Zimbabwe telecommunications companies raise $20 million for local start-ups

Zimbabwe says telecommunication companies have contributed over $20 million to a mooted ICT Youth Innovation Fund to provide seed capital to local start-up techies.

The fund is a collaborative effort between the ICT ministry, the regulator Postal and Regulatory Authority (POTRAZ) and industry players aimed at financing innovation, development and promotion of new platforms by Zimbabweans.

“The companies have been contributing since January and we are now finalising a few logistics before we officially launch the fund,” ICT Minister Supa Mandiwanzira said in an interview.

The telecoms industry contributes one percent of the revenue which they generate towards the fund, Mandiwanzira said.

This contribution is separate from their payments to Universal Services Fund (USF), a pool meant for infrastructure development in outlying areas.

Telcos contribute at least 1.5 percent of their gross revenue to the USF.

Mandiwanzira did not say how the fund will be managed.- The Source

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