M-KOPA one of the leading African fintech platforms, has partnered with Bolt to launch an electric bike fleet in Kenya. This collaboration offers new and existing drivers the chance to lease Roam and Ampersand Energy's electric motorbikes at rates lower than current market prices, supporting Bolt's commitment to enhancing driver earnings and promoting eco-friendly urban mobility. The initiative aims to deploy over 5,000 electric motorcycles within the next three years, aligning with Kenya's National E-mobility Policy that encourages local EV production and assembly.

The electric bikes, which produce zero tailpipe emissions and require less maintenance, provide a cost-effective option for drivers. This effort is expected to reduce total ownership costs by about 40% compared to petrol motorbikes, with operational costs potentially dropping by up to 75%. Drivers can access these electric bikes for reduced prices through financing arrangements facilitated by the collaboration between M-KOPA, ROAM, and Ampersand.

The partnership is designed to make electric motorbike ownership more accessible and affordable, ultimately contributing to environmental sustainability and economic stability in the communities served. The initial rollout is taking place in Nairobi, with plans to expand the electric bike fleet in the future to further Bolt's sustainable transportation goals.

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Africa Specialty Risks(ASR) has made an announcement for the insurance sector. ASR has launched ASR Syndicate 2454 at Lloyd's of London, which is the first syndicate primarily focused on African markets within the renowned insurance marketplace. Starting operations on April 26, 2024, the syndicate will be managed by Apollo, and it aims to generate a planned gross premium of approximately £70 million this year.

Initially, ASR Syndicate 2454 will concentrate on underwriting existing lines of business such as Political Risk & Trade Credit and Energy, among others. However, it also intends to expand its offerings pending necessary approvals. This strategic move aims to leverage ASR's extensive network and deep knowledge of the African insurance landscape, and it also seeks to significantly enhance Lloyd’s footprint across the continent by increasing its current 2% business share from Africa.

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NCBA Group has launched a new mobile banking app called NCBA Now in Tanzania, aiming to improve digital banking accessibility and customer experience. The app features real-time account monitoring, card management, service requests, customizable alerts, fund transfers, bill payments, and mobile wallet transactions. John Gachora, NCBA Group Managing Director, emphasized the app's role in advancing financial inclusion in East Africa through innovative solutions that address customer needs and challenges.

Available on the App Store and Google Play Store, the NCBA Now app allows customers to manage their accounts conveniently. NCBA plans to expand the app's availability to Uganda, Rwanda, and Ivory Coast within the year, aiming to increase digital banking penetration in these regions.

Additionally, NCBA Tanzania reported strong financial results for 2023, with a profit after tax of TZS 20,164 million, marking a 157% growth. Customer deposits rose by 91.5% to TZS 262,582 million, and total assets increased by 14.5% to TZS 515,503 million. Over TZS 100 billion in loans were disbursed through the M-Pawa program, generating TZS 25 billion in revenue.

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Kenya's parliament has passed a landmark trade deal with the European Union, marking the end of a longstanding dispute with neighboring East African Community (EAC) partners. The Economic Partnership Agreement (EPA) grants Kenyan traders duty-free and quota-free access to the lucrative European market, valued at $13.9 trillion.

This agreement, ratified by the EU in March 2023, requires Kenya to gradually reduce duties on EU imports over the next 25 years while maintaining international labor standards and addressing climate change concerns.

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Over the past ten years, The Cooperation Council for the Arab States of the Gulf (GCC) countries have increased their economic presence in Africa. They have invested over $100 billion in various sectors, with the United Arab Emirates leading the way with a substantial $59.4 billion investment. Saudi Arabia and Qatar follow with $25.6 billion and $7.2 billion respectively. The UAE is now the fourth largest foreign direct investor in Africa, after China, the EU, and the United States. This financial infusion is crucial as Africa faces a $150 billion infrastructure funding gap.

Recent strategic moves include the UAE's International Holding Company acquiring a majority stake in Zambia's Mopani Copper Mines and Saudi Arabia's new mining deals with four African nations. As China's investment in Africa decreases due to domestic challenges, GCC countries are increasingly seen as important partners in driving Africa's economic agenda forward.

The establishment of the Africa Continental Free Trade Area (AfCFTA) will further enhance this dynamic, promising to unify and expand market access across the continent, thereby deepening Africa-GCC economic ties and paving the way for a new era of increased investments and collaborative ventures.

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Capitec Bank's CEO, Gerrie Fourie, expressed his confidence regarding the upcoming competition from Old Mutual South Africa's new banking venture, which is scheduled to launch in 2024. Despite the excitement and anticipation surrounding Old Mutual's entry into South Africa's financial market, Fourie is more concerned about potential disruption from global tech giants such as Apple and Facebook.

