Chatham House: Strengthening Naira Risks Economic Setback.
Two years into President Bola Tinubu's administration, Nigerians are experiencing severe economic hardship as the naira has plummeted from 460 to nearly 1,500 against the dollar, petrol prices have quadrupled, and food costs have surged by over 80%. Despite these challenges, Tinubu's bold economic reforms—centered around one of the largest currency devaluations globally in recent years—are creating the foundation for sustainable growth that has eluded Nigeria for decades. This strategic depreciation has yielded two crucial benefits: Nigeria's current account has shifted firmly into surplus with foreign exchange reserves exceeding $40 billion, and the fiscal deficit has narrowed significantly from 6.4% to 4.4% of GDP through increased government revenues from dollar-denominated sources.
The critical challenge now facing Nigerian policymakers is managing the painful 35% inflation rate without surrendering the competitive advantages gained through devaluation. While allowing the naira to strengthen would provide immediate inflation relief, particularly for the urban poor, it would reverse the hard-won competitiveness that positions Nigeria to attract desperately needed foreign direct investment—currently stagnating below $2 billion annually despite a population of 230 million. Instead of relying on currency appreciation, sustainable growth requires maintaining the naira's competitive position while focusing on fundamental improvements to the business climate—enhancing electricity supply, tackling corruption, reducing bureaucracy, and strengthening contract enforcement. The path Nigeria chooses next will determine whether these difficult reforms translate into long-term prosperity or merely temporary pain.
Kenya's Banking Regulatory Fees Set for Massive Overhaul, Signaling Higher Loan Costs
Kenya's banking sector faces a seismic shift as the Central Bank of Kenya (CBK) prepares to increase annual licensing fees from Sh335 million to a staggering Sh7.5 billion—a 22-fold increase in the first regulatory fee adjustment in 35 years. The draft regulations propose replacing the current token flat rate system with a revenue-based model charging 1% of banks' gross income, to be implemented gradually with 0.6% in year one, 0.8% in year two, and the full 1% by 2027. This dramatic recalibration will significantly impact major institutions, with Equity Bank facing a Sh1.81 billion charge and KCB Group Sh1.65 billion based on their 2023 operating incomes. The Kenya Bankers Association has expressed concern about the implications, with public feedback being accepted until March 31 before potential implementation in July 2025.
The CBK justifies this substantial increase by citing the "increasingly complex" regulatory landscape requiring enhanced oversight, consolidated supervision, and cross-border monitoring capabilities—pointing to similar revenue-based models in Uganda, Rwanda, and Kenya's communications sector. However, the financial consequences extend beyond the banks themselves, with the CBK projecting industry profit declines of 1.8%, 2.4%, and 3.1% over the three-year implementation period—potentially impacting dividends, executive compensation, and most critically, consumer loan pricing. Banking leaders have candidly acknowledged that these increased operational costs will inevitably "filter into the cost of credit," creating a ripple effect throughout Kenya's economy as access to financing becomes more expensive precisely when affordable capital is crucial for economic growth. With bank revenues expected to exceed Sh1 trillion before 2026, the ultimate annual regulatory fee burden could surpass Sh10 billion, fundamentally altering the cost structure of Kenya's financial services industry.
JPMorgan downgrades South African equities on economic slowdown concerns.
J.P. 摩根 has downgraded South African equities from "overweight" to "neutral," citing concerns about the country's economic growth prospects and the efficacy of its reform agenda. Despite President Cyril Ramaphosa's announced second wave of reforms targeting state companies and infrastructure investment, the investment bank expects South Africa's growth to remain below 2% for the next two years—insufficient to address the nation's persistent inequality and unemployment challenges that have plagued Africa's most industrialized economy since the global financial crisis. This cautious outlook comes even as South Africa has experienced improvements in power availability over the past year and formed a Government of National Unity (GNU) coalition aimed at implementing growth-enhancing policies.
The downgrade also reflects concerns about strained U.S.-South Africa relations following President Trump's executive order cutting financial assistance to South Africa due to disagreements over land policy and South Africa's genocide case against Israel at the International Court of Justice. J.P.Morgan warns that these global dynamics "create uncertainty around the performance of South Africa's domestic assets" and anticipates that foreign investors will likely adopt a "wait-and-see approach" while domestic investors navigate the "imperfect execution" of the GNU's reform agenda. Despite these concerns, the investment bank still ranks South African equities more favorably than Middle East and North Africa (MENA) stocks, though it now prefers Emerging European equities within the broader Central & Eastern Europe, Middle East & Africa (CEEMEA) region.
Andersen Global Expands East African Footprint Through Strategic Collaboration with Award-Winning Kenyan Firm
Andersen Global has strategically enhanced its East African presence by establishing a Collaboration Agreement with Finaltus , an award-winning Nairobi-based valuation firm with over a decade of specialized experience in transaction and investment advisory services. The partnership integrates Finaltus' comprehensive expertise in mergers and acquisitions, business valuation, intellectual property valuation, and development finance advisory with Andersen's global platform, creating a powerful combination of local market insights and international capabilities. This alignment with the Best Independent Advisory Firm in East Africa significantly strengthens Andersen's ability to deliver sophisticated valuation solutions throughout a region experiencing robust investment activity and regulatory evolution.
