Nigeria and other African countries will have more access to electricity, as President of the United State, U.S., Barack Obama, signed into law an initiative under the Power Africa Scheme, to bring electricity to 50 million people in sub-Saharan Africa by 2020.
The President made this initiative during his tour of Africa last year. The U.S. also pledged a financial commitment of $7billion to support the scheme, which was drawn from $43billion in investment pledged from other public and private partners.
According to the scheme, the Electrify Africa Act of 2015, will give legal backing to Obama’s flagship Power Africa scheme, which is trying to improve access to electricity through public-private partnerships.
However, it took nearly two years for the initiative to be passed in both houses of the U.S. Congress. The new legislation is likely to ensure that the scheme continues even after Obama leaves the White House in 2017. The scheme has set itself the long-term target of doubling electricity access in sub-Saharan Africa.
About two-thirds of people in Africa do not have access to reliable power. Many Nigerians are forced to rely on generators for their electricity supply.
In a statement, House Foreign Affairs Committee Chairman, Mr. Ed Royce, a long-time supporter of the initiative, said: “The legislation would improve the lives of millions in sub-Saharan Africa by helping to reduce reliance on charcoal and other toxic fuel sources that produce fumes that kill more than HIV/Aids and malaria combined.
“It would also promote the development of affordable and reliable energy.” Also, management consultant firm, McKinsey, estimates that it will cost $835billion (£575billion) to connect the entire continent’s population to electricity by 2030.
Instant Payment Transactions to Surpass 376 Billion Globally by 2027
The number of instant payment transactions to grow by 289% globally exceed 376 billion globally by 2027; increasing from 97 billion in 2022
A new study has found that the number of instant payment transactions will exceed 376 billion globally by 2027; increasing from 97 billion in 2022, a 289% growth.
The study predicts that an increased roll-out of instant cross-border payment schemes in multiple countries will drive this growth by enabling businesses and consumers to benefit from greater speed and efficiency.
This efficiency is gained by processing payments over instant payment rails, which provide time and cost savings, while also offering greater transparency over transactions to stakeholders than traditional payment rails.
An instant payment is any payment outside of a card network that is capable of receiving funds in 10 seconds or under.
Regulators to Play Key Role in Cross-border Instant Payments
The report forecasts that cross-border transactions will grow at a faster rate than domestic transactions globally. It anticipates that cross-border transactions will rise from 631 million payments globally in 2022 to over 6 billion in 2027. The creation of instant payment schemes by international bodies, such as the EU, and an increase of bilateral agreements between these bodies will be key drivers of growth over the next five years.
These bodies will be essential in creating cross-border instant payment networks, as they have the capital and influence to connect disparate payment schemes across different geographical regions in order to maximise the value proposition of instant payments. In turn, the report recommends that regulators increase partnerships with international bodies to broaden payment schemes and expand access to instant payment services.
Greater Efficiency to Drive Business Adoption
Additionally, the report predicts that the increased time and cost efficiencies, and the improved cashflow management of using instant payments will be primary factors in influencing businesses to adopt. This will contribute to the total value of instant payment transactions rising from $6 trillion this year, to $33 trillion in 2027.
5000 Startups From Nigeria, Kenya and South Africa Completed Google Training Programme
No less than 5000 startups from Nigeria, Kenya and South Africa have completed the Google Hustle Academy training programme.
No less than 5000 startups from Nigeria, Kenya and South Africa have completed the Google Hustle Academy training programme. The programme was designed to help business owners learn soft skills that complement their hard talents.
Investors King learnt that Google received more than 10,000 applications for this year’s edition.
It could be recalled that earlier this year, Google announced a plan to train 5,000 African Small and Medium Enterprises (SMEs) with participants coming from Nigeria, Kenya and South Africa.
Google noted that participants will go through a training academy where they will undergo five days of hands-on training and receive 3,000 hours of training on fundamental aspects of business to help them navigate the challenges faced by SMEs in Africa.
According to the press statement released by Google Head of Brand & Reputation, Sub Sahara Africa, Mojolaoluwa Aderemi-Makinde after the completion of the training, participants attended a five-day virtual boot camp where they learned how to define their business strategy, increase sales, and how to pitch for investor funding.
While dividing them into 23 cohorts, they were also trained in digital marketing and effective financial planning.
This is in addition to the one-on-one mentoring sessions received by each participant. The mentoring session was handled by a network of trained mentors and coaches.
Meanwhile, Aderemi-Makinde further revealed that Google has launched a new speaker series in which successful African entrepreneurs share lessons and advice.
He added that Google will continue to do more to help African entrepreneurs and small businesses thrive.
“(The) speaker series will allow Small and Medium Businesses to get insight from business owners from an array of sectors, focusing on the issues, themes and subjects they face on a regular basis,” he said.
He stated that Small and medium-sized businesses are the backbone of the global economy while noting that in Africa, they account for an estimated 80 per cent of jobs.
Nigerian Based Food Tech Startup, Orda Raises $3.4 Million in Seed Funding
Orda Africa has now raised a combined $4.5 million raised by the African-centric food tech company.
Nigerian-based food tech startup, Orda announced it has raised a sum of $3.4 million in seed funding after it raised $1.1 million in pre-seed funding at the beginning of this year. This makes it a total of $4.5 million raised by the African-centric food tech company.
Investors King understands that Orda is an African restaurant cloud operating system that helps restaurants to move from pen and paper to a fully automated digital platform.
According to the startup, it aims to help more African restaurants maximize their business operations and expand distribution.
The tech company added that it plans to improve on some new features which include loan, credit, and payment options which will eventually enable its clients to maximize the potential of their business.
Investors King learnt that this new round of funding was co-led by Quona Capital and FinTech Collective. Other institutional investors which participated in the seed funding include Far Out Ventures, Lofty Inc Capital, Enza Capital, and Outside VC.
In the last one year, Orda has been able to increase its customer base to more than 600 restaurants across Nigeria and Kenya while its weekly processing orders has increased by more than 500 percent.
Speaking about the growth and focus of the company, Orda’s CEO and co-founder, Guy Futi said “From day one, Orda has been focused on building solutions for small and medium-sized restaurants”.
“These businesses operate with slim profit margins and the power of Orda’s software and financial solutions can catapult their business. Our goal is to provide end-to-end solutions that help them optimize their operations so they become more prosperous”.
Founded in 2020 by Guy Futi, Fikayo Akinwale, Mark Edomwande, Kunle Ogungbamila, and Namir El-Khouri, Orda has the vision to help small-sized African restaurants optimize their business and achieve sustainable growth.
Meanwhile, the company has attributed its growth over the last 12 months to the excellent team it has put together, a trend it hopes to continue in the coming months.
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