Safaricom Leads $812.4 Million Investment in Kenya's Health Digitization
Safaricom PLC led a consortium including Apeiro and Konvergenz Network Solutions to implement an Integrated Healthcare Information Technology System (IHTS) for Kenya's Ministry of Health. The consortium will invest Ksh 104,808,136,478 ($812.4 million) over a ten-year period to implement, maintain, and support the IHTS.
The project structure allows the Ministry of Health to deploy a digital health solution without incurring upfront capital or operational expenditure. The consortium will recover its investment through monthly installments beginning in February 2025, following the completion of key project milestones.
Core components of the project include:
The National Health Information Exchange is set to launch on October 1, 2024, with healthcare providers encouraged to register in advance.
TALK OF THE WEEK????
Nairobi City Hall Implements Starlink As its Backup Internet
The Nairobi City County Government implemented a Starlink satellite backup internet link at its Customer Service Centre. This provides speeds of approx. 120-200 Mbps to service access. including the Nairobi Pay system, even during terrestrial network outages. County officials highlight that this enhancement supports the expansion of e-government services and accelerates the shift towards fully digital service provision...
Bolt’s €20,000 Seed Funding for Innovative Kenyan Drivers...????
UNDP’s HealthTech Accelerator—Are You the Next Health Pioneer? ??
Google’s New Dataset—Transforming Urban Planning in Africa! ?????
Two Leadership Perspectives...??
Ampersand and CrossBoundary’s Solar-Powered E-Bikes in Kenya...????
Meet the Game Changers in Africa’s Tech Scene...????
And Much More...
Uncap Launches $33 Million Fund for African SMEs
Uncap introduced a new $33 million fund called Unconventional Capital to support small and medium-sized enterprises across Africa. Launched on September 18, 2024, the fund offers a non-dilutive, revenue-based financing model that provides early-stage businesses with funding without requiring equity in return.
The fund is co-led by Esther Ndeti , Uncap's Investment Principal, and Franziska Reh, CEO of Uncap, who will serve as Managing Partners. Unconventional Capital will collaborate with key partners such as O-Farms and SAIS to unlock growth opportunities for African businesses, particularly in high-impact sectors like agriculture and technology.
Uncap has already invested in 87 companies across seven sub-Saharan African countries, with a portfolio spanning eight sectors. The firm plans to support each eligible company with funding ranging from $22,000 to $112,000. To qualify, SMEs must be registered limited companies in Kenya, Rwanda, Uganda, or Nigeria, with at least two years of operation and minimum annual revenue of $89,000.
TymeBank Secures $9.5 Million for Southeast Asian Expansion
TymeBank raised $9.5 million from African Rainbow Capital, strengthening its position for major expansion into Southeast Asia. This funding comes at a crucial time as TymeBank aims to replicate its success in markets like Vietnam and the Philippines.
The bank's unique hybrid model, combining digital platforms with physical kiosks in retail stores, has proven successful, leading to profitability in December 2023. TymeBank has attracted over 8.5 million customers in South Africa, with partnerships with major retailers like Pick n Pay and Boxer contributing to its rapid growth of about 150,000 new customers monthly.
TymeBank's international expansion is led by its Singapore-based holding company, Tyme Global. In the Philippines, its venture GoTyme has acquired 3.58 million customers since launching in November 2022 and expects profitability by late 2025. The bank plans to enter the Indonesian market by the end of 2024, leveraging its partnership strategy with local conglomerates.
Key Figures Driving Africa's Tech Revolution Through Major Events
Africa's tech ecosystem has experienced remarkable growth, with the sector now valued at over $480 billion. Despite challenges like regulatory hurdles and a recent decline in venture capital funding, several influential figures are spearheading events that foster collaboration and drive innovation across the continent.
These nine personalities are instrumental in organizing major tech events that connect startups, investors, and policymakers:
President Ruto Advocates for Global Governance Reforms at UN Assembly
At the United Nations General Assembly, President William Samoei Ruto PHD urged for immediate changes in global governance and financing structures. He highlighted the need for a more inclusive and equitable international system that better represents the interests of developing nations.
Ruto emphasized the importance of reforming international financial institutions to address the challenges faced by developing countries. He called for a restructuring of these organizations to provide more accessible and affordable financing options for nations in need.
The Kenyan President also stressed the urgency of tackling climate change and its disproportionate impact on vulnerable communities. He proposed measures to support climate adaptation and mitigation efforts in developing countries, including increased funding and technology transfer.
