African Startups Now Stand To Scale Their Businesses To Paris With This International Incubator

Africa startups French

French incubator Schoolab has opened applications for its International Starter programme which gives entrepreneurs from all over the world the chance to relocate to Paris to invade European markets.

International Starter welcomes english speaking early stage entrepreneurs from all over the world to come to Paris and accelerate their business idea into reality.

We offer mentorship and tailored weekly workshops that help build your business and understanding of the ecosystem in France. Office hours are held with experts in the field to give you feedback on your business idea and answer some of the tougher questions that arise. We hold trainings on how to pitch your product to the public and our network of investors, information on the startup’s website reads.

The International Starter program is an incentive from President Macron to welcome African start-ups into France. 

The International Starter incubation programme offers startups the chance to come to Paris and receive seven months of access to experts, mentors, and training to help them find the right product-market fit and build their businesses in France.

A four year French Tech Visa is given to participants for its 7-month accelerator program.
Training is delivered via hands-on workshops and one-on-one sessions with experts and mentors, while startups will also gain access to Schoolab’s ecosystem of corporate clients, mentors, and alumni, and a co-working space in the center of Paris.

French President Emmanuel Macron unveiled a $76M African startup fund at VivaTech 2018

International Starter helps define and conquer problems that arise during the early stage entrepreneurial process. Schoolab will help startups target big corporations and investors through training and their network.

The Schoolab is a nurturing environment to grow and start your business in France.

The program helps entrepreneurs build cultural bridges to facilitate working in France and with multiple countries. 

The Schoolab is located in the bubbling entrepreneurial ecosystem of Sentier in the 2nd arrondissement of Paris.
Applications are open until August 31, with the programme running from September until March.

The programme boasts that it has accompanied 120+Entrepreneurs accelerated 60+ start-ups and have over 70% of supported startups still in business today.

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Opportunity For African Startups To Be Part of The World Economic Forum on Africa 2019 Startups Programme Holding In South Africa.

World Economic Forum

The World Economic Forum on Africa 2019 Start-ups Programme in Cape Town, South Africa, aims to tackle these issues by focusing on how to scale up the transformation of regional architecture related to innovation, cooperation, growth, and stability. 

Under the theme, Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution, the 28th World Economic Forum on Africa will convene more than 1,000 regional and global leaders from politics, business, civil society, and academia to shape regional and industry agendas in the year ahead.

The 28th World Economic Forum on Africa aims to tackle these issues by focusing on how to scale up the transformation of regional architecture related to smart institutions, investment, integration, industry, and innovation.

Under the theme, Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution, the meeting will address the African Union’s Agenda 2063 regional strategic priorities under four programme tracks:

Innovation: Readiness for the Fourth Industrial Revolution

Cooperation: Sustainable Development & Environmental Stewardship

Growth: Digitalization & Competitive Industries

Stability: Leadership & Institutional Governance

Criteria
– Be less than 10 years old – Have received more than $1 million in funding
– Be headquartered in Africa and/or with a primary market focus on Africa – Be developing a product or service that makes a substantial long-term positive impact on business and society – Be considered a high-potential company in their field with a disruptive business model or significant product or service innovation – Not be a subsidiary or a joint venture
– The chief executive officer/founder must represent the start‑up at the World Economic Forum on Africa 2019

The 28th World Economic Forum on Africa will be held on 4–6 September 2019 in Cape Town, South Africa.

Application Deadline: August 5th, 2019

For More Information:

Visit the Official Webpage of the World Economic Forum on Africa 2019 Start-ups programme

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

This Morocco-Based Accelerator Is Looking For Startups To Invest In

Hseven startups

For African startups looking for funding, this is a huge opportunity that does not come often. Hseven, Africa’s largest accelerator is launching Hseven Disrupt Africa, an ambitious startup acceleration program designed for entrepreneurs of the Moroccan and African diaspora.

Hseven startups
 

The 6-month program will provide a seed investment of €150,000 plus an eventual investment of €500,000 to €1.5 million.

