In a shift from the regular investment development within Africa’s burgeoning startup sphere, Kenya surpassed Nigeria as the primary recipient of startup funding in 2023, securing an impressive $800 million, as revealed by a comprehensive analysis conducted by research firm ‘Africa: The Big Deal.’

The report’s insights shed light on a shift in funding dynamics across the continent, highlighting shifts in investment dynamics and geographical trends.

“Nigeria, previously at the helm in 2021 and 2022, witnessed a remarkable downturn, sliding to the fourth position with a modest $410 million raised in 2023,” stated ‘Africa: The Big Deal,’ noting the nation’s stark decline from a staggering $1.7 billion in 2021.

Highlighting Nigeria’s dramatic transformation, the report noted, “While Nigeria retained the highest number of startups raising $100k or more (146, accounting for 29% of the continent), the total amount raised plummeted to $410 million from $1.2 billion in 2022 and $1.7 billion in 2021.”

It added, “As a result, its share of Western African funding continued to drop to reach 68%, down from 85% in 2021, and 77% in 2022. This is the lowest regional share of any Big Four market since we started collecting the data in 2019.”

The dominance of what the report categorizes as ‘The Big Four’ – Nigeria, Kenya, Egypt, and South Africa – persisted, capturing a significant 87% share of all startup funding across Africa in 2023, the highest concentration since 2019.

Despite a 25% decline in funding, Kenya emerged as the frontrunner, securing the largest investment share (28%) of the continent’s total, with 93 startups raising $100k or more, constituting 19% of Africa’s aggregate funding.

Egypt, with 48 startups securing $100k or more, claimed the second spot among the Big Four, experiencing a moderate decline (-20%) compared to Kenya and Nigeria. Notably, Egypt’s share of North African funding surged to an impressive 95% in 2023, marking substantial growth from 72% in 2022.

“But thanks to a YoY decline (-20%) more moderate than Kenya and most importantly Nigeria, it was enough for the country to claim the second spot. Egypt’s share of North African funding grew substantially from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest progression), due both to the magnitude of MNT-Halan’s fundraising, and Algeria and Tunisia’s inability to repeat their strong 2022 performance,” the report stated.

Maintaining its position as the highest recipient of regional funding at 97%, South Africa stood out, with 70 startups raising $100k or more, accumulating $600 million, comprising 21% of the continent’s total. Impressively, South Africa defied the trend with an 8% year-over-year increase in total funding, distinguishing itself from the declining trends in the other Big Four nations.

The report underlined how these transformative shifts redefined Africa’s investment ecosystem, signaling a notable alteration in the geographical distribution of startup funding, with Kenya’s ascension as a significant focal point.

Overall, the findings noted the evolving nature of Africa’s startup ecosystem, reflecting the fluidity of investment patterns and the emergence of new frontiers for entrepreneurial growth.

Analyst at ‘Africa: The Big Deal’ said this shift not only marks a turning point in funding dynamics but also signifies the evolution and maturation of Africa’s startup ecosystem, opening doors to new opportunities and challenges.

Volkswagen, the German automaker, has announced that it will equip its future vehicles with ChatGPT, a conversational artificial intelligence system that can interact with drivers and passengers. ChatGPT, developed by OpenAI, is a deep learning model that can generate natural language responses based on the context and the user’s input. Volkswagen claims that ChatGPT will enhance the driving experience by providing information, entertainment, and assistance.

According to Volkswagen, ChatGPT will be integrated with the car’s infotainment system, navigation system, and voice control system. Drivers and passengers will be able to access ChatGPT through a touch screen, a microphone, or a steering wheel button.

ChatGPT will be able to answer questions about the car’s features, functions, and status, as well as provide directions, traffic updates, weather forecasts, and nearby points of interest. ChatGPT will also be able to play music, podcasts, audiobooks, and games based on the user’s preferences and mood.

Volkswagen says that ChatGPT will not only be a smart assistant, but also a friendly companion. ChatGPT will be able to engage in casual conversations, tell jokes, stories, and trivia, and even generate original content such as poems, lyrics, and code.

ChatGPT will also be able to adapt to the user’s personality, style, and feedback, and learn from their interactions over time. Volkswagen hopes that ChatGPT will make driving more enjoyable, relaxing, and safe.

Volkswagen plans to launch ChatGPT in its cars by 2025. The company says that it will ensure that ChatGPT respects the user’s privacy and data protection rights, and that it complies with the ethical and legal standards of each market. Volkswagen also says that it will monitor and update ChatGPT regularly to improve its performance and quality.

Volkswagen is putting ChatGPT in its cars to create a new generation of smart and connected vehicles. The company believes that ChatGPT will revolutionize the way people interact with their cars and with each other. Volkswagen invites its customers to join them in this exciting journey of innovation and discovery.

Boeing Shares dips after Plane Window Blowout

The aviation giant Boeing faced another setback on Monday, when one of its 787 Dreamliner jets had to make an emergency landing in Japan due to a window blowout. The incident, which occurred on a flight from Tokyo to San Francisco, caused no injuries but sparked panic among the passengers and crew.