During a recent media briefing, Old Mutual confirmed its plans to target the upper mass and lower affluent markets, a segment that Capitec has successfully dominated. However, Fourie believes that the real challenge will come from international brands that can leverage their robust global presence and digital prowess.

As South Africa prepares for this new chapter in banking, Capitec is focused on meeting client needs and enhancing its service offerings, fueled by a remarkable 15% increase in its annual profits.

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The American Institutes for Research (AIR) inaugurated a new office in Nairobi, Kenya, affirming its commitment to research and technical assistance in East Africa. The opening ceremony, attended by local and regional leaders, marks AIR's dedication to partnering with East African communities to enhance education, health, workforce, and economic opportunities.

The office, housing 39 staff, serves as a base for ongoing and future projects in Kenya, Uganda, Tanzania, and neighboring countries. Initiatives include monitoring health commodity distribution for USAID's Afya Uwazi project, examining socioeconomic indicators and climate change, supporting communication for USAID's Famine Early Warning Systems Network, evaluating environmental programs, and assessing nutritional interventions.

Moreover, the Kenya office fosters partnerships with regional universities, including the University of Nairobi and Kenyatta University, to advance social and behavioral sciences. The AIR Pipeline Partnership Program, funded by the AIR Equity Initiative, supports education and mentoring in collaboration with universities and pan-African partners.

The university partnerships, designed for two years with renewal options, allocate over $250K annually for resources, research grants, scholarships, and training, facilitating knowledge exchange and capacity building in East Africa.

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Børge Brende, President of the World Economic Forum, expressed concerns about a decade of sluggish global growth unless appropriate economic measures are taken. Speaking at a WEF event in Riyadh, he highlighted the risk of "stagflation" for advanced economies, citing global debt levels nearing the 1820s.

Despite current global growth estimates of 3.2%, below the historical trend of 4%, he emphasized the importance of avoiding trade wars and addressing the soaring global debt, nearing 100% of GDP. Mr. Brende urged governments to navigate fiscal policies carefully to prevent a recession, noting inflationary pressures and the potential of AI for developing nations.

His remarks align with the IMF's warning about rising global public debt, which is expected to reach nearly 100% of GDP by the decade's end. The IMF particularly highlighted the debt levels in China and the U.S., attributing loose fiscal policies to increasing global funding costs. While the IMF slightly raised its 2024 global growth forecast to 3.2%, Brenda identified geopolitical tensions, such as the Iran-Israel conflicts, as the primary risk to the global economy, citing potential disruptions like a sudden spike in oil prices.

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Elon Musk's Starlink has made a move to increase its market penetration by reducing the prices of its home satellite internet installation hardware by 55.6% in Kenya. This promotion, which will run until May 15th, lowers the cost of the hardware installation from Ksh. 89,000 to Ksh. 39,500. The monthly subscription price of Ksh. 6,500 remains the same.

Starlink, operated by SpaceX, is currently available in select African countries including Kenya, Mozambique, Malawi, Zambia, Nigeria, the Kingdom of Eswatini, and Rwanda. However, regulatory conflicts have limited its operations in other regions.

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NBA Africa announced the launch of the "Triple-Double: NBA Africa Startup Accelerator," an initiative aimed at supporting early-stage African tech startups focused on the sports and creative industries. The accelerator, operated by ALX Ventures Morocco, will offer mentorship and capital to startups involved in areas such as event management, ticketing, youth development, AI, and digital marketing. Applications are open until May 31, and the top 10 selected startups will receive guidance from NBA Africa, ALX leadership, and other stakeholders, focusing on product development and business strategies.

The program will culminate in a Demo Day in New York City during the UN General Assembly in September, where the final four winners will be chosen to receive financial support and opportunities to collaborate with NBA Africa and the Basketball Africa League. The announcement was made at the American Chamber of Commerce’s Business Summit in Nairobi by NBA Africa CEO Clare Akamanzi zi, alongside notable U.S. officials.

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The financial industry faces a rising tide of fraudulent activities, costing the global economy $600 billion annually, fueled by the growth of digital banking and online payment platforms. Traditional rule-based fraud detection systems struggle with high false favorable rates, scalability issues, and a lack of real-time detection capabilities. Enter Artificial Intelligence (AI), revolutionizing fraud detection with machine learning algorithms that analyze real-time transaction data, enhancing accuracy and scalability.

