Mr. Joseph Githaiga has been appointed to the Advisory Board of the Fintech Association Of Kenya effective May 1, 2024. Githaiga, a seasoned corporate lawyer and regulatory compliance expert, has a significant background in the field, with previous roles at Spencer West LLP , PwC Kenya , Standard Chartered Bank, and Coulson Harney Advocates.

He has been instrumental in shaping regulatory frameworks and policy in the fintech sector, including initiatives that improve consumer protection and the operating environment for fintech firms. Duncun Motanya, Chairperson of the Fintech Association of Kenya, praised Githaiga's contributions and expertise.

Githaiga aims to use his position to support the growth and sustainability of the fintech sector in Kenya.

MOGO Kenya, an asset financier, has opened its inaugural electric motorbike showroom in Nairobi, targeting boda boda operators, as part of its commitment to promoting eco-friendly transportation in the country.

Situated along Jogoo Road in Nairobi, the showroom is a strategic move to strengthen MOGO's presence in Kenya. Johannes Võhma , the head of boda boda sales, highlighted the significant impact of this initiative on advancing e-mobility nationwide.

"The opening of our premier electric motorbike outlet in the country underscores MOGO's dedication to revolutionizing the transportation sector towards green mobility," Vohma affirmed.

Over the past year, MOGO has collaborated with various e-bike manufacturers, including Ampersand Energy, Roam , Fika, Spark, and Spiro, to offer affordable financing solutions for boda boda riders transitioning to e-bikes.

Read More

Cellulant has integrated Telecel Ghana as an alternate payment mechanism for Google Play consumers in Ghana. This integration enables Google Play users in Ghana to link their Telcel Cash wallet and utilize mobile money payments for platform services, addressing limited international card usage in the market. In Ghana, as in many African nations, low card penetration has spurred the rise of alternative payment options like mobile money wallets. Africa leads the US$1 trillion mobile money business globally, driving innovation and acceptance.

Kevin McDaid, head of partnerships, payments Platform at Google Europe, Middle East, and Africa, emphasizes that expanding payment alternatives aims to create an inclusive shopping experience for Google Play consumers. Telcel Cash's integration in Ghana marks Google and Cellulant's inaugural partnership in the region.

Richard Gesimba, vice president of Cellulant's Checkout Business Unit, expresses Cellulant's enthusiasm for facilitating payments for Google Play, enhancing accessibility for thousands of Ghanaian users and supporting Google Play's deeper penetration into the African market.

Read More

The Intergovernmental Authority on Development's Climate Prediction and Applications Centre (IGAD's ICPAC) has received substantial funding to enhance its disaster preparedness and response capabilities. This financial support, a contribution from Google.org, the philanthropic arm of the American tech giant Google, was instrumental in this achievement and highlights the crucial role of private sector entities in such initiatives. The funding was facilitated by the United Nations World Food Programme (WFP).

The funds are specifically designed for a pioneering initiative, "Strengthening Early Warning Systems for Anticipatory Actions" (SEWAA), which is a collaborative effort involving some of the world's leading climate and weather research bodies, including the University of Oxford and the European Centre for Medium-Range Weather Forecasts (ECMWF), alongside various humanitarian organizations. This collective endeavor aims to integrate advanced machine learning techniques to improve early warning systems.

This transformation holds the promise of a safer and more resilient future for these regions.

Dr. Guleid Artan, Director of IGAD's ICPAC, emphasized the urgent need for effective early warning systems, aggravated by the growing impacts of climate change.

The initiative will initially focus on pilot implementations in Ethiopia and Kenya, with plans to expand based on the insights gained.

Read More

Africa faces great challenges, including slow economic growth, debt crises, and political instability. Despite having less than 15% of the global population, NATO countries contribute about 31% to the world GDP. However, African countries are expected to become major contributors to global growth in the coming century. The continent's population is projected to grow, but economic growth has been sluggish, leading to debt crises and potential migration pressures. Countries like Nigeria, South Africa, and Egypt are grappling with various economic issues such as poverty, inflation, and unemployment.