In his address, Ruto shared the significance of multilateralism and cooperation in addressing global issues. He encouraged world leaders to work together to create a more just and sustainable international order that benefits all nations, regardless of their economic status.
UK Launches Sankore Project for Tech Innovation in West Africa
The United Kingdom has introduced the ￡1.9 million Sankore project to boost science, technology, and innovation in Ghana and Nigeria. This initiative, part of the UK-Africa Technology and Innovation Partnerships Programme, aims to support economic growth and innovation systems in both countries.
The project will fund efforts to commercialize innovative solutions, strengthen innovation policies, and improve government digital services. It focuses on fostering collaboration between universities, research institutions, and the private sector to generate new technologies.
Ghana's Minister for Environment, Science, and Technology, Ophelia Mensah Hayfors, noted that the project helps address the funding gap in Ghana's technological innovation sector. Harriet Thompson, the British High Commissioner to Ghana, emphasized the UK's commitment to partnering with African countries in these fields.
Named after a medieval West African center of learning, the Sankore project represents a significant step in the UK's support for technological advancement and economic growth in the region.
Top 10 Investors Driving African Tech Growth in H1 2024
Despite an overall slowdown in funding for African tech startups, several investors continue to show strong support for the continent's innovation potential. The top 10 investors driving African tech growth in the first half of 2024, ranked by the number of deals closed, demonstrate ongoing faith in Africa's tech ecosystem.
Launch Africa Ventures leads the pack, closing almost one deal every other week and on track to match or surpass their 2023 total of 19 deals. Techstars follows with 9 deals, maintaining its position as a major global accelerator supporting African startups. 54 Collective, formerly known as Founders Factory Africa, made seven deals after a strategic rebranding.
Catalyst Fund and Renew Capital both closed seven investments each, with the former focusing on inclusive fintech and climate-focused startups, while the latter surpassed their 2023 total. DFC closed 5 deals, already exceeding their 2023 total, and Baobab Network made five deals, surpassing their 2023 performance.
UNDP Launches HealthTech Accelerator for African Startups
The United Nations Development Programme (UNDP) unveiled the Timbuktoo HealthTech Startup Accelerator Programme, a new initiative designed to catalyze digital health innovation across Africa. This program comes at a crucial time, as the continent's digital health market is projected to reach $11 billion by 2025.
The accelerator aims to support visionary entrepreneurs who are developing cutting-edge healthcare technologies tailored to African needs. Key focus areas include AI-driven diagnostics, locally manufactured medical devices, and biotechnology solutions. Selected startups will benefit from equity-free grants of up to $100,000, along with mentorship from industry experts, access to investor networks, and resources to accelerate their growth and impact.
To be eligible, startups must meet several important criteria. They should be technology-enabled and contribute to the UN Sustainable Development Goals, demonstrate high scalability and a defensible market position, be founded by African nationals, and be registered and operating in Africa for at least one year. Additionally, they must have a minimum viable product ready to scale.
The Timbuktoo HealthTech Startup Accelerator Programme is set to run from November 2024 through May 2025. Interested entrepreneurs have until October 6, 2024, to submit their applications through the program's official website.
Google Unveils Open Buildings 2.5D Dataset for Urban Planning in Africa
Google has launched its Open Buildings 2.5D temporal dataset, a new tool designed to transform urban planning across Africa and other developing regions. This initiative expands on Google's 2021 project aimed at mapping and monitoring urban development in the Global South.
The dataset addresses the pressing need for accurate building information as urban populations are expected to grow by 2.5 billion by 2050, with nearly 90% of this growth occurring in Africa and Asia. Since its inception at Google's AI Research Lab in Accra, Ghana, the Open Buildings project has mapped 1.8 billion buildings worldwide.
The new dataset goes beyond simple mapping by tracking changes over time and estimating building heights from 2016 to 2023. This information is crucial for urban planning, disaster preparedness, and resource management in rapidly growing cities and disaster-affected areas.
The Open Buildings 2.5D dataset has already proven valuable, with organizations like Sunbird AI in Uganda and WorldPop in Nigeria using it for essential services such as electrification planning and immunization programs.
US-based Sultan Ventures Acquires Egypt's Acasia Group
Sultan Ventures , a US-based venture capital firm, has acquired ACASIA GROUP , an Egyptian angel investment syndicate and incubator, for an undisclosed amount. This acquisition marks a significant expansion of Sultan Ventures' footprint in the Middle East and Africa region.
Acasia Group, founded in 2011 as Cairo Angels, has been a key player in Egypt's startup ecosystem. It operates as a multi-incubator and regional angel investment syndicate, empowering entrepreneurs across Egypt and the broader region. The group consists of three main businesses: Acasia Ventures, Acasia Impact, and Acasia Angels.
