With the rise of digitalization, content creators have become an influential segment of the digital economy. However, they face challenges in financial management. Addressing these unique financial needs is crucial for African development, making initiatives like this highly significant.

Mastercard has invested $2.04 million in a partnership with Wowzi, Africa’s influencer marketing platform, and Masria Digital Payments (MDP), Wowzi announced on June 6. The five-year initiative aims to enhance financial management for content creators, providing them with advanced digital tools to manage their earnings.

“Our objective is to empower these digital trailblazers with the financial tools and security they need to thrive in the dynamic payments landscape. This investment aligns with our vision to promote financial inclusion and drive innovation in an ever-evolving digital economy,” said Shehryar Ali, senior vice president and country manager for East Africa and Indian Ocean Islands at Mastercard.

Mastercard’s investment supports the gig economy by offering digital card products (watch and ring cards) for secure and convenient transactions. These cards will allow content creators to receive payments directly from brands, fans, or sponsors, bypassing traditional gateways. Meanwhile, Wowzi will leverage its network to boost content creators' visibility and profitability and MDP will manage the technical aspects, ensuring secure and seamless transactions.

The IFC report "e-Conomy Africa 2020" reveals that Africa's internet economy could reach $180 billion by 2025, contributing 5.2% to the continent's GDP. This underscores the importance of Mastercard's investment in digital solutions for African content creators. This collaboration marks a significant step towards the future of digital finance, combining creativity and technology to empower content creators in Africa.

Hikmatu Bilali

Entrepreneurs using data and technology to tackle social issues in Africa are invited to join the 'Think Like an Investor' program, which seeks innovative digital social innovations (DSIs) with significant impact in areas like e-health, digital inclusion, climate change, financial inclusion, connectivity, and governance.

The program, announced on the official Facebook page of the Delegation of the European Union to Namibia on June 5, offers investment readiness training, mentorship from professionals in Europe and Africa, and networking opportunities at industry events.

Eligible applicants must be from South Africa, Botswana, Tanzania, Zambia, Namibia, Kenya, or Senegal, and must be proficient in English. Applications are open till August 4.

The development of a Central Bank Digital Currency (CBDC) holds significant importance for African development on several fronts as it can serve as as a catalyst for financial inclusion, allowing unbanked populations to access formal financial services. This, in turn, can spur economic growth by empowering individuals and small businesses with access to credit and other financial tools.

The National Bank of Rwanda (BNR) intends to launch a Central Bank Digital Currency (CBDC) to enhance financial inclusion and provide a secure alternative to cash, Deputy Governor Soraya Hakuziyaremye disclosed in a June 3 interview with The New Times Rwanda.

According to Hon. Hakuziyaremye, BNR worked with the Ministry of Finance and the Ministry of ICT and Innovation on a feasibility study to prepare for the launch of the CBDC. The digital currency is expected to promote innovation, improve cross-border payments, and support Rwanda's cashless policy.

The BNR plans to involve banks and consult the public to gather feedback and address concerns about financial system stability, data privacy, and system resilience. The public consultation, open until the end of June, will inform the next step in the CBDC development, which is the proof of concept.

According to the World Bank's Global Findex 2021, 71% of adults in developing economies now have a formal financial account, a significant increase from 42% a decade ago when the database was first published. Additionally, the proportion of adults making or receiving digital payments in these economies rose from 35% in 2014 to 57% in 2021. The significant increase in digital payment adoption in developing economies underscores the potential impact of Rwanda's planned digital currency. The introduction of a digital franc could leverage this momentum to further enhance financial inclusion and efficiency in payments, aligning with broader regional and global digital transformation goals.

Hikmatu Bilali

Nigeria’s Co-Creation Hub (CcHub) has launched “Let’s Build, Africa,” a program aimed at helping African startups expand across the continent. The initiative provides startups with strategic insights and resources to enter new markets.

Eligible startups must be registered in Africa, have an African founder, and be at the scale-up stage. Benefits include pitching to investors, travel and ecosystem tours, six months of post-tour support, and product showcases.

The application deadline is June 30, 2024, with program activities running from July 2024 to April 2025.

The Patoranking Foundation, led by musician Patrick Okorie (Patoranking), has partnered with ALX Africa to offer $500,000 in tech scholarships. Starting May 30, 2024, the initiative will train 40 young Africans in data analytics, cloud computing, and Salesforce Administration.

The scholarships aim to boost tech skills and provide internship opportunities with global companies. Applicants must complete the ALX admissions process and submit application videos and essays.

