The Central Bank of Kenya is planning to issue payment licenses to fintech startups, marking a shift in its regulatory stance. This move aims to open up East Africa’s largest payments market to more players, including prominent fintech companies like Flutterwave and Chipper Cash, which have been awaiting licenses.

“We are in the process of updating and amending the Payments Act, basically coming up with a new act. We hope to be able to finish that soon and also the regulations and that would guide our way forward in terms of payments service providers space,” said Kamau Thugge, CBK governor.

The proposed changes will provide a clear legal framework for fintech firms to operate, addressing a legal grey area that has hindered their expansion. This update is expected to benefit remittance and payment providers who have previously faced investigations and asset seizures by Kenyan authorities on allegations of money laundering.

The amendments to the Payments Act and the accompanying regulations are intended to guide the future operations of payment service providers in Kenya. This regulatory update comes after CBK's 2022 directive, which ordered local financial institutions to sever ties with unlicensed Fintechs, citing unspecified threats to the financial system.

The new legal framework is anticipated to facilitate smoother operations for fintech companies and reduce the dominance of commercial banks and telcos in the sector.

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Copia Global, a Kenyan B2C e-commerce startup, has faced significant financial challenges, leading to its entry into administration on May 24, 2024. Despite raising over $123 million in venture capital funding since its founding in 2013, the company has struggled to achieve profitability. Its most recent funding effort was a $20 million Series C extension round in December 2023.

The financial difficulties culminated in the appointment of Makenzi Muthusi and Julius Ngonga of KPMG as joint administrators. The administrators have implemented drastic measures to cut operational costs, including laying off 1,060 employees and halting orders from Central and Eastern Kenya. These steps are part of a broader strategy to "right size" the business and position it for profitable growth.

Copia's administrators are now seeking new capital to sustain operations and turn the company around. However, previous attempts to secure funding have failed, casting doubt on the company's ability to attract new investors. The administrators remain committed to continuing the business and have indicated that they will inform laid-off employees about potential future employment opportunities.

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Selcom Tanzania has acquired Access Microfinance Bank and rebranded it as Selcom Microfinance Bank Tanzania. This strategic move positions Selcom Microfinance Bank as one of the pioneering digital banks in the country, marking an advancement towards a more integrated and empowered financial ecosystem.

The acquisition aims to merge Selcom's fintech capabilities with the established framework of a traditional microfinance institution. This synergy is expected to transform the delivery and experience of financial services in Tanzania. By leveraging Selcom's expertise in financial technology, the newly formed digital bank plans to introduce innovative solutions, such as the "Get Paid to Pay" program, which allows customers to earn rewards and benefits through routine financial transactions.

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Over the past six decades, the African continent has experienced significant economic growth, leading to a transformation in the role of central banks. Once constrained by colonial legacies, these institutions have become key players in promoting price stability, financial sector development, and economic growth across the region.

A leading economist's comprehensive assessment of central banking in Sub-Saharan Africa highlights the resilience and adaptability of these institutions in overcoming difficult challenges. From coping with severe oil price shocks and political turmoil in the 1970s and 1980s to leading substantial reforms in the 1990s and 2000s, central banks have played a crucial role in shaping the economic landscape.

The economist noted, "The journey of central banking in Sub-Saharan Africa has been marked by resilience and transformation. Through innovative monetary targeting strategies, transparent policies, and market-driven approaches, central banks in the region have made remarkable progress in controlling inflation and safeguarding currency values."

While the core mandates of central banks in Africa, such as maintaining price stability and overseeing the financial system, resemble those of their global counterparts, the regional context has presented unique challenges. Financial sector development, government financing, and the need for flexible exchange rate regimes have required a delicate balancing act from these institutions.

"The central banks in Africa need to be prepared to make bold moves in the coming years," the economist emphasized. "It will be about being practical, accepting trade-offs, learning lessons from around the globe, and acting on them, all while preserving the independence of these vital institutions."

