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Africa Fintech Summit

TechCrunch

Ajim Capital

Besides the billions of dollars from local and foreign investors, a strong factor behind Africa’s growing tech ecosystem is its burgeoning talent. Being sought after locally and internationally, these homegrown talents — including software developers who, according to Google’s Africa Developer Report, grew almost 4% to 716,000, UI/UX designers, engineers and other tech professionals — have given rise to several talent-matching platforms across the continent, including unicorn Andela, GOMYCODE, AltSchool, Decagon among others.

Lagos- and Berlin-based startup Propel has raised €2.5 million ($2.74 million) in seed investment to build sustainable talent pipelines and facilitate the hiring of remote talent from emerging markets, particularly in Africa. Propel's community-as-a-service platform connects tech communities with companies seeking diverse talent, offering a pipeline of skilled professionals. The startup aims to generate €1 million in revenue for communities by Q4 next year. Propel's approach recognizes the importance of communities in emerging market ecosystems and focuses on the last mile of converting talent into job opportunities. The company has already worked with companies like Porsche, Mercedes, and Orange Telecoms and plans to scale its platform and deepen its ecosystem of communities.
 
Read more on <a href="https://techcrunch.com/2023/07/10/hr-tech-startup-propel-wants-to-accelerate-the-growth-of-tech-and-developer-communities/">TechCrunch</a>

HR tech startup Propel wants to power the open talent economy via tech communities

Benjamindada

EBANX has expanded into eight African countries: Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia. The LatAm fintech unicorn is now present in eleven African markets.

Ebanx, the LatAm fintech unicorn, has extended its presence into eight African nations: Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia, in addition to its existing presence in South Africa, Nigeria, and Kenya. This expansion aims to connect nearly 1 billion people in Africa, Asia, and Latin America to global brands through technology and local payments.
 
📈 Rising African Digital Commerce
 
Africa presents significant growth opportunities for digital commerce. It's expected that the rate of online shoppers in the region will increase by 10% annually until 2027, with a population exceeding one billion. Mobile phone penetration is high, and mobile payments are on the rise, positioning countries like Tanzania, Ghana, Uganda, and Zambia as "next digital frontiers."
 
💼 Ebanx's Approach
 
Ebanx is starting its operations in these African countries with mobile money and cash-based methods, catering to the local payment preferences. This expansion follows its presence in Latin America and the Caribbean, where cross-border commerce dominates, making it essential for global merchants to adapt to local payment methods.
 
🌴 Caribbean Expansion
 
Ebanx has also expanded into the Bahamas and Jamaica, recognizing the potential of cross-border commerce in the Caribbean. These regions have strong card usage in online sales, with debit cards accounting for a significant portion of digital commerce volume.
 
🚀 Future Growth
 
Ebanx's expansion into Africa and the Caribbean reflects its commitment to connect global brands with local ecosystems, offering tailored payment solutions for each country's unique market.
 
#Ebanx #AfricaExpansion #DigitalCommerce #PaymentSolutions
 
 
Read more on <a href="https://www.benjamindada.com/ebanx-eight-african-countries/">BenjaminDada</a>

Ebanx Expands into 8 African Countries 🌍

TechCabal

Francis Dufay, CEO of Jumia Group, Africa’s leading e-commerce brand, faces the daunting task of turning around the company's fortunes. Despite more than a decade in operation, Jumia continues to incur losses, with no clear path to profitability. The latest earnings report shows a loss of $167 for every $100 earned, making profitability a distant goal.

Dufay, who took the helm in November 2022, inherited a business on the brink of running out of funds with less than $62 million in cash. He has implemented significant cost-cutting measures, including laying off 900 employees and reducing management expenses.
 
Jumia's challenges stem from a fragmented e-commerce landscape in Africa, slowed economic growth in key markets like Nigeria, and a flawed operating model that prioritized geographical scale over value proposition. Despite these hurdles, Dufay is determined to reposition the company for sustainability and growth.
 
His strategy includes focusing on cost reduction, particularly workforce and management expenses. Although these changes have already resulted in a 60% reduction in operating losses, revenue has also declined, and the platform lost 1 million shoppers in the past year.
 
To ensure long-term success, Jumia must shift its focus to platform growth, especially in key markets like Nigeria and Egypt. Increasing marketplace revenue and improving brand perception through marketing and awareness campaigns are essential steps in this journey.
 
Despite the challenges, Dufay remains optimistic about Jumia's potential in the growing African e-commerce market. He believes the company is on the path to recovery and is committed to building the right fundamentals for future success.&nbsp;
 
🚀🛒 #Jumia #AfricanEcommerce #BusinessTurnaround
 
Read more on <a href="https://techcabal.com/2023/09/21/exclusive-inside-francis-dufays-urgent-plans-to-rescue-jumia-the-struggling-amazon-of-africa/">TechCabal</a>

Jumia's Struggles and CEO's Rescue Plan: The Amazon of Africa Faces Challenges 📈 📉

🌍 Africa's creative economy, generating $5 billion in GDP and employing 5 million people, is thriving. These seven platforms are driving transformative change across various creative sectors.

🎨 From art and music to fashion and film, Africa's creative industry is breaking geographical boundaries and providing substantial employment opportunities for talented individuals.
 
📈 With an annual revenue of approximately $4.2 billion, the creative and cultural industry is a significant economic force on the continent.
 
🚀 Technology-driven platforms are playing a pivotal role in empowering African creatives by removing barriers to entry and offering opportunities to create, market, and monetize their talents.
 
💡 These platforms are not just tools; they are catalysts for innovation, empowerment, and economic sustainability within Africa's vibrant creative landscape.
 
Here are the game-changers:
 
1. TalentX: Africa's first film-financing marketplace, enabling investors to fund authentic African content and de-risk creative financing. Unlocking opportunities for creatives.
 
2. Wowzi: Revolutionizing influencer marketing by connecting social media users with brands, allowing ordinary consumers to earn income by sharing brand messages.
 
3. Ananse Africa: Empowering fashion designers and integrating technology into the fashion industry, fostering direct communication between customers and designers.
 
4. AltSchool: Expanding beyond tech skills to include content creation, sales, and music business courses, bridging the talent gap in Africa's creator economy.
 
5. Selar: A versatile e-commerce tool for creators, offering a range of features for marketing and selling products and services globally.
 
6. emPawa Africa: Nurturing up-and-coming artists in Africa, offering mentorship and grants to expand their music careers globally.
 
7. New Comma: A comprehensive social media platform for African creatives to connect, collaborate, gain knowledge, and prosper in the creative industry.
 
These platforms are reshaping Africa's creative landscape, providing opportunities for artists to thrive and connect with global audiences.&nbsp;
 
#AfricanCreativity #CreativeEconomy&nbsp;
 
Read more on <a href="https://www.benjamindada.com/seven-platforms-transforming-africas-creative-industry/">BenjaminDada</a>

TechCrunch

HR tech startup Propel wants to power the open talent economy via tech communities

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