Africa needs substantial foreign direct investment (FDI) for its economies to grow and provide opportunities for its rapidly growing population. However, current FDI inflows are minuscule compared to other regions, and Africa risks further decline due to geopolitical tensions.

The continent faces a stark choice. It can continue with ineffective strategies like tax holidays, leading to lost revenue and a race to the bottom. Key highlights from the article;

1. Tax Competition and Revenue Losses: Sub-Saharan Africa faces significant revenue losses due to tax competition, estimated at around $46 billion in 2019, which is higher than the continent's food import bill.

2. Foreign Direct Investment (FDI) Concerns: FDI in Africa decreased to $45 billion in 2022, a 44% drop from the previous year, highlighting a concerning trend in investment inflows compared to other regions like Asia and Latin America.

3. Geopolitical Risks and Economic Impact: The current geopolitical tensions, including the US-China trade blocs and conflicts like Russia's war in Ukraine, pose severe risks to Africa's economy, potentially leading to a permanent GDP decline and further reduction in FDI and development assistance.

4. Political Instability and Investment Climate: The recent increase in coups in West Africa and other political and socioeconomic turbulences are significant deterrents to investment, emphasizing the need for stability to attract and secure foreign capital.

5. Population Growth and Infrastructure Needs: By 2050, Africa's population is projected to double, intensifying the demand for electricity, clean cooking, and other essential services. There is an urgent need for substantial investment to bridge the annual financial gap, especially in energy transition.

6. Economic Performance Challenges: Africa continues to face low productivity, limited job creation, and a reduction in global per capita income share, requiring strategic investments and policy reforms.

7. Investment Attraction Strategies: The prevailing tax incentives and economic zones, while aimed at attracting FDI, often lead to a race to the bottom, with countries losing more revenue than they gain from such incentives.

8. Case Studies of Success and Caution: Ethiopia's industrial policy and special economic zones are highlighted as successful models, while Ghana's economic challenges underscore the importance of sustainable fiscal policies and transparency.

9. Strategic Approach to FDI: African nations need to adopt a more strategic, coordinated approach to attract quality investments that promote long-term economic growth and stability, including a whole-of-government approach, proactive investment promotion, and institutionalizing investment efforts.

10. Balancing Local and Foreign Enterprises: The focus should not only be on attracting foreign investors but also on supporting local enterprises and ensuring technology and knowledge transfer, as seen in successful models like Singapore.

Read more: http://tinyurl.com/ryfevrc7

Global markets are closely watching key central bank decisions in Japan and the eurozone this week. The Bank of Japan's signal of a hawkish shift away from negative interest rates could further strengthen the dollar, impacting African economies heavily reliant on dollar-denominated trade and debt. Meanwhile, the European Central Bank's communication about future policy direction will be closely watched, with a dovish stance potentially benefiting African exporters to Europe. This year, the dollar's broad rally reflects resilient U.S. economic data and delayed expectations of Federal Reserve rate cuts, strengthening its influence on global markets, including African currencies. African leaders and businesses should monitor central bank decisions, hedge currency risks with strategies to protect against potential fluctuations in major currencies, diversify trade partners beyond dollar-dominated markets, and maintain adequate foreign exchange reserves to buffer against external shocks and currency volatility.

Read more: http://tinyurl.com/44bhvj93 

This week on the Global Macroeconomic Trends;

1. Rising Geopolitical Tensions: Highlighting the impact of conflicts in Eastern Europe and the Middle East on global food and energy supplies, with potential escalations threatening oil market stability.

2. China's Economic Slowdown: Discussing China's lowest growth since 1990 and its ripple effects on global and developing economies, especially in commodity sectors.

3. Surging Financial Stress: Examining the challenges posed by the highest global interest rates in four decades, particularly for developing economies with debt distress.

4. Trade Fragmentation: Analyzing the increase in trade-restricting policies and shifts in global trade dynamics, impacting developing economies reliant on trade for growth.

5. Climate Change: Addressing climate-related disruptions in global trade routes and the escalating cost of natural disasters, with 2023 marked as the hottest year on record.

