Egypt’s Fintech Paymob Raises $22 Million in Series B Funding
Egyptian fintech company Paymob has raised an additional $22 million in a Series B extension round, bringing the total Series B funding to $72 million. The extension was led by EBRD Venture Capital , alongside existing investors PayPal Ventures , Endeavor Catalyst, British International Investment , FMO Investment Management , A15 , Nclude , and Helios Digital Ventures .
Paymob, founded in 2015, operates an omnichannel payment gateway that enables over 350,000 merchants across the Middle East and North Africa region to accept more than 50 payment methods. The company's offerings include cards, digital wallets, buy now pay later , and QR payments.
The fresh capital will be used to expand Paymob's presence in countries like Oman, Saudi Arabia, and the UAE, while also enhancing its product suite. The company plans to introduce new features such as lending, advanced settlements, and embedded checkout experiences to better serve small and medium businesses.
TALK OF THE WEEK????
Sterling Bank Adopts Africa's First Indigenous Core Banking System
Sterling Bank made waves by migrating to SeaBaaS , Africa’s first homegrown core banking system. The new core banking system is developed by Peerless, as well, a local African tech company, and is designed to cater specifically to the unique needs and challenges of Africa's financial sector.
Moove is Expanding Operations to the U.S. Market ????
You’ll Want to See Where Innoson’s First Commercial EV’s Journey Started! ???
Flutterwave Strengthens Its Continental Footprint; Send App Now in Malawi! ????
What is ORAN, and what does MTN and Accenture have to do with it? ??
Smartwatches, Taxes, and Tri-Folds: This week in tech felt like a battle of giants trying to survive, outsmart, outmaneuver, and sometimes just outlast each other...??
And So Much More...
East Africa Tops Continent’s Indebtedness List
A recent report by the African Export-Import Bank (Afreximbank) highlights that East Africa is the most indebted region on the continent, with Kenya and Tanzania among the highest sovereign loan defaulters. In 2022, Africa's loans in default reached a record $149.4 billion, the highest in three decades, largely due to rising borrowing costs and delayed repayments influenced by the Covid-19 pandemic, Russia's invasion of Ukraine, and global interest rate hikes.
The report indicates that East African economies had a debt-to-GDP ratio of 54.5 percent from 2017 to 2023, compared to Central Africa's lower average of 35.4 percent. The report also shows a significant increase in impaired loans, rising from $112.2 billion in 2021 to $149.4 billion in 2022. This situation has led to financial crises and declining investor confidence across the continent.
However, there was a positive trend in 2023, with loan defaults declining by 13 percent to $129.9 billion as distressed sovereigns began restructuring their debt more effectively. The report notes that the primary contributors to loan defaults included other official creditors, foreign currency bonds, and the Paris Club.
Countries like Tanzania and Zimbabwe are noted for their substantial defaults to private creditors, while Ghana emerged as a major defaulter on local currency debt. The report emphasizes that Africa's external debt is concentrated among a few countries, with ten nations accounting for around 67 percent of the total external debt stock.
Leveraging Innovativeness of Africa's Youth Through Startups
Africa's youth hold significant potential for driving innovation through startups, highlighting the need for a shift from efficiency-driven growth to innovation-driven growth. Currently, 31 out of 54 African nations have progressed beyond the low-income category, contributing over 80% of the continent's GDP in 2023. However, these middle-income countries continue to grapple with high youth unemployment and working poverty.
With around 60% of Africa's population under the age of 25, entrepreneurship through startups offers a viable path for creating sustainable livelihoods. Establishing an African fund of funds could enhance access to financing for startups, attracting risk-averse investors and supporting initiatives that address societal issues like climate change.
Introducing a startup visa could facilitate brain circulation by attracting talent from the diaspora and global entrepreneurs, which would strengthen local economies and foster innovation. Additionally, creating an "Africa startups platform" could improve access to vital information on markets and regulations, thereby supporting startup growth.
ORAN is an approach to building mobile network infrastructure that allows different parts of the network to work together, even if they come from different manufacturers
This open system makes it easier and often cheaper for mobile operators to set up and run their networks, potentially leading to better service for customers. ORAN uses standard interfaces and off-the-shelf hardware, breaking away from the traditional model where all equipment had to come from a single vendor.
MTN and Accenture have completed a Proof-of-Concept for Open Radio Access Network - ORAN technology in live networks across South Africa and Nigeria.
The collaboration explored ORAN's potential to enhance network efficiency and improve customer experiences through its flexible infrastructure.
The proof-of-concept included a comprehensive lab trial at MTN South Africa's Johannesburg facility, demonstrating how communication service providers can adapt to increasing mobile traffic demands, market competition, and cost optimization needs.
With this technology, MTN aims to reduce total cost of ownership, create new revenue opportunities, and expand its network ecosystem.
BIS Urges Central Banks to Maintain Interest Rate Buffers
The Bank for International Settlements – BIS has called on central banks to preserve the interest rate buffers they have rebuilt in recent years. In a statement released on September 16, 2024, the BIS emphasized the importance of maintaining these buffers to support financial stability amid ongoing economic uncertainties. The organization warned that central banks should avoid premature rate cuts that could undermine their efforts to combat inflation and stabilize economies.
The BIS highlighted that while there are signs of a controlled recovery from the inflation crisis, rising government debt levels pose significant risks to global financial markets. The report noted that countries with high debt are particularly vulnerable to shifts in investor confidence, which can lead to market turbulence.
As central banks navigate these challenges, the BIS urged them to remain vigilant and committed to their monetary policies.
