Herbert Wigwe, CEO of Access Bank Plc, one of Nigeria's largest banks, tragically died in a helicopter crash in California's Mojave Desert along with his family and others. Nigerian President Bola Ahmed Tinubu and the nation mourned the loss. Wigwe was recognized for his significant contributions to the banking industry and his vision for Access Bank's expansion in Africa. The crash, which occurred near Interstate 15, is under investigation by the National Transportation Safety Board. Wigwe's efforts in education and his plans for a private university were also highlighted as part of his legacy.

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Despite last year's global economic downturn and heightened scrutiny from investors, Africa's venture capital landscape witnessed a major upswing, with several new and existing Africa-focused funds securing substantial investments. Highlights include the launch of

Partech Africa II, the continent's largest fund at $300 million, and Novastar Ventures' Africa People + Planet Fund, amassing over $200 million aimed at the agricultural and climate sectors. Furthermore, Norrsken22 and newly formed Chui Ventures, among others, attracted fresh capital, showcasing investor confidence in Africa's tech ecosystem.

African VC and private equity managers collectively raised $2.4 billion across 43 deals, signaling a promising growth potential and keen investor interest in the continent's booming markets. With fintech and climate innovation at the forefront, Africa's venture scene is poised for unprecedented expansion, driven by demographic shifts and technological advancement.

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Ilara Health, a pioneering health-tech startup based in Kenya, has successfully raised $4.2 million in a pre-Series A funding round, marking a leap towards transforming healthcare access in East Africa. With a mission to enable private clinics to offer enhanced diagnostic and pharmaceutical services, Ilara Health's latest financial injection will be channeled into expanding its operations and introducing a groundbreaking B2B health service. This service is designed to provide uninsured workers with affordable access to quality healthcare through a network of partner clinics for a fixed monthly fee. Leading the equity funding was DOB Equity, alongside contributions from the Philips Foundation and others, bringing Ilara's total funding to $11.7 million. By equipping clinics with essential diagnostic devices and pharmaceutical products on credit, Ilara Health is setting new standards in primary healthcare, making quality medical services accessible to more Kenyans.

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The U.S. inflation rate is showing signs of slowing down at the beginning of the year, fostering optimism that the Federal Reserve might consider interest rate cuts soon. The core consumer price index (CPI) is expected to have risen by 3.7% in January year-over-year, marking the smallest increase since April 2021. This trend, coupled with a forecasted overall CPI rise of less than 3%, signals significant progress in inflation control. Despite this, the Fed remains cautious about immediate rate reductions, reflecting confidence in the economy's resilience, particularly in the labor market. Upcoming retail sales data and consumer confidence surveys will provide further insight into economic health and sentiment. Additionally, global economic events, such as UK wage data, euro-zone central bank testimony, and policy decisions in various countries, will also be in focus.

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The Federal Communications Commission (FCC) has officially ruled AI-generated voice robocalls as unlawful. This is an advancement in the agency's ongoing battle against automated scam calls. This decision, long in deliberation and recently confirmed, reinforces the illegality of using artificial voices in unsolicited calls under the existing framework of the Telephone Consumer Protection Act.

This move aims to curb the deceptive use of AI technologies in robocalling, exemplified by a recent scam involving a fake President Biden voice, signaling a tougher stance against fraudulent practices that exploit AI for misleading purposes. The FCC's declaration serves as a deterrent against the misuse of AI in communications, empowering consumers with the right to reject such invasive calls and ensuring comprehensive protection under the law.

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KTech layoffs continued apace Friday as Grammarly, the free AI-enabled writing assistance platform, announced it will cut 230 positions globally. Rahul Roy-Chowdhury, CEO of the San Francisco-headquartered company, said in a staff memo that the layoffs are not a cost-cutting measure — in fact, he called Grammarly’s financial position “strong." Rather, he said the decision is part of the company's focus on the "AI-enabled workplace." Grammarly founded in 2009 in Ukraine, joins tech companies Google, eBay and Snapchat — among others — in laying off employees since the start of the year.

PRESS RELEASE

Key Highlights 🌍:

• The The World Bank's managing director, Anna Bjerde, engaged with Nigerian officials 🤝 to discuss Nigeria's "ambitious" economic recovery plans and explore further support 🔍.