The acquisition includes Acasia Impact and Acasia Angels, while Acasia Ventures will remain independent under the ownership of Aly El Shalakany. This move allows Sultan Ventures to leverage Acasia's local experience and network in the MEA region, creating a new US-MENA bridge for startup development.
Hossam Allam , chairman of Acasia Group, emphasized that this acquisition will enable Acasia to scale faster and address major regional challenges. Omar Sultan, managing partner of Sultan Ventures, highlighted the potential of this partnership to enhance ecosystem development and provide opportunities for founders to bring their ideas to market.
Bolt Empowers Kenyan Drivers with €20,000 Seed Funding Through Accelerator Program
Bolt successfully concluded its inaugural Accelerator Program in Kenya, awarding €20,000 in total seed funding to 10 top-performing drivers and couriers. Each winner received €2,000 (approximately Ksh 287,000) to support their innovative business ideas.
Launched in April 2024, the program attracted over 800 applications from Kenyan drivers and couriers. Through a rigorous selection process, 120 entrepreneurs were shortlisted for business skills training at the Bolt Academy. The top 20 finalists then received exclusive mentoring from industry experts before presenting their ideas on Pitch Day at the Sarova Stanley Hotel.
The innovative concepts presented ranged from electric vehicle charging stations to specialized transport for people with disabilities and tech-enhanced last-mile delivery services. A panel of judges, including Linda Ndungu, GM Rides at Bolt, and Maryanne Akoth from Strathmore Business School, evaluated the pitches based on innovation, feasibility, and potential impact.
Sterling Financial Holdings Appoints New Directors
Sterling Financial Holdings Company announced the addition of two new members to its board of directors. The appointments, detailed in a notification to the Nigerian Exchange on September 18, 2024, aim to strengthen the company's leadership team.
Mr. Ashutosh Kumar joins Sterling Financial Holdings as a Non-Executive Director. Kumar brings extensive international banking experience, currently serving as the country head of the State Bank of India's South Africa operations. His expertise spans trade finance, performance planning, and regulatory reporting. Kumar holds a Bachelor's degree in Economics and various professional certifications in finance and banking.
Professor Olayinka David-West has been appointed as an Independent Non-Executive Director to the board of Sterling Bank Limited, a subsidiary of Sterling Financial Holdings. David-West is a Professor of Information Systems and Associate Dean at Lagos Business School. She leads the Sustainable and Inclusive Digital Financial Services initiative and holds certifications in information systems auditing and enterprise IT governance.
South African Reserve Bank Cuts Interest Rates, Bringing Relief to Car Owners
The South African Reserve Bank has reduced its repo rate by 25 basis points, from 8.25% to 8.00%, marking the first rate cut in over four years. This decision, made unanimously by the SARB's Monetary Policy Committee on September 19, 2024, has led to a corresponding drop in the prime interest rate from 11.75% to 11.50%.
SARB Governor Lesetja Kganyago explained that the rate cut aligns with the goal of maintaining sustainably lower inflation over the medium term. The move comes as South Africa's inflation rate hit a three-year low of 4.4% in August, falling below the SARB's target midpoint of 4.5%.
The rate cut is expected to bring some financial relief to South African car owners. Using WesBank's finance calculator, it's estimated that the average car purchaser financing a vehicle worth R410,000 (the average amount for a new vehicle financed through WesBank) would save approximately R51 per month on repayments. The savings increase for higher-value vehicles, with owners of R500,000 cars saving R63 monthly, and those with R1 million cars saving R126.
Ampersand Energy and CrossBoundary Energy Partner to Power E-Bikes with Solar Energy in Kenya
Ampersand Energy and CrossBoundary Energy have joined forces to accelerate Kenya's transition to electric mobility by powering electric motorbikes with solar energy in Nairobi. This innovative partnership aims to address key challenges in the adoption of electric two-wheelers (E2W) while promoting sustainable transportation.
The pilot project will feature 36 electric charging units and 150 lithium-ion batteries charged by a 37kWp solar PV system. This collaboration will enable Ampersand, which currently operates about 1,000 electric motorbikes in Kenya and 3,000 in Rwanda, to expand its operations more efficiently and sustainably.
Hezbon Mose, Kenya's Country Director at Ampersand, expressed confidence that CrossBoundary Energy's solution will facilitate faster and more sustainable expansion, bringing e-bikes to more riders across Kenya and East Africa while reducing carbon emissions.
