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Cryptocurrency, often referred to simply as "crypto," is a digital or virtual currency that uses cryptography to secure and verify transactions as well as to control the creation of new units. Cryptocurrencies operate independently of central banks and are decentralised, meaning they are not subject to government or financial institution control.

Cryptocurrency, often referred to simply as "crypto," is a digital or virtual currency that uses cryptography to secure and verify transactions as well as to control the creation of new units. Cryptocurrencies operate independently of central banks and are decentralised, meaning they are not subject to government or financial institution control. This makes them particularly important for Africa, a continent where many countries have weak or unstable financial systems and where access to traditional financial services can be limited.
 
One of the most important use cases for crypto in Africa is as a means of remittance. Many people in Africa work in other countries and send money home to support their families, but traditional remittance services can be expensive and slow.&nbsp;
 
Cryptocurrencies can be sent across borders quickly and at a much lower cost than traditional remittance services, making it easier for people to support their loved ones.
Another use case for crypto in Africa is as a store of value. Many African countries have high inflation rates and unstable currencies, making it difficult for people to save money or make long-term investments. Cryptocurrencies, particularly stablecoins which are pegged to fiat currencies like the US dollar, can provide a more stable store of value that is not subject to inflation.
 
Crypto can also be used for e-commerce in Africa. Online shopping is becoming increasingly popular across the continent, but many people do not have access to traditional banking services or credit cards. Cryptocurrencies can provide an alternative payment method that is more accessible to people who do not have traditional bank accounts.
 
In addition to these use cases, crypto can also be used for peer-to-peer lending, micropayments, and even as a means of providing aid to people in need. For example, cryptocurrency donations have been used to support humanitarian efforts in countries like Sudan and Nigeria.
 
However, it is important to note that crypto adoption in Africa is still in its early stages and there are many challenges to overcome. One of the biggest challenges is the lack of infrastructure and regulatory frameworks for cryptocurrencies. In many African countries, there are no laws or regulations governing cryptocurrencies, making it difficult for businesses and individuals to use them safely and effectively.
 
Another challenge is the lack of education and awareness about cryptocurrencies. Many people in Africa are not familiar with crypto and do not understand how it works or its potential benefits. This makes it difficult to build trust and encourage adoption.
In conclusion, crypto has the potential to be a powerful tool for financial inclusion in Africa. Its low transaction costs, fast transaction speeds, and decentralised nature make it an attractive option for people who have limited access to traditional financial services. However, there are still many challenges to overcome such as regulatory issues, lack of infrastructure, and low levels of awareness and education about cryptocurrency.
 
Governments and financial institutions need to work together to create a regulatory framework that supports the growth of the cryptocurrency industry while protecting consumers from fraudulent activities. Additionally, there needs to be more investment in infrastructure, such as internet connectivity, to ensure that people can access cryptocurrency services. Finally, education and awareness campaigns are necessary to help people understand the benefits and risks of using cryptocurrency.
 
Despite these challenges, the use cases of cryptocurrency in Africa are growing. From cross-border remittances to micropayments, cryptocurrency has the potential to revolutionise the way people transact and access financial services in Africa. As the technology and infrastructure continue to develop, we can expect to see even more innovative use cases emerge.
 
Overall, cryptocurrency is an exciting development for Africa, and its potential to drive economic growth and financial inclusion cannot be overlooked. With the right policies and investments, cryptocurrency could become a key driver of financial inclusion and economic development on the continent.

What are the use cases of crypto in Africa?

Africa Fintech Summit

TechCabal

M-KOPA, a Kenyan fintech giant known for financing solar systems and smartphones, has appointed former Nokia CEO Rajeev Suri as its new board chair. As the company gears up for rapid expansion, Suri's leadership is set to guide M-KOPA into a new era of growth and innovation. With over 5 million users across Africa, M-KOPA is reshaping digital and financial inclusion.

🚀 M-KOPA, a fintech startup providing solar systems and smartphones on affordable payment plans, has appointed Rajeev Suri, former CEO of Nokia, as its new board chairman. Suri will take over from Elizabeth Littlefield on December 1, 2024. His extensive experience in leading global companies like Nokia and Inmarsat positions him to guide M-KOPA through its next growth phase.
 
💡 M-KOPA has been a game changer in digital and financial inclusion, leveraging cutting-edge AI technologies to serve over 5 million users in Kenya, Uganda, Ghana, Nigeria, and South Africa. As competition heats up with new entrants like D.Light, Sun King, and Aspira, Suri's appointment comes at a pivotal moment.
 
📊 M-KOPA raised $255 million in 2023 and has disbursed over $1.5 billion in credit to its users. However, the company faces challenges, including back taxes following a ruling by a Kenyan tax tribunal. Despite this, M-KOPA continues to lead in the PAYGO sector.
 
Key Highlights:
<ul>
 <li>Rajeev Suri to lead M-KOPA as board chairman starting December 2024.</li>
 <li>M-KOPA has served over 5 million users across 5 African countries.</li>
 <li>Raised $590 million in venture funding, including $255 million in 2023.</li>
 <li>Suri’s appointment comes at a time of intense competition in the PAYGO market.</li>
</ul>
✨ M-KOPA’s innovative approach and strong leadership signal a bright future for the company and its mission to empower consumers across Africa.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/14/m-kopa-nokia-ceo-board-chair/">TechCabal</a>

M-KOPA Appoints Former Nokia CEO Rajeev Suri as New Board Chairman, Driving Fintech Growth

TechCrunch

🌍 From humble beginnings in Africa, InstaDeep has grown into a global AI powerhouse. In just over a year under BioNTech’s umbrella, the startup continues to drive innovation in biotech and beyond. CEO Karim Beguir reveals how InstaDeep’s cutting-edge AI is revolutionizing healthcare and industrial optimization alike.

InstaDeep's AI Revolution: Scaling Global Innovation 🚀
InstaDeep, Africa's largest AI startup, was acquired by BioNTech for $550M in 2023. Under BioNTech’s wing, the Tunis-born startup has achieved significant progress in AI-driven biotech applications, including AI models that accelerate tissue analysis by 5x and support cutting-edge cancer research. Their DeepChain platform, focusing on protein design, plays a key role in fighting diseases like cancer.
 
 
Key Highlights:
<ul>
 <li>📊 BioNTech acquisition enhances InstaDeep’s biotech focus, accelerating drug development using AI.</li>
 <li>InstaDeep maintains independence, still collaborating with non-biotech sectors such as industrial optimization.</li>
 <li>🦗 A key AI project: predicting locust outbreaks in Africa with NASA-backed geospatial data, helping protect food security.</li>
</ul>
 
 
CEO Karim Beguir believes InstaDeep’s AI innovations in biotech are at a pivotal stage—similar to GPT-3’s debut in 2020, opening up endless possibilities for the future of healthcare and industrial optimization.
"AI is now a game changer in biology—just like GPT was for NLP," says Beguir.
 
 
Read more on <a href="https://techcrunch.com/2024/10/12/where-we-are-today-in-biology-ai-is-similar-to-gpt-in-2020-an-interview-with-the-ceo-of-africas-biggest-ai-startup/">TechCrunch</a>

InstaDeep's AI Journey: From Africa to Global Biotech Innovator

Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.

<h3>The Central Bank of Kenya (CBK) is spearheading a transformative project to introduce a Fast Payment System (FPS), aimed at enabling instant transactions across all banks and fintechs. This system will solve long-standing interoperability issues, allowing Kenyans to pay bills, send money, and make other transactions effortlessly, regardless of their financial service provider.</h3>
<h3> </h3>
<ul>
 <li>Interoperability Issue: FPS will address the challenges that have prevented smooth communication between different payment systems, unlike current solutions like Pesalink, which is limited and lacks utility payments capabilities.</li>
 <li>Collaborative Effort: Since February 2024, CBK has worked with industry players through a CBK-Industry Technical Working Group to develop this new system.</li>
 <li>Key Benefits: FPS will promote faster payments, wider accessibility, and reduce the reliance on fragmented and costly systems. It will lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).</li>
</ul>
 
By fostering faster financial services, FPS is expected to boost economic activity and expand access to essential services across Kenya 🚀.
 
