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TechTrends.Africa

Nigeria received the largest share of the $4 billion in startup funding that Africa, in particular, attracted in 2021, with $1.37 billion. Four countries emerged at the top, as expected: Nigeria, South Africa, Egypt, and Kenya. They accounted for 80% of total capital raised on the continent up until the end of November, with Nigeria accounting for 35% of total capital raised.

<h4>Nigeria received the largest share of the $4 billion in startup funding that Africa, in particular, attracted in 2021, with $1.37 billion.</h4>
Four countries emerged at the top, as expected: Nigeria, South Africa, Egypt, and Kenya. They accounted for 80% of total capital raised on the continent up until the end of November, with Nigeria accounting for 35% of total capital raised.
According to new data from “Africa: The Big Deal,” the total funding raised by African startups for deals worth $100,000 or more was broken down.
In 2021, Nigerian startups raised $1.37 billion, while South African startups raised $838 million, Egypt raised $588 million, and Kenya raised $375 million. Nigeria has over 200 deals for the year, while the other three countries each have over 100 deals.
Senegal, where startups raised $222 million in 2021, and Tanzania, where startups raised $96 million, were also mentioned.
<a href="https://techtrends.africa/2021/11/chipper-cash-has-raised-150-million-at-a-valuation-of-over-2-billion/">Chipper Cash</a>, which raised a total of $250 million this year, was one of the biggest success stories. The authors, Max Cuvellier and Maxime Bayen, decided not to attribute the funding to Ghana, claiming that the startup’s Ghanaian and Ugandan co-founders, as well as its African headquarters in Ghana and Kenya, “make it quite pan-African.”
Without Chipper Cash, Ghana raised $48 million in 2021, Algeria $30 million, Morocco $29 million, Tunisia $23 million, Uganda $18 million, Rwanda $16 million, the Democratic Republic of the Congo $12 million, and Cameroon $11 million.
According to the report, the dominance of male-led and male-founded start-ups in South Africa and Nigeria is consistent with the rest of the continent. During the 2019-2021YTD period, male CEOs signed 92 percent of over $1 million deals (93 percent in value); 80 percent of such deals (85 percent in value) were secured by all-male founding teams, that is, male single founders and male-only founding teams.
The Guardian reported in October that Nigerian Fintechs had bypassed the Nigerian stock exchange for $876.5 million in funding from outside sources in the previous six years. They approached venture capitalists (VC) in the United States, the United Kingdom, Switzerland, and Belgium.
For example, from 2014 to 2020, Fintechs raised approximately $600 million in funding, accounting for 25% ($122 million) of the $491.6 million raised by African tech startups in 2019 alone – second only to Kenya, which raised $149 million.
These figures were confirmed by <a href="https://www.mckinsey.com/mgi/our-research/financial-markets" rel="noopener" target="_blank">McKinsey’s report</a>, “Harnessing Nigeria’s Fintech Potential.” Furthermore, according to a fund announcement analysis conducted by TechCrunch and TechCabal, Nigerian startups raised $276.5 million in the first seven months of 2021.
According to the analysis, Fintechs accounted for 95.95 percent of the funds raised during this time period, with <a href="https://techtrends.africa/2021/10/nigerias-flutterwave-in-talks-to-triple-valuation-to-3-billion/">Flutterwave</a> accounting for a large portion of this ($170 million). Edutech, health technology, and communications technology accounted for 4.05 percent of the total amount raised.
MEANWHILE, Vice President Yemi Osinbajo has stated that the Nigerian Exchange Limited (NGX) needs to entice Fintech firms raising capital outside of the country to list on the country’s bourse in order to deepen the market.
Osinbajo, speaking at the 2021 Capital Market Conference in Abuja, expressed concern about Fintech companies and start-ups’ inability to access capital market funds.
He stated that in order for <a href="https://techtrends.africa/2021/12/a-chat-with-laurin-hainy-ceo-fairmoney-on-fintech-and-access-to-financial-services-in-nigeria/">Nigeria’s Fintech</a> ecosystem to be sustainable, existing and emerging financial services startups would need access to the capital market.
According to him, attracting fintech unicorns to the market as a viable option for capital raising would allow more investors to benefit from these companies’ growth and create wealth for the economy.
He believes that Nigeria needs to establish strong venture capital and private equity funds to support small businesses with significant growth potential.

In 2021, Nigerian startups received $1.37 billion of Africa’s $4 billion in funding.

Africa Fintech Summit

Bird Story Agency

Ajim Capital

Nongcebo Langa fell in love with wine after a chance encounter with a winemaker at a fair. She went on to study the craft at South Africa’s renowned Stellenbosch University and her passion and mastery of the industry’s technical processes has resulted in her creating award-winning wines, like the 2022 Delheim Gewürztraminer.

Taurai Maduna, bird story agency
 
As Nongcebo Langa walked between the barrels of a beverage enjoyed worldwide, a bubbling sound could be heard from the gas emitted during fermentation - part of the journey of every great wine. It's a sound Langa said now makes her feel at home - and stirs her imagination.
 
