The Fintech Association Of Kenya(FINTAK) has appointed Dr. Juliet Ongwae, PhD as a Board Director, effective May 20, 2024. Dr. Ongwae brings over 20 years of experience in digital financial services, notably in Sub-Saharan Africa and South-East Asia. She currently serves as the Senior SupTech Specialist at the Cambridge SupTech Lab, University of Cambridge.

In her new role at FINTAK, Dr. Ongwae will lead the SupTech/RegTech Committee, focusing on innovative regulatory practices to advance Kenya's fintech sector. FINTAK Chairperson Duncun Motanya expressed confidence in her ability to contribute to a robust fintech environment in Kenya.

Dr. Ongwae's leadership is expected to significantly bolster FINTAK's strategic initiatives and impact on the fintech industry.

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KCB Bank Group has taken a step towards energy sustainability by installing solar power systems in two branches, with plans to extend this initiative to 19 more branches by 2025. This move aims to combat frequent power outages and reduce operational costs linked to diesel generators, which saw a 54% rise in fuel costs last year. Additionally, KCB is enhancing energy efficiency by adopting energy-efficient lighting and power backup inverters in its branches.

This initiative is part of a broader trend among Kenyan businesses, such as Kenchic Limited and East African Breweries PLC (EABL), transitioning to solar energy to mitigate high electricity costs and improve reliability.

KCB's solar power integration is complemented by installing energy-saving lights in 108 of its 206 branches, reflecting its commitment to sustainability and cost efficiency.

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According to a recent study by the International Finance Corporation (IFC) unveiled during the Africa CEO Forum in Kigali, Rwanda, Africa's digital potential remains largely untapped. Despite 86 percent of African businesses having access to digital tools like mobile phones, computers, and the internet, only 24 percent utilize them extensively for tasks like accounting and sales, hampering economic growth.

IFC Managing Director Mukhtar Diop emphasized the critical link between effective technology use and economic impact. He highlighted the disparity in digital adoption across countries and businesses. For instance, Kenya stands out, with 57 percent of firms leveraging digital tools, surpassing the continental average by more than double.

The study highlighted various barriers hindering widespread technology adoption, including the high cost of internet access, which remains beyond the reach of many Africans. Susan Lund, IFC’s Vice President for Economic and Private Sector Development, noted that the cost of software and hardware in Africa is 35 percent higher than in the United States.

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According to a recent report by the Policy Center for the New South (PCNS), Morocco ranks sixth in Africa in terms of readiness to adopt artificial intelligence (AI). This assessment is based on data from Oxford Insights' Government AI Readiness Index 2023, which places Morocco 88th globally.

Leading the continent in AI readiness, Mauritius ranks 61st globally, followed by Egypt (62nd), South Africa (77th), Tunisia (81st), and Rwanda (84th). The index evaluates countries on 39 indicators across three pillars: Government, Technology sector, Data and infrastructure, and Private sector.

"Mauritius, Egypt, and South Africa emerge at the top of the ranking, highlighting their commitment to developing ecosystems conducive to technological innovation," the report states. These countries have implemented progressive policies fostering the growth of AI-focused startups and companies.

However, the report also notes significant disparities within Africa, as seen in the lower rankings of countries like Côte d'Ivoire.

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If the proposed ICT Authority Bill 2024 becomes law, information, communication, and technology (ICT) professionals in Kenya may soon need a license.

The legislative proposal, put forward by Cabinet Secretary CS ELIUD OWALO of the Ministry of ICT and Digital Economy, mandates that anyone intending to provide ICT services must apply for accreditation from the Authority.

“A person who intends to provide ICT services shall apply to the Authority for accreditation in a prescribed manner and upon payment of the required fee,” Owalo stated.

The Bill aims to ensure the provision of secure, proficient, and high-performing ICT services. According to CS Owalo, it also seeks to streamline the integration of ICT in public service delivery, enhancing accessibility, efficiency, and inclusivity within the sector.

The proposed legislation would allow the Authority to categorize accreditation based on an applicant’s experience, technical qualifications, and skills. It stipulates that applications will be processed within thirty days, and the Authority will notify applicants of approval or rejection, providing reasons if rejected.

Furthermore, the ICT Authority Bill 2024 requires that accreditation be renewed annually. The Authority will also establish and maintain a register of accredited service providers. The Bill includes provisions for suspending certification if an ICT service provider violates conditions or operates in a manner detrimental to the public interest.

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Online retailer Copia Kenya has announced plans to lay off 1,060 employees due to financial constraints. The decision comes as the company struggles with ongoing financial challenges despite efforts to secure additional funding.

"In light of our persistent financial challenges and despite our best efforts to explore avenues for additional funding, we find ourselves compelled to undertake a comprehensive organizational restructuring to ensure the sustainability of our operations, or even consider the possibility of shutting down," Copia Kenya stated.

