Category archives for: Business

New US-Based Company Plans to Invest in Eastern Africa Region

A newly established US-based Company has trained it’s focus on the Eastern Africa Region as its prime investment destination with long term plans to expand to the rest of Africa. East Africa Assistance Corporation (EAFAC) is working on several investment programs to link Africa with US market and businesses. EAFAC will initially focus on the […]

Income inequality soars in South Africa and worldwide

Jan. 16, 2017 (GIN) – Global inequality has grown to unacceptable proportions, a new study has found, as just eight men now own the same wealth as half of the world. According to the international advocacy group Oxfam, 62 billionaires own the same wealth as the poorest half of the planet – particularly in India […]

Zimbabweans are sleeping overnight outside banks again to get their cash

by Lynsey Chutel & Tsvangirayi Mukwazhi It’s a terrible moment of déjà vu for Zimbabweans as another currency looms. For the last few days, in the capital Harare, Zimbabweans have begun lining up outside of banks to get hold of what little cash is in circulation before it’s replaced by bond notes as currency—the latest […]

Nigeria has hunted down ‘700,000 firms that have never paid tax’

Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, its tax chief said. Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in […]

Kenya’s PesaPal is moving into the physical world with its first point-of-sale system

by Joshua Masinde PesaPal, a Nairobi-based aggregator for online and mobile payments, is set to launch its own point-ofsale system (POS) to rival similar products from PayPal, Shopify and Square. Expected to be in place in a month, the point-of-sale system will enable business owners to accept payments more conveniently and help the firm tap […]

Ghana’s startup hub pioneer is going pan-African with a $50 million fund

Yinka Adegoke Meltwater Entrepreneurial School of Technology (MEST) has built one of Africa’s best known startup ecosystems in Accra, Ghana over the last eight years—and now it’s doubling down on a push to take its vision pan-African. As MEST has grown, it has opened up its local entrepreneur training program to founders from Nigeria and […]

Etisalat Sues MTN Over Deal for Nigeria Online Firm Visafone

by Yinka Ibukun Loni Prinsloo Emirates Telecommunications Group Co is suing Nigeria competitor MTN Group Ltd. over plans by Africa’s biggest wireless company to buy local Internet provider Visafone Communications Ltd. The lawsuit centers on MTN’s potential use of Visafone’s 800 megahertz of spectrum, Abu Dhabi-based Etisalat’s Nigeria unit said in an e-mailed statement on […]

Ghana Starts Africa’s First High-tech Interactive Distance Learning

There are no computers, TVs or smartphones in many schools in rural Ghana. In the classroom, teachers talk while students listen. There’s very little engagement and virtually no interaction, because many teachers themselves were not formally trained. The private, nonprofit Varkey Foundation — together with co-donor Dubai Cares and the Ghanaian Ministry of Education — […]

AXA Buys 8% Stake In Africa Internet Group For €75m

French insurance giant AXA announced today it is investing €75-million to take a 8% stake in Africa Internet Group (AIG), one of the continent’s largest e-commerce operations. Jumia is AIG’s main subsidiary and operates in 11 African markets. Transactions grew 265% during the first nine months of 2015 to reach €206-million, AIG said. AXA will […]

Where Blackouts Shake Up Elections, Renewables Seek the Benefits

by Anna Hirtenstein More than a quarter of the African nations south of the Sahara Desert have presidential elections this year, and renewable energy developers could stand to benefit. The region has the world’s biggest concentration of people — more than 620 million according to the International Energy Agency– living without reliable electricity supplies. From […]