The partnership addresses critical challenges in E2W adoption, such as high capital investment for charging stations and lack of infrastructure. CrossBoundary's off-balance sheet solution complements Ampersand's existing energy infrastructure network, potentially reducing operating costs for E2W providers.
Tombo Banda , Managing Director and Head of CrossBoundary, noted that this partnership marks their entry into the e-mobility sector, where they aim to replicate their role in accelerating private investment and driving growth. The collaboration leverages CrossBoundary Energy's expertise in renewable energy solutions and Ampersand's strong track record in the electric vehicle market.
Senegal Plans Education Overhaul to Address AI Challenges
Senegal has announced plans to revamp its education system in response to the growing impact of artificial intelligence on employment. This initiative was unveiled during the country's third annual Digital Conference held on September 19, 2024, under the theme "The Evolution of Artificial Intelligence and Employment Challenges."
Bitilokho NDIAYE , Director of Digital Economy Promotion and Partnership at the Ministry of Digital Economy and Telecommunications, emphasized that Senegal has already begun its transition towards AI adoption. However, she stressed the need to accelerate this transition while ensuring inclusivity, which necessitates a comprehensive reform of the national education system.
The move comes as AI continues to emerge as a key technology in digital transformation. According to the GSMA (Global System for Mobile Communications Association), citing the AI4D Africa program, Africa currently represents only 2.5% of the global AI market. However, emerging AI applications could potentially boost the continent's economic growth by $2.9 trillion by 2030.
National Bank of Kenya Launches Ksh 2 Billion Fund for Farmers
The National Bank of Kenya introduced a Ksh 2 billion financing program called Kilimo Konnect to support farmers across the country. This initiative addresses key challenges in the agricultural sector by providing loans and training on new technologies.
The program offers funding for working capital, equipment procurement, and post-harvest processing. It also provides training on technology-driven agricultural solutions in partnership with various organizations. Farmers can access loans for bio-digester installation, enabling them to convert organic waste into energy. Additional benefits include discounts on bio-digester loans, last expense insurance, and pilot feed advisory services.
NBK's Managing Director, George Odhiambo, emphasized that this collaboration aims to catalyze the agriculture sector's success and foster economic growth. The initiative aligns with the bank's vision of transforming Kenya's agricultural landscape by equipping farmers to meet modern challenges and thrive in a competitive market.
eTranzact Launches XCEL Ghana App to Transform Digital Payments
eTranzact PLC t Ghana Limited, a licensed Enhanced Payment Service Provider, has unveiled the XCEL Ghana mobile app, aiming to revolutionize digital payments and GH-Link prepaid card management in Ghana. The app was introduced at an event in Accra on September 20, 2024, marking a significant step in the country's digital financial landscape.
Dr. John Apea, CEO of eTranzact Ghana, described XCEL Ghana as an all-in-one platform that bridges traditional and digital payment methods. Users can manage their physical GH-Link cards for ATM and POS transactions while accessing various digital payment options within the app.
The XCEL Ghana app offers a range of features designed to streamline financial services for both individuals and businesses. These include fund transfers between bank accounts, mobile wallets, and XCEL accounts; a "Pots" feature for allocating funds to specific financial goals; and a "Give" option for making charitable donations. Users can also perform mobile airtime and data top-ups, pay utility bills, manage entertainment subscriptions, and access bulk payment options for businesses.
Additionally, the app includes a marketplace for buying and selling goods and services.
Axian Telecom's Proposed Acquisition of Wananchi Group Under Review
The COMESA Secretariat * Competition Commission initiated an inquiry into the proposed acquisition of Wananchi Group Holdings Limited by Axian Telecom Fibre Limited. This development marks a significant step in the telecommunications landscape of the region.
The COMESA Competition Commission, responsible for overseeing fair competition and consumer protection within the COMESA region, has officially announced the inquiry. This review process is standard for major acquisitions that may impact multiple countries within the COMESA bloc.
AXIAN Telecom, based in Madagascar, is expanding its presence in the African telecommunications market through this proposed acquisition.
As the regulatory review progresses, stakeholders and industry observers will be watching closely to see how this acquisition might reshape the competitive landscape of telecommunications and internet services in East Africa. The outcome of the COMESA review will be crucial in determining whether the acquisition can proceed and under what conditions.
Proxim Wireless Expands Distribution in Southern Africa
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Proxim Wireless, a global provider of outdoor wireless broadband solutions, has announced a new distribution partnership with Nisi Gratia Ltd for the Southern African market. This collaboration aims to enhance the availability and support of Proxim's wireless products in the region.