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Dr. Ing. Kenneth Ashigbey, the Chief Executive Officer of the Ghana Chamber of Telecommunications, has expressed concerns over the challenges in financial transactions across the African continent. He believes these issues can be mitigated through the integration of systems, using mobile money as a foundation.

Ashigbey emphasized at a press briefing to announce the upcoming Interoperability Conference Symposium in Accra that mobile interoperability would foster business growth and expand financial inclusion if properly implemented. He argued that mobile money has already done more for financial inclusion than traditional banks could have, as it has allowed Africans to conduct business in the way they are accustomed to, without the need to change their established practices.

"When Mobile Money came in, it did not ask us to change the way we lived but it allowed us to live the way we lived, do businesses the way we have done, and still be able to become included," Ashigbey said. "And for me, I don't like talking about informal. We are not informal. Our SMEs are not informal. That is the way we do our business."

Gabby Asare Otchere-Darko, the chairman of the Africa Prosperity Network, echoed Ashigbey's sentiments and urged political and industry leaders to support this initiative to boost intra-African trade. He emphasized that the technology and resources are available but it requires the political will and buy-in from central banks, regulators, and continental and regional leadership.

"If we can get interoperability working, particularly in the areas where tens of millions of medium, small, and microscale enterprises on the continent operate, it will make meaningful the whole idea of intra-African trade," Otchere-Darko said.

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ncba bank uganda has teamed up with MTN Uganda to introduce a new mobile loan initiative called "Mo Money with More Mokash". This partnership is the latest development in the increasing trend of mobile phone lending in Uganda, which was first introduced in 2016 when the Commercial Bank of Africa collaborated with MTN to launch the MoKash product.

Miriam Olimi, the Digital Communications Manager at MTN, emphasized that maintaining a good repayment history allows for easier access to unsecured micro loans, enabling borrowers to have increased access to cash through the Mokash digital loan product. "When customers repay their loans promptly, it not only improves their creditworthiness but also allows them to access larger and quicker unsecured loans," she stated.

The initiative aims to promote a culture of timely loan repayments, providing customers who pay back their loans on time with easier access to credit whenever they need it. Matsiko Charlotte, NCBA Digital Bank Portfolio Manager, mentioned that while the majority of Mokash customers were repaying their loans on time, the campaign seeks to encourage those who are struggling to meet their obligations.

"Digital credit now carries the same weight as traditional bank loans as it's registered on the CRB. Failing to repay can significantly impede one's ability to obtain credit elsewhere," Matsiko added.

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Sebastian Gierlinger , vice president of engineering at Storyblok , a content management system company based in Austria with 240 employees, emphasized the importance of caution and awareness when interacting with AI chatbots such as OpenAI 's ChatGPT, Google 's Gemini, Anthropic 's Claude, or Perplexity AI. He highlighted four key considerations:

1. Privacy Concerns: Gierlinger advised treating interactions with AI chatbots similarly to using social media. He noted that conversations with these chatbots are not entirely private and could potentially be used to train future models. To prevent sensitive information from becoming searchable, he recommended avoiding the sharing of specific personal information, financial details, or other sensitive data.

2. Adhering to Company Policies: He stressed the importance of following company AI guidelines rigorously. At Storyblok, there is a strict policy against uploading confidential information, such as salaries or business strategies, to chatbots. Additionally, any AI-generated code must be reviewed by a human developer to ensure its accuracy and security before being stored in the repository.

3. Using AI with Caution at Work: Gierlinger pointed out that many companies lack formal AI policies, leading employees to use AI with personal accounts, which can inadvertently expose confidential data. He emphasized the need to be cautious about the information input into large language models (LLMs), especially when dealing with company or client data.

4. Differentiating Chatbots: He noted that not all AI chatbots are equally secure. While he trusts major platforms like OpenAI to prioritize cybersecurity, he warned that smaller or homegrown chatbots, such as those on airline or healthcare websites, might not invest in robust security measures. He advised users to avoid sharing too much personal information and to exercise caution with any chatbot they use.

