Africa Business, Author at AfricaBusiness.com

2Jul

By Africa BusinessNo Comments

Fintech

Under Attack: Online Sellers Face Mounting Threat from Payment Scams

Expert reveals steps to avoid payment scams in 2024 and the top five most common The top five most common types of payment scams are phishing scams, chargeback fraud, return fraud, merchant fraud, and wire transfer fraud In 2023, US businesses saw a 71% increase in payment fraud attempts, highlighting the growing threat posed by scammers When it comes to online shopping, it’s not just customers who can fall victim to scams. Many scams target businesses and sellers, making it essential for anyone selling goods online to understand how to avoid these pitfalls and what steps to take if their business is affected. Business Wire reported a 71% surge in payment fraud attempts on US businesses in 2023, underscoring the critical need for online sellers to stay vigilant ...

2Jul

By Africa BusinessNo Comments

Business

Africa sees wave of credit downgrades last year – bucking global trend of net upgrades

- Sub-Saharan Africa hit by 10 downgrades and only 4 upgrades - North Africa had 5 downgrades and 0 upgrades - 43% downgrades made to sovereign bonds globally were inside Africa - Only 8% upgrades made to sovereign bonds globally were outside Africa African countries saw 15 credit rating downgrades and only 4 upgrades to their sovereign bonds last year, says leading specialty (re)insurance group Chaucer. The wave of credit downgrades in African countries bucks the global trend of net upgrades – with 20 downgrades and 48 upgrades for the rest of the world (excluding Africa) last year. An increase in global interest rates and volatile currency markets have put a strain on many African countries. Civil unrest and changes of government across a number of Central African states have a...

27Jun

By Africa BusinessNo Comments

Atlas Network Names Three Finalists for 2024 Africa Liberty Award

From Burundi to Tanzania and Uganda, Africa’s freedom champions are improving the lives of millions of people Arlington, VA — Today, Atlas Network—the nonprofit organization that partners with nearly 600 independent think tanks in over 100 countries worldwide—announced its finalists for the 2024 Africa Liberty Award, which honors the region’s most outstanding freedom champion. The three finalists for this year’s award are Burundi’s Centre For Development and Enterprises Great Lakes (represented by chief executive Manirakiza Aimable); Tanzania’s Liberty Sparks (represented by CEO Evans Exaud); and Uganda’s Ethical African Organization (represented by director Lutakome Imran Kigongo), with all three organizations making innovative contributions to economic freedom and human progress. Atlas...

25Jun

By Africa BusinessNo Comments

Tech

Data for ransom: Yours

How should organisations respond after their cybersecurity has been compromised and the attackers are now holding their information for ransom? The highest number of data compromises tracked by the Identity Theft Resource Center (ITRC) was 1,860, impacting around 300 million people in 2021. Until 2023. The ITRC tracked 3,205 data compromises affecting 353,027,892 individuals at a 72% increase on 2021’s numbers. The hackers are getting in. Which means companies need a strategy to get them out. As Richard Frost, Head of Consulting at Armata, explains, it is time to pay attention to the ‘what happens next’ part of cybersecurity, giving it the same level of investment as security technology. “Having cyber-insurance or a cyber-warranty in place is a good investment as the policy provider will...

25Jun

By Africa BusinessNo Comments

Business, Main, Medicine

Africa needs to increase vaccine production 73-fold to reach its vaccine sovereignty target

Analysis from The ONE Campaign finds that just 1.1% of Africa’s vaccine supply actually comes from Africa, with Asia providing over half and Europe over one-third of Africa’s vaccine supply. The African Union and Africa CDC proposed an ambitious target to manufacture 60% of Africa’s immunization needs on the continent by 2040. Our new analysis tracks progress toward this goal, identifies the challenges and offers a 6-point plan for accelerating vaccine sovereignty in Africa. Key figures: 98.9% of Africa’s vaccine supply is produced outside the continent, leaving Africa vulnerable to supply chain disruptions and vaccine inequality. In 2021, African leaders prioritized vaccine sovereignty, setting a target to produce 60% of Africa’s vaccines by 2040 in Africa. To meet...

