KCB Bank Group CEO Paul Russo has been named African Business Leader of the Year by Africa Leadership Magazine. Russo was selected based on his leadership qualities, transformative vision, and significant contributions. Under his leadership, KCB's asset value grew to Ksh 2 trillion, and the bank became the most profitable in East Africa, with a 69% rise in Q1 net profit to Ksh 16.5 billion.

Russo additionally emphasized that the award reflects the collective efforts of the KCB team and their commitment to positive change and sustainable growth. The Africa Leadership Business Leadership Awards recognize exceptional corporate practices and outstanding achievements in Africa's business sector.

Read More

Flutterwave has been granted approval-in-principle for a payment aggregator license by the Bank of Mozambique, the country's central bank. This approval allows Flutterwave to expand its operations and provide payment services in Mozambique, benefiting both local and global businesses looking to operate in the country.

Beyond Africa, Flutterwave has also made inroads into the United States, having acquired money transfer licenses in 13 U.S. states, including Arizona, Arkansas, and Maryland, among others.

Read More

M-KOPA secured a $51 million loan from the U.S. International Development Finance Corporation to enhance digital connectivity in Kenya. This funding will enable M-KOPA to provide affordable smartphones to underserved communities, expanding access to digital financial services.

In the previous year, M-KOPA raised over $250 million in new funding to extend its financial services to underbanked consumers across Sub-Saharan Africa. The company is known for its pay-as-you-go financing model, which allows customers to gradually own appliances through flexible micro-payments.

M-KOPA has provided over $1 billion in credit to individuals who would not typically qualify for formal financing. The company aims to further expand its financial services and product offerings, as well as reduce greenhouse gas emissions in Kenya and Uganda, where its solar products are particularly popular.

Additionally, the DFC announced plans to open a regional office at the U.S. Embassy in Nairobi to support private sector development in Kenya and across Africa.

Read More

Safaricom PLC has unveiled the first cohort of nine startups in its restructured Spark Accelerator Program, a collaboration with M-PESA Africa and Sumitomo Corporation. Approved by the Safaricom board and shareholders, the Spark Accelerator aims to provide startups with capital, markets, technology, and product development support, implemented by iHub Nairobi to grow and scale commercially viable businesses.

The selected startups include:

1. Chumz.io - Uses mobile money, gamification, and behavioral psychology to build a community of savers.

2. nobuk - Simplifies financial reporting for African groups.

3. chpter. - Encourages social media marketing using an AI-powered platform.

4. FaidiHR - Offers a cloud-based payroll and HR platform for businesses.

5. Churpy Inc. - Automates repetitive and manual office tasks.

6. Twiva - A social-commerce platform connecting brands to social media influencers for marketing.

7. HealthX Africa - A data-driven medtech providing hybrid digital and physical healthcare touchpoints.

8. BlackRhino VR - Enables creators and brands to tell immersive and interactive stories.

9. VunaPay - Facilitates instant payments to smallholder farmers for produce delivered to cooperatives

CEO Peter Ndegwa C.B.S emphasized the goal of driving societal change and economic growth by supporting these tech-enabled startups.

Read More

• Nkosana Makate.

• Peter Ndegwa.

• Nick Hughes.

• Michael Joseph.

Mastercard and the African Development Bank Group have launched the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa. Their goal is to provide digital access to critical services for 100 million individuals and businesses in Africa over the next decade. The Alliance will initially focus on supporting the agricultural sector and empowering women, with a pilot program to be launched in Kenya, Tanzania, and Nigeria.

The African Development Bank Group has committed to investing $300 million, while Mastercard aims to register 15 million users in Africa onto its Community Pass platform. The Alliance has garnered support from organizations including Equity Bank Limited , Microsoft , Heifer International , Unconnected.org, and Syngenta Foundation. Their aim is to create and enhance accessible, affordable, and trusted technology and digital tools to enable more people to join the digital economy.

Read More

Orange Middle East & Africa and Amazon Web Services (AWS)will introduce AWS Wavelength Zones in Morocco and Senegal later this year. This will allow local processing and storage of data within Orange’s network, enhancing digital connectivity with low-latency user experiences .