 
 
Read more on <a href="https://techcabal.com/2024/10/18/kenyas-central-bank-plans-instant-payment-system/">TechCabal</a>

Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪

Stanbic Bank Kenya has completed a major upgrade of its core banking software, aiming for enhanced security and improved user experience. Despite brief service disruptions, the bank’s transition to the latest technology signals a drive for modernized banking in a competitive market.

Stanbic Bank Kenya, the sixth-largest bank in Kenya, has successfully completed an upgrade to its core banking software, Temenos T24 R23, in partnership with Orion Innovation. This upgrade—one of the most significant in recent years—introduces advanced security features and improved performance across Stanbic's digital platforms.
 
<ul>
 <li>Customer Impact: Over 266,000 customers experienced some service disruptions from October 19-21. Though some users reported limited access after the upgrade, Stanbic reassured customers that it is monitoring system performance to maintain optimal functionality.</li>
 <li>Tech-Driven Growth: This move aligns with a trend among Kenyan banks investing in advanced tech, especially as competition for skilled IT talent intensifies. Stanbic joins global banks using the advanced R23 version, further positioning itself as a leader in digital transformation in Kenya’s banking sector.</li>
 <li>Cost and Efficiency: While some banks opt to build in-house core banking systems for greater customization, others, like Stanbic, partner with external providers for expertise and cost efficiency. However, managing complex integrations across old systems remains a challenge for many institutions.</li>
</ul>
 
As Kenya’s banks embrace digital innovation, Stanbic’s upgrade is a signal of the sector’s shift toward secure and seamless banking, supported by both internal growth and external partnerships.
 
🔹 Temenos T24 R23 - Latest Core Banking Tech 
🔹 Focus - Enhanced Security, Efficiency 
🔹 Trend - Rising demand for tech talent across banks
 
Read more on <a href="https://techcabal.com/2024/10/25/stanbic-bank-kenya-finalises-core-banking-upgrade/">TechCabal</a>

Stanbic Bank Kenya Completes Core Banking Software Upgrade Amid System Glitch Resolution

Disrupt-Africa

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.

Moniepoint, founded in 2015 as TeamApt, is Nigeria's top merchant acquirer, processing $17 billion monthly and supporting over 10 million businesses and individuals. Recently, the company secured $110 million in Series C funding, led by Development Partners International, alongside new investors such as Google’s Africa Investment Fund and Verod Capital. With this new capital, Moniepoint plans to scale its all-in-one financial ecosystem across Africa, offering services like digital payments, banking, FX, credit, and business management tools.
 
Highlights:
<ul>
 <li>Key Investors: Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock (existing investor).</li>
 <li>Platform Vision: A comprehensive suite for African businesses with seamless banking, payment solutions, and support tools.</li>
 <li>Financial Impact: Moniepoint’s rapid growth supports financial inclusion across underserved communities and enables businesses to grow with reliable banking solutions.</li>
</ul>
 
CEO Tosin Eniolorunda emphasized Moniepoint’s mission to innovate and drive financial inclusion across Africa, delivering solutions that make a difference for the continent’s entrepreneurial potential.
 
 
Read more on <a href="https://disruptafrica.com/2024/10/29/nigerias-moniepoint-raises-110m-series-c-to-scale-digital-banking-across-africa/">Disrupt-Africa</a>

Moniepoint Raises $110M to Expand Digital Banking Across Africa 🌍💸

🌍 Access Bank secures the green light to acquire Kenya's National Bank, expanding its reach across East Africa’s largest economy. With an estimated $100 million deal, Access Bank will increase its footprint to 77 branches across 28 counties. Here’s what this move means for Kenya’s banking sector! 💸

Access Bank has received approval from the Competition Authority of Kenya (CAK) to acquire the National Bank of Kenya (NBK) from KCB Group, contingent upon retaining 80% of NBK’s workforce for a year post-acquisition. The deal, valued around $100 million, now awaits the Central Bank of Kenya's (CBK) approval to proceed.
<h3> </h3>
<h3>Key Points:</h3>
<ul>
 <li>Expanded Reach: Access Bank’s acquisition of NBK will grow its presence from 23 branches in 12 counties to 77 branches in 28 counties, significantly enhancing its reach in Kenya.</li>
 <li>Market Share: The combined Access Bank-NBK entity will hold a 1.9% market share, a figure CAK indicates won't disrupt competitive dynamics in the Kenyan banking sector.</li>
 <li>Deal Valuation: The transaction is estimated to be around $100 million, pegged at 1.25x NBK’s book value of $79.77 million in 2023.</li>
 <li>Timeline: The acquisition is anticipated to close by November, pending final regulatory approval.</li>
</ul>
 
Access Bank’s move positions it as a stronger player in Kenya’s tier 2 banking sector, giving it an edge in a highly competitive market. The expansion reinforces its strategy to tap into East Africa's economic potential while addressing diverse banking needs, from retail to corporate and Islamic banking.
 
 
Read more on <a href="https://techcabal.com/2024/10/30/access-national-bank/">TechCabal</a>

Access Bank Gains Approval to Acquire National Bank of Kenya for an Estimated $100 Million

Bird Story Agency

Africa's Gen Zs,  promised opportunity, innovation and new technology but faced with the very real world of a workplace in flux, constrained labour markets, high inflation and increasing criticism of their work ethic, are finding very little to cheer about. So a growing number of African universities are stepping in, hoping to bridge the gap between academic qualifications and real-world demands.

Conrad Onyango, bird story agency
 
Worldwide, Generation Z is facing tough times, with global economic shifts, environmental issues, worrying "hot" conflicts that are increasingly global in nature, and a job market that is less beneficial to generational wealth creation than any since World War 2.&nbsp;
 
At the same, time, this generation - born between 1997 and 2010 - is considered by nearly three-quarters of managers to be the most challenging workforce to work with.
 
According to a 2023 survey by Resume Builder, managers say Gen-Z workers feel entitled and demonstrate a lack of effort, motivation and productivity.
 
On the other hand, Gen Z workers blame business leaders and educators for a lack of understanding of the digital natives and their potential to re-write the rules of traditional corporate dynamics.&nbsp;
 
With this generation expected to comprise more than a quarter of the global workforce in 2025, recruiters, learning institutions and Gen Z's themselves, are having sleepless nights.
 
The fear and anxiety looms even larger in Africa, the continent with the youngest population in the world.
 
But there is a glimmer of hope.
 
Africa's institutions of higher learning are starting to introduce programs, organising networking events and forums to discuss and prepare this large pool of future workers in a quest to bridge the gap between university qualifications and the demands of the labour market.
 
The University of the Witwatersrand (Wits), Johannesburg, is the latest to launch a student-driven initiative, the&nbsp;WorkReady Gen Z&nbsp;programme, a three-month online course designed to equip University students with essential work-readiness skills.
 
“WorkReady Gen Z&nbsp;was built to empower students not just for their first jobs but for long-term success in their careers. It’s designed to help them navigate the workplace and grow into future leaders and entrepreneurs,” says Lindelwe Cili, Career Services Team Leader at Wits.
 
The collaborative effort of the Wits Student Representative Council (SRC) &nbsp;with the Wits Counselling and Careers Development Unit (CCDU) offers insights on job hunting strategies, smooth transition in their first jobs and bolsters their skills building capacities using real-time case studies.
 
The program covers topics like job roles, imposter syndrome, and workplace biases to bolster the confidence of Gen Z’s &nbsp;in their first jobs. It also exposes them to interactive case studies and thought-provoking activities where students develop critical skills such as problem-solving, communication, time management, and professionalism.
 
Strathmore University Business School in Nairobi, this year themed its Annual HR Summit "Future-ready HR: Navigating Trends, Transforming Workplaces,"&nbsp;
 
Whlie representatives from academia and industry emphasized the need for further efforts to address the work readiness gap in Africa, Ceasar Mwangi, Strathmore's Executive Dean, asked attendees to think of the continent's youth challenge differently and to change the narrative when considering education.
 
