Central Bank Of Kenya Expands Digital Lending Landscape: 27 New Providers Licensed, Total Reaches 85.
The Central Bank of Kenya (CBK) has announced the licensing of 27 additional Digital Credit Providers (DCPs), bringing the total number of licensed DCPs to 85.
This latest licensing round is part of CBK's ongoing efforts to regulate the digital lending sector, which began with the Central Bank of Kenya (Amendment) Act of 2021. The Act empowered CBK to license and supervise DCPs, addressing concerns about predatory lending practices and data privacy issues. Since March 2022, CBK has received over 730 DCP applications, working closely with applicants and other regulators, including the Office of the Data Protection Commissioner , to ensure compliance with relevant laws and safeguard consumer interests.
The newly licensed DCPs include a diverse range of companies, from established fintech firms to new entrants in the digital lending space. Notable additions include Ambush Capital Limited (trading as FlashPesa), Momentum Credit Limited, and Premier Credit Limited. This expansion is expected to increase competition in the digital lending market, potentially leading to more innovative products and better terms for consumers. However, it also highlights the need for continued vigilance in consumer protection and responsible lending practices in Kenya's rapidly evolving fintech landscape.
Africa's Business Heroes Announces Top 10 Finalists for 2024.
The Africa's Business Heroes (ABH) Prize Competition, a leading philanthropic initiative supported by the Jack Ma Foundation and 阿里巴巴集团 Philanthropy, has unveiled its top 10 finalists for the 2024 edition. These exceptional entrepreneurs, representing eight African countries and diverse sectors, will compete for a share of the $1.5 million grant at the Grand Finale in Kigali, Rwanda, from December 3-5, 2024.
The top 10 finalists are:
The finalists were selected through a rigorous multi-stage process, starting from around 20,000 applications across all 54 African countries. The ABH initiative aims to support and inspire the next generation of African entrepreneurs by providing funding, training, mentorship, and networking opportunities to help these businesses scale and contribute to Africa's economic growth. The Grand Finale event in Kigali will feature various activities, including keynote speeches, workshops, an entrepreneurial showcase, and a live pitch competition.
Read more: https://www.cnbcafrica.com/wire/650810/
South African Rand Surges to 20-Month High Amid Economic Developments
The South African rand has reached its strongest level against the US dollar in 20 months, driven by a combination of domestic and international economic factors. This surge reflects growing investor confidence in South Africa's economic prospects, despite ongoing challenges.
Key factors contributing to the rand's appreciation include recent interest rate decisions by the South African Reserve Bank , the release of favorable inflation data, and positive sentiment in global markets. The stronger rand has the potential to attract increased foreign investment and improve South Africa's fiscal position. However, the currency's volatility also highlights the complex economic landscape the country must navigate, including structural issues and global economic uncertainties.
As a barometer of both domestic economic health and international perceptions of South Africa's financial stability, the rand's performance will continue to be closely monitored by investors, policymakers, and businesses. While the recent surge is a positive sign, sustaining this momentum will require addressing long-term economic challenges and maintaining a stable and attractive investment environment.
Read more: https://finimize.com/content/south-african-rand-hits-20-month-high-amid-economic-event-flurry
MDXi Rebrands as Equinix, Boosting West African Data Center Presence.
MDX Technology Limited , a prominent West African data center provider, is set to rebrand as Equinix on October 21, 2024, marking a significant milestone in the region's digital infrastructure landscape. This rebranding follows the $320 million acquisition of MainOne , MDXi's parent company, by Equinix in April 2022
The move aligns MDXi's operations with Equinix's global brand and service standards, reinforcing its position as Africa's leading carrier-neutral digital infrastructure company.The rebranding is part of Equinix's broader strategy to expand its presence in Africa. The company has announced plans to invest $390 million in building data centers across the continent over the next five years, focusing primarily on South Africa and West Africa.
This investment aims to establish key hubs in strategic locations such as Lagos, Johannesburg, and potentially Nairobi, mirroring Equinix's successful European approach. By leveraging Equinix's global expertise and resources, the rebranded company is poised to accelerate the deployment of advanced data center technologies and services across West Africa. This development is expected to significantly boost the region's digital ecosystem, providing businesses and organizations with improved access to global and regional markets. The move also underscores Equinix's commitment to tapping into Africa's growing digital economy, particularly in Nigeria, which boasts the largest population and economy on the continent, with approximately 142 million active internet subscribers.
