Blog - Afrikan Heroes

Disrupt Africa: Applications Open for Most Disruptive Startups in Africa.

March 28, 2021

There is a big opportunity for African startups willing to participate in the upcoming Africa corporate disruption accelerator programme which opens doors to a $ 500,000 partnership and prize money of €15,000. The application is open for startups in technology sectors such as FinTech, InsureTech, AgriTech, eCommerce, HealthTech, and CleanTech that can come up with problem solving ideas and apps that can also be monetised to help grow the economy.

Analysts say that the so-called Internet economy is set to reach 5.2% of gross domestic product (GDP) by 2025, contributing about $180-billion to the African economy . To develop the potential of startups driving the Internet economy, Telecel Group has opened applications for the ASIP Accelerator Program powered by Startupbootcamp AfriTech.

The Program helps startups achieve 18-24 months of growth in just three months. Now, the next generation of early-stage African tech startups disrupting a wide range of industry sectors are being sought.

Ten startups will be selected to participate in the Program that will give them access to expert-led masterclasses covering scaling fundamentals – from the business model canvas, and lean methodology, to fundraising.

They will also receive tailored mentorship from carefully selected mentors who will provide hands-on support and valuable introductions. Plus, they will be connected with venture capitalists and angel investors from around the world and get to meet the leading corporates in their industries for pilot projects and partnership opportunities.

Over and above all this, the successful startups will receive €15,000 in cash and have access to over €500,000 in exclusive partner deals from leading technology providers such as Amazon Web Services, Google Cloud, HubSpot, and SendGrid, amongst others.

The three-month Program will conclude with a digital Demo Day during which startups will present their newly scaled up solutions to hundreds of investors, corporates, mentors and press attendees. Notably, the participants will continue to receive support long after the Program ends via the Alumni Growth Program which offers access to alumni-only events, deals and tailored introductions.

Twenty-nine startups completed the first Startupbootcamp AfriTech Program and 90% of participating startups are still operating and scaling at impressive rates. What’s more, 40% have raised follow-on rounds of funding, with the average increase in valuation being 10x since their Demo Day.

In addition to corporate partner, Telecel Group, Program sponsors include Google Cloud Platform, Amazon Web Services, Hubspot, VC4A and Cloudworx. There are a limited number of slots for additional corporate Founding Partners to join the consortium. These partners will have the rare opportunity to help determine the key challenge areas that will be the focus of the Program’s startup scouting and sit on the exclusive selection committee that will choose the top 10 startups to participate in the Program.

Additionally, they will have the chance to engage in curated pilot and proof of concept projects with select startups to accelerate innovation within their organisations. Corporates that are interested to amplify their internal Innovation Agenda can email afritech@startupbootcamp.org.

The completely virtual, Pan-African Program kicks off in July 2021. Applications are open now and will remain so until 14 May. To apply, or for more information, go to https://bit.ly/SBC-ASIP.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

How AfCFTA Free Trade Bloc Can be a Game Changer for African People and Business

Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (AfCFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting. The African Development Bank the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held on Wednesday 24 March.

“The success of the AfCFTA hinges on the ability of African firms to understand and capitalize on the trade related opportunities offered by the AfCFTA,” said Pamela Coke-Hamilton, International Trade Centre (ITC) Executive Director.

The Aid-for-Trade initiative – which promotes the role of trade in development and supports building productive capacities– should focus on three priorities to boost the private sector’s role in AfCFTA: empowering businesses with skills and know-how; fostering multi-stakeholder partnerships to attract investment for greater value addition and enhancing market connections using e-commerce and digital platforms, Coke-Hamilton said.

Also participating were: Mr. Alan Kyerematen, Ghana Minister of Trade and Industry; Mr. Li Yong, Director-General of UNIDO; Mr. Solomon Quaynor, African Development Bank Vice President, Industry, Infrastructure, Private Sector and Trade; Ms. Tania Rödiger-Vorwerk, Director, Private Sector, Trade, Employment and Digital Technologies in Germany’s Ministry for Economic Cooperation and Development; Ms. Glwadys Tawema, CEO of Benin firm, Karethic; Mr. Emmanouil Davradakis, Senior Economist, European Investment Bank; Mr. Paul Walters, Director for Trade & Development, UK Foreign, Commonwealth and Development Office and Mr. Michael Kottoh, Head of Strategy & Research, AfroChampions.

