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Twitter CEO Dorsey plans to spend up to six months in Africa

Twitter Inc Chief Govt Officer Jack Dorsey returned from a visit touring African startups prepared to return.

He mentioned in a Twitter publish final week that he’ll spend three to 6 months someplace on the continent subsequent yr. Dorsey had spent a lot of November assembly with startups and folks within the tech trade in South Africa, Ethiopia, Nigeria and Ghana.

However traders have appeared much less satisfied of the manager’s intentions over the next days. Twitter’s shares have declined since Dorsey introduced his plans – down about 2.4% since Nov 27 – and his different firm, funds agency Sq., has fallen nearly 4% in comparison with a 1.3% drop within the S&P 500 Index.

The continent is without doubt one of the quickest rising areas for tech adoption because of a younger inhabitants and an rising center class. Individuals there have turn into early customers of recent expertise, equivalent to funds apps. Funding of African startups greater than doubled final yr to US$1.16bil (RM4.84bil), primarily pushed by fintech investments, based on a report from enterprise capital agency Partech Companions.

Dorsey’s Sq. matches in effectively with Africa’s embrace of cellular funds, although the corporate doesn’t at present have an workplace there.

In accordance with the GSMA trade affiliation’s report this yr, Sub-Saharan Africa is the area with the very best progress in wi-fi adoption, with numerous jobs and financial progress tied to cellular. African leaders are additionally working to determine the world’s largest free-trade zone, the African Continental Free Commerce Space, which might cowl a market of 1.2 billion individuals. The deal is about to kick in subsequent yr.

Jack Ma, the co-founder of Chinese language tech firm Alibaba Group Holding Ltd, mentioned final month that African entrepreneurs will discover numerous alternatives in e-commerce, logistics and e-payments because the continent prepares for the beginning of a the deal.

Some giant corporations from the continent have began to go public. African e-commerce platform Jumia Applied sciences AG listed in New York this yr at a worth of greater than US$1.9bil (RM7.93bil). South African large Naspers Ltd spun off its Dutch expertise funding unit, Prosus NV, in September. – Bloomberg

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