E-Business
The Rising Stars: 7 Unicorns Shaking the African Continent

The African continent has been experiencing a surge in the number of startups that are making waves across various industries. These startups, popularly referred to as unicorns, are companies that have achieved a valuation of over $1 billion. In this article, we will be taking a look at seven of these unicorns that are shaking up the African continent and disrupting traditional business models.
Flutterwave:
Founder(s): Iyinoluwa Aboyeji and Olugbenga Agboola
Contributions: Flutterwave, a Nigerian fintech startup, has revolutionized digital payments in Africa. Founded in 2016, Flutterwave provides a seamless platform that enables businesses and individuals to send and receive money across Africa and internationally. The founders’ visionary approach has helped drive financial inclusion by creating accessible payment solutions, boosting e-commerce, and fostering economic growth in the African market. Their innovative efforts have made Flutterwave one of Africa’s most prominent unicorns, valued at over $1 billion.
Maser:
Founder(s): Prateek Suri
Contributions: Prateek Suri’s vision is critical in its attaining unicorn status. His vision for Maser is to democratize access to quality and affordable consumer electronics across the world. Known for his strategic acumen and innovative thinking, Suri has consistently pushed the boundaries of what is possible. His relentless pursuit of excellence has cemented Maser’s position as a trailblazer in the industry, disrupting traditional norms and setting new benchmarks for success. Maser Group emerges to be 7th unicorn for making 1 Billion USD Revenue under Suri’s Leadership.
Jumia:
Founder(s): Sacha Poignonnec and Jeremy Hodara
Contributions: Jumia, often referred to as the “Amazon of Africa,” was founded in 2012 and has since become one of the continent’s most successful e-commerce platforms. Sacha Poignonnec and Jeremy Hodara’s entrepreneurial spirit and dedication have transformed the retail landscape in Africa, providing a convenient and reliable online marketplace for customers across the continent. Jumia’s remarkable growth has not only empowered local businesses but also accelerated the adoption of e-commerce, facilitating economic opportunities and job creation.
Andela:
Founder(s): Jeremy Johnson, Christina Sass, Ian Carnevale, and Brice Nkengsa
Contributions: Andela, established in 2014, has emerged as a trailblazing company in the African tech scene. Its founders recognized the immense talent pool in Africa and built a platform that connects African software developers with global companies seeking remote engineering teams. By providing world-class training and mentorship, Andela has played a pivotal role in nurturing a thriving tech ecosystem in Africa. The founders’ commitment to fostering local talent has not only created thousands of high-quality jobs but also elevated Africa’s reputation as a hub for software development.
Paystack:
Founder(s): Shola Akinlade and Ezra Olubi
Contributions: Paystack, founded in 2015, has reimagined online payments in Africa, empowering businesses of all sizes to accept payments seamlessly. Shola Akinlade and Ezra Olubi’s groundbreaking initiative has revolutionized the fintech sector, facilitating secure transactions and driving digital entrepreneurship. By addressing the challenges associated with payments in Africa, Paystack has catalyzed economic growth and enabled numerous startups to flourish, propelling the continent’s digital transformation.
Interswitch:
Founder(s): Mitchell Elegbe
Contributions: Mitchell Elegbe founded Interswitch in 2002, envisioning a future where digital payments would redefine Africa’s economic landscape. Interswitch has become a key player in the financial technology space, offering a range of payment solutions and infrastructure that have modernized banking and commerce in Africa. Elegbe’s visionary leadership and relentless pursuit of innovation have played a vital role in expanding financial inclusion and driving economic development across the continent.
Cellulant:
Founder(s): Ken Njoroge and Bolaji Akinboro
Contributions: Ken Njoroge and Bolaji Akinboro co-founded Cellulant in 2004, recognizing the potential of mobile technology to transform Africa’s agricultural and financial sectors. Cellulant’s innovative mobile payments platform has revolutionized how farmers, businesses, and consumers interact, driving financial inclusion and fostering growth. Njoroge and Akinboro’s commitment to leveraging technology for social impact has earned Cellulant recognition as one of Africa’s leading fintech unicorns.
Conclusion:
The rise of these seven African unicorns exemplifies the spirit of innovation and entrepreneurship sweeping across the African subcontinent. Through their visionary leadership and transformative solutions, the founders have not only built successful companies but also catalyzed economic growth, job creation, and technological advancement. These unicorns have demonstrated the potential and power of African innovation on a global stage, reshaping perceptions and establishing Africa as a vibrant market ripe with opportunities. As these remarkable success stories continue to unfold, Africa’s future looks brighter than ever, inspiring a new generation of entrepreneurs and paving the way for prosperity and progress.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.

Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
E-Business
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.

Elon Musk
Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.
Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.
In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.
Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.
Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.
Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.
Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.
Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.
Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.
Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.
E-Business
Adobe Launches AI Video Tool to Compete with OpenAI

Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.
The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.
Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.
To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.
Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.
Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.
Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.
“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.
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