Browsing: technology

African Economic Outlook 2020 aplauded at AU Summit

The African Economic Outlook 2020 report prepared by the African Development Bank was praised at the 33rd African Union Summit in Addis Ababa for being an effective blueprint for addressing Africa’s human capacity gap.

The 2020 report, under the theme Developing Africa’s workforce of the future, was presented at a side event attended by civil society, policymakers, global and regional development organizations, the media and academia.

“The facts mentioned in the second part of this report are striking. It reminds us of the size of the investment that must be made in the development of human capital in Africa, an essential component for achieving productive transformation,” said Victor Harison, the African Union Commissioner for Economic Affairs.

Also Read: African Economic Outlook indicates steady growth through 2021

The African Economic Outlook has become the blueprint for planning and for sound economic research about Africa said the Secretary-General of the African Development …

The insurance industry in Kenya is struggling with low penetration. The sector is seeking innovation and adoption of technology to grow.

Over 25 per cent of Kenya’s insurance industry income is fraudulently claimed leading to insurers incurring heavy losses.

To counter this, Kenindia Assurance has taken steps to curb the fraud by incorporating Artificial Intelligence (AI) in its motor insurance claim processes.

The insurer is utilizing artificial intelligence to fast track its claims resolutions through the use of anomaly detection, sentiment detection, text analytics and a self-service portal.

Integrated Motor Insurance Data System

Kenindia Assurance Deputy General Manager, Joyce Mathenge, says that motor insurance is the main contributor to insurance fraud hence the need to develop mechanisms to lower their risks.

“With more Kenyans owing cars and motor insurance being mandatory, we find that having ineffective due diligence processes and a corruption culture usually leads to motor fraud. We have invested in artificial intelligence as well as continuing training our teams to enhance their abilities to detect motor fraud,” said …

Even as mobile penetration continue to grow, the East Africa region is still sluggish in technology innovations especially in the insurance sector.

The region is considered as Africa’s Silicon Savannah with a high mobile penetration, home grown digital financial innovations like M-PESA that is now being exported in other countries and a fast growing tech start –up ecosystem.

Statistics indicate that about $63.6 billion is transacted in aggregate in a single year on mobile money platforms in the East African Community (EAC) countries. This corresponds to 46 percent of the total GDP of the EAC in the most recent statistics.

Mobile is a key factor in the region’s start-up ecosystem where many tech start-ups now use the technology as the primary platform to create solutions that address various socioeconomic challenges.

According to the GSM Association, a trade body that represents the interests of mobile network operators globally, over half of …

For the second time, TEDX Oysterbay brought together a diverse range of experts, practitioners, artists, thinkers, visionaries and educators before an idea-thirsty community to the Little Theatre in Dar es Salaam.  12 TEDx speakers with interesting ideas challenging social norms and practices, shared their ideas before an audience of 100 people and many more via social media.

TED is a nonprofit devoted to spreading ideas, usually in the form of short, powerful talks. TED is the convergence of Technology, Entertainment and Design, and today covers almost all topics — from science to business to global issues — in more than 100 languages. Independently run TEDx events help share ideas in communities around the world.

In urban Tanzania, youth now perceive ideas as the new  “social currency” for human development. Being the 7th largest economy in Africa and most populous nation in East Africa, human capital development is a vital …

The technology, media and telecommunications (TMT) sector in Africa is expected to show impressive growth in 2019.

This is according to according to Baker McKenzie’s Global Transaction Forecast (Forecast) in association with Oxford Economics who also predict that transactions are expected to exceed earlier predictions of mergers and acquisition (M&A) investments worth USD 5.9 billion in 2019.

The state of investment in the TMT sector in Africa was under discussion at Baker McKenzie’s African Transactional Summit, held in Johannesburg this week. Janet MacKenzie, partner in the Corporate M&A Practice and Head of the TMT Industry Group at Baker McKenzie in Johannesburg said that Africa was considered to be a region of significant investment potential in the tech space.

“Increasingly, M&A deals and IPOs in the TMT sector in Africa point to the growing reliance of African consumers on technology across multiple platforms. The unabated demand for technology has caused extensive …