• Discussions revolved around macroeconomic reforms and enhancing social safety nets 📈, areas already significantly backed by the World Bank.

• Bjerde aims to evaluate World Bank projects in Nigeria and pinpoint additional support areas during the economic downturn 🧐.

• Key sectors like energy, digitalization, and human development are in focus for support 🌱.

• Finance Minister Wale Edun heralded the World Bank's continued partnership and its confidence in Nigeria's reforms 💡.

• Emphasized were direct cash aids to the vulnerable, partially funded by the World Bank, as vital social safety measures 💸.

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A surge in profit warnings has caused concern and uncertainty among investors at the Uganda Securities Exchange (USE). Since September 2023, five companies have issued alerts, reflecting the challenging economic landscape businesses face in the country.

This trend is unprecedented in the exchange's history, dating back to 1998, and highlights the profound impact of harsh economic conditions on corporate performance. Among the companies issuing profit warnings are Quality Chemicals Industries Ltd, New Vision Printing and Publishing Company Ltd (NPPCL), NIC Holdings Limited, Umeme Ltd, and Uganda Clays Ltd (UCL).

Market analysts express concern over the potential negative impact of these warnings on investor sentiment and share prices, particularly in sectors vulnerable to economic volatility. Amidst uncertainties, investors are urged to exercise caution and monitor developments closely.

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African Development Bank Boosts Support for South Sudan with Expanded Financing in 2024

The African Development Bank (AfDB) has pledged to significantly increase its financial support to the country in the upcoming year. Following a comprehensive three-day visit by AfDB Vice President Marie-Laure Akin-Olugbade, the bank announced plans to enhance its contributions by sixty percent in 2024, focusing on critical areas such as agriculture, energy, infrastructure, and water and sanitation.

 This announcement came during Akin-Olugbade's meetings with South Sudanese government officials, including First Vice President Riek Machar, aiming to align the bank's support with the nation's strategic development priorities. Amidst ongoing humanitarian challenges, this commitment from the AfDB, including a $46.7 million allocation towards agriculture value chain development, marks a significant step towards sustainable growth and stability in South Sudan.

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The onset of 2024 has witnessed a troubling continuation of internet shutdowns in parts of Africa, with Senegal and Sudan implementing restrictions, echoing a disturbing trend from 2023.

Last year, 55 internet restrictions were noted globally, with Africa alone recording 17, affecting 330 million people. These shutdowns, often politically motivated, aim to suppress dissent, curb protest organization, and stifle freedom of expression.

In Senegal, shutdowns followed the arrest of opposition leader Ousmane Sonko, underscoring the government's crackdown on democracy. Similarly, other African nations like Ethiopia, Guinea, and Mauritania experienced shutdowns tied to political unrest. Asia leads in the number of restrictions, with Iran and India at the forefront, underscoring the global reach of this issue. Such actions limit public discourse and endanger democratic processes and human rights, highlighting a pressing need for international attention and intervention.

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WhatsApp has introduced a new feature allowing users to block and report spam messages directly from notifications, without needing to open the message or chat.

This development eliminates the risk of inadvertently engaging with phishing links or persuasive spam content by providing a straightforward mechanism to handle unwanted contacts.

The feature, which enables users to long-press the notification to access blocking options, signifies WhatsApp's ongoing commitment to enhancing user experience and safety. With this update, WhatsApp continues to position itself as a secure platform for communication, free from the intrusion of unsolicited messages.

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Last week, SpaceX took the drastic step of disconnecting several South African customers from its groundbreaking satellite internet service, Starlink, sparking controversy and confusion among its user base.

The suspension, affecting approximately 350-400 customers, was attributed to alleged trademark and copyright infringements. Despite Starlink's lack of official support in South Africa, its roaming services have been accessible, leading to a grey market facilitated by companies like StarSat Africa, which imports Starlink kits.

The move by SpaceX to lock out users has highlighted the complexities and regulatory challenges of providing satellite internet services in South Africa, including strict licencing requirements and the company's reluctance to partner with local ISPs. As Starlink and StarSat Africa navigate these turbulent waters, affected customers await a resolution, underscoring the growing pains of introducing new tech solutions in tightly regulated markets.

