Mastercard Foundation, an international nongovernmental organization, has ended its commitment to invest $100 million in 54 Collective, the most active investor in Africa. 54 Collective (formerly Founders Factory Africa) and Mastercard Foundation “will be pursuing different strategies moving forward, and the partnership will end on 30 April 2025,” the venture capital firm told Rest of World in an email. A setback for Africa’s most active investor On February 20, the leadership team of 54 Collective informed staff that the new changes would lead to layoffs as the firm would end
On Friday, 7 March, South Africa rejected Elon Musk’s statement that his Starlink satellite company could not operate in the country because he is not Black. The country’s telecoms regulator shared that Starlink had not applied for a license, according to Reuters. The founder of Starlink, who was born and went to school in South Africa, wrote on X, “Starlink is not allowed to operate in South Africa, because I’m not black.” Senior official at the foreign affairs department Clayson Monyela responded, “Sir, that’s NOT true, and you know it!
TikTok is profiting from young women and teenagers as young as 15 performing sexual livestreams, the BBC has been told. Three women in Kenya shared they started these activities as teenagers, using TikTok to publicize their business and negotiate payment for more risqué content sent on other messaging platforms. The app takes a cut of roughly 70% from all livestream transactions, according to a previous report by the BBC. Though TikTok forbids solicitation, moderators stated they are aware that it occurs on the platform. Sexual livestreams on TikTok Livestreams in
LoftyInc Capital Management has announced the first close of its third fund at $43 million. The LoftyInc Alpha Fund focuses on investments that will expand Africa’s most talented startups across key areas like Nigeria, Egypt, Kenya, and Francophone Africa. It has previously invested in notable startups such as Flutterwave, Andela, Wave Mobile, and RelianceHealth. This comes at a pivotal time, as investors were less active in Africa last year. In 2022, 28 were involved in over ten $100,000 deals, but this number dropped to 8 in 2024. LoftyInc has over
Facebook, Tinder and Airbnb Apps are being used to lure women into sex trafficking in Colombia. In an investigation carried out by Bloomberg, several girls shared that they were victims of sexual exploitation. Platforms like Facebook, Tinder and Airbnb allowed predators to lure victims into sex work and plan dates and accommodations with tourists overseas. “With the growing availability of good internet service, the technology to enable this type of crime is on the rise,” Pablo César Villeda Ortiz, former regional president for Latin America and the Caribbean at the International
Cashflow management platform Lenkie has secured £49 million ($62 million) in Series A funding to transform how UK small businesses access capital. The funding round was led by a large US private credit fund focused on supporting lenders internationally. It also included a £4 million ($5 million) equity and a £45 million ($57 million) debt facility, according to a press release shared with POCIT. How does Lenkie support SMEs? Lenkie specializes in payables financing. Instead of waiting weeks or months for payments to process, Lenkie steps in to pay suppliers upfront, helping
British police forces are using AI crime prediction tools that disproportionately target Black and racialized communities, a new report from Amnesty International UK has revealed. According to Amnesty, nearly three-quarters of UK police forces rely on predictive policing, which uses past crime data to estimate where crimes might happen or who might commit them. The 120-page report, “Automated Racism – How Police Data and Algorithms Code Discrimination Into Policing,” argues that these predictive systems reinforce racial bias instead of improving public safety. “These systems have been built with discriminatory data
Nigeria is suing Binance for $79.5 billion in economic losses, which it alleges were caused by the cryptocurrency exchange’s actions in the country, and $2 billion in unpaid taxes, according to court documents seen by Reuters. Nigerian officials condemned Binance for Nigeria’s currency problems and detained two of its executives in 2024 following cryptocurrency websites emerging as preferred platforms for trading the local naira currency. Binance is one of the most significant crypto exchange currencies globally but is not registered in Nigeria. It did not respond to a request for
Microsoft has announced its plans to train one million people in digital skills through an Artificial Intelligence skilling initiative in South Africa. The initiative will give South Africans insight into the strategic aspects of AI whilst empowering leaders with the necessary tools and knowledge required to navigate the advancing AI landscape. “Harnessing the transformative power of artificial intelligence (AI) is no longer a futuristic vision, but a tangible reality for organisations seeking to achieve exponential growth and optimisation,” Lillian Barnard, President for Microsoft Africa, said in a press release. What
Tech workers union Prospect is asking UK lawmakers to examine the diversity efforts of US multinational companies operating in the UK to ensure they comply with UK regulations and values. It has written to Parliament’s Women and Equalities, asking them to review American businesses rolling back DEI efforts. “Prospect represents thousands of UK tech workers, including in companies like Meta, and we have been alarmed to see how these companies have acted since Donald Trump’s inauguration as President,” the letter stated. It added “Not only have the CEOs of many