Liquid Intelligent Technologies Upgrades Key East African Fibre Route
Liquid Intelligent Technologies has completed an upgrade to its 1,300 km fibre route connecting Mombasa, Kenya to Busia on the Ugandan border. The enhanced infrastructure now offers multi-terabit capacity and 99.99% uptime availability, improving digital connectivity between Kenya and Uganda.
The upgrade supports several East African countries with more efficient and reliable regional connectivity. This expansion strengthens both land and undersea networks in the region, contributing to Kenya's position as a digital hub in East Africa.
Adil El Youssefi, CEO of Liquid Intelligent Technologies: Rest of Africa, stated that the improved connectivity will support critical business sectors across the region, providing reliable, high-capacity networks essential for digital transformation and economic development.
Liquid's expanded network, now covers over 110,000 km of fibre.
South African Rand Gains as Interest Rates Remain in Focus
The South African rand has shown gains recently, with market attention shifting towards upcoming interest rate decisions. Analysts are closely monitoring the monetary policy stance of the South African Reserve Bank , particularly as inflationary pressures continue to influence economic conditions. The rand's performance is expected to be impacted by the central bank's actions, as well as global economic trends.
Investors are anticipating potential changes in interest rates, which could affect the currency's strength. The SARB's upcoming meeting is crucial, as any adjustments to rates could lead to significant market reactions. Overall, the focus on interest rates remains a key factor in determining the rand's trajectory in the coming weeks.
World Braces for Fed Easing Amid Rate Volatility
Global markets are experiencing significant volatility as investors anticipate potential easing measures from the Federal Reserve. In a dramatic 36-hour period, market sentiments shifted rapidly, reflecting uncertainty about the Fed's next moves in response to changing economic conditions.
Traders are closely watching for signals that could indicate a shift in monetary policy, particularly as inflation concerns persist alongside signs of economic slowdown. The Fed's decisions will play a crucial role in shaping market dynamics, influencing everything from interest rates to investment strategies across various sectors.
As the situation develops, market participants remain cautious, preparing for possible adjustments that could arise from the Fed's upcoming meetings and economic assessments.
Empowering the Healthcare Industry Through Hyperautomation
Hyperautomation, a combination of artificial intelligence, machine learning, and robotic process automation, is revolutionizing the healthcare industry. By integrating these technologies, healthcare organizations can streamline processes, improve patient outcomes, and enhance overall efficiency.
One of the key benefits of hyperautomation in healthcare is its ability to automate repetitive tasks, such as data entry, appointment scheduling, and billing. This not only reduces the workload on healthcare professionals but also minimizes the risk of human error.
Moreover, hyperautomation enables real-time data analysis, allowing healthcare providers to make informed decisions based on accurate and up-to-date information. AI and ML algorithms can process vast amounts of data, identify patterns, and provide insights that support clinical decision-making. This leads to more personalized treatment plans and improved patient outcomes.
Namibia Signs $89 Million Solar Power Agreement
Namibia has signed an $89 million agreement to construct its largest solar power plant to date, which will be located in Tsumeb. The project aims to have a capacity of 80 megawatts and is expected to significantly enhance the country's renewable energy production. This initiative is a vital step in Namibia's strategy to diversify its energy mix and reduce its dependence on imported electricity.
The deal, finalized between the Namibian government and an undisclosed developer, aligns with the nation's goal of increasing renewable energy capacity and improving energy security.
The Tsumeb solar project is anticipated to create numerous job opportunities during both the construction and operational phases, contributing to local economic growth. Furthermore, it underscores Namibia's commitment to sustainable development and climate change mitigation efforts.
Fast-Growing Neobank Lupiya Partners with Network International to Launch Card Product
Lupiya , a fast-growing neobank in Africa, has announced a strategic partnership with Network International, a leading enabler of digital commerce in the Middle East and Africa. Through this collaboration, Lupiya will launch its own card product, providing its customers with enhanced payment capabilities and greater financial flexibility.
Lupiya, founded in 2021, has experienced rapid growth, attracting over 1 million customers across Zambia, Malawi, and Tanzania. By leveraging Network International's extensive experience and expertise in the payments industry, Lupiya aims to further expand its reach and offer innovative financial solutions to underserved communities in Africa.
The partnership will enable Lupiya to issue its own branded debit and prepaid cards, allowing customers to make payments, withdraw cash, and access other financial services seamlessly. This integration with Network International's robust payment infrastructure will enhance Lupiya's ability to serve its growing customer base and drive financial inclusion across the region.
Lupiya's CEO, Mwaba Phiri, expressed excitement about the collaboration, stating, "Our partnership with Network International is a significant milestone in our journey to provide accessible and convenient financial services to Africans. By launching our own card product, we can better meet the evolving needs of our customers and contribute to the development of a more inclusive financial ecosystem."
Reforming Global Climate Finance Architecture for African Countries
There is an urgent need to reform the global climate finance architecture to better support African countries in their climate change initiatives. The current system is fragmented, making it challenging for these nations to access necessary funding.A growing consensus among global leaders emphasizes the importance of creating a more equitable financial system. This includes innovative financing mechanisms such as climate-resilient debt clauses and debt-for-climate swaps.
Africa's climate financing needs are substantial, estimated at approximately $1 trillion annually by 2025, yet current funding levels fall significantly short. The discussions around reform highlight the necessity of including African voices in decision-making processes, ensuring that their unique challenges are addressed.