A Look At The Funding 

  • Hseven Disrupt Africa is designed to support exceptional entrepreneurs building high-impact startups and targets seed and early-stage startups with 2 to 5 founders that are eager to impact Africa through innovative services, products, and business models.
  • The program will start with a global call for applications, followed by an international selection roadshow in New York, Montréal, San Francisco, Shanghai, Dubaï, Londres, Amsterdam, Paris, Casablanca.

HSEVEN@HSevenAfrica

Let’s build your startup together! Join the largest accelerator in Africa for a 3+3 months program and access to a 150.000€ investment, +350 world-class mentors, 50 VCs and a solid network of renowned partners!

Apply now: http://bit.ly/HSevenTW #Startup #Accelerator #Africa

 

  • The selected startups will benefit from a seed investment of €150,000 at the beginning of the program for 5 to 7% equity, then an eventual investment of €500,000 to €1.5 million at the end of the program.
  • These investments will be granted through a partnership with the venture capital firm Azur Partners. The program will also benefit from the funding of the Dutch Good Growth Fund (DGGF) and the Innov-Invest program of the Caisse Centrale de Garantie (CCG) with the support of the World Bank.
  • The startups will be given strategic advice and expertise, access to key networks and capital through our partners Azur Partners, Fabernovel, Strategy&, PricewaterhouseCoopers (PwC), l’École Centrale, Amazon Web Services and the top 50 Venture Capital firms interested by Africa. They will also benefit from tailored mentoring with +350 Moroccan and international mentors.

Read Also: This Moroccan Investor Is Looking To Invest Over $250k In Startups From Around World

The selected startups will be located at HSEVEN’s 12,000 ft² campus in the heart of the Marina of Casablanca. 

The call for applications is now open and 10 startups will be selected to take part in the program.

“We will bring the best Moroccan, African, and African-at-heart entrepreneurs from all over the world to build impactful world-class African startups,” said Amine Al-Hazzaz, Founder & CEO of HSEVEN.

Click here for more details and application closes on 31st August 2019.

 

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

South African Startups Have A New Fund 

South Africa Startups

Good news for startups and small businesses across South Africa. A new R130 million (over $9.3m) fund is at stake, targeting only 10 startups, each of which must have a black founder. The new fund is from Cape Town-based venture capital firm, 4Di Capital and the SA SME Fund.

South Africa Startups
 

A Look At The Fund

  • Cape Town-based venture capital (VC) fund with the launch of the R130-million fund aims to invest in at least 10 tech startups. Half of the R130-million will be targeted at startups with at least one black founder.
  • The over R1.4-billion SA SME Fund is capitalized presently by 54 JSE-listed firms and R500-million from the Public Investment Corporation (PIC). The fund was launched under the CEO Initiative. 4Di Capital is one of eight funds that the SA SME Fund has invested in (see this story).
  • 4Di Capital partner Justin Stanford noted that R125-million of 4Di Capital Fund III’s first close of R130-million was from SA SME Fund, the rest has been committed by the VC.

We will be looking at options in terms of raising additional capital for the fund but for now there are no fixed plans yet — in principle though the fund is still open to new investment,” said Stanford.

4Di Capital’s new R130m fund is backed by R125m from the SA SME Fund

Who Can Access The Funds?

Stanford said the fund will follow the VC’s usual modus operandi, which is to target tech startups in the early and growth stages.

The fund is vertical agnostic but the VC will look at deals for example in: 

  1. Insurtech
  2. Fintech
  3. Edtech
  4. Agritech, adding that the VC will look at a spread of both early and growth stage.

“It is designed to work together with our Exponential Fund as well, so will also co-invest in certain deals that match the mandates on both sides,” he added.

He added that the fund will invest in at least 10 companies and pointed out that the first few deals are already under consideration.

A portion of the SA SME Fund capital has been earmarked for companies that have founder teams which include black founders.

See Also: South Africa: How To Get National Empowerment Fund (NEF) To Support Your Startup

When asked how much exactly would go to startups with black founders, Stanford said while it is “difficult to predict” the exact amount that will be invested in the end, the VC fund will aim to invest “roughly half” of the R130-million in such firms.

4Di Capital is an independent and specialist seed, early and growth-stage technology venture capital fund manager based in Cape Town, South Africa with an office in Atlanta, Georgia, U.S.A., focusing principally on scalable South African and African technology opportunities.

