Kenya resists US pressure to resume WorldCoin operations amidst safety concerns

A weekly digest of news, opinions and all things financial technology

Kenya's Interior Minister, Kithure Kindiki , announced in parliament that the US government has been pressuring Kenya to resume operations related to Worldcoin , a blockchain-based digital token associated with Sam Altman. However, Kenya remains firm in its decision to uphold the suspension of Worldcoin operations until safety concerns raised in August 2023 are addressed satisfactorily.

Key Highlights:

  • US Pressure: Despite pressure from the US government to resume WorldCoin operations, Kenya's Interior Minister emphasized the government's unwavering stance on maintaining the suspension until safety concerns are resolved.

  • Safety Concerns: Kenya imposed a ban on the WorldCoin project in August 2023 due to safety concerns. The government launched investigations to ensure the safety and security of data collected through the project.

  • WorldCoin's Response: WorldCoin discontinued its activities in Kenya in response to the ban, emphasizing its commitment to compliance with Kenyan laws and regulations.

  • Public Concerns: CEO Alex Blania addressed doubts and concerns raised by Kenyan stakeholders before the National Assembly Ad Hoc Committee. He highlighted WorldCoin's efforts in Kenya and its aim to revolutionize identity verification through technology.

  • Kenyan Interest: A study by CoinJournal indicated Kenya's strong interest in WorldCoin based on Google Trends data. Kenya showed significantly increased interest compared to other nations, with a Google Trends score of 100.

  • Project Mission: WorldCoin, backed by Sam Altman and connected to OpenAI's advancements, aims to revolutionize identity verification by combining iris scanning technology and blockchain. The project addresses critical issues surrounding digital identity verification.

Coronation Group, Access Holdings, Safaricom, and M-PESA Africa Partner to Revolutionize Remittances in Africa

Coronation Group, Access Bank (Kenya) PLC , Safaricom PLC , and M-PESA Africa have formed a strategic alliance aimed at revolutionizing remittances in Africa. The partnership seeks to establish a remittance corridor between East and West Africa, leveraging Access Holdings' Pan-African banking infrastructure and Coronation Group's technology-driven financial services. M-PESA's mobile money service and Safaricom's telecommunications and financial expertise further boost the collaboration.

With a focus on financial inclusion and economic prosperity, the alliance aims to impact stakeholders sustainably while aligning with initiatives like the African Continental Free Trade Area (AfCFTA). Aigboje Aig-Imoukhuede , Chairman of Access Holdings and Coronation Group, expressed optimism about the alliance's potential, citing its collective expertise and shared commitment to advancing financial inclusion across Africa. Bolaji Agbede , Acting Group CEO of Access Holdings Plc, echoed this sentiment, emphasizing the collaboration's capacity to make a sustainable impact on stakeholders while catalyzing Africa's economic development.

Sitoyo Lopokoiyit MBS , Managing Director of M-PESA Africa , highlighted the partnership's alignment with initiatives such as the African Continental Free Trade Area (AfCFTA) Secretariat (AfCFTA), highlighting its role in promoting intra-African trade and economic integration. Peter Ndegwa, CEO of Safaricom, emphasized the urgency of addressing the underserved nature of remittances in Africa, affirming the collaboration's commitment to delivering secure, convenient, and affordable solutions.

Cops & Conscience Combine After Bank’s Tech Glitch Gave Ethiopians USD 40 M+ In Free Money

A technical glitch at the Commercial Bank of Ethiopia (CBE) allowed customers to withdraw more money than they had in their accounts, resulting in over USD 40 million being withdrawn or transferred during the disruption. University students, who were quick to exploit the malfunction, played a significant role in spreading awareness about the glitch through social media.

Although efforts are underway to recover the lost funds, the exact extent of the financial loss remains undisclosed. CBE announced a lenient stance towards students who withdrew excess funds, refraining from legal action and urging voluntary returns. Similar incidents of technical glitches causing financial disruptions have occurred globally, highlighting the vulnerabilities within digital systems.

dLocal and Ebury expand partnership to offer efficient payment solutions in Africa's largest markets

dLocal , a leading cross-border payment platform, has teamed up with Ebury , a fintech leader with a global footprint. This collaboration is set to revolutionize payment solutions, offering unprecedented access and efficiency across Africa's burgeoning markets.