AI-powered systems improve fraud detection by reducing false positive alerts, enabling real-time detection, and handling large transaction volumes efficiently. Predictive analytics, leveraging historical data and machine learning, takes fraud detection further by identifying potentially fraudulent activity before it happens. This proactive approach prevents fraud and enhances efficiency and customer satisfaction.

Real-world applications include credit card, identity, and insurance fraud detection, all of which benefit from AI's ability to analyze transaction patterns and identify anomalies. Adopting AI and predictive analytics empowers financial institutions to stay ahead of fraudsters, minimizing financial loss, improving efficiency, and delivering a superior customer experience in an evolving finance industry.

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RepAir Carbon Capture, a leading Direct Air Capture (DAC) firm, has partnered with Cella, a carbon storage technology company, to launch a Carbon Capture and Storage venture. This partnership focuses on extracting CO2 from the atmosphere and storing it underground through a process called in-situ mineralization. This method not only helps meet ESG standards and manage offsets but also supports corporate goals towards achieving net zero emissions.

RepAir's DAC technology is noted for its high energy efficiency, consuming 70% less energy than competitors and costing approximately $50 per ton of CO2 at scale. Their technology captures carbon using only 600 kWh per ton of CO2, which is the lowest in the market. Cella's storage process permanently transforms CO2 into rock, minimizing environmental impact.

The first project under this partnership will be located in the Kenyan Rift Valley, adjacent to a geothermal energy production site, ensuring the operation is powered entirely by renewable energy. This venture is set to launch with a commercial demonstrator in 2025. Both companies are also exploring further collaborations to continue their contributions towards combating climate change.

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The conflict between traditional banks and fintech startups in Nigeria's flourishing fintech sector intensifies, highlighted by Wema Bank Plc.'s suspension of fintech partners due to rampant fraud. With losses reaching NGN 685 million (about $502,000) in 2023, banks are striving to protect customers and combat illicit financial activities. This dispute mirrors previous clashes, like Fidelity Bank's restrictions on neobanks and fraud attacks on Flutterwave, exposing weaknesses in fraud prevention and customer verification.

Both banks and fintech firms face mounting challenges in tackling fraud risks, exacerbated by the lack of effective information sharing. Initiatives like Project Radar aim to address this by fostering collaboration and transparency. With Nigeria facing regulatory scrutiny and inclusion on the FATF grey list, urgent action is needed to develop comprehensive anti-fraud measures and ensure global financial integration.

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During the Zimbabwe International Trade Fair in Bulawayo, President William Ruto highlighted the pivotal role of agricultural innovation and technology in alleviating poverty and fostering economic growth. Emphasizing that innovation can open avenues for digital economies and enhance intra-Africa trade, Ruto envisioned a landscape where obstacles are transformed into opportunities. He commended Zimbabwe's commitment to harnessing its potential for sustainable development and noted the correlation between innovation and economic empowerment.

Ruto placed emphasis on how innovation enhances productivity, reduces waiting times, and ensures consistency and security in production. He lauded Zimbabwe as a prime example of Africa's potential, citing its youthful population and high literacy rates. Encouraging active participation in the trade fair, Ruto urged attendees to leverage networking opportunities for collaborative partnerships and innovative solutions. He positioned the trade fair as a catalyst for inspired engagements, echoing the sentiment that innovation drives industrialization and trade.

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Standard Bank Group has recently invested in Acre Impact Capital’s Export Finance Fund I to support sustainable infrastructure projects across Africa. The Fund is focused on financing climate-aligned projects in sectors such as renewable energy, health, and green transportation, and aims to address critical infrastructure needs in underserved communities.

As the largest commercial bank investor in the Fund, Standard Bank is leading the way in mobilizing blended finance for impactful projects on the continent. This partnership is in line with the bank’s mission to bridge the financing gap and support Africa’s transition to a lower-carbon economy. With significant backing from global financial institutions and export credit agencies, the Fund is expected to catalyze up to $2 billion in essential projects, contributing to the progress of the Sustainable Development Goals.

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Google has launched applications for the 8th cohort of its Google for Startups Accelerator Africa program, emphasizing startups utilizing artificial intelligence (AI) and machine learning (ML) to tackle challenges and create opportunities in Africa. Recognising startups as drivers of innovation and economic growth, the program aims to empower them in various sectors, including fintech, agritech, healthcare, and education.

The three-month virtual program, established in 2018, offers African startups equity-free support, mentorship from Google AI experts and industry leaders, technical workshops on AI/ML development, and access to a global network of investors and partners. Since its inception, the program has aided 106 startups from 17 African countries, raising over $263 million and generating more than 2,800 direct jobs.

