Fintech Association of Kenya Appoints Frank Molla to Advisory Board

Join us in welcoming Frank Molla to the team! 🎉With over two decades of experience transforming the financial services industry in Africa and beyond, Frank is a seasoned payments executive. He is currently the Managing Director of MDP-Africa. He has previously worked for Barclays Bank, now Absa Bank Kenya , American Express in Europe and the United Kingdom, and Mastercard in Eastern Africa. His leadership has fueled growth and expansion for global fintech players such as Mastercard and American Express.Frank is passionate about leveraging technology for financial inclusion and committed to bridging the gap between real-world needs and digital solutions. With his expertise and experience, he is a valuable asset to organizations seeking to make a lasting impact within the fintech landscape.

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President William Ruto kicked off the Connected Africa Summit 2024 , highlighting Africa's young tech talent as the key driver for a digitally transformed continent. He emphasized the need to bridge Africa's digital divide, with only 36% internet penetration, in order to achieve economic growth and success in programs like the African Continental Free Trade Area. The President sees the summit as a way to build a foundation of connectivity and accelerate progress towards both the UN's Sustainable Development Goals and the African Union's Agenda 2063.

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Online ride hailing service provider Bolt , in conjunction with electric vehicle manufacturers Roam Electric, Ampersand Energy and financing company M-KOPA has introduced electric motorcycles in Kenya. Both new and existing drivers can lease motorbikes from either of the brands at a discounted price, compared to the current market rates. The electric bikes, compared to traditional bikes have lower maintenance needs and zero tailpipe emissions, thus offering a cost-effective alternative for drivers and is set to improve their earnings. To access an Ev bike, a driver will simply join the fleet supported by M-Kopa and exclusively operate on the Bolt platform. After the lease period, the driver can own the motorcycle.

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SafeBoda , the renowned Ugandan bike-hailing platform, has launched a new electric motorcycle option, "Electric Boda," on its app, signaling a significant stride towards sustainability in the transportation sector. The announcement, made via X on April 16, 2024, mirrors SafeBoda's commitment to a greener future by reducing carbon emissions and noise pollution prevalent in Ugandan cities due to traditional gasoline-powered motorcycles, locally known as boda bodas. Introducing electric bodas promises quieter rides and cleaner air and foresees potential cost savings for both the company and riders through reduced maintenance expenses.

Despite these benefits, challenges loom, particularly in establishing charging infrastructure and sourcing trained technicians and spare parts for maintenance. SafeBoda's venture into electric mobility comes amidst its strategic shifts, including re-entry into Kenya's capital and the cessation of operations in Nigeria, as part of its focus on enhancing profitability and product expansion in its home market of Uganda.

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TLcom Capital LLP , a venture capital firm with bases in Lagos and Nairobi, has successfully raised $154 million for its TIDE Africa Fund II. This establishes TLcom Capital as Africa's leading investor in seed and Series A funding rounds. The fund was initially targeted at $150 million, but it attracted significant interest and surpassed its goal with contributions from over 20 limited partners, including prominent entities like the European Investment Bank and Visa Foundation. This marks a strategic push by TLcom Capital to continue supporting early-stage startups across Africa, focusing on sectors such as fintech, healthcare, and education, amidst a broader slowdown in venture capital activity. The firm's commitment to nurturing a new wave of innovation comes at a crucial time when the continent's tech ecosystem is increasingly seen as a beacon for impactful investment.

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Kenya will host the next Accelerated Partnership for Renewables in Africa (APRA) Investment Forum in September. The event, aimed at fostering a conducive policy environment for energy development and facilitate investment was founded in September 2023 by Kenya, Namibia, Ethiopia, Sierra Leon, Zimbabwe and Rwanda at the Africa Climate Summit. Energy and Petroleum Cabinet Secretary David Chirchir states that Kenya backed IRENA’s action to triple renewable capacity by 2030.

