Wednesday, February 28

Entrepreneurship

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  • Analysts have termed Central Africa as a sleeping Giant, yet to awaken as the region recorded the least funding for startups in 2022. 
  • In 2022, Central Africa was by far the region where start-ups raised the least funding through deals worth $100,000 and over with a total of $51 million according to the latest report by The Big Deal. 
  • While the region represented only 1.1 percent of the funding raised on the continent, Year on Year growth was commendable, as start-ups raised more than double the amount that had been raised in 2021 ($24 million). 

Analysts have termed Central Africa a sleeping giant, yet to awaken as the region recorded the least funding for startups in 2022. 

Max Cuvellier from The Big Deal says there is a huge potential in the region despite the depressed numbers. 

“This is not to say that there isn’t talent or potential in the DRC,

Read More
The Harambeans are young entrepreneurs transforming the innovative African ecosystem. www.theexchange.africa

In the latest fundraising led by B Capital Group, Flutterwave raised US$250 million, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital.

Flutterwave said in an emailed statement on Wednesday. “The investment has enabled the company to become the highest valued African startup,” a Flutterwave email read.

Flutterwave has processed transactions worth more than US$16 million in over 50 million transactions across dozens of countries in Africa, facilitating cross-border transactions in multiple currencies for companies, including Uber Technologies Inc., Booking.com and Alibaba’s Alipay. It has evolved beyond payments products to an online marketplace and a lending channel to small and medium businesses.

With operations from the Nigerian commercial hub of Lagos to Nairobi, Kenya, the San Francisco-based company will continue to grow in East Africa. According to Flutterwave’s software engineer, the company also plans to expand its Francophone African nations such as Senegal and Cameroon.…

Global Index Insurance Facility (GIIF),announces the three top winners of the Africa AgTech and Inclusive Insurance Challenge 2022 in Africa. www.theexchange.africa

Rural Farmers Hub will receive financial support worth US$15,000. It is a precision management solution for crop health and soil quality assessment created for small farmers, extensive plantations, and industrial out-growers.

Rural Farmers Hub provides intelligent maps to plan precise fixation of defects in soil and crops and develop various AI algorithms for agricultural application in Africa, showing how data can significantly impact the agriculture sector.

The company works with an extension worker network of over 200 members and have since reached over 25,000 smallholder farmers. They target ten vital corporate customers and an estimated 250,000 smallholder farmers within 24 months.…

African gaming industry is the fastest growing globally. www.theexchange.africa
  • Smartphones are now the primary gadget where most people are playing video games
  • 95 per cent of the playing population are mobile gamers
  • The global crypto gaming industry was valued at US$321 million in 2020.
  • The number of gamers in Sub-Saharan Africa rose from 77 million in 2015 to 186 million in 2021

For the longest time, most African parents have viewed video gaming as a waste of time and resources. As a result, African gamers mainly played on consoles and computers in gaming joints and cyber cafes.

However, in the last five years, the video game market has lucratively shifted as many Africans enjoy the games and even have gaming consoles on their computers at home. The Coronavirus pandemic kept many people locked indoors, and gaming became one of the most preferred activities to kill boredom during the lockdown.

The video game market has also localised the content to

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Jenga Leo is a coworking space based in Nairobi and offers workers several benefits, including high-speed Wi-Fi and air condition. The company offers several facilities, including a Skype and podcasting room and a childcare centre. Others are a yoga studio and gym room.

The administrator said the company’s innovative concept capitalises on that trend by bringing health and work together in one accessible place.

“The name itself plays by creating ‘building blocks’ as part of an organisation’s desire, with Jenga meaning ‘build’, ‘leo’ meaning today.

Hence, the concept takes building today to create the foundation of a workplace dynamic that allows for one’s mind, body, and soul to flourish.…

Entrepreneurship is one of the ways to create a financial future. www.theexchange.africa

Entrepreneurs are catalysts for business.

They have a highly desirable and fundamental effect on the wider economy through establishing new businesses of providing not only goods and services to customers but also providing job opportunities to individuals in various industries.

No country can survive without a thriving breed of entrepreneurs! They literally keep the wheels of the economy turning through their activities.…

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  • Stanbic Bank, Stanbic Kenya Foundation and the German Development Cooperation have signed a deal to help MSMEs
  • The partners say the Ksh 62million project seeks to support Micro Small and Medium Enterprises (MSMEs) to respond, restore and rebound from the effects of the pandemic

Kenya’s Stanbic Bank, Stanbic Kenya Foundation and the German Development Cooperation have entered into a partnership aimed at accelerating business recovery and growth of small enterprises post the Coronavirus Disease (COVID-19) Pandemic.

In a statement, the partners say the Ksh 62million project seeks to support Micro Small and Medium Enterprises (MSMEs) to respond, restore and rebound from the effects of the pandemic.

The partnership is under the Employment and Skills for Development in Africa (E4D) Programme commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ and Stanbic Kenya Foundation.

The business recovery interventions under the partnership will be provided …

Youth

Famine and drought are among the two key precursors to the devastating hunger crises that has ravaged many communities across Africa, signifying the scale and severity of food insecurity in the continent. Inarguably the Covid-19 pandemic has aggravated food security in the continent pertinently triggered by the economic fallout that has left no country unscathed. According to a recently released multi-agency report, ‘The State of Food Security and Nutrition in the World’, around a tenth of the global population an estimated 811million people were undernourished in 2020. 

Also Read: FAO says Kenya requires US$87mn to ensure food security

The report, jointly published by the Food and Agriculture Organization (FAO); the International Fund for Agricultural Development (IFAD); the United Nations Children’s Fund (UNICEF); the UN World Food Programme (WFP) and the World Health Organization (WHO); revealed that the sharpest rise in hunger was in Africa, where the estimated prevalence of undernourishment

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Business confidence for Small and Medium Enterprise (SME) across most sectors is on the rise, according to the latest research by Mastercard.

The inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index found that 76 percent of SMEs in the food, beverage and entertainment sector are optimistic about the next 12 months.

Confidence levels were highest among businesses in retail, closely followed by food, beverage and entertainment.

Forecasts in this sector are also positive, with 72 percent of SMEs projecting revenues that will either grow or hold steady. Almost half 47 percent are projecting an increase.

Access to training, skills and digitization key for future growth

As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium sized businesses in the MEA region’s food, beverage and entertainment sector have identified access to training and development support (55 percent), upskilling staff …

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