25Jun

By Africa BusinessNo Comments

South Africa News

Pan-African Rhythms: Uniting the Continent Through Music

by Katherine McVicker, Founder of Arts Connect Africa and Director of Music Works International In a few short months, it will be 38 years since Paul Simon’s seventh studio album, "Graceland,” was released. The album won the album of the year Grammy in 1987 and became (and still remains) Simon’s bestselling album of all time. This success was not just because of its eclectic mix of genres such as pop, rock, acapella, Zydeco and South African music genres like isicathamiya and mbaqanga, but also because it was a political statement, particularly because it came at a period when western musical artists and organizations had decided to impose a boycott of South African art and music because of the country’s apartheid policy. But more importantly, the album launched the international career...

22Jun

By Africa BusinessNo Comments

South Africa News, Tech

What South Africans need to know about the TikTok debate

Privacy, data and safety concerns explained As the debate around TikTok continues to unfold, social media users are grappling with the layers of issues surrounding the potential ban of the popular social media app in the United States and other countries. “From national security concerns to data privacy and children’s safety, the implications of greater scrutiny of TikTok, and other social media companies, are just as important in South Africa,” says Carey van Vlaanderen, CEO of ESET Southern Africa. The primary reason behind the U.S. government’s interest in banning TikTok revolves around national security. Lawmakers worry that the Chinese-owned app, developed by ByteDance, could be used to collect and share sensitive user data with the Chinese government. An investigation by Consumer R...

22Jun

By Africa BusinessNo Comments

Ethiopia News, Startups

Ethiopia Builds Wealth for Tomorrow with Startups as the Universal Engines in the Growth and Development of Governments and Countries

Addis Ababa, Ethiopia: As the host nation of the Global Startup Awards Africa, Ethiopia launched the inaugural national Ethiopian Startup Awards on 3rd June 2024 at the Entrepreneurship Development Institute (EDI). This follows the success of the Global Startup Awards Africa Summit held in October 2023 in Addis Ababa and forms an integral part of the national agenda to prioritise innovation and entrepreneurship for the next 10 years of implementing the country’s prosperity roadmap. This year's Global Startup Awards Africa 2024 competition garnered 11,900 entries from across Africa, with Ethiopia contributing 24% of the Eastern region's entries. Notably, Ethiopian startups showcased remarkable growth in participating in the awards with a 400% growth in applications since 2023, underscori...

22Jun

By Africa BusinessNo Comments

Business

Hiring remote personnel in Latin America

The global talent acquisition landscape is evolving rapidly. This dynamic region has become an attractive destination for companies seeking highly qualified specialists at competitive prices. Today, companies are no longer limited to one geographic location in search of the best talent and provide remote jobs in Latin America. We'll look at the benefits of hiring talent in Latin America, the region's diverse talent pool, cost efficiencies, cultural synergies, and untapped potential. Booming Talent Pool: Why Hire Talent in Latin America Latin America boasts a young and energetic population with a growing interest in technology and innovation. According to a Statista report, the region's internet user base will reach 750 million by 2025, meaning a tech-savvy generation will enter the j...

19Jun

By Africa BusinessNo Comments

Business

5 Ways a tax advisory firm can elevate your business

Your business is more than just numbers on a balance sheet. In today's dynamic business landscape, a company’s success is not merely about crunching numbers and filing taxes—it's also about strategic decision making, planning for the future and identifying opportunities for growth. While traditional tax and accounting services can help you with fundamentals like compliance and auditing, partnering with a firm that provides additional advisory support over and above basic bookkeeping services can help elevate your business so that it thrives in even the most competitive industries. So how can an outsourced team of tax and accounting professionals help to unlock your business’s full potential? Here are five ways they can add value: 1. They help you plan proactively The right tax and acc...