Saturday, April 17African Business News
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Technology & Innovation

US$1.2 million Innovation Fund launched to unearth emerging technologies

US$1.2 million Innovation Fund launched to unearth emerging technologies

Technology & Innovation
The African Enterprise Challenge Fund (AECF) (www.AECFafrica.org) has today launched a US$1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities. Businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique, and Zimbabwe can apply for funding. The fund is aimed at strengthening market readiness of emerging innovations, as well as secure financial, technical, and networking support for taking existing proven prototypes to scale. Solutions that reduce the negative impacts associated with the use of traditional cooking options at the household and institutional levels, build climate change resilience among communities and support productive uses such as water pumping, agro-processing, cooling, and refrige...
Technology drives an inclusive trading market

Technology drives an inclusive trading market

Technology & Innovation
Jay Mawji, explains that technological advancements have allowed Africans the opportunity to trade without breaking the bank, and highlights key takeaways of what clients should be looking for in an online trading partner. Gone are the days of dealing with the stock trader on the floor during the Wall Street boom era. Today, trading is accessible to anyone with disposable income, young or old. Putting this into context, it has recently been reported that millennials make up as much as 60% of the 15 million online traders across the globe, a natural progression given that this is the first generation who grew up with digital technology at their fingertips. Much has changed in the trading industry with the advent of technology. Technology has opened the market up to everyone, and al...
NITDA to tighten nose on data protection through new Bill

NITDA to tighten nose on data protection through new Bill

Technology, Technology & Innovation
The National Info Technology Development Agency (NITDA), is to send a new Bill on Data Protection to the National Assembly, and if passed into law, would ensure stringent protection of personal data and regulation of the processing of personal information.   This comes as the Federal Government said it earned N12.650 million from the Data Protection Compliance Organisations (DPCO) Licensing and Audit report filing, while over 2,686 new jobs have been created. Director-General of NITDA, Kashifu Inuwa Abdullahi, who disclosed this at the presentation of the Nigeria Data Protection Regulation Performance Report 2019-2020, in Abuja, noted that on May 25, 2018, the General Data Protection Regulation (GDPR) of the European Union (EU) came into force. The GDPR impacted the sm...
Mobile industry adds $184 billion to economy as 5G adoption gathers momentum

Mobile industry adds $184 billion to economy as 5G adoption gathers momentum

Technology & Innovation
From the $155 billion it added to the sub-Saharan Africa (SSA) economies in 2019, the mobile industry is expected to increase this to $184 billion by 2024. This is according to the Global System for Mobile telecommunications Association (GSMA) SSA Economy report, presented Tuesday at the ongoing GSM Thrive Africa conference. The body said despite the economic uncertainty brought about by the COVID-19 crisis, operators in the region would invest $52 billion in infrastructure rollouts within the next five years. GSMA noted that the COVID-19 pandemic had a profound impact on the digital landscape in SSA and around the world, adding that the social distancing measures put in place to curb the spread of the pandemic have brought to light the value of connectivity for social and eco...
TechSoft to support municipalities in revenue recovery and collections management

TechSoft to support municipalities in revenue recovery and collections management

Technology & Innovation
ICT – Technology solutions provider TechSoft International has developed an integrated and data rich solution to assist in improving revenue management and collection for embattled municipalities struggling with revenue recovery and collection management. With TechSoft’s C3 platform, municipal entities will be able to leverage a software tool that will enable them to improve efficiencies by providing accurate billing, correct imbalances, identify potential non technical losses and empower them to effectively collect outstanding revenue. Using advanced analytics, this software solution is designed to enable municipalities to identify existing loss reduction interventions, incorrect customer accounts, attributes and contracts, electricity theft, faulty metering, inaccurate/ineffective bill...
Expanding digital inclusion to tackle unemployment

