The Empower Africa Business Platform is Now Live !!!
The official launch, held on Wednesday, July 10th, brings GVA’s high-speed FTTH (fiber-to-the-home) network to Kampala, the 13th African city, to benefit from its services.
GVA has already invested 50 billion Ugandan shillings (approximately $13.5 million) in laying fiber optic cables across Kampala.
This initial infrastructure can connect up to 140,000 homes, and Julius Kayoboke, Managing Director of GVA Uganda, says ambitious plans are in place to expand the network to serve an estimated 500,000 people within the next four years.
CanalBox’s arrival in Uganda is expected to shake up the country’s internet landscape, currently dominated by telecommunication companies.
This increased competition is anticipated to benefit consumers through improved service quality and potentially lower costs.
The launch comes at a crucial time for Uganda, which is experiencing a rapid digital transformation fueled by a growing demand for high-speed internet connectivity.
The Uganda Communications Commission (UCC) reports that the nation has over 27.7 million internet users, with a penetration rate of 61%.
“The internet has revolutionized societies in ways we never imagined before,” remarked Thomas Tayebwa, Deputy Speaker of the Ugandan Parliament, who attended the launch ceremony.
“It has reshaped how we live, work, and connect with each other – impacting communication, information sharing, business transactions, education, and even service delivery.”
Japanese VC firm SBI Holdings and Africa’s Novastar Ventures have announced a strategic partnership, with SBI Holdings committing $40 million to anchor Novastar’s future funds.
French venture capital firm Ring Capital has launched Ring Africa, a €50 million impact investment fund dedicated to supporting early-stage startups in French-speaking West Africa.
Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.