technology

money

research & analysis

sports

Africa Fintech Summit

TechCrunch

Ajim Capital

In early 2022, ex-Andela and Flutterwave co-founder Iyinoluwa Aboyeji, in an interview with TechCrunch, discussed a moonshot project he was working on: Talent City, explicitly designed for local and global startups and service businesses looking to scale their operations across Africa without facing the challenges of unstable policies, infrastructural deficits and other business challenges.

LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone 🌍🆓
 
Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave, is working on a groundbreaking project in Africa - Itana, formerly Talent City. It's set to become Africa's first digital free zone. 🚀
 
📌 Vision: Itana aims to provide a digital haven for startups to scale across Africa, bypassing challenges like unstable policies and infrastructure gaps.
 
💰 Funding: Itana secured a $2 million pre-seed to establish this digital free zone, promoting ease of doing business and catalyzing employment in Nigeria.
 
🌐 Virtual City: While waiting for its physical city to be finalized, Itana is launching Itana Edge, an online one-stop-shop for international businesses. It offers benefits such as taxation, business visas, and banking support in Nigerian free zones.
 
🌆 Silicon Valley Ambitions: Itana seeks to become Africa's Silicon Valley, supporting a range of services and digital economies.
 
📅 Timeline: The pilot will start soon, with plans to go live in Q1 2024, featuring a live-work-build campus known as Itana District.
 
💼 Revenue Streams: Itana plans to generate revenue through annual business licenses, on-demand services, and more, sharing profits with the government.
 
🌟 Support: Several factors, including favorable regulations, growing tech ecosystems, and government support, could contribute to Itana's success.
 
🤝 Investors: Backed by venture funds like LocalGlobe, Amplo, and Pronomos Capital, Itana is poised to reshape Africa's digital landscape.
 
#AfricaTech #DigitalEconomy #Startups #Innovation 🌐🚀
 
Read more on <a href="https://techcrunch.com/2023/09/06/localglobe-and-pronomos-capital-back-itana-to-pave-the-way-for-africas-first-digital-free-zone/">TechCrunch</a>

LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone

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

LocalGlobe and Pronomos Capital back Itana to pave the way for Africa’s first digital free zone

Top comments(0)

You may like this too...