During a meeting with Dr. Akinwumi Adesina, President of the African Development Bank Group, Ruto emphasized the crucial impact of Fund-backed initiatives like the Last Mile Connectivity project, which has expanded electricity access to over 10 million households in Kenya. Adesina reaffirmed the Bank’s commitment to increasing investments in Kenya, particularly in agriculture, water provision, and climate adaptation.

The discussions also highlighted the need for reforming the global financial architecture to address climate change impacts, which have recently caused severe droughts and floods in Kenya. The African Development Fund’s Climate Action Window aims to mobilize $7-13 billion for climate adaptation and emergency support in Africa.

Adesina praised Kenya's commitment to hosting the Bank’s 59th Annual Meetings and expressed condolences for the recent flood-related losses in the country.

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Bolt has launched a new ride category, 'Flood Assist', in partnership with the Kenya Red Cross to support flood victims across Kenya. This initiative pledges 5% of its revenue to aid those affected by the devastating floods. Bolt has already contributed Ksh. 5 million and aims to raise Ksh.10 million in total.

The floods have caused significant damage, with 228 deaths, 72 people missing, and over 223,000 affected. Bolt's Kenya country manager, Linda Ndungu, emphasized their commitment to community support, while Kenya Red Cross secretary general, Ahmed Idris, highlighted the partnership's importance in providing essential aid like food, shelter, and medical assistance to flood victims.

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The Governor of the Bank of Ghana, Dr. Ernest Addison, emphasized the need for increased investment in Africa's fintech sector to boost development and innovation. He highlighted the critical role of capital in enabling startups to create effective solutions and prototypes that address financial service inefficiencies on the continent. Dr. Addison warned that insufficient investment could hinder the scalability and impact of fintech innovations aimed at digitizing Africa.

During the summit, Finance Minister Dr. Mohammed Amin Adam also spoke, advocating for a collaborative approach to bolster Africa's development through public-private partnerships, venture capital, impact investing, and donor funding. He stressed the importance of investing in digital infrastructure and expanding mobile and broadband networks to promote fintech adoption and financial inclusion, especially in underserved areas.

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Kenya is intensifying efforts to attract investments from China while also pursuing strategic deals with the US, Western markets, and Gulf nations. This initiative was highlighted during the China-Africa Economic and Trade Expo (CAETE) held for the first time in Africa, with a three-day forum in Nairobi.

Kenya aims to leverage investments in Special Economic Zones and Export Processing Zones, focusing on agro-processing and value addition to reduce raw material exports. Investments, Trade, and Industry CS Rebecca Miano,EGH emphasized Kenya's strategic position as the gateway to East Africa, seeking investments in various sectors including healthcare, manufacturing, affordable housing, and ICT.

The expo facilitated the signing of over ten deals between China and African countries, with Kenya securing agreements in agro-processing. China's commitment to African policies, particularly in energy, manufacturing, and agriculture, was reiterated by Hunan Province vice governor Cao Zhiqiang. In 2022, trade between China and Africa grew by 10.9%, with Kenya's exports to China reaching $269 million, while imports from China were valued at $7.9 billion.

This multifaceted approach aims to double Kenya's Foreign Direct Investments from $800 million to $1.6 billion in the medium term.

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eTranzact International PLC, a Nigerian payment technology solutions provider, has expanded its operations to Uganda following the receipt of two operational licenses from the Bank of Uganda. Granted under the National Payment Systems Operator Act, 2020, these licenses allow eTranzact to function as a Payment Systems Operator and a Payment Service Provider Class A, enabling it to offer digital payment platforms, mobile banking solutions, and electronic fund transfers in Uganda. This move aligns with the company's aim to increase its global presence and enhance financial inclusion across Africa.

Dr. Valentine Obi. the Group CEO, emphasized the company's commitment to providing advanced payment solutions that enhance business operations and security. John Apea, a board member of eTranzact Platform Limited, Uganda, and CEO of eTranzact Ghana Limited, highlighted the company's support for Uganda's 'Digital Uganda Vision,' a national strategy designed to foster sustainable development and reduce poverty through digital innovation.

