Category: Key developments

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Senegal gets $50 million from World Bank to digitize its healthcare system

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Senegal gets $50 million from World Bank to digitize its healthcare system

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The investment aims to modernize healthcare services, improve access to quality care and foster digital transformation in the country’s healthcare sector.

Senegal has secured $50 million in funding from the World Bank to accelerate the digitization of its healthcare system.

The funding, provided through the World Bank’s International Development Association (IDA), will support Senegal’s efforts to leverage technology and innovation to enhance healthcare delivery and strengthen health information systems.

 

The digital transformation of Senegal’s healthcare system will involve adopting electronic health records, telemedicine services, digital diagnostics, and other digital solutions that improve the efficiency and effectiveness of healthcare delivery. Technology integration is expected to streamline processes, reduce administrative burdens, and enable better coordination and communication among healthcare providers. With the funding, Senegal aims to improve access to healthcare services, particularly in remote and underserved areas. By leveraging digital tools, the country seeks to bridge the gap in healthcare access and ensure that all citizens, regardless of their location, have access to quality care.

 

The investment will also enhance data management and analytics capabilities, allowing healthcare providers and policymakers to make informed decisions based on real-time data. The digitization of health records will enable better monitoring of health trends, disease surveillance, and implementation of evidence-based healthcare policies. Senegal’s efforts to digitize its healthcare system align with the country’s broader development goals, as outlined in its national digital transformation and healthcare reform strategies.

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy Raises $50 Million to Accelerate Clean and Reliable Power for African Businesses

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CrossBoundary Energy, a leading provider of clean energy solutions in Africa, has secured $50 million in funding to accelerate the deployment of clean and reliable power solutions for businesses across the African continent.
 

CrossBoundary Energy specializes in developing and operating distributed solar energy projects for commercial and industrial clients. By offering solar-as-a-service, the company eliminates the upfront costs and operational complexities associated with traditional energy systems. This approach enables businesses to access clean and reliable power, reduce their carbon footprint, and lower energy costs, boosting their competitiveness and sustainability.

 

The $50 million investment will support CrossBoundary Energy’s ambitious plans to expand its project pipeline, reach new markets, and deepen its impact across the continent. With this funding, the company aims to accelerate the deployment of solar energy systems, providing businesses with a cost-effective and environmentally friendly alternative to conventional power sources. With Africa’s energy demand projected to rise significantly in the coming years, the need for scalable and sustainable power solutions has never been more critical.

CrossBoundary Energy’s $50 million funding injection will play a vital role in addressing this challenge and driving the continent towards a more sustainable and resilient energy infrastructure

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54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

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54 African investors were selected to join Dream VC’s accelerator program to drive Africa’s VC space

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Dream VC, a leading global accelerator program focused on fostering entrepreneurship and venture capital growth, has selected 54 African investors for its accelerator program.
 

This milestone marks a significant step forward in shaping the future of venture capital in Africa, providing a platform for aspiring investors to gain valuable skills, knowledge, and connections. The accelerator program aims to equip these aspiring investors with the necessary tools and resources to excel in the dynamic world of venture capital, driving economic growth and innovation across the continent.

 

The selected investors will undergo an intensive program comprising mentorship, training, and networking opportunities. Seasoned venture capitalists, successful entrepreneurs, and industry experts will provide valuable insights, share their experiences, and guide participants on investment strategies, due diligence, portfolio management, and fundraising. The selected investors are expected to contribute to the growth and maturation of Africa’s venture capital ecosystem.

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Visa launches fintech accelerator program for African startups

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Visa launches fintech accelerator program for African startups

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Visa, a global leader in digital payments, has announced the launch of its highly anticipated fintech accelerator program specifically designed for startups in Africa.
 

This initiative aims to foster innovation, drive financial inclusion, and support the growth of the fintech ecosystem in the region. The fintech accelerator program, backed by Visa’s extensive industry expertise and resources, seeks to identify and nurture promising fintech startups across Africa.

The program will provide selected startups access to mentorship, networking opportunities, and tailored support to help them scale and develop innovative digital payment solutions. Africa’s fintech sector has been experiencing significant growth and attracting attention from investors and technology companies worldwide.