Effective reforms must focus on streamlining the financial architecture to facilitate easier access to funding while tackling broader issues like economic inequality and sustainable development. This restructuring is critical for enabling African nations to combat climate change effectively and achieve their sustainable development goals.
Fincra Secures IMTO License to Enhance Cross-Border Payment Services in Nigeria
Fincra has announced the successful acquisition of an International Money Transfer Operator license from the Central Bank of Nigeria , enabling the company to integrate cross-border payment services into its offerings in the Nigerian market. This milestone reflects Fincra's commitment to regulatory compliance, having demonstrated robust anti-money laundering and counter-terrorism financing measures during the approval process.
With this new license, Fincra assures businesses that it operates under stringent CBN regulations, enhancing transaction security and compliance with international financial standards. Since its inception in October 2021, Fincra has focused on providing local payment solutions, and the IMTO license now allows it to manage fund transfers from overseas to Nigerian recipients efficiently.
Fincra plans to expand its services tailored to the needs of both the Nigerian diaspora and local consumers. CEO Wole Ayowole expressed enthusiasm about the IMTO license, stating that it strengthens their capabilities to facilitate international payments seamlessly. He emphasized that this development aligns with Fincra's mission to connect individuals and businesses in Nigeria to the global economy.
Congratulations to the ten innovative startups selected for the "Triple-Double: NBA Africa Startup Accelerator." This initiative aims to foster entrepreneurship and support the growth of Africa's tech ecosystem. The selected startups, representing a diverse range of sectors, are:
Buzza (Nigeria) - A platform for sports organizations to streamline operations through digital solutions.
Festival Coins ?(Nigeria) - A no-code event registration platform for events in Nigeria and Ghana.
Naemo Global (Nigeria) - Utilizes AI-powered analytics to revolutionize sports scouting.
SALUBATA (Nigeria) - Develops modular shoes made from recycled plastic to address environmental challenges.
Backrest?(Rwanda) - Offers WristWrist, a wearable technology for cashless payments at event venues.
Gara (C?te d’Ivoire) - A platform for distributing video games and comics across Africa.
HustleSasa (Kenya) - Provides an integrated solution for live event services, including payment processing and merchandise sales.
Power to Girls Foundation (Ghana) - Empowers young women through mentorship via its My Power App.
UBR VR (Egypt) - Offers immersive virtual reality experiences.
Vambo AI | Multilingual Intelligence Technologies?(South Africa) - A language technology platform that uses AI for real-time translation and content creation.
These startups will showcase their innovative solutions at a Demo Day in New York City, where they will have the opportunity to pitch their ideas to a panel of industry leaders.
Microsoft to Unveil Next Phase of Copilot Innovation
Key figures such as Satya Nadella and Jared Spataro will present the latest updates for Copilot, Microsoft's AI assistant integrated across Microsoft 365, Windows 11, and Edge.
While specific details are yet to be disclosed, there are indications that a rebranding may occur, aligning with a more unified naming structure. For instance, "Copilot in Word" could be renamed to "Microsoft 365 Copilot in Word," reflecting its deeper integration within Microsoft's ecosystem.
The event is expected to focus on enhancing the value of Copilot for businesses, particularly in justifying the $30 monthly subscription fee. Some companies have paused their use of Copilot due to concerns about bugs and its overall value. Microsoft may address these issues and introduce updates aimed at improving reliability and performance.
Additionally, attendees might see how Copilot is expanding within Dynamics 365, with new features designed to streamline business workflows in areas like sales and finance.
Consumer offerings, particularly Copilot Pro priced at $20 per month, could also receive updates. With Mustafa Suleyman leading the new consumer AI unit focused on products like Bing and Edge, there may be exciting developments for consumers as well.
Nigeria Accounts for 14% as African Startups Raise $56 Million in August 2024
In August 2024, African startups collectively raised $56 million, with Nigeria contributing 14% of this total, primarily due to a significant funding round by the fintech company Waza. Waza, a Y Combinator-backed B2B payment and liquidity provider, secured $8 million in equity and debt funding, which included a $3 million seed equity round and $5 million in debt financing. This deal was one of the largest among African startups for the month.
The report from 'Africa: The Big Deal' indicates that August marked the second-slowest month for startup funding in four years, following a record high of $443 million in July. The decline represents an 87% drop in funding month-on-month. In total, 27 startups announced funding in August, significantly below the monthly average of over 40 seen in the past year.
The majority of funds raised in August were through equity, accounting for 87%, while debt financing made up 9% and grants 4%. Notably, no exits were recorded during this period.
Despite the challenges, Nigerian startups have historically attracted significant investment; however, they have lost their leading position to Kenya as the top destination for startup funding in Africa. In the first half of 2024, Kenyan startups raised $244 million, while Nigerian startups garnered approximately $172 million. Over the past five years, Nigerian startups accounted for 29% of total investments in Africa, amounting to $15 billion.
FlapKap Secures $34M Pre-Series A Funding to Scale SME Financing Across MENA
FlapKap , a fintech platform based in Abu Dhabi's Hub71, has successfully raised $34 million in a pre-Series A funding round aimed at expanding its small and medium-sized enterprise (SME) financing operations across the MENA region. The funding round was led by BECO Capital and included significant investments from Pact VC, along with follow-on support from A15, Nclude, and QED Investors. Additionally, the round featured debt financing from Channel Capital, bringing FlapKap’s total funding to $37.6 million.
Founded by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap provides revenue-based and embedded financing solutions specifically for SMEs in MENA. With this new capital, the company plans to enhance its operations in the UAE and GCC region by offering more capital to empower SMEs, helping them unlock their growth potential. Furthermore, FlapKap intends to improve its technology infrastructure to introduce new trade finance products tailored for B2B businesses.
