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Three Reasons Why Ghana Is Winning In Tech | Martin Best

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This year the Tech in Ghana event has moved its London-based event to coincide with London Tech Week, allowing the 55,000 attendees to get a taste of the Ghanaian tech ecosystem first hand. Those new to Ghana may not appreciate the speed of change in the country nor the degree to which tech-focused services are fuelling growth. There’s significant room for expansion in the economy – a young population that ‘skipped’ a tech generation straight to smartphones. The use of mobile money and e-commerce is normal for these consumers and not a ‘thing for tomorrow’. Below GSMA Intelligence lead Kenechi Okeleke talks about some of the reasons why Ghana is on the cusp of a step change in tech:

Below sources: GSMA / HOOTSUITE

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With the Ghanaian economy posting some of the fastest growth in the world over the last 2 years, the government are keen to attract and diversify inward investment into the economy.

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“We’re looking to make Ghana the best place to do business – technology is critical to our economy and we need to focus on it even more going forwards.”

Yofi Grant , CEO Ghana Investment Promotion Centre (GIPC)

 

Three Reasons Why Ghana

1. Ghana is seeing its ‘weaknesses’ as a tech opportunity.

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It may look small on the map but try getting across the country and you’ll see that for many rural inhabitants, accessing services is no easy matter. This geographical isolation leads to poverty and low growth. Agriculture employs over 40% of the population, but represents only 18% of GDP in 2017 (down 14% points since 2009). Farming is riven by low productivity, and high costs of non-farming related expenditure. Weather patterns, yield optimisation and market prices are all ‘luxury’ items beyond the reach of many. Most of these smallholder farmers live and work in remote rural communities that have poor internet connectivity, poor road networks and low levels of education.

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Step forward Farmerline which combines digital technology with 200+ field agents who deliver information and resources to smallholder farmers. They aim to help farmers increase productivity and yield, generate more profit and build sustainable businesses. They do this by offering inputs such as location-specific weather forecasts, market prices and good agricultural practices suited for the specific crops they grow; all made available through mobile voice messages in the farmer’s preferred local language. All this information is managed and shared from their bespoke Mergdata platform. The platform creates digital profiles for farmers which allows them to receive value-added services such as receiving inputs and advice on credit. This gives farmers immediate access to farming inputs which they can pay for at a later date.

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Mergdata offers decentralized traceability, certification audit, farm mapping, farmer education, and analytics solutions to help organisations that work with farmers achieve their sustainability and food security goals efficiently. We’ve collected insights from 200,000+ farmers in 13 countries, and mapped over 1m acres of farmland. Over the next three years, Farmerline plans to leverage technology to connect over 126,000 farmers in Ghana to extension services. We also have an ambitious goal of reaching and transforming the lives and work of 1.3 million farmers directly and through partnerships by 2023.

Amos Olerty Wussah, Senior Consultant at Farmerline

By increasing farmers’ access to resources and increasing other players’ access to farmers, Farmerline aims to increase the quantity and quality of the global food supply.

 

2. Ghana is a leading tech nation not just a developing one.

Those that have not been to Ghana might not realise how easy it is to get by without touching physical cash – mobile money can suffice in everything from taxi’s to school fees. Beyond the mass consumer tech jump is also a movement to modernise how SME’s operate. Once such example is Jetstream, a cloud-based web platform which consolidates international freight shipments and cross-border shipping.

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African SME’s pay the highest rates globally to import and export cargo in shipping containers. Often, they have no visibility into basic things like transit times, landed costs, and the physical whereabouts of their shipments. What they cannot see, they cannot control. When it comes to the unglamorous work of moving physical goods from A to B across borders, there is a fundamental lack of coordination between the thousands of customs agents, shipping lines, freight forwarders, and truckers who comprise cross-border supply chains in Africa.

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Jetstream’s tech platform, combined with real-world coordination with third-party logistics providers in Africa (customs agents, shipping lines etc.) is designed to solve the SME’s entire logistics problem; being only point of contact that they need when they trade across borders.

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With Jetstream, B2B cross-border trade from Africa is converging with eCommerce logistics.

Say you’re a farmer or factory owner in Africa. You shouldn’t have to become an expert in tariff rates and sailing schedules in order to move 5 tonnes of dried cassava from Ghana to Malaysia, or to buy fertilizer from India, for example, and know the full cost beforehand.

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We create that level of convenience and transparency by putting the fragmented pieces of the supply chain together. You book a shipment on our online platform the same way you would book an airline ticket. You give us details about where your cargo is going, where it is from, and the info we need to clear it through customs. Jetstream then takes that online information and dispatches orders to our network of third party logistics providers — from customs agents to shipping lines — who physically execute the shipment. 