Sub-Saharan Africa's debt crisis persists, driven by factors like fiscal weaknesses, reckless infrastructure investments, and political pressures. Civil conflicts exacerbate these challenges, and targeted reforms are needed to mitigate the debt crisis and stimulate economic growth. International support from institutions like the IMF and World Bank, as well as developed countries, is crucial for Africa's economic and political stability.

Read More

BuuPass - Bus, Train & Flight bookings acquired QuickBus - Intercity Bus Travel to expand into Nigeria and South Africa. BuuPass, founded in 2016, is a B2B2C travel marketplace allowing ticket booking via USSD, app, or web. With over US$100 million in goods sold and six million tickets sold, it's been part of Google for Startups Accelerator Africa and received funding from Google's Black Founders Fund.

QuickBus, launched in 2019, offers long-distance bus ticket aggregation. BuuPass plans to integrate with 100+ bus companies and key online distribution alliances like FNB, Vodacom, and MTN, adding 5,000+ routes to its network.

Read More

Apple reported a decline in sales across nearly all global markets, with demand for its smartphones dropping by over 10% in the first quarter of this year. Overall sales decreased in every geographic region except for Europe, resulting in a 4% decline in revenues to $90.8 billion, the largest drop in over a year. Despite this, the results surpassed expectations, leading to a rise in Apple's share price after-hours. The company attributed the decline to Covid-related supply disruptions, which caused unusually strong sales during the same period last year. Apple anticipates sales to rebound in the coming months, citing upcoming product launches and investments in artificial intelligence (AI).

Looking ahead, Apple expects sales to increase in the "low single digits" in the next quarter, with double-digit growth projected in its services business. Analysts anticipate improved investor sentiment, particularly in China, and highlight upcoming events as potential catalysts for growth.

Read More

The initiative aims to democratize AI education across Africa by providing essential skills to 2 million individuals by 2025.

This program, offered free of charge, addresses the increasing demand for AI expertise in the digital economy. Central to global industry transformation, AI incorporates machine learning (ML) and deep learning. AWS's initiative covers key areas like natural language processing and computer vision, which are essential for advanced applications such as automated customer service and medical image analysis.

Robin Njiru, AWS's Regional Lead for Public Sector-Sub-Saharan Africa, highlights AI's potential to tackle Africa's challenges and drive innovation. The curriculum targets tech enthusiasts and executives, offering theoretical knowledge and practical experience through labs and webinars. AWS also prioritizes broader digital skills development through initiatives like AWS re/Start, focusing on cloud training for diverse communities, including youths and refugees.

Read More

Possible reasons include politically motivated attacks and improved resilience efforts by state/local governments. Changes in industry attack rates include reductions in education sector attacks and increases in healthcare sector attacks.

The report revealed that victims often negotiate ransom amounts, with only 24% paying the original demand. Sectors like business and professional services negotiated down ransom payments the most, while public sector industries like higher education tended to pay more than the original demand.

On average, organizations paid 94% of the initial ransom demand, with smaller revenue groups negotiating larger reductions. Industries that negotiated down ransom amounts tended to pay a lower percentage of the original demand, while those paying more than the original demand were less likely to negotiate down.

Get Full Report

NTT DATA, Inc., formerly Dimension Data, urges East African entities to reassess their cybersecurity strategies due to the rising influence of Generative Artificial Intelligence (Gen-AI) and the associated risks. Peter Gitonga, NTT DATA East Africa's GM of Managed Services, emphasizes the need for specialized expertise to navigate the ethical dilemmas and cyber threats, which have been marked by a significant increase in cyberattacks targeting Kenya.

Speaking at the launch event of NTT DATA's managed services, Gitonga stresses the importance of security strategies that integrate people, processes, and platforms with a principle of zero trust. The event introduced advanced solutions, including Managed Detection and Response, Digital Forensic & Incidents Response, Managed Collaboration Cloud Solutions, and advanced Managed Network Services, all aimed at enhancing cybersecurity, cloud management, and network efficiency.

Mr. Gitonga expressed strong optimism about the transformative impact of these solutions on the East African market, while Richard Hechle, Managing Director of NTT DATA East Africa, reaffirmed the company's commitment to introducing global services and fostering growth across the region.

