M-PESA set to lead Ethiopia’s financial landscape. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

1. M-PESA set to lead Ethiopia’s financial landscape

Ethiopia’s financial sphere is on the way to undergo a transformative shift with the official launch of M-PESA, the revolutionary mobile financial service pioneered by Safaricom. 

The development follows the acquisition of the Payment Instrument Issuer License from the National Bank of Ethiopia just three months ago, in May 2023.

Through strategic partnerships with key banks and meticulous technical groundwork, M-PESA pushes to be a game-changer in Ethiopia’s financial sector. 

Stanley Njoroge, Interim CEO of Safaricom Ethiopia, conveyed his excitement about this new chapter. 

He highlighted M-PESA’s potential to catalyze financial inclusion, asserting that it provides a “safe and secure platform for transactions” for a vast customer base of 51 million across seven African nations.

The launch of M-PESA in Ethiopia marks a significant stride in financial inclusion, utilizing mobile technology to empower individuals across diverse African nations. 

This move reflects the increasing role of mobile financial services in transforming traditional banking, particularly in regions with limited access to traditional financial infrastructure. 

Tech Trivia: Which RAID configuration is an example of nested RAID?

1.RAID 0

2.RAID 1

3.RAID 5

4.RAID 10

Answer: see end of post

2. Dabchy launches P2P fashion marketplace in Egypt

Tunisia’s peer-to-peer fashion marketplace, Dabchy, has set foot in Egypt, extending its transformative platform to a broader audience. 

Established in 2016 by Amani Mansouri, Ghazi Ketata, and Oussama Mahjoub, Dabchy is an innovative online platform enabling users to buy and sell pre-used and new clothing items.

READ ALSO:Tunisia’s Anava invests over $7M in Startups. 1 other story and a trivia

The startup’s foray into Egypt comes after achieving substantial success in Tunisia, Morocco, and Algeria, garnering a community of hundreds of thousands of users.

Dabchy’s Android app, boasting over 100,000 downloads, attests to its popularity and relevance.

Amani Mansouri, CEO of Dabchy, expressed enthusiasm about the expansion, underlining the power of fashion to drive positive change. 

Dabchy’s expansion to Egypt signifies the growing trend of peer-to-peer fashion marketplaces, which cater to eco-conscious consumers seeking sustainable and affordable clothing options. 

The success of such platforms underscores the significance of the sharing economy and how digital solutions can disrupt and transform traditional industries like fashion. 

3. Lumi AI to transform Business Intelligence with first funding round

Lumi AI, an innovative AI startup redefining business intelligence for organizations with physical supply chains, has announced raising a funding round.

The round was backed by New York-based B2B SaaS investors Forum Ventures, UAE-based Annex Investments, and angel investors.

Founded in April 2023, Lumi AI is on a mission to democratize access to data, insights, and predictive analytics. 

Its pioneering approach equips businesses with the ability to generate custom reports and run statistical models using plain language, revolutionizing how organizations interact with their data.

Lumi AI’s CEO, Ibrahim Ashqar, emphasized the platform’s role in eliminating barriers to data-driven decision-making. 

Maia Benson, Managing Director at Forum Ventures, shed light on the platform’s significance in addressing the lack of data talent and expediting data-driven decision-making. 

Lumi AI’s approach to democratizing data insights through plain language interaction aligns with the increasing demand for user-friendly AI solutions. 

The platform’s capability to convert human prompts into AI-friendly instructions eliminates barriers, making data-driven decision-making accessible to a broader range of professionals. 

Trivia answer: RAID

RAID Stands for “Redundant Array of Independent Disks.” RAID is a method of seamlessly storing data across multiple physical disk drives. The disks in a RAID array appear to a computer’s operating system as a single storage volume instead of multiple independent disks. 

In addition to providing a large amount of data storage, using a RAID array can improve disk performance and provide redundancy that helps prevent data loss in the event of a disk failure.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now