The collaboration positions both organizations to capitalize on Kenya's pivotal role as a strategic business hub while addressing the growing demand for specialized advisory services across East Africa's dynamic markets. By joining forces with Andersen's expanding African network, Finaltus gains enhanced capacity to support clients navigating cross-border opportunities, while Andersen further solidifies its comprehensive service offering that now spans over 500 locations globally. As Partner Paul Kamau notes, this integration enables "tailored valuation solutions with a seamless approach" that bridges local expertise with global technical capabilities—a critical advantage for businesses and families seeking strategic investment guidance in increasingly complex regional and international environments. This expansion represents another strategic milestone in Andersen Global's continued growth trajectory, which now encompasses more than 19,000 professionals worldwide.
Kenya's National Data Recovery Centre Becomes Sh2 Billion White Elephant.
Kenya's National Treasury stands to lose Sh5.5 billion in a bungled National Data Recovery Centre project in Naivasha that has remained incomplete for over a decade, according to Auditor-General Nancy Gathungu's 2023/2024 report. Initiated in 2009 with an original contract of Sh782 million and a 96-week timeline, the project was later expanded into three phases, with the first two phases costing Sh1.1 billion and reaching 68% completion. The initiative derailed during the third phase due to payment disputes when Treasury failed to settle a Sh193 million claim for delays, prompting the contractor to seek arbitration and secure a Sh4.1 billion award for lost profits and associated costs—a figure that has since ballooned to Sh5.5 billion with accrued interest.
Despite the Treasury arguing that the third phase required a new bidding process, the Auditor-General firmly placed blame on officials for mishandling the contract, stating the expenditure "would have been avoided had management handled the contract in accordance with applicable laws and regulations." The project now represents a significant financial liability that "will adversely affect the budgetary allocation for the ministry and is not in public interest." Adding to the financial waste, a recent inspection by the National Assembly Committee on Finance revealed further losses through theft and vandalism, with equipment worth over Sh100 million stolen or damaged at the unutilized facility. The Sh2 billion already spent has delivered no functional data recovery capability, raising serious concerns about fiscal management and project oversight within government operations.
Intelsat and MaxIQ Space Expand African STEM Initiative to Develop Next Generation of Space Technology Innovators
Intelsat and MaxIQ Space are scaling their Africa Space STEM Programme to reach more students across four strategic countries—Kenya, Nigeria, South Africa, and Senegal. Now entering its fifth year, this educational partnership will expand to encompass 12 schools with a renewed emphasis on hands-on, in-person learning experiences integrating space science, sustainability, and IoT education. The 2025 program delivers comprehensive resources through innovative STEM kits, expert-led community learning sessions, and tailored educational materials designed to provide students with practical skills while inspiring career pathways in emerging technologies. This structured approach ensures meaningful classroom integration of cutting-edge space concepts, creating lasting impact across African education systems.
The initiative addresses Africa's growing importance as a frontier for space infrastructure development, strategically preparing a skilled workforce aligned with national development goals. Intelsat's EMEA Regional Vice President Rhys Morgan emphasized the company's commitment to "connecting African students to real-world applications of space technology" while continuing to invest in local satellite ground infrastructure across the continent. MaxIQ Space Program Manager Judi Sandrock highlighted the critical need to "equip future leaders with the knowledge and skills to drive this transformation" as Africa's space sector evolves. Schools and educators from participating nations have until March 31, 2025, to apply for this fully funded opportunity—positioning the next generation of African students to participate in and lead the continent's technological advancement while developing capacities to thrive in the global space economy.
Apply here: https://docs.google.com/forms/d/e/1FAIpQLSczZ_x7O6gxEu67DX8M1iG9vmWew5ir692sGGoqh2xEfmIRQQ/viewform
Record Digital Blackouts Sweep Africa as Governments Intensify Internet Control Measures
Africa experienced an unprecedented surge in internet shutdowns during 2024, with 21 documented blackouts across 15 countries—breaking previous records and reflecting a disturbing global trend of governmental digital control, according to a comprehensive report by Access Now and the #KeepItOn coalition. New perpetrators including Comoros, Guinea-Bissau, and Mauritius joined repeat offenders such as Ethiopia, Kenya, and Nigeria in implementing these restrictions, primarily during periods of protest, political instability, and elections. This continental pattern mirrors the alarming worldwide escalation to 296 shutdowns across 54 countries in 2024—the highest number since tracking began in 2016—with telecommunication providers increasingly complicit in these human rights violations through their compliance with government shutdown orders.
The sustained digital disruptions have profound implications for African business, governance, and civil society, with at least five shutdowns persisting beyond one year—including Meta's continued restriction in Uganda and the complete disconnection of Equatorial Guinea's Annobon island since August 2024. Despite the African Commission on Human and Peoples' Rights passing a landmark resolution in March 2024 aimed at reversing this trend, digital freedoms continue to deteriorate across the continent. However, #KeepItOn campaign manager Felicia Anthonio notes some positive developments, with authorities in countries like Mauritius and South Sudan recently backtracking on shutdown orders, suggesting the resolution may be emerging as a valuable advocacy resource for preserving digital rights. This tension between increasing governmental control and nascent regulatory pushback creates significant uncertainty for organizations operating in African markets, where digital connectivity increasingly underpins economic development and social stability.
