Egypt and Kenya Open New Chapter in Economic Partnership with Strategic Trade Deals.

The Egypt-Kenya Business Forum in Nairobi has set the stage for significant cross-border trade and investment between the two countries, highlighted by the Commercial Bank International(CIB) of Egypt entering the Kenyan market. The forum saw participation from 40 Egyptian companies across various sectors, with Kenya expressing its readiness to support mutual economic benefits. The event underscored CIB's crucial role in promoting exports, especially Kenyan tea to Egypt, its second-largest market. CIB's expansion into Kenya is expected to provide a boost for businesses in both nations, offering a seamless platform for trade and investment. Prime Cabinet Secretary Musalia Mudavadi's commitment to open Kenya's markets to African nations and CIB's acting CEO in Kenya, Daphne M.'s insights into the bank's contributions, spotlight the potential for a flourishing partnership, marking a significant stride towards economic integration in Africa.

Read more: https://tinyurl.com/2rzmjty6

Habil Olaka's Tenure as CEO Kenya Bankers Association comes to an End.

Habil Olaka concludes his 14-year tenure as CEO of the Kenya Bankers Association (KBA) on March 31, 2024, marking a significant transition in the association's leadership. Raimond Molenje , noted for his expertise in legal, regulatory practice, and policy advocacy, will assume the role of acting CEO starting April 1, 2024. Olaka's leadership was pivotal in enhancing the banking sector's reputation and professionalism, introducing initiatives like the Sustainable Finance Initiative and East Africa's first Green Bond, and navigating the industry through the COVID-19 pandemic with innovative solutions such as Pesalink . The transition promises a continued legacy of transformative leadership under Molenje, who is poised to steer the KBA towards further growth and innovation. The banking community acknowledges Olaka's contributions and looks forward to Molenje's leadership in supporting Kenya's economic development.

Tanzanian Banks Confront Soaring Fraud, Losing Over Sh2.6 Billion in 2023.

The Tanzanian banking industry faced a daunting increase in fraud, with losses escalating to Sh2.64 billion by the end of 2023, an 8.8% rise from earlier figures, according to the Bank of Tanzania. The surge is primarily attributed to mobile and internet banking schemes and a significant jump in ATM card skimming activities. The industry's struggle against sophisticated cybercriminals has highlighted the urgent need for enhanced security measures, including advanced technology, employee training, and heightened customer awareness. Despite these challenges, the sector has seen reductions in specific fraud types, like forged checks and TISS fraud, and no armed robberies in 2023, indicating a shift towards digital crime. Analyst Kelvin Mkwawa stresses the importance of bolstering defenses to safeguard customer information and maintain ethical standards in the face of evolving threats.

Endeavor Kenya Ignites Startup Growth with Launch of Elite ScaleUp Programme.

Endeavor Kenyalaunched its first ScaleUp programme cohort on March 10, 2024, targeting high-growth startups across diverse sectors. This initiative marks a significant milestone for Kenya's entrepreneurial ecosystem, offering nine selected startups a unique blend of mentorship, business development training, and access to a global network of successful entrepreneurs. Spanning industries from tech to pharmaceuticals and logistics, the programme aims to facilitate the scaling of innovative businesses through a tailored 6-12 month mentorship journey. Maryanne Ochola, Endeavor Kenya's Managing Director, underscored the programme's commitment to empowering the next generation of industry leaders with the tools, insights, and connections necessary to accelerate their growth and contribute to long-term economic development.

Read more: https://tinyurl.com/yc4936n9

The IMF backs Uganda's growth agenda with $120 million.

The IMF has granted a crucial $120 million disbursement to Uganda under the Extended Credit Facility program, aiming to provide up to $1 billion in support, with this disbursement marking the fourth, totaling $870 million. Initiated in response to the economic downturn from Covid-19 and inflationary pressures, this aid is part of Uganda's recovery efforts. The IMF underscores the need for continued reforms and fiscal consolidation amid potential risks. With an expected economic growth acceleration to 6% this year and a decrease in inflation to 3.1%, Uganda's economic outlook appears promising. However, challenges like the Anti-Homosexuality Act of 2023, climate shocks, global fuel price hikes, and foreign investor retreat could threaten progress. Additionally, Uganda has secured €218.5 million from the EU for initiatives supporting green projects, women's enterprises, and agriculture, reflecting international confidence in its development trajectory.

Read more - https://tinyurl.com/mrmjhp5r

Flutterwave Bids Farewell to Barter, Pivots Focus on Enterprise and Remittances.

Flutterwave , a leading force in the African startup ecosystem, has announced the discontinuation of its virtual card service, Barter, initiated in 2017, to concentrate on expanding its enterprise and remittance sectors. This strategic pivot is backed by an extensive market analysis and the evolving demands of consumers, with the firm offering a four-week period for users to withdraw their funds. Despite Barter's contribution to Flutterwave's transaction volume being minimal, this shift is indicative of the company's agile approach in adapting to the dynamic fintech environment. Flutterwave aims to leverage this realignment to tap into Africa's lucrative $54 billion remittance market through its Send and Swap products, marking a new chapter in its mission to revolutionize cross-border payments and financial services in Africa.

Read more: https://tinyurl.com/25ffkdvn

Pezesha's Hilda Moraa Clinches 2024 FORBES WOMAN AFRICAN Technology & Innovation Award

Hilda Moraa , Founder and CEO of Pezesha , has received the distinguished 2024 Forbes Africa Woman Technology & Innovation Award, recognizing her notable achievements in technology and innovation. This award acknowledges Moraa's commitment to fostering financial inclusivity and empowerment through Pezesha, a leading platform in Africa's financial solutions landscape.

