The African School of Governance Foundation (ASGF) has launched the African School of Governance (ASG), a graduate institution offering world-class public policy education, research, and engagement programs to address Africa's pressing governance challenges. Co-founded by Rwandan President Paul Kagame and former Ethiopian Prime Minister Hailemariam Desalegn, with support from the Mastercard Foundation, the institution will be headquartered in Kigali, Rwanda. Former Nigerian Central Bank Deputy Governor Prof. Kingsley Moghalu has been appointed as inaugural President, leading a distinguished governing board chaired by IFC Managing Director Makhtar Diop. The institution will offer comprehensive academic programs including Master of Public Administration degrees, executive courses, and specialized leadership programs, while maintaining research centers focused on African governance challenges. ASG's curriculum uniquely integrates African contexts with global best practices, supported by strategic partnerships with institutions like the Lee Kuan Yew School of Public Policy, aiming to develop a new generation of leaders equipped to address Africa's complex governance and development challenges.

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MTN Nigeria has launched West Africa's first eco-friendly, paper-based biodegradable SIM cards to replace traditional plastic SIMs, aligning with its Environmental, Social, and Governance (ESG) sustainability goals. This initiative is a key component of MTN's Project Zero, a decarbonization strategy aimed at reducing the company's carbon footprint through renewable energy solutions and sustainable practices, including waste reduction and recycling. Effective immediately, the company will distribute these biodegradable SIMs for all replacements, upgrades, and swaps, gradually phasing out plastic cards This move addresses the global plastic waste crisis, with the UN reporting that only 10% of the 300 million tons of plastic waste generated annually is recycled.

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The government of Zanzibar has created a blockchain sandbox program where innovative startups can experiment before upscaling.

• The sandbox, branded the National Blockchain Sandbox, has been designed by LedgerFi IT Solutions and is powered by XinFin Powering XDC Network

• The initiative will not only help startup founders to test their technologies but also elevate Zanzibar as an ideal hub for innovation.

• Startup founders will also safely test out their solutions within the National Blockchain Network, which has advanced encryption and multilayered security protocols

“The primary objective is to create a conducive environment for the development of cutting edge technologies including Blockchain, AI, and other emerging technologies,” Said Seif Said, Director General of the e-Government Authority of Zanzibar, said.

The Zanzibar government says it welcomes all interested startups to join the sandbox but it will prioritize startups that will offer digital solutions to financial inclusion, identity verification, and certification issuance. According to Seif, Zanzibar will wholly collaborate with startups that can help the country to achieve its digitization goals.

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Michael Jordaan, CEO of Montegray Capital , is optimistic about South Africa's economic growth in the coming decade. He predicts a 2.9% growth rate, outperforming developed markets like the US and UK. Jordaan emphasizes the importance of making tough decisions and investing in growth-enabling initiatives to create jobs and reduce societal tensions. He believes South Africa can achieve this by fixing energy, railways, ports, and home affairs.

Jordaan's diverse investment portfolio spans fintech, edtech, insurtech, and energy. He is excited about companies embracing technological changes and solving societal problems. Bank Zero, one of his investments, differentiates itself by offering zero fees and targeting self-servicing clients. Jordaan also sees great potential in the energy sector, with the private sector stepping in to provide grid-scale renewable solutions and battery storage. He advises young entrepreneurs to start quickly, solve real problems, and surround themselves with the right people.

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Collaboration between Customs authorities and stakeholders is crucial for the successful implementation of the African Continental Free Trade Area (AfCFTA), emphasized Jonathan Dabrah, Acting Head of the Tariff and Trade Unit at the Ghana Revenue Authority's Customs Division. He highlighted the need for stronger partnerships between the Customs Division, Customs House Brokers, and the private sector to ensure smooth enforcement of the "Rules of Origin," which determine the economic nationality of goods and prevent fraudulent claims. To facilitate this, Customs is intensifying training programs and supports the establishment of an AfCFTA Academy to equip brokers and trade professionals with necessary skills. A specialized tariff and trade unit within the GRA has been created to oversee AfCFTA and other trade agreements like the ECOWAS Trade Liberalisation Scheme and partnerships with the EU and UK. While focusing on trade facilitation, Customs will maintain strict controls to ensure compliance, employing risk management strategies such as selective inspections and post-clearance audits. Dabrah commended over 60 Ghanaian companies approved to trade under AfCFTA, noting Ghana's participation in the first guided trade as a significant milestone.

