Kenyan drivers for ride-hailing platforms like Uber and Bolt are pushing back against unsustainable earnings by setting their own fares, defying the companies’ algorithmic pricing models. This rebellion is fueled by the rising cost of living and ongoing economic challenges in the East African nation, according to Reuters. Drivers Push Back Against Falling Fares Across Nairobi, drivers are feeling the pinch of a brutal price war between global and local ride-hailing companies, including Uber, Bolt, Little, and Faras. The fierce competition has driven fares to what many drivers consider unlivable
Elon Musk’s Starlink is set to strengthen its footprint in Nigeria with the construction of new ground stations in three locations: Lagos, Ogun, and Rivers States. Starlink Ground Stations The new ground stations will be situated in Okun Ajah, Lagos State; Sagamu, Ogun State; and Port Harcourt, Rivers State. These locations have been carefully selected to optimize coverage and service delivery across the region. The facilities, spread over approximately 29,000 acres, mark an investment in Nigeria’s telecommunications infrastructure. Construction has already begun in Lagos, with the completion anticipated by the
Waza, a Y Combinator-backed fintech startup, has officially launched from stealth mode, securing $8 million in seed funding to transform how African businesses manage cross-border trade. The funding round was led by major investors including Byld Ventures, Norrsken Africa, and Timon Capital, with the aim of empowering enterprises across the continent to navigate global markets more effectively. Solving Africa’s Trade Imbalance The African continent faces a significant trade imbalance, driven by a persistent demand for the dollar—a currency essential for international trade. This demand often surpasses supply, resulting in higher costs
South Africa-based startup accelerator Founders Factory Africa has officially rebranded as 54 Collective, marking its transition to a venture capital (VC) firm. $150 Million To Support African Startups The rebranding comes after four years of accelerating African startups, during which the organization built a reputation for creating innovation across the continent, according to Empower Africa. Now, with a $40 million fund, 54 Collective is set to invest in early-stage ventures across various sectors. “Today, we are a VC firm with a $40 million fund, and when combined with our $107
TikTok has initiated significant global layoffs that have now impacted its African team, according to Tech Cabal. This move, part of broader organizational changes, saw several employees in Africa lose their jobs in June 2024, following earlier cuts in March. These layoffs have notably affected teams working in content operations, marketing, and trust and safety. African Team Severely Affected The layoffs in Africa have been particularly harsh, with more than half of the African team based in South Africa and Nigeria, being let go. Although the exact number of employees
Medium, an online publishing platform, is broadening its Partner Program to include writers from over 70 new countries, including over 20 African countries. Medium’s Partner Program Expands Medium’s Partner Program allows writers to earn revenue based on the engagement and activity their stories generate from Medium members. The expansion is part of Medium’s ongoing effort to support writers globally, with the program now extending to over 115 countries where Stripe is supported. The newly included African countries are Algeria, Angola, Benin, Botswana, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Gambia, Ghana, Kenya, Madagascar,
Idris Elba has been allocated land in Zanzibar, a Tanzanian archipelago, to establish a film studio. The British actor, with roots in Sierra Leone and Ghana, has announced several ambitious projects to highlight Africa’s potential on a global scale. These include a film studio in Ghana and a smart eco-city in Sierra Leone. Expanding the African Film Industry with New Studios Elba’s investments are particularly focused on tourism and entertainment, areas he believes can significantly boost the continent’s economic growth. One of his most significant projects is the development of
African Infrastructure Investment Managers (AIIM) has successfully closed its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4 (AIIF4). The fund reached its hard cap with $748 million in commitments and an additional $206 million in co-investments, totaling $954 million. “Given the challenging global fundraising environment, we are delighted to have outperformed the targeted fund size,” said Paul Frankish, AIIM’s Head of Strategic Initiatives according to Shoppe Black. “We received strong support from our existing investor base with a high level of re-ups from the supporters of our previous mandates
UK-based Tech1M has secured $750,000 in pre-seed funding in a boost for the human resources (HR) technology sector. The round was led by SFC Capital, known for its recent backing of 4D Medicine and VoltShare, and Techstars. The funding also saw participation from Tech Nation, Barclays Eagle Labs, HSBC Innovation Banking, ICE Network, Vantage, 1000 Black Voices, Foundervine, and GrowLondon Global. Innovating Recruitment with AI Tech1M, founded by Tommie Edwards and Damilola Ogunmoye, is set to transform the talent acquisition landscape with its AI technology. As an alumnus of the
UK government officials have criticized Elon Musk, owner of social media platform X (formerly known as Twitter), for commenting, “civil war is inevitable” under a video of violent, far-right attacks in England. Musk’s Posts Ignite Political Reactions Hundreds have been arrested during a wave of racist, Islamophobic, and anti-immigrant violence sparked by the disinformation surrounding the murder of three young girls last Monday. False claims that the murder suspect was a Muslim asylum seeker led violent right-wing mobs to attack mosques and set fire to hotels housing asylum seekers across