Among others, the fund has already invested in the enterprise web platform, cloud scaling infrastructure, bio-mathematical health technology, and financial technology ventures.

The SA SME Fund, on the other hand, was established by members of the CEO Initiative — a collaboration between government, labour, and business to address some of the most pressing challenges to the country’s economic growth — as an avenue of support for the SME sector.

It allocates investment capital to accredited fund managers — venture capital or growth-oriented equity funds — that invest directly in scalable small and medium enterprises with the best potential for growth and sustainable employment creation in the South African economy.

 

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

DHL partners with Teach For Uganda to create greater employability among youth

DHL

DHL Express, DHL Global Forwarding and DHL Supply Chain, part of the Deutsche Post DHL Group (DPDHL Group), launched a partnership today with Teach For Uganda, a network partner of Teach For All, to eradicate education inequity, raise a nation of true leaders and promote educational opportunities and employability for young people in Uganda.

This marks DPDHL Group’s 18th partnership with Teach For All under the new strategic framework(1), a focus to nurture employability and life skills of young people from difficult socio-economic backgrounds around the world, and its first partnership in Africa.

James Kassaga Arinaitwe, Founder and CEO of Teach For Uganda, said, “We believe in the potential of all children to thrive and become better leaders in their various communities. The partnership with DHL Uganda will accelerate our momentum and help us improve the lives of the children through excellent and practical education and develop our fellows as effective teachers and leaders in their communities and nation.”

Along with providing financial support, this partnership will also see employees from DHL Express, DHL Global Forwarding, and DHL Supply Chain volunteer to support over 36 Teach For Uganda Fellows who will, in turn, make a positive impact in the lives of at least 15,000 students across Uganda.

“According to Uganda Census data, over half of Uganda’s population comprises youth under the age of 29 and it is estimated that 86% of those are unemployed, underemployed or at the level of becoming employable. (2) While we understand there is much to be done in order to close the gap, we hope that the engagement our volunteers will have with Ugandan youth will help improve these numbers,” said Fatma Abubakar, Country Manager, DHL Express Uganda.

Paul Erongot, Country Manager, DHL Global Forwarding Uganda added, “Globally DHL is committed to improving the communities in which we operate. Having been in Uganda for over 30 years, we want to be able to create a positive impact within the local community. We hope our volunteers’ interactions with these youth will help provide them with an understanding of

what the demands of the real working world are, and the skills they need to tackle these challenges head-on.”

Zachary Mukwaya, General Manager, Country Operations Uganda, DHL Supply Chain continued, “We are looking at giving the youth exposure and access to business leaders as well as skills-based training. Over time as the interactions grow between DHL volunteers and the Teach for Uganda students, we hope to nurture a cohort of youth who are more confident, focused and own the skills needed to move forward in their careers.”

Teach For Uganda recruits exceptional Ugandan graduates from diverse fields of study, who are trained to become teachers, known as Teach for Uganda Fellows, then placed in underserved schools and communities around the country as Teach For Uganda participants. These teacher-leaders would commit two years as teachers and mentors to their students.

In addition to giving their time to Teach for Uganda, DHL volunteers will continue to support SOS Children’s Villages Uganda with whom it has had a partnership since 2013.

Deutsche Post DHL Group’s corporate responsibility program “Living Responsibility” is comprised of three programs focused on environmental protection (GoGreen), disaster management (GoHelp) and education (GoTeach). Under the GoTeach program, Deutsche Post DHL Group provides support to Teach For All as well as 18 other network partners in the Asia Pacific, Europe, Latin America, and the Middle East.

 

 

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Brexit upheaval brings opportunity for African educators

Brexit

The influential magazine Foreign Policy published an article at the end of 2018 entitled The Brexit Fueled Death of the British University. A grim outlook for the British education sector at the start of the year has only got worse as the nation prepares for a “No Deal Brexit” and a long period of uncertainty around UK trade and immigration policies.

A joint letter sent by the heads of 150 UK universities to British Members of Parliament called a No Deal Brexit one of the “biggest threats ever” to British universities. The letter stated “vital research links will be compromised, from new cancer treatments to technologies combating climate change. The valuable exchange of students, staff, and knowledge would be seriously damaged.”