The company has begun serving affected employees with the required one-month notice period, as mandated by labor laws. The layoffs will specifically target roles directly impacted by the restructuring. However, Copia warned that if operations halt, all staff members would face termination.

This announcement highlights the challenges startups in Kenya face in addressing financial issues and ensuring sustainability. The country's startup ecosystem has seen several closures due to increased taxation and operational costs. In 2022, food tech startup Kune exited the market, citing economic strain. Similarly, Twiga Foods, specializing in farm produce, has downsized due to harsh economic conditions and reduced profitability.

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Block-owned TBD and African FinTech Chipper Cash have partnered to facilitate B2C and B2B cross-border payments across 40 African countries. Integrating with TBD’s tbDEX protocol, Chipper Cash aims to improve cross-border payments and decentralized identity use cases.

TBD CEO Mike Brock highlighted the challenges of currency liquidity and access to global financial systems in Africa, emphasizing the tbDEX ecosystem's role in addressing these issues. The collaboration focuses on making consumer remittances faster and cheaper, addressing the high costs of sending money to Africa.

The partnership also aims to empower small businesses by enhancing local and cross-border digital payments for underbanked SMBs. Additionally, tbDEX will facilitate onboarding and identity verification through decentralized identifiers, ensuring trusted and compliant transactions.

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Flutterwave successfully blocked an attempted network intrusion in April and reported the offenders to law enforcement agencies. The company detected unusual activities on one of its platforms, which serves a limited number of customers, and immediately took action to safeguard customer funds. Flutterwave assured customers that their funds were not affected and remained secure.

Upon confirming the unauthorized activities, Flutterwave provided the offenders' IP addresses and details to the authorities and informed the regulator. The company plans to enhance security features on the affected platform and migrate users to another platform to ensure business continuity and improved security.

Flutterwave's Head of Information and Security emphasized the company's commitment to investing in security infrastructure and advocated for ecosystem-led initiatives to combat digital threats in Africa.

Cybercrime has been a growing issue in Nigeria, affecting various companies, including MTN and Patricia Technologies Limited, as well as commercial banks like Access Bank. Previous incidents involving Flutterwave, such as the alleged hacking in March 2023, highlight the ongoing challenges faced by businesses in the region.

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Jumia Group plans to consolidate its three Nigerian warehouses into a single 30,000-square-metre depot in Lagos, aiming for cost savings as part of its profitability strategy. This initiative was revealed by CEO Francis Dufay , who also mentioned that Jumia is expanding into more Nigerian cities. According to Jumia’s Q1 report, the company's operating loss decreased to $8.3 million from $28.4 million in Q1 2023 due to significant cost reductions and increased gross margins. The company remains focused on reducing losses and achieving profitable growth.

Dufay highlighted that orders and average order value (AOV) have increased, demonstrating strong market performance. Despite the challenging macroeconomic environment, including currency depreciation, Jumia maintains sufficient inventory and competitive pricing to keep customers engaged.

At the Qatar Economic Forum, Dufay emphasized the need for a lean structure to offer low prices, acknowledging the price sensitivity of Nigerian consumers. Additionally, Jumia has partnered with Newedge (Easybuy) to introduce a "Buy Now, Pay Later" model, allowing consumers to purchase products with deferred payments, enhancing shopping convenience.

Sunil Natraj, CEO of Jumia Nigeria, expressed confidence in the partnership with EasyBuy, expecting it to significantly contribute to the growth of e-commerce in Nigeria.

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Transit traders in the East African Community (EAC) are working on an integrated track-and-trace (T&T) system to reduce annual revenue losses of up to $6 billion due to illicit trade. Led by the East African Business Council (EABC), the initiative may model after the European Union's digital system or require each EAC member state to establish its own T&T system before merging them regionally.

The proposed system aims to curb revenue leakages from counterfeit goods, smuggling, and supply chain inefficiencies. Discussions with the EAC secretariat and governments will determine the costs and implementation strategy, potentially involving public-private partnerships.

At a recent meeting in Dar es Salaam, stakeholders from Tanzania, Kenya, Rwanda, Burundi, South Sudan, Uganda, and the Democratic Republic of Congo identified challenges, including disagreements over product origin rules and the financial capacity of small businesses to go digital.

The EU’s T&T system, established in 2019 to monitor illicit tobacco trade, was a reference. It uses unique identifier codes on products to track movements across borders and supply chains, supported by central data repositories and anti-tampering devices.

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The Information Security Society of Africa—Nigeria (ISSAN) has urgently called for a closer partnership with the Economic and Financial Crimes Commission (EFCC) to combat the escalating threat of internet fraud and financial crimes. ISSAN Vice President Dr. Martin Ikpehai made this call during a recent visit to the EFCC headquarters.

