Technology

Are all IPOs Created Equal? Jumia called a Fraud. Citron Exposes the Smoking Gun Equity is Worthless

Are all IPOs Created Equal? Jumia called a Fraud. Citron Exposes the Smoking Gun Equity is Worthless

Business, Internet, Startups, Technology
Andrew Left, Founder of Citron Research, has released a report stating that they have a "smoking gun" which proves that JUMIA is a fraud and that the stock is worthless. JUMIA shares, at the time of publishing, were down 20% on the day on the New York Stock Exchange (NYSE).The e-commerce company which operates across several African markets and is popularly (or infamously, depending who you ask) known as the "Amazon of Africa", listed on the NYSE earlier in 2019 to much fanfare and a $1 billion valuation."In order to raise more money from investors, JUMIA inflated its active consumers and active merchants figures by 20-30% (FRAUD). The most disturbing disclosure that JUMIA removed from its F-1 filing was that 41% of orders were returned, not delivered, or cancelled. This was previously dis...
Kenya counts on innovation to boost health, agriculture

Kenya counts on innovation to boost health, agriculture

Technology
Kenya is exploring the use of technology in health and agriculture to build infrastructure and create sustainability in the two sectors. The government has already begun the adoption of technology in the Universal Health Coverage as well as in the agriculture data centre to be opened by the Kenya Agricultural and Livestock Research Organisation (Kalro). “Technology plays an important role in issues of universal health coverage (UHC), telemedicine, and distribution of drugs using drones,” said Principal Secretary ministry of ICT, Jerome Ochieng. Mr Ochieng, who was speaking during the Dell Technologies Regional ICT Conference, said uptake of the new technology will pave way for precision agriculture, which is key in food sustainability. “Precision agriculture is whe
Tech challenges menacing healthcare access in Africa

Tech challenges menacing healthcare access in Africa

Startups, Technology
Technologies such as mobile phone applications could help Africa achieve universal health coverage but challenges including failure to recognise the unique contextual factors associated with their deployment in low-income settings should be addressed, experts say. According to the WHO, universal coverage ensures that all people and communities can use quality health services they need while also ensuring that the use of such services does not expose them to financial hardships. But experts say that despite the potential of mobile technologies in addressing barriers to universal health coverage, the continent is grappling with inadequate benefits from their use. “Africa is diverse and if the many technological applications developed are to make any meaning, there is the need to think abo
Volkswagen Rwanda launches Move app

Volkswagen Rwanda launches Move app

Business, Technology
Volkswagen Rwanda has announced that their Move app is currently available for download on Google Play for Android users and on the App store for iOS users. The company initially announced their plans to launch their Mobility Solutions through a statement posted on their website. “We are pleased to introduce “Move” by Volkswagen a modern mobility solutions platform offering car sharing products and services,” reads a statement on their website. Volkswagen Rwanda made the announcement via their official twitter handle stating: “Choose Move for your next outing with friends. Download the Move app off Google Playstore or the App store and order your first ride!” Choose Move for your next outing with friends.Download the Move app off Google Playstore or the App store and o
African tech startups secured a record US$334.5 million worth of investment

African tech startups secured a record US$334.5 million worth of investment

Internet, Mobile, Startups, Technology
According to the annual African Tech Startups Funding Report 2018 released by startup news and research portal Disrupt Africa, which is now in its fourth year, African tech startups smashed funding records in 2018 as 210 startups secured US$334.5 million worth of investment. The report, which tracks the total amount of funding raised by African tech startups each year, found 210 startups raised a total of US$334,520,500 in funding in 2018. This represented the best year since records began, and a substantial leap on 2017. The number of startups that raised grew by 32.1 per cent, and total funding jumped by an impressive 71.5 per cent. A key finding of the report was the emergence of Nigeria as Africa’s startup funding hub, after years of playing second fiddle to South Africa. With 5