Miishe Addy Co-founder, CEO at Jetstream Africa

Based in Accra, Jetstream claim to have 2 million kilograms of cargo in their pipeline from their HQ in Ghana; with a view to expanding their physical footprint to Lagos and other African port cities by 2020.

 

3. Digitising trade means more than offering aid.

Some were taken aback in 2017 when newly elected President Ghana’s President Nana Akufo-Addo declared Ghana as ‘moving beyond aid’, but this mindset has placed Ghana on the side of reform and a growing belief in economic self-determination.

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The African continent when you look at its resources, should be giving monies to other places…We need to have a mindset that says we can do it…and once we have that mindset we’ll see there’s a liberating factor for ourselves.

President Nana Akufo-Addo

This sentiment is shared by many of the countries entrepreneurs, such as Founder and CEO Samuel Tettey Amanor who runs BlueSPACE Africa Technologies in Accra. Thanks to the recently signed AfCFTA trade treaty, the company will create a linkage with Banks/Insurance/and Trade partners to spur growth on the continent; increasing cross-border payments & FX businesses for companies in Ghana and across Africa.

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How can it be that intra-African trade is only 12%, when intra-EU trade is at 68% for example? Those walls and restrictions are coming down and technology is driving that based on the landmark political decision to work together across the continent. With our BlueSPACE (BlueTRADE Platform), we’re fully supporting the aim of increasing intra-African trade by as much as $35 billion per year by 2022 as stated in the last meeting BlueSPACE represented with IMF officials.

Samuel Tettey Amanor Founder & CEO BlueSPACE Africa Technologies

52 of 55 nations across Africa have now signed the treaty and this is allowing entrepreneurs to see their own region in a new light. At a company level, it addresses the challenge of a business operator exporting goods to an African counterpart with an average rate of protection of around 12.4% compared to 8.4% when exporting overseas.

Ghana still has a long walk ahead. Countries such as Malaysia and South Korea have all found the ‘middle income trap’ a challenge to navigate with mixed success. For it to thrive in the coming years, it will need sustained reforms, forward thinking institutions and a corruption free platform for inward investment. With a bullish young and educated population, a proven democracy and an ever-more-influential diaspora the ingredients are there for greater diversification of the economy.

 

Akosua Annobil

Founder of Tech in Ghana, Akosua Annobil is keen to widen the interest in Ghana from the diaspora to the mainstream Tech scene – and London Tech Wekk offers that visibility.

What might surprise many observers is how international the Tech in Ghana event is. By holding this year’s event within London Tech Week, we’ve seized the opportunity to further internationalise and widen participation. Whether you’re an American based Venture Capitalist or a European tech start up looking to expand, our event is a window to an economy that is booming, and sincerely pushing the tech agenda in both the public and private sectors. Ghana is a entry point to a continent that offers stability among a whole region of growth. It’s tech-based businesses that offer many of the solutions to unlocking those opportunities in the coming years, which is why this event is so important.

Also Read GO Ads: A hybrid Ad Network pushing adverts on every screen in Africa – Boluwa Olojo

 

Author:

Martin Best is the Managing Director of the agency Full Reach

Press Release

AI Expo Africa, Wesgro, and Zindi launch the Deepfake Africa Challenge

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AI Expo Africa, in partnership with Wesgro Film and Media Promotion and African Data Science competition platform Zindi, has launched the Deepfake Africa Challenge in a bid to raise awareness about deepfake media, tools and ethics on the African continent.

Deepfakes have been prominent in the news in the last two years as the tools and platforms that allow for such content to be produced are widely available and easy to use by both skilled and casual users.

While some deepfakes can be used to create fun, viral videos or new synthetic applications such as digital avatars that have multiple applications, they also can be used to manipulate or generate visual and audio content with the potential to deceive with subsequent negative impacts for people, organisations and wider society.

Dr Nick Bradshaw, founder & CEO of AI Media the company behind AI Expo Africa, stated, “The objective of the challenge is to create convincing deepfakes to highlight the power of this synthetic media, illustrating its creative potential for exploitation for both positive and negative outcomes and focusing debate about its ethical use or mis-use in an African context. We partnered with Zindi as they have the largest community of Data Scientists in Africa, and Wesgro Film Unit to tap into the award-winning creative industry based in the Western Cape, South Africa. This challenge is open to both creative and technical talent across Africa. We look forward to seeing the outcomes from the submission.”

Wesgro Film and Media Promotion head Monica Rorvik commented, “Deepfake media can have negative outcomes. This challenge serves as an opportunity and platform that we can leverage during this interesting time of the “Pandemic of deep fakes” – and by working together, and checking facts, we can learn together and gain some herd immunity.”

Zindi co-founder and CEO Celina Lee stated “Deepfakes are fast becoming a challenge of our time. Through the Zindi platform we are seeking to tap into the collective insights and creativity from twenty-six thousand African data scientists to shine a light on this topic and create debate about the potential harms these media and tools can do from a uniquely African perspective.”