By integrating dLocal's comprehensive payment system, Ebury will enhance its capability to manage financial transactions, both incoming and outgoing, across 41 diverse regions through a singular partnership. This alliance promises to streamline operational efficiencies and maintain the quality and reliability of financial services in challenging markets.

Joe Kemsley of Ebury and Agustín Botta of dLocal highlights the partnership's focus on ensuring seamless, dependable transactions in high-growth territories, signifying a significant leap forward for businesses aiming to expand their reach into new economies with confidence.

Report : Foreign investors are abandoning African economies struggling with high inflation

In 2023, African startups witnessed a notable 31% decline in venture funding, falling to 545 deals from 781 in the previous year amidst challenging economic conditions, including high inflation and currency devaluation across the continent.

This retreat in investor confidence, particularly among foreign investors, has had a pronounced impact, with a report highlighting the significant exit of North American investors, contributing to half of the decline in venture activities.

Despite these hurdles, with Nigeria at the forefront, West Africa maintained its position as a beacon for venture capital, capturing 26% of the continent's total deal volume. This resilience amidst adversity showcases the region's potential, even as startups navigate through layoffs, business model pivots, or closures. The current climate highlights the critical need for committed, indigenous capital allocation to sustain and nurture the entrepreneurial spirit across Africa.

Read the Report: https://rb.gy/1zoilj

Zone's Blockchain: Revolutionizing Africa's Fintech Landscape with Fiat Integration

Zone , formerly known as AppZone, is set to revolutionize Africa's fintech sector with its blockchain network, potentially marking the continent's most significant financial technology innovation since the establishment of the Nigerian Inter-Bank Settlement System (NIBSS). By bridging the gap between traditional fiat currency and blockchain technology, Zone 's network aims to democratize financial transactions, offering a pioneering solution to everyday monetary exchanges.

Zone's blockchain infrastructure promises to revolutionize the user experience by offering real-time transaction visibility and eliminating intermediaries. By enhancing security, speed, and reliability, Zone aims to redefine the payment ecosystem, empowering individuals and businesses with seamless access to financial services.

As Zone pioneers the integration of fiat currency with blockchain technology, it heralds a new era of innovation and opportunity in Africa's fintech sector. With regulators showing keen interest in its innovative solution, Zone is set to navigate the complex regulatory landscape while leading the continent's financial revolution.

MTN Boosts Fintech Volumes as Profit Plunges on Naira Drop

MTN Group Ltd., Africa's largest mobile carrier, experienced a significant boost in fintech transaction volumes, despite facing challenges due to the devaluation of the Nigerian naira.

The company reported a staggering 79% decrease in net income, marking its most significant profit decline in over three decades.

However, MTN remains optimistic about its fintech endeavors, revealing a substantial increase in active users of its mobile-money services, MoMo, reaching a total of 72.5 million. Additionally, MTN sealed a deal with Mastercard Inc., valuing its fintech business at $5.2 billion. Amidst these developments, the CEO emphasized separating the fiber business to address strategic objectives.

MTN Group Ltd. demonstrated resilience in its fintech sector despite facing economic headwinds, notably the devaluation of the Nigerian naira. Despite a substantial 79% decrease in net income, the company remains steadfast in its commitment to expanding its fintech footprint.

Notably, MTN's mobile-money services, MoMo, witnessed a remarkable increase in active users, reaching a notable milestone of 72.5 million. Moreover, the recent partnership with Mastercard Inc., which values MTN's fintech business at $5.2 billion, mirrors the company's potential for growth and innovation in the digital finance space.

Biggest Kenyan Bank's Bid to Fix Bad Debts Hit by State, Courts.

KCB Bank Group Plc., Kenya's largest bank, faces challenges in addressing bad debts owed by government suppliers, hindering its efforts to clean up its loan book. Despite a 29% increase in gross non-performing loans, totaling 208.3 billion shillings ($1.57 billion), the bank aims to reduce its non-performing loan (NPL) ratio to single digits by 2025.

