Author: WAJ Reporter

Mastercard opened an office in Accra, Ghana, to expand its operations in West Africa. With this move, Mastercard aims to accelerate its efforts in providing tailored solutions for Ghanaian stakeholders, foster closer collaborations, and create a positive impact on the country’s financial landscape. Ghana is experiencing growth in sectors such as agriculture, digital infrastructure, and mining. Mastercard’s investment is expected to attract top talent to the country and make a significant contribution to the nation’s economy and technological development. Mastercard is set to benefit from this expansion by broadening its influence and tapping into the potential of the region. Previously,…

According to a study by Flourish Ventures, 86% of African tech entrepreneurs are facing mental health issues. Many are struggling with high levels of stress, anxiety, exhaustion, and burnout. 60% of entrepreneurs experience anxiety, 58% report high stress, and 52% experience burnout. As companies continue to grow, the increasing competitive environment significantly raises entrepreneurs’ stress levels. Female entrepreneurs, in particular, face greater difficulties in maintaining a work-life balance. Due to loneliness and fear of failure, they experience more stress compared to their male counterparts. Entrepreneurs often view investors not as supporters, but as sources of stress. They sometimes avoid open…

Moroccan entrepreneurs raised $70 million, making Morocco the fifth-largest country in Africa in terms of funds raised, behind Kenya, Nigeria, South Africa, and Egypt. These top four countries raised a total of $2.2 billion, capturing 84% of the funds raised across Africa in 2024. Kenya ranked first in Africa, raising $638 million, followed by Nigeria with $410 million. Egypt secured third place with $400 million, while South Africa raised $394 million, placing fourth. Morocco, with $70 million, ranked fifth, signaling its intent to become a more significant player in the future. Ghana, which placed sixth, raised $68 million, followed by…

According to a published report, Nigeria has the lowest data costs in West Africa. Across the country, the average cost for 1 gigabyte of data is $0.38, making it one of the most affordable options both globally and on the continent. To give examples from other African countries, the average cost for 1 gigabyte of data is $1.77 in South Africa, $0.68 in Ethiopia, and $0.59 in Kenya. In the United States, this cost is significantly higher, averaging $6. Nigeria has established a cost-effective and competitive data environment nationwide. However, Nigerian telecommunications operators have reported challenges within the sector due…

Startups in Africa raised a total of $2.2 billion in 2024, experiencing a 25% decline compared to 2023. The countries leading the way in securing this capital are South Africa, Kenya, Nigeria, and Egypt. These four countries accounted for 84% of all startup investments on the continent. Kenyan startups led Africa’s tech ecosystem, raising $638 million. In East Africa, Tanzania secured $51 million and Uganda raised $19 million in funding. Kenya played a central role in driving technology forward in the region. In West Africa, Nigeria attracted the most funding, securing $410 million, making it the second-highest recipient of funds…

Last year, Sub-Saharan Africa suffered a loss of $1.5 billion due to internet shutdowns. Globally, total losses from internet disruptions amounted to $7.69 billion, with Sub-Saharan Africa’s share making up 19% of the worldwide loss. A total of 28 countries experienced internet shutdowns last year, 13 of which were African nations. These African countries included Tanzania, Papua New Guinea, Algeria, Guinea, Mauritania, Senegal, Mozambique, Chad, Mauritius, Sudan, Ethiopia, and Kenya. Sudan experienced the largest loss, amounting to $1.12 billion. The country faced over 12,707 hours of internet shutdowns. The ongoing internal conflicts in Sudan led to the displacement of 10…

Senegalese startup Nixacom is providing financing for tech products in collaboration with banks. Nixacom is a financing company that makes tech products like smartphones, tablets, and laptops accessible to individuals and businesses. The company has been highly successful without any investments or revenue, with over 3,400 customers signing up organically. Nixacom plans to expand to other West African countries and Bangladesh in the coming years. Once it starts generating revenue, Nixacom will earn through profit margins on products sold, a three percent origination fee for approved customers, and referral fees from co-branded debit card accounts with partner banks. Founded in…

Experts propose 8 different solutions to enhance e-commerce in Africa. The first is improving payment processing. Payment processing is a major constraint for e-commerce in Africa. To address this, local payment systems such as Paystack and mobile money can be used. This can improve transaction success rates and customer experience. Additionally, these applications provide protection against fraud and enhanced security measures. Mobile money services like M-Pesa strengthen e-commerce in areas with limited banking infrastructure. To improve payment processing, it is important to focus on the following: ensuring high security that complies with global standards, improving payment methods, and using data…