“This is a trade area of the people, so we need to understand and engage the people to go forward and believe in this dream of an African free trade area,” said Ambassador Usha Dwarka-Canabady, Permanent Representative of Mauritius at the United Nations Office at Geneva and coordinator of the African Group at the World Trade Organization, who moderated.

Discussion focused on boosting private sector involvement in policy dialogues on trade, investment and infrastructure, strategies to increase participation by micro, small and medium enterprises, and the need for greater partnerships to attract investment in promising industries.

Kyerematen proposed that bridging information gaps between governments and the private sector would help build confidence around the free trade agreement and noted that fiscal incentives, including subsidies, might be needed in some instances.

Li emphasized the private sector’s role in speeding up industrial development and economic diversification, particularly in the context of the ongoing pandemic and other development challenges. “The private sector accounts for 80% of total production, two thirds of investment, three-quarters of credit and employs 90% of the working age population.” He also noted “several determining factors, including an enabling business environment, affordable connectivity, accelerated digitalization and opportunities to forge strong public-private partnerships” as crucial to ensuring businesses’ commitment to trade and invest in the AfCFTA.

The African Development Bank, UNIDO and the ITC have each engaged with the private sector at the continental, regional and sub-national level to facilitate the African business community’s access to the new single market, said Vice-President Quaynor.

The African Development Bank is actively supporting or looking to support initiatives to boost trade and improve livelihoods for Africans, Quaynor said, citing the Ethiopian Commodity Exchange as a model to be replicated across Africa, referring to the commodities exchange established in 2008 that is transforming the country’s agricultural trade.

“African farmers receive only 20-25% of the final price of their market produce, compared to the 70-85% that Asian farmers receive.”

Quaynor also named AfroChampions, a public-private partnership designed to accelerate economic integration and support the emergence of African multi-nationals, as an initiative that is making an impact.

The meeting comes in the wake of the entry into force of the AfCFTA on 1 January 2021. The free trade area brings together 1.3 billion Africans in a $3.4 trillion economic bloc. The bloc is the largest free trade area since the establishment of the World Trade Organization, and economists project that its benefits and impacts could lift tens of millions out of poverty over the next 15 years.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

The One Thing Tunisia’s Startup Act Doesn’t Give, And How Labelled Startup NextGen Beat It

Tunisia’s startup label granted under the country’s Startup Act gives labelled startups in the North African country access to many privileges, including funding, except one thing: it does not allow startups to convert their national currency, dinar into foreign currencies. But Next Gen, which got funded barely two months ago by MAXULA Gestion, manager of the startup fund STARTUP MAXULA SEED FUND, has found a way to beat the system and is now on course to expand to other Gulf countries, after successful expansion to Morocco and Oman.

Moez Lachneb, ceo, NextGen — *Moez Lachneb*, ceo, NextGen

“At the end of 2018, we prospected the Moroccan and Algerian markets. We started with Morocco and we were pleasantly surprised by the progress of this country. A wealthy middle class that represents a large niche, hungry for products such as ours and large bookstores with astronomical turnover where our applications can find takers. We decided to open a branch there, ” Moez Lachneb said.

Expanding To Morocco And Oman Aided By Tunisia’s Startup Act

Next Gen sold its products in Morocco via an intermediary who sold them three times the purchase price. The founders thought that being there will be more rewarding for them and that such an interesting market deserves to be established there. They were due to open their branch in March 2020, but caught up with the Covid-19 pandemic, they were forced to postpone it until the end of the year.

“We were one of the few companies to set up overseas right after the pandemic,” Moez said.

But internationalization has not been easy for Next Gen, generally. While Tunisia’s startup label granted to the startup under the country’s Startup Act made it easier to obtain funds, it did not facilitate the transfer of currencies. All they had earned was in Tunisian dinars.

