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Africa

Many crypto traders in Africa who frequently use FTX platforms have been shocked and unable to withdraw their funds after an unexpected collapse.  FTX’s collapse hits Africa hard The cryptocurrency exchange FTX filed for bankruptcy earlier this month, and its CEO, Sam Bankman-Fried, decided to step down from his position. Once valued at $32 billion, FTX, the platform is now valued at nothing with mountains of debts.  According to TechCrunch, over 100,000 Africans used FTX to convert their local currencies to dollars and to bump up their savings. This was

Twitter recently terminated the contracts of almost all its staff based in Ghana⁠, but the former employees are fighting back. The team has accused the social media giant of “deliberately and recklessly flouting the laws of Ghana” and, with legal assistance, are demanding national labor laws are followed. Violation of Labor Laws Three days after opening a physical office in Accra, Ghana⁠—the first in Africa⁠—Twitter locked staff out of their emails and work laptops.  Since then, the African employees have not been offered any concrete information about compensation or the

Tech accessory company, oraimo, has announced a new ambassadorial deal with Grammy award-winning artist Burna Boy. For many, the partnership between one of Africa’s leading tech brands and the artist known as the ‘African Giant,’ is a marriage made in heaven. What is oraimo?  Described as ‘as far from your regular smart accessory brand,’ oraimo is Africa’s leading TWS (true wireless technology) and smartwatch brand. The company’s initial product line of durable charging bricks and chords became hugely popular amongst the Nigerian community when it first launched due to its

Microsoft has announced the expansion of its AI for Good Research Lab to Cairo and Nairobi. The expansion aims to close the climate data divide by researching and developing AI machine learning in areas in Africa worst affected by the climate crisis.  Africa’s Climate Crisis  Research has revealed that high climate risk correlates with income and health inequalities. The findings also coincide with the fact that two billion people in the Global South were found to be living in some of the most climate-risk areas between 2008 and 2018. Despite Africa contributing less

Twitter has terminated the contracts of almost all its staff based in Accra, Ghana. The news comes after Elon Musk’s recent acquisition of the app, which has seen thousands of employees worldwide laid off work. Twitter’s presence in Africa In April 2021, Twitter announced its plans to build a team in Ghana as a part of its broader mission to expand its services across the region. After almost a year of working remotely, Twitter’s African staff finally opened a physical office in the continent. But celebrations were short-lived. A mere

Funding for African startups has hit a new record between January and June. According to reports, the African market is the first to see more than a single digit of growth which was extremely unpredictable considering the slowdown globally.  Venture capital deals within the African region reached a striking $3.5 billion in six months, with no other continent coming marginally as close to Africa’s startup funding growth.  Of the 300 companies that benefitted from this funding, 27% were led by female founders or had at least one female founder. This is

As Africa’s tech ecosystem grows, the demand for talent is soaring. For young Africans, digital skills have become ever-more important and attractive. In 2021, according to the Africa Developer Ecosystem Report (pdf), Africa’s developer community grew by 3.8%, bringing the total number of developers on the continent to 716,000. The average local developer in Africa is seven years younger than their global counterpart and has up to three years of experience. The pandemic drove increased adoption of remote work around the world, leading to international companies recruiting African developers at

Google has announced that 60 new startups would join their Black Founders Fund, specifically designed to help support Black founders in Africa.  Since launching the program in 2021, Google has invested in 50 startups from nine African countries, creating over 500 jobs and raising over $87 million to help support underrepresented founders.  The Black Founders Fund has invested $20 million in funding to help founders across the US, Europe, Africa, and Brazil. The latest cohort will receive up to $100,000 in capital, including access to the best of Google, people, products,

According to Insider Intelligence, there are currently over 2 million podcasts and 424.2 million podcast listeners worldwide in 2022, a 10.6% increase from the previous year. As of 2020, the global podcasting market size was valued at $11.46 billion. It grew to $13.785 billion in 2021 and is expected to be a massive $153.07 billion in 2030, according to Acumen Research and Consulting. This growth has been spurred by a number of factors – from the proliferation of new celebrity shows, investments from companies like Spotify, and the increased affordability and availability of tech such as smartphones

African-based agri-tech startup iProcure has closed a $10.2 million Series B funding round to further expand its services to Uganda and Tanzania.  The funding round led by Investisseurs and Partenaires included participation from Novastar Ventures, British International Investment (BII), and Ceniarth.  iProcure, founded in 2013 by Stefano Carcoforo and Nicole Galletta, has grown to become one of rural Africa’s most significant agricultural supply chain platforms.  Not only has the platform revolutionized agriculture supply chains in Africa, but it has also helped connect manufacturers and distributors with local retailers. Additionally, iProcure

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