Wasoko plans $10mn investment in Zanzibar
Kenya based retail start-up Wasoko says it has planned an investment of worth $10 million into Zanzibar’s newest initiative – Silicon Zanzibar – which seeks to turn the country into a technology hub. Daniel Yu, CEO of Wasoko spoke to CNBC Africa’s Julius Bizimugu for more.
Tue, 06 Sep 2022 11:04:45 GMT
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AI Generated Summary
- Wasoko to invest $10 million in Zanzibar's Silicon Zanzibar initiative to boost the country's tech ecosystem.
- The investment will focus on building a global technology office, attracting top tech talent, and testing new services across African markets.
- Zanzibar's investment regime offers incentives like work permits for relocating workers, fostering a conducive environment for tech companies.
Kenya-based retail startup Wasoko has announced plans to invest $10 million in Zanzibar's new initiative Silicon Zanzibar, with the aim of transforming the country into a technology hub. In an exclusive interview with CNBC Africa's Julius Bizimugu, Daniel Yu, CEO of Wasoko, shared insights into the company's vision for the investment and the future of tech development in Zanzibar. Yu highlighted the partnership with the government of Zanzibar to set the right policies and frameworks to boost the tech ecosystem in the region. The $10 million investment will primarily focus on building a global technology office, attracting top tech talent from Africa and beyond, and testing new services to enhance Wasoko's offerings across its six African markets. With a strong commitment to Kenya and other African markets, Wasoko sees Zanzibar as an opportunity to establish a local headquarters and leverage the government's support to create a world-class business environment. Yu emphasized the importance of Zanzibar's open approach to investments and the incentives offered, such as work permits for relocating workers, which align with the digital economy's flexible work dynamics. Overall, Wasoko's investment in Zanzibar aims to fuel innovation, drive tech growth, and position the region as a key player in Africa's tech ecosystem.
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