Submission and evaluation

Submissions are welcome from across the African continent and from relevant communities including researchers, developers, content creatives and film makers. The winning submissions of the Deepfake Africa Challenge will be showcased at AI Expo Africa 2021 ONLINE between 7 to 9 September.

Submissions for the Deepfake Africa Challenge can be either video or audio based. Each submission should be no longer than 90 seconds in length (MP4 or MP3 preferred final format). The content submitted must not be offensive or harmful in anyway and any submissions deemed to contravene this rule by the judges will be immediately rejected.Winners must be citizens of an African country and must be residing in Africa.All entries will be judged as follows:
  1. Artistic creativity and relevance to the challenge topic
  2. Level of innovation used in the process to generate the content
  3. A short explanation of platforms, tools and techniques used to generate your submission will greatly enhance your submission and are encouraged so we can build a picture of the most common tools and techniques used

The judging panel will be made up of representatives from Zindi, The AI Media Group and Wesgro. The judge’s decision will be final.

Prizes

1st Place Winner: Complimentary ticket to join AI Expo Africa 2021 ONLINE (including 1x return economy flight & 4x nights hotel stay B&B courtesy of Radisson Blue to join us at AI Expo Africa 2022). The 1st Place Winner’s flight is eligible to delegates joining from outside the host city capped to $1000 using economy class fare. Expenses and visas are not included.

2nd and 3rd prize winners to receive 1x complimentary ticket to AI Expo Africa 2021 ONLINE.

Top 3 placed winners will have work showcased at AI Expo Africa 2021 along with write up and press mentions.

Timeline

The competition closes on 30th July 2021. Final submissions must be received no later than 11:59 PM GMT 30th July 2021. Winners will be notified and announced by 17 August 2021 with the winning submissions being showcased at AI Expo Africa 2021 ONLINE between 7-9 September.

The challenge organisers reserve the right to update the content timeline if necessary.

 

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Possibilities of Making Profits On Crypto, Risk-Free

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Over the course of the last decade, cryptocurrencies have experienced unprecedented growth and garnered a lot of interest across a range of demographics from all over the world. Interest in digital currencies is spiking globally and search terms such as “how to buy Bitcoin” have seen an uptick in interest according to Google trends. This is just one of many indicators that suggests a notable influx of people are entering the blockchain space and looking to explore the crypto ecosystem.

While the market cap of digital assets has varied extremely with price fluctuations, it, however, grew from about US$10 billion in 2013 to about $237 billion in 2019. Also, in the last 5 years, the increase in Bitcoin (BTC) private accounts and trades has averaged about sixty percent every year. Currently, the market cap for digital currencies is just above $2 trillion.

Even though many people have made early gains in digital assets, the cryptocurrency space is still in the early phase of development. The Internet for example, was created in 1969 and the “worldwide web” was designed in 1989 and subsequently the first web browser in 1990. Compared to those revolutionary technologies which massively transformed the communications landscape, blockchain technology is nascent and cryptocurrencies have only been in use for only a decade.

Crypto goes mainstream

Social media has exposed a lot of people to the crypto industry. The mass media is quick to broadcast the movements in bitcoin prices, leading to FOMO and FUD or the hysteria that sometimes characterizes crypto markets. Overall the ever growing coverage has done more to spur further development of new innovations within the space.

The price increase of cryptocurrency will probably be boosted by increased cryptocurrency adoption. While many institutions have started to invest and buy Bitcoin, there are still a lot of firms waiting in line to invest and buy Bitcoin. The average volume of digital assets transacted on any given day is just one percent of the FX trade. Regardless of cryptocurrencies increasing to more than $2 trillion in market cap according to Coinmarketcap, digital assets are still a tiny fraction of global equity trade ($34.8 trillion in 2020) and worldwide debt trade (over 281 trillion in 2020) according to Bloomberg.

With more institutional adoption of Bitcoin and other digital assets, traders and investors are presented with more chances to make money in the digital asset space.

How to make money with crypto

There are several ways of making profits with digital assets. Given that digital assets are basically volatile, many digital assets involve a great level of risk while some need greater expertise. It is important to have prerequisite knowledge about digital assets before you buy bitcoin.

One of the ways of making profits with cryptocurrency is through investing. This is generally for long-term purposes. It requires you to buy Bitcoin or other cryptocurrencies and hold them for a chosen period of time. This can be done via different traditional crypto exchanges or P2P platforms like Remitano. Digital assets are usually well-suited to the investing practice of buying low, holding and then selling high. Cryptocurrencies are highly volatile in shorter timeframes, however, they typically and have historically offered a much more lucrative upside over long periods compared to traditional investment vehicles.

Studies have also shown that most BTC profits are realized in the ten best trading periods of the year.

