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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- 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
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
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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Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.
Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.
On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related …
FMCGs scaling into emerging markets encounter challenges as, without affordable working capital, many informal retailers go through periods when they cannot pay suppliers to restock their inventory due to a lack of cash flow at the time of delivery. As a result, stock is unexpectedly returned to the depot, leading to high operational costs.
Nomanini’s StockNow solution helps FMCGs overcome these challenges by providing an end-to-end solution to provide responsible working capital so that informal retailers can stock their shelves in a predictable manner.
By digitising the supply chain, StockNow enables FMCGs to increase operational efficiency by unlocking trade data and gaining visibility into the sales and preferences of informal retailers. Automating settlements and incentivising e-payments within the value chain also lead to improved efficiencies. …
According to the most recent data provided by Dalberg, a vast majority of Kenyans rely on digital services for their businesses and livelihoods. And there is significant room for expansion and deeper engagement in the sector. Kenyans depend on digital tools and services to increase their income.
The quarterly sector statistics compiled by the Communication Authority of Kenya (CA) for the quarter ending September 2021, Kenya has over 26 million smartphone devices out of a total of 59 million mobile phone devices connected to mobile networks in the country. This results in a penetration level of 53.4 per cent.
As stated by Mugo Kibati, the Chief Executive Officer of Telkom, the cooperation aligns with Telkom’s aim of enabling its consumers to gain access to mobile and broadband services.…
Nala is a cross-border payments company based in Tanzania. Selcom is a Pan African financial and payment services provider, offering a comprehensive range of payment, issuing and acquiring services.
Nala, whose services can be accessed via a customized, easy-to-use mobile application, has seeded its services in seven countries, including the US, UK, Kenya, Uganda, Rwanda, Ghana and Tanzania.
During the press conference, a live demonstration of a money transfer from the UK to a Tanzanian mobile wallet was conducted and became a success in less than a minute.
Benjamin Fernandez, Nala’s founder and Chief Executive Officer, stressed the importance of uprooting tech-savvy local talents to enhance the local fintech landscape as Tanzania lags in fintech take-up.…
- Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya
- The tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months
- Moringa said the investment from Proparco will help them in preparing for Series A funding in 2023
Multi-disciplinary learning accelerator Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya.
In a statement seen by The Exchange Africa, the tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months.
The career accelerator for Tech professionals in Africa has been training High School/University Graduates to be Software Engineers and Data Scientists for the past seven years in Kenya …
- Kenya’s Ministry of Lands and Physical Planning said that plans to digitise land records are in top gear
- Lands Cabinet Secretary Farida Karoney said the central land registry dubbed ‘National Land Management System (NLIMS)’ will go live at the end of July 2022
- Karoney said the ministry had already gazetted 84,000 land parcels set to migrate to the portal with 64,000 of them having matured
Kenya’s plan of digitising land records is in top gear, the country’s Ministry of Lands and Physical Planning has said.
Lands Cabinet Secretary Farida Karoney said the central land registry dubbed ‘National Land Management System (NLIMS)’ will go live at the end of July 2022.
Karoney said the ministry had already gazetted 84,000 land parcels set to migrate to the portal with 64,000 of them having matured.
“The law stipulates that we must wait for 90 days to close the register and migrate to the …
