Hi Quartz Africa readers!
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In much less than three years, OPay has long gone from a queer startup identified for its motorcycles in Lagos, Nigeria, to a monetary services and products firm value $2 billion. The most modern valuation comes after the firm raised $400 million in a round led by SoftBank, with Sequoia Capital China and 5 other good companies participating.
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OPay’s unusual valuation makes it the fastest African startup to injurious $1 billion in value (although there’s a debate about whether or now not it even is an African startup. OPay is owned by Chinese language billionaire Yahui Zhou thru Opera, the tool firm based mostly mostly in Norway).
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In Nigeria, which has been the defective for OPay’s vital operations for the explanation that startup launched in 2018, “agent banking” is a fresh source of enhance. The firm provides contributors with a level-of-sale machine and underlying tool, so they’ll act as banks and ATMs. Though they would possibly presumably presumably now not be available in the market 24/7, these brokers are in a space to open bank accounts, acquire deposits, and fulfill withdrawals. OPay says it processes $3 billion in transactions every month.
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Challenge capital has also pushed the firm’s mercurial enhance. Interior a six-month length in 2019, OPay raised $50 million and then $120 million, surroundings down an early marker for its ambition to dominate African fintech. The realizing became to be a trim app for seek for-to-seek for payments, transportation, food, asset administration, and even instantaneous messaging.
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SoftBank’s investment opens the likelihood that it can presumably presumably well moreover toughen more African startups, although the scale of this round signifies that these startups will must quiet be on a speedily-music enhance trajectory unbiased like OPay’s. That would attain with its grasp invent of pressure, and SoftBank’s rocky adventure with WeWork stays unusual in loads of minds. Restful, the firm’s entry confirms that African fintech is mature and has the enviornment . —Alexander Onukwe, west Africa correspondent
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Stories this week
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Africa joins the international dwelling dart. African countries are searching to accommodate to fulfill the rising quiz of for connectivity, fueled by speedily-changing records consumption patterns, and the rising wish to bridge the digital divide in landlocked countries. Conrad Onyango unpacks the targets of the continent’s diversified dwelling applications.
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Dropped at you by #KOT. The arrival of vaccine shipments are publicized events in Kenya. But there’s now not continuously ever an equal effort by the authorities to publicize locations where the public can entry the doses. Carlos Mureithi looks to be at how Kenyans are the exhaust of social media to unfold foremost aspects of Covid-19 vaccine availability.
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Nigeria’s Robinhood-love apps at a crossroads. Four Nigerian companies that provide stock investment services and products are dealing with a predicament after a court docket ordered their bank accounts to be frozen by the Central Monetary institution of Nigeria. They bid commerce continues as long-established, nonetheless Alexander Onukwue explains how the apex bank’s blessing is de facto barely foremost.
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Kenyans are #1 in seek for-to-seek for crypto trading. Web-savvy Kenyans lead the enviornment in the case of people the exhaust of digital currency platforms to commerce amongst themselves, a unusual file presentations. Conrad Onyango finds that the construction has been partly influenced by weakening African currencies as a result of the Covid-19 pandemic.
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A brand unusual pandemic helps science strive in opposition to an dilapidated one. Oxford University scientists to blame for the AstraZeneca Covid-19 vaccine are the exhaust of the an identical know-how to take a look at a unusual vaccine in opposition to plague. Centuries after inflicting regarded as one of the worst pandemics in historical past, the infectious illness continues to peril parts of Africa, writes Uwagbale Edward-Ekpu, which this day accounts for 90% of all reported cases.
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Charting the upward thrust of streaming subscribers
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The likelihood of subscription video-on-quiz of users in Africa is projected to attain more than 5 million by the cease of this yr, and15 million by 2026, per a unusual projection (pdf). Whereas Netflix and Disney+ will hang a chunk of these subscribers, they face stiff competition from home platforms combating for the continent’s eyeballs.
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By the digits
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Reuters/Kim Harrisberg
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7.8 million: South Africans out of a job in the 2d quarter of this yr
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34.4%: South Africa’s 2021 unemployment rate, its absolute most sensible since 2008
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41%: Unemployment rate for African Dark girls, the toughest hit neighborhood
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40,000: Companies tormented by fresh protests
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1%: South Africans who grasp more than half the country’s wealth.