However, obstacles such as delayed government payments to suppliers and legal hurdles impeding collateral sale processes contribute to the bank's struggle in resolving bad debts effectively.

Lawrence Kimathi , Chief Finance Officer, states the challenges posed by these outstanding debts, exacerbating the bank's efforts to clean up its loan book. Despite these hurdles, KCB remains resolute in its commitment to reducing its non-performing loan (NPL) ratio to single digits by 2025, signaling determination to navigate these obstacles and bolster financial resilience.

Africa Fintech Summit Rolls Out Nigeria Fintech Marketing Outlook 2024

The Africa Fintech Summit (AFTS) has released the Nigeria Fintech Marketing Outlook 2024 report, offering insights into the marketing strategies shaping Nigeria's booming fintech industry. Co-authored by Charles Anijekwu and Jeremiah Ajayi , the report aims to bridge data gaps and foster a data-driven culture within the industry. It highlights the dominance of paid advertising for customer acquisition in key fintech verticals in 2023, along with the allocation of 50% of marketing budgets to the most effective channels.

Additionally, the report identifies the rising adoption of Generative AI for content creation and predicts the increasing importance of organic channels like social media and search engines in 2024. The report contextualizes these findings within the Nigerian fintech landscape, noting shifts from aggressive customer acquisition strategies to leaner operations in response to the funding winter of 2023. Charles Isidi , Head of Marketing and Communications at AFTS, emphasizes Nigeria's significance as Africa's leading fintech hub and encourages businesses to leverage the insights provided to unlock Africa's fintech potential.

British International Investment Pledges $100 Million to Boost Trade and Food Security in Africa.

The British International Investment (BII) has announced a $100 million finance facility with the Trade and Development Bank Group - TDB Group k(TDB) to fortify trade finance, agriculture, and food security across Eastern and Southern Africa.

This investment aims to address the urgent needs of a continent grappling with economic challenges, including currency depreciation and rising debt, further intensified by climate change. The funding is set to enhance the capacity of local businesses to purchase vital materials like fertilizers and machinery, thus boosting agricultural output, cross-border trade, food security, and, ultimately, regional economic stability.

This initiative marks a continued commitment by the UK government towards sustainable economic and agricultural advancement in Africa, aligning with BII's broader strategy to allocate at least 30% of its new commitments to climate finance by 2026. As international lenders retreat from the region, creating a significant finance gap, this collaboration between BII and TDB emerges as a critical step towards ensuring the availability of essential commodities in key sectors, reinforcing the continent's resilience in the face of global supply chain disruptions.

Hormuud Telecom launches 5G in Somalia, ushering in a new era of connectivity

Somali telecommunications leader Hormuud Telecom Somalia Inc. has unveiled its 5G network across eight key locations, marking a major milestone for the nation's digital transformation. Existing 4G customers receive complimentary upgrades, and coverage in selected cities is impressive 81%.

Somalia's Minister of Telecommunication, Jama Hassan Khalif, hailed the launch as a symbol of the country's commitment to growth. Hormuud's 5G network positions Somalia alongside other African nations, spearheading the adoption of this transformative technology.

The network boasts speeds up to 400Gbps for enhanced connectivity.

Hormuud aims to make the benefits of 5G accessible to all Somalis.

AI can Deepen Music Creativity In Africa - Google

Google , through its Communications and Public Affairs Manager for West Africa, Taiwo Kola-Ogunlade , highlighted six ways in which Gemini, an artificial intelligence (AI) tool, could enhance the creativity of African music. Kola-Ogunlade emphasized that while talent and grit are essential for becoming a global music star, Gemini can provide valuable knowledge to fuel creativity and facilitate career advancement.

The AI tool aims to go beyond traditional networking by igniting creative sparks and suggesting lyrical rhymes with empowering themes. Additionally, Gemini assists in navigating the complexities of the music industry, simplifying concepts like contracts and copyright laws. It also helps artists explore their unique style and conceptualize visually captivating music videos. Kola-Ogunlade encourages musicians to leverage Gemini's capabilities for various tasks, including researching contracts, building fan bases, and brainstorming music video ideas

Google’s James Manyika: How we can create an environment for AI investments and partnerships in Africa

James Manyika , Google 's Senior Vice President of Research, Technology, and society, emphasizes the importance of African leaders, countries, and businesses taking proactive steps to create an environment conducive to AI investments and partnerships.