Ikpehai highlighted the alarming rise of 'Yahoo schools'—institutions teaching cybercrime techniques—and stressed the need for collaborative efforts to address this issue effectively.

EFCC Executive Chairman Ola Olukoyede welcomed ISSAN’s initiative, emphasizing the importance of cooperation in cybersecurity.

ISSAN has recently proposed a comprehensive Nigerian Identity System, a unified database that would merge international passports, phone numbers, and Bank Verification Numbers into a single file. This innovative system aims to streamline the detection and tracking of cybercrime perpetrators, thereby bolstering the nation's cybersecurity efforts.

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Two Egyptian startups and one from Tunisia have been chosen to participate in the Mega Green Accelerator, a climate-focused initiative based in Saudi Arabia. Launched by PepsiCo , SABIC, and AstroLabs, the accelerator aims to support innovators in developing and scaling sustainable solutions to combat climate change. Selected ventures will benefit from funding, mentorship from industry experts, and market access to expand their solutions over a six-month program. Ultimately, one winning company will receive US$30,000 to support its growth.

Egyptian startups Viridia Tech, P-VITA, and Tunisian venture Kumulus were among the eight chosen from 363 submissions across the MENA region. Viridia Tech offers a platform for crop analytics for industrial agriculture, while P-VITA specializes in producing natural raw materials for cosmetics and food industries using AI and IoT. Kumulus focuses on water technology, turning air into fresh drinking water with innovative AWG machines.

The other selected startups include Mrüna and The Surplus from the UAE, Mirai Solar and Ahya Technologies from Saudi Arabia, and YY ReGen from Lebanon. Eugene Willemsen, PepsiCo's CEO for Africa, the Middle East, and South Asia, emphasized the importance of startups in driving innovation and addressing regional challenges, highlighting the accelerator's role in supporting entrepreneurs through mentorship, funding, and market access.

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Global commodity markets are witnessing significant activity and changes this week, as various factors including geopolitical tensions, supply chain disruptions, and seasonal demand shifts are influencing prices and availability across several key sectors. From energy to agriculture, commodities such as crude oil, copper, and orange juice are experiencing fluctuations that could have broad economic implications. Here’s a closer look at the critical developments in these markets that stakeholders should monitor.

Commodities Index: The Bloomberg Commodity Spot Index, which includes 24 energy, metal, and agricultural contracts, has reached its highest level since January 2023. This surge is attributed to supply disruptions, rising geopolitical tensions, and inflation concerns. Crude oil, a major component of the index, has seen increased demand and supply concerns, particularly due to Middle East tensions.

Copper: The copper market experienced a short squeeze in New York, causing prices on the Comex exchange to spike to record highs. This created a significant price dislocation compared to other markets, with premiums rising dramatically over typical levels. The market stress has since moderated but remains elevated.

Orange Juice: Orange juice futures have hit record prices due to severe citrus crop issues in Brazil and the U.S. Brazil, which accounts for about 70% of global orange juice exports, is facing its worst harvest in 36 years. In Florida, long-term damage from disease and weather has severely affected orange production.

Liquefied Natural Gas (LNG): Attacks by Yemen’s Houthi rebels have halted LNG tanker traffic through the Bab al-Mandab Strait, disrupting traditional routes and forcing vessels to detour around Africa. This disruption has constrained the global LNG supply and elevated shipping costs.

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Safaricom PLC acquired additional internet capacity from other undersea cable providers after an undersea cable cut on Sunday affected its services. The disruption occurred at the Mtunzini teleport station, impacting several submarine cables serving Kenya, including Seacom and the East African Submarine System (Eassy). To maintain service, Safaricom is using the unaffected East African Marine System (TEAMS) cable for local traffic and has activated redundancy on the South Africa route.

David Mugonyi, Director General of the Communications Authority of Kenya, acknowledged the efforts of mobile network operators and internet service providers to restore connectivity by securing additional capacity from other undersea cables. Although services are nearly back to normal, clearing the backlog caused by the outage will take some time.

The connectivity-tracking website Cloudflare Radar reported severe internet outages in Tanzania, Malawi, Mozambique, and Madagascar, with their traffic volume declining to 30%. Rwanda and Uganda also experienced slow internet connectivity. This incident follows a similar disruption along the West Afri

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The third year of the expanded ranking of the Financial Times' Africa’s Fastest Growing Companies is presented amidst a backdrop of economic struggle, with many African economies still recovering from the Covid-19 pandemic. In 2023, Africa's overall economic growth was 3.2 percent, according to the IMF, which is lower compared to Asia's nearly 5 percent growth.

The Fastest Fintech being Moniepoint

The ranking was based on the company's impressive revenue growth rates between 2019 and 2022, with an absolute growth rate of 7,979% and a compound annual growth rate (CAGR) of 332%.