Read More

The UNDP plans to invest over $5.9 million to establish a Mining Technology (MinTech) hub in Zambia. This hub aims to enhance sustainability, efficiency, and safety in the mining sector through technology. Zambia was included following President Hichilema's commitment to industrialization and its mining potential.

The hub will be a collaborative space for stakeholders to exchange knowledge and develop solutions. Minister Felix Mutati sees it as a milestone for promoting value addition, while former Nigerian Vice President Yemi Osinbajo praised Zambia's leadership in the mining sector:

Read More

Alex Lazarow, in his reflection on "The Great Diffusion," highlights a shift in the financial services landscape. With the movement of production from global supply chains to more local ones, a new generation of entrepreneurs with differing needs is emerging, requiring innovative financial solutions. The rise of freelance and contract work has increased volatility for workers, necessitating new approaches to financial security traditionally provided by full-time employment.

Lazarow points out that as the job market evolves, financial services need to focus on education and skill development to prepare future generations for a new landscape where AI may automate financial decisions. He questions how we can best equip our children for this future.

The advent of blockchain and decentralized finance (DeFi) exemplifies this movement toward decentralization. Peer-to-peer lending might become the norm, challenging the centralized banking model. Financial services need to engage proactively in this new era, adapting to a world where individuals have more agency and where local and global blend in new ways. Their survival and success will depend on innovation, transforming into agile facilitators of the diffused future.

Read More

#Payless Africa, a fintech firm dedicated to building digital financial solutions, has officially launched in Kenya, targeting a youthful demographic with its mobile app and digital platforms. Offering a diverse range of services from banking and payments to savings and investments, the company aims to cater to the over 100 million unbanked and underserved youth across Africa. Kev Muley , Founder and CEO, emphasizes the firm’s commitment to creating a youth-centric, seamless financial experience that challenges outdated banking practices and promotes financial empowerment.

Recent surveys indicate a strong disenchantment among young people with traditional banking, describing it as "uninspiring" and "inefficient." In response, Payless Africa seeks to fill this gap by providing innovative, cost-effective, and user-friendly financial solutions that resonate with the aspirations and lifestyles of young individuals, thereby setting new standards for integrity and inclusivity in the financial sector.

Read More

Equity Bank Limited has been reaffirmed as Kenya’s top brand, with a brand value of Ksh 65.8 billion, according to data from Brand Finance. Despite economic challenges, Equity Bank increased its brand value by 1%, demonstrating resilience and strong financial management. The bank's Brand Strength Index score of 92.46, nearly unchanged from last year's 92.43, reflects its positive reputation for familiarity, consideration, and recommendation.

Walter Serem, Brand Finance Director, emphasized Equity Bank's robust financial performance and strong brand metrics, solidifying its leadership in the Kenyan financial sector.

CIC Insurance Group was recognized as the fastest-growing brand, with a 63% rise in brand value to KES 1.9 billion, driven by a high Brand Strength Index score of 82.98. Other notable brands include NCBA, which grew 44% to KES 19.7 billion, Centum Investment Company with a 36% rise to KES 713.8 million, and Kenya Airways, which achieved a 38% increase to KES 6.4 billion.

Read More

President William Ruto pledged government support for universities to offer online and virtual learning, aiming to enrich human resources and foster an inclusive knowledge society.

Highlighting progress in the 100,000km fibre optic network project, Ruto envisions its role in supporting online learning, e-commerce, and digital jobs. He emphasizes the pivotal role of higher learning institutions in economic transformation and celebrates the charter award to Tangaza University and Management University of Africa, bringing Kenya's total chartered universities to 64. Ruto stresses the importance of practical applied learning in preparing leaders across sectors and underscores education's role in attracting investors, sustaining the service sector, and boosting diaspora remittances. He directs the Commission for Higher Education to uphold integrity standards and combat fake credentials while unveiling a new university funding model prioritizing students from vulnerable backgrounds.

Education Cabinet Secretary Ezekiel Machogu reaffirms government commitment to tertiary and university education development, ensuring adherence to set standards and regulations for new institutions. During the event, Prof Edward Etengu and Dr Reuben Musyoka Mutiso are installed as Chancellors of Tangaza University and the Management University of Africa, respectively.