“Perhaps the best way to address the needs: 'A rich continent with high levels of poverty with difficulties and challenges is addressing the issue of people development',” he explained.
 
In March, the International School of Advertising (ISA) Africa partnered with the data science firm Predictive Analytics Lab and the recruitment firm Brighter Monday to host a "Marketing in a Gen Z World" Forum at the University of Nairobi as part of its apprenticeship program tour.&nbsp;
 
"We are teaming up to guide you through the maze of career readiness. We're offering free insights on how to ride the data-driven marketing wave," said ISA in a call for registration poster.
 
McKinsey's 'The Gen Z Equation' deep dive, calls for a change of perspective when considering Gen Z workers.
 
“To attract and retain these workers, employers should understand what this generation prioritizes in the workplace,” the report reads.
 
Gen Z prioritizes career development when considering a job offer, over compensation. Work flexibility is the top reason for their staying in a job, with the purpose of work being a deciding factor in whether they will remain in a job or quit, according to McKinsey.
 
These sentiments are also shared by Delloite in its Global 2024 Gen Z and Millenial Survey, Living and working with purpose in a transforming world.
 
According to the survey, the majority of Gen Z individuals (86%) - and an even higher number of millennials (89%) - believe that having a sense of purpose is crucial for their overall job satisfaction and well-being. Additionally, three-quarters of Gen Zs and millennials (75%) consider an organization's community engagement and societal impact as important factors when evaluating a potential employer.
 
“These generations are increasingly willing to reject assignments or employers who don’t align with their values,” said Delloite. &nbsp;
 
Brighter Monday Chief Executive Officer, Christ Otundo, speaking during the Annual HR Summit 2024, explained that many companies are struggling to articulate their value propositions.
 
“Organisations are increasingly leveraging employer branding but perhaps this is not done effectively. Companies have not articulated very clearly what their value propositions are,” Otundo explained.
 
The challenges facing Gen Z are not confined to what is often referred to as "sub-Saharan Africa", either. They are just as relevant in north Africa. AT Morocco’s Al-Akhawayn University, the dean of the School of Science and Engineering, Salah Al-Majeed, argues in his write-up on The Times Higher Education platform that Gen Z are often misunderstood.&nbsp;
 
Al-Majeed challenges educators to analyse and refocus on distinct skills such as creative spirit, entrepreneurship, willingness to challenge the status quo, social consciousness, and an ability to deliver high value and insight on issues such as sustainability, diversity, and social justice that the digital natives bring to the workplace.&nbsp;
 
“Gen Z is what we have. As educators, we should be embracing and building upon their many positive attributes rather than dwelling on their perceived failings,” said Al-Majeed.&nbsp;
 
He advocates for learning institutions to work together with recruiters to bridge the gap by mapping these competencies and creating platforms for showcasing the skills and creation of safe networking spaces with Gen-Zs.
 
bird story agency.
 
Useful links for editors:&nbsp;
 
https://www.mckinsey.com/quarterly/the-five-fifty/five-fifty-the-gen-z-equation
 
https://www.resumebuilder.com/3-in-4-managers-find-it-difficult-to-work-with-genz/
 
https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=1

Getting Gen Z work-ready: African universities stepping up

As more and more services move online across Africa, giant players like Safaricom, MTN and Airtel are stepping up their efforts to provide Africa with large, green-energy data centres.

Conrad Onyango, bird story agency
 
African telcos are racing to construct green-powered data centres as the continent's appetite for digital services grows, fueled by the world's largest youth population.
 
Already the continent is a pioneer and outperformer in mobile money, headlined by Kenya’s M-Pesa and other mobile payment services, with 60% of the population accessing the internet via mobile.&nbsp;
 
By 2025, 167 million more people from Sub-Saharan Africa are projected to be subscribed to mobile services, reaching 623 million users, and smartphone connections in the region are also seen &nbsp;more than doubling.
 
According to the International Finance Corporation (IFC), Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly US $180 billion to its economy.
 
Major telcos on the continent are responding to this demand opportunity - supported by moves to take education, health care, agriculture services and governance online - by lining up data center projects they say will be among the largest and greenest on the continent.
 
In its 2024 sustainability report, Kenya’s giant telco, Safaricom has outlined &nbsp;plans to construct three &nbsp;Tier 3+ scale data centers, as part of &nbsp;its long-term strategy to transform from a telecommunications company to Africa’s leading purpose-led technology company, by 2030.
 
The company's Limuru Data Centers Phase 1 is already operational, with Phase 2 planned to come on stream by 2025.
 
“The facility is designed for future growth, with the potential to support 1,000 high density racks and an IT load of up to 20 MW within the next decade,” said Safaricom in the report.
 
The strategic location of the data center in the cooler Limuru region, the &nbsp;telco said, will enable it to deliver a Power Utilisation Effectiveness of 1.35, making it one of the most energy-efficient facilities in Africa.&nbsp;
 
“The facility is equipped with a 200 kWp rooftop solar PV plant, with plans to scale up to 2MWp. Additionally, we are exploring partnerships with renewable energy producers to further enhance our commitment to sustainability,” according to the sustainability report.
 
In June, MTN Nigeria announced it was building a 1,500-rack, Tier 4 data centre to play a pivotal role in meeting the growing data demands and digital needs of businesses and consumers in the country.
 
In a LinkedIn post, MTN Nigeria CEO, Karl Olutokun Toriola said the facility will be the largest in West Africa upon completion and will enable the telco &nbsp;to respond swiftly to market demands and support businesses in Nigeria.
 
“Ultimately, this center will play a vital role in supporting Nigerian businesses to collaborate through cloud services, expand their capabilities, and thrive,” said Toriola.
 
”Our commitment to Environmental, Social, and Governance (ESG) principles is reflected in the data center's eco-friendly design to utilize efficient cooling systems and a combination of traditional energy sources, gas, and renewable energy,” he added.
 
After launching a multi-million data centre business, Nxtra by Airtel, in December 2023 &nbsp;the telco broke ground in March to what it termed as one of Africa’s largest data centres in Lagos, Nigeria- with plans for more across the continent.
 
“Through this business we aim to create one of the largest networks of data centres in Africa with high-capacity facilities in major cities complementing our existing sites. We’re taking great care to incorporate modern energy efficiencies into our operations,” &nbsp;said Airtel Africa’s Sustainability Report 2024.
 
Africa Data Centers Association also affirms the expansion of &nbsp;industry &nbsp;due to the increasing demand for such facilities throughout the continent-citing Kenya, Morocco and South Africa as fast-growing markets- abeit with a huge infrastructure gap to fill in.&nbsp;
 
“Africa needs up to 1000 MW and 700 facilities to meet demand and bring capacity density on a par with that of South Africa, the region’s leader,” according to Data Centers in Africa focus report 2024.
 
Africa, the report shows accounted for less than 2% of global colocation Data Centers supply, with over half that total located in South Africa.&nbsp;
 
“The development of data centres is picking up pace due to strong demand from economic operators, as well as increasing awareness that African countries must establish their digital sovereignty in an increasingly competitive and complex world,” said Ayotunde Coker, Chairman, Africa Data Centres Association.
 
Nigeria is listed in the data centers focus report as Africa’s largest digital economy with the internet contributing US$36.5 billion to its GDP, followed by South Africa(US$31.5 billion) and Egypt (US$26 billion).
 
Other large digital economies include Morocco(US$21.1 billion), Kenya(US$12.8 billion), &nbsp;and Algeria (US$11.9 billion).
 
Allied Market Research projects that the global market for DC provision will reach US$517.2 billion by 2030, up from an estimated of US$187.4 billion in 2020.&nbsp;
 
bird story agency
 
Useful links for editors:&nbsp;
https://africadca.org/en/data-centres-in-africa-focus-report-2024
https://www.ifc.org/en/insights-reports/2020/google-e-conomy
https://airtel.africa/#/pages/responsibility?tab=sustainability_frame-work
https://www.safaricom.co.ke/about/sustainability/sustainable-business-reports

African telcos in race to build green data centres

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.

