Uganda: Latest News
Tom Jackson, 1:52 am AFKI Original
Finding skilled workers is a major barrier to the development of Africa’s fintech space, which is catering to a large unbanked African population through mobile and other avenues, but the market is slowly responding. The University of Cape Town recently became the first university in Africa to offer a specialized fintech degree, and other ed-tech and related startups have come to the party in an effort to fill the fintech skills gap.
Kurt Davis Jr., 1:20 am AFKI Original
The Starbucks model is interesting for investors and customers within the East African context. There are other local examples of similar concepts working, such as Sugerpie Cupcakes in Kenya. Premium product for premium price at low cost is a winner in the region, but making it work is not as simple as observers may imagine, and there are numerous reasons why a premium franchise such as Starbucks may struggle to work in East Africa.
Peter Pedroncelli, 5:53 am
Renewable energy firm, GreenWish Partners, which is run by former Morgan Stanley executive Charlotte Aubin-Kalaidjian, has announced plans to invest $800 million on solar-powered telecommunications towers to be built throughout Africa. GreenWish will partner with telecoms provider Orange to implement hybrid telecommunication tower systems that are completely off-grid thanks to the combination of a solar panel, a battery and a diesel generator.
Peter Pedroncelli, 7:59 am AFKI Original
In business terms, countries with the fastest broadband speeds have a distinct advantage over others, and this is especially true for Africa. The research took into account 189 countries, including most African nations ranking them from first to last with regards to average speeds that users experience in those countries. Singapore ranks as the world’s fastest country with speeds of 55.13Mbps, while Yemen is in last place in the ranking at an average speed of only 0.34Mbps.
Peter Pedroncelli, 8:05 am
WorldRemit, an international digital money transfer business, and the National Bank of Kenya have joined forces to the benefit of the Kenyan people, expanding remittance options for locals and those sending money to the country. The partnership enables Kenyans living abroad to make instant transfers to Bank of Kenya accounts held in both Kenyan Shillings and U.S. Dollars.
Peter Pedroncelli, 4:38 am AFKI Original
The Barclays Accelerator Program, powered by small and medium business empowerment organization Techstars, is a startup program of networking, mentoring and development at Rise, Barclays Africa Group’s fintech innovation hub. Selected from a large group of applicants from 50 countries, Barclays will work closely with 10 chosen startups to explore promising new technology-based solutions that can benefit the financial services industry and their customers.
Peter Pedroncelli, 6:37 pm AFKI Original
History was made in 2016 when Africa could finally celebrate its first startup unicorn, with the Africa Internet Group, now known as Jumia Group, being valued at over $1 billion in February last year. In doing so, it became the first privately owned startup to gain unicorn status, joining an elite group of 150 or so companies around the globe. The company is based in Lagos, Nigeria, and operates as a subsidiary of Millicom International Cellular S.A, using a sales approach similar to Amazon.
Tom Jackson, 6:13 am AFKI Original
While fintech solutions in other parts of the world have not produced consistent success, Africa’s lack of banking penetration has opened up possibilities for fintech startups to serve a mobile-first population. This track record of innovation is resulting in increased funding for African fintech startups, while of all the sub-sectors within Africa’s tech space it has also proven the most likely in terms of exits.
Peter Pedroncelli, 5:26 am AFKI Original
As with many sectors in modern business, the agricultural industry in Africa is embracing technology to enhance production and ensure a more profitable future. Tech is able to reduce costs, upskill farm workers and save effort and time in Africa’s largest economic sector. From drone tech to mobile apps that assist farmers, Africa is a pioneer on the agritech front, and the technologies that are being incorporated into agriculture are helping to put food on the tables of people all over the world.
Kurt Davis Jr., 5:25 am AFKI Original
There are currently 300 tech hubs in 93 cities across 42 countries on the African continent. The growing number of tech hubs and developers is drawing significant investment, with more than $366 million invested in startups across Africa in 2016. Despite these positive numbers, a few tweaks could help in boosting the African tech scene and increasing the likelihood of success for African startups.
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