The window blowout was the latest in a series of problems that have plagued the 787 Dreamliner, which is Boeing’s most advanced and fuel-efficient aircraft. The plane has been grounded several times in the past due to issues with its batteries, engines, software and wiring.

The latest incident also came at a time when Boeing is struggling to recover from the fallout of two fatal crashes involving its 737 Max jets, which killed 346 people and led to a global grounding of the model. Boeing has been facing lawsuits, investigations and regulatory scrutiny over its handling of the 737 Max crisis, as well as delays in delivering new orders.

Boeing’s shares fell by 4.3% on Monday, wiping out $9 billion from its market value. Analysts said the window blowout could further damage Boeing’s reputation and customer confidence, as well as increase its costs and liabilities.

“Boeing is already under immense pressure from the 737 Max debacle, and this new incident adds to its woes,” said Richard Aboulafia, an aviation analyst at Teal Group. “The 787 Dreamliner is supposed to be Boeing’s flagship product, but it has been plagued by reliability issues since its launch. This could hurt Boeing’s sales and profits in the long run.”

Boeing said it was aware of the incident and was working with the airline and the authorities to determine the cause. It also said it was confident in the safety and performance of the 787 Dreamliner, which has flown more than 1.3 billion passengers since 2011.

“We are committed to providing the highest quality products and services to our customers,” Boeing said in a statement. “We are working closely with our customers and suppliers to ensure that our fleet meets the highest standards of safety and reliability.”

One of the factors that may affect Boeing’s recovery is its production rate. According to Statista, Boeing delivered 480 aircraft in 2022, up from 340 in 2021. However, this is still far below its peak of 806 deliveries in 2018. How many planes does Boeing make per year? This is a question that many investors and analysts are asking, as it reflects Boeing’s ability to meet the demand for its products and generate revenue.

Access Bank Zambia Limited (Access Bank) proudly announced the successful culmination of its acquisition of African Banking Corporation Zambia Limited, rebranded as Atlas Mara Zambia (Atlas Mara).

With the attainment of all requisite regulatory approvals, this acquisition solidifies Atlas Mara as a wholly-owned subsidiary of Access Bank Zambia, marking a significant stride in the realm of African banking.

In an official statement, Access Bank affirmed its commitment to maintain separate operations until the seamless integration processes are finalized. This strategic maneuver propels the combined entities towards a vision of ascending to the upper echelons of Zambia’s banking industry, aspiring to secure a position among the top five banks by revenue, with an ambitious target to claim a top-three spot by 2027.

Roosevelt Ogbonna, the astute Managing Director/Chief Executive Officer of Access Bank Plc, hailed this acquisition as a monumental milestone. “This marks a significant milestone for Access Bank Plc as we work towards achieving our vision of being the world’s most respected African bank,” he said.

Ogbonna reiterated the bank’s commitment to synergizing the strengths, heritage, and shared values of both entities to usher in extensive opportunities for stakeholders in Zambia and the broader Southern African Development Community (SADC) region.

“We are poised for success by harmonizing the robust brands, rich heritage, shared values, and best practices of both companies in creating opportunities that extend to all our stakeholders in Zambia and the SADC region,” he added.

Lishala Situmbeko, the visionary CEO of Access Bank Zambia, echoed Ogbonna’s sentiments, noting the transaction’s closure as a pivotal moment for the banking sector. Situmbeko articulated the potential of synergizing operational and cultural strengths, a fusion aimed at benefiting all stakeholders while contributing significantly to Zambia’s economic resurgence.

“We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalize the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future,” he said.

Upon integration, customers will gain access to an expansive network comprising over 60 branches, 5 cash centers, 8 agencies, more than 5,300 Tenga Express Agents, and an extensive network of over 240 ATMs across Zambia. Corporate clients stand to benefit from an amplified balance sheet, an expanded international footprint and augmented access to diverse financial services that include trade finance, treasury offerings, and seamless international payments.

Access Bank’s notable presence in pivotal trade corridors connecting Africa with diverse global markets, including the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India, underlines promising prospects for stakeholders seeking amplified international opportunities.

Bobbline Cheembela, the astute Acting Managing Director of Atlas Mara, highlighted the tremendous potential unlocked by joining forces with Access Bank.

“Atlas Mara’s expansive network and contribution to the public sector and capability in global markets and treasury, combined with Access Bank’s focus on SMEs and making trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs has not only created an industry leader, but a champion for our country.

“We now have a better rounded and more comprehensive skill set available to us as a combined business and this enables us to better serve our customers and other stakeholders.”

“Ultimately, we want to continue to deliver a holistic service offering that benefits our customers from a shared focus on financial inclusion and digital banking” Situmbeko noted.

The collaboration aims to deliver comprehensive services with a shared emphasis on financial inclusion and digital banking, striving to provide a holistic service suite aligned with the evolving needs of the Zambian market.

This acquisition signifies a pivotal juncture in Zambia’s banking industry, poised to drive sustainable growth and usher in innovative strides in the country’s financial sector, setting the stage for a transformative era in African banking.