Read more: http://tinyurl.com/yebep34d 

China's monetary policy decision to keep benchmark lending rates unchanged highlights the delicate balance Beijing is facing in its economic recovery efforts. Despite pressures on the yuan and a complex economic landscape, the People's Bank of China (PBOC) maintained the one-year loan prime rate (LPR) at 3.45% and the five-year LPR at 4.20%. This cautious approach, aligning with market expectations, reflects concerns over additional depreciation pressures on the yuan. Experts anticipate that the PBOC may favor quantitative easing tools, like pledged supplementary lending, over direct rate cuts in the short term. The decision comes amid signs of resilience in the U.S. economy and speculations about the Federal Reserve's rate cut timelines, influencing the strength of the dollar and impacting the yuan. The PBOC's strategy also suggests a potential resumption of rate cuts once the yuan stabilizes, with expectations of liquidity injections ahead of the Lunar New Year to meet increased cash demand.

Read more: http://tinyurl.com/22k55y3a 

The African banking sector is facing significant risks due to the sovereign-debt crisis, as observed by outgoing Nedbank Group Ltd. CEO Mike Brown. He points out the challenges banks are encountering with the devaluation of domestic bonds, particularly in Ghana and Zambia, exacerbated by global interest rate increases and local economic downturns. Despite these hurdles, African banks have shown resilience, maintaining profitability and adequate capitalization. Nedbank's expansion plans in East Africa also reflect a strategic response to these evolving market dynamics.

Read more; http://tinyurl.com/4dhe7cn9 

Innovation is driving the future of payments, with customers demanding faster, cheaper, and more secure methods. However, navigating the delicate balance between innovation and regulation is crucial for success.

1. Innovation vs. Regulation in Payment Systems: At the Finance Magnates London Summit 2023, experts discussed the critical balance between innovation in payment technologies and regulatory compliance, emphasizing the role of both in shaping the future of payments.

2. Advocacy for Innovation: Rosie McConnell of IFX Payments highlighted the importance of innovation in meeting customer demands for fast, secure, and efficient payment methods. She underscored that innovation is crucial for the industry's advancement.

3. Navigating Regulatory Landscapes: The discussion acknowledged the challenges of complying with diverse local regulations. The panelists emphasized the need to maintain compliance without hindering innovation.

4. Strategic Compliance and Local Adaptation: Will Marwick of IFX Payments stressed the importance of investing in strong compliance teams and understanding local market intricacies to successfully navigate regulatory environments and scale businesses.

5. Global Differences in Payments: The session covered varying global approaches to payments, with a focus on the rapid adoption of new technologies in African and Asian markets, bypassing traditional systems for more advanced solutions like mobile payments and digital wallets.

6. Impact of Blockchain and AI: Blockchain was identified as a transformative technology for risk management and transaction monitoring. AI's role in enhancing compliance, particularly in fraud detection, was also highlighted.

7. UK’s Regulatory Framework Post-Brexit: The UK's approach to payment regulations was discussed, with an emphasis on learning from global markets and striking a balance between regulatory standards and flexibility.

8. Collaboration Between Industry and Regulators: The need for a collaborative approach between payment companies and regulatory bodies was underscored, with a focus on the importance of dialogue and practical feedback loops.

9. Central Bank Digital Currencies (CBDCs): The panelists agreed on the potential of CBDCs in driving innovation and improving access to financial services.

10. Future of Payments: The dialogue concluded with thoughts on the evolving landscape of payment methods and the need for personalization to meet consumer expectations, with blockchain playing a significant role in enhancing security and data management.

Read more: http://tinyurl.com/283mvkuf 

The paper "Empowering Africa: An In-depth Exploration of the Adoption of Artificial Intelligence Across the Continent" by Dr. Kinyua Gikunda (PhD) offers a comprehensive analysis of how AI technologies can address socio-economic challenges and foster development in Africa. It emphasizes the importance of indigenous AI innovations, international collaborations, and the need for a nuanced understanding of AI in diverse African contexts. The paper covers the role of governments, regulations, and private partnerships in creating a conducive environment for AI development, while addressing challenges like digital literacy and job displacement. It advocates for an inclusive and ethical AI ecosystem in Africa, considering regional nuances, cultural factors, and infrastructural constraints. The discussion includes case studies in healthcare, agriculture, finance, and education, highlighting AI's potential for efficiency, accessibility, and inclusivity. Key takeaways:

1. Innovation and Local Ecosystem: Emphasis on indigenous AI innovations and the importance of building a local AI ecosystem tailored to African needs and challenges.

