Business Insider SSA gathered that some of the investment will go into the establishment of tech hubs across Africa, supports fintech startups growth, and improve regulations of fintech companies in Nigeria and Kenya.
On Tuesday, 21 African leaders met in London for the inaugural UK-Africa Investment Summit, which included African leaders, UK and African businesses, international institutions, and young entrepreneurs.
At the Summit, the British Prime Minister reiterated UK's commitment to building long-term, sustainable relationships in Africa.
The Summit was designed to create lasting new partnerships that deliver more investment, jobs, and growth, benefiting people and businesses across Nigeria and the UK at a time the talk of Brexit is at center stage.
Here some of the gains for the African tech community at the end of the summit:
- The UK government announced a Digital Access Programme, investing up to £45 million in Nigeria, Kenya, and South Africa to support inclusive connectivity and digital literacy, build cybersecurity capacity, and establish Tech Hubs to grow the digital economy.
The programme will also include a “Go Global Africa 2020” training project that will empower start-ups with the digital and business skills needed to expand globally.
- The Department for International Development (DFID) launched the $13.1 million (£10m) Catalyst Fund, which will support 30 start-up fintech companies from Kenya, Nigeria, South Africa, India and Mexico with pre-seed capital, bespoke venture capital building support and 1:1 connections with investors to help them establish and scale up their businesses.
- DFID also announced a $1.05 million (£800k) programme working with the UK Financial Conduct Authority to improve the regulation of fintech companies in Nigeria and Kenya.
- The UK's Department for Culture, Media and Sport announced a Female Tech Founders Programme 2020, aimed to overcome the digital gender gap by providing 15 Female Tech Founders from Kenya, Nigeria, and South Africa with world-class mentoring, access to UK investors and expert training.