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African Entrepreneurs in Jack Ma Foundation Africa Netpreneur Prize Initiative Win $1 Million

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$1 Million Awarded to African Entrepreneurs in Grand Finale of the Jack Ma Foundation Africa Netpreneur Prize Initiative (Source: Africa Netpreneur Prize Initiative (ANPI)

The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future.

ACCRA, Ghana, November 17, 2019- Last night the Jack Ma Foundation hosted its first annual Africa Netpreneur Prize Initiative (ANPI) grand finale awarding $1 million in prize money to 10 entrepreneurs from across Africa.

The ANPI is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first trip to Africa in 2017. The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future. In its inaugural year, nearly 10,000 entrepreneurs from 50 countries across the continent applied. The Jack Ma Foundation has committed to running the competition for 10 years.

The finale event, called “Africa’s Business Heroes,” was held in Accra, Ghana, where the top 10 finalists pitched their businesses directly to four prestigious judges including Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba.

The specifics of the prize pool division is listed below. Each finalist is receiving a share of $1 million.

The top three finalists were:


“It was an incredible honor to be named Africa’s Business Hero. I was truly inspired by my fellow winners at today’s Netpreneur Summit. The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa,” said Temie Giwa-Tubosun, Founder and CEO of LifeBank.

The remaining finalists, who each received $65,000, are listed below:


“The finalists who competed in ‘Africa’s Business Heroes’ should be an inspiration for Africa and for the world. Each of these entrepreneurs looked at big challenges facing their communities, and saw them as opportunities,” said Jack Ma, Founder of the Alibaba Group and Jack Ma Foundation. “It is my strong belief that entrepreneur heroes, like these finalists, will change the world – creating companies that drive inclusive growth and opportunity for the continent. Everyone is a winner tonight.”

“This competition demonstrates the overwhelming entrepreneurial talent that exists across Africa. I’m very excited about the future of industry and entrepreneurship for this continent,” said Strive Masiyiwa, Founder and Executive Chairman of Econet Group. “The top 10 truly show the limitless potential of African business.”

“What really struck me about the finalists was that they each addressed specific African problems with a specific African solution in a fresh way, leveraging technology that wasn’t available previously,” said Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group. “If this is an indication of the future of entrepreneurship on the continent, then Africa’s future looks bright.”

Also Read: Meet Mariatheresa S. Kadushi, Founder of M-afya, A Mobile App Providing Health Information In Native Languages In Africa

“Africa’s Business Heroes” will be televised in a two-hour special throughout Africa. The journeys of the finalists as well as their pitches and business insights from the judges will all be included in this exciting television event.

You can watch “Africa’s Business Heroes” on the following dates and channels:

  • December 13, 2019 – ROK 3 on DSTV
  • December 14, 2019 – NOVELA and Sports Focus on StarTimes


Check your local listings for specific channel and airing times.

The initiative will host a pitch competition where 10 finalists from across the continent will compete for $1 million in total prize money every year through 2028. All entrepreneurs across Africa, are encouraged to apply. Entries for next year’s prize will open in the first half of 2020.

Follow @africanetpreneurprize (https://bit.ly/2pqInf) on Facebook, @AFNetpreneurs (https://www.Netpreneur.Africa/)   on Twitter for application details.  For photos and videos from the finale event, please visit Alizila (https://bit.ly/2qWkxgf)

Africa Netpreneur Prize Initiative (ANPI)

Press Release

AfCFTA Extends Reach To North Africa

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The African Continental Free Trade Area (AfCFTA) Secretariat and N Gage Consulting signed a Memorandum of Understanding (MoU) to enhance implementation of the AfCFTA within Africa, with a focus on North Africa and Arabic speaking countries as well as harness the potential of the AfCFTA through targeted outreach towards positive impact in Africa. The MoU was sealed by the AfCFTA Secretary General, H.E. Mr. Wamkele Mene and Mr. Karim Refaat, Chairman of N Gage Consulting and Dr. Sherif Fahmy, CEO.

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The was established as an effort to eliminate trade barriers among African countries with the aim of creating a single market size of 1.3 billion people with a combined annual GDP of $3.4 trillion. As the largest free trade area in the world, the AfCFTA is expected to increase intra-African trade and promote regional economic integration of Africa and, as a result, contribute to the sustainable economic and social development of the continent through the creation of employment opportunities and the reduction of poverty.

Pursuant to the MoU, the two parties commit to strengthen cooperation and promote concrete activities in areas of conducting webinars, tailor effective roundtable sessions, public-private dialogues and to develop a series of monthly newsletters to disseminate relevant information through social media platforms with the aim of raising awareness of business and governments on the AfCFTA, its objectives and showcasing AfCFTA’s Guided Trade Initiative and its role in powering trade among members states. 

Additionally, the collaboration will facilitate the preparation for the AfCFTA Business Forum and The Intra African Trade Fair (IATF) and the execution of different capacity building programs for the member states in order to leverage the AfCFTA to boost intra-African trade and utilise Public Private Partnership (PPP) projects to support investment in infrastructure.

The MoU is expected to promote the AfCFTA as a trade liberalisation instrument and sustainable development enabler and accelerator as well as enhance intra-African trade as an engine for economic diversification and industrialisation.

As one of the leading companies operating in the area of government relations and public policy in the MENA region, N Gage Consulting is committed to support the AfCFTA and will deploy all the necessary resources to strengthen and expand cooperation with the AfCFTA Secretariat to enhance African trade integration. 

