Data annotation and model evaluation company Sama has partnered with the University of Nairobi to create jobs and increase talent in GenAI. This strategic partnership will help give UoN students and faculty practical experience in working on Sama’s AI projects, gaining appropriate skills in the evolving AI world.

Sama will provide training, equipment, and materials for which students and faculty will be allowed to use part-time on several AI projects. According to the UoN’s Vice-Chancellor, Prof Stephen Kiama, this partnership will present students with the possibility of engaging in the practical application of their acquired knowledge in the real world and hence enriching their learning towards being much more prepared to engage in the industry related to AI.

The partnership is in line with UoN’s plans to form an Artificial Intelligence School, which will equip a pool of competent human resources to work in tandem with machines in the future.

Sama, formerly known as Samasource, has been at the forefront in the AI area, offering employment and training to thousands. In 2019, Sama partnered with Facebook to set up a content review centre in Nairobi, hence creating work opportunities for varied numbers of individuals. Since its inception, one of the major goals of the company has always been geared toward harnessing technology and private sector practices in increasing access to work and job training with the aim of ending global poverty.

In the recent past, Sama has grown its operations across the world—with AI Development Centers in Canada, delivery centers in Uganda, to mention a few—and supplies high-quality training data for AI models to more than 25% of Fortune 50 companies.

Sama, however, has been under some fire, such as the lawsuit from her previous employee Daniel Motaung. Motaung claimed he suffered PTSD as a result of the graphic content he moderated while working for Sama. This is just one case, among many more that indicates the demand for ensuring better mental health support on content moderators.

Despite all the past tribulations, Sama has continued to believe in the potential of Business Process Outsourcing (BPO) in Kenya. It has expanded its data annotation services to now include computer vision data labeling for AI and machine learning models. The quality talent has according to Annepeace Alwala, Sama’s Vice President of Global Delivery, placed the firm top in data annotation market in Kenya.

Sama’s expansion is in line with the projections made by BPO Association of Kenya, which was to create more than one million jobs and huge revenue. According to Wendy Gonzalez, Sama’s CEO, Kenya has huge potential in the global BPO market due to its skilled manpower and multilingual capabilities.

Sama has also gained recognition for social impact by becoming the first AI training data company to achieve B Corp Certification. That confirms Sama’s commitment to creating positive impacts for employees, communities, customers, and the planet.

This, therefore, becomes a major step in partnership toward bridging the digital divide and developing AI talents within Kenya. Excited to say, Annepeace Alwala noted Sama’s partnership with UoN, reiterating its commitment to driving innovation and creation of opportunities for the young in AI.

The support is tied to the Bottom-Up Economic Transformation Agenda aimed at uplifting communities, nurturing talents, and placing Kenya along the global AI value chain.

Increased activities of DCPs have over the years transformed the digital financial landscape in Kenya, offering opportunities for financial inclusion and innovation.

This was identified as a sector that required regulation, and as such, the CBK was empowered to license and regulate DCPs under the Central Bank Act and the subsidiary Regulations published in March 2022. These regulations also establish a safer financial ecosystem for consumers while, at the same time, sandboxing innovation.

The licensing, however, has been difficult to implement, causing delays and frustration for applicants. A DCP’s license is supposed to be issued within 60 days of receipt of a complete application, where the applicant has met all requirements. This 60-day timeframe was deliberately provided to foster the growth of the digital credit market.

Though applications gave a count of over 500, the CBK has so far licensed only 58, with none in the 60-day period.

Challenges in the Licensing Process

The licensing process has been long because of unclear guidance. Much of the DCPs were not sure about what criteria and what requirements they were to meet, which led to numerous re-submissions and further queries from the CBK.

This has hurt DCPs and the general financial sphere of Kenya. Delay in licensing has, for some DCPs, created a major problem in fund-raising. Investors are slow to committing funds to DCPs that are not yet approved by the regulator due to fear of legal and operational risks that could come about.

Potential Impact

To shed more light on the requirements of licensing and to solve the current challenges, the regulator should publish comprehensive guidelines stating clearly specific requirements and evaluation criteria for DCP applications. Such transparency would have the applicants better prepared while making their submissions, thus reducing the number of instances of back-and-forth with the CBK.

The CBK has to do more on its capacity investment, so such volumes of applications would be handled in a more effective way. That could mean staff increase, advanced systems for processing, and continuous training to ensure there is uniformity of treatment for fair process.