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In July 2023, Nigerian telecom giant Globacom experienced a major cyber attack that severely disrupted its operations for weeks. Employees were locked out of emails and critical applications, customer service lines were down, and hackers likely hijacked the company's Domain Name System (DNS), accessing sensitive customer data and demanding a ransom, which Globacom did not pay. Despite regulatory requirements to report such breaches within 72 hours, the company failed to do so, prompting the Nigerian Communications Commission (NCC) to intervene. Globacom has remained silent on the incident, offering no updates or plans to safeguard customer data, while employees resorted to WhatsApp for internal communications due to prolonged system outages. This incident underscores a growing trend of sophisticated cyber attacks targeting African companies—now facing an average of 3,370 attacks per week, the highest globally—and highlights the critical need for transparency and stronger cybersecurity measures in the industry.

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Mastercard has launched a new product innovation called Mastercard Move Commercial Payments, which aims to enable banks to facilitate near real-time, predictable, and transparent commercial cross-border payments. The solution, unveiled at the annual Sibos conference in Beijing, seeks to address existing challenges in the growing cross-border payments market, such as slow and unpredictable transactions, lack of pricing transparency, and counterparty risk.Mastercard Move Commercial Payments offers several key features, including 24/7/365 near real-time payments, flexible settlement options, a multilateral arrangement to reduce counterparty risk, compatibility with existing Swift messaging infrastructure and correspondent banking arrangements, and value-added services like risk control and fraud analytics. The product is part of the Mastercard Move portfolio of money transfer capabilities and has been piloted in the UK with Lloyds Banking Group and UBS, using Fnality International as the settlement venue. Mastercard believes this new product will help banks generate new revenue streams, reduce risk, and improve services for their corporate customers by providing a more efficient and transparent cross-border payment system.

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Experts warn that the high energy consumption required to power artificial intelligence data centers could hinder Africa's green goals by exacerbating environmental degradation and undermining sustainability efforts. Speaking at the Nigeria Fintech Week in Lagos, Ikem Isiekwena, Managing Director of Simmons Cooper Partners, highlighted that while AI offers significant advantages, its energy-intensive operations are not as environmentally friendly as perceived and should be addressed in African regulatory frameworks. The United Nations emphasizes the urgency of achieving Sustainable Development Goal 7 by 2030 to limit global temperature rise to 1.5°C, necessitating improved policy frameworks, increased investment in technology, and enhanced international collaboration. The "Greening Digital Companies 2024" report reveals that 148 leading digital companies consumed 518 terawatt-hours of electricity in 2022—about 1.9% of the world total—with the top 10 companies, all based in East Asia or the United States, accounting for 51% of this usage. Cosmas Luckyson ZAVAZAVA, PhD. , Director of Development at the International Telecommunication Union, urges industry players to monitor and reduce greenhouse gas emissions, warning that unchecked climate change could reverse development progress, and calls on governments to support a balanced transition toward digital innovation and environmental responsibility.

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Yango Group, a global tech company providing daily services, and eShandi Financial Services Limited, a leading Pan African Neobank, have entered a strategic partnership to enhance access to financial services for individuals and businesses across Africa. Central to this collaboration is a $10 million financing facility aimed at expanding and renewing Yango's fleet in Zambia, Namibia, Angola, DR Congo, and Ethiopia, directly benefiting partner companies and their drivers by offering resources to grow their businesses.

The initiative initially prioritizes Yango partners and high-performing drivers, with plans to expand access to a wider user base. The partnership aims to create a holistic ecosystem that fosters financial inclusion, facilitates asset acquisition, and allows individuals to generate passive income and build wealth beyond traditional employment. This transformative collaboration is expected to drive economic growth and shape a more inclusive financial landscape in Africa.

