Sources Intimate that Rocket Internet is preparing a Jumia IPO

Banking Crisis
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Reuters sources have intimated that German start-up investor Rocket Internet (RKET.DE) is preparing its African online shopping platform Jumia for a possible New York listing in the first quarter of 2019 which could value the firm at about $1 billion. Citi (C.N), Morgan Stanley (MS.N) and Berenberg are coordinating the IPO, the sources said. Shares worth up to $250 million may be sold, one of the sources said, adding that no final decision about the timing or metrics of the deal had yet been taken. The investor and the banks…

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Fintech Will Contribute $150 Billion to Africa’s GDP by 2022

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The contribution of the financial-technology industry to sub-Saharan Africa’s economic output will increase by at least $40 billion to $150 billion by 2022, according to Financial Sector Deepening Africa, a development-finance organization. The industry currently employs about 3 million people directly and indirectly in the region, FSD Africa Financial Markets Director Evans Osano said in an interview on Thursday. Sub-Saharan Africa’s gross domestic product is about $1.6 trillion, according to data compiled by the International Monetary Fund. “If you look at the value chain, most of that money is coming…

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Internet Solutions pilots pay-per-use Internet

Data
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Internet Solutions (IS), formerly Access Kenya Group, will offer consumption-based billing for businesses as opposed to the traditional fixed billing. The Internet firm is piloting the service that will see businesses pay as per their usage, cutting down on extra costs experienced during down time and off-peak seasons. “Bandwidth is widely considered a utility like power and water and users want it where and when they need it. “Enterprises are demanding convenience and flexible consumption models that respond to their needs,” Internet Solutions managing director Richard Hechle (pictured). According to…

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SEC Suspends Exchange-Traded Bitcoin and Ether Investment Vehicles as market crash continues

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Ether, the second-largest virtual currency, slumped 8.9% from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin lost 2.1%, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to $197 billion — down about $640 billion from its January peak. Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily…

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Google reportedly paid millions of dollars in secret data deal with Mastercard to track retail sales

Facebook
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For the past year, select Google advertisers have had access to a potent new tool to track whether the ads they ran online led to a sale at a physical store in the U.S. That insight came thanks in part to a stockpile of Mastercard transactions that Google paid for. The revelation comes amid heightened concern about how much consumer data is consumed by tech companies like Google. Earlier this year, Facebook was criticized when data on as many as 87 million people was improperly shared with Cambridge Analytica, raising…

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e-Commerce in Africa could hit US$75 billion by 2025

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How to capitalise on the African Continental Free Trade Area (AfCFTA) and develop an African e-commerce strategy for possible adoption by the Africa Union (AU) dominated discussion at a recent AU conference in Kenya. Jean Bertrand Azapmo, Regional Trade Advisor at the AU Trade & Industry Department, said, “The roadmap provides for the mapping of stakeholders and the creation of Multi-stakeholder Working Group/Platforms so as to provide an opportunity for African SMEs and startups to share experiences and best practices, share ideas; which is crucial for e-commerce development.” e-commerce can…

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Bitcoin Sinks Below $6,000 as Almost Every Cryptocurrency face downfall

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Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887 as of 3:07 p.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but three of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours. The total market capitalization of virtual currencies dropped to $192 billion from…

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MultiChoice Shouts for Netflix to be regulated, Blames itself for not innovating

A message Netflix gave Verizon home Internet customers during a money dispute in 2014.
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Pay-TV operator MultiChoice lost more than 100,000 premium subscribers in the previous financial year. CEO Calvo Mawela attributed this loss of business to unregulated competition from video-streaming company Netflix, saying it had an unfair advantage as it was not under any regulatory pressure in SA. The pay-TV operator that continues to bleed subscribers, is fighting tooth and nail to remain relevant amid tough competition from online streaming services. However, MultiChoice, which owns DStv, said it was aware that failure to adapt its business model could make it a victim of…

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Senegalese-Born Musician Akon To Launch Akoin Cryptocurrency

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The American-based Senegalese artist says the cryptocurrency will be the currency of choice in Akon Crypto City, a 2,000-hectare development which is under construction in an area just outside Dakar, Senegal’s capital city. The rapper describes the development as the real-life Wakanda. He also believes the technology has benefits for those on African soil, disadvantaged by political and social circumstances. Unfortunately, Akon didn’t reveal any technical details of the cryptocurrency. CANNES — Senegal-born star Akon — whose Lighting Africa project is bringing solar power to Africa — is at Cannes…

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Lyft makes it easier to track business travel expenses

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Lyft  announced today that taking a business trip and then actually turning in your travel receipts just got a whole lot easier. A new feature for business profiles will allow employers to create a direct connection between employee trips and travel managers in charge of their reimbursement. While this integrated functionality is not new for the ridesharing company, it is the smoothest it has ever been. In 2016, Lyft launched its business profiles to allow users the ability to easily share receipts via their work emails. Then, in the summer of 2017, the company announced in-app integration…

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