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Under the new leadership of CEO Hein Schumacher, Unilever is embarking on a strategic shift, backed by the influential support of billionaire activist investor Nelson Peltz. Schumacher, steering the consumer goods titan known for Dove, Hellmann's, and Ben & Jerry's, is focused on refining a "systematic" marketing strategy for its flagship brands and streamlining its vast workforce to enhance performance. This strategic pivot, aimed at rejuvenating Unilever after a period marked by underperformance and criticism over its sprawling brand portfolio and sustainability emphasis, is buoyed by Peltz's endorsement. Peltz, who joined Unilever's board with a vision to unlock the company's potential, aligns closely with Schumacher's approach to prioritize top brands and improve operational discipline. Amid calls from investors for more drastic restructuring, Unilever has initiated a €1.5 billion share buyback, a show of confidence in its renewed growth trajectory.

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The Commonwealth Bank of Australia (CBA) is experiencing an unprecedented surge in investor interest, making it one of the world's most profitable banking stocks. The shift, driven by investors retreating from China's faltering market, has seen CBA's shares escalate over 20% since November, outstripping broader market gains. With a forward earnings per share ratio soaring to 21 times, CBA's valuation now dwarfs those of banking giants like JPMorgan and HSBC. This investor influx, especially from those seeking stability outside Asia's volatile markets, underscores the Australian banking sector's appeal as a safe haven. However, analysts caution that the bank's lofty valuation may not align with its financial fundamentals, hinting at potential corrections ahead despite its exit from China.The scenario with CBA underscores the importance of valuations in attracting investor interest. Thus African banks might also need to manage their valuations more proactively, ensuring they reflect the true value and potential of their operations to attract and retain international investors.

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-Global economy on track for "soft landing" of slow, steady growth (3.1% in 2024, 3.2% in 2025).

-Inflation dropping, but growth remains muted compared to pre-pandemic levels.

-Energy crisis easing, but remaining fiscal measures should be phased out.

Central banks face two-sided risks like avoiding premature easing and pivoting toward normalization in time.

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Top AI Companies Join Government Effort to Set Safety StandardsThe top U.S. artificial intelligence companies will participate in a government-led effort intended to craft federal standards on the technology to ensure that it’s deployed safely and responsibly, the Commerce Department said Thursday.

OpenAI, Anthropic, Microsoft Corp., Meta Platforms Inc. and Alphabet Inc.’s Google are among more than 200 members of a newly established AI Safety Institute Consortium under the department, Commerce Secretary Gina Raimondo said. Also on the list are Apple Inc., Amazon Inc., Hugging Face Inc. and IBM.

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The 21st century has seen Africa making significant strides in digital payment innovations, leading in mobile money services with over half of the world’s accounts. Despite a predominant cash economy, mobile money thrives, supported by widespread mobile network coverage. The region’s e-payment market is expected to grow annually by 20%, reaching $40 billion by 2025. Mobile money, embracing a wider range of financial services beyond peer-to-peer transfers, is becoming a key player in financial inclusion, offering loans, savings, and insurance, and driving the shift towards a more interconnected economic ecosystem.

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The Democratic Republic of Congo's fourth-largest banking institution actively seeks equity partners to support its ambitious regional expansion plans.

Managing Director Henry Wazne revealed that the bank, with a robust asset base of about $1.2 billion, is in discussions with potential investors and banking partners to venture into new markets, including Guinea, the Republic of Congo, and Zambia.

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Logidoo, an emerging player in African logistics and e-commerce, has secured $1.55 million in seed funding to expand its operations and increase its market presence. The investment was led by renowned venture capitalists like MITC Capital - Maroc Numeric Fund II, 216 Capital Ventures , Gullit VC, Founders Factory Africa, Sunny Side Venture Partners, and Kalys Ventures. This endorsement validates Logidoo's unique approach to transforming Africa's logistics landscape and its potential to unlock the continent's trade potential.It underscores confidence in Logidoo's innovative solutions aimed at enhancing logistics across Africa and improving intra-continental trade. Focused on cross-border logistics, Logidoo is positioned as a key facilitator in realizing the African Continental Free Trade Area's vision, demonstrating its potential to transform the logistics sector significantly.