RBA to block under 50s from pension savings
The Retirement Benefits Authority (RBA) of Kenya has proposed significant changes to pension access rules that would prevent workers under 50 years of age from accessing their retirement savings when changing jobs, effectively eliminating the current provision that allows employees to withdraw up to 50% of their accumulated benefits before retirement. This proposal comes amid growing concerns about inadequate retirement savings, with official data showing that more than 80% of Kenyan senior citizens continue working for basic needs despite reaching retirement age, and a recent RBA survey revealing that 57% of retirees consider their savings inadequate. The proposed amendment, slated to take effect in July, would only permit early access to pension funds in limited circumstances such as ill health, permanent migration out of Kenya, or unemployment after age 50, while allowing withdrawals from additional voluntary contributions.
This regulatory shift addresses Kenya's deepening old-age poverty crisis, which has been exacerbated by several factors: increased life expectancy, low pension coverage with over 70% of workers retiring without a pension beyond minimal NSSF payouts, and the weakening of traditional family support systems as urbanization changes social patterns. Despite recent increases in NSSF contributions from the long-standing Sh400 monthly to up to Sh4,320 (boosting the fund to more than Sh400 billion as of June 2023), retirement benefits remain insufficient for many Kenyans, prompting the government to implement a Sh2,000 monthly stipend for citizens over 70 years. The RBA's proposal represents a significant policy shift to address these systemic challenges, forcing longer-term preservation of retirement assets which currently total Sh1.97 trillion under management, with over half (Sh1.01 trillion) invested in government securities.
Read on: https://www.businessdailyafrica.com/bd/economy/rba-to-block-under-50s-from-pension-savings-4959444
African VC Firm Equator Raises $55M Fund to Back Climate Tech Startups
African venture capital firm Equator has successfully raised $55 million for its inaugural fund focused on supporting climate technology startups through the challenging early stages of development. This significant investment aims to bridge a critical funding gap in an ecosystem where climate tech companies face unique obstacles compared to their counterparts in more developed markets.
Unlike startups in regions where government subsidies often support green technologies, African climate tech ventures have traditionally relied heavily on development finance institutions (DFIs), foundations, and endowments. This dependency has made them particularly vulnerable to fluctuations in global capital flows at a time when aid budgets are shrinking worldwide.
"We are needed more than ever to invest in technology and scalable ventures tackling fundamental climate challenges," said Nijhad Jamal, Equator's managing partner. "These investments will help reduce dependence on aid and instead bring more global private capital into the region." The fund's backers include prominent DFIs such as British International Investment, Proparco, and IFC, alongside foundations like the Global Energy Alliance for People and Planet.
Equator plans to invest in 15-18 startups, offering $750,000 to $1 million for seed-stage companies and $2 million for Series A ventures. Beyond financial support, the firm aims to help founders navigate complex challenges including unit economics, governance, and regional expansion while reserving capital for follow-on investments.
#AfricaClimaTech #VentureCapital #SustainableInvestment #CleanEnergy
Flutterwave Wins Key Ghana Approval for Remittance Services.
Flutterwave Africa's leading payments technology company, has secured crucial regulatory approval from the Bank of Ghana to provide inward remittance services in the country, expanding its continental footprint and enhancing financial inclusion across West Africa. This strategic authorization positions the fintech giant to tap into Ghana's rapidly evolving digital payments ecosystem, where 60% of foreign exchange is already processed through mobile money platforms.
The approval aligns with Ghana's supportive regulatory environment established by the Bank of Ghana and the Ghana Digital Agenda, which has fostered innovation across multiple fintech segments including InsurTech, LendTech, and Buy Now, Pay Later services. Flutterwave CEO Olugbenga Agboola emphasized that this milestone advances their mission to simplify payments while addressing the critical role remittances play in Ghana's economy. Chief Regulatory Officer Oluwabankole Falade highlighted the company's commitment to regulatory compliance as they prepare to deliver reliable payment solutions tailored to the unique needs of the Ghanaian market.
Kenya Launches Advanced Science Institute to Drive Tech Innovation.
The Kenya Advanced Institute of Science and Technology (Kenya-AIST) (Kenya-AIST) is a graduate-only institution of strategic national significance that has been approved by the Kenya Cabinet.
This is a transformative event for the technology, science, research, and development landscape of Kenya.Kenya-AIST, which is modeled after globally renowned institutions such as [Korea Advanced Institute of Science and Technology, Stanford University], will be instrumental in the development of highly skilled professionals in critical disciplines such as engineering, ICT, and biotechnology, as well as the advancement of cutting-edge research.
It is poised to facilitate innovation that has the potential to transform Kenya into a regional technology hub by concentrating on graduate-level education, which will serve to bridge the divide between academia and industry. Its strategic significance is derived from the cultivation of talent and solutions that address national and global challenges, thereby establishing Kenya as a leader in the knowledge economy.
