Opening a restaurant is a dream that many people share, but only a few are able to turn it into a successful reality. The restaurant industry is known for being...
Not every entrepreneur faces the same barriers. While some struggle to access financing, others—like Ian Clarke—have found ways to navigate the system and unlock new opportunities. After stepping away from...
For three decades, the mobile phone has been an evolving cornerstone of Uganda’s landscape, consistently defying obsolescence. Far from being a mere communication device, it has seamlessly integrated into the…
Diana Nabukenya Adeyemi, Co-founder and CEO of Richland Foods Ltd, is the trailblazing entrepreneur behind the Yo ‘Nyama brand — a fast-growing network of halal butchery kitchens in Uganda. Her...
The emergence of artificial intelligence (AI) has ushered in a transformative era in technology, reshaping industries and revolutionizing the way we live and work. Over the past decade, AI has experienced exponential growth, with advancements in machine learning algorithms, deep neural networks, and big data processing. According to a recent report, the global AI market is projected to reach a staggering value of $190.61 billion by 2025, growing at a compound annual growth rate (CAGR) of 36.62% from 2018 to 2025. This rapid expansion is fueled by various factors such as the increasing adoption of AI across sectors like healthcare,…
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As per Africa: The Big Deal, African startups raised $621.8 million from just 34 deals which makes it an average of $18.3 million per deal in May 2023. This is a 42% increase year-over-year from May 2022. On a month-over-month basis, funding grew by 379% from the 129.8 million that was raised in April. Startups raise funding for several reasons. Firstly, funding allows startups to fuel their growth and scale their operations. It provides the necessary financial resources to hire talented employees, develop and improve products or services, and expand into new markets. Additionally, startups often require capital to invest…
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Pan African startup, Chipper Cash, has laid off at least 10 employees in its latest round of playoffs including the Global Head of Marketing and the Country Director of Kenya. This is the third time that Chipper Cash has laid off employees since December 2022 which has raised some questions about the potential impact such changes would have on the startup’s operations. In a confirmation of the latest round of layoffs, Chipper Cash wrote in an email to TechCabal, “As part of our previously announced restructuring as an organization to focus on core products and markets, we recently made redundant…
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In startups and general businesses, valuation refers to the process of determining the financial worth or value of a company. It is an estimation of what the market considers the company’s value to be based on various factors, such as its assets, financial performance, market potential, intellectual property, and growth prospects. The way startups are valued is different from regular businesses. This is because of their unique characteristics and uncertainties. Firstly, startups are typically in the early stages of development, lacking an extensive operating history and often generating limited or no revenue. Unlike established companies with a track record of…
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Ugandan fintech, Zofi Cash, has raised USD 1 Million in a pre-seed round from Advancly. The funding round, which is purely debt, will see Zofi Cash extend its salary advance services to cover a waiting list of 20,000 employees. Zofi Cash was founded in October 2021 by Paul Kirungi, the CEO and Gordon Turibamwe as the CTO, a pair of Ugandans who returned to Uganda after a decade in the USA with a goal to end the 30-day pay cycle. “We partner with employers who want to extend this (salary advances) to their employees,” Paul tells CEO East Africa in…
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In September 2012, Paul Kirungi arrived at New York’s John F. Kennedy International Airport, with one goal in mind, to pursue the American dream. Paul had decided to leave behind a burgeoning journalism career that he had carved out at Kisementi-based Capital FM to pursue better opportunities in the USA. “It was a leap of faith for me. “ Paul tells me. “I was excited for this new chapter in my life.” Just like any new migrant to a new place, he knew he had to find a way to survive and get his new life started. His first job…
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Two Ugandan startups, Xazu Technologies and eMaisha Pay have been selected for the inaugural Amazon AWS Fintech Accelerator program. AWS (Amazon Web Services) is the cloud computing arm of technology giant, Amazon. A total of 25 startups were selected from seven African countries. Xazu Technologies is a fintech that operates the Omni Smart Card, a card that students can use to receive pocket money from their parents and also conduct cashless transactions at the school canteen. On the other hand, eMaisha Pay describes itself as Africa’s first neobank for agribusinesses and it makes it quick, convenient, and flexible for micro…
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Africa’s leading e-commerce platform, Jumia, recently recorded strong financial growth in the first quarter of 2023. This happened under her new leadership led by Francis Dufay who became full-time CEO in February 2023. Through a restructured approach and strategic cost-cutting measures, Jumia has achieved significant loss reduction, which represents a positive change for future earnings. This article explores the key factors driving Jumia’s performance and presents a strategy for the company’s future growth. Streamlined Operations and Workforce Optimization Following a comprehensive evaluation of its operations, Jumia initiated streamlining efforts in the fourth quarter of 2022. This led to a 20%…
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According to the Food and Agriculture Organization (FAO) of the United Nations (UN), Uganda loses an estimated 40% of its food to post-harvest losses, including spoilage. This means that for every 100 kilograms of food produced in Uganda, 40 kilograms are lost before it reaches the consumer. There are a number of factors that contribute to food spoilage in Uganda, including poor infrastructure and poverty, which means that the majority of Ugandans do not have the resources to store food properly or to buy food that is not spoiled. I was excited to learn that a young startup founder, Jean-Paul…
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43% of banks cited the rise of fintechs and challenger banks as the biggest threats to their business according to the third edition of the African Digital Banking Transformation Report released by The African Banker Magazine in which a record 153 banks across 33 countries on the continent were surveyed. This was further reflected in the priorities carried by the banks this year with at least 83% of the banks considering building digital payments mobile app or a mobile wallet app as a priority to stave off the competition from the fintechs. However, there are possible synergies between fintechs and…
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