Tag Archives: regulations
regulations: Latest News
Ann Brown, 12:48 pm AFKI Original
There is no Silicon Valley in Cape Verde. The government sells a lot of tech services that independent companies could be providing, acting as both regulator and provider. This limits the private market, says Pedro Fernandes Lopes, a local who is bringing the first TEDx talk event to the island nation. It took a local Cape Verdean tech startup months just to register an app because Google didn’t recognize Cape Verde, Lopes told AFKInsider. “We need to raise the global visibility of Cape Verde and its tech innovators. And I think TEDx Praia will play a part in that.”
Staff, 9:40 pm
Crowdfunding has been steadily gaining traction in Africa over the past decade. There are 57 crowdfunding platforms on the continent — most designed to serve local consumers and support projects in the host country only. Still, crowdfunding in Africa is limited compared to other regions. In 2015, the African crowdfunding market amounted to about $70 million, less than 1 percent of the global market. Investors and African entrepreneurs who use crowdfunding are operating in an unregulated space, at least in most African countries.
Dana Sanchez, 1:19 pm
Hardly a day goes by when US. marijuana attorney Hilary Bricken does not get a call from someone overseas (often South Africa) asking about cannabis real estate opportunities in the U.S. With plans underway to legalize medical marijuana in South Africa, locals there hope to come up with alternative products that costs less and benefit the country more than Western treatment counterparts. South Africa is a major player in the global cannabis industry, producing a top strain — Durban Poison “The (South African) economic implications are absolutely astronomical if you look at what is going on in the rest of the world,” a local stakehoder said.
Dana Sanchez, 1:46 pm
Nairobi traffic is among the worst in Africa. With 3.915 million people, the city has tried for years without success to solve the gridlock in the CBD. Kenya’s souped-up minibuses — some with names, flashing lights and onboard entertainment — are often blamed for the traffic. Kenyan regulators have tried repeatedly to ban them. Brian Wanyama is on a one-man quest to document matatus before they’re forced to disappear.
Dana Sanchez, 6:12 pm AFKI Original
This is a story of overcoming adversity, of taking on one of the world’s most respected institutions (the U.N.) and winning, and how a Somali entrepreneur turned a $200,000 windfall into a global remittance business valued at $500 million. Ismail Ahmed is CEO of WorldRemit, a U.K.-based online money transfer service. This is how he got from Somaliland to this week being named London’s newest Ernst & Young Entrepreneur Of The Year.
Dana Sanchez, 3:27 pm AFKI Original
Perhaps the answer lies with South Africa. In highly regulated environments, mobile money providers are forced to partner with banks in complicated joint ventures. Banks want to see the mobile money product do well, but not too well. The Ethiopian government set a 2020 target date to increase bank account holders to 80% and double the number of bank branches. Ethiopia has been saying since 2013 that it is launching mobile money. Will it work in Ethiopia?
Kurt Davis Jr., 3:58 pm AFKI Original
The commodities downturn and slowing growth instill fear in some investors. But the underlying fundamentals of West Africa and Central Africa are positive. Nearly a third of adults in West Africa have a bank account. Throw in a very young population — 44% of West and Central Africa is 14 years old or younger. Mobile banking becomes a massive opportunity if you digest these demographics in the long term. The commodity decline is changing the Africa rising story. The financial services sector deserves not to be wrapped up in the anxiety.
Dana Sanchez, 3:06 pm
In every city Uber has entered, taxi and limo companies have tried to ban it. South Africa rejected Uber’s request to create a new transportation category for operators using technology to solicit customers. However, Uber is calling South Africa’s new regulations for Uber drivers “progress.” Uber says it’s not a taxi company. It’s a tech company. “Regulators in the U.S. have mostly swallowed this ride-sharing whopper, hook, line and sinker,” Salon reported.
Dana Sanchez, 3:33 pm
In Liberia, motorcycle accidents have gone down 90 percent since motorcycles taxis were banned. The ensuing market vacuum paved the way for Asia’s three-wheeled, motorized rickshaws — the tuk-tuk. They’re being imported into Africa by the gazillions from India and China, along with claims that they’re cheaper and safer than motorcycles. Tuk-tuk rides cost about 25 cents in Liberia, making them more accessible than traditional taxis, which are out of reach for thousands of Monrovians.
Dana Sanchez, 11:59 am
Some Nigerian states are treating telecoms as extractive industries, imposing taxes on mobile operators that are normally paid by mines, according to a Nigerian telecom association. When the operators are unable to pay, their base stations are closed down, and that’s harassment, the association president said at a Lagos press conference. MTN’s regional office in Abuja shut down operations temporarily in April after a crowd protested xenophobic attacks in South Africa.
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