“The startup label does not allow us to convert our national currency; we had to generate money in foreign currency. So we managed to find a currency fund and we found it in the Sultanate of Oman,” he said.

The US$100,000 granted by the Oman Technology Fund (OTF), an investment fund specializing in supporting innovative national and international startups, was used to fund Next Gen’s foreign exchange account for the opening of its Moroccan subsidiary.

The first large-scale export operation took place in December 2020, a container costing 150,000 dinars but with an income of 400,000 dinars.

“I give these figures to say that the Moroccan market is buoyant and that what we invest in our country can generate double and triple retributions internationally,” he said.

Today, Next Gen is preparing the shipment of its second container to Morocco and the opening of its second branch in Muscat in the Sultanate of Oman.

“This establishment will open the doors to the Arab Gulf market, one of the largest in the world,” Moez added.

A Look At What The Startup Does

The idea of creating Next Gen began long before 2013. It was simmering in the minds of Moez Lachneb, an engineer in biomedical engineering, and Ahmed Nabli, an occupational therapist specializing in disability therapy. Chance brought them together when contact was made by a mutual friend who enlisted Moez’s help with Ahmed’s graduation project.

“The project required a technical component that I mastered, namely a solution based on augmented reality and which serves for the functional rehabilitation of people with specific needs using virtual reality and augmented reality. Dyslexics and autism can benefit ”.

From friendship was born Next Gen, and when they graduated from college at 26, they decided to create their startup. The Internet was starting to spread in Tunisia and they had access to information. The study they had conducted could have an impact in Tunisia and was promising.

“This is when the entrepreneurial seed started to manifest in both of us. We wanted to be independent and make money. Yes we assume, we love the money we earn from our labor.”

They did not choose to design and sell generic products with little use. They have opted for a different product which can change a person’s life and can benefit a good segment of the population.

In 2013, they chose to call their startup “Next Gen”.

“It’s Ahmed’s choice because it’s about solutions for the next generation, products and customers. Our slogan is: we create solution.”

In Tunisia, credit cards are not approved for transactions in currencies other than the country’s dinar. Therefore credit and debit cards cannot be used for purchases on foreign commercial internet sites. This has resulted to most Tunisian banks only allowing account holders to use bank-affiliated credit and debit cards to make domestic online purchases denominated in dinars.

However, the passage of the Tunisian Startup Act by the country’s government has resulted in some sweeping regulatory changes to the Tunisian innovation landscape. For instance, the country’s central bank has recently outlined a procedure for qualified companies to open hard currency accounts.

It should be noted that NextGen was labelled in 2019. Tunisia’s central bank’s latest policy only affects qualified companies, and hasn’t generally changed the policy around the conversion of the country’s national currency, Dinar.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Startup Act NextGen Tunisia Startup Act NextGen Tunisia

More Than $1bn Sent Via Mobile Money Every Month — GSMA Report

The GSM Association (GSMA) has released a report on the state of mobile money industry. Tagged “State of the Industry Report on Mobile Money”, the report unveiled a major piece of information: for the first time, more than a billion dollars were sent and received internationally around the world every month via mobile money.

The report indicates that mobile transactions accelerated during lockdowns induced by Covid-19 around the world. This is because all the restrictions limited access to cash and financial institutions. In addition, the number of registered accounts increased by 13% in 2020 to reach more than 1.2 billion, double the forecast.

They were not very optimistic because the consequences of the pandemic (job losses, income cuts, etc.) suggested that transactions were going to decline. This was without counting on the diasporas who have instead redoubled their efforts to support their loved ones. As a result, the total value of transactions increased 65% to an annual total of $ 12.7 billion in 2020.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Sleeping Sickness Eliminated in Côte d’Ivoire

March 27, 2021

Côte d’Ivoire has successfully eliminated human African trypanosomiasis, also known as “sleeping sickness” as a public health problem, becoming the second African country after Togo to be validated by the World Health Organization (WHO).

“I dedicate this milestone to decades of hard work and the individual contribution of every single health worker who braved some of the toughest challenges in reaching populations, often in remote rural areas,” said Dr Aka Aouele, Minister of Health and Public Hygiene of Cote d’Ivoire. “Our challenge now is to maintain the required level of surveillance and with the help of everyone to achieve interruption of transmission by 2030.”