#KenyaAIST #ScienceAndTechKenya #InnovationAfrica #HigherEducationKE
PalmPay and AfriGO Partner to Issue 5 Million Payment Cards in Major Financial Inclusion Initiative
PalmPay and AfriGO Pay Financial Services have formed a strategic partnership aimed at issuing over 5 million AfriGO cards to Nigerians in a bold initiative to transform the country's payment landscape and drive financial inclusion. The collaboration leverages AfriGO's homegrown payment infrastructure—Nigeria's first national domestic card scheme developed by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS)—to create locally-tailored payment solutions that reduce foreign exchange dependency while ensuring secure transactions through EMVCo standards, tokenization, and contactless payment capabilities. This partnership represents a significant milestone in addressing the needs of underserved populations, with PalmPay's Managing Director Chika Nwosu emphasizing their commitment to delivering "secure, cost-effective, and localized payment options that empower Nigerians."
The initiative promises substantial benefits across Nigeria's financial ecosystem, enabling seamless transactions including physical and online purchases, ATM withdrawals, money transfers, and cashless payments via Agent POS terminals. For merchants, the AfriGO cards deliver reduced transaction fees and instant settlement times through AfriGO's Instant Settlement service, improving cash flow and operational efficiency. For consumers, particularly the unbanked, the partnership provides an affordable, secure payment solution tailored to local needs. With PalmPay's established network of over 35 million app users and 1.2 million connected businesses through mobile money agents and merchants, this collaboration positions Nigeria at the forefront of financial innovation while strengthening digital sovereignty and expanding economic opportunities across previously underserved communities and sectors including transportation, health, hospitality, and agriculture.
XTransfer and Ecobank Partner to Revolutionize Africa-China Trade Payment Solutions
XTransfer, China's leading B2B cross-border trade payment platform, has signed a strategic Memorandum of Understanding with Ecobank Group to transform financial services for African SMEs engaged in international trade. This landmark partnership addresses critical payment challenges facing African businesses amid record China-Africa trade, which reached $282 billion in 2023 and continues to grow—with China's exports to Africa increasing 1.4% to $160 billion and African imports to China rising 6.6% to $107 billion between January and November 2024. The collaboration targets persistent obstacles including account opening difficulties, fund freezes, foreign exchange complications, extended remittance times, and excessive transaction costs that have historically limited African SMEs' participation in global commerce despite the continent's expanding trade relationships with China.
The strategic alliance leverages Ecobank's extensive pan-African network to enable Chinese clients to collect funds in local African currencies while simultaneously allowing African SMEs to make payments in their domestic currencies, significantly reducing foreign exchange risks and transaction complexities. Ecobank Group CEO Jeremy Awori emphasized how this integration with XTransfer's advanced solutions will "simplify transactions, reduce costs, and support African businesses in global trade," complementing the bank's existing China strategy that includes a dedicated representative office and specialized China desk. Beyond merely facilitating smoother Africa-China commerce, the partnership promises to enhance African businesses' global competitiveness by streamlining transactions with international partners—directly supporting Ecobank's broader mission of driving financial integration and cross-border trade as fundamental pillars of sustainable economic development across the African continent.
Treasury to roll out e-procument of work boycott system to curb corruption.
Kenya's Treasury Cabinet Secretary John Mbadi has announced comprehensive digital reforms to combat procurement corruption, including a mandatory e-procurement system for all government entities by July 1, 2025, following a three-month pilot beginning April 1. The initiative aims to address shrinking international funding by eliminating costly manual processes that enable fraud through document tampering and price manipulation.
The reform package includes a standardized procurement module in the Integrated Financial Management Information System implementing zero-based budgeting, requiring detailed justification for all expenditures rather than incremental increases. Additionally, Treasury will integrate human resource systems by the next financial year to combat ghost worker fraud through centralized monitoring of all government payroll transactions. Mbadi highlighted current inconsistencies where identical items like pens cost Sh1,000 on one floor and Sh3,000 on another, while rejecting calls to tax religious institutions, stating "fighting a church is akin to fighting God."
Nation Media Group Appoints Former NSE Chief Geoffrey Odundo as New CEO
Nation Media Group (NMG), East Africa's largest news organization, has appointed Geoffrey Odundo as its new Chief Executive Officer effective April 7, 2025. Odundo, who joins from CPF Group where he served as Executive Adviser, brings extensive leadership experience from his nine-year tenure as CEO of the Nairobi Securities Exchange (2015-2024), where he spearheaded market innovations and achieved record-breaking milestones. The appointment, announced by NMG Board Chairman Dr. Wilfred Kiboro, concludes the interim leadership of Richard Tobiko, who has served since August 2024 following Stephen Gitagama's retirement. With an MBA in Strategic Management and significant experience in the financial sector including as the inaugural CEO of Kingdom Securities, Odundo brings a wealth of expertise to navigate NMG's next growth phase.