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In a recent innovative session at the OnaStories headquarters, the company's pioneering founder, Princely Glorious, spearheaded an artificial intelligence (AI) image generation workshop. This session attracted a group of young and enthusiastic creative technologists eager to explore the capabilities of leading AI image generation platforms such as Dall-e, Midjourney, and Magnific. The workshop provided an exciting opportunity for these technologists to blend technology with creativity, essentially turning the lab into a modern "tech playground" infused with imagination.

The highlight of the workshop was the team's ambitious project to generate images of prominent figures, including Dwayne Johnson (also known as The Rock), former U.S. President Barack Obama, current President Joe Biden, and revered leaders like Nelson Mandela and Julius Nyerere. The results of this experiment were varied and thought-provoking. While the AI managed to produce remarkably accurate representations of The Rock and Obama, it struggled to capture the essence of the African leaders. The generated images of Mandela and Nyerere were criticized for being either stereotypical or demonstrating a possible bias, revealing limitations in the AI's understanding and representation of diverse figures.

This discrepancy in the AI's performance raised important questions about the nuances of AI perception and its capability to accurately represent individuals from diverse backgrounds, sparking a conversation about the potential biases embedded in AI technologies.

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In Standard Bank Group has reported the installation of over 7,000 solar panels on homes across South Africa through its innovative LookSee platform,.This initiative reflects a staggering 350% year-on-year increase in financing for solar systems, totaling more than R164 million, underscoring a growing trend among South African households and businesses to lean towards renewable energy sources amidst persistent load shedding issues.

The Energy Bounce Back Loan Guarantee Scheme, a government-endorsed program, aims at facilitating easier access to financing for energy solutions. Standard Bank's concerted efforts, including the LookSee platform's Solar Score tool, empower consumers to make informed decisions about resilience in solar installations.

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The U.S. is stepping up its support for the Lobito Corridor project, a major railway in Africa. This key infrastructure will help export metals from the mineral-rich Copperbelt region in Central Africa through Angola's Lobito port.

U.S. energy envoy Amos Hochstein announced additional funding for the project, which aims to bypass congested logistics routes in South Africa that slow down exports of copper and cobalt, crucial minerals for the clean energy transition.

The first phase of the project, already underway, focuses on upgrading the Angolan section of the railway. A consortium led by Trafigura, Mota-Engil, and Vecturis SA is investing $455 million in Angola and $100 million in the Democratic Republic of Congo (DRC) for equipment, operations, and infrastructure maintenance.

However, further funding is needed to extend the 1,700km railway line into Zambia in the second phase, further unlocking the project's potential.

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Murena 2, a privacy-focused phone without Google, launches in Europe. It boasts:

Privacy buttons: One instantly cuts off mic and camera, another disconnects entirely for digital detox.

Google-free OS: /e/OS removes trackers by default, unlike data-hungry Android.

This "deGoogled" phone challenges giants like Apple and Google, offering control and peace of mind for privacy-conscious users.

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💡 Pre-seed VC fund has invested in 6 companies since September, backing solutions for climate-vulnerable communities 🌱🚀.

Catalyst Fund supports tech startups building resilience in Africa 🛠️💼. First close of $40 million fund attracted over 20% commitment 📈💰. Investments include:

Tolbi Using AI and satellite data for climate-smart agriculture 🌾🛰️.

NoorNation Providing solar & water solutions for farms and communities ☀️💧.

@Thola: Democratizing access to certifications for SMEs in food safety 🍲📜.

Zebra CropBank: Helping smallholder farmers with climate-smart solutions 🚜💚.

Scrapays : Enabling waste management mini-enterprises ♻️🏭.

Medikea Making healthcare more accessible in Tanzania 🏥🇹🇿.

Catalyst Fund is actively investing in promising climate tech startups across Africa, aiming to empower vulnerable communities and build resilience 💪🌳.

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Recent modifications to the UK's immigration policies have sparked concern among the entrepreneurial community, particularly immigrant founders who play a crucial role in the nation's startup ecosystem. Immigrant entrepreneurs, who constitute 39% of the UK's fastest-growing startups despite making up only 14.5% of the population, are facing potential hurdles due to new salary threshold requirements that may not align with early-stage startup compensation models.

This regulatory change poses a serious risk to the UK's ambition to be a global startup hub, potentially driving away the diverse talent that fuels innovation and economic growth. The diversity of thought, ambition, and resilience immigrant founders bring has been an anchor in the success stories of many startups, not just in the UK but globally. As nations like Finland and Denmark take steps to attract such talent, the UK must reconsider its stance to not lose out on the contributions immigrant founders make towards innovation, job creation, and bridging the technology gap.