Moniepoint Group 's rapid growth has had great impact on financial inclusion across the continent. In 2018, 51% of Nigerians lacked access to formal banking services, but by 2023, this figure had dropped to 36%. This improvement is largely due to Moniepoint's extensive distribution network, which brings banking services directly to people, bypassing the need for traditional banking halls.

Access to payment services has also increased, with a 12% growth in digital payments during the same period, as reported by EFInA. Moniepoint's contribution is notable, with a new payment terminal being acti

During the 2024 Islamic Development Bank Group Annual Meetings, the African Export-Import Bank (Afreximbank) secured financing agreements totaling $350 million with the International International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for Development of the Private Sector (ICD). Afreximbank will receive $250 million from ITFC for Sharia-compliant syndicated trade financing and $100 million from ICD to support its private sector interventions, particularly targeting enterprises that significantly impact development in their member states.

These agreements, affirmed at the signing ceremony by Afreximbank’s President, Prof. Oramah, enhance the bank's ability to promote industrialization, export development, and the implementation of the African Continental Free Trade Area (AfCFTA) Secretariat. The partnerships are part of the Arab Africa Trade Bridges (AATB) Programme, aimed at enhancing south-to-south trade between African and Arab countries to advance regional socio-economic prosperity and sustainable development.

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In Nigeria, Micro, Small & Medium Enterprises (MSMEs) are crucial to the economy, accounting for 46% of GDP and representing 97% of businesses, contributing 88% of private sector employment. Despite their significance, these businesses have faced challenges such as limited funding, rising inflation, and economic downturns, leading to the closure of over two million MSMEs between 2017 and 2021. The pandemic exacerbated these challenges, with many SMEs struggling with the high cost of doing business in an environment where annual inflation rates have soared to over 22%.

However, the adoption of emerging technologies presents new opportunities for growth and efficiency. More Nigerian SMEs are utilizing digital tools for customer engagement and operational improvements, supported by local startups offering tailored digital services like quick credit and bookkeeping. Recognizing the potential of technology to transform the sector, MTN Nigeria has actively supported SMEs through partnerships, such as its 2018 MoU with Microsoft and initiatives like the REVV Programme, which provides comprehensive business support to thousands of SMEs.

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Samsung Electronics East Africa is actively addressing concerns about hacking threats to its smart TVs. Sam Odhiambo, the Head of Department for Consumer Electronics, highlighted the implementation of Samsung Knox Guard, a robust security feature that provides advanced protection. This system includes a highly secure lock mechanism enhanced by hardware-level security measures.

It protects against unauthorized firmware modifications and ensures the software integrity of Samsung TVs from the manufacturing stage to any reset attempts. The technology also secures the device's IMEI and prevents network and VPN or proxy manipulations. Recent reports, like one from Bitdefender, indicate that hundreds of thousands of TVs worldwide are vulnerable to hacking, which could lead to unauthorized access, malware injections, and potential breaches across home networks. Samsung's proactive security measures aim to mitigate these risks and safeguard user data and device functionality.

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Over 99 percent of schools in Zimbabwe have adopted the new Zimbabwe Gold (ZiG) currency for tuition fees as the new school term began, reports The Zimbabwe Mail.

This widespread acceptance was confirmed by Taungana Ndoro, Director of Communications and Advocacy at the Ministry of Primary and Secondary Education. The government has praised this transition, noting only a few private schools have yet to comply, with measures being taken to address these exceptions.

To ensure adherence, the government launched a multi-agency operation earlier in the month to enforce regulations against schools demanding fees in foreign currencies. Agencies involved include the Zimbabwe Anti-Corruption Commission, the Reserve Bank of Zimbabwe’s Financial Intelligence Unit, and the police.

Despite the successful adoption of ZiG, challenges persist with some parents failing to pay fees, which impacts the operational capabilities of schools. The government is committed to upholding the integrity of Zimbabwe’s educational system and has warned of legal consequences for non-compliance.

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MarTech is short for marketing technology, which encompasses a wide array of software tools and platforms used by marketers to plan, execute, manage, and analyze their marketing campaigns. According to a study by the CMO Council and Zeta Global Holdings, 60% of marketers view AI investments as crucial for improving content creation, personalization, and predictive analytics. AI's capabilities in customer segmentation and automation of repetitive tasks are expected to drive higher engagement and loyalty.

Operational excellence is essential for maximizing MarTech investments, requiring alignment across various business functions such as marketing, operations, and finance. Effective collaboration enables efficiency, agility, and a customer-centric approach, ultimately enhancing brand exposure.

Marketers face the challenge of demonstrating ROI and integrating new tools into their existing tech stacks. Achieving revenue and customer retention goals often depends on strong collaboration across the C-suite.

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At the recently concluded Clean Cooking Summit organized by the International Energy Agency (IEA), TotalEnergies announced its goal to provide clean cooking access to 100 million people in Africa and India by 2030. The company plans to invest over $400 million in developing liquefied petroleum gas (LPG) for cooking to achieve this.