The incoming CEO has identified accelerating digital transformation and strengthening the 'Nation' brand as his immediate priorities, emphasizing the delivery of accurate, user-driven news through cutting-edge technology. "My aim is to see NMG become the leading source of news across all demographics," stated Odundo, highlighting his vision to leverage his capital markets experience to drive organizational growth while maintaining the media house's influential role in society. His leadership approach focuses on talent development and employee satisfaction, promising to create a motivating environment where "everyone is rewarded for their contribution." This strategic leadership transition positions NMG to enhance its digital capabilities while reinforcing its commitment to quality journalism across East Africa's evolving media landscape.
Dear Kenyans, SHA won’t fly — it was never meant to in the first place.
Healthcare professionals in Kenya are demanding urgent parliamentary action on the Social Health Authority (SHA) following damning revelations in the Auditor General's report that highlight severe underfunding and implementation failures in the national healthcare program. The article's author argues that the SHA was fundamentally misdesigned and cannot fulfill its promised healthcare delivery despite politicians urging patience from citizens.
Critical funding gaps identified include only Sh4 billion allocated for primary healthcare against a Sh60 billion requirement, and merely Sh2 billion for emergency, chronic, and critical illness care against a needed Sh100 billion. These shortfalls have reportedly resulted in dire consequences including complications, amputations, organ failures, blindness, and preventable deaths while citizens continue paying premiums for inadequate services. The author urges Members of Parliament to implement the Auditor General's recommendations and amend the SHA Act immediately, warning that failure to address these healthcare system deficiencies could become a political "waterloo" for legislators.
Credits: Denis Miskellah
Kenya Civil Servants Threaten Nationwide Strike Over Failed Health Scheme
Kenya's civil service is on the brink of paralysis as public servants have issued an ultimatum threatening a nationwide strike beginning March 18 unless the government resolves the ongoing healthcare crisis under the troubled Social Health Authority (SHA). The standoff intensifies as hospitals across the country have begun rejecting patients under the Public Officers Medical Fund (POMF) scheme due to unpaid bills running into billions of shillings.
In a decisive move, the Kenya Medical Practitioners, Pharmacists and Dentists Union (KMPDU) and the Union of Kenya Civil Servants (UKCS) have jointly warned that public employees are now being forced to fundraise for medical care despite enduring double deductions from their salaries—for both the Social Health Insurance Fund and the forfeited medical allowances diverted to POMF. The unions' representatives told MPs that the situation has become untenable.
"Civil servants across the country are wasting valuable time chasing medical services while simultaneously being subjected to cash payment demands," said UKCS Secretary-General Tom Odege, while KMPDU's Davji Atellah warned of escalating the industrial action nationwide within 30 days "to demand a functional comprehensive medical insurance scheme." Although some private facilities temporarily lifted their service suspension following presidential intervention for partial debt settlement, faith-based healthcare providers have issued their own 14-day ultimatum for the government to settle the Sh10 billion owed to them.
#KenyaHealthCrisis #CivilServantsStrike #SHAFailure #HealthcareFinancing
Treasury Bills Hit Two-Year High in Kenya's Debt Portfolio
Kenya's Treasury bills have surged to their highest share of domestic debt in nearly two years, reaching 15.02 percent at the end of February. This significant increase reflects the government's strategic shift toward short-term financing instruments over the past year, up from just 11.35 percent in December 2023.
According to Central Bank of Kenya data, the stock of Treasury bills (excluding repurchase agreements) has expanded dramatically to Sh886.8 billion as of February 28, compared to Sh546.9 billion at the close of 2023. Meanwhile, Treasury bonds have seen their proportion of total securities ease slightly to 84.98 percent from 88.65 percent, though their absolute value has grown to Sh5.01 trillion from Sh4.27 trillion.
Financial analysts attribute this shift to the government's prudent response to the high interest rate environment, with officials opting for short-term securities to avoid locking in elevated interest costs over extended periods. This strategy prompted the CBK to reduce its issuance of long-tenor Treasury bonds in favor of faster-maturing instruments.
#KenyaDebtManagement #TreasuryBills #AfricaFinance #EconomicStrategy
Absa Group Exceeds Profit Forecasts Amid South African Economic Recovery.
Absa Group Ltd. has posted stronger-than-expected financial results, with headline earnings increasing 9.9% to 22.06 billion rand ($1.21 billion) in the three months through December. This performance surpassed the 21.6 billion rand forecast by analysts in a Bloomberg survey, highlighting the bank's resilience amid improving economic conditions in its home market.
"Our organization rallied in the second half, refining our focus areas to ensure that our actions are targeted and precise in generating value and earnings uplift," said interim Chief Executive Officer Charles Russon in a statement. The improved performance comes as South Africa experiences a significant economic boost from enhanced electricity reliability, with state-run power utility making substantial repairs to its coal-fired plants.
This positive domestic environment has helped Absa offset challenges in other African markets, particularly Ghana, where hyperinflation has created significant headwinds. The bank designated Ghana's economy as hyperinflationary after finding the cumulative three-year inflation rate exceeded 100%, reducing profit after tax by 653 million rand. Absa expects to end hyperinflation accounting for its Ghanaian business by mid-2025.