“We have fermentation, then you age (the wine). You can age three months, six months, nine months, 18, 24 months to five years for MCC - Méthode Cap Classique. This is the method used to make South African sparkling wines,” she explained.&nbsp;
 
Langa didn't grow up expecting to make wine. It took a careers fair and a chance encounter with a winemaker there to open her eyes to what is now her career as a South African winemaker and one of the few black women in the industry.&nbsp;
 
“It hasn't been our thing, but now it's becoming our thing,” Langa said of her community's interest in wine.&nbsp;
 
Nongcebo grew up in Pietermaritzburg’s Imbali township where family gatherings were stocked with beer and spirits. This is no longer the case; because of her knowledge of wines, she has become the unofficial ‘family sommelier’ and wine is now a popular choice at family functions.
 
“'I got this wine, how do I drink it, how do I enjoy it?' are some of the questions I get asked by those close to me who have started to enjoy drinking wine,” she explained.&nbsp;
 
KwaZulu-Natal Province where Langa comes from is known for its sugarcane production and dairy and cattle farming and the thought of studying wines never crossed her mind till she visited the careers fair and heard a winemaker there talk about their work.
 
After the fair, the idea of making wine seemed like an exciting challenge, so she decided to give it a go by enrolling at Stellenbosch University in the Western Cape Province to study Viticulture and Oenology.
 
“Viticulture is a study of grapes and the grapevine. From the soil to the insects in the ground to the weather, the climates, everything around the growth of the vine. And then Oenology is the study of wine. So wine sciences, the microbes, the machinery, the processing of the grape itself, once it gets into the cellar,” Langa explained.
 
She went further in her education and pursued a Master's program, focusing on the influence of wildfire smoke on vineyards.
 
“It's actually becoming much more relevant in the wine industry all over the world where we are seeing a lot of wildfires around winemaking regions. So my research actually focused on trying to help out once the incidence of this has occurred,” she said.&nbsp;
 
After completing her studies in 2018, Langa interned at the renowned Delheim Wines in Stellenbosch - and never left. She rose through the ranks and was appointed winemaker in May 2022.
 
That same year, she produced the 2022 Delheim Gewürztraminer - a white wine classified as off-dry - which won her the 2023 Diners Club Young Winemaker of the Year Award.
 
“The Gewürztraminer is quite a nice and unique grape in South Africa. I think there's about maybe five or so wine farms that actually make wine out of Gewürztraminer. It's exciting to work with and the flavours that come of it are very, very amazing. It's a nice combination of fruits, you've got a nice balance between the acid and the sugar on the palate”, Langa said. &nbsp;
 
Her award came with prize money and a trip to any wine region in the world. She is planning on going to Bordeaux in France in September.&nbsp;
 
“It's one of those regions that are iconic in the world. The wines that come from there are very well known. And, you know, the quality that comes from there is also well-known in the world.”
 
Langa plans to travel when it's harvest season to learn as much as she can - both inside the winery and out.
 
“Wine is a lot about culture as well as the drink and the winemaking itself,” she said, adding that she considers her profession both a science and an art.&nbsp;
 
“Everywhere you go in the world, you're going to learn the same thing about winemaking and then how you express that science, because you learn the science of it, the basics of it, but how you express that, that's up to you.”
 
Langa is certainly in the right environment to grow as a winemaker; according to Statista, South Africa ranks eighth in wine production out of the top 10 traditional wine-producing countries globally.&nbsp;
 
As a wine master, Langa’s work involves monitoring thousands of litres of wine at various stages of production in the cellars. It also involves regularly tasting wine. In the white wine barrel fermentation cellar that houses the Chardonnay and Chenin Blanc, she uses the ‘wine thief’ to get a wine sample from the barrel, so as to assess how the wine is fermenting.
 
“As you can see this is raw wine, it won’t be as clear as you will find it in a shop, so it still has to go through a lot of processes and there is high CO2 (carbon dioxide) that keeps the particles in suspension and that is why it is cloudy. But it will settle down over time.”
 
Langa works closely with Delheim cellarmaster, Roelof Lotriet, who advised management to hire her when she was an intern. Lotriet was impressed with her work ethic and her curiosity. He recalled how she responded when he asked her what she wanted out of the internship, and she jokingly replied that she wanted his winemaker job.
 
“With wine, you’ve only got one shot on a vintage. There isn't a redo or undo button. What you do is what you do. And if it doesn't work, it doesn't work. I don't think [Delheim] will be her end place, I think it'll be just the start of a fantastic career for her,” Lotriet said.&nbsp;
 
“I wanted to learn more and work under Roelof as well, it's just been quite a beautiful journey and I’ve adopted a lot of the philosophies that I have actually learned from him. And what he sort of preaches in the cellar. So that's been quite a fascinating and worthwhile journey. And then to be at Delheim so full of history, so full of traditions. It's been a learning experience,” Langa said.
 