Regular engagement with DCPs and other players in the digital financial ecosystem shall help the CBK collect feedback for improvements on the licensing process.

Open channels of communication will also facilitate a collaborative approach to regulation, benefiting both the CBK and the industry. Indeed, with the institution of a stringent internal timeline and monitoring mechanisms, the CBK must do its part to ensure compliance with the 60-day period for licensing provided under the Regulations.

Under this approach to licensing that the CBK considers for adoption, the sandbox would mean approving license applications within 60 days, subject to conditions that the DCP addresses the outstanding issues within a prescribed time limit, for example, 12 months.

Such issues, if not addressed, may cause the CBK to suspend or withdraw the conditional license. By adopting a sandbox approach, CBK would further give itself time to engage in the DCP sector and understand the issues of risk and come up with practical and balanced guidelines that would help DCPs submit quality applications and maintain compliance on a continuing basis.

It may also share its supervisory mandate with other regulatory agencies, for instance, the Competition Authority of Kenya and the Office of the Data Protection Commissioner.

Most complaints against DCPs relate to consumer protection issues like unconscionable debt collection, lack of transparency on the features of the product such as fees, and violation of data privacy through misuse of contact addresses on mobile devices.

By leaving the Conduct regulation to CAK and ODPC, CBK can remain as the licenser while ensuring that all issues concerning consumer protection and data privacy are well taken care of. This would lead to all-rounded regulation and enhanced consumer confidence in the market.

Widespread Impact

On Friday, a far-reaching global tech outage paralysed operations across various sectors. Airlines stopped flights, broadcasters went off-air, and sectors like banking and healthcare sat out due to system troubles. The outage, likely linked to the glitch in Microsoft software, had caused widespread chaos.

Airline Operations Hit Hard

There were delays, cancellations and check-in problems for air travelers worldwide. In Edinburgh, boarding pass scanners displayed an message saying “Server offline.” The airport requested that passengers check the flight status online before coming to the airport. Other airports and airlines advised arriving earlier than usual.

In Hong Kong, manual check-ins replaced automated systems, while Changi Airport in Singapore resorted to processing check-ins by hand. Several airlines—Ryanair, Delta, and Air India— suffered widespread disruptions. US carriers American Airlines and United Airlines issued ground stops due to communication problems. Disruptions also hit European airports: Schiphol, Berlin, and London Gatwick.

Microsoft and Crowdstrike Issues

Microsoft reported problems in accessing a bevy of Office 365 apps and services because of a “configuration change” in Azure-backed workloads. Elsewhere, Crowdstrike’s “Falcon Sensor” software made Windows systems crash; the notorious “Blue Screen of Death” appeared. Crowdstrike provided a manual workaround, but by then, the disruption had spread.

Broader Industry Impact

The aviation sector, which is sensitive to timings, took a big whack. Delays can cascade; flights get disrupted for the full day. Airports in Europe anticipated longer wait times, and some cancellations, though not all of the airports have been impacted; the trouble is linked to a particular kind of OS—the Microsoft Azure.

Media companies, like Sky News Australia and the Australian Broadcasting Corporation were being hit as well. Programs briefly went black or turned a blue error screen, indicating it was quite widespread.

Resumption of Services

A few airlines, Spain’s Iberia, were able to restore work without cancellations. Electronic and online check-ins were restored, but with delays.

Final Thoughts

This global tech outage demonstrates just how susceptible modern infrastructure can be to software glitches. When moving toward more and more connected systems across industries, it becomes of key importance to construct solid and resilient IT frameworks in order to minimize the possible impacts of disruptions.

Securing financing is one of the biggest challenges for new entrepreneurs. Without adequate funding, even the best business ideas can fail. Unfortunately, many new entrepreneurs make common mistakes when seeking financing that hurt their chances of getting funded. Avoid these financing faux pas to give your business the best shot at success.

Not Having a Solid Business Plan

One of the biggest mistakes entrepreneurs make is seeking financing without a comprehensive business plan. Investors want to see a robust plan that outlines your business model, target market, competitive analysis, financial projections, and funding requirements. Take the time to put together a polished, professional plan that tells your business’s story and instils confidence that you can execute your strategy. Your plan is your pitch deck – don’t head to investors without it.