2. International Collaborations: The value of international collaborations in enhancing the AI landscape in Africa, while maintaining cultural and regional nuances.

3. Ethical Considerations: Necessity of addressing ethical issues such as data privacy and algorithmic bias, ensuring responsible AI implementation.

4. Governmental Role and Regulations: The crucial role of governments and regulations in fostering a conducive environment for AI development and application.

5. Overcoming Challenges: Strategies to mitigate challenges like digital literacy gaps, job displacement, and infrastructural limitations.

6. Sector-Specific Applications: Highlighting AI's potential in healthcare, agriculture, finance, and education sectors for improved efficiency, accessibility, and inclusivity.

7. Policy Frameworks: Importance of establishing and updating policy frameworks to support AI development and address emerging challenges.

   

Read more; http://tinyurl.com/36tamzrn 

Interswitch Group has teamed up with OPay to enhance digital payment solutions. This collaboration integrates OPay into the Interswitch Payment Gateway (IPG), adding a new layer of convenience and security for users.

🌍 Seamless Transactions: Users can now effortlessly make direct payments from their OPay Wallet for various goods and services on merchant websites, leveraging the versatility of IPG.

💡 Innovation at the Forefront: Interswitch continues to demonstrate its commitment to innovation by encouraging businesses and consumers to adopt this feature, known for its ease, security, and adaptability.

💳 “Pay with OPay”: Elizabeth, VP of App and Cards at OPay, highlights the two-step payment method, ensuring faster and more secure transactions.

🔐 Enhanced Security Measures: In response to previous fraudulent activities, OPay has strengthened security by mandating a National Identification Number (NIN) and Bank Verification Number (BVN) for transactions.

🌐 Expanding Partnerships: Interswitch's strategic collaborations, including with Equity Bank in Uganda and support for Google Pay, further solidify its role as a key player in Africa's fintech landscape.

🔗 Interswitch Mafia: Notably, Interswitch's influence extends through its network, including partnerships with Tosin Eniolorunda's Moniepoint and Edward Popoola's Cowrywise.

This partnership marks a significant milestone in providing enhanced, secure, and user-friendly payment solutions across Africa.

Read more; http://tinyurl.com/ywnjf9wp

Visa, a world leader in digital payments, has partnered with FinTech firm Pesaflow to streamline and enhance digital government ecosystems while fostering financial inclusion.

The partnership will focus on creating seamless, user-friendly digital payment platforms integrating virtual, digital cards, and secure gateway services that ensure transparent, secure transactions while promoting financial inclusion.

Eva Ngigi-Sarwari, Country Manager at Visa Kenya, expressed excitement about their partnership with Pesaflow, emphasizing its potential to transform the public sector's delivery of government services. The collaboration aims to create a digital government ecosystem that is efficient, cost-effective, secure, transparent, and inclusive, thereby enabling the public sector to provide improved services to citizens. This partnership is also part of Visa's initiative to foster the growth of fintechs by collaborating on innovative solutions.

Read more:http://tinyurl.com/3pctd543 

📢 Exciting news for green transportation! MIT researchers have developed a game-changing cobalt-free battery with an organic-based cathode material. This material offers similar performance to cobalt batteries at a fraction of the cost and environmental impact.

What does this mean for the future of Electric cars and batteries in general? 🤔

🌍 Reduced reliance on problematic metals such as scarce and ethically controversial cobalt. This opens doors for sustainable battery production in Africa.

💰 Cost-effective alternative with lower material costs that could accelerate electric vehicle adoption and grid storage solutions across the continent.

⚡ Faster charging and longer lifespan resulting in enhanced battery performance, paving the way for efficient transportation and reliable energy access.

👨🏭 Unlocking local manufacturing potential with sustainable raw materials and potentially lower production costs making battery manufacturing in Africa a viable prospect.