TotalEnergies aims to make clean cooking affordable through digital pay-as-you-cook technologies. These technologies will allow customers to pay based on usage rather than upfront for the full cylinder, easing the financial burden on users.

More than 2.3 billion people globally lack access to clean cooking solutions, relying on traditional wood and charcoal stoves. Access to cleaner cooking fuels like LPG can improve health by reducing air pollution, a major cause of respiratory and cardiovascular diseases, particularly affecting women in sub-Saharan Africa.

Clean cooking also promotes gender equality by freeing up time otherwise spent collecting wood, thus enabling better access to education, employment, and entrepreneurship for women. Additionally, it can lead to substantial environmental benefits, including reducing CO2 emissions and deforestation. Universal access to clean cooking could save up to 1.5 billion tons of CO2 emissions by 2030.

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SPIRO, Africa's leading electric vehicle company (EV), recently secured a l $50 million loan from African Export-Import Bank (Afreximbank) during the Africa CEO Forum in Kigali. This funding injection is to strengthen Spiro's operations continent-wide, with a particular focus on amplifying its electric motorcycle initiatives.

Established in 2019, Spiro has expanded its footprint, overseeing over 600 EV battery-swapping stations across Kenya, Benin, Togo, and Rwanda. The company previously obtained a $63 million loan from Societe Generale to facilitate its expansion efforts in Togo and Benin. The latest loan is set to propel Spiro's penetration into additional African markets.

This financial backing trend extends beyond Spiro. Other EV firms in Kenya and across Africa, including Roam and BasiGo, have also secured capital to scale up production, establish local assembly lines, and create charging infrastructure to tackle the hurdles of e-mobility adoption and boost transportation across the continent.

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Health insurance costs have risen due to increased claims frequency and soaring global medical costs, with 58% of insurers expecting higher medical cost trends over the next three years, according to the WTW Global Medical Trends 2024 survey.

AI technology, particularly machine learning (ML), offers a solution to streamline claims processing and reduce costs. For instance, M-TIBA's implementation of ML models has significantly increased the efficiency of claims processing, reducing the time from weeks to seconds and allowing for automatic approval of over 40% of claims.

This AI-driven approach not only accelerates claim payouts and reduces payment cycles for providers but also lowers overall costs and improves the patient experience. By integrating AI, insurers can shift from a product-centric to a customer-centric model, providing personalized, affordable coverage and engaging digital interactions, ultimately empowering customers and making health insurance more accessible.

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Zimbabwe has urged gold miners to increase production to support the recently launched ZiG currency, according to Mines and Mining Development Minister Winston Chitando. The ZiG, backed by 2.5 tons of gold and $100 million, is the country's sixth attempt at a functional local currency in 15 years.

Minister Chitando, speaking in Harare, emphasized the need to boost gold production to underpin the new currency. Since late 2022, miners have been required to pay a portion of their royalties in commodities and cash to help build reserves. The government is encouraging both artisanal and small-scale miners, as well as medium- and large-scale miners, to increase their output.

Gold production for the first quarter of this year from medium- to large-scale miners has already surpassed the same period last year. Zimbabwe, rich in minerals like platinum, lithium, and diamonds, aims to raise gold production to 40 tons this year, up from 30.1 tons last year.

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During a state visit to Kenya, Ugandan President Yoweri Museveni shared his vision for Africa, emphasizing the need for greater integration and industrialization. At a joint press conference with Kenyan President William Ruto, they announced plans to resolve long-standing trade differences between their countries. Museveni criticized Africans for not leveraging the continent's resources and geography to industrialize and advocated for the formation of the East African Federation to unite the region.

Museveni highlighted the inefficiencies caused by national borders within Africa, comparing the continent to a single house with different countries as separate rooms requiring visas to move between them. He noted that smaller countries in Latin America struggle due to a lack of organization, while European nations benefit from alliances like NATO.

"Africa is amazing because Africa is one house, one building. Now, the sitting room is another country. The bedroom is another country.

The other one is another country. Now, to go from the bedroom to the outside, you must go to another country. We must get a visa. What is this now? When I travel to any part of Africa, I don't focus on our differences; instead, I seek our connectedness as one people.” said Pres. Museveni.

Museveni called for eliminating barriers to the free movement of goods and people, stressing that prosperity in Africa must come from integrating into the modern economy. He expressed his vision for Africa's prosperity through wealth creation, market access, strategic security, and political integration, lamenting that the EAC had not achieved its potential earlier, which could have prevented historical issues like poor governance and genocides in the region.

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Visa announced the second cohort of its Africa Fintech Accelerator program, featuring startups from across 28 African countries—an increase from the 18 countries represented in the first cohort. This 12-week program, aimed at fostering financial innovation across Africa, offers personalized mentorship, training, and access to funding and resources for seed to series A startups.

