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QUARTZ Quartz Africa Weekly Brief Original article: https://qz.com/emails/africa-weekly-brief/2191729/oxford-english-dictionary-adds-200-east-african-words/ Peter Burgess COMMENTARY Peter Burgess | ||
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Quartz Africa Weekly Brief Jul 24, 2022, 3:51 AM Hi Quartz Africa readers, In April, Equity Group—East Africa’s largest bank in assets and deposits—and the Kenyan government organized a trade delegation to the Democratic Republic of Congo (DRC) to mark the country’s entrance into the East Africa Community. With a population of 90 million people, the DRC became the bloc’s largest member, raising the EAC’s collective GDP from $193 billion to $240 billion. The 26 Kenyan companies that were part of the trade mission committed KES 185 billion ($1.6 billion) in investment in the DRC. The private sector’s involvement in the discussion of regional integration marks a symbolic expansion from a realm usually dominated by politics. Sérgio Pimenta, the regional vice president for Africa at the International Finance Corporation (IFC), one of the early investors in Equity Bank and also a supporter of the recent DRC trade delegation, underlined that point in a recent interview: “Africa’s integration isn’t just a political discussion. It’s a private sector discussion too. The private sector is aware that for Africa’s full potential to be unlocked, it has to be done at a regional level.” Our siloed thinking of borders and nation states has limited the continent’s ability to harness its full potential. African companies recognizing the value of investing in other African countries has the potential to unlock economic opportunities for the whole continent. —Ciku Kimeria, Africa editor WHAT TO WATCH FOR IN THE QUARTZ AFRICA MEMBER BRIEF Your Guide to the African Economy The case study Name: Eshi Express Founded: 2017 HQ: Addis Ababa, Ethiopia Founders: Tigabu Haile, Haben Gebre With a registered capital of 2.45 million birr ($46,000), Eshi Express was co-founded by Tigabu Haile, a law graduate, and Haben Gebre, an entrepreneur and investor. Haile was working in the non-profit sector when he noticed the demand for a reliable, affordable, and efficient courier service. It always took him days to send out invitations, and he also had to wait for gatherings to distribute published material to members. Eshi began operating five years ago, offering three models of delivery: express (within 90 minutes), same day, and next-day delivery. All products are offered for less than two dollars. So far, the company has completed 140,000 deliveries and operates a fleet of 20 vans and 60 motorcycles. It is now piloting a delivery scheme in which people deliver goods such as letters and documents by foot. 35 young people were recruited in the pilot so far. Learn more about Eshi in this coming Wednesday’s edition of the Quartz Africa Member Brief. To get the Member Brief directly in your inbox (and save 40%), become a member today! STORIES THIS WEEK
“Every startup in Africa needs to take a leaf out of Wave’s book.” —Stanislas Akueson, economic research analyst at University of Lome in Togo Wave, the payments and money transfer company launched in 2018, upended west Africa’s finance app market in less than four years. It is now home to half of the mobile money accounts in Senegal and it’s quickly expanding in markets nearby. It achieved this largely by undercutting the incumbents on fees—Wave charges a 1% flat fee for sending funds, and no fees for the settling of utility bills. Rival Orange Money had to lower its fees by 80% just to stay competitive. But co-founders Drew Durbin and Lincoln Quirk didn’t just have pricing prowess on their side. While other companies have customers dial USSD codes into their mobile phones to transfer and receive funds, Wave instead relies on QR codes—on cards and in apps—which are simply scanned by an agent to complete a transaction. The technology was a game-changer in the markets where Wave operates. Kingsley Kobo reports on how it grew to own large shares of the market against strong incumbents and become a unicorn in the process. DEALMAKER
In April, the International Monetary Fund (IMF) cut its global growth forecast to 3.6% for this year and next, warning that the global economic outlook could get worse from there. Now, the IMF is looking to make another cut later this month for both 2022 and 2023. The outlook has “darkened significantly,” wrote Kristalina Georgieva, the managing director of the IMF, in a blog published July 13. She did not provide specific figures. IMF data showing annual GDP Growth So why is the IMF reconsidering its growth prediction? Global events like the Russia-Ukraine war and the covid pandemic continue to hurt supply chains, driving up prices and boosting inflation. The resulting economic uncertainty is putting the world at greater risk for a recession. OTHER THINGS WE LIKED
Join Orange’s cybersecurity academy. Ready to start a career in cybersecurity in South Africa? Get paid when you join the Orange Cyberdefense Sensepost Academy for 2023 and learn how to keep cyber criminals at bay. (All year) ‘Hack the Mara.’ Mara Foundation has announced a week-long last mile payment tracking hackathon for developers, designers, and entrepreneurs from across Africa to create solutions for the continent. Participants stand a chance to win $100,000 in cash prize and additional funding from Mara and its partners. (Aug. 5) 🎵 This brief was produced while listening to “Moyo” by Mbosso Ft Costa Titch & Phantom Steeze (Tanzania and South Africa) Our best wishes for a productive and ideas-filled week ahead. Please send any news, comments, suggestions, ideas, east African greetings, and infrastructure bonds to africa@qz.com. You can follow us on Twitter at @qzafrica for updates throughout the day. If you received this email from a friend or colleague, you can sign up here to receive the Quartz Africa Weekly Brief in your inbox every week. You can also follow Quartz Africa on Facebook. 🌐 View or share this email online. 1290 Avenue of the Americas, New York, NY 10104 © 2022 G/O Media Inc.
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