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The AfricaBBMaps program has announced significant funding of €15 million over four years (2024-2027) to enhance broadband mapping systems across eleven African countries, including Malawi, Ivory Coast, Nigeria, Ethiopia, Kenya, Benin, Botswana, Zambia, Uganda, Burundi, and Zimbabwe. This crucial funding was unveiled at the International Telecommunications Union (ITU) Global Symposium for Regulators in Kampala, Uganda, and aims to address the digital connectivity challenges prevalent in these nations. Spearheaded by ITU Secretary-General Doreen Bogdan-Martin, the AfricaBBMaps program is set to boost efforts to increase digital connectivity across the continent significantly. With many areas in African countries still facing limited internet access, this initiative will play a pivotal role in bridging the digital divide, fostering economic growth, and enhancing access to digital services for millions of people. #AfricaBBMaps #DigitalConnectivity #BroadbandMapping #ITU #DigitalTransformation #AfricaTech #Connectivity #InternetAccess #TechForGood #InnovationInAfrica To read more: https://zurl.co/xPOj

NIGERIAN COMMUNICATIONS SATELLITE LIMITED (NIGCOMSAT) and Dimension Data have entered into a groundbreaking one-year partnership to enhance internet services using the NigComSat-1R network platform. Announced yesterday, this collaboration will leverage the Ku dedicated band to deliver robust connectivity solutions, highlighting a significant move within Africa’s satellite sector. This agreement aligns with increased investments in Africa's satellite communications landscape. Namibia recently launched a major spaceport project spearheaded by Q-KON Namibia, marking a significant advancement in satellite capabilities. Additionally, Liquid Intelligent Technologies partnered with Eutelsat Group, making enterprise-grade LEO services available across the continent. NIGCOMSAT's managing director, Jane Egerton-Idehen, and Dimension Data's country director, Olugbenga Olabiyi, emphasized the partnership's strategic importance. Egerton-Idehen highlighted the successful completion of a pilot scheme and the signing of a Master Service Agreement, underscoring NIGCOMSAT's commitment to excellence and competitive positioning in the global satellite market. Analysts predict that these collaborations will play a pivotal role in shaping Africa’s future connectivity architecture. Dimension Data aims to boost productivity and business growth through exceptional technology infrastructure and customer engagement. This partnership signifies a major step forward in the region's technological advancement and internet service delivery. #NIGCOMSAT #DimensionData #SatelliteCommunications #InternetServices #Connectivity #AfricaTech #Innovation #TechnologyPartnership #DigitalTransformation

CPF Board Financial Services has announced a notable 5.3% increase in net assets for the year ending December 2023, reaching Sh73.1 billion, up from Sh69.4 billion the previous year. This growth is largely driven by their diversified investment strategy, which includes significant allocations in government securities, fixed deposits, and real estate investments. The County Pension Fund (CPF), the largest of the three funds under CPF’s management, saw its net assets rise significantly to Sh39 billion from Sh32.8 billion. Membership in the County Pension Fund also increased to 76,593, up from 68,280 in 2022. This robust performance highlights the fund's effective management and strategic investment decisions. However, other funds under CPF’s management, such as the individual pension plan fund and Laptrust, faced challenges. The individual pension plan fund’s net assets fell to Sh2.88 billion from Sh3.14 billion, while Laptrust’s net assets and membership shrank due to the closure of its defined benefit scheme to new members since 2011. Despite this, CPF has continued to innovate, creating the Laptrust Imara real estate investment trust (i-Reit) as part of its diversification strategy. CPF Group Managing Director Hosea Kili emphasized the organization’s readiness to capitalize on investment opportunities and deliver value to its members through innovative solutions and prudent financial management. With comprehensive strategic measures in place, CPF is well-prepared to navigate the complex global economic environment and enhance member value. #CPF #PensionFund #InvestmentStrategy #FinancialGrowth #RealEstate #Innovation #RetirementPlanning #KenyaEconomy To read more: https://zurl.co/emdM

Safaricom PLC has surged ahead in Kenya's 5G race, boasting 803 active 5G sites as of March 2024, surpassing Airtel Kenya's 690 sites. This marks a significant milestone in Safaricom's aggressive rollout strategy, expanding 5G coverage to 43 counties from just 23 the previous year. The telecom giant aims to bolster its network further, targeting over 1,700 5G sites in the coming year to solidify its market dominance. Airtel Kenya, meanwhile, has also made strides, activating 320 new 5G sites and expanding coverage to 39 counties, up from 16 last year. This competitive push underscores a dynamic shift in Kenya's telecommunications landscape, intensifying competition for the burgeoning data business. With the rapid adoption of 5G technology, Safaricom emphasizes its commitment to enhancing customer experience with super-fast internet capabilities both at home and on the move. This expansion aligns with Safaricom's broader strategy to complement its growing fibre network and empower users with seamless connectivity solutions. As Kenya's telecommunications sector evolves, both Safaricom and Airtel are pivotal players driving innovation and accessibility in high-speed internet services. The increased deployment of 5G infrastructure not only accelerates digital transformation but also supports economic growth and technological advancement across the country. #Safaricom #AirtelKenya #5GExpansion #Telecommunications #DigitalTransformation #KenyaTech To read more: https://zurl.co/N2Pm