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The Archipelagos Program, developed by Cassa Depositi e Prestiti with European Commission support, offers a unique opportunity for over 1000 SMEs across Africa to enhance their market readiness through a comprehensive capacity-building initiative. This multi-year international collaboration aims to bolster SME capabilities for capital market access.

Participants will engage in a custom learning journey via the Archipelagos digital platform, gaining training, mentorship, and networking opportunities. The program targets the most promising SMEs for specialized support in raising capital market funds, backed by European Commission guarantees.

This initiative also welcomes young graduates and entrepreneurs, providing them with crucial business skills and knowledge enhancement opportunities. Eligible SMEs and individuals will benefit from a platform fostering skill development, professional guidance, business networking, and potential investment connections.

Eligibility criteria for SMEs include being based in Africa with an annual turnover of up to USD 50 million and at least two years of operations. They must be for-profit and free from sanctions. Selection considers business size, growth, sector, and impact on diversity and ESG principles.

Applications are open until 30 June 2024, with details and application processes available at Archipelagos Program. For queries, contact [email protected].

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Apple has officially introduced its trio of standalone apps - Apple TV, Apple Music, and Apple Devices - for Windows users, marking a new era in how consumers access their favorite content and manage devices on Microsoft's operating system.

This move, developed in collaboration with Microsoft, aims to streamline the user experience by providing dedicated entertainment and device management applications, effectively reducing the reliance on iTunes for accessing podcasts and audiobooks.

Available on Windows 10 and Windows 11, these apps symbolize Apple's commitment to enhancing interoperability and convenience for users entrenched in both Apple and Windows ecosystems.

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10x Banking, founded by former Barclays CEO Antony Jenkins, partners with Old Mutual to expand into Africa, meeting growing demand.

Starting in South Africa to drive financial inclusion by developing new products for unbanked populations. This move closely follows its launch in Australia and New Zealand last year. 10x sees increasing global interest, including from banks in India, Sri Lanka, Vietnam, and the USA, planning collaborations in other regions.

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The African Development Bank Group (AfDB) has partnered with the Trade and Development Bank Group (TDB Group) to channel a $15 million investment from the Clean Technology Fund into pioneering green projects across the continent.

This strategic investment, aimed at supporting low-carbon projects and clean technology in TDB's member states, is a step towards advancing climate action and achieving the Sustainable Development Goals (SDGs) in Africa.

The funding is set to catalyze the development of a project preparation facility, enhancing investment in sustainable technologies. With this move, AfDB and TDB Group are not only looking to foster green growth but also to address the structural challenges hindering climate finance flow in the region, setting a precedent for future investments in Africa's burgeoning clean energy market.

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Britam is nurturing tech startups with its new hub, Beta Lab, in Nairobi 🌐💡. The Lab offers:

Startup incubation: Nurturing young insuretech and fintech companies 🌱🚀.

Collaboration opportunities: Partnering with innovators to tackle industry challenges 👥✨.

Investment and development: Supporting promising ventures with funds and expertise 💸🔍.

Internship program: Providing hands-on experience for tech talents 👩💻👨💻.

Early successes include:

A platform for motor insurance leads and tracking 🚗💼.

Mobile savings platform for education 📱🎓.

Mileage-based car insurance app 🚙📊.

Beta Lab aims to:

Train and mentor startups through workshops 📚🧑🏫.

Connect innovators with investors and funding 💼💡.

Cultivate an innovation-driven culture at Britam 🌟📈.

Become a key player in Kenya's innovation ecosystem 🇰🇪🚀.

This initiative aligns with Britam's strategy to reach new consumers through partnerships and digital platforms 🤝🌍.

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IFC, a member of the World Bank Group, in partnership with Social Investment Managers and Advisors LLC (SIMA Funds or SIMA) and other financiers have reached the first close of a $150 million solar green bond, which will finance productive-use solar projects throughout Africa.

