New: Africa's latest unicorn is South African-born fintech TymeBank after raising $250M at a $1.5B valuation led by the world’s largest digital bank N
TymeBank Group, a digital lender controlled by South African billionaire Patrice Motsepe, has secured $250 million in funding at a $1.5 billion valuation, making it one of Africa's few unicorns, with Latin America's Nu Holdings Ltd. contributing $150 million of the investment. The funding round, which includes $50 million from M&G's Catalyst fund and $50 million from existing shareholders like Tencent Holdings Ltd. and Gokongwei Group, maintains African Rainbow Capital Investments Ltd. as Tyme's lead shareholder with a 40% stake, preserving its status as South Africa's only Black-owned and controlled commercial bank.
The Singapore-headquartered fintech company, which operates as TymeBank in South Africa with over 10 million customers and has a joint venture in the Philippines, is now expanding into Vietnam and Indonesia, with plans to become the top retail bank in the Philippines before replicating that success in Indonesia. This funding round, likely to be the last before an anticipated IPO by the end of 2028, highlights recovering investor interest in the fintech sector and will support Tyme's goal of achieving above 30% return on equity in South Africa as it prepares for the public listing.
Read on more: https://techcrunch.com/2024/12/16/nubank-leads-250m-round-in-african-digital-bank-tyme-at-1-5b-valuation/
Jumia now accepts payments directly from PalmPay wallets.
Jumia Group , one of Africa's largest online marketplaces with over 23 million monthly visits, has integrated PalmPay 's digital wallet as a direct payment option on its platform, enabling customers to bypass traditional payment methods like debit or credit cards that typically charge 2-3% transaction fees. The partnership comes as Nigeria's digital economy shows significant growth, with internet transfers accounting for 51.91% of all electronic payment transactions in the first half of 2024, according to the Central Bank of Nigeria.
This integration is part of a broader competition among fintech companies to dominate Africa's digital payment landscape, with PalmPay and Jumia leveraging their established presence in the Nigerian market to offer a more streamlined and cost-effective shopping experience. The partnership aims to simplify the transaction process for millions of consumers nationwide while potentially setting a precedent for deeper integration between fintech and e-commerce platforms across Africa.
The Billion-Dollar Ideas: Where Africa’s Next Unicorns Will Emerge in 2025.
Africa's tech startup ecosystem is poised to double its unicorn count by 2025, with projections indicating at least 10 billion-dollar companies, driven by significant venture capital investment that has already reached $2.1 billion as of September 2024, surpassing the $1.7 billion raised during the same period in 2023. Notable startups like Egypt's MNT-Halan (fintech), Kenya's Wasoko (retail supply chain), and Nigeria's Moove (vehicle financing) are emerging as likely unicorn prospects, with fintech remaining the dominant sector accounting for over 40% of venture capital inflows, while climate tech, healthtech, agritech, edtech, and logistics sectors show significant growth potential.
The continent's startup growth is fueled by its young population (median age 19.6 years), over 1000 active tech hubs, and a digital economy projected to reach $712 billion by 2050, with emerging innovation centers in Kigali, Accra, and Alexandria joining established hubs like Lagos, Nairobi, and Cape Town. However, significant challenges persist, including funding gaps, regulatory complexities, infrastructure deficits, and brain drain, with over 75% of startups failing within their first five years, necessitating innovative public-private partnerships and consistent government policies to support sustainable growth.
Read on more: https://techeconomy.ng/the-billion-dollar-ideas-where-africas-next-unicorns-will-emerge-in-2025/
Egyptian fintech MNT-Halan enters UAE market.
Egyptian fintech MNT-Halan has expanded into the UAE market with its salary financing solution, Halan Advance, following a US$157.5 million capital raise and previous launches in Egypt, Turkey, and Pakistan. Founded in 2018 to serve the unbanked, the company has disbursed over US$4.4 billion in loans to more than seven million customers.
The company's digital ecosystem serves 2.2 million quarterly active users with services including micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce. CEO Mounir Nakhla cited the UAE's US$500 billion GDP and growing population as strategic factors for expansion, positioning the country as a key market for advancing financial inclusion in the GCC region.
Ethiopia Parliament to approve banking proclamation, foreign bank entry next week: NBE Governor.