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The United Arab Emirates (UAE) has been making major investments in East Africa in recent years, with the latest being the inauguration of a new $50 million, 20-bed field hospital in Chad. This move is part of the UAE's broader strategy to expand its presence in East Africa from 2024 to 2028 by focusing on diplomatic, commercial, and security engagements.

One key area of focus for the UAE is expanding economic ties, particularly around the strategic Bab al-Mandab strait. The UAE has been investing heavily in commercial endeavors in the region, such as the development of Berbera port with DP World and a comprehensive economic partnership agreement with Kenya. These investments are part of the UAE's strategic push to secure and diversify its international alliances and trade routes.

Despite facing international scrutiny over its alleged ties with militia groups in Sudan, the UAE maintains that its regional activities are primarily for humanitarian reasons.

The UAE's investments in East Africa highlight its commitment to expanding its economic and strategic footprint in the region. Despite potential challenges from global competitors and local insurgencies, the UAE is forging ahead with its plans to strengthen its international standing and diversify its trade routes

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Based on the latest projections by the International Monetary Fund (IMF), Nigeria is anticipated to drop to the fourth largest economy in Africa by 2024, trailing behind South Africa, Egypt, and Algeria.

This change is mainly attributed to the significant devaluation of the Nigerian Naira. The devaluation has drastically affected the country's GDP valuation in US dollars, despite maintaining robust growth in local currency terms. Currently, Nigeria's GDP is estimated to be $253 billion, down from $477 billion in 2022. In comparison, South Africa is predicted to become the top economy of the continent with a projected GDP of $373 billion, followed by Egypt at $348 billion, and Algeria at $267 billion. This economic realignment comes at a time when varying degrees of currency devaluation are taking place across the region, highlighting the complex dynamics of foreign exchange impacts on national economic standings.

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The Nigerian Ministry of Communications, Innovation, and Digital Economy has made a step towards becoming an artificial intelligence (AI) leader in Africa. They achieved this feat by launching the country's first multilingual large language model (LLM). Communications Minister Dr. ‘Bosun Tijani made the announcement during a post-workshop briefing in Abuja on April 19.

The pioneering AI tool aims to enhance language representation by being trained in five underrepresented languages and accented English. This initiative was developed in collaboration with local AI firm Awarritech, global tech leader DataDotOrg , the National Information Technology Development Agency (NITDA), and the National Centre for AI and Robotics (NCAIR). This launch coincides with the unveiling of Nigeria's draft National AI Strategy and the announcement of significant partnerships and resources to boost the country's AI capabilities, including a $3.5 million seed funding for AI development from a coalition of local and international partners.

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wingu.africa group Limited has successfully completed a significant project in Ethiopia by investing $50 million to establish a data center facility. This project has earned the prestigious Tier III certification from the Uptime Institute, making it the first of its kind in Ethiopia. The facility is located in the ICT Park and will provide secure and reliable information services to both government and private sectors.

During a recent media briefing, Yishrun Alemayehu, Ethiopia's Minister of State for Innovation and Technology, emphasized that the certification will enhance the country's competitiveness on the global stage and accelerate its digital transition. Anthony Voscarides , CEO of wingu.africa group , also remarked on the significance of this achievement, noting that it represents a crucial step forward in Ethiopia's ongoing digital evolution. This development is expected to strengthen Ethiopia's capacity to advance its technological capabilities and compete internationally.

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In a move to protect its users and regulate the operations of cryptocurrencies in the country, the government has established a Multi Agency Technical Committee, tasked with monitoring frameworks for usage of cryptocurrencies or virtual Assets (VAs) and the providers of virtual or digital assets, Virtual Asset Service Providers (VASPs).

According to National Treasury Cabinet Secretary Prof Njuguna Ndung’u, Cryptocurrency is quite a new phenomenon in Kenya and lacks the regulatory framework exposing consumers to frauds and scams thus the need for the committee. The financial institution industry regulator, Central Bank of Kenya (CBK) ,is a part of the formed working group.

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RMB - Rand Merchant Bank (RMB), one of Africa’s leading corporate and investment banks, has announced a significant investment in the Acre Export Finance Fund I, which focuses on supporting climate-aligned infrastructure projects across Africa through commercial debt tranches of Export Credit Agency (ECA) transactions.