Nisi Gratia, based in South Africa, will distribute Proxim's full range of outdoor wireless solutions, including point-to-point and point-to-multipoint products. The partnership is expected to strengthen Proxim's presence in Southern Africa, offering local customers improved access to high-performance wireless connectivity solutions.
As part of this partnership, Nisi Gratia will provide local inventory, technical support, and training for Proxim's products. The collaboration will focus on serving industries such as telecommunications, government, education, and enterprise markets. Proxim's solutions are designed to offer reliable connectivity in challenging outdoor environments, which is particularly relevant for the diverse landscapes of Southern Africa.
Ghana Launches Digital Education Platform to Revolutionize Learning
The Ghanaian government has unveiled the Ghana Knowledge and Skills Bank, a groundbreaking digital platform aimed at transforming education across the country. Launched by Mrs. Ursula Owusu-Ekuful, Minister for Communications and Digitalisation, the GKSB offers a comprehensive range of educational resources, career planning tools, and offline self-learning opportunities.
This initiative is part of the $200 million World Bank-backed Ghana Digital Acceleration Project and aligns with the UN's Sustainable Development Goal for inclusive and equitable quality education. The platform is designed to provide access to quality education for all Ghanaians, regardless of their location or economic background.
Dr. Yaw Osei Adutwum, Minister for Education, highlighted the government's commitment to integrating technology into education. The GKSB provides access to past exam questions, tutoring services, and promotes collaborative learning, including options for local language tutoring.
Developed by local firm Nponto Technologies, the GKSB can function offline, allowing students in remote areas to download and study materials without constant internet access. This feature is crucial for bridging the digital divide and ensuring equal educational opportunities across the country.
Egypt's Settle Raises $2 Million for Global Expansion
Settle, an Egyptian fintech startup, has successfully secured $2 million in funding to fuel its global expansion plans. The investment round was led by several prominent venture capital firms and angel investors, demonstrating strong confidence in Settle's innovative financial solutions.
Founded in 2021, Settle has rapidly grown to become a leading player in Egypt's fintech sector. The company offers a range of digital financial services, including peer-to-peer payments, bill payments, and merchant solutions, all designed to simplify financial transactions for individuals and businesses.
With this new injection of capital, Settle aims to accelerate its transition into the global market. The funds will be used to enhance its technology infrastructure, expand its product offerings, and establish a presence in new international markets. The company plans to initially focus on expanding into other African countries before exploring opportunities in the Middle East and beyond.
Settle's CEO expressed excitement about the funding, stating that it will enable the company to bring its innovative financial solutions to a broader audience. The startup's success in Egypt has been attributed to its user-friendly platform and its ability to address local financial needs effectively.
KWIKS Raises $800K to Revolutionize Recruitment with AI
KWIKS , a Moroccan AI-driven recruitment startup, secured $800,000 in funding from Azur Innovation Management. The company aims to transform hiring practices by using AI to connect employers with independent headhunters, promising to reduce recruitment time by two-thirds and halve costs.
Key features of KWIKS' platform include HAFIDA, an AI pre-screening tool for automated video interviews, and R2DS, which generates comprehensive candidate reports. CEO Amine Khayatei Houssaini plans to use the funding to enhance the platform's functionality and support global expansion.
This investment positions KWIKS to capitalize on the growing AI recruitment market, expected to exceed $3 billion by 2027. The startup's innovative approach offers a competitive edge for companies in the current tight job market, showcasing Morocco's emerging role in the global tech ecosystem.
Kenyan Banks Begin Compliance with Foreign Customer Reporting
Kenyan banks are now required to comply with the Common Reporting Standards by sharing information on foreign account holders with the KRA(KENYA REVENUE AUTHORITY) . This move follows the lapse of the August 31, 2024 deadline. The CRS, introduced by the Organisation for Economic Co-operation and Development, aims to combat tax evasion and promote financial transparency by facilitating the automatic exchange of financial account information between jurisdictions.
Under these regulations, banks must report details such as account balances, addresses, birth details, and tax residency information of foreign account holders. The KRA will then share this data with tax authorities in other countries. This initiative aligns Kenya with over 120 jurisdictions globally that have activated bilateral exchange relationships under the CRS framework.
The implementation of CRS in Kenya was legislated through regulations gazetted in February 2023. Banks have been notifying customers about these standards and requiring self-certification forms to confirm their tax status.
AfDB Champions Africa's Development Priorities at UNGA
As world leaders convene for the 79th United Nations General Assembly - UNGA,in New York, the African Development Bank Group is taking center stage in advocating for Africa's sustainable development. Led by President Dr. Akinwumi Adesina, the AfDB is focusing on critical issues such as climate change, food and health security, clean energy access, and global financial architecture reform.