This breakthrough technology has the potential to revolutionize green transportation across the continent and beyond. Let's hope for a brighter and sustainable future. 🌟

Read more:http://tinyurl.com/m3j44rsn 

Microsoft's AI-powered Reading Coach is now available for free to anyone with a Microsoft account! This tool offers personalized reading practice that aims to improve reading fluency and comprehension while adding a gamified element with its "choose your own story" feature. The Reading Coach also identifies difficulties and offers tailored supports. While experts highlight limitations of AI tools for assessing comprehension, some educators see their potential as complementary resources.

This presents an exciting opportunity for African educators and learners to explore AI-powered learning. The upcoming LMS integration (including Canva) could expand its reach and empower blended learning in African contexts.

To make the most of this tool in Africa's EdTech and education landscape, it's important to consider testing Reading Coach in diverse African settings to assess its effectiveness and adapt it to local needs. Equipping educators with skills to integrate technology effectively and ensuring sufficient internet access and digital literacy training for educators and learners are crucial steps. Additionally, partnering with local language experts to create culturally relevant content and prioritizing data privacy, age-appropriate content filtering, and ethical considerations when adopting AI-powered tools are key.

Read more:http://tinyurl.com/2p9c28r5 

Africa is Transssion’s largest market, accounting for 57% of its sales volume in the second quarter of 2023, according to Counterpoint, a research firm in Hong Kong. Africa was the main reason Transsion broke into the top five of the world’s phone makers for the first time last year, according to IDC. Transsion brands Tecno, Infinix and Itel accounted for the largest share of the 19.6 million smartphones shipped to Africa in the second quarter of 2023.

Read more:http://tinyurl.com/yhm8ffru 

Google's commitment to leveraging Artificial Intelligence (AI) for addressing Africa's most pressing challenges goes beyond conventional tech applications. Initiatives like the AI research centre in Accra, Ghana, and the product development centre in Nairobi, Kenya, underscore Google's focus on creating AI solutions tailored to African contexts. Key areas of impact include:

1. AI for Precise Flood Forecasting: Google's AI-driven flood forecasting technology offers early warning systems that predict floods up to seven days in advance, covering 23 African countries. This initiative significantly enhances disaster preparedness, potentially saving lives and properties across the continent.

2. AI for Enhanced Weather Forecasting: With 70% of Africans reliant on agriculture, Google's AI tool 'Nowcast' provides precise, short-term weather forecasts, crucial for agricultural planning and reducing vulnerability to extreme weather events.

3. AI for Food Security: Google Research Africa is developing AI solutions to predict locust outbreaks and suggest control measures, addressing a major threat to food production in Africa.

4. Mapping Africa with Open Buildings Dataset: Utilizing satellite imagery and machine learning, this project maps Africa's built environment, aiding in urban planning, population estimation, and service delivery to underserved communities.

5. Improving Maternal Health Outcomes: Google's collaboration with organizations like Jacaranda Health aims to simplify ultrasound use for pregnancy complications, potentially reducing the high maternal mortality rate in Africa.

Read more:http://tinyurl.com/yhsvk2c2 

Meta 's stock price reached an all-time high on Friday, potentially signaling a full recovery for the social media giant. Meta's CEO, Mark Zuckerberg, has refocused the company's efforts on improving its bottom line, and Wall Street has responded with renewed faith. The stock's climb of 2.2% put it within 2% of achieving a $1 trillion market capitalization for the first time in its history. Meta now joins the exclusive club of Apple, Microsoft, Saudi Aramco, Alphabet, Amazon, and Nvidia as one of the world's most valuable companies.

Read more:http://tinyurl.com/ypbb9593

Yodawy is a healthcare services provider in Egypt that enables insurance companies, medical providers, pharmacies, and pharmaceutical/FMCG companies to offer an improved customer journey to patients. The company has raised a total of US$34.5 million, with US$10 million from Ezdehar, a direct investment fund management company, to support its growth plans. These plans include expanding its customer base, technology-enabled prescription fulfillment capabilities, and creating more value in the healthcare services market. Yodawy's CEO aims to build a healthcare platform that addresses the main challenges in the sector and strengthens the company's position in the digital health field in Egypt.