The fund recently achieved its first milestone by raising approximately $100 million in equity. This capital will be channeled into key impact sectors, including renewable energy, healthcare, food and water scarcity solutions, sustainable urban development, and green transportation. Aymeric Perrin-Guinot , Senior Transactor ECA Finance at RMB London, emphasized that this investment could mobilize up to $2 billion toward impactful projects, potentially creating between 8 and 30 jobs per million dollars invested, as noted by the IMF. The initiative aims to close the annual $100+ billion infrastructure financing gap in Africa and aligns with the Paris Agreement to foster a lower-carbon economy. All investments by the fund will adhere to the UN’s 17 Sustainable Development Goals, ensuring significant social, environmental, and economic benefits.

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AfriLabs , in partnership with Intel Corporation and Prosper Africa , has launched the Intel Community Reach Program. This initiative is designed to use artificial intelligence (AI) and broadband connectivity to address social challenges in underserved regions of Africa. The program aims to make significant advancements in critical sectors including education, healthcare, agriculture, environmental services, fintech, and digital skills development. By improving access to quality STEM education, healthcare, agricultural sustainability, and innovative fintech solutions, this initiative seeks to empower communities and drive substantial social and economic progress. The program is open to startups, SMEs, and educational institutions, encouraging them to use technology for impactful change.

Link to Apply https://t.ly/noYqF

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stc Bahrain , a prominent telecommunications provider in Bahrain, has recently announced its partnership with Avalanche to launch a new Avalanche Subnet as a part of its Web3 Launchpad Program. The main objective of this collaboration is to boost Web3 innovation in the Middle East and North Africa region by providing essential infrastructure and support to startups and developers. This initiative was introduced during the Token 2049 event held in Dubai and focuses on sectors like healthcare, education, agriculture, and fintech, aiming to utilize blockchain technology to drive digital transformation and economic growth. The program is designed to offer participants with essential resources and tools, and includes partnerships with entities like Aptech and THE BRIDGE LEADERSHIP FOUNDATION to help them develop and deploy decentralized applications (dApps) effectively.

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The Fund for Export Development in Africa (FEDA) (FEDA), African Export-Import Bank (Afreximbank) 's impact investment arm, has made a significant move by investing in Bloom Africa Holdings Limited (BAHL), a regional financial services platform operating across West Africa. BAHL, operating as Bloom Bank Africa, serves a diverse clientele across Gambia, Sierra Leone, and Liberia, emphasizing financial inclusion and trade facilitation. FEDA's investment aims to bolster BAHL's expansion efforts within the region's financial services sector, empowering the platform to enhance accessibility and innovation. Gabriel Edgal, BAHL's Director, sees FEDA's investment as pivotal for strengthening operations and expanding reach, while Marlene Ngoyi , CEO of FEDA, mirrors BAHL's role in advancing key Afreximbank initiatives like PAPSS and MANSA, signaling a significant stride towards Africa's trade transformation.

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Nigeria gears up for a major shift in its transportation landscape as it prepares to launch 2700 Compressed Natural Gas (CNG)-powered vehicles by May 29, marking a significant stride towards reducing reliance on traditional fuels and embracing environmental sustainability. Led by President Bola Tinubu's administration and backed by a N500 billion palliative budget, the initiative aims to deploy CNG buses, tricycles, and electric buses across the nation, with plans for extensive infrastructure development including refueling and charging stations.

This ambitious endeavor, announced by the Presidency's Special Adviser on Information and Strategy, underscores the government's commitment to modernizing the transportation sector and promoting cleaner energy alternatives. With robust private sector partnerships and stringent safety regulations in place, Nigeria sets the stage for a transformative transition towards cleaner energy solutions, set to revolutionize mobility and drive economic growth.