This initiative seeks to unify and elevate Uganda's ICT policies and investments to boost the country's standing in the global ICT sector and attract more investors. Currently, Uganda ranks 114th globally on the Global Innovation Index and is in the top 10 for least developed countries.

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The Fintech Association Of Kenya has been shortlisted for the 2024 Alliance of Digital Finance and Fintech Associations Small Grant Fund. This achievement places the Association among a select group of contenders aiming to make impactful contributions to the digital finance ecosystem.

The Alliance of Digital Finance Associations is a global network that unites professionals in the digital finance community to foster financial inclusion, resilience, and well-being. Its primary goal is to promote inclusivity, diversity, and sustainability within the digital finance sector, aligning its efforts with the Sustainable Development Goals set for 2030.

Other notable organizations that have also been shortlisted include:

• Fintech Association of Botswana

• Digital Financial Practitioners Association of Kenya - DFPAK

• Mongolian Fintech Association

• Association of Digital Finance Practitioners in Nigeria

• ASSOCIATION DIGITAL FRONTIERS SENEGAL (ADF-SN)

These associations serve as hubs of local expertise, providing a valuable resource for organizations and institutions seeking in-depth knowledge of the local digital finance landscape.

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Amazon has officially launched its marketplace in South Africa, marking its first venture into the African e-commerce market. The launch was initially announced in early 2022, with active preparations including ramped-up hiring throughout 2023, culminating in an official start in October 2023. The company is introducing the market with incentives like free delivery on first orders and establishing 3,000 pickup points.

Amazon's entry into South Africa sets it up for a competitive battle with the dominant local player, Takealot, which is owned by Naspers and holds 48% of the online sales market. Takealot has welcomed Amazon's presence as a validation of the market's potential. The South African e-commerce landscape is challenging due to strict competition regulations.

For example, takealot.com was ordered by the competition regulator in July 2023 to separate its retail operations from its marketplace to prevent unfair competitive advantages. Despite these challenges, Amazon is well-positioned to thrive due to its established popularity in South Africa (where Amazon.com is already a top-visited website) and its substantial financial resources, which equip it to compete effectively with Takealot, whose growth has slowed in recent years.

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Kenyans are facing increased taxes on airtime and mobile money transfers as proposed by the Treasury in the 2024 Finance Bill. The aim is to generate an extra $2.5 billion (Ksh. 323 billion) in the upcoming financial year. The tax on mobile airtime and data rates will rise from 15% to 20%, while excise duty on mobile money transfer fees and cash transactions will also increase to 20%.

Telcos will likely pass these costs to consumers, affecting transfer and withdrawal fees. Additionally, a 1.5% digital service tax will be imposed on Kenyans earning through digital marketplaces. Foreign digital companies operating in Kenya will now be subject to a 20% Economic Significant Presence Tax.

These measures aim to boost government revenue but may hinder Kenya's digital growth, with some businesses turning to cash transactions due to the higher fees on mobile payments.

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Airtel Africa CEO Olusegun Ogunsanya has unveiled plans to list its highly profitable subsidiary, Airtel Money, on the stock market by 2025, potentially valuing the unit at $4 billion. Speaking at the operator's full-year results, Ogunsanya hinted at expanding into new markets ahead of the IPO, with services currently available in 14 sub-Saharan African markets.

Despite reporting a loss of $89 million due to the devaluation of the Nigerian naira, Airtel Money's revenue surged by 32.8% in constant currency, driven by good performance in East and Francophone Africa. Mobile money subscriber growth reached 20.7%, serving 38 million customers, a quarter of the operator's base.

Transaction values soared by 38.2%, exceeding $112 billion annually. Airtel also expanded its international money transfer routes and introduced new loan products, augmenting its ecosystem and enhancing accessibility in rural areas. The telecom giant's move towards listing its mobile money division follows significant investments by TPG and MasterCard in Airtel Money.

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adumo , a leading South African fintech company specializing in payments processing for around 23,000 active merchants, has been acquired by Lesaka Technologies Inc. for ZAR 1.59 billion (US$85.9 million), subject to approval from shareholders and regulatory bodies. This acquisition marks a notable move in the Southern African fintech landscape.