🌍 Kenyan fintech startup Chumz, which helps users save and invest by prompting savings from mobile money, is expanding into Rwanda after gaining 200,000 users in Kenya.
 
💡 How Chumz Works:
<ul>
 <li>The app channels user funds from mobile accounts to licensed fund managers, who offer returns distributed back to users.</li>
 <li>Users are prompted to save based on behavior patterns, like spending at a pub or receiving funds, encouraging small, regular investments.</li>
</ul>
🎉 Unique Features and Success:
<ul>
 <li>The Superfan Challenge motivates savings based on favorite football teams' performance, adding a fun twist to saving.</li>
 <li>Chumz primarily serves retail investors who lack access to traditional fund managers, with women comprising the majority of savers.</li>
</ul>
🚀 Future Growth Plans:
<ul>
 <li>Chumz aims for 1 million Kenyan users by 2026 and plans to expand into Uganda, Tanzania, and Botswana.</li>
</ul>
 
With its accessible model, Chumz is filling a significant gap in East Africa’s financial inclusion landscape, supporting financial literacy across diverse demographics.
 
 
Read more on <a href="https://disruptafrica.com/2024/11/06/kenyan-fintech-startup-chumz-set-for-rwanda-expansion-after-hitting-200k-users/">Disrupt-Africa</a>

Chumz Expands to Rwanda: Kenyan Fintech with 200K Users Aims for 1M by 2026

Kobo360, the logistics powerhouse backed by Goldman Sachs, is rolling out HaulSight—an innovative fleet management software designed to help Africa’s major manufacturers streamline operations, track vehicles, and cut costs in real-time. With rising fuel prices squeezing margins, HaulSight presents an efficient way for companies like Dangote and Unilever to maximize fleet potential. Will this be a game-changer for Africa's logistics industry?

🚚 Kobo360, Africa's premier truck-hailing startup, is expanding its services with a new fleet management software called HaulSight to support Africa's large manufacturers and FMCG giants. Developed as a pure SaaS solution, HaulSight enables businesses to monitor fleet activity, optimize routes, and access invoice discounting—all without Kobo360 directly managing truck sourcing or transit logistics.
 
<h3>Key Features &amp; Strategic Benefits:</h3>
<ul>
 <li>Targeted Audience: Geared towards large enterprises like Flour Mills and Unilever, who often manage both in-house and third-party fleets.</li>
 <li>Revenue Potential: Offers Kobo360 a valuable revenue stream outside traditional truck-hailing, especially beneficial given rising fuel costs that are impacting logistics margins.</li>
 <li>Time-Saving Advantage: Existing industry relationships give Kobo360 an edge in navigating the lengthy sales cycles often associated with large corporations.</li>
</ul>
 
💡 Fleet Management Demand 
As Nigeria’s logistics industry grapples with rising operating costs, software solutions like HaulSight offer a vital alternative for companies to enhance visibility and control over valuable fleet assets. Alex Adenuga, CEO of Movam, emphasizes that the sector could benefit greatly from organized, efficient fleet management, despite the high entry cost for smaller operators.
 
🌍 Broader Industry Impact 
Kobo360’s pivot towards fleet management reflects a shift in Africa's logistics landscape, where the “aggregator model” is being reevaluated in favor of high-margin software sales. However, established competition and high switching costs may challenge widespread adoption among entrenched users of existing software like Nova Truck.
 
Conclusion 
With HaulSight, Kobo360 aims to extract added value from its 50,000-strong truck network, positioning itself as an indispensable logistics partner for Africa's biggest companies. The initiative reflects a larger industry trend: addressing operational challenges through tailored, data-driven solutions.
 
Read more on <a href="https://techcabal.com/2024/11/11/kobo360-is-developing-haulsight-management-software/">TechCabal</a>

Kobo360 Unveils HaulSight: Transforming Fleet Management for Africa’s Large-Scale Businesses

The Next Wave

TechSafari

Big Tech This Week

Tanzania is a country located in East Africa, bordered by Kenya, Uganda, Rwanda, Burundi, the Democratic Republic of Congo, Zambia, Malawi, and Mozambique. The country has a population of approximately 60 million people and its capital city is Dodoma. Tanzania has a diverse culture and is home to more than 120 different ethnic groups, with Swahili being the official language. 

Tanzania is a country located in East Africa, bordered by Kenya, Uganda, Rwanda, Burundi, the Democratic Republic of Congo, Zambia, Malawi, and Mozambique. The country has a population of approximately 60 million people and its capital city is Dodoma. Tanzania has a diverse culture and is home to more than 120 different ethnic groups, with Swahili being the official language.
 
The economy of Tanzania is largely driven by agriculture, which accounts for approximately 30% of the country's GDP. Other key sectors include tourism, mining, and manufacturing. Tanzania has a GDP of approximately $62 billion and a GDP per capita of around $1,060, making it one of the poorest countries in the world. However, the country has made significant progress in recent years in reducing poverty and improving access to healthcare and education.
 
Introduction to the Tanzanian startup ecosystem.
 
Tanzania's startup ecosystem is still in its early stages, but it is rapidly growing and has the potential to become a hub for innovation and entrepreneurship in East Africa. The country's government has recently made efforts to create an environment that is more conducive to entrepreneurship and innovation, with the aim of increasing economic growth and job creation.
 
While access to funding remains a major challenge for startups in Tanzania, there are several incubators and accelerators operating in the country that provide support and resources to startups, including mentorship, office space, and access to funding. E-commerce is one of the most promising areas for startups in Tanzania, with several platforms operating in the country, such as Jumia, Kilimall, and ZoomTanzania. Many startups in Tanzania are also focused on creating social impact and addressing pressing challenges in the country, such as poverty, healthcare, and education.
 
Government support for startups in Tanzania.
 
The Tanzanian government has made significant efforts in recent years to support the growth and development of startups in the country. This is part of a broader strategy to promote economic growth and create jobs, particularly for young people.
 
One of the key initiatives launched by the government is the establishment of a $100 million venture capital fund, which is aimed at providing funding to startups and small businesses. The fund is managed by the Tanzania Venture Capital Network, which works to identify promising startups and provide them with the support they need to grow and succeed.
 
In addition to funding, the government has also launched several other programs to support startups. For example, the Tanzania Private Sector Foundation (TPSF) has established a program to provide mentorship and training to young entrepreneurs. The program is called "SMEs Stronger Together" and it is designed to help startups develop the skills and knowledge they need to succeed in business.
 
Another example of government support for startups in Tanzania is the establishment of several incubators and accelerators. These organizations provide startups with access to office space, mentorship, and networking opportunities, as well as access to funding. One of the most well-known incubators is Buni Hub, which is based in Dar es Salaam and has supported a number of successful startups in Tanzania.
 
The government has also launched initiatives to encourage more women to start businesses. For example, the Tanzania Women's Chamber of Commerce (TWCC) has launched a program called "Women in Business" which provides training and mentorship to women entrepreneurs. The program is aimed at helping women overcome some of the barriers they face in starting and growing businesses, such as lack of access to finance and limited business networks.
 
Analysis of the infrastructure for startups in Tanzania.
 
The infrastructure for startups in Tanzania is still in its early stages of development, with several challenges that need to be addressed to create a more conducive environment for innovation and entrepreneurship.
 
One of the key challenges facing startups in Tanzania is access to affordable office space and equipment. While there are several incubators and accelerators operating in the country, many startups struggle to find affordable and suitable office space to operate from. This can be a major obstacle for startups, as it limits their ability to grow and scale their businesses.
 
Another challenge facing startups in Tanzania is the limited availability of reliable and affordable internet connectivity. This can be a major obstacle for startups that require a strong online presence or need to access cloud-based software and services. While there have been some efforts to improve internet connectivity in the country, such as the installation of fibre-optic cables, more needs to be done to create a reliable and affordable internet infrastructure that can support startups.
 