African Development Bank Commends Angola's Economic Reforms and Announces New Investments.
The African Development Bank (AfDB) has lauded Angola's recent economic reforms during a high-level visit to the country, marking a significant milestone in Angola's economic transformation journey. AfDB President Dr. Akinwumi Adesina commended Angola's efforts to diversify its economy and improve its business climate, highlighting the country's progress in attracting foreign investment and promoting sustainable development.
Angola's economic reforms have been aimed at reducing oil dependence and fostering a more diverse economy. The country's real GDP growth reached 3.0% in 2022, up from 1.1% in 2021, despite negative income per capita growth due to high population growth. This growth was spurred by sustained high oil prices in 2022, which generated an estimated additional revenue of $17.18 billion. The fiscal surplus widened to 3.0% of GDP in 2022 from 1.9% in 2021, while the debt-to-GDP ratio declined to 56.1% from 82.9% over the same period.
In recognition of Angola's progress, the AfDB announced new investments to support the country's ongoing economic transformation. The bank's intervention strategy in Angola focuses on two priority areas: inclusive growth through agricultural transformation and support for sustainable infrastructure development, targeting the energy and transport sectors. This support from the AfDB is expected to boost investor confidence and accelerate Angola's economic growth, potentially catalyzing broader regional economic development.
World Bank Approves $1.57 Billion Support Fund for Nigeria.
The World Bank has approved a $1.57 billion financing package for Nigeria to strengthen the country's human capital and build resilience against climate change. This funding, approved on September 26, 2024, will support three major projects: addressing governance challenges in education and healthcare, improving primary healthcare services, and enhancing dam safety and irrigation infrastructure.
The package includes a $1.5 billion loan and a $70 million grant, allocated across three initiatives. The HOPE-GOV program will receive $500 million to improve governance in education and health sectors, focusing on enhancing transparency and accountability. The Primary Healthcare Provision Strengthening Program (HOPE-PHC) will be allocated $570 million to improve healthcare services, particularly for women, children, and adolescents. The remaining $500 million will fund the Sustainable Power and Irrigation for Nigeria Project (SPIN), aimed at protecting Nigeria from climate-induced challenges and improving agricultural productivity. This latest approval brings the total World Bank funding secured by Nigeria under President Bola Ahmed Tinubu's administration to approximately $6.2 billion.
The financing package is part of broader efforts to improve key sectors such as education, healthcare, and water management, while also addressing poverty and boosting productivity. 世界银行 Country Director for Nigeria, Dr. Ndiamé Diop p, emphasized that investing in the health and education of Nigerians is crucial for improving future employment opportunities, productivity, and reducing poverty.
Read more: https://www.channelstv.com/2024/09/30/world-bank-approves-fresh-1-57bn-support-fund-for-nigeria/
OpenAI Seeks $6.5 Billion Funding Round as Apple Exits Talks.
OpenAI, the company behind the popular AI chatbot ChatGPT, is reportedly in the final stages of a funding round expected to raise approximately $6.5 billion. This latest round could value the company at over $100 billion, marking a significant increase from its previous $29 billion valuation earlier this year. The development highlights the intense competition and rapid growth in the artificial intelligence sector that OpenAI helped ignite with ChatGPT's launch in late 2022.
In a surprising turn of events, 苹果 has reportedly exited negotiations to participate in this funding round. While the reasons for Apple's withdrawal remain unclear, the tech giant had been considering an investment in OpenAI just a month ago. Despite this setback, other major tech companies remain involved. 微软 t, which has already invested $13 billion in OpenAI , is expected to contribute about $1 billion to this latest round. Nvidia is also reportedly in talks to participate.
The high valuation and continued interest from major players underscore the growing importance of AI technologies across industries. OpenAI's fundraising efforts come amid reports of significant revenue growth, with the company expecting to generate $3.7 billion in revenue for 2024. However, the company also anticipates substantial losses, estimated at around $5 billion for the same year, primarily due to the high costs of computing power required to run its AI models. This funding round is crucial for OpenAI as it seeks to maintain its position at the forefront of AI innovation while managing rapid growth and increasing expenses.
