PRESIDENT Hakainde Hichilema witnessed the signing of a Memorandum of Understanding between the Government of Zambia and Huawei, which will promote the country’s digital transformation.

On 11 September 2023, the Ministry of Technology and Science of Zambia signed a Memorandum of Understanding (MoU) with Huawei to promote digital transformation.

The agreement was signed by Zambia’s Minister of Technology and Science Felix Mutati and Huawei’s Vice President of Southern Africa Region Phil Li, at Huawei’s headquarters in Shenzhen, China. The MoU is aimed at realizing a digitalized future for Zambia by improving ICT infrastructure, promoting the adoption of renewable energy, supporting innovation, and expanding access to reliable and affordable digital services across the country.

On 11 September 2023, Zambian President Hakainde Hichilema gave a speech at the MoU signing ceremony at Huawei’s headquarters in Shenzhen, China.

Speaking at the MoU signing ceremony, President Hichilema stated that, “We recognise the urgent need to rapidly develop our country’s digital platforms as part of our smart economic transformation agenda. We therefore consider Huawei as a reliable partner in this regard, with their innovations and pioneering strength in ICT technologies driven by its heavy R&D investment.” He also congratulated Huawei on its achievements in cultivating Zambia’s ICT talents, “We look forward to working with Huawei even more closely to foster a flourishing ICT ecosystem in Zambia.”

Speaking at the event, Leo Chen, Huawei’s President of Southern Africa Region, stated that the agreement marks a new milestone in the collaboration between the Zambian government and Huawei. He also said that, inspired by the Zambian government’s vision of achieving its Eighth National Development Plan (8NDP), Huawei is fully committed to contributing more to Zambia’s industry digitalization and ICT infrastructure development, especially in rural areas.

Mr. Chen also emphasized the importance of building a flourishing ICT talent ecosystem to underpin the country’s future development. “Huawei is fully behind the Zambian government’s commitment to equip its younger generations with digital skills. Huawei will continuously provide training to young people in Zambia so they can participate in and benefit from the digital economy,” said Chen.

Since establishing its first office in Zambia in 2004, Huawei has been working with partners to provide digital services and build secure and stable ICT infrastructure including data centres and wireless networks such as 4G and 5G. In the MOU, the two parties agreed to promote rural connectivity. Hundreds of villages across Zambia are expected to benefit from it.

“Inclusive connectivity allows the government to deliver better services, businesses to achieve better growth, and people to live better lives. Therefore, we must continue to enhance the inclusiveness of digital infrastructure and digital services, which is one of the key elements of the MoU that we signed today,” said the Minister Mutati.

Since their creation and use, cryptocurrencies are known for their volatility. But, amongst the crypto coins that are gaining popularity and tackling the problem of cryptocurrency volatility, Tether was introduced in 2014 and became USDT later on.  USDT because it is pegged to the U.S. dollar which does not change much in value.

What is USDT?

USDT is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the Dollar, the Euro, or the Japanese Yen, which are held in a designated bank account.

It was specifically designed to bridge the gap between fiat currencies and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users. It is pegged against the U.S. dollar and maintains a 1:1 ratio with the U.S. dollar in terms of value.

Why is USDT useful?

Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies.

Transaction cost: Having USDT (as opposed to the U.S. dollar, Euro or Yen) removes transaction costs and delays that impair trade execution within the crypto market.  With the COVID-19 repercussions, banks in Zambia are trying to attract more customers and stay in business though their fees and rates are relatively exorbitant. However, using USDT, Zambians get the opportunity to shy away from the banking fees as well as exchange rate margin that are charged by banks depending on the foreign currency.

Safe Haven Asset: USDT has a value that is designed to be stable over any period. This feature makes it an ideal safe haven asset because, unlike cryptocurrencies like Bitcoin that can fluctuate dramatically in price every day, an individual using stablecoins to store value see no risk of loss, especially because they have full custody of their asset.

Remittance: Cross-border payments and remittances are very real problems that Zambian emigrants face when trying to send money home. A World Bank report argues that Africans have to pay as high as $12 for any $100 sent home. If remittances are a major source of income for most African homes, it will be beneficial to have the cost of the transactions reduced to the advantage of the beneficiary populations.

The good news is that Zambians and other residents now have a safe platform to trade USDT with the ZMW at the best rates. Moreover, USDT on Yellow Card is available on the Tron network (TRC-20) which offers cheaper network fees to transfer your usdt between wallets.

How Do I Buy USDT in Zambia on Yellow Card?

To buy USDT on Yellow Card, follow these steps:

1. Sign up for a Yellow Card account
2. Fund your wallet with ZMW. You can add money to your wallet using bank transfer, SPENN or Airtel and MTN mobile money. To fund your account with kwacha:

• Tap on Deposit
• Select your preferred payment method
• Entire the desired amount you want to deposit
• Confirm the details of your deposit
• Tap continue then confirm.

3. Buy USDT on the TRON network. Just follow the steps below:

• Tap on USDT
• Tap on Trade
• Tap on Buy
• Enter your desired amount
• Tap continue then confirm.

How Do I sell USDT in Zambia on Yellow Card?

You can also sell USDT on Yellow Card. Log in to your account and follow these steps:

1. Tap on USDT
2. Tap on Trade
3. Tap on sell
4. Enter your desired amount
5. Tap continue
6. Tap confirm

Once you have sold your USDT, you can easily withdraw your kwacha to your bank account or through SPENN.

Conclusion

Cryptocurrency enthusiasts in Zambia can trade USDT using Yellow Card services. Escaping the volatility of other cryptocurrencies and protecting your finances against inflation is an opportunity no one should miss.

Start trading USDT

PRESIDENT Dr Edgar Chagwa Lungu, assented into law the Cyber Security and Cyber Bill of 2021.

President Lungu signed the Bill into law on Tuesday, 23rd March, 202 1 and hoped the law will bring sanity in the way the internet is used in Zambia.

“This is purely to protect citizens from abuse by people who feel they can do or say whatever they want using the veil of cyberspace. This law is aimed at protecting all Zambians, including those who are against it,” President Lungu said.
The President said the Bill was brought to his office and he scrutinised it before he assented to it.

“l could not have signed it if I was not convinced it is for the good of all Zambians. I have read through and it is perfect, ” he noted.
The objects of the Bill are to—
(a)           ensure the provision of cyber security in the Republic;
(b)           provide for the protection of persons against cyber crime;
(c)           provide for child online protection;
(d)           facilitate identification, declaration and protection of critical information infrastructure;
(e)           provide for the collection of and preservation of evidence of computer and network related crime;
(f)            revise the admission, in criminal matters, of electronic evidence;
(g)           provide for registration of cyber security services providers; and (h) provide for matters connected with, or incidental to, the foregoing.
The Bill is now earmarked for printing at Government Printers.

Meanwhile, President Lungu has noted politician Chishimba Kambwili’s apology and accepted it in the true Christian spirit.

The President said what matters is someone’s actions and deeds after one apologises for the wrongs they have done.

This is according to a press statement issued to Mwebantu by Mr. Issac Chipampe, Special Assistant to the President for Press and Public Relations.

(Picture:FILE)