The AfDB's "High 5s" priorities align closely with the African Union's Agenda 2063 and are integral to achieving 90% of the Sustainable Development Goals (SDGs) in Africa by 2030. These priorities include powering Africa, feeding Africa, industrializing Africa, integrating Africa, and improving the quality of life for Africans.
Dr. Adesina's agenda includes participating in the UN's "Summit of the Future" and meeting with UN Secretary-General António Guterres to discuss private sector investment in Africa and multilateral development bank reform. The AfDB is also seeking a $25 billion replenishment for the African Development Fund to accelerate its programs on the continent
Midea Partners with CGCL to Enhance Home Appliance Market in Nigeria
Midea America Corp has partnered with Care Global Consumer Limited to drive innovation in Nigeria. This collaboration was highlighted during Midea's relaunch in the country at a successful Dealers’ Conference themed “Powering Progress.” Held in Lagos, the event brought together over 70 dealers from across Nigeria, along with media representatives and influencers, to showcase Midea’s latest innovations and reinforce its market presence.
Maneesh Nanda, Managing Director of CGCL, emphasized the strategic partnership with Midea and highlighted CGCL’s extensive experience with other electronics and home appliance brands in Nigeria. He pointed out the vast potential of the Nigerian market and how Midea stands out among competitors in terms of pricing and quality. Nanda noted that CGCL has built a robust network of dealers across Nigeria and provides after-sales services to ensure customer satisfaction.
Bright Yao, Midea’s Regional Director for Africa, provided an overview of Midea’s values, capabilities, and technological expertise. He expressed that Nigerians deserve better quality and affordable products and proudly announced the partnership between Midea Group and CGCL.
Tanzania Sees Sharp Rise in Digital Banking Fraud
The Bank of Tanzania has reported a significant increase in digital fraud incidents within the country's commercial banks. In the last quarter of 2023, digital fraud rose by 84% compared to the previous quarter. During this period, over Tsh1.65 billion ($647,000) was siphoned through mobile and internet banking fraud, including cyber-attacks. This marks a sharp increase from the Tsh901.8 million ($353,600) recorded in the third quarter.
While the fourth-quarter figure was slightly below the Tsh1.66 billion ($650,980) recorded in the first quarter of 2023, it highlighted a steady rise in online fraud over the year after a dip to Tsh674.06 million ($264,340) in the second quarter.
Theft from automated teller machine card skimming also increased by 60% in the fourth quarter, reaching Tsh159.87 million ($62,700), up from Tsh99.64 million ($39,100) in the third quarter. However, this was still lower than the Tsh424.16 million ($166,340) seen in the second quarter.
Overall, nearly Tsh4.9 billion ($1.92 million) was stolen through online and digital banking fraud in Tanzania throughout 2023, accounting for almost half of the total Tsh10.3 billion ($4.04 million) losses incurred by Tanzanian banks due to theft.
AfDB Approves $6.6 Million Grant to Strengthen Somalia's Financial Sector
The African Development Bank Group has approved a $6.6 million grant to support the Federal Government of Somalia in enhancing its financial architecture. This initiative aims to promote inclusive and equitable growth within the country. The grant will fund the Somalia Financial Sector Development Project, which focuses on improving the capacity of key financial institutions, including the Central Bank of Somalia, the Somalia Development and Reconstruction Bank, and the Financial Reporting Center.
The project is designed to enhance financial expertise through targeted training and assistance, enabling these institutions to formulate efficient credit delivery systems and implement anti-money laundering and counter-terrorism financing measures. These reforms are essential for building a competitive and globally connected financial sector in Somalia, which will enhance stability, trust, and financial inclusion while attracting private investment.
NCBA Bank Strengthens Cybersecurity with $31 Million Investment
NCBA Group demonstrated its capability to effectively manage cybersecurity challenges, as highlighted by Group Managing Director John Gachora at a recent forum with SACCO banking sector clients. The bank has made a significant investment of nearly $31 million through 2023 to bolster its cybersecurity infrastructure, underscoring its commitment to protecting sensitive customer data and ensuring the integrity of its digital operations.
This financial commitment reflects NCBA's proactive approach to safeguarding its systems against sophisticated cyber threats and reinforces its reputation as a secure and reliable financial institution. The bank has invested in advanced technologies to enhance its cybersecurity posture, including cloud migration for improved operational efficiency and security, and a robust data quality management solution to maintain information integrity across its platform.