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At the 14th Assembly of the International Renewable Energy Agency (IRENA) in Abu Dhabi, the Global Renewables Alliance unveiled the 'Global Time For Action' campaign, urging accelerated efforts towards renewable energy adoption. To triple global renewables to over 11,000 gigawatts by 2030, the alliance emphasizes the urgent need for both long-term planning and immediate action. Highlighting the socio-economic benefits and climate mitigation potential, the campaign calls on governments to prioritize financing, permitting, grid enhancements, and supply chain improvements to unlock the full potential of renewable energy. This initiative, endorsed by industry leaders and IRENA, signals a watershed moment in the global transition towards clean energy solutions.

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The draft national AI strategy for South Africa has sparked mixed reactions from experts, with some critics highlighting significant gaps and flaws in the document. Unveiled at the 2024 National AI Government Summit, the plan aims to outline the country's approach to AI adoption across political, economic, and military spheres. While some praise the initiative as a step in the right direction, others critique its length, complexity, and lack of clear deliverables. Concerns about the document's alignment with key policies like the Draft National Data and Cloud Policy are also raised. Despite these critiques, there's optimism about the government's acknowledgment of AI's importance and potential to drive economic growth. However, experts stress the need for extensive research, industry consultation, and collaboration to ensure the strategy's effectiveness and alignment with South Africa's unique context.

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Metrofile has launched a new cloud service to help Kenyan businesses improve their data security, accessibility, and compliance. The service includes daily backups exceeding 1.3TB and robust defenses against over a million potential threats each month. The company has priced their private cloud services in the local currency to mitigate exchange rate volatility, providing predictable costs for businesses. They have established a locally-based data center to support regional growth and technological innovation. Steve Porter, Managing Director of Metrofile Cloud, highlighted the company's dedication to customer support through flexible payment structures and robust local service provisions.

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The Nigeria Startup Act (NSA) is having a significant impact on the country's tech ecosystem. Over 12,948 startups have registered on the official Nigeria Startup Portal, indicating the NSA's potential to reshape Nigeria's innovation landscape. The act aims to create a clear legal and regulatory framework for startups, addressing the previous barriers to entrepreneurship. Registered startups have access to investment funds, tax incentives, and enhanced visibility.

The Startup Support and Engagement Portal also serves as a vital consultative forum, facilitating ongoing dialogue between startups and policymakers to refine the act and develop tailored government support programs. The NSA's success is set to inspire similar initiatives throughout Africa, highlighting the continent's commitment to harnessing entrepreneurship for economic expansion.

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Goodwell Investments , in partnership with Alitheia Capital , has launched a €150 million investment in OmniRetail Technology Limited through the uMunthu II fund. This funding marks the beginning of the Series A funding round for the B2B e-commerce platform. OmniRetail is transforming the informal supply chain in sub-Saharan Africa by digitizing its core operations and empowering local retailers with innovative technology solutions. The investment is focused on sectors that provide essential goods, services, and income opportunities to underserved communities, which aligns with Goodwell's commitment to driving inclusive growth in Africa and India. Currently, OmniRetail supports over 140,000 small retailers and 90 brands, and aims to expand its digital infrastructure to enhance distribution, logistics, and financial services across West Africa. This strategic move will strengthen OmniRetail's presence, especially in Nigeria, Ghana, and Côte d'Ivoire, with plans to double its size by the end of 2024.

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Zanzibar, often associated with its stunning beaches and tourism allure, is now striving to become Africa's tech capital, dubbed Silicon Zanzibar. The Tanzanian government's efforts to incentivize tech growth include visa facilitation for tech workers and tax exemptions for Zanzibar Free Economic Zone companies. Wasoko , Africa's largest B2B e-commerce company, initially bolstered this vision by relocating part of its operations to Zanzibar. However, after a valuation drop and a merger with an Egyptian firm, Wasoko withdrew from the island. Nevertheless, Zanzibar's potential remains evident, driven by its rapidly growing economy and recent investments in tech education, such as the establishment of an international campus by the Indian Institute of Technology Madras and the expansion of the African School of Economics. Despite these advancements, Silicon Zanzibar is still in its early stages, requiring further development to realize its full potential as a hub for African tech talent.