Dr Aka Aouele, Minister of Health and Public Hygiene of Cote d'Ivoire — Dr Aka Aouele, Minister of Health and Public Hygiene of Cote d’Ivoire

Côte d’Ivoire reported hundreds of cases per year in the 1990s. Cases have progressively declined over the last two decades and in the past few years, the country reported fewer than 10 cases per year. At this low level, it qualifies to have eliminated the disease as a public health problem.

The achievement is attributed to robust control and surveillance measures, active (and passive) screening of people at risk and targeted vector control which helped to strongly decrease the number of cases in areas of transmission. Hospitals and health centres checked patients using specific diagnostic tests and laboratory mobile units screened people in villages.

Treatment of infected people meant that the vector, the tsetse fly, could no longer transmit the disease to others. This had to be maintained over years to progressively eliminate the disease.

“Cote d’Ivoire’s achievement marks an important step that brings Africa closer to eliminating sleeping sickness,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Sustained control measures over the past two decades have brought a significant decline in cases – a positive sign that many countries will soon be crossing this landmark.”

“The result which Côte d’Ivoire has achieved after several decades of fighting the human African Trypanosomiasis demonstrates the excellent leadership of the Ministry of Health and Public Hygiene through the directorate of the HAT [human African Trypanosomiasis ] elimination programme. It is also an expression of the commitment and determination of the regional and departmental health directorates, health workers, communities’ adherence to control measures as well as the power of partnerships,” said Dr Jean Marie Vianny Yameogo, WHO Representative in Côte d’Ivoire.

Two other countries – Benin and Equatorial Guinea – have submitted their dossiers to WHO, requesting validation of elimination as a public health problem.

Under WHO’s leadership, national control programmes, bilateral cooperation agencies and nongovernmental organizations have substantially reduced cases of the disease to unprecedented low numbers of less than one thousand globally before 2020.

Sleeping sickness is a potentially fatal disease spread by the bite of an infected tsetse fly, a species native to the African continent. More than 60 million people in 36 countries who live mainly in rural parts of East, Central and West Africa are at risk of contracting the disease.

Validation of elimination as a public health problem

The validation per country is done by WHO. A complete dossier must be submitted to present detailed information on the past and present of the disease incidence throughout the territory. The country must show evidence of effective, ongoing surveillance to prove that the capacity of detecting the disease is strong. The figures must be below the specific thresholds required by WHO, which means below one case per 10 000 inhabitants in all districts, during a five-year period.

WHO and partners are targeting the interruption of transmission of the Trypanosoma brucei gambiense form of the disease in all endemic countries by 2030.

The main approaches to controlling sleeping sickness include reducing the reservoirs of infection and the presence of the tsetse fly.

Screening of people at-risk helps identify patients at an early stage. Diagnosis should be made as early as possible to avoid complicated and risky treatment procedures of the advanced stage.

The disease

Human African trypanosomiasis is a vector-borne parasitic disease caused by infection with protozoan parasites belonging to the genus Trypanosoma. The causative parasite is transmitted to humans through the bite of the tsetse fly (Glossina genus) that has acquired infection from humans or animals harbouring the human pathogenic parasites.

There are two forms: one due to the gambiense trypanosome which is found in 24 countries in West and Central Africa and accounts for more than 98% of cases. The other, due to Trypanosoma brucei rhodesiense, is found in 13 countries in Eastern and Southern Africa and represents the rest of the cases.

When bitten by the tsetse fly, a red sore may erupt within a few weeks. The person can experience fever, swollen lymph nodes, aching muscles and joints, headaches and irritability.

People who get infected feel lethargic and sleepy by day then awake and exhausted at night. Neuropsychiatric and sensory disorders follow, then a coma before death within months or sometimes even years later.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

How Different Property Classes Coped With the Pandemic

The property market has undergone huge changes during 2020 as a result of the Covid-19 pandemic, but not all sectors have had the same experience.