Airtel Zambia PLC and Zambia Industrial Commercial Bank (ZICB) have forged a strategic partnership aimed at enhancing the business environment for Zambia's Small and Medium Enterprises (SMEs). Through a Memorandum of Understanding (MoU), Airtel will provide cutting-edge 4G and 5G Internet devices to ZICB's SME customers free of charge. These devices, coupled with ZICB's Internet banking platform, will empower SMEs with reliable, high-speed connectivity to conduct business efficiently from their premises or homes. This initiative comes at a crucial time for Zambia, where Internet penetration is on the rise but remains below global averages. The partnership leverages Airtel's robust network infrastructure to support ZICB's efforts in digital transformation, aiming to significantly enhance connectivity options for SMEs across the country. Zambia's government and private sector collaboration underscores a broader commitment to expand Internet access nationwide. Plans to erect 520 communication towers by 2025 aim for 96% phone and Internet coverage, with additional initiatives targeting rural areas. These efforts are poised to propel Zambia's digital economy forward, enabling broader participation and economic growth. Dr. Dr Louis Kabula, Acting CEO of ZICB, highlighted the bank's dedication to enhancing operational efficiencies and client satisfaction through robust digital banking solutions. The partnership with Airtel underscores ZICB's commitment to reducing operational costs for SMEs, crucial players in Zambia's economic landscape. #AirtelZambia #ZICB #SMEDevelopment #DigitalTransformation #InternetConnectivity #ZambiaBusiness #AirtelBusiness #SMEFinance #DigitalEconomy #ZambiaInternetExpansion To read more: https://zurl.co/yuwG

The United Nations Development Programme (UNDP) has unveiled a groundbreaking initiative aimed at fostering innovation and entrepreneurship across Africa. Partnering with African governments and private sector leaders, UNDP plans to raise $1 billion to establish a network of technology hubs across the continent. These hubs will serve as catalysts for startup growth and innovation, starting with the launch of the first hub in Lagos, Nigeria, set to debut imminently. According to Ahunna Eziakonwa, Assistant Secretary-General and Director of UNDP Africa Bureau, this initiative marks a pivotal moment in UNDP's efforts to ignite a startup revolution in Africa. The initiative will encompass 10 tech hubs, strategically positioned in key African cities like Accra, Kigali, and Lusaka, focusing on sectors such as agritech, healthtech, and minetech. In addition to the tech hubs, UNDP has rolled out University Innovation Pods across 13 African cities, providing young innovators with dedicated spaces for research and development. These pods aim to nurture ideas into viable products, fostering a conducive environment for entrepreneurship and economic growth. The $1 billion fund, to be sourced from both private and public institutions, underscores UNDP's commitment to supporting over 10,000 youth-led startups across Africa. This initiative is poised to create significant job opportunities and transform millions of lives, leveraging Africa's vibrant and youthful demographic dividend. #UNDP #TechHubs #AfricanStartups #Innovation #Entrepreneurship #TechRevolution #YouthEmpowerment #AfricaDevelopment To read more: https://lnkd.in/deX9JPtC

Africhange, a leading Nigerian remittance services provider, has launched its operations in the United Kingdom, marking a significant step towards enhancing global payments for Africans in the diaspora. The platform, accessible via web and mobile app, facilitates seamless cross-border money transfers initially between the UK and Nigeria, with plans to expand to Ghana and Kenya by year-end. Africhange's new Authorised Payment Institution License ensures secure and efficient remittance services tailored for UK users. David Ajala, Founder and CEO of Africhange, expressed excitement about the platform's UK debut, aiming to reduce the high costs associated with remittances to Africa. He highlighted Africhange's commitment to delivering superior global payment experiences, ensuring that more funds reach recipients without unnecessary fees. With a focus on expanding services and reaching more customers, Africhange is set to revolutionize international money transfers with competitive rates and innovative solutions. In addition to competitive exchange rates, Africhange introduces its innovative loyalty program, Afripoints, enabling users to earn rewards for transactions. This program, already successful in Canada, Australia, and Nigeria, will soon benefit UK users, offering cash rewards redeemable or spendable as discounts on future transactions. This initiative enhances Africhange's customer-centric approach, providing added value and incentives for loyal users globally. Africhange currently supports over 100 global remittance corridors and plans to expand further across Africa, Europe, Asia, and the Americas. The platform's user-friendly interface ensures real-time transfers across various currencies, including USD, GBP, NGN, KES, and more, enhancing accessibility and convenience for international money transfers. #Africhange #RemittanceServices #GlobalPayments #UKLaunch #FinancialInclusion #FintechInnovation #CrossBorderPayments To read more: https://zurl.co/heJb

