The blog explores Zambia's potential as an emerging tech hub in Africa, focusing on regulatory advancements, political commitment, deal flow and private sector engagement.<h1>How I See My Ecosystem: Zambia’s Growing Tech Scene</h1>How policies and the private sector are driving the ecosystem forwardIn the heart of Southern Africa, a nation is paving the way for technological advances that could reshape its future. Zambia, known for its rich cultural heritage and abundant natural resources, is gaining&nbsp;<a href="https://techcabal.com/2023/06/02/zambia-ecosystem-feature/">recognition</a> for its ambitious drive to position itself as an emerging technology hub within the African continent. With an increasing focus on innovation, entrepreneurship and regulatory reforms, Zambia is setting the stage to redefine its economy and empower its citizens. Delve into some of the reasons and learn more about Zambia’s growing tech scene in this Q&amp;A with Calvin Chitangala, Renew Capital’s investment and project manager in Zambia.&nbsp;<figure class="image"><img src="/uploads/Start_Up_Converse_Event_c946fbee8f.jpeg" alt="Entrepreneurs and tech enthusiasts posing for a group photo at Startup Converse in Zambia, celebrating innovation and collaboration in the growing tech ecosystem."></figure>Photo: Startup Converse - NyamukAfricaQ. How is Zambia positioning itself to be a leading technology hub in Africa?A. In terms of regulations and political will, Zambia's presidential cabinet is making significant strides in&nbsp;<a href="https://www.mots.gov.zm/?p=2030">formulating a startup bill</a>, aligning with market trends regarding startup acts. Over&nbsp;<a href="https://www.icr-facility.eu/fileadmin/files/downloads/icreports/icreport_startupacts.pdf">16 African nations</a> have been diligently advancing this initiative, with a noteworthy milestone being the enactment of the&nbsp;<a href="https://nigeriastartupact.ng/">Nigerian Startup Act</a> into law&nbsp;<a href="https://www.mazars.com.ng/Home/Insights/Mazars-Insights/Start-Up-Act-2022">last year</a>. Zambia being on this trajectory sets the tone for clear definitions of startups and SMEs, aiding regulatory interactions and fostering a favorable environment for startups. Switching focus to deal flow, Zambia ranks second in Southern Africa, following South Africa, in generating startup deals in the last decade. South Africa led with&nbsp;<a href="https://www.avca.africa/data-intelligence/">536 deals</a>, while Zambia recorded 50, suggesting a nascent ecosystem in Zambia. Among Entrepreneurship Support Organisations (ESOs), I am aware of about 30+ meetups/events that promote the startup ecosystem throughout the year, notably, the&nbsp;<a href="https://zban.org.zm/">Zambia Business Angels Network</a> which conducts frequent demo days that showcase pre-seed and seed deals. Additionally, NyamukAfrica/ITC has&nbsp;<a href="https://en.nyamukafrica.com/#">monthly startup converse events</a> that demystify technical startup conversations. There are more ESOs backed by donor communities and corporations which add to the support of the ecosystem's growth. Considering these facets — regulatory advancements, political will, increasing deal flow, private sector-led initiatives for tech-enabled startups and an attractive macroeconomic environment — it's plausible that Zambia could emerge as a noteworthy African tech hub.Q. What is one noteworthy tech sector emerging in the country?&nbsp;A.&nbsp;We are seeing exciting trends in fintech in Zambia. A 2022 UNCDF study identified 57 companies in Zambia that identify as fintechs, compared to their 2018 study that identified 25. African fintech unicorns also are entering the Zambian market through various means, such as acquiring a local fintech or entering directly while going through the regulatory system. One example is&nbsp;<a href="https://www.crunchbase.com/acquisition/chipper-cash-acquires-zoona--266c4483">Chipper Cash's acquisition</a> of the local Zambia entity Zoona. However, regulatory risk tends to be the biggest hurdle for most fintechs in Africa and Zambia is no exception. Tech-enabled startups that have achieved product-market fit are providing solutions to fundamental African problems.Q. What are some of the challenges you’ve witnessed in the ecosystem?A. Internet penetration rate among our African population is still relatively low, however, growing steadily. As of 2021 individuals<a href="https://data.worldbank.org/indicator/IT.NET.USER.ZS?locations=ZM"> using the internet (% of the population) stood at about 21%</a>. The Zambia Information and Communications Technology Authority (ZICTA) has provided an in-depth<a href="https://www.zicta.zm/storage/posts/attachments/JE2Uc1d98h9rZKvL7IqnRLSl8WpIBbqK4aND4Xgf.pdf"> understanding of access and usage of ICTs among the Zambian population</a>. Therefore, for most tech-enabled businesses, especially the ones with a B2C business model servicing the mass market, the use of ICTs remains a challenge for customer acquisition and retention. Other than that, among the ESOs, critical