Ajay Banga's appointment as the head of the World Bank has raised questions about his ability to implement necessary reforms in climate financing and pandemic preparedness. However, his impressive track record as a top global business executive positions him as a promising leader for the World Bank. Banga envisions the World Bank playing a crucial role in creating a poverty-free, sustainable world.

His approach includes fostering financial inclusivity and leveraging his diverse international experience. Banga's global tour aims to redefine the World Bank's strategies, emphasizing creative thinking and new partnerships. This approach aligns with his career-long focus on inclusive growth and sustainable development. With the need for trillions in clean energy financing, Banga's challenge is significant, but his transformative leadership at Mastercard and global companies makes him well-suited for the job.

Let's wish Ajay Banga all the best in his ambitious vision for the World Bank's future, and hope that his fresh perspective and innovative ideas will help us create a better world for all.

Read More: https://www.worldfinance.com/profile/leader-for-change

Looking towards Africa's economic outlook in 2024, the International Monetary Fund (IMF) predicts a promising 4% growth rate, making it the world's second-fastest-growing economic region. However, beneath this growth lies a complex reality. Africa faces several challenges, including conflicts, economic hardships, rising poverty, and debt distress.

South Africa is on track to become Africa's largest economy this year. East Africa is expected to show better economic performance due to its strategic location, infrastructure, and political climate. Furthermore, the Pan-African Payment and Settlement System, rare earth minerals, and infrastructure developments will facilitate intra-African trade in local currencies and connect mineral deposits to global markets.

As Africa actively participates in various international summits and forums, it seeks to strengthen its global partnerships and economic ties. However, this year's record number of elections in Africa will shape the continent's political landscape.

Africa's economic outlook for 2024 is both promising and complex. As we navigate these challenges and opportunities, let's work towards a brighter future for Africa.

Read more: http://tinyurl.com/ypj3967y 

Starlink, the satellite internet company under SpaceX, has chosen Nairobi, Kenya, for its first office in Africa, marking a significant expansion of its operations. Following its debut in Nigeria, Starlink has been actively extending its services across Africa, with launches in several countries, including Kenya, Mozambique, Sierra Leone, Malawi, Zambia, Rwanda, and Eswatini. The company recently advertised a job opening for a Global Licensing Activation Manager in sub-Saharan Africa based in Nairobi. This role is pivotal for Starlink's ambitions to secure licensing as an Internet service provider in various African countries, aiming to connect people and businesses globally. The Nairobi office, reporting to the team in MacGregor, TX, underscores Kenya's growing importance in Starlink's African strategy.

Read More: https://businessday.ng/technology/article/starlink-chose-kenya-for-first-office-in-africa/?amp=1

Peter Njonjo, the CEO and co-founder of Twiga, resigned from the company board, citing that he could only add "very little value" to the firm in the future. He founded Twiga in 2013 and led the company until December 2023 when he announced a six-month sabbatical. There were reports that he was forced out as CEO last year. Investors Juven and Creadev participated in a $35 million funding round that helped Twiga pay its obligations to vendors it owed. Twiga's strategic direction and daily operations are now in the hands of Juven and Creadev. Yebeltal Getachew, the former managing director of Coca-Cola for the Nigerian office, who was hired as the head of Twiga's East Africa business in 2021, also left the company in December.

Read more: https://techcabal.com/2024/01/05/twiga-ceo-resigns-from-board/

BMatch, Bloomberg's spot-matching platform, is now offering its functionality to the interbank community for US Dollar against the Kenyan Shilling. The platform allows anonymous orders to be placed into a central limit order book, which are displayed and then matched with counterparty orders based on mutual trading limits and other parameters configured by each bank.

BMatch can be integrated with banks' middle and back-office systems, and consolidated trade statistics can also be calculated and made available to the market.

Read more: http://tinyurl.com/4e9xeayf

2023 was a rollercoaster for Africa, marked by economic struggles, political unrest, and natural disasters. Yet, amidst these challenges, the continent also witnessed resilience, innovation, and positive developments. Here's a snapshot of key events:

Economic Headwinds:

• Nigeria grappled with a cash crisis, exacerbated by fuel scarcity and a depreciating currency.

• Egypt and Ghana faced high inflation and currency devaluation, impacting citizens' lives.

• Open banking regulations were implemented in Nigeria, paving the way for financial inclusion.

Political Upheaval:

• Coups in Niger and Gabon caused economic sanctions and instability.

• Nigeria's presidential election was marred by controversy and legal disputes.

• Kenya faced its first delay in paying government salaries due to underperforming revenues.

Natural Disasters:

• Morocco experienced a devastating earthquake, causing widespread damage and loss of life.

• Climate change impacts affected various regions, highlighting the need for adaptation strategies.