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AfriLabs has announced a new partnership with UM6P Ventures, an organization dedicated to advancing entrepreneurship and accelerating scientific innovation in Morocco and Africa.

The signing of the memorandum of understanding (MOU) between the two entities took place at the GITEX Africa event in Marrakech, Morocco, marking the beginning of a one-year collaboration that aligns with the missions of both organizations to stimulate economic growth and foster innovation across the continent.

Through this partnership, AfriLabs and UM6P Ventures will work together on several key initiatives aimed at empowering startups within the UM6P ecosystem, facilitating co-innovation projects, and strengthening the African startup ecosystem as a whole.

"We are thrilled to partner with UM6P and UM6P Ventures to drive innovation and entrepreneurship in Africa," said Mayssa Mrabet, Director of Community at AfriLabs. "This collaboration aligns with our vision of building a vibrant community around tech hubs and stimulating economic growth through digital innovation."

Under the terms of the MOU, AfriLabs will provide comprehensive support for startups within the UM6P ecosystem, including mentorship, resources, and access to its extensive network of over 450 technology innovation hubs across 53 African countries. Additionally, the partnership will open up a pipeline of de-risked and investible startups within the AfriLabs network to UM6P Ventures, facilitating further investment opportunities.

Furthermore, the collaboration will engage in co-innovation projects that address local and regional challenges, leveraging UM6P's research and development capabilities alongside AfriLabs' entrepreneurial ecosystem. The partners will also explore the potential launch of UM6P courses tailored for the AfriLabs Academy audience to enhance educational offerings and skill development across the continent.

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From 2014 to 2024, the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has played a role in Egypt's economy by injecting EGP 51 billion, directly benefiting 3 million entrepreneurs. Notably, 47% of these funds were allocated to Upper Egypt, and 45% supported women entrepreneurs, highlighting MSMEDA's commitment to inclusive growth. At a seminar hosted by the Egyptian-Lebanese Businessmen Association (ELBA), CEO Basil Rahmi emphasized the agency's pivotal role in economic development, detailing contributions of EGP 3 billion towards infrastructure projects such as road construction, school development, and the Decent Life initiative. Rahmi also underscored the importance of partnerships with ELBA to foster SME growth and inspire youth entrepreneurship, aligning with President Abdel Fattah Al-Sisi’s vision.

Rahmi announced proposed amendments to Law No. 152 of 2020, designed to enhance MSMEDA’s capacity to support formal sector companies through tax breaks, financial support, and training. These amendments aim to integrate artisans, freelancers, and startups into the formal economy, with a focus on innovative product and service development. Additionally, MSMEDA secured $50 million from the European Bank to support startup ventures. The law also stipulates that 30% of industrial zone land be reserved for SMEs, and SMEs are entitled to 40% of government procurements, creating investment opportunities.

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Kenya's central bank has maintained its benchmark lending rate at 13 percent for the second consecutive time, following a similar decision in April. This move aims to stabilize inflation within the near-term target range and maintain exchange rate stability. The bank had previously raised rates in December and February to control inflation and stabilize the exchange rate.

In August, the central bank introduced an interest rate corridor to guide short-term market interest rates towards the policy rate, set at plus or minus 250 basis points around the policy rate. Additionally, the bank adjusted the discount window rate to 300 basis points above the central bank rate, down from 400 basis points.

Kenya's shilling stabilized against the dollar following the government's successful $1.5 billion raise from international markets in February to partially buy back a maturing bond. Inflation rose slightly to 5.1 percent in May from 5 percent in April but remains within the government's preferred range of 2.5-7.5 percent.

Kenya's economy grew by 5.6 percent in 2023, up from 4.9 percent in the previous year. The central bank anticipates robust economic performance in 2024, driven by a resilient services sector, strong agricultural performance, and government measures to boost economic activity despite earlier flooding.