information still exists in silos. It would be highly beneficial to implement ESOs that provide comprehensive information and education to entrepreneurs throughout the nation, particularly those who do not have easy access to relevant news. In addition, it almost goes without saying now, that there remains a funding gap for SMEs and startups, especially for female entrepreneurs. The funding gap for SMEs in Africa is estimated to be over&nbsp;<a href="https://www.afreximbank.com/receivables-finance-can-help-close-africas-90-billion-sme-financing-gap-says-kenya-central-bank-governor/#:~:text=Nairobi%2C%2011%20March%202020%20%E2%80%93%20Receivables,Bank%20of%20Kenya%2C%20has%20said.">$90B</a>. Additionally, the funding gap for female entrepreneurs is estimated to be around&nbsp;<a href="https://www.weforum.org/agenda/2022/08/how-female-led-start-ups-can-transform-africa/#:~:text=In%20Sub%2DSaharan%20Africa%2C%20research%20shows%20that%20there%20is%20currently%20a%20%2442%20billion%20funding%20gap%20for%20women%20entrepreneurs.">$42B</a>. Traditional bank debt is generally not suited for the investment needs of early-stage startups seeking pre-seed or seed-stage funding, so most startups in Zambia tend to seek capital partners from outside the country. Lastly, there is a need for mentorship, capacity building and educational programs to help startups navigate the fundraising landscape, especially among young people.&nbsp;Q. With the growing momentum and enthusiasm surrounding technology and innovation, what are your hopes for Zambia’s future?&nbsp;A. Let me begin by discussing Zambia's recent economic history and its outlook for the short and medium term.&nbsp;In the wake of the challenges posed by the COVID-19 pandemic and the 2021 general elections, Zambia's&nbsp;macroeconomic landscape initially displayed unfavorable indicators around 2020. However, a more stable macroeconomic environment was anticipated post-2021, with the annual GDP growth projected to average around 4.5% throughout 2023-2025. This positive economic projection by the World Bank was updated around March 2023, it agrees slightly with the&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">insights</a> of the Bank of Zambia around mid-August 2023, that is, even though the Bank of Zambia’s Monetary Policy Committee advised that they expect the GDP for 2023 is likely to fall below projections due to contractions in the mining sector and slowdowns in the education and energy sectors, the Central Bank anticipates that the Country’s economic growth will rebound between 2024 and 2025, bolstered by the anticipated recovery in the mining sector and sustained expansion in the information and communications, financial and insurance, as well as wholesale and retail trade sectors. Furthermore, acknowledging inflationary pressures – inflation is projected to&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">average 10.2% in 2023</a> and 9.3%in both 2024 and H1 2025, the Bank of Zambia Monetary Policy Committee opted to increase the monetary policy rate from 9.5% to 10%, in the immediate term.&nbsp;Regarding investor appetite, the&nbsp;<a href="https://www.nabii.org.zm/reports.php">Zambia Impact Investment Climate Survey Report 2022/23</a> advised that 82% of Zambian impact investors expressed their determination to augment their backing for portfolio companies and actively seek out fresh avenues for growth; this investor enthusiasm and dedication remained steadfast despite the prevailing public apprehensions surrounding Zambia's debt burdens and economic hardships. In addition, regarding investor sentiment, the&nbsp;<a href="https://www.boz.zm/PCF_HIGHLIGHTS_SURVEY_FINDINGS_2022.pdf">2022 Bank of Zambia study</a> unveiled that investor decisions to invest or reinvest in Zambia were primarily influenced by factors such as peace and security, market potential, robust infrastructure, and political stability. Among the government policies and initiatives, those perceived as most effective in promoting investment included the establishment of a favorable governance environment, economic diversification, enhancements to transportation infrastructure and facilitation of business connections.&nbsp;&nbsp;Furthermore, a notable success under the new government is the successful negotiations of the country's national debt restructuring. It is anticipated that this restructuring will lead to&nbsp;<a href="https://www.parliament.gov.zm/sites/default/files/images/publication_docs/Ministerial%20Statements%20-%20Debt%20Restructuring.pdf">benefits of an improved micro-and-macro economic environment,&nbsp;</a>also, the Ministry of Finance anticipates this debt restructuring will generate over US$5.8 B in debt savings between 2023 and 2031, unlocking more resources for Government's developmental programs. Lastly, the startup scene is also looking promising,&nbsp;<a href="https://www.mots.gov.zm/?p=2030">as the Government seeks to set up a Startup Bill,</a> we hope this will lead to fiscal incentives towards startups in Zambia and perhaps more startup deal flow.&nbsp;

