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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
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- Transport and food prices drive down Kenya’s inflation to 5% in April
- Payment for ransomware attacks increase by 500 per cent in one year
- History beckons as push for Kenya’s President Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
Tech & Business
- Payment for ransomware attacks is not only impacting large businesses even smaller ones have been hit with 7-figure demand.
- The rate of ransomware attacks falls slightly, but recovery costs hit $2.73 million.
- Despite the soaring ransoms, this year’s survey indicates a slight reduction in the rate of ransomware attacks
The amount organisations are paying to get back their data from cyber criminals has increased by 500 per cent in the past year, a new report by Cybersecurity solutions provider Sophos has revealed.
Sophos, in its annual “State of Ransomware 2024” survey, says this has seen organizations that paid the ransom report an average payment of $2 million, up from $400,000 in 2023, with ransoms being just one part of the cost.
Excluding ransoms, the survey found the average cost of recovery reached $2.73 million, an increase of almost $1 million since the $1.82 million that Sophos reported in 2023. …
- TikTok Community Guidelines will see introduction of stricter For You eligibility standards.
- Video sharing entity says this code emphasizes responsible behavior on and off the platform
- According to the recently released Reuters Institute Digital News report 2023 survey, Kenya leads in world TikTok usage.
Popular video sharing platform TikTok, has unveiled significant updates to its Community Guidelines and introduced new features aimed at supporting creators and maintaining a safe environment for users. The platform’s Community Guidelines, which outline rules and standards for all users, have been updated to provide greater clarity and transparency.
These updates, set to take effect in a few weeks, include refined definitions for policies on hate speech and health misinformation. Additionally, TikTok has detailed how it moderates features like Search, LIVE, and the For You feed to ensure a positive user experience.
One of the key updates is the introduction of stricter For You eligibility standards. …
- Market size of Africa’s digital economy could reach $712 billion by 2050.
- In 2022 only 36 percent of the African population had access to broadband internet.
- Mobile Network Operators (MNOs) are streamlining adoption of 5G services.
Africa is on the verge of an economic revolution. From the north to the southern part of the Saharan desert, nations are striving to eliminate poverty and gain a strong foothold in global markets.
In the same vein, the continent is banking on the potential held by the digital economy. Reports ping the sector to higher standards, including a report from non-profit Endeavor predicting that the market size of Africa’s digital economy could reach $712 billion by 2050.
The growth is propelled by the massive engagement of the continent’s younger population, rising smartphone adoption and increasing internet penetration.
Read also: World Bank backs Smart Africa’s Digital Academy with $20M grant
Digital economy in
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- The chosen Creators of Tomorrow are making waves in their online communities and demonstrating a best-in-class approach to video formats, technology, and interactive entertainment.
- Over the next year, Meta will work closely with these creators to help them increase their audiences and turn their interests into careers using Meta technologies.
- Meta will organise unique events across the region to honour the Creators of Tomorrow, presenting the most recent news, insights, tools, and resources from Meta technologies
Meta has announced the start of ‘Creators of Tomorrow,’ a new initiative that recognises young talents from across the world who are driving a new wave of creative material on the internet.
The campaign highlights Sub-Saharan African innovators from East Africa, Southern Africa, and Francophone Africa.
The chosen Creators of Tomorrow are making waves in their online communities and demonstrating a best-in-class approach to video formats, technology, and interactive entertainment.
The global campaign …
The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business. This is widely regarded as the CBN’s most significant payment processing licence.
Flutterwave can provide customers with transaction switching and card processing services with this licence. Other benefits include non-bank acquisition, agency banking, and payment gateways.
- The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business.
- Flutterwave can provide customers with transaction switching and card processing services with this licence.
- Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence
- Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers
Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence.
Additionally, …
Africa’s nascent digital sector is expanding thanks in large part to innovation. In reality, at least 1031 innovation centres were active throughout Africa as of October 2021, according to research by Briter Bridges and AfriLabs, and there is a strong desire to establish more.
These hubs include coworking spaces, incubators, and accelerators that promote the region’s transformational economic growth and development through entrepreneurship and innovation.
According to the Briter Bridges and AfriLabs study, Nigeria has the most densely populated ecosystem, with 164 operating hubs, 149 of which are domestic and 15 of which are foreign; Kenya and South Africa follow suit with 100 and 90 hubs each.
According to the survey, North Africa has rapidly expanded over the past five years, with over 200 hubs in Egypt, Tunisia, and Morocco.…
Global consumer Internet Company Prosus, which is majority owned by South African Internet Company Naspers, disclosed that it has reached an agreement to buy the remaining 33.3 percent stake in iFood. With a market share of more than 80 percent in the country’s food delivery market, iFood is a Brazilian online food delivery service.
The stake was bought from minority shareholder Just Eat Holding Limited for €1.5 billion in cash plus contingent consideration of up to €300 million. Following the transaction, Prosus and its affiliate company, a Brazilian investor in technology companies, Movile will fully own iFood.
- Prosus, which is majority-owned by South Africa internet group Naspers, announced that it has entered into an agreement to acquire the remaining 33.3 percent stake in iFood.
- The stake was bought from minority shareholder Just Eat Holding Limited for €1.5 billion in cash plus contingent consideration of up to €300 million.
- Naspers has
e-GUIDE, which has effectively utilised AI to forecast the amount of electricity used in Africa and evaluate the amount of energy put to productive use in the continent’s agricultural sector, will now be able to collaborate with Atlas AI on this endeavour.
Atlas AI, Founded in 2018 by The Rockefeller Foundation and a team of professors from Stanford University. Collects data from various planetary sensors and combines that information with deep learning AI technologies to track changes in the economic and societal well-being of the entire world.
Atlas AI possesses a wealth of experience in constructing hyperlocal socioeconomic datasets, predictive analytics models, and software platforms to assist in making complex policy and investment decisions.…
According to Refinitiv Data, the value of South African mergers and acquisitions increased by 958 per cent from the same period in 2020 to US$52 billion in the first half of 2021, from a total of 169 deals. When compared to the same period in 2020, deals involving tech businesses soared by US$160 million, or about 2000 per cent.
According to an article by Tech Cabal, acquisitions in South Africa can broadly be categorized into three:
Inbound inter-country acquisitions of South African startups by international companies (mostly US-based),
Domestic intra-country acquisitions of South African startups by well-established South African companies, and
Domestic intra-country acquisitions of South African startups by other South African startups.…