While net interest income growth slowed to 4.5% compared to 21% a year earlier due to higher cash-reserve requirements in some African nations, the bank saw impairments drop 8% to 14.3 billion rand. This improvement helped reduce the credit-loss ratio to 1.03%, though this remains above Absa's target range and higher than all its competitors.
#AbsaResults #SouthAfricanBanking #AfricanFinance #EconomicRecovery
Gaming Giant Xsolla Expands Payment Options Across Middle East and North Africa
Xsolla , a global leader in video game commerce, has launched 11 new localized payment methods across the Middle East and North Africa (MENA), significantly enhancing access to digital gaming in one of the world's fastest-growing markets.
The strategic expansion introduces popular regional payment solutions including Fawry Cash, Aman, Masary, and various mobile wallets in Egypt; Sadad in Saudi Arabia; eFAWATEERcom in Jordan; and STC Direct Carrier Billing in Bahrain. This move addresses critical barriers that have historically limited international gaming companies' success in a region home to over 380 million gamers.
With MENA's gaming market growing at an impressive 8.9% year-on-year in 2024, Xsolla's initiative tackles key challenges including payment accessibility and low trust in non-regional payment methods. The company's approach prioritizes mobile-first solutions in a market where mobile games account for 52.1% of gaming revenue, while integrating trusted local services like Fawry Cash, which dominates 55% of Egypt's cash payment market.
"Expanding our payment offerings in the MENA region allows us to connect developers with millions of underserved gamers in this rapidly evolving market," said Chris Hewish, Xsolla's Chief Strategy Officer, highlighting the opportunity presented by the region's tech-literate youth population and increasing adoption of digital payment solutions.
#GamingIndustry #MENAExpansion #DigitalPayments #GameCommerce
TerraPay Partners With Banque du Caire to Revolutionize Egypt's Remittance Market
TerraPay , a leading cross-border payment solution provider, has announced a strategic partnership with Banque du Caire (BDC), one of Egypt's largest financial institutions, to transform remittance services throughout the country. This collaboration aims to enable seamless digital payouts to all bank accounts and mobile wallets across Egypt, delivering faster, more cost-effective, and secure money transfer services for Egyptian expatriates worldwide.
The partnership comes at a critical time, as remittances from Egyptian expatriates represent a vital source of foreign currency for the nation, estimated at approximately $30 billion annually. By integrating directly into Banque du Caire's infrastructure, TerraPay will help establish greater control over transactions while strengthening Egypt's financial ecosystem.
Bahaa El-Shafie, Deputy CEO of Banque du Caire, emphasized that this initiative aligns with the Central Bank of Egypt's directives to incorporate informal remittances into the formal banking sector. The bank expects this move to attract new customer segments to Egypt's banking system, creating positive economic ripple effects throughout the country.
"Together, we're empowering the global Egyptian diaspora with TerraPay's agile, fully compliant, transparent, cost-effective money movement network and by that, driving financial inclusion and strengthening cross-border payments," said Ani Sane, Chief Business Officer at TerraPay.
#EgyptFintech #RemittanceInnovation #FinancialInclusion #CrossBorderPayments
Bank stocks drop amid tariff confusion, recession fears.
Since the start of the year, the US stock market has been experiencing a lot of volatility due to Trump's erratic economic policies, especially regarding tariffs. Yesterday, some of the stock indices experienced their worst decline since 2022.
Volatility and liquidity create trading and investment opportunities. In the last two years, the market has been quite bullish, resulting in an overvaluation of stocks and little trading opportunities. A market correction was always going to happen.
The deeper the correction, the better the opportunities which will be created. In a stock market, nothing goes up forever and nothing remains down forever. There are exceptions to every rule, but this holds true most of the time.
Trump is an agent of market chaos and a master of confusion. The market volatility following his decisions creates ups and downs. The dips and bounces are what traders always pray for.
Ultimately, Trump wants a bullish stock market. He wouldn't hesitate to reverse any policies which hurt the markets since he uses them as a proxy for economic performance. Traders and investors should take advantage and buy stocks which have fallen into undervaluation territory following the recent rout.
Some of the badly beaten tech stocks will easily return a 50% upside when market sentiments shift into a positive trajectory. Crypto-linked stocks will also give similar returns. This is one of the best times to take positions. It is also a good time to average down positions where there is long-term performance conviction. It is the worst time to panic and take unnecessary losses.
DCI Busts Major Transit Goods Fraud Ring in Eastleigh Operation.
Kenya's Directorate of Criminal Investigations has dismantled a sophisticated tax evasion scheme with the arrest of 18 suspects caught offloading fabric consignments falsely declared as exports to the Democratic Republic of Congo. Following meticulous surveillance by the elite Operation Support Unit, detectives intercepted the shipment at an Eastleigh godown after tracking the suspects' elaborate attempts to evade detection—including changing license plates at Machakos Junction from KBT 641G/ZD3436 to KBY 548K, tampering with the Regional Electronic Cargo Tracking System, making strategic stops to verify their sabotage remained undetected, and applying disguising stickers at Mai Mahiu. The arrested individuals include truck driver Meshack Leo and store owners Yusuf Mohammed Noor and Abdi Nasir Dur, who allegedly operated within a broader network linked to Congolese national Kasdama Kasongo Francois.