Expanding digital inclusion to tackle unemployment

Technology & Innovation
As unemployment bears its fangs on Nigerians, especially youths, experts have harped on Information Communication and Technology (ICT) as portent tool for turning things around if deployed optimally. Although, there has been deliberate effort by government to promote digital inclusion and leverage ICT to improve quality of life of women, persons with disabilities, youths and other vulnerable groups in the country. Also, the International Telecommunications Union (ITU) through the Digital Inclusion Programme (DIP), tasked members to empower all persons regardless of gender, age, ability, or location by promoting ICT accessibility to create a more equitable and inclusive digital society. To actualise the digital economy agenda of the Federal Government, experts suggested that no...
Empathy, Adaptability, Technology key to Company growth – Ifeanyi Nwigwe

Empathy, Adaptability, Technology key to Company growth – Ifeanyi Nwigwe

Corporate Stories, Interviews, Technology & Innovation
Ifeanyi Nwigwe As economies move to mitigate the unprecedented effects of the global Covid19 pandemic, empathy, adaptability and infrastructure are essential to drive recovery and repositioning most companies and businesses owners. This sentiment was shared by Ifeanyi Nwigwe, Assurance Lead, Shelze Consulting. According to Ifeanyi, firms must integrate technology now more than ever as person to person meets must reduce significantly. Sharing his approach he says, " Companies really need to take investment in I.T Infrastructure really seriously, that is what has actually helped us in this period. - "For Companies to get out of this they need to be more innovative, so for-instance before the pandemic my company made major investments in I.T Infrastructure" - It was as if we...
Opinion piece: Nigeria represents a huge potential market for RCS

Opinion piece: Nigeria represents a huge potential market for RCS

Innovation, Technology, Technology & Innovation
The most popular communications channel in many parts of the world – the Short Message Service (SMS) – is rapidly evolving into a technology that businesses can leverage to keep up with the changing demands of today’s connected consumer. The next iteration of this technology, known as Rich Communication Service (RCS), is an advancement that will offer enhanced features to the standard SMS experience. Soon to be native on all mobile devices, this messaging service can now stand shoulder to shoulder with the world’s most popular chat apps. Despite huge uptake since its introduction in the 1990s, SMS has, up until now, evolved very little unable then to deliver the rich communication experience that today’s smartphones are able to support with other channels, such as WhatsApp. At the same ti...
New platforms drive mobile money adoption as SSA hits 50m accounts

New platforms drive mobile money adoption as SSA hits 50m accounts

Technology & Innovation
Payments service platforms, including Interswitch, Flutterwave, and MTN Nigeria, were identified among players that drove the adoption of mobile money in sub-Saharan Africa (SSA) in 2019. Their activities, including those of OPay and Palmpay, according to GSMA’s 2019 State of the Industry Report on Mobile Money, buoyed strong growth in West Africa, which resulted in 21 million new accounts. The report noted that in 2018, it identified Nigeria as one of Africa’s sleeping mobile money giants, which is home to the continent’s largest adult (114 million) and unbanked populations (60 per cent).  GSMA, which observed that Nigeria showed potential for the roll-out and adoption of mobile money services, said in 2019 there was notable traction in the country’s payment space, primaril...
Google Releases $6.5m to Tackle Fake News about COVID-19

Google Releases $6.5m to Tackle Fake News about COVID-19

Technology & Innovation
Google has said it is providing $6.5 million in funding to fact-checkers and nonprofit organisations that are fighting against misinformation around the world about COVID-19 spread. Google said the funds would help address the challenge of the ongoing spread of misinformation related to the Coronavirus pandemic. Through its Google News Initiative (GNI), Google is providing the funds to support media outlets and fact-checkers working to combat misinformation around the Coronavirus pandemic. Google will be supporting Africa Check in Nigeria, and Data Leads in partnership with BOOM Live in India to leverage data from Question Hub. This will be complemented by an effort to train 1,000 journalists across India and Nigeria to spot health misinformation. Google’s online resources are...