Under Moraa's leadership, Pezesha has significantly contributed to democratizing access to finance, simultaneously laying a foundation for the next generation of female technology leaders. Her accomplishments inspire young women aiming to impact the tech and innovation sectors, emphasizing the critical role of women's representation and leadership in the fintech industry's evolution.

This recognition celebrates the progress women have made in tech and innovation, spotlighting Moraa's impactful work and persistent effort. It also reinforces the call for ongoing support and elevation of women within the sector, promoting a culture of inclusivity and diversity. Moraa's award serves as a reminder of the transformative power of female leadership in driving forward technological and innovative advancements.

Kenya Faces Internet Disruptions Due to Damaged Undersea Cable.

Kenyans have been warned about controlled internet disruptions for the next two months due to a subsea cable outage at the Red Sea. The internet interruptions were first announced on February 26, with reports that the subsea damage had affected a section connecting Mombasa, Kenya, and Zafarana, Egypt.

Repairs are estimated to take at least eight weeks while permits are obtained. However, ongoing tensions in the Red Sea, where Houthi rebels have been attacking ships, could cause unforeseen delays. Internet service providers are working to reroute traffic through alternative cables, but some disruption is likely. Kenya is part of a US-led task force seeking to end the rebel attacks in the region.

Read more: https://tinyurl.com/mptn4w9s

China-Africa Think Tanks Forum Kickstarts in Tanzania, Aiming to Boost Economic Ties.

The 13th China-Africa Think Tanks Forum opened in Dar es Salaam, Tanzania, marking a pivotal moment for economic and industrial collaboration between China and Africa. With over 300 attendees from 50 countries, including scholars, diplomats, and entrepreneurs, the forum presents a blend of in-person and virtual discussions on enhancing China-Africa cooperation.

Focused on industrialization, agricultural modernization, and human resources training, the event has been hailed as a crucial platform for reinforcing Africa-China relations and exploring new avenues for mutual growth. Tanzanian and Chinese officials underscored the importance of deepening cooperation, particularly in academia and research, to address the developmental needs of both regions.

The forum also witnessed the release of documents to strengthen the China-Africa think tank network, promoting shared understanding and joint progress. Organized by key educational and governmental bodies from China and Tanzania, this forum stands as a testament to the burgeoning partnership between China and Africa, setting a course toward a future of shared prosperity.

Fintech Ndovu Expands Investment Offerings with New Money Market Fund.

Kenyan fintech startup Ndovu has secured Capital Markets Authority- Kenya (CMA) approval for a new money market fund, enhancing its suite of automated investment solutions. Partnering with Zimele Asset Management Ltd , Ndovu aims to broaden access to diverse investment products.

The company's expansion continues with authorization to operate as an investment manager in Rwanda through its subsidiary, Waanzilishi Capital Rwanda. This marks a significant step in Ndovu's mission to provide expert investment advisory and portfolio management across Africa.

The new money market fund will focus on short-term instruments like treasury bills and fixed deposits. Ndovu joins the growing market, which saw the unit trust sector's assets under management reach Sh215 billion by the end of 2023.

"This milestone drives our commitment to financial growth and inclusion across Africa," says Ndovu CEO Radhika Bhachu .

Founded in 2021, Ndovu's digital platform simplifies investing in local and global markets. Backed by CMA regulation, the company is reshaping the fintech landscape by empowering everyday individuals to build wealth.

Nedbank CEO sends a warning about state banks in South Africa.

Nedbank 's outgoing CEO, Mike Brown, voiced skepticism about the necessity and feasibility of establishing new state banks in South Africa. He cited the government's strained finances and the challenges of managing state-owned enterprises. In an interview with the Sunday Times, Brown highlighted the high coverage of banking services in the country and questioned the potential of a state bank to offer distinctive services in an already competitive market.

The discussion emerges as the South African government plans to overhaul Postbank into a full-fledged banking operation, aiming to cater to underserved communities, SMEs, and the public sector. This initiative is part of broader efforts to increase financial inclusion, with additional plans for a cooperative bank focusing on women, youth, and persons with disabilities.

However, Brown underscored the challenges the current economic climate poses, including limited fiscal space for new expenditures and the need for the government to focus on its existing financial commitments. His remarks reflect broader concerns about the viability of expanding the state's role in the banking sector amid ongoing debates about the efficiency of public service delivery and the sustainability of state-owned enterprises in South Africa.

Read more: https://tinyurl.com/msf7htnt

AI talent war heats up in Europe.

Europe's tech scene is in the midst of a talent war, with AI startups and giants alike scrambling for the continent's top minds. 谷歌 DeepMind, a pioneer in AI, finds itself at the center of this battle, as the success of OpenAI's ChatGPT ignites investor interest in AI innovations, drawing international firms to Europe. This influx has heightened competition, leading to a brain drain at DeepMind, with key figures leaving to launch their ventures, achieving instant high valuations. In response, DeepMind and others are now offering lucrative incentives to retain and attract talent. With compensation and equity offers skyrocketing, the dynamic of Europe's AI landscape is shifting, challenging DeepMind's dominance as new ventures like Inflection AI and Mistral gain prominence and investment. The competition underscores the growing demand for AI expertise and the increasing allure of joining innovative tech startups in Europe.

Read more: https://tinyurl.com/4st4tefs

Standard Bank Warns Public of Fraudulent Entity Impersonating Its Identity In South Africa.

Standard Bank Group has issued a warning to the public about a scam operation called Direct Access Finance, which falsely claims to be associated with the bank and its subsidiary, Blue Granite Investments 2. Operating from a fake location at the Standard Bank Centre in Johannesburg, this fraudulent entity is unlawfully offering financial services and credit under the guise of being authorized under the National Credit Regulator code NCRCP1480. Standard Bank has confirmed no affiliation with Direct Access Finance and has reported the matter to regulatory authorities, urging the removal of the scam's website. The bank advises consumers to always confirm the legitimacy of financial service providers through the National Credit Regulator to avoid falling victim to such schemes. This alert underscores the critical need for vigilance in the digital financial landscape to protect against escalating cybercrime in Africa.