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The rise of mobile technology has brought about a massive transformation in financial services across Africa. However, the emerging influence of artificial intelligence (AI) has the potential to revolutionize fintech innovations to an even greater extent. AI can drive unprecedented levels of financial inclusion across the continent, which has historically had a significant portion of its population unbanked, relying on cash, postal services, or even bartering. Homegrown fintech firms have begun to change this landscape by reducing cash dependency and introducing affordable digital payment solutions.

These developments have dramatically improved access to everyday necessities, with items like airtime becoming more accessible to lower-income households, sometimes costing 80% less than those offered by traditional banks. With cloud technology further accelerating fintech capabilities, companies like Flutterwave are leveraging AI to expand their services and reach, promising to transform the financial lives of millions. This technological shift not only enhances operational efficiencies but also breaks down barriers to financial services, making them more accessible to all, particularly local SMEs.

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Old Mutual South Africa has received approval from the South African Prudential Authority to establish itself as a bank, subject to specific licensing conditions.The Sandton-based financial institution will now transition from "bank build mode" to a rigorous industry testing phase with selected bank partners. If successful, Old Mutual will integrate its new offering into the country's national payments system. CEO Iain Williamson sees this approval as a significant milestone in the group's strategic journey toward building an Integrated Financial Services business. Established in 1845, Old Mutual operates across 14 countries, offering financial solutions to retail and corporate customers. This development follows Old Mutual's recent announcement of a partnership with UK-based vendor 10x Banking to leverage its Software-as-a-Service (SaaS) core banking system.

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The Reserve Bank of New Zealand ,Te Pūtea Matua, is considering the introduction of a central bank digital currency (CBDC) and has initiated a public consultation on the matter. Ian Woolford , the director of money and cash at the central bank, highlights the potential of a CBDC to foster innovation, competition, and the development of New Zealand's digital economy.

The consultation, which started on April 17 and will run until July 26, is part of a multi-stage exploration expected to continue until around 2030. The digital cash would be denominated in New Zealand dollars and issued by the Reserve Bank, aiming to keep the country's money system relevant and useful while supporting the growth of the fintech sector.

This move by New Zealand reflects a broader global trend toward exploring the feasibility and implications of CBDCs, underscoring the importance of adapting to the digital age while maintaining monetary sovereignty and financial stability.

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The latest 2024 X-Force Threat Intelligence Index from IBM reveals a growing identity crisis as cybercriminals increasingly exploit user identities to breach enterprise networks, particularly in the Middle East and Africa (MEA). The report indicates that scammers primarily use valid local and cloud-based accounts to launch their attacks, which has now become their tactic of choice. With Saudi Arabia and the United Arab Emirates experiencing 40% and 30% of these incidents, respectively, industries such as finance, transportation, and energy are the most affected. Babacar Kane , General Manager and Technology Leader of IBM Africa Growth Markets highlights the urgent need for robust access control strategies as cyber threats continue to escalate. As AI plays a more significant role in cyber-attacks, adopting AI-driven security solutions is becoming essential for protecting sensitive information and combating the evolving landscape of cyber threats.

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The internet, vital for everything from banking to social media, relies on a vast network of undersea cables. When these cables break, a global fleet of ships springs into action to fix them. Mitsuyoshi Hirai, chief engineer of the cable maintenance ship Ocean Link, recounts a harrowing experience during the aftermath of Japan’s 2011 earthquake and tsunami. Despite the dangers, Hirai and his crew understand the critical importance of their work, ensuring that the world stays connected.

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Bluworks, an emerging HRtech startup based in Egypt, has successfully closed a $1 million pre-seed funding round led by Khawarizmi Ventures, with significant contributions from Camel Ventures, Acasia Ventures, and several angel investors. This investment will be used to enhance the company's innovative software solutions aimed at streamlining human resources operations for blue-collar workers, a sector traditionally plagued by manual and error-prone processes. Bluworks' platform offers a transformative approach by automating payroll and HR tasks, thus reducing errors and improving operational efficiencies in industries heavily reliant on blue-collar labor. With this funding, Bluworks is set to expand its impact, targeting a reduction in payroll processing time from ten days to just one day and providing a robust solution that ensures accuracy and transparency for workers and employers alike.

