Monday, February 26

Small Business

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The African Diaspora Network (ADN) has been instrumental in not only offering a platform for dialogue, action and innovation but also driving investment opportunities in the continent, pertinently through their flagship symposium. The African Diaspora Investment Symposium (ADIS), fosters the entrepreneurial and innovative spirit of Africans in the diaspora together with their champions. The event has been for the past seven years since inception,  a catalyst for diaspora-driven initiatives and investment with the potential to shape the continent’s future as well as a platform to control the narrative about Africa. For the 2022 event, the Network seeks to bring the global community together to Silicon Valley; it has been hailed as the premium convening of the African investment ecosystem in Silicon Valley.

Since January, the Network has been running online forums, addressing thematic concerns and the pivotal role that the diasporan community can play in solving and sealing gaping deficits.…

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SMEs in Kenya account for 80 per cent of the jobs in the country. www.theexchange.africa

SMELink International is an SME networking platform that Links SMEs with opportunities both locally and globally. They have a database of resources for technical expertise, financiers, online training, market surveys, knowledge sharing and partnerships.

The TheSMELink conference will connect SMEs to opportunities within the Africa Continental Free Trade Area (AfCFTA) and global markets and hold discussions that will advocate for digitized trade and networking mechanisms that will excite youth inclusion Women in business.

Frida Owinga, the founder of SME Founders Association, explained that there was value in targeting SMEs with sustainable solutions to help their businesses scale, saying, “SMEs in Africa and across the globe form the largest contributors of employment and provide a source of income to the largest proportion of the population. SMEs also account for most businesses worldwide and are important contributors to job creation and overall global economic development.”…

www.theexchange.africa
  • 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 …

Bridging the financing gap of SMEs in Africa

If there is one sector that receives great attention in Africa, then it must be the small and medium enterprises (SMEs) area. Over the years, governments and multilateral agencies have identified the great role played by the SMEs in providing jobs, services and contribution to domestic economies.  

A National Economic Survey report by the Central Bank of Kenya (CBK) two years ago indicated that SMEs constitute 98 percent of all businesses in Kenya, create 30 percent of jobs annually as well as contribute 3 percent of the GDP.  

The situation is similar in the rest of the continent as well as worldwide. According to World Bank, SMEs represent about 90 percent of businesses and more than 50 percent of employment worldwide. Formal SMEs contribute up to 40 percent of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included.  

 SMEs are less likely

How a US-Kenya initiative is bridging capital to Kenyan companies

US government in Kenya is developing several mechanisms that are helping small and medium companies in Kenya access local and American investors through raising equity, debt and capital injection. Several companies were part of the recently concluded AmCham Kenya business summit where they pitched their proposals to American investors.

The Kenya Investment Mechanism is funded by USAID as part of Feed the Future, the U.S. Government’s global hunger, and food security initiative. During its first year of implementation, it has built a network of transaction advisors and financial institutions that have mobilized $20.5 M of investments in Kenyan agribusinesses.

KIM is providing a comprehensive and integrated approach to financing actors and increasing competitiveness through the mobilization of capital into the horticulture, dairy, livestock, and clean energy value chains (VCs).

Through financial incentives, training, and technical assistance, KIM is building the capacity of Financial Institutions (FIs) and Business Advisory Services providers …

Majority of Kenya's job-seekers dream of working at Safaricom

A new survey released by the talent recruitment agency BrighterMonday has revealed major companies that Kenyans aspire to work for while also revealing key details of the employment spectrum in the country. In the survey, Safaricom was ranked as the top company that job seekers would love to work for with the majority of respondents attributing the working environment and remuneration as key indicators.

A total of 3,448 valid responses puts Safaricom in the top spot as the number one best company to work
for as well as the most ‘desired’, and ‘respected’ brand. Other companies in the top 5 include East African Breweries, United Nations (UN), Kenya Commercial Bank (KCB) and Kenya Revenue Authority (KRA).

Speaking during the launch of the report, BrighterMonday Chief Executive Officer Emmanuel Mutuma revealed that Kenyans were not entirely happy with their current work situations, with most willing to switch jobs.

“Respondents aged between …

Allied Wallet Africa expands to Angola with regional office

Allied Wallet Africa, a global FinTech company offering various payment solutions in 196 countries, recently announced a new office in Angola, to support the growing opportunities for African entrepreneurs and business owners.

Millions of people are eager to engage in online commerce but lack proper support and functionality. South Africa has the largest e-commerce market in the continent with Nigeria and Kenya following closely, and people of the region are eager to trade and transact in the new digital space.

“Africa deserves the opportunity to participate in e-commerce, they deserve advancement,” said Allied Wallet Africa CEO Andy Khawaja, “We are happy to be chosen for this opportunity. We are dedicated to helping these entrepreneurs and creating new opportunities in the region.”

Allied Wallet Africa will bring new, ‘open API’ online payment solutions along with mobile payment options, digital wallet solutions, and even solutions catered to utility and payroll functions. …

Allianz X Co-Leads a Series B Investment in Major African Ride Hailing Platform SafeBoda

Allianz X, the digital investment unit of the Allianz Group, has announced that it has made an undisclosed amount of investment in SafeBoda, an East African based motorcycle hailing company.

Allianz Z, based in Germany referred SafeBoda as a major African ride-hailing platform that also offers various on-demand consumer and payment services in what is the entity’s first investment in an African-headquartered company.

SafeBoda, winner of the 2018 AppsAfrica Award, aims to offer reliable and safe transportation to its customers and its mobile payment platform is an example of digital companies contributing to financial inclusion across Africa.

It started in Kampala Uganda and has seen it expand into Nairobi getting good reception which made established competitors like Bolt (Formerly Taxify) and Uber revisit the manner in which they operated motocycle taxis.

For the Series B investment, Allianz X is co-investing with Go-Ventures, a venture fund whose cornerstone investor is GO-JEK. …

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