Read more: https://tinyurl.com/4jz5zeu2

Tech Unite Africa and Startup World Cup Team Up to Elevate African Startups Globally

Tech Unite Africa , the leading tech expo in West Africa, has announced a strategic partnership with the Startup World Cup , the globe's foremost startup competition, to energize the African startup scene. This collaboration aims to enhance innovation, entrepreneurship, and networking for African startups, offering them a platform to present their ideas on an international stage. The partnership will see the Africa regional competition of the Startup World Cup held in Lagos, Nigeria, on March 26, 2024, providing startups with the opportunity to engage with global industry leaders and investors. The initiative culminates in a grand finale in San Francisco on October 4, 2024, where finalists can gain further exposure and networking opportunities. Project Manager Jidenna Iwuno highlighted the potential of this partnership to empower African entrepreneurs and stimulate technological innovation, marking a significant milestone in connecting the African startup ecosystem with the world.

Read more: https://tinyurl.com/2yz8pd23

Nigeria Set to Kickstart Official Exports to African Nations Under AfCFTA Next Month.

After a series of delays in joining the African Continental Free Trade Area (AfCFTA), Nigeria is poised to formally export locally produced goods to South Africa, Rwanda, Cameroon, and Kenya starting next month. This move, as announced by the Nigerian National Action Committee on AfCFTA, marks a significant step towards integrating into the continent-wide trading initiative under the Guided Trade Initiative (GTI).

Despite missing key deadlines and the launch phases of the GTI, Nigeria is finally ready to leverage the AfCFTA framework to formalize its trade relations with these African nations. The GTI, a precursor to full AfCFTA implementation, aims to test participating countries' legal and customs processes. Olusegun Awolowo, the Executive Secretary of the National Action Committee on AfCFTA, emphasized that although informal trading has been ongoing, the formal and official export activities set for April are pivotal for Nigeria's trade ambitions on the continent.

This development is a response to previous setbacks and delays attributed to awaiting official launch dates from the AfCFTA Secretariat. It signifies Nigeria's commitment to engaging in continent-wide trade, bolstering economic ties, and fostering growth among African nations.

Read more: https://tinyurl.com/24djje5t

Bolt Nigeria Enhances Driver Support with Fuel and Insurance Discounts Amid Fuel Price Hikes.

Bolt Nigeria has stepped up its game by enriching its Rewards Program, offering crucial fuel and insurance discounts to its driver partners in the wake of challenging fuel price increases. This move is part of Bolt's ongoing efforts to cushion its drivers from the economic blow of recent fuel subsidy removals, ensuring that driving with Bolt remains a financially viable and rewarding endeavor. Yahaya Mohammed, Bolt's Country Manager, emphasizes the initiative's goal to create a nurturing and supportive environment for drivers, acknowledging their essential role in the company's success. The upgraded Bolt Rewards program introduces a tiered benefits system, rewarding drivers for the quality of their services, from Bronze to Platinum levels. This approach not only acknowledges the hard work of its drivers but also aims to boost their earnings and job satisfaction, reinforcing Bolt's commitment to their well-being. As the ride-hailing sector faces economic headwinds, Bolt Nigeria's dedication to driver support and operational excellence shines as a model for fostering resilience and loyalty among partners.

Read more: https://tinyurl.com/y32xjxed

Ascend Studios Foundation and Beyond Limits Join Forces to Empower African Women in Tech.

Ascend Studios Foundation and Beyond Limits have teamed up to launch Leap Women Africa, a dynamic program aimed at empowering women entrepreneurs leading tech-driven startups across Africa. Supported by key partners like the National Information Technology Development Agency (NITDA) and the U.S Consulate Lagos, this initiative promises to ignite a new wave of innovation and growth for African women in entrepreneurship. Dr. Inya Lawal of Ascend Studios Foundation and Dr. Juliet Ehimuan of Beyond Limits shared their enthusiasm for the program, emphasizing its role in unlocking the potential of African women entrepreneurs through essential skills, mentorship, and resources. Leap Women Africa is dedicated to driving the continent's progress by equipping women with knowledge in technology trends, leadership, financial management, and business strategy, aiming to create sustainable businesses and high-performing teams.

Read more: https://tinyurl.com/yfwdvuwu

Kingdom Bank Unveils 'Faidi Dada' - A Game-Changer for Women’s Financial Empowerment.

Kingdom Bank Kenya has rolled out 'Faidi Dada,' a banking service tailored to empower women financially. This innovative initiative is set to revolutionize the banking sector by providing a comprehensive suite of financial products and services exclusively designed for women. Launched during International Women's Day, Faidi Dada symbolizes a significant stride towards inclusivity and equality in the financial world.

.Faidi Dada encompasses everything from specialized saving and investment options to personalized wealth management and financial planning services, all aimed at supporting women in achieving their financial aspirations.

Kevin Mutisya, the Head of Micro Enterprise and Agribusiness at Kingdom Bank, emphasized the bank's dedication to empowering women to take control of their financial destinies and fulfill their dreams.

With an eye on creating a more equitable financial ecosystem, Kingdom Bank is also forging strategic partnerships with women-focused organizations and engaging in community outreach to further the reach of Faidi Dada. This effort reflects the bank's broader mission to drive positive change and support the economic empowerment of women, thereby contributing to the prosperity

Read more: https://tinyurl.com/bdhz5z52

Empowering African Women Entrepreneurs: BIC Africa Launches Acceleration Programme.

