Browsing: Sub-Saharan Africa

Glovo, one of the world’s fastest growing delivery players has announced a USD169 million Series D funding round, led by international venture capital firm Lakestar, as it plans to expand its operations in Africa.

The start-up, which recently launched in Nairobi, will use this injection of funding to bolster its growth within the Sub-Saharan Africa market.

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Priscilla Muhiu, the firm’s head of marketing for Sub-Saharan Africa says the move aims at improving their response to customers.

“Glovo is committed to taking its tech capabilities and systems to the next level. We will use this opportunity to grow our team of tech experts to create a smarter and more efficient experience for customers and reduce waiting time for Glovers,” said Mrs. Muhiu.

“We also intend to expand our footprint across Sub-Saharan Africa, with new operations in Ghana, Nigeria and Tanzania,” she added.

Glovo hopes to …

Three years past the crisis period, economies are still performing poorly

The growth story in Sub-Saharan Africa in the past few years has been one of faltering recovery from the worst economic crisis of the past two decades.

This remains the case according to the World Bank’s April 2019, 19^th edition of Africa’s Pulse, which estimates GDP growth in 2018 at a lower-than-expected 2.3 per cent, with a forecast to 2.8 per cent in 2019.

“Three years past the crisis period, we should be seeing a more widespread pickup in growth; instead we have downgraded our estimates again for 2018,” said Gerard Kambou, World Bank Senior Economist for Africa, “Leaders in Sub-Saharan Africa have the opportunity to build stronger domestic policies to withstand global volatility – and now is the time to act.”

The report notes that the three largest African economies—Nigeria, Angola and South Africa—play a big role …