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A recent report by the United Nations Conference on Trade and Development (UNCTAD) has highlighted the significant increase in global debt over the past decade, particularly affecting developing nations, especially in Africa.

Titled 'A World of Debt,' the report points out that wealthy countries and organizations, which previously provided grants as official development assistance (ODA), have now shifted to lending. This has worsened the debt crisis for African countries.

The report indicates that the proportion of ODA provided in the form of loans, as opposed to grants, has risen by more than six percent since 2012. This has pushed countries that traditionally relied on aid into a deepening debt crisis. Many African nations are currently spending more on interest payments for their debts than on crucial sectors such as health or education.

The UN agency stated in the report, "The decline in overall aid, the increasing use of loans, and the significant reduction in debt relief resources are putting additional pressure on developing countries burdened by debt."

It is estimated that around 34 percent of ODA to Africa now comes in the form of concessional loans, up from 28 percent in 2012. This trend indicates that donors are increasingly choosing lending over donating. Moreover, developing countries are facing much higher interest payments on their sovereign loans, contributing to a spiraling debt crisis affecting most African countries.

According to the UN Trade and Development (UNCTAD) report, global debt has doubled over the last decade, reaching over $97 trillion in 2023 from $50 trillion in 2010. However, the growth rate in developing countries was twice as high. Africa's debt-to-GDP ratio has risen from an average of 30 percent in 2010 to over 60 percent currently.

The report points out, "High borrowing costs increase the resources needed to pay off creditors, making it difficult for developing countries to finance investments." This highlights the severe impact of the debt crisis on citizens as countries divert resources from critical sectors to service their debts.

Find the report HERE

The 59th annual meeting of the African Development Bank Group (AfDB) in Nairobi saw development as the bank’s board of governors unanimously approved a $117 billion increase in general callable capital, raising the bank’s authorized general capital from $201 billion to a record $318 billion.

This decision reflects the strong faith and confidence of the shareholders in the AfDB's ability to effectively use resources and mobilize additional capital. Akinwumi Adesina, president of the Bank, and Njuguna Ndung’u, Kenya’s cabinet secretary for National Treasury and current chairperson of the board of governors, both welcomed the move.

The increase in callable capital will enable the AfDB to better meet the substantial development finance needs of its member countries and support its new 10-year strategy.

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Experts gathered in Nairobi to discuss strategies for reducing the cost of diaspora remittances to Africa. The conference included over 100 delegates from government, UN agencies, money transfer operators, fintech companies, and financial institutions. Susan Koech, deputy governor of the Central Bank of Kenya, noted that while remittance costs have decreased, they remain high in the East African Community region, exceeding the UN's SDG target of 3 percent.

In 2023, remittance inflows to Kenya reached $4.2 billion, with a 20 percent increase in early 2024. Ronald Ajengo from the UN's IFAD highlighted the need for public and private sector collaboration to reduce remittance costs, emphasizing their importance for sustainable development and poverty reduction. Killian Clifford from the UN's IOM suggested that digitalizing remittances through mobile money networks could lower costs and improve financial inclusion.

Isaiya Kabira from Kenya's Ministry of Foreign and Diaspora Affairs pointed out that fluctuating currency exchange rates and barriers to digital remittance services pose challenges, especially for marginalized communities and those in rural areas.

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In May 2024, African tech startups experienced a surge in funding, attracting $187 million, according to a report by Africa: The Big Deal. This marked a nearly 150% increase from the $75 million raised in April 2024, making May the second-highest fundraising month in the past six months. The impressive funding was driven by notable raises, including $51 million by Kenya-based fintech M-KOPA and $50 million by electric vehicle manufacturer SPIRO .

Key Highlights:

1. Total Funding: African startups raised $187 million in May 2024, a substantial increase from the $75 million raised in April.This funding was distributed among 64 startups, with 17 of them raising at least $1 million each.

2. Funding Breakdown: 4% ($7.5 million) came from grants. 31% ($58 million) was equity funding.65% ($121.5 million) was debt financing, including the significant contributions from M-KOPA and Spiro.