To further enhance its cybersecurity measures, NCBA has implemented strong protocols such as Security Assurance to ensure stringent security standards are met. An information security awareness program was also launched to educate staff and customers on best practices for identifying and mitigating cybercrime risks.
Google Report Highlights $700 Million Earnings for Sub-Saharan Africa's Android Developer
A recent report by Google , titled "The Digital Opportunity of Sub-Saharan Africa," reveals that developers in the region earned an estimated $700 million from the Android app economy in 2023. This significant economic contribution underscores the vibrant developer community in Sub-Saharan Africa, which comprises over 500,000 professional developers. Notably, more than 50,000 developers are based in South Africa, Nigeria, and Kenya, contributing to the success of leading African tech startups like Flutterwave, Chipper, and Paystack.
The report highlights how Google's Android platform has facilitated global reach for these developers and created over 150,000 jobs across the region. Moreover, the Android system has saved developers more than 1.5 million days in development time, accelerating tech growth in Sub-Saharan Africa.
In addition to these achievements, Google has trained 94, 000 developers between 2020 and 2023 through various programs. This training has been instrumental in equipping young adults with digital skills, contributing $7.8 billion to the region's economic growth in 2023 alone. The report anticipates that every dollar invested in digital technologies will yield over two dollars in economic value by 2030.
Zambia's Cybersecurity Progress Recognized with High GCI Score
Zambia has achieved a significant milestone in its cybersecurity efforts, earning a 92.6% score in the Global Cybersecurity Index 2023. This impressive achievement marks a substantial improvement from the country's previous score of 68.8% in 2020 and reflects Zambia's commitment to strengthening its digital infrastructure and protecting its citizens from cyber threats.
The GCI, developed by the International Telecommunication Union, assesses countries' cybersecurity development across five key pillars: legal measures, technical measures, organizational measures, capacity building, and international cooperation. Zambia's steady progress from a mere 14.7% in 2014 to its current score underscores the government's strategic focus on enhancing cybersecurity policies, regulations, and institutions.
A major factor contributing to Zambia's success is its robust legal framework, which includes comprehensive laws on data protection and cybersecurity. These measures ensure a secure digital environment for both businesses and citizens. The government has also implemented a National Cybersecurity Strategy and established key institutions like the Computer Incident Response Team (CIRT) to proactively monitor and mitigate cyber threats.
Acorn Holdings to Redeem Africa's First Green Housing Bond Early
Acorn Holdings Limited has announced plans to redeem its Ksh 5.7 billion green bond one month ahead of its official maturity date. This bond, issued in 2020, was Africa's first green housing bond and marked a significant milestone in green finance for the continent.
The early redemption is set for the first week of October 2024 and will return up to Ksh 2.7 billion in principal to bondholders, plus accrued interest. Originally cross-listed on both the London Stock Exchange and Nairobi Securities Exchange PLC , the bond's proceeds have funded the construction of safe, affordable, and environmentally sustainable student accommodation across Kenya. AHL states that the early redemption demonstrates the company's financial strength and the resilience of its underlying portfolio.
The Green Bond has achieved several notable milestones since its inception. It attracted Ksh 5.5 billion from local pension funds, facilitated a Ksh 6.7 billion green facility from ABSA, and secured $180 million from the U.S. Department of Finance Corporation. These funds enabled the completion of six purpose-built student accommodation projects, providing approximately 7,000 beds. The initiative also created over 2,000 direct jobs and more than 10,000 indirect jobs, while promoting sustainability through renewable energy installations and strategic location near universities.
UNEP FI Hosts Climate Risk Assessment Webinar for African and Middle Eastern Banks
The United Nations Environment Programme Finance Initiative (UNEP FI) recently hosted a webinar on climate risk assessment and scenario analysis for banks in Africa and the Middle East. The event was part of UNEP FI's Climate Mitigation Journey initiative, which aims to help banks develop capabilities to align with Paris Agreement goals and progress towards net-zero emissions.
The webinar covered key areas including climate risks and regional implications, the evolving regulatory landscape, and climate scenario analysis tools.
Participants gained insights into how to assess and manage climate-related risks, comply with emerging regulations, and integrate climate considerations into their operations. This regionally tailored approach addressed the unique challenges and opportunities faced by banks in Africa and the Middle East regarding climate risk and mitigation efforts.
Banks interested in learning more about climate risk assessment can watch the recording of the webinar HERE.