BIC Africa is thrilled to announce its latest initiative to empower women entrepreneurs across Sub-Saharan Africa. The BIC Africa Online Acceleration Programme for Women Entrepreneurs will commence this April, offering an exclusive opportunity for 20 dynamic women to lead their businesses to new heights of success.

This innovative program, supported by the European Union, is tailored for established women entrepreneurs eager to scale their ventures and expand into international markets. A significant focus will be placed on businesses that contribute towards achieving the United Nations Sustainable Development Goals (SDGs), reinforcing the programme's commitment to social value and impact.

Participants will embark on a transformative four-month journey from April to July 2024, engaging in a comprehensive curriculum designed to refine and enhance their business acumen. The programme includes six online interactive training modules covering critical areas such as business model innovation, finance, and marketing. In addition, four group coaching sessions will delve into leadership, financial mastery, storytelling for business, and effective time management.

Networking opportunities abound, with two dedicated sessions connecting participants with a network of African and European women experts. These sessions aim to foster collaboration, exchange of ideas, and access to a broader support network. Upon completion, participants will gain invaluable insights and skills and become part of the esteemed BIC Africa Community of women entrepreneurs, further amplifying their visibility and market linkage opportunities.

Eligibility for this prestigious programme is open to women entrepreneurs who are founders or owners of registered startups or businesses in Sub-Saharan Africa, with a particular focus on Angola, Comoros, Ethiopia, Madagascar, and Somalia.

Read more: https://tinyurl.com/mr4a7hj8

African Startup Funding Rebounds: $217m as Raises in February After Slow Start.

February 2024 marked a significant rebound for African startups, as funding surged nearly threefold to nearly $217 million, compared to January's $77 million. Nigeria's tech scene was at the forefront of this financial revival. Despite this upswing, The Big Deal report highlighted that the funding levels still did not match the heights of the past four years for the same period.

Nigeria's transport tech company, Moove, played a pivotal role in this surge, contributing to over half of the total funding raised. Moove's potential $100 million investment from Uber discussions could significantly boost its valuation, spotlighting the growing appeal of the Nigerian fintech and transport sectors.

While the number of startups raising funds remained consistent at 38, the total capital raised in February showcased the investors' renewed confidence in the African startup ecosystem. The Big Four (Nigeria, Kenya, Egypt, and South Africa) continue to dominate the continent's funding landscape. Nigeria alone accounts for 42% of the total funds raised, underscoring its position as a tech hub in Africa.

Microsoft Cracks Down on Harmful Prompts in Copilot AI Tool.

微软 has blocked prompts in its Copilot AI tool, previously capable of generating violent and sexually explicit images. This change follows public outcry and an engineer's letter to the FTC highlighting concerns over the tool's potential for misuse.

Users attempting to use terms like "pro-choice" or "four twenty" now receive a warning message stating the prompts violate content policies. Microsoft warns that repeated violations could lead to account suspension.

While the move addresses some problematic prompts, users reportedly can still generate violent images using less specific terms like "car accident."

Microsoft states it is actively working to improve safety filters and prevent system misuse. This issue is common to Microsoft, as Google's Gemini AI also recently suspended image generation due to concerns over historical accuracy.

Read more: https://tinyurl.com/4rt2smx9

Elon Musk's xAI to Release Open-Source ChatGPT Rival, 'Grok'

Elon Musk announced that his AI company, xAI, will open-source its 'Grok' chatbot on March 11th. Grok is designed to compete with the popular ChatGPT from OpenAI. The billionaire entrepreneur had previously expressed a preference for open-source AI during a podcast with Lex Fridman. This move could significantly impact the development of AI chatbots.

Google's Senior Vice President sees Zimbabwe becoming Africa's tech hub.

James Manyika , Senior Vice President at Google, has spotlighted the country as Africa's future powerhouse of technological innovation. Speaking during a visit to his native land, Manyika engaged in pivotal discussions with Zimbabwe's ICT Minister, Tatenda Mavetera, underscoring the essential steps needed to transform Zimbabwe into a vibrant tech hub.

Manyika, who spoke in a personal capacity, emphasized the importance of reducing the costs associated with Information Communications Technology (ICT) — including data, devices, and infrastructure — as a fundamental move to spur technological advancements in the country. He highlighted the need for Zimbabwe to establish a robust digital infrastructure, ensure affordable internet access, and integrate digital technology education right from the primary school level to foster a dynamic ecosystem ripe for innovation.

Drawing parallels with the thriving tech environments in Ghana and Rwanda, Manyika pointed out that creating similar innovation centers in Zimbabwe could attract a wave of entrepreneurs, investors, and innovators. This vision is anchored on the belief that the youth of Zimbabwe, with their abundant talent, are key to driving the nation's tech aspirations forward.

Read more: https://tinyurl.com/3b2f7a4m

Absa flags big trouble for consumers in South Africa.

Absa Group 's latest financial results signal a worrying trend for South African consumers, as the banking giant reports a notable rise in credit impairments amid an already challenging economic climate. With the group’s credit loss ratio now exceeding its target range, it points to an increased burden on consumers grappling with debt.

The bank's operations in South Africa saw an 18% decrease in headline earnings, down to R14.676 billion from R17.933 billion. This underlined the domestic economic strife characterized by severe electricity load shedding and underperforming transport infrastructure.

Compounding the financial strain for consumers, Absa highlighted the rising credit charges in South Africa's retail lending portfolios. Factors such as increased interest rates and inflationary pressures have led to higher impairments, with the country's prime rate ending the year at 11.75% — a significant jump from the previous year and well above the rate cycle low from mid-2020 to late 2021.