Shame Mumba was one of the five panel of judges at the 43rd annual Diners Club Winemaker of the year awards. A certified sommelier and board member of the South African Sommelier Association board member, Mumba described Langa’s wine as having shown a lot more purity.&nbsp;
 
“The wine showed more identity, which simply means that sometimes you don't have to interfere too much in the making of the wine, but the less you make, the better the results will be like.”
 
Mumba added that winning such an award for a young winemaker was a huge confidence booster.&nbsp;
 
“It’s also a big inspiration for the young winemakers that want to become a winemaker and especially somebody of colour. That is even a massive boost for our industry as South Africa.”
 
So what makes a good wine? Langa is quick to point out that it’s a very personal choice. It’s about how one connects with the wine.
 
“I always say, I pair my wine with my mood and the company that I have. If I pick up a Rosé I know I’m going to be chilled by the pool or outside with the braai.”&nbsp;
 
She added that for a serious dinner, she would go for something like her cellar's Grand Reserve.
 
bird story agency
 
Useful links:
https://www.delheim.com/
https://dinersclub.co.za/news-events/winemaker-of-the-year/
https://www.statista.com/topics/11626/wine-industry-in-south-africa/#topicOverview
https://www.thedrinksbusiness.com/2024/01/south-african-wine-exports-see-volumes-fall-but-value-growth-increase/
https://academieduvinlibrary.com/blogs/blog/black-women-winemakers-breaking-barriers-in-south-africa

This South African winemaker is savouring the sweet taste of success 🍷🍇 🇿🇦

TechCabal

Despite economic challenges fueled by hyperinflation and sanctions, Zimbabwean startups are resilient and forging ahead. Learn how they navigate funding constraints, access markets beyond borders, and embrace alternative financial technologies.

In Zimbabwe, serial entrepreneur Tendai Mugovi leads the charge with three startups, including Cashlinq, scaling to Zambia amidst economic turmoil. Despite limited funding options, startups leverage diaspora remittances and government initiatives like the National Venture Capital Fund for growth. B2C startups face hurdles, but B2B models thrive by accepting payments in stable currencies and catering to enterprise clients.
 
The macroeconomic landscape presents hurdles, but also opportunities for innovation and expansion beyond Zimbabwe's borders. Startups explore markets like Zambia and Botswana, while fintech solutions gain traction among citizens seeking alternative financial services. With recent sanctions easing, Zimbabwean entrepreneurs are poised for growth, armed with resilience and innovation.
 
Read more on <a href="https://techcabal.com/2024/03/15/zimbabwe-startups-hyperinflation-sanctions/">TechCabal</a>

Overcoming Adversity: How Zimbabwean Startups Thrive Amid Hyperinflation and Sanctions 🚀 🇿🇼

Chipper Cash, a prominent fintech company, announces layoffs and salary cuts after suspending its services in the US, highlighting a strategic shift towards focusing on its African markets.

Chipper Cash, backed by Bezos Expedition, faced financial challenges leading to layoffs and salary cuts, signaling a pivot away from US operations. Despite its earlier success and substantial investments, the company is now redirecting its efforts to its core markets in Africa.
 
Read more on <a href="https://techcabal.com/2024/03/15/chipper-cash-relocates-u-s-and-u-k-workforce/">TechCabal</a>

Chipper Cash Cuts US and UK Roles After Suspending US Operations 🛑 🇺🇸  🇬🇧 👉🏾🌍

Nigeria's Securities and Exchange Commission (SEC) proposes a substantial increase in the minimum paid-up capital for virtual asset service providers (VASPs) to ₦1 billion, aiming to reshape the crypto landscape.

The Securities and Exchange Commission (SEC) of Nigeria has proposed a significant hike in the minimum paid-up capital for virtual asset service providers (VASPs) from ₦500 million to ₦1 billion, indicating a shift towards a more stringent regulatory framework in the cryptocurrency sector. If implemented, this move could potentially reshape the landscape of crypto businesses in Nigeria, favoring larger, well-capitalized companies while posing challenges for smaller, local players. Additionally, the proposal includes requirements for a fidelity bond covering at least 25% of the minimum paid-up capital, along with additional documentation for registration, reflecting the SEC's aim to ensure orderly and transparent market operations in the crypto sphere. 📈💼
 
Read more on <a href="https://techcabal.com/2024/03/18/sec-capital-requirement-for-virtual-asset-companies/">TechCabal</a>

SEC Proposes ₦1 Billion Capital Requirement for Virtual Asset Companies 🇳🇬

Nigeria's Access Bank strengthens its presence in Kenya with the acquisition of the National Bank of Kenya from KCB Group, marking its second Kenyan acquisition in recent years. 🌍💼

Nigeria's Access Bank continues its expansion in the East African market with the acquisition of the National Bank of Kenya from KCB Group, following the unsuccessful attempt to acquire Sidian Bank in 2023. The deal is expected to close within 6 to 9 months, positioning Access Bank for increased scale and growth in Kenya's banking sector. 📈💰
 
Read more on <a href="https://techcabal.com/2024/03/20/access-bank-acquires-national-bank-of-kenya/">TechCabal</a>