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Wibmo, a PayU company, and EFT Corporation have formed a strategic partnership to introduce the Wibmo Areion 3DS Server (3DSS) in South Africa, aimed at enhancing online transaction security and improving payment efficiency. The partnership, formalized at the Seamless South Africa event, marks a significant milestone in strengthening the country's digital payment infrastructure.

Ashley Mathura, Director of Sales at Wibmo, emphasized the potential to revolutionize digital payments by combining their advanced technology with EFT Corporation's local market expertise. Darryn Van Rooyen, Vice President of Acquiring Business at EFT Corporation, highlighted the partnership's focus on innovation in the fintech sector and its potential to set new industry standards. The collaboration is expected to have a positive impact on South Africa's payment ecosystem, offering state-of-the-art solutions that address the evolving needs of the market.

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The African Development Bank has approved a $100 million loan to enhance access to finance for youth and women-led small and medium enterprises in Nigeria through the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative. This transformative initiative aims to foster economic growth and job creation by uniting financial and non-financial stakeholders to support youth entrepreneurs. In collaboration with key partners—including the Federal Government of Nigeria, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN), which are contributing an additional $30 million—the project will establish the YEIB Investment Management Company to oversee three special purpose vehicles: an Equity Investment Fund, an Ecosystem Development Fund, and a Credit Guarantee Facility. These vehicles will invest in early-stage and high-growth enterprises, provide grants and business development support, and offer risk mitigation to improve access to credit for SMEs. The YEIB aims to create over 161,000 direct jobs (40% for women) and 1.4 million indirect jobs (35% for women), and to support over 76,000 youth-led enterprises through financial and non-financial services. By de-risking young entrepreneurs and providing patient capital, the initiative seeks to transform ideas into sustainable businesses, addressing youth unemployment and closing gender gaps in Nigeria's economy.

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The Uganda Microfinance Regulatory Authority (UMRA) and PostBank Uganda have signed a Memorandum of Understanding to digitize Tier IV Microfinance Institutions using PostBank's Wendi mobile wallet, aiming to enhance financial inclusion and empower last-mile beneficiaries to improve their livelihoods. This collaboration focuses on transforming Savings and Credit Cooperatives (SACCOs), Village Savings and Loan Associations (VSLAs), Self-Help Groups, and Non-Deposit Taking Microfinance Institutions (NDT-MFIs) into the digital age, particularly in hard-to-reach areas lacking physical banking facilities. Through Wendi, individuals and groups can access secure savings accounts with a 10% annual interest on daily savings and perform various financial transactions via smartphones or feature phones, regardless of their banking affiliation. Aligning with Uganda's National Financial Inclusion Strategy, this initiative addresses the challenge that many Ugandans still store money at home and that only 2 in 10 save electronically, despite increased adoption of SACCOs and mobile money services. UMRA and PostBank aim to enhance financial literacy, security, and convenience, fostering economic empowerment and bridging the gap in access to financial services for millions of Ugandans.

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MEST Africa and Mastercard Foundation held an event on October 18th to celebrate the achievements of their five-year partnership focused on supporting tech entrepreneurship in Ghana. The partnership has successfully equipped young innovators with resources and training to thrive in the digital economy, leading to the creation of impactful startups in sectors like healthcare, agriculture, and finance. A new report, "The State of Transformative Technologies in Ghana," was launched at the event, highlighting emerging trends such as AI, blockchain, and XR. The event also featured a panel discussion with industry experts exploring the application of these technologies in Africa and their potential to drive economic and social development in Ghana.

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AfriGO, Nigeria's National Domestic Card Scheme, has partnered with Touch and Pay Technologies to launch NFC-enabled and chip-enabled Cowry/AfriGO cards, transforming payment solutions in Nigeria's transportation sector with support from SafeHaven Microfinance Bank as the issuing bank. The initiative introduces a secure contactless payment system that works both online and offline across Nigeria's road, rail, and water transportation networks, aimed at improving operational efficiency, reducing fraud, and enhancing customer convenience through automated fare collection and reconciliation processes. The partnership, supported by AfriGO CEO Ebehijie Momoh and Touch and Pay Technologies CEO Olamide Afolabi, aligns with Nigeria's push toward a digital economy and financial inclusion, offering data collection capabilities for better decision-making while drawing inspiration from successful international systems like the UK's Oyster Card and Hong Kong's Octopus Card.