Read More

In 2024, the tech industry continues to experience major layoffs, totaling approximately 60,000 job cuts across 254 companies according to Layoffs.fyi. Major tech firms including Tesla, Amazon, Google, TikTok, Snap, and Microsoft have all enacted considerable workforce reductions this year. Additionally, numerous smaller startups have followed suit or even ceased operations altogether.

Some notable layoffs include:

• Sprinklr : Cut 3% of its workforce, impacting 116 people.

• Peloton : Laid off 15% of its employees, affecting about 400 people.

• Tesla : Implemented another wave of job cuts, reducing its global workforce.

• Google e: Laid off staff across key teams including Flutter, Dart, and Python.

Other tech companies like Apple, TikTok, Rivian, and various startups have also contributed to the surge in layoffs this year.

African companies affected:

• Chipper Cash (March 2024): Conducted layoffs impacting 20 employees as part of ongoing restructuring efforts.

• Swiggy (January 2024): A food delivery startup operating in Africa laid off around 400 staff, or 7% of its workforce, to optimize finances before a planned IPO.

• BYJU'S (February 2024): Reduced its workforce by 500 employees (3%) in an internal restructuring move.

These layoffs indicate changes within the industry due to cost-cutting measures, increased reliance on AI, and the challenging economic climate affecting both large enterprises and smaller startups.

Read More

Microsoft has released a Responsible AI Transparency Report, highlighting their commitment to developing and deploying secure and trustworthy AI applications. The report outlines their strategies for responsibly building generative AI tools, providing customer support, and continuously improving their responsible AI program. Key actions include implementing a governance approach based on their Responsible AI Standard and the National Institute of Standards and Technology's AI Risk Management Framework. This framework helps identify and mitigate risks throughout the development process.

Microsoft has also launched 30 responsible AI tools, comprising over 100 features to help customers develop their own AI solutions responsibly. Additionally, they have published 33 Transparency Notes since 2019, providing detailed information about their platform services, such as the Azure OpenAI Service.

Collaborating with multi-stakeholder groups like the Frontier Model Forum, Partnership on AI, MITRE, and National Institute of Standards and Technology (NIST), Microsoft seeks to shape a broader responsible AI ecosystem. They fund AI research initiatives, including the National AI Research Resource, and their own Accelerating Foundation Models Research and AI & Society Fellows programs.

Read More

Gebeya Inc. and UNHCR, the UN Refugee Agency have come together in Ethiopia to launch BoundlessSkills.com, a digital platform that empowers refugees by showcasing their skills and connecting them with potential employers. Since its inception in November 2023, the platform has successfully onboarded nearly 300 refugees, providing them with opportunities in the digital economy.

The partnership, supported by the Ministry of Foreign Affairs of the Netherlands, is crucial in aligning with Ethiopia's commitment to creating economic opportunities for refugees and host communities, as pledged at the Global Refugee Forum 2023. This alignment with the readers' interests and the platform's mission is a key partnership aspect.

The platform offers a wide range of technical and non-technical skills. Gebeya has partnered with organizations like the Refugee Investment Network and the Amahoro Coalition to scale up the talent pool and connect refugees with job opportunities. With Ethiopia hosting nearly 1 million refugees, BoundlessSkills.com aims to expand its impact across the continent, offering businesses and organizations opportunities to engage with skilled refugee talents.

Read More

OpenAI has been showcasing its new AI video generation model, Sora, to media industry professionals, aiming to build excitement and address concerns about the technology. To assess its capabilities, The Financial Times compared Sora with rival tools Runway and Pika using prompts from executives in advertising, animation, and real estate.

Charlotte Bunyan , co-founder of Arq, praised Sora's consistent representation of people and its accurate visualization of fantastical playground elements. Although OpenAI altered her original prompt to improve video quality, she noted Sora's approach raised questions about bias.

Alex Williams, an animator known for "The Lion King," highlighted that Sora couldn't produce a coherent short film but was still impressive in animation. He compared the impact of AI on animation to the switch from 2D to 3D, advising the industry to embrace technology.