We are seeing exciting trends in fintech in Zambia.

StartUp Converse Event .jpeg

How I See My Ecosystem: Zambia’s Growing Tech Scene

Ethiopia’s fintech infrastructure is improving with the soft launch of Safaricom Ethiopia’s mobile financial service M-PESA, which boasts 51 million customers across Africa, in Addis Ababa, on August 16, 2023. The service expects to make a full national launch in September.<h1>M-PESA Launches in Ethiopia</h1><figure class="image"><img src="/uploads/Screenshot_2023_08_20_at_6_41_31_PM_3019bbc216.png" alt="A local M-PESA shop in Ethiopia, symbolizing the growth of fintech infrastructure in the region, as Safaricom Ethiopia's mobile financial services gain momentum"></figure>Photo courtesy of Andrew LarsenEthiopia’s fintech ecosystem has lagged behind its neighbors in recent years as a result of Investment Proclamation 1180’s ban on foreign investment in the sector among other factors. However, in May 2023, this prohibition was waived to allow M-PESA, a mobile money platform with 51 million customers and owned by Kenya’s Safaricom, to operate in Ethiopia for a licensing fee of $150M USD.&nbsp;For context, according to Africa: The Big Deal Database, while Kenyan fintech startups have raised $517.8M since 2019, Ethiopian fintech startups have only raised $17.6M. This disparity results in Kenya having raised 67.6x more capital for fintech on a per capita basis than the Ethiopian market, underscoring the disparity. <img src="/uploads/Screenshot_2023_09_06_at_11_43_27_AM_a01ec577a6.png" alt="A graphical representation of fintech investment trends in East Africa, showing a comparison of capital raised in millions of USD from January 1, 2029, to July 31, 2023, emphasizing the region’s dynamic financial evolution."> &nbsp;Kenyan fintech startups have attracted more than 67x more capital per capita than Ethiopia.Source:&nbsp;Renew Capital's analysis of publicly disclosed deals in startups since 2019 captured in “Africa: The Big Deal Database.”After a three-month pilot test, M-PESA has <a href="https://safaricom.et/index.php/news-insights/97-safaricom-ethiopia-goes-live-with-m-pesa" target="_blank" rel="noopener noreferrer">announced</a> it is launching and joining Ethiopia’s mobile money market as a competitor to the state-owned Ethio Telecom’s flagship financial mobile money service provider, Telebirr. M-PESA is now available for Safaricom Ethiopia’s 4M customers. For context, Safaricom Ethiopia has been expanding its network across 147 towns in Ethiopia over the past 10 months.However, customer acquisition will likely remain challenging for M-PESA. Telebirr, the Ethiopian government-owned mobile money service, had a two-year head start, launching initially in May 2021 and introducing a super-app version in March 2023, which provides users with access to a large assortment of services within the app's single interface. The app now provides eCommerce options, food delivery, entertainment, utility bill payment options and transportation payment options. The Telebirr App currently owns over 20 mini apps and is also providing benefits to the startup ecosystem by allowing local Ethiopian startups access to the app's user base of over 30 million users.&nbsp;Moreover, in April 2023, the Ethiopian government began requiring fuel payments to be completed using Ethiotelecom's Mobile Money app, Telebirr. This further entrenched Telebirr’s position as the market leader in mobile money in Ethiopia just one month before the Ethiopian government awarded M-PESA its license to operate.Similarly, in April 2023, Chapa, one of Ethiopia's leading online payment providers, announced that it would be teaming up with Telegram to enable merchants using Telegram to accept payments from their customers using a Chapa integration. Thousands of businesses throughout Ethiopia are already selling products through the messaging app; this partnership allows those merchants to accept payments from their customers using mobile money, bank transfers, or debit/credit cards without leaving the app.&nbsp;Importantly, as of August 15, 2023, Chapa partnered with&nbsp; COOP Bank to launch the Coop-Chapagram bot integration that operates within Telegram. The feature allows users to access numerous financial services through the Telegram application, according to COOP Bank.&nbsp;Safaricom’s presence in multiple African countries might be the competitive advantage M-PESA brings to the market that has been monopolized by the state-owned service provider, Telebirr. If commerce is facilitated between the countries in which M-PESA has a presence, it could also end up becoming an asset for the AfCFTA.In summary, the entry of M-PESA into Ethiopia is a crucial next step in increasing financial access and inclusion in Ethiopia, where approximately 78% of the population lives in rural areas.&nbsp;For example, according to the World Bank, only 35% of adults in Ethiopia have access to formal bank accounts. Comparatively, in Kenya, 82% of adults have an account, while in Rwanda, 50% of adults reported having a formal bank account. In sub-Saharan Africa overall, 43% of adults have an account.&nbsp;Increasing the number of mobile money payment services can help to increase access to finance for rural populations and others throughout Ethiopia. Finally, the market competition between M-PESA and Telebirr will help to increase the quality of service provision between the two companies as they compete for market share, a generally good free market outcome.

M-PESA is now available for Safaricom Ethiopia’s 4M customers. 

Screenshot 2023-08-20 at 6.41.31 PM.png

M-PESA Launches in Ethiopia

<h1 style="margin-left:0px;">Press Release: Renew Capital Angels Invest in Kenyan Fintech FlexPay</h1>FlexPay is reshaping the financial services landscape in Africa with its flexible and affordable payment alternatives<a href="https://latest-api.renewcapital.com/uploads/FINAL_Flex_Pay_Press_Release_c41e2406d2.pdf " target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>NAIROBI, Kenya, September 5, 2023 —Renew Capital Angels have invested in an innovative Kenyan fintech,&nbsp;<a href="https://www.flexpay.co.ke/">FlexPay</a>. FlexPay’s"save now, buy later" platform allows customers to purchase products over time, interest-free, by setting personal savings goals. They provide customers with greater financial flexibility and purchasing power by collaborating with merchants to facilitate flexible payment options for high-value goods and services.&nbsp;<figure class="image"><img src="/uploads/Flex_Pay_e4b9cbfb07.png" alt="Senior Investment Manager of Renew Capital with FlexPay founders in their Nairobi, Kenya office, showcasing partnership in innovative fintech solutions."></figure>“Our “save now, buy later” model represents an important evolution of “buy now, pay later”. It's an affordable, scalable, and sustainable model, particularly in Africa. We are looking forward to the future and plan to move quickly in the next three months to partner with merchants and blaze a new trail in the banking space,” said <a href="https://www.linkedin.com/in/richard-machomba-618b697a?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAABDmyjQBkhBCNptBuO2vD_RO8NeUDZ-3uSI&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3BZZ2IaXumQsSzgSvDlaN8LA%3D%3D" target="_blank" rel="noopener noreferrer">Richard Machomba</a>, CEO of FlexPay.&nbsp;FlexPay is one of the innovative financial service products that has emerged from Kenya, the home of Africa's first mobile money service, MPESA. FlexPay aims to bridge the affordability gap with practical and affordable financial services thus protecting customers from the dangers of debt."The youngest and fastest-growing populations in the world are generating massive demand for effective and affordable financial services. This is Africa’s great challenge and opportunity. FlexPay is leveraging exciting technology to power an empowering new model: “Save now, buy later,” said Matt Davis, CEO of Renew Capital.The investment aligns with Renew Capital's mission to support groundbreaking ventures across Africa.