British universities are now warning that international students, worth £26bn to the UK economy, will opt for countries such as the US, Canada, and Australia instead. Already Australia has moved ahead of the UK as the second biggest destination for overseas students.

Brexit
 

However, in a time of crisis for UK universities, opportunities could open up for African higher education institutions. While political developments like Brexit are putting up increased barriers to free global movement, the demand for international education and experience has never been higher.

A British Education in Africa

Since 2002 Rushmore Business School in Mauritius has offered British education in association with British universities from its base in Mauritius. The idea of a winning a British degree without the high cost of relocating and living in the UK proved popular with Mauritian students. Rushmore now offers over 60 programs in collaboration with UK institutions, some up to Ph.D. level.

In an interview, Dr. Essoo announced plans to open a new international Rushmore campus in East Africa and Europe.

Both moves would represent a significant reversal of the current trend in Mauritian education of attempting to build the country as an education hub and attract students from Africa and India to study on the island.

Future of Pan-African Education

A Mauritian higher education institution moving into East Africa could be a significant moment in the development of Pan-African internationalist education.

Dr. Essoo outlined Rushmore’s development strategy by stating “We were the first institution to really look at this idea of the education hub, of developing Mauritius as a knowledge hub. The previous government started the education hub program and this government has continued.

However, having looked at it we realized that we are maybe putting the cart before the horse. My personal opinion is that we have tried this education hub approach and it hasn’t worked very well. We attracted maybe 10 to 15% of our students from Africa and India.

I think our next step needs to be going physically to those markets and expanding there. We are working on that now, we call this the third stage of our development. The first stage was set up initially, the second stage was building our campus here and consolidating what we had, and now the third stage is to go into other markets and take our model there.

The plan is to have campuses in Mauritius, Eastern Africa, and Europe offering the same courses and offer students mobility between the three campuses. Students from Europe could spend some time in Africa and some time in Mauritius, and see three different cultures. We would then be a truly international school or University and students would get a truly international education.

In addition to Africa, a lot of Europeans, particularly from eastern Europe, study in the UK either for their full degree or for one term or one year through exchange programs such as Erasmus.

We believe that with Brexit there is going to be an impact on education and on those students. We believe that we can go into those European markets and offer British education.”

The developments at Rushmore highlight the rapid changes the international education market is going through.

Demand for international education has never been higher. However, the traditional education markets in the global north are fostering political environments increasingly hostile to internationalization.

International higher education is now a $1.9 trillion global market and enrollments in higher education institutions are projected to grow by 200% by 2040. Total enrolment across the African continent will roughly triple from 7.4 million students to nearly 22 million by 2040.

Following the signing of AfCFTA, the continent must develop leaders with both a Pan-African and internationalist mindset. The expansion of institutions such as Rushmore Business School will be a significant catalyst in created an integrated African higher education sector able to attract partnerships with the leading British and international academics and teachers.

 

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.

Facebook: https://web.facebook.com/Afrikanheroes/

Equatorial Guinea’s to boost Opportunities for African Services Companies with Upcoming Oil & amp; Gas Meeting Day

Equatorial Guinea

In order to strengthen cooperation amongst African companies, encourage the development of strong African content and promote joint-venture opportunities, Malabo will be hosting the Oil & Gas Meeting Day on October 1-2, 2019.

The summit is part of Equatorial Guinea’s Year of Energy and will focus on exploring opportunities and deals amongst services companies, which are central to the development of strong African capabilities across the oil & gas value chain.

The African Energy Chamber strongly supports the National Alliance of Hydrocarbons Service Companies (NAHSCO) in the organization of this upcoming Oil & Gas Meeting Day.

Equatorial Guinea
 

We invite all our partners, especially national oil companies and public and private services companies, to come to Malabo in October. This will be a key platform for dialogue and deals with international, technology and services companies.

“Equatorial Guinea is rapidly becoming a hub for African service companies, driving a regional approach to local content based on partnerships and oil industry cooperation,” said Nj Ayuk, Executive Chairman at the African Energy Chamber and CEO of the Centurion Law Group.