This new initiative aims to nurture Africa’s next generation of tech leaders.

As the African Union's Digital Transformation Strategy for Africa (2020-2030) underscores, leveraging digital technologies is crucial for driving economic growth, improving governance, and enhancing the quality of life. The focus of African governments on AI exemplifies this strategic vision, potentially leading to increased investment in technology and infrastructure across Africa.

Zambia has finalized its Artificial Intelligence (AI) policy to drive economic growth. It is set to launch within two months, Science and Technology Minister Felix Mutati announced.

Speaking at the Copperbelt Agricultural Mining and Industrial Networking Enterprise, held from May 28 to 30, in Kitwe, Mutati highlighted AI's potential to help Zambia achieve its target of producing 3 million tonnes of copper annually through improved exploration. "AI will bring significant economic benefits," Mutati said, noting it will create jobs and expedite mineral exploration.

To prepare for an AI-driven future, Zambia will host an AI Conference next month. Compu-Connect Education will organize “The Future of AI in Africa” Global Summit and Expo from June 25 to June 27. Mutati emphasized the conference's role in exposing Zambia to the latest technological innovations and helping the public understand AI's impact.

According to the “ZAMBIA Inclusive Digital Economy Status Report” 2022, digital technologies are central to Zambia’s development strategy, as shown by their integration into national and sectoral plans and policies. The Seventh National Development Plan (7NDP) highlights enhancing ICTs as one of its key outcomes. This includes strengthening the legal framework, improving ICT infrastructure, and providing electronic services.

This initiative aligns with Zambia’s commitment to inclusive governance. By embracing AI, the country aims to enhance productivity, drive economic growth, and bridge the digital divide, setting a precedent for other African nations.

Hikmatu Bilali

The Nigerian Information Technology Development Agency, NITDA, signed on May 30, a Memorandum of Understanding (MOU) with KAOUN International, organizers of GITEX, to bring GITEX Africa to Nigeria in 2025.

The agreement was signed during the ongoing GITEX Africa by Kashifu Inuwa, Director General of NITDA, and Trixie LohMirmand, CEO of KAOUN International in Marrakech, Morocco.

Hosting GITEX Africa in Nigeria, the continent's most populous nation with a vibrant tech scene offers a significant opportunity to showcase the country's industries and startups to the world.

Rwanda will host the 80th public meeting of the Internet Corporation for Assigned Names and Numbers (ICANN) next month, marking the first time this event is held in East Africa. The Kigali Convention Centre will host the event from June 10 to 13, organized with Rwanda's Ministry of ICT and Innovation.

ICANN aims to promote a stable, secure, and unified global internet. This event underscores ICANN's commitment to international participation in Internet governance and highlights Rwanda’s growing influence in the ICT sector.

Investment commitments in the digital sector are crucial for African development. With its vast underserved population, Africa can greatly benefit from enhanced digital connectivity. These investments address critical barriers like affordability and adoption, fostering an inclusive digital society.

The International Telecommunication Union (ITU) announced, on May 27, $4.8 billion in new investment commitments to boost global connectivity. This brings total pledges through its Partner2Connect Digital Coalition (P2C) to $50.96 billion, nearing its $100 billion target for 2026.

The announcements were made at the World Summit on the Information Society (WSIS)+20 Forum in Geneva. The new pledges leverage artificial intelligence (AI) to enhance digital access and inclusion.

"Closing the digital divide requires a team effort, and today we scored a huge win for global connectivity," said ITU Secretary-General Doreen Bogdan-Martin.

Key commitments include $106 million from Elle International to improve digital connectivity for 20 million women and girls in South Africa and a new pledge from Microsoft to prioritize AI projects that include people with disabilities, among others.

According to the ITU, approximately 5.4 billion people (67 percent of the world’s population) were using the Internet as of 2023, leaving 2.6 billion people still offline.​ This statistic underscores the significance of ongoing investments in digital connectivity, particularly in regions like Africa. With a substantial portion of the global population still disconnected, initiatives aimed at increasing digital inclusion are crucial for fostering a more inclusive digital society.

Hikmatu Bilali

The National Information Technology Development Agency (NITDA) unveiled the 'Digital Literacy for All' initiative on May 26, aiming to narrow Nigeria's digital gap and promote inclusive growth.

The program, set to achieve a 70% literacy rate by 2027, seeks to provide universal access to digital literacy. It empowers citizens with critical digital skills such as online resource utilization, cybersecurity awareness, effective communication, and proficiency in digital tools.