In addition to these challenges, there is also a shortage of skilled workers and experienced mentors in Tanzania's startup ecosystem. This can make it difficult for startups to access the support and resources they need to grow and succeed. While there are several programs and initiatives aimed at addressing this issue, such as mentorship and training programs, more needs to be done to attract and retain skilled workers and experienced mentors in the country.
 
Despite these challenges, there are several promising signs that the infrastructure for startups in Tanzania is improving. For example, there are several organizations working to improve access to affordable office space, such as Buni Hub, an incubator based in Dar es Salaam. There are also several initiatives aimed at improving internet connectivity in the country, such as the National ICT Broadband Backbone Project.
 
An analysis of the talent pool for startups in Tanzania.
 
The talent pool is a crucial factor for the success of any startup ecosystem. It refers to the availability of skilled workers, entrepreneurs, and other professionals who can provide the knowledge, experience, and expertise necessary for startups to grow and succeed.
In Tanzania, the talent pool for startups is still in its early stages of development, with several challenges that need to be addressed to create a more conducive environment for innovation and entrepreneurship.&nbsp;
 
One of the biggest challenges facing startups in Tanzania is the limited availability of skilled workers. This is particularly true for startups that require specialized skills, such as software development, engineering, or data analysis. Many skilled workers in Tanzania are attracted to opportunities outside the country, and those who remain often lack the experience or training needed to work effectively in a startup environment.
 
Another challenge facing startups in Tanzania is the lack of experienced entrepreneurs and mentors who can provide guidance and support to early-stage startups. Many startups in Tanzania are founded by first-time entrepreneurs who may lack the experience or knowledge needed to navigate the challenges of starting and growing a business. This can be a major obstacle for startups, as they may struggle to access the resources and support they need to succeed.
 
Despite these challenges, there are several promising signs that the talent pool for startups in Tanzania is improving. For example, there are several initiatives aimed at promoting entrepreneurship and providing training and mentorship to early-stage startups. One such initiative is the Tanzania Entrepreneurship and Competitiveness Centre (TECC), which provides training, mentoring, and networking opportunities to entrepreneurs and startups in Tanzania. There are also several organizations, such as the Dar Teknohama Business Incubator (DTBi), which provide mentorship and support to startups.
 
In addition, there are several programs aimed at attracting skilled workers and experienced entrepreneurs to Tanzania's startup ecosystem. For example, the Tanzania Investment Center (TIC) has launched a program to attract foreign entrepreneurs to Tanzania, providing them with support and resources to establish their businesses in the country.
 
Incubators and hubs and accelerator programs in Tanzania.
 
Incubators, hubs, and accelerator programs are crucial components of any startup ecosystem. They provide startups with access to resources, support, and mentorship that can help them navigate the challenges of starting and growing a business. In Tanzania, these programs are still in their early stages of development, but there are several promising initiatives that are helping to foster a more supportive environment for startups in the country.
 
Incubators and hubs are physical spaces where startups can work and collaborate with other entrepreneurs, mentors, and investors. These spaces typically offer a range of services, including office space, internet connectivity, and access to resources such as legal and accounting support. Incubators and hubs can also provide startups with access to funding opportunities and mentorship programs, which can be critical for early-stage startups that may lack the resources and expertise needed to succeed.
 
Accelerator programs, on the other hand, are designed to help startups rapidly accelerate their growth and scale their businesses. These programs typically involve a more intensive curriculum than incubators and hubs, with a focus on helping startups refine their business models, develop their products or services, and prepare for investment or acquisition. Accelerator programs may also provide startups with access to funding opportunities, mentorship, and networking events.
 
In Tanzania, there are several incubators and hubs that are providing support to startups. One of the most prominent is Buni Hub, which is based in Dar es Salaam and provides startups with access to office space, internet connectivity, and mentorship programs. Buni Hub also hosts events and workshops aimed at promoting entrepreneurship and innovation in the country.
 
Another notable incubator is Kinu, which is also based in Dar es Salaam and provides startups with access to office space, mentorship, and training programs. Kinu has a strong focus on social entrepreneurship, and its programs are aimed at helping startups that are working to address social and environmental challenges in Tanzania.
 
In addition to these incubators and hubs, there are also several accelerator programs operating in Tanzania. One of the most prominent is the Tujenge Africa Business Accelerator, which is aimed at helping startups in East Africa scale their businesses and access funding opportunities. The program offers a three-month curriculum focused on business development, marketing, and fundraising, and provides startups with access to mentorship and networking opportunities.
 
Startup events and communities in Tanzania.
 
Tanzania has a growing startup community, and there are several events and communities that entrepreneurs can participate in to learn, network, and connect with other like-minded individuals.
 
One of the most prominent startup events in Tanzania is the Tanzania Tech Summit. This annual event brings together entrepreneurs, investors, and other stakeholders in the tech ecosystem to discuss the latest trends, opportunities, and challenges in the industry. The summit features keynote speakers, panel discussions, and workshops on topics such as fintech, e-commerce, and digital innovation. Anyone interested in the tech industry in Tanzania is welcome to attend.
 
Another major event is the Tanzania Entrepreneurship Summit, which is organized by the Tanzania Private Sector Foundation. The summit is designed to promote entrepreneurship and innovation in the country and features keynote speakers, panel discussions, and workshops on topics such as access to finance, mentorship, and business development. The summit is open to entrepreneurs, investors, and other stakeholders in the startup ecosystem.
 
In addition to these events, there are several startup communities and organizations that entrepreneurs can join to connect with other like-minded individuals and access resources and support. One of the most prominent communities is the Tanzania Tech Community, which is a network of entrepreneurs, developers, and investors who are passionate about technology and innovation. The community hosts regular meetups and events aimed at promoting collaboration and knowledge sharing.
 
Another community is the East African Entrepreneurship Network, which is a platform for entrepreneurs in the region to connect, share ideas, and access resources and support. The network hosts regular events and workshops on topics such as marketing, fundraising, and business development, and is open to anyone interested in entrepreneurship in East Africa.
 
Opportunities in the Tanzanian startup ecosystem.
 
The Tanzanian startup ecosystem is full of opportunities for entrepreneurs and investors alike. Here are some of the most promising areas for startups in Tanzania:
<ol>
 <li>Fintech: With a large unbanked population, Tanzania is an attractive market for fintech startups looking to provide innovative financial solutions. Mobile money services like M-Pesa have already gained significant traction in the country, and there is room for new players to enter the market and offer additional services like micro-lending, insurance, and investment.</li>
 <li>Agritech: Agriculture is the backbone of the Tanzanian economy, and there is a growing demand for technology solutions that can help farmers increase productivity, reduce waste, and access markets. Startups in this space are leveraging technologies like IoT, AI, and blockchain to develop innovative solutions such as precision farming, crop monitoring, and marketplaces for agricultural products.</li>
 <li>E-commerce: With a growing middle class and increasing internet penetration, there is a significant opportunity for e-commerce startups to provide online marketplaces for goods and services. Tanzanian consumers are increasingly turning to online shopping for convenience and affordability, and startups that can provide reliable delivery and payment options are well-positioned to succeed.</li>
 <li>Healthtech: Tanzania faces significant challenges in delivering quality healthcare to its population, and there is a need for innovative solutions that can improve access and affordability. Startups in this space are developing solutions such as telemedicine, health insurance, and medical supply chain management to address these challenges.</li>
 <li>Renewable energy: Tanzania has significant renewable energy resources, including solar, wind, and geothermal, and there is a growing demand for clean energy solutions to power homes and businesses. Startups in this space are developing solutions such as solar-powered lighting and mobile charging, mini-grids for rural communities, and energy storage systems.</li>
</ol>

An overview of the Tanzanian Startup Ecosystem.

SafeBoda is a Ugandan-based startup that provides a ride-hailing service on motorcycle taxis, also known as boda-bodas, in Kampala and other major cities in Uganda. The company was founded in 2015 by Ricky Rapa Thomson, Maxime Dieudonne, and Alastair Sussock. 