Access Bank Expands Footprint in Kenya with National Bank Acquisition 🏦 🇳🇬 🇰🇪

Access Bank's acquisition of National Bank of Kenya (NBK) marks a significant move in its East Africa expansion strategy, valued at around $100 million, pending regulatory approval. 📈💰

Access Bank's acquisition of NBK from KCB Group for 1.25x of the bank’s book value indicates a significant step in consolidating its presence in Kenya, with plans to inject more capital into NBK for growth and sustainability. 🌍💡
 
The transaction, subject to regulatory approvals, is expected to take six to nine months to complete, further underlining Access Bank's commitment to expanding its footprint in East Africa's largest economy. 🚀🌟
 
Read more on <a href="https://techcabal.com/2024/03/21/access-bank-national-bank-kenya/">TechCabal</a>

Access Bank Acquires National Bank of Kenya for Approximately $100 Million in East Africa Expansion 🏦💼 🇰🇪

Benjamindada

Explore how Leatherback's collaboration with YES BANK is revolutionizing remittances by enabling seamless Indian Rupee transfers worldwide, fostering economic growth and cultural exchange between India and Africa.

Leatherback, a global banking service provider, has joined forces with YES BANK, a leading private bank in India, to streamline Indian Rupee (INR) remittances and payouts globally, catering to the burgeoning trade and cultural ties between Africa and India.
 
The partnership marks Leatherback as the first Africa-focused fintech company to offer INR remittance payouts, serving as a pivotal link between individuals and businesses in India and users worldwide, empowering financial accessibility and connectivity across borders. With innovative solutions like SendR, users can now effortlessly transfer funds to India, leveraging advanced technology and YES BANK's market expertise for a seamless and efficient remittance experience.
 
Read more on <a href="https://www.benjamindada.com/leatherback-and-yes-bank-partner-to-enble-indian-rupee-transfers-for-global-users/">BenjaminDada</a>

Leatherback and YES BANK Partner to Facilitate Indian Rupee Remittances Globally 🌍💸 🇮🇳

From ranking as the world’s worst-performing currencies in 2023, the Kenyan shilling and Nigerian naira have made significant progress. They are now among the best-performing currencies in the world for 2024, raising hopes for a lower cost of living in these countries.

By Conrad Onyango, bird story agency
 
Squeezed by painfully high prices for over a year, households in Kenya and Nigeria are beginning to get some relief as their national currencies strengthen against the US dollar and the cost of living starts to come down.
 
In 2023, the shilling and naira were ranked among the worst-performing currencies in the world, according to data from Bloomberg and World Currency Monitor.&nbsp;
 
The naira was the worst-performing currency in Africa in 2023, depreciating by over 40% against the US dollar while the shilling ranked 6th worst worldwide, with a slump of over 15% against the US Dollar.
 
However, consumers in both countries are in for some relief in 2024 as their currencies gain ground and the cost of living becomes more bearable, especially in Kenya which has witnessed drops in the prices of some key foods and fuel.
 
Kenya's National Bureau of Statistics shows that the country’s annual inflation eased to a two-year low thanks to a strengthening shilling, which has helped to lower import prices. Kenya is a net importer.
 
Consumer prices rose 5.7% in March in the East African country, compared with 6.3% in February and 9.2% in March 2023, &nbsp;driven by falling prices for flour, sugar and fuel, according to the Bureau of Statistics. Flour dropped by 9.2%, Sugar 5.3% and petrol by 3.5%.
 
Kenya’s inflation is now within the government’s preferred range of 2.5% and 7.5% in the medium term.
 
On the eve of Good Friday, Kenya’s commercial banks quoted the shilling at a high of 132.00 to the US dollar, compared to a high of 161.00 at the start of the year.
 
Such robust performance has earned the shilling the title of best-performing currency in 2024, according to Bloomberg research.
 
The naira is also on a winning streak, posting N1,300 against the dollar on the eve of Easter celebrations after a historic low of N1,851 per dollar In February.&nbsp;
 
The country had been grappling with dollar shortages that depressed its currency.
 
Nigeria’s central bank Governor Olayemi Cardoso has expressed hope that the naira will continue to gain strength against the dollar after clearing a foreign exchange backlog and raising interest rates by 200 basis points to 24.75% to counter inflation.
 
“The committee noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks...This will greatly enhance investor confidence and attract foreign investments to Nigeria,” said Cardioso during its latest Monetary Policy Committee (MPC) Press Briefing.
 
“These considerations underscore the importance of CBNs commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that purchasing power of ordinary Nigerians is restored in the short to medium term,” Cardioso added.
 
Nigeria's apex bank has intensified oversight of the recapitalisation of banks and other financial services firms, which it believes will strengthen the country’s financial system against external shocks. The regulator has also cracked down on unregulated cryptocurrency trading.
 
bird story agency

Cost of living relief on the cards as Kenya, Nigeria currencies gain ground 🇳🇬 🇰🇪

Mozambique doubles down on growth with Africa's first dual benchmark rate cuts in 2024 as currencies across the continent score gains against the greenback.