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OmniRetail, a Nigerian B2B e-commerce startup, has acquired Traction Apps, a payment and inventory management solution provider, to expand its offerings for small and medium-sized businesses (SMEs) in the fast-moving consumer goods (FMCG) sector.

The acquisition will integrate Traction into OmniRetail's flagship payment platform, OmniPay, aiming to process close to ₦2 trillion annually and provide loans worth ₦200 billion yearly. Traction's founding team, including Mayowa Alli and Dolapo Adejuyigbe, will join OmniRetail's leadership to focus on growing OmniPay, integrating solutions, and driving product development, with full integration expected by March 2025. The merger allows Traction's investors to benefit from the combined entity's growth, and both companies aim to simplify payments, credit access, and loyalty solutions for retailers, expanding their reach to more small businesses across Nigeria and beyond.

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Nigeria is introducing a bill to impose excise taxes on services such as gaming, betting, lotteries, and telecommunications to strengthen non-oil revenues amid a severe economic crisis. The proposed legislation would subject telecom services—including both postpaid and prepaid services regulated by the Nigerian Communications Commission—to a 5% excise duty as outlined in the Tenth Schedule of the act. The bill also aims to apply excise duties to any discrepancies between actual transaction rates and the Central Bank of Nigeria's exchange rate.

This tax initiative comes at a particularly challenging time for Nigeria's telecom sector, which is already experiencing significant financial strain - exemplified by MTN's recent loss of 7.39 billion rand ($414.7 million) in the first half of the year (its first loss since paying a $1 billion government fine) and Airtel's substantial ₦28 billion expenditure on diesel. The timing of these new taxes appears particularly sensitive as they coincide with one of Nigeria's worst economic crises, though the government views them as necessary to strengthen non-oil revenues.

dfcu Bank has launched a new GROW Loan initiative in Eastern Uganda to empower women entrepreneurs with financial support, training, and mentorship. This program offers loans at a low interest rate of 10% per annum, with repayment periods up to 2 years, and loan amounts ranging from 4 million to 200 million UGX. The initiative aims to address the unique challenges faced by women entrepreneurs in key industries like agriculture, trade, and manufacturing by providing them with the necessary tools and resources to grow their businesses. In addition to financial assistance, dfcu Bank is also offering pre- and post-loan training through its Women in Business (WiB) program, covering topics such as risk management, business skills, and business formalization.

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The African Development Bank (AfDB) has extended a $39 million grant to Zimbabwe to support youth and women entrepreneurship. This funding is part of the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, which aims to promote sustainable job creation for young Africans by supporting youth and women-led startups and small enterprises.

The grant will go towards providing Zimbabwean youth and women-led businesses with skills, financial support, and an enabling environment to run efficient businesses. This initiative falls under the AfDB's broader Jobs for Youth in Africa Strategy, through which the Bank aims to create 25 million new jobs and equip 50 million with employability and entrepreneurial skills for youth by 2025.

This fund targets Zimbabwe and other countries such as Ghana, Togo, Mali, Nigeria, Guinea, Malawi, Kenya, Uganda, Tanzania, and Rwanda. Working with low-income countries, fragile states, and AfDB'sof economic migration hotspot priority is the fund's focus.

The AfDB continues its efforts to meet Africa's fundamental challenges and accelerate economic development, and this grant is part of those efforts. Fresh from unveiling its new Ten-Year Strategy for 2024-2033, it has highlighted its investment plans in Africa's young population and its commitment to work more closely with the private sector to catalyze the continent's transformation.

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IHS Towers, Africa's largest telecommunication tower company and one of the world's leading independent telecom infrastructure owners, has secured a $439 million loan to manage fiat risks and enhance its operations across multiple African countries. Nearly half of the loan is denominated in South African Rand, with the remaining $255 million in U.S. dollars, according to a TechCabal report. Founded in 2001, IHS Towers provides mobile network operators with essential infrastructure like towers and wireless communication equipment, and operates in several countries across Africa, Latin America, and the Middle East.