Folarin Oreoluwa Aiyegbusi, Head of Startups Ecosystem, Africa at Google, highlighted the potential of AI to drive transformative change across sectors and expressed excitement about supporting the next generation of African AI pioneers. Eligible startups based in Africa or developing Africa-centric solutions leveraging AI/ML are encouraged to apply before the deadline on May 20, 2024, for a chance to participate in the program running from June to September 2024

Apply Here

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Kenya and Zimbabwe have signed four Memorandums of Understanding (MoUs) to enhance cooperation in various sectors. The agreements cover standards development, transport infrastructure, investment promotion, and agriculture. Additionally, education, health, and public service capacity development agreements were reached. Both countries aim to advance negotiations in trade, investment, air services, and renewable energy.

To ensure effective implementation of these agreements, the countries will establish Joint Technical Committees for monitoring and evaluation. They plan to convene the next Midterm Review in Kenya and elevate bilateral engagement to a binational commission by 2026. Furthermore, they commit to accelerating the implementation of agreements signed in 2022, focusing on cooperative development, tourism, and wildlife conservation.

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The transformative potential of artificial intelligence (AI) in Africa will be showcased at the upcoming AI Everything Expo by GITEX AFRICA in Marrakech, Morocco. This event is scheduled from May 29-31, 2024, and aims to accelerate AI innovation across the continent, addressing challenges and seizing opportunities in sectors like finance, agriculture, healthcare, and mobility.

According to analysts at Statista, the AI market in Africa is expected to expand by 30% annually, reaching $17 billion by 2030. The expo will feature tech giants such as Microsoft, IBM, and Google, alongside numerous ambitious startups, exploring AI's vast potential to reshape Africa's digital landscape amidst its young and rapidly growing population. Microsoft, the event's official AI partner, continues to deepen its investment in the region, reinforcing Africa's position as a fertile ground for cutting-edge technological advancements and investment opportunities.

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African Influencers for Development (AI4Dev) pledged robust support for timbuktoo Africa at their annual meeting in Cape Town, aiming to catalyze a startup revolution in Africa. Timbuktoo, endorsed by the United Nations Development Programme (UNDP), seeks to unlock capital to empower African innovators and spur economic growth through technology-driven industry expansion.

Timbuktoo's mission involves establishing innovation hubs across Africa in key sectors like FinTech, EdTech, and AgriTech. Additionally, it aims to empower African universities through University Innovation Pods (UniPods) to bridge the gap between research and industry application. AI4Dev members were tasked with leading the execution of timbuktoo's thematic hubs, harnessing resources from their networks. Prof Yemi Osinbajo, former Vice President of Nigeria, highlighted the importance of investing in African youth and their ventures. Ahunna Eziakonwa commended AI4Dev for its role in addressing global development challenges.

Members, including H.E Tigui Camara and Natalie Jabangwe, committed to leveraging their networks to facilitate timbuktoo's execution. The meeting emphasised the backing of African governments and the private sector for timbuktoo, focusing on mobilising public-private and philanthropic financing to nurture innovation and entrepreneurship among Africa's youth.

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Global technology companies are investing heavily in Africa to tap into its vast potential. Uber invested $20 million to create jobs for 700 Egyptians, while Microsoft launched two cloud data centers in South Africa to support local cloud services and educational initiatives. Opera is committing $100 million to boost Africa's digital economy, focusing on AI-driven content customization and reducing data costs. Google plans to invest $100 million to improve broadband infrastructure, and Facebook is investing in infrastructural projects to expand internet access.

Airbnb invested $1 million in community-led tourism, Orange Telecom invested $56 million to foster innovation, and IBM opened a $61 million laboratory to invest in African tech. Greenwish Partners is investing $800 million in solar-powered telecom towers, and Cisco is providing innovative financing programs to enhance technological access for startups and small businesses.

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Following a strategic meeting with Brad Smith , Vice Chair and President Microsoft oft, Peng Xiao CEO of G42 and Eco-cloud officials, President William Ruto announced that Kenya will begin the construction of a one Gigawatt (1GW) Data Centre in Naivasha.

The project will be a collaborative effort between the Kenyan government, Eco-Cloud, G42 Investment Group, and Microsoft.

The discussions, which align with the ongoing 24th edition of the Transform Africa Summit, also covered enhancing digital connectivity, boosting digital skills, and advancing cybersecurity.

