নমস্কার,
Victoria from Techpoint here,
Here's what I've got for you today:
- Purchasing property with crypto in SA
- Africa’s youth: A powerhouse waiting for lift-off
- MTN SA, police bust OTP scam syndicate
Using crypto to buy property in SA
South Africans can now buy property using cryptocurrency! This is being called a first for the country’s property market, thanks to a collaboration between Broll Auctions and Sales, Schindlers Attorneys, and Schindlers Digital Assets.
Together, they’ve created a solution that merges property, legal, and financial services, making it possible for people with crypto to convert their digital assets into property ownership while staying within SA’s financial regulations.
Basically, here’s how it works: Schindlers Digital Assets converts your crypto into regular cash (fiat currency), and Schindlers Attorneys handles the legal stuff — like transferring the property. Broll Auctions and Sales takes care of the actual property sale. It’s a big deal for crypto investors, as it opens up opportunities to use their assets in traditional sectors like real estate.
This announcement is perfectly timed, too, with cryptocurrencies gaining wider mainstream acceptance. According to Schindlers Digital Assets CEO Candice Dawkshas, there’s a growing demand for using crypto in industries like real estate, and this setup meets that need.
The first crypto-enabled property auction is happening in Johannesburg tomorrow, November 21, so it’ll be interesting to see how it plays out.
Meanwhile, South Africa's move to allow crypto in real estate is a major step, but it comes with challenges. While it speeds up transactions and attracts global buyers, crypto’s volatility and limited local access are concerns.
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Regulations are improving, but issues like money laundering and tax compliance need more attention. Stronger rules and education could make it more inclusive.
On another note, Black Friday in South Africa is expected to see a spike in crypto spending. Platforms like Luno and Binance are rolling out promotions to encourage digital payments.
For instance, Luno users can earn crypto rewards when they pay at Pick n Pay stores, while Binance predicts that high-end items like premium fashion and collectibles will be hot picks for crypto shoppers. It’s clear that crypto isn’t just about investments anymore — it’s becoming a regular part of everyday transactions.
Africa’s youth: A powerhouse waiting for lift-off
Africa is buzzing with young energy, with 70% of sub-Saharan Africa’s population under 30. It’s a mix of promise and pressure — millions of young people ready to work but not enough jobs to go around.
While over 10 million youth join the workforce each year, only about 3.1 million jobs are created annually. That’s a big gap, and it raises questions about how this affects Africa and the world. But as Efosa Ojomo points out, the real urgency to fix this has to come from Africa itself.
Education is another hurdle. Traditional schooling is helpful but often too slow to meet the immediate needs of the job market.
Fast, skills-based training — like the kind offered by Andela, Decagon, and AltSchool — could be the answer. These platforms focus on getting young Africans job-ready in record time, particularly in tech, a booming industry on the continent.
Of course, building industries like tech requires patient capital, and Ojomo believes entrepreneurs and investors need to back up their calls for such funding with solid data.
Want to dive deeper into these ideas and see how Africans are shaping their future? Check out Chimgozirim’s story for the full scoop!
MTN SA, police bust OTP scam syndicate
MTN South Africa teamed up with the police to crack down on a gang running one-time PIN (OTP) scams.
Here’s what happened: Over the weekend, raids were conducted on properties in Eldorado Park, Soweto, believed to be their base. MTN said this success came after investigations and anonymous tips, leading to the discovery of fake businesses, suppliers, and call centres used for the operation.
Here’s how the scam worked: posing as MTN call centre agents, the fraudsters tricked customers into sharing their security details under the guise of stopping fake SIM swaps.
With this information, they accessed mobile banking apps and stole funds. MTN called the raid a big win in the fight against these types of fraud, which have become a global issue.
Here’s what the company said: MTN South Africa stressed that OTP scams are part of a larger trend of identity fraud in the telecom industry. These scams often reappear in cycles, targeting both customers and operators.
MTN reminded users that its call centres never ask for security details or OTPs and urged people to avoid sharing sensitive information over unsolicited calls.
Have we seen this before? This isn’t the first time MTN has dealt with such scams. In 2018, MTN South Africa warned customers about a scam where fraudsters trick people into giving out their OTP (one-time pin) over the phone. The scammers then use this info to buy airtime and data on the victim's account and transfer it to their own number.
The telco has ramped up security measures to protect customers, but the battle with fraudsters is ongoing. MTN advises people to stay alert and keep an eye out for official communication through verified channels like social media or press releases.
In case you missed it
- Meet Azeez Saheed the UNILAG undergrad who created Naijaweb, a dataset of 230 million GPT2 tokens from Nairaland
- 6 years as an Uber driver: Now training to be a content creator to fund his plans to own a fleet
What I'm watching
- Living in SURVIVAL vs. Living in CREATION - Dr. Joe Dispenza
- The Most Misunderstood Concept in Physics
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- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.