He highlights AI's transformative potential across various sectors and regions, emphasizing the need for broad participation in its development and use. Manyika highlights the significance of African-led innovation and initiatives in leveraging AI's opportunities and addressing its challenges.

James Manyika ,stresses the critical role of proactive measures in fostering AI investments and partnerships in Africa:

"For over a year, AI has dominated public discussions worldwide, prompting questions about its potential impact. In Africa, the focus is on the AI opportunity and how to ensure broad participation in its development. These questions were central at the recent UNECA Conference of Ministers."

Congolese fintechs partner with government to create industry standard

In the Democratic Republic of Congo (DRC), several fintech companies are collaborating with the government to establish the Congolese Fintech Network (CFN). This initiative aims to boost financial inclusion, facilitate industry-wide information sharing, and expand access to investment opportunities.

With 15 companies on board, including Maishapay and Velex Advisory ,with support from major banks and international organizations like Ecobank, Deloitte , and PwC , the CFN seeks to make the DRC's fintech sector more cooperative and efficient. Despite recent growth in the sector, such as Tuma's $500,000 funding round, the country's financial inclusion rate remains low at 38.5%, with a government target to reach 55% by 2028.

1,104 African Entrepreneurs Get Tony Elumelu Foundation $5.5m Grant

The The Tony Elumelu Foundation (TEF) announced the latest beneficiaries of its annual entrepreneurship program, supporting 1,104 ambitious young entrepreneurs across Africa with $5,520,000 in total non-refundable grants. Amidst a competitive pool of 13,500 applicants, these chosen entrepreneurs from all 54 African countries are set to receive $5,000 each to fuel their business ventures.

Tony O. Elumelu, C.F.R , the visionary behind the foundation, reaffirms his commitment to boosting economic growth and alleviating poverty through entrepreneurial empowerment. Now in its tenth year, this initiative has distributed over $100 million, impacting over 20,000 entrepreneurs and underscoring the foundation's pivotal role in catalyzing business innovation and employment across the continent. As the new cohort embarks on this transformative journey, the foundation's unwavering support highlights a brighter, more prosperous future for Africa's growing entrepreneurial landscape.

Climate change already hitting our companies, say African executives

A survey conducted among Africa-focused executives reveals that 81% of respondents acknowledge the current impact of climate change on their organizations. Drought emerges as the top physical climate risk, followed by flooding and extreme temperatures, with consistent concerns projected for the next five to ten years. African economies' vulnerability is highlighted by their reliance on natural resources, particularly agriculture, which leaves populations and markets susceptible to climate-related disruptions.

According to a British International Investment (BII) survey among Africa-focused executives, climate change already affects 81% of organizations operating on the continent. The survey, which polled senior executives from companies and funds in Africa, Asia, and the Caribbean, highlights widespread recognition of African enterprises' climate-related challenges.

Amal-Lee Amin , Managing Director and Head of Climate, Diversity, and Advisory at BII, emphasizes the accelerated pace of climate impacts, particularly in vulnerable regions like Africa: "The impacts of climate are happening probably faster than we thought several years ago. One of the key issues here is the reliance on the use of natural resources in many parts of Africa, obviously agriculture being key."

Sterling One Foundation to Bridge $1.7tn Financing Gap For Women Entrepreneurs

Sterling One Foundation has made a compelling call for enhanced collaborative efforts to bridge the staggering $1.7 trillion financing gap facing women entrepreneurs. During the impactful 10th annual Ring the Bell for Gender Equality/Closing Gong ceremony hosted at the Nigerian Exchange Group (NGX Group) , industry leaders and stakeholders united under this year's rallying cry, 'Invest in Women: Accelerate Progress'.

The event highlighted the critical challenges and untapped opportunities for Nigerian women, highlighting the necessity for greater inclusion in leadership, targeted investments in women-led ventures, and reinforced support across diverse sectors. OLAPEJU IBEKWE , CEO of Sterling One Foundation , remarked the significance of strategic partnerships in driving the agenda for women's economic empowerment and aligning with Sustainable Development Goal 17. Through initiatives like the The Africa Social Impact Summit (ASIS) , the foundation is setting the stage for actionable change, aiming to mobilize stakeholders towards filling the funding void and fostering a more equitable business landscape for women across Africa.