3. Exits: South African fintech Lesaka acquired Adumo for $85 million.Busbud acquired South Africa’s Ratality.Brass was taken over by a consortium including Paystack, Future Africa, and Piggyvest.

4. Year-to-Date Funding: From January to May 2024, African startups raised a total of $729 million.This is a decline compared to previous years: $1.1 billion in 2021, $2.7 billion in 2022, and $1.7 billion in 2023.

5. Climate Tech Funding:Climate tech startups have shown impressive growth, attracting 44% of the total funding between January and May 2024. This is a notable increase from 19% in 2021, 23% in 2022, and 32% in 2023.

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The European Investment Bank (EIB) global development arm, EIB Global, has committed €25 million to Amethis Fund III, a pan-African private equity fund. This fund aims to provide growth capital to medium-sized companies across Africa, particularly those serving low- and middle-income populations. Target sectors include healthcare, business services such as logistics and IT, manufacturing and distribution (including agribusiness and fast-moving consumer goods), non-banking financial services, and infrastructure and energy-related services.

Amethis Fund III's strategy aligns with EIB Global’s investment goals and the European Union’s Global Gateway strategy, focusing on economic development in diverse geographies, notably sub-Saharan Africa. The fund emphasizes an impact-driven approach, addressing critical issues such as gender equality, sustainable employment with a focus on health coverage, and climate considerations.

EIB Vice-President Thomas Östros highlighted the importance of this partnership, noting that African enterprises often lack the patient equity capital necessary for growth. He emphasized that private equity funds like Amethis play a catalytic role by bringing external funding, knowledge, and technical expertise to local enterprises.

Luc Rigouzzo and Laurent Demey, managing partners at Amethis, expressed pride in the renewed support from the EIB, which will help medium-sized companies deliver better goods and services to African consumers and promote regional integration and sustainable economic growth.Since its inception 12 years ago, Amethis has supported the growth of over 30 African companies, directly employing more than 40,000 people. These companies contribute to high-quality economic development and work towards achieving important Sustainable Development Goals for the continent.

Amethis benefits from a strong local presence in Nairobi, Abidjan, Casablanca, and Cairo, which aids in identifying new opportunities and monitoring market trends, establishing Amethis as a trusted partner for expanding companies.

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Harnessing data presents both a challenge and opportunity for tech companies, especially in the IT channel. A recent survey by Westcon-Comstor and Coleman Parkes, involving over 500 IT channel decision-makers, highlighted the difficulties of managing diverse data types and the need to improve internal data capabilities for lifecycle selling.

Companies must become more sophisticated in using data to maximize cross-sell and upsell opportunities and transition from hardware sales to recurring revenue models. In Africa, 100% of respondents see data as crucial for moving towards an everything-as-a-service (XaaS) future, with access to the right data being the major obstacle.

Encouragingly, 99% of Africa-based respondents identified data capabilities as a key investment priority. In Kenya, 58% of decision-makers have in-house data and analytics functions, showing a foundation for future growth. The survey emphasized the importance of meaningful customer and market insights for the future of technology distribution. Enabling the IT channel to fully utilize data can drive innovation and positively impact the economy and society.

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PureSoftware Ltd has been awarded the 'Best Banking-as-a-Service Platform of the Year' at the 14th Africa Bank 4.0 Summit 2024 by BII. This recognition honors PureSoftware's digital banking platform, Arttha, for its significant contributions to the financial industry. Arttha offers cloud-native modules including Digital Core Banking, Digital Payments, e-Wallet, Digital Loan lifecycle management, Agency Banking, and Buy Now Pay Later (BNPL). The platform's no-code approach allows for intuitive banking experiences.

Manish Sharma , CEO of PureSoftware, expressed gratitude for the award and highlighted Arttha's ability to navigate the digital landscape's disruptions. Udeet Bhagat, Vice President of PureSoftware, emphasized the platform's role in advancing financial inclusion across Africa. PureSoftware aims to continue introducing innovative solutions to transform digital banking.