U.S. Secretary of Commerce Gina Raimondo, who was present at the meeting, praised Kenya's leadership in digital transformation and its progress toward becoming a green Silicon Savannah

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A recent report by The Epoch Times has cast a critical light on the adverse impacts of Western-imposed green energy policies in Sub-Saharan Africa. These policies, which aim to promote environmental sustainability, have inadvertently contributed to economic stagnation and increased poverty across the continent. The report illustrates the harsh realities faced by Kenyan farmers, who struggle with outdated agricultural practices due to the Kenyan government's compliance with International Monetary Fund mandates to cut essential subsidies. This compliance is part of a broader international effort to combat global warming by reducing reliance on fossil fuels and encouraging renewable energy sources.

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South Africa's Central Bank (SARB) has recently launched a new digital payments roadmap with the aim of increasing the use of modern payment technologies across the country. The initiative, which was announced on April 23, 2024, is focused on the integration of cryptocurrency and Central Bank Digital Currency (CBDC) into the financial ecosystem to promote financial inclusion and improve the efficiency of the payment system.

As part of their forward-thinking strategy, SARB will be conducting tests of fiat-backed stablecoins within a regulated sandbox environment over the next two years. This experimental phase is designed to foster a deeper understanding and acceptance of cryptocurrency while ensuring robust regulatory frameworks are in place to support broader adoption.

In addition to this, the roadmap includes ongoing research into retail CBDCs, which will enable faster and cost-effective fund transfers. The roadmap also proposes regulatory measures for digital asset conversion, which will help to tackle the complexities of tokenization.

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The The World Bank’s latest Commodity Markets Outlook reports that global commodity prices, which saw a significant drop of nearly 40% from mid-2022 to mid-2023, have now stabilized. This stabilization is making it difficult for central banks to reduce interest rates quickly, as the decline in commodity prices was a major factor in reducing global inflation by about 2 percentage points during that period. Despite this, commodity prices remain 38% higher than the pre-COVID average, and future forecasts predict a modest decrease of 3% in 2024 and 4% in 2025.

Geopolitical tensions continue to affect commodity prices, particularly oil. If conflicts in the Middle East escalate, it could disrupt oil supplies and push prices higher, potentially increasing global inflation. Currently, Brent crude oil prices are significantly above their pre-pandemic average and expected to decrease slightly in the coming years, barring any major disruptions. The report also highlights that while global growth is weakening, commodity prices are expected to remain elevated due to these ongoing tensions.

Gold prices are anticipated to reach record highs in 2024 due to strong demand and geopolitical uncertainty. Similarly, prices for metals crucial for green technologies, like copper and aluminum, are also expected to rise due to increased investment in renewable energy and electric vehicles. The report concludes that while individual forecasting methods for commodity prices have their flaws, a combination of different analytical approaches and sound judgment tends to produce the most accurate predictions.

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New laws in the UK now require that all smart devices, including phones, TVs, and smart doorbells, must meet minimum security standards to protect against cyber-attacks. This legislation, effective from Monday, bans default weak passwords like “admin” or “12345” and mandates that manufacturers allow users to change these passwords to strengthen security.

Additionally, companies must provide contact details for reporting bugs and be transparent about the timing of security updates. These measures, part of the product security and telecommunications infrastructure (PSTI) regime, aim to enhance consumer confidence and safeguard personal privacy, data, and finances against the rising threat of cybercrime. The UK government envisions these regulations will position the country as the safest place in the world to be online.

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Citi and British International Investment (BII) have recently launched a new $100 million risk-sharing facility aimed at increasing liquidity for African lenders and supporting the importation of essential agricultural commodities and other vital goods. This move is aimed at enhancing economic stability across Africa by targeting promising businesses in underserved markets such as Benin, Cameroon, Côte d’Ivoire, Rwanda, Tanzania, Uganda, and Zambia that are often constrained by financial limitations. The facility will enable over 200 local banks within Citi’s network to finance the importation of critical commodities like wheat, fertilizer, rice, and sugar, along with necessary equipment and machinery.

The CEO of BII, Nick O’Donohoe, highlighted the facility's role in addressing food security and supporting local businesses in need of capital. Stephanie von Friedeburg of Citi emphasized the partnership's aim to strengthen trade and ensure food security across frontier and emerging African economies. This collaboration builds on a previous 2022 initiative where BII acted as a guarantor for supply chain finance facilities, allowing Citi to potentially increase its annual trade finance volumes in Africa by up to $400 million.

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The Ministry of Communication and Digital Economy of The Gambia has recently launched a new digital integration initiative called "Western Africa Regional Digital Integration Programme (DTFA/WARDIP) SOP-1." This project is worth $50 million and has been funded by the International Development Association (IDA) in collaboration with the African Union, Smart Africa, ECOWAS, and the governments of Guinea Conakry, Guinea-Bissau, Mauritania, and The Gambia. Its primary objective is to enhance digital connectivity, facilitate cross-border data exchange, and promote digital commerce in the region.