As the year comes to a close, it is useful to have a look at how different asset classes have been affected and what lies ahead for them in the New Year.

Scott Picken, CEO of online investment portal Wealth Migrate

Industrial
The one sector of the economy that benefited from lockdown has been online retail outlets and this has also been good news for the manufacturers that supply them. An interesting twist to this is that some malls, which have battled, could be turned into distribution centres for e-tailers.

Hospitality
The hospitality industry was one of the hardest hit during lockdown as planes were grounded and borders closed. A slow recovery is discernible, but research puts a return to 2019 levels in only 2024.

Office
Remote working was very nearly the death of the office, in fact, office buildings as an asset class have been the worst affected. Pay close attention as some companies may make remote working a permanent feature for at least some of their workers.

Multi-family
The stand-out best-performer of 2020 has been multifamily apartments. In the US, strong occupancy and collection rates, along with stimulus cheques and savings have boosted the asset class. Affordable financing deals have also driven up demand for multi-family offering.

Student housing
Student housing is in demand as top-tier campuses absorb students from other schools. Also, as social distancing demands that on-campus housing reduce its occupancy levels the need for off-campus housing is on the rise (especially for buildings within 1.5km of campus).

Medical office
Any medical building with tenants that offer critical care and procedures are worth considering, but those that offer optional care and procedures are less of a sure bet. Location and solid tenants, with clear longevity, are crucial when deciding to invest in these buildings, advises Scott Picken, CEO of online investment portal Wealth Migrate.

Retail
Consumer behaviour has been changed, possibly irrevocably, so if you are looking at a retail asset make sure it has a strong supermarket as an anchor tenant along with two to three other good, solid tenants that will bring foot traffic to the shopping centre, which in turn will attract other good tenants.

Senior housing
Researchers expect there to be a significant demand for senior housing in four years’ time as the Baby Boomers start entering their 80s, this demand will then increase each year. When it comes to investing in senior housing, a good partner is always a must, so choose carefully.

Self-storage
An often-forgotten property class is self-storage, which is in demand, especially when it offers amenities such as heating, ventilation and air conditioning (HVAC) and good security. The needs and expectations of self-storage clients are quite exacting, so, again, a good partner can ensure you make a success of this.

The whole world is holding its breath as the slow roll-out of the vaccine heralds a return to normality, take note of the types of real estate you could pursue in the new year to ensure 2021 is be the beginning of fresh successes.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Safaricom Partners Nokia to Launch East Africa’s First Commercial 5G Services

Subscribers of East Africa’s leading telecoms network Safaricom are in a very new experience as Nokia announce that it is powering East Africa’s first 5G commercial services with Safaricom.

What this means is that Nokia’s 5G Single Radio Access Network (SRAN) technology and 5G FastMile gateways enable ultra-fast Fixed Wireless Access (FWA) services will be fully deployed in Kenya to Safaricom’s subscribers across Kisumu and the Western Province of Kenya.

5G technology will enable new applications in areas such as virtual reality, augmented reality and artificial intelligence for Safaricom subscribers. It will also benefit enterprises across important energy, healthcare, education, transport and entertainment applications.

At a launch event in Nairobi, Safaricom showcased the capabilities of the 5G network with three use cases — 5G hologram, Ultra-HD video communication and virtual fashion shopping. In the hologram showcase, the live 5G network was used to teleport Safaricom’s executives from Safaricom office in Kisumu to the launch event in Nairobi. And in the second showcase, Ultra-HD video communication was made using the 5G Fixed Wireless Access connectivity powered by WiFi-6 with Nokia Beacon 6. The third showcase of virtual shopping will change shopping experience allowing users to try on clothes “virtually”.

Nokia has leveraged its AirScale SRAN platform to enable ultra-low latency, huge connectivity and extreme capacity to support the demands of today and tomorrow. The 5G network utilizes massive Multiple Input Multiple Output (MIMO) radio to improve spectral efficiency and throughput capacity, maximizing the return on Safaricom’s RAN investment. In addition, Nokia’s FastMile 5G gateway provides fiber like speeds for fixed wireless services to subscribers. Also, the company’s network planning, deployment and integration services ensured timely rollout of the network.