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Sustained economic disruption from Covid-19, austerity measures, chronic inequality, a decline in foreign places investment, and dejected authorities insurance policies own all been cited as contributors to South Africa’s sage unemployment numbers. Yet even fresh records doesn’t duvet a fresh wave of unrest following the arrest of dilapidated president Jacob Zuma, Tawanda Karombo writes, which arrangement an even grimmer outlook.
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Dealmaker
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Plentywaka, the Nigerian mobility startup, has secured $1.2 million in seed funding and launched the acquisition of Ghanaian startup Stabus. The investment became led by The Xchange, with participation from Techstars, SOSV, ShockVentures, Argentil Capital Companions, ODBA & Co Ventures, and angel investors.
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PawaPay, a UK-based mostly mostly and Africa-focused payments firm, has closed $9 million in seed funding to scale its operational presence, recruit talent, and lengthen into unusual markets. 88mph and MSA Capital co-led the round, with participation from Zagadat Capital, Kepple Ventures, and Vunani Capital.
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Odiggo, the Egyptian-based mostly auto tech startup, has raised a $2.2 million seed round. Taking part in the round were Y Combinator, 500 Startups, Scoot and Play Ventures, Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh (CEO of Volta Vehicles). The investment is geared in opposition to rising and expanding the startup’s personnel in UAE, Saudi Arabia, and Egypt.
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How vaccine mandates work
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Many companies around the enviornment are issuing vaccine mandates for personnel, which raises about a recurrently held questions for employers pondering a identical movement. Produce these ring any bells?
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? Is it unbiased?
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? What are other companies doing?
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? What must quiet I take advantage of into tale on this protection?
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One gargantuan question
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Why has Covid-19 had much less of an impression in Africa?
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Covid-19 deaths across Africa own elevated since mid-July 2021, nonetheless the impression of the pandemic in sub-Saharan Africa stays markedly decrease when put next to the Americas, Europe, and Asia. A brand unusual paper by a personnel of public effectively being researchers examines one of the foremost factors which own been suggested as doubtlessly influencing the low burden of Covid-19 illness, alongside with:
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- The younger age demographic of sub-Saharan Africa
- Lack of lengthy-length of time care services and products
- Likely injurious-security from native circulating coronaviruses
- Barriers of SARS-CoV-2 testing
- Effective authorities public effectively being response
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The researchers also lay out suggestions for Covid-19 methods in Africa, which purpose to beef up effectively being practices as the continent continues to fight with low vaccination charges.
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Person of ardour
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Reuters/Carlo Allegri
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David Adjaye, the British-Ghanaian architect simplest identified for designing the National Museum of African American History & Culture in Washington DC, is now giving a facelift to Ghana’s healthcare gadget. A originate created by the architect’s 21-yr-dilapidated London-based mostly mostly firm will be utilized to dozens of contemporary district hospitals in the country. Alexander Onukwue describes Adjaye’s imaginative and prescient for the project, his first healthcare commission and most attention-grabbing endeavor but in Africa.
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Diversified things we loved
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Reclaiming girls’s voices in the media. Despite making up over half of the South African population, girls’s voices are barely heard in the records. Quote This Woman+ is highlighting the expertise of girls and marginalized other folks to journalists and records producers sooner than the upcoming municipal elections, writes Tolu Olasoji in Reasons to be Overjoyed.
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High hopes for Liberian cocoa. Despite having an ambiance conducive to rising cocoa, Liberia has had a historical past of vegetation of inconsistent quality, which arrangement the country’s farmers are likely to be now not getting as a lot value from their efforts as their Ivorian and Ghanaian counterparts. Lucinda Rouse reports in African Enterprise how replacement markets in Europe and North The united states would possibly presumably presumably well open unusual doorways for Liberian cocoa to thrive.
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? This short became produced while taking value of “ Wazee wakatike” by Them Mushrooms (Kenya)
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Our simplest needs for a productive and ideas-filled week forward. Please send any records, comments, suggestions, ideas, Liberian chocolate, and #KOT causes to africa@qz.com. Possibilities are you’ll presumably presumably well presumably apply us on Twitter at @qzafrica for updates all the arrangement in which thru the day.
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