Facebook Becomes Uganda’s Internet Plug

Facebook Becomes Uganda’s Internet Plug

By CultureBanx Team

  • Facebook connects remote parts of Uganda to high speed internet

  • Ugandans must pay $0.05 per day to use Facebook

CBx Vibe:Plugged In” Lecrae

Facebook (FB -3.00%) has laid 500 miles of fiber wires in northwest Uganda to provide millions of people with connectivity infrastructure. It’s expanded the isolated northwest of this East African nation’s network capacity by providing faster internet access.

Why This Matters: The Ugandan cable project is the largest one Facebook has helped construct on the continent, in partnership with Bharti Airtel’s Ugandan unit and Mauritius based Bandwidth & Cloud Services Group. Facebook has 131 million monthly active users in sub-Saharan Africa. Right now Ugandans must pay $0.05 per day to use Facebook.

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African Music Bops Attract Universal Music Group

African Music Bops Attract Universal Music Group

By CultureBanx Team

  • Universal Music Group strikes a new licensing deal with Africa’s Boomplay

  • Boomplay has more than 36M users

CBx Vibe:Soco” Starboy Feat. Wizkid

The world’s largest music publisher Universal Music Group (UMG) is pushing further into Africa through a new licensing deal with Boomplay. This new agreement will cover multiple markets across the continent, which is widely fragmented but remains one of the last true music growth opportunities in the world.

Why This Matters: Boomplay is Africa’s leading music streaming service with more than 2 million songs and thousands of music videos, spanning genres like Afrobeat, Afropop and hip-hop. They have more than 36 million users and add nearly 2 million new users each month. Under the terms, Boomplay will distribute music from UMG’s labels through its streaming service in Nigeria, Ghana, Kenya, Tanzania, Rwanda, Uganda and Zambia.

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Africa’s Seychelles Issues World’s 1st Blue Bond

Africa’s Seychelles Issues World’s 1st Blue Bond

By CultureBanx Team

  • Seychelles raises $15M in a 10-year blue bond

  • The nation’s fishing industry employs 17% of its population

The tiny island nation of Seychelles is the first country to sell debt earmarked specifically for ocean projects, raising $15 million in a 10-year blue bond. Nuveen, Prudential and Calvert Impact Capital are the three investors who bought the bond. Proceeds from the blue bond will be used to expand its protected marine areas, invest in fisheries and offer grants and loans to ocean-related industries.

Why This Matters: The Indian Ocean archipelago’s economy is dependent on the ocean and on fisheries for nutrition, livelihoods and other blue economy sectors like tourism. Seychelles’ fishing industry employs 17% of its population.

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