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Opera to Invest $100m on African Digital Economy

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  • Opera to Invest $100m on African Digital Economy

Opera plans to invest $100 million (N30 billion) over the next two years to facilitate the growth of African digital economy.

The company, which is known for its popular Opera Mini mobile browser in Africa, said it would use the investment to speed up internet adoption in Africa and strengthen the internet ecosystem with local partners around African countries.

According to the company, the investment would put Africa on a pathway that would enable it transform itself into a digital continent with the rapid adoption of mobile internet. For the past five years, the Opera Mini browser has been a key facilitator in bringing more than half of Africa’s internet population online by featuring tools for lowering data costs. Recently, the company celebrated 100 million monthly users in Africa and is now focusing on making the next generation of web browsers to cater for the needs of African internet users.

According to a GSMA Intelligence report, the biggest consumer barriers to internet adoption in most African countries are the lack of digital skills and awareness, locally relevant content and affordability. To bring more first-time internet users without the fear of high data costs or lack of local relevant content, Opera invests in developing a state-of-the-art artificial intelligence engine for smartphone users that will ensure content discovery is at the heart of the browser.

Opera users in Africa will get fully personalised and localised content delivered to their browser, the entry point for their internet experience while the data usage can be reduced up to 90 per cent.

On the other hand, Opera is now working with over 47 top tier African publishers covering 107 web sites on this initiative.

Announcing the initiative in Lagos at a recent media briefing, the Vice President of Africa, Opera Software, Richard Monday, said bringing fast and affordable internet access for all had always been Opera’s mission. He explained that Opera would seek local partners to integrate value-added services, mobile payment and data bundling into its browser product. This, he added, would grant consumers access to quality content and services, giving them the ability to transact more easily on their mobile devices. The range of services to be added over the next 12 months will create a content and services hub that will provide African users with a truly unique experience.

“Africa is a very important market for Opera. Nine of the top 20 Opera Mini user countries are from Africa. We aim to invest heavily in Africa, to build a local platform and grow with the local business partners. This platform will expand the user base for content providers, e-commerce businesses, operators, original equipment manufacturers (OEM’s) and others to strengthen the African internet ecosystem,” Monday said.

In the area of increased awareness of affordable internet access, Monday said the company recently launched its first nationwide TV and radio commercials to announce a faster and more affordable internet experience with the Opera Mini browser. The commercials are airing in South Africa and Kenya, and will be launching in Nigeria shortly, he said.

He assured Nigerians that Opera would open new offices in Nigeria and Kenya, from where it would link the West and East African countries.

Currently, Opera has operations in Cape Town and Johannesburg, both in South Africa and is expanding with new offices in Lagos, Nigeria and Nairobi, Kenya to support business and product development. The plan is to hire around 100 people for these offices over the next three years, Monday said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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