Business & Financial News
Swedfund invests EUR 26 million in AfricInvest’s Financial Inclusion Vehicle (FIVE), a platform designed to support financial institutions across Africa. The investment aims to increase access to financial services for underserved individuals and small businesses, with a focus on digital innovation, economic empowerment and inclusion. Today, only a fifth of the African population has access to formal banking services. Limited access to finance restricts entrepreneurship, job creation, and the ability to absorb economic shocks. Swedfund’s investment addresses this gap by supporting financial institutions that are expanding outreach and developing inclusive financial products, especially through new technology and digital solutions. - Our investment in FIVE further strengthens our engagement to improve access to banking and other financial services in underserved communities. This in turn spurs job creation and growth. We are also able to strengthen financial institutions and the development of innovative financial services, says Jakob Larsson, Senior Investment Manager at Swedfund. Through FIVE, Swedfund will strengthen the capital base of select financial institutions across Africa, enabling them to grow and reach more clients. The investment also supports FIVE’s commitment to gender equality and women’s empowerment, creating positive change within its portfolio companies and communities. By investing in a mix of traditional and digital-first financial service providers, including banks, insurers, and fintechs, Swedfund aims to catalyse more inclusive financial ecosystems, driving job creation and economic growth across the continent. FIVE stands for Financial Inclusion Vehicle and was established in 2017 by AfricInvest. Other investors include the Norwegian, Danish, Dutch, German and Belgian Development Finance Institutions as well as African multilateral development institutions and pension funds.

Workplace Technology Is Africa’s Engine For Inclusive Growth

For businesses specifically, technology in the workplace has completely redefined operational processes as well as consumer behaviors and expectations within Kenya and beyond, but challenges still abound.

World Telecommunication and Information Society Day, observed on May 17, serves as a global reminder of the transformative power of digital innovation.

According to the United Nations, the purpose of World Telecommunication and Information Society Day (WTISD) is to help raise awareness of the possibilities that the use of the internet and other information and communication technologies (ICTs) can bring to societies and economies, as well as of ways to bridge the digital divide.[1]

In Kenya and across Africa, this observance is particularly poignant as we navigate a pivotal moment: the shift from viewing workplace technology as a luxury to recognizing it as an essential driver of productivity, inclusion, and economic advancement.

There is no doubt that over the past several years, technology has become an essential part of our day-to-day lives, both personal and professional. For businesses specifically, technology in the workplace has completely redefined operational processes as well as consumer behaviors and expectations within Kenya and beyond, but challenges still abound. [2]

Africa’s digital divide is marked by contrasts in mobile internet adoption and coverage between its regions. In Sub-Saharan Africa, mobile connectivity levels continue to trail other regions, with severe differences in access across the continent.

Southern and Western Africa report the highest connectivity rates, with around 30% of people online, while Central Africa lags far behind, with only 19% connected. Central Africa also has the highest coverage gap in Africa, at 34%. This means that more than a third of people in that region live outside areas covered by mobile internet—a significant barrier to development in a region where mobile internet is often the only viable connection to healthcare, education, and job opportunities.[3]

These disparities hinder the continent’s ability to harness digital tools for economic development. The lack of widespread broadband infrastructure, especially in rural and remote areas, exacerbates the challenge, leaving nearly 300 million Africans living more than 50 km from a fiber or cable broadband connection.

There is no doubt that the COVID-19 pandemic accelerated the adoption of hybrid work models globally. In Africa, this shift presents both opportunities and challenges. A mobile-first approach is particularly relevant, given the continent’s high mobile phone penetration. However, the transition requires more than just devices; it necessitates an ecosystem that supports seamless connectivity, collaboration, and security.

 

Samsung has been at the forefront of enabling this transformation. Their suite of smart workplace solutions, including the Samsung Flip interactive display, facilitates real-time collaboration, bridging the gap between remote and in-person teams. Additionally, Samsung’s mobile devices, equipped with Knox security and DeX capabilities, empower employees to work securely from anywhere, fostering a culture of flexibility and productivity. [4]

According to Samsung, employees around the world are increasingly clamoring for organisations to enable them to be seamlessly productive and collaborative, be it in the office, at home, or anywhere in between. Getting this new balance wrong today can even jeopardize workforce attraction and retention.

Leslie Goh, Head of Regional Display Solutions for Samsung Southeast Asia & Oceania, said: “As restrictions ease and organisations welcome their workforce back into the office, there is an urgency to rethink what work and meeting spaces mean to talents.” This means that in this new world of work, the whiteboard or flipchart would likely be obsolete, primarily because anything written there is often not quickly or easily shareable with people not in the meeting room.[5]

The potential of digital innovation in Africa is immense. AI and emerging technologies are projected to contribute around $1.5 trillion to Africa’s GDP by 2030, driving transformative changes across various sectors. However, realizing this potential requires addressing the existing digital infrastructure gaps and ensuring inclusive access to technology.

For instance, Africa accounts for less than 1% of total available global data center capacity, despite being home to 18% of the world’s population. There are currently around 150 data centers across Africa, with most concentrated in South Africa, Nigeria, and Kenya. Analysts suggest that Africa needs at least 700 new data centers to meet its connectivity and data storage requirements over the medium term.[6]

Efforts through tech giants such as Samsung, with their massive innovation that extends beyond products, encompassing partnerships and initiatives aimed at empowering businesses and workers, Kenya and Africa will soon reclaim their seat in the world when it comes to workplace technology.

It is clear that the integration of workplace technology is not just beneficial—it’s imperative. For Kenya and the broader African continent, embracing digital tools and infrastructure is key to unlocking economic growth, enhancing productivity, and fostering inclusion, and companies like Samsung play a crucial role in this journey, providing the tools and support needed to navigate the digital transformation.

[1] https://www.un.org/en/observances/telecommunication-day

[2] https://www.buchanan.com/benefits-technology-workplace/

[3] https://techafricanews.com/2024/10/31/africas-mobile-connectivity-has-the-internet-access-gap-narrowed-in-2024/

[4] https://www.samsung.com/sg/business/insights/transforming-hybrid-workplace-collaboration-with-samsung-flip/

[5] https://www.samsung.com/sg/business/insights/transforming-hybrid-workplace-collaboration-with-samsung-flip/

[6] https://www.brookings.edu/articles/accelerating-digital-inclusion-in-africa/

Leave A Reply

Your email address will not be published.