The programme aims to create a unified digital market in Africa, which will help improve broadband access, boost economic growth, and reduce the digital divide in the beneficiary countries. This initiative is a significant step towards achieving a more integrated and connected West Africa.

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An employee of the Equity Bank Limited reportedly used malware to siphon $2.1 million from bank accounts to multiple recipients, including M-Pesa lines and other commercial banks. By the time the fraudulent activity was detected, some of the money had already been withdrawn by the recipients. Equity Bank has since frozen the accounts involved and, in collaboration with Safaricom PLC and other banks, is working to recover the funds.

Initially, 19 suspects were arrested, but this number has since increased to 59, with some granted bail. Ongoing investigations are being conducted by the Directorate of Criminal Investigations to locate other suspects still at large. The incident has highlighted vulnerabilities in the East African nation's banking system.

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Despite a tech downturn and tightened investor scrutiny, Nigeria's fintech challenger OPay, backed by Opera Limited, has seen a remarkable increase in valuation. Opera's latest financials reveal a significant uptick in OPay's value, reaching between USD 2.7 billion to USD 2.9 billion, a substantial gain from its previous valuation of USD 2 billion after a USD 400 million Series C funding round. This surge is notable amid challenges African startups face in securing funding and justifying valuations.

While the ecosystem witnesses closures and markdowns, OPay stands out with its growth, quadrupling its user base and achieving over 60% revenue growth in 2023. Its success lies in providing mobile money and payment services, particularly in addressing the needs of Nigeria's unbanked population. With strategic expansions into new markets like Egypt and partnerships for international money transfers, OPay is positioned for further growth despite market turbulence.

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OpenAI has struck a content partnership with the UK’s Financial Times (FT), enabling the AI company to utilize FT's content for AI model training and collaborative development. The deal allows ChatGPT users to access select attributed summaries, quotes, and links to FT journalism.

This collaboration follows similar agreements with other publishers and aims to enhance the ChatGPT experience while addressing copyright concerns raised by publishers like the New York Times.

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At the recent Semafor Africa Summit held in Washington, D.C., Akinwumi Adesina, the President of the African Development Bank Group(AfDB), highlighted the urgent need for African policymakers to establish a transparent and structured approach to tackle the continent's escalating external debt, which reached $824 billion in 2021. Adesina emphasized the dire implications of opaque loans and the excessive debt servicing burden, which currently demands 65% of the continent's GDP. He criticized the shift from concessional, low-interest financing to more costly short-term commercial loans, which now constitute 44% of Africa's total debt.

Despite these challenges, Adesina reaffirmed Africa's status as a prime investment destination and urged immediate action to resolve structural debt issues and alleviate the unfair borrowing costs known as the "Africa premium." The summit coincided with the 2024 Spring Meetings of the IMF and World Bank.

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Danish shipping company A.P. Moller - Maersk announced an investment of $600 million in Nigeria's seaport facilities. This move was made during a meeting between Nigerian President, Bola Tinubu, and Maersk Chairman, Robert Maersk Uggla, at the World Economic Forum in Saudi Arabia. The aim of this investment is to modernize and expand Nigeria's ports, including those in Lagos, resulting in better trade efficiency and a reduction in port congestion.

The larger vessels that will be accommodated by these upgraded ports will further enhance trade. President Tinubu stated that the government will support these upgrades through modernization and automation efforts, which in turn are expected to reduce corruption and increase operational efficiency at Nigerian ports.

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IZI Electric Rwanda has launched five electric buses in Kigali, expanding e-mobility options in the city and addressing challenges faced by public transport operators. This pilot project, in collaboration with Kigali Bus Services (KBS) and local operators, aims to electrify public transport at a fraction of previous costs. With Kigali's population surging by 50% since 2013 and a decline in operational buses due to rising diesel costs, this initiative comes as a vital solution.

IZI's 'e-mobility-as-a-service' model offers cost-effective options for operators, providing electric vehicles, charging infrastructure, maintenance, and training at a low per-kilometer fee. This approach enables operators to save up to 40% on operational costs without upfront investment. Key to its affordability is IZI's proprietary platform extending electric vehicle battery lifespan.

