KPMG is set to host the Africa Venture Summit, an event designed to catalyze private enterprise investment across the continent.

The summit, scheduled for June 10, 2024, will bring together a diverse group of stakeholders, including venture capitalists, private equity investors, entrepreneurs, and industry leaders.

The Africa Venture Summit comes at a crucial time for the continent’s private equity (PE) market.

Despite global economic uncertainties, Africa’s PE landscape shows promising signs of growth.

According to the African Private Equity and Venture Capital Association (AVCA), 2023 saw a record level of fundraising, with over $4 billion committed to African PE funds.

This influx of capital is largely driven by the continent’s burgeoning middle class, rapid urbanization, and technological advancements, which create fertile ground for investment.

KPMG’s summit aims to harness this momentum by providing a platform for key industry players to network, share insights, and explore investment opportunities.

The event will feature panel discussions, keynote speeches, and breakout sessions covering a range of topics, from navigating regulatory environments to identifying high-growth sectors.

The summit underscores Africa’s growing appeal to investors. With a youthful population, increasing internet penetration, and a vibrant entrepreneurial ecosystem, the continent offers significant opportunities for PE investment.

Sectors such as fintech, healthcare, and renewable energy are particularly attractive due to their high growth potential and ability to address critical challenges.

The Mastercard and African Development Bank Group (AfDB) launched the “Mobilizing Access to the Digital Economy (MADE) Alliance: Africa” today. Over the next decade, the alliance aims to provide digital access for 100 million individuals and businesses across the continent.

The alliance initially prioritizes the agricultural sector and women’s empowerment.

This year, a pilot program will support three million farmers in Kenya, Tanzania, and Nigeria.

Working with local banks, the program will provide digital identities and access to high-quality seeds and agricultural supplies. The alliance plans to expand to Uganda, Ethiopia, and Ghana in the future.

“Mastercard’s leadership in the MADE Alliance: Africa aims to bring critical digital services to more people,” said Michael Miebach, CEO of Mastercard. “We see Africa’s potential for growth, and this alliance is our way to contribute.”

The alliance leverages each partner’s strengths. The AfDB will invest $300 million in digital infrastructure and incentivize participation.

Mastercard will register 15 million users on its Community Pass platform within five years, creating an interoperable system for various participants.

Launched in 2020, Community Pass connects underserved communities to essential services.

“The AfDB believes Mastercard’s Community Pass can revolutionize agricultural technology adoption in Africa,” said Dr. Akinwumi A. Adesina, President of the African Development Bank Group.

“This alliance expands our reach and impact in building sustainable food systems.”

The MADE Alliance: Africa aligns with the U.S. Digital Transformation with Africa Initiative and the African Union’s Digital Transformation Strategy. The alliance launch took place during the U.S.-Africa Business Forum.

More than six organizations, including Equity Bank, Microsoft, and Heifer International, have joined the MADE Alliance: Africa at launch.

The alliance is co-chaired by the African Development Bank Group and Mastercard.

This service aims to revolutionize the postal experience for Rwandans by leveraging mobile technology.

MPost’s platform allows individuals and businesses to convert their mobile phone numbers into official virtual addresses.

This eliminates the need for traditional physical P.O. boxes, offering a more convenient and accessible solution.

The launch comes after MPost relocated its headquarters from Nairobi, Kenya, to Kigali, Rwanda, in November 2023.

“Our goal is to be at the forefront of digital addressing and postal services in Africa,” said a spokesperson for MPost. “Rwanda’s commitment to technological innovation makes it the perfect launchpad for our e-P.O. Box system.”

Rwanda’s postal landscape faces challenges, with less than 1% of the population having access to a physical post office.

MPost’s e-P.O. Boxes address this by providing instant SMS alerts whenever mail or parcels arrive. This eliminates the need for frequent trips to physical locations, improving overall convenience.

The launch also coincides with the Rwandan government’s push for technology-driven public services. MPost’s e-P.O. Boxes complement this initiative by offering a modern and accessible solution for mail management.

While Iposita, the national postal service, introduced its own electronic P.O. Box system earlier in May, MPost’s mobile-centric approach provides a unique alternative for Rwandans seeking a convenient and efficient postal experience.

Umoja, which means “unity” in Swahili, signifies a new era of digital connectivity for the continent.

The cable stretches from Kenya, traversing Uganda, Rwanda, the Democratic Republic of the Congo, Zambia, and Zimbabwe before reaching South Africa.

It will then connect to the Google Cloud region and continue its journey to Australia via the Indian Ocean.

Notably, the terrestrial portion of Umoja was built collaboratively with Liquid Technologies and is designed to provide access points for other countries to join the network.

This innovative project is part of Google’s broader Africa Connect initiative, which also includes Equiano, the company’s subsea cable launched in 2019 to connect Africa and Europe.

Google’s focus on creating a separate route highlights the importance of network resilience.

The African continent has faced challenges due to past disruptions to subsea cables, and Umoja aims to provide a more robust connection.

“Umoja represents a significant investment in Kenya, Africa, and Australia,” said Kenyan President William Ruto.

“This project will significantly improve global and regional digital infrastructure, ensuring redundancy and resilience in our connectivity to the world.”

The announcement comes after recent internet outages in Africa caused by subsea cable damage. In March and May of 2024, disruptions plagued East African countries due to failures in critical subsea connections.

Umoja represents a significant step towards a more connected Africa.

This continent-spanning cable, coupled with Google’s commitment to collaboration, has the potential to unlock new possibilities for economic growth, innovation, and digital inclusion across the region.

This three-story facility will store and process the country’s digital data, marking a significant step forward in the nation’s digital transformation.

The project is funded with a total of $72.8 million, with the African Development Bank (AfDB) contributing $57 million and the Congolese government providing $15.8 million.

Construction will include the installation of a 600-kilometre fibre optic cable network connecting Congo to neighboring Cameroon and the Central African Republic.

The data center, expected to be operational by December 2024, will feature dedicated server rooms, monitoring and supervision spaces, conference areas, and essential energy and air-conditioning equipment.

This initiative positions the Republic of Congo to become the first Central African nation with a sovereign data center.

“We will finally be able to host video conferences and store our data locally, eliminating reliance on servers in Europe or elsewhere,” stated Michael Ngakala, coordinator of the Central Africa Fibre-Optic Backbone Project.

Previously, Congolese data was often stored outside the country, leading to the use of domain name extensions like “.fr” or “.com” instead of the nation’s “.cg” designation.

The new data center will enable Congo to host all public data domestically, while also offering data storage and backup solutions for telecommunication companies, banks, insurance firms, and other private businesses.

This development is seen as a major step towards advancing Congo’s digital economy and bolstering its digital security through increased control over its data.

This initiative aims to bridge the gap between academic knowledge and practical experience in business management, operations, and investment.

“We are proud to launch the JOIN program to develop a new generation of operator-investors in Africa,” said Tebogo Masekwameng, a principal at Secha Capital.

The program leverages the expertise of Secha’s network of investors, entrepreneurs, and operators to provide participants with real-world skills needed to excel in the green and tech-driven African economy.

JOIN targets individuals seeking careers that combine hands-on business experience with investment knowledge.

Secha Capital is a black, female-founded growth equity firm focused on Southern African companies transitioning towards a sustainable, technology-enabled future.

Applications for the inaugural JOIN cohort, starting in June 2024, are now open.
http://bit.ly/SechaJOIN0624Cohort