AfDB Boosts African Trade with $78 Million Facility to Morocco's Bank of Africa.
The African Development Bank (AfDB) has extended a $78 million trade finance facility to Morocco's Bank of Africa, demonstrating its commitment to boosting intra-African trade and supporting small and medium-sized enterprises (SMEs) across the continent10. This facility comprises a Risk Participation Agreement (RPA) of 50 million euros and a Trade Finance Line of Credit (TFLOC) of 25 million euros, designed to enhance Bank of Africa's capacity to finance trade activities.
This initiative aligns with AfDB's broader strategy to promote economic integration and trade across Africa. By providing crucial financial support to SMEs, the facility is expected to stimulate economic growth, create jobs, and enhance competitiveness in various sectors1. The funding will enable Bank of Africa to confirm letters of credit and issue guarantees for local businesses and SMEs, facilitating their participation in regional and international trade.
The trade finance facility is particularly significant in the context of the African Continental Free Trade Area (AfCFTA), which aims to create a single market for goods and services across the continent. As intra-African trade continues to grow, such financial support mechanisms play a vital role in unlocking the continent's economic potential4. This initiative also builds on AfDB's track record of supporting SMEs, having previously unlocked close to $5 billion in financing for SMEs through 200 financial institutions across 40 African countries.
Network International Expands to Morocco, Boosting Digital Payments in North Africa.
Network International, a leading digital commerce enabler in the Middle East and Africa, has officially launched operations in Morocco, marking its entry into the North African market13. This strategic expansion extends the company's presence to 51 countries, strengthening its position in the region's rapidly evolving fintech landscape.
The move into Morocco aligns with Network International's commitment to driving digital payment adoption and financial inclusion across Africa4. By leveraging its expertise from over 50 markets, the company aims to assist local financial institutions in providing more efficient payment solutions and enhancing user experiences for both consumers and merchants1. This expansion comes at a time when Morocco's fintech sector is experiencing significant growth, with the country's regulatory environment becoming increasingly supportive of digital financial innovations.
Network International's entry into Morocco is part of a broader trend of foreign fintech companies entering the Moroccan market. This influx of new players is disrupting the traditional financial sector, which was previously dominated by banks and large companies. However, challenges remain, including consumer wariness of online payments and a strong reliance on cash transactions. Despite these obstacles, Network International's presence is expected to play a crucial role in modernizing payment infrastructure and fostering economic growth through improved access to financial services in Morocco and the wider Francophone African region.
Read more: https://www.itnewsafrica.com/2024/09/network-internationals-morocco-launch-expanding-footprint/
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Meta's $800K Boost to Kenyan AI Pioneers: Revolutionizing Agriculture and Maternal Health.
Meta has made a significant investment in Kenya's AI ecosystem, awarding $800,000 in grants to two groundbreaking projects as part of its Llama Impact Grants program. This initiative aims to harness the power of Meta's advanced Llama 2 and Llama 3 AI models to address critical challenges in agriculture and healthcare across Sub-Saharan Africa1.
Digital Green , in partnership with One Acre Fund secured a $500,000 grant to develop Farmer Chat, an innovative AI-powered agricultural advisory service. This multilingual chatbot will provide personalized, on-demand guidance to small-scale farmers in rural areas, offering crucial information on best practices, crop disease management, and market trends. Meanwhile, Jacaranda Health received $300,000 to expand its PROMPTS system, a digital tool that uses AI to support maternal and newborn health across Kenya, Ghana, and Eswatini1.
These investments not only underscore Meta's commitment to driving AI innovation in underserved regions but also highlight Kenya's growing prominence in the global tech landscape. By supporting projects that tackle real-world problems, Meta is demonstrating the transformative potential of AI in improving livelihoods and health outcomes. As these initiatives take root, they are poised to position Kenya as a hub for AI-driven solutions in Africa, further cementing its reputation as the continent's "Silicon Savannah"
Mastercard and Amazon Join Forces to Revolutionize Digital Payments in Middle East and Africa.
Mastercard and Amazon Payment Services have announced a groundbreaking multi-year partnership aimed at digitizing payment acceptance across the Middle East and Africa (MEA) region. This strategic collaboration, covering key countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and the United Arab Emirates, marks a significant milestone in the region's digital payment landscape.
