Nigerian art-tech startup, Raknida, has recently made a significant move by expanding its operations into the United States. The company, which aims to revolutionize the art industry by providing a platform for streaming art similar to music streaming services, has secured a $100,000 grant from Arch Grant, a non-profit organization based in St. Louis, USA. This grant will enable Raknida to establish a physical presence in St. Louis and expand its reach to a new market.
The decision to expand into the US comes at a time when the art market in the country is thriving, holding 42% of the global market share in 2023. Additionally, the US has seen a significant increase in investments in art tech, with 395 investments recorded in 2023 alone. By tapping into this lucrative market, Raknida aims to not only grow its business but also fulfill its mission of promoting and showcasing underrepresented artists on a global scale.
While art streaming may still be a novel concept in the Nigerian market, Raknida is confident in its ability to thrive in the competitive US art scene. The company’s founders, Anthony, Afoma, and Fortune, are determined to make a mark in the industry and bring recognition to talented artists from around the world.
In other news, Starlink, the Internet satellite service provider owned by SpaceX, has announced a delay in the launch of its services in Uganda. The company, which was initially set to roll out its services by the end of 2024, will now launch in 2025 due to pending regulatory approval. Despite the delay, Starlink’s arrival in Uganda is expected to improve connectivity and boost sectors like fintech, e-commerce, and education. However, concerns remain about the affordability of the service and the challenges posed by its large-scale infrastructure.
Lastly, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) are working to resolve a long-standing debt issue between telecom operators and commercial banks related to the Unstructured Supplementary Service Data (USSD) service. The ₦250 billion debt has been a point of contention between the two sectors, with telecom operators threatening to cut off banks from the USSD platform if the issue is not resolved. The NCC and CBN are committed to finding a solution that will ensure the continued operation of the USSD service while addressing the financial concerns of both parties.
Overall, these developments highlight the dynamic nature of the tech industry in Nigeria and the challenges and opportunities that come with expanding into new markets and navigating regulatory hurdles. As companies like Raknida and Starlink forge ahead with their plans for growth and innovation, it will be interesting to see how they shape the future of technology in Africa and beyond. In today’s fast-paced world, it’s easy to get caught up in the hustle and bustle of everyday life. With so many demands on our time and attention, it can be challenging to find ways to relax and unwind. One of the best ways to combat stress and anxiety is to carve out time for self-care.
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