda and in some instances owners of exchange platforms or service providers disappeared after defrauding the public,” the monetary authority warned.

_____________________________________

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_____________________________________

_____________________________________

Mercy Corps Ventures is launching a second year of its Crypto for Good Fund of $1 million. This Fund is set up to test and support Web3 solutions for underserved groups in emerging markets globally. Up to 10 enterprises will receive up to $100,000 in grant funding to test their pilot projects applying blockchain and other Web3 technologies to build financial inclusion and/or climate resilience solutions for users. Applicants can submit their pilot proposals here. Applications are open from February 14th to March 31st, 2023.

Through Mercy Corps Ventures, the impact investing arm of Mercy Corps, startups will receive grant funding, mentorship, impact measurement advisory, access to partnership opportunities, knowledge exchange, and brand exposure. Pilot projects should utilize Web3 technologies to improve financial inclusion and climate resilience for low-income communities in emerging and frontier economies.

“We know that startups are bringing new, innovative solutions to the world’s most pressing challenges,” says Scott Onder, Managing Director of Mercy Corps Ventures, “We want to support founders to scale these nascent solutions by offering strategic support and funding to test, validate and accelerate their work to onboard the next generation of users in emerging markets.”

Applicants must be early-stage startups leveraging blockchain to deliver solutions to underserved populations, have active users and commercial revenue, and be an entity registered and operating in the country of pilot. Pilots can operate in Africa, South and Southeast Asia, Latin America, the Caribbean, the Middle East, Pacific Islands, Eastern Europe or Western Balkans.

Mercy Corps Ventures is particularly interested in supporting entrepreneurs local to the market in which they’re operating as well as female founders, applicants with representation of women at all levels of the organization, and solutions that reach underserved populations including youth, smallholder farmers, informal merchants, gig workers, displaced populations, and women. 

About Mercy Corps Ventures

Mercy Corps Ventures invests in and catalyzes venture-led solutions to increase the resilience of underserved individuals and communities. Founded in 2015 as the impact investing arm of global development agency, Mercy Corps, we’ve supported 41 early-stage ventures to scale and raise over $333.9 million in follow-on capital. Our portfolio is 51% female-founded and centers around resilience-building solutions in adaptive agriculture and food systems, frontier fintech, and climate smart systems, so that those living in frontier markets can withstand disruption and plan for the future. Through capital and support, piloting new approaches, action-oriented insights, and rigorously managing impact, we catalyze the ecosystem toward smarter, more impactful investments.

Learn more at www.mercycorpsventures.vc 

_____________________________________

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_____________________________________