Tech

Applications open for 2023 Africa’s Business Heroes Prize competition

Published

3 months ago

March 17, 2023

Applications for the 2023 edition of Africa’s Business Heroes (ABH) Prize Competition has been to support entrepreneurs from all 54 African countries, according to the organisers of the initiative.

The ABH initiative which is philanthropic ventures investment sponsored by the Jack Ma Foundation and Alibaba Philanthropy, is in its fifth annual edition after it was launched in 2019.

According to Zahra Baitie-Boateng, Head of Partnerships & Programs of ABH, in a statement on Friday, “every year, the ABH conducts a continent-wide search with its partners for 10 outstanding, mission-driven entrepreneurs that are striving to make a difference in their local communities.”

“At ABH, we have long recognized the potential of entrepreneurs as engines of economic and social growth and over a 10-year period, ABH will recognize a total of 100 African entrepreneurs,” she said.

“Now in the fifth year of the competition, we are encouraged to see that ABH has grown into a truly Pan-African initiative that is positively impacting the continent’s entrepreneurship landscape.”

“We are extremely impressed with the increasing diversity of our Heroes and how they’ve been taking tangible steps to solve some of Africa’s most challenging issues,” Baitie-Boateng said.

She added that at the Grand Finale to be held later this year, the 10 finalists will take the stage to present their businesses to a panel of legendary business people.

“The journey to the finale will also include access to a community of international business leaders and innovators, industry experts, investors and accelerators, as well as multi-disciplinary bootcamps and training sessions to help the participating entrepreneurs take their businesses to the next level,” she summed.

Click to comment

Tech

Kenyan President, Ruto orders review of proposed tax on digital content creators

Published

1 day ago

June 3, 2023

Akanimoh Etim

President Williams Ruto of Kenya has ordered for a review of a proposed 15% tax on digital content creators enacted by his predecessor, Uhuru Kenyatta which was captured in the Finance Bill for 2023.

The controversial proposal which raised a lot of dissent in the country, would see local content creators, including bloggers, YouTubers, and social media influencers, paying a 15% tax, with many saying it will amount to double taxation.

The proposal was approved in 2021 by then President Kenyatta who gave the green light to the Value Added Tax (Digital Marketplace Supply) Regulations, 2020 draft.

The bill defined digital marketplace supply as any supply of a service made over a platform that enables the direct interaction between buyers and sellers of services through electronic means.

According to the proposed Finance Bill, “the scope of digital content monetization has now been expanded to include payment gained from advertisements on websites, social media platforms, and other outlets, brand sponsorships, and affiliate marketing.

“Others include subscription services where the audience pays a regular fee to view the content, crowdfunding for a creator and membership programs.

“A person who is required to deduct the digital asset tax shall, within twenty-four hours after making the deduction, remit the amount so deducted to the Commissioner together with a return of the amount of the payment, the amount of tax deducted, and such other information as the Commissioner may require.”

But while speaking during the National Drama Festival at the State House in Nairobi on Friday, Ruto ordered Parliamentary Finance and ICT Committees to rethink the clause on taxing content creators.

“I know there is a proposal in this year’s budget on digital content, and creators are making a statement,” President Ruto said.

“I have told the ICT and Finance committee to work on it. Let’s them give a bit more space,” he added.

Tech

Mastercard teams up with Ghana Cybersecurity agency in fight against fraud

Published

2 days ago

June 2, 2023

Akanimoh Etim

Global payment platform, Mastercard has entered into a partnership with the Ghana Cyber Security Authority (CSA) in a bid to fight cyber fraud in the West African country.

The partnership which was sealed with the first-ever Fraud and Cyber Security Forum in Ghana, held during the week, and brought together key players in the Ghanaian tech ecosystem, including financial institutions, regulators and fintech, who examined the latest fraud trends and address crucial aspects of cybersecurity in Ghana.

The forum covered the latest attack methods utilized by cyber criminals, the assets they target, and the motivation behind such attacks, with a specific focus on the financial services sector.

Mastercard Country Director for Ghana, Bossman Kwapong, in his keynote address, said with the increased adoption of digital services, new payment flows, and connected supply chains, cyber risk was one of the top risks faced by organizations.

“It is essential that this risk is well understood and managed by organizations to protect themselves and their customers,” he said.

“The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common.

“Mastercard recognizes the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.

“We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.

“As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers,” Kwapong said.