As part of the network, Nokia 5G Cloud Mobility Manager delivers the scalability, flexibility, high availability and performance needed to support the growth of mobile and enterprise services. Nokia’s NetAct network management system helps Safaricom have consolidated network view for improved network monitoring and management.

Peter Ndegwa, CEO of Safaricom, said: “We are proud to be the first operator in the East Africa to launch 5G services, bringing the benefits of 5G technology to our customers. 5G capabilities will change a lot of things in unimaginable ways for people and enterprises, playing a key role towards fulfilling our vision to transform lives. Our long-term partner Nokia’s technologies and services expertise helped us achieve this milestone in our journey to provide world-class broadband services to our customers.”

Amr K. El Leithy, SVP, Middle East and Africa Market, Nokia, said: “With over 200 commercial 5G agreements with leading customers across the globe, Nokia has been bringing 5G network to every part of the world. Our 5G network for Safaricom is a key part of this journey and we are committed to working with the operator to transform the communications landscape in the country. This will open new business opportunities for Safaricom.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ethiopia Receives Germany’s Support to Stem Illegal Migration

As Ethiopia navigates one of the world’s most complex human mobility environments, with myriad social, economic, political and climatic factors driving the movement of people within and beyond its borders. The need to address these challenges comes to the fore.

According to the latest National Displacement report prepared by the International Organization for Migration (IOM), over 1.8 million people in Ethiopia remain displaced across some 1,350 sites. At least another 1.2 million are returning from displacement to some 1,300 villages. Not spared by the onset of COVID-19, Ethiopia also had recorded by mid-March over 175,000 COVID-19 cases. More than 2,600 people have died.

Crucial among the development partners stepping forward to assist Ethiopia is the German government. Since 2019, Germany has provided financial support amounting to EUR 18 million for programming by IOM Ethiopia.

More than 280,000 crisis-affected persons are benefitting through life-saving assistance, including shelter construction and rehabilitation, access to safe water and sanitation, hygiene awareness, and site management support services in camp-like settings.

Four new Border Control Posts (BCPs) have been established and will go a long way toward reducing mobility restrictions and facilitating movement of goods, services and skills. Beyond commerce, IOM also views BCPs as vital for protecting people who may be prey to human smugglers and traffickers. The capacity of Ethiopia’s Department of Immigration (INVEA) also received a boost through the provision of equipment and training.

The funding, too, has been directed to the timely, safe, and orderly return of over 3,900 ex-combatants and their dependents who in 2018 were offered amnesty by the government.

Going forward, young Ethiopians will become the focus of a new initiative aimed at ensuring they are better informed of the risks and consequences of irregular migration. The onset of COVID-19 has also led to an increase in the number of returning migrants, some of whom have been forcibly repatriated, especially from the Arabian Peninsula.

IOM Chief of Mission in Ethiopia and Representative to the African Union and the Unite Nations Economic Commission for Africa, Maureen Achieng, commended Germany for its continued commitment to Ethiopia’s stability and development trajectory.

“Ethiopia continues to grapple with multiple challenges which in recent times have been compounded by the COVID-19 pandemic,” Ms. Achieng said. “In a context as challenging as this one, the importance of the support of a steadfast partner such as Germany, both for urgent humanitarian action as for longer-term development initiatives, cannot be overstated.”

Stephan Auer, Germany’s Ambassador, emphasized the importance of cooperation. “IOM is a decisive partner for our work in Ethiopia and beyond. With its vast experience as a humanitarian, peacebuilding, and development actor, IOM responds to some of the most important challenges in the country. Promoting safe and better migration and supporting vulnerable migrants remain some of our key priorities.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South African Data Automation Startup Synatic Secures $1m In Seed Funding Round

Synatic, a data automation software startup based in Johannesburg, has raised $1 million in a seed funding round to enable it to expand its customer base in the United States as well as develop its low-code data platform. The investment was led by UW Ventures and featuring Allan Gray and E Squared.

“We believe there is a wealth of talent and experience in SA, which offers us a great opportunity to build world-class products. We have found product-market-fit and required capital to expand the team, deepen our tech and grow our US customer base,” Martin Naude, CEO of Synatic said.