This trend of heightened credit losses isn't isolated to Absa. Other financial institutions like FNB and Nedbank are also reporting increases in impairment charges amid the difficult economic environment.

Read more: https://tinyurl.com/5n82wbup

Africa Reinsurance Surpasses Growth Expectations with $1.106 Billion Gross Written Premium.

African Reinsurance Corporation (Africa Re) has set a new benchmark in the reinsurance industry, recording a Gross Written Premium of $1.106 billion, marking a remarkable annual growth of 16.25 percent for 2023. This achievement exceeds the forecasts and represents a significant milestone in the company's history, reflecting its resilience and strategic prowess in a challenging economic landscape.

Attributing this growth to a combination of successful marketing initiatives, new business acquisitions, improved market conditions, and a strong demand for reinsurance, Africa Re has demonstrated its capability to navigate through moderate economic growth in its core markets effectively. Had it not been for fluctuating exchange rates, the company anticipated an even more impressive growth rate of nearly 25.92 percent, translating to a Gross Written Premium of $1.199 billion by the end of 2022.

Dr. Corneille Karekezi Group MD/CEO of Africa Re, reflected on the journey to surpassing the $1 billion Gross Written Premium milestone, acknowledging the challenges posed by the depreciation and devaluation of African currencies against the US dollar since 2015. Karekezi's insights underline the resilience of Africa Re against macroeconomic challenges, including geopolitical tensions, low economic growth, and sovereign debt crises.

Read more: https://tinyurl.com/58z7abny

Climate-Data Startup With All-Star Investors and Roots in Africa Nearly Collapses

Gro Intelligence founders are fired; firm’s valuation takes a nosedive

AI-powered agriculture insights company Gro Intelligence has laid off 60% of its workforce amidst funding difficulties. Last-minute funding arrived with strict conditions, but employees only received back pay, unused PTO, and short-term health coverage.

Founded in 2012, Gro Intelligence aims to be the leading agricultural data platform. Despite some key clients, the company needed help to secure major deals and adapt to market needs.

Why the Struggle?

Analysts cite a difficult funding environment, an unfocused product strategy, and internal leadership issues as factors in Gro's problems. They suggest the company strayed from building recurring revenue and needed more key financial leadership.

Read more: https://tinyurl.com/mt28yx7n

Village Capital Opens Greentech Africa Program 2024 Application.

Village Capital & Investment LLC , in collaboration with Moody's Foundation , has announced the Greentech Africa Program 2024, a forward-thinking accelerator aimed at nurturing the next generation of sustainable solutions to climate change. This program seeks to empower startups with innovative approaches to sustainability, especially those led by diverse teams or based in Egypt, Kenya, Nigeria, Senegal, and South Africa. Designed to prepare startups for significant growth and investment, the program offers virtual workshops, an award-winning curriculum, and extensive networking opportunities to help these companies make a meaningful impact in their communities and the environment.

link to Apply>> https://vilcap.com/programs/greentech-africa-2024

Kenyan CEOs Target Tanzania and Uganda for Growth.

Kenyan CEOs see opportunities for revenue expansion in neighboring Tanzania and Uganda, a PwC survey reveals. 34% of CEOs in each country are identified as key growth markets. This focus on trade aligns with the goal of strengthening the East African Community (EAC).

86% of Kenyan CEOs are optimistic about regional expansion over the next year. This trend aligns with Kenya's increasing trade with EAC partners, which grew 8.8% in 2022.

The agricultural sector is a key driver of intra-EAC trade, and Kenyan CEOs are actively looking to expand.

Read more: https://tinyurl.com/ydr5pa4b

Kenya and UAE Partner for Eco-Friendly Data Center Breakthrough

Thanks to a partnership with the UAE, Kenya moves towards a greener digital future with its first-ever geothermal-powered data center. EcoCloud (Kenya) and G42 (UAE) signed the landmark agreement witnessed by President William Ruto.

"This project taps into Kenya's abundant geothermal energy, reducing our reliance on fossil fuels and setting a global standard for sustainable data infrastructure," said Eng. Amos Siwoi, PE , EPFL EcoCloud CEO.

G42 CEO Peng Xiao highlights the project's ambition: "This milestone aligns Kenya as a global digital leader and advances our mission of accessible AI solutions."

The project aims to reduce carbon emissions and promote environmental conservation. The initial 100MW facility will scale up over time, with the potential for 1GW capacity.

This initiative addresses growing concerns about the environmental impact of data centers as their use in Africa expands.

President Ruto praises the collaboration, calling it a catalyst for Kenya's digital ambitions and leadership in sustainable industrialization.

Read more: https://tinyurl.com/2hwvtnhw

Over 2,000 Global Leaders to Convene in Rwanda for Landmark Africa CEO Forum.

Rwanda is set to host the illustrious Africa CEO Forum from May 16 to 17, 2024, drawing in more than 2,000 leaders from across Africa and the globe. This year's forum, marking its 11th anniversary, is set to address the continent's major challenges and opportunities with its thought-provoking theme, 'At the Table or On the Menu'. Amidst the backdrop of global economic uncertainties, this event stands as a crucial call to action for attendees to steer decisive and impactful decisions for Africa's advancement.

The Africa CEO Forum has cemented its status as a seminal event for dialogue among the continent's influential figures. It delves into vital areas such as leadership, digital transformation, continental integration, and innovative financing mechanisms. It aims to catalyze growth and investment by leveraging the African Continental Free Trade Area (AfCFTA) and boosting the continent's economic resilience.

Read more: https://tinyurl.com/2shxwvw5

Major Financial Institutions Commit €240 Million to Spur Growth in Africa's Least Developed Countries.