South Africa’s tax break plan may direct China to produce electric vehicles in Africa. This comes after the president signed a law providing tax breaks for the production of new energy vehicles. Three Chinese automakers have signed non-disclosure agreements with the Automotive Business Council. CEO Mikel Mabasa, who gave an interview on Friday, did not reveal the names of these companies and commented on the situation as follows: “With good government policies, we will attract new investment, we will increase and retain investment.” The country will offer a 150% tax deduction on investments in the production of electric and hydrogen-powered…

Drug-resistant infections are increasingly leading to fatalities, with a significant number of these deaths occurring in Africa. Insufficient water consumption, the misuse of antimicrobials, inadequate vaccination, and poor sanitation are the primary causes of Antimicrobial Resistance (AMR). Reducing AMR is crucial for addressing the continent’s health challenges in a lasting way. According to the World Health Organization (WHO), AMR refers to the inability of viruses, fungi, bacteria, and parasites to respond to antimicrobial drugs. This occurs due to the misuse or overuse of these drugs for treatment, control, or prevention in living organisms. The African Union’s AMR Landmark Report estimates…

Starlink, the satellite internet provider, announced that it will implement a subscription fee increase effective January 27, 2025. New customers will be charged the updated rates, while existing subscribers will see the changes reflected in their next billing cycle. With the updated pricing, the lowest subscription tier is expected to rise from ₦38,000 to ₦75,000, while the mobile global roaming service will cost ₦717,000 per month. Starlink stated that the fee increase is aimed at expanding its operations and improving its infrastructure. The company’s previous request for a price increase was rejected by the Nigerian Communications Commission (NCC). However, NCC…

Condia asked 8 African tech leaders for their reading lists and compiled a list of the fiction and non-fiction books they recommended. Two of the respondents recommended Leaving the Tarmac: Buying a Bank in Africa by Aigboje Aig-Imoukhuede. Other books included Ben Horowitz’s The Hard Thing About Hard Things, Simon Sinek’s Start with Why, Ronit Ghose’s Future Money, George Lakoff and Mark Johnson’s Metaphors We Live By, Annie Duke’s Quit, and Oprah Winfrey and Dr. Bruce Perr’s What Happened to You? Raenest CEO Victor Alade recommended Leaving the Tarmac: Buying a Bank in Africa. He said: “As a fintech founder,…

At the beginning of this year, the partnership between Logidoo and Skynet modernized supply chains, connecting China, Europe, and South Africa to West African markets. This collaboration focuses not only on accelerating the movement of goods but also on contributing to Africa’s economic growth. As the world’s largest global franchise network, Skynet is leveraging Africa’s increasingly significant opportunities. Meanwhile, Logidoo is working to streamline the movement of goods and expand market access across the continent. The supply of goods from China to West Africa has been significantly improved. Additionally, the Europe-to-West Africa route now offers a more cost-effective and efficient…

PBR Life Sciences Secures $1M to Expand AI-Powered Healthcare Analytics in Africa PBR Life Sciences, a data analytics company backed by Techstars, has raised $1 million in funding to expand its AI-powered healthcare analytics operations in Africa. The company plans to use this funding to broaden its operations into Ghana and Kenya. Investors participating in the funding round included Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, Launch Africa, Microtraction, ARM Labs, and Techstars. One of the major challenges faced by pharmaceutical companies across the continent is accurately estimating market demand. This often results in overproduction issues. PBR Life Sciences…

Entrepreneurs in Africa continue to grow despite economic challenges. The past two years have been particularly difficult for startups, as investors grapple with macroeconomic barriers and reduce capital investments. Nevertheless, billion-dollar ventures have managed to forge ahead under tough conditions, restoring confidence in the market. Examples of startups that have secured over $1 billion in funding include Interswitch, MNT-Halan, Flutterwave, Wave, OPay, Andela, Chipper Cash, Moniepoint, and Tyme. Interswitch, founded in 2002 and based in Nigeria, has become a key player in digital payments and financial infrastructure integration. In 2019, Visa invested $200 million in the company, marking a major…

Village Capital has invested $150,000 in two female-led startups: Rhea Soil Health Management (Rhea) and Regxta, through Standard Chartered’s Women in Tech Financing Facility. Rhea, based in Kenya, provides affordable and accessible soil testing solutions to smallholder farmers, enhancing crop yields and improving soil health. Regxta, based in Nigeria, offers tailored financial services to micro, small, and medium-sized enterprises (MSMEs), focusing on empowering women-owned businesses. These types of investments are aimed at helping women overcome barriers and create positive change in their communities. Priscilla Wakarera, founder of Rhea, commented: “Building a science-driven hardware-software business in Africa’s agritech sector is challenging,…