Technology

Andela Opens Tech Hub in Kigali

Published

5 years ago

August 1, 2018

Andela Opens Tech Hub in Kigali

Andela, the company building high-performing engineering teams with Africa’s most talented software developers, has announced the launch of a pan-African technology hub in its fourth African market, Kigali, Rwanda.

To fuel the expansion, Andela is partnering with the government of Rwanda through the Rwanda Development Board (RDB), an organization responsible for transforming the country into a dynamic global hub for business, investment and innovation.

A model of technological excellence on the African continent, Kigali was chosen as a strategic location for Andela’s first pan-African hub due to its strong existing infrastructure and ease of access for developers across the continent. Through the partnership, RDB will support Andela’s efforts to build a pan-African workforce and support the development of Rwandan and other African talent. This will catalyze Andela’s mission to invest in Africa’s most promising talent and build the continent’s future technology leaders, adding to the over 700 Andela developers based in the company’s existing locations in Lagos, Nairobi and Kampala.

Andela co-founder and Chief Executive Officer, Jeremy Johnson, said: “We are thrilled to have found a partner in the Government of Rwanda whose mission is so closely aligned with our own: to grow and sustain a pan-African elite tech workforce. In Kigali, we have found a location that makes travel to-and-from other African countries seamless and also has the modern and connected infrastructure we require to collaborate with a global workforce.”

Andela launched operations in Nigeria in 2014 to help global companies overcome the severe shortage of skilled software developers and invest in Africa’s top technical minds. Since then, the company has hired and developed more than 700 software engineers across the continent, which collectively help power the technology teams of more than 150 global companies, including Viacom, Pluralsight and GitHub, while setting new standards for engineering culture.

In 2018, Andela earned Best Place to Work awards for both its Lagos and Nairobi offices in recognition of its company-wide focus on diversity and inclusion, stellar office culture, dynamic working environment, and opportunities for career advancement.

Andela Vice President, Global Operations, Seni Sulyman, added: “As the first fully 4G African city, Kigali continues to push towards ICT excellence and is fast becoming one of East Africa’s key tech hubs. Connecting talent with opportunity on a global scale is Andela’s ethos, and with the opening of our Kigali hub, we expect to extend opportunities to thousands more software engineers from across the continent that will make their mark on the global tech scene via Kigali.”

Through Andela’s distributed model of work, developers gain global experience with the world’s top technology firms while working remotely from an Andela campus. This enables them to actively contribute to the growth of their local tech ecosystems by leading developer groups, mentoring junior technologists, and serving as an example of how local developers can compete on a global level.

RDB Chief Executive Officer, Clare Akamanzi, noted, “We are delighted to partner with Andela to build the next generation of technology leaders who will lead innovation in Kigali and beyond. Through partnerships, such as the one we are announcing today, we are accelerating Kigali’s growth as a global technology hub while also advancing skills development and employment opportunities for young, talented Africans.”

Andela will open applications to candidates from any African country looking to jumpstart a global career in software development in August of 2018, and launch its Kigali tech campus in December of 2018. It will also open applications for the Andela Learning Community (ALC), which provides free resources and mentorship to aspiring technologists, in Rwanda and Tanzania in August of 2018.

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Samed Olukoya

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

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E-commerce

Alibaba Faces Rare Downgrade as PDD Surpasses It in Market Value

Published

2 days ago

December 1, 2023

Investors King

Alibaba Group Holding Ltd. received an unusual downgrade from Wall Street on the same day it ceded its position as China’s most valuable e-commerce company to one of its primary competitors.

Morgan Stanley downgraded Alibaba’s American depositary receipts (ADRs) from overweight to equal-weight, concurrently lowering the price target from $110 to $90.

This marks the first downgrade for Alibaba’s US-listed shares since late June, according to Bloomberg data.

Analysts at Morgan Stanley, including Eddy Wang and Gary Yu, expressed concerns about Alibaba’s slower-than-expected turnaround and the uncertainty introduced by the decision to withdraw the spinoff of its cloud business.

In a report dated Thursday, they stated, “brings uncertainty to the value-unlocking from reorganization.”

Simultaneously, Morgan Stanley named PDD Holdings Inc. as its top pick in China’s e-commerce sector, citing its favorable positioning amid the growing trend of consumer price sensitivity.

PDD, an eight-year-old upstart recognized for its successful Temu marketplace, closed Thursday trading in the US with a market capitalization of approximately $196 billion, surpassing Alibaba’s value for the first time.

PDD has experienced a remarkable 80% surge in value this year, while Alibaba has faced a 15% decline in US trading.

Although Alibaba has been a dominant force in China’s online shopping landscape for over a decade, PDD has managed to attract customers with competitive pricing and expand its reach globally.

Morgan Stanley’s move to downgrade Alibaba and elevate PDD underscores the shifting dynamics within China’s e-commerce sector.

Despite this downgrade, brokers remain predominantly bullish on Alibaba, with 44 buy ratings and eight hold recommendations for its ADRs. In comparison, PDD has 52 buy ratings and three holds.

Startups

Bolt Expels Over 5,000 Drivers in Kenya to Enhance Safety Measures

Published

2 days ago

November 30, 2023

Investors King

Estonian ride-hailing giant Bolt has taken decisive action in Kenya by removing more than 5,000 drivers from its platform over the past six months.

This move comes as part of Bolt’s commitment to bolstering safety and ensuring compliance among its driver partners.

The company, operating in over 15 towns and cities in Kenya, has earmarked KES 20 million ($130,000) for investments in safety-related practices.

The decision to expel drivers follows recent safety concerns raised by the National Transport and Safety Authority (NTSA).

Bolt faced scrutiny and was asked to outline its strategy for addressing safety issues, including instances of physical assault on passengers and unauthorized sale of driver accounts.

The NTSA’s directive was a prerequisite for Bolt’s annual license renewal.

Linda Ndungu, Bolt Kenya’s Country Manager, emphasized the company’s commitment to user trust and safety.

Ndungu stated, “We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride.”

To enhance safety measures, Bolt is implementing internal measures such as random driver selfie checks, providing training for both riders and drivers, and enforcing strict compliance with swift consequences for violations.

Bolt has also introduced improved reporting tools to facilitate the reporting of safety concerns.

Bolt’s move is a response to recent driver dissatisfaction, attributed in part to commission rates exceeding the government’s recommended 18%, including booking fees.

The company aims to address these challenges and reinforce its commitment to safety and compliance within its platform.

Fintech

Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy

Published

5 days ago

November 27, 2023

Investors King

Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.

This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.

The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”

Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.