The Eastern and Southern African Trade and Development Bank Group (TDB Group) has joined forces with the Japan International Cooperation Agency (JICA), Citibank, and SMBC Group (SMBC) to announce a EUR 240 million facility agreement. This strategic partnership promotes private sector development and sparks inclusive economic growth and sustainable development across Africa's least developed countries (LDCs).

The historic agreement was sealed at a signing ceremony in Nairobi, Kenya, symbolizing a united front among these financial powerhouses to tackle the unique challenges facing LDCs in Africa. The collaboration brings together diverse financial instruments, including a long-term project finance tranche from JICA and a short-term trade finance support from SMBC and Citibank, acting as mandated lead arrangers in this pivotal deal.

Martin Mugambi, CEO of Citi Kenya, and Hirokazu Okado, Managing Director of International and Structured Finance at SMBC Group, both highlighted their organizations' commitment to this blended finance facility. They highlighted the potential for social value creation and economic growth through support for microfinance and agribusiness activities in TDB's member countries.

As these financial giants unite to chart a course for sustainable development in Africa's LDCs, their collaboration stands as a beacon of hope, promising to unlock new opportunities for economic stability, poverty reduction, and food security across the continent.

Read more: https://tinyurl.com/2ht6wu33

Nigeria Temporarily Halts Expatriate Employment Levy Amid Widespread Backlash.

Nigeria's government has decided to pause the implementation of a controversial levy imposed on businesses employing expatriates. Introduced by President Bola Tinubu just over a week ago, the levy mandated firms to pay $15,000 for a director and $10,000 for other expatriate employees annually. The move sparked immediate and widespread criticism across various sectors of the economy.

The Ministry of Interior announced the pause, stating that engaging in "dialogue among stakeholders" about the levy was necessary. This decision followed a critical meeting held in Abuja to reassess the implications of the new tax measure.

https://www.bbc.com/news/world-africa-68521394

MTN Group appoints Ali Monzer to lead South Sudan operations.

MTN Group appointed Ali Monzer as the new CEO of its South Sudan operations, effective April 1, 2024. Monzer, an experienced MTN Group insider, has previously held senior positions, including chief technology and information officer at MTN Uganda. With over 23 years of experience in the telecommunications industry, Monzer is well-equipped to lead MTN South Sudan.

The appointment of Ali Monzer follows the retirement of Gordian Kyomukama, a seasoned telecoms executive with close to 30 years of experience, most of which has been with MTN. Kyomukama has made significant contributions to the company, and his retirement marks a transition in leadership for MTN South Sudan.

Ralph Mupita, MTN Group President and CEO, expressed confidence in Monzer's ability to drive MTN South Sudan's continued growth and success, citing his wealth of experience and proven track record in technology and operations.

The appointment of Ali Monzer as the new CEO of MTN South Sudan underscores the company's commitment to maintaining strong leadership and driving growth in the region.

Read more: https://tinyurl.com/2k56ryka

Safaricom Launches 'Grow with Safaricom Business' Platform to Empower MSMEs in the Digital Era.

Safaricom PLC launches "Grow with Safaricom Business" platform for MSMEs, aiming to foster collaboration and knowledge-sharing. Through workshops and seminars, MSMEs can learn about leveraging digital technologies, navigating regulatory requirements, and building their brand presence online. Cynthia Kropac, Safaricom's Chief Enterprise Business Officer, highlights the platform's goal to empower MSMEs for sustainable growth amidst challenges like digitization and limited market access. The initiative also provides networking opportunities and access to Safaricom's business solutions, including M-Pesa for Business and cybersecurity solutions.

“We want to grow this series to offer an opportunity for MSMEs to leverage on our extensive network, experience, and commitment to innovation to grow and thrive in this digital era,” said Cynthia Kropac, Chief Enterprise Business Officer, Safaricom.

Read more: https://tinyurl.com/3sz22nva

MTN Uganda Plans New Share Offer to Hit Public Listing Target in 2024.

MTN Uganda, the leading telecom company in Uganda, has revealed plans to offer an additional 7% of its shares to the public in 2024, as part of its strategy to fulfill regulatory requirements for listing on the Uganda Securities Exchange. After an initial shortfall in its 2021 offering, this move is aimed at achieving the mandated goal of listing at least 20% of its shares. In 2023, the company reported a robust financial performance, with a 16.1% increase in service revenue and a 21.4% jump in after-tax profits, alongside significant growth in data revenue and subscriber numbers. CEO Mulinge Sylvia M.B.S underscored MTN Uganda's dedication to network expansion and innovation, including the deployment of 4G LTE and the first 5G sites in the country. With plans to further invest in network capabilities, customer acquisition, and fintech solutions, MTN Uganda is poised for continued growth and is committed to enhancing financial inclusion and fulfilling its National Telecom Operating Licence obligations by 2025.

Read more: https://www.independent.co.ug/mtn-uganda-plans-to-further-sell-down-7-shareholdings-to-broaden-local-ownership/

Spotlight on Change: The Africa Impact Investment Awards Call for 2024 Nominations.

The Africa Impact Investment Awards, led by Krutham and sponsored by FirstRand, have opened nominations for their second year, aiming to recognize leading figures and innovations in the impact investing sector across Africa. Following last year's success with 75 nominations from 16 countries, the awards seek to showcase the breadth and impact of such investments on the continent. Winners will be celebrated at the Africa Impact Summit in Nairobi, Kenya, from July 17-19, 2024, an event anticipated to gather 450 delegates from over 20 countries, underlining its importance in the impact investing community. The awards will honor achievements in various categories, including Social Enterprise and Impact Funder of the Year, among others, to highlight the diverse contributors to the impact investing ecosystem. Open to organizations and individuals with a significant presence in Africa, the awards emphasize the importance of dedicated impact planning and measurable outcomes. With an application deadline of April 7, 2024, this year's awards promise to further illuminate the vital role of impact investing in driving sustainable development across Africa.