Read more:http://tinyurl.com/4uyks8jd 

South African tech giant Naspers Limited is on the lookout for opportunities to invest in African startups and small businesses. The company has invested in startups in Egypt and is looking to acquire other small businesses. Naspers invests in early-stage businesses and helps them grow by identifying founders and bringing in the right people to start and scale up the business. The company is boosting investment in Takealot to help it compete with Amazon, which is set to enter the South African market.

Read more:http://tinyurl.com/2jh2as2v

The blue economy is a concept that was introduced by the United Nations in 2012. This concept aims to promote economic growth and development while preserving and conserving aquatic ecosystems. The blue economy encompasses various sectors, including fisheries, aquaculture, tourism, shipping, renewable energy, and biotechnology, among others. The blue economy can also be defined as a sustainable ocean-based economy.

BlueInvest Capital is an initiative by the European Commission to facilitate meetings between African entrepreneurs and international investors for sustainable economic activities in marine or inland water environments. The event will showcase 30 "blue" projects to attract partners willing to foster the development of these projects. The call for projects targets companies established in Africa, including small and medium-sized enterprises, whose innovative ideas require support to flourish in African markets. The deadline for applications is January 26, 2024.

Read more:http://tinyurl.com/3nxnkun3 

The European Banking Authority (EBA)'s new consultation on guidelines for banks to manage Environmental, Social, and Governance (ESG) risks is a pivotal development in the banking sector. These guidelines are part of the EU's broader initiative to transition to a climate-neutral economy. Key highlights include:

1. Comprehensive ESG Risk Management: Banks are required to conduct regular materiality assessments of ESG risks, integrating these risks into their regular risk management frameworks. This encompasses various risk categories like credit, market, operational, and liquidity risks, considering short, medium, and long-term time horizons.

2. Data Processes and Methodologies: The guidelines emphasize the need for banks to have robust data processes and methodologies for identifying risks. These include exposure-based, portfolio-based, and scenario-based approaches.

3. Transition Plans under Capital Requirement Directive (CRD): Institutions must develop CRD-based transition plans addressing risks from the climate transition and financial risks stemming from ESG factors and regulatory objectives.

4. Alignment with EBA’s Sustainable Finance Roadmap: These guidelines are developed in line with the EBA’s roadmap on sustainable finance, reflecting its priorities in sustainable finance and ESG risk integration.

5. Differentiation from Other Sustainability Regulations: Unlike the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), the EBA's guidelines focus on the assessment and embedding of ESG risks in strategies and policies, rather than requiring banks to align with specific sustainability goals.

These guidelines signal a significant shift in the banking sector, emphasizing the importance of ESG considerations in maintaining the safety and soundness of financial institutions as the EU moves towards a more sustainable economy.

Read more:http://tinyurl.com/2s35juad 

Regulatory Technologies (RegTech) are revolutionizing business compliance by offering innovative solutions that streamline processes and enhance accuracy. This comprehensive article explores the impact of RegTech on businesses, highlighting key technologies driving its evolution and future trends shaping the compliance landscape.

1. Defining RegTech: RegTech represents a paradigm shift in regulatory compliance, addressing the complexities of modern regulatory environments through advanced technological solutions.

2. Evolving Compliance Challenges: As regulations become more intricate, businesses face increasing challenges in maintaining compliance. RegTech emerges as a solution, offering tools to navigate these complexities effectively.

3. Technologies Driving RegTech:Artificial Intelligence and Machine Learning: These technologies analyze vast datasets, providing predictive analytics for proactive compliance.Blockchain: Enhances transparency and security in compliance processes, particularly in AML and supply chain compliance.Data Analytics: Turns information into actionable insights for understanding regulatory trends and assessing risks.Automation and RPA: Streamlines routine tasks, reducing manual errors in navigating complex regulatory requirements.Cloud Computing: Offers flexible and scalable compliance solutions, enhancing business agility and collaboration.

4. Impact on Businesses:Enhanced Accuracy and Efficiency: Reduces the risk of non-compliance and associated penalties.Cost Savings and Resource Optimization: Streamlines compliance processes and automates tasks.Improved Risk Management: Enables proactive identification and management of risks.Real-Time Monitoring and Reporting: Keeps businesses updated with regulatory obligations.