SafeBoda is a Ugandan-based startup that provides a ride-hailing service on motorcycle taxis, also known as boda-bodas, in Kampala and other major cities in Uganda. The company was founded in 2015 by Ricky Rapa Thomson, Maxime Dieudonne, and Alastair Sussock. The founders came up with the idea of SafeBoda after realizing the dangers associated with using boda-bodas in Uganda, which are known for their reckless driving and high accident rates.
 
SafeBoda's main goal is to provide safe and reliable transportation services for passengers and reduce the number of accidents associated with boda-bodas in Uganda. The company achieves this goal by vetting and training its riders, providing them with safety equipment such as helmets and reflective jackets, and offering passengers the ability to track their rides in real-time using the SafeBoda app.
 
To illustrate how SafeBoda works, let's take the example of a passenger in Kampala who needs to get to their destination quickly and safely. The passenger would simply open the SafeBoda app on their smartphone, enter their destination, and request a ride. The app would then match the passenger with the nearest available SafeBoda rider, who would arrive at the passenger's location within a few minutes.
 
Once the rider arrives, the passenger would verify the rider's identity using the SafeBoda app and then get on the motorcycle. The rider would then take the passenger to their destination using the most efficient route, all while wearing safety equipment and obeying traffic rules. After the ride, the passenger would pay for the ride using mobile payments through the SafeBoda app, ensuring a seamless and cashless experience. Cash is also accepted.
 
SafeBoda's business model is similar to that of Uber, but with a few key differences. Unlike Uber, which primarily uses cars, SafeBoda operates on motorcycles, which are better suited to navigating Kampala's congested streets. Additionally, SafeBoda places a greater emphasis on safety and driver training, which is critical in a country where motorcycle accidents are all too common.
 
SafeBoda has since expanded its services to other African countries, including Kenya, and Nigeria, but has since pulled out of both markets. The startup has now morphed into a super app of sorts. It used its core of ride-hailing as a market entry but now boasts of a fintech service(buying airtime, paying bills, savings), delivery services and taxi-hailing called SafeCar. &nbsp;In the past, Safeboda doubled down on e-commerce as well, especially during the 2020 lockdown, but it closed these services by the end of 2022.
 
As per <a href="https://digestafrica.com/companies/safeboda">Digest Africa</a>, Safeboda has raised about $1.5m in disclosed funding. But the startup does not disclose most of its funding. According to sources familiar with the matter, the startup has raised much more including an undisclosed funding round from Google Africa Investment Fund and an undisclosed Series B in May 2019 from Allianz Ventures and Go-Ventures.
 
How big is the problem that Safeboda is solving
 
To understand how big the problem Safeboda is solving is, you need to understand the relationship between Ugandans and motorcycles (known as Boda bodas). Boda bodas are a popular mode of transportation in Uganda and other African countries. There are several reasons why Ugandans love boda bodas:
 
Affordability: Boda bodas are often a more affordable option compared to car-hailing services. This makes them a popular choice for individuals with lower incomes who need to travel short distances.
 
Accessibility: Boda bodas are able to navigate through traffic more easily than cars, which makes them a convenient option for passengers who need to get to their destination quickly.
 
Flexibility: Boda bodas can travel on almost any road or pathway, making them a more flexible option for passengers who need to travel to remote areas or areas with poor road infrastructure.
 
Convenience: Boda bodas are often readily available on the street. They can pick you up from any place and drop you off anywhere.
 
However, despite their popularity, boda bodas can also be unsafe and unreliable, The boda boda industry in Uganda is known for being largely informal and unregulated, which can lead to safety concerns and other issues. The industry is estimated to employ over 100,000 people in Uganda, making it a significant contributor to the country's economy. However, the lack of regulation has led to a number of challenges, including:
 
Safety concerns: Boda bodas are involved in a high number of accidents in Uganda, and passengers are often at risk of injury or death due to the lack of safety equipment and training for drivers.
 
Theft and fraud: Passengers using boda bodas in Uganda are often at risk of theft or fraud, as drivers may overcharge passengers or steal their belongings.
 
Traffic congestion: The high number of boda bodas on the road can contribute to traffic congestion in urban areas, which can lead to longer travel times and increased air pollution.
 
Unreliability: Boda bodas are often unreliable, with drivers frequently changing their fares or routes without warning, which can be frustrating for passengers.
 
Lack of formalization: The boda boda industry in Uganda is largely informal, which makes it difficult for authorities to regulate and enforce safety standards. which is why companies like SafeBoda have emerged to provide a safer and more reliable motorcycle taxi service for passengers in Uganda and other African countries.
 
So what is Safeboda’s solution?
 
SafeBoda addresses these challenges by providing a safe, reliable, and affordable motorcycle taxi service that is regulated, and drivers are trained on safety measures. SafeBoda drivers undergo a rigorous selection process, which includes background checks, safety training, and assessments of their driving skills.
 
&nbsp;Additionally, all SafeBoda drivers are required to wear helmets and provide helmets for passengers, which is a safety measure that is not always enforced in traditional motorcycle taxi services.
 
SafeBoda also uses technology to make the booking process more efficient and transparent. Passengers can use the SafeBoda app to book rides, track their driver's location, and pay for their rides digitally, which reduces the need for cash transactions and helps to prevent disputes over fares.
 
Safeboda’s competitors in Uganda
 
SafeBoda operates in a competitive space, and there are several other motorcycle taxi services and ride-hailing companies operating in Uganda and other African countries. Here are some of SafeBoda's competitors:
 
Uber: Uber operates in several African countries, including Uganda. The company offers both car and motorcycle taxi services, and passengers can use the Uber app to book rides and pay for them digitally.
 
Bolt: Bolt (formerly known as Taxify) is another ride-hailing company that operates in several African countries, including Uganda. The company offers both car and motorcycle taxi services, and passengers can use the Bolt app to book rides and pay for them digitally.
 
Dial Jack: Dial Jack is a Ugandan-based motorcycle taxi service that operates in Kampala. The company allows passengers to book rides using a mobile app or by calling their hotline.
 
Will Safeboda be successful?
 
It is difficult to predict the future success of any company, but SafeBoda has demonstrated promising signs of growth and has received significant investment from well-known investors. The company has differentiated itself by focusing on safety and reliability, which has helped to build trust with customers. Additionally, the boda boda industry in Uganda and other African countries is huge, which presents opportunities for SafeBoda to expand its services and customer base. However, the company will need to continue to innovate and adapt to changing market conditions to remain successful in the long term.
 
In conclusion, SafeBoda is a fast-growing startup that is addressing a critical need for safe and reliable motorcycle taxis in Uganda and other African countries. The company has differentiated itself by providing a technology-enabled service that focuses on safety and reliability, which has helped to build trust with customers.&nbsp;
 
SafeBoda's success is evident through its significant fundraising and expanding operations in multiple African countries. While there are challenges to overcome in the boda boda industry, SafeBoda's growth demonstrates the potential for innovative solutions to address these challenges and improve the transportation sector in Africa. Overall, SafeBoda is a promising company that has the potential to transform the motorcycle taxi industry and create a meaningful impact in the communities it serves.

SafeBoda: Providing Safe and Reliable Motorcycle Taxi Services in Africa

Artificial intelligence (AI) is rapidly transforming industries across the globe, from healthcare and finance to gaming and energy. In the midst of this transformation, one startup is leading the charge in developing innovative AI solutions that can revolutionize the way businesses operate: InstaDeep.

Artificial intelligence (AI) is rapidly transforming industries across the globe, from healthcare and finance to gaming and energy. In the midst of this transformation, one startup is leading the charge in developing innovative AI solutions that can revolutionize the way businesses operate: InstaDeep.
 
Founded in 2018, InstaDeep is a Tunisian-born, but London-based startup that specializes in AI and machine learning (ML) technologies. The company's mission is to help businesses leverage AI to achieve better outcomes, such as increased efficiency, productivity, and profitability. InstaDeep has already made significant strides in the AI space, partnering with major companies like NVIDIA, Google Cloud, and Microsoft Azure to develop cutting-edge AI solutions for businesses in various industries.
 