In addition to her impressive legal background, Rosemond has cultivated a niche expertise in the tech startup ecosystem. She has consistently provided comprehensive consulting, due diligence, and investor readiness services to numerous companies in the tech sector.

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Press Release

Koa Academy Wins MEST Africa Challenge 2023, Secures $50,000 Funding

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Koa Academy team

MEST Africa, a leading Pan-African tech entrepreneurship training program, seed fund, and incubator, proudly announces Koa Academy as the grand prize winner of the 2023 MEST Africa Challenge (MAC), securing a $50,000 equity investment after a competitive pitch battle among Africa’s brightest tech innovators.

In a thrilling showcase of ingenuity and entrepreneurial spirit, Koa Academy from South Africa stood out at the MEST Africa Challenge finale in Accra, Ghana, surpassing contenders from across the continent. This coveted startup competition, known for identifying and nurturing tech talent, saw Koa Academy clinch the top spot with its groundbreaking solution, poised to transform the Edtech industry.

The competition drew applications from hundreds of early-stage tech startups, rigorously assessed on criteria such as innovation, scalability, and team strength. Finalists from Ghana, Nigeria, Senegal, South Africa and Kenya competed in the grand finale, demonstrating their unique solutions and business models to a panel of esteemed judges, including investors and industry experts.

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Koa Academy, Winner of the 2023 MEST Africa Challenge and a South African innovator in online education, offers dynamic and interactive courses for grades 4-12. With a focus on engagement and accessibility, it champions digital learning, making quality education available to anyone, anywhere, and transforming the educational landscape in South Africa. The startup impressed the judges at the MAC Finale showcasing significant market potential, revenue growth, and social impact.

“Winning the MEST Africa Challenge has been an amazing experience for the Koa Academy team. It highlights the hard work and dedication that everyone has put into growing Koa. This recognition is not just an award; it’s a testament to the passion and perseverance that drives us every day. Amidst the challenges, this journey has brought us closer to others across the continent, forging relationships and connections that fuel our mission even further. We are reminded that we’re not alone in this endeavor and are incredibly grateful for the support and learning opportunities this challenge has presented,” said Lauren Anderson, Co-founder and CEO, Koa Academy, expressing gratitude and optimism for the future of tech startups in Africa.

Ashwin Ravichandran, Portfolio Advisor at MEST Africa congratulated the winner and finalists for their exceptional achievements and resilience. The event also highlighted the support of Absa Bank Ghana for contributing to the challenge’s success. The MEST Africa Challenge continues to be a pivotal platform for emerging tech startups in Africa, offering funding, visibility, and support to innovate and scale. Koa Academy’s victory underscores the vibrant potential within Africa’s tech ecosystem, promising a brighter future for the continent’s digital landscape.

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Deel Acquires PaySpace

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Deel announced today that it is acquiring African-based payroll and HR solution company PaySpace for an undisclosed amount. It is one of Deel’s largest acquisitions to date.

PaySpace has more than 20 years of payroll technology experience, providing payroll engines and HR services in 44 countries across Europe, Latam, Middle East and Africa for more than 14,000 customers. Its size, expertise, and proprietary disruptive payroll technology give it unrivaled scale and reach. Customers include multinationals across various industries such as Heineken, Coca-Cola Beverages and Puma Sports SA.

By acquiring PaySpace, Deel will become the first global payroll & Employer of Record (EOR) with its own full-stack payroll engine localized in 50 countries and integrated into its offering. Deel has the ability to be the system of record for HR organizations worldwide and can give its customers a simple and single interface to manage their global teams. All of this results in greater efficiency and control for companies, faster payroll cycles, more localized compliance insights relevant to their workforce, plus the ability to make changes to their payroll at any time.

The news follows Deel’s acquisition of leading APAC payroll provider PayGroup. Deel now owns the full HR stack- entities, local teams (legal, HR, payroll), and local payroll engines – across six continents. Its four-year ambition is to serve 100 countries with native payroll engines, and this acquisition is a significant step toward that goal.

Deel co-founder and CEO Alex Bouaziz said, “Global payroll is hard to do and critical to get right. As a company, you want assurances you can pay your teams on time, compliantly, anywhere in the world. PaySpace’s single-platform payroll expertise and breadth of coverage, particularly in Africa and the Middle East, combined with PayGroup’s presence in APAC, will give Deel customers the reach they need to grow their businesses globally. Our long-term vision is to be the most comprehensive payroll system in the world.”

PaySpace’s proprietary technology is a cloud native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can localize much faster than any other payroll provider.

Clyde van Wyk, PaySpace Director explained, ”Like PaySpace, Deel strives to evolve its offering through disruption. We set out to modernize the payroll industry, which was burdened by manual processes and stringent legislative and compliance requirements, much like Deel revolutionized global hiring. This acquisition brings together leading employment services and payroll technology expertise, delivering a unique and powerful customer offering with unrivaled automation, flexibility and scalability.”

Deel also announced today that it has achieved $500M+ in annual recurring revenue (ARR) organically, outside of this acquisition. In under five years, the company has grown to 3,000 team members in more than 100 countries. It has been EBITDA positive and consistently generating cash for a year and a half.

Since its founding, Deel has transformed into the all-in-one HR and payroll solution for global teams. It owns 150+ entities in the world and now manages in-house in-country payroll teams in over 70 countries, in addition to offering Employer of Record, contractor, immigration, HRIS, and performance management services worldwide.

 

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