The initiative will support various sectors, including telecom, finance, public services, and gaming. It aims to boost cloud adoption, ensure data residency, and foster digital transformation in Africa. AWS Wavelength will provide a range of AWS services, enabling developers to build and deploy applications locally.

Read More

Nezha Aloui , the Founder and CEO of Women Choice, is dedicated to empowering women in tech by addressing the unique challenges they face. She highlights fundraising and finding allies as significant hurdles for women entrepreneurs. Women Choice aims to create a supportive ecosystem through networking, mentorship, and access to funding and partnerships, utilizing platforms like GITEX AFRICA.

The organization runs several programs, including 'Logic Connect and Elevate' with Logitech and the upcoming 'Investor Connect,' to support women in tech. Additionally, Women Choice supports female STEM students by helping them connect with employment opportunities and providing career guidance.

Aloui’s vision is to build a robust support system for women in tech, fostering their growth and success.

Read More

The 8th Huawei ICT Competition, held in Shenzhen, China from May 23-26, saw strong participation from Sub-Saharan Africa, with 18 teams from the region winning the most prizes. The region's teams secured four grand prizes, six first prizes, three second prizes, five third prizes, and two Women in Tech awards. The competition attracted over 170,000 students from 2,000 universities across 80 countries, with 160 teams from 49 countries reaching the global finals.

Huawei's leaders, Zhou Hong and Peng Honghua, reiterated the importance of digital inclusivity and ICT talent cultivation. The event included the ICT Accelerating Education Transformation Summit, where 24 instructors were honored as Huawei ICT Academy Global Most Valuable Instructors for their contributions to talent development.

Read More

Rwanda's Central Bank has reduced its key interest rate to 7.0% to boost economic growth, marking the first rate cut since mid-2023. The decision follows a drop in inflation, from 21.7% in November 2022 to 4.5% in April, comfortably within the bank’s target range of 2%-8%.

The government forecasts growth rates of 6.6% for 2024, increasing to 7.2% by 2027. Additionally, the International Monetary Fund has concluded reviews with Rwanda, unlocking substantial funding and demonstrating confidence in Rwanda's economic management.

Read More

On May 23, 2024, the 12th Edition Connected Banking Summit - Innovation & Excellence Awards took place at the Maslow Hotel in Johannesburg, drawing over 300 global executives and experts from the banking and financial services industry.

The event, themed "Empowering Tomorrow’s Banking Digital Landscape: Enroute to Technology, Innovation, Inclusivity, and Sustainability," highlighted the importance of technological advancements and responsible innovation. The summit featured over 24 prominent speakers discussing topics such as digital inclusion, customer experience, DeFi, AI, ML, and ESG & sustainability. Notable speakers included Johnson Idesoh from Absa Group and Francois Benjamin from Access Bank South Africa.

The event also hosted the Innovation & Excellence Awards, recognizing leaders like Standard Bank Group for Best Bank and Sim Tshabalala as CEO of the Year.

Read More

Nigerian digital banking startup Brass, founded in July 2020 by Sola Akindolu and Emmanuel Okeke, has been acquired by a consortium led by fintech company Paystack to address liquidity issues and avoid closure. Brass provides SMEs with commercial-grade banking services, enhancing their financial control and scalability.

Due to global economic challenges, Brass faced liquidity problems, resorting to debt financing to manage customer withdrawals. The acquisition consortium includes Paystack Piggytech, Ventures Platform Fund , and P1 Ventures, and will assume Brass's assets and liabilities, with Akindolu and Okeke exiting the business.

Paystack COO Amandine Lobelle highlighted the longstanding partnership with Brass and expressed excitement for its future growth with new leadership and fresh capital.

Read More

Banyan Investment Banking and Hedge Fund has opened a regional headquarters in Nairobi, marking its second African operation after Cape Town. The fintech also launched Letscoin, a digital complementary currency backed by Deutsche Bank and Bank ABC .

Banyan aims to monetize Africa's carbon credit assets using AI technology and has committed €1 billion (Ksh 142 billion) to the Rubi Foundation Africa for agricultural and housing projects across 22 African countries.