PureSoftware is a global company specializing in software products and digital services across various industries such as banking, financial services, insurance, healthcare, technology, retail, logistics, and entertainment. Arttha, a key product of PureSoftware, supports digital transformation in banking and financial services worldwide.

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The European Commission is scrutinizing Microsoft for potentially violating the Digital Services Act (DSA) through inadequate moderation of AI-generated content on Bing, Copilot, and Image Creator. This investigation is part of a broader effort by the EU to regulate Big Tech more effectively. Past actions include fines against Google, Meta, and Apple for various violations. The EU's new strategy emphasizes understanding and modifying Big Tech operations before resorting to sanctions.

The DSA aims to enforce transparency in algorithms, advertising, and online content while protecting users from harassment and misinformation. The Commission has targeted 22 major multinational tech companies, including Google, Meta, and Microsoft, to comply with these regulations. Recently, the Commission has demanded increased content moderation from these companies and has taken steps to block or investigate platforms like TikTok and Meta for specific regulatory concerns.

The EU's regulatory landscape includes multiple laws addressing digital markets, AI, data governance, cybersecurity, and more. These regulations aim to curb Big Tech's dominance and foster competition, though the effectiveness and acceptance of these measures are still evolving. The GDPR, for instance, has set a global standard for data protection but faces implementation challenges.

Looking forward, the AI Act is poised to regulate AI applications based on risk assessments, with a structured period for voluntary compliance. The establishment of the AI Council and AI Office will oversee the regulation's implementation. The EU is also investing in initiatives to support AI innovation and ensure compliance with its regulations.

Overall, the EU's aggressive stance on digital regulation seeks to balance market control, user protection, and technological advancement, but the path to effective enforcement remains complex and ongoing.

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Ecobank Transnational Incorporated has launched the 7th edition of its Fintech Challenge, inviting early-stage and mature fintech startups to collaborate with the bank for the chance to win a grand prize of US$50,000 and the opportunity to expand their solutions across Ecobank's network spanning 35 African countries.

Despite the rapid growth of the fintech industry in Africa, startups on the continent still face challenges such as scaling, regulatory complexities, and securing funding, according to a report by McKinsey. The Ecobank Fintech Challenge aims to provide a platform for entrepreneurs to tackle these obstacles, offering not only financial rewards but also access to Ecobank's expertise and market operations solutions for scaling across its pan-African footprint and international presence.

"Building partnerships with fintechs is a catalyst for driving financial inclusion in Africa," said Jeremy Awori , Ecobank Group's Chief Executive Officer. "At Ecobank, we prioritize fintechs in our Growth, Transformation, and Returns strategy, and we have enhanced this new edition of the Ecobank Fintech Challenge to continue providing fintech entrepreneurs with a premier platform to showcase groundbreaking solutions, while creating unparalleled opportunities for growth and expansion across 35 markets in Africa."

Last year's competition received 1,490 high-quality entries, highlighting the significance of this pan-African challenge. Successful candidates who advance to the Grand Finale and Awards Ceremony in October 2024 will be eligible to participate in the prestigious Ecobank Fintech Fellowship program, offering numerous opportunities through collaboration with Ecobank and its partners.

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The Mastercard Women SME Leaders Awards 2024 celebrated the achievements of women-owned and led businesses across the Eastern Europe, Middle East, and Africa (EEMEA) region. Launched in 2022, this initiative recognizes outstanding female entrepreneurs who are shaping the future of the region. The awards are open to women leading businesses with a turnover under $13.6 million (AED50 million) and 6-50 employees.