Ashley Shakibai, a real estate production manager, appreciated Sora's photorealism but found it lacked crucial elements from his prompt, like people walking inside buildings. While noting imperfections, he recognized that Sora has the potential to challenge stock footage websites and actors, with further improvements necessary.

Ultimately, while each tool showed distinct strengths and weaknesses, the professionals believe that AI video generation models will revolutionize creative processes, provided the tools can deliver accurate and believable results.

Read More

Stakeholders in Kenya's green economy assembled at the Kenyatta International Conference Center (KICC) for a workshop on boosting youth employment in the sector. The discussion centered around the urgent issues of the misalignment of education with market needs, the need for collaboration between public and private sectors to create over 100 million green jobs, and the pressing problem of youth unemployment.

Sellah Bogonko of Jacob's Ladder Africa emphasized the need for immediate and coordinated efforts, while participants stressed on the urgency of incentivizing youth involvement in addressing climate change. The workshop also addressed the critical issues of talent shortages and limited green finance access, advocating for policy implementation and greater youth engagement.

Private enterprises were urged to join associations like ASSEK and ANDE, and enterprise support organizations were encouraged to foster partnerships and competitions to connect skilled youth with learning opportunities, underlining the urgency

Read More

The upcoming Korea-Africa Summit is generating anticipation as African leaders prepare to engage with South Korea on a range of strategic partnerships. Against the backdrop of increasing rice consumption in East Africa, and the introduction of Korean technology like K-Rice, the summit aims to go beyond traditional agricultural discussions. Instead, it seeks to foster a broader dialogue centered on shared growth, sustainability, and solidarity, highlighting the mutual benefits that this strategic partnership can bring.

This summit holds is as South Korea, a steadfast partner in Africa's development journey, pledges to enhance its assistance to the continent. With a focus on the quantity, quality, and efficacy of the support provided, South Korea is committed to tailoring assistance programs to meet each African nation's needs. This commitment aims to deepen South Korea's engagement with the continent beyond rice production, inspiring African leaders and stakeholders.

As preparations for the summit intensify, African leaders are not just participants but key architects of the strategic partnership. They are urged to effectively align their policies with regional goals, leveraging local expertise to advocate for their priorities. Key among these priorities is promoting local mineral processing and aligning policies with Agenda 2063 of the African Union. This emphasis on policy-driven funding and strategic dialogue underscores the pivotal role of African l

Read More

India and Ghana have agreed to implement the Unified Payment Interface (UPI) with Ghana Interbank Payment and Settlement Systems within six months to facilitate instant fund transfers between the two nations. The agreement was part of discussions held at the Joint Trade Committee meeting in Accra, where officials also explored a Memorandum of Understanding (MoU) on a Local Currency Settlement System (LCCS) for trade, digital transformation solutions, and the African Continental Free Trade Agreement.

The initiative will reduce reliance on the U.S. dollar in bilateral trade and strengthen the Indian rupee. The discussions, led by a seven-member Indian delegation headed by Amardeep Singh Bhatia, Additional Secretary at the Department of Commerce, identified potential for cooperation in several sectors including pharmaceuticals, healthcare, agriculture, renewable energy, and the digital economy. A business delegation from India, representing various sectors such as fintech and telecommunications, also participated in the talks.

Read More

OPay, a leading fintech startup operating in Nigeria and Egypt, has reached a valuation of nearly $3 billion, as reported by early investor Opera. In a recent U.S. SEC filing, Opera disclosed that its stake in OPay increased from 6.4% to 9.3% due to the fintech’s strong performance, particularly a fourfold increase in its customer base in 2023. Opera anticipates that OPay's revenue will grow at an annualized rate of 35% through 2030.

OPay, founded by Chinese billionaire Zhou Yahui, was valued at $2 billion in 2021 after raising $400 million in a round led by SoftBank. Its Nigerian services include digital banking and point-of-sale devices, which have benefited significantly from the country's recent currency redesign. Despite the funding slowdown affecting many startups, OPay remains one of Africa's most valuable startups and is edging closer to Flutterwave's $3 billion valuation.

Opera's increased stake was a result of a transaction involving the Asian business of Nanobank, which Opera partly owned. The shift from holding OPay shares "for sale" shows Opera's growing confidence in OPay's prospects, possibly hinting at an initial public offering soon.