So, who are the founders behind InstaDeep, and how did they come together to create this groundbreaking startup? Let's take a closer look.
 
The Founders of InstaDeep
 
Karim Beguir and Zohra Slim co-founded InstaDeep in 2014 with the goal of revolutionizing the AI space through innovation and collaboration. Both Beguir and Slim have impressive backgrounds in AI and technology, which helped to lay the foundation for InstaDeep's success.
 
Karim Beguir: AI Innovator and Entrepreneur
 
Karim Beguir is a serial entrepreneur and AI innovator with a deep passion for using AI to solve real-world problems. Before co-founding InstaDeep, Beguir was the co-founder and CEO of the AI startup Groupe ADAM, which focused on developing AI solutions for the healthcare industry.
 
Beguir's expertise in AI extends beyond his work with startups. He is also a renowned AI researcher and has published numerous papers on topics such as deep learning and reinforcement learning. Additionally, Beguir is a frequent speaker at AI conferences around the world, where he shares his insights on the latest trends and developments in the AI space.
 
Zohra Slim: Technology Leader and Visionary
 
Zohra Slim is a technology leader and visionary who has spent her career working at the intersection of business and technology. Prior to co-founding InstaDeep, Slim worked as a technology consultant and project manager for various companies, where she developed her skills in project management, software development, and team leadership.
 
Slim's experience in business and technology has been invaluable in helping to shape InstaDeep's vision and strategy. As the company's COO, Slim oversees the day-to-day operations of the business and works closely with Beguir and the rest of the team to develop innovative AI solutions that can deliver real value to businesses.
 
How Karim Beguir and Zohra Slim Met
 
Beguir and Slim first met in 2011 when they were both pursuing their PhDs in computer science at Sorbonne University in Paris, France. They quickly realized that they shared a passion for AI and a vision for how AI could transform the world.
 
After completing their PhDs, Beguir and Slim went on to pursue separate careers in AI and technology. However, they stayed in touch over the years and continued to collaborate on various AI projects. In 2018, they decided to join forces and co-found InstaDeep, with the goal of bringing their collective expertise in AI and technology to bear on the world's most pressing problems.
 
Since its founding, InstaDeep has grown rapidly and attracted significant funding from investors such as AfricInvest and Endeavor Catalyst. The company has also won numerous awards for its innovative AI solutions, including the NVIDIA Inception Award and the IBM Watson Build Challenge.
 
InstaDeep's Innovative AI Solutions
 
At its core, InstaDeep is a company that is focused on developing innovative AI solutions that can transform the way businesses operate. The company's AI solutions are designed to help businesses optimize their operations, improve their decision-making processes, and generate insights that can drive growth and profitability.
 
One of the key areas of focus for InstaDeep is in developing AI solutions for the healthcare industry. The company has developed several cutting-edge solutions that are designed to help healthcare providers deliver more personalized and effective care to their patients. For example, InstaDeep has developed AI-powered predictive models that can help doctors predict patient outcomes more accurately and identify patients who are at high risk of developing certain conditions.
 
Another area of focus for InstaDeep is in developing AI solutions for the finance industry. The company has developed several solutions that are designed to help financial institutions better understand market trends, optimize their investment strategies, and detect fraud more effectively. For example, InstaDeep has developed AI-powered models that can analyze vast amounts of financial data to identify patterns and make predictions about future market movements.
 
In addition to healthcare and finance, InstaDeep has also developed AI solutions for a range of other industries, including manufacturing, energy, and logistics. The company's solutions are designed to help businesses optimize their operations, reduce costs, and improve their overall performance.
 
One of the unique aspects of InstaDeep's AI solutions is their ability to generate synthetic data. Synthetic data is data that is generated by an AI algorithm rather than being collected from real-world sources. This can be particularly useful for businesses that are struggling to gather large amounts of high-quality data. By generating synthetic data, InstaDeep's solutions can help businesses train their AI models more efficiently and effectively.
 
How big is the problem that Instadeep is solving?
 
InstaDeep is solving the problem of developing and deploying AI and machine learning (ML) solutions that are effective, efficient, and scalable. AI and ML are rapidly becoming more important in many industries, from healthcare to finance to manufacturing. However, developing effective AI solutions can be challenging due to several factors, including the complexity of the data, the need for specialized expertise, and the time and resources required for training and deployment.
 
One of the biggest challenges in developing AI solutions is the lack of access to high-quality data. Data is the fuel that powers AI, but many organizations struggle to gather and process the large volumes of data required to build effective models. InstaDeep's solutions help address this challenge by using advanced algorithms to generate synthetic data that can be used to train models more efficiently. By reducing the amount of data required for training, InstaDeep's solutions can help organizations develop AI models more quickly and with less cost.
 
Another challenge in developing AI solutions is the need for specialized expertise. AI and ML require a deep understanding of complex mathematical concepts and programming languages, which can be difficult for many organizations to access. InstaDeep's solutions help address this challenge by providing pre-built AI models that can be customized and deployed quickly, without the need for extensive technical expertise.
 
Finally, deploying AI solutions at scale can be challenging due to the need for specialized infrastructure and the complexity of managing large volumes of data. InstaDeep's solutions help address this challenge by providing cloud-based AI platforms that can be easily scaled up or down depending on the needs of the organization. This allows organizations to deploy AI solutions quickly and efficiently, without the need for extensive IT resources.
 
Overall, the problem that InstaDeep is solving is a significant one, given the growing importance of AI and ML in many industries. By providing innovative solutions that address the challenges of data access, technical expertise, and deployment, InstaDeep is helping organizations unlock the full potential of AI and achieve better outcomes for their businesses.
 
Here is a breakdown of the funding raised by InstaDeep:
 
<a href="https://www.prnewswire.com/news-releases/instadeep-raises-7-million-in-funding-led-by-africinvest-300916228.html">Seed Funding Round</a>: $7 million
InstaDeep's first funding round was a seed funding round that raised $7 million. The round was led by AfricInvest, a leading private equity firm in Africa, and also included participation from Endeavor Catalyst, a global co-investment fund. The funding was used to expand InstaDeep's operations and develop new AI solutions.
<a href="https://ventureburn.com/2020/11/instadeep-raises-7m-in-series-a-funding/">Series A Funding Round</a>: $7 million
In November 2020, InstaDeep announced that it had raised $7 million in a Series A funding round. The round was led by Tunisian financial services group, AfricInvest, and also included participation from Endeavor Catalyst and other investors. The funding was used to accelerate the development of InstaDeep's AI solutions and expand the company's operations in Africa and Europe.
<a href="https://techcrunch.com/2021/07/13/ai-startup-instadeep-raises-10m-series-a-extension-led-by-obvious-ventures/">Series A Extension Funding Round</a>: $10 million
In July 2021, InstaDeep announced that it had raised $10 million in a Series A extension funding round. The round was led by Obvious Ventures, a venture capital firm based in San Francisco, and also included participation from Endeavor Catalyst and other investors. The funding was used to further accelerate the development of InstaDeep's AI solutions and expand the company's operations globally.
<a href="https://techcrunch.com/2022/01/25/tunisian-enterprise-ai-startup-instadeep-raises-100m-from-alpha-biontech-google/">Series B Funding Round: </a>$100 million
In January 2022, Instadeep raised Africa’s first mega-round that year. This funding round was led by Alpha Intelligence Capital and CDIB. BioNTech (the company behind Pfizer’s COVID-19 vaccine), Chimera Abu Dhabi, Deutsche Bahn’s DB Digital Ventures, Google, G42 and Synergie were the other investors in this round.
 
In total, InstaDeep has raised $124 million in funding to date. The company's success in attracting significant funding from investors reflects the growing demand for innovative AI solutions that can help businesses achieve better outcomes, such as increased efficiency, productivity, and profitability.
 
Acquisition.
 
