BD Insider: Kenya is calling remote workers

Jesutofunmi Adedoyin -

The big three! 

Kenya introduces new digital nomad Visa

Kenya is positioning itself as a desirable destination for global talents with the introduction of a new digital nomad visa. This new visa category allows foreign individuals to live and work remotely in Kenya while maintaining their foreign citizenship.

What do you need? To qualify for the digital nomad visa, applicants must meet certain criteria, including having a valid passport, proof of remote work, and a minimum annual income of $55,000. They must also provide proof of accommodation arrangements in Kenya and a clean criminal record.

One key feature of the digital nomad visa is that it allows individuals to work remotely without the need for a traditional work permit. This makes it ideal for freelancers and remote workers employed by foreign companies.

While the visa primarily allows for temporary residence, it also offers a potential pathway to long-term residency and, eventually, citizenship. This provides an opportunity for digital nomads who wish to establish more permanent roots in Kenya.

Context: Kenya's decision to offer a digital nomad visa aligns with the growing trend of countries welcoming remote workers. Other African countries like Cape Verde, Mauritius, and Namibia have also introduced similar programs.

The introduction of the digital nomad visa is expected to have several benefits for Kenya. It is expected to boost the tourism industry by attracting skilled foreign workers who bring their spending power to local communities. 

OpenAI hits $157 billion valuation

This marks the third time in the last two weeks that OpenAI is featured in this newsletter, but this one stands out. The AI company just closed the largest VC funding round ever.

The startup has raised $6.6 billion in a funding round and is now valued at $157 billion. This surge in valuation is primarily driven by the immense popularity of its AI chatbot, ChatGPT, which has garnered millions of users worldwide.

Zoom in: Despite its impressive growth, OpenAI faces several challenges. The company is grappling with high operating costs, particularly related to the training and running of its large language models. Additionally, there are concerns about its ability to retain top talent, as evidenced by a series of high-profile departures.

OpenAI's future also hinges on its ability to navigate the competitive landscape. Rivals like Anthropic and xAI are also making significant strides in AI development, and OpenAI must continue to innovate to maintain its leadership position.

The company's corporate structure is undergoing a transition from a non-profit to a for-profit model. This shift could provide greater flexibility in raising capital and scaling operations but also raises questions about transparency and accountability.

This should also serve as a reminder that high valuations can lead to disappointments. Companies like Stripe, once valued at nearly $100 billion, have experienced significant declines in their market worth due to shifting market conditions. 

OpenAI’s future will hinge on its ability to maintain its valuation and effectively navigate the complexities of the AI sector.

MTN Congo launches 5G network in Central Africa

Two years after launching the pilot phase, MTN Congo has officially announced the deployment of its 5G network in the country. This milestone positions Congo as the first country in Central Africa to have 5G technology.

The launch of 5G is expected to drive digital transformation and create new opportunities for businesses and individuals in the region. With 5G, faster internet speeds and improved connectivity will be available, enabling a wide range of innovative applications and services.

The government of the Republic of the Congo has played a crucial role in supporting the development of 5G infrastructure. Their efforts have been instrumental in making this technological advancement a reality.

In addition to 5G, Congo is also making progress in expanding its broadband coverage. By the end of 2024, the country aims to achieve 100% 4G network coverage and 98.85% 3G network coverage.

Zoom out: The Republic of the Congo is investing in digital infrastructure by building a new data centre. This facility will provide essential support for the country's growing digital economy.

Overall, the launch of 5G and the ongoing development of digital infrastructure in the Republic of the Congo signal a bright future for the country's technological advancement and economic growth.

💰 State of Funding in Africa

Here’s a roundup of African startups that secured funding last week:

  • Winich Farms, a Nigerian agritech startup, has raised $3 million in its pre-Series A funding round. The round includes $2.5 million in equity from investors such as Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Acasia Ventures, Plug and Play, and Tekidia Capital, along with $590,000 in debt from Lagos-based Sahel Capital.
  • South Africa-based fintech, Scale, has secured $700K in pre-seed funding. The round was led by early-stage investors 54 Collective and First Circle Capital, with additional backing from Sunny Side Venture Partners and industry expert angels.
  • South African fintech company Littlefish has closed its seed investment round, with TLcom Capital leading the funding.

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