CEO Ahmad Coucha expressed optimism about the future of SME financing in the region, stating that advancements in data and technology have simplified support for SMEs. He emphasized that leveraging these tools allows FlapKap to assess risk more accurately and reduce underwriting costs.
The pre-Series A funding attracted a diverse group of investors who share FlapKap’s vision of empowering SMEs across MENA. Walter Gontarek, CEO of Channel Capital, praised the company's operations and leadership team for identifying opportunities in the SME financing market. Karim Abadir from BECO Capital also highlighted FlapKap’s innovative approach as pivotal in bridging the SME financing gap.
Rwanda Officially Launches the Kigali Innovation City, Konza Progresses
Rwanda has officially commenced construction on the Kigali Innovation City, a significant smart city initiative designed to enhance the country's digital sector. This project aims to establish a hub for digital entrepreneurs and professionals, featuring leading universities and startup incubators focused on advanced technologies such as artificial intelligence and robotics. Supported by the Africa50 Infrastructure Investment Platform and the Arab Bank for Economic Development in Africa, KIC is projected to generate $150 million in annual ICT exports and attract over $300 million in foreign direct investment.
In parallel, Kenya's Konza Technopolis is making steady progress. This ambitious project seeks to transform Kenya into an industrialized middle-income economy by leveraging ICT, green energy, and innovation. The first phase of construction has been completed, which includes essential infrastructure like a water treatment plant and basic ICT systems. The next phase will focus on developing a digital media city, with the Kenya Advanced Institute of Science and Technology serving as an anchor tenant. A data center by Huawei will further enhance connectivity, drawing global talent and fostering growth in Kenya's digital economy.
TikTok Enhances Safety Measures in Africa Amid User Growth
TikTok is taking significant steps to protect its expanding user base in Africa by launching its first Safety Advisory Council on the continent. This initiative comes as the platform experiences rapid growth, particularly among the young and tech-savvy population in Africa. With increasing smartphone accessibility and internet usage, TikTok faces pressure to address misinformation and safeguard its younger users from online risks.
Fortune Mgwili-Sibanda , TikTok’s Director of Government Relations & Public Policy for Sub-Saharan Africa, emphasized the shared responsibility of creating a safe environment on the platform. The #SaferTogether campaign has already reached thousands in Kenya and Nigeria, aiming to educate users on online safety practices.
The newly established council, unveiled in Nairobi, Kenya, consists of diverse experts including academics, digital rights advocates, and local content creators. Their role is to provide insights on navigating the unique challenges faced by African users. Notable members include Professor Guy Berger from South Africa, who focuses on media freedom, and Aisha Dabo from Senegal, a co-founder of AfricTivistes, who advocates for digital justice.
AFS and Lune Collaborate to Enhance Financial Data Enrichment Solutions
Arab Financial Services , a leading digital payment solutions provider in the Middle East and Africa, has announced a strategic partnership with Lune? Technologies, a prominent player in financial data analytics based in the UAE. This collaboration aims to innovate financial data services by introducing advanced data enrichment solutions tailored for banks, fintech companies, and financial institutions.
AFS is recognized for transforming interactions between businesses and consumers through its comprehensive digital payment systems. Lune specializes in unlocking the value of transaction data, providing advanced enrichment and analytics that empower financial entities to utilize their data more effectively.
The partnership seeks to set new benchmarks in financial data services, enhancing efficiency, decision-making, and user experiences within the sector. Samer Soliman, CEO of AFS, emphasized that this collaboration combines Lune’s enrichment capabilities with AFS's state-of-the-art digital payment products to improve the overall efficiency of the financial sector.
Helal Tariq Lootah , Co-founder and Co-CEO of Lune, noted that partnering with AFS allows them to reach a broader audience and deepen their impact, making financial insights more accessible and actionable for institutions across the region.
Egypt Joins Fund for Export Development in Africa
Egypt has officially joined the African Export-Import Bank (Afreximbank) 'sFund for Export Development in Africa. This initiative aims to support the growth of African exports by providing financial assistance and promoting trade across the continent.
The fund is designed to enhance the export capabilities of African countries, facilitating access to markets and improving competitiveness. By joining FEDA, Egypt seeks to strengthen its role in regional trade and boost its export sector, which is crucial for economic growth.
Afreximbank's President, Benedict Oramah, highlighted the importance of collaboration among African nations to achieve economic integration and enhance intra-African trade. The fund will provide resources for projects that increase export capacity and support businesses in accessing international markets.
Egypt’s participation in FEDA reflects its commitment to fostering economic development and trade partnerships within Africa, aligning with broader efforts to enhance the continent's economic landscape.
Zone Expands Decentralized Payment Network with Key integrations
Zone , Africa's leading payment infrastructure company, has integrated Baxi powered by CDL by Onafriq , FairMoney Microfinance Bank, and KongaPay into its decentralized payment network.
This expansion follows Zone's launch of its decentralized PoS Payment Gateway and partnership with Nigeria Inter-Bank Settlement Systems PLC to decentralize Payment Terminal Service Aggregator functions using blockchain technology.
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The integration allows these fintechs to benefit from direct transaction routing, end-to-end transparency, and same-day settlement. This is expected to enhance transaction speed, reliability, and scalability while reducing costs.
Zone's CEO, Obi Emetarom , emphasized the importance of this integration in advancing Africa's payment landscape and demonstrating growing trust in the company's technology.