Renew Capital Angels invests in FlexPay, a Kenyan fintech offering flexible 'save now, buy later' payment solutions.

IMG_0279.jpeg

Press Release: Renew Capital Angels Invest in Kenyan Fintech FlexPay

<h1>Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali</h1>Bridging Continents and Cultures<figure class="image"><img src="/uploads/Whats_App_Image_2023_08_29_at_16_31_32_1_1_861399497b.jpeg" alt="Biniam Early with colleagues at Renew Capital's Kigali office, bridging cultures and advancing in data analytics."></figure>Biniam Early, a son of a Renew Capital Angels network member is an undergraduate student at&nbsp;<a href="https://www.lmu.edu/">Loyola Marymount University</a> in Los Angeles, California. With a passion for information systems and business analytics, Biniam took on a fellowship with Renew Capital in Kigali, Rwanda as part of his journey of exploration and curiosity. He shares his experiences about the recent fellowship in Africa and his perspectives on cultural immersion.Q. Please tell us a bit about yourself.I was born in Ethiopia and was adopted in 2008. Since then, I have been living near Boston, Massachusetts. Currently, I am studying at Loyola Marymount University in Los Angeles. My major is Information Systems and Business Analytics, which is similar to data analytics but has a strong business focus.Q. Why did you choose to do your fellowship in Africa?I wanted to immerse myself in the local lifestyle, rather than just vacationing. I visit Africa every other year, having been to Ethiopia and Tanzania. This time, I wanted to experience something different. I believe in Renew Capital's mission to change the way the world engages Africa - from a place of giving to one of investing.&nbsp; I believe it's important for people in the U.S. to understand that despite some differences, we are all similar in many ways.&nbsp;Q. How has your experience been?I'm currently in Rwanda for the first time and it's been an interesting experience. Rwanda has a rich history and learning about it has helped me understand how to adapt to different cultures in other places I visit. Overall, my biggest takeaway from this journey has been the importance of community and understanding different perspectives.Q. What is the biggest takeaway from your fellowship?&nbsp;I believe that data analytics is a crucial bridge between business and technology. Being a part of a team that prioritizes the use of data analytics has been an exciting experience for me. I have noticed significant growth in this area within a short amount of time, and it is something I value deeply because of my education and life experience. The significance of analytics data cannot be overstated and it has reignited my passion for this field.&nbsp;

I believe in Renew Capital's mission to change the way the world engages Africa - from a place of giving to one of investing. 

WhatsApp Image 2023-08-29 at 16.31.32 (1) (1).jpeg

Renew Capital’s Summer Fellow Biniam Early's Journey from Los Angeles to Kigali

<h1>Reframing Impact Investing in Africa</h1>The Ethical Leadership and Sustainability ParadoxFor many investors worldwide, the African market holds enormous potential for both impact and profit. The rise of impact investing – investments made with the intention of generating a social or environmental impact alongside a financial return – has been particularly pronounced. However, there's a heated debate about whether the current application of impact investing in Africa is creating unnecessary burdens on companies that are already dealing with a plethora of challenges inherent to the environment.The prospect of a double bottom line, one that measures both financial and social or environmental outcomes, is undeniably appealing. Yet, it’s vital to recognize the unique context of African economies where establishing and maintaining a business is already a Herculean task. Balancing the drive for profitability and impact may not always be practical in such a setting and could potentially distract entrepreneurs from their primary goal of building sustainable, scalable businesses.<figure class="image"><img src="/uploads/Image_ee6bbbe9cb.png" alt="Coffee being carefully prepared and selected at METAD's specialty coffee farm in Africa"></figure>Consider the example of METAD, a flourishing specialty coffee company in Africa. METAD’s leadership channeled a portion of its profits towards community upliftment initiatives such as financing NGO-led cervical cancer testing for women, building community centers and funding teachers. These initiatives were not the outcome of investor pressure, but rather a strategic and smart way to operate in the African business environment. Amid regional unrest, METAD's farms were protected by the communities they had invested in, reflecting the mutual benefit of this approach.&nbsp;Impact investing has to be sensitively calibrated to align with the specific realities of the African market. A 'one-size-fits-all' global approach might not always be effective or sustainable. Investing in ethical leaders who prioritize community well-being and environmental sustainability could also be another way to look at impact investing. Leaders need to understand the intricate social fabric and unique environmental constraints of their locales to steer their businesses toward holistic prosperity.Moreover, investors should be cautious of not overburdening African enterprises with impact requirements. Investing in these companies should be coupled with providing necessary training and resources, focusing on building strong business fundamentals that can ensure their growth. The mere act of creating sustainable jobs can have a ripple effect of positivity in communities that are often plagued by unemployment and poverty.Redefining impact investing in Africa may not necessarily mean discarding the current model entirely. It is more about adjusting the balance — prioritizing the creation of growing businesses that implicitly, through their operations, contribute to the social and environmental well-being of their communities. Let us celebrate and incentivize the leaders who are already making a significant impact through their commitment to ethical, sustainable businesses.