This high-stakes enforcement action exposes a sophisticated criminal enterprise that has likely cost the Kenyan government millions in lost tax revenue through its systematic circumvention of transit goods protocols. Preliminary investigations reveal the syndicate had previously diverted at least five similar shipments intended for DRC, suggesting a well-established operation with potential connections to compromised officials tasked with monitoring cross-border cargo movement. The case highlights critical vulnerabilities in Kenya's transit goods monitoring infrastructure despite the implementation of electronic tracking systems, raising urgent questions about regulatory oversight and the integrity of customs procedures along key trade corridors. As forensic teams continue examining evidence from the Eastleigh scene, authorities face the dual challenge of prosecuting the current suspects while identifying the full extent of official collusion that enabled this tax evasion network to operate with apparent impunity.
ECOWAS and AfDB Sign $12 Million Grant for West African Rice Development
The Economic Community of West African States (ECOWAS) Commission and the African Development Bank (AfDB) have formalized a significant $12 million grant agreement to implement the Rice Resilient Value Chains Development Project (REWARD) across West Africa. The landmark signing ceremony was held at ECOWAS Commission Headquarters in Abuja, Nigeria, marking a crucial step toward regional food security.
The REWARD project represents an ambitious initiative designed to stimulate both public and private investments in rice value chains throughout the region. Built on proven business models, this program forms part of a comprehensive regional rice development strategy financed by the AfDB across all 15 West African nations.
ECOWAS Commission President Dr. Alieu Omar Touray, who signed on behalf of the Commission, was joined by AfDB Director General for Nigeria, Dr. Abdul Kamara, representing Bank President Dr. Akinwumi Adesina. This agreement launches a phase of an expansive multinational program valued at $650 million, aimed at promoting rice sovereignty throughout the ECOWAS member states.
During the ceremony, Dr. Touray expressed gratitude for the Bank's support and pledged swift implementation, while Dr. Kamara reaffirmed the AfDB's commitment to bolstering food security and resilience across West Africa in alignment with ECOWAS Vision 2020.
Read on: https://tribuneonlineng.com/ecowas-afdb-sign-12m-grant-agreement-for-rice-value-chain-devt/
#WestAfricanAgriculture #FoodSecurity #AfricanDevelopment #RiceProduction
Ghana Eliminates "Nuisance Taxes" in Bold Economic Relief Move Amid IMF Program Challenges
Ghana's newly elected government has taken decisive action to alleviate economic pressure on citizens by eliminating five "nuisance levies" previously implemented to secure IMF financing. Finance Minister Cassiel Ato Forson announced the cancellation of several taxes including the one-percent levy on mobile money transfers, VAT on motor vehicle insurance, a 10-percent tax on lottery winnings, an emission levy, and a 1.5-percent tax on unprocessed gold from small-scale miners. This strategic shift aims to boost household disposable income and support business growth amid what officials describe as an economy in "severe distress," characterized by soaring inflation and currency depreciation inherited from the previous administration that secured a $3-billion IMF bailout in 2023.
To offset potential revenue shortfalls, the government plans to implement alternative revenue enhancement measures, including amendments to the Revenue Administration Act expected to yield an additional 0.3 percent of GDP and improving road toll collection. The administration is also establishing the Ghana Gold Board to better regulate the mining sector, increase foreign exchange reserves, and stabilize the cedi. Economist Daniel Amateye Anim-Prempeh supports the tax relief initiative but notes its success hinges on "the government's ability to boost revenue collection without increasing the fiscal deficit." President John Mahama's administration faces the complex challenge of balancing citizen relief with addressing inherited fiscal challenges including debt management issues, accumulated arrears, energy sector financing shortfalls, and significant risks in the cocoa and financial sectors—all while maintaining commitments under the existing IMF program.
Governments Tighten Digital Identity Verification for Social Protection Programs
Several governments worldwide are implementing stricter digital identity verification measures for social protection programs, aiming to combat fraud while improving access for legitimate beneficiaries. South Africa, Brazil, India, and the Philippines are all taking significant steps to enhance their identity verification systems for social grants and benefits.
In South Africa, a recent probe into the Social Relief of Distress (SRD) grant program revealed multiple system vulnerabilities enabling fraudsters to steal benefits from genuine recipients. The South African Social Security Agency (SASSA) has been directed to implement multi-factor biometric authentication and reduce the number of permitted grant registrants per phone number after investigations uncovered weaknesses in the OTP login system and mobile money services linked to grant payments.
Similarly, Brazil's government is confronting rising costs in its Continuous Cash Benefit program (BPC) by introducing compulsory biometric verification as part of regulatory reforms to combat fraud. The program, which assists elderly and disabled citizens living in poverty, has already exceeded fiscal limits, prompting authorities to enforce stricter adherence to eligibility rules.
Meanwhile, India's Karnataka State has digitized its Public Distribution System with fingerprint scanning as the primary verification method, but this has inadvertently excluded many beneficiaries with defective fingerprints due to age or accidents. In the Philippines, authorities are launching a unified identification system for Persons With Disabilities (PWDs) that includes both physical and digital ID cards with biometric chips to combat fraud while ensuring eligible citizens receive their entitled 20 percent discount on select services.