Read more/Apply: https://www.bizcommunity.com/article/2024-africa-impact-investment-awards-open-for-entry-127526a

Africa Faces a $2.5 Trillion Climate Finance Gap by 2030, UN Warns.

At the Zimbabwe Conference, a UN official highlighted Africa's looming financial shortfall in combating climate change. Despite contributing minimally to global greenhouse gas emissions, the continent is set to face some of the harshest impacts of climate change. The United Nations Economic Commission for Africa's chief economist, Hanan Morsy, pointed out that Africa attracts a mere 2% of global clean energy investments but requires an estimated $2.8 trillion by 2030 to mitigate and adapt to climate changes effectively.

This investment gap threatens to plunge the continent into a "vicious circle" of escalating risks, deteriorating fiscal capacities, and spiraling finance costs. With climate change already shaving off 5% of Africa's GDP annually and the continent's citizens producing less than a quarter of the global average carbon emissions, the inequity in climate finance is stark. Moreover, African countries face higher interest rates on debt, further limiting their capacity to invest in climate action. Calls for a reform in the global financial architecture were loud and clear at the conference, emphasizing the need for fairer risk perceptions and credit ratings for African nations.

Read more: https://independent.ng/africa-to-be-2-5trn-short-of-climate-finance-by-2030-un/

EU Commits €37 Million to Boost Digital Education and Research in Africa.

The European Union (EU) has pledged €37 million in aid towards advancing digital education and research across Africa. The EU Ambassador to Nigeria, Mrs. Samuela Isopi, announced the announcement at the 2024 WACREN conference in Abuja, signaling a strong commitment to fostering a future-ready higher education and research community. Aimed at enabling the Africa/Europe digital partnership, this funding is part of the EU's broader efforts to support digital transformation, enhance research and education networks, and establish a robust link between Europe and Africa in these critical sectors. The initiative is expected to provide meaningful connectivity and services to over 1,700 institutions and 4.5 million end-users, marking a leap forward in the continent's journey towards a digitally empowered education system.

Read more: https://tinyurl.com/y29djar7

Airbnb Bans All Indoor Security Cameras.

Airbnb is reversing its surveillance policies by banning hosts from monitoring guests with indoor security cameras effective April 30. Previously, hosts were allowed to install cameras in common areas but were required to disclose them. However, hidden cameras have been reported by guests, leading to privacy concerns. The rule change mandates hosts to disclose outdoor monitoring tech and prohibits the use of cameras in sleeping areas and bathrooms. Airbnb plans to penalize violators and investigate reported violations. The new rules also require disclosure of noise decibel monitors and outdoor cameras to guests before booking. Vrbo has already banned visual and audio surveillance inside properties. The move reflects concerns over privacy and safety, as surveillance technology gives considerable power to those controlling it.

Read more: https://www.wired.com/story/airbnb-indoor-security-camera-ban/

Aurora Tech Award 2024 Celebrates Women Tech Entrepreneurs on International Women's Day

The Aurora Tech Award 2024 recognized three trailblazing women entrepreneurs for their exceptional contributions to the technology sector on International Women's Day. The award ceremony, dedicated to highlighting women founders making strides against gender inequality in IT, honored Folake Owodunni from Nigeria, Hannah T?pler from Mexico, and Sarah Phiri-Molema from Botswana for their startups that not only offer innovative solutions but also significantly impact their communities for the better.

Folake Owodunni 's Emergency Response Africa clinched the first place with its visionary approach to revolutionizing emergency medical services across Africa. Hannah T?pler's Intrare, securing the second spot, redefines recruitment by ensuring fairness for all applicants through AI-driven processes. Coming in third, Sarah Phiri-Molema's Deaftronics introduces the world's first solar-powered hearing aid, a game-changer in accessible healthcare technology.

Ekaterina Smirnova , Head of the Aurora Tech Award, praised the winners for their inspiring achievements and reiterated the importance of such initiatives in fostering a more inclusive and equitable tech industry. This year's competition saw an impressive turnout with 649 applications from 102 countries, showcasing the global influence and potential of women in tech.

The winners will receive cash prizes and the opportunity to participate in inDrive's mentorship program, further empowering them to expand their impact.

Read more: https://www.auroratechaward.com/

Uber Denies Allegations of Data Sharing Non-Compliance with Lagos State Government

Uber has countered claims of not sharing data with the Lagos State Government as per a 2020 agreement, highlighting a tension between regulatory demands for real-time trip information and concerns for user privacy. Lagos's Transportation Commissioner Oluwaseun Osiyemi emphasized the necessity of this data for public safety, urging Uber to meet the state’s integration requirements. Uber asserts its adherence to all local regulations, including data sharing, stressing its commitment to regulatory compliance across its operating markets. This dispute echoes broader challenges ride-hailing services face in balancing government requests for data with the need to protect individual privacy.

This was a more favorable outcome than that experienced by motorcycle-hailing startups like Gokada and ORide. New regulations prohibited commercial motorcycles under 200cc on highways, effectively eradicating an entire business sector.

Read more: https://tinyurl.com/459b5w63

Nigeria Faces Severe Cost of Living Crisis Amid Economic Reforms.

Nigerians are grappling with an escalating cost of living crisis, the worst in decades, triggered by President Bola Tinubu's recent economic reforms. The crisis has particularly hit hard on small business owners

President Tinubu's bold moves to remove petrol subsidies and relax foreign currency controls were aimed at revitalizing Nigeria's struggling economy. Yet, these measures have led to skyrocketing inflation and a depreciating naira, severely impacting everyday Nigerians. Essential goods and services, including food, fuel, and medicine, have become increasingly unaffordable for many.