The deal involves a combination of 17,279,803 shares of Lesaka common stock and ZAR 232 million (US$12.5 million) in cash to be paid to Adumo's ultimate shareholders, including APIS GROWTH FUND I L.P. , African Rainbow Capital , and management. Adumo has been active in acquisitions itself, having acquired companies like SwitchPay , Wirecard , GAAP Point-of-Sale , Sureswipe , and iKhokha.

Adumo's operations span card acquiring, integrated payments, and reconciliation services, with an annual throughput of over ZAR 24 billion (US$1.3 billion). It also provides corporate card services for more than 245,000 cardholders and is a significant provider of POS and Software-as-a-Service solutions to the hospitality sector in Southern Africa.

Upon completion of the acquisition, Lesaka's ecosystem will expand to serve 1.7 million active consumers and 119,000 merchants, processing over ZAR 250 billion in throughput annually. This positions Lesaka as a major player in Southern African fintech, strengthening its presence in both consumer and merchant markets.

The transaction is expected to close in the near future, pending necessary approvals, and regulatory requirements.

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Nigeria's currency, the naira, has been identified as the world's worst-performing currency in the past month according to a Blomberg report. This comes after a period of strong performance in April 2024, where it was ranked among the best globally. The recent downturn has seen the naira fall to N1,600/$1 in the official market and N1,800/$1 in the parallel market. The Central Bank of Nigeria (CBN), in response to the volatility, has been under pressure to raise interest rates further.

In recent efforts, the CBN increased rates by 600 basis points in February and March, which initially helped the naira recover from a low of N1,627 on March 8 to N1,072 in mid-April. However, with $1.3 billion in naira futures set to mature soon, there is an anticipated increase in dollar demand, potentially placing more downward pressure on the naira. Razia Khan of Standard Chartered suggests that this situation is typical of functioning markets experiencing cycles of appreciation and profit-taking.

The CBN is expected to consider another rate hike at its next policy meeting on May 21 to try to stabilize the currency, which recently depreciated further to N1,468/$1 in the unofficial market.

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The Egyptian and Italian governments have forged a strategic partnership to establish an AI center in Cairo, signaling a concerted effort to propel Egypt into a prominent role as a technology leader in Africa. This initiative, announced by Italy's Minister of Economic Development, Adolfo Urso, aims to boost AI development within Egypt and catalyze the advancement of AI technology across the African continent. The center will provide training and support to other African nations and facilitate collaboration between research institutions and private enterprises.

Maged R Salib , a political science professor at Helwan University Cairo and AI expert, highlighted the mutual benefits of the partnership, emphasizing Egypt's strategic partnership with the European Union and Italy's existing collaboration with Egypt in the energy sector. This move comes amidst Italy's increased focus on Africa, demonstrated through initiatives like the Mattei Plan, aiming to enhance economic ties with African countries. Establishing the AI center in Cairo represents a significant stride in advancing technological innovation in Africa while fortifying bilateral ties between Egypt and Italy.

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Maad , a B2B e-commerce startup in Senegal, has secured $3.2 million in debt-equity funding to expand its operations in West Africa and explore new opportunities in the Francophone region. The funding round, led by Ventures Platform Fund and supported by Seedstars International Ventures and other investors, will bolster Maad's end-to-end distribution platform, which helps informal retailers source fast-moving consumer goods (FMCG) directly from suppliers, addressing issues like stockouts and high inventory costs.

Founded in 2020 by Sidy Niang and Jessica Long, Maad initially focused on data collection before pivoting to e-commerce in 2021. The startup has grown to serve 6,500 retailers, achieving a monthly GMV of $3 million by maintaining close relationships with 80 suppliers.

Despite the challenges faced by B2B e-commerce businesses in Africa, Maad plans to expand its reach within Senegal and into other Francophone markets, while also introducing a buy now, pay later (BNPL) service to help retailers access inventory on credit.

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Egyptian fintech startup MNZL has successfully raised $3.5 million in seed funding to enhance its technology and expand operations, aiming to empower more Egyptians by transforming their assets into liquidity. Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL introduces an innovative digital wallet concept for asset-backed lending. This allows homeowners and car owners to upload their assets into a digital wallet and convert them into cash for their financial needs.