Redefining impact investing in Africa may not necessarily mean discarding the current model entirely. It is more about adjusting the balance ...

Image.jpeg

Reframing Impact Investing in Africa

Renew Capital welcomed a dynamic team of 11 exceptional young professionals ranging from units in Project Management, Investment, Human Resources and Marketing and Communications.<h1 style="text-align:justify;"> Turning Pages and Chasing Dreams</h1>11 Interns Share Their Career Aspirations and Book Recommendations<figure class="image"><img src="/uploads/Meet_the_team_325b170a67.png" alt="2024 Renew Capital interns, gaining hands-on experience at an early-stage venture capital firm focused on supporting African startups."></figure>Renew Capital internship is an opportunity for recent graduates based in Africa to embark on a quest to unearth their professional goals, bring innovation to the table and invest in their future success.&nbsp;During the internship, the young professionals will work on various investment and private sector development projects that will enhance their professional skills and gain work experience in an international firm operating across eight African countries. Get to know them as they share books that have influenced and inspired them.&nbsp;<h2 style="text-align:justify;">1. Agnes Mbuvi - Investment Intern. Kenya.</h2>a) What are your professional goals?&nbsp; To become a top financial analyst in Kenya and Africa as well. I also hope to start my own investment firm in the future. where I will be able to offer investment solutions that work for the African context.b) What book would you recommend?<a href="https://www.amazon.com/Mountain-You-Transforming-Self-Sabotage-Self-Mastery/dp/1949759229" target="_blank" rel="noopener noreferrer">The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery</a> by Brianna Wiest. This self-help book helped me overcome self-sabotaging tendencies. The author encourages individuals to break free from self-destructive patterns, cultivate self-compassion and build resilience to live a fulfilling life.<h2 style="text-align:justify;"> 2. Eden Hailemariam - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become an exceptional investment consultant. I pursued this career path to help people make informed investment decisions which in turn will have positive micro as well as macroeconomic and social effects.b) What book would you recommend?<a href="https://www.amazon.com/Kill-Mockingbird-Harper-Lee/dp/0446310786" target="_blank" rel="noopener noreferrer">To Kill a Mockingbird </a>written by Harper Lee. It narrates the childhood of Scout and Jem Atticus. I love the extent Atticus goes to defend what he believes is right, regardless of the challenges he faces. It explores themes of racial injustice, mistreatment of innocent people and social prejudice.<h2 style="text-align:justify;"> 3. Jordan Karenzi - Investment Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;I would like to learn how to conduct sound market research and map out the right investments. Also, I would like to improve my communication skills and ability to relay information relating to the investment practice.b) What book would you recommend?<a href="https://www.amazon.com/Third-Door-Uncover-Successful-Launched/dp/0804136661" target="_blank" rel="noopener noreferrer">The Third Door</a> by Alex Banayan. This is a story of a young man with a dream of interviewing the most successful people in the world from different fields and different walks of life to understand the secret to their success. When Alex was at his highest, he got knocked down but he found a way to get up and push through. I applied the general message to keep a positive mindset and consider small steps as progress.<h2 style="text-align:justify;"> 4. Nahomi Kassahun - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;Currently, I am working towards improving my communication skills, especially public speaking. I hope to explore diverse career paths, build a network and develop my leadership abilities.b) What book would you recommend?<a href="https://www.amazon.com/Divergent-Veronica-Roth/dp/0062024035" target="_blank" rel="noopener noreferrer">Divergent</a> Trilogy by Veronica Roth is an extremely thought-provoking book that is set in the future. It made me question the meaning behind their nickname. The characters are based on important values: Abnegation (selflessness), Amity (kindness), Candor (honesty), Erudite (intelligence) and Dauntless (bravery).&nbsp;<h2 style="text-align:justify;">5. Ruth Ayalew - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a visionary policy maker. I am driven by a deep desire to bring about transformative and systematic change in Ethiopia's current landscape. I firmly believe that by implementing innovative and sustainable policies, we can overcome the obstacles that hinder progress and unlock the true potential of this remarkable nation.b) What book would you recommend?