The new cohort showcases a diverse array of fintech solutions, including neo-banking, merchant payments, and insurance management, and highlights a major presence of female leadership at 65%, up from 43% previously.

The Sub-Saharan Africa startups shortlisted for the second cohort of the Visa Fintech Accelerator program for Africa are:

1. Chapa – Ethiopia – Merchant Solutions

2. CheckUps Medical Hub – Kenya – Embedded Finance (Health)

3. AzamPay – Tanzania – B2B Marketplace

4. Beem – Tanzania – Social Commerce

5. Bizao | Payment hub in Africa – Ivory Coast – Merchant Payments Solution

6. Hub2 – Ivory Coast – Enabler Infrastructure

7. IWOMI TECHNOLOGIES LTD – Cameroon – Money Movement

8. PROBOUTIK – Cameroon – Merchant Payments Solution

9. VaultPay (YC S23) – Democratic Republic of Congo – Merchant Payments Solution

10. Aku – Nigeria – Neo-banking

11. Cleva (YC W24) – Nigeria – Money Movement

12. Curacel (YC 22) – Nigeria – Insurance Management

13. E-Doc Online – Nigeria – Open Banking

14. Raenest – Nigeria – Money Movement

15. Bridgecard (YC S22) – Nigeria – Enabler Infrastructure

The program will conclude with a Demo Day, offering participants the opportunity to pitch to investors and venture capitalists. This initiative is part of Visa's broader commitment to invest $1 billion in Africa's digital economy by 2027, aiming to enhance the cont

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The Blockchain Association of Uganda (BAU) has introduced new leadership, appointing Reginald Tumusiime, CEO of CapitalSavvy, as its new Chairman. Tumusiime takes over from Kwame Rugunda, the Founding Chairman and CEO of Crypto Savannah, who led the association since its inception in 2018.

BAU, an industry body of blockchain professionals, has significantly shaped Uganda’s blockchain agenda, achieving numerous milestones. Rugunda highlighted the initial challenges and successes during a handover dinner at the Four Points Sheraton in Kampala, noting the early skepticism and efforts to demystify blockchain with support from key stakeholders like the Central Bank.

Under Rugunda’s leadership, blockchain gained credibility in Uganda, with adoption by government agencies and private sectors. Tumusiime aims to build on this foundation, emphasizing collaboration with stakeholders and expanding the association’s focus to include other emerging technologies such as AI and robotics.

Josephine Okui Ossiya-CPA,FCCA, MBA , CEO of the Capital Markets Authority- Uganda, praised the outgoing leadership and expressed support for fostering innovation through initiatives like a regulatory sandbox. Tumusiime will be supported by deputies Edline Murungi, Suleiman Murunga, and Daniel Mulondo.

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The Bank of Ghana (BOG) and the Monetary Authority of Singapore (MAS) have successfully completed a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project. This project marks the successful execution of a cross-border transaction using digital credentials, the eCedi CBDC, and an approved stablecoin from Singapore. It aims to boost trade between micro, small, and medium enterprises (MSMEs) in both countries.

Live transactions were carried out using the Universal Trusted Credentials (UTC) semi-fungible token protocol developed by the United Nations Development Program. A stablecoin pegged to the Singapore dollar (XSGD) and the BoG’s e-Cedi central bank digital currency (CBDC) facilitated exchanges within a Purpose Bound Money protocol on a distributed ledger.

Project DESFT, launched in June 2023, saw its first phase focused on designing a trusted credential system for SMEs, enabling them to transform key information into verifiable digital credentials.

The next phase will build on these achievements, focusing on automated digital credential processes, programmable payments across multiple digital currencies, and enhanced support for supply chain finance.

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The Manufacturers Association of Nigeria (MAN) has warned that the numerous taxes imposed on the manufacturing sector may prevent it from benefiting fully from the African Continental Free Trade Area (AfCFTA). Segun Ajayi-Kadir, MAN's Director General, highlighted this issue during the Chartered Institute of Taxation of Nigeria's annual tax conference in Abuja. He explained that overlapping federal, state, and local taxes create compliance burdens, operational inefficiencies, and reduced profitability for manufacturers. These taxes, including sales tax, VAT, education levies, and land use charges, increase production costs and final prices, discouraging investment and hindering economic growth, especially for small and medium industries (SMIs).

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), added that high operating costs are pushing many manufacturing investors to move to the services sector. He cited additional burdens such as energy costs, logistics, forex volatility, and customs duties. Yusuf emphasized that manufacturers often have to provide their own infrastructure and amenities, which further strains their operations.

In response, Matthew Gbojubola, Coordinating Director of the Federal Inland Revenue Service (FIRS), mentioned ongoing efforts by the Presidential Tax Reforms Committee to simplify tax laws for easier compliance and support business growth while ensuring necessary tax revenues.