This approach not only provides financial leverage to families but also contributes to the broader economic prosperity in the region. The funding round was led by P1 Ventures, Localglobe, and Ingressive Capital, with additional support from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors. Hisham Halbouny, managing partner at P1 Ventures, praised MNZL's transformative platform, noting its potential to set a new standard for lending in Egypt and other emerging markets.

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Glint, an investment firm based in Egypt, successfully raised $3 million in the initial close of its second venture fund, supported by the Wadi Degla Group. Founded in 2018 by Tarek Aboualam and Youssef Helmy, Glint focuses on empowering Egyptian entrepreneurs and startups with innovative, tech-based solutions aimed at expanding into regional and international markets. The firm typically invests between the Seed and Series A stages, offering financial injections ranging from $250,000 to $500,000. Glint's Venture Studio model provides startups with not only funding but also comprehensive business, operational, and technical support to facilitate their entry into regional markets.

The firm's current investment focus includes digital and disruptive industries, especially those involving AI, fintech, and other advanced technologies. Egypt's startup ecosystem, boosted by venture capital and supportive government policies, ranks among the top 100 globally. This growth is further supported by tech incubators, global accelerators, and other venture capital initiatives such as Egypt Ventures , Nclude , and Global Ventures, enhancing the technological landscape and fostering innovation within the country.

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Mastercard partnered with Access Bank Plc to expand the Access Africa financial service to additional countries across Africa, enhancing secure and rapid international payments. This partnership builds on Access Africa's foundation, which started in 2012 linking Nigeria and Ghana, and now connects 14 African countries through Access Bank. The service addresses the needs of the diaspora, providing a solution for the 300 million people living outside their countries of birth who face challenges with cross-border payments.

Mastercard's Divisional President for Africa, Mark Elliott , emphasized the role of this partnership in fostering an inclusive financial ecosystem and noted the importance of remittances, which are expected to reach $54 billion in sub-Saharan Africa this year.

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The shift from third-party cookies to first-party data is transforming digital marketing. Gil Sperling , co-founder and CEO of Flow, highlighted this transition at PPW in Bangkok, emphasizing the urgency for businesses to adapt. With Google discontinuing cookies by Q3 2024 and increasing data privacy laws, first-party data has become essential. This change empowers consumers with greater privacy and control, while marketers must recalibrate their strategies. First-party data, gathered directly from user interactions across platforms and CRM systems, is now a critical asset.

Major retailers like Walmart and Etsy have successfully leveraged first-party data for targeted advertising, illustrating the potential for other businesses. The move towards first-party data strategies presents new revenue opportunities, including selling audience segments to various brands. Companies need to centralize their data using tools like Customer Data Platforms (CDPs) to harness this opportunity effectively. For instance, Checkers has successfully implemented a loyalty program to capture and utilize customer data, demonstrating a practical approach to first-party data collection and use.

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Gender disparities persist in financial literacy, with women facing significant challenges in effectively managing personal finances. The gender pay gap in Europe stands at 12.7%, reflecting broader issues of wage inequality. Women often work in low-paying fields and encounter discrimination in the workplace, further exacerbating financial disparities. Additionally, women generally exhibit lower financial literacy than men, impacting their ability to make informed financial decisions. This lack of knowledge puts women at risk of financial insecurity, particularly in retirement.

Globally, financial literacy rates are low, with women consistently scoring lower on financial literacy tests than men. Factors contributing to this gap include historical exclusion from financial decision-making, limited access to education and resources, and societal norms that undervalue women's financial capabilities. Moreover, traditional gender roles often result in women deferring financial responsibilities to male partners, further perpetuating financial inequalities.

Closing the financial literacy gender gap requires concerted efforts to provide education and resources tailored to women's needs. Encouraging girls' interest in finance from a young age, promoting open conversations about money, and empowering women to take control of their financial futures are essential steps towards achieving gender equality in financial literacy.

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Female-run Startups in SA, Kenya Invited to Apply for RaiseReady Programme

Female-run and female-empowering startups in South Africa and Kenya are invited to apply for RaiseReady, a seven-week programme designed to help founders secure deals with African angel investors efficiently and on fair terms. Hosted by Viridian, an impact agency specializing in programs for early-stage entrepreneurs and investors across Africa, RaiseReady equips founders with the knowledge, confidence, and tools necessary to close angel investment deals.