Neglecting Your Financial Projections

Your financial projections are a core component of your business plan and a key factor that investors evaluate. Failing to include realistic, well-researched projections that map out your revenue, expenses, and profitability over time is a huge mistake. Projections that are too aggressive or don’t seem feasible will make investors doubt your business. Be conservative in your estimates and be prepared to explain the assumptions underlying your projections.

Not Knowing Your Funding Needs

Seeking funding without determining how much you need and what you will use it for is a rookie error. You must identify your startup costs, working capital needs, growth plans, and how much funding you need to reach key milestones. Know exactly how much you are asking for, what you will use it for, and how long it will last. Asking for too much or too little funding shows investors you haven’t done your homework.

Lacking Skin in the Game

Investors want to see you have put your own money into the business. If you are unwilling to risk your own capital, why should they? Having skin in the game demonstrates your commitment and belief in your company. Make sure you have invested what you can afford to get your business off the ground before asking others to back you.

Poor Presentation Skills

When pitching investors, your presentation skills need to be polished and professional. Rambling pitches, lack of eye contact, nervous tics, and “ums” and “uhs” can sink your chances. Practice your pitch extensively. Make it concise and engaging. Project confidence in yourself and your business idea. Creating visual presentation decks is also key. Hone your public speaking and presentation abilities.

Not Taking a Finance Course

If you are unfamiliar with business finance fundamentals, one of the best things you can do is take a finance course for entrepreneurs. A finance for entrepreneurs course will teach critical skills like how to calculate startup costs and working capital needs, create financial statements, do breakeven analysis, evaluate funding offers, and manage cash flow. Finance courses geared to small business owners are offered through FE colleges, universities, and online—you can check out the Finance for Entrepreneurs Courses at Alan Wick.

Avoiding these common mistakes new entrepreneurs make can put you light years ahead when seeking critical business financing. Do your homework, create a stellar business plan, zealously manage your business finances, thoroughly prepare your funding pitch, and continue educating yourself. With smart, strategic preparation, you can excite investors and get the financing your new venture needs to succeed.

The Association of Fintechs in Kenya has signed a strategic partnership with the Africa Fintech Summit 2024 to drive innovation in Fintech, catalyze growth, and unlock opportunities within the continent’s financial technology space.

AFTS 2024: A Premier Event

AFTS 2024 is the number one event focused on highlighting issues, entrepreneurs, and opportunities changing finance in Africa. The event will be happening at the JW Marriot, Nairobi, from 4-6 September. AFIK will be a key partner and have an impactful say in the agenda setting of the summit to ensure that key themes and issues affecting the fintech community in Kenya and Africa are effectively covered.

Driving Innovation and Inclusion

We are glad to announce our partnership with the Africa Fintech Summit 2024,” said Ali Hussein Kassim, AFIK VP-EA and Chairman. This will be driven by our mission of accelerating fintech innovation and building a vibrant ecosystem for the Kenyan environment. This shall scale our initiatives in making financial services more accessible and inclusive.”

According to Zekarias Amsalu, Africa Fintech Summit CEO, “It presents a very great platform for fintechs, banks, regulators, and other stakeholders to further their reach and explore growth opportunities. We are keen on putting a spotlight on the progress and growth of the Kenya fintech ecosystem.”

Focus on Fintech in Every Industry

The partnership looks to offer a platform for the great innovative work happening in the Fintech Sector of Kenya, providing a networking opportunity with leading industry players, regulators, and potential investors. In addition to attending an accelerator pitch competition, participants shall also be granted exclusive access to insights, trends, and technologies in the Fintech industry.

This year’s theme is “Fintech in Every Industry,” which touches on the role of FinTech in climate solutions, cross-border trade, e-commerce, mobile money, and digital banking, among others, in advancing digital health, agricultural technology, mining, and economic prosperity.

AFIK’s Mission and Vision

Established in 2021, AFIK drives digital innovation in the financial sector of Kenya. Through this platform, it brings together fintech enthusiasts, entrepreneurs, companies, investors, and policymakers in a single vision to advance collaboration and progress. It aims at empowering its members and the larger fintech community to leverage digital technology so that financial services are more accessible, convenient, and inclusive for all citizens of Kenya.

Through strategic partnerships, advocacy efforts, and community-driven initiatives, AFIK engages constructively with regulatory authorities in shaping policies that allow for innovation and an enabling environment for fintech growth.