“The development of a strong African oil services industry is crucial if we want to get value out of our natural resources and create jobs. The way to build African capacities is to work together and create jobs, and we are happy Malabo is bringing everyone together.”

The Oil & Gas Meeting Day will offer opportunities for African services companies to make deals with regional and international partners and drive global transformations within the oil services industry.

More importantly, it will provide a platform to share experiences on local content and advocate for regionalization of local content development within African oil markets. “With this meeting, African services companies and national oil companies have the chance to not only be part of the game but change it to their benefits,” added Nj Ayuk.

 

 

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.

Facebook: https://web.facebook.com/Afrikanheroes/

FasterCapital Is Looking To Fund Startups in Kenya

FasterCapital

On the 11th of July 2019, more than 20 African countries brought into effect what is going to be the largest Free Trade Area in the world. A free trade area means an agreement between several countries to allow the free movement of goods and services across their respective borders.

Trade between African countries is at 15%, compared with 20% in Latin America and 58% in Asia, according to the African Export-Import Bank. This could increase by 52% by 2022.

FasterCapital
 

Once passed by all countries it is going to cover a combined market of 1.2 billion people with a GDP of $2.5 trillion. Attention! all entrepreneurs this is surely not an opportunity to miss. The opportunities that are going to be unleashed are enormous for SMEs and startups alike.

Some of the key benefits include:

  1. Newmarket access: access to markets of over 20 countries is no joke, the potential is huge for an SME
  2. New supplier access: just as there will be access to markets there will also be access to new suppliers possibly cheaper and more effective especially if one plans to scale their business!
  3. Opportunity to relocate your business: this is bound to happen when one gets to explore new markets within the Free Trade Area.
  4. Opportunity to diversify/expand product range: as business owners get to study and analyze new markets there may be also potential to offer other services and products apart from the traditional offering.
  5. Opportunity to leverage on technology: business will need to leverage on technology to advertise and draw in new customers for example due to the explosion in cellphone ownership in particular smartphones, smart low-cost marketing like using Whatsapp groups may be done.

Times are changing all the time!

By leveraging on technology for product development, marketing and even for better business systems, SMEs have a chance to grow their businesses exponentially!

Some of the technologies one can leverage to expand market share include:

  1. E-commerce: which is more or less the sale of goods and services online represents a golden opportunity. As more Africans become comfortable buying and selling goods online, this has been seen by the success of online stores like Jumia, and more that are coming up all over the continent.
  2. social media marketing:
  3. informatics:

Going digital to grow your business!

With the internet having become the trigger to accessing new technologies to grow our business and also becoming very much a part of our lives; one just can’t simply ignore its potential for business growth. Having the right partner is therefore critical to harnessing the true potential of the Internet and the new doors (countries) that have been opened.

An effective digital strategy that combines a use of ICT technologies such as setting up an eCommerce store or using ICT as a natural extension of your business to rapidly expand and exploit new markets requires a partner who not only appreciates the role of ICT, can offer funding opportunities but can also drive your business to potentially become a 21st Century leader.

As a startup trying to scale or as an SME trying to grow your business with a digital slant into the Free Trade Area or internationally generally, FasterCapital has a lot to offer!

FasterCapital can be the ideal partner in the following ways:

  1. An incubation program that lasts 5 years
  2. Funding for startups starting from a minimum of USD$10, 000.00 up to $2 million if admitted into our virtual incubation program.
  3. Mentoring opportunities from world-class experienced mentors
  4. Opportunity to partner with other startups in the program
  5. Opportunity to access new markets beyond just Africa
  6. Opportunity for FasterCapital to help in the development of your eCommerce or digital platform whilst you as the entrepreneur get to focus on marketing and pushing sales.

As a budding entrepreneur walking the road alone and trying to seize the new opportunities on the horizon be it the new free trade area or other international markets does not have to be an arduous journey; when the right digital partner is there to help the journey become easier and faster.

FasterCapital’s new application round for entrepreneurs and startups and other SMEs planning to scale their business with a digital focus opened on the 15th July 2019.