Leadership Perspectives
Sim Tshabalala: Africa's Economic Fate is Beginning to Shift
Standard Bank CEO Sim Tshabalala emphasized positive economic trends across Africa in a recent interview. He noted that Africa's country risk premium has decreased, signaling growing investor confidence in the continent. Several key developments are contributing to this improved outlook. Many African countries have implemented important fiscal and structural reforms, such as cutting fuel subsidies in Nigeria and Kenya and broadening tax bases in Ghana, Kenya, and Uganda. Additionally, Egypt and Nigeria have allowed their currencies to float freely, which has improved foreign exchange liquidity.
Countries like Ghana, Zambia, and Mozambique have successfully restructured their debts, leading to better debt-to-GDP ratios and more stable economies. Several African nations have recently issued Eurobonds, including Kenya, Senegal, Angola, and Cameroon, with more countries expected to tap international markets if conditions remain favorable. The African Development Bank forecasts continental GDP growth of 4.2% in 2025, surpassing the global average of 3.2%.
Tuli Karuaihe-Martin: Shaping Africa's Insurance Future Through Innovation and Collaboration
Tuli Karuaihe-Martin, the newly elected president of the Africa Insurance Organisation, has shared her vision for the future of insurance in Africa. Karuaihe-Martin, who is also the Managing Director of Namibia National Reinsurance Corporation (NamibRe), aims to address key challenges and opportunities in the African insurance sector.
One of the main focuses of Karuaihe-Martin's vision is to increase insurance penetration across the continent. Currently, Africa's insurance penetration rate stands at about 3%, which is significantly lower than the global average. To tackle this issue, she emphasizes the importance of developing innovative products that cater to the specific needs of African consumers.
Karuaihe-Martin also highlights the need for collaboration within the industry. She believes that by working together, African insurers can create larger risk pools, which will enable them to take on bigger risks and compete more effectively in the global market. This collaborative approach could lead to the development of regional insurance and reinsurance hubs across the continent.
GSMA Launches Responsible AI Roadmap for Telecom Industry
The GSMA has introduced the first industry-wide Responsible AI Maturity Roadmap to guide telecom operators in the ethical use of artificial intelligence. This initiative comes as the telecom sector anticipates significant AI-driven opportunities, with McKinsey estimating a potential value of up to $680 billion over the next 15-20 years.
The roadmap provides telecom companies with tools to assess their current AI usage and outlines steps for responsible implementation. It covers five key dimensions: organizational vision, AI governance, technical controls, third-party collaboration, and change management strategies.
Developed in collaboration with McKinsey and various operators, the roadmap incorporates global regulations and best practices from organizations like the OECD and UNESCO. This approach ensures that telecom companies can adopt AI confidently while adhering to established ethical standards.
Nineteen mobile network operators, including Axiata, Deutsche Telekom, Orange, Telefónica, and Telstra, have already committed to using the roadmap.
"We Want AI" - American VCs
A recent Fast Company analysis reveals that American venture capitalists are more focused on artificial intelligence investments compared to their counterparts in other regions. Despite the widespread attention AI receives, only about 20% of all venture capital between June and August went into AI funding.
The analysis shows that approximately 27% of U.S. venture capitalists invested in early-stage AI companies (seed to Series B) between July 15 and September, according to Crunchbase data. This percentage is the highest among all regions, with Europe falling below 20% and China at about 15%.
Investment patterns vary by region, with Chinese investors favoring manufacturing startups, European investors preferring renewable energy companies, and Caribbean-based investors focusing more on crypto. This highlights that investors tend to be attuned to the types of companies their own countries can support, which doesn't always prioritize generative AI.
Weekly Global Economic Outlook, by Deloitte
US Inflation Moderates
Inflation in the US slowed to 2.5% in August, the lowest since February 2021. Core inflation hit 3.2%. Investors are split on whether the Fed will cut rates by 25 or 50 basis points, with mixed signals from the job market adding to the uncertainty.
ECB Cuts Rates Again
The European Central Bank reduced its rate by 25 basis points for the second time this year. With inflation expected to slow to 2.5% in 2024, the ECB’s cautious approach suggests moderate easing ahead. The euro might strengthen against the US dollar if the ECB lags behind the Fed.
Draghi’s Growth Plan for Europe ??
Mario Draghi proposes a €800 billion annual investment in tech to prevent Europe from falling behind the US and China. He stresses the need for public sector support and EU-wide financial integration to boost innovation.
China's Low Inflation
China’s inflation in August was just 0.6%, signaling weak domestic demand and a struggling economy close to deflation. Calls for more aggressive policy are growing, but concerns over debt and currency stability could hold back significant changes.
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3 周This is the way to go.....Hurry-up! ??