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In the past two years, Zipline , an autonomous delivery drone startup, has significantly expanded its operations from delivering life-saving supplies like blood and vaccines to isolated African villages during the COVID-19 pandemic, to achieving a milestone of 1 million deliveries. The San Francisco-based company, which began its services in Rwanda and Ghana, has grown its network to cover multiple African countries and beyond, partnering with over 4,700 hospitals and major brands such as Walmart and GNC . Zipline’s drones have flown over 70 million miles and delivered more than 10 million products, including a billion doses of vaccines in partnership with the Government of Ghana and the Gavi Vaccine Alliance. Recently, Zipline announced plans to explore restaurant partnerships, starting with Panera Bread in Seattle, as it aims to reach a daily delivery target of 1 million, focusing on healthcare, quick commerce, and food sectors.

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The 2024 Digital Rights and Inclusion Forum (DRIF24), hosted by Paradigm Initiative (PIN) and various partners, is set to take place from April 23rd to 25th in Accra, Ghana. This year’s event, themed "Fostering Rights and Inclusion in the Digital Age," will gather delegates from 61 countries to engage in critical discussions on digital policy in Africa, focusing on sub-themes like trust and accountability, data protection, and digital inclusion among marginalized groups. DRIF24, now in its 11th year, has become a pivotal platform for stakeholders from civil society, technology, government, and academia to share experiences and strategize on global digital rights and security. The forum will feature over 80 sessions, including panel discussions, tech demos, and the launch of significant reports and digital tools aimed at advancing digital rights and inclusion across 26 African countries.

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The recently announced partnership between the Cardano network and Huawei's Cloud is a strategic move aimed at boosting Cardano's blockchain capabilities and promoting the adoption of Cardano-based Web3 solutions across Asia and Africa. As part of this collaboration, EMURGO, Cardano's blockchain partner, will establish a Cardano Validator Node on Huawei Cloud, integrating Huawei's advanced cloud computing resources into Cardano's blockchain ecosystem.

KCB Bank Kenya has secured a substantial €30 million (Sh4.2 billion) from the Bill & Melinda Gates Foundation and the European Investment Bank to boost funding for women-led businesses and startups. The money will be channeled through KCB's existing initiatives, the Female-Led and Made Enterprises (FLME) and KCB 2jiajiri programs. The goal is to make financing more accessible for women entrepreneurs, who often face challenges with traditional lending requirements. This new funding aims to lower the cost of loans through technology and risk sharing, addressing obstacles women currently face in securing financial support.

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This Week in a Flash🚀

Events

AFTS is coming to Nairobi this September 4-6, 2024

After hosting AFTS in Washington, DC, Lagos, Addis Ababa, Cairo, Cape Town, & Lusaka, AFTS is excited to be heading to the Silicon Savannah for its 11th edition.

Renewable Energy

🔋 Revolutionizing EV Charging in South Africa: Zero Carbon Charge's Bold Initiative

South Africa's Zero Carbon Charge (Zero CC) is pioneering a transformative project, establishing solar-powered EV charging stations along the country's national routes. These off-grid stations not only support the growth of the EV industry but also alleviate strain on energy resources and reduce carbon emissions.

🌍 Ethiopia Leads East Africa's Green Energy Drive

At the World Future Energy Summit, Ethiopia's Minister of Water and Energy showcased Ethiopia's pivotal role in advancing energy connectivity across Africa. Through pan-African collaboration, Ethiopia is spearheading the development of renewable energy infrastructure, aiming to establish itself as a hub for green energy in East Africa.

🌍 Cote D’Ivoire Forges Ahead with Climate Change Legislation

Cote d'Ivoire takes a significant stride towards combating climate change with the drafting of a national law dedicated to environmental preservation and sustainability.

