E-Business
The Rising Stars: 7 Unicorns Shaking the African Continent
The African continent has been experiencing a surge in the number of startups that are making waves across various industries. These startups, popularly referred to as unicorns, are companies that have achieved a valuation of over $1 billion. In this article, we will be taking a look at seven of these unicorns that are shaking up the African continent and disrupting traditional business models.
Flutterwave:
Founder(s): Iyinoluwa Aboyeji and Olugbenga Agboola
Contributions: Flutterwave, a Nigerian fintech startup, has revolutionized digital payments in Africa. Founded in 2016, Flutterwave provides a seamless platform that enables businesses and individuals to send and receive money across Africa and internationally. The founders’ visionary approach has helped drive financial inclusion by creating accessible payment solutions, boosting e-commerce, and fostering economic growth in the African market. Their innovative efforts have made Flutterwave one of Africa’s most prominent unicorns, valued at over $1 billion.
Maser:
Founder(s): Prateek Suri
Contributions: Prateek Suri’s vision is critical in its attaining unicorn status. His vision for Maser is to democratize access to quality and affordable consumer electronics across the world. Known for his strategic acumen and innovative thinking, Suri has consistently pushed the boundaries of what is possible. His relentless pursuit of excellence has cemented Maser’s position as a trailblazer in the industry, disrupting traditional norms and setting new benchmarks for success. Maser Group emerges to be 7th unicorn for making 1 Billion USD Revenue under Suri’s Leadership.
Jumia:
Founder(s): Sacha Poignonnec and Jeremy Hodara
Contributions: Jumia, often referred to as the “Amazon of Africa,” was founded in 2012 and has since become one of the continent’s most successful e-commerce platforms. Sacha Poignonnec and Jeremy Hodara’s entrepreneurial spirit and dedication have transformed the retail landscape in Africa, providing a convenient and reliable online marketplace for customers across the continent. Jumia’s remarkable growth has not only empowered local businesses but also accelerated the adoption of e-commerce, facilitating economic opportunities and job creation.
Andela:
Founder(s): Jeremy Johnson, Christina Sass, Ian Carnevale, and Brice Nkengsa
Contributions: Andela, established in 2014, has emerged as a trailblazing company in the African tech scene. Its founders recognized the immense talent pool in Africa and built a platform that connects African software developers with global companies seeking remote engineering teams. By providing world-class training and mentorship, Andela has played a pivotal role in nurturing a thriving tech ecosystem in Africa. The founders’ commitment to fostering local talent has not only created thousands of high-quality jobs but also elevated Africa’s reputation as a hub for software development.
Paystack:
Founder(s): Shola Akinlade and Ezra Olubi
Contributions: Paystack, founded in 2015, has reimagined online payments in Africa, empowering businesses of all sizes to accept payments seamlessly. Shola Akinlade and Ezra Olubi’s groundbreaking initiative has revolutionized the fintech sector, facilitating secure transactions and driving digital entrepreneurship. By addressing the challenges associated with payments in Africa, Paystack has catalyzed economic growth and enabled numerous startups to flourish, propelling the continent’s digital transformation.
Interswitch:
Founder(s): Mitchell Elegbe
Contributions: Mitchell Elegbe founded Interswitch in 2002, envisioning a future where digital payments would redefine Africa’s economic landscape. Interswitch has become a key player in the financial technology space, offering a range of payment solutions and infrastructure that have modernized banking and commerce in Africa. Elegbe’s visionary leadership and relentless pursuit of innovation have played a vital role in expanding financial inclusion and driving economic development across the continent.
Cellulant:
Founder(s): Ken Njoroge and Bolaji Akinboro
Contributions: Ken Njoroge and Bolaji Akinboro co-founded Cellulant in 2004, recognizing the potential of mobile technology to transform Africa’s agricultural and financial sectors. Cellulant’s innovative mobile payments platform has revolutionized how farmers, businesses, and consumers interact, driving financial inclusion and fostering growth. Njoroge and Akinboro’s commitment to leveraging technology for social impact has earned Cellulant recognition as one of Africa’s leading fintech unicorns.
Conclusion:
The rise of these seven African unicorns exemplifies the spirit of innovation and entrepreneurship sweeping across the African subcontinent. Through their visionary leadership and transformative solutions, the founders have not only built successful companies but also catalyzed economic growth, job creation, and technological advancement. These unicorns have demonstrated the potential and power of African innovation on a global stage, reshaping perceptions and establishing Africa as a vibrant market ripe with opportunities. As these remarkable success stories continue to unfold, Africa’s future looks brighter than ever, inspiring a new generation of entrepreneurs and paving the way for prosperity and progress.
E-Business
Ride the ‘Wicked’ Wave: Temu Brings Green Magic to Christmas
Temu is set to enchant the holiday season with its unique blend of green magic, bringing a touch of festive wonder to Christmas celebrations. The initiative, themed “Ride the ‘Wicked’ Wave,” promises to deliver an unforgettable experience, combining technology, entertainment, and commerce to create a magical holiday atmosphere.