Seth Onyango, bird story agency
 
Mozambique’s central bank has decisively cut its benchmark lending rate to 15.75% from 16.5%, setting a precedent as the first African country to slash rates twice in 2024.&nbsp;
 
The move highlights Maputo’s aggressive push for economic growth amid a wider trend of cooling inflation and currency stability against the US dollar across Africa.&nbsp;
 
Rate cuts in the southeastern African nation, prompted by near-four-year low consumer inflation, aim to stimulate economic activity through household spending.
 
The steady Mozambican metical against the dollar since 2021 solidifies the central bank, Banco de Moçambique's move, balancing the rate cuts without igniting inflation or destabilising the currency.
 
Mozambique’s fiscal manoeuvre and stability reflect a larger pattern across the continent. Both Kenya and Nigeria are witnessing their currencies gain ground against the greenback, offering their economies some respite.&nbsp;
 
In Kenya, commercial banks have recently quoted the shilling at a high of Sh132.00 to the US dollar, a significant recovery from Sh161.00 at the year's start.&nbsp;
 
Similarly, Nigeria's naira is experiencing a resurgence, trading at N1,300 against the dollar on the eve of Easter celebrations, rebounding from a historic low of N1,851 per dollar in February.
 
In Mozambique, the burgeoning LNG sector, kick-started, adds to the country’s growth prospects. However, insurgencies pose risks to major projects.&nbsp;
 
Despite challenges, its economy grows by 5.4% in Q4 of 2023, showcasing resilience and growth beyond its LNG sector.
 
TotalEnergies aims to restart its US$20 billion Mozambique LNG project, halted due to Islamist insurgencies in Cabo Delgado province, leading to a force majeure declaration in April 2021 that still stands.
 
Banco's recent rate cut, however, aims to counteract these challenges, ensuring continued economic progress.
 
Mozambique, with its long Indian Ocean coastline, is dotted with popular beaches like Tofo, as well as offshore marine parks, also anticipates stellar earnings from tourism.
 
Efforts to stabilise the economy and ensure security are likely to enhance Mozambique's appeal as a premier tourism destination, further diversifying its income sources and strengthening its economic resilience.
 
Mozambique is also tweaking its visa process to lure in more visitors.
 
Its complex visa process once deterred tourists and business visitors, affecting its regional and global competitiveness.&nbsp;
 
However, significant improvements began in December 2022 with the launch of a streamlined e-visa platform by the Mozambican Government.&nbsp;
 
Further easing occurred in March 2023, introducing visa-free entry for citizens of 29 countries, including the US, for tourism and business. Now, travellers can use the e-visa platform before their trip and pay a small fee of MZN650 (about US$10).
 
Furthermore, the regional economic landscape is witnessing a pivotal shift, with African nations increasingly adopting innovative monetary policies and reforms to navigate the complexities of global finance and trade.
 
Mozambique is now at the forefront of Africa's money policy manoeuvre, with the continent's economic landscape witnessing a pivotal transformation.&nbsp;
 
Its collective progress towards stronger currencies and thoughtful monetary strategies provides a brighter economic outlook for Africa.
 
Central bank governors across the continent will likely study Mozambique’s approach closely, seeking to replicate its successes in their jurisdictions.&nbsp;
 
bird story agency

Twin rate cuts set Mozambique apart as African currency rally 🇲🇿

Despite a dip in overall funding levels, the continent is witnessing a marked increase in the number of ventures securing $1 million or more.

Seth Onyango, bird story agency&nbsp;
 
Start-ups in Africa are increasingly hauling in US$1 million or more in funding, even as the investment climate on the continent cools off.
 
Data from Africa: The Big Deal, shows ventures raising over US$1 million thrive due to their bankability, suggesting a selective but keen interest from investors amidst a cautious investment backdrop.
 
"While the amount raised quarterly is still at its lowest since Q4 2020, we can see that the number of ventures raising at least $1m during a quarter has started to bounce back in Q3 2023 and continued to do so consistently since," The Deal says.
 
Investors appear to be placing targeted bets on start-ups with clear scalability and impactful solutions, indicating a move towards more strategic, long-term investments rather than widespread, speculative funding.
 
Investment patterns also reveal a notable shift towards equity financing, despite a slight 9% decrease from the previous quarter.&nbsp;
 
Conversely, debt financing has taken a substantial hit, decreasing by 44%. This indicates a growing preference among investors for equity stakes in promising start-ups, in a show of confidence in their growth trajectories and the potential for long-term returns.
 
Broadly, the total funding secured by African start-ups from April 2023 to March 2024 amounted to US$2.4 billion — a 14% decrease from the preceding 12 months but still a substantial portion of the peak funding era between July 2021 and June 2022, according to The Deal.
 
Data from Africa: The Big Deal further underscores a strategic recalibration by investors in response to the evolving global economic landscape and the unique challenges and opportunities presented by the African market.
 
African start-ups, with their deep understanding of local markets and innovative approaches to solving complex problems, are increasingly becoming the season's must-have for both local and international investors.
 
