All about Business.
Moove, an African mobility fintech, has signed an exclusive partnership with Lori Systems, the leading e-logistics company in Africa. The partnership marks Moove’s first foray into the logistics industry, building on rapid growth over the last 15 months in car financing, as it leverages its revenue-based financing model to bridge the financing gap across one of…
International clean-tech startup incubator The Hatchery has launched its new Africa office in Cape Town, South Africa, aiming to discover and support cutting-edge entrepreneurs in areas such as smart utility metering, solar energy, and mobile financial platforms. Also based out of Oslo and Detroit, The Hatchery is an international clean-tech incubator that is invested in technologies that…
For most startup founders looking to raise money, the obvious choice is equity financing. However, there is another option – debt financing. Equity financing requires that founders give away shares in their business in exchange for capital. Debt financing allows founders to raise money by selling debt instruments to individuals or investors, and this money…
Elon Musk has sold about $5 billion worth of Tesla stock, according to a slew of regulatory filings that posted late Wednesday. Initial filings showed Musk had sold 934,091 shares for about $1.1 billion out of more than 2.1 million options he received as part of a compensation package. Musk disclosed in a regulatory filing that he…
Nigeria-based health tech startup Helium Health has acquired Meddy, a Qatar-headquartered and UAE-based doctor booking platform for an undisclosed amount. The acquisition, termed “a great deal” by Helium Health CEO Adegoke Olubusi on a call, is unusual in the sense that it overlaps two regions that rarely do in tech: Africa and the Gulf Cooperation Council (GCC). Meddy CEO Haris Aghadi and COO Abed…
Facebook announced today that it will no longer allow advertisers to target users based on potentially “sensitive” topics like health, sexual orientation, or religious and political beliefs. “Lung cancer awareness,” “LGBT culture” and “Jewish holidays” are just some of the interest categories that will no longer be targeted starting early next year. “The decision to…
DP World, a trade enabler, has announced the launch of DUBUY.com, a global wholesale e-commerce platform, in the Kenyan market. This latest expansion of DUBUY.com follows the successful launch of the platform in Rwanda earlier this year, where it has quickly established itself as a significant trading hub for the region’s East Africa region. DUBUY.com…
IFC has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent. The partnership with Liquid Intelligent Technologies, Africa’s leading independent fiber and digital services provider, aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem. IFC’s equity and debt investments in Liquid Intelligent…
The Nigerian Communications Commission (NCC) has disclosed that its revenue target for the 2022 fiscal year stands at N632.39 billion Prof. Umar Danbatta, Executive Vice Chairman of the NCC, made this known during the budget defence before the National Assembly Joint Committee on Communications in Abuja. Danbatta explained that the revenue targets would also be made…
South Africa’s FNB and business growth specialists Fetola have opened applications for the 2021 Social Entrepreneurship Impact Lab (SEIL) programme, which will accelerate the growth of 50 South African social entrepreneurs wanting to scale their business models and improve their investment readiness. Running for the second year in a row and organised by FNB and Fetola, the SEIL programme supports…
Cameroonian startup Agrix Tech has developed a mobile app that helps farmers to prevent and treat crop diseases utilising machine learning technologies. Founded in August 2018, Agrix Tech is using mobile and machine learning technologies to overcome vital agricultural challenges on the continent. “Most of the small-scale farmers in developing countries are self-taught farmers who lack proper…
What Are Standard Operating Procedures? Standard Operating Procedure (SOP) is a detailed and systemized instruction that is expressed in a step-by-step sequence on how the roles of employees should be carried out. A standard operating procedure is usually created by the employer in order to create a company culture that transcends individual differences in carrying out…
MTN Nigeria and Airtel Africa Plc have secured approval in principle to operate a Payment Service Bank (PSB) in the country. The two leading telcos made this known in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday, November 5. Techeconomy.ng understands that the PSB operators provide financial services through digital means to low-income earners…
Amazon.com is seeking approval from US communications regulators to deploy more than 4,500 additional satellites as part of the company’s effort to deliver broadband Internet to areas around the world that lack high-speed service. Amazon had said previously it planned to spend at least $10 billion to build 3,236 such satellites through its Project Kuiper programme. Late on Thursday…