Digital Inclusion & Connectivity

🏆 Kuza Awards Expands to Celebrate Kenya's ICT Sector

The Communications Authority of Kenya (CA) has broadened the scope of the prestigious Kuza Awards to encompass the entire ICT sector. 🌐 Originally focused on broadcasting, the awards now recognize excellence and innovation across telecommunications, cybersecurity, and more. 📡 This expansion aligns with the government's Digital and Creative Economy agenda, aiming to foster industry collaboration and honor outstanding contributions in various ICT-related fields. 🎉 Public voting for the awards' categories is open from April 22 to May 22, 2024, accessible via SMS or the website www.kuzaawards.co.ke. 🗳️

🌟 Lafarge Africa Launches 'Girls in Tech' Initiative in Cross River State

Lafarge Africa Plc has unveiled its innovative initiative, 'Girls in Tech,' aimed at bridging the gender gap in the technology sector. 🚀 This innovative program targets ten young women aged 18-25 in Cross River State, Nigeria, empowering them with essential skills for success in tech. 💻

📡 Starlink to Discontinue Internet Service in South Africa

Elon Musk's Starlink satellite internet service is poised to terminate its operations in South Africa by month-end, potentially leaving users without reliable connectivity.

Artificial Intelligence

AI and Technology Advancements

🔒 Ransomware Strikes South Africa's Trade Watchdog

The International Trade Administration Commission of South Africa (ITAC) has disclosed a ransomware attack on January 2, 2024, resulting in a significant data breach. 💻 This cyber-attack compromised the personal information of ITAC's employees, service providers, and importers, encrypting files and disrupting operations. 🛑 ITAC immediately initiated security enhancements following the breach, collaborating with South Africa's Information Regulator to manage the aftermath. 🛡️

Market Dynamics and Corporate Strategies

🚗 Tesla Slashes Prices Amid Declining Sales in Key Markets

Tesla, the top electric car company led by billionaire Elon Musk, has implemented widespread price reductions across major markets, including the US, China, and Germany. 🔻 This decision comes in response to a noticeable drop in global vehicle deliveries in the first quarter of 2024, amidst intensifying competition among electric vehicle manufacturers, particularly from Chinese rivals. 🌍

🌍 Pishon Health Launches Innovation Incubator to Empower African HealthTech Innovators

Pishon Health, a leading healthcare innovation incubator in Africa, has unveiled its Social Innovation Incubator program, aiming to empower healthtech entrepreneurs across the continent. 🚀 This 12-week initiative offers essential training, mentorship, and funding opportunities to transform technology-driven healthcare solutions into sustainable businesses. 💡 With the African health tech market projected to exceed $11 billion by 2025, Pishon Health's program aims to tap into this potential by fostering a supportive ecosystem for developers of healthcare solutions. 🏥

🌍 EG Capital Expands Partnerships for Mezzanine Fund Targeting East Africa and Zambia

EG Capital has secured new commitments for its inaugural fund, EG-Economic Empowerment LP (EG-EEF), from the Kenya Pension Fund Investment Consortium (KEPFIC) and several family office investors. 💼 The fund aims to bolster EG Capital's investment presence in East Africa and Zambia, focusing on mezzanine growth capital investments in mid-cap companies across sectors like Food, Climate, Health, and Education. 📈

🛡️ Wema Bank Intensifies Fight Against Fraud

In response to significant losses to fraudulent activities in 2023, Wema Bank has launched a proactive anti-fraud campaign to protect its customers. The Nigerian financial institution lost around $595,000 to digital fraud last year, prompting the implementation of robust detection and monitoring systems.

Do you have an exciting fintech story, innovation, or insight you'd love to share with our vibrant community? This is a fantastic opportunity to showcase your achievements, share your expertise, or highlight how you're shaping the future of fintech in Kenya.

If you're interested, please don't hesitate to get in touch. Please email us at [email protected] with a brief outline of what you'd like to feature. We can't wait to hear from you and potentially share your story with our community!

𝐏𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐰𝐞𝐞𝐤𝐥𝐲 - 26,224💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