The Daily Brief: Fintech adding $150-billion to Africa’s GDP, & more

Here’s a round-up of the top stories that have happened across the African technology startup ecosystem including a report on Fintech in Africa, IITA winning the 2018 Africa Food Prize award, UberAir offering chopper trips in Uganda, and so much more.

  1. Fintech adding $150-billion to Africa’s GDP

The contribution of the financial technology industry to sub-Saharan Africa’s economic output will increase by at least US$40-billion to $150-billion by 2022, according to Financial Sector Deepening Africa, a development finance organisation.

The industry currently employs about three million people directly and indirectly in the region. Sub-Saharan Africa’s GDP is about $1.6-trillion, according to data compiled by the International Monetary Fund. Full story on Tech Central.

2. Half of South African startups secure investment - VC$A study.

Half of all SA companies that participate in startup and business support programmes end up securing investment.

This, while the average investment secured by such companies is almost three times higher for those ventures that receive ecosystem support over those that don’t receive support — a new VC4A study has revealed.

3. IITA wins 2018 Africa Food Prize award worth $100,000

The International Institute of Tropical Agriculture (IITA), based in Ibadan, Nigeria, has won the 2018 Africa Food Prize award worth $100,000.

IITA becomes the first institution to receive the distinguished Africa Food Prize at the African Green Revolution Forum (AGRF) in Kigali, Rwanda. Full story on Pulse Nigeria.

4. UberAir starts offering chopper trips in Uganda.

Uber Air, as the service is known has been announced in Uganda. Uber Uganda through it’s  Twitter handle has revealed that it’s offering chopper trips from Kampala to Jinja this weekend.

Uber will be giving out a free flight experience to one lucky tweep. This with no doubt is a big surprise as part of the 2018 launch of the first ever air service. Full story on enStartup.

5. Hashcash wants to bring Blockchain-based banking to Nigeria

U.S. blockchain development company Hashcash Consultants announced that it is engaging in collaboration with local financial institutions in Nigeria to integrate blockchain solutions in the country’s financial services sector.

Hashcash plans on making use of blockchain to solve the financial exclusion crisis facing a large percentage of the Nigeria's over 180 million population by capitalising on the dominance of mobile phone usage in the nation. Full story on Bitcoin Africa.

6. Bank Zero, a digital bank, closer to launching in South Africa

A government gazette published on 7 September confirmed that Bank Zero has officially been registered as a Mutual Bank in South Africa. According to the notice, the registration officially took effect from 17 August 2018.

Bank Zero will not offer credit, will be entirely digital, and will handle all of its services and communications via an app.

In this way, it is going against the traditional banking grain, and targeting a younger, more tech-savvy market that wants to do their banking the same way they interact with other digital media. Full story on Business Tech.

7. Kenya's eMentoring Africa to hold Big Four Agenda Hackathons

Non-profit organisation eMentoring Africa is offering the youth an opportunity to showcase their ideas on how technology solutions based on mobile apps, databases and web portals can support the Big Four agenda through two upcoming hackathons in Nairobi.

Dubbed ‘Hack-the-Big-4,’ the mentorship forums will be held on 8 and 15 September 2018. Full story on Kenyan Wall Street.

8. How to invest in an ICO for 2018

COs can be a profitable investment to venture. It can be an excellent option to make returns with cryptocurrency. However, it is also important to note that they can be volatile. Therefore investing in the best ICOs 2018 will be a great deal since volatility tags along huge returns. Full story on Tech Moran.

9. Freelance Platform Upwork Seeks $100M In IPO 

Upwork is reportedly looking to bring in $100 million through an initial public offering (IPO). The company had a $30 million funding round following its 2014 merger, which valued the company at approximately $700 million.

Benchmark, Sigma Partners, Globespan Capital Partners and T. Rowe Price are among the company’s biggest stakeholders. The firm claims it has over 5,000 freelancers across more than 70 categories. Full story on Pymnts.

That’s it for today. Don’t forget to subscribe to our newsletter to get The Daily Brief in your inbox.

– Douglas

Digest Africa


Digest Africa Technologies Ltd
Ntinda Complex,
Block B, Level 3 Ntinda,
Kampala, Uganda

© Digest Africa Technologies Ltd 2023.
All Rights Reserved.