#DigitalIdentity #SocialProtection #BiometricVerification #WelfareSystems
BasiGo to Deploy East Africa's Largest Electric Bus Fleet in Rwanda's Capital
BasiGo, the Kenya-based electric bus manufacturer, has secured a significant milestone with plans to deliver 28 new electric buses to Rwanda's capital beginning in April 2025, marking the region's largest deployment of electric public transport vehicles to date. This expansion follows successful trials of BasiGo's locally-developed E9 Kubwa model, which offers impressive performance metrics with a 400-kilometer range per charge and 54-passenger capacity—specifications that align precisely with the city's current public transportation requirements. To support this fleet, BasiGo will establish overnight charging infrastructure at its depot, creating a comprehensive operational ecosystem for sustainable urban mobility in Rwanda's growing capital city.
Founded in 2021, BasiGo has rapidly emerged as a leader in Africa's electric mobility sector with 55 buses currently operating across the continent through an innovative leasing model that bundles charging, maintenance, service, and insurance into a comprehensive package. The company has evolved from initially importing BYD vehicles to now focusing on local production, with the E9 Kubwa being developed and exclusively assembled in Kenya—showcasing the company's commitment to building local manufacturing capacity. According to CEO and Co-Founder Jit Bhattacharya, Rwanda's progressive policies toward sustainable transport have "created an ideal environment for private sector investment and innovation into E-mobility," positioning this deployment as a catalyst in Rwanda's ambitious journey toward universal, electrified public transportation while establishing BasiGo as a pivotal player in Africa's green mobility transition.
SPEEDRUN – Gauteng ePanic Button shock
Less than one percent of Gauteng residents have downloaded the province’s ePanic Button app, that is works surprisingly well and is likely one of the fastest ways to get help during an emergency. Much faster than having to contact the police or emergency services directly.
The app was made in partnership with Response24, and has been available to download since 2023, albeit in a beta state. Now, several months after the full release only 100 000 people have downloaded the app, but more than 51 000 of those that have downloaded the app have used the panic button during an emergency.
“The most common incidents where people have been assisted includes motor vehicle accidents, pedestrian vehicle accidents, assaults, shooting and sexual offences,” the Gauteng Provincial Government explained.
“Furthermore, the department has started noticing calls from residents pertaining to missing persons which refers to cases of kidnapping in Gauteng.”
Gauteng is now calling for more people to try and download the app in order to get help quickly for relevant authorities.
Best Crypto Exchange in Nigeria for 2025.
Key Takeaways
Entrepreneur Spotlight.
Tosin Eniolorunda, the founder of Moniepoint, is a wealthy young man.
He will be 40 this year and should be unarguably one of the richest, brightest young minds of my generation.
According to unofficial estimates, his stake at Moniepoint is worth over $100 million.
But he was not always this wealthy; running and founding Monie Point changed his life.
Prior to 2017, before Moniepoint was founded, Tosin was just a tech entrepreneur who ran a software consulting company, and he was living at 1004 Estate in Lagos at that time.
What Tosin’s consulting company does is simple: provide a software solution that Nigerian banks use for their day-to-day operations.
But they were doing more than that.
They also build bank apps.
Sterling Bank and Unity Bank apps were built by Tosin and his team at Team Apt, the name of the software company.
Until one day, Tosin got an email from Sterling Bank that the bank is pulling out and does no longer require the services of Team Apt.
Tosin’s mind went blank; he was driving on Ikoyi Road when the message came in.
Sterling Bank was an important, valuable customer, and losing them was a fatal blow for his business cash flow and a monumental setback for his young, budding tech business.
How he was able to get to his destination after digesting that mail was a miracle.
From that setback, his team went back to the trenches to strategize and plan on how to stay afloat.
From that setback, that was how the Dream Monie point was born.
For Monie Point to become a reality and not suffer a stillbirth, one man so much believed in Tosin and in his dream to revolutionize the fintech industry, one customer at a time.
His name is Olu Oyinsa, and he runs Oui Capital, an early-stage African venture capital firm that invests in fintechs and early-stage tech companies.
He met Tosin and was like, Yo! This guy is different, and because of that conviction, he invested $150,000 in Moniepoint for a 1.2% stake in Moniepoint, and his investment was done in 2019.
His understanding of the banking technology stack and payment infrastructure was impressive. I knew he was up to something exciting,” Oyinsan recalled.
Without that conviction and strong belief in Tosin and Moniepoint by Olu Oyinsan, Moniepoint could have died.
Fast forward to 5 years later, after the $150,000 investment into Monie Point was made.
Monie Point has grown, has scaled, and is now a unicorn (a company worth $1 billion and above).
That $150,000 invested into Moniepont in 2019 is now worth more than $20 millon.
Last month, Olu and his team partially cashed out $8 million from their investment in 2019 and then left the rest to ride to the Vahalla as Moniepoint scales further.
A very successful exit success story and rare in Nigeria’s tech ecosystem.