| Jumia’s share price has crashed to $3.99, a 27.72% slide, and its lowest since it listed on the stock market last year. In 2019, the company’s losses grew to $247.95 million, a 34% increase over the previous year. In a recently released Q4 2019 report, the e-commerce giant dances between some small wins and huge losses and Abubakar Idris takes a dive into the report with details about its customer growth over the period, losses, profits as well as the state of JumiaPay, the payment processor the company launched in 2018. |
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| Egyptian Software-as-a-Service platform for garment producers, Garment IO, has raised US$450,000 in seed funding with participation from participation from Egypt Ventures and 500 Startups. The company’s IoT tool enables garment manufacturers improve productivity using real-time data from production lines. The company says the fund will enable it develop their technology further to improve user experience as well as expand its service to Jordan, Tunisia, Morocco, and Turkey. |
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A case against Kenya’s Computer Misuse and Cybercrimes Act 2018 has been dismissed by a High Court in the country. Justice James Makau stated that the contested sections of the law were constitutional. The case was brought to court by the Bloggers Association of Kenya (BAKE) who said the 26 sections of the law threatened “freedom of opinion, freedom of expression, freedom of the media, freedom and security of the person, right to privacy, right to property and the right to a fair hearing”. Justice Makau says the entirety of the law is valid. The sections in question address cyber terrorism, fraudulent use of data, identity theft and other such internet crimes. Organisations like BAKE however, insist that the law only gives the Kenyan government more leeway to clampdown on internet freedoms in the country.
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| Social media platform Facebook is seeking ways to curb a spread of misinformation and panic about the coronavirus pandemic on its platform. Already, manufacturing in affected Asian countries has slowed and is said to be impacting negatively on the global technology industry. The company says it now “prohibits ads that refer to the coronavirus and create a sense of urgency, like implying a limited supply, or guaranteeing a cure or prevention”. |
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Budding African entrepreneurs are faced with a myriad of business challenges,
like raising capital, accessing markets and finding mentorship. Come, discover how to tackle these challenges plus more, at the Harvesters Entrepreneurs Forum on Saturday, February 29, 2020. Click here to register free. ( www.hef.harvestersng.org)
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Ivory Coast-based online platform, Afrikrea, has secured US$1 million in a funding round led by Saviu, a now two-time investor in the e-commerce company. Founded in 2016, Afrikrea is a marketplace for African manufactured beauty and fashion items. The company was part of the ten startups who competed in the 2019 edition of Jack Ma’s Netpreneur Prize. Afrikrea will use the funds to expand its mobile marketplace, further marketing efforts, and add experienced remote developers to its team.
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| Nigerian Vice President Prof. Yemi Osinbajo says the government has approved and will disburse US$268 million to support agricultural entrepreneurs and innovators in the country. According to the presidency, one tranche of the fund worth US$248 million will be will be dispensed by the central bank as “soft loans” for people building small-scale agricultural businesses, while another US$20 million will provide funding support to young innovators in technology. |
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Join Professor Olayinka David-West, Academic Director, Lagos Business School, at the TC Townhall: Emerging Tech, a forum that will help businesses, big corporations and governments understand blockchain and artificial intelligence, and how to take advantage of them to secure their future.
Professor Olayinka David-West is an Information Systems professional with over three decades of experience in the IT and financial services industry and is a passionate advocate for digital transformation and inclusive finance.
Tickets to TC Townhall: Emerging Tech are now available for purchase. Discounts apply for companies/individuals buying at least 5 tickets. Click here to redeem our 20% corporate discount.
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That’s it for today,
We’ll be back tomorrow.
– Kay
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