The establishment of the IZI Battery Laboratory in Kigali, the first in Africa, will offer localized battery services, fostering job creation and accelerating electric vehicle adoption in Rwanda and East Africa. With orders for over 200 buses planned for 2024, IZI's CEO, Alex Wilson , is enthusiastic about contributing to Rwanda's goal of electrifying 20% of its public transport by 2030. Chairman of Kigali Bus Services, Charles Ngarambe, sees transformative potential in IZI's model, emphasizing its impact on business profitability and expansion.

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The International Monetary Fund's Deputy Division Chief, Julian Amboko, recently discussed revised economic projections for Sub-Saharan Africa. Growth projections for 2024 were slightly lowered from 4.0% to 3.8%, but the report highlights signs of recovery with two-thirds of the region expected to experience positive growth. The varied growth rates are attributed to different economic structures across the region, with non-commodity economies projected to perform better in the medium term.

East Africa is expected to outpace the broader region with a projected growth rate of 5.8% driven by diversified economies. The discussion also addressed global geopolitical tensions and their potential impacts on Sub-Saharan Africa, including rising oil prices and food insecurity. The IMF suggests broader tax bases and digital enhancements in tax administration as part of fiscal consolidation efforts to address these challenges without stunting development.

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Lexi Novitske, CFA, a general partner at Norrsken22, a $205-million Africa-focused fund, highlights the increasing attractiveness of African tech and start-up firms for global investors. Despite a 31% decline in venture capital inflows to Africa in 2023, Novitske remains optimistic, citing the resilience and strong performance of many African companies. Norrsken22 has already invested in six companies, including South Africa's Tyme Group, with plans to expand its portfolio to 20 companies by 2025.

The fund focuses on supporting companies offering lean-tech solutions, including digital payments and neobanks in Francophone West Africa. With backing from unicorn founders, Norrsken22 aims to capitalize on Africa's evolving tech landscape and regulatory shifts to drive digital adoption.

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The Islamic Development Bank (IsDB) has pledged $418 million to lead new development initiatives across its member nations, focusing on improving socio-economic growth and sustainability. The announcement was made during the bank's 355th board meeting chaired by the bank's President, Dr. Muhammad Al Jasser, in Riyadh, Saudi Arabia. This meeting coincides with the IsDB Group Annual Meetings and marks the bank's 50th anniversary. The funding will support several key projects, including a $150 million investment in Tajikistan for the Rogun Hydropower Plant, aimed at enhancing the country's renewable energy capacity and regional energy security. Further funds will be used to support agricultural and infrastructure projects in Benin, Côte d'Ivoire, and Türkiye, which will include the development of cassava value chains and the construction of a motorway section to reduce traffic congestion and emissions.

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During the ITWeb AI Summit held in 2024 at Bryanston, Johannesburg, a new study revealed that South African companies are gradually embracing Generative Artificial Intelligence (GenAI). Arthur Goldstuck, CEO of World Wide Worx, shared insights from the SA Generative AI Roadmap 2024, which surveyed IT decision-makers across 100 large enterprises. The research, conducted in collaboration with Dell Technologies and Intel, found that although 45% of the companies surveyed are not currently using GenAI, they plan to explore its capabilities in the near future. This growing interest highlights a significant move towards adopting AI technologies that promise to bring enhanced creativity and efficiency to business operations, thereby revolutionizing the local business landscape.

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Apple is reportedly in discussions with OpenAI to incorporate the startup's generative AI technology into new iPhone features slated for release later this year. The potential agreement involves integrating OpenAI features into Apple's upcoming iOS 18 operating system.

While neither company has commented on the talks, Apple has been exploring partnerships with other AI providers, including Google. Despite being slower in adopting generative AI compared to rivals like Microsoft and Google, Apple's CEO Tim Cook has hinted at significant investments in AI technology. Stay tuned for updates on Apple's plans in the AI space.

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Africa and China have been working closely to develop a "global community of shared future," a concept initiated by Chinese President Xi Jinping in 2013, which focuses on mutual benefit and comprehensive cooperation. Chinese influence in Africa's infrastructure development and technological advancements is increasingly visible across the continent's socioeconomic sectors. At a recent joint press briefing in Seoul, South Korean Ambassador to Kenya, Yeo Sung-jun, emphasized Africa's crucial role as a labor resource with a young population that has the potential to drive future global workforce demands.

The partnership between Africa and China goes beyond economic interests and includes cultural exchanges and a commitment to sustainable and inclusive development. Initiatives like the Belt and Road Initiative (BRI) and the Forum of China-Africa Cooperation (FOCAC) exemplify this synergy, creating environments where both regions can benefit from shared growth and prosperity. This partnership not only helps Africa's aspirations on the global stage but also aligns with China's strategic diplomatic goals, promoting a collaborative approach to international relations and development.