<a href="https://www.amazon.com/Habits-Highly-Effective-People-Powerful/dp/0743269519" target="_blank" rel="noopener noreferrer">7 Habits of Highly Effective People</a>&nbsp;by Stephen Covey. During my stay at the Young African Leaders Initiative (YALI), I was encouraged to read the book to understand how to live well with others and the dynamics of a great team. I learned that people have various behavioral styles.&nbsp;<h2 style="text-align:justify;">6. Heran Getaneh - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a detail-oriented manager and acquire a well-rounded skill set in project management. I hope to not only focus on my role but explore various aspects within the work environment and become a stellar collaborator that achieves success working with cross-functional teams.b) What book would you recommend?<a href="https://www.amazon.com/Educated-Memoir-Tara-Westover/dp/0399590501" target="_blank" rel="noopener noreferrer">Educated</a> by Tara Westover left an unforgettable impact on my spirit. The author's brilliance resides in her ability to challenge cultural standards while also appreciating the power of education. It has taught me to value any chance for personal development and learning that comes my way.&nbsp;<h2 style="text-align:justify;">7. Uwera Kamuhangire Myriam - Project Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To be an illustrious project manager or consultant in Rwanda. I also want to be an entrepreneur in the near future because I enjoy working in dynamic and flexible environments.b) What book would you recommend?<a href="https://www.amazon.com/Secret-Rhonda-Byrne/dp/1582701709" target="_blank" rel="noopener noreferrer">The Secret</a> by Rhonda Byrne. It talks about the law of attraction and how our mind is the greatest weapon that can be used to work for or against us. It teaches how positive thoughts can manifest positive outcomes and we can use this to achieve personal growth and success.&nbsp;<h2 style="text-align:justify;">8. Hiwot Endale - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;In the next five years, I want to identify the career path that I want to follow, build my professional network, perfect my skills and learn more about the entrepreneurial and investment sector.b) What book would you recommend?<a href="https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021" target="_blank" rel="noopener noreferrer">12 Rules for Life</a>&nbsp;by Jordan B. Peterson. In this remarkable read, the renowned clinical psychologist narrates unique and well thought rules to help us maintain order, improve our interpersonal interactions and establish strong bonds with others.&nbsp;<h2 style="text-align:justify;">9. Shaynerose Magabi - Marketing and Communications Intern. Kenya.</h2>a) What are your professional goals?&nbsp;To hold a leadership position soon and make data-driven decisions by improving my skills in data analysis and implementing effective marketing campaigns and conducting market research. I aim to excel in public speaking and confidently communicate my ideas with a diverse audience.b) What book would you recommend?<a href="https://www.amazon.com/Art-Happiness-10th-Anniversary-Handbook/dp/1594488894" target="_blank" rel="noopener noreferrer">The Art of Happiness</a> by Dalai Lama and Howard C. Cutler. This transformative guide sheds light on how individuals postpone their happiness and forget to live in the present.&nbsp;It implies if you aren't happy in the present, you'll never be happy in the future. Sadly, people fail to show compassion towards themselves by equating their self-worth to their success.&nbsp;<h2 style="text-align:justify;"> 10. Joy Mburu - People Operations and Development Intern. Kenya.</h2>a) What are your professional goals?&nbsp;I am looking forward to helping with the implementation of company policies and providing essential support to the People Operations and Development unit while learning its purpose.&nbsp;My career aspiration is to get a Human Resource Management certification that will enable me to grow and take on leadership roles soon.b) What book would you recommend?<a href="https://www.amazon.com/Winner-David-Baldacci/dp/0446606324" target="_blank" rel="noopener noreferrer">The Winner</a> by David Baldacci. This book takes you on a journey of trust and betrayal. “What decisions would you make in the face of intense desperation?" Characters within the plot are forced to make challenging decisions. It explores the devastating impact of betrayal from close friends and will make you shift alliances throughout the whole novel.&nbsp;<h2 style="text-align:justify;">11. Mediatrice Kampire - Data Science and Analytics Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To become a senior data analyst and project manager within the next three years by completing relevant training courses and gaining practical experience.b) What book would you recommend?<a href="https://www.amazon.com/Moved-Cheese-Spencer-Johnson-M-D/dp/0743582853" target="_blank" rel="noopener noreferrer">Who Moved My Cheese</a> by Dr. Spencer Johnson is a motivational business fable that explores the challenges of change and adaptation. The book emphasizes the importance of embracing change, being flexible and proactively seeking new opportunities.