5. Challenges and Considerations:Integration with Legacy Systems: Addresses the complexities of integrating RegTech solutions.Data Security and Privacy: Emphasizes the importance of adhering to high standards of data security.Regulatory Adoption and Standardization: Explores the role of regulatory bodies in standardizing RegTech solutions.

6. Future Trends:Predictive Compliance Modeling: Utilizing AI and ML for strategic planning and risk mitigation.Interconnected RegTech Ecosystems: Leveraging multiple solutions for comprehensive compliance coverage.Embracing Explainable AI (XAI): Prioritizing transparency in AI-driven compliance decisions.

   

Read more:http://tinyurl.com/4fzr9bh2 

Wycliffe Shamiah, the CEO of the Capital Markets Authority (CMA), has reported that more than three companies have postponed their plans to list on the Nairobi Securities Exchange (NSE). This decision comes in response to the current bear market, characterized by declining share prices and reduced trading activity. These conditions have been discouraging for firms considering listing, due to the high costs involved, increased taxation, and the possibility of their share values dropping in the current market climate.

Among the firms delaying their listing is Credit Bank. The market downturn has notably impacted local investors in major companies like Safaricom, East African Breweries Limited Plc (EABL), and KCB, leading to significant losses in paper wealth. This situation is exacerbated by foreign investors withdrawing from the NSE in favor of more appealing markets in the USA and Europe.

Furthermore, the bearish conditions at the NSE have resulted in considerable losses for investors who had shares in companies such as Kenya Airways and Mumias Sugar, where trading has been suspended.

Read more:http://tinyurl.com/bdhtr76e 

The Kofi Annan Foundation has launched the second edition of its Award for Innovation in Africa to encourage digital solutions in food security and agritech. The program, supported by the Austrian Federal Chancellery and United Nations World Food Program (WFP), is open to any African social entrepreneur with purpose-driven enterprises and a sustainable business model. The innovations should align with Sustainable Development Goal (SDG) 2, Zero Hunger, and focus on priority topics such as inclusion of marginalized groups in food security, improved nutrition for women, circular solutions, and the reduction of post-harvest losses. The deadline for applications is 8th February 2024.

Read more:http://tinyurl.com/2z2krrzy 

Davos 2024: 10 Insights for a Prosperous Future in Fintech & Beyond:

• Speed is king: Embrace agility and adaptability to outpace competitors in a constantly evolving economic landscape.

• Coopetition thrives: Collaborate with rivals on specific goals while maintaining competitive spirit in other areas.

• Generative AI unlocks potential: Leverage this technology to boost performance in sales, marketing, customer service, and software development.

• Net-zero is non-negotiable: Sustainable practices are not just ethical, but essential for economic success and future-proofing your business.

• Invest in women's health: Closing the health gap improves economies and unlocks a trillion-dollar global opportunity.

• Master transformation: Combine will, skill, rigor, and scope to navigate disruption and stay ahead of the curve.

• Prioritize talent: Match top skills to critical roles through innovative hiring practices.

• Leave a legacy: CEOs should strive to create lasting value and improve their organizations for future generations.

• Embrace diversity: Diverse teams not only reflect societal values but also drive better performance and innovation.

• Watch India rise: Pay attention to this rapidly growing economy's potential in technology, talent, and healthcare.

Read more:http://tinyurl.com/5av9f34k 

The African Development Bank and the United Kingdom have selected the Transmission Network Improvement Project in Kenya as a beneficiary project under the Room to Run Sovereign transaction (R2RS). The project will receive up to $59 million of the $116 million total project cost for the climate mitigation component of the loan. This project will extend and reinforce the national electricity grid system, addressing transmission system gaps in the country. The R2RS is an innovative and highly scalable balance sheet optimization transaction that is helping the Bank lend more funding for critical climate change projects. By assuming a portion of the credit exposure on a part of the Bank’s sovereign portfolio, R2RS enables the Bank to provide up to an additional $2 billion of climate finance to Africa by 2027, split between adaptation and mitigation.

