Atta Financial Update

Executive summary: African video game makers are breaking into the global industry.

Over the last decade, game development studios have popped up in Tunisia, Egypt, South Africa, Nigeria, Ghana, and Kenya. With the growth of tech hubs and funding opportunities, African developers are diversifying from traditional fintech products to creating innovations in healthcare, education, insurance - and games.

African game developers are also betting on the growth and use of smartphones and tablets. This is especially critical as global mobile game revenues surpassed those generated from personal computers or consoles in 2016. Telecom companies like Inwi, noting the growth of this sector, invested in developing a mobile game last year.

More women are also exploring opportunities in the gaming industry, participating in hackathons, and the development community is experimenting with video games to create social cohesion in countries like Ethiopia and South Sudan. The International Game Developers Association, a non-profit organization for game software developers, now has seven chapters across Africa.

Fact: If officials awarded Lance Armstrong's 2005 Tour De France title to the next fastest finisher who has never been linked to doping, they would have to give it to the 23rd place finisher

GetSmarter acquired by 2U for US$103 million

  • South African based education business GetSmarter has been acquired by US based 2U for US$103 million in cash
  • Founders, Sam and Rob Paddock, and their one investor, DiGAME, have agreed a full exit
  • The business was launched in 2008 and received US$5 million in funding from DiGAME in 2016
  • GetSmart, has served over 50,000 students in 150 companies, generated US$17 million in revenue in 2016

CDC to launch a new power platform in partnership with the Aga Khan Fund

  • The new platform will house IPS’s existing power projects in Kenya and Uganda and will look to expand its portfolio of assets by backing new projects in greater East Africa, including the Democratic Republic of Congo, Mozambique and Madagascar, and West Africa
  • CDC will invest US$70 million in the partnership, followed by another US$70 million at a future point

Private capital remittances to Uganda reach US$1 billion

  • Private capital remittances to Uganda are estimated to have reached US$1.078b (Shs3.632 trillion) in 2016
  • Studies have shown that people at the low income, poverty, or unemployed level often migrate to different countries to work and send their earnings back home - Many people in the developing countries depend upon the remittances received from their families abroad
  • Globally, the World Bank estimates that remittance flows to sub-Saharan Africa declined by 6.1 per cent to US$33 billion in 2016