Tellingly, a separate report from Africa: The Big Deal in March showed that more African investors are funnelling substantial investments into homegrown enterprises.
 
It highlighted a departure from the previous years, when North American investors, particularly from the U.S., led the charge in startup funding across the continent.
 
Africa: The Big Deal identified at least 619 unique investors who participated in deals of US$100k or more within the continent, with 35% of these being headquartered in Africa, making it the region with the most investors in African startups.
 
This shift came after a dramatic 47% year-on-year drop in the number of North American-based investors involved in the continent, according to the report.
 
“The fact that Africa was the continent where most investors in Africa were headquartered contrasts with the previous two years when the number one spot was held by North America (the U.S., really),” the analysis observed.
 
European investors remained significant, with a stable 25% representation, closely following African investors and indicating a potential rise in interest from this region as well.
 
When considering individual countries from around the world, however, the United States maintained its position as the single largest external investor in Africa.
 
South Africa stands out as the primary African country with active investors, highlighting its role as a significant hub for investment on the continent.
 
The top five countries hosting active investors have remained reasonably stable, with the United States, South Africa, Nigeria, the United Kingdom, and France (replacing Egypt) making the list.
 
Notably, France is the only country among the top 10 to see an increase in the number of investors involved in African deals from 2022 to 2023.
 
bird story agency&nbsp;

More African founders secure $1M+ Funding in new trend 💰🌍

The Next Wave

TechSafari

Big Tech This Week

Kaspersky takes a major stride in the fight against cybercrime by inaugurating its inaugural Africa Transparency Center in Kigali. Aligned with the African Union's Digital Transformation Strategy, this initiative aims to empower Africans digitally by 2030 and enhance cybersecurity awareness.

Kaspersky, a global cybersecurity leader, has opened its first Transparency Center in Kigali, Rwanda, as part of the African Union’s Digital Transformation Strategy. This center provides a "blue piste" review option, allowing users to access information on Kaspersky’s engineering and data processing procedures. With a focus on cybersecurity capacity building, the center aims to bridge the knowledge gap by offering insights into product security assessment and secure development procedures. The move underscores the increasing importance of cybersecurity in Africa's digital landscape.
 
Read more on <a href="https://techtrends.africa/rwanda-kaspersky-unveils-first-africa-transparency-center-in-kigali/">TechTrends.Africa</a>

Kaspersky Boosts Cybersecurity in Africa with First Transparency Center in Kigali 🇷🇼

A Sub-Saharan African (SSA) investment company, Kuramo Capital Management, has announced plans to invest $150 million over the next 10 years to promote female-led businesses.

Kuramo Capital Management is set to inject $150 million over the next decade to empower female-led businesses in Sub-Saharan Africa through its Moremi Platform. The program includes an accelerator, a warehousing/lending facility, and a Fund of Funds, all aimed at promoting gender-equitable fund management and supporting African women entrepreneurs. The accelerator program provides education, mentorship, and capacity building to 40 female fund managers and entrepreneurs annually, addressing the financial and knowledge gap for women in business. By fostering female fund managers' growth, Kuramo aims to enhance women-owned businesses and drive inclusive, long-term economic and social growth across the continent.
 
Key Points:
- Kuramo Capital commits $150 million to promote female-led businesses in Sub-Saharan Africa.
- The Moremi Platform includes an accelerator program, a warehousing/lending facility, and a Fund of Funds.
- The initiative focuses on closing the knowledge and financial gap for women in business.
- The first cohort of the accelerator program will support 40 female fund managers and entrepreneurs annually.
- Sub-Saharan Africa boasts a high proportion of women entrepreneurs, with women representing 58% of self-employed individuals on the continent.
- The program aims to enhance gender-smart investment practices and foster gender diversity in fund management.
- Kuramo Capital has already raised over $3.5 billion, supporting more than 200 businesses and creating over 50,000 jobs in Africa.
- The company's mission is to drive long-term capital growth and sustainable business development in various economic sectors.
- The Moremi Accelerator Program underscores Kuramo's commitment to catalyzing gender-equitable capital development in Africa.
- It aims to attract foreign investment to Africa while addressing the unique challenges faced by female fund managers and entrepreneurs.
 
#EmpoweringWomen #AfricanBusiness #GenderEquity #InvestmentOpportunities
 
Read more on <a href="https://techtrends.africa/kuramo-capital-shares-plans-to-invest-150m-in-african-female-led-funds/">TechTrends.Africa</a>

Kuramo Capital to Invest $150M in African Female-Led Funds, Boosting Gender Equity

23 Egyptian startups have completed the third cohort of the Startups Accelerator Program in Egypt, as announced by the United States Agency for International Development (USAID).