The expansion builds on Zone's recent onboarding of major financial institutions and underscores the increasing appeal of regulated blockchain technology across various segments of the financial services industry.
Digital Finance in Africa: A Transformative Force for Inclusion
Digital finance is reshaping the financial landscape across Africa, offering unprecedented opportunities for financial inclusion and economic growth. The rise of mobile money services, particularly since the launch of M-Pesa in Kenya in 2007, has significantly improved access to financial services for millions of previously unbanked individuals. As of 2021, the percentage of adults with bank accounts in sub-Saharan Africa increased from 23% in 2011 to 55%, reflecting a substantial shift towards digital financial solutions.
Mobile money services have become a lifeline in regions with underdeveloped traditional banking infrastructure. These services enable users to perform transactions, save, and access credit through their mobile devices, thereby reducing transaction costs and enhancing affordability for low-income populations. The COVID-19 pandemic further accelerated this trend, as lockdowns increased demand for contactless payment options and prompted governments to promote digital financial services.
Despite these advancements, challenges remain. The integration of digital finance into the broader economy requires regulatory harmonization and collaboration among stakeholders. Initiatives such as the African Inter-Regional Payments Integration Task Force aim to dismantle barriers to cross-border financial transactions, fostering a more interconnected financial ecosystem.
Moove Expands Operations to the U.S. Market
Moove , the Nigerian startup backed by Uber that specializes in financing vehicles for ride-hailing services, is set to expand its operations into the United States. The company has begun listing job vacancies in Los Angeles and California as part of its strategy to achieve profitability by 2025.
Founded by Ladi Delano and Jide Odunsi , Moove announced its expansion plans following a successful $100 million funding round in March 2024, which included investments from Uber, Future Africa, and several other venture firms. The startup aims to finance electric vehicles upon entering the U.S. market, mirroring its approach in other regions such as the UAE and the UK.
Moove's business model involves selling fleets of vehicles to drivers who use them for ride-hailing, logistics, and deliveries. The company deducts a percentage of the drivers' income weekly to facilitate payments for the vehicles in installments. While this model has faced challenges in Nigeria due to inflation and rising fuel prices, it is anticipated that Moove will encounter fewer obstacles in the U.S. market, which boasts a more stable economy and reliable credit scoring systems.
As Moove prepares for this significant expansion, it remains to be seen whether the company will adapt its business model to align with U.S. market dynamics or maintain its existing revenue-based financing structure.
Flutterwave Strengthens Its Continental Footprint; Send App Now in Malawi
Flutterwave officially launched its Send App services in Malawi, enhancing its ability to facilitate international remittances. This move follows the company's receipt of an International Money Transfer Operators license from the Reserve Bank of Malawi, allowing it to process remittances for Malawians and other Africans sending money back home.
The Send App enables seamless cross-border money transfers for Malawians living abroad, allowing them to send funds directly to bank accounts and mobile money wallets in Malawi. Flutterwave emphasizes its commitment to affordability, speed, security, and user satisfaction, positioning the app as the premier choice for those in the diaspora wanting to support their families back home.
In addition to launching in Malawi, Flutterwave has secured a Payment Systems Operator license from the Bank of Uganda, further expanding its regional presence. The company has also partnered with American Express to provide new payment options for online merchants in Nigeria, with plans to extend this service to Tanzania, Rwanda, Ghana, and Uganda.
With these developments, Flutterwave is reinforcing its position as a key player in Africa's fintech landscape, aiming to create a more connected financial ecosystem across the continent.
US Pledges Support for Africa's AI Goals
The United States has pledged support for Africa's goals in artificial intelligence development and deployment. This commitment was made at the conclusion of a two-day pan-African AI conference co-hosted by the US in Lagos, Nigeria.
The conference brought together hundreds of delegates, including public officials, tech leaders, policymakers, academics, and entrepreneurs, to discuss the development and use of safe, secure, and trustworthy AI systems in Africa.
In his speech at the summit, US Deputy Secretary of State Kurt Campbell emphasized the significant opportunity presented by the global technology revolution and the race to develop and deploy new technologies like AI. He expressed the US's aim to foster collaborations between the US and African AI researchers, policymakers, and industry leaders to drive innovation and address common challenges.
The conference comes on the heels of the African Union's launch of the continent's Artificial Intelligence Strategy in July, which sets a roadmap for African countries to harness AI's potential to achieve developmental aspirations in various sectors.
Nigeria's Minister of Communication, Innovation and Digital Economy, Bosun Tijani, announced a $61,000 grant for Nigeria's brightest AI startups during the conference. He stressed the importance of a deliberate and collaborative approach to harnessing AI for collective benefits, ensuring an inclusive, equitable, and human-focused digital transformation journey.
Technology Firm Introduces Innovative Last-Mile Internet Solution
A technology company has disrupted the market by launching a groundbreaking last-mile internet connectivity solution. This innovative approach aims to bridge the digital divide and provide reliable high-speed internet access to underserved areas.
The new technology leverages existing infrastructure, such as electricity poles and street lights, to deploy a network of wireless access points. This allows for a rapid and cost-effective deployment compared to traditional fiber optic cable installations.
The solution employs advanced wireless technologies, including high-gain antennas and intelligent routing algorithms, to deliver consistent and reliable internet speeds. This enables users to enjoy seamless connectivity for a wide range of applications, from remote work and online education to entertainment and e-commerce.
One of the key advantages of this technology is its scalability. The modular design allows for easy expansion of the network as demand grows, ensuring that communities can keep pace with their evolving connectivity needs. Additionally, the system's resilience to environmental factors, such as harsh weather conditions, ensures uninterrupted service even in challenging environments.