Temu’s green magic initiative aims to captivate audiences with a variety of festive offerings, from fashion to home decor, handmade crafts, beauty items, chic clothes, shoes, and more.
The platform’s innovative approach ensures that customers can enjoy a seamless shopping experience, with free shipping on all orders1.
As part of the celebration, Temu has also introduced a magical winter Christmas backdrop, perfect for creating a festive ambiance at home.
This backdrop, made from high-quality polyester, is designed to bring the spirit of the season to life, making it an ideal addition to any holiday decor.
With its commitment to providing exceptional products and services, Temu continues to set new standards in the e-commerce industry, ensuring that customers can enjoy the magic of Christmas in style
E-Business
Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams
With the holiday season here, it’s not only a time for magic and celebration but also a prime opportunity for fraudsters to exploit the festive rush for gifts and bargains.
Amid the sparkle of year-end celebrations, cybersecurity experts at Kaspersky have identified several prominent scams targeting consumers across various regions and languages.
Fake holiday shops
Deceptive online stores mimic the look and feel of legitimate e-commerce sites, offering seasonal items such as decorations, gifts, and even trees at steep discounts.
These sites often appear highly localised, adapting their language and currency based on the user’s geographic location, leveraging data extracted from browsers.
Victims typically encounter these stores by following links in ads or pop-ups.
These sites aim to steal funds. Often, these fraudulent stores exist only for a short period, as they get flagged by the vendors of goods.
Free mobile data offer
This scam plays on the allure of free services, claiming to provide free mobile data valid across all major telecom providers.
In order to receive the free data, victims are required to share the promotion link with 10–15 contacts via WhatsApp, ensuring the scam spreads exponentially.
After sharing, victims are prompted to enter their personal details — name, phone number, and email — into a form.
The collected data is then sold on the Dark Web or used in other fraudulent activities.
In some cases, victims unknowingly download malware that compromises their devices, leading to further exploitation.
Holiday payments on behalf of government agencies
Fraudsters impersonate government authorities, promising fictitious payments in celebration of the holidays.
This scam has been reported in several African countries, including Kenya and Nigeria.
To receive payment, victims are directed to fill out a survey which requires personal details like name and phone number.
Once the survey is completed the user is asked to share the link to the announcement with their connections via WhatsApp.
These details are collected and added to fraudulent databases, then sold to third parties or used for phishing attacks and identity theft.
This scam exploits trust in government systems and the festive spirit of giving.
Christmas recipe scam
This scam begins with a seemingly harmless email promoting a holiday cake recipe.
Victims are encouraged to pay a small fee to access the recipe.
Once payment is made, the victim’s credit card information is stolen. The fraudsters also collect other personal information essential for accessing banking services.
“Holiday scams are not a new phenomenon, but they have evolved to become increasingly sophisticated, leveraging regional traditions and technology to exploit unsuspecting victims.
The rush of the holidays makes people more vulnerable — they’re distracted, eager to grab a deal, or trust promotions that align with festive themes. Cybercriminals are not just stealing money — they’re building massive databases of personal information that fuel future fraudulent schemes.
The holiday season is a time for joy and giving, but users need to remain vigilant to ensure they’re not unknowingly giving fraudsters the tools to exploit them further,” said Olga Svistunova, Senior Web Content Analyst at Kaspersky.
E-Business
Hackers Seize NBS Newly Redesigned Website
Cybercriminals have persisted in targeting Nigerian government websites, with the most recent attack on the National Bureau of Statistics (NBS).
The NBS confirmed the development in a brief statement posted on its X (formerly Twitter) account
It said that its newly redesigned official website has been hacked.
The NBS disclosed the incident and assured the public that efforts are underway to recover the website.
It urged the public to disregard any messages or reports posted until the full recovery of its website.
The statement on X read: “This is to inform the public that the NBS website has been hacked, and we are working to recover it. Please disregard any message or report posted until the website is fully restored.”
The NBS plays a vital role in Nigeria’s development, serving as the official statistical agency responsible for collecting, analyzing, and disseminating statistical data on the country’s economy, governance, and development
This marks the latest in a series of attacks on Nigerian government websites, a trend that has been ongoing for some years.
From government ministries to officials, cyberattacks in Nigeria have surged to alarming levels, with even financial institutions falling victim.
The Nigerian Communications Commission (NCC) and National Information Technology Development Agency (NITDA) frequently issue warnings of cybercriminals targeting individuals, government entities, banks, and telecom companies.
- E-Financial3 days ago
Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC
- News3 days ago
9mobile Addresses Recent Service Outages, Apologizes for Inconvenience
- Telecom3 days ago
Airtel Once Again Wins Partnership of the Year Award at SERAS 2024
- News3 days ago
Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1Bn Loan Claim
- E-Financial3 days ago
UBA to Deepen International Expansion, Others with N239bn Rights Issue
- Telecom3 days ago
NBS Says 25m Phones Stolen in Nigeria in 12 Months
- Telecom2 days ago
Konga to Launch Africa’s First AI-Powered Hit Music & Commerce Radio Station
- E-Financial3 days ago
JAIZ Bank Secures N10.04bn Via Private Placement