The company formerly known as Facebook has been discussing the possibility of opening retail stores way before it rebranded itself as Meta, according to The New York Times. Apparently, discussions about opening brick-and-mortar shops started last year, though nothing has been finalized, and the project could still end up being scrapped. If Meta does open physical outlets, however,…
Africa’s telecommunication giant, MTN, has announced its plan to sell 101 billion naira ($244 million) worth of shares in its Nigerian carrier unit as it continues to dispose of its assets to pay off existing debts. According to a statement released by the mobile-network operator on Thursday, it will issue 575 million shares in MTN…
There are many uncertainties in business and the more a business begins to grow, the more there is an increase in the number of uncertainties, which could be expanding to a new geographical location, promoting team members to handle more challenging task, engaging in the production of a new line of products or seeking partnerships…
Nigerian e-commerce platform, MallforAfrica has announced the shut down of its operations. The MallforAfrica app is no longer on the Google Playstore and Apple Store. A closure notice written on its website read this: “Dear Amazing Customers, At this time MallforAfrica is no longer taking any orders. We appreciate your patronage over the years and…
I have read and digested the very comprehensive independent submission made by e-Live consultant, Kelvin Mulungwe on the e-commerce race in Africa between Jumia and Konga. The submission is one I recommend for all young African entrepreneurs who want to mount the global stage as successful entrepreneurs. This is a very important investigation which basically…
Telkom Kenya Limited, the Helios Investment Partners and Government of Kenya joint venture, has signed a memorandum of understanding (MOU) with Ericsson, the telecommunications company, and NEC XON, the systems integrator, to add 2,000 wireless sites onto Telkom Kenya’s network by 2023. The approximately $100-million nationwide rollout is part of Telkom Kenya’s long-term network expansion…
Standard Bank, Africa’s largest bank by assets, has partnered with Flutterwave, Africa’s leading payments technology company, to enhance digital payments across Africa. Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi. The integration will help customers…
Nigerian startup AmplifiHub has developed an online platform that empowers music producers, arrangers and songwriters in Africa to connect with more customers and make more money. Founded in 2019, AmplifiHub provides musicians with revenue generating opportunities like owning an online beat store, connects them with potential customers via a chat feature, and helps them collaborate with creative…
Applications are open for the Yunus Environment Hub’s GrowUp incubation programme, which is seeking solutions for sustainable food systems in East Africa. The Yunus Environment Hub (YEH) is the global social business network that creates solutions for the environmental crisis. Co-founded and led by Nobel Peace Prize Laureate Prof. Muhammad Yunus, the YEH supports and develops social…
Mastercard has partnered with MoneyFellows, the digitized ROSCA (Rotating Saving and Credit Association) system, to offer MoneyFellows customers a range of new digital solutions and services that will help drive the expansion of Egypt’s digital economy. MoneyFellows has taken the traditional ROSCA model, or “Game’eya” as referred to by Egyptians, into the digital age by offering…
KongaPay, a Central Bank of Nigeria (CBN)-licensed fintech platform, is on course to grow its active subscriber base to over three million by 2022, data released by the company has shown. The mobile money platform, the leading provider of digital services for e-commerce shoppers in Nigeria, is one of the thriving subsidiaries within the Konga…
Apple lost its crown as the world’s most valuable public company to Microsoft on Friday, as the iPhone maker’s shares fell about 2 percent. Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. Top boss Tim…
Facebook’s rebranding as Meta has been followed up with the acquisition of Within, the company behind VR workout service Supernatural. As per The Verge, Meta recently revealed that the studio behind Supernatural will be joining the company, adding to the roster of studios owned by what used to be known as Facebook’s Oculus division. The company said that Within will continue…
Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has launched a comprehensive sustainability strategy which sets out its detailed plans to improve the lives of millions of people across Africa through digital and financial inclusion and access to education. The strategy also includes specific goals around environmental…
Zipline, the global leader in instant logistics, has celebrated five years in flight since its launch in Rwanda in 2016. The company, which on average makes a delivery every four minutes, recently surpassed 200,000 commercial deliveries, the most of any unnamed aircraft system (UAS) company to date. This marks a significant acceleration over the last…
Facebook on Thursday announced it was changing the parent company’s name to “Meta.” Following the move, many people saw the rebranding exercise as an excuse to have a go at the social media giant. Twitter CEO Jack Dorsey was among them. He suggested that the new name of the company was confusing and it was…