Due to cryptocurrencies being naturally volatile, investing for a long period is one of the ways of making profits with cryptocurrency. Just like with any type of investing, risks have to be thoroughly considered and expectations of rewards have to be managed well.

Another way of making profits with cryptocurrency is to trade digital assets. The most notable difference between investing and trading is the general time frames between entering and exiting positions. Investing is for a long period, while trading is basically to leverage opportunities over a short period. To trade digital assets successfully, it is important to know the basic fundamentals and have the capability to conduct technical analysis in order to avoid making costly mistakes.

Making profits via trading cryptocurrencies is more about knowing the price trend and pattern and utilizing it to forecast future value, many times over a short period. Find out the 20 best platforms to buy Bitcoin and other digital currencies in South Africa.

What is the possibility of making profits on crypto, risk-free?

Trading digital assets sounds relatively easy, however, due to the highly volatile nature of crypto assets, it involves a lot of risks. One of the ways to make profits on cryptocurrency with relatively low risk is by doing cryptocurrency arbitrage. This trading method exploits price and demand gaps between different digital asset marketplaces. But, the trades have to be done almost instantaneously to realize gains.

Arbitrage Trading

Crypto arbitrage involves exploiting price differences on different crypto exchanges for your benefit. This method is effective in places where bitcoin price varies from one exchange to the other like in South Africa and Nigeria. The price differences could be a result of several factors.

Arbitrage trading involves buying bitcoin or other digital assets from one exchange and selling it on other exchanges at a higher price. Selling the asset after the purchase must be done relatively quickly to avoid price movements narrowing margins or leading to loss at times.

Exploiting the price difference using the cryptocurrency arbitrage technique requires a cryptocurrency market that has price discrepancies depending on the supply and demand in the different markets.

Remitano Invest

Another way to make money risk-free is with Remitano Invest. Remitano invest allows you to buy and invest in cryptocurrencies without putting your capital at risk.

How?

With the Stop Loss and Take Profit features, your crypto asset will be liquidated to USDT (a stable coin) to prevent loss and maximize your profit. You simply set the auto sell price for the Stop Loss and Take Profit. When the asset you have invested hits your Take Profit price, Remitano Invest converts it into USDT to secure your profit. However, if the asset’s price falls to your Stop Loss price, the system will convert it into USDT to help you secure your capital and prevent further loss.

Risks and benefits are an intrinsic part of most money markets and they go hand in hand. Risks cannot be eradicated but they can be managed. Some risks can be managed by utilizing effective risk management practices. Personal risks like wallet hacks, coin theft, and loss of access to funds can be offset by making sure you implement good security practices.

Article & Image source: Heath Muchena

 

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Lami, Kenya-based Insurtech secures $1.8 million to accelerate digital insurance in Africa

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Lami team and press release (Source: Eva Barasa/Lami Tech/medium)

Lami Technologies, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today it had raised $1.8 million in seed funding.

The round was led by Accion Venture Lab’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved.

Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses — including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs. Lami connects partner organizations, such as the e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.

Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to enable businesses to offer unique insurance products to their underlying customer base, with flexible options that meet their needs and cash flows, such as monthly medical policies for startup employees.

Jihan Abass, CEO & Founder of Lami (Source: Eva Barasa/Lami Tech/medium)

Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers while enabling large volumes of users to access insurance, often for the first time.”

Africa’s insurance market currently stands at a 3 percent penetration rate, except for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage to provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, mainly relying on brick-and-mortar channels where policies are sold and processed manually. This results in a longer processing cycle, poor customer satisfaction, and higher distribution costs.

Lami’s digital insurance platform leverages cloud computing, automation, and third-party service providers such as emergency and valuation, or identity and asset verification databases, to offer a comprehensive ecosystem for the businesses they partner with to develop, distribute and manage highly streamlined and competitive insurance products that are designed to meet their customers’ needs.

Since its inception, the insurtech startup has sold more than 5,000 policies and has partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance, distributing more than 30 products available including medical, motor, employee benefits, and device insurance. As an innovator in the digital insurance space, Lami aims to continue diversifying its business by looking for new partners and building on its core technology.

Michael Schlein, President and CEO, Accion Venture Lab, said: “Ninety-seven percent of Africans lack access to insurance — a financial safety net that can help them build resilience against economic shocks. Lami helps address this need for consumers across Africa through its innovative approach that leverages technology and partnerships to help any business develop and sell insurance.”

“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for customers to purchase insurance that is specific to their needs. By embedding customized insurance within businesses that customers know and trust, Lami is making insurance accessible for underserved populations in Africa and enabling them to build financial resilience. “said Ashley Lewis, Africa Director, Accion Venture Lab

This investment highlights the strong commitment of all organizations to ensuring that financial services are made accessible and affordable for the underserved.

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