Unlike traditional programs, RaiseReady focuses on helping founders understand the entire angel investment process, from determining market-related valuations to preparing their deal room for investors. Participants will receive feedback from angel investors, have their investment cases shared with active angels, and have the opportunity to present at the African Angel Academy’s showcases.

This programme targets startups with validated, scalable, and competitive business models that present strong investment opportunities. Applications are open now for the programme starting at the end of May.

Apply Here

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Grey, a fintech company, launched "UpGreyed Her," an equity-free grant initiative to support African women entrepreneurs and mark Women’s History Month 2024. The initiative, which began on International Women's Day, quickly attracted nearly 1000 applications from six African countries. At a ceremony in Lagos, three winners were announced from five finalists, chosen for their innovative approaches to product competitiveness, sustainability, and diversity.

The first-place prize of $4,000 went to Ameenah Kazeem of OfadaHub, who highlighted the challenges and opportunities of being a female entrepreneur in Africa.

Runners-up Chinazom Arinze of AutoGirl Ltd and Zigwai Fanda of LadyBambooLtd each received $2,000. The initiative aims to address the $42 billion funding gap faced by African female entrepreneurs.

Judges and participants praised Grey for its commitment to promoting gender diversity and supporting women in business. The initiative was conducted in partnership with Her Network, a global media platform focusing on women’s impact stories.

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In a move to promote environmental sustainability, Rwanda's leading telecom company, MTN Rwanda CEO Mapula Bodibe CM (SA), has introduced paper-based biodegradable SIM cards. Bodibe launched the initiative, which emphasizes the importance of embracing responsible business practices and contributing to a greener future.

With over 7.4 million subscribers, MTN Rwanda aims to set a precedent for sustainability in the telecom industry, recognizing the global impact of plastic waste. Introducing these eco-friendly SIM cards aligns with the company's commitment to reducing plastic consumption and environmental impact.

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Dr. Ernest Addison , Governor of the Bank of Ghana, emphasized the importance of integrating Environmental, Social, and Governance (ESG) principles into business operations for companies investing in Ghana. Speaking at the 3i Africa Summit held at the Accra International Conference Centre, he highlighted the role of ESG principles in ensuring sustainable business practices and responsible finance. The summit, which is aimed at advancing Africa’s digital finance agenda, is a collaboration among the Bank of Ghana, the Development Bank Ghana , and the Monetary Authority of Singapore through Elevandi .

The event, set to conclude on Wednesday, May 15, features key speakers including leaders from the central banks of Ghana, Nigeria, and Rwanda. Dr. Addison expressed optimism that the summit will lead to significant policy outcomes, particularly in enabling efficient and safe cross-border payments, supporting fintech growth, and linking various sectors such as the creative arts to the broader economic framework of Africa.

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Egyptian fintech Swypex secured $4 million in seed funding, led by Accel, along with contributions from Foundation Ventures, The Raba Partnership, and other angel investors. The two-year-old startup planned to utilize the investment to enhance its platform's business and technical capabilities.

Despite a rise in card usage in Egypt, particularly for personal use, corporate card adoption was declining due to limited access and inadequate spending controls. Swypex aimed to address this challenge by providing corporate cards and management tools for businesses. Leveraging the Instant Payment Network launched by the Central Bank of Egypt, Swypex and other fintechs were introducing relevant financial services to combat inefficient financial systems.

CEO Ahmad Mokhtar highlighted the startup's focus on acquiring necessary licenses, complying with regulations, and partnering with payment processors and bank sponsors in its initial year.

Swypex offered businesses unlimited corporate cards and smart spending controls, aiming to address challenges such as heavy reliance on cash and archaic banking services. The fintech competed with banks like HSBC in Egypt and other African financial management platforms like Boya and Bujeti. Swypex generated revenue from interchange fees, floats, and FX markups, offering the first three cards free of charge to each business.

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Following the $4 million seed investment round, Swypex announced the launch of its all-in-one financial services platform.

Richard Kotite , vice president at Accel , had said that as the payments space continued to digitize, the opportunity to provide modern fintech products to Egyptian businesses had become even more important.