The bond will finance one of the largest impact-driven funds exclusively focused on furthering the rooftop solar sector in Africa, with an emphasis on small and medium-sized enterprises, which are harder to reach. It will offer short-term corporate financing and project financing of up to 10 years to support the growth of small and medium-size local developers for individual projects less than 5megawatts (MW), focusing on manufacturing, services, education, healthcare, and agri-processing.

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Visa has partnered with the Egyptian Banks Company (EBC) to launch advanced electronic payment solutions, digital wallets, and other services aimed at enhancing instant payments and simplifying international remittances for Egyptian expatriates. This collaboration is set to bolster Egypt's position as the fifth-largest global remittances recipient, underscoring the significance of these funds for the country's economy and family support. EBC, in cooperation with the Central Bank of Egypt, will leverage Visa's digital financial services and its own technological infrastructure to introduce features like transfers from Visa-linked accounts outside Egypt through the InstaPay app, and enabling transfers to Egypt via the Instant Payments Network. This partnership represents a strategic move to extend the reach of InstaPay beyond Egypt, capitalizing on Visa's global network, and aligns with efforts to innovate cross-border digital payments.

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A recent report by Smile ID, a KYC authentication firm, disclosed a significant surge in fraudulent activities involving East African identification documents in the online financial services sector in 2023. Approximately 16% of IDs verified for online financial service registrations were identified as fake or stolen, highlighting a notable rise in digital identity fraud aimed at exploiting financial companies. Fraudsters employed sophisticated techniques, including the manipulation of government-issued IDs and the use of stolen documents, to gain financial advantages from digital platforms.

The report further reveals regional disparities in attempted fraud, with Tanzania experiencing the highest rate at 32%, followed by Kenya (26%), Uganda (25%), the Democratic Republic of Congo (23%), and Rwanda (13%). The prevalence of identity spoofing and intentional ID obscuration were identified as common fraud methods, alongside the use of AI to create fake identities.

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A Lagos court has mandated 27 banks to lift the freeze on accounts implicated in the ₦2.9 billion hack of fintech giant Flutterwave, which occurred in February 2023.

This directive comes despite the initial judicial consent granted to Flutterwave for freezing these accounts to prevent further illicit transactions.

However, reports indicate that Access Bank and Providus Bank are yet to comply with the court's unfreezing order.

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Ethiopia is currently facing an escalating economic challenge with inflation rates soaring to 28.7%, as confirmed by the National Bank of Ethiopia (NBE).

This troubling figure reflects a consistent struggle against rising costs, with the country witnessing an average annual inflation of 16% over the past decade. The situation intensified in December 2023, with food prices, a top component of the consumer price index, climbing to 30.6% due to factors including internal conflicts and the ongoing Tigray war. The NBE is implementing strategies to reduce inflation below 20% by mid-2024, amidst efforts to boost foreign currency inflow and stabilize the Ethiopian birr.

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She is Africa students representative in the executive committee of United Nations Education, Scientific and Cultural Organisation (Unesco ) SDG4 Youth and Student Network.

She has also served as vice-president of the Malawi National Students Union from 2021 to 2022.

Esther showcases her fervent dedication to youth activism in education through the many hats she wears.

The Unesco network is an inclusive and representative platform for youth and student groups that ensures meaningful participation in shaping global education policies.

“Having commenced my tenure in January this year, my role of representing Africa on the executive committee is multifaceted.

“It involves amplifying the voices of millions of African students and spotlighting initiatives led by young people in the education space, influencing education policies in various ways, empowering youths, students, contributing to dialogues and consultations on education advancement at global, regional and national platforms, she said.

Esther expressed her gratitude and excitement about the many other roles and opportunities this position will unfold.

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Focus: Highlighting progress and fostering partnerships to empower African women farmers.

When: February 16th, 2024, in Addis Ababa (during the African Union Summit).

Key Participants: Government agencies, corporate partners, industry leaders, NGOs, development partners, financial institutions, and women farmers.

Goal:

Showcase impact of empowering women in agriculture (increased productivity, food security).

Build partnerships to further support women farmers.

Address gender gap in access to resources.

Why it matters:

Women make up 43% of agricultural workforce in developing countries.

Closing gender gap could increase global farm yields by 20-30%, reducing hunger.

Aligns with AU Agenda 2063 and UN Sustainable Development Goals.

Theme: "Scaling up empowerment: Results showcase and partnerships building for the empowerment of women in agriculture."