Bright Spots:

• Africa's participation in the Russia-Africa Summit yielded favorable outcomes, including debt relief and security cooperation agreements.

• Egypt and Ethiopia joined BRICS, expanding their trade opportunities and political influence.

• Rwanda and Kenya's visa-free policy for all Africans boosted its tourism and economic development model.

Fintech Focus:

• Nigeria's Central Bank tightened regulations on electronic payments, impacting non-deposit financial institutions.

• Open banking implementation in Nigeria holds significant potential for financial inclusion and innovation.

Read more: http://tinyurl.com/3k82phve

The latest survey by KPMG reveals that Nigeria is ahead of Ghana in the frequent use of digital banking channels. Key findings include:

Mobile Banking Dominance: In Nigeria, 70% of customers use mobile banking apps weekly, significantly higher than Ghana's 53%.

ATM Usage: 43% of Nigerian customers use ATMs each week, compared to 32% in Ghana.

USSD Banking: 40% of Nigerians use USSD banking services, outpacing Ghana's 28%.

This survey, which is KPMG West Africa's first combined customer research, sheds light on the varying behaviors of customers across different segments. It's the 17th edition for Nigeria and 4th for Ghana.

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

Mastercard and illicocash the fintech division of Rawbank , have teamed up to bring virtual cards to the Democratic Republic of the Congo (DRC). This collaboration aims to boost financial inclusion and simplify e-commerce for consumers and businesses, particularly aiding startups and small enterprises with online transactions and expense management.

Accessible for use on global and local online platforms, virtual cards are set to transform shopping and entertainment experiences, particularly for the unbanked and underbanked. Karim El Nouri, GM of illicocash, underscores the impact on financial accessibility, while Jean-Charles Yallet of Mastercard highlights the partnership’s role in integrating 1 billion people and 50 million MSMEs into the digital economy by 2025.

This partnership aligns with Mastercard's commitment to revolutionizing Africa's payment landscape and marks a significant step toward a more inclusive financial system in the DRC.

Read more:  http://tinyurl.com/mryrf6kv

𝘼𝙄, 𝙨𝙤𝙡𝙖𝙧 𝙥𝙤𝙬𝙚𝙧, 𝙬𝙚𝙞𝙜𝙝𝙩 𝙡𝙤𝙨𝙨, 𝙜𝙚𝙣𝙚 𝙚𝙙𝙞𝙩𝙞𝙣𝙜, 𝙘𝙤𝙢𝙥𝙪𝙩𝙞𝙣𝙜, and 𝙨𝙤𝙘𝙞𝙖𝙡 𝙢𝙚𝙙𝙞𝙖 are some areas that see groundbreaking innovation. From ChatGPT's content creation revolution to Vertex Pharmaceuticals' CRISPR breakthrough for sickle-cell disease, we are fully immersed in the AI era and witnessing the rise of new technologies that are pushing us closer to a carbon-neutral future. Giants like Apple , Google , and Microsoft racing to keep pace, it's clear that innovation is the new normal. Stay ahead of the game and anticipate the next big thing, from Apple's mixed-reality headset (VisionPro) to the rise of platforms like Bluesky and Threads. The possibilities are endless, and the future is bright

Read more: http://tinyurl.com/47p3x97h

• Cellulant t Leadership Change: CEO Akshay Grover er resigns four months post 20% workforce reduction.

• New Acting CEO: Peter O'Toole, current CFO, to oversee operations.

• Expansion Plans: Cellulant to enhance leadership team in coming months.

• Grover's Tenure: Joined as CFO in Jan 2021, became Acting CEO in May 2021 following top-level resignations.

• Company Growth: Under Grover, Cellulant solidified its presence in Africa and globally.

Read more: http://tinyurl.com/5st9pajk 

𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝑮𝒓𝒐𝒘𝒕𝒉: Kenya's significant trade surplus, driven by a diversified export base, positions it favorably in the African market. This growth will continue if Kenya maintains its aggressive diplomatic and trade strategies.

𝑷𝒐𝒍𝒊𝒕𝒊𝒄𝒂𝒍 𝑰𝒏𝒇𝒍𝒖𝒆𝒏𝒄𝒆: The political dynamics, a mix of democratic and authoritarian regimes in Africa, with a recent trend towards autocratic rule (soldiers are back in power in seven African states), might introduce unpredictability and potential trade disruptions.

𝑪𝒉𝒂𝒍𝒍𝒆𝒏𝒈𝒆𝒔: The barriers to AfCFTA's full implementation, including infrastructural and bureaucratic issues, must be addressed to sustain and enhance Kenya's trade surplus.

𝑹𝒆𝒈𝒊𝒐𝒏𝒂𝒍 𝑰𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒊𝒐𝒏: Kenya's role in promoting regional integration and payment systems is a strategic move that could solidify its position as a key player in intra-African trade, making it a hub for regional commerce.