The foundation will focus on providing affordable housing, water resources, and agricultural support in Kenya’s arid and semi-arid regions.

Read More

Green innovation is crucial for addressing Africa's environmental challenges like climate change, deforestation, and pollution. Key solutions include renewable energy technologies such as solar power, wind farms, and hydropower; sustainable agriculture practices like agroforestry, precision farming, and vertical farming; waste management solutions including recycling, biogas technology, and waste-to-energy plants; and conservation initiatives such as protected area management, community-based conservation, and biodiversity monitoring. Collaboration among governments, businesses, and communities is essential for promoting these innovations and achieving sustainable development in Africa.

Read More

Kwara State Governor AbdulRasaq AbdulRahman unveiled the Ilorin SmartCity and City Master Plan, aimed at transforming Ilorin into a modern, sustainable, and technologically advanced city. The project includes smart transportation, a central business district, a technology park, green energy systems, smart security, digital governance, healthcare, and education systems.

The government has acquired 20,065 hectares for the project, which will feature modern amenities and a focus on green space. The city is designed to host 540,000 residents with facilities matching global modern green cities.

Read More

Agricultural innovations are inclusive when accessible to all members of society, not just a privileged few. This study examines the inclusivity of agricultural innovations in Ethiopia using nationally representative data from 2018/19, focusing on CGIAR-related innovations.

It evaluates adoption through self-reported surveys and objective DNA fingerprinting. Results show that many innovations are not exclusively adopted by wealthier or male farmers. Interestingly, correlations between adoption and farm size, gender, and poverty status seen in self-reported data disappear with DNA fingerprinting, emphasizing the importance of accurate data for assessing inclusivity.

Read More

African Parliaments Must Strive for Fairer International Order and Economic Resilience, Says Nigeria's Deputy Speaker.

Benjamin Kalu emphasized the need for African parliaments to enact legislation promoting economic resilience by reducing dependency on the global north, investing in domestic industries, and negotiating favorable trade agreements.

He also urged parliaments to work together through platforms like the Inter-Parliamentary Union (IPU) to advocate for fairer trade terms and negotiate favorable loan terms with international lenders.

Read More

The African Development Bank and the International Financial Reporting Standards (IFRS 9 ) Foundation have agreed to enhance sustainability disclosure in Africa, formalized during the AfDB's 2024 Annual Meetings in Nairobi. This partnership aims to build capacity among African financial institutions and policymakers, led by AfDB's African Financial Alliance on Climate Change and the IFRS Foundation's International Sustainability Standards Board (ISSB).

This collaboration seeks to improve transparency, accountability, and mobilize climate finance across Africa.

Read More

The Kigali Innovation City project in Rwanda, initially set for 2022, will commence construction in September 2024. Announced during the African Development Bank Annual Meeting, the $300 million project aims to establish Kigali as a regional innovation hub. Spread over 61 hectares near the Special Economic Zone, it will feature universities, tech companies, and support infrastructure.

Current establishments include African Leadership University and Carnegie Mellon University Africa. The project is expected to generate significant ICT exports, foreign direct investment, and job creation, enhancing Rwanda's digital and knowledge-based economy.

Read More

Greatness In You(GIU) has launched the GIU Innovation Center in Ayikuma, Greater Accra Region, to address digital and AI literacy gaps. Inspired by philanthropist Kwabena Kesse, CPA, CRISC and supported by Nana Osei Boateng and Prince Yeboah, GIU aims to democratize education for underserved communities.

The center, backed by donor Jeremy Simpson, will offer virtual sessions on AI, Machine Learning, and IT. GIU also focuses on healthcare and girl child education, urging community support.

Paul Mensah Amanor , GIU Global Ambassador, praised the center's role in promoting digital literacy.

Read More

The first domestic medical resource production and innovation exhibition in Ethiopia will take place from June 22 to 27, 2024, under the theme "Our health is our products." Announced by Health State Minister Frehiwot Abebe, the event aims to promote local medical equipment manufacturing, boost business ties, and reduce import dependency.

Over 150 manufacturers will showcase their products. The government plans to increase the market share of domestic pharmaceutical products to 47%. The exhibition is organized by the MoH, Armauer Hansen Research Institute, and other related institutions.

