Author: Akin Naphtal

Nigeria’s booming telecommunications sector has propelled the West African tech economy to new heights, with the region’s telecom sector now valued at an astonishing $63.1 trillion. This surge is largely driven by the rapid expansion of fintech, e-commerce, and digital marketplaces, which collectively contribute to an impressive 80% annual growth. In addition to the telecom sector’s remarkable revenue, the region benefits from a $30 billion annual boost to its Gross Domestic Product (GDP) through digital economy activities. The latest statistics from the West African Telecom Regulatory Association (WATRA) highlight why the region’s telecom fortunes are soaring. WATRA, an association of…

Africa’s leading e-commerce platform, Jumia Technologies AG, has announced plans to raise €244 million ($268 million) through a rights issue, in a bid to bolster the company’s financial standing and support its expansion efforts across the continent. The proposed rights issue will allow existing shareholders to purchase additional shares at a discounted price, maintaining their proportional ownership. The company’s current share capital stands at 244,925,650.00 euros, divided into 244,925,650 ordinary bearer shares with no par value. The rights issue, requiring shareholder approval, is structured under German corporate law, enabling the management board, with supervisory board consent, to increase share capital…

Africa’s leading e-commerce group, Jumia, has reported a $20.2 million operating loss for Q2 2024, reflecting a 17% drop in revenue compared to the same period last year. However, the company’s loss is an 8% improvement year-over-year from the $22.1 million loss recorded in Q2 2023. Jumia’s revenue for the second quarter stood at $36.5 million, down from $44 million in the corresponding period last year. Additionally, the group’s gross merchandise value (GMV), which includes the total amount customers paid before fees, discounts, or returns, fell by 5% year-over-year to $170.1 million. The company attributed these declines to currency devaluations…

China’s ByteDance has introduced Jimeng AI, a software capable of generating videos from text prompts, in an effort to enter the burgeoning text-to-video market, an area also being explored by ChatGPT creator, OpenAI. Since the unveiling of OpenAI’s text-to-video model, Sora, in February, Chinese companies have been quick to develop and release similar tools. Although Sora is not yet available for public use, several Chinese tech firms have launched accessible models. ByteDance-owned Faceu Technology has made Jimeng AI available on the Apple App Store for Chinese users, following its Android release on 31st July. This launch by will see the…

Uber Technologies Inc. has exceeded Wall Street estimates for its second-quarter results, experiencing a 5% increase in the company’s shares, driven by sustained demand for its ride-sharing and food delivery services. With more people returning to offices and venturing out of their homes, the demand for ride-sharing has seen a significant boost in recent months, benefiting companies like Uber and its competitor Lyft. “Mobility had a standout second quarter, growth was consistent across use cases and geographic strength was led by LatAm and APAC, in particular Brazil, Australia, and India,” Uber CEO Dara Khosrowshahi said. Trips facilitated by self-driving vehicles…

E-commerce giant, Jumia has announced the appointment of Anthony Mbagwu as the new Managing Director of HelloPay Africa Integrated Service Limited, also known as JumiaPay Nigeria. This leadership change took effect on July 8th, 2024. Hellopay forms part of a larger ecosystem, the Hellogroup.Since 2005, have been creating game-changing integrated consumer and business services within the telecommunications & financial business sector for communities not only in South Africa but internationally Anthony Mbagwu succeeds Austin Okpagu, who departed Jumia after four years to pursue opportunities with a global B2B payments solution company. Before joining Jumia, Mbagwu was the Senior Business Development…

MTN Group’s Ghana operations have successfully met the West African nation’s localization requirements for its 4G license. In its mid-year report, MTN Ghana informed shareholders of this significant achievement. “By the end of the second quarter, the level of local ownership of Scancom PLC was 27.9%. As a result, the regulator has confirmed Scancom PLC’s achievement of the 25.0% localisation requirement for its 4G licence,” the company stated. MTN Ghana reaffirmed its commitment to further localizing Scancom PLC and MobileMoney Limited, vowing to continue collaboration with regulators and stakeholders to reach its goals. Scancom PLC is the registered name of…

The World Bank has announced a call for expressions of interest for a technical assistance project in Cameroon aimed at enhancing digital trust to boost online transactions. Proposals from experts in cybersecurity policy, capacity assessments, trust framework development, e-transactions, e-signatures, and public key infrastructure are welcome until August 12. The selected consultant will assist the Cameroonian government in revising its National Cybersecurity Strategy, which was first enacted in 2018. The project’s objectives include improving the cybersecurity capabilities of individuals and institutions and fostering a secure environment for electronic transactions. According to the World Bank, the consultancy will involve conducting gap…

Cassava Technologies has announced the establishment of Cassava AI, a new business unit dedicated to its artificial intelligence activities. This development follows strategic partnerships with major industry players including Microsoft, Google, AWS, Anthropic, Oracle, Atlas AI, Cerebras, and Palo Alto Networks. These alliances will enhance Cassava’s ability to offer superior systems integration and support to enterprise customers in key international markets. Cassava Technologies, which already provides data centers, cloud services, cybersecurity, fiber connectivity, and renewable energy solutions to multinational and local companies, has trained and deployed over 200 of its 5,000 employees to support the adoption of Generative AI services…

Neuralink, the brain-chip startup founded by Elon Musk, has successfully implanted its device in a second patient, aiming to allow paralyzed individuals to use digital devices through thought alone. This follows the initial implant earlier this year, which enabled the first patient to play video games, browse the internet, and post on social media. The second patient, like the first, suffers from a spinal cord injury. “I don’t want to jinx it but it seems to have gone extremely well with the second implant,” Musk said during an eight-hour podcast with host Lex Fridman. He noted that 400 of the…