Entrepreneurs who help develop real projects on the blockchain is what is likely to drive African regulators to begin regulating cryptocurrency and blockchain. So, believes Nigerian Yele Bademosi, the director of Binance Labs, the venture arm of Taiwan based cryptocurrency exchange Binance.
Bademosi is also the founder of Nigerian seed funding platform Microtraction, which has recently made several investments in startups in the West African countries (the most recent was in a healthtech startup — see here). It’s not clear why Bademosi took a job with Binance.
In a phone call with Ventureburn last week, Bademosi (pictured above) said most African […]
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South Africa’s top independent economists have found that revenue collections from taxes on cigarettes have declined sharply.
South Africa recently tightened its transfer pricing and disclosure requirements, implementing global standards.
Finance Minister Tito Mboweni has to throw a lifeline to embattled national power utility Eskom before it goes bankrupt in April, say economists.
Let’s get together to jumpstart our country back where it belongs on world markets … writes Deal Leaders Africa managing director Andrew Bahlmann.
Published Wednesday by the Institute on Taxation and Economic Policy, the report listed the effective tax rate of Amazon at negative 1.2 percent.
Applications for the inaugural $10-million Africa Netpreneur Prize will open on 27 March and close on 30 June, the Africa Netpreneur Prize Initiative (ANPI) announced today. This, after the earlier application date was moved from 15 January. It’s not clear why the date was moved forward.
The prize is an initiative of the Jack Ma Foundation. Over the next 10 years, the ANPI will host a pitch competition where 10 finalists from across the continent will compete for $1-million in total prize money.
In addition, all 10 finalists will receive grant funding from the Jack Ma Foundation, as well […]
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Adams & Adams explains what the board should do, the estimated duration of the process and how this affects Bosasa employees and suppliers.
Cairo-based household shopping app GoodsMart today announced that it has secured its second investment from Egyptian venture capital (VC) firm Algebra Ventures. The deal was signed late last year.
The shopping app also provides its users with a payments and delivery service. GoodsMart was founded in 2014 by CEO Amr Fawzi (pictured above) and Ahmed Sudan.
In a statement today (18 February), the startup said the investment was made ahead of preparation for a Series-B round raise.
In an email today (18 February), GoodsMart strategic project and partnership lead Nayra Elberry declined to disclose how much Algebra Ventures invested in the startup, […]
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City Lodge chief executive Andrew Widegger said that with the Waterfall node growing fast, the moment seemed right to expand the group’s footprint.
SA Airways loses in the Supreme Court of Appeal after being found guilty of anti-competitive conduct
SA short term insurer Santam’s investment in Cape Town based digital insurance broker Ctrl — announced late last month — will give the insurtech enough runway for the next two to three years says Ctrl CEO Pieter Venter.
The announcement of the deal was first reported in a story on SA tech news site TechFinancials on 31 January.
In a phone call with Ventureburn today (14 February), Venter (pictured above, far left) declined to disclose how much the financial services giant had invested in the startup. He however said the multi-year funding deal will see Santam acquire a “minority stake” in the startup.
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State arms company Denel said on Monday it was attending a major global defence exhibition in Abu Dhabi this week.
It was envisaged that production would start last year, but the Ethiopian government said that was now likely to happen in 2020.
South Africa’s venture capital (VC) tax incentive allows investors that invest in accredited VC companies that then invest in small businesses, to make a tax deduction of 100% in the year that the investment was made.
To date the SA Revenue Service (Sars) has approved over 120 such funds (find the list here). But very few invest in tech startups.
While Sanari Capital and its Section 12J fund last year invested in two tech startups — Internet of Things (IoT) platform Sensor Networks and Snapt, which provides applications delivery controller solutions (see here and here) — there are really just four funds that […]
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At its peak Nigerian Elvis Chidera’s edtech startup reached over 120 000 users across West Africa. Over 100 students subscribed to use his startup’s Android app’s premium functionalities every month.
But after three years and having invested $10 000 of his own money into the business Chidera (pictured above) last year shut down his Lagos-based business, Prepup.
At the time it closed the business employed a team of five engineers and content creators that provided high school students with a “high quality, personalised way” to study and prepare for exams.
“Unfortunately, we couldn’t find a sustainable business model for Prepup and […]
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A closure of Honda’s Swindon factory in southern England would be its second plant shuttering in 2022.
It reads like “a shitty Hollywood B” film. A Polish entrepreneur has caused a storm by claiming that his Nigerian business partners tried to take over his startup and that they used the police to try to arrest and extradite him to Nigeria, while trying to blackmail him of $300 000.
Marek Zmyslowski’s post last Thursday (14 February) on Medium has rocked Nigeria’s tech scene. Days later, the hashtag Malek was trending as eighth highest for Nigeria on Twitter on Saturday (16 February).
Zmyslowski (pictured above) co-founded Jumia Travel, that quickly became one of the biggest hotel booking sites in Africa, in […]
The post How Nigerian business partner tried to bribe, take over my startup – Polish man appeared first on Ventureburn.
The MetLife Foundation and digital payments giant Visa have partnered to launch the Inclusive Fintech 50 competition which aims to recognise the world’s top 50 early-stage fintech startups that contribute to financial inclusion around the globe.
The competition — which is held in partnership with global non-profit Accion and World Bank global development institution IFC — will be implemented by MIX, the global data resource for socially responsible investors and businesses focused on inclusive finance.
Applications will close on 8 March, while winners will be selected in May and announced in June.