Kenya Tourism Board (KTB) is spearheading a new initiative to boost adventure tourism through strategic public-private partnerships. CEO June Chepkemei highlighted the sector's resilience and economic benefits, emphasizing its potential to attract more visitors and support local communities amidst the global travel resurgence post-COVID-19. Chepkemei emphasized Kenya's diverse tourism offerings beyond traditional attractions like beaches and wildlife. She highlighted eco-friendly safaris, birding, hiking, and water sports as untapped gems that can be promoted during off-peak seasons to diversify visitor experiences and spread economic benefits across the country. During the inaugural meeting of the Kenya Adventure Tourism Product Club, KTB established a platform for collaboration among private and public sectors. This initiative aims to package and promote Kenya’s adventure tourism experiences globally, showcasing activities such as mountain climbing, trekking, and canyoning. The global adventure tourism market, valued at over $450 billion, presents significant growth opportunities for destinations. KTB’s proactive approach through the Adventure Tourism Product Club aligns with global tourism trends, positioning Kenya as a premier adventure destination ready to welcome travelers seeking unique and authentic experiences. #KenyaTourism #AdventureTourism #SustainableTravel #TourismDevelopment #PublicPrivatePartnerships #TravelIndustry To read more: https://zurl.co/hcwq

Innovate Africa Fund, a new angel investment initiative co-founded by Kristin H. Wilson and Christian Idiodi, has entered the African startup ecosystem with an initial $2.5 million rollout. This sector-agnostic fund aims to support up to 20 startups in its inaugural year, focusing on innovative solutions to complex challenges such as insecurity, unemployment, and poverty through purpose-driven technology. Since 2019, the African funding landscape has shown significant growth, with disclosed exits exceeding $2.3 billion, marking 13.4% of the total $17.2 billion raised by African startups. However, early-stage founders continue to face hurdles in transitioning from ideation to market fit, exacerbated by a lack of early-stage funding. Innovate Africa Fund addresses these gaps by providing insight-driven capital and a robust support ecosystem tailored to accelerate startups from Minimum Viable Product (MVP) to Product-Market Fit (PMF). Kristin Wilson, Managing Partner of Innovate Africa Fund, emphasized the fund's founder-first approach: "Our mission is to break the cycle where brilliant ideas lack the resources to thrive. Beyond funding, we offer deep expertise and connections to empower founders. Our goal is to ensure innovators have the support needed to succeed in Africa's evolving tech landscape." Christian Idiodi, Founder of Innovate Africa Foundation, highlighted the fund's holistic support package: "Through the Innovate ecosystem, we connect startups with seasoned advisors globally. Financial support alone isn’t sufficient; early-stage founders require strategic partnerships and mentorship. By nurturing startups at the outset, we aim to shape the future of disruptive technology across emerging markets." Applications are now open for African founders who align with the fund's screening criteria: Character, Credibility, Capacity, Courage, Competence, and Context. For more information and to apply, visit https://zurl.co/0Uwn. #InnovateAfrica #StartupFunding #TechInnovation #Entrepreneurship #AfricaTech #VentureCapital #AngelInvestment To read more: https://zurl.co/aedv

Exciting news from NALA! The African remittance startup has raised an impressive $40 million in Series A funding, marking one of Africa's largest transactions to date. Led by Acrew Capital and supported by DST Global and other notable investors, this funding round will propel Nala's global expansion plans, focusing on Asian and Latin American markets. Founded by Benjamin Fernandes, Nala enables seamless money transfers across 249 banks and 26 mobile money services in 11 African markets via its consumer app. With integrations like Kenya’s M-PESA Africa, users can now pay bills directly into local mobile wallets, enhancing financial control. Responding to user demands, Nala has expanded into B2B payments and plans to scale these offerings into new markets, starting with Asia. This strategic move underscores Nala's commitment to building a comprehensive payments ecosystem that ensures reliable and cost-effective transactions globally. Benjamin Fernandes expressed his vision for Nala's future, stating, "This funding round is pivotal for Nala. It fuels our expansion beyond remittances, enhancing our infrastructure and launching our payment rails through our B2B platform RAFIKI. We're not just talking about change; we're building it with bold, ambitious plans for the years ahead." Nicolas Esteves Nicolai Eddy #Fintech #Remittances #SeriesAFunding #GlobalExpansion To read more: https://zurl.co/3Jkq