At the heart of this partnership is the integration of 萬事達卡 Gateway, a single touchpoint for payment processing, into Amazon Payment Services' platform. This integration will enable thousands of merchants, including Amazon's online stores in the UAE and Egypt, to offer faster, more secure, and seamless transactions to their customers. The collaboration also aims to develop innovative payment solutions such as Secure Card on File, Click to Pay, and token authentication services, providing multi-rail checkout options and enhancing the overall customer experience.
The timing of this partnership is particularly significant, as the MEA region is experiencing a rapid shift towards digital payments. According to recent studies, 95% of consumers in the region are considering emerging payment methods like digital wallets and contactless payments, with 61% stating they would avoid businesses that do not accept electronic payments. This collaboration between Mastercard and Amazon Payment Services is poised to capitalize on this trend, potentially accelerating the region's transition to a digital economy and opening up new opportunities for businesses and consumers alike.
PayU GPO Bolsters Nigerian Operations with Strategic Leadership Appointment.
PayU Global Payment Organization (GPO) has reinforced its commitment to the Nigerian market by appointing Ugochukwu Eze as the new Country Manager. This strategic move aims to capitalize on Nigeria's rapidly growing digital payments landscape and solidify PayU's position in Africa's largest economy.
Ugochukwu Eze brings nearly a decade of experience with PayU, having served as the company's Director/Product Manager in Nigeria. His extensive 17-year background in fintech and proven track record in developing customer-centric solutions make him well-suited to lead PayU 's expansion efforts in the country5. This appointment comes at a crucial time, as Nigeria's e-commerce market continues to flourish, with rising consumer spending and revenue driving growth in the local payments industry.
In addition to the new leadership, PayU GPO plans to hire 10 developers in Nigeria to enhance local tech capabilities and drive innovation. The company is also investing in local infrastructure to reduce data costs and boost technology, demonstrating its long-term commitment to the Nigerian market5. These initiatives align with PayU's mission to offer efficient alternative payment methods tailored to the specific needs of consumers in each market, potentially contributing to Nigeria's fintech sector, which has already seen exponential growth with over 200 start-ups emerging by the end of 2023.
South Africa and Kenya Collaborate on Solar-Powered Electric Motorcycle Expedition.
South Africa and Kenya have joined forces to launch a groundbreaking solar-powered electric motorcycle expedition, set to commence on October 1, 2024. This pioneering venture aims to demonstrate the potential of renewable energy in sustainable transportation across Africa. Riders will traverse both countries on custom-designed e-motorcycles equipped with solar charging capabilities, showcasing the viability of clean energy in long-distance travel.
The collaborative effort between South Africa and Kenya signifies progress in promoting eco-friendly mobility and renewable energy adoption on the African continent. By testing solar-powered e-motorcycles in real-world conditions, the project seeks to catalyze innovation in transportation and demonstrate viable methods for reducing carbon emissions. The expedition will generate valuable data on the performance of solar-powered vehicles across diverse African landscapes and climates.
This initiative holds significant implications for the future of sustainable transportation in Africa. By proving the feasibility of solar-powered e-motorcycles, the project has the potential to inspire further research, development, and investment in clean energy solutions for mobility. The successful completion of the expedition could pave the way for widespread adoption of solar-powered vehicles, contributing to the reduction of greenhouse gas emissions and the mitigation of climate change impacts.
Global Innovation Showdown: Startup World Cup Offers $1 Million Prize in San Francisco Finale.
The Startup World Cup, a prestigious global competition organized by Pegasus Tech Ventures, is set to culminate in a grand finale in San Francisco on October 4, 2024, where the winning startup will secure a $1 million investment prize4. This event represents the pinnacle of a series of over 75 regional competitions spanning six continents, showcasing the most innovative and promising startups from around the world.
The competition's structure is designed to foster global innovation and entrepreneurship. Startups first compete in regional events, with winners advancing to the Grand Finale in San Francisco1. This process not only provides a platform for startups to gain international exposure but also offers invaluable networking opportunities with industry leaders, potential investors, and fellow entrepreneurs.
