Tech: Latest News
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.
Kurt Davis Jr., 9:32 am AFKI Original
Infrastructure in Africa is at the forefront of investors’ minds. Private equity investors see great opportunity, especially in power projects. The Ivorian president is a former IMF economist. The Ivorian budget minister is a former Goldman Sachs trader, and they’re on the same wavelength. The Côte d’Ivoire economy is expected to grow 8-9% in 2017 and 2018. Strengthening infrastructure will be key in the next phase of the Ivorian growth story. The government plans to spend $60 billion on infrastructure through 2020.
Dana Sanchez, 12:35 pm
Facebook beat Wall Street expectations for sales and user growth in the fourth quarter of 2016, and it credits Internet.org, its free basic version of the internet in developing countries, for helping make that happen. It added more users worldwide in the fourth quarter than any quarter since the company went public in 2012. Founder Mark Zuckerberg’s vision is to get more Africans online. “This isn’t a purely altruistic venture,” an analyst said. Internet.org, is available in 23 African countries through partnerships with mobile operators.
Staff, 1:01 am
Overall, capital importation into Nigeria fell 47 percent in 2016. Foreign direct investment flows were way up but portfolio investments were way down, deterred by the recession and the currency. Nigeria in 2016 imported the bulk of its capital from Britain, the U.S. and Netherlands, with the telecoms, banking and oil sectors the main beneficiaries. Nigeria’s stock market fell 6.2 percent in 2016 while the naira lost a third of its official value against the dollar. In 2017, stocks continue to fall, down 3.1 percent so far.
Dana Sanchez, 3:22 pm AFKI Original
If Ant expands access to mobile money, it could mean that even more people will receive remittances on their mobile money accounts, and that will be good for Ismail Ahmed. Mobile money is disrupting remittances and making formal transactions easier, says Ahmed, a Somali entrepreneur and CEO of online money transfer service WorldRemit. Only 5% of remittances today are sent online. The rest is cash, paid over the counter or at agents. Online remittances are projected to grow six-fold to reach at least 40 percent in the next few years.
Staff, 12:55 pm
To fulfill its economic potential, Africa must industrialize and it’s well suited to do so. The question is how. The economic growth experienced in recent decades has not been sustainable or inclusive. Africa’s economies must move beyond producing raw materials to build competitive manufacturing with added value. Developed countries’ experiences will help Africa avoid the pitfalls of unbridled industrialization, especially environmental damage. Africa is committed to industrialization. The process is already underway in Ethiopia, Ghana, Rwanda, and Senegal.
Dana Sanchez, 3:29 pm
Johannesburg-based Standard Bank is the latest to join the R3 consortium after some global heavyweights pulled out. The network represents a collaboration of 75-plus banks exploring blockchain as a solution for digital payments. Goldman Sachs, Santander, Morgan Stanley and the National Australian Bank have quit the NYC-based R3. Their departure raises questions about how much distributed ledger and blockchain technology are worth to the financial sector. One expert says they could have quit over competition and not wanting to share.
Tom Jackson, 7:55 am AFKI Original
As tech becomes more widespread in Africa, democratic processes will become more accessible. Internet and mobile technologies can reach remote areas and give voice to many. Rashaad Alli is a manager at South African nonprofit People’s Assembly, which supports websites that make parliamentary information more accessible to ordinary people. “Access to information is a great enabler to effect social change and deepen democracy,” Alli said. “Tech tools help increase transparency, expose corruption, strengthen democracy and hold governments to account.”
She’s There When African Governments Turn Off The Internet: Meet The Lawyer Advancing Facebook In AfricaBy Staff, 1:01 am
Some describe Ebele Okobi, 42, as Facebook’s secretary of state for Africa. Last year, at least 11 African governments shut down the internet for various temporary reasons. Where there are shutdowns, there is Okobi. Perhaps the most controversial aspect of her work is Free Basics, the Facebook-driven platform that provides a free version of the internet. Telecos in 22 African countries provide it. Facebook can control what is accessible, and many have criticized it for creating different classes of internet access. For its part, Facebook says half of all Free Basics users convert into paying internet customers within a month.
Dana Sanchez, 1:01 am
Rwanda has scheduled a string of aviation events this year that it hopes will help bolster its growing tourism sector. The country has a new convention center to host such events. In July it celebrated the opening of Kigali’s new $300-million five-star Radisson Blu Hotel & Convention Centre. More than 2,700 aviation experts are expected to attend five major international aviation events that include Aviation Africa 2017 and Africa Airport Summit. Kigali International Airport was ranked third-fastest growing in Africa in 2016.
- Real Estate