“Ahmad, Tarek, and Sasan had spotted a gap in the market for a comprehensive B2B solution that addressed many of the key pain points businesses regularly faced while driving a step-change in efficiency. We saw a real opportunity for Swypex to become a fintech champion across the Middle East. The team was technically experienced and highly ambitious, and we were delighted to be joining them on this journey,” he had said.

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Since the Tokyo International Conference on African Development (TICAD) in 1993, Japan's engagement with Africa has evolved from aid-focused initiatives to substantial private investments, driven by the need to offset increasing Chinese influence and capitalize on Africa's youthful population and growing ventures. This shift reflects Japan's response to its own ageing, cash-rich population and its established industries in auto, manufacturing, and biotech sectors seeking new growth avenues.

Japanese Corporate Venture Capitals (CVCs) are playing a crucial role in this transition, providing not just funding but also strategic support to African startups. In a landscape where institutional VC funding is receding, Japanese CVCs like Toyota Tsusho Group’s Mobility 54 have emerged, investing significantly in African mobility startups such as Sendy , Tugende , BasiGo , and Drive to Own , as well as in electric mobility initiatives.

These investments are part of a broader strategy to leverage Africa's vast natural resources essential for high-tech industries, including semiconductors and electric batteries. This strategic alliance aims to position Japan as a leader in high-tech sectors while contributing to Africa’s economic growth and technological advancement.

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In South Africa, the necessity for a valid identity document is crucial for accessing essential services like medical care, grants, and voting. However, lengthy and inefficient identification processes often hinder these activities. Digital identity solutions, as discussed in iProov ’s report, could significantly enhance financial inclusion by providing faster, more efficient access to financial and welfare services, thus reducing the administrative burden on governments and fostering economic growth.

The potential for digital identity to drive social and economic development is recognized across Africa, with the African Union Commission working on a continent-wide interoperability framework. This effort is aligned with the Digital Transformation Strategy for Africa (2020-2030), which sees digital IDs as pivotal for the success of initiatives like the African Continental Free Trade Area (AfCFTA).

Globally, successful digital identity systems, like the European Union Digital Identity Wallet, demonstrate how such technology can make critical services more accessible, secure, and efficient. In South Africa, the financial services industry has been an early adopter of digital identity, showing promising results in terms of efficiency and security. A collaborative approach between financial institutions and government to expand digital identity could achieve widespread financial inclusion and accessible identity verification for all South Africans.

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Avanti Communication, a global leader in satellite technology, has launched low-Earth orbit (LEO) satellite communication services in South Africa in collaboration with Q-KON, a regional satellite engineering firm.

This partnership aims to enhance nationwide business operations amid connectivity challenges. The move highlights the growing significance of satellite technology in Africa's connectivity landscape, with SEACOM recently introducing its own LEO satellite service for enterprise clients

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Kenya is set to enhance its role within the African Continental Free Trade Area (AfCFTA) Secretariat through an important infrastructure project in Madagascar. The project involves constructing a 250 km road from Antananarivo to Toamasina.

This initiative, led by the Kenyan company Gabeire A Group (GAG), aims to facilitate the efficient movement of goods, services, and people, aligning with the African Union's infrastructural goals. Announced by Kenya's Cabinet Secretary for Investments, Trade and Industry, Rebecca Miano,EGH , in Nairobi, the project is expected to boost both Domestic Direct Investments (DDIs) and Foreign Direct Investments (FDIs) in Kenya, enhancing access to domestic and international markets.

It also positions GAG in various modes of Services Trade, including cross-border trade and commercial presence, which could stimulate Kenya's export trade sector.

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African climate investment received a landmark boost today with the cross-listing of NMB Bank Plc inaugural sustainability bond, the NMB Jamii Bond, on the London Stock Exchange. This move represents a huge milestone, offering a new avenue for institutional investors in the world’s largest capital markets to channel funds into African climate finance and development initiatives.

This bond issuance, co-anchored by British International Investment (BII) and the International Finance Corporation (IFC), is the largest in East Africa, symbolizing growing confidence in the region's sustainable finance sector. The listing emphasizes Africa's commitment to addressing climate change and promoting sustainable development, with funds earmarked for high-impact projects to combat the climate crisis and drive inclusive growth.

