Author: Kanyali Muthui

Kanyali Cynthia is a Kenyan-based financial journalist with key specialisation in data and tech reporting and over eight years of experience.

Ndovu Cofounders Radhika Bhachu and Ro Nyangeri. www.theexchange.africa
  • Data by the World Bank reveals that at least a quarter of the African population has internet access, a nearly fifty-fold increase in internet usage since 2000. 
  • The rapid spread of the internet across the African continent has been lauded as a key driver of prosperity and a sign of the continent’s technological coming of age. 

Over the past few years, the wealth management industry has seen a significant amount of diversification, from traditionally having products geared towards institutional investors and high net worth individuals to offering more accessible products to low and middle-income earners. 

While WealthTech is not a new concept in Africa, there is room for market players to leverage consumer demand for wealth management products that are more digitally accessible and easy to use. 

WealthTech or wealth management technology is the combining of technology such as AI, big data, SaaS, with financial assets, such as savings, investments,

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  • Data by the World Bank Group reveals that Kenya’s electrification rate currently stands at 70 per cent
  • Easing the financial access barrier for end-users has improved the uptake of home solar systems over the past decade. 
  • The Kenya National Electrification Strategy highlights the Kenyan government’s plans to scale up off-grid electrification with ambitions to establish two million new connections through standalone solar home systems by 2022. 

Bboxx Kenya is set to receive a US$14 million (Ksh1.6 billion) loan facility from SBM Bank Kenya aimed at connecting 470,000 Kenyan households to renewable energy sources.

GuarantCo, a fund backed by the governments of UK, Switzerland and Australia among others, is guaranteeing Ksh1.2 billion or 75 percent of the loans.

“SBM Bank is elated to spur the growth of the energy sector in Kenya through partnerships with like-minded entities such as Bboxx and GuarantCo,” SBM Bank Kenya’s deputy chief executive officer Jotham Mutoka …

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Norrsken22 plans on capitalizing on its general partners’ years of experience and investment philosophies to back startups in fintech, MedTech, Edtech, and market-enabling solutions such as B2B marketplaces and inventory management businesses.

Kolbe, whose previous firm Actis backed Egyptian fintech giant Fawry in 2019 as it prepared to go public, said Norrsken would look at Egypt ‘opportunistically.’ 

Deals from the country that may be of interest to the firm will be those planning an expansion into the four markets Norrsken22 is currently keen on, including Nigeria, Ghana, Kenya and South Africa.…

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While tech has presented an avenue to create jobs, supply isn’t catching up with demand. Additionally, the continent’s best talents are leaving in droves to foreign companies in the U.S, Canada, the U.K., and Germany.

AltShcool Africa founded by Adewale Yusuf, Akintunde Sultan and Opeyemi Awoyemi last October in Nigeria, has already received more than 8,000 applications for its software engineering program which starts in April. 

These applications come from 19 countries (including 14 African countries) and Yusuf said the company received the most entries from Nigeria, Ghana, Uganda, Kenya and Botswana. …

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The company, founded in 2012, launched its online food ordering platform in 2013. In 2015, it launched its on-demand fast-food delivery app, becoming the first in South Africa to offer this service.

However, in 2020, Orderin officially shut down its consumer business. The brand relaunched last year as a B2B service, following successful projects helping other businesses develop their own delivery services.

The firm has provided delivery services for the likes of McDonalds and Pick n Pay.…

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Selected ventures will also be able to attend the full event, which will include three summits as well as a variety of workshops, discussions, and networking events.

To apply, startups must be African (have at least one African co-founder or be headquartered in Africa), be less than five years old, have a minimum viable product (MVP) with traction, have raised less than $1 million in external funding, and have a current “ask.”

Startups must be able to travel to Nairobi for the summit. The deadline for applications is January 31st, and they will be reviewed on a rolling basis. …

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