𝑪𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝑭𝒍𝒖𝒄𝒕𝒖𝒂𝒕𝒊𝒐𝒏𝒔: The fluctuating value of the Kenyan shilling could have mixed impacts – boosting exports in the short term but potentially increasing import costs and domestic market instability.

Read more: http://tinyurl.com/3yk7nn7u

The African Continental Free Trade Area (AfCFTA) is a game-changer for Africa's economic future. With 1.3 billion people and a combined GDP of $3 trillion, the potential for cross-continental cooperation and development is immense. Intra-Africa trade is set to grow, with West Africa projected to see a boom due to its agricultural potential. Countries like Nigeria and Ghana stand to benefit greatly from increased trade in shea butter and cocoa beans. East Africa boasts large-scale infrastructure projects like the Lapsset Corridor, propelling its trade growth at an estimated 15.1% annually. However, the lack of export readiness and manufacturing capacity of some African countries requires targeted policy interventions. Governments must play a central role in simplifying trade regulations, cutting red tape, and investing in infrastructure development. By embracing technology, fostering regional cooperation, and addressing challenges, Africa can truly claim its place as a global economic powerhouse.

CEO of Standard Chartered Africa and Middle East (AME), Sunil Kaushal, discusses the future of the AfCTA and what it means for the bank, and explores the role of technology in driving Africa’s trade future.

Read more: http://tinyurl.com/269wt7jd

𝐂𝐌𝐀'𝐬 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐏𝐮𝐬𝐡: The Capital Markets Authority- Kenya (CMA) is embracing fintech innovation, admitting Frictionless Enterprises Limited to its regulatory sandbox.

𝐏𝐨𝐰𝐞𝐫 𝐈𝐎 𝐀𝐩𝐩 𝐓𝐞𝐬𝐭𝐢𝐧𝐠: Frictionless Enterprises will trial Power IO App, a tool for workforce investment management. The mobile app links workers with employers and gig platforms, enabling scheduled investments directly from earnings.

𝐇𝐨𝐰 𝐈𝐭 𝐖𝐨𝐫𝐤𝐬:𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐀𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧: Users can allocate a portion of their wages to be invested in a money market fund.

𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬:  Employers and gig platforms deduct contributions from wages, directly channeling them to the investment fund.

𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐲𝐜𝐥𝐞𝐬: Workers set their contribution frequency, aiming to boost savings and reduce impulsive spending.

𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧: Testing in partnership with Sanlam East Africa Investment Limited, acting as the Fund Manager.

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: Frictionless Enterprises Limited's testing aligns with CMA's Sandbox Policy Guidance Notes, ensuring regulatory adherence.CMA's initiative showcases a progressive approach to fintech, fostering innovation in the capital markets sector while ensuring financial solutions cater to the evolving needs of workers and employers.

Brian Dempsey

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

Kenya's Digital Economy Blueprint outlines a strategy for establishing a successful and sustainable digital economy. The Blueprint emphasizes the importance of investing in a digital economy and identifies five pillars: Digital Government, Digital Business, Infrastructure, Innovation-Driven Entrepreneurship, and Digital Skills and Values.

Notably, the implementation of the digital government pillar can be seen through platforms such as the e-Citizen and the newly launched Electronic Visa platform. The Blueprint explores each pillar in detail, proposing implementation ideas to create a regulatory framework for investments and innovations, encourage innovative societies and networks, strengthen privacy and data protection, enable new business models for micro and small enterprises, and strive for excellence in digital technology research and innovative ecosystems.

Investing in a digital economy is crucial for a sustainable future, and Kenya's Digital Economy Blueprint provides a roadmap for achieving this goal. Let's work towards building a thriving digital economy that benefits all.

Kenya Digital Economy Blueprint Download: https://lnkd.in/dDBtrN-7

European Union authorities imposed approximately €2.1 billion in fines for violations of the General Data Protection Regulation (GDPR) in 2023, as reported by enforcementtracker.com.

Much of these fines, €1.2 billion, was levied against Meta, Facebook's parent company. This record-breaking fine was due to Meta's illegal data transfer to the United States, violating the GDPR's standard contractual clauses.

The average fine per GDPR violation in 2023 was around €4.4 million, a substantial increase from the average of approximately €500,000 in 2019.

Over the past three years, major tech companies like Meta, Amazon, and Google have faced particularly large fines. Before Meta's recent record fine, the highest was a €746 million penalty imposed on Amazon in 2021.

As Martin Armstrong of Statista noted, the total fines incurred in 2023 surpassed the combined penalties from 2019, 2020, and 2021.

Read more: http://tinyurl.com/yb9ta4zv