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Airtel Nigeria 's Smartcash PSB (Payment Service Bank) - PSB reported 1.5 million active users as of March 2024, according to Airtel Africa's annual financial results. This marked a 15% increase in the annualized transaction value for Q1 2024 compared to the previous quarter. The PSB also expanded its network, adding nearly 39,000 agents in the quarter, totaling around 205,000 agents by the end of March. With Airtel Nigeria's mobile subscriptions at 63.4 million, there is significant growth potential for the mobile money sector.

Overall, Airtel's mobile money services across 14 African countries saw a growth to 38 million customers, with SmartCash constituting 4% of this customer base. Airtel Africa is optimistic about further expanding its mobile money operations, especially in regions with low traditional banking penetration and a high number of unbanked individuals.

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OpenAI's latest breakthrough in AI technology, GPT-4o, promises to revolutionize human-machine interactions with its versatile text, speech, and video processing capabilities. Unveiled during a streamed presentation from OpenAI's headquarters, GPT-4o, dubbed "omni" for its multifaceted abilities, matches the intelligence level of its predecessor, GPT-4, while expanding its proficiency across various modalities and media.

With speech capabilities introduced, GPT-4o enhances the user experience in applications like ChatGPT, enabling real-time interactions and dynamic responses. Additionally, it improves vision capabilities, allowing for swift analysis of images and desktop screens. GPT-4o is touted to be more multilingual and offers faster, more cost-effective services compared to previous models.

While its audio capabilities are selectively rolled out, GPT-4o is now available in ChatGPT's free tier, accompanied by a refreshed UI and desktop version.

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It seems to be in the binary code of Africa's AI Market

Microsoft , IBM , Huawei , NVIDIA , and Google are eyeing Africa's growing Artificial Intelligence market. The 'AI Everything' forum at GITEX AFRICA 2024 serves as a key platform for engagement. Organizers highlight the event's importance in fostering connections between these titans, African startups, and thought leaders.

The AI market's rapid growth, expected to reach $17 billion by 2030, is disrupting various sectors, from finance to healthcare. Microsoft, IBM, and Google are actively investing in AI initiatives across Africa, aiming to address societal challenges and foster innovation.

IBM's upskilling program targets two million learners globally, focusing on underrepresented communities. Google's Startups Accelerator Africa program aims to support African AI startups through mentorship and resources, reflecting a broader trend of tech giants investing in Africa's AI potential.

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The 2024 Work Trend Index released by Microsoft in collaboration with LinkedIn reveals a rapid increase in generative AI use among global knowledge workers, nearly doubling in the last six months with 75% utilization. An inevitable trend highlighted is "BYOAI," where 78% of AI users introduce their own AI tools to the workplace without formal approval, spanning across generations from Gen Z to boomers.

Despite the widespread adoption, 79% of business leaders recognize the necessity of AI for maintaining competitiveness, yet 59% are concerned with measuring AI's productivity gains. The report, based on a survey of 31,000 individuals in 31 countries, underscores a gap in organizational readiness and strategic AI implementation, emphasizing the urgency for a structured approach to harness AI's benefits fully.

Further insights from a Harvard Business Review article by David De Cremer suggest that successful AI integration requires inclusive practices that involve employees comprehensively, helping them understand and adapt to AI-driven changes. This approach is essential for overcoming resistance and leveraging AI for substantive business transformation.

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Samsung Electronics reported robust financial results for the first quarter ending March 31, 2024, with consolidated revenue reaching $52.5 billion. This increase was driven by strong sales of the Galaxy S24 smartphones and higher prices for memory semiconductors. The company's operating profit rose to $4.8 billion, with significant contributions from the Memory Business, which has returned to profitability through focusing on high value-added products such as High Bandwidth Memory (HBM) and DDR5.

The Mobile eXperience (MX) Business and the Visual Display and Digital Appliances businesses also saw increased profitability. The company benefited from the weaker Korean won, which positively impacted profits by about $219 million. Capital expenditures for the quarter totaled $8.2 billion, with the majority spent on developing Device Solutions and Samsung Display Corporation technologies.