Key Highlights:

The awards honored women in various categories, including:

• The Creative Leader: Fay Wong, BID (UAE)

• The F&B Leader: Laura Kaziukoniene, Super Garden (Lithuania)

• The Visionary: Hanane Benkhalouk, Tawazoun (UAE)

• The Leader of Tomorrow: Reem AlMusabbah, Unipreneur Inc (UAE)

• The Health Custodian: Chelsea Hornby, Elle International (South Africa)

• The Innovator: Farah Zafar, Lyvely (UAE)

• The Retailer: Pamela Lilburne Opie, Linen Obsession Textile Trading (UAE)

• The Educator: Jessy Radwan, Carerha (Egypt)

• The Professional Services Leader: Yuliia Fedosiuk, UAPAY (Ukraine)

• The Fashion & Beauty Leader: Leda Di Marti, Maelle Group (UAE)

• The Media Leader: Jacqueline Lawrence, Highlands FM Radio (Tanzania)

• The Social Impact Leader: İpek Koç Kıraç, Suna'nın Kızları (Turkey)

• Lifetime Achievement Award: Dr. Smita Francis, Namibia Women in Engineering Association (Namibia)

• Home-Based Business of the Year: Alicia English, The Olive Exchange (South Africa)

• Momrepreneur of the Year: Farah Ahmed Farag, The Baby Garage (Egypt)

The Mastercard Women SME Leaders Awards spotlight the importance of supporting women for addressing real societal needs.

You can Find out more here.

European Central Bank President Christine Lagarde has defended the recent interest rate cut and lowered expectations of further cuts. During a joint interview with several European economic newspapers, Lagarde stated that the central bank still believes it can reach its inflation target of two percent in the medium term within the next year, despite the recent rise in inflation in the euro area.

Lagarde acknowledged that the battle against inflation is ongoing but justified the ECB's decision to implement the first interest rate cut since the inflation surge began. The ECB lowered its key interest rates by 0.25 percentage points, even as wage growth has accelerated. Lagarde admitted that some current figures could have been better but argued that the rate cut was still appropriate.

However, Lagarde emphasized that this does not mean interest rates will now move downwards in a linear fashion. She prepared the financial markets for a potential turnaround in interest rates with interruptions, stating that there could be phases during which interest rates remain unchanged.

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This partnership will offer advanced cybersecurity training to 100 students. The initiative leverages the resources of Microsoft's Africa Development Centre based in Kenya.

Cyber Shujaa is an initiative aimed at empowering Kenyan youth in cybersecurity which is a collaboration involving Serianu Limited, United States International University - Africa, and the Kenya Bankers Association. The program provides a comprehensive learning experience that combines theoretical knowledge with practical hands-on training through a hybrid educational approach.

The three-month training program targets a diverse group of 70 undergraduates and 30 postgraduates with less than two years of professional experience. The curriculum covers eight essential areas of cybersecurity, including network security, application security, cloud security, incident response, and forensic analysis.

Catherine Muraga, the Managing Director of Microsoft's ADC, emphasized, "The partnership with Cyber Shujaa demonstrates Microsoft's commitment to nurturing Kenya as a central hub for cybersecurity expertise. Cybersecurity is crucial for the secure operation of various sectors, and we are dedicated to addressing the current shortage of well-trained professionals in the field."

A primary focus of the program is to ensure that graduates possess industry-recognized skills. Participants will have the opportunity to obtain two Microsoft cybersecurity certifications, enhancing their prospects in the cybersecurity job market.

"This collaboration between Microsoft and Cyber Shujaa marks a significant step forward in meeting the increasing demand for cybersecurity expertise in Kenya and the broader region," said Igor Sakhnov, Corporate Vice President of Engineering at Microsoft.

Cyber Shujaa has a track record of success, having already provided cybersecurity and data protection knowledge to over 500 individuals through its competency-focused training initiatives.

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The African Development Bank Group and the Government of Rwanda have signed a partial credit guarantee agreement to support Rwanda's sustainable development initiatives. This partnership will allow Rwanda to secure up to $214 million in financing from international commercial banks for its green and social programs.