Read More

OPay Halts Crypto Trading in Response to Nigerian Central Bank Directive

OPay informed customers on May 3 that it would no longer allow cryptocurrency and other virtual currency trading on its platform. This decision came in response to a directive from the Central Bank of Nigeria (CBN) aimed at preventing money laundering, fraud, and terrorism financing. OPay warned that any account violating the ban would be closed and reported to regulatory authorities.

The Central Bank of Nigeria also offered a directive to Palmpay, Kuda Bank, and Moniepoint from onboarding new customers due to accusations that their accounts were involved in illegal foreign exchange transactions. The CBN aimed to prevent the manipulation of funds through cryptocurrency exchanges and ensure proceeds from unlawful activities were not exploited. The ban was set to be reevaluated after a 90-day investigation period.

Despite fintechs noting that 90% of implicated accounts were with commercial banks, the CBN targeted fintech companies, drawing criticism for allegedly unfair targeting. Additionally, the Economic and Financial Crimes Commission obtained a court order to freeze 1,146 bank accounts involved in unauthorized forex dealings.

Read More

MTN Uganda , the leading telecom provider in the country, celebrated reaching 20 million active customers, marking a significant milestone in its history.

Teopister Nakyanzi from Busuula Town, Luweero District, was recognized as MTN Uganda's 20 millionth customer at a special staff town hall event. She expressed her gratitude for the recognition and was awarded a Tecno Camon 30 smartphone, groceries, branded merchandise, and a cash gift through MoMo.

MTN Group Vice President Yolanda Cuba CA(SA) praised the achievement, emphasizing its importance, while MTN Uganda CEO Mulinge Sylvia M.B.S highlighted the dedication of the team in reaching this ambitious goal. The event also recognized MoMo from MTN UG surpassing 300,000 merchants using the service for transactions.

Read More

A Google report reveals that 91% of South Africans expect life to be transformed by artificial intelligence (AI) within five years. Search interest in AI surged by 370% over the past year, with popular queries focusing on understanding and using AI, as well as inquiries into its current state and generative AI.

Google's Matt Brittin emphasized the importance of responsibly developing AI tools and collaborating with governments to maximize AI's benefits while minimizing misuse. The report shows that most South Africans believe AI is already impacting how they access information (81%), learn (78%), and work (72%), with 60% expressing excitement for its possibilities.

South Africans anticipate positive effects of AI on medical diagnoses and educational curriculum effectiveness (both 73%). They also believe AI will improve their ability to understand complex topics (82%) and benefit how they learn (79%). A majority felt AI would benefit society (76%) and similar people (69%). Additionally, 95% predicted AI would change most jobs and industries in the coming five years, while 83% expected a shift in the economy.

When asked about overseeing AI development, 90% trusted tech companies, 85% trusted academic institutions, and 50% trusted the government. Most respondents (91%) believed collaboration between government and tech companies was essential for AI education and ensuring everyone benefits from AI advancements.

Read More

Industry 4.0, also known as the Fourth Industrial Revolution or 4IR, represents the next phase of digitizing the manufacturing sector. It harnesses disruptive trends such as data, connectivity, analytics, human-machine interaction, and improved robotics. This new era, which began in the mid-2010s, builds on the digital advancements of the previous industrial revolution, bringing us advanced technologies like AI, blockchain, and the Internet of Things (IoT).

The World Economic Forum and McKinsey & Company created the Global Lighthouse Network to recognize manufacturing sites that successfully implement Industry 4.0 technologies. These sites set benchmarks for others to follow.

The Fourth Industrial Revolution will transform all industries, especially those with operationally intensive processes, like manufacturing and retail, where a high proportion of work can be automated. This transition requires businesses to upskill or reskill their workforce to keep pace with new technological requirements.

Industry 4.0’s adoption varies, with some technologies being easy to implement while others require extensive infrastructure. Ultimately, businesses need to analyze skill requirements, identify gaps, and implement training to effectively adapt to the changing landscape.