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Funding Deal Roundup

• GoMetro, a South African B2B fleet management company, has received a £147,000 ($191,000) grant from the UK Freight Innovation Fund. The London-based company will use the grant to fund a six-month trial with Maritime Transport and Welch’s Transport.

• Kenya’s Sistema.bio has raised $15 million in a round led by ElectriFI. This funding will help the company grow in Africa, Asia, and Latin America by scaling its clean energy technology.

• Egypt’s Rabbit Mobility has raised $1.3 million in a round led by 500 Global. The micro-mobility startup will use the funding to support its expansion in Egypt and other North African markets.

• Endeavor South Africa has secured ZAR190 million (US$11 million) in the first close of its Harvest III, moving closer to its ZAR500 million (US$28.8 million) target.

• Ghanaian health tech BIMA has raised an undisclosed amount of funding from AAIC Investment. BIMA will use the funding to grow in existing markets and speed up its expansion across Africa.

• Yellow Card has secured $33 million in a Series C funding round led by Blockchain Capital. This latest round brings the startup's total funding to $88 million, following a $15 million Series A in 2021 and a $40 million Series B in 2023.

• South Africa's Grid Africa has received a R50 million ($2.8 million) equity investment from Rifuwo Energy Partners. The funding will support the development of renewable energy projects across the country.

• Eyewear startup Lapaire has secured funding to strengthen its presence in existing markets and expand into Senegal, the Democratic Republic of Congo, and Tanzania. AfricInvest provided $2.5 million, and Proparco contributed EUR 450,000 ($490,278) through Bridge by Digital Africa.

• Finally, Kenyan direct air capture (DAC) company Octavia Carbon has closed a $5 million seed round, plus $1.1 million in non-dilutive carbon finance. The funding moves Octavia Carbon closer to becoming the world’s second DAC company to complete full CO2 capture and storage.

𝑾𝒆 𝒉𝒐𝒑𝒆 𝒚𝒐𝒖 𝒇𝒐𝒖𝒏𝒅 𝒗𝒂𝒍𝒖𝒆 😊 𝒊𝒏 𝒕𝒉𝒊𝒔 𝒘𝒆𝒆𝒌'𝒔 𝒏𝒆𝒘𝒔𝒍𝒆𝒕𝒕𝒆𝒓. 𝑰𝒇 𝒚𝒐𝒖 𝒅𝒊𝒅, 𝒘𝒉𝒚 𝒏𝒐𝒕 𝒔𝒉𝒂𝒓𝒆 𝒊𝒕 𝒘𝒊𝒕𝒉 𝒚𝒐𝒖𝒓 𝒏𝒆𝒕𝒘𝒐𝒓𝒌 📢? 𝒀𝒐𝒖𝒓 𝒔𝒖𝒑𝒑𝒐𝒓𝒕 🙏 𝒉𝒆𝒍𝒑𝒔 𝒖𝒔 𝒓𝒆𝒂𝒄𝒉 𝒎𝒐𝒓𝒆 𝒓𝒆𝒂𝒅𝒆𝒓𝒔. 𝑨𝒉𝒔𝒂𝒏𝒕𝒆 𝒇𝒐𝒓 𝒚𝒐𝒖𝒓 𝒄𝒐𝒏𝒕𝒊𝒏𝒖𝒆𝒅 𝒓𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 🙌. 𝑾𝒆 𝒍𝒐𝒐𝒌 𝒇𝒐𝒓𝒘𝒂𝒓𝒅 𝒕𝒐 𝒃𝒓𝒊𝒏𝒈𝒊𝒏𝒈 𝒚𝒐𝒖 𝒎𝒐𝒓𝒆 𝒊𝒏𝒔𝒊𝒈𝒉𝒕𝒔 🔍 𝒏𝒆𝒙𝒕 𝒘𝒆𝒆𝒌.

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 [email protected] 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!

𝐏𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐰𝐞𝐞𝐤𝐥𝐲 - 40,489💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