With its vast unbanked population and rising digital adoption, the continent presents immense opportunities for fintech innovation. Visa’s accelerator program is strategically positioned to tap into this potential and drive impactful change. The program will focus on supporting startups addressing key challenges in the financial services sector, including access to financial services, digital payments, and financial literacy.

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Google’s Black Founders Fund Invests in 25 African Startups

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Google’s Black Founders Fund Invests in 25 African Startups

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Google has announced the 25 African startups selected for the third cohort of Google for Startups’ Black Founders Fund.

Google, in its commitment to fostering entrepreneurship and supporting underrepresented communities, has unveiled the 25 selected startups for its 2023 Black Founders Fund cohort in Africa.

The program aims to empower black-led startups in the continent, providing them with funding, mentorship, and access to resources necessary for their growth and success.

 

The Black Founders Fund is part of Google’s ongoing efforts to promote diversity and inclusion.

 

Now in its third year, the Fund supports Black founders by addressing the inequality in VC funding in Africa’s tech ecosystem.

According to Google, this year, each selected startup will receive up to $150,000 in non-dilutive cash awards, $200,000 in Google Cloud credits, Google Ads support, and one-on-one mentoring from Googlers and industry experts.

 

Since its inception in 2021, participating founders have reportedly seen a 21% rise in employment, with women filling 46% of these positions, and a notable 7% increase in monthly recurring revenue to over $6.1 million.

Here are the selected startups for the 2023 cohort:

  • Akoma Health (Nigeria): Tech platform for accessible, culturally conscious mental health services in Africa.
  • BezoMoney (Ghana): Digital banking for Africa’s underbanked via mobile/web platforms.
  • Chargel (Senegal): Digital trucking platform connecting shippers/carriers in Francophone West Africa.
  • Charis UAS (Rwanda): Provides 3D geospatial data via drone technology.
  • Evolve Credit (Nigeria): SaaS for digitising and managing banking services.
  • Excel At Uni (South Africa): Supports student funders via digital services.
  • EzyAgric (Uganda): AI-powered mobile technology to enhance Africa’s farming sector.
  • Fez Delivery (Nigeria): Last-mile logistics platform for various industries.
  • Fleetsimplify (Kenya): Monetization platform connecting gig drivers & vehicle owners.
  • HealthDart (South Africa): Digital HMO providing end-to-end health services with insurance.
  • Herconomy (Nigeria): Female-focused fintech aiming to be Africa’s first women’s bank.
  • Jumba (Kenya): Improving Kenya’s construction sector supply chain via B2B platform.
  • MDaaS Global (Nigeria): Tech-powered diagnostic centres for affordable healthcare.
  • My Pocket Counsel (Nigeria): Legal tech platform for contract generation and management.
  • Orda (Nigeria): Pan-African neobank for restaurants, offering cloud-based software.
  • Periculum (Nigeria): Data company aiding in credit assessment, fraud/churn risk.
  • Raenest (Nigeria): Fintech offering global financial services to freelancers/startups in Africa.
  • Ridelink (Uganda): E-logistics platform providing shipping and real-time tracking.
  • Susu (Côte d’Ivoire): Health platform providing healthcare services/insurance funded by African diaspora.
  • Talamus Health (Ghana): Tech solutions targeting healthcare inefficiencies in Africa.
  • TruQ (Nigeria): Streamlining mid-mile logistics across Africa with third-party vehicle connectivity.
  • Tushop (Kenya): Tech platform for group buying of daily essentials in Kenya.
  • Uzapoint (Kenya): Mobile/web POS for digitising bookkeeping in Africa’s informal sector.
  • Zinacare (South Africa): Online platform for accessible, affordable healthcare services.
  • Zydii (Kenya): Localised digital training solutions for African SMEs.

 

 

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The Baobab Network funds five promising startups

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The Baobab Network funds five promising startups

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The Baobab Network, a Nairobi-based accelerator and investment firm, has invested $50,000 into five promising African startups

The move significantly boosts the continent’s entrepreneurial ecosystem and reflects The Baobab Network’s commitment to supporting and nurturing innovative ventures across Africa. The Baobab Network, known for its focus on early-stage startups, provides selected entrepreneurs with mentorship, tailored training, and access to an extensive network of investors and industry experts.