Action: Consider collaborating with EWA or similar initiatives to empower women farmers and improve food security in Africa.

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Key points:

Red Sea conflict threatens to disrupt crucial trade routes, impacting African economies.

Financial markets remain muted, but complacency is risky.

Potential consequences:

Higher inflation: Increased costs for goods imported from Asia and Middle East.Delayed economic recovery: Fed may delay rate cuts due to inflation concerns.Higher debt interest: African countries may face steeper borrowing costs.Geopolitical risks: Forced alliances, piracy resurgence.

Opportunities for some:

Mauritius, Madagascar, Namibia could benefit as alternative shipping routes.

South Africa could capitalize with better infrastructure (if it addresses current issues).

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Access Holdings Plc has appointed Ms. Bolaji Agbede as its Acting Group Chief Executive Officer (GCEO), effective immediately. This decision follows the tragic loss of Herbert Wigwe, the esteemed Group Chief Executive Officer, in a helicopter crash in the United States on February 9, 2024, alongside his family and Abimbola Ogunbanjo, a former chairman of the Nigeria Exchange Group.

Ms. Agbede, a seasoned professional with nearly three decades of experience in banking and business consultancy, steps into her new role, having been an integral part of Access Bank since 2003. Her journey within the bank has seen her take on various roles, most recently serving as the Executive Director, Business Support since 2022. With a rich educational background, including a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University, UK, Ms. Agbede's appointment is poised to drive Access Holdings towards achieving its strategic vision.

Ms. Agbede's leadership is anticipated to herald a new chapter for Access Holdings, as it continues to forge a path towards being a globally connected community and ecosystem.

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Key Highlights:

Proposed AI regulation in Kenya faces backlash from industry experts.

Concerns: Lack of stakeholder consultation in drafting the bill.Overly focused on regulating robotics, neglecting AI.Potential legal challenges due to poor drafting.Stifling innovation in the tech ecosystem.

Kenya currently ranks 5th in AI readiness in Africa, but lags behind other countries in investment and development.

AI Kenya, a private initiative, calls the bill a "serious threat" to innovation.

Parliament promises to consider stakeholder concerns during public participation.

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The ambitious goal of enhancing intra-continental trade in Africa, notably through initiatives like the African Continental Free Trade Area (AfCFTA), is hitting a critical roadblock due to the inefficiencies and high costs of cross-border payment systems. Despite the continent's success with mobile money, these payment challenges are emerging as a significant barrier, according to industry leaders who voiced their concerns at the Africa Prosperity Dialogues in Ghana. They emphasized the urgent need for robust inter-country payments systems to support trade and economic growth across the continent.

Ernest Addison, the Bank of Ghana's governor, highlighted the transformative potential of expanding mobile money, which could significantly contribute to financial inclusion and economic stability. However, the current cross-border payment landscape is plagued by legacy issues, including inadequate infrastructure and inconsistent regulations, which stifle the seamless flow of trade and financial transactions.

The Pan-African Payment and Settlement System (PAPSS) was cited as a promising solution to facilitate secure and efficient financial exchanges across borders. Yet, the adoption of such systems is hindered by a lack of political will and governance issues, as noted by industry leaders like Patricia Obo-Nai of Vodafone Ghana and Eli Hini of MTN Mobile Money, Nigeria. They argued that while technical and operational solutions exist, overcoming governance barriers is crucial for realizing the full potential of cross-border payments in Africa.

This scenario underlines a critical "elephant in the room" in Africa's trade and economic development narrative: the slow pace of creating a conducive regulatory and political environment for cross-border payments, despite the clear benefits for intra-continental trade and economic empowerment. As stakeholders call for action, the future of Africa's trade integration and digital financial services hangs in the balance, awaiting decisive leadership and collaborative efforts to dismantle these barriers.

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The Ghanaian government has decided to suspend the introduction of a contentious 15% value-added tax (VAT) on domestic electricity consumption. Initially proposed as a measure to increase government revenues under the guidance of the International Monetary Fund (IMF), this tax faced strong opposition from labor unions and citizens ,concerned about its potential to worsen the ongoing cost-of-living crisis.

The Finance Ministry has called for a halt to the tax's implementation, citing the need for more comprehensive dialogue with industry stakeholders and labor unions.