To apply you can get in touch with Tawanda Mutukwa — FasterCapital representative through his email: tmutukwa@gmail.com.

 

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Startups In Ethiopia Have A New Fund From The United Arabs Emirates

Ethiopia fund

Startups and entrepreneurs in Ethiopia can now have access to a new fund. The Abu Dhabi-based Khalifa Fund for Enterprise Development (KFED) has signed a partnership agreement with the Ethiopian Ministry of Finance aimed at providing over $100 million to help promote a culture of innovation and entrepreneurship in the African country.

Ethiopia fund
 

 A Look At The New Funding 

  • The new agreement, which was signed by Hussain Jasim Al Nowais, chairman, KFED and Admasu Nebebe, Ethiopian Minister of Finance, will help pave the way in enhancing innovation and supporting entrepreneurs in Ethiopia, a statement said.
  • The funding will be used to implement a series of projects aimed at consolidating the Ethiopian government’s efforts to create a stable and balanced economy while also driving in other benefits like the creation of employment opportunities for the youth, women empowerment and enhanced capacity building for entrepreneurs and local institutions.
  • The allotted $100 million will be supervised and maintained by the Ministry of Innovation and Technology, in cooperation with KFED.
  • The proposed fund is expected to play a significant role in reinforcing the Ethiopian government’s move to create economic entities that will be capable of supporting and enhancing the stability of the economy, including the creation of jobs and reducing unemployment and poverty in different cities and regions in Ethiopia.

“Under this agreement, the KFED looks towards providing the vital elements needed in helping Ethiopians realize and establish their own projects which can play a key role in the move to reinforce their national economy,” Admasu Nebebe, Ethiopian Minister of Finance noted.

Read Also: At Last Ethiopia Opens Up Its Telecom Industry, Bidding To Start September

The latest agreement highlights the growing strategic relationship between the UAE and Ethiopia which also saw the visit of Ethiopian prime minister Abiy Ahmad to the UAE back in March, where he met with the Crown Prince discussing a range of mutual bilateral issues.

Image result for ethiopia unemployment rate
Ethiopia Unemployment Rate

The prime minister also just last week announced plans of sending 50,000 workers to the UAE over the next year to help reduce unemployment among skilled Ethiopian nationals.

The Khalifa Fund for Enterprise Development, which was established 12 years ago in Abu Dhabi, supports small and medium enterprises (SMEs) in the UAE and has funded more than 1,600 projects within the UAE and across 20 countries in Asia, Africa, and Europe.

 

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Going Forward, Bank Directors Would Pay For Cyber Crimes In Kenyan Banks

Kenyan Banks

The Kenyan Central Bank is taking the bull by the horns now. Cybercrimes by banks involving a breach of customer information and eventual stealing of funds will no longer only be thrown open to the court to decide who is liable or not, bank directors will have to pay for any breach of customer information going forward.

The Central Bank of Kenya (CBK) has issued new rules to payment service providers including commercial banks and technology companies warning the boards of directors that they face “ultimate” liability in case of criminal breaches.

A Look At The Guidelines

  • In the guidelines aimed at stemming cybercrime, the CBK says boards will take responsibility for breaches of customer information.

“Payment Service Providers (PSPs) should carry out regular independent assessment and audit functions that shall be undertaken by the internal and external audit and risk functions … The board of directors is ultimately responsible for the cybersecurity of the PSP,” said CBK.

PSPs including firms like Mastercard, Visa, Safaricom, Airtel, and Telkom have 90 days to comply with the requirements published this month.

Most common vulnerabilities on the internal network (percentage of banks)

Firms working with PSPs are also expected to treat customer information confidentially.

“Outsourcing agreements should be governed by a clearly written contract, the nature and detail of which should be appropriate to the materiality of the outsourced activity in relation to the ongoing business of the PSP,”

“Some of the key provisions of the contract include controls to ensure customer data confidentiality and service providers’ liability in case of breach …”

Some financial institutions are required to collect detailed customer information for anti-money laundering, tax, and accounting reasons.

Privacy experts around the world have recently expressed concerns about how personal data is collected and used by companies.

In April, the government approved a tough policy on data protection, paving the way for it to be tabled in Parliament.

 

 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/