Your Curated Weekly Tech News Across Africa, 15th April 2024

TRL Space Rwanda, a Czech-based TRL Space subsidiary, plans to establish Africa's first-ever satellite and equatorial constellation hub. This ambitious project has garnered widespread acclaim, drawing the attention of high-profile figures like Czech President Petr Pavel , who praised the initiative during a visit to the Rwanda.?

TRL Space's mission is to nurture indigenous capabilities for crafting nano-satellites and equatorial constellations, paving the way for a vibrant space sector across Africa. The first crucial step in this transformative journey involves the development of a 6U Cubesat at the Rwandan facility, which is a collaborative effort between TRL Space and the Rwandan Space Agency (RSA). With a commitment exceeding USD 2 million, TRL Space underscores its unwavering resolve to cultivate a sustainable space ecosystem within Africa.?

TRL Space has embarked on initiatives to identify and cultivate local talent through endeavors like the CubeSat Makerthon as part of its comprehensive strategy. By fostering a robust space community, the company aims to galvanize participation in the realization of Africa's Satellite and Equatorial Constellation Hub in Rwanda. Through such collaborative efforts, TRL Space endeavors to harness the immense potential of African talent and resources, driving innovation and progress in the realm of space technology.

More on this story: Czeck Space Company sets up in Rwanda

Egypt has set an ambitious target to shift 42% of its energy mix to renewable sources by 2030, including a significant increase in solar power. The country's renewable energy sector is experiencing rapid growth, with the Benban Solar Park being one of the largest photovoltaic installations globally, comprising 41 separate solar power initiatives. The project offers 25-year power purchase agreements, contributing to investor confidence. Other noteworthy projects include ACWA Power's Kom Ombo plant and Scatec ASA 's hybrid solar and battery storage project.?

Despite these impressive projects, some challenges may hinder attracting the necessary capital, such as currency devaluation and subsidized energy tariffs. The success of Egypt's renewable energy sector is linked to broader economic factors, global energy politics, and the country's ability to adapt and capitalize on these elements. If Egypt continues to expand and develop renewable energy projects like Benban, it could not only achieve but exceed its sustainability objectives, becoming a model for renewable energy advancement in the region.

More on this story: Egypt's push towards renewable energy picks up pace

The recent initiatives by the Reserve Bank of Zimbabwe mark a pivotal moment in the country's financial landscape. With plans to reintroduce online payments post-April 12, the central bank's efforts align with the ongoing transition towards the Zimbabwe Gold (ZiG) currency. The introduction of #ZiG on April 5 brought about a temporary halt in online transactions involving the Zimbabwean dollar, prompting concerns among citizens regarding the implementation process. However, amidst initial uncertainties, the emergence of innovative solutions has bolstered confidence in the new currency regime.

Key players in Zimbabwe's digital payment ecosystem, including Innbucks, EcoCash , and O'mari Zimbabwe , have stepped up to address the challenges posed by the currency transition. Their proactive measures have not only facilitated smoother transactions but have also contributed to the gradual acceptance and adoption of ZiG across the nation. This surge in online payment solutions underscores the resilience and adaptability of Zimbabwe's financial infrastructure, demonstrating its capacity to evolve in response to changing economic dynamics.

As Zimbabwe inches closer to resuming online payments, the successful conversion of customer balances to ZiG by banks and payment system providers signifies a crucial milestone in the currency transition process. Despite initial teething problems, the concerted efforts of stakeholders have paved the way for a more seamless digital payment experience, positioning Zimbabwe on a path toward financial stability and inclusive economic growth.

More on this story: Zimbabwe's move to the ZiG

@Zeepay Ghana Ltd, a leading fintech company based in Ghana, has recently secured an equity investment of $14 million from several prominent pan-African investment firms, including Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P. This infusion of capital marks a significant milestone for Zeepay, enabling the company to further its mission of revolutionizing the remittance landscape across Africa and the Caribbean. Since its establishment in 2014, Zeepay has been at the forefront of facilitating seamless remittance transactions, particularly focusing on instant settlements into mobile money wallets within these regions on behalf of renowned international money transfer organizations (IMTOs).

In the past year alone, Zeepay processed over 10 million remittance transactions, totaling a staggering value exceeding $3 billion. This impressive track record underscores the trust and reliability that Zeepay has established within the industry. With the newly acquired investment, Zeepay is poised to embark on an ambitious expansion strategy, both in terms of geographical reach and service enhancement. The primary objective is to extend Zeepay's mobile money services to a minimum of 10 additional countries within the next two years.

The injection of funds will not only facilitate Zeepay's expansion into new territories but also bolster its existing operations, allowing for the deepening of its collaboration with IMTOs and further enhancing the experience for both senders and recipients of remittances. By leveraging this investment, Zeepay aims to solidify its position as a key player in the fintech ecosystem, offering innovative solutions that address the evolving needs of individuals and businesses engaged in cross-border transactions.?

More on this story: Zeepay's equity raise