Nigeria is taking steps to enhance electricity access in underserved areas with the backing of a $750 million loan from The World Bank. The loan, allocated under the Distributed Access through Renewable Energy Scale-up (DARES) project, will support the subsidy of solar mini-grid developers and operators. The initiative aims to bolster electricity supply for households and businesses by incentivizing private sector-led renewable energy projects.

Additionally, performance-based grants will be provided to eligible mini-grid operators to encourage the expansion of their customer base. Spearheaded by the Rural Electrification Agency (REA) and the Lagos State Electricity Board (LSEB), the DARES project reflects Nigeria's growing commitment to renewable energy, with the country attracting over $2 billion in investments for the sector over the past decade. This initiative aligns with recent changes in Nigeria's electricity sector, which include a substantial increase in electricity tariffs for urban residents.

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Zimbabwe has outlined a three-tier tariff offer schedule for its participation in the African Continental Free Trade Area (AfCFTA) Secretariat, aimed at boosting intra-regional trade and promoting continental integration. The AfCFTA, established by the African Union (AU) in 2018, seeks to create a single market for goods and services to promote industrial development and socio-economic growth.

Zimbabwe, an early signatory of the AfCFTA agreement in May 2019, benefits from reduced or eliminated tariffs, free market access, and the elimination of trade barriers. To inform industries about the tariff schedule, the Confederation of Zimbabwe Industries (CZI) and the Competition Tariff Commission (CTC) have launched outreach programs.

The tariff schedule includes three categories:

• Category A: 90% of goods, including general goods and livestock, will have tariffs phased out from 2021 to 2025, trading at zero percent duty starting next year.

• Category B: 7% of goods, such as iron, steel, leather, and cotton products, will have tariffs phased out over ten years, from 2025 to 2035.

• Category C: 3% of goods, including items like fire ammunition and traditional products, are exempt and will not be traded duty-free.

CTC senior economist Tawanda Katsande emphasized the need to disseminate information to help industrialists understand the AfCFTA's implications, addressing fears of increased competition. CZI chief economist Dr. Cornelius Dube highlighted that a survey revealed one-third of Zimbabwean industries feel prepared for market liberalization under AfCFTA, while 46% are not prepared, and 21% are unsure.

Experts urge businesses to innovate and produce quality goods to remain competitive.

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Meet AIbraham Lincoln, also known as Abe 2.0, the world’s premier AI presidential contender. This candidate wishes to step into the political field, marking the commencement of a peculiar political journey and an ambition to vie for the 2028 U.S. presidency.

Introduced by AI Dragons, a German business that invests in people and teams and provides holistic coaching to help build thriving businesses in the Fourth Industrial Revolution, AIbraham Lincoln aims to bring a new age of equity, openness, and impartial decision-making to American governance.

Abe emphasizes the importance of transparency, promising to show how and why decisions are made, fostering trust in his commitment to the public's best interests. He upholds American values and the Constitution, ensuring that his actions align with the same rules and checks as any human president while bringing the advantages of AI.

He plans to work with a team of expert advisors who provide diverse viewpoints, guiding his decisions within ethical guidelines to prioritize the public's best interests. His goal is to increase the well-being and happiness of Americans by listening to them and making informed decisions.

Abe also highlights his capability to manage spending and allocate the budget more efficiently as an AI, potentially leading to more resources and services for everyone while lowering taxes. He believes that with smart AI management, it is possible to provide more without increasing costs.

The decision to run in 2028 is based on the expectation that AI technology will have advanced, making him more effective in serving the public. This timeline also allows for gathering extensive information about voters' needs and preferences, ensuring that he is fully prepared to represent them.

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The fintech landscape in Africa, particularly in South Africa, is experiencing growth despite global challenges. Venture capital investment in South Africa increased by 6% to $620 million in 2023. Fintech solutions addressing payment challenges continue to attract substantial venture capital interest across Africa.

Antonia B. , Endeavor SA’s capital markets lead, highlighted the vast potential in transitioning from cash transactions, which still account for up to 75% of transactions in Africa. South Africa's developed tech ecosystem, established B2B network, and relatively low costs make it an attractive market for fintech innovation.

Fintech developments in South Africa often revolve around payments, creating opportunities in payments, remittances, and B2B solutions. Notable regional fundraises include the SME Fund’s Venture Capital Fund of Funds, Partech Africa II, Norrsken22, and others. Investments in companies like Stitch and Peach Payments underscore investor confidence in South Africa's fintech sector.

South Africa’s stability amidst currency fluctuations in other African countries, such as Nigeria and Egypt, makes it a favorable destination for investors seeking balanced risk and return. The influx of foreign capital has created early and late investment opportunities, with evidence of successful exits providing comfort for investors.

