Technology
Rwanda is Building Africa’s Very Own Silicon Valley – Kigali Innovation City (KIC)
A multi-billion dollar project inspired by America’s Silicon Valley for the production and development of technological advancement is being built in Rwanda’s capital, Kigali.
This is an innovative effort, the first of its kind on the continent. The aim is to build a critical mass of talent, research and innovative ideas that will transform the continent. The government of Rwanda plans to attract both domestic and foreign universities, technology companies, biotech firms, agriculture, healthcare and financial services; infrastructure including commercial and retail real estate.
According to Paula Ingabire, Rwanda’s Minister of ICT and Innovation, the KIC project has set itself the objectives of creating more than 50,000 jobs, generating $150 million in ICT exports per year and attracting more than $300 million in foreign direct investment.
The project started in 2018 and its said to cost $2 Billion US Dollars. I believe this is the kind of initiative the rest of African leaders/governments should emulate instead of promising jobs that no longer exist to the masses as a means to secure more votes.
Times are changing, and so should the approach to solving economic/social ills. The new era being ushered in by Industry 4.0 demands that people be given the right resources/infrastructure, and in so doing, they’ll create their own employment/livelihoods. As mentioned in my new book Disrupt Yourself Or Be Disrupted, “You can do more today with your life having just an internet connection and that’s an opportunity our parents and grandparents never had.”
And so, Rwanda is committed to becoming the gateway to a technologically developed Africa and it is realizing this with a consistent development strategy that is a sight to behold. Rwanda is one of the world’s fastest-growing economies and leads the African continent in technological advancement and infrastructural development.
Rwanda is yet again preparing to build a $5 billion US Dollar model green city in Kigali from January 2020. This will also be the first in Africa – to focus on green technologies and innovations for green and climate-resilient urbanisation.
Many African nations complain about the negative impact on their development resulting from the legacy of colonialism which positioned Africa to be perpetually at the mercy of the Western World however Rwanda has chosen the noble and daring act of rewriting the script of her future. Rwanda is consciously positioning herself for the Fourth Industrial Revolution(4IR) and genuinely giving the future generations tools to succeed in an era of exponential technologies.
In the 21 years since the1994 genocide, Rwanda has come a long way. Despite a near-total lack of natural resources, the country continues to rise, making it one of the fastest-growing economies in the world. One key to this turnaround is technology. It seems that President Paul Kagame; also known as the “digital president” is positioning the country for an extraordinary leapfrog in the Fourth Industrial Revolution.
“We want technology to sort of permeate all the professions, all the jobs,” says Jean PhilbertNsengimana, Rwanda’s Minister of Youth and Information Technology.
It’s really interesting to note that Rwanda has a Minister of Youth and Information Technolgy. This means the country is paying attention to its greatest asset – the youths!
Hopefully, the rest of the continent is watching and learning from Rwanda – a purposeful Government and leadership abreast with what is trending, positioning itself to be a reference point for economic advancement and innovation through cutting edge technology
In my new book, Disrupt Yourself Or Be Disrupted, I mentioned that “Africa’s hopeful transformation lies in viewing entrepreneurship as a viable career path, not only as a last resort for joblessness. As the Fourth Industrial Revolution takes centre stage, Africa needs more entrepreneurs, innovators, start-ups, disruptors, inventors, pioneers and thought leaders and we cannot afford to be reckless about what will transform our continent.”
The time for disruption is now! The Fourth Industrial Revolution is Africa’s greatest opportunity to leapfrog and compete on a global scale.
“The Fourth Industrial Revolution is not about technology; It is about a new era, new ways of thinking and new ways of doing business” ~Nicky Verd
We have a continent to build! We are the heroes we’ve been waiting for. Wakanda is Real!
Get My New Book “Disrupt Yourself Or Be Disrupted” – A book born out of an authentic passion to ignite human potential in an era of Artificial Intelligence(AI). You cannot out-work, out-learn or out-efficient the machines but you can out-human them!
Article By: Nicky Verd
Seerbit, a Pan-African payment solutions provider, has unveiled Alpha, a white-label product that makes it easier for financial institutions, travel and hospitality companies, online marketplaces and other businesses to drive growth and expedite the penetration of digital payments in Africa by seamlessly launching their own digital financial technology solutions.
Despite the growing trend of digital commerce on the continent, only 5 to 7 per cent of all payment transactions are made via electronic and digital channels. Most transactions are still happening offline which means the majority of consumers are burdened with the inefficiencies of cash-based transactions. This also means there is a significant amount of untapped value as consumers are unable to effectively access credit and other financial services because their cash-based transactions do not give financial institutions enough insight into their spending behaviours to provide the services they deserve.
At the same time, across multiple industries, there are already countless businesses that regularly interface with consumers across the continent and have visibility into these spending behaviours but either have limited access to digital payment solutions or do not have the capacity to build what they need for themselves. Most end up transacting with cash because it is what they are used to, or they settle for off-the-shelf digital payment solutions that only offer generic services.
SeerBit Alpha takes the hassle out of businesses having their own personalised fintech solutions to deliver the services customers want and need, powering them to not only drive growth but add value to their customers by providing easier access to game changing digital financial services. Businesses simply need to plug SeerBit Alpha into their existing platform and they will be enabled to seamlessly offer credit, operate their own payment gateway to facilitate reliable collection of payments from customers, launch digital banking services such as account opening, fund transfers and other banking services, as well as international money transfers, catering to the needs of customers that offer cross-border payment needs.
