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Ericsson and MTN Group Partner to Drive Sustainability and Digital Skills in Africa

Key Developments

Ericsson and MTN Group Partner to Drive Sustainability and Digital Skills in Africa

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Telecommunications providers Ericsson and MTN Group announced a new partnership focused on advancing sustainability, digital skills development, and education across Africa.
 
The agreement, signed during the Mobile World Congress Barcelona 2024, underscores both companies’ commitment to creating a positive impact on the continent.

The partnership will see Ericsson and MTN collaborate on various initiatives aligned with the United Nations Sustainable Development Goal (SDG) 17 on Partnerships for the Goals.
 
This collaboration leverages the combined expertise and resources of both companies within the African telecom sector to drive innovative digital solutions for the continent’s progress.

A key focus of the partnership is exploring and promoting sustainable Information and Communications Technology (ICT) solutions.
 
This aligns with Ericsson’s Net Zero ambitions and MTN’s “Road to Zero” pledge under its Ambition 2025 strategy.
 
The collaboration aims to develop and implement solutions that reduce the carbon footprint of their value chains, contributing to achieving their Net Zero commitments.  

Ericsson will provide its industry-leading sustainable products and solutions to optimize network efficiency, reduce energy consumption, and minimize network waste.
 
Additionally, both companies will leverage their expertise in skills development through their respective programs: Ericsson’s Connect to Learn and MTN’s Skills Academy.
 
This collaboration aims to enhance digital and ICT skills development across Africa, ultimately boosting employability and competitiveness.

“Sustainability is at the core of MTN’s Ambition 2025 strategy,” said Nompilo Morafo, Group Chief Sustainability and Corporate Affairs Officer at MTN.
 
“This partnership with Ericsson reiterates our commitment to driving meaningful change. By working together, we can create a positive impact on the environment, empower communities through digital skills development, and contribute to a more sustainable Africa.”

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Nigerian Fintech Startup BFREE Secures $2.95 Million in Funding

New Investments

Nigerian Fintech Startup BFREE Secures $2.95 Million in Funding

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BFREE, a Nigerian fintech company specializing in ethical credit management, has secured $2.95 million in funding to enhance its product suite.

Founded in 2020, BFREE leverages artificial intelligence (AI) to revolutionize credit collection processes across emerging markets.

“We are focused on tackling risk management challenges within African economies,” stated BFREE CEO Julian Flosbach.

“By harnessing AI, we create solutions that empower both lenders and distressed borrowers, ultimately contributing to financial stability across the continent.”

Initially focused on automating credit collection software, BFREE has strategically shifted its approach.

The company now utilizes extensive data on non-performing loan portfolios to expertly evaluate and structure acquisitions in collaboration with investors like alternative asset managers and hedge funds seeking to capitalize on emerging market credit portfolios.

This latest funding round, led by Capria Ventures, will be used to improve BFREE’s suite of risk management solutions tailored for banks and lenders. Additionally, the funding will support BFREE’s expansion plans across the African continent.

Susana García-Robles, managing partner at Capria Ventures, believes BFREE is well-positioned to play a vital role in enhancing financial service accessibility and mitigating risk.

“We anticipate BFREE spearheading the creation of a secondary market for distressed assets on the continent,” she remarked.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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South African AI Customer Service Startup Cue Secures $2 Million in Seed Funding

New Investments

South African AI Customer Service Startup Cue Secures $2 Million in Seed Funding

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South African AI-powered customer service platform Cue has raised $2 million in seed funding from angel investors.
 

This new investment follows a $500,000 pre-seed funding round secured in October 2023. The fresh capital will be used to enhance and deepen AI integration on the company’s platform, alongside supporting growth and expansion plans.

Cue has also announced leadership changes, appointing Rhett Trickettl as Chief Product Officer, Ryan Egnos as Chief Revenue Officer, and Richard Nischk as Chief Executive Officer.

Founded in 2018, Cue offers businesses AI-powered customer service solutions on platforms like WhatsApp and social media.

They provide chatbots, live chat functionalities, and have already served over 300 clients, including expanding their reach to the United Kingdom.

Cue aims to deliver fast, personalized, and seamless customer service experiences while reducing communication wait times.

They have already demonstrated success, driving a 160% sales conversion for Mancosa, a 13% increase in response rate for AutoZone, and a 7% increase for Richfield.

Additionally, Cue helped King Price Insurance achieve a 77% return on investment by automating insurance quotes and reduced customer service costs by 73% for Affinity Health.

The new funding will enable Cue to further integrate AI into its platform, allowing businesses to automate routine customer inquiries and leverage data insights to optimize customer engagement and improve support.

The African AI market is projected to reach $6.9 billion in 2024 and is expected to grow significantly, reaching $18.3 billion by 2030.

This growing trend is evident in recent developments, such as the launch of Jetvision.ai, an AI-powered platform for cross-border trade in Africa by Ghanaian digital freight forwarder Jetstream Africa.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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MTN MoMo and Mastercard Announce Partnership to Expand Mobile Money Services in Africa

Key Developments

MTN MoMo and Mastercard Announce Partnership to Expand Mobile Money Services in Africa

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MTN MoMo, the mobile money arm of MTN Group, and Mastercard have announced a multi-market partnership aimed at expanding access to digital financial services across Africa.
 
Through this collaboration, MTN MoMo’s 60 million active users in 13 African countries will gain access to a wider range of financial tools, including prepaid virtual cards, seamless card payments for merchants, and enhanced cross-border money remittance services.

This agreement builds upon Mastercard’s recent $200 million investment in MTN Group Fintech, which acquired a 3.8% stake in the company.  

“Collaboration is our innovation strategy,” said Amnah Ajmal, Executive Vice President of Market Development for Mastercard in Eastern Europe, Middle East, and Africa (EEMEA).

“We look forward to working with Mastercard as a partner that shares our commitment to empowering individuals and businesses,” echoed Serigne Dioum, Group CEO of MTN Fintech.

This partnership is expected to significantly contribute to the growth of digital financial services in Africa, offering greater financial inclusion and convenience for millions of users.
 
 

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