23 Egyptian startups have successfully completed the third cohort of the Startups Accelerator Program in Egypt, sponsored by USAID. 🎓
 
Run by Plug and Play Tech Centre in collaboration with ITIDA, NBE, and Egypt Post, this three-month program provided these startups with valuable resources, mentorship, and networking opportunities. 💼🤝
 
From legal affairs to product strategy, they gained insights to navigate the dynamic business landscape. 🌍💡
 
#EgyptStartups #USAID #Entrepreneurship #TechAccelerator
 
Read more on <a href="https://techtrends.africa/23-egyptian-startups-graduate-from-usaids-startups-accelerator-programme-in-egypt/">TechTrends.Africa</a>

Egyptian Startups Graduate from USAID's Accelerator Program 🇪🇬

As Artificial Intelligence (AI) sweeps the globe, Rwanda will play host to a major technology firm that will perform AI research and develop AI solutions for Africa.

As the global landscape of Artificial Intelligence (AI) expands, Rwanda takes a significant step in becoming an AI research hub for Africa. London-based startup InstaDeep recently announced the opening of an office in Kigali, Rwanda, dedicated to AI research and developing AI solutions tailored to the African context.
 
AI, which involves technology that enables machines to replicate human thinking and action, is gaining prominence for its potential to automate tasks effectively and think intelligently across various domains.
 
Rwanda has been at the forefront of AI policy in Africa, focusing on infrastructure, data strategy, AI adoption in the public and private sectors, and ethical implementation.
InstaDeep's decision to establish a presence in Kigali aligns with Rwanda's commitment to shaping the future economy. The Kigali office will be led by Arnu Pretorius, InstaDeep's head of AI research for Africa, who sees this move as an opportunity to advance AI in Africa and develop long-term solutions for the region.
 
Rwanda's proactive AI ecosystem includes the Center for the Fourth Industrial Revolution (C4IR) and other companies like Zipline and Babyl in the healthcare sector. The Minister of ICT and Innovation, Paula Ingabire, emphasized Rwanda's ambition to use AI for public service enhancement, sustainable development, and economic growth.
 
With the government projecting a potential AI ecosystem value of $589 million over the next five years, implementing the program is estimated to cost $76.5 million.
 
 
🤖🌍 Rwanda takes a pioneering role in African AI with InstaDeep's new office, aligning with the nation's ambitious AI policy and fostering AI innovation on the continent. 💡🚀&nbsp;
 
 
#AIinAfrica #RwandaAI #AIDevelopment
 
Read more on <a href="https://techtrends.africa/rwanda-to-pioneer-artificial-intelligence-research-in-africa/">TechTrends.Africa</a>

Rwanda Becomes Hub for AI Research as InstaDeep Opens Office to Advance African AI 🇷🇼

The stage is set for the largest gathering of fintech stakeholders from around Africa and the globe as the Africa Fintech Summit prepares for its 10th edition. The summit, renowned for fostering meaningful conversations, partnerships and other ecosystem-enabling engagements, is scheduled to take place from November 2-3, 2023, at Ciela Resort and Spa in Lusaka, Zambia.

The 10th Africa Fintech Summit, known for fostering discussions and collaborations in the fintech sector, is scheduled for November 2-3, 2023, at Ciela Resort and Spa in Lusaka, Zambia. This year's summit aims to accelerate innovation, partnerships, and address industry challenges. Over 200 organizations from various sectors, including regulators, government bodies, investors, fintech companies, banks, media, tech companies, and research consultants, will participate. The event focuses on driving Africa's digital transformation and financial innovation. 🔥🌍🚀
 
For more details, you can visit the official website: [Africa Fintech Summit](https://africafintechsummit.com/). 📅💼🌐
 
Read more on <a href="https://techtrends.africa/over-200-leading-african-and-global-organizations-set-to-convene-at-africa-fintech-summit-lusaka-zambia-this-november/">TechTrends.Africa</a>

Over 200 Leading African and Global Organizations Set to Convene at Africa Fintech Summit Lusaka, Zambia, this November 🇿🇲

eLearning Africa is a network of top experts, professionals, and investors dedicated to the future of education and training in Africa. It is the largest conference and exhibition on technology-supported learning, training, and skills development in Africa.

The 17th annual eLearning Africa conference is scheduled to take place in Kigali, Rwanda, from May 29 to 31, 2024. eLearning Africa is a prominent network of experts, professionals, and investors focused on the future of education and training in Africa. This event is the largest conference and exhibition dedicated to technology-supported learning, training, and skills development on the continent. It brings together professionals from across Africa to foster international collaborations, share knowledge, and enhance expertise in the field of e-learning and digitally supported education. The overarching theme of the conference is "Education Fuels Innovation, Investment Amplifies Skills: Africa’s Vibrant Leap Forward," focusing on new learning models and the future of education, training, and skills development in Africa.
 
Read more on <a href="https://techtrends.africa/kigali-to-host-elearning-africa-in-may-2024/">TechTrends.Africa</a>

Kigali to Host eLearning Africa in May 2024 🇷🇼

With cybercrime increasingly posing a significant risk to enterprises globally, cybersecurity experts in South Africa are forecasting more challenging times ahead as threat actors exploit emerging innovations to launch sophisticated cyber attacks.