Cash-rich Arab rivals vie to invest in Africa

Arab nations, particularly the United Arab Emirates (UAE), are aggressively venturing into Africa's investment landscape to bolster their geopolitical influence and expand economic ties. The UAE's commitment to African markets has surged significantly, with substantial investments surpassing those of major players like China and the United States.

Through government initiatives and private sector ventures, the UAE is carving out a prominent role in Africa's economic trajectory, focusing on renewable energy, logistics, technology, real estate, and agriculture sector.

M-Pesa , Onafriq ink deal to boost Ethiopian remittances

M-PESA Africa has joined forces with Onafriq , heralded as Africa's largest digital payments network, to facilitate seamless remittance flows into Ethiopia. This partnership marks a significant milestone, offering Ethiopians abroad an innovative channel to send money home directly via M-Pesa, bypassing traditional banking systems.

Amidst a backdrop where sub-Saharan Africa saw remittances soar to $54 billion in 2023, Ethiopia captures only a fraction of its GDP from diaspora contributions despite its robust growth in remittance inflows. The collaboration aims to elevate Ethiopia's position in the global remittance ecosystem, leveraging Onafriq's extensive network that spans 500 million mobile wallets and 200 million bank accounts. This initiative reflects Safaricom's dominance in Ethiopia's mobile money sector and aligns with the nation's 'Digital Ethiopia 2025' vision, championing financial inclusion and digital innovation to foster economic advancement and sustainability.

Mastercard Fintech Forum Highlights Nigerian Fintech Boom & Collaboration

Mastercard hosted its Fintech Forum on March 20, 2024, spotlighting Nigeria's dynamic fintech landscape and emphasizing Mastercard's dedication to its growth. The event drew together key stakeholders from various sectors including fintech, banking, investment, regulation, and government to discuss pivotal developments and trends in Nigerian fintech.

With over $1 billion invested in the sector in the last two years alone, fintech is driving transformative changes, promoting financial inclusion, and fostering innovative partnerships locally and globally.

Folasade Femi-Lawal (FCA,FCIT,MBA) , Mastercard 's West Africa Country Manager, stressed the forum's role in advancing collaboration and innovation within Nigeria's fintech ecosystem. Dimitrios Dosis , President of EEMEA at Mastercard , highlighted fintech's crucial role in driving economic progress and emphasized Mastercard's commitment to supporting and collaborating with fintechs for maximum impact.

The event also explored digitization's significance in enhancing efficiency across sectors and its role in Nigeria's economic development. Nasir Yammama , Senior Special Assistant to the President, Innovation, expressed the government's commitment to fostering an enabling environment for impactful innovations. Mark Elliott , Division President of Mastercard Sub-Saharan Africa, reiterated Mastercard's support for fintechs and its dedication to inclusive innovation. The forum revealed a shared vision among industry leaders for continued collaboration, innovation, and widespread financial inclusion on a global scale.

Standard Bank to Discuss Africa’s Energy Finance Opportunities at Invest in African Energy (IAE) 2024

Standard Bank Group 's Paul Eardley-Taylor , responsible for oil and gas sector coverage in Southern Africa, is set to speak at the Invest in African Energy (IAE) 2024 forum in Paris.

As Africa's largest lender, Standard Bank Group is actively financing energy projects across the continent, spanning oil and gas, power generation, renewable energy, and mining sectors.

The bank's significant contributions to projects like TotalEnergies ' Mozambique LNG facility and the East African Crude Oil Pipeline highlight its major role in Africa's energy landscape. Additionally, Standard Bank's commitment to green energy initiatives and plans to accelerate investment in mining markets demonstrate its multifaceted approach to sustainable development.

African fintech Union54 launches new social commerce platform ChitChat

Union54 (YC S21) , a leading Zambia-based fintech innovator, has launched ChitChat, Africa's inaugural chat application that seamlessly blends secure messaging with sophisticated digital wallet capabilities. Developed through a strategic collaboration with Mastercard , ChitChat stands out as a revolutionary platform, enabling users across the continent to engage in encrypted conversations and effortlessly transfer money.