The Board of Directors of the African Development Fund approved the partial credit guarantee in April 2024 to help Rwanda diversify its funding sources and maximize its existing African Development Fund allocations.

Rwanda has already benefited from this agreement by securing a $200 million loan from JP Morgan, with a partial guarantee of $50 million from the AfDB.

Solomon Adegbie-Quaynor , Vice President for Private Sector, Infrastructure and Industrialization at the AfDB, expressed delight in continuing the partnership with the Government of Rwanda to promote green and inclusive growth aligned with Rwanda's Vision 2050. The guarantee from the African Development Fund will enable Rwanda to access financing under its Sustainable Finance Framework at competitive terms.

This successful transaction shows the AfDB's commitment to helping its Regional Member Countries access alternative sources of sustainable financing. The agreement also establishes Rwanda as a credible sustainable borrower in the international financial markets.

The partial credit guarantee agreement between the AfDB and the Government of Rwanda demonstrates the institution's dedication to fostering sustainable development and mobilizing innovative financing solutions to support Africa's transformative agenda.

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In case you missed these too...

Payments 💳

• Ecobank Fintech Challenge 2024: Ecobank has opened applications for its 7th annual Fintech Challenge, offering a $50,000 prize and opportunities for fintech startups to scale their solutions across 35 African markets.

• Lesaka Technologies Acquires Adumo: South African fintech Lesaka Technologies has acquired paytech Adumo in a deal worth approximately $85.9 million, aiming to enhance its payment solutions.

Social Commerce 🛍️

• Union54 Launches ChitChat: Zambian fintech Union54 has launched ChitChat, Africa’s first secure chat platform with integrated digital wallet features, developed in partnership with Mastercard. The app allows users to chat and transfer money securely, with plans to introduce group wallets and USD debit cards soon.

Financial Inclusion 🌐

• Diamond Trust Bank Uganda Partners with TerraPay: Diamond Trust Bank Uganda has partnered with TerraPay to streamline cross-border money transfer processes, facilitating real-time money transfers and promoting financial inclusion in Uganda.

Startups 🚀

• UNDP's Timbuktoo Accelerator Program: The United Nations Development Program (UNDP) has opened applications for its Timbuktoo Fintech Startup Accelerator program, offering $25,000 to African fintech startups to support their growth and innovation.

Industry Leadership 🏆

• Digital Finance Africa 2024: IT News Africa has announced the Digital Finance Africa 2024 conference, scheduled for July 4th in Johannesburg. The event will feature key topics such as cybersecurity risks, AI in banking, and the future of cryptocurrencies in Africa, with an impressive lineup of industry leaders and experts

Smartphones & Mobile Devices 📱

• Nothing Phone 2 Launch in South Africa: The highly anticipated Nothing Phone 2 and midrange Nothing Phone 2a from the UK-based company Nothing Technology will be launching in South Africa in early June 2024. The flagship Phone 2 boasts a 6.7-inch 120Hz OLED display, Snapdragon 8+ Gen 1 chip, and a 4,700mAh battery, while the 2a has a MediaTek Dimensity 7200 Pro 5G SoC and a 5,000mAh battery.

• vivo X Fold3 Pro Foldable Smartphone: vivo has unveiled the X Fold3 Pro, its latest addition to the foldable smartphone series, marking a new era in foldable tech. Details on specs and availability in Africa are yet to be announced.

Artificial Intelligence (AI) 🤖

• AfDB-Intel AI Skills Training Partnership: The African Development Bank (AfDB) and tech giant Intel have partnered to transform Africa's digital ecosystem by training millions of Africans in AI skills. This initiative aims to bridge the AI skills gap and drive innovation across the continent.

Tech Events & Conferences 🗓️

• Africa Tech Festival 2024: Registrations are now open for the Africa Tech Festival 2024, set to take place in Cape Town, South Africa. This annual event brings together tech enthusiasts, entrepreneurs, and industry leaders to explore the latest trends and innovations shaping Africa's tech landscape.

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 - 30,529+💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