Ethiopian Central Bank Governor Mamo Mihretu announced at the Africa Financial Summit 2024 in Casablanca that Parliament is expected to ratify legislation next week allowing foreign banks to enter Ethiopia's market for the first time. The Banking Business Proclamation, approved by cabinet in June, will permit up to five new banking licenses for foreign institutions.
The historic liberalization will allow foreign lenders to establish local subsidiaries, acquire stakes in domestic banks, operate branches, and employ foreign nationals in senior roles, though Ethiopian residents must be included on boards. Kenya's KCB Bank and Standard Bank have already expressed interest in entering Ethiopia's market of 120 million people, one of Africa's last untapped financial frontiers. The move follows broader economic reforms aimed at attracting foreign investment and transforming Ethiopia's banking industry.
Satgana: Empowering Africa’s Climate-Tech Innovators.
Satgana , a venture capital firm founded in September 2020, is actively investing in African climate tech startups with funding ranging from €100,000 to €300,000, having supported seven climate-focused startups across the continent including Ethiopian cleantech startup Kubik and Kenyan mobility startup Mazi Mobility. The firm's investments target sectors such as agriculture, carbon removal, industry and building, and mobility, with climate tech startups securing 35% (approximately $500 million) of all funding in 2024, including $300 million in the energy sector alone.
The article also reveals significant regulatory actions in Nigeria's fintech sector, with the Central Bank of Nigeria (CBN) imposing ?1 billion fines each on unicorns Moniepoint and OPay in Q2 2024, along with penalties for at least four other fintech companies, following a routine audit that uncovered compliance issues. This regulatory scrutiny represents standard oversight practices for financial institutions under CBN jurisdiction.
AfDB Approves US $108mn Loan for Zambia.
The African Development Bank Group has approved a $108 million loan to Zambia to support its Fiscal Sustainability and Economic Resilience Support Programme, focusing on strengthening economic governance and public sector reforms. The program aims to improve domestic revenue through electronic "smart invoice" implementation and registration of 12,000 VAT-liable taxpayers.
Key initiatives include supporting agricultural mechanization with ten new centers, distributing 257 million kwachas ($9.4 million) for the 2023-2024 agricultural season, and enhancing public investment management. Country Manager Raubil Durowoju emphasized the program's multi-sectoral approach targeting fiscal sustainability, private sector participation, and agro-industrial development with focus on climate-smart investments and MSMEs. This loan adds to AfDB's active Zambian portfolio of 24 projects worth $872.3 million as of November 2024.
2024 African Startups Review: Unpacking Key Trends and Events – Part 3.
2024 saw major transformations in Africa's tech landscape, highlighted by significant mergers, local investment growth, and expansion of global tech services. Key developments included the Wasoko-MaxAB merger creating a 450,000-merchant retail network across East and North Africa, Paystack's rescue acquisition of Brass, and Ticketmaster's entry into Africa through Quicket acquisition.
Local VCs stepped up amid global funding slowdown, with TLcom Capital raising $154 million for early-stage ventures and Janngo Capital securing $78 million for female-led startups. Notable milestones included Moniepoint becoming Africa's eighth unicorn with a $110 million Series C round, Nigeria launching a NGN 100 million AI fund, and Starlink expanding to 18 African countries despite regulatory challenges. By year-end, Starlink became Nigeria's third-largest ISP with 23,000 subscribers, though facing pushback from local operators and regulators across the continent.
Jumia: Fading Macro Headwinds Offset By Rising Competition.
Jumia reported mixed Q3 2024 results, with revenue declining 13% YoY to $36.4 million (though up 9% in constant currency), while announcing its exit from South Africa and Tunisia markets. The e-commerce company's marketplace revenue grew 7% to $20.6 million, but first-party sales dropped 29% to $15.5 million.
Despite recent stabilization of Nigerian and Egyptian currencies, inflation continues to challenge growth. The company maintains $165 million in liquidity after raising $95 million through an August offering. Preliminary Q4 data shows 18% YoY order growth to 4.3 million orders, with GMV up 33% in constant currency. However, with adjusted EBITDA loss at $17 million (-47% margin), Jumia faces pressure to demonstrate profitable growth potential. The South Africa and Tunisia exits, representing only 2% of orders and 3% of GMV, highlight increasing competitive pressures in African e-commerce.
Jumia's valuation means that if the company can return to growth and achieve profitability, without further diluting shareholders, forward returns should be fairly strong. Near-term movements in the share price will continue to be dominated by sentiment, though.
Read on more: https://seekingalpha.com/article/4744534-jumia-fading-macro-headwinds-offset-by-rising-competition?source=feed_all_articles
Flutterwave named to Fast Company’s Brands That Matter in 2024.
Flutterwave has been named in Fast Company's 2024 Brands That Matter list in the Global Brands category, alongside companies like American Express, Disney, and Nike, recognizing its ability to create emotional connections with customers. The African payments technology company earned recognition particularly for its partnership with Audiomack to help artists monetize their work in emerging markets.
The company's achievements in 2024 include being named "Most Innovative Company" for Europe, Middle East, and Africa by Fast Company, "FinTech of the Year" at the African Banker Awards, and rising seven places on CNBC's Disruptor 50 list. Notable initiatives included the Send App Summer Campaign promoting travel accessibility and sharing remittance insights during International Day of Family Remittances. Associate VP Yewande Akomolafe-Kalu emphasized the company's strategic marketing impact in driving global growth.
Read on more: https://dailypost.ng/2024/12/12/flutterwave-named-to-fast-companys-brands-that-matter-in-2024/
Is Vodafone Group (VOD) the Best Telecom Stock to Invest In Now?
The global telecom services market, valued at $1.80 trillion in 2022, is projected to grow at 6.2% annually through 2030, driven by 5G infrastructure investments and increasing mobile subscription demand. Vodafone Group's strategic restructuring includes recent moves like selling a stake in Vantage Towers for $1.4 billion and investing $155 million in AST SpaceMobile.
Looking ahead to 2025, the industry focus remains on 5G deployment while preparing for 6G technology, which will operate in terahertz spectrum enabling terabit-per-second data rates. The transition to higher frequencies (7-20 GHz, W-band, D-band) requires technological advances in semiconductors, with SiGe BiCMOS and InP technologies crucial for performance. Vodafone , with 23 hedge fund holders, is positioning itself through partnerships with Microsoft and Google to enhance digital services, aiming for improved results in FY2025 and FY2026.
Read on more: https://www.insidermonkey.com/blog/is-vodafone-group-vod-the-best-telecom-stock-to-invest-in-now-1407245/
Regulators target Kenya’s booming ‘buy now, pay later’ sector.
Kenya's buy now, pay later (BNPL) sector is booming due to tight economic conditions and increased e-commerce adoption, with annual growth projected at 16.8%, reaching just over $1 billion in 2024. Popular purchases include motorbikes, smartphones, and solar panels, particularly appealing to consumers facing declining real wages and high unemployment. However, the sector faces imminent regulatory changes aimed at curbing predatory lending practices and controlling interest rates, potentially reshaping the industry landscape.
Concerns over high interest rates, aggressive debt collection tactics, and exploitation of low-income borrowers, especially motorcycle taxi riders, have fueled the push for regulation. The proposed legislation would empower the Central Bank of Kenya to oversee BNPL companies, similar to the 2021 crackdown on digital lenders. While major players like Safaricom have secured exemptions, the new regulations could significantly impact the sector and its investors, including prominent startups like LipaLater and M-Kopa, as well as banks such as I&M and NCBA.
Read on more:
World Bank’s Mission 300 to invest in electricity in Africa.
Mission 300, a collaborative initiative led by the World Bank Group and the African Development Bank Group , aims to connect 300 million people in sub-Saharan Africa to electricity by 2030, focusing on clean, sustainable energy sources and improved infrastructure. The project holds immense potential for economic growth, job creation, and climate resilience, with $65 billion already committed and ambitious projects like the Desert to Power initiative underway. However, concerns exist around the reliance on private investment, potential debt traps, and the need for robust just transition strategies.
Critics argue that prioritizing private sector involvement may lead to high energy costs, excluding low-income communities. Furthermore, the lack of local community engagement, particularly with women and youth, raises concerns about equitable access and benefit distribution. Finally, while promoting renewable energy, Mission 300 must address the potential environmental impact of large-scale projects and the socio-economic consequences of transitioning away from fossil fuels, including potential job losses. Careful planning and implementation will be crucial to ensure Mission 300 truly benefits Africa and its people.
Read on more: https://mg.co.za/thought-leader/opinion/2024-12-16-world-banks-mission-300-to-invest-in-electricity-in-africa/
FACT SHEET: Celebrating U.S.-Africa Partnership Two Years After the 2022 U.S.-Africa Leaders Summit,
In the two years since the December 2022 U.S.-Africa Leaders Summit, the Biden-Harris Administration has significantly expanded engagement and partnership with Africa, committing over $65 billion in investments. Key focus areas include trade and investment, infrastructure, climate change, food security, peace and security, health, African diaspora engagement, digital transformation, and women's empowerment. The U.S. has supported $62.6 billion in new two-way trade and investment deals, launched the Partnership for Global Infrastructure and Investment, provided nearly $20 billion for food security and resilience, and invested over $15 billion to fight HIV/AIDS, malaria, and tuberculosis.
The Administration has also strengthened ties with the African diaspora, establishing the President's Advisory Council on African Diaspora Engagement. Digital initiatives like Digital Transformation with Africa are expanding digital access and skills. Gender equality efforts include the $1 billion Women in Digital Economy Fund and African Women's Entrepreneurship Program. High-level engagements have underpinned the relationship, including visits by the President, Vice President, and 20 Cabinet members. The Administration champions increased African leadership in the G20, UN Security Council, and on global challenges.
AfDB boss describes ‘African of the Decade’?Award as testament of transformative power of Africa’s potential.
Dr. Akinwumi Adesina, President of the African Development Bank Group, was awarded the 2024 African Business Leader of the Year Award at the Africa Investment Forum in Rabat, Morocco. The award, presented by the ABN Group and CNBC Africa, recognizes Adesina's significant contributions to Africa's development, including his visionary leadership, innovative solutions, and commitment to sustainable development. His achievements range from revolutionizing Nigeria's agricultural sector as former Minister of Agriculture to securing electricity access for millions of Africans as President of the African Development Bank.
Adesina, who dedicates the award to the people of Africa, is lauded for his ethical leadership, impactful initiatives, and ability to drive positive change. The awards committee specifically highlighted his role in establishing an electronic wallet system in Nigeria that curbed corruption in the fertilizer sector and empowered small-holder farmers. Adesina's unwavering dedication to Africa's progress throughout his career has solidified his legacy as a transformative leader on the continent.
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CFPB’s Final Rule Enhancing Oversight of Large Digital Payment App Providers Goes into Effect Jan. 9 – Are You Ready?
The Consumer Financial Protection Bureau (CFPB) has issued a final rule granting it supervisory authority over nonbank entities considered "larger participants" in the "general-use digital consumer payment applications" market. This means companies facilitating at least 50 million U.S. dollar-denominated consumer payment transactions annually, such as digital wallet and payment app providers, will be subject to CFPB examinations similar to banks and credit unions. The rule aims to enhance consumer protection in the digital payments space by addressing privacy concerns, reducing fraud, and preventing unfair practices.
This rule, effective January 9, 2025, marks a significant expansion of the CFPB's oversight into the digital payments market. It excludes digital asset transactions and "buy now, pay later" transactions. While intended to bolster consumer protections, the rule has been met with mixed reactions from industry groups and consumer advocates. With a change in administration looming, the long-term impact and enforcement of this rule remain to be seen.
Read on more: https://natlawreview.com/article/cfpbs-final-rule-enhancing-oversight-large-digital-payment-app-providers-goes
South Africa Posts First Net Foreign Inflow to Market Since 2022.
For the first time since 2022, South Africa experienced net inflows to its debt and equity markets in the third quarter of 2024, totaling 45.6 billion rand ($2.7 billion). This positive shift is attributed to renewed investor confidence following the formation of a coalition government committed to economic growth and structural reforms. Foreign investors were particularly active in the bond market, with net purchases of local debt reaching 41.4 billion rand.
The South African Reserve Bank's Quarterly Bulletin also highlighted a surge in South African stocks, marking their strongest third quarter in 11 years. Despite these positive trends, the report revealed an outflow in foreign direct investment and an increase in both household debt and total external debt. These factors may pose challenges to South Africa's long-term economic outlook despite the recent influx of foreign investment.
Read on more: https://financialpost.com/pmn/business-pmn/south-africa-posts-first-net-foreign-inflow-to-market-since-2022
Airbus Ventures invests $10.5 million in robotics startup.
Eureka Robotics , a Singapore-based startup specializing in robotic software and systems for precision manufacturing and logistics, has secured $10.5 million in Series A funding led by Airbus Ventures. The company will utilize this investment to further develop and deploy its flagship products, Eureka Controller and Eureka 3D Camera, which enable high-accuracy and high-agility robotic applications in factories and warehouses.
This funding will also support Eureka Robotics' expansion plans, including scaling operations in Singapore and Japan, and entering the U.S. market. Founded in 2018, Eureka Robotics aims to automate tedious and hazardous tasks in manufacturing environments, allowing human workers to focus on more creative and less dangerous aspects of their jobs.
Read on more: https://www.dcvelocity.com/material-handling/robotics/airbus-ventures-invests-10-5-million-in-robotics-startup
Everybody wants to be my friend': Tech CEOs can't get enough of Donald Trump.
Following the recent election, major tech CEOs are actively engaging with the president-elect, a stark contrast to the distance observed during his first term. Companies like Meta and Amazon have donated significant sums to the incoming administration's inaugural committee, while CEOs such as Apple's Tim Cook and Google's Sundar Pichai have held meetings with the president-elect at his Mar-a-Lago club.
This shift in approach suggests a strategic effort by tech leaders to foster closer relationships with the new administration and potentially influence policy decisions related to artificial intelligence and other emerging technologies. OpenAI CEO Sam Altman, for instance, has been particularly active in seeking collaboration with the incoming administration, highlighting the potential for American leadership in the AI field. While some view this engagement as necessary to navigate the evolving political landscape, others remain critical of the tech industry's alignment with the president-elect.
Here’s Why US Manufacturers Can’t Quit China.
Despite increasing pressure on US manufacturers to reduce their reliance on China due to geopolitical tensions and potential tariffs, complete decoupling remains a significant challenge. While companies are actively diversifying their supply chains by shifting production to Southeast Asia, Mexico, and other regions, China's dominance in manufacturing, particularly in electronics and critical raw materials, makes it difficult to completely sever ties.
Several factors contribute to this complex situation. China's special economic zones, like Shenzhen, have fostered a robust manufacturing ecosystem with dense clusters of suppliers, skilled labor, and advanced infrastructure. Additionally, China controls a significant portion of the world's critical raw materials, essential for various industries. While initiatives like nearshoring and government investments in domestic manufacturing aim to reduce dependence on China, the reality is that "Made in China" continues to be deeply embedded in the global supply chain.
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Read on more: https://www.forbes.com/sites/shimiteobialo/2024/12/16/heres-why-us-manufacturers-cant-quit-china/
Emirates NBD invests in Zodia Custody.
Emirates NBD , a major banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has made a strategic investment in Zodia Custody, a leading digital asset custodian for institutional clients. This investment, made through Emirates NBD's Innovation Fund, aligns with the bank's commitment to supporting the growth of digital assets and fostering innovation in the financial sector.
The partnership is particularly significant given the UAE's rising prominence as a global crypto hub, driven by progressive regulations and high cryptocurrency adoption rates. By investing in Zodia Custody's secure and compliant platform, Emirates NBD aims to bridge the gap between traditional financial services and the evolving digital asset landscape, positioning itself at the forefront of this rapidly growing market.
Revolut Share Sales Hit $1B Mark as Investors Cash In
Revolut , the digital banking giant, has recently seen nearly $1 billion worth of its shares sold by early backers and employees in a secondary offering, valuing the company at $45 billion. This significant transaction, one of the largest in fintech history, attracted major institutional investors like Mubadala and Goldman Sachs' private banking clients.
The share sale followed Revolut's successful acquisition of a UK banking license, a move that boosted investor confidence and fueled the company's expansion into stock trading. This strategic move allows early stakeholders to benefit from Revolut's success while providing liquidity and signaling a strong growth trajectory to the market. While an IPO is not imminent, Revolut's CEO has indicated it's a possibility in the coming years.
Read on more: https://www.financemagnates.com/fintech/revolut-share-sales-hit-1b-mark-as-investors-cash-in/
How 21-year-old Koko Xs became the new rising-star solo VC.
At just 21 years old, Koko Xs has defied convention by launching his own venture capital fund with $17.5 million in committed capital from prominent investors like Marc Andreessen and Chris Dixon. Despite initially considering a career in academia, Xs transitioned to venture capital after brief stints at Lux Capital and defense tech startup Mach Industries.
Xs's fund focuses on deep tech and "deep infrastructure" companies, aiming for significant returns by identifying and supporting exceptional founders who demonstrate resilience, neurodiversity, or an activist approach to solving existential problems. While acknowledging the challenges faced by solo funds, Xs believes his focused strategy and ability to identify "out-of-distribution" founders will lead to success. His long-term vision extends beyond traditional venture capital, encompassing diverse strategies like venture index funds and company roll-ups.
Read on more: https://techcrunch.com/2024/12/13/how-21-year-old-koko-xs-became-the-new-rising-star-solo-vc/
Juicyway Unveils $3M Pre-Seed Funding to Transform Cross-Border Payments for Africans.
Juicyway , a Nigerian fintech startup leveraging stablecoin technology to facilitate cross-border payments, has raised $3 million in a pre-seed funding round led by P1 Ventures. The company aims to revolutionize how individuals and businesses in Africa engage with the global economy by offering a more efficient and affordable alternative to traditional remittance services.
Juicyway's platform allows users to send, receive, and process payments in multiple fiat and cryptocurrencies, with a focus on reducing the high transaction costs often associated with remittances in Africa. The company's strong traction, with over $1.3 billion processed across 25,000 transactions, and its partnerships with major brands like Bolt and Access Bank Plc demonstrate the growing demand for accessible and cost-effective cross-border payment solutions. This funding will enable Juicyway to further expand its operations, enhance its technology, and ultimately contribute to greater financial inclusion across the continent.
Read on more: https://africabusiness.com/2024/12/16/juicyway-unveils-3m-pre-seed-funding-to-transform-cross-border-payments-for-africans/
CARD.COM CORPORATION ANNOUNCES COLLABORATION WITH VISA FOR VISA DIRECT CROSS-BORDER PAYMENTS.????
Card Corporation (CARD.com), a financial services technology company specializing in mobile banking and card payments, has partnered with Visa to integrate Visa Direct Cross-Border payments into its platform. This collaboration will enable CARD.com users to send and receive money internationally in a fast, secure, and convenient manner, expanding access to global payment options for its customers.
By leveraging Visa Direct's extensive network, CARD.com users will be able to make cross-border transactions in over 180 countries and territories. This partnership reinforces CARD.com's commitment to providing innovative financial solutions and positions it as a leader in the evolving digital banking landscape.
MTN eyes digital banking in South Africa as SARB opens doors to non-bank players.
MTN , a leading mobile network operator in Africa, is pursuing a banking license in South Africa as part of its strategy to expand its financial service offerings. This initiative aligns with the South African Reserve Bank's recent move to allow non-bank entities access to the national payments system, promoting greater financial inclusion and competition.
MTN already offers mobile money services through its MoMo platform, but obtaining a banking license will allow it to provide a wider range of financial solutions directly to its customers, particularly targeting underserved communities. This move reflects a growing trend of telecom operators in Africa diversifying into financial services, potentially reshaping the banking landscape in the region.
Read on more: https://techpoint.africa/2024/12/16/mtn-eyes-digital-banking-in-south-africa-as-sarb-opens-doors-to-non-bank-players/
Argentina’s economy exits recession in milestone for Javier Milei.
Argentina's economy grew 3.9% in Q3 2024 compared to the previous quarter, beating expectations, driven by capital expenditure, consumer spending and exports. This ends a three-quarter recession that saw poverty soar as inflation outpaced wages under President Javier Milei's strict austerity measures. The rebound improves Milei's prospects heading into the 2025 mid-term elections.
Signs point to continued recovery in 2025, with wages now surpassing inflation, gradual job growth, declining poverty, and over $20 billion deposited under Milei's tax amnesty. His business-friendly reforms are attracting foreign investment interest, especially in energy, though significant inflows are not expected until currency controls are lifted next year. Economists forecast 4.2% growth in 2025 after an estimated 3% contraction in 2024.
萬事達卡 executives predict 10 key payment trends for 2025 and beyond:
Study suggests Nigeria and South Africa is doing badly in 5G, digital readiness.