This novel application facilitates instant USD transactions within chats and offers convenient in-app currency conversions between USD and Zambian Kwacha (ZMW), setting a new benchmark for social commerce in Africa. With a vision to forge a "safe, secure, and sovereign platform," Union54's CEO, Perseus Mlambo , envisions ChitChat as a catalyst for fostering commerce throughout the continent. The company is poised to rapidly expand the app's functionalities, including introducing group wallets and launching USD debit cards by the second quarter, a step forward in Africa's digital commerce landscape.

ThinkYoung and Boeing bring free coding education to Tanzania

Students in Dar es Salaam ages 12-17 will soon have the opportunity to develop essential coding skills with the ThinkYoung Coding School, a collaborative initiative from ThinkYoung and Boeing . The program, slated for April 20-21 and 27-28, offers hands-on workshops in robotics, drones, aviation, and more, all at no cost to participants.

ThinkYoung founder Andrea Gerosa echoes this sentiment, emphasizing the importance of inclusive education: "We want Tanzanian youth to have the tools to thrive in the digital world, and Boeing's partnership makes this possible."

This program builds on ThinkYoung and Boeing 's track record of training over 1,400 teens in other African countries. Tanzania's commitment to expanding internet access and STEM education creates a fertile environment for initiatives like the ThinkYoung Coding School, ensuring a bright digital future for its young citizens.

IFC Injects $10.5 Million into 4DX Ventures to Fuel Tech Innovation in Africa

The IFC - International Finance Corporation (IFC) has allocated $10.5 million to 4DX Ventures , a New York-based venture capital firm with a focus on early-stage African tech startups. This investment is part of IFC's $225 million venture capital platform initiated last year, aiming to bolster emerging VC ecosystems and support early-stage companies across Africa, the Middle East, Central Asia, and Pakistan.

Despite Africa's vast potential, it remains underrepresented in global venture capital, capturing only 2% of venture deal volume in Q3 2023. The investment seeks to bridge this gap and foster tech innovation in regions beyond established markets like Egypt, Kenya, Nigeria, Senegal, and South Africa.

ClusterLab Secures $600K Investment to Pioneer Arabic Language Models in AI Revolution

Clusterlab , a Tunisian AI startup, has secured a $600,000 investment in a pre-seed funding round, led by Karim Beguir , CEO of InstaDeep . This investment aims to propel ClusterLab's mission to advance next-generation large language models (LLMs), enhancing their capabilities in natural language processing (NLP). ClusterLab's AI-powered products, such as Reedz and Elm, stand to benefit from these advancements, promising users a more enriching experience. Founded in Tunisia in 2020, ClusterLab has emerged as a frontrunner in AI and NLP technologies, with a commitment to leveraging AI for positive social and educational impact.

The Week in a Flash: Fintech Highlights 🚀

Renewable Energy

🌍 Johannesburg Stock Exchange Set to Launch Carbon Offset Trading in Africa 📈

  • JSE Ltd. (Johannesburg Stock Exchange), Africa's largest stock and bond exchange operator, prepares to transform the environmental commodities market with the introduction of carbon offset trading within the next two months. 💼🌱

Digital Inclusion & Connectivity

🚨 Rising Cybercrime Worries Businesses as Hackers Embrace Advanced Tactics : 🚨

  • 🔒 As cybercriminals deploy advanced tactics, businesses globally are on edge. 🌍 Hackers are harnessing technologies such as artificial intelligence, intensifying worries over cybersecurity and financial risks. 💻💰

Artificial Intelligence

Nvidia's Jensen Huang Predicts AGI Arrival in 5 Years, Addresses AI Hallucinations 🤖💡

  • During Nvidia's GTC conference, CEO Jensen Huang forecasted the emergence of artificial general intelligence (AGI) within five years. He also discussed AI hallucinations, highlighting strategies to enhance AI accuracy and reliability.