The increasing threat of cybercrime is a growing concern for Africa's push towards digitalization, with cybersecurity experts warning that cybercriminals are exploiting emerging technologies to launch sophisticated attacks. Ransomware remains a primary threat to large and medium-sized businesses, including critical sectors like government and healthcare. South African cybersecurity sector is predicted to grow at a compound annual growth rate of 12.97% between 2023 and 2028. The Acronis Mid-Year Cyberthreats Report 2023 indicates ransomware continues to be a significant threat, affecting various sectors including government and healthcare. The Rectron Summit in South Africa aims to address these challenges and develop effective cyber protection solutions for enterprises. Countries like Nigeria and Kenya also face cyber threats due to their growing internet penetration and digitalization. The event will feature discussions on cyber protection, threat landscapes, cybersecurity skills gap, and the role of AI and ML in cybersecurity. The focus is on preparing for the future of work and home in an age of automation and digitization.
 
Read more on <a href="https://techtrends.africa/rising-cyberthreats-loom-over-africas-digitalization-push-experts-raise-concerns/">TechTrends.Africa</a>

Rising cyberthreats loom over Africa’s digitalization push, experts raise concerns

The research for a national AI strategy is being conducted by top researchers, both Nigerians and foreigners, who have experience working in the Nigerian market, according to Bosun Tijani, Nigeria’s Minister of Communications, Innovations, and Digital Economy.

Nigerian Communications Minister, Bosun Tijani, has invited top researchers, both Nigerians and foreigners with experience in the Nigerian market, to contribute to the development of a national AI strategy. The goal is to enhance the technological innovation landscape by incorporating insights from those who have interacted with the Nigerian market. The aim is to create a more efficient and impactful technological advancement environment.
 
The initiative involves curating a list of top researchers with Nigerian heritage from around the world to collaboratively create a National AI Strategy. This strategy aims to guide the responsible development of AI in Nigeria, focusing on job creation, social inclusion, and sustainable development.
 
AI adoption is seen as crucial for economic expansion, with the potential to boost the global economy by trillions of dollars. However, concerns about ethics, bias, privacy, and job displacement need to be addressed. Tijani emphasizes the importance of a human-centered approach in AI strategy to ensure inclusiveness and benefits for everyone.
 
The Nigerian National AI Strategy seeks to achieve various goals, including agricultural transformation, healthcare advancements, financial inclusion, smart cities, education enhancement, environmental conservation, cybersecurity, government efficiency, and global competitiveness.
 
To identify top AI researchers, data from Lens is used, and machine learning models like Naive Bayes and Logistic Regression are employed to classify potential Nigerian researchers. A research index similar to the h-index is developed to systematically identify top researchers, and crowdsourcing is planned for refining the researcher list.
 
By involving renowned AI researchers, Nigeria aims to create a comprehensive AI strategy that aligns with national goals and fosters ethical and inclusive AI innovation. The collaboration aims to position Nigeria as a global player in AI research and development, benefiting citizens and fostering international collaborations.
 
Read more on <a href="https://techtrends.africa/nigerian-communications-minister-bosun-tijani-invites-top-researchers-to-develop-ai-strategy/">TechTrends.Africa</a>

Nigerian Communications Minister, Bosun Tijani Invites Top Researchers to Develop AI Strategy 🇳🇬 🧠

As the country’s general election nears its conclusion, the government of Gabon has announced that it will impose a curfew and shut down the internet, citing “calls for violence… and false information.”

As Gabon's general election concludes, the government has decided to implement a curfew and internet shutdown to address concerns about violence and misinformation. The curfew was announced by Communications Minister Rodrigue Mboumba Bissawou and began on Sunday. The internet access suspension is intended to counteract the spread of false information and calls for violence. This move comes as President Ali Bongo seeks a third term, aiming to extend his family's long-standing control over the country. The opposition, which united against Bongo's candidacy, alleges electoral manipulation. Bongo's leadership has faced criticism for wealth inequality and his handling of the nation's oil resources. Despite having the highest per capita GDP in Africa, a significant portion of Gabon's population lives in poverty. The election's delays and rule alterations have also raised concerns among opposition parties.

Gabon Government Cuts off Internet Access to Curb the Spread of False Information

The She Wins Africa program has been formally launched by the International Finance Corporation (IFC), marking a significant step toward supporting female entrepreneurs throughout sub-Saharan Africa.

The International Finance Corporation (IFC) has launched the She Wins Africa program, aiming to support female entrepreneurs across sub-Saharan Africa. The program seeks to provide essential guidance, training, mentorship, and networking opportunities to up to 5,000 women-founded businesses. Its key features include investment readiness training, empowering gender-lens investing in venture capital firms, enhancing early-stage startup support organizations, and facilitating matchmaking events between female founders and investors. The program aims to address the challenges women entrepreneurs face in accessing resources and funding. Eligibility criteria include age, gender, years in business, headquarters location, industry, and language proficiency. The application deadline is September 15, 2023. The program aims to foster women's economic empowerment and sustainable growth in Africa's business sector.
 
Read more on <a href="https://techtrends.africa/ifc-announces-she-wins-africa-program-to-support-female-entrepreneurs/">TechTrends.Africa</a>

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