Read more:http://tinyurl.com/3nafhhsk 

Kenyan agtech Shamba Pride has successfully raised $3.7 million in a pre-series A funding round, a significant boost for its ambitious expansion plans. Key highlights of this development include:

1. Enhancing Farm Input Distribution: Since 2016, Shamba Pride has been dedicated to improving last-mile distribution for farm inputs, addressing challenges related to pricing and quality for farmers through its network of digishops.

2. Extensive Merchant Network: The company has established a network of 2,700 merchants across 24 counties in Kenya, covering over half the country. This network plays a critical role in ensuring farmers' access to essential supplies.

3. Expansion Plans: With the new funding, Shamba Pride aims to scale its operations further within Kenya and later extend to neighboring markets like Tanzania, Uganda, and Zambia. These regions face similar challenges in the farm input supply chain, such as sourcing issues, unpredictable pricing, and stockouts.

4. Digitalization of Agro-Dealers: Shamba Pride is digitizing agro-dealers, facilitating tasks like business management and inventory ordering. This digitalization is crucial for maintaining a steady supply of farming essentials like fertilizers and seeds, especially for small-scale farmers in rural areas.

5. Supporting Small-Scale Farmers: The company focuses on small-scale farmers who are vital to Kenya's agriculture sector. This sector contributes significantly to the country's GDP, employs a large portion of the population, and accounts for a majority of export earnings.

6. Innovative Services: In addition to market linkages, Shamba Pride offers Buy Now Pay Later (BNPL) financial services and training information through its USSD platform, further supporting farmers' needs.

7. Strategic Partnerships: The company works with partners like Elephant Verve to source "climate-smart" farm inputs, aligning with its strategy to build resilience for small-holder farmers.

   

Read more:http://tinyurl.com/2ypscxv6

In a historic move, President Richard Ngatia of the East Africa Chamber of Commerce, Industry, and Agriculture (EACCIA) has orchestrated a groundbreaking partnership with the European Business Institute in Luxembourg.

The European Business Institute of Luxembourg and EACCIA have collaborated to introduce a scholarship program focused on financial literacy to allocate at least 2,000 scholarships to each member of the East Africa Community, valued at 740 Euros each. The scholarships cover a three-month certificate course that includes Business Management, Business Finance, Applied Blockchain Technology, Artificial Intelligence Integration, Micro and Macro Economics, Managerial Accounting, Entrepreneurship, and Communication. The scholarship initiative is aimed at addressing the issue of financial illiteracy in the region and contributing to a stronger savings culture for the region.

Read more:http://tinyurl.com/3nt24uwt

Microsoft recently faced a significant cybersecurity breach when a Russia-based group, known as Midnight Blizzard or Nobelium, hacked the email accounts of its senior leadership. Key points include:

1. Cyberattack Details: The attack, initiated in late November 2023, involved a password spray attack compromising a non-production test tenant account. This allowed the threat actor access to a small percentage of Microsoft's corporate email accounts, including those of senior leadership and employees in cybersecurity, legal, and other functions.

2. Previous Incidents: This isn't Nobelium's first attack on Microsoft. They have previously been accused of targeting the company, including a cyberattack on Microsoft Teams using social engineering techniques.

3. Detection and Response: The attack, which began in late November 2023, was only detected in mid-January 2024. Microsoft emphasized that the breach was not due to a vulnerability in its products or services and that customer environments and production systems were not compromised.

4. Security Analysis: Analysts suggest that the breach might indicate a failure to apply best practices like zero-trust security to senior leadership's email accounts. The delay in detecting the breach also highlights challenges in even the most sophisticated cybersecurity systems.

5. Nobelium's Background: Nobelium is believed to be part of Russia’s Foreign Intelligence Service (SVR) and is known for targeting government organizations and NGOs in the US and Europe. They were also behind the significant SolarWinds cyberattack in 2020.

6. Microsoft's Initiatives: In response to increasing cyber threats, Microsoft announced the Secure Future Initiative (SFI) last year to enhance customer protection. The company now plans to apply current security standards to legacy systems and internal processes.

Read more:http://tinyurl.com/ykaapxje 

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 - 𝟏𝟖,𝟎𝟒𝟏 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫𝐬