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Opinion

Entrepreneurship Is The Most Reliable Way To Build Wealth In Africa, Not Inheritance -The African Wealth Report

In Africa, wealth isn’t inherited but made, says a new report entitled The African Wealth Report, recently released by Africa’s biggest bank Standard Bank. The report found entrepreneurship to be the most common option used by Africans to create wealth. No less than 148 of 265 people surveyed in Ghana, Kenya, Mauritius, Nigeria and South Africa they made their first million dollars and continued to make more thereafter from entrepreneurship. “To draw a more complete picture of the wealth sector in Africa, a total of 265 respondents were surveyed and 75 face-to-face interviews conducted across five key markets — Ghana, Kenya, Mauritius, Nigeria and South Africa — with the estimated...

Why Good Governance is Key to AI Readiness

The events of 2020 have opened the world’s eyes to digital transformation as never before. Despite many people not being aware of the term, remote learning, working and socialising has seen people embrace more technology than ever. Much of this adoption is of technology that has been around for quite a while, but more and more, we’re seeing some advanced services and solutions being spoken about as countries and companies look to emerge from the crisis stronger. One of these, probably the most prominent, is AI. AI seems to make a regular appearance in success stories surrounding COVID-19 specifically. Lebanon is a case in point where citizens...

Why Ripple might be the future of digital payments

Ripple, the world’s fast-growing crypto payment powerhouse, works with bank regulators and policymakers in several governments for the adoption of digital payments. CryptoWhale, a crypto analytic firm, in a series of tweets, recently spoke on the odds of giving XRP the edge, as it works with government regulators on compliance. Read also; Your Startup Is a Movement The tweet reads, “Many criticize XRP for being ‘too centralized’, although this transparency is what government like,” “While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.” At the time of this report, XRP traded at $0.241, with a daily trading...

Daily Digest Tuesday, 15 September 2020

Funding In South Africa Grant worth $25 000 launches for young SA filmmakers Founded by Nigerian born, L.A based serial entrepreneur Chinecherem Ez, the platform offers over 400 pieces of content including world-class originals, blockbuster films, series, documentaries, and much more. Read more Funding In East Africa Tanzania, Uganda Sign Deal On $3.5bn Crude Oil Pipeline The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. Read more Funding In North Africa Egyptian Startup Rology Secures $860,000 For Its Platform According to HIMangel’s Chairman Khaled Ismail, they had spotted Rology about two years ago as a...

Why Is iROKOtv Leaving Africa’s Billion Dollar Industry So Early, And What Does The Future Hold For Other Video-on-Demand Startups?

Nigeria’s iROKOtv, often hailed as the ‘‘Netflix of Africa’’ is not interested in Africa again! Not in the sense that it has added to the list of failed startups, but in the sense that it no longer finds it comfortable running its African operations, and so wants to scale them down. With more than $30 million in investors’ funding, founder Jason Njoku has written a very long essay starting this process, of wishing the 9-year-old company good riddance from the continent.  “Over the next week, iROKOtv will be defocusing our Africa growth efforts,” he says, “and we will revert to focusing on higher ARPU (average revenue per user) customers in North America...

Bitcoin’s ‘Quiet Boom’ In Africa

LAGOS: Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin. Odunjo sources handsets and accessories from China and the UAE. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed and convenience. The shift has boosted his profits, as he no longer has to buy dollars using the Nigerian naira or shell out fees to money-transfer firms. It is also one example of how, in Africa, bitcoin — the original and biggest cryptocurrency — is finding the practical use that it has largely failed...

Your Startup Is a Movement

During this campaign season, many of us are reflecting on how change is created and political movements take hold. There is an analogue between grassroots politics and startup evangelism. The best founders talk eloquently about their mission and the change they want to make in the world. They speak about something larger than dollars and cents. They articulate a vision of the future that attracts adherents. They create a movement. If you want to understand how Tesla can become the most valuable car company in the world without needing to spend a dime on advertising, while its competitors futilely buy Superbowl ads, or why 170,000 people...

Is Africa Heading Towards A Cashless Society?

Cash may have traditionally been king, but Covid-19 has contributed to a faster pace of digital payment adoption. Recently on AlphaCode’s monthly Industry Insights webinar, two global fintech players discussed the emergence of a plethora of digital payments and debated if cash is on its way out. Omosalewa Adeyemi, Head of Global Partnerships and Expansion at Flutterwave (a technology company that helps businesses in Africa and across the world send and receive payments) and Nicolas Vonthron, co-CEO of Mama Money (a rapidly growing international payment operator using mobile technology to reach new markets and underserved communities with a key focus on financial inclusion and social upliftment); explored the future of payments and...

How Women-led Agribusinesses Are Boosting Nutrition In Africa

A small but growing number of women are heading up agribusinesses in Africa, some of which are producing innovative products to combat malnutrition. Credit: Jeff Haskins/IPS BULAWAYO, Zimbabwe, Aug 24 2020 (IPS) - Oluwaseun Sangoleye’s son developed rickets after rejecting baby formula. So she started a business to make natural baby cereal from locally-sourced ingredients in Nigeria. “My personal experience opened me up to the dearth of nutrient dense, affordable meal solutions for infants and young children,” Sangoleye told IPS. Baby Grubz products are targeted at low and middle-income women with children aged six months to three years. Sangoleye is one of a small but growing number of women who are...

[Opinion] Why The Healthcare Industry Must Adapt To The Cyberthreat Landscape

While healthcare providers must accelerate their digital health maturity as it directly improves operational efficiencies, quality of patient care and improves the protection of personal and sensitive information, it also provides a greater platform and risk for cyberattacks. This is according to Shiraaz Joosub, Healthcare Sales Executive at T-Systems South Africa, who says that healthcare is a booming industry. It is fraught with strict regulations and high revenues that provide an environment for cybercriminals to target every aspect of its operations, especially where technology is optimally utilised. “Due to regulations related to the Protection of Personal Information (POPI) Act, the need to use, manage and store sensitive...

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