Investor Updates: Nigeria's eNaira gains momentum in partnership with Clickatell. Smart Africa launc...

Clickatell partners with Nigeria’s central bank to increase eNaira use

Highlights

• Clickatell, a CPaaS startup, has partnered with the Central Bank of Nigeria (CBN) to launch a USSD channel for its Central Bank Digital Currency (CBDC)—eNaira—as part of the country’s drive to make basic banking accessible to all Nigerians.
• The eNaira was launched in October 2021 as Africa’s first central bank-backed digital currency. The Nigerian President, Muhammadu Buhari, said it would help boost remittances, foster cross-border trade, and help his government make welfare payments more easily.
• With financial inclusion at the heart of the eNaira goals, President Buhari also said that he believed the CBDC would increase GDP in the country by $29 billion over the next 10 years.

Source: ITNewsAfrica

Our Takeaway

With cryptocurrencies like Bitcoin becoming increasingly popular, central banks across the world have been working towards developing digital currencies of their own. At least 9 countries have launched official digital currencies while 87 others, representing over 90% of global GDP, are exploring a CBDC. In Africa, the allure of regulated digital currencies is also growing among central banks and there’s even been a hint at a continental cryptocurrency.

---

Smart Africa launches National Digital Academy in Côte d’Ivoire

Highlights

• Smart Africa’s capacity-building arm, the Smart Africa Digital Academy (SADA) continues to expand its footprint in Africa, with Côte d’Ivoire being the latest country where it will unveil the digital skills development initiative. 
• Launched in partnership with the Ministry of Communication and Digital Economy, the initiative is expected to help nurture the country’s nascent digital sector through the provision of digital skills.
• In addition to SADA, the Agile Regulation for Digital Transformation Program (AReg4DT) was also launched in the country, in collaboration with the World Bank and GIZ.

Source: ITNewsAfrica

Our Takeaway

Public-private partnerships of this nature reflect an increasing recognition, among nations, of the potential of digital technologies in transforming the African continent. As Africa catches up with the developed world in terms of technological progress, accelerators, incubators, and digital academy initiatives help to bridge this gap by supporting national efforts to close the digital skills gap. SADA’s program is even more crucial for the Ivorian tech ecosystem, which is one of the largest in the francophone Africa region. The program could help improve digital skills qualifications, and employability, and meet the emerging talent needs of African startups and bigger organizations.

---

Auto giant Stellantis partners Africar to tap Africa’s used car market

Highlights

• Africar, an online car marketplace operating in over 40 African countries, has partnered with Stellantis, the parent company of Maserati, Peugeot, Fiat, and Chrysler among other brands, to launch Auto24, a used car marketplace for Africa. 
• Auto24 will launch in Ivory Coast, and Africar has plans to expand the marketplace across the continent over the upcoming quarters and years.
• Since 2016, the Africar Group has enabled over 25 million car buyers and sellers to trade used cars through its online channels, slowly establishing itself as Africa’s leading online car marketplace network. 

Source: TechCabal

Our Takeaway
With about 50 million cars on African roads, the continent accounts for just 1% of global vehicle fleets. More so, the majority of vehicles are passenger cars and second-hand, that is, not brand new. Like every populous developing region, the large market for used cars, which is dominated by unorganized dealers and classifieds, has attracted players looking to digitize sourcing and distribution. The fragmentation and mistrust that characterizes the used car industry are unconducive for sector growth and expansion. This explains why the global car maker has turned its attention to the market and is working with an established player like the Africar Group.