This archive report was first published on 10 October 2021.
On October 6, 2021, Google announced plans to invest $1 billion in Africa over the next five years to promote digital transformation and improve internet access.
The investment aims to provide fast and affordable internet to the continent, with a focus on fintech, e-commerce, and local language content.
Google will establish an Africa Investment Fund, which will provide $50 million in funding to startups, offering them access to the company's network, technologies, and employees.
Managing Director for Google in Africa, Nitin Gajria, stated that the company will target startups with strategic overlap and potential for value addition through partnerships.
Google will also collaborate with Kiva to provide $10 million in low-interest loans to small businesses and entrepreneurs in Ghana, Kenya, Nigeria, and South Africa, helping them navigate the economic hardship caused by COVID-19.
Additionally, Google will expand a programme that allows customers to pay for 4G-enabled phones in instalments, initially launched in Kenya in partnership with Safaricom, to other African countries with mobile operators like MTN, Orange, and Vodacom.
Google's undersea cable, expected to link Africa and Europe, is set to come into service in the second half of 2022, promising to increase internet speeds by five times and lower data costs by up to 21% in countries like South Africa and Nigeria.
