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Visa announces grants for three African female fund managers

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The African Women Impact Fund Initiative (AWIF), an initiative of Visa’s ‘She’s Next’ programme, has announced the selection of three female fund managers, SME.NG from Nigeria, Altree Capital, Kenya, and Maia Capital from South Africa as the recipients of the year 2023 Visa grant funding.

Visa announced the grant on Tuesday as an extension of the She’s Next program, a global advocacy program for women-owned businesses that has been expanded to Sub-Saharan Africa.

According to Aida Diarra, the Senior Vice President & Head of Sub-Saharan Africa at Visa, the fund is a collaboration between Standard Bank and the United Nations Economic Commission for Africa (UNECA).

“The grant seeks to champion and strengthen African women business owners as they build, sustain, and advance their businesses,” she said.

“We are proud to extend our efforts to empower women entrepreneurs to the fund management space. Women fund managers in Africa continue to face numerous challenges in building sustainable businesses.

“Their progress continues to be slow due to systematic barriers and investor bias. Our collaboration with AWIF will accelerate the multiplier effect of funding across the entire value chain where women owned businesses exist,” said Diarra.

“When you invest in women, you also invest in their communities. Investments that go into the hands of women fund managers not only go towards the growth and sustainability of the companies they invest in,” she added.

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Huawei launches cloud service in Nigeria

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Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international cloud provider to offer such services in the country.

The CEO of Huawei Nigeria, Chris Lu, who unveiled the new local cloud in Lagos on Wednesday, said it was powered by Tier 3+ data centres, providing ultra-fast services with a latency of just 15 milliseconds.

According to Lu, this will ensure that data storage and computing resources remain within Nigeria, benefiting local businesses and sectors, particularly fintech companies that require strict adherence to data protection laws.

At the launch event, themed “Leap Now With A Better Cloud,” Lu emphasised the company’s dedication to supporting Nigeria’s digital economy.

He noted that the initiative was a significant milestone towards meeting the country’s data protection regulation, and alignment with the Nigeria Data Protection Commission’s objectives to limit cross-border data transfer and have data kept within the country.

“With disruptive technology, we can transform our daily lives, our industries, and our economy. Not knowing where your data is stored is terrifying,” Lu said.

“The Huawei local cloud ensures your data and that of your customers are safely protected. Our local cloud provides better latency, better services, and ensures data sovereignty for our customers.

“Huawei’s is offering enhanced data sovereignty, reduced latency, and bolstered support for local businesses.The service aims to support Nigerian startups, SMEs, and the broader tech ecosystem and aligns with Nigeria’s regulatory environment and digital transformation goals.”

Beyond cloud technology, Huawei has invested heavily in Africa’s tech ecosystem, forming partnerships with governments and private entities to drive digital transformation.

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SunCulture partners Turaco to empower Kenyan farmers with affordable climate insurance

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Kenyan solar-powered irrigation solutions startup, SunCulture, has joined forces with leading mass-market insurtech company, Turaco, to launch a platform called “SunCulture Protect”, aimed at providing enhanced protection to small holder farmers using SunCulture’s pay-as-you-go (PAYG) devices.

According to Samir Ibrahim, the CEO of SunCulture, the partnership between two leading Kenyan tech companies will address the urgent need for risk mitigation tools, such as insurance, for the most vulnerable populations, enabling and expanding access to healthcare.

“As the impact from climate change escalates, the frequency and intensity of extreme weather events are expected to rise, negatively affecting health outcomes and pushing millions of Africans into poverty,” Ibrahim said.

“At SunCulture, our mission has always been to help small holder farmers grow more food and improve their livelihoods.

“Partnering with Turaco allows us to extend our commitment by not only providing sustainable energy solutions but also offering financial security and peace of mind to our customers and their families,” he said.

He also stated that SunCulture Protect offers essential health and life coverage, safeguarding customers and their families against unforeseen medical expenses and risks that are exacerbated by extreme weather events.

Ted Pantone, CEO of Turaco, who also commented on the partnership, said he believed affordable insurance should be accessible to everyone, especially those that are the most vulnerable to the impacts of climate change.

“Our partnership with SunCulture enables us to provide essential coverage that not only protects livelihoods but also fosters long-term resilience among small holder farmers,” he said.

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