Why The Investors Invested

Based in South Africa, Umkhathi Wethu Ventures (UW Ventures) has actively been investing in South African startups as far back as 2019. The VC, which invests in multi stage, insurtech, wealth management and other sectors, had previously invested in South Africa’s Inclusivity Solutions, Healthcent, among others.

Both UW Ventures and Allan Gray have been co-investing in almost the same startups since 2019. The Cape Town-based Allan Gray had equally participated in investments for South African startups Inclusivity Solutions, and Healthcent.

E Squared on its own, has also been actively investing in South Africa since 2018. The VC recently made a R9.2-million ($612k) investment in WeThinkCode, a South African edtech startup. The VC supports Allan Gray Fellows at different stages of their business cycle. The support includes patient capital as well as post-investment assistance.

In all Allan Gray, Africa’s largest privately owned investment management company founded by deceased South African billionaire, Allan Gray, and which is focused on generating long-term wealth for investors, appears to be the uniting force for other investors in this round.

“Synatic have built a world-class product that sits at the intersection of a large and rapidly growing SaaS market, the proliferation of the API economy, and drive-by businesses to unlock value from and monetise their data. We were attracted to Martin’s compelling product vision and the early validation from partners and customers, and we believe the business is well-positioned to become an enduring company,” Harry Apostoleris, director of UW Ventures said.

A Look At What The Startup Does

Synatic, which was founded in 2017, aims to help companies grow by offering a creative and user-friendly data platform. The tech startup, which is still bootstrapped, now claims to have over 40 clients in Africa, Australia, and the United States. Financial service companies including Tokio Marine, Community Bank, and EasyEquities make up the bulk of its business clients.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Central Bank Of Tunisia Licenses The Country’s First Blockchain-powered Bank

The Société Tunisienne de Banques (STB) has become the first Tunisian bank to join the Dinar Digital network under “Central Bank of Tunisia Digital Currency” project. The network brings together member financial institutions, with the aim of using blockchain technology to fully digitalise the country’s fiat money (cash). The BCT Digital Currency project hopes to also improve efficiency and reduce the costs of financial transactions for Tunisians.

Société Tunisienne de Banques is doing this under the country’s regulatory sandbox licensing regime. Other banks, after STB, will most likely join the network. The Digital Dinar network consists of an interoperable network of money transfer and payments.

The Launch Of North Africa’s First Regulatory Sandbox For Fintech Startups.

Last year, the Central Bank of Tunisia (BCT) launched a “regulatory sandbox” licensing regime which, among other things, aims to test technological innovations in the banking and financial sector.

“The Sandbox is an opportunity for dozens of fintech companies to test their technological solutions and understand the regulatory requirements in force, in order to promote a financial services’ offer adapted to the needs of the market,” Minister of Communication Technologies and Digital Economy Anouar Maarouf said last year.

Once STB concludes its tests as part of the BCT sandbox, the new digital payment infrastructure will be set up in Tunisia. The blockchain-powered payment infrastructure will offer Tunisian citizens and financial institutions a complementary solution to the already existing payment networks, namely electronic banking, transfers and checks.

TLedger is another Tunisian fintech startup labeled under the country’s Startup Act which has been selected by the BCT as part of the first cohort of the regulatory sandbox. TLedger will proceed to carry out tests with voluntary customers.

*In simple terms, this is how a regulatory sandbox works. Image Credits:* *LinkedIn*

The Presence Of Stiff Laws And Regulations Has Stifled Innovative Financial Business Models

In Tunisia, credit cards are not approved for transactions in currencies other than the country’s dinar. Therefore credit and debit cards cannot be used for purchases on foreign commercial internet sites. This has resulted to most Tunisian banks only allowing account holders to use bank-affiliated credit and debit cards to make domestic online purchases denominated in dinars.

However, the passage of the Tunisian Startup Act by the country’s government has resulted in some sweeping regulatory changes to the Tunisian innovation landscape. For instance, the country’s central bank has recently outlined a procedure for qualified companies to open currency accounts.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

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