Airgain, Inc. 's research on digital connectivity across 37 countries found Nigeria and South Africa rank at the bottom, struggling with slow internet speeds and lagging digital skills despite focus on technological progress. The UAE, Finland, and South Korea lead the index.
Reliable connectivity is crucial for the knowledge economy, innovation, and quality of life. Countries can improve their digital positioning by investing in infrastructure, mobile technology, and digital literacy. Emerging opportunities in 6G and next-gen tech could help narrow the divide for a more inclusive digital future.
Ten Worst Countries
Senegal’s Eyone Secures $1M to Expand Digital Healthcare Across West Africa.
Senegal-based health-tech startup Eyone raised $1 million from Sonatel and BICIS to scale its digital health platform across West Africa. The funding reflects growing interest and investment in African health-tech.
Eyone's platform integrates telemedicine, EHRs, and patient-doctor connectivity to improve healthcare access and affordability. The funds will go toward tech infrastructure, partnerships, and user education.
This follows other recent African health-tech investments like Nigeria's MDaaS Global ($3M) and Kenya's Ilara Health ($4.2M).
While challenges like infrastructure gaps and digital literacy remain, the influx of funding highlights the sector's resilience and growth potential as startups work to enhance healthcare delivery across the continent.
Read on more: https://www.techinafrica.com/senegals-eyone-secures-1m-to-expand-digital-healthcare-across-west-africa/#google_vignette
Ethical and responsible AI deployment: A focus on Africa.
As artificial intelligence (AI) rapidly advances, Africa faces both exciting opportunities and critical challenges in adopting this technology responsibly. Ensuring ethical AI development and deployment requires addressing key issues such as data privacy, bias, and misinformation, while also considering the continent's unique cultural and linguistic diversity.
Building AI models that serve Africa's needs necessitates careful consideration of data privacy, the use of representative datasets, and robust post-training alignment to mitigate bias and ensure fairness. Furthermore, establishing an African AI Safety Board is crucial to oversee the ethical development and deployment of AI systems across the continent. By prioritizing these measures, Africa can harness the power of AI for positive impact while minimizing potential risks.
Read on more: https://techcabal.com/2024/12/14/ethical-and-responsible-ai-deployment-a-focus-on-africa/
As it stands now, TikTok is set to be banned in the US on 19 January unless ByteDance sells the app.
A U.S. federal appeals court rejected TikTok 's request for an injunction to stop its upcoming ban in the country. TikTok has until January to be sold to an approved U.S. buyer or face the ban, which the company is likely to appeal to the Supreme Court.
The U.S. government sees TikTok as a national security risk due to its Chinese ownership by ByteDance. Investigations claim some U.S. and European user data was stored on servers in China.
Incoming President Trump, who previously tried to ban TikTok himself, has since joined the platform and campaigned on saving it in America.
Fintech Rundown: A Rapid Review of Weekly News
Payments
FIS?agrees to acquire?supply chain finance platform?Demica?in a deal estimated to be worth $300 million.
Mastercard?partners?with Riyad Bank subsidiary?Jeel?to promote payment modernization in Saudi Arabia.
Wealth management
Jiko?raises $29 million?in Series C funding to power its platform that gives investors access to U.S. Treasury bills.
Personal finance management
U.S.-based PFM app?Current?secures $200 million?in funding from Andreessen Horowitz, Wellington Management, Avenir, General Catalyst, and Cross River.
Crypto / DeFi
Nigeria-based, cross-border stablecoin company?Juicyway?locks in $3 million?in pre-seed funding.
Cryptocurrency exchange?Bitget?looks to establish?a regional European hub in Lithuania.
Digital banking
TBC Uzbekistan?launches?its digital-only business banking platform.
Insurtech
CU Financial Group?and insurtech company?Sure?introduce?SimpleQuote, a digital insurance solution for credit unions.
Startup Funding Roundup in Africa and the Middle East
Have you signed up? See you at JW Marriot!
The Jasiri Network Nairobi Summit 2024 aims to connect Kenyan and African diaspora professionals and entrepreneurs in the UK with local talent and opportunities. Key goals include:
The summit includes a VIP reception on Dec 20 focused on building international businesses using diaspora networks. The main summit on Dec 21 will cover topics like career opportunities abroad, moving back to Africa, wellbeing, investments, and business opportunities.
Sign up here: https://paydexp.com/jasiri-network-nairobi-summit
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