Beyond the substantial monetary prize, the Startup World Cup serves as a catalyst for innovation and cross-border collaboration in the tech industry. It brings together a diverse array of participants, including venture capitalists, entrepreneurs, and world-class tech CEOs, creating a unique ecosystem for idea exchange and business development1. The event's global reach and prestigious backing make it a significant player in shaping the future of various industries through the promotion of disruptive technologies and innovative business models.
Egyptian Fintech Giant Halan Boosts Security with Truecaller Partnership.
Halan, Egypt's leading financial super app, has forged a strategic alliance with Truecaller, the global leader in contact verification and communication blocking. This partnership aims to revolutionize communication safety in Egypt's fintech landscape by integrating Truecaller's Verified Business Caller ID solution into Halan's platform.
The collaboration addresses the growing challenge of unsolicited calls faced by smartphone users, particularly in the financial services sector. Halan customers will now be able to easily verify incoming calls, enhancing their safety and streamlining communication. This integration not only improves the overall customer experience but also strengthens Halan's brand identity and trustworthiness in the market.
By leveraging Truecaller's Business Profile feature, Halan - ???? can now showcase authentic business information, including its brand name, logo, and social links, to Truecaller users. This move is expected to significantly reduce phone call-related frauds and scams, promoting heightened customer safety in business communications1. The partnership highlights Halan's commitment to providing secure, innovative digital services and positions it as a leader in customer-centric fintech solutions in Egypt.
Yellow Malawi Secures $2 Million Investment to Illuminate Off-Grid Communities.
Yellow Malawi, a leading off-grid solar distribution company, has secured a $2 million investment from Acumen's Hardest-to-Reach (H2R) initiative to expand its solar home system inventory and provide energy access to 182,000 people in Malawi2. This investment is particularly significant as it aims to bring electricity to 145,000 individuals for the first time, addressing the critical energy access gap in a country where only 11% of the population is connected to the grid25.
The investment is structured in two tranches, with the first $1 million to be disbursed in US dollars and repaid in Malawian Kwacha, supported by a TCX EU Market Creation Facility subsidy to reduce hedging costs2. This innovative financing structure demonstrates a keen understanding of the local context and aims to mitigate foreign exchange risks while supporting Yellow Malawi's sustainable growth.
Founded in 2018, Yellow Malawi has already made significant strides in addressing energy poverty, serving over 530,000 customers with energy solutions and providing smartphones to 62,000 people2. This latest investment builds on the company's $14 million Series B funding secured in June 2023, which aimed to expand its presence in current markets and launch digital and financial products2. The H2R initiative's support for Yellow Malawi is part of a broader $250 million effort to activate clean energy markets in 16 underserved regions in Africa, highlighting the growing focus on renewable energy solutions to drive economic growth and improve livelihoods in developing nations.
Link to the story - https://innovation-village.com/yellow-malawi-receives-2-million-boost-for-solar-energy-expansion-in-off-grid-areas/
Egypt Pioneers AI-Powered Cloud Infrastructure for Smart City Development.
Talaat Moustafa Group (TMG) and Huawei have joined forces to develop advanced, AI-powered cloud technology for the "NOOR City" project, marking a significant milestone in Egypt's smart city development. This partnership, the first of its kind in the Egyptian market, will leverage Huawei's cutting-edge cloud technologies to build and develop cloud data centers and artificial intelligence solutions.
The collaboration aims to provide comprehensive cloud services to the Egyptian market through the "NOOR Cloud" platform. TMG plans to offer a wide range of benefits for smart city development, including real-time data analytics and seamless connectivity. This initiative aligns with Egypt's Vision 2030 for sustainable development and positions the country as a potential leader in technological innovation and urban development in the Middle East and North Africa region.
The partnership builds upon Huawei's existing presence in Egypt, where the company launched its first public Cloud Region in May 20242. Huawei has committed to investing $300 million over five years to develop the Egypt Region, providing over 200 cloud services and supporting local software partners. This collaboration between TMG and Huawei is expected to drive economic growth, unlock new avenues for innovation across various industries, and contribute to the creation of sustainable and technologically advanced urban communities in Egypt.
Link to original story - https://www.zawya.com/en/business/technology-and-telecom/egypt-huawei-talaat-moustafa-group-partner-for-smart-city-cloud-services-clvbzcnj
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