Fintech Innovations

🏆 Flutterwave Crowned as Most Innovative Company in EMEA Region by Fast Company for 2024 🚀

  • Flutterwave, the leading payments technology company in Africa, secures the prestigious top spot in Fast Company's Most Innovative Companies list for the Europe, Middle East, and Africa (EMEA) region for 2024. 🌍🥇

💻 Tappi Teams Up with MTN to Empower Ivorian Businesses with Online Presence 📈

  • Tappi, a burgeoning digital commerce startup supported by Mercy Corps Ventures, expands its reach to Côte d'Ivoire, entering its third African market after successful ventures in Kenya and Nigeria. 🌍🚀

AI and Technology Advancements

AWS, Accenture, Anthropic Team Up for AI  Adoption 🤝🚀

  • AWS, Accenture, and Anthropic unite to push AI in sectors like healthcare and banking. They're leveraging Anthropic's Claude 3 AI via AWS, with Accenture tailoring deployments. This partnership aims to fast-track ethical, industry-specific AI solutions, showcasing initiatives like intelligent chatbots for public services 🌐💡🏥.

AgriTech and Environmental Innovations

🌾 Agritech West Africa Exhibition 2024 launches to drive innovation and collaboration 🚀

  • The Agritech West Africa Exhibition 2024, alongside Food & Beverage Ghana and FoodPack Tech Ghana exhibitions, kicked off with an inauguration by Yaw Frimpong Addo, Deputy Minister of Food and Agriculture. Held from March 19 to 21, 2024, at the Accra International Conference Center, the event aims to foster agricultural innovation, collaboration, and sustainable practices. 🌱👩🌾

🌞 Kenyan researchers combat food waste with solar-powered dryers 🥦

  • Emmy Misoo, from the University of Eldoret, explains how the dryer works. Within eight hours, traditional vegetables dry for a longer shelf-life, ready for consumption or export. Isaiah Etemo of Moi University has developed a solar dryer utilizing hot air circulation and a unique moisture meter called "Mootle." These affordable solar solutions attract farmers like George Ndirangu, who grows herbs and spices. As electricity costs rise, solar drying offers a cost-effective alternative. 💰🔆

Global E-Waste Crisis Worsens, ITU Calls for Immediate Action 🚨🌎♻️

  • The ITU warns of the escalating e-waste crisis, with discarded electronics threatening health and the environment. Urgent measures are needed as e-waste volumes soar, outstripping recycling efforts.

Market Dynamics and Corporate Strategies

🚀 Kua Ventures and Startup Savanna Collaborate to Empower Kenyan SMEs 🌱

  • Nairobi-based impact investor Kua Ventures teams up with Startup Savanna, a Kenyan innovation hub, to offer funding and mentorship to local small and medium-sized enterprises (SMEs). 💼 This partnership witnessed ten entrepreneurs pitching for up to KES 15 million to accelerate their business growth. 💰🌍

📉 Vodacom South Africa Announces Workforce Reduction to Enhance Operational Efficiency 💼

  • Vodacom Group Ltd., a leading mobile communications firm majority-owned by Vodafone, reveals plans to optimize its operations in South Africa by strategically downsizing its workforce. 📉📱

🚗 Bolt Accelerator Program Offers Kenyan Drivers a Path to Entrepreneurship 💼

  • Bolt introduces its Accelerator Program in Kenya, providing €20,000 in seed funding to empower drivers, couriers, and their families to pursue entrepreneurship. 🌱 The initiative seeks to cultivate sustainable mobility solutions for urban challenges in Kenya. 🇰🇪💰

Icpak Calls for Enhanced ESG Data Exchange to Boost Confidence 🌍🤝💼

  • Icpak pushes for better collaboration on ESG data sharing among corporates, aiming to lift investor and consumer trust and speed up progress on sustainability goals 🚀. CEO Grace Kamau highlights the move towards transparency and cooperation for sustainable advancement.

𝑩𝒆 𝑭𝒆𝒂𝒕𝒖𝒓𝒆𝒅 𝒊𝒏 𝑶𝒖𝒓 𝑵𝒆𝒙𝒕 𝑵𝒆𝒘𝒔𝒍𝒆𝒕𝒕𝒆𝒓!

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 - 23,461💙S𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬

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