The crisis has affected individuals and rippled through corporate Nigeria, prompting foreign companies like Procter & Gamble to cease manufacturing and others to reconsider their operational strategies due to the naira's instability.

Amidst growing discontent, labor unions have protested, demanding significant wage increases to combat the rising cost of living. The government has initiated national consultations on a new minimum wage, but many argue that more is needed to address the broader issues.

As Nigeria navigates this crisis, calls for more comprehensive solutions to the underlying economic challenges become louder, emphasizing the need for sustainable reforms to uplift the nation's populace.

Read more: https://tinyurl.com/msybtfa6

Andrew Barden Joins Fintech Association of Kenya Board to Boost Investment and Funding.

The Fintech Association of Kenya (FINTAK) is thrilled to announce the appointment of Andrew Barden to its board of directors for a two-year term. Bringing a wealth of knowledge from the fintech sphere and a strong background in media and corporate events, Andrew is poised to make a significant impact. As the CEO of The Kenyan Wall Street and Lead Organizer for the Africa Fintech Summit, his expertise in fostering fintech thought leadership and strategic partnerships is expected to be invaluable for FINTAK. Duncun Motanya, FINTAK's Chairperson, expressed excitement about Andrew's potential to drive the association's governance and the growth of Kenya's fintech sector. In his new role, Andrew will spearhead the Investment and Funding Committee, focusing on bridging fintech startups with investors, orchestrating fundraising initiatives, and promoting wider access to funding in the Kenyan fintech ecosystem.

Nigeria misses broadband connectivity target.

Nigeria's journey towards enhancing broadband internet access faces hurdles, with the nation achieving a 43.7% penetration rate, shy of the 50% goal set for 2023. Factors such as high Right of Way (RoW) fees, security issues, limited forex access, and multiple taxation are slowing progress. Despite a recent surge in subscriptions, reaching 94.8 million in December, the country still falls short of its National Broadband Plan's objectives. With the government's ambitious plan to lay an additional 120,000km of fiber optic cables funded by a projected $3 billion from the World Bank, experts remain hopeful for reaching a 70% penetration by 2025 if infrastructural deployment barriers can be addressed.

Read more: https://tinyurl.com/2a3j2fxx

The Week in a Flash: African Fintech Highlights ??

This week in African Fintech was buzzing with activity! Here's what caught our eye:

• ?? Two major Fintech deals were announced, including a whopping $100 million acquisition.
• ?? Two new Venture Funds, each worth over $50 million, were launched, signaling strong investor confidence in African innovation.
• ?? Africa's most valuable startup decided to shutter its virtual card product, pivoting its focus towards enterprise and remittance business segments.
• ?? A Visa-backed Nigerian payments unicorn reported a revenue surge of 23%, showcasing robust growth.
• ?? Tanzania's top profit-earning bank now allows access to its over 1,000 ATMs by 17 other local banks, enhancing financial inclusivity.
• ?? Nigeria's open bank platform is on the brink of launching a Neobank, catering to both consumer and business needs.
• ?? A Nigerian remittance startup has onboarded a former unicorn COO to spearhead its expansion into China, eyeing the vast market potential.

?? Fundraise and Exits:

• ?? PaySpace, a South African powerhouse in payroll and HR services, was acquired by Deel, a US-based HR and payroll giant, for an estimated $100 Million. With over 14,000 customers spanning Europe, Latin America, the Middle East, and Africa, including giants like Heineken, Coca-Cola Beverages, and Puma Sports SA, PaySpace's impact is truly global.

• ?? Tookeez, a Moroccan startup leveraging blockchain to revolutionize loyalty programs, has secured a groundbreaking $1.5 million in funding.

?? Venture Funds Stir the Pot

• ???? Ring Capital, a French venture capital firm, unveils an impact investment fund aimed at French-speaking West Africa.
• ?? Conducive Capital, from South Africa, launches a $50 million fund targeting early and growth-stage startups across South Africa and the continent.

?? Partnerships & Product Launches Make Waves

• ?? NMB, Tanzania's most profitable bank, joins forces with UBX to extend ATM access to 17 local banks, covering over 1,000 machines.
• ?? The Central Bank of Kenya grants licenses to 19 new digital credit providers, pushing the total to 51.
• ?? Qore partners with QoreID to boost financial security across Africa.
• ?? Mastercard and fintech SAVA team up to support small businesses with cutting-edge financial management technology across South Africa, Nigeria, Kenya, and Egypt.

?? Leadership Lineup Shines Bright

• ?? LemFi welcomes former OPay COO, Allen Qu, to spearhead its expansion into China.

?? News of the Week: Insterwistch's Impressive Growth

• ?? Visa -backed Nigerian payments unicorn Insterwistch reports a 23% revenue increase to $42 million.

?? Other Noteworthy News

• ?? MTN Nigeria recoups over half of the approx. $13.8 million lost in a Mobile Money service glitch.
• ?? YC-Backed Touch and Pay processes 500,000 daily payments in Lagos with its Cowry cards, eyeing further expansion and funding.

Stay tuned for more exciting developments in the African Fintech landscape! ????

• Pan African fintech startup, Chipper Cash's US remittance service halted in January, remains unavailable.???? ???????????????? ???? ?????? ???????? ????????????????????!Do you have an exciting fintech story, innovation, or insight you'd love to share with our vibrant community? This is a fantastic opportunity to showcase your achievements, share your expertise, or highlight how you're shaping the future of fintech in Kenya.If you're interested, please don't hesitate to get in touch. Please email us at info@fin-tech.co.ke with a brief outline of what you'd like to feature. We can't wait to hear from you and potentially share your story with our community!?????????????????? ???????????? - 22,434????????????????????????