Meet the 2024 Renew Capital interns, a talented team at an early-stage investment firm in Africa, driving growth in the continent's startup ecosystem.








Front.png

 Turning Pages and Chasing Dreams 

In this Q&amp;A with Licínio Chissano, project and investment manager at Renew Capital you will discover the creativity and vibrancy of the people in Mozambique, a country renowned for its beautiful weather and beaches. Expand your knowledge about this amazing country.<h1>How I See My Ecosystem: From Sunshine to Startups</h1>Unleashing Mozambique's Entrepreneurial Magic!Mozambique is renowned for its captivating landscapes, pristine beaches and rich cultural tapestry. In this interview with the project and investment manager at Renew Capital, Licínio Chissano, we delve into Mozambique’s entrepreneurial landscape and the promising industries that are driving its growth. Join us as we embark on a journey to uncover the innovative ideas and projects spearheaded by Mozambican entrepreneurs and how their efforts are shaping the trajectory of their nation's future.<figure class="image"><img src="/uploads/Aug_11_Ld_698f7f7ece.png" alt="Licínio Chissano, Project Manager at Renew Capital, an early-stage investment firm in Africa."></figure>Q. Briefly tell us about your background in investment/career.A. I come from a diverse background in the investment and finance industry. I started my career in social investment consulting and later joined a commercial bank in Mozambique. Working in Maputo, the dynamic city that never sleeps, was an exciting change for me. However, after five years, I wanted new challenges and considered opportunities abroad. Then, I received a job offer from Renew Capital, a firm with experience across the continent. I enjoy helping entrepreneurs at different stages of their businesses and it's fulfilling to contribute to the country's investment landscape.Q. What makes Mozambique unique, why should someone visit?&nbsp;A. Mozambique is a beautiful country that boasts over 1,500 miles of stunning coastline, as well as picturesque mountains, waterfalls and rich biodiversity. However, what truly sets Mozambique apart is its people, who are hardworking, spirited and welcoming. From the bustling streets of Maputo to the tranquil provinces, their energy is infectious and they are always eager to learn and create. When you visit Mozambique, you can look forward to a warm welcome and plenty of sunshine. The country's rich culture and friendly people will leave a lasting impression on you and the cuisine is sure to delight your taste buds. Whether you're dining at a restaurant in Maputo or exploring beyond the city, you'll find a delicious variety of dishes.Q.What are the main industries and economic activities in Mozambique?A. Agriculture remains a significant pillar of the economy, with many provinces engaging in agricultural activities. However, the logistics sector is rapidly growing, with strategic investments in ports, railways and transportation infrastructure. The government recognizes the country's geographical advantage and aims to accelerate regional trade, making Mozambique a key player in commerce and transportation within the region. Additionally, commerce plays a vital role in people’s livelihoods. Given the dispersed population living outside major cities, e-commerce platforms have gained popularity, allowing people to buy and sell goods without the need to travel long distances to urban centers. This helps to bridge the gap between rural and urban areas, making commerce more accessible.&nbsp;Q.What’s excited you about the Mozambique ecosystem in recent years?A. What excites me about the Mozambique ecosystem in recent years is the growing potential in the fintech sector. While there are some fintech present in the market, most are not locally owned. This creates a unique opportunity for local entrepreneurs to step in and fill the gaps in financial services tailored to the Mozambican community. Despite facing challenges with regulatory compliance and securing investments, many startups are eager to provide innovative fintech solutions. These startups are responding to high demand for services not adequately offered by established players like telecom companies and traditional banks. One example is the lack of efficient digital platforms for the popular "ti ti" savings groups, which are prevalent throughout Mozambican society. Furthermore, the government and development partners are making efforts to facilitate the growth of the private sector and encourage startups. Initiatives like incubation programs in public universities and the establishment of science and technological parks show promise in nurturing homegrown talent and innovative ideas.&nbsp; Q.Why are you passionate about startups and entrepreneurship in Mozambique?A. Mozambicans are incredibly innovative and creative, always coming up with ideas that have the potential to transform into businesses. However, they often face challenges in accessing funding and resources to bring their ideas to life. Many startups struggle because they lack the necessary resources and support. This is where my passion lies – in connecting these talented entrepreneurs with opportunities and providing them with the guidance and assistance they need to thrive. I am also inspired by the honesty and openness of the entrepreneurs in Mozambique, who are not afraid to seek help and collaborate with others to grow their businesses. Their energy and determination motivate me to be a part of their journey and support them in any way I can. I firmly believe that the young generation in Mozambique has great potential and by supporting them and their ideas, we can contribute to the growth and prosperity of the country as a whole.&nbsp;

What truly sets Mozambique apart is its people, who are hardworking, spirited and welcoming. 