Looking ahead, Samsung anticipates continued strong demand, especially from generative AI applications, which will drive further growth in their memory and foundry businesses. The company is also enhancing its System LSI Business and expects a recovery in smartphone sales, supported by new product launches and the expansion of AI services. Additionally, Samsung continues to lead in the visual display market, focusing on premium products and advanced technologies like AI to cater to evolving consumer needs.

Samsung has also been recognized as Sri Lanka’s top smartphone brand and won several awards, reaffirming its strong market presence and commitment to innovation across diverse electronic categories.

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Apple 's recent iPad Pro advert, which showcases creative tools being crushed to make way for the new device, has sparked backlash, leading the company to pull the ad and issue an apology. The advert attempted to capture the essence of "creative destruction"—a concept where old systems are dismantled to pave the way for new innovations—but instead alienated many viewers. By destroying items linked to traditional and digital creative pursuits, Apple inadvertently highlighted a generational divide. The advert was perceived as insensitive, particularly by creatives who felt it symbolized the destruction of the human experience and artistic expression.

Critics, including actor Hugh Grant, lambasted the ad for its heavy-handed metaphor and perceived disregard for the value of physical and analogue creativity. The ad's failure underscores the delicate balance companies must maintain when signaling innovation and change without alienating their core customer base.

This incident serves as a reminder that radical changes in branding and messaging must be carefully managed to ensure they resonate positively across diverse consumer segments.

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This Week in a Flash: News Highlights 🚀

Business and Technology 🌐

• Bolt Nigeria Clarifies Employee Termination: Bolt Nigeria has clarified that the recent employee terminations were part of a strategy to automate and update customer support and operational processes, not layoffs. The company remains committed to its operations across Nigeria and has plans for further expansion, including its recent venture into Kinshasa, DRC.

• Flutterwave Eyes New York Listing: Flutterwave, an Africa-focused payments company, is considering a New York listing, reflecting the growing interest in the African payments market. Founded in 2016, Flutterwave's latest funding round raised its valuation to over $1 billion.

Financial Markets 📈

• Impressive Returns at Nairobi Securities Exchange: The Nairobi Securities Exchange has shown a remarkable performance with a 44.43% return in dollar terms for the first four months of 2024, signaling a strong recovery and investor confidence.

• Kenya Shifts Borrowing Focus to International Sources: The Kenyan Treasury plans to reduce domestic borrowing and increase funding from international lenders like the IMF and World Bank, aiming to ease the burden of domestic borrowing.

Corporate Affairs 🏢

• Corruption Uncovered at Kuscco: A government audit has revealed extensive corruption at Kuscco, leading to financial instability and jeopardizing members' deposits. Over Sh6.56 billion was lost over a decade due to mismanagement. #Kuscco #Corruption #Audit

• Car & General Dispute with KRA: Car & General is currently in a tax dispute with the Kenya Revenue Authority, challenging several tax demands. Despite financial challenges, the company is pushing forward in various business domains.

Digital Economy and AI 🤖

• Microsoft's Commitment to Responsible AI: Microsoft has released a Responsible AI Transparency Report, detailing its commitment to developing secure and trustworthy AI applications and enhancing data accuracy through collaborations like those with Stack Overflow.

• Stack Overflow and OpenAI Collaboration: Stack Overflow and OpenAI are collaborating to integrate vetted technical content, enhancing both AI tools and developer experiences across platforms

Local Innovations and Initiatives 🌍

• Nakuru Students Dive into STEM: In Nakuru County, students are getting hands-on experience with STEM through robotics and creative coding at the Africa Tech - Science Technology Engineering and Mathematics Centre.

Updates in Payments and Banking 💳

• Mastercard and I&M Bank Extend Partnership: Mastercard and I&M Bank have renewed their partnership, continuing to offer innovative payment solutions in Kenya. This collaboration is set to provide enhanced services and benefits to their customers.

Do you have an exciting fintech story, innovation, or insight you'd love to share with our vibrant community? This is a fantastic opportunity to showcase your achievements, share your expertise, or highlight how you're shaping the future of fintech in Kenya. If you're interested, please don't hesitate to get in touch. Please email us at [email protected] with a brief outline of what you'd like to feature. We can't wait to hear from you and potentially share your story with our community!

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