Businesses can also leverage SeerBit Alpha to sell mobile phone credits and billing services, enabling their customers to purchase mobile phone credits directly through their platforms, expanding their service offerings and opening additional revenue streams.
According to Omoniyi Kolade, CEO and Founder of Seerbit, “Our mission at SeerBit is to make it as easy as possible for businesses to leverage digital payments to drive growth and SeerBit Alpha is one of the products that helps us to achieve this. We are taking away the complexity of having to build your own solutions and giving businesses the opportunity to take advantage of our tried and tested innovation. By leveraging our cutting-edge technology, businesses can unlock new opportunities, drive growth, and establish themselves as leaders in the evolving fintech landscape.”
SeerBit is building a unified payment ecosystem that removes the complexity and fragmentation from the digital payment process in Africa, enabling businesses to seamlessly accept multiple payment methods and streamline online and offline transactions. The company has operations in 10 African countries with a wide range of solutions developed to drive the adoption of digital payments across the continent and enable better payment experiences that positively impact businesses bottom lines. Its partners include The British Council, United Bank for Africa, WiX and other prominent local and international companies.
Flapmax, a leading artificial intelligence (AI) company, announced today its strategic partnership with Intel, the global technology leader, to foster AI innovation and drive economic empowerment in Africa. The collaboration will provide technology access, training, mentorship, and funding opportunities to entrepreneurs in emerging markets, starting with Africa, through the FAST Accelerator program. FAST is designed to help startups that are building cloud-based and AI-enabled products and services supporting Africa’s communities, companies, and governments.
“Flapmax has been working with Intel to develop sustainable digital solutions that readily expand AI accessibility in underserved communities, and we are excited to build on our momentum with the FAST Accelerator program,” said Dr. Dave Ojika, Founder and CEO of Flapmax. “Bridging the knowledge gap in technological advancement is key to creating meaningful social impact. Through this partnership with Intel, Flapmax will bring cutting-edge technology and advanced curricula, including generative AI, robotics, and deep tech, to innovators in Africa and other technologically underserved communities.”
Created by Flapmax in partnership with Microsoft, FAST Accelerator combines business development, AI integration, funding, and community building opportunities designed to enable startups to scale more rapidly and sustainably. More than 800 startups from 25+ countries applied to join the inaugural program. Startup leaders are encouraged to apply to this year’s FAST Accelerator program. The top startup participants will embark on an enriching five-week program in Silicon Valley, California, forging relationships with industry experts, potential investors, and global partners through Flapmax’s vibrant ecosystem of over 600 corporate partners.
“Intel’s mission to shape the future of computing and enable a more intelligent, connected, and productive world aligns perfectly with Flapmax’s vision to bring AI technology to all aspects of life, inclusive of underserved populations in Africa and other emerging markets,” said Michael Campbell, General Manager, Education Client Division, Intel Corporation. “The partnership with Flapmax will greatly accelerate AI adoption for these communities, driving scalable business growth, optimized operations, and contributing to a more sustainable world.”
Program participants will collaborate closely with Intel through extensive mentorship and coaching, ranging from co-innovation projects to sales & marketing support and go-to-market enablement to expand their reach to a broader audience. Members of the Flapmax engineering team will help startups apply new Intel-optimized AI hardware and software solutions as well as scale and fine-tune their AI models on Microsoft Azure cloud platform. Participants will benefit from additional perks, including Microsoft for Startups Founders Hub (up to $150,000 of cloud credits) and Azure OpenAI (including ChatGPT, DALL·E 2, and other Large Language Models: LLM releases), as well as access to Microsoft 365 and Dynamics 365 developer sandboxes.
OPay Business Development & Partnership Director, Mahmoud Khedr (Image: Supplied)
OPay, a leading and rapidly growing provider of financial technology and electronic payments solutions, has announced its intention to apply for a license to establish a digital bank in Egypt with a capital of $60 million, according to the rules for licensing and registration of digital banks, and control and supervision recently issued by the Central Bank of Egypt.
This step is within the framework of OPay’s commitment to its role in developing the Egyptian digital economy, supporting the Egyptian state’s plans towards digital transformation, strengthening the principles of financial inclusion, and building a society less dependent on cash transactions, using the best, fastest and safest financial technology solutions in the Egyptian market provided by OPay, along with its experience in the field of digital transformation in the countries of the Middle East and North Africa, Nigeria and Pakistan.
“OPay” aims to enhance its services with innovation and the latest technological solutions to meet the needs of the Egyptian market, and facilitate the conduct of financial and banking transactions for customers, as the company will work through the digital bank to provide lending, savings and card services via the Internet without the need for customers to go to branches, in addition to OPay services to accept payments Such as points of sale, digital payment gateway, and electronic wallets.
Mahmoud Khedr, Director of Business Development & Partnership at OPay, said: We are excited to obtain a license to establish a digital bank in Egypt, and to work hand in hand with the Central Bank of Egypt and all concerned authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology”.
He also explained that “OPay” is qualified to make a breakthrough in this industry as it has 5 years of experience in the financial technology sector in the countries in which we operate, which represents a real impetus towards achieving success and achievement in Egypt.”
Khedr added, “We achieved great successes last year, as the value of our sales in the region amounted to more than 50 billion dollars, while the number of users of the “OPay” application in all countries reached about 30 million users, and we aspire to exceed these numbers in the current year and achieve unprecedented record rates.”
He added: “We thank the leaders of the Central Bank for the initiatives it is launching to create a supportive climate for the financial technology industry, and for the unlimited support for the financial technology sector and the directives of its leaders towards advancing the digital economy and the great role it plays in developing and developing this sector.”