Read More

Morocco-based agritech YoLa Fresh has raised $7 million in a pre-Series A funding round led by Al Mada Ventures, with participation from Algebra Ventures, E3 Capital, Janngo Capital, and FMO. Founded in 2023 by Youssef Mamou and Larbi Alaoui Belrhiti, YoLa Fresh connects farmers with retailers and food service companies to enhance income, reduce food spoilage, and provide fresher produce.

The funding will expand their logistics network and technology. YoLa Fresh aims to address food security and foster economic growth in Africa, aspiring to become a leading agritech player on the continent.

Read More

OpenAI is training a new AI model to succeed GPT-4 and has formed a Safety and Security Committee to assess technology risks.

A fashion designer, Cassey Ho, faced deepfake misuse of her image to sell counterfeit products.

NVIDIA 's profits surged by 630%, leading to a stock rally that placed CEO Jensen Huang among the top 20 richest people.

The AI assistant Sidekick is aiding real estate agents in property research.

Google's AI-generated search answers included numerous inaccuracies, sparking criticism of its reliability despite its dominant market position.

Read More

The United States, Kenya, and major tech companies have launched initiatives to improve digital connectivity across Africa. Google is investing in Africa Connect, a fiber optic route linking Kenya with the Asia Pacific. The U.S. Trade and Development Agency (USTDA) is funding studies to expand broadband and affordable internet in East Africa. Collaborations with Microsoft aim to enhance internet access for millions and develop a 1-gigawatt green data center in Kenya.

Additionally, the U.S. and Kenya are focusing on AI safety and digital skills development, supported by investments and strategic partnerships.

Read More

The European Central Bank is expected to lower eurozone interest rates by a quarter percentage point at its upcoming meeting. This decision follows a series of rate hikes due to rising energy and food prices, Russia's invasion of Ukraine, and pandemic-related disruptions.

Despite a decrease in inflation from its peak, concerns remain about meeting the ECB's 2 percent target. The eurozone's strong economic performance has complicated the ECB's policy path, leading to expectations of fewer rate cuts than previously anticipated.

Read More

The M&A market, which had its slowest growth in a decade in 2023, is expected to revive in 2024 due to a predicted drop in interest rates. This financial shift could boost IPOs and M&A deal flows, reigniting investor interest. Lower borrowing costs may lead companies to pursue growth through mergers and acquisitions more aggressively.

Additionally, startups in the Middle East and North Africa region are expected to dominate the M&A landscape as market conditions improve.

Read More

• Solar: The global solar industry is expected to set another record in 2024, with BloombergNEF forecasting 585 gigawatts of modules will be installed, up 32% from the previous year. Despite some factory maintenance, prices for both polysilicon and modules have reached all-time lows, though manufacturers are expected to face poor margins until at least 2025.

• Oil M&A: The US oil industry is consolidating, with ConocoPhillips announcing plans to acquire rival Marathon Oil Corp. This is part of a broader trend, as the top five oil deals in the past 12 months have a combined value of close to $200 billion, reflecting the industry's shift towards cost-cutting and shareholder returns.

• Copper: Despite fears of a global copper shortage, China, the world's largest producer and consumer of the refined metal, is maintaining near-record production levels. This is thanks to its expanding copper smelting industry, which is able to process more scrap metal as higher prices unlock additional supply.

• Robusta Coffee: Robusta coffee futures have risen for three consecutive months, reaching a peak of $4,388 per ton on Thursday, the highest level in data going back to 2008. This is due to concerns over low stockpiles and reduced output in the next season in key grower Vietnam, where hot and dry weather has fueled worries about the upcoming harvest.

• Natural Gas: Investment funds are the most bullish on European gas prices since before the energy crisis, indicating that the market remains fragile to potential supply disruptions. Flows from Norway, a major supplier, have slumped, leading to a surge in Dutch gas futures.

Read More

Google for Startups has selected 24 startups from Europe, the Middle East, and Africa (EMEA) for the 2024 edition of its Growth Academy: AI for Health initiative. The program aims to support high-potential businesses that are using artificial intelligence (AI) to transform medical research and healthcare.