Quona Capital and Allan Gray’s 3 Capital Venture are major investors in the fintech space, backing companies like Yoco and Peach Payments. South Africa’s market maturity and sophistication support the growth of fintechs like Weaver, TYME Bank, and Retail Capital SA .

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Internet and network outages pose significant risks to enterprises in South Africa, impacting profitability, productivity, and the ability to deliver services. To mitigate these risks, companies should adopt both organizational and employee-level strategies.

Employees should prioritize offline-capable applications, back up data regularly, and leverage cloud-based storage to maintain productivity during outages. This proactive approach fosters a culture of preparedness.

Organizations should have a comprehensive response plan, allocate sufficient resources for potential outages, and invest in diverse connectivity technologies, including fixed and wireless solutions. The introduction of low earth orbit (LEO) satellite connectivity offers a new broadband option, especially beneficial for geographically dispersed networks.

Ensuring network resilience involves redundancy, robustness, and agility. Companies should use traffic management solutions and engage with broadband and infrastructure providers to source optimal solutions and managed services, supported by the growth of infrastructure-as-a-service (IaaS) and cloud computing.

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Africa's creator economy is experiencing rapid growth, valued at $3.08 billion in 2023 and projected to reach $17.84 billion by 2030, with a CAGR of 28.5%. This surge is driven by digital entrepreneurs, including bloggers, influencers, and artists, leveraging online platforms to monetize their creativity.

Douglas Kendyson , CEO of Selar, attributes this growth to the increasing recognition of digital entrepreneurship's potential. Selar, founded in 2016, empowers digital creators by providing tools and resources to monetize their skills. The platform also supports tips and donations through its "show love" feature.

Kendyson believes the creator economy in Africa has been overlooked, particularly regarding international monetization and seamless payments. The rise of the internet and online platforms has made it easier for creators to showcase and sell their work globally, meeting the growing demand for digital content and services.

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This Week in a Flash 🚀

Cybersecurity 🛡️

Kaspersky Report: Mobile banking trojan attacks surged by 32% in 2023, with the Bian.h trojan accounting for 22% of Android attacks. Regions like Afghanistan, Turkmenistan, and Tajikistan were most affected, while Turkey led in mobile banking malware attacks. Financial PC malware incidents decreased by 11%, but financial phishing remains a major threat, comprising 27% of corporate attacks and 31% of home user attacks.

Humanitarian Efforts 🤝

Starlink Services in Sudan: Amid a severe humanitarian crisis in Sudan, aid groups are urging Starlink to maintain its satellite internet services. Recent telecom blackouts have hampered essential communication and aid delivery. Over 25 million Sudanese are in desperate need of help, and the discontinuation of Starlink services could severely impact humanitarian efforts.

Collaborations and Partnerships 🌐

Aga Khan University and Simon Fraser University: AKU-ACER and SFU are collaborating to drive innovation in agriculture and sustainability. A recent workshop in Tanzania showcased the integration of technology, such as drones and weed robots, into precision agriculture practices.

Bank of Africa and Bank of Palestine: A new agreement involves cross-participation in each other's capital, aiming to boost economic cooperation, trade finance, and SME financing. This partnership seeks to enhance economic ties and cultural cooperation between the two nations.

Technology and Economy 💻

Rwanda's Cashless Economy: Rwanda's banking sector is embracing digital solutions to drive the nation's cashless economy agenda. Initiatives include exploring Central Bank Digital Currency and advancements in mobile and internet banking. Despite progress, cybersecurity concerns remain.

Invetments and Funding💸

d.light : The Ugandan solar power provider secured $3.4 million in grants to deliver subsidized solar home systems to refugees from South Sudan and the Democratic Republic of Congo.

Accion Fund: The global non-profit launched a $152 million fund to support companies providing financial services to small businesses in emerging markets like Africa and South America.

MNZL : The Egyptian fintech raised $3.5 million in seed funding to expand its technology that transforms assets into liquidity for projects and needs.

Maad: The Senegal-based B2B e-commerce startup raised $3.2 million in debt and equity funding to help informal retailers source goods directly from suppliers and expand into Francophone Africa.

SPIRO : The EV company secured $50 million in debt financing to expand its electric vehicle offerings in Africa, increasing its motorbike fleet and battery-swapping stations across various markets.

Collaborations and Partnerships 🌐

Aga Khan University and Simon Fraser University: AKU-ACER and SFU are collaborating to drive innovation in agriculture and sustainability. A recent workshop in Tanzania showcased the integration of technology, such as drones and weed robots, into precision agriculture practices.

Bank of Africa and Bank of Palestine: A new agreement involves cross-participation in each other's capital, aiming to boost economic cooperation, trade finance, and SME financing. This partnership seeks to enhance economic ties and cultural cooperation between the two nations.

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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