We begin today’s big 5 with the news about social media tax in Uganda. Although, Ugandans are still not happy with the tax. The government is making a hell-load of bucks from the tax.
Uganda Government Gets Shs7billion from Social Media Tax… the government early this week announced that they have realized Shs7billion from the newly-introduced tax on social media and mobile money transactions just a week into a new financial year. Good? Bad, Time will tell.
Also in Rwanda, nine start-ups have been selected to compete at the Kigali-leg of world-touring start-up pitching competition Seedstars World this week, with Rwanda’s top start-up to progress to represent the country at the global finals in Switzerland.
South African’s Franc Unveils Mobile Investments Platform… the South African start-up is taking the traditional stokvel savings and investments concept digital with its new smartphone app. The Franc app aims to make investing simple and affordable, giving stokvel members access to the money market and an exchange-traded fund via their mobile phones.
Safaricom is Planning to Move Its MPesa to Ethiopia… the Telco is in talks with the Ethiopian government to introduce its popular M-Pesa mobile money service to the country. This will further help Ethiopia fintech industry it the government can approve the coming in of M-Pesa.
CB Insights Report Pegs Q2 2018 Investment in African Fintechs at $63M… The report pegged investment into African fintechs at $63 Million for the period of second quarter 2018, which is a record investment when compared to the past four years.
Aside from the big 5, we’re glad to inform you about the appointment of the Nigeria’s former minister of finance, Ngozi Okonjo-Iweala into the board of directors of Twitter alongside former World Bank President Robert Zoellick.
It has been a very eventful week for Technology and Entrepreneurship in Africa. We are committed to delivering the topmost news and insights as they drop. The Big 5 Daily bows out this week. See ya!