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In this week’s "Founder of the Week" segment, we are thrilled to feature Muriuki Collins, the dynamic co-founder and CEO of TERRA , a leading innovator in digital financial services in Africa.

Entrepreneurial Vision

Muriuki embarked on his entrepreneurial journey in 2012 with a deep-seated passion to transform the African financial sector. He co-founded TERRA to provide robust, scalable digital solutions that empower businesses across the continent, simplifying how they manage their financial operations with pioneering technology.

Revolutionary Solutions by TERRA

TERRA has been instrumental in reshaping how businesses interact with digital financial services. Their flagship Wallet-as-a-Service platform has helped numerous businesses deploy and manage digital wallets more effectively, enhancing their operations and customer engagement.

Noteworthy Achievements

Muriuki's vision for TERRA has led to significant accomplishments:

🥇 Dishi Na County Initiative: Leveraging TERRA's Tap2Eat wallets, this initiative aims to feed 1 million African children by 2025, becoming the continent's largest school feeding program.

🥇 Automating Tea Collection: TERRA has streamlined payments for over 650,000 tea farmers in Kenya, drastically improving their economic stability and payment processes.

Awards and Recognition

🏆Under Muriuki's leadership, TERRA and its team have garnered substantial recognition:

🏆Business Daily Top 40 Under 40 Award (2023): This accolade is a testament to Muriuki's innovative leadership and entrepreneurial spirit.

🏆Nomination for Forty Under 40 Africa Award: Further solidifying TERRA’s influence and commitment to excellence in the fintech industry.

A Vision for the Future

Looking forward, Muriuki aims to establish TERRA as a Pan-African leader in financial technology, while continuously impacting the community positively. His advice to aspiring entrepreneurs is simple yet profound: “Just Start.” He believes in taking decisive action towards one's goals, which has been a cornerstone of his success.

Join us in celebrating Muriuki Collins, a true pioneer in the fintech landscape, as he continues to innovate and inspire across Africa!

🌟 This Week in a Flash 🌟

🚀 Market Expansion

DTB Kenya Expansion: Diamond Trust Bank (DTB) is expanding its footprint in Kenya, opening seven new branches across various cities. This growth strategy aims to make financial services more accessible and boost DTB’s presence in the bustling Nairobi and other growing towns. 🏦

📈 Market Outlook

IMF Economic Warning: The International Monetary Fund (IMF) highlights a concerning economic slowdown in Sub-Saharan Africa, with a widening income gap amid global and domestic challenges. This could mean tougher times ahead for the region's economic stability. 💸

🎓 Education & Innovation

Huawei Kenya Tech Training: Huawei Kenya launches a tech sponsorship for students to train in South Africa, enhancing ICT skills through their 'Seeds for the Future' program. 🌍💻

Microsoft AI Innovation: Microsoft introduces VASA-1 AI, capable of transforming photos into realistic speaking videos, promising educational and accessibility advancements but also raising ethical concerns. 🤖

🌱 Environmental, Social, and Governance (ESG)

UK Green Projects in Kenya: The UK commits £6.6 million to support eco-friendly projects in Kenya, aiming to foster sustainable development across various sectors. 🍃

🤝 Partnerships & Collaborations

South Africa Digital Payments Roadmap: The South African Reserve Bank unveils a roadmap to enhance digital payments, including exploring CBDCs and stablecoins. This could revolutionize payment systems and financial inclusion in the region. 🌐

NBA Africa Startup Accelerator: NBA Africa, in collaboration with ALX Ventures, launches an accelerator to boost startups in sports and creative industries, enhancing innovation across Africa. 🏀

💰 Venture Capital

TLcom Capital Fundraising: TLcom Capital raises $154 million to invest in African startups, signaling a robust interest in the continent's tech potential despite global economic pressures. 🌟

📊 Economic Insights

Nigeria's Debt Servicing Challenges: Nigeria faces a surge in external debt servicing costs, pressuring its financial stability amid economic challenges. 📉

🔗 Technology and Innovation

Meta AI Expansion in Africa: Meta expands its AI service to additional African countries, integrating cutting-edge AI tools into widely-used apps, enhancing user interaction and productivity. 📲

Starlink Cuts Installation Costs in Kenya: Elon Musk's Starlink slashes installation prices in Kenya, aiming to boost its market presence and make satellite internet more accessible. 🛰️

🌍 Policy and Regulatory Moves

U.S. Expands Agoa: U.S. Senators propose expanding the African Growth and Opportunity Act to cover all African nations until 2041, potentially enhancing economic ties and fostering regional trade. 🤝

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!

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