Connect with us

Africa

Jack Ma’s Netpreneur Prize Entries to Close on June 30th

Inversk Review

Published

on

The call for entries for Africa Netpreneur Prize Initiative (ANPI) deadline is nearing, already set on June 30 2019. This means interested entrepreneurs have only 4 days to submit their applications for the chance to pitch Jack Ma and win a share of the $1-million.

Launched in 2018, the Jack Ma led initiative has a budget of $10 million over a 10-year period. This means each year, 10 entrepreneurs will share $1m each year.

Through the contest, Ma aims to support African tech entrepreneurs in their efforts to build a more sustainable and inclusive Africa for the future. Jack Ma decided to create the prize after his first trip to Africa in July 2017 when he was inspired by the energy and entrepreneurial potential of the young people he met.

The competition is open to entrepreneurs from across all countries of Africa to apply; and from all industries, including traditional and tech. It puts a special focus on small enterprises, female entrepreneurs, and those doing work to improve local communities.

The businesses pitched also has to founded and registered in the African country in which they operate. Also, they must have been operational for at least three years and show earnings for these years. Their products or services must also be adapted to the continent’s needs.

To enter the competition, each business must create three short videos – one from the founder, one from an employee, and one from a customer. Applicants must be African nationals leading mission-driven organisations and must have been operating for at least three years. The finalists will be selected by a team of judges from the five regions representing the entire continent.

Interested applicants can head to the ANPI website and click Apply Now. You will need to fill in a form to create an account which you will use to complete the submission process.

Semi-finalists will then be selected by a group of judges and notified in August with the top ten finalists travelling to the Grand Finale in November.

Inversk Live is Kenya's most incisive and informative platform to learn about business news, technology, markets, companies, startups, leadership advise, curated business and industry opinion, and affluent lifestyles.

Continue Reading
Advertisement
Loading...

Africa

Jumia Silently Shut its Cameroon Operations on Monday, Firing its Entire Staff

News Team

Published

on

Jumia Technologies said on Monday it had suspended its e-commerce platform activities in Cameroon because they were “not suitable” for the African state. Reuters reported.

“We came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” Jumia said in a statement.

An anonymous source at the company in Cameroon told Reuters that Jumia had chosen to prioritize growth over profitability. “We wanted to see how business evolved. We can come back, but for now we’re closing (to have) time to study the market.”

The shutdown which comes barely a week after its latest earnings which showed more losses despite the increased prominence of its payment platform is allegedly linked to an attempt by the Rocket Internet-backed company to arrest the cash deluge that has seen the company’s losses rise to nearly a USD 1 Bn since kicking of operations in 2012.

The firm’s shares have tumbled from its Wall Street initial public offering price of $14.50 in April, hitting a record low of $5.10 on Monday after third-quarter results missed revenue estimates for the second time in three quarters.

“Based on our review, we came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” the company said in a statement, adding that its e-commerce operations there had been suspended.

The closure of its Jumia Cameroon is just the latest following the closure of its businesses in both Congo and Gabon, signalling a tough e-commerce terrain in Central Africa. In 2018, Jumia quit its core e-commerce business in Rwanda, continuing only its food delivery service, Jumia Food, in the East African country.

Comment using Facebook

Continue Reading

Africa

Uganda Refurbishes Century-Old Rail Network After China Delays Funding

Georgina Korir

Published

on

Uganda will begin revamping its century-old rail network this month to boost bulk cargo transportation, a senior rail official announced on Wednesday . The development comes days after failing to secure $2.2 billion in Chinese funding for a new standard-gauge line.

After receiving a grant 21.5 million Euros from the European Union and the railway corporation is seeking financial assistance from international development lenders for the rest.

Britain, the former colonial power built the meter-gauge, 1,266 km (790 mile) network a century ago and its main aim was to move copper and other commodities.

However, the network fell into disrepair during the political upheaval and economic instability era. Currently, dilapidated engines hiss and clatter as they trundle between crumbling platforms, pulling drab carriages behind them.

“Due to lack of maintenance over the years, most of the network is now in disuse,” said Kateeba. “We shall replace some areas which have been either removed by vandals or are badly worn.”

When China did not offer funding for the Ugandan section of the Standard Gauge Railway (SGR) regional project, bulk cargo transporters were disappointed as they have been eager for cheaper transport.

Negotiations between the Ugandan authorities and China have been dragging on for more than five years, hoping for funds to construct the country’s own SGR branch. Kateeba spoke on the matter and said several factors, including Uganda’s delayed oil production, delayed a credit deal.

More than 12 years ago in the west, Uganda discovered 6 billion barrels worth of crude oil however; disagreements between the government and oil firms over tax and development strategy have repeatedly delayed production.

Kateeba said that, If oil production had begun, economic growth would mean “we would be able to really afford the credit.”

“China is not giving us charity,” he said.

“Now China is examining whether repayments could be adjusted, costs lowered or the implementation period pushed back,” he said.

Comment using Facebook

Continue Reading

Africa

Air Zimbabwe Jetliner Resumes Normal Flight Schedules after being Granded in South Africa

News Team

Published

on

Air Zimbabwe Plane at the Joshua Mqabuko International Airport (Credit: ZimLive)

The only operational aircraft (Boeing 767-200) of Zimbabwean national carrier, Air Zimbabwe, resumed its normal flight schedules on Friday evening starting with Flight UM462 UNB/HRE from J’Burg to Harare.

“Air Zimbabwe is pleased to inform its valued clients and other stakeholders of the resumption of its normal flight schedule for both domestic and regional routes effective 25 October 2019, starting with flight UM462 UNB/HRE.” read the statement.

The airline’s management apologized to its customers for inconveniences caused after it was grounded earlier on Wednesday by South Africa’s state-run airports management company, Airports Company South Africa (ACSA).

“The National Airline wishes to sincerely apologise to all its valued passengers for all inconveniences caused. Air Zimbabwe wishes to thank and appreciate all its valued passengers for their patience, understanding and continued patronage of the National Airline.” read the statement.

Air Zimbabwe had been suspended from using South Africa’s airports over unpaid landing and parking fees. In total, the airline owes foreign and domestic creditors more than $300 million.

“Air Zimbabwe has not adhered to the cash basis terms for using airports owned by Airports Company South Africa,” ACSA said in a statement. “the prohibition will remain in place until outstanding amounts are settled.” ACSA added.

However, while announcing the resumption of the flight, Air Zimbabwe did not disclose whether the dues were paid or the settlement terms it made with ACSA.

Comment using Facebook

Continue Reading
Advertisement
Advertisement

Sponsored Content

Loading...

Trending

Copyright © 2019 INVERSK MAGAZINE. Developed by ITIPS