Africa’s ego heightens as the black continent thrives aggressively to meet the standards of the western civilisation influenced by the “Great 8” autonomous economies. The western world currently depends on technology, integrating “ones and zeroes” with other high-end or household hardware preaching digital innovation to the nooks and crannies of earth, Techbooky writes.
Take a second or two to visualise a global network of data stored in a digital bank — enormous data can be remotely stored amidst clouds with high-end technology. Tech behemoth companies have reportedly influenced this “data generation” with innovative solutions. Africa yearns for digital equality at the pace at which western civilisation rapidly evolves.
The African digital economy currently experiences a significant surge that trends during the Coronavirus outbreak. Both African giant and startup companies purportedly contributed to the current digital surge in Africa. Innovative digital experience has depicted technology as a soluble and expandable tool that can be integrated with either a tangible hardware or software object for efficient outcomes.
For context, your regular legal tender has evolved to unprecedented digital money (aka; cryptocurrency). The likes of Bitcoin, Ethereum, Dodge, etc. have a lucrative performance that influences the digital market. The FinTech sector contributed the most digital innovation that influenced its domestic economy surge.
Grab a bottle of water as we discover African-based technology platforms that made the news in 2021.
The Chronicles Of e-Naira
e-Naira made Nigeria visible on the continental map as the first official African-owned digital money. Despite all the hype and federal support, e-Naira’s value flops competing alongside other cryptocurrencies in the digital market. e-Naira’s debut stunned the Nigerian digital economy — since the federal government initially castigated digital money.
Recall the CBN is yet to release commercial banks to venture into the digital market. The CBN commenced a research program on cryptocurrency to discover its vulnerabilities. Crypto exchange platform seized operation at the time in Nigerian. e-Naira rollout is still uncertain whereby there are fewer tools to influence Nigeria’s digital coin.
The Nigerian Government vs American-based Social Media
Jack Dorsey’s world-famous bird app got restricted in Nigeria by an executive order from the president. Twitter made the first approach towards regulating President Mohammed Buhari’s activity online. Buhari ordered the Twitter ban a short while after he got suspended for violating Twitter rules — a regulatory system that pressured the previous American President, Donald Trump to establish his social media that turned out to be lame per user reviews.
The Nigerian federal government continued to challenge WhatsApp’s espionage motives. The quick Messenger app has billions of active users in Africa. The Nigerian government doubts the credibility of WhatsApp’s encryption technology because the #EndSars campaign protested against the current Nigerian presidential administration that is reportedly disorganized and promotes violence on social media.
South African Owned Telecom Behemoth MTN Reported More Gains Than Lose In 2021
MTN Nigeria influences the growth of other branches MTN stationed in other African countries, including South Africa — MTN Nigeria is just an investment initiative. The telecom giant gained over 25% extra revenue despite the unfavourable market conditions in H1. MTN shareholders agreed to sell off 14% of its recoverable asset, based in Nigeria.
MTN’s business invested in Nigeria gave the telecom giant an edge to pioneer fifth-generation technology installation in Nigeria. MTN competed against Airtel and Mafab, auctioning to win the 3.5GHz spectrum initiative hosted by the NCC. MTN and Mafab emerged champions after expensive bids. Meanwhile, MTN 5G technology is already active in South Africa — MTN rolled out limited broadband connectivity that covers 125 areas.
Google’s Chief Executive Sundar Pichai $1bn Investment Initiative Committed To Transform Africa Digital Economy
The Search Giant has reportedly influenced the African digital sector with diverse investment schemes targeting startups with innovative solutions. During the previous tech events Google hosted for Africans, Pichai’s speech bragged about his commitment to support bootstrapped startups in Africa.
Pichai’s billion-dollar investment initiative has a five-year timeline to influence credible digital transformation. Ugandan/Nigerian-based SafeBoda reportedly benefited from Google’s investment initiative as the first African startup company.
The FinTech Sector
Several African-based FinTech companies are still in their startup stage, while others came to the limelight bootstrapping. On the other hand, several, startup FinTech brands have gained the limelight while they raise funds for vast expansion. Either angel investors or capitalists have ventured billions of dollars into African startups with innovative experience and potential to qualify for investment deals.
Top four FinTech platforms that bagged the most funds in 2021;
- Chipper Cash raises $150m, Valued At $2b.
- SA-based JUMO bagged $120m during the latest funding.
- Kuda raised $50m Series B funds, valued at $500m.
- Taptap Send bagged $65M Series B Deal.
Nigerian-based MaineOne Acquisition Deal Bags More Cash Than Helium Health’s Colonization Of UAE’s e-Health Marketplace
MaineOne is currently a multinational technology as Equinix parents its broadband business. Equinix is an American cloud-first digital company that recently interconnects to Africa’s digital industry via MaineOne acquisition that is reportedly worth hundreds of million dollars.
Contrasting with Helium Health’s acquiring Meddy healthcare. The deal with the Arabian GCC endorsed e-health platform was a success story with an undisclosed price tag.
The Chronicles Of e-Naira
e-Naira made Nigeria visible on the continental map as the first official African-owned digital money. Despite all the hype and federal support, e-Naira’s value flops competing alongside other cryptocurrencies in the digital market. e-Naira’s debut stunned the Nigerian digital economy — since the federal government initially castigated digital money.
Recall the CBN is yet to release commercial banks to venture into the digital market. The CBN commenced a research program on cryptocurrency to discover its vulnerabilities. Crypto exchange platform seized operation at the time in Nigerian. e-Naira rollout is still uncertain whereby there are fewer tools to influence Nigeria’s digital coin.
The Nigerian Digital Sector Accounted For More $13.4B GDP Per 2021 H1
The Nigerian Bureau of Statistics revealed the current surge its digital economy is experiencing to 68.4% value. Remitting funds via e-wallet or other electronic means of payment has placed the FinTech sector in its prime. Every other digital platform has reportedly integrated with remittance access promoting convenience per click.
The FinTech sector appears to be a universal asset utilized by 70% of digital platforms beyond Africa. The digital economy’s current status suggests 2022 will yield bountiful revenue exceeding 2021’s annual GDP outcome.
Globacom Celebrates Two Decades Of Existence Debuting Glo TV
The Nigerian-owned telecom behemoth clocked eighteen years of consistent broadband connectivity. Glo debuts its television streaming service that displays on any available OS, including Android, iOS, the web, and TV OS. It is duly expected of Globacom to unleash rivalry tactics to compete against the likes of Airtel, Mafab, and MTN in the installation of 5G broadband technology in Nigeria.
Access Bank Income Via E-Channels rise by 37%
Still, the commercial bank made more than its usual revenue from casual banking. Access Bank’s e-channel business depicts the lucrative dividend from FinTech. Access Bank is expected to pull twice its total revenue because Access recently merged with another commercial bank dubbed Diamond Bank. Access Bank controls more shares than its subsidiary does. For context, Diamond still reflects as a brand name.
Global Chip Scarcity Is Affecting Africa
Global tech giants such as Google, Apple, Microsoft, Samsung, etc, have reportedly attempted to counter chip shortage to have built their custom semiconductors rather than depend on third-party chips manufacturers. Several chip manufacturers have problems distributing their products as well as other tech companies that demand these goods.
Since Africa can’t use a semiconductor to build technology, Africa depends on other developed worlds to get the job done. For context, some Apple products or Samsung Electronics cannot be produced and these devices will not be distributed to Africa. Just as the shortage continues, it inflates the price tag of a product.