 

By investing in these startups, The Baobab Network aims to foster their growth, enhance their market viability, and increase their chances of success. The five startups selected for investment demonstrate diverse solutions, addressing key challenges across various sectors.

  • Afrigility (Kenya)
  • Eazy Chain,Inc. (Togo)
  • MuduPay (Guinea)
  • ePoultry Africa (Nigeria)
  • Colis (Morocco)

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Is Fintech in Africa Ready For A New Goliath? Gain Insights On How Multichoice Group Plans To Disrupt Africa’s Payments Landscape

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Is Fintech in Africa Ready For A New Goliath? Gain Insights On How Multichoice Group Plans To Disrupt Africa’s Payments Landscape

| Article

MultiChoice Group, Rapyd and General Catalyst have teamed up to develop an intergrated payment platform for Africa.
 

Moment has been developed to address existing challenges and complexities of financial transactions in Africa. The platform combines various payment methods into a single unified solution, including mobile wallets, card payments, and bank transfers. By consolidating these payment options, Moment aims to simplify transactions for individuals and businesses, irrespective of their location or preferred payment method.

 

Africa, with its diverse economies and varying levels of financial infrastructure, has long faced hurdles in achieving seamless and efficient cross-border transactions. The integrated payment platform seeks to overcome these challenges to enable seamless cross-border transactions, eliminating the need for multiple intermediaries and reducing transaction costs.

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Can Rwanda Break Out From Its Dependence on Agriculture? A New Innovative Platform Aims to Provide 1.5 Million Farmers With New Livelihoods and Opportunities

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Can Rwanda Break Out From Its Dependence on Agriculture? A New Innovative Platform Aims to Provide 1.5 Million Farmers With New Livelihoods and Opportunities

| Article

Rwanda is set to launch a groundbreaking digital platform to create 1.5 million off-farm jobs.
 

The innovative initiative seeks to provide individuals with diverse income-generating opportunities and contribute to the country’s development agenda. The digital platform, which is scheduled to be unveiled by the Rwandan government in the coming months, will leverage technology to connect job seekers with a wide range of off-farm employment options.

 

This includes opportunities in e-commerce, digital services, remote work, and other emerging industries, aiming to tap into Rwanda’s growing digital economy. By harnessing the power of digital connectivity, the platform aims to bridge the gap between job seekers and potential employers, ensuring a more efficient and inclusive job market.

 

The initiative is part of Rwanda’s broader strategy to diversify its economy and reduce the country’s dependency on agriculture as the primary source of employment. The launch of this digital platform aligns with Rwanda’s commitment to leveraging technology and innovation to drive socioeconomic progress.

Over the years, the country has made significant strides in digital transformation, positioning itself as a hub for technological advancements and digital entrepreneurship in the region.

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Can Africa Manufacture Its Own Vaccines? Mastercard Foundation & IDP Partnership Is a Pivotal Step Towards Africa’s Health Independence

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Can Africa Manufacture Its Own Vaccines? Mastercard Foundation & IDP Partnership Is a Pivotal Step Towards Africa’s Health Independence

| Article

The Mastercard Foundation and the Institut Pastuer De Dakar (IDP) have unveiled a $45 million partnership to strengthen Africa’s healthcare infrastructure and foster vaccine manufacturing autonomy.

The collaboration aims to bolster the continent’s vaccine manufacturing capabilities and enhance its preparedness for future health crises. The investment will be strategically utilized to support the development of vaccine manufacturing hubs across Africa. These hubs will serve as centers of excellence, equipped with state-of-the-art infrastructure, advanced technology, and research facilities to facilitate vaccine production, distribution, and quality control.

 

Through this partnership, the Mastercard Foundation and IDP aim to foster collaboration among African nations, academia, research institutions, and the private sector. The objective is to create a robust ecosystem that promotes knowledge sharing, skills development, and technology transfer, ultimately enabling Africa to produce safe, affordable, and effective vaccines locally.

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