WhatsApp Image 2023-08-02 at 17.36.28.jpeg

How I See My Ecosystem: From Sunshine to Startups

<h1>Unpacking Ethiopia's Startup Landscape: Join the NINJA Acceleration Program Graduation</h1>An opportunity to explore and understand Ethiopia’s startup ecosystem.The entrepreneurial spirit is alive and thriving in Ethiopia and the upcoming "Ethiopia NINJA Acceleration Program Graduation" offers a thoughtful look into this growing landscape.&nbsp;Presented by the Japanese International Cooperation Agency (JICA) and the Ethiopian Ministry of Innovation and Technology (MInT), this hybrid event is poised to provide valuable insights on Ethiopia's startup ecosystem while celebrating six startups graduating from the intensive NINJA Acceleration Program.<figure class="image"><img src="/uploads/Six_S_Us_9ffeae5b81.jpg" alt="Startups graduating from the NINJA Acceleration Program, presented by JICA and MInT, supported by Renew Capital, an early-stage investment firm in Africa."></figure><h3>&nbsp;Participate In-Person or Online</h3>&nbsp;The "Ethiopia NINJA Acceleration Program Graduation" is designed for both&nbsp;<a href="https://docs.google.com/forms/d/e/1FAIpQLSea41uEyMTNm1f7jjPetIRec30rRqH-QlFtykldl40MwAlzow/viewform">in-person</a> and<a href="https://us02web.zoom.us/webinar/register/WN_AMqimTxuTvGestrZCoHabQ#/registration">&nbsp;online attendance</a>.<ul><li>Date: August 15, 2023</li><li>Time: 10:00 AM - 12:15 PM (East Africa Time)&nbsp;</li><li>Location: Sapphire Hotel, Addis Ababa, Ethiopia, or<a href="https://us02web.zoom.us/webinar/register/WN_AMqimTxuTvGestrZCoHabQ#/registration">&nbsp;follow online</a></li></ul>The event includes the presentation of a landscape survey by JICA, a panel discussion and the celebration of six startups that have completed&nbsp;the intensive NINJA Acceleration Program.<h3>Meet the Panelists</h3><ul><li>Mr. Selamyhun Adefris: Director General Innovation and Research at MInT&nbsp;</li><li>Mr. Pazion Cherinet: HealthTech entrepreneur and CEO of Orbit Innovation Hub</li><li>Mr. Tigabu Haile: Founder of Eshi Express and MERI Podcast</li><li>JC Oelofse: Investment Lead at Renew Capital</li></ul><h3>&nbsp;Graduation of Six Startups</h3>This event marks a significant milestone for the six finalist startups that were nurtured under the "Ethiopia NINJA Acceleration Program." These innovative companies are eager to share their journeys and insights.<h3>The Six Graduating Startups</h3><ul><li>Guzo Technologies PLC (Guzotech): Creating immersive Internet of Things and XR experiences for businesses and government.</li><li>WeCare Digital Health: Offering virtual health consultation services, connecting healthcare professionals with clients from their homes.</li><li>Gebeta Maps: Providing software solutions to facilitate logistics, routing, and more, at cost-effective rates.</li><li>Shemach: A digital marketplace linking retailers and FMCG manufacturers, enhancing supply chain efficiency.</li><li>Fibermart Trading: Solar-powered kiosks to provide financial access and connectivity for frontier markets.</li><li>Taywan: A B2B E-commerce platform empowering trade and restocking for retailers across Ethiopia.</li></ul>&nbsp;<a href="https://us02web.zoom.us/webinar/register/WN_AMqimTxuTvGestrZCoHabQ#/registration">Join us</a> on August 15!

This event marks a significant milestone for the six finalist startups that were nurtured under the "Ethiopia NINJA Acceleration Program."

Six SUs.jpg

Unpacking Ethiopia's Startup Landscape: Join the NINJA Acceleration Program Graduation

Renew Capital is dedicated to helping startups navigate the risks and challenges of geographic expansion in Africa. Through in-depth research, local partnerships, and risk mitigation strategies, Renew Capital empowers startups to expand into new markets with confidence and drive growth.<h1>Entering New African Markets</h1>A quick guide to Renew Capital's strategic market entry support for startups<figure class="image"><img src="/uploads/Map_bca9f0db7b.png" alt="Map of Africa showing the countries where Renew Capital operates, supporting early-stage startups with growth potential in Africa."></figure>Geographic expansion can be an exciting opportunity for startups and their investors to reach new markets, tap into additional customer bases, and drive growth. However, it also comes with inherent risks and challenges that need to be carefully addressed. This is mostly due to the data-deprived environment which characterizes most African markets. At Renew Capital, we are dedicated to helping startups navigate these risks and develop effective strategies for successful geographic expansion for our portfolio companies, driving growth for the companies and increasing potential positive returns for our investors.<h2>Conducting In-Depth Research</h2>Before expanding into a new geographic region, we conduct in-depth research to understand the target market's dynamics, customer preferences, competitive landscape, regulatory environment, and potential barriers to entry. Renew Capital’s team is on the ground in eight African countries including Ethiopia, Kenya, Mozambique, Rwanda, Sudan, Tanzania, Uganda and Zambia.&nbsp;Our ground game provides the research team with insights and knowledge straight from those markets. We conduct customer interviews, meet with regulators and governments, and research existing resources on topics relevant to our portfolio companies. This helps our portfolio companies make informed decisions and tailor their expansion plans to specific market conditions.Also, Read: <a href="https://www.renewcapital.com/newsroom/diving-into-kenyas-startup-ecosystem-with-mwikali-muia" target="_blank" rel="noopener noreferrer">Diving into Kenya's Startup Ecosystem with Esther Mwikali</a>&nbsp;<h2>Developing Local Partnerships and Networks</h2>Our team members on the ground help us to understand and develop local partnerships and networks. We recognize that entering a new market requires a deep understanding of the local culture, business practices, and customer behavior.<h2>Mitigating Risks</h2>Risk mitigation is another critical aspect of our approach. We work closely with our portfolio companies to identify and assess potential risks associated with geographic expansion, such as regulatory compliance, currency fluctuations, political stability, and operational challenges. By developing risk management strategies and contingency plans, we help startups mitigate these risks and ensure a smoother expansion process.<h2>Empowering Startups</h2>Ultimately, our goal is to empower startups to expand into new geographies with confidence. By providing them with comprehensive support, strategic guidance, and access to our network of resources, we enable them to navigate the risks associated with geographic expansion and seize the opportunities for growth.Are you an ambitious entrepreneur seeking to fuel your startup's growth? Apply to be part of&nbsp;<a href="https://venturelab.renewcapital.com/2/">Renew Venture Lab</a> where you’ll receive investment opportunities and expansion support to take your startup to new heights.<a href="https://venturelab.renewcapital.com/2/">Apply here</a>