The Inclusive Fintech 50 competition aims to recognise the top […]
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A Polish entrepreneur who claims that his Nigerian business partners tried to blackmail him into paying $300 0000 by using an Interpol arrest, is spinning a lie — says a Nigerian businessman.
It follows Marek Zmyslowski’s post last Thursday (14 February) on Medium that has rocked Nigeria’s tech scene (see this story).
In a post today on Facebook group Silicon Africa, Edmund Diddles — who on Facebook lists himself as the CEO and founder of G-Pay Instant Payment Solutions and as living in Cambridge, Massachusetts — alleges in a comment (see image below) that the Polish entrepreneur has been telling “a lie” and claims that […]
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A financial adviser who spoke on condition of anonymity said this was the first time he had experienced non-payments in 10 years at the group.
South Africa Energy Minister Jeff Radebe will on Monday open the two-day 11th Africa Energy Indaba.
The appointment of his brother-in-law and Energy Minister Jeff Radebe had been for his energy businesses
FirstRand Limited, also referred to as FirstRand Group, has paid one million US dollars to a Nigerian lawyer to settle a contractual dispute.
The electoral commission said the postponement, which is due to last a week, was due solely to logistical factors and denied political pressure.
Pioneer Foods shares rose 1.47 percent on the JSE on Friday to close at R81.25.
Dr Corneile Minnaar is breaking new ground in a field of research, hampered by a lack of a universal method to track pollen for more than a century.
SA tech startup RapidDeploy announced yesterday that it has raised $12-million in a Series-A round from US venture capital fund GreatPoint Ventures and innovation fund Samsung Next. The startup did not reveal the stake that the two have taken in the company.
The funding will help the startup — which just relocated its head office to the US — to accelerate the development and deployment of its cloud aided platform.
The startup’s cloud-based software enables public safety officials to reduce emergency response times and improve situational awareness. The platform is already deployed in over 35 agencies around the world and has to date […]
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SA tech company Xineoh has closed a $500 000 equity funding round and is now exploring opening a second office in Canada — in Toronto — the startup’s CEO and founder Vian Chinner revealed today.
The company, which Chinner (pictured above) founded in 2010 and uses artificial intelligence (AI) to predict customer behaviour, already has offices in Canada’s Vancouver — as well as in Johannesburg (it was formerly based in Bloemfontein).
This follows the firm’s announcement last December that it had closed a $1-million equity funding round, bringing the total funding the startup has secured in the last two months to $1.518-million.
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SAA spokesperson Tlali Tlali denied reports of an unbundling of the airline, sparked by Jarana’s remarks.
The Saldanha Bay Industrial Development Zone has concluded investment agreements.
Do you have an innovative and disruptive tech-based solution for water pollution and sanitation, sustainable cities and communities, as well as smart mobility?
Cape Town based tech accelerator Startupbootcamp AfriTech (SBC AfriTech) has partnered with financial services provider RCS to host the Future Cities Hackathon in Cape Town on 1 and 2 March.
The impact-oriented hackathon aims to solve three UN Sustainable Development Goals (SDGs) — namely SDG 6 Clean water and sanitation, SDG 11 Sustainable cities and communities and SDG 14 Life below water.
The Future Cities Hackathon aims to solve for three UN Sustainable Development Goals
In a statement last Wednesday (13 […]
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Silicon Valley based SA entrepreneur Vinny Lingham says too many funds approved under South Africa’s Section 12J venture capital (VC) tax incentive are using “financial re-engineering” such as investing in property, to allow the rich to “dodge” paying tax.
The incentive, which came into effect in 2009, entitles investors that invest in accredited VC companies that then invest in small businesses, to make a tax deduction of 100% in the year that the investment was made. To date the SA Revenue Service (Sars) has approved over 120 such funds.
Lingham, who it was revealed earlier this month is involved in a R500-million […]
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Durban-based smart metering solutions provider Conlog has partnered with Wits University’s Tshimologong Digital Innovation Precinct to launch a blockchain incubation programme, Reapele.
The programme — which has a strong focus on blockchain and smart city solutions — will be hosted and run by Braamfontein-based Tshimologong.
In a statement yesterday (13 February), Tshimologong said the programme will be delivered in seven phases which will nurture tech businesses, digital products and ideas into viable businesses.
Tshimologong head of marketing Kendal Makgamathe (pictured above) said the […]
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On Wednesday (20 February), Heavy Chef will host an event at Workshop 17 on how businesses can kick start their brand awareness and amplify their customer acquisition strategy. A similar event will also be held in Joburg on Tuesday (19 February).
Two events of note take place in Johannesburg this week.
The first is the Africa Energy Indaba on Tuesday and Wednesday (19 and 20 February) in Sandton.
Looking to scale your business? Then you’ll want to check out The Business Show on Wednesday and Thursday (20 and 21 February) at the Gallagher Convention Centre.
In Cairo, the first heat of The […]
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Treasury has invited key stakeholders to a workshop early next month to address continued concerns around the amended foreign income tax exemption.
Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday.
The University of KwaZulu-Natal will launch its Phoenix-1B sounding rocket at the Denel Overberg Test Range (OTR) in the Western Cape this week.
The Institute of Risk Management South Africa’s (IRMSA) risk report is the outcome of surveys carried out from many business and risk related roles.
Franchise business owners are waiting with bated breath for the outcome of the 2019 National Budget Speech to be delivered by the Minister of Finance.
Zambia remains committed to giving you high-quality products, and in so doing we would like to ensure there is transparency in the industry.