Business: Latest News
Staff, 11:15 am
GreenWish Partners is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth.
Staff, 8:09 am
Last week was a big week for Ugandan fintech startup Numida, as it was declared winner of the Kampala leg of Seedstars World, securing its place at the global final in Switzerland next year where it stands the chance of securing $500,000 in funding. The startup already secured $140,000 in funding from angel investors, and is in the process of raising a $500,000 seed round. The startup has seen 15 percent week-on-week growth since March, and has disbursed 160 small business loans to 105 clients.
Staff, 7:35 am
Feastfox, an eating out App from Cape Town, revealed that it successfully closed its Angel fundraising round, raising $175,000 primarily from Silicon Valley-based Angels and VC firms. Feastfox focuses on spontaneous eating out with its “book now, eat now” concept. Co-founder Stuart Murless explains “by raising Angel funding from California venture capital firms and Angel investors, we proved that it is possible to get early-stage, Silicon Valley financing for a mobile startup in South Africa.”
Staff, 5:29 pm
The World Bank has chosen the 20 startups that will take part in its XL Africa accelerator program, which offers participants help in securing up to US$1.5 million in early stage capital. Disrupt Africa reported on the launch of XL Africa, which will offer startups access to a tailormade curriculum and the chance to receive mentoring from global and local experts. After more than 900 applications were received, the program organizers have now selected the 20 African tech startups to take part.
Staff, 7:35 am
For years, Nairobi has been the cradle of technological innovation in Kenya, and the center of the country’s thriving tech ecosystem, famously known as Silicon Savannah. Most of the innovation spaces, incubation centers, accelerators, and maker labs were also concentrated in the capital—making Nairobi an attractive spot for both technologists and investors. Some innovation spaces, such as the iHub have launched as many as 170 startups. Tech hubs have sprouted up in other Kenyan cities and towns.
Peter Pedroncelli, 11:36 am
It is no secret that countries with the slowest broadband speeds globally have a distinct disadvantage over others with regards to development and business capabilities. New research from British company Cable, looked at over 63 million broadband speed tests across the globe to determine the slowest broadband speeds based on country averages. Yemen is in last place in the ranking at an average speed of only 0.34Mbps, but a number of African nations disappoint with slow speeds.
Peter Pedroncelli, 7:10 am
Nigerian inventor Oshiorenoya Agabi has designed and developed a computer device that can identify the smell of explosives and cancer cells through a combination of neurons and silicon. The Nigerian neuroscientist and entrepreneur, whose startup is based in Silicon Valley, unveiled his incredible invention at the TEDGlobal conference in Tanzania this week, revealing the tech that will allow it to identify through smell.
Peter Pedroncelli, 3:17 am
Ahead of Africa Code Week 2017, which will take place throughout the continent in late October, hundreds of teachers in Zambia have learned basic coding skills. Thanks to a partnership between Africa Code Week and software development group SAP, over 350 teachers in Zambia now have a basic level understanding of how to code, and will be able to pass that knowledge on to students in October.
Peter Pedroncelli, 5:01 am
Safaricom, the world’s biggest mobile money operator, is set to launch an e-commerce platform in October that will be focused on supporting and enabling small businesses to sell their products online. The aim of Masoko, as the e-commerce platform will be called, will be to give small and micro businesses access to markets that they would otherwise be unable to reach with their products.
Kurt Davis Jr., 8:02 am AFKI Original
The economies of sub-Saharan Africa have felt the pain of 2015 and 2016, and African currencies have experienced volatility as a result. The year 2017 has been a partial year of recovery or adjustment, but there remain a selection of African economies that continue to experience issues with their currencies as a reflection of the problems that are affecting them at home. Here we take a look at four prime examples.
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