Prominent startups in the lineup include Thalia Psychotherapy and TibuHealth from Kenya, Healthtracka from Nigeria, and Zoie Health from South Africa. These companies showcase AI's potential in tackling healthcare challenges in Sub-Saharan Africa, from improving mental health integration to delivering accessible outpatient services.

The selected startups will undergo a rigorous three-month program, including training, mentorship, and networking opportunities. Workshops will cover AI best practices, leadership development, responsible innovation, product design, and customer acquisition.

Read More

The Qatar Central Bank has launched the "Express Sandbox," a program designed to expedite the entry of FinTech solutions into the Qatari market. This initiative aims to encourage the development and adoption of cutting-edge FinTech solutions, positioning Qatar as a leading hub for FinTech innovation in the region.

The Express Sandbox is expected to attract both domestic and international FinTech players, fostering collaboration and knowledge-sharing within the industry and benefiting consumers and businesses.

Read More

The Japanese Yen weakened against the US Dollar due to a decrease in bond yields and a widening interest rate differential. Bank of Japan Governor Kazuo Ueda's comments on intervening in market operations added to the pressure. Meanwhile, the US Dollar gained momentum, supported by rising US Treasury yields. Both countries are closely monitoring their fiscal and monetary strategies, which will affect the future movements of the USD/JPY exchange rate.

Read More

The UK's Digital Securities Sandbox, aimed at supporting experimentation with distributed ledger technology and tokenization in the financial sector, has faced criticism for its restrictive volume limits and lack of discussion surrounding digital currency settlement.

Organizations have called for more inclusion of digital currencies and flexibility in monetary limits within the Sandbox. The feedback emphasizes the need for greater flexibility in various aspects of the Sandbox, presenting a balancing act for regulators to accommodate innovation while addressing practical challenges.

Read More

In case you missed these too...

Payments & Fintech

• 💳 MoMo from MTN Launches Open API to Drive Digital Wallet Adoption in Nigeria 🇳🇬

• 💵 LAfricaMobile LAM Raises $4.6M Series A to Expand Cloud Communication Platform in Francophone Africa

Partnerships & Collaboration

• 🤝 Microsoft and Zindi Partner to Empower African Youth with AI Skills 🇦🇫

• 🤝 Orange Ventures and Digital Africa Team Up to Support African Tech Startups 🇫🇷🌍

• 🤝 Jumia and Contact CrediTech Expand Financial Solutions for Customers in Egypt 🇪🇬

Agriculture & Sustainability

• 🌽 YoLa Fresh Secures $7M to Revolutionize Agritech in Morocco 🇲🇦

• 🌳 Saudi Arabia to Finance Kenya's LPG Transition with 8.4 Million Gas Cylinders 🇰🇪

• 🌱 Novonesis and Andermatt Biológicos Partner to Launch Cell-Tech for African Soy Farmers

Tech Ecosystem Development

• 🌍 Redington Limited Strengthens African Tech Ecosystem at GITEX Africa 2024

• 🤖 PayPal Integrates PYUSD Stablecoin on Solana Blockchain

• 🛰️ Botswana Swiftly Licenses Starlink After Zimbabwe Approval

• 💼 PwC Becomes OpenAI's First ChatGPT Enterprise Reseller, Onboards 100K Staff

Mergers & Acquisitions

• 📈 Glovo Doubles Down on Africa Despite Ghana Exit

Awards & Recognitions

• 🏆 Globacom Wins 2023 Champions Newspapers Telecommunications Company of the Year Award

Global Investments

• 💰 ITU Secures $4.8 Billion in New Commitments for Global Connectivity

• 💶 European Investment Bank (EIB) Global Invests €25 Million in Amethis Fund III to Boost African Enterprises

Tech

• 🚗 Peugeot Unveils INCEPTION Concept Car with Hypersquare Steering

• 🖥️ Google Chrome Introduces 'Picture-in-Picture' Browsing Feature

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 𝐩𝐫@𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐚𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐢𝐨𝐧.𝐚𝐟𝐫𝐢𝐜𝐚 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 - 29,928+💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