AgDevCo Secures ￡25 Million Funding to Launch AgDevCo Ventures
This new investment strategy aims to focus on early-stage agribusinesses in Africa, particularly in East African countries such as Kenya, Uganda, Tanzania, and Rwanda.
AgDevCo Ventures will make smaller investments ranging from ￡0.75 million to ￡2.5 million, targeting the "missing middle" of agri-SMEs that often struggle to secure funding due to high risks and transaction costs. The initiative is expected to create jobs and link smallholder farmers to market opportunities, thereby enhancing commercial agriculture across the continent.
The funding from FCDO will enable AgDevCo to leverage additional capital from other investors, with a goal of raising a total of $50 million for the venture.
AgDevCo's CEO, Daniel Hulls , expressed gratitude for the continued support from the UK government, highlighting the potential impact of this funding on rural incomes and job creation in Africa. The organization plans to start operations for AgDevCo Ventures in early 2025, following the establishment of a dedicated team based in Nairobi.
Growing Interest from VCs in African Climate Startups
The rise in funding is attributed to several factors, including the increasing awareness of climate issues and the potential for startups to develop technologies that can mitigate environmental impacts. Investors are particularly focused on sectors such as renewable energy, sustainable agriculture, and waste management, which are crucial for achieving sustainability goals across the continent.
Notable examples of successful funding rounds highlight the growing confidence in African climate ventures. Startups are not only attracting local investors but also securing backing from international VCs looking to diversify their portfolios and support impactful initiatives.
Moove Expands Operations to the U.S. Market
Moove , the Nigerian mobility fintech, is expanding its operations into the U.S. market as part of its strategy to achieve profitability by 2025. This expansion follows a successful $100 million funding round led by Uber and aims to replicate its vehicle financing model, which has already seen success in markets such as Nigeria, South Africa, Ghana, the U.K., India, and the UAE.
Since August, Moove has been actively recruiting for key positions in Los Angeles and California, including a managing director and a head of debt capital markets. These roles are crucial for driving fundraising efforts and engaging with financial stakeholders as Moove seeks to establish a strong presence in the U.S. market.
The company plans to focus on financing electric vehicles in the U.S., similar to its operations in the UAE and the U.K., where it has successfully implemented a fully electric vehicle fleet. Moove's unique business model allows drivers to purchase vehicles through a revenue-sharing agreement, where a percentage of their weekly income is deducted for vehicle payments. This model has faced challenges in Nigeria due to economic factors but is expected to adapt better to the more stable U.S. market.
As Moove continues its expansion, it aims to leverage its partnership with Uber and tap into the growing demand for sustainable transportation solutions in America. The company's entry into the U.S. represents a significant step in its mission to provide accessible vehicle ownership opportunities for drivers while promoting cleaner mobility options.
Empowering Traders with AI Technology for Enhanced Order Analysis
Octa, a global brokerage firm, has launched OCTAVISION , an innovative AI-based tool designed to assist traders in analyzing their trading sessions and improving their decision-making processes. This new feature enables traders to evaluate individual closed orders or entire trading sessions, providing them with personalized recommendations based on a built-in AI engine.
The introduction of OctaVision comes in response to a survey conducted by Octa, which revealed that 85% of traders consider self-assessment of their trades crucial for improving their performance. Despite this, many traders still rely on manual methods or third-party services for analysis, highlighting a significant gap in the availability of dedicated analytical tools.
OctaVision aims to bridge this gap by offering a comprehensive toolkit that combines AI's data-processing capabilities with insights from experienced market analysts. This tool not only generates unbiased recommendations but also contextualizes them with statistical data, helping traders identify strengths and weaknesses in their strategies.
Available to all OctaTrader clients globally, OctaVision serves as an objective mentor, guiding users through the intricacies of their trading history. It simplifies complex data into actionable advice, making it easier for traders to learn from past experiences and refine their approaches.
Airtel Africa Foundation Launches Fellowship Program for IIT Madras Zanzibar Students
The Airtel Africa Foundation has introduced the 'Airtel Africa Fellowship Program' aimed at supporting undergraduate students at the Indian Institute of Technology Madras Zanzibar campus. This initiative is designed to assist deserving students from various socio-economic backgrounds who are enrolled in the Bachelor of Science in Data Science and Artificial Intelligence program.
With an initial investment of $500,000, the fellowship will benefit ten undergraduate students throughout their four-year course. Each recipient, referred to as an "Airtel Africa Fellow," will have their college fees fully covered, amounting to $12,000 per student over the duration of the program. Additionally, fellows will receive a monthly stipend of $500 to help with living expenses.
The program is open to students from 14 African countries, including Nigeria, Kenya, Malawi, Uganda, Zambia, Tanzania, Rwanda, the Democratic Republic of Congo , Niger, Chad, Congo-Brazzaville, Gabon, Madagascar, and Seychelles.
Huawei's Chip Challenges Amidst Competition with Apple
As 华为 prepares to launch its new 'trifold phone,' analysts highlight ongoing challenges related to its chip technology. Martin Yang , a senior analyst at Oppenheimer & Co., noted that Huawei's chip capabilities are still two to three years behind the industry leaders, particularly Apple. Despite recent advancements, such as the introduction of a 7-nanometer chip in last year's Mate 60 smartphone, Huawei lacks access to more advanced manufacturing processes below 7 nanometers, which limits its competitive edge.