After investing in Instadeep’s $100 million Series B funding round, Germany-based pharmaceutical giant BioNTech <a href="https://techcrunch.com/2023/01/10/biontech-acquires-tunisian-born-and-u-k-based-ai-startup-instadeep-for-562m/">announced </a>a deal in January 2023 to acquire Instadeep for $680m in the largest exit ever by an African startup.
 
BioNTech will pay $432 million in cash and an undisclosed amount of BioNTech shares upfront. But the remaining $248 million will depend on how InstaDeep performs in the future.BioNTech wants to use Instadeep’s &nbsp;machine learning to “improve its drug discovery process, including developing personalised treatments tailored to a patient’s cancer.”
 
Overall, InstaDeep's innovative AI solutions are helping businesses across a range of industries unlock the full potential of AI and drive growth and profitability. The company's focus on developing solutions that are customized to the needs of each industry and business is helping to set it apart from competitors and position it for continued success in the years to come.

Instadeep: The Tunisian AI and Machine Learning Startup that was Acquired for $680m

On 16th February 2023 various sources announced that Africa-focused startup Smile identity had raised a $20 million Series B taking its total funding to about $30 million. In this article, we will do a brief breakdown of the startup that investors are increasingly backing.

On 16th February 2023 various sources announced that Africa-focused startup Smile identity had raised a $20 million Series B taking its total funding to about $30 million. In this article, we will do a brief breakdown of the startup that investors are increasingly backing.
 
Smile Identity is a technology company that provides digital identity verification services to businesses operating in Africa. The company's mission is to make it easier and more secure for individuals to access financial services, healthcare, education, and other online services by providing reliable and efficient identity verification solutions.
 
Smile Identity uses facial recognition and other biometric data to verify the identities of individuals remotely. This technology is particularly useful in regions where traditional forms of identity verification, such as government-issued IDs, are not readily available or reliable. By using biometric data, Smile Identity is able to accurately verify an individual's identity and ensure that they are who they claim to be.
 
One example of how Smile Identity works is in the context of mobile banking. In many parts of Africa, mobile banking has become a popular way for people to access financial services. However, one of the main barriers to entry is the requirement for identity verification. With Smile Identity, users can take a selfie and provide other biometric data, which is then verified by the company's technology. This process is quick and efficient, allowing users to access mobile banking services in a matter of minutes.
 
Smile Identity's customers are primarily businesses that require identity verification services for their customers. This includes financial institutions, healthcare providers, educational institutions, and online retailers. By using Smile Identity's services, these businesses are able to reduce fraud and ensure that their services are being accessed by legitimate individuals.
 
The founders of Smile Identity are Mark Straub and William Bares. The two met while studying at the University of Chicago Booth School of Business. They both shared a passion for using technology to solve social problems, particularly in developing countries. While working together on a project in Kenya, they realized the need for reliable digital identity verification solutions in Africa. This led to the founding of Smile Identity in 2017.
 
Since its founding, Smile Identity has received several awards and recognitions for its innovative technology and social impact. In 2020, the company was named the Best Identity Verification Solution at the African Fintech Awards. Smile Identity has also partnered with several notable organizations, including Mastercard and the World Bank, to expand access to digital services in Africa.
 
How big is the problem that Smile Identity is solving?
 
The problem that Smile Identity is solving is significant, particularly in Africa where reliable identity verification solutions are often lacking. According to the World Bank, over 1 billion people worldwide do not have a government-issued identification document. In Africa alone, it is estimated that around 500 million people lack a form of official identification. This lack of identification can be a significant barrier to accessing basic services, such as healthcare and education, and can also make it difficult for individuals to participate in the formal economy.
 
The problem is further compounded by the fact that traditional forms of identity verification, such as government-issued IDs, can be unreliable in many parts of Africa. For example, in Nigeria, it is estimated that up to 40% of government-issued IDs are fake or fraudulent. This makes it difficult for businesses to verify the identities of their customers, leading to increased fraud and lower levels of trust in online transactions.
 
Smile Identity's technology is helping to address this problem by providing a reliable and efficient way to verify an individual's identity remotely. According to the company's website, Smile Identity has verified over 700,000 identities since its founding in 2017. This number is significant, considering that many of these individuals may not have been able to access digital services without reliable identity verification solutions.
 
One example of how Smile Identity's technology is making a difference is in the context of mobile banking in Africa. According to a report by GSMA, mobile money accounts in Africa have grown by over 18% annually since 2014, reaching a total of 548 million accounts in 2020. However, one of the main barriers to entry for many individuals is the requirement for identity verification. With Smile Identity's technology, individuals can quickly and easily verify their identities, enabling them to access mobile banking services and participate in the formal economy.
 
In addition to mobile banking, Smile Identity's technology has applications in a wide range of industries, including healthcare, education, and e-commerce. For example, the company has partnered with the Kenyan Ministry of Health to provide identity verification for patients accessing telemedicine services. Smile Identity's technology is also being used by several e-commerce platforms in Africa to verify the identities of their customers and reduce fraud.
 
How much funding has Smile identity raised?
 
Smile Identity has raised a total of about $30 million in disclosed funding since its founding in 2017. The funding has come from a variety of sources, including venture capital firms, impact investors, and strategic partners. Here is a breakdown of the funding rounds that Smile Identity has completed:
<ol>
 <li><a href="https://disrupt-africa.com/2018/05/smile-identity-raises-1m-to-build-africas-kyc-infrastructure/">Seed Round</a>: In 2018, Smile Identity raised $1 million in a seed round led by CRE Venture Capital. Other investors in the round included Khosla Ventures, LocalGlobe, Future Africa, and Beta Ventures.</li>
 <li><a href="https://disrupt-africa.com/2021/07/09/nigerian-kyc-startup-smile-identity-raises-7m-series-a-funding-round/">Series A: </a>In 2020, Smile Identity raised $7 million in a series A round led by Costanoa Ventures. Other investors in the round included LocalGlobe, Intercept Ventures, and Future Africa.</li>
 <li><a href="https://disrupt-africa.com/2019/08/gsma-ecosystem-accelerator-innovation-fund-announces-latest-startups-to-receive-funding/">Strategic Partnerships</a>: In addition to traditional funding rounds, Smile Identity has also secured funding through strategic partnerships. In 2019, Smile Identity partnered with Mastercard to receive funding through the Mastercard Start Path program. The program provides funding and support to early-stage startups in the fintech space. Smile Identity has also received funding through partnerships with the World Bank and the GSMA Ecosystem Accelerator Innovation Fund.</li>
 <li><a href="https://disrupt-africa.com/2023/02/16/africa-focused-kyc-startup-smile-identity-raises-20m-series-b-funding-round/">Series B</a>: In February 2023, Smile Identity announced a $20 million Series B funding round led by Costonoa and Norrsken22 with participation from Commerce Ventures, Courtside Ventures, Two Culture Capital, Valuestream Ventures, Intercept Ventures, Latitude, Future Africa, and 500 Fintech.</li>
</ol>
The funding raised by Smile Identity has been used to expand its team, invest in research and development, and expand its operations across Africa. The company has also used the funding to establish strategic partnerships with organizations in the fintech, healthcare, and e-commerce spaces, further expanding its reach and impact. Overall, the funding raised by Smile Identity has helped the company to grow and establish itself as a leading provider of digital identity verification solutions in Africa.
 
In conclusion, Smile Identity is a technology company that provides digital identity verification solutions for businesses operating in Africa. The company's technology is designed to address the unique challenges of identity verification in the region, where traditional forms of identification can be unreliable or nonexistent. Smile Identity has raised almost $30 million in funding from a variety of sources, including venture capital firms, impact investors, and strategic partners.&nbsp;
 
The funding has been used to expand the company's team, invest in research and development, and establish partnerships with organizations in the fintech, healthcare, and e-commerce spaces. Despite competition from other digital identity verification providers, Smile Identity has established itself as a leading player in the space, with partnerships with Mastercard, the World Bank, and other organizations. Overall, Smile Identity's technology has the potential to drive financial inclusion and economic growth in Africa by providing reliable and secure digital identity verification solutions to businesses and individuals.

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