As Ghanaians grapple with economic challenges and periodic power shortages, the decision to put the tax on hold should be emulated by African governments to conduct thorough economic impact assessments to understand how new taxes or policies would affect different segments of the population, especially the most vulnerable.

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South Africa is witnessing a decline in new business ventures, posing a severe threat to job creation and economic progress. The latest findings from the 2023 Global Entrepreneurship Monitor South Africa report by the Stellenbosch Business School reveals a disheartening trend: early-stage entrepreneurial activity in the nation has risen to levels lower than those seen before the pandemic.

This downturn is attributed to the country's struggling economy and a lack of supportive conditions for businesses, which are essential for fostering economic growth, innovation, and social unity. Despite a slight improvement in the global rankings for the entrepreneurial environment, South Africa faces profound challenges, with all 13 enabling conditions for entrepreneurship scoring worryingly low.

For African countries, adopting sustainable ways to improve business' environment requires a committed effort from both governments and the private sector, as well as support from international partners.

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The Banque Centrale de Tunisie (BCT) has officially become the thirteenth central bank member of the Pan African Payment and Settlement System (PAPSS). This strategic inclusion marks Tunisia's deepened commitment to regional integration, enhancing the efficiency and cost-effectiveness of cross-border payments within the continent. Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS aims to revolutionize intra-African trade by allowing real-time settlements in local currencies.

H.E. Mr. Marouane El Abassi, Governor of BCT, highlighted the move as a testament to Tunisia's dedication to economic and financial integration within Africa, aligning with governmental efforts to engage more fully with the AfCFTA. This initiative is poised to open new commercial avenues for Tunisia, offering its businesses and citizens a significant advantage in the African market through reduced transaction costs and expanded trade opportunities.

The inclusion of BCT in the PAPSS network not only signifies Tunisia's role as a pioneer in North Africa's financial integration but also showcases the continent's growing self-reliance and ambition to drive development through indigenous initiatives. Dr. George Elombi of Afreximbank and Mr. Mike Ogbalu III, CEO of PAPSS, both expressed their enthusiasm for BCT's membership, viewing it as a vital step towards a unified African market. With PAPSS's expansion, the system underscores Africa's collective aspiration for economic unity, promising a brighter future for intra-African trade and investment flows.

AltSchool Africa has been awarded full accreditation by the Accreditation Service for International Schools, Colleges and Universities (ASIC).

Announced by CEO Adewale Yusuf during a virtual press conference, this accreditation endorses AltSchool Africa's curriculum, system, and processes against international standards, propelling the skill-to-market platform to the forefront of global education.

With this new status, AltSchool Africa is set to empower individuals, particularly from underserved communities, with world-class education, enabling them to access unparalleled career opportunities both within Africa and internationally. This move not only strengthens the platform's dedication to excellence but also opens doors for learners in over 70 countries to benefit from its innovative and affordable educational offerings.

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Mastercard has officially appointed Folasade Femi-Lawal as the Country Manager for Nigeria and Area Business Head for West Africa, welcoming a new era of leadership and innovation for the global payments giant in the region.

With a distinguished career spanning over 25 years across various sectors including financial services, telecommunications, and business advisory, Femi-Lawal takes the responsibility to steer Mastercard's strategic vision, growth, and digital transformation initiatives across West Africa. Her role will be instrumental in fostering partnerships, enhancing digital payment infrastructures, and promoting financial inclusivity.

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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.

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Meet Norah Magero:

• A trailblazing Mechanical Engineer and Renewable Energy Consultant.

• Co-founder of Drop Access, revolutionizing energy access in rural Africa.

• A fervent advocate for women in STEM, co-creating the Cool Green Campaign to mentor high school students in renewable energy.

• Recognized as one of the Top 100 Kenyans in 2022 and Africa Prize Winner in 2021.

What defines her:

• A beacon of innovation, deeply committed to sustainable development and gender equality.

• A forward-thinker, leveraging her expertise to foster energy solutions that empower underserved communities.

• Championed as the Energy Champion of the Year and recipient of the Energy Social Impact Award in 2020.

Why she's an innovator:

Transforming rural communities through accessible and sustainable energy solutions.

• Pioneering efforts in STEM education and mentorship for young women.

• Driving policy and practice change in energy transition and sustainability at a global level.

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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