While Huawei has made strides in regaining market share in China, the company is expected to downplay its chip technology during the upcoming phone launch. Instead, it will likely emphasize the unique features of its new device, which is positioned as the first trifold phone on the market. Preorders for the Mate XT have already surpassed 3.5 million, but analysts caution that actual sales may not meet expectations based on previous performance.
In contrast, Apple continues to advance its chip technology, now utilizing second-generation 3-nanometer processes that offer significant performance improvements. This technological gap poses a challenge for Huawei as it seeks to compete in the high-end smartphone market.
EAC Central Banks Urged to Embrace Technology for Cross-Border Payments
Central banks in the East African Community have been urged to adopt technology to enhance cross-border financial transactions within the region. EAC Secretary General Veronica Nduva highlighted challenges such as limited capacity, lack of interoperability, and fears of online scams that hinder the uptake of the East African Payments System. Launched in 2014, EAPS aims to improve payment efficiency and safety across the EAC.
Nduva emphasized the importance of building public confidence in new payment systems and noted that an efficient cross-border payment service is essential for regional economic integration. Although digital financial services have improved domestic payment systems, progress in cross-border transactions remains slow and costly.
The Secretary General called for harmonization of policies, enhancement of payment infrastructure, and capacity building among stakeholders to facilitate faster, safer, and cheaper cross-border payments. The forum also featured discussions on the role of organizations like the Bill & Melinda Gates Foundation and the African Development Bank Group in supporting regional payment systems.
Airtel Africa Launches $500K Fellowship Program in Tanzania
Airtel Africa has introduced the Airtel Africa Fellowship Program at the Indian Institute of Technology Madras campus in Zanzibar, Tanzania. This initiative aims to support students from diverse socio-economic backgrounds enrolled in the Bachelor of Science in Data Science and Artificial Intelligence program.
The fellowship, which has an initial funding of $500,000, will fully cover the tuition and living expenses for ten undergraduate students from 14 African nations, including Nigeria, Kenya, Malawi, Uganda, Zambia, Tanzania, Rwanda, the Democratic Republic of Congo, Niger, Chad, Congo Brazzaville, Gabon, Madagascar, and the Seychelles. Each student will receive $12,000 for their college fees over four years and an additional $500 per year for living expenses.
Launched in early 2024 and led by Airtel Africa's former CEO Segun Ogunsanya , the program reflects the company's commitment to enhancing educational opportunities for young Africans. Ogunsanya emphasized the importance of creating a prosperous and sustainable continent through initiatives that promote education and digital inclusion.
Zanzibar's Minister of Education and Vocational Training, Lela Mohamed Mussa, expressed gratitude for Airtel Africa's support, highlighting its role in providing access to high-quality education for students excelling in the screening processes at IIT Madras Zanzibar.
Kenyan-Built Mobile Money Platform Disrupts Traditional Banks' Hold in Eswatini
instacash. , a mobile money platform developed by Kenya’s Directcore Technologies , is challenging the dominance of traditional banks and telecommunications providers in Eswatini's financial sector. Launched just two years ago, the platform has rapidly gained traction, attracting over 200,000 users—representing more than 16.67% of the country's population.
The platform's success can be attributed to its independence from telecom operators, allowing it to offer full interoperability with major networks like MTN Eswatini and Eswatini Mobile. This flexibility has made InstaCash particularly appealing in a market previously dominated by telecom-backed services such as MoMo from MTN .
The introduction of InstaCash has prompted regulatory changes in Eswatini, with regulators revising mobile money service licensing to separate telecom operations from financial services. This shift aims to create a more equitable playing field for all market participants.
Despite being a relatively new entrant, InstaCash has quickly become the second-largest player in Eswatini’s mobile money market. With a significant portion of the population still underserved by traditional banks, there remains ample opportunity for growth in this evolving fintech landscape.
Chimoney and Interledger Foundation Partner to Advance Financial Inclusion in Africa
Chimoney (Techstars ‘23) , a global payment infrastructure provider, has announced a groundbreaking partnership with the Interledger Foundation to expand access to secure digital financial services across Africa. This collaboration aims to bridge the gap between traditional and emerging financial ecosystems, empowering underserved communities and driving financial inclusion.
The project, which is supported by the ILP Digital Financial Services Grant, will make all Chimoney Wallets Interledger-enabled, allowing for efficient and scalable fund transfers between Chimoney Wallets and peer wallets. This integration will benefit existing and future users, further connecting them to the global financial system.Key aspects of the partnership include:
Uchi Uchibeke, Co-Founder and CEO of Chimoney, expressed excitement about the continued collaboration with the Interledger Foundation, stating, "This partnership unlocks more value for Chimoney and the Interledger Protocol by making Interledger available to a wider audience."
New Standards and Spectrum Policy to Enhance South Africa's Digital Infrastructure
South Africa is set to advance its digital infrastructure through the implementation of new standards and a revised spectrum policy. This initiative aims to improve connectivity and promote the expansion of digital services across the country.
The new policy is designed to facilitate efficient use of the radio frequency spectrum, which is crucial for telecommunications and broadcasting services. By optimizing spectrum allocation, the government seeks to enhance network performance and support the growing demand for mobile data and broadband services.
Key objectives of the updated standards and spectrum policy include fostering competition among service providers, improving access to affordable internet services, and enabling innovative solutions in various sectors such as education, healthcare, and finance.
Digital Finance Revolutionizing Africa's Financial Landscape
Africa is witnessing a remarkable transformation in its financial sector, driven by the rapid growth of digital finance. The increasing adoption of mobile banking and innovative fintech solutions is revolutionizing the way people access and manage their money across the continent. These advancements are particularly significant for the underserved and unbanked populations, who now have greater opportunities to participate in the formal financial system.