Read More

Asante Financial Services Group and Interswitch Group have launched Agent Float Financing, a credit service designed to support Quickteller agents with affordable loans. Agents who have used Quickteller for at least six months and have a good credit score can access up to 7 million Uganda Shillings at favorable rates. This service eliminates the need for collateral, offering loans based on transaction history and credit scores, which empowers agents to sustain and expand their businesses.

Maxwell Muyonjo, Managing Director at Asante Financial Services, stated that this initiative aims to empower small business owners, enhance continuity, and improve service delivery. Benfield Murumba, Head of Financial Inclusion at Interswitch, emphasized that this partnership reflects their commitment to supporting financial inclusion and helping businesses thrive. The collaboration is expected to boost Quickteller agents' financial well-being and foster economic growth in Uganda.

Read More

The Global Payments Innovation Jury 2024, conducted by Interswitch Group, has ranked Africa as the second most innovative region in payments, tied with the Middle East. Despite economic challenges and limited investment funding, Africa's entrepreneurs have shown resilience in developing innovative payment solutions. The Middle East has also made significant investments in payment technologies.

Asia Pacific holds the top spot for payment innovations, while North America, South America, and Europe trail behind Africa and the Middle East.

John Chaplin, senior adviser and founder of the Global Jury, emphasized that profitability will continue to be more important than rapid growth, advocating that business leaders should prioritize generating returns for shareholders in the near future. The jury comprises 136 experts from various sectors, including banks, fintech, and payment companies

Read More

Starlink remains active in unauthorized regions, despite SpaceX warning of impending disconnection in May for customers in countries like South Africa due to licensing issues. Users in South Africa and conflict-affected areas like El-Fasher in Sudan still access the service, emphasizing its role in communication, particularly during crises.

Investigations by Bloomberg and the Wall Street Journal revealed extensive Starlink use in countries with restrictive regimes. Despite SpaceX's efforts to enforce restrictions, a survey in South Africa showed that 73% of users retained access after the cutoff, highlighting difficulties in regulation and control.

SpaceX has not commented on the situation. Humanitarian organizations in Sudan worry about how losing Starlink could impact their work, while local Starlink shops operated by paramilitary groups face suspensions. The challenges in regulating satellite internet access persist due to the complex geopolitical landscape.

Read More

This Week in A Flash🚀

🌍 Economics & Finance:

• South Africa's Economic Surge: The IMF predicts South Africa will surpass Nigeria as Africa's largest economy. Current forecasts place South Africa's GDP at $373 billion, with significant gains attributed to stable financial conditions and infrastructural improvements.

• Takealot vs. Offshore E-Tailers: takealot.com CEO Fred Zietsman criticizes offshore e-commerce platforms like Temu and Shein for not facing the same regulations as local businesses, advocating for fair competition.

• Venture Capital in Africa: Norrsken22 invests $205 million to support fintech growth in Africa, particularly digital payments and neobanks, signaling a rebound in venture capital investments in the region.

📱 Technology & Innovation:

• Microsoft's AI Ethics: Microsoft updates its policies to ban the use of its AI technology for facial recognition by U.S. police, emphasizing ethical use of technology.

• Google Against Fake Apps: Google introduces new Play Store labels to differentiate official government apps from fraudulent ones, enhancing user security across 14 countries.

• Huawei's Cloud Program for Ugandan SMEs: Huawei launches a new program in Uganda to support SMEs with cloud services and technical training, aiming to boost the digital economy.

🌱 Environment & Sustainability

• Empowering African Climate Entrepreneurs: Village Capital and Norad launch a program to support climate-focused startups and Entrepreneur Support Organizations in several African countries, fostering sustainable entrepreneurship.

📲 Digital Advancements:

• Wave's Remarkable Growth: Francophone fintech Wave becomes the only African company on Y-Combinator's top 50 earning startups list, highlighting its impact in the mobile money sector.

🔍 Policy & Governance:

• Kenya Leads Data Protection Dialogue: Kenya prepares to host the NADPA Conference, emphasizing its role in strengthening data protection frameworks across Africa.

🎉What's New?:

• WhatsApp's New Event Planning Feature: WhatsApp introduces a new feature to organize events within group chats, aiming to enhance community interaction and event management.

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 - 27,543💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