Rwanda’s Tigo Launches Tech Business Incubator

Rwanda’s Tigo will invest a million dollars into its tech business incubator Think as part of its broader innovation and digital strategy.  “What the idea behind this incubator is really to demonstrate two things: our commitment to innovation, and our commitment to Rwanda,” said Tongai Maramba, general manager at Tigo Rwanda, told CNBC Africa.

Maramba also stated, “In terms of innovation, the idea behind having this technology incubator is that we want to be able to access the talents and the ideas of exceptional technology entrepreneurs, while building the next generation of solutions for Africa.”  The tech incubator will offer training and expertise to a select number of promising entrepreneurs, who will also be provided with funding in terms of feed capital.  Maramba added that establishing a long-term relationship with the entrepreneurs beyond their business will also be essential to the longevity of the incubator.

Maramba also advised, “The one million dollars is a mixture of cash and investment, and the idea is that that’s going to be invested into businesses that are really in the very early stages of their start-up.” He then went on to say, “The reason why we are excited to be doing this in Rwanda is really because we have a government here which is very much behind an agenda for innovation and ICT, and we’re very excited about this kind of initiative.”

Tigo’s business in Rwanda is no stranger to innovation, with recently launching the first cross-border transfer option with mobile money from wallet to wallet. This is a culture Maramba describes as very much a part of the company.  “In terms of choosing Rwanda, this is really the right place for us to do this. What we’re looking for in the businesses is not just [one] that will do great in Rwanda, but businesses that can scale beyond. That’s why we talk about solutions for Africa. This investment makes a lot of sense when you think about it at that sort of scale,” said Maramba.

The incubator is expected to be the innovation hub for Millicom International, of which Tigo is a brand of. Millicom International offers a range of digital services through its brands, including music streaming, online transport bookings, real estate services and mobile insurance.

Furthermore, Maramba suggested, “The strategy that we have at the group level plays all the way down into the operations in the country, and one of the key pillars of that are mobile financial services for the payments business. I really see that as a very important integrator between factors.”  Maramba concluded by saying, “In most areas in most cases, we need to have a higher penetration of financial services, and we need to have ubiquitous access to electronic payment options. I think this is what’s going to drive the next generation of digital solutions.”

Source: CNBC Africa