However, the rapid digitalization of finance also presents challenges that must be addressed. Regulatory frameworks need to evolve to keep pace with the changing landscape, ensuring consumer protection and fostering a conducive environment for fintech growth. Cybersecurity threats also require robust measures to safeguard the integrity of digital financial systems and build trust among users.
Despite these challenges, the potential of digital finance to transform Africa's economic landscape is immense. By leveraging technology, African countries can accelerate financial inclusion, drive economic growth, and improve the lives of millions. As the digital finance ecosystem continues to evolve, collaboration between governments, financial institutions, and technology companies will be crucial in shaping a more inclusive and prosperous financial future for Africa.
Lloyds Bank Adopts AI Technology for Trade Finance Operations
Lloyds Bank , a leading financial institution in the United Kingdom, has announced the adoption of artificial intelligence technology to enhance its trade finance operations. This move aims to streamline processes, improve efficiency, and provide better services to its clients.
The bank has partnered with a technology firm specializing in AI solutions for the financial sector. The AI system will be integrated into Lloyds Bank's existing trade finance infrastructure, enabling it to analyze vast amounts of data, identify patterns, and make informed decisions more quickly.
One of the key benefits of this AI implementation is the automation of routine tasks, such as document processing and compliance checks. By leveraging machine learning algorithms, the system can accurately extract relevant information from trade documents, reducing manual intervention and minimizing errors.
Moreover, the AI technology will assist in risk assessment and decision-making processes.
Lloyds Bank's adoption of AI technology aligns with the growing trend of digitalization in the trade finance industry. As businesses seek faster, more efficient, and cost-effective solutions, banks are increasingly turning to emerging technologies to streamline their operations and stay competitive.
EAC and IGAD Launch Digital Integration Project to Enhance Connectivity and Economic Growth
The East African Community Secretariat and the Intergovernmental Authority on Development (IGAD) have announced a collaborative initiative aimed at rolling out a digital integration project. This initiative is designed to enhance connectivity, improve access to services, and stimulate economic growth across the region.
The project will focus on integrating digital systems and infrastructures, which is expected to facilitate smoother trade and movement of goods and services among member states. By leveraging technology, the EAC and IGAD aim to address existing barriers to connectivity that hinder economic development.
Officials from both organizations emphasized the importance of this initiative in promoting regional integration and fostering a more interconnected economy. The digital integration project is anticipated to create new opportunities for businesses and improve access to information for citizens in the region.
As part of the rollout, stakeholders will work together to develop policies and frameworks that support the effective implementation of digital technologies. This collaboration underscores the commitment of both EAC and IGAD to harness technology for sustainable development and economic resilience in East Africa.
Smartwatches, Taxes, and Tri-Folds
Apple is going all-in with watchOS 11 , bringing AI to the forefront with features like offline translation, smart widgets, and a photos watch face that knows your favorite moments better than you do. But even as Apple flexes its AI muscles, the European Court of Justice dealt a €13 billion blow, reminding the tech titan that even the biggest players have to play by the rules—no preferential tax rides allowed.
Meanwhile, regulatory pressures in the EU are forcing Apple to hit the brakes on its AI ambitions for the iPhone 16, handing the competitive advantage to rivals like 谷歌 and Samsung...who aren't just watching.
三星电子 is not just sitting back. With updates aimed at keeping its Galaxy faithful from jumping ship to Apple's latest or Google’s Pixel 9 Pro , Samsung is clearly gearing up for a fight, sharpening its camera capabilities and optimizing every corner of its devices.
And then there's Huawei, swooping in with the Mate XT , the world’s first tri-fold smartphone, showing that the innovation race isn’t just about who has the smartest AI but also who can think three times the other.
As Apple retires its older models and simplifies its lineup, the smartphone war is far from over. The question isn’t just who has the best new features but who can best navigate the evolving landscape of regulations, consumer preferences, and tech advancements.
Weekly Global Economic Updates
US Job Market Softens, and That Might Be Good News ??????
The US job market is showing signs of cooling as job openings drop to 4.6%—the lowest since December 2020 and a level not seen since just before the pandemic. While still historically high, the decline suggests a rebalancing of the labor market, driven by increased participation, immigration, and possibly waning demand for workers. This moderation could ease wage pressures, helping inflation move closer to the Federal Reserve’s 2% target, and giving the Fed leeway to cut rates without overheating the economy.
The Yield Curve Un-inverts: What’s Next? ????
After 26 months, the US yield curve—the gap between 10-year and 2-year bond yields—is no longer inverted, a change that has often preceded recessions in the past. However, the persistent inversion of the 10-year and 3-month yields suggests that recession fears aren’t entirely off the table.
Office Property Woes Deepen ????
The US office property market is under strain as the delinquency rate on office loans exceeds 8% for the first time since 2013. The sector, still reeling from the shift to remote work, faces a perfect storm of rising refinancing costs and falling property valuations. Nearly one trillion dollars in commercial mortgages are due this year, pushing building owners into tough negotiations and distress sales.
China Gets Advice on Deflation Troubles ??????
China’s economic concerns are drawing comparisons to Japan’s “lost decades” as deflationary pressures mount. Former central bankers from China and Japan have expressed concerns about China’s low inflation, weak